Baxendale Care Home Annual Report & Accounts for Year Ending 31$1 knqarch 2024 BAXENDALE CARE HOME ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2024 Registered Charity No. 1186304
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 REFERENCE AND ADMINISTRATIVE INFORMATION The Trustees who served during the period are listed below. Fiona Halstead Colin Liversidge Jose Cronin Andy Henderson Bruce maUnder-Ta0r Claire Bannistar Peter Smilh Ray Ellis Marilyn Teslar. Peter Burd Brian Hosier (Appointed 15 November 2023) Jo Selwyn lappointed123rd August 2023 Brian Charles (Resigned 241h May 2023) Chair ofTrustees The address of the Home is Baxendale, London N20 OEH, and all correspondbnce should be sent to this address. The Secretary to the Trustees is Dawd French FCCA, to whom all enquirtes should be made. AGENTS AND ADVISORS Auditors NA Associates LLP, Chartered CertTfied Accountants, Woodgale Studios 2-8 Games Road, Cockfosler5, Barnet, Herts EN4 9HN Bankers Barclays Bank PLC Investment Manager CCLA, One Angel Lane, London, EC4R 3AB Solicitors Anthony Collins. 134 Edmund Stre81, Birmingham B3 2ES
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT The charity was orlglnally founded in 1861 and the present site of the Home became the property of the Charity by a Deed of Gift dated 31 October 1892. The Charity was governed by a Scheme under the Seal of the Charity Commissioners dated 5 December 1960 as an unincorporaled charity, regulated by the Charity Commission of England an(1 Wales. In 2019, the chartty applied to the Charity Commission to regisler as a CIO, operating under the same name. The Charity Commission approved the CIO'S constitution with its revised Objects and the CIO was registered on 12 November 2019 (Charity Registered Number 1186304). In March 2021 the Trustees agreed to Iransfer the 8ssets and liabilities of the fomier unincorporated charity to the new CIO on 1 April 2021. The CIO took on responsibility for all Ihe assets and liabilities of the unincorporated charity on 1 April 2021. The fomier unincorporated charily ha5 now been dissolved. The Home is registered by tha Care Quality Commission rtifiCate number 1-328067446 as a Residentlal Care Home ICRHI. It can accommodate men and women but underan Orderfrom the Charity Commission with a preference to women. The Hotne has 43 rooms and can accommodate up to 45 residenls. The aim of the Trustees is to provide comfortable and as far as possible, independenl residenlial care for all resident5. Each resident ha5 their own room and is able lo bring their own furniture and possessions into that room. There is a cornmunal dining room and a large lounge with several smaller areas for quleler activities or for family gatherings. All rooms in the main home are now ensuite. There is a programme of activities for residents to join if they so wish. There is no geographical Ilmitation for the residents who can be accepted, but the Home is not registered for nursing care and, therefore, an assessment has to be made to ascertain, as far as possible, that the Home is suitsble for the person concemed. Residents are accepted who are both financially independent and those who either now or in the future may need to rely on some financial assistan from a local authority- In these cases the prior approval of the local authority has to be obtained before Ihe residency is taken up. In addrtion lo full time residency the Home does cater lor respite care. ORGANISATION STRUCTURE The Constitution directs that there should be at least 6 Trustees responsible for the administration of the Charity and of ils land. buildings, investments, cash, and other assets. There is no upper limit. The quorum for a valid meeting is three or one third of the trustees whichever is the greater. Truslees serve for a period of five years and may then be re-elected by the remaining Trustees. Any appointmenl Is approved by a majority vote of the continuing Trustees. New Trustees have induction training with the secretary. There are, in addition. two principal sub committees. Flnance and General Purposes Commlttee. This Committee advises the Trustees on financial matters, the maintenance and improvement of buildings, fees to residents and major slaffing matters. The Committee usually meets four times a year. House Cornmlttee which must have at least one Trustee on ils membership and is under the leadership of a Trustee. It usually meets twelve limes a year and gives oversight of the staffing and day lo day administration of the Home, and the health and well being of residents whilst giving general support lo the manager. The day to day running of the Home is under Ihe supervision of Ms Jacqui Gordon the registered manager.
