Charity registration number 1168947 (England and Wales) Company registration number 09327637 WATERMOOR HOUSE R C H ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 WATERMOOR HOUSE R C H LEGAL AND ADMINISTRATIVE INFORMATION Trustees Dr K Badcock Earl A C B Balhurst Mr5 J Carter DrSROwen Mr J W Lamus Charity number (England afld Wales) 1168947 Company nuinber 09327637 Registered office Watermoor House Watermoor Road Cirencester Gloucestershire United Kingdom GL7 1JR Audltor BK PlusAudit Limited 6 Manor Park Business Centre MacKenzie Way Swindon Village Cheltenham Gloucestershire United Kingdom GL519TX WATERMOOR HOUSE R C H CONTENTS Page Chairman's statement Trustees report Independeiit auditorfs report 8-10 statement of finaiicial activities staleinent of financial posilion 12 Slatemenl of cash flows Notes lo the financial slalements WATERMOOR HOUSE R C H CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 This has been a turbulent year for Walermoor House which none-the-less finislied on an optimistic note. Recruitment of good quality slalf remained ditficult. as the labour pool for care continued to be lin)ited. The Board niade the difficult decision lo limit occupancy wliile we tlied lo recruit staff but as we successfully built up staff nuinbers, we then had an imbalance of staff to occupancy levels. which caused a straiii oli our finaiices. We were forced to draw on reserves while we tried lo rebuild occupancy. This pul further pressure on our plans lo maintain and improve the Home's buildings and facilities. Despite these operational issues, Watermoor House slaff conlintjed lo deliver high quality care to our residents throughout the year and there were many high points. Staff embarked upon traiiiing to achieve Gold Slaiidard acci'editalion for our end of life care. Walermooi. House has piovided outstaiiding end of life cat-e foi- many years bul this has been regarded merely part of our range of services wilhoul any formal acknowledgemenl. This yeaT, Staff undertook the forinal Iraining and we expect lo achieve the official accreditation next yeai.. Activities provision continued to be another higlilighl in our ongoing care Provision. We ramped them up with two activities coordinators delivering a wider variety of daily activities. plus involvement from community volunteers and providers for activities raiiging Ironi Mindsong singaloiigs and arts and ci'afts sessions to Iqoly C0171munion delivered in-house Inonthly by Board member Reverend Light. Our own activities coordinators led the ever popular fun of Carnival Gaines, which help to build co-ordination, weekly topical dlscussion group5, aiid daily gaines sessions. Iii the warmer weather. cream leas were offered in our Summer House for residents and Ilieir visilors and trips were made to local anienilies, like the Willow canal boat. Summer saw Iwo big celebrations, one for the commemoration of the 801b aniiivei'sary of D-Day and Ihe olher our annual sumimer fete, when we welcome friends and families and the local comniunily iiilo Walermooi. House and ils beaulilul gardens for fun wllh barbecue and a variety of stalls and family-friendly activities. Planning for the Summer Fele Ihis year wa5 overseen by our newly formed fundraising committee which is comprised of Tesidenls, staff, Board members and local volunteers. Towards tlie end of the year we found ourselves once again recruiling a new Home Manager bul are delighted lo have altracled a very expeTienced, 5ure-handed new manager wlio joined Walermoor House ILISI after the end of the financial year. Her expeiience has been an asset to Walernioor House as we embrace the lessons from this past year to biiild a stronger team aiid recover from a very difficult year. Finally, we wisli to thaiik residents and their loved ones for all the support Iliey l)ave given us Ihis past yeai. and we look foTward with optimism for the comiiig year wilh them. DR S R OwÈii - Chalr Dale.. 19 May 2025 WATERMOOR HOUSE R C H TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees presenl their annual report and financial statements for the year ended 31 August 2024. The financial statements have been prepared in accordance wilh Ihe accounting policie5 sel out iii note 1 to the linaiicial statements aiid comply wilh Ihe ChaTily's goveming document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charities SORP Accounting and Reporting by Charitièg.. Slalemenl of Recommended Practice applicable lo charitie5 pieparing tlieir accounts in accordance wilh the Financial Reporting Standard applicable iii the UK aiicl Republic of Ireland {FRS 102}" Objectives and actSvlties The Company's charitable objectives ale to provide cafe for older people in Gloucestershire as slated in out. goveTning docLimenl, "the relief of Ihe needs of elderly people by Ihe provision of such liousing, care and amenilies as appropriate for their condilions of life" 11 currently operates a residential home providing a mix of permanent accommodation and respile care for up to 39 elderly residents in appealing and safe surroundings with constant care and altenlion. Our sliort term aim is to Provide mosl of the requiremenls lo Inaximise the qualily of life for our residents al an affordable cost. Our longer lerm goal is lo enable us to Continue doing so for othei's like Iliem in Ilie fului'e, Our sli'ategy lo achieve this is to operate efficiently al a viable level of occupancy with well trained slaff wlio carry out their duties in a professional yet fiiendly manner. Our guiding principle is that our Hoine is our residents, home. Walermooi. House currently provides accommodation, meals and domeslic services, personal care, communal facilities, a wide range of activities and other services lo assist residents, daily living in a caring and personal atmosphere. We arrange visits to and fron) lieallhcaie providers. we make no additional charge for transportiiig and acconipanying residents to hospital and doctors, visits. We provide daily aclivilies, outings for residenls aiid arrangements for hairdressing and chiropody in the Home for residenls. In addition lo ensuring the smooth running of the Home, the Trustees remain aware of the longer term changes in the care industry and the need to lake appropriate aclion to remain efficient and coiilinue lo provide care at ai) affordable cost. Residents tend to coine into care later in life, in a more frail conditioii requiring more iiileiise siipport. The effeGls of the pandemic continue to affect our finaiicial performance. To date, no Walermoor House resident lias been seriously ill, required hospitalisalion or passed away froin Covid. Tlie Company is a registered charity. Governance and slfategic leadership are provided by tlie Board of Directors, all of whom are trustees and provide their services as unpaid volunteers. Public beneflt In planning Ilie cliari18ble company'5 