REGISTERED COMPANY NUMBER: 14964611 (England and Wales)
REGISTERED CHARITY NUMBER: 1204445
Report of the Trustees and
Financial Statements
for the Period 27 June 2023 to 31 August 2024
for
St David's (1918) Charitable Trust
(A Company Limited by Guarantee)
Munday Long & Co Ltd
Chartered Certified Accountants
Alton House
66-68 High Street
Northwood
Middlesex
HA6 1BL
St David's (1918) Charitable Trust
Contents of the Financial Statements
for the Period 27 June 2023 to 31 August 2024
|
Page |
Page |
Page |
Reference and Administrative Details |
|
1 |
|
Report of the Trustees |
2 |
to |
8 |
Report of the Independent Auditors |
9 |
to |
11 |
Statement of Financial Activities |
|
12 |
|
Balance Sheet |
|
13 |
|
Cash Flow Statement |
|
14 |
|
Notes to the Cash Flow Statement |
|
15 |
|
Notes to the Financial Statements |
16 |
to |
19 |
Detailed Statement of Financial Activities |
20 |
to |
21 |
St David's (1918) Charitable Trust
Reference and Administrative Details for the Period 27 June 2023 to 31 August 2024
TRUSTEESM Bowler (appointed 12.12.23)
M F J Coleby (appointed 16.12.24)
C H Goss (appointed 27.6.23)
T C R Hutton (appointed 27.6.23) (resigned 31.5.25)
J C B Powell (appointed 27.6.23)
M C Quinn (appointed 27.6.23)
D M Searle (appointed 27.6.23) (resigned 31.5.25)
J R McEwan (appointed 27.6.23) (resigned 7.3.24)
G Page (appointed 27.6.23) (resigned 21.5.24)
C M Robinson (appointed 27.6.23) (resigned 23.7.24)
REGISTERED OFFICEAlton House
66-68 High Street
Northwood
Middlesex
HA6 1BL
REGISTERED COMPANY14964611 (England and Wales)
NUMBER
REGISTERED CHARITY1204445
NUMBER
AUDITORSMunday Long & Co Ltd
Chartered Certified Accountants
Alton House
66-68 High Street
Northwood
Middlesex
HA6 1BL
SOLICITORS Pothecary Witham Weld
84 Eccleston Square
London
SW1V 1PX
HR CONSULTANTS Atlas Citation Limited
Page 1
St David's (1918) Charitable Trust
Report of the Trustees for the Period 27 June 2023 to 31 August 2024
Thisisthefirstreportofthenewcharitablecompanywhichwasformedfromtheoriginalcharity, St
David’s Home for Disabled Soldiers, Sailors and Airmen and incorporated on 27 June 2023.
Throughoutthisreportthe'originalcharity'istheoneformedin1918asStDavid'sHomefor Disabled
Soldiers,SailorsandAirmen.'Thecharity'isthenewcharitablecompany,incorporatedon27June 2023.
The new charitable company commenced trading on 1 September 2023.
Thetrustees,whoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
thisreportwiththefinancialstatementsfortheperiod27June2023(thedateofincorporation)to 31
August2024.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
Theprincipalactivityoftheoriginalcharityandthenewcharitablecompanyfrom27June2023to8 July
2024 was to operate St David's Home in Ealing.
On 8 July 2024 the charity sold St David's Home to Goldcare Ltd.
Thecharity'schangeofnametoStDavid's(1918)CharitableTrust,whichreflectsbothitshistoryand its
newstatus,wascertifiedatCompaniesHouseon6September2024andapprovedbythe Charity
Commissionon1October2024.Ithasretaineditsobjectsasdetailedbelow,butnolongeroperates a
care home.
INCORPORATION
Thecharitablecompanywasincorporatedon27June2023andcommencedtrading on
1 September 2023.
OBJECTIVES AND ACTIVITIES
Aims
The objects of the charity are to relieve the physical and mental disability for individuals who are:
Members and former members of His Majesty's Armed Forces or His Majesty's Allied Forces who
-during the course of their service have become disabled in some way.
