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2024-12-31-accounts

ST ELIZABETH’S CENTRE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Company Limited by Guarantee Number 11087989 (England and Wales) Charity Registration Number 1176777

ST ELIZABETH’S CENTRE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS

Reports
Reference and Administrative Details 1
Report of the Board of Trustees 3
Independent Auditor’s Report 15
al statements
Consolidated Statement of Financial Activities 18
Consolidated and Charity Balance Sheets 19
Group and Charity Statement of Cash Flows 20
Statement of Accounting Policies 21
Notes to the Financial Statements 24

Financial statements

ST ELIZABETH’S CENTRE REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

Board of Trustees Mr Christopher Kemball (Chairman)
Sister Patricia Ainsworth (Resigned 31 August 2025)
Sister Josephine Anne Clemence (Resigned 31 August 2024)
Mr John Coleby (Resigned 31 December 2024)
Rev Adrian Cullen (Appointed 24 June 2024)
Ms Mary Emson (Appointed 3 June 2025)
Sister Veronica Hagen (Resigned 31 August 2025)
Mr Richard Harries (Appointed 6 November 2024)
Mr Ian Kendal (Appointed 10 July 2025)
Rev Peter Lyness (Resigned 20 July 2024)
Bishop Paul McAleenan
Mr Robert Moore
Mr Alan Rosenbach (Appointed 9 December 2024)
Ms Corina Sampson (Appointed 16 July 2024)
Mr Nicholas Seed
Company Secretary Ms Sarah Seacombe
Company registration number 11087989
Charity registration number 1176777
Address and Registered office St Elizabeth's Centre
South End
Much Hadham
Hertfordshire
SG10 6EW
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Principal bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4 JQ
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
Solicitors Farrer & Co
66 Lincoln’s Inn Fields
London
WC2A 3LH
Stanley Tee LLP
95 London Road
Bishop’s Stortford
Hertfordshire
CM23 2LU

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ST ELIZABETH’S CENTRE REFERENCE AND ADMINISTRATIVE DETAILS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024

Executive Team

Chief Executive Officer Ms Jill Rankin

Deputy Chief Executive Officer & Director of Business Development

Ms Cheryl Allum-Clarke Director of Business Development Director of Finance Mr Mike Bibby Director of Adult Learning Ms Teresa Glynn Director of Children's Education Ms Lisa Tooley Director of Children’s Health & Care Ms Amaka Richard-Tella (Until 31 March 2025) Director of People Ms Rachele Gale

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Board of Trustees ( ''Trustees" ) presents its report with the accounts of St Elizabeth's Centre ( "Charity" ) for the year ended 31 December 2024 with comparative information provided for the year ended 31 December 2023.

The report has been prepared in accordance with Part 8 of the Charities Act 2011 and also constitutes a directors' report and strategic report for the purposes of company legislation.

The accounts are presented in accordance with the accounting policies set out on pages 21 to 23 therein and comply with the Charity's Memorandum and Articles of Association ( "Articles" ), the Companies Act 2006 and the requirements of United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The accounts follow the principles of Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Elizabeth's Centre was originally established in 1903 as one of the charitable works of the Congregation of the Daughters of the Cross of Liege (the "Congregation" ), a Roman Catholic religious congregation, founded in 1833 in Liege, Belgium. St Elizabeth's Centre operated as part of the Congregation until 30 September 2018, when the activities and assets of St Elizabeth's Centre were transferred to a newly registered charity with the name of 'St Elizabeth's Centre'. One Trustee of the Congregation is also currently a Trustee of the Charity.

The Charity was incorporated as a company limited by guarantee without a share capital on 29 November 2017 and registered as a charity with the Charity Commission on 22 January 2018. It is governed in accordance with the Articles.

The Articles require that the Charity has between five and fifteen Trustees. Trustees are appointed by the Archbishop of Westminster. The Trustees are as set out on Page 1. They were in office at 31 December 2024 and served until the date of approval of the trustees’ report, except where shown.

Trustees are encouraged to attend any conferences, courses and seminars which they feel are relevant to keep themselves appraised of any changes in the relevant legislation or best practice regarding the governance of the Charity. In addition, professional advice is extensively sought and relied upon by the Trustees, particularly in the areas of law, finance, accounting, property and investment.

Trustees’ expenses

No Trustee received any remuneration from the Charity in connection with their duties as a Trustee. No Trustee had any beneficial interest in any contract with the Charity.

Organisation

The Board of Trustees meets four times a year. In addition, there is a Finance Audit and Risk Committee, an investment Committee, and a Health Care and Quality Committee to consider those areas of the Charity's operations in more detail and make recommendations to the Board for approval, as well as separate Boards of Governors for the School and the College.

The Executive Team

The Executive Team are as set out on Page 2. They were in office at 31 December 2024 and served until the date of approval of the trustees’ report, except where shown. The Executive Team consists of the Chief Executive Officer, Deputy Chief Executive Officer & Director of Business Development, Director of Finance, Director of Adult Learning, Director of Children's Education, Director of Children’s Health & Care, and Director of People.

The pay of the Executive Team is reviewed regularly and approved by the Trustees, based upon independent external recommendation. The pay of the Senior Leadership Team is benchmarked against other charities in the sector.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Public Benefit

Charity law requires the Trustees to include in their annual report a confirmation that they have had regard to the guidance of the Charity Commission regarding public benefit. The Trustees are also required to provide information which demonstrates how the Charity meets the guidance.

This report describes the aims and activities of the Charity which the Trustees believe contribute to the Charity meeting the criteria established by the Charity Commission for assessing public benefit. Where fees are charged for services provided, these services are provided on the basis of need and the cost is largely met from public finances.