aclivilies, the Iiustees keep in mind Ihe Charity Coinmi5sion's guidance on public benefit. Access to the Home is available lo all wliether il be as one of our permanent residenls or respite clients or, when infection controls allow, as a visilor on an aclivily or open day. The focus of the charily's aclivilies during the year, which explains the delivery by Ihe charily of public benefil, is set out below under "achievements and performance" WATERMOOR HOUSE R C H TRUSTEES REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performaiice Significant activltles and achievements agalnst objectives Watermoor House RCH subsidises Ihe fees for a significanl proportion of residents who are funded by Social Services.. well over 30 % of residents throughout thi5 year. Addilionally, with no discrimination between full fee- paylng clienls and olhers, additional special needs such as assisted aclivilies. accomp31iied transport lo Inedical appointinents, special diels and assisted feeding are provided at no charge regardless of fee slalus. We have continued to provide a v3ried and busy activities schedule lo meet the needs and interests of all our residents well beyond the levels reqiiiied for adequate care at no charge regardless of fee status. Our dedicated, qualified activities coordinators, together with other Inembers of slaff, Idenlify activities to meet the different interests of our residents. Througlioul this year they have worked wilh our external activities partners and volLJnleers froin the communily lo provide enrichmenl, stimulation. social interaction and much joy and laughter amongst resideiils. Our regular activities have ranged from our adapted yet lively in-house physical activity sessions lo suit all abilily levels, to weekly topical discussion afternoons, films screenings and quiz sessions, from the weekly board ganies morning to Zoolab visits bringing exotic but tame animals for residenls to hold and inleracl wilh, including snakes and pen9uins. Less exotic bul still sociable and sliniulaling are card games and craft sessions, through lo inleraclive iiiusical entertainments and sing-along sessions. Our special celebrations. activities and meals to iiiark seasonal holidays liave been highlights throughoul this year, especially our coniinemoration of the 80IIi anniversary of D~Day wilh giant poppies, hand-crafted by residents in volunleer-led craft sessions. Other regLilar activities include scrapbook makiiig recalling old niemories and recording new oiies, liaiids-on help to refurbish our sensory garden, sing-alongs with Mindsong, Cfealing Christmas decoi'alions for I'esidenls, rooins and Glirislnias table decorations. Staff coiilinue to pi'ovide 1-10-1 in.room activity sessions for those who cannot or chose not lo join group activities. Each resident's birtl)day is celebrated and we enjoyed several 100111 aiid more thali 100th birthday parties this year. The Board Inonitors performance across all the Home's endeavours, firstly through monthly House and Business reports to sel forniats. These routinely monitor. report and track occupaiicy. eiiquirie5, staff levels, sickness and agency usage, training, any coimplaints or reportable incidents, quality audits, financial perforinance, business and Inarkeling aclivily. Additionally, we carry oul an annu31 staff survey and a survey of residents, satisfaction as well as a separate suNey on food provision. The management team hold meetings with residents lo obl8in their views on an ongoing basis and the Home's management conduct both resident meetings open lo all residents and one-to-one sessions with residents individually. Our financial performance is highly geared to Ihe level of room occupancy. We monitor this as described above and this provides us with an ongoing measure of markeling performance which in a lime of natural change in our pernianent residents is a measure of the effeclivene5s of our maykeling stralegy. Occupancy levels have reniained low in the curreiit year and this has impacted negatively on our overall financial performance. WATERMOOR HOUSE R C H TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Fliiancial review The year started willi an awareness thal Ihe deficit incurred in the previous year was not sustainable 8nd an acknowledgement tlial occupancy needed to be brought back lo pre-pandemic levels iii order to achieve annual surpluses. The recruilmenl of additional care staff was seen as essential to maintain levels of care as occupancy increased. In addition, the Hoine Manager was given extra support and eventually one lo one monitoring. However, recruitment was difficult. occupancy remained stubbornly low and tlie monthly deficits continued evenlLially lo the point where the Company required a bridging loan at the end of eacli Inonth. The BLisiness Manager resigned and a more experienced replacement was recruited, but still occupancy remained stubbornly low. Willi pressure Inounling the Home Manager struggled to cope with the situation, resigned and left tlie Coiiipany's einploy in June 2024. We were fortunate in beiiig able to recruit a Home Manager wilh a good track record of succes51ully running an independent care hoine ol a similar size, bLIt her notice commitment meant she was unable lo commence woi'k until Sepleinber 2024. The combinalion of the two new members of the Management Team working closely together lias finally re5ulled in recruilmenl targets being Imet and occupancy levels iiioving towards those enjoyed prior to the pandemic. Tlie Honie now has a higher number of stale funded residents bul the Home Manager has been successful in obtaining higher levels of fui)ding as a result of correctly identifying resident needs against Ihe council fee slruclure. The accumulated deficits of recent years will take some lime lo clear but il is anticipated Ihal the reqLiirement for loans will be eliminated by the end of the financial year 2025126. Tlie Trustees are immeiisely grateful lo the benefactor who has agreed to provide the loans required through an interest flee agreemeiit. Goliig concern Despite the difficulties of recent years, the trustees are confident Iliat the Company now tiirned the corner, has adequate plans and staff in place lo juslily continuing as a going conceTn. (see below) Financial resLilts since the Covid crisis and a failure lo increase occupancy to pi'e Covid levels wei'e causing considerable concern for Ihe lulufe viability ol Ihe Company. Recognisin9 thi5 and coiicerns over Ihe Imanagemenl of the Home, Iruslees recruited an experienced manager and set Ineasurable obieclives for the future. Increase occupancy to at least pre Covid levels Achieve month on month financial surpluses Return the Home to an overall CQC rating of'Good' Tlie new manager, after a short period of familiarisation and assessment of the issues, comirenced working towards achieving the