Charity gISttiOn number.. 205695 Susan Day Residential Home Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS CMARTERFD AC¢OiINTANTS 4 8USINE55 AOVISEf¢5
Susan Day Resldential Home Contsnts (contwnued) Reference and Adminlstrative Detai18 Twstegs. Report 2to9 Independent Auditor8, Report 10t013 Statement of Financial AGllvhies 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the FinanGtal Statements 171027
Susan Day Residential Homo Reference and Adminlstratlve Detalls Twslees.. J Donovan M G Thomas G A Hllls A Thomas4tafford S D Roles P Jaggers E A Cooper Charlty Reglstratlon Number 20S695 Prlnclpal Offlce South Lodg8 Runnaol¢ave Road Ilfracombe Devon EX34 8AQ Weslcotts ISW) LLP Chartered Accountsnts 47 Boutport Street Bamslaple Devon EX31 1SQ Lloyds Bank PIC Bamslaple 17 Cross Slregt Bamslaplo EX31 1BE Auditor Bankers Page 1
Susan Day Resldential Home Trustees. Report The trustees present tