``` 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. ``` - `Other people who at any time have served in such forces.` - `Dependants of those above and other people in need.` ``` 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. ``` - `Ensuring internal/external controls continue to enable operations but provide checks and balances to` - `key financial systems and activities.` ``` - Reviewing operational and business risks. ``` - `A wide and appropriate variety of professional skills and experience in the Board of Trustees.` - `A comprehensive and adequate suite of insurance policies.` ``` - 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 ```