AIMS AND ACTIVITIES

Aims

The Objects of the Charity are the promotion of the Catholic religion, the advancement of education and the promotion of physical and emotional wellbeing for people of all ages who have epilepsy or other complex needs on the basis of need and regardless of their religious, cultural or ethnic background by the provision of:

Activities

Based on a 40-acre site in Hertfordshire, the Charity provides:

Through the Charity's multi-disciplinary approach, with its academic teams, carers, health staff, therapists and managers working together towards a common goal, the Charity ensures its service users get the best possible chance to realise their full potential. The Charity provides personalised care plans that meet the needs of each individual, encompassing their education, care, health and wellbeing, and social skills, and encouraging independence so far as possible.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Regulated Services

During 2024, there were five regulated services on-site.

ACHIEVEMENTS AND PERFORMANCE

Service Delivery

In order to ensure the successful future of the services, the senior team have delivered the following initiatives:

Services

The educational provision, which will provide the core future offering at St Elizabeth’s has gone from strength to strength this year with students once again achieving nationally recognised qualifications.

Our many achievements include:

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Fundraising Expansion

We once again express our deep gratitude for the generosity of our large number of supporters, including Charitable Trusts, individuals and Community Groups who support the work at St Elizabeth’s.

Trustees signed off on a new position within the fundraising team – Head of Philanthropy & Partnerships. The hiring process began in March 2025. This role will be focused on securing capital funding from trusts and grants.

FUTURE STRATEGY & STRUCTURE

St Elizabeth’s values its staff as its greatest asset and is dedicated to their training, development, and engagement to achieve the best outcomes for those we support. Our success is built on the collective efforts of all our people – our staff, friends and families and the wider community, all of whom share our vision and work tirelessly to make it a reality.

Our Much Hadham parkland site is peaceful and well-maintained. Ongoing investment in the site ensures we meet the needs of all service users and help them thrive.

Essential to all of this is the delivery of stable and consistent income streams to ensure we have a bright future and continue to deliver exceptional outcomes for all the children, young people and adults we support. To achieve this our admission pricing rates must be financially sustainable.

Over the next 5 years our focus will be to:

The Environment

The Trustees are conscious of the Charity's corporate social responsibility to protect the environment. The Charity has adopted an Environmental Sustainability Policy.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Volunteers

More than 200 volunteers have supported the Fundraising Team, Charity Shops, and Corporate volunteering initiatives during the year. In accordance with the Charities Statement of Recommended Practice (paragraph 6.18), the estimated monetary value of their time is not included in the financial statements.

FINANCIAL REVIEW

Income and Expenditure Summary

Balance Sheet

Reserves Policy and Financial Position

The Trustees are conscious of the need to balance the requirements of the Charity's present service users and students against those in the future. This means that they have to determine the level of reserves to be carried forward to invest in future development. The Trustees consider that, given the nature of the Charity's work, the minimum level of reserves target should be 6 months' annual expenditure. As at 31 December 2024, the general fund reserves of £0.64m represented approximately 0.4 months of annual expenditure, falling below that target.

In 2024, the Trustees adopted a new 5-year strategy with the aim of generating sustainable operating surpluses to support investment in new facilities and improved services. A revised pricing structure was introduced with key clients, and the number of individuals we support increased in 2024 and since the financial year end. We are forecasting cash and reserve surpluses for 2025 and beyond.

Going concern

The Trustees believe that the Charity’s financial statements should be prepared on a going concern basis on the grounds that, based on the Charity’s assessment of the feasibility of future plans up to December 2028, including a revised pricing structure, current and future sources of funding or support will be sufficient and available for the Charity’s needs.

The Charity’s Assets

The acquisitions and disposals of fixed assets during the period are recorded in Notes 10 and 11 to the financial statements.

Since the transfer of the Congregation's assets and activities to the Charity in September 2018, the Charity's land and buildings have not been revalued.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Post Balance Sheet Event

Subsequent to the year-end, the Charity received a strategic funding grant from the Congregation to support its 5- year strategy, the majority of which is a restricted fund in relation to much needed capital expenditure projects during the next few years. The balance of the funding will underpin our strategy to further develop the much needed services we provide and indeed accelerate some of our plans. The Trustees are deeply grateful to the Congregation for this concrete demonstration of their support for our charism, both now and in preceding years.

Fundraising

During the year a total of £1,186k was raised from gift aid, donations, legacies, shops and fundraising:

The decision was made to close three of our current charity shops due to large lease rent increases and low sales.

The internal Fundraising Team engages with the local community groups and corporate partners to encourage these employees to raise funds and volunteer at the centre as part of their CSR (Corporate and social responsibilities).

Applications are also made to grant-making Trusts for capital projects, specific projects, and unrestricted funding.

The Fundraising Team also runs a series of on-site events to raise funds, and supports individuals to fundraise and donate, by participating in challenge events, hosting fundraisers and raising awareness within our local communities, networking and working with the local councils. Our HR team also participate in some community events in collaboration with the Fundraising Team.

The Charity sends a newsletter twice-yearly to supporters who have expressed an interest in our work. The Charity does not make use of professional fundraising agencies.

The Charity is registered with the Fundraising Regulator and is committed to adhering to the Fundraising Code of Practice.

Complaints are reported to the Fundraising Regulator in accordance with their timetable. There were no complaints in the last reporting period. The Charity has not had any adjudications and had no significant failures, ensuring compliance with these standards. Detailed policies and procedures are in place and compliance is reviewed through audit, by monitoring feedback and taking corrective action where required.

Supporters are asked whether they would like the Charity to keep in touch with them, by way of regular updates on our work and how they have helped the Charity. Recipients of both email and mail-based communications are given the option to confirm if they prefer less contact or no longer wish to receive correspondence, and these preferences are immediately updated.

The Charity does not sell or exchange lists of data with any other charities or companies. The Charity's fundraisers have been briefed to protect people in vulnerable circumstances. If they encounter someone showing signs of distress, confusion or vulnerability, the fundraisers are trained to politely end the conversation and refuse any donation offered in such circumstances. In the unlikely event of a donation being taken, the donation would be refunded.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

PROMOTING THE SUCCESS OF THE CHARITY AND EMPLOYEE ENGAGEMENT

As the Trustees of St Elizabeth’s, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Charity’s success for the benefit of all stakeholders, and to have regard to the long-term effect of our decisions on the Charity. This statement addresses the ways in which we as Trustees execute this responsibility.