In the running of St David's Home up until 8 July 2024, the charity's aims were to:
Provide excellent personal and nursing care to all our residents, in a homely environment, whilst
-also preserving the right to privacy and independence;
Provide care, delivered by skilled staff, underpinned by core values of privacy, dignity, choice,
rights, proper assessment of risk, respect, equality, fulfilment, independence and security, to a
standard which embraces the fundamental principles of good practice and meets the requirements
-of the Care Act 2014; and
Recognise each resident as an individual and enable each resident to achieve the highest possible
quality of life throughout their time with us. With consent from the resident, family and friends are
-welcome and are involved in the planning and delivery of care.
Page 2
St David's (1918) Charitable Trust
Report of the Trustees
for the Period 27 June 2023 to 31 August 2024
OBJECTIVES AND ACTIVITIES
Activities and ethos
27 June 2023 to 8 July 2024
StDavid'sHomewasandremainsregisteredwiththeCareQualityCommission(CQC)asanursing home
with 76 beds.
FourunitsconsistedoftheMainUnitwith43beds;theLordMarkUnitwith18beds,theCentury Unit
with8bedsandtheRehabUnitconsistingof7beds.Allroomswereen-suiteapartfrom20roomsin the
Main Unit.
Applicationsforfinancialsupportweremadetobenevolentassociationsandgrant-makingtrusts as
appropriate,andfundsfromvoluntarysourceswereraisedbyappealsandfund-raisingevents to
supplement fee income.
Ourresidentswerevulnerableandmanywerephysicallyand/ormentallyfrail.Theymayhave been
unabletogiveinformedconsent,makeappropriatechoicesorjudgements,orrecogniserisks to
themselves. We adopted best practices to protect them, including:
-
Disclosure and Barring Service (DBS) for all staff, trustees and volunteers;
-
Safeguarding of Vulnerable Adults (SOVA) training;
-
Complaints Policy, Whistleblowing Policy, Safeguarding Policy and Duty of Candour Policy;
-Meetings,dialogueandengagementwithstaff,residents,familiesandtrusteestoensureaculture of
honesty and openness.
8 July 2024 onwards
HavingsoldStDavid'sHometoGoldcareLtd,thecharityretainsitsobjectivesassetout above.
FollowingaperiodofintensiveefforttoselltheHomeasagoingconcern,thetrusteeshavedecided to
reviewthebestwayofdeliveringtheseobjectivesinthenewcircumstances.Thisreviewisongoing and
a new strategy will be developed as decisions are made.
Inthemeantime,trusteeshaveconcentratedonresolvingsomeadministrativeissues,suchas banking
arrangements, and on prudently investing the capital gained as a result of the sale.
Page 3
St David's (1918) Charitable Trust
Report of the Trustees for the Period 27 June 2023 to 31 August 2024
OBJECTIVES AND ACTIVITIES
Public benefit
Insettingtheaims,objectivesandplanningactivities,thetrusteesgaveconsiderationtothe Charity
Commission'sgeneralguidanceonpublicbenefitandinparticulartoitssupplementarypublic benefit
guidance on health care and fee charging.
AlthoughtheprincipalobjectofthecharityistorelievethephysicalandmentaldisabilityofService or
ex-Servicepersonnel,thiswasbroadenedin2007toallowthosewithnoserviceconnectionto take
advantageofthecareofferedatStDavid'sHome.Prioritywasstillgiventothosewitha Service
connection.
Upuntil8July2024,thecharityfulfilleditscharitablepurposesforthepublicbenefitinthe following
ways:
- Proving a high standard of care to all our residents, regardless of age or background;
-Caringforourresidentsinaholistic,caringandkindmannerandstrivingtoensureourfees are
manageable;
-Caringforourresidentsreliantonpublicfundingatfeerateswhichdonotcoverthetruecost. The
Trusteescontinuetobeconcernedaboutthelevelofthispublicsubsidy,butthestatusofSt David's
Homeasacharityhelpsensurethatallresidentsenjoythehighstandardsofcarethatweareable to
provide.
Asof8July2024,thedateofsale,22%ofroomincomecomesfromLocalAuthorities,40%comes from
ClinicalCommissioningGroup(CCG)fundingand13%fromprivatelyfundedresidents.The remainder
camefromdirectfundingfromtheNHSortop-upsfromtheresident'sfamily.In-keepingwith its
charitablestatus,theHomesoughttoavoidthenon-electiveadmissionofresidentstohospital, which
benefited not only the resident and their family, but also the wider public health sector.