objectives. Occupancy has since increased from 26 to 33 residents- jusl 1 short of pre Covid levels The Home Manager has, Ihrough carefully idenlifying residenls, needs, successfully accessed additional funding for suitable GCC funded residenls Witli increased occupancy and additional fuiiding for some GCC residents, fi113ncial resilieiice is steadily iiiiproving and in the lalesl managemenl information for financial year 2025, the Home has I'ècorded a financial surplus for the last four months Work on achieving a 'Good' rating fiom Ihe CQC has been progressing alongside Ilie above iinprovenients, but forinal iiispeclion by Ilie CQC lo review 11)e rating could not be carried out until after Ihe CQC liad officially processed Ilie applicalion for registT31ion of the iiew manager. This was IinaSised al the eiid of March 2025 and we await CQC'S decision on wlien an inspection will be carried out Dui'ing this period of cliange and recovery financial stability has been assured by securing the provision of an inlerest free loan and, as required, Interesl free bridging loans. WATERMOOR HOUSE R C H TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Reserves policy The TrLlStees consider that 11?ey should aim for free reserves of £200.000 as a minimum. Howevei., in the financial year uiider review, we have needed to draw heavily on our reseTves, sucli Ilial our free reserves dipped si9nificanlly below this level. As refÈrred to elsewhere in this report. occupancy rates are a key driver for our financial performance and their being much lower than our targeted occupancy in 2024125 led us lo draw on our reSe￿es. Following a successful recruitinent strategy. vacancies have been filled to the extenl that they now retlecl normal staff luriiovei for the business and we have been able to focus on increasing occupancy. The Home Manager's experience and ability to access hi9lier levels of funding for GCC residents with additional iieeds and also enhanced contact willi olher cominissioning bodies has enabled tlie chai'ily lo sustain higher levels of touncil funded residents with a Tange of care requiremenls Enlianced flexibility in length of stays with respite care together with seasonal incentives has resulted in a number of respite residents becoming perinanenl and focused advertising, coupled with word of mouth recommendations has completed the package, resulting in a steady increase in levels of occupancy. At the year end, total funds were £602,448 (2023.. £812.516). The Truslees aim lo rebuild resetves from surpluses that we will accrue as we rebuild occupancy in 2025126. The current reserves policy is unchanged and will be reviewed once loans have been repaid and the charity is once again in a posilioii to invest for the futLire. Investment pollcy Under the Articles of Association, the Trustees have Ihe power to invest iii any way they think fil. The Trustees have coiisidered the most appropTiate policy for investiiig funds and have fouiid Ilial a balanced portfolio of specialised unit Irusls, designed for the charity sector, meets their requirements lo generate both incoine and capilal growtli. The Trustees nionilor returns and markel clianges bul still consider the iiivestmenl portfolio to be Ilie most appropriate strategy for investing tlie Companls reseNes. Plans for future perlods Goals for the coming year are to.. Increase occupancy lo al least immediately pre-covid levels Eradicate monthly financial deficits and move lo regular supplements Regain tlie Home's GOOD raling by the CQC To chaniiel surpluses into investnienl in the building. equipment and rebuilding reserves, all of wl)ich will help secure the future of Watermoor House. structure, governaiice and inanageinent The Charity is a company limited by guarantee, having no share c3pilal. it is established under a Memoranduim of Association, which sets out the objects and powers of Ihe charitable company, and is governed under ils Articles of Association, as amended by Special Resolutions dates 20 April 2016 and 11 August 2016 respectively. The Trustees, who are also Ihe directors for Ihe purpose of conipaiiy law, and who seNed during the year aiid up to the date of signature of the financial statements were-. Dr K Badcock Earl A C B Balhurst Mrs J Carter Revd P Liglil DrSROwen tinr J W Lamus (Retired 22 January 2025) Recrultment aiid appointment of trustees New-friistees with appropriate life and professional skills are appointed by the meinbers to slienglhen the Board for the future good of the Company. Every new Trustee must have an advanced Disclosure and Barring Servlce check carried out before taking up appoinlment and undergoes an induction process. WATERMOOR HOUSE R C H TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Otganlsatlonal structure The chayily is administered by the Board of Trustees 811 of whoin give their lime for no financial reward. There are no staiiding subcommillees but working commillees of Trustees and Otticers are appointed as Ilie Board deems necessaiy on an ad hoc basis. A Hoine Manager is appointed by the Trustees lo nianage Ilie day lo day operations of the Company. This is supported by a Business an(J Mafketing Manager. To facilitate effective operations they have delegated authority within terms of delegation approved by the Trustees for operalioiial Inalters including finance, employment, puychasing, compliance will) regulations and dealing with resideiits, needs and requirements. Decisions concerni1i9 the pay and remuneration of key managemenl personnel are Inade by the Board in coniunclion willi HR consultants by reference to the salaries paid by other similay local organisations. All pay rates are reviewed annLJally. Iiidiiction ai)d tralnlng of trustees New Trustees undergo a forinal process for induction. 11 aims to familiarise the iiew meinber with their legal obligations as well as the workings of Walermoor House arid its pefsonnel. They meet one-lo-one with the C113ir. tlie olher Board members and senior manageiiieiil and are taken on a loui. of Waleimoor HoLise. They receive a pack of wrillen materials including receiit Board papers, the last Annual Report and documeiils froin the CQC aiid Charity Commission. Tliroiigh the induction process new Irustees are informed of the general operational aclivilies of Ilie Home. finai)cial reporting aiid the regulatory framework in which the Coiiipany operales. The Company's Board members are updated on the legal requiremeiits for Trustees on an ongoiiig basis by tlie Compaiiy's Officers. Other matters Risk Manageinent The charitable conipany carries out a forni81 annual risk review procedure and updates its continuity plan iii whicli major risks are idenlified and brought to the allenlion of Ilie Board, which Ihen decided on the appropriate course of action lo avoid the risk, share or traiisfer it, mitigate or exploit it. These procedures