Baxendale Care Home Annual Raport & Accounts for Year Ending 31st MarGh 2024 Risk Managemant The Trustees have consldered the key risks which face the Charity. and these are: A failure to attract new residents Difficulty in recruiting sultale staff The obsolescence of buildlngs and plant Comp5ying with ever increasing regulations and legislation The Trustees endeavour to mitigate these risks as follows. To maintain a high level of client satisfaction which produces referrals and favourable reports from monitoring organisations. The profile of the home is enhanced by regular advertising. a good website and S¢xial media. The Trustees have a policy of paying the London Living Wage as a minimum to all slaff and to retain the differential for more senior Staff. A favourable pension scheme has been introduced for all slaff and regular appraisals and tralning gSve opportunities for progression in the organisalion A Designated Fund has been set up to deal with major repaSrs to bolh buildings and plant. The fund has grown substantially over the years so is thought to be adequate for all likely repairs. The Trustees have agreed to keep a strong managemenl team to give more support to the manager in anlicipalion of keeping up to dale with changes on a limely basis. Policies and Procedures are reviewed on a regular basis. The task of monitollng the Charity's financial conlrol systems is delegated to the Finance and General Purposes Committee. We continue to keep under review the adequacy of the controls which wg consider to be appropriate for the size and nature of this charity. ststement of Trustee5' ResponsTbilities for the Annual Accounts The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). The Law applicable to chartties in England & Wales requires the Truslees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charily and of the incoming resources and application of resources of the Charity for that period. In preparing these financial slatemenls, the Trustees are required to.. seled suitable accounting policies and apply them consislently. observe the methods and principles in the Charitses SORP IFRS102). make judgements and estimates that are reasonable and prudent. state whether applicabl8 a¢counling standards have been followed, subject to any departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity wll continue in operation.
Baxendala Care Home Annual Report & Accounts for Year Ending 31st March 2024 The Trustees are responsible for keeping proper accounting records Ihat disclose with reasonable accuracy at any lime the financial position of Ihe Charity and enabl8 them to ensure that the financial statements comply with the Chari118s Act 2011, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Financial Review The home ended the financial year with an operating deficit of 175k (22123 £306k deficit). We have seen occupancy Increasing signrficantly in Ihe second haK of the year and this was the primary driver for the improved operating position. After considering £295k gains on our listed investments and an increased revaluation of property of £500k, the balance sheet of the home increased by £620k (22123 £1,290k decrease), which is a great outcome. During the year we commenced the last stage of our refurbishment, which was the communal areas on the ground floor. The total contract value of £1.5M and by year-end we were approaching the half-way stage of ihis work, which ended in November 2024. The balance sheet value remains buoyanl, wilh healthy unrestricted reserves and overall reserves also healthy. We continue lo be backed by good Gash reserves and have access lo our CCLA listed investments, which are being used to finance the refuTbishment projeGt. Towards year-end we saw increased occupancy which bodes well for the future and OL5r financial position enabled us to give our staff a pay award which helped miligaled the financial pressures. Investrnont Powers, policy and rforrnance There are no specffic investment powers In the Constitution and, thefOre, the promslons of Ihe Trustee Act 2000 apply. The Trustees continue to hold longer term funds in CCLA for them lo manage in their Charities Ethical Investment Fund. The investment policy is aimed at a -fOld retum. The Trustees aim for safe long-term growth in the value of investmenls. This year, that growth was £295k, which is a goA increase on the portfolio value and the Trustees remain satisfied with this perfon3n. Income generated lo support our I&E position is the second requlrement. This year. the figure was £151k which is a relum of 3.5Yo. Combined, the Investment portfolio held with CCLA generated £446k for the home. ReSenS The Trustees have reviewed the nèed for reserves in lino with the guidan issued by the Charity Commission. In past years it was considered desirable to invest surplus funds in property and quoted inveslrnents in order to secure a regular income. Part of Ihese investments came from the balance of Perrnanenl Endowment and the balance from Unrestricted Funds and are Irealed as Fixed Assets on the Balance Sheet. Values, particularly of the investment properties, have increased substantially over the years but are unrealised gains. Improvements have in the main been provided from Unrestricted Funds.