The occupancy level for the period to 8 July 2024 was 83.50% (year to 31 March 2023 - 79.66%).
Page 4
St David's (1918) Charitable Trust
Report of the Trustees for the Period 27 June 2023 to 31 August 2024
STRATEGIC REPORT
Achievement and performance
Charitable activities
TheHomecontinuedtooperatesuccessfullyandathighoccupancylevelsuntilearly2020when the
service,aswithallsimilarprovisionacrossthesector,begantoexperiencetheimpactofthe Covid-19
pandemicandthenumberofreferralsreduced.Thishadaconsiderablenegativeimpacton financial
performance.
Weranapopularactivitiesprogramme,ensuringthatallresidents,regardlessofmedical condition,
experience different activities and events for their enjoyment and stimulation.
TheChapelwasafocalpointformanyresidents,staffandvisitors,althoughCovid-19restrictions limited
our services.
Asstatedinpreviousreports,thetrusteescommissionedindependentreviewsofcarequality and
financialperformancein2023.Theythensoughtandreceiveddetailedprofessionaladvicetoinform the
strategic options for the charity.
Thefirstdecisionwastoseekexpertprofessionaladviceintheareasofbusiness,lawandproperty. A
teamofadviserswasformedinmid-2023andareviewofthecharity'soptionswasconducted. The
choice was:
- to attempt to turn around the financial performance of our care home (the 'turn around option')
-toclosetheHomeandsellitwithvacantpossessionontheopenmarket(the'vacant possession
option')
- to sell the Home as a going concern (the 'going concern option')
Aftermuchdebateandbasedonadvicereceived,attemptingtoturnaroundthefinancialperformance of
theHomewasconsideredtobetheriskiestoftheoptions.Astheproviderofasinglehome,there were
no economies of scale or the ability to spread overheads across a portfolio of homes.
Whilstthevacantpossessionoptionwasinapurelyfinancialwayattractive,thetrusteeswanted to
ensure that a care home remained on the site in Ealing for the foreseeable future.
Thetrusteestooklegaladviceonthedutiesoftrusteesanddecisionmakingwhenconsidering the
strategicoptionsforthecharity,andhavingconsideredallrelevantfactors,decidedthatasaleof the
businesstoanexperiencedcarehomeoperatorbepursued.Followingprofessionaladviceastothe most
appropriateprocesstofollow,asuitablepurchaserwasfoundandthesaleofthebusinesswas completed
on 8 July 2024.
Aspartofthereorganisationprocessthetrusteesincorporatedacharitablelimitedcompany (company
number14964611andregisteredcharitynumber1204445)on27June2023andthenetassets were
transferredfromtheoriginalcharity(registerednumber220151)underaformallegal agreement
completed on 1 September 2023.
Asallassetsandliabilitieshadbeentransferredtothenewcharity,thislefttheoriginalcharityas a
"shell" with no remaining assets. It has now been removed from the register of charities.
Thisreportcoverstheperiodfromincorporation(27June2023)throughthesale(8July2024)toa new
periodend(31August2024).CompaniesHousehasagreedthatthecurrentaccountingperiod be
extended from 30 June 2024 to 31 August 2024. Future year-ends will be on 31 August.
Investment policy and objectives
Duringtheperiodthetrusteesreviewedtheirinvestmentpolicyandinvitedelevenorganisations to
tenderformanagementofthebulkofthecharity’scapital.Havingshortlistedandinterviewed five
organisations,itwasdecidedtoappointCCLAasinvestmentmanager.Thecharity’snew investment
policy is, in summary, to generate an average total return of inflation (CPI) plus 4% after fees.
Page 5
St David's (1918) Charitable Trust
Report of the Trustees
for the Period 27 June 2023 to 31 August 2024
STRATEGIC REPORT Financial review
Reserves policy
Thereservespolicyistohavefreereservesofbetweenthreeandsixmonthsunrestricted expenditure.
Current free reserves are £6,619,269. The trustees will keep the reserves policy under review.