have highlighled risks that iiiighl arise through non-coinpliance in the ever-changing regLilatory regime, risks to residents, safely and financial risks. The Board has taken appropriale action in response to Ihpm. With the added help of fundraising, il is the intention to create sufficient reserves in the future to further niiligale financial risks and this policy is reviewed regularly at Board meetings by reference to currenl Inanagenient accounts. The company has been drawing on ils reserves in the current year bul expects lo tui'n lo rebuilding a SLirplus as occupancy is rebuilt in 2025-2026. We will then conlinue to rebuild our free reserves in Ilie event of adverse conditions and ensure additional long-lerm resilience for the Company. RegLilar statutory inspections for Heath and Safety, Food and Hygiene, Fire and by the Care Qualily Coirmission are reported through the Officers lo the Board and assist in highlighting operational risks. statemeiit of Trustees responsibilitles The Trustees, wl)D are also the directors of Walermoor House R C H for Ihe purpose of conipany law, are responsible for preparing the TrLlStees Report and Ihe financial slatemenls in accordance wilh applic8ble law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financi81 stalements for each Iinancial year which give a true aiid fair view of the stale of affairs of the Charity and of the incoming iesources and application of resources, including the iiicome and expenditure, of the chaiitable company for that year. WATERMOOR HOUSE R C H TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 In preparing these financial slalemenls. the TFuslees are required lo.. select siiitable accounting policies and then apply ihem consisleiilly- observe the methods aiid principles in the Charities SORP, make judgements and estiinates that are reasonable and pwudenl; and prepare the financial slatenienls on the going concem basis unless il is inappropriale lo presume that Ilie Chai'ity will coiitinue in operation. Tlie Trustees are responsible for keeping adequalÉ accounting records Ihal disclose with reasonable aCCLiracy at any lime tlie financial position of the Charity and enable them to ensure that the financial statements coniply with the Companies Act 2006. They are a150 responsible for safeguarding (he assels of the Charily and heiice for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Audltor In accoi'dance willi the company's articles, a resolLJlion pioposing that BK Plus Audit Liiniled be rÉappointed as auditor of (he coinpany will be put al a General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of tlie Coinpanies Act 2006 relating lo sn)all companies. Disclosure of information to audltor Each of tlie Trustees l)as confirmed that there is no infornialion of which Iliey are aware which is relevant to the audit, but of which Ihe auditor 15 unaware. They have further confirined Iliat they have taken appropriate steps to identify such relevant information and to establish Ihal Ihe auditor is aware of sucli infoi'malion. The Trustees report was approved by the Board of Trustees. DrSROwen Trustee 19 M8y 2025 WATERMOOR HOUSE R C H INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WATERMOOR HOUSE R C H Opinion We have audited the financial slaleimenls of Waleiinoor House R C H (the 'Charity') for the year ended 31 ALJgust 2024 wliich coinprise the slalenienl of financial aclivities. the slalemenl of financial position, Ilie statement of cash flows and notes to the finaiicial statemer¥ts, including significant accounting policies. The financial repoitting framework that has been applied in their preparation is applicable law and Uiiited Kingdom Accounting Standards, including Financial Reporting Standard 102 Tl)e Fiiiaiicial Reijoitiiig Slaiidaid appliLc)blo in Ilie UK ai?d Roput)lic of liplcqi7d {Uniled Kingdom Generally Accepted Accounting Praclicel. In our opiiiion, the financial slatemenls." give a true and fair view of the slate of the charitable company's affairs as al 31 Au9USt 2024 and of its inconiing resources and application of resources, including ils income and expenditure, foi- the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and liave been prepared in accordaiice with the requirements of the Companies Act 2006. Basis for op117ion We conducted our audit in accordance with Iiileriialional Standards on Audiling (UK) {ISAs (UK)) ai)d applicable law. Olir respoiisibililies under those standards are further described in Ihe Audilor's iespoi?bil)ililies for117P c111dil ol tlie lii)c?iicial slaleiyiL)nls section of our report. We are iiidependenl of the Charily in accordance with Ilie elliiral requirements that are relevant lo our audit of tlie financial statements in tlie UK, including the FRC's Elhical Staiidard. and we have fulfilled our other ethical responsibilities ii) accordaiice willi these reqliirenients. We believe that the audit evidence we liave obtained is sufricieiil and appropriate to provide a basis for our opinion. Materlal uncertalnty relating to golng concern We draw attentlon lo the Slalemenl of Fin8ncial Activities on page 11 wliich records a deficit of £208,98J for the year lo 31 Augllst 2024 and to the Slalemenl of Financial Position on page 12 whicli records nel current liabilities of £237,377. The chafilable company lias used ils brought forwaid reserves lo fund this deficit, as noted by Ilie trustees in the accounting policies on page 14 and in their report.. The trustees liave been obliged to oblain103n funding both for working capital and, at times, on a bridging basis across the year under report. The trustees have acknowledged the financial position and provided their explanation of the causes of the de,ficit and have outlined the steps that have been taken, and are being taken, lo improve Ihe company's financial position. They conclude that the charity can continue to operate as a going concern. The existen¢e of the ongoing uncertainlies following the covid pandemic and recent economic challenges outside of the Iruslees, control, including the specific challenge of increasing occiipancy i-ales to Ilie point tlial the charitable coi?Ipany reluriis ID regular SL)Tplus and positive cashflow indicates Ihal a malerial uncertainty exists that i)iay cast doLibl on the cliarilable company's ability to continue as a going concern. Our opinion is not modified in this regard. In audiling the finaiicial statements, we have conclude(S Ihat the trustee5 use of the going concern basis of accoLinting in the preparation of the fiiiancial statements is appropriate. OUY responsibilities and Ihe responsibilities of the Iruslees wilh regard to going ¢oii¢ern are described in the relevaiit sections of Iliis report. WATERMOOR HOUSE R C H INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WATERMOOR HOUSE R C H other information The othei inforinalion comprises the