Baxendale Care Home Annual R8POrt & Accounts for Year Ending 31s1 March 2024 The current balance on non4esignated Unrestricted Funds is £2.66M., Iwelve months operating costs. Our principal objective is lo provide a home for the aged who need assistance. The Trustees believe many elderly people need rnore than finan¢ial assistance but recognise that financ(al need does play 8 part. They meet this need by keeping fees for all below market rales and by working with the local authority to accept residents at lower fees where resources are such that the local authority pay part of the fee. With the severe pressures on local authority finances there is increasing pressure not to refer clients to residential care even those who need such G8re. The Trustees consider that some direct funding may be needed in the future and need to keep a strong financial position in order that they can ntinUe to meet this need. On this basis il is still considered the current level of reserves is appropriate, and we will continue to ganerate funds to re-invest, thereby ensuring ongoing excellence as well as financial suslainability. Achievement and performance Following the refurbishment of the long and short corridors, occupancy has increased during the year to the extent that we were close to being full by the end of the financial year. We have a small number of local authority resldents and income from resid6ntial fees has grown throughout the year. The demand for good quality labour is high in our sector and the Trustees remain committed to recruiting and retaining good quality slaff by offering wage increases that help miligate inflation plus other benefits including our pension. Our use of agency in hard to recruit areas has risen, but we recognise that the need to fill these posts, whilst comlng al a cost, contributes lo our ongoing quality and the residents are al the heart of ever1ng we do. Works on the entrance and exterior commenced in November 2023 and by the end of 2024. we will have ended a period of about two year5 of refurbishment and renewa15 - giving our residenls. their relatives and our staff first class accommodation and So1ces. Public Beneflt The Trustees are aware of the need to demonstrate public benefit and in planning our activities during the year we have kept in rnind at our meetings the Charity Commission guidance and in particular we have given careful consideration to the guidance given to fee charging charities. Residency in the home is available lo all elderly people in ne8d no matter what baG*ground. faith. gender, or personal cirCumstanS although our Charitable Trust does require us10 9ive preference to women. There is a trial period of residency to make sure Ihe needs of the applicant can be met followed by a welcome meeting. Fees are usually set to balan annual outgoings. including regular maintenance of the estate. No allowance is made for rent as the Trust owns the freehold of the building within its Permanent Endowm&nt Fund. We do not seek to raise funds exiernally and legacy income is used to offset revenue costs unless thgre was a restriction placed on the gift. In this way the Trustees aim to prolect the Permanent Endowment Fund for future generations. Allowance must be made for a reduced rate payable by local authorities and the resulting rate is the fee charged lo residenls who are financially independent. No resident has ever been asked to leave the home on the grounds that they cannot pay the fees. Arrangements for Setting pay All staff pay is reviewed on al least an annual basis. The Trustees have decided the minimum houfly rate will correspond to the last announced London Living Wage hourly rate and that the differential with more senior staff will be retained. Exceptional performance is reviewed on an ad hoc basis.
Baxendale C8re Home Annual Report & Accounls for Year En(ling 31Jl March 2024 Aim¥ and Plans for the future Al present we are looking at how best we use the reSJrCeS available to us and lo ensure all our resldents. includtng thoBe Ilving with dementia, receive the be81 ongoSng Standard of care. Fln•ncial ¥tat•monts The accounts comply wlth current staltrtory requirements, the requirements of the Char($ governing document and the requlrernenls ofthe Statwngnt of Refflended Praditt8"Accountlng and Reportlng by Chariiie5" IFRS102). ON BEHALF OF THE TRUSTEES PL4a Jl-e- All. Flona Halstead Chalr Oat•d: Qq. I
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 Independent Auditorfs Report to tho Trustees of Baxendale Care Homo Opinion We have audited the financial statements of Baxendale ca Home (the 'Charity') for the year ended 31 March 2024 which comprise the Statement of Financi81 Aotivilies, the Balance Sheet, the Slalement of Cash Flows, and notes to the financial slalements numbered 1-16. including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Pra¢ti¢e). In our opinion the financial statements-. giv8 a true and fair wew of the state of the Charity'5 affairs as at 31 March 2024, and of its incoming resources and application of resourGes, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance wlth the requirements of the Charities Acl 2011. Basis for opinion We conducted our audrt in accordance with International Standards on Auditing (UKI (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 independenl of the Charity in accordance with the ethical requirements that are relevanl lo ouraudil of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our olher ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statemenls, we have concluded that the trustees, use of the going Goncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitys ability to Gonlinue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of Ihe trustees with respect to going concern are described in the relevant Sections of this report. other inform'ation The other information comprises the infomialion included in the trustees, annual report, other than the financial statements and our audilorfs report Ihereon. The trustees are responsible for the other informalion. Our opinion on the financial statements does not cover Ihe other information and we do not express any form of assurance conclusion Ihereon. Our responsibility151o read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the coijrse of the aLwJit or otherwise appears lo be materially mi5Staled. If we identify such material inconsistencies or apparent material misstalemenls. we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. 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 r6POrt in this regard.