A Disability Confident Employer

As a Disability Confident Employer, we provide a work environment that is inclusive and supportive of all staff with disabilities, including giving fair consideration to disabled applicants in the recruitment process. We make all necessary reasonable adjustments to support employees and offer additional support to employees who acquire a disability helping them to stay in work. All employees, including those with disabilities, are encouraged to develop their skills via a comprehensive training programme and to seek promotion where appropriate.

Promoting the Charity’s success for its stakeholders

St Elizabeth’s became an independent charity in 2018 with a Board of Trustees and is run on a day-to-day basis by an Executive Team. We are proud to deliver our services which for over a century have provided care and support for children and adults of all ages with epilepsy and other complex medical conditions, the severity of which impacts their health, social, behaviour, learning and emotional development. The decisions we make as a Charity, from the ground level through to the Board of Trustees, are for their benefit.

We are a value-driven organisation and strive to demonstrate the following ideals:

Compassionate We care. We think of life as a gift, to be respected, celebrated and cherished.

Aspirational We are ambitious for people we work with. We work with passion to ensure that they live their lives to the full, and with dignity. We set high standards and stretching goals, and support people to achieve their potential.

Collaborative We are collaborative, professional and inclusive. We respect, value and learn from each other. We work in partnership.

Joyful We strive never to lose sight of the fun and joy in life. Our success is dependent on the collective energy and contribution of our staff. Staff who enjoy their work and enjoy being at work, are the bedrock of a high quality sustainable service.

There are wider consultation mechanisms which support us in fostering healthy relationships with stakeholders. These include:

A 5-year strategic plan has been agreed upon and approved, focusing on the provision of market-leading services that generate returns necessary for reinvestment in operational infrastructure and the property portfolio to drive ongoing success. The plan highlights the importance of developing a highly skilled team and establishing a respected brand known for its clear purpose and high-quality service delivery. Furthermore, we acknowledge that achieving these objectives will require forming strategic partnerships with organisations capable of supporting the infrastructure needed to realise this ambitious vision.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Our key stakeholders, and the ways in which we engage with them, are as follows:

Our clients The views of our clients are of paramount importance to us and form the basis of our work
and there are forums for them in each service area.
Additionally, we have annual surveys, monthly house meetings and weekly keynote
sessions to ensure the views, wishes and aspirations of those who use our services are
taken into account.
Regulatory St Elizabeth’s provides services to vulnerable children and consequently is a highly
authorities regulated environment. We engage proactively with Ofsted, CQC and multiple local
authorities who carry out compliance visits. St Elizabeth’s operates in an open and
transparent manner with regulators and aspires to reach the highest possible standard
across all our services.
Our employees Below are ways we engage with our employees:
•We operate a well-embedded staff consultation process, including our Staff Forum.
The forum comprises elected staff representatives who meet every 2 months with the
CEO and Executive Team.
•There are annual all-staff surveys and an annual staff conference.
•Collaborative staff working parties both for ad hoc issues or longer term
initiatives/areas of interest, for example our Equality, Diversity and Inclusion Group and
our Environmental Sustainability Group.
•Regular cross-service Executive Team meetings, including our Operational Senior
Leadership Team meetings of all our Heads of Department and our Care and Health
Leadership Team meetings.
•Appraisal and supervision processes which are designed to support reflective two-way
discussion between staff and line managers.
•Other opportunities for feedback from staff and effective engagement are also in place
to include a “Moving On” (exit interview) process.
•Our People Strategy has been created following a comprehensive engagement
process with staff.
The wider The Centre is committed to working with and alongside the local community to increase
community awareness of St Elizabeth’s and the work we do. Five charity shops across Essex and
Hertfordshire support fundraising efforts and help to spread awareness amongst our
customers, supported by over 100 volunteers from the local area. St Elizabeth’s is also a
member of a number of Business Improvement District (BID) initiatives in towns where our
shops are based.
St Elizabeth’s is a member of several Chambers of Commerce and Networking Groups,
working alongside town councillors, local businesses and community groups to raise
awareness and develop potential partnerships. Membership of these Networking Groups
leads to significant donations, marketing opportunities and pro-bono support.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STREAMLINED ENERGY AND CARBON REPORTING REQUIREMENTS

We detail below our reporting obligations in relation to the energy use and carbon emissions for the accounting period under review.

UK Greenhouse Gas Emissions and Energy Use Data

Energy Consumption used to Calculate Emissions (kWh)
Energy Consumption break down (kWh)
Gas
Electricity
Transport Fuel
Scope 1 Emissions in Metric Tonnes
CO2e Gas Consumption
Owned Transport - mini-buses, cars and vehicles
Total Scope 1
Scope 2 Emissions in Metric Tonnes
CO2e Purchased Electricity
Total Scope 2
Scope 3 Emissions in Metric Tonnes CO2e
Taxis to Work
Bus Services
Leased vehicles
Total Scope 3
Total Gross Emissions in Metric Tonnes CO2e		 Dec-24
4,594,673
3,249,894
974,798
369,981
4,594,673
593
25
618
202
202
17
39
12
68
888		 Dec-23
4,758,548
3,492,774
903,794
361,980
4,758,548
638
23
661
187
187
17
39
12
68
916

Quantification and Reporting Methodology

Where the information has been available, we have taken this directly from primary records, for example, gas and electricity invoices and statements. For transport costs, we have taken information from mileage records and applied UK Government’s guidance in relation to energy conversion factors. Where information and data has not been recorded in a comprehensive manner, we have made informed assumptions and judgements in relation to activity and usage. This has been applied to the information we have in relation to the use of taxis and the staff bus service.

We are actively looking at new approaches and processes which will provide further clarity to our record keeping for emissions, energy consumption and energy efficiency.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Measures Taken to Improve Energy Efficiency

The Charity has in place a range of operational initiatives aimed at making a positive contribution towards reducing our carbon footprint, emissions and energy consumption and at improving its energy efficiency. Such initiatives include, but are not limited to:

Additionally, in relation to procurement for services and works, the Charity will be actively assessing suppliers and contractors in relation to waste disposal, the use of recycled materials and policies for energy efficiency and reducing their carbon footprint, emissions and energy consumption.