Results for the year
The results for the year were as follows:
|
£ |
Incoming resources |
11,207,609 |
Resources expended |
4,588,340 |
Net increase in funds |
6,619,269 |
Reserves carried forward |
6,619,269 |
Donations
Includedintheincomingresourcesis£4,829,500indonationsreceivedfromtheoldcharity. Further
reserves of £177,878 were also released on closure of the old charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesacompany, limited
by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
TrusteesareappointedbytheBoardofTrusteeswithdueconsiderationfortheskillsand experience
requiredtoassistthegrowthanddevelopmentofthecharity.Trusteesnormallyserveforthree years,
renewable for two further terms of three years each.
Induction and training of new trustees
Anewtrusteeisintroducedtothecharity'sworkandbriefedonthecurrentaims,objectivesand the
financial position of the charity.
Organisational structure
TheBoardofTrusteesmetweeklyduringthelead-uptosale,andatleastonceamonthduringthe rest
oftheperiod.WhenoperatingtheHome,thebusinessofthemeetingswastoreceiveassurances on
performanceanddelivery,includingreviewingfinancialstatementsandoperationalissuesraisedby the
Director; and to discuss all issues arising from the due diligence process and to make decisions.
ThedaytodayrunningofStDavid'sHomewasdelegatedtotheHomeDirectorwhowasthe Registered
Manager and to whom all departmental heads reported.
Sincethesale,theBoardhasmetmonthly.Itsmainbusinesshasbeenpost-saleadministration, legacy
matters and investment management.
Page 6
St David's (1918) Charitable Trust
Report of the Trustees
for the Period 27 June 2023 to 31 August 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandto ensure
appropriate controls are in place to provide reasonable assurance against fraud and error.
Thetrusteeswereconsciousoftherisksassociatedwithdeliveringcareandtheneedtoensure that
effective leadership and management is in place.
Theytookanactiveroleinexaminingrisks,theirmitigatingactionsandtheresourcing requirements
neededtodelivercaretotheresidentsandmeettheGovernment'spublishedrequirements,advice and
guidance. The impact of substantially reduced income and increased costs was significant.
Trusteesidentifypotentialriskstothecharitybycarryingoutregulardetailedreviewsofitsactivities and
futurestrategy.Theserisksarekeptunderregularreview.Thefollowingspecificmeasureswere and
continuetobeinplacetomitigateagainstpotentialrisksandthemanagementofriskswhich materialise
as issues:
- Monitoring financial reserve levels.
- Reviewing operational and business risks.
- Ensuring updated, relevant current written policies and procedures.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofStDavid's(1918)CharitableTrustforthepurposes of
companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatements in
accordancewithapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgive a
trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharitablecompanyforthat period.
In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that
thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding
theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Page 7
St David's (1918) Charitable Trust
Report of the Trustees for the Period 27 June 2023 to 31 August 2024
AUDITORS
Theauditors,MundayLong&CoLtd,wereappointedasthefirstauditorstothecharity,havingacted as
auditorstoSt.David'sHomeforDisabledSoldiers,SailorsandAirmenforanumberofyears. The
Trusteeshavedecidedtoenterintoatenderingprocessfortheappointmentofnewauditorsforthe year
ending 31 August 2025.
Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees, as
the company directors, on 25 June 2025 and signed on the board's behalf by:
J C B Powell - Trustee
Page 8
Report of the Independent Auditors to the Members of
St David's (1918) Charitable Trust
Opinion
WehaveauditedthefinancialstatementsofStDavid's(1918)CharitableTrust(the'charitable company')
fortheperiodended31August2024whichcomprisetheStatementofFinancialActivities,the Balance
Sheet,theCashFlowStatementandnotestothefinancialstatements,includingasummaryof significant
accountingpolicies.Thefinancialreportingframeworkthathasbeenappliedintheirpreparation is
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerally Accepted
Accounting Practice).