Baxendale Care Home Annual Report & AGcounts for Year Ending 31st March 2024 Matter5 on which we are required to report by exception We have nothing lo report in respect of the following matters in relalion to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, Report- or sufficient accounting records have not been k8pI,' or the financial statements are not in agreement with the accounting reGords', or we have not received all the information and explanations we require for our audit. Responslbllltles of Trustees As explained more fully in the Trustees, Responsibilities statement, the Trustees are responsible for the preparation of finanaal slalemenls which giv8 a true and fair view, and for such internal Gontrol as the Trustees determine is necessary to enable the pr8paralion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalements, the Trustees are responsible for assessing the Charitys abilily 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 lo liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllllles for the audit of the flnancial slatements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan with regulations made under section 154 of that Act. Our objectives are lo obtain reasonable assurance aboLrt whether the financial ststemenls as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance, but 18 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influ8nce the economic decisions of users laken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above. to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities. including fraud is detailed bel¢)w'. Discussions with management, including consideration of known or suspected instances of non- ompliance with laws and regulations and fraud,. and Identifying and testing significant manual joumal entries and reviewing assumptions and judgements made by management in making significant accounting estimates. Because of the inherent limitstions of an audit. there Is a risk that we will not delect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases Ihe more that compliance with a law or regulation is removed from the events and transaclions relecled in the financial statements, as we will be less likely to become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, colluslon, omlssion, or misrepresenlatlon. A further description of our responsibilities for the audit of the financial statements is located on th8 Financial Reporting Counal's website at.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditorfs report.
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 Use of Our Report This report is made solely lo the Charily's Trustees, as a body, in accordance with Part 4 of the Charities (Accounls and Reports} Regulations 2008. Our audit work has been undertaken so that we might slate to the Charily's Trustees those matters we are required to slate to them in an auditols report and for no oth8r purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. LLP NA A55oclates LL.P Chart8red Certified Accountant5 statutory Auditr)r Woodgate Studios 2-8 Games R08d Cockfosters Hertfordshire EN4 9HN Date:. 1¢4 - iC•xS NA Associates LLP is eligible to act as an auditor in leTm5 Of 5ectbn 1212 of Ihe Companiès Act 2006 io
Baxendale Care Home Annual Report & Accounts for Year Ending 31st MarGh 2024 STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 March 2024 Pèmiamnt Endowmert Tolal 2024 Fund Tolal 2023 UhM&trlctsd Restrl¢ted £OWs £000 £ Ootrs In¢•mè from.. hcometrom Charftable 3cV8& Donatlons and legacies eharftse a¢ti%ryVe5 hveslnEnl herr Otherlncome Totsl In¢om• an41 endowments 15 1,778 58 1,356 285 1,778 285 1.795 285 1,710 Exp¢ndttyro on: Charflai48 a¢lliles 2.222 1.975 41 1016 33 2.2S5 Tolal •xp•ndltwo 2,255 Ngt Income I18xp•ndltsJro1 beforB G4lnsl IID&8e81 on Invoslm¢nts 14601 11751 13D61 GnSI{se$l on inv*trThnls 291 295 12041 Gn$/(k)s5) w Invsstrn8nttry S(A) 5CK) 1780 N•t Income Ilexp•nditfftl 516 11,290 Gdns I Iks8es1 m Fixed A888ts Transfers betsveen funds 285 2851 Net movement In fvnd¥ 329 291 6ZO 11.2WJI Reconclllauon of fund¥'. Tthal lunds tKoUghtfOa[d 4t 1itAprll 2023 2,091 9,924 12,Q15 13.305 Tot•1 funds forward at 31¥t Mareh 2024 12,635 All amounts relate to continuing activities. The stalemgnl of finanaal activities includes all galns and losses recognised In the yoar. The 2023 comparative analysis is shown in note 18. The notes on pages 14 10 22 form part of these financial slalemenls