RISK MANAGEMENT

All major risks to which the Charity is exposed have been assessed including those relating to the specific operational aspects of the Charity, its investments and finances. The Trustees believe that by examining the operational and business risks faced by the Charity, and by monitoring reserve levels and ensuring proper systems of financial control are in place, they have established effective procedures and safeguards to mitigate all reasonably known risks.

The Charity operates a system of annual planning and budgeting. Performance is monitored against the approved budget with the use of financial and non-financial metrics and targets.

Risks are identified by the Executive Team and the likelihood and impact on the Charity is assessed. Mitigating actions are identified and kept under review. The major risks are set out below:

Risk Mitigation
Staffing- well publicised staffing crisis in the
care sector
•Staff shortages lower service quality
•Staff shortages drive up agency and
overtime costs
•Staff shortages may result in a skills gap
that could affect our regulatory status
•Challenges in recruiting and retaining
enough staff members particularly with
respect to changes in sponsorship guidance
•Inadequate number of fully trained and
qualified staff
•Loss of key personnel impacts on
cost/performance
•Development and implementation of the people strategy
•Overseas recruitment drive with sponsorship
•Monitor and report on agreed agency and overtime KPI’s
•Drive retention through enhanced total rewards package
focussing on skills development and wellbeing
•Work towards embedding best practice by working towards
the Investors in People Gold Standard
•Further development of middle managers with bespoke
operational training in SEND education and Care
•Development of a Talent Management Programme that
identifies Talent for the Future
•Regularly review succession plans for key posts
Children’s Home
•Regulatory rating
•Reputation
•Staffing levels		 •Robust development plan in place
•Regular updates on progress provided to regulator
•Increased levels of staff engagement and retention
•Targeted recruitment campaign

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Mitigation
•Management expertise
•Staff qualifications
•Shortfalls in quality		 •Development programme for managers
•‘Taught’ sessions for staff completing Level 3 qualification
•Devolved pan registration and register homes separately
•Daily safety briefings in place
Safeguarding
•Risk that inadequate staffing levels and
reduced training lead to SAFA concerns		 •Phased admissions to ensure full staff coverage
•Group supervisions rolled out on key safety subjects
•Daily safety briefings
•Embed New Quality Assurance Framework with internal
audit process
Financial Stability
•Unable to meet going concern criteria in the
medium term due to economic uncertainty
and downward pressure on fees		 •Working with regulators to ensure services are graded at a
level to allow continued, viable, operation and avoid
enforced service closure
•Seek and obtain annual fee increases from funders to
reflect the increased costs of staffing and inflation
•Review pricing model annually to match the operational
processes ensuring full cost recovery and undertake
regular market competition analysis

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and financial statements, in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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ST ELIZABETH’S CENTRE REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Each of the Trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

THANKS

We would like to record our thanks to all our staff, volunteers and donors for their hard work and commitment for the last year. Without their dedication, St Elizabeth's Centre would not be able to offer the excellent lifestyle and opportunities it does to the adults, young people and children who are placed in its care and who are supported in day opportunities.

This report was approved by the Board of Trustees on 17 September 2025 and is signed on their behalf by:

Christopher Kemball Trustee

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ELIZABETH’S CENTRE

Opinion

We have audited the financial statements of St Elizabeth’s Centre (the ‘charitable parent company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the group statement of financial activities, the group and charitable parent company balance sheets and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ELIZABETH’S CENTRE (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST ELIZABETH’S CENTRE (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edward Finch (Senior Statutory Auditor)

For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 22 September 2025

17

ST ELIZABETH’S CENTRE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) For the year ended 31 December 2024

Unrestricted
Note
funds
£’000
Income from:
Donations and legacies
105
Donation from the
Congregation of the
Daughters of the Cross
22
-
Other trading activities
2
1,034
Investment income:
Bank interest receivable
7
Charitable activities
3
17,770
Total income
18,916
Expenditure on:
Raising funds
Costs of raising funds
4
56
Cost of goods sold
and other costs
5
934
Charitable activities
Day Services
6
1,178
School & Children’s Home
6
12,197
College & Domiciliary Care
6
5,964
Total expenditure
20,329
Net (expenditure)
(1,413)
Transfers between funds
16
12
Net movement in funds
(1,401)
Funds at the start of the year
17,298
Funds at the end of the year
15,897		 Restricted Total fundsUnrestricted
funds
2024
funds
£’000
£’000
£’000
47
152
123
-
-
2,000
-
1,034
1,060
-
7
70
-
17,770
12,172
47
18,963
15,425
-
56
44
-
934
877
2
1,180
1,172
59
12,256
10,247
1
5,965
6,307
62
20,391
18,647
(15)
(1,428)
(3,222)
(12)
-
-
(27)
(1,428)
(3,222)
103
17,401
20,520
76
15,973
17,298		 Restricted
funds
£’000
28
-
-
-
28
-
39
-
-
-
39
(11)
-
(11)
114
103		 Total funds
2023
£’000
151
2,000
1,060
70
12,172
15,453
44
916
1,172
10,247
6,307
18,686
(3,233)
-
(3,233)
20,634
17,401

There were no other recognised gains or losses other than those stated above.