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the
financialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehavefulfilledour other
ethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcern basis
of accounting in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelating to
eventsorconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthe charitable
company'sabilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhen the
financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheother information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoamaterialmisstatementinthefinancialstatementsthemselves.If,based on
theworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisother 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:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 9
Report of the Independent Auditors to the Members of
St David's (1918) Charitable Trust
Matters on which we are required to report by exception
Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironment obtained
in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requires us
to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealso the
directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation
ofthefinancialstatementsandforbeingsatisfiedthattheygiveatrueandfairview,andfor such
internalcontrolasthetrusteesdetermineisnecessarytoenablethepreparationoffinancial statements
that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcern and
usingthegoingconcernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethe charitable
company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethatanauditconductedinaccordancewithISAs(UK)willalwaysdetecta material
misstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterial if,
individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisions of
users taken on the basis of these financial statements.
Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraudis detailed
below:
-enquiryofmanagement,thosechargedwithgovernancearoundactualandpotentiallitigation and
claims.
- enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.
- reviewing minutes of meetings of those charged with governance.
-performingauditworkovertheriskofmanagementoverrideofcontrols,includingthrough testing
journalentriesandotheradjustmentsforappropriateness,andevaluatingthebusinessrationale of
significant transactions outside the normal course of business.
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
Page 10
Report of the Independent Auditors to the Members of
St David's (1918) Charitable Trust
Use of our report
Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter 3
ofPart16oftheCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstateto the
charitablecompany'smembersthosematterswearerequiredtostatetotheminanauditors'report and
fornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibility to
anyoneotherthanthecharitablecompanyandthecharitablecompany'smembersasabody,for our
audit work, for this report, or for the opinions we have formed.
Raymond John Ian Long (Senior Statutory Auditor)
for and on behalf of Munday Long & Co Ltd
Chartered Certified Accountants
Alton House
66-68 High Street
Northwood
Middlesex
HA6 1BL
25 June 2025
Page 11
St David's (1918) Charitable Trust
Statement of Financial Activities for the Period 27 June 2023 to 31 August 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Nursing Home
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
Nursing Home
Other
Total
NET INCOME
TOTAL FUNDS CARRIED FORWARD |
Unrestrict
fund
£
5,008,624
3,981,356
16,293
2,201,336
11,207,609
4,578,866
9,474
4,588,340
6,619,269
6,619,269 |
|
|
The notes form part of these financial statements
Page 12
St David's (1918) Charitable Trust
Balance Sheet
31 August 2024
Notes
FIXED ASSETS
Tangible assets
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS |
Unrestrict
fund
£
1
160,621
6,636,197
6,796,818
(177,550)
6,619,268
6,619,269
6,619,269
6,619,269
6,619,269 |
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
25 June 2025 and were signed on its behalf by:
M Bowler - Trustee
J C B Powell - Trustee
The notes form part of these financial statements
Page 13
St David's (1918) Charitable Trust
Cash Flow Statement for the Period 27 June 2023 to 31 August 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Interest element of hire purchase or
finance lease rental payments paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash
equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the
end of the reporting period |
£
6,776,595
(11,637)
(9,474)
6,755,484
(4,604,670)
4,469,090
16,293
(119,287)
6,636,197
-
6,636,197 |
|
|
The notes form part of these financial statements
Page 14
St David's (1918) Charitable Trust
Notes to the Cash Flow Statement
for the Period 27 June 2023 to 31 August 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Interest element of hire purchase and finance lease rental
payments
Increase in debtors
Increase in creditors
Net cash provided by operations |
£
6,619,269
135,579
(16,293)
11,637
9,474
(160,621)
177,550
6,776,595 |
|
|
2. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank and in hand
Total |
At 27.6.23
£
-
-
- |
Cash flow
£
6,636,197
6,636,197
6,636,197 |
At 31.8.24
£
6,636,197
6,636,197
6,636,197 |
|
|
|
|
The notes form part of these financial statements
Page 15
St David's (1918) Charitable Trust
Notes to the Financial Statements
for the Period 27 June 2023 to 31 August 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'Accountingand Reporting
byCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheir accounts
inaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancial Reporting
StandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.The financial
statements have been prepared under the historical cost convention.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Improvements to property- 20% on cost
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 15% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayable to
thecharitablecompany'spensionschemearechargedtotheStatementofFinancialActivities in
the period to which they relate.
continued...