infoTmalion included in the annLial report Dlher than the fiiiancial slalements and OLII auditor's report Ihereon. The Trustees are respoiisible fof the ollier information contaiiied wilhiii the aiinual report. Our opinion on Ilie finaT7cial stalements does not cover the other information and, except to the extent otherwise explicitly staled in our feport, we do not express any form of assurance coiiclusion IhereDn. Our responsibility is to read Ihe other infornialion and. in doing so, consider whether Ihe other information is malerially inconsislenl with the financial 51atemenls or our knowledge obtained in Ihe course of Ilie audil, or otherwise appears lo be materially misgtated. If we idenlify such material inconsistencies or apparent material misstalements, we are required to deterimine whelher this gives rise lo a material misstalemenl in the financial statements tliemselves. If, based on tlie work we have perforixed, we conclude Iliat there is a mateiial misslatenienl ol Iliis olher inforii)alion, we are required to report that fact. We have nothing to ieport in Ihis regard. Oplnlons on other Inatter5 prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infoi'nialioii given in the TrLislees repori for the financial year for which the fiiiancial slaleineiils are prepared. which iiicludes tlie directors, report prepared for tl)e purposes of coinpany law, is consisleiil willi the fiiiancial stalemenls., and the directors, report included within the Trustees report has been prepared in accordance wlli applicable legal requiremei)ts. Matters on which we are requlred to report by exception In the liglil of the knowledge and understanding of the Chaiily and ils environment obtained in the course of the audit, we have nol identified Inalerial misstalemenls in tlie directors. report included within tlie Truslees report. WÉ have nothing lo report in respect of the following malters in relation lo which tlie Companies Act 2006 re9uires us lo report Io YOLI if, in our opinion.. adequate accounting records have nol been kepl, or returns adequate for our audil have nol been Yeceived froni branches nol visited by us., or the financial statements are nol in agreenienl with the accounting records and returns., or certain disclosures of truslees. remuneration specified by law are not made. or we have not received all the informalion and explanations we require for our audit., or the Trustees were not entitled lo prepare Ihe financial slalemeiils in accordance with the small cnmpanies regime and lake advanlage of the small companies, exemptions in prepariiig the Trustees report and frorn the requireinent lo prepare a strategic report. Respoiislbilities of Trustees As explained more fully in the statement of Trustees responsibilities. the Trustees, who are also the directors of the Charity for tlie purpose of company law, are responsible for the preparation of the financial stateinents and for being satisfied that tliey give a Irue and fair view, and for such internal control 35 the Trustees delermine is necessary lo enable the preparation of financial stalenients that are free from material misslaleineiil, whether due to fraud or error. In preparing the financial stateinents, tlie Trustees are responsible for assessing the Charity's ability lo coiilinue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concern basis of accounting unless the Trustees either intend lo liquidate tlie charitable company or lo cease operations, or have iio realistic alternative but to do so. Auclitor's responslbilities for the audit of the financial statements Our objectives al'e to obtain feasonable assurance abotit whelher the financial statements as a whole 3re free from material misstalemenl, whelher due to fraud or error. and to issue an auditor's report that includes our opiiiion. Reasoiiable assurance is a high level of assLJraiice bul is not a guarantee that ali audit conducted in accordaiice willI ISAS IUKI will always detect a material misstatement wheii it exists. Misstalemeiils can arise from fraud or errol. and are coiisidei'ed Inaterial if, individually or in the aggregale, Ihey could reasonably be expected lo inftuence the ecoiiomic decisions of users taken on the basis of these financial statements. WATERMOOR HOUSE R C H INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WATERMOOR HOUSE R C H Owing lo the inherent limitations of an audit, there is an unavoidable risk that, despite us planning and performing OLir audit in accordance with auditing slandard5, one or more material misslalemenls iii the financial slaleinenls may have gone undelecled by OLtr audit. As wilh any audit. there is a high risk Ihal irregularities and fraud will ga undelecled where they involve matters such as misrepresentations froin m2nagemenl, collusion, deliberale omissions aiid override of conlrols. 11 is not Ihe role of the aLidilor to prevent non-coinpliance and we cannol be expected lo delecl every inslance of iion-compliance with all laws and regulations. Iii identifying and assessing risks of material misslatemenl in respect of irregularities. including fraud aiid non- coinpliance with laws and regulations, our procedures included the lollowing.. enquiries of management including a pre audit meeting., obtaining and reviewing supporting documentalion of policies concerning Ihè laws and regulation5 applicable to the business., underslaiiding how the coinpany complies with ils regulatory framework by making enquiries of management., considering the CLillure inherent in the company and whether this represents a culture of honesly and ethical behaviour with a strong emphasis of deleclion and prevenlion of fraud. We assessed Ihe s¢Jsceplibilily of the company's financial 51alemenls to Inalerial mis51ateinenl and considered how Iraud might occur. The audil procedures performed included, but were nol limited lo.. challenging managemenl assumptions and estimates: identifying and lesling unusual journal entries: assessing how the relevaiil laws and regLFlalions have been complied wilh and noting any instances of non compliance., reviewing Ihe financial statements for compliance with relevant Accounting Standards and accounting legislation applicable to a small company- considering how those charged with governan￿ have addressed the possibility of an ovei'ride of essential conlTols or other influence over the financial reporling processes. In addition, we also considered other non financial laws relevanl to the company. These do nol ne￿sSarilY have a dirèct influence on the financial slatemenls bul might affect the company's abilily lo operate. A furiher description of our responsibilities is available on the Finaiicial Reporting Council's website al.. hllps'.11 www.frc.org,uklaudilorsresponsibililies. This desuiplion forms parl of our auditor's reporl. Use of our reporl This report is made solely to the charitable