Baxendale Care Home Annual Report & Accounts for Year Ending 315f March 2024 Balan¢• 8héo1 as at 31•1 March 2024 FIXED AssErs Tangib agsets InStrnts 4.373 6.080 5,226 11.6B6 CURRENT ASSÉTS Sts)¢k Cash at baand In h 1,251 1.511 CREDJTORS: lalung du• wllhln one ye•r 350 NEf CURRENT A8SETS 11635 12.015 TOTPL ASSETS LESS LIABrrEs CAPITAL FUND Pemwent Endwnnt Fund 9115 10,215 9,924 IKrxE FUM) Restrlctsd Fund Unre8trlctsd Fund Oowgnabj 11 2.370 10 TOT FLV4DS 11015 Approved by the Bowd of Trustees on and signed on theirbehaif by .. TTUStee Ms Flona Halstead- Chair ofThstses 12
Bax&ndale Care Home Annual Report & Accounts for Year Ending 31st March 2024 Cash Flow Statement for Year Ending 315t March 2024 £ OOO'S £ IJ05 Cash flow from operatlng a¢tivitie8 11551 {4541 Cash flow from Divesting aetkniies PayffEnts to acquir8 tangib18 fly£d assets PayrTwIts ts acquire invesb1ts 1n%esb)rt i10 r8cwved 11,4901 11,0221 285 sa of Investrnènts 1,100 11051 8&) Net cash Ilow from irNesting a¢tivlil6s Nat cash Ilow from fman¢ing actfr41tl8S 12601 13421 N•t incr•aso kn cash and cash oquivalBnts Cash and cash eqlfjvants al 1 A)ril 2023 1.511 1,853 Cayh and cash eqUl¥pnts at 31 March 2024 1.251 1,511 Changè in Cash and Cash Eq[valents 1260} 13421 Cash and eash Oqufvalents consL8t of Cash a1k and In h 1.251 1.251 1.511 1,511 Reconciliation of net incom• I lexpendlturel to net cash fhw from operating activities Nat l {e>pendSttJrel for year 820 11.2go) In¥estsnent Inc(me welved 1285) 78 12851 14 Dèpreclaucn of assds l&insl I k)sses on in$bltS (Gainsl I k)5Se5 on invests1 propwty IltKreasel I decrease in stock Ilncreasel I decrease in debtors (Decrease) I Increase in cr8ditrys Net cash flow from operating actwltles 1296) Isoo) 204 275 223 11511 1454) {1551 13
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 NOTES TO THE FINANCIAL STATEMENTS For year ending 315t March 2024 ACCOUNTING POLICIES As sel out in the Charilles SORP, conversion of the charity from an unlncorporaled Irusl to a CIO was accounted f¢x as a merger in the perlod ended 31 March 2022. The irnpacl of this is that the assets, liabilities and funds are presented as though they had always been part of the CIO. The PTlncipal a¢counling policies adopted in preparing the financial statements are sel out below'.- The Charity con8tilules 8 public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounllng and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparlng their accounts in accordance with the Financial Reporting Standard appliCae In the UK and Republlc of Ireland IFRS 102} issued in O¢lober 2019. The Financial Reportlng Standard applKable in th8 United Kingdom and Republlc of Ireland IFRS 102). The Charities Act 2011, and UK Generally Accepted Practice. The financial slalemenls are prepared under the historical cost convention, modified by the revaluallon of investment properties and investmen15. The Trustees consider that therè ate no materlal UnrtainlieS about the Charltys ability lo continue gs a going COnM. The significant areas of judgement and key assumptions affecting the financial statements include the valuation of the investment properties, See aole 5. With respect to future periods, the significant alea of uncertalnly remains the performance of the investments of the Charity. Investment policy con5id6ralions are detailed in the Trustees ReporL GOING CONCERN The flnancial slalemenls have been prepared on a going concern b8sls. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial slalerllenls. The budgeted income and 8xpenditure is sufficient with the level of reserves for the Charity lo be able lo continue as a going concern. INCOME Donations and legacle5 are accounted for as their amount and reGelpt are probable. Investment Income comprises mainly dividends, rents and interest on funds Invested which are credited lo Permanent Endowment in accordance with the Application of the Power of Total Return. Charitable Actlvltlas comprises fees ¢harged lo residents and Local Aulhorllles for residents on an accruals basis. In¢ome received in advance is included in deferred Income in creditor5 EXPENDITURE Exwnditure on Charitable Activities comprise those expenses directly related lo the principal a¢livily of Tunnlng a sidentIal home for the elderly. All expenditure is accounted for on an accruals basis and is fully analysed in the notes. Other expttnsè5 represent the cos15 of the Secretaryrrreasurer in deallng with matters relating lo govern8n¢g including proV1ng Information lo the Trustees. internal audit, legal and extemal audit f8es. PENSION CONTRIBUTIONS During the year contributions continued lo a deflned Contribution workplace pension scheme for all employees. 14