The annexed notes form part of these financial statements

18

ST ELIZABETH’S CENTRE CONSOLIDATED AND CHARITY BALANCE SHEETS As at 31 December 2024

Note
Fixed assets
Tangible assets
10
Intangible assets
11
Current assets
Debtors
12
Short term deposits
13
Cash at bank and in hand
13
Creditors:amounts falling
due within one year
14
Net current assets
Creditors:amounts falling
due after more than one year
15
Net assets
Funds and reserves
Unrestricted funds
Designated funds
16
General fund
16
Total unrestricted funds
Restricted funds
16		 Group
2024
£’000
15,208
45
15,253
5,440
18
3,177
8,635
(6,165)
2,470
(1,750)
15,973
15,253
644
15,897
76
15,973		 Group
2023
£’000
15,395
-
15,395
1,272
418
1,521
3,211
(1,205)
2,006
-
17,401
15,395
1,903
17,298
103
17,401		 Charity
2024
£’000
15,208
45
15,253
5,470
18
3,141
8,629
(6,197)
2,432
(1,750)
15,935
15,253
606
15,859
76
15,935		 Charity
2023
£’000
15,395
-
15,395
1,272
418
1,521
3,211
(1,205)
2,006
-
17,401
15,395
1,903
17,298
103
17,401

Approved by the Board of Trustees on 17 September 2025 and signed on their behalf by:

Christopher Kemball Trustee

St Elizabeth’s Centre

Company Registration Number 11087989 (England and Wales)

The annexed notes form part of these financial statements

19

ST ELIZABETH’S CENTRE GROUP AND CHARITY STATEMENT OF CASH FLOWS For the year ended 31 December 2024

Group
2024
£’000
Cash flows from operating activities:
(1,428)
Adjustments for:
Depreciation charges
761
Interest receivable
(7)
(Increase) / decrease in debtors
(4,168)
Increase / (decrease) in creditors
4,960
118
Cash flows from investing activities:
Interest received
7
Purchase of tangible fixed assets
(574)
Purchase of intangible fixed assets
(45)
Movement in short term deposits
400
Net cash (used in) / from
investing activities
(212)
Cash flows from financing activities:
Cash inflows from new borrowing
1,750
Net cash from
financing activities
1,750
Increase in cash
and cash equivalents
1,656
Cash and cash equivalents at the
beginning of the year
1,521
3,177
Analysis of changes in net debt
Cash at bank and in hand
Loans falling due after more than one year
Total
Net (expenditure) for the year
Cash and cash equivalents at the
end of the year
Net cash from / (used in)
operating activities		 Group
2023
£’000
(3,233)
950
(70)
1,564
(650)
(1,439)
70
(339)
-
2,216
1,947
-
-
508
1,013
1,521
At 1
January
2024
£’000
1,521
-
1,521		 Charity
2024
£’000
(1,466)
761
(7)
(4,198)
4,992
82
7
(574)
(45)
400
(212)
1,750
1,750
1,620
1,521
3,141
Cash
flows
£’000
1,656
(1,750)
(94)		 Charity
2023
£’000
(3,233)
950
(70)
1,564
(650)
(1,439)
70
(339)
-
2,216
1,947
-
-
508
1,013
1,521
At 31
December
2024
£’000
3,177
(1,750)
1,427

The annexed notes form part of these financial statements

20

ST ELIZABETH’S CENTRE STATEMENT OF ACCOUNTING POLICIES For the year ended 31 December 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Statutory information

St Elizabeth’s Centre is a charitable company limited by guarantee in England and Wales. The registered office address and principal place of business is St Elizabeth's, South End, Much Hadham, England, SG10 6EW.

Basis of preparation

These financial statements have been prepared for the year ended 31 December 2024 with comparative information given in respect of the year ended to 31 December 2023. The financial statements are presented in pounds sterling as this is the functional currency of the group.

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note.

The charity and its subsidiary are a public benefit group for the purposes of FRS 102 and therefore the financial statements have also been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (‘Charities FRS 102 SORP 2019’), the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Basis of consolidation

These financial statements consolidate the results of the charity and its wholly-owned subsidiary St Elizabeth’s Centre Welfare Services Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes to the financial statements.

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements and they have made this assessment in respect of a period one year from the date of the approval of these financial statements. The Trustees have concluded that there are no material uncertainties related to events or conditions that would cast significant doubt on the ability of the charity and group to continue as a going concern. In mid 2024, the Charity agreed a revised pricing structure with key clients, the financial effects of which will only fully materialise in the 2025 financial year. We are forecasting cash and reserve surpluses for 2025 and beyond. The Trustees therefore consider that the Charity has sufficient reserves and resources to withstand any temporary drop in income or any additional unexpected liability.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Trustees and senior management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include the estimation of the useful economic lives of tangible fixed assets and intangible fixed assets

Income

Income received from charitable activities is recognised in the period to which it relates, the amount can be measured reliably and it is probable that the funds will be received.

Legacies are included in the statement of financial activities when there has been a grant of probate, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the Charity.

Investment income, representing dividends, interest, and income from property, includes any associated tax recoverable.

Restricted grants and awards are included once the amount is known and receipt is probable.

Donated goods (with the exception of donated stock in the Charity’s shops) are valued by the Trustees on the basis of their worth to the Charity, are included in the statement of financial activities in the year in which they are received.

21

ST ELIZABETH’S CENTRE STATEMENT OF ACCOUNTING POLICIES For the year ended 31 December 2024

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenditure is inclusive of irrecoverable VAT. Expenditure comprises the following:

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity, it is necessary to provide support in the form of personal development, financial procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned based on the proportion of floor area occupied by the activity. Staff related costs are allocated in the same proportion as directly attributable staff costs.

Tangible fixed assets

At each reporting date the Charity assesses whether there is any indication that an asset is impaired. If any such indication exists, the Charity estimates the recoverable amount of the asset and recognises this as a charge to the statement of financial activities.

All tangible fixed assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Assets transferred to the charity are recognised at their fair value, which is treated as deemed cost. Other assets are recognised at their purchase cost. Depreciation is calculated at the following annual rates in order to write down each asset to its estimated residual value over its estimated useful life:

Freehold buildings 3 - 10% reducing balance on cost or revalued amounts Furniture and office equipment 10 - 33% reducing balance on cost Motor vehicles 10% reducing balance on cost

No depreciation is provided on freehold land or tangible fixed assets under construction.

Intangible fixed assets

At each reporting date the Charity assesses whether there is any indication that an asset is impaired. If any such indication exists, the Charity estimates the recoverable amount of the asset and recognises this as a charge to the statement of financial activities.

All intangible fixed assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Assets transferred to the charity are recognised at their fair value, which is treated as deemed cost. Other assets are recognised at their purchase cost. Amortisation is calculated at the following annual rates in order to write down each asset to its estimated residual value over its estimated useful life:

Computer software 20% straight line on cost

No amortisation is provided on intangible fixed assets in development.

22

ST ELIZABETH’S CENTRE STATEMENT OF ACCOUNTING POLICIES For the year ended 31 December 2024

Fund accounting

The Restricted Funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed condition.

The Designated Funds are monies set aside out of General Funds and designated for specific purposes by the Trustees in consultation and agreement with the Trustees. Designated Funds also include funds represented by tangible fixed assets and not available for general expenditure.

The General Fund represents unrestricted and undesignated monies used to fund working capital and which the Trustees may use at their discretion in furtherance of the Charity’s objectives.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the life of the lease.

Cash

Cash is held in bank accounts or in hand and money available on demand or term deposits with an expiry date within three months of the balance sheet date. Any amounts held on deposit for longer than three months, but less than twelve, are classified as short term deposits.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount paid in advance.

Creditors

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount St Elizabeth’s Centre anticipates it will pay to settle the debt.

Pension costs

St Elizabeth’s Centre operates a defined contribution pension scheme. The amounts charged represent the employers’ contributions payable to the scheme in the year.

The Charity contributes to the Teachers’ Pension Scheme which is an unfunded scheme and members contribute on a pay as you go basis. The Charity is unable to identify its share of the underlying net assets and liabilities of the scheme and accounts for its contributions as if it were a defined contribution scheme.

Severance costs

Employee severance costs are recognised when there is a contractual or constructive obligation and a formal plan is communicated to affected employees.

23

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

1. Subsidiary Undertaking - St Elizabeth's Centre Welfare Services Limited

All profits within WSL are paid to the parent charity by gift aid (see Note 9). The charity owns the entire issued share capital of 100 ordinary shares of £1 each.

A summary of the results of the subsidiary is shown below:

Profit and Loss Account
Turnover
Cost of sales
Profit on ordinary activities
Changes in equity:
Total equity brought forward
Total comprehensive income for the year
Total equity carried forward
The aggregate of the assets, liabilities and funds was:
Current assets
Creditors: amounts falling due within one year:
Due to Parent company
Capital and reserves at the year end
(including £100 share capital)		 2024
£’000
788
(750)
38
2024
£’000
-
38
38
2024
£’000
204
(166)
38		 2023
£’000
-
-
-
2023
£’000
-
-
-
2023
£’000
-
-
-

2. Other trading activities

Charity Shops
Events
Other		 Unrestricted
funds
£’000
1,004
19
11
1,034		 Restricted
funds
£’000
-
-
-
-		 2024
Total
£’000
1,004
19
11
1,034		 2023
Total
£’000
1,050
10
-
1,060

All income from other trading activities in the prior year was unrestricted.

24

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

3. Income from charitable activities

Group current year
Government fees:
Local Authorities,
Local Education Authorities
and Health Authorities
Rent
Day activity sales
Restaurant sales
Total 2024

Group prior year
Government fees:
Local Authorities,
Local Education Authorities
and Health Authorities
Rent
Day activity sales
Restaurant sales
Other
Total 2023		 School &
College &
Children’s
Domiciliary
Day Services
Home
Care
£’000
£’000
£’000
766
12,027
4,870
3
20
8
8
-
-
7
43
18
784
12,090
4,896
School &
College &
Children’s
Domiciliary
Day Services
Home
Care
£’000
£’000
£’000
684
6,895
4,443
2
11
6
14
-
-
7
45
24
4
25
12
711
6,976
4,485
Unrestricted funds
Unrestricted funds		 School &
College &
Children’s
Domiciliary
Day Services
Home
Care
£’000
£’000
£’000
766
12,027
4,870
3
20
8
8
-
-
7
43
18
784
12,090
4,896
School &
College &
Children’s
Domiciliary
Day Services
Home
Care
£’000
£’000
£’000
684
6,895
4,443
2
11
6
14
-
-
7
45
24
4
25
12
711
6,976
4,485
Unrestricted funds
Unrestricted funds		 Restricted
funds
£’000
-
-
-
-
-
Restricted
funds
£’000
-
-
-
-
-
-		 2024
Total
£’000
17,663
31
8
68
17,770
2023
Total
£’000
12,022
19
14
76
41
Day Services
£’000
684
2
14
7
4
711		 School &
Children’s
Home
£’000
6,895
11
-
45
25
6,976
12,172

4. Cost of raising funds

Staff and related costs
Other costs		 Unrestricted
funds
£’000
36
20
56		 Restricted
funds
£’000
-
-
-		 2024
2023
Total
Total
£’000
£’000
36
33
20
11
56
44

All costs of raising funds in the prior year were unrestricted.

25

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

5. Cost of goods sold and other costs

Cost of goods sold and other costs
Unrestricted Restricted 2024 2023
funds funds Total Total
£’000 £’000 £’000 £’000
Fundraising activities, including the costs of charity shops
Cost of events: staff and related costs 50 - 50 36
Cost of events: non-staff 17 - 17 20
Staff and related costs 460 - 460 430
Property 368 - 368 365
Other 39 - 39 65
934 - 934 916

In the prior year, £39k of expenditure was restricted, with all other costs being unrestricted.

6. Costs of charitable activities

Costs of charitable activities
Day Services
Group current year
£’000
Staff and related costs
Academic
-
Residential
-
Day Services
565
Nursing
-
Support Services
45
Administration
214
824
Facilities costs
153
Depreciation
36
Other
167
Total 2024
1,180
Day Services
Group prior year
£’000
Staff costs
Academic
-
Residential
-
Day Services
552
Nursing
-
Support Services
48
Administration
219
819
Facilities costs
127
Depreciation
44
Other
182
Total 2023
1,172		 School &
Children’s
Home
£’000
1,979
4,961
-
912
285
1,363
9,500
1,009
536
1,211
12,256
School &
Children’s
Home
£’000
1,392
3,836
-
1,031
295
1,346
7,900
814
575
958
10,247		 College &
Domiciliary
Care
£’000
457
3,584
-
161
122
577
4,901
437
185
442
5,965
College &
Domiciliary
Care
£’000
450
3,628
-
182
155
704
5,119
412
332
444
6,307		 2024
Total
£’000
2,436
8,545
565
1,073
452
2,154
15,225
1,599
757
1,820
19,401
2023
Total
£’000
1,842
7,464
552
1,213
498
2,269
13,838
1,353
951
1,584
17,726

26

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

7. Group Net (expenditure)

This is stated after charging:
Staff costs (Note 8)
Auditor’s remuneration (excluding VAT)
Current year services
Prior year services
Other services
Depreciation of tangible fixed assets
Amortisation of intangible fixed assets
Operating lease rentals – land and buildings
Operating lease rentals – other
Staff costs during the period were as follows:
Wages and salaries
Social security costs
Other pension costs
Employee costs
Severance costs
Agency costs
Total staff costs
Staff costs per function were as follows:
Cost of raising funds
Events
Shops
Operating activities
Day Services
School and Children’s Home
College and Domiciliary Care
Support costs
Staff costs, Trustees’ and Management Team members’ remuneration		 2024
Total
£’000
15,529
33
13
2
761
-
225
80
2024
Total
£’000
13,269
1,197
499
14,965
56
508
15,529
2024
Total
£’000
36
50
457
564
7,976
4,030
2,416
15,529		 2023
Total
£’000
14,086
25
13
1
950
-
257
70
2023
Total
£’000
12,132
1,064
472
13,668
-
418
14,086
2023
Total
£’000
33
36
454
552
6,410
4,069
2,532
14,086

8. Staff costs, Trustees’ and Management Team members’ remuneration

27

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

8. Staff costs, Trustees’ and Management Team members’ remuneration (continued)

Employees who earned £60,000 per annum are disclosed below:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£130,001 - £140,000		 2024
No.
-
1
1
5
1
-
1		 2023
No.
3
1
2
2
1
-
1

No Trustees received any remuneration during the year and no Trustees received any reimbursed expenses in respect of their services during the year (2023 – none). Other transactions with related parties are disclosed in Note 22.

Members of the Management Team are executive officers who are paid in accordance with their contracts of employment.

Key management personnel

The aggregate remuneration for key management personnel for the year, inclusive of employer pension contributions and employer national Insurance contributions, was £726,671 (2023 – £932,456).

Staff numbers

The average number of employees, calculated on a headcount basis, was 520 (2023 – 524).

In addition, the cost of agency staff represents approximately 16 FTE (2023 – 13) people on a full time equivalent basis.

9. Taxation

As a registered charity, St Elizabeth’s Centre is not liable to income tax or corporation tax on income and capital gains derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Profits arising on the Subsidiary Undertaking (St Elizabeth's Centre Welfare Services Limited) are gift aided to the parent charity in full before 30 September of the following financial year. Therefore no corporation tax charge arises on those profits.

28

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

10. Tangible fixed assets - Group and Charity

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Disposals
Charge for period:
School
Children's Home
College
Other
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 Freehold
land and
buildings
£’000
20,449
294
(3,259)
17,484
6,266
(3,259)
91
151
77
140
3,466
14,018
14,183		 Assets
under
construction
£’000
155
-
(155)
-
155
(155)
-
-
-
-
-
-
-		 Furniture
and
equipment
£’000
5,120
280
(3,230)
2,170
3,950
(3,230)
67
5
10
215
1,017
1,153
1,170		 Motor
vehicles
£’000
409
-
(267)
142
367
(267)
-
1
3
1
105
37
42		 Total
£’000
26,133
574
(6,911)
19,796
10,738
(6,911)
158
157
90
356
4,588
15,208
15,395

Freehold land and buildings are all located at St Elizabeth's Centre, South End, Much Hadham.

Fixed assets include buildings constructed in 1990-91 and 2001-02 costing £1,938,000 in total, which are subject to joint venture arrangements with Aldwyck Housing Association (now Peabody Trust) and Springboard Housing Association (now Genesis Notting Hill Housing Association). £1,251,000 has been received in the form of grants by the Housing Associations in respect of these buildings. The joint venture arrangements include the granting of 99 year leases to the Housing Associations of the land on which the buildings are built, and management agreements renewable every five years enable the Charity to operate the buildings, and be responsible for the care of the residents occupying them.

29

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

11. Intangible fixed assets - Group and Charity

Cost
At 1 January 2024
Additions
At 31 December 2024
Amortisation
At 1 January 2024
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 Computer
software
£’000
-
45
45
-
-
45
-		 Total
£’000
-
45
45
-
-
45
-

Computer software costs were not amortised in the year because the software was not in use before the year end.

12. Debtors

Fees
Other debtors
Prepayments and accrued income
Due from subsidiary		 Group
2024
£’000
4,761
97
582
-
5,440		 Group
2023
£’000
613
22
637
-
1,272		 Charity
2024
£’000
4,625
97
582
166
5,470		 Charity
2023
£’000
613
22
637
-
1,272

All debtors receivable are recoverable within year.