company s members, as a body, in accordance wilh Chapter 3 of Part 16 of the Compaiiies Act 2006. Our audit work has been undertaken so that we might stale lo Ihe charilatle company's members those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullesl exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charilable company and the charitable company's members as a body, for our audil work, for Ihis report, or for the opinions we have formed. Roger Downes FCA {Senior Statutory Auditor) For and on behalf of BK Plus Audit Limiled, Slalulory Auditor Chartered Certified Accounlanls 6 Manor Park Business Centre MacKenzie Way Swindon Village Chelleiiham GIoLIGeslershii'e GL519TX 21 May 2025 10- WATERMOOR HOUSE R C H STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted Tolal Unrestricted Restrlcted Total funds 2024 funds 2024 funds 2023 funds 2023 2024 2023 Notes Income from: Doiiations and legacies CliaTilable activities Inveslnients 3,046 1,528.785 3,201 3,046 1.528,785 3,201 3,992 1,327,316 1,699 3,992 1,327,316 1,699 Total income 1,535,032 1,535,032 1,333,007 1,333,007 Expenditure on: Charilable activities 1,742.477 1,742,477 1,636,608 1,636,608 Total expendlture 1,742,477 1,742,477 1,636,608 1,636,608 Nel gainsl(lossesl on investments 11 (1,540) (1,540) Net expeiiditure aiid nioveinent lil funds (208,985) (208,9851 {303,601 } 1303,6011 Recoiicillatlon of fuiids: Fund balances at 1 September 2023 808.452 4,064 812,516 1,112,053 4.064 1,116,117 Fuiid balances at 31 August 2024 599,467 4.064 603,531 808,452 4,064 812,fJ16 The iioles on pages 14 10 25 form part of these financial statements. 11 WATERMOOR HOUSE R C H STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2024 2024 2023 NotÈs Fixed assets Tangible assets Inveslnients 12 13 785,571 789,325 15,009 785,571 804,334 Curreiit assets Stocks Debtors Cash at bank and in hand 14 15 3,128 44,704 7,505 6,949 65,168 85,738 55,337 157,855 Creditors: amoii nts falling due wlthin one year 16 (237.377) (149,673) Net current (Ilabllltlesllassels {182.040) 8,182 Total assets less current liabllltles 603,531 812,516 The fuiids of the Charity Reslricled income funds UnreslFlCted fuiids 18 19 4,064 599.467 4,064 8Q8,452 603,531 812,516 The notes on pages 14 10 25 form part of these financial slalemenls. These financial statements have been prepared in accordance wilh the provisions applicable to companies siibler.I lo the sinall coinpanies regime. The financial stalements were approved by the Trustees on 19 May 2025 DrSROwen Truslee Compaiiy regSstration number 09327637 {England and Wales) 12- WATERMOOR HOUSE R C H STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Cash flows from operating activlties Cash absorbed by operations 24 (86,8031 (205,800) Iiivestliig activities Purcliase of tangible fixed a55e15 Proceeds from disposal of tangible fixed assets Proceeds from disposal of investments Investment income received (8,100) (30,831) 14,236 13,469 3,201 1,699 Net cash generated Iroml(usod In) Investlng activlties 8,570 (14,8961 Net casli genèrated from flnanclng actlvlties Net decrease in cash and cash equlvalents {78,233) (220,696) Cash and cash equivaSenls al beginning of year 85,738 306,434 Cash and cash equlvalents at end of year 7,505 85,738 Tlie notes on pages 1410 25 form part of these financial statements. 13- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Charity information W31ermoor House R C H is 3 private company limiled by guarantee incorporated iii England and Wales. The registered office is Walermoor House, Walermoor Road, Cirencester, Glouceslershire, GL7 1JR, United Kingdoin. 1.1 Accountiiig convention The financial slateimenls have been prepared in accordance witli Ihe Cliarity's governing document, the Conipanies Act 2006, FRS 102 "The Finaiicial Reporting Standard applicable in the UK and Republic of Ireland" and Ilie Charities SORP "Accounting and Repoiting by Charities.. Slateinent of Recominended Practice applicable to charities preparing their accounts in accordance with the Fiiiancial Reporting Slandai'd applicable in the UK aiid Republic of Ireland (FRS 102)" The Charity is a Public Benefit Enlily as defined by FRS 102. The financial slalemenls are prepared in sterling. which is the funclional Currency of 11)e Charity. Monetary ainounls in these financial slatemenls are rounded lo the iiearest £. The financial slalemenls have been prepared under the historical cost convention, modified lo include certain financi81 instruments at fair value. The principal accounting policies adopted al'e sel out below. 1.2 Going concern During Ihe year income increased by £202K. Of this increase, £94K was froni piivale residents and was mainly from fee increases and f_108K was from Council funded residents of which Ihere was a sinall increase in rates paid by local authorities, but primarily this was due lo addilional residents. The difficully in recruiting staff (employee numbers were 46 for 2024 and SO for 2023), which severely impacted our ability to increase occupancy, also conlribuled significantly to cost increases being reslricled to £105K. In 2025, Ihe significant increase in the National Living Wage, the Nl rate increase and threshold reduction will pul pressure on finances. However, resolution of staff sliortages, increased occupancy and oblainiiig fees more appropriale to the level of care required for the local authorily-funded residents have resulled in consecutive surpluses during the firsl four months of 2025. A surplus of circa £56K is expected for the year 2025126. We al'e coiifi(Jent that our undeilying operational n)odel for resident fees, cost maiiagemenl and ensLiring resident welfare (always al the heart of what we do) will sland us in good stead as we go forward, despite the ongoing uncertainties arising from tlie p05t-Covid era and global economic factors outside Ihe cha¥ily's control. Tlie trustees have Ilierefore prepared the financial statements on a going coiicern basis. 1.3 Charitable funds Unresliicled funds can be used in accordance willi the charitable obiectives at the discretion of the trustees. Desigiiated funds coniprise unreslricted fuiids that have been set aside by the truslees for particular PLsrposes. Restricted funds can only be used for particular restricted pU￿oSe5 within the objects of the charity. Resti'ictions ai'ise when specified by the donor 01 when funds ale raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the iioles lo the financial statemeiils. 14- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies (Continued) 1.4 Income All income is recognised in the Stalemenl of Financial Activities once the charity has enlillement lo the funds. it is probable that the income will be received and the ainount can be measured reliably. Residentlal care Invoices are raised in advance on the 1st of the monlh for every resident's monthly care fees. Income is recognised in the financial slatemenls at the point of invoicing. Donations and Legacies Donations and legacies are included in the year in which they are receivable, which is when the charity becomes entitled to the resource. In accordance with this policy, legacies are included when the charity is advised by the personal representatives of ali eslale that payinenl will be ii)ade or property transferred and the amoiinl involved can be quantified. Investinent Income Inveslnienl incoine is included in the year in which it is receivable. other iiicome Other iiicoine comprises rental income and granls. Rental income, from the leltiiig of the non-investinent properly, is payable in advaiice per caleiidar moiilh and is recognised in the period to which it relales. Allhougli "The Lodge" is let on a short terin lease for reiilal income, tlie primary purpose of tlie p¥operty is lo support (he charitable aclivilies of the cliarilable company and the intention is that il is kept for 8 SUPPOrted living house. The Lodge is located within Ilie grounds of Watermoor House and has no separate legal tille to that of Walermoor House filed with 11)e Land Registry. Gi'ants, including Government granls. are recognised when Ihe charily is entitled to receipt. Where enlillement occurs before the income is received, the income is accrued. 1.5 Expenditure Liabilities are recognised as expeiiditure as soon as there is a legal OT constructive obligation cominittiiig Ilie charily to Ilial expenditure, it is probable Ihal a Iransfer of economic benefits will be require.d in setllemeiil aiid the amount of tlie obligation can be Ineasured reliably. Expenditure is accounted for on an accruals basis and has been c18ssified under headings that aggregate all costs related to the category. Wiere costs caiinol be directly attributed to particular headings they have been allocaled to activilies on a basis consistent with the use of resources. 1.6 Tangible f Ixed assets Tangible fixed 85sets are initially measured at cost and subsequently measured al cost or valualioii, nel of depreciation aiid any impairmeiit losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fitlings Minibus Nol depreciated 1 OOA on reducing balance 250A on reducing balance 15- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Depreciation has not been provided on Ihe freehold buildings as Ihe Trustees consider that the residual value will exceed the book value. No deprecialioii is provided on freehold land. Tangible fixed assels are capi131ised when Ihey are inili8lly acquired by the charity. Subsequent expenditure on tangible fixed assets is writlen olf lo the Stalemenl of Financial Activities unless il replaces or restores a specifically identified component within the fixed assel or enhance5 the a5sel. Assets individu311y costing under £l.000 are written off lo the Statement of Financial Aclivilies. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assel. and is recognised in the statement of financial aclivilies. 1.7 Fixed asset investments Investments held as fixed assets are revallied at mid market value al the balance sheet dale and the gaiii or loss taken lo the Statement of Financial Activities. 1.8 stocks Stocks are valued at the lower of Cost and net realisable value, after making due allowance for obsolete and slow moving items. 1.9 Fii)a77cial Instruments Tho cliarity only has financial assels and liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al Iransaclion value and subsequently nieasured at their setlleinenl value. Debtors Trade and other debtors are recognised at the seltlement amount. Prepaymeiils are valLted at Ilie ainounl prepaid. Casli at bank and in haiid Cash al bank and in hand includes cash and highly liquid inveslinenls willi a short Inaturily of Ihi'ee monllis or less from the date of acquisition or opening of the deposit or similar account. Liabilities Liabilities are recognised when Ihere is an obligation al the balance sheet date as a result of a past event, it is probable thal a transfer of econon)ic benefit will be required in setllemenl and Ilie ainount of the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount Ihal the Charily anlicipales il will pay to setlle the debt. 1.10 Taxatioii The charily benefits froin rates relief and is exempl from corporation lax on ils charitable aclivilips. 11 is iiot, however, exeinpl from VAT and irrecoverable VAT is included in the cost of those items to which it relates. 1.11 Retirement beneflts The charitable company operates a defined contribution pension scheme. Conti-ibutions payable to the charitable company's pension scheme are charged to the Stalement of Financial Activities in the period lo which they relate. 16- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Critical accouiitiiig estimates and judgements In Ilie applicalioii of Ihe Charity's accounting policies. the Truslees are required to make judgements, esliniates and assuinplions about the carrying amount of assets and liabilities that are not readily apparent froin other sources. The eslimates and associated assuinptioiis are based on historical expevieiice and other factors thal are considered lo be relevant. Aclual resulls may differ froni Ihese estimates. The estimates and undeilying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where Ilie fevision affects oiily that period, OT in the pei'iod of the revision and future periods where the revision affects both current and future periods. Depreciati017 Write down of the value of tangible fixed assets over their expected useful lives. Income from donations and legacies Unrestricled Unrestrlcted funds 2024 funds 2023 Donations and gifts Grants 3,046 1,548 2,444 3,046 3,992 Ii)come from charltable actlvitles Uiirestricted U n restrlcted fund5 2024 funds 2023 Charltable activitles Received from residents Received from Local Authority Income from Lodge 1,038,882 480,896 9,007 945,295 373,446 8,575 1,528,785 1,327,316 17- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Ii)coine from iiivestments Unrestricled Un reslricted fuiids 2024 funds 2023 Income from unlisted inveslmenls Interest receivable 230 1,469 3,201 3,201 1 ,Ci99 Expeiidlture on charitable activitles Charitable activities 2024 Charitable activities 2023 Direct costs staff costs Depreciation and impairment Subscriptions and registrats'on fees Light and heal Motor vehicle expenses Post, stationery, advertising and sundries Legal and pi'ofessional fees Equipment rental and mainlenance Other house expeiises Food Property maintenance & repairs Other property expenses Accountancy and payroll Lodge costs Agency staff costs Loss 01) sale of assels 1,183,414 11,853 5,893 114,357 4,012 114,350 1,272 42,345 38,795 93,385 39,373 26,008 3,750 1,441 50,929 1,114,607 11,732 5,875 126,187 2,926 95,532 1,671 37,753 37,225 103,311 41,129 15,894 3,978 1,860 12,392 14,236 1,731,177 1,626,308 Share of siipport and governance costs (see note 71 Governance 11,300 10,300 1,742,477 1,636,608 Aiialysls by fuiid Uni-eslricted ftjnds 1,742,477 1,636,608 18- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 SLlPPOrt costs allocated to activities 2024 2023 Auditors femLineralion 11,300 10,300 Analysed between.. Charitable activities 11,300 10,300 Net movement in funds 2024 2023 The nel niovemenl in fijnds is slated after chargingl(crediting): Fees payable lo tlie charity's auditor.. for the audit of the charity's financial statements for other financial services Depreciation of owned tangible fixed assets 9,000 2,300 11,8Jf3 8,150 2,150 11,732 Trustees None of the Trustees (or any persons connected wilh them) received any remuneration or benefits from Ilie Charity during the year. Trustees. expenses There were no trustees, expenses paid for the year ended 31 August 2024 nor for the year ended 31 Aiigusl 2023. 