Baxendale Care Home Annual Report & Accounts for Year Ending 31sI March 2024 NOTES TO THE FINANCIAL STATEMENT5 For year ending 315t March 2024 TANGIBLE FIXED ASSETS The Trustees capitalis8 all fixed as5els that cost more than £1,000 and have a useful1rf8 of moTe than S year5. All tangible fixed asset categories are ststed at cost. DEPRECIATION Depreciation is calculalgd so as to WTile off the cost or estimated Wdluatson of an asset,18ss ils estimated residual value. over the useful economic life of that asset as follows. Equlpmenl 10Yo straight line basis Furniture, fixtures and fittings 10DA 51ralghl line basis Conservatory 10°h slralght line basis Freehold land and buildings 1% straight line basls From this year, th& Trustees dècided lo apply 1Qh per annum depclaI10n on fhold and EIldingS, reflecting the fact that refurblshmenls will delerDrale over lime and require further investment. INVESTMENTS Inveslm8nts in both Current and fixed assets are carried forward al fair value and are induded al mid-mark81 value al the balarKe sheet date. Any changes in value during the year. wh8lher realiseé or unrealised are reported as other recogni5ed gains and losses in the Statement of Financial Aclivili6$. Income is accounted for on a receipts basis for quoted investments and an accrual basis for rènts and interest. INVESTMENT PROPERTIES Investment properties are measured al falr value al each retx>rting dale wth changes in fair value recognised by movements in the SOFA. DEBTORS AND CREDITORS REGEIVABLEIPAYABLE WITrIIN ONE YEAR Debtor5 and creditors with no staled interest rate and Tecelvable or payable within one year are recorded al transaction pri¢e. Any losse5 arlslng from Impairment are Tecognised in expenditure. LOANS AND BORROWINGS Loans and borrowings are initially recognised al the Iransactlon price including transaction costs. Subsequanlly, they are measured al amtytised c051 using th'e effective interest rate method. less impairment. If an arrangement constitutes a financial transaction it is measured al present value. FUND ACCOUNTING The Charity has the following funds for which il is responsible. Unrostricted- fur$ which are expendable at the discretion of the TTuslees in furtherance of the obj8ctives. Deslgnated - funds which have been sel aside by the Trustees for specffiG purposes. The aim and use of the Designated Fund is sel out In the notes to the financial statements. 15
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 NOTES TO THE FINANCIAL sTATEMEr5 For year endlng 31*t Mah 2024 1. RESOURCES EXPENDED 2024 2024 Restrlcted'.ndowmBnt Fund £ OOW5 £ ODif8 2024 Total £ OOO'S 2023 Unrestrlcted £ Ootrs £ 00$ CharMalAE 4GtfvItI•s Staff 1.s58 125 1,658 125 1.606 101 Caterlng costs C8ang 8ThJ househo PrOgre tie5 M8dic81 seceS 41 12 12 istration fees lknden Repairs & Mewal u1PM Ught * heat 35 102 102 90 12 Insur8nce 20 20 19 Water and seKage Waste colecuon 11 11 DepreGSalon Equlpmgnt hir? TelEpIK Prlal1r, StatiOnY & Adknng, bhre$ and Sundry wenses fts to resideTts 78 78 14 10 IT Supwrt Staft athwU$lng & trvjning Bookkeeplng secr¥£rid Cortsutsncy 19 19 28 13 2.222 13 2,222 10 1.975 Other Secretarial SeThices 19 19 Bank Fe88 Lega pr10n8[ 33 33 41 2,255 2,255 2.015 16