Page 16
St David's (1918) Charitable Trust
Notes to the Financial Statements - continued
for the Period 27 June 2023 to 31 August 2024
2. DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Patients' fees
Nursing Home
5.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 6)
£
£
Nursing Home
4,549,829
29,037
6.
SUPPORT COSTS
Governance
Management
costs
£
£
Nursing Home
11,637
17,400
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Hire of plant and machinery |
£
5,008,624 |
£
5,008,624 |
|
£
16,293
£
3,981,356 |
£
16,293 |
|
Totals
£
4,578,866 |
|
|
Totals
£
29,037
£
17,400
135,579
28,303 |
Totals
£
29,037 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 August 2024.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 August 2024.
continued...
Page 17
St David's (1918) Charitable Trust
Notes to the Financial Statements - continued
for the Period 27 June 2023 to 31 August 2024
9. STAFF COSTS
STAFF COSTS |
|
|
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the period was as follows:
Staff
No employees received emoluments in excess of £60,000. |
£
3,110,812
216,025
45,824 |
|
|
3,372,661 |
|
|
|
107 |
10. TANGIBLE FIXED ASSETS
Improvements
Fixtures
Freehold
to
and
property
property
fittings
£
£
£
COST
Additions
151,123
4,218,677
191,279
Disposals
(151,122)
(4,218,677)
(191,279)
At 31 August 2024
1
-
-
DEPRECIATION
Charge for year
-
106,220
23,910
Eliminated on disposal
-
(106,220)
(23,910)
At 31 August 2024
-
-
-
NET BOOK VALUE
At 31 August 2024
1
-
-
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income |
Motor
vehicles
£
43,591
(43,591)
-
5,449
(5,449)
-
- |
Totals
£
4,604,670
(4,604,669)
1
135,579
(135,579)
-
1
£
72,250
7,828
80,543
160,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 18
St David's (1918) Charitable Trust
Notes to the Financial Statements - continued
for the Period 27 June 2023 to 31 August 2024
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
Trade creditors
Other creditors
Accrued expenses |
£
85,886
1,218
90,446 |
|
177,550 |
13. MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
in funds
£
6,619,269
6,619,269 |
At
31.8.24
£
6,619,269
6,619,269 |
|
|
|
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
11,207,609
11,207,609 |
Resources
expended
£
(4,588,340)
(4,588,340) |
Movement
in funds
£
6,619,269
6,619,269 |
|
|
|
|
14. RELATED PARTY DISCLOSURES
Aspartofthereorganisationprocessthenetassetsandliabilitiesweretransferredfrom the
originalcharity(registerednumber220151)underaformallegalagreementcompletedon 1
September2023.Includedintheincomingresourcesis£5,007,378receivedfromthe original
charity.
There were no other related party transactions for the year ended 31 August 2024.
Page 19
St David's (1918) Charitable Trust
Detailed Statement of Financial Activities
for the Period 27 June 2023 to 31 August 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Deposit account interest
Charitable activities
Patients' fees
Other income
Shop income
Sundry income
Profit on sale of care home
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Hire of plant and machinery
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Medical expenses
Repairs and renewals
Cleaning
Food and catering
Accounting
Motor expenses
Travelling
Bank charges
Rechargeable expenses
Chapel costs
Legal and professional
Staff training
Staff recruitment
IT costs
Bad debts
Improvements to property
Fixtures and fittings
Motor vehicles |
£
5,008,624
16,293
3,981,356
12,262
3,607
2,185,467 |
|
2,201,336 |
|
11,207,609
3,110,812
216,025
45,824
28,303
36,805
83,116
134,960
2,146
21,777
1,847
42,660
105,321
175,899
75,761
153,411
17,630
4,078
1,752
3,153
17,790
1,812
26,632
11,036
34,333
61,331
36
106,220
23,910
5,449 |
|
4,549,829 |
This page does not form part of the statutory financial statements
Page 20
St David's (1918) Charitable Trust
Detailed Statement of Financial Activities for the Period 27 June 2023 to 31 August 2024
Charitable activities
Other
Premium Credit interest
Support costs
Management
Interest payable
Governance costs
Auditors' remuneration
Total resources expended
Net income |
£
9,474
11,637
17,400 |
|
4,588,340 |
|
6,619,269 |
This page does not form part of the statutory financial statements
Page 21