40 Employees The average monthly nuinber of employees during the year was-. 2024 Nuinber 2023 Number Adminislralion Support 38 45 Total 46 50 Einployment costs 2024 2023 Wages 8nd salaries Social security costs Other pension costs 1,075,495 85,139 22,780 1,022,838 74,101 17,668 1,183,414 1,114,607 There were iio employees whose annual remuneration was niore than £60,000. 19- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 10 Einployees (Contiiiuedl Remuneration of key management personnel The key management personnel of the Charity comprise the Home Manager, Deputy Home Maiiager, Business Manager, Finance Officer and Administrator. The lolal cost to the Charily of Ilie key management personnel was £167,18712023'. £166.260). 11 Galns and losses oli investments Unrestricted Unrestrlcted fuiids 2024 fuiids 2023 Gainsl{losse5) arising on.. Sale of inveslments {1,540) 12 Tangible fixed assets Freehold land Flxtures aiid and buildings liltings MS17lbus Total Cost At 1 September 2023 Additions 689,416 213,167 8,100 927,578 8,100 Al 31 August 2024 689,416 221.267 24,995 935,678 Depreclation and Impairmei)t Al 1 September 2023 Depreciation cliarged in the year 123,803 9,218 14,451 2,635 138,254 11,853 At 31 August 2024 133,021 17,086 150,107 Carrylng amoiint Al 31 August 2024 689,416 88,246 7.909 785,571 At 31 Augiisl 2023 689,415 89,366 10,fJ44 789,325 -20- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Flxed asset investments Listed Investments Cost or valuation At 1 September 2023 Valuation changes Disposals 15,009 {1,540) (13,469) At 31 Aligust 2024 Carryliig amouiit Al 31 August 2024 At 31 August 2023 15,009 14 Stocks 2024 2023 Kilclien and housekeeping stocks 3,128 6,949 15 Debtors 2024 2023 Amounts falllng due withlii one year: Trade debtors Other deblor.% Prepayiments and accrued income 19,077 39,778 4,478 20,912 25,627 44.704 65,168 16 Credltors: amouiits falling due within one year 2024 2023 Other laxalion and social security Trade ci-editors Other creditors AccrLials aiid deferred income 51,950 85,397 73,830 26,200 43,597 48,486 32,222 25,368 237,377 149,673 21 WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 Retirement benellt schemes 2024 2023 Deflnèd coiitributi017 schemes Charge lo profit or loss in respect of defined conlribution scheines 22,780 17,668 Tlie Charily operates a defined coiitribution pension scheme for all qualifying employees. The assets of tlie scheme aTe held separately from Ihose of the Charily in an independently administered fund. The pensioii cost cliarge I'epresenls contributions payable by the Cliarily to the fund. Contllbutions payable lo tlie fund at the ba18n¢e sheet dale were £5,214 (2023.. £3.885). 18 Restricted fuiids The reslricted funds of the cliarily comprise the unexpended balances of donations and grants held oli trust subject to specific conditions by donors as lo how they may be used. At 1 At 31 August September 2024 2023 Dining Toom reiiovalions 4,064 4,064 Prevlous year.. At 1 At 31 August Septeinber 2023 2022 Dining room renovations 4,064 4,064 Purpose of restrlcted fuiid - Dining room renovations Grant awarded by Mrs D K Wnstone Trust to provide funding for the renovation of the residents diniiig rooni and the palio gaiden adjacent to the dining room. 19 Unrestricted fuiids The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject10 specific conditions by donors and granlors as to how Ihey may be used. These include designaled funds wliich have been set aside out of unrestricted funds by the Irustees for specific purposes. At1 Septeinbey 2023 Incoining resourGes Resources expended Galiis and At 31 August losses 2024 General funds 808,452 1,535,032 (1,742.477) (1,540) 599,467 -22- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Unrestrlcled funds Icontlnued) Previous year: At1 September 2022 Incoming resources Resources expeiided Ga1115 aiid At 31 Augiist losses 2023 General funds 1,112,053 1,333,007 (1,636,608) 808,452 20 Ai)alysis of net assets between funds Unrestrlcte(I Restrlcted Total funds 2024 funds 2024 2024 At 31 August 2024: Tangible assets Current assetsl(liabililies) 785,571 {186,1041 785,571 1182,0401 4,064 599,467 4,064 603,531 Unrestricted Restricted Total funds 2023 funds 2023 2023 At 31 Aiigust 2023: Tangible assets Inveslinents Current asselsl(liabililies} 789,325 15,009 4,118 789,325 15,009 8,182 4,064 808.452 4,064 81?.,516 21 Contiiigent liabilitles Variou% funders retain the right to claw back granls should Ihe use of funds not be in accordaiice with the terms of Ilie grant. In the opinion of Ilie Tfustees no sucli liability exists at the year end. -23- WATERMOOR HOUSE R C H NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 22 Operatlng lease commitments Lessee At the reporting end date tlie Charity had outstanding commitnienls for future miiiimum lease p8yinents under non-cancéllable opersting leases. whicli fall due as follows. 2024 2023 Within one year Between two and five years In over five years 9,557 31,783 9,557 41,256 2,983 41,340 53,796 23 Related party transactlons Transacllons wlth related partles Included ii) other credilofs is a balaiice owing to one of the diTeclors aiid a trustee of the charitable company (£60,000). The terms of the loan are thal no interest is payable, il is unsecured and is repayable on deniand. Tlie purpose of the loans provided are lo provide bridging finance to support woi'king capital needs towards the eiid of Ilie Ir¢onlh. This allows payments to be made at Ihe end of Ihe month lo clear liabilities until iiicome is received from residents al the start of Ihe next month. 24 Cash absorbed by operatSons 2024 2023 Deficit for the year (208,985) (303,601) Adjustments for: Investment income recognised in stalemenl of financial activities Loss on disposal of investinents Depreciation and impaiimenl of tangible fixed assets (3,201) 1,540 11,853 11,6991 11,732 Movements In worklng capltal: Decreasel{iiicreasel in stocks Decreasel