Baxendale Care Home Annual Report & AcGounts for Year Ending 31st March 2024 NOTES TO THE FINANCIAL STATEMENTS For year gnding 315t March 2024 TOTAL RESOURCES EXPENDED Staff Costs £Q(M)'5 Depredatkjn Other Costs £ th)'s Total 2024 £OWs Total 2023 £OQtrs Charitable advltles othèr 1.658 78 488 33 2,222 33 1,975 41 1,658 78 519 2.255 2,018 staff c05t5'. Wages and salartes soal 5ecurty costs ency staff Pension contllbutlons 1,379 118 106 1,299 122 27 58 658 Errployees eamlng [re than £eO.000 Average nurrtjer of Employ88S 61 02 Remuneratlon to Tmstaes Key Management Pwsonngl 224 2. TRANSFERS BETWEEN FUNDS The granting of the inve51ment power of total relurn was given on 1 November 2006. During the year, the Trustees made a transfer of £285k unapplied total return to unrestricted funds in respect of the charitable aclivities of th8 Charity. This amount was the income receivable during the period from dividends, interest, rents and is comparable lo the income that would have been cr8dited without the power. In these circumstance5 it was thought unnecessary lo take further advice. TRANSACTIONS WITH TRUSTEES AND KEY MANAGEMENT PERSONNEL No remuneration was paid to any Trustee12023 - none). Total payments to key management personnel amounted to £188,404 {2023 - £224,165). No amounts were reimbursed to the Trustees for costs incurred on behalf of Baxendale {2023 - £nill 17
Baxendale Care Home Annual Report & Accounts for Year Ending 31st March 2024 NOTES TO THE FINANCIAL STATEMENTS For year endin9 31%l March 2024 TANGIBLE FIXED ASSETS Fumlture, Flxtures & Fittings Freehold LDnd & Bulldln95 Con&trNatory Eqtslprnent Total E QOO'S £ OW'S 4,309 1.490 675 6,474 £ 00$ 245 £ tIOVs 4.830 Cost brought lolTd 1stAprfl 2023 thilions Transfers from hv8s1m8nt Propety At 31 March 2024 38 238 675 6,995 38 238 245 Depreclatlon at 1 Aprll 2023 Charge for pethd At 31 Mar¢h'2024 33 210 214 13 227 457 78 535 36 217 NET BOOK VALUES A¢ 31 March 2Q4 6,419 21 18 6,460 At 31 Marth 23 4.309 28 31 4.373 The fixed assets are used by the Home for its charitable acliwties. During the year the warden5 house ceased to b8 recognised as investment property and was transferred to freehold land & buildings, as part of the ground floor refurbishment. FIXED ASSET INVESTMENTS 2024 21J23 Eow tows UK imle5tm•nt propertlo$ Oping costl valuation 1 Pprfl 2023 Nel unreallsed InvesknEnl galn51 Ibssesl DispogaL8 al fferkel value Closlng marketv*lue 31 MaKh 2024 2,576 500 16751 2,400 3.355 17801 2,57S HlsfTrl¢o1 Ct as 8131 2023 479 553 Llstod Investrn8nts Oping nrket valu8 1 2023 Net InveStT[tgalns Ilbssesl Reallsatlon of investrnents Transfers from Current Investrnen15 C1051ny Tnarket valu8 31 March 2024 3,506 291 11,1001 130 2,827 4.532 11761 18501 3.506 Closlng hlstorlc $1 85 9181 IAarth 2024 2,971 2,857 Closlng totsl market valuè 31 Mareh 2024 5,226 OBO oslng tolal hlstodc costa$ at31 March 2024 3.450 3.410 All of the lisled investments are held in a fund managed by CCLA and includes the Extraordinary Repairs fund IERFI which had a closing value of £37k and included a capital gain of £5k. This fund sets aside monies for any extraordinary repairs as approved by the Trustees. 18
Baxendale Care Hoffte Annual Report & Accounts for Year Ending 31sI March 2024 NOTES TO THE FINANGIAL STATEMENTS For yéar ending 31st March 2024 Valuation of Flxed Asset Investmonts The freehold land and buildings held as Fixed Asset Investments were valued on an open market valuation as at 31 March 2024 by Mr BruGe Maunder-Taylor a Chartered Surveyor and a Trustee. CURRENT ASSET INVESTMENTS 2024 £ OOO'S 2023 £ IJOO'S Quoted Investments: Opening market value 1 I)ri12023 Additions- Extraordinary Repair Fund Nel unrealised investnnt gains I (losses) Transfer to Flxed Pssel InvestnEnts riiaiket value 31 Nlarch 2024 125 151 {271 {1301 125 Closing Historical Cost as at 31st March 2024 114 DEBTORS 2024 £000 2023 £ 00ty8 Prepayments Trade Debtors 45 11 Legacy Debtors Other deblors 30 CREDITORS 2024 EOW$ 2023 £ 00ry5 CREDITORS: Amounts falling due wlthln on? year Trade ueditors Other tayation, soch21 sewrity and p8nson ruals Oth8r Creditors 41 32 276 18 31 76 350 126 CREDITORS.. Amounts lalllng due aftèr on? year 19
Baxendale Care Hon7e Annual Report & Accounts for Year Ending 31st March 2024 NOTES TO THE FINANCIAL STATEMENTS For year endlng 31Vt March 2024 9. PERMANENT ENDOWMENT The original Charity was created by Deed of Gift dated 31 October 1892 comprlsing of freehold land and propety al Totteridge Lane. London N20 and investments. These were incorporated into a Scheme under the Seal of the Charity Commissioners dated 30 ember 1960. 10. DESIGNATED FUNDS The income funds of the Home include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes. Mov¢m*nts In Reserves Net realised Imf. GaInlo$S85 Ba]anca 2024 31$t March 2024 e O¢TrYs Balanc8 18t April 2023 £OWs Incornlngloutgolng transfers 2024 2024 É 00$ £ I.