13. Short term deposits and cash at bank and in hand

Short term deposits
Cash at bank and in hand
Current accounts
Cash in hand		 Group
2024
£’000
18
3,163
14
3,177
3,195		 Group
2023
£’000
418
1,511
10
1,521
1,939		 Charity
2024
£’000
18
3,127
14
3,141
3,159		 Charity
2023
£’000
418
1,511
10
1,521
1,939

30

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

14. Creditors: amounts falling due within one year

Suppliers
PAYE and social security
Other creditors
Accruals
Deferred income
Deferred income:
Balance brought forward
Amount deferred in the year:
Invoices issued for Spring term 2025		 Group
2024
£’000
571
286
1,139
393
3,776
6,165
-
3,776
3,776		 Group
2023
£’000
459
259
140
347
-
1,205
-
-
-		 Charity
2024
£’000
571
286
1,171
393
3,776
6,197
-
3,776
3,776		 Charity
2023
£’000
459
259
140
347
-
1,205
-
-
-

15. Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
Loan Group
2024
£’000
1,750
1,750		 Group
2023
£’000
-
-		 Charity
2024
£’000
1,750
1,750		 Charity
2023
£’000
-
-

During the year St Elizabeth’s Centre entered into a medium-term loan agreement with the Diocese of Westminster, secured on the St Elizabeth's Centre property. The interest charged was the Bank of England Base Rate plus 3%. As at 31 December 2024, £1,750,000 had been drawn down. The loan was repaid in full in June 2025.

The carrying net book value of the property on which the loan was secured is £14,018,000.

31

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

16. Movement in funds

Group current year
Unrestricted funds:
Designated: Fixed assets fund
General charitable funds
Restricted funds:
Developments
Total funds 2024		 At 31
December
2023
£’000
15,395
1,903
17,298
103
17,401		 Income
£’000
-
18,916
18,916
47
18,963		 Expenditure
£’000
(761)
(19,568)
(20,329)
(62)
(20,391)		 Transfers
£’000
619
(607)
12
(12)
-		 At 31
December
2024
£’000
15,253
644
15,897
76
15,973

Purposes of designated fund:

The designated fixed assets fund represents the net book value of fixed assets which are used in the day-today work of the Charity and hence are not available for working capital. Expenditure on the fund relates to depreciation and amortisation of fixed assets in the year. Transfers into the fund represent the purchase cost of new fixed assets in the year.

Purposes of restricted fund:

The restricted Developments fund represents funds raised to redevelop the Charity and its activities less expenditure on the redevelopment to date. Transfers out of the fund reflect the cost of fixed assets purchased through the restricted fund.

Group prior year
Unrestricted funds:
Designated: Fixed assets fund
General charitable funds
Restricted funds:
Developments
Total funds 2023		 At 31
December
2022
£’000
16,006
4,514
20,520
114
20,634		 Income
£’000
-
15,425
15,425
28
15,453		 Expenditure
£’000
(950)
(17,697)
(18,647)
(39)
(18,686)		 Transfers
£’000
339
(339)
-
-
-		 At 31
December
2023
£’000
15,395
1,903
17,298
103
17,401

32

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

17. Pension commitments

The Charity makes contributions in respect of the current service of its employees to either the Teachers’ Pensions Scheme or the Scottish Widows scheme.

Scottish Widows scheme

The Scottish Widows scheme is a defined contribution scheme. The Charity matches employee contributions to the Scottish Widows scheme between 1% and 6%.

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for employed teachers. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

The result of this valuation was implemented on 1 April 2024. The next valuation result is due to be implemented from 1 April 2027.

The employer’s pension costs paid to TPS in the period amounted to £168k (2023 – £114k).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The employer is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the employer has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution scheme. The employer has set out above, the information available on the scheme.

33

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

18. Operating lease commitments

At 31 December 2024 the charity had total commitments under non-cancellable operating leases for equipment as follows:

Operating lease amounts due:
Within one year
Within two to five years		 2024
£’000
105
305
410
Land and		 2023
£’000
182
120
302
buildings		 2024
2023
£’000
£’000
68
139
22
43
90
182
Other

19. Contingent liabilities

There is a potential liability for the charity to repay government grants of £646,000 received towards the cost of Cookson and Chilton houses in the event of the sale of those houses. There are no plans to sell them.

There is also a potential liability to repay Housing Association grants in the event of the sale of the buildings constructed under the joint venture arrangements or in the event of a breach of the management agreements (see Note 10). There are no plans to sell the buildings.

20. Capital commitments

The charity had no capital commitments at 31 December 2024 (2023 – none).

21. Analysis of net assets between funds

Group current year
Fixed assets
Cash resources
Other current assets
Creditors falling
due within one year
Creditors falling
due after more than one year
Total net assets 2024
Group prior year
Fixed assets
Cash resources
Other current assets
Creditors falling
due within one year
Total net assets 2023		 Fixed
Assets
fund
£’000
15,253
-
-
-
-
15,253
Fixed
Assets
fund
£’000
15,395
-
-
-
15,395		 General
fund
£’000
-
3,119
5,440
(6,165)
(1,750)
644
General
fund
£’000
-
1,836
1,272
(1,205)
1,903		 Total
Unrestricted
funds
£’000
15,253
3,119
5,440
(6,165)
(1,750)
15,897
Total
Unrestricted
funds
£’000
15,395
1,836
1,272
(1,205)
17,298		 Restricted
funds
£’000
-
76
-
-
-
76
Restricted
funds
£’000
-
103
-
-
103		 Total
funds
2024
£’000
15,253
3,195
5,440
(6,165)
(1,750)
15,973
Total
funds
2023
£’000
15,395
1,939
1,272
(1,205)
17,401

34

ST ELIZABETH’S CENTRE NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2024

22. Related parties

See Note 15 for details of the loan arrangement with the Diocese of Westminster. The Archbishop of Westminster, Cardinal Nichols, is a Trustee of the Diocese and is the Member of the Charity.

In the prior year (the year ended 31 December 2023) The Congregation of the Daughters of the Cross of Liege, a charity (registered in England and Wales no. 1068661), provided the Charity a donation of £2.0m. Following the Charity’s independence from The Congregation of the Daughters of the Cross of Liege in 2018, one of their trustees remains on our Board.

No other transactions with related parties were identified in the current or prior years.

23. Post Balance Sheet Events

Subsequent to the year-end, the charity received a strategic funding grant from the Congregation to support its 5-year strategy, the majority of which is a restricted fund in relation to much needed capital expenditure during the next few years. The balance of the funding will underpin our strategy to further develop the much needed services we provide and indeed accelerate some of our plans. Due to commercial sensitivity, the financial quantum is not disclosed, but the Trustees consider the impact to be materially positive.

35