$ M8ry Weslby Repair5 Res. 97 635 732 1971 1585} 16821 50 50 1st Aprfl 2022 £ O¢KYs 2023 2023 2023 31st March 2023 Mary Weslby RepBir5 Res. 124 585 709 1271 101 1271 97 635 732 The Repair5 Reserve is designated for the long-term maintenance requirements of the Home. Th8 reduction in the repairs fund during this year reflects the cosl of the ground floor refurbishment project. The Mary Westby Fund, which was historically held to assist any resident, or potential resident. who may not be able lo meet our fee5 either from their own resources or from Borough funding. This fund has not baen accessed recent years hence a decision was taken to transfer the funds to general reserves. 11. RESTRICTED FUNDS There are no restricted funds held by the home at the cuThent time. 20
Baxendale Care Home Annual Report & Accounts for Year Ending 375t March 2024 NOTES TO THE FINANCIAL STATEMENTS For year ending 315t March 2024 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Tanglbl8 Fixod A$5¢t5 £ ODD'S Nèt Cuvrent Amounts Duè > i year t QDO'S Investments Totsl £OQOs £ ooo.. £ DOO'8 UNRESTRICTED FUNDS Gener Desiqnatsd 2.326 44 2,370 50 44 ENDOWMENT FUND 4.134 5.176 905 10.215 63S 2023 Ttnlllblo Flxed A55•15 É OOO'S N•t Current As¥•t9 £0Th)5 Amounts D>1year £ ODO's Totsl £ ODO'• £ OOO'S UNRESTRICTED FUNDS General Deslgnetwj 530 829 1,359 732 125 125 53Q RESTRicfED FUNDS ENDOWMENT FUND 6,080 9.924 13. RELATED PARTY TRANSACTIONS On the 15th November 2023, Brian Hosier was elected as a Trustee. Prior to that he conducted administration matters on behaK of Ihe Trustees including secr8tarial, accounting and general advice. No payments were made to Mr Hosier following his appointment as Trustee. 1& FUTURE COMMITMENTS The refurbishment work was Completed in Novembèr 2024. At 31" Marth 2024, the home had outstanding contractual obligations of £680k (22123 £450kl. 21
Baxendal8 Care Home Annual Report & Accounts ft)r Year Ending 31¥t March 2024 NOTES TO THE FINANCIAL STATEMENTS For year endlng 315t Mar¢h 2024 15. APPLICATION OF THE POWER OF TOTAL RETURN The Charity Commission permitted the Trust to adopt the use of total return in relatlon to tts pemianent endowmenl inveslments and this has been applied since 1 January 2006. Thi5 power permits the Trustees lo Invest the portrolio lo maximise 10181 return and to apply an appropriate portion of the tolal return to income each year. Untsl the power is exercised to transfer a portion of unapplied total relum to income (as disclosed in the fund Iransfgrs, note 2), the unapplied tolal return remains invested as part of the Permanent Endowment. The original gift to the Charity was eS'Mated as al 30 December 1960 and agreed with the Charity Commission. The balance of the Permangnt Endowment as at 1 January 2006 was then agreed as the unapplied total retum. 2024 9,645 2023 10.601 Unapplled relufn as al 1st April Add= Investment retum.. Divldends, Interest, rents Gains I11055es) 285 291 10,221 285 1956 9,930 Less: Unapplled tol81 retum 2851 1285 Balance carried forward 9,936 9.645 Add.. Original value of gift 279 279 Pernianent Endowment Fund in¢luding unapplled Telurn 22
Baxendale Care Home Annual Report & AGcounts ft)r Year Ending 31sI March 2024 NOTES TO THE FINANCIAL STATEMENTS For yaar ending 31° March 2024 16. STATEMENT OF FINANCIAL ACTIVITIES 2023 The following is the statement of financial activilies for comparative purposes for year ending 31 March 2023. Pèmian•nt Endowment Fund Unrestrlcted Restrl¢ted Total 2023 £ QQO'S £ 008 E OOO'S £ OOO'S Income from.. Income frorn CharfIab 8Ctlvit(88 Donations and legad85 CharilablE actNities InVestnt Inco Other inwTT Total Income and endowments 58 1,356 285 11 1,710 1,356 285 1,425 285 Expendliure on.. Charflabl8 acbvillas Oth8r Tot21 expenditure 1,975 41 2,016 1,975 41 2,018 Net inc¢Yne l {exp8nditurel beforo Galns I Iloss8sl on Investments 15911 285 13061 Gains I (losses) on listed investments (271 {1771 12041 Gains I Ilossesl on inveslment property 17801 17801 Ngt In? I l¢xpendltur•l 16181 16721 11,2901 Gains I Ilossesl on Fixed Assets Transfers been ftjnds 285 12851 Net movement In funds 13331 19571 11,2901 Re¢onclllatlon of fvnd$'. Total funds brnught forward at 1st Aprll 2022 2,424 10.881 13.305 Total funds carried forward at 31st March 2023 2,091 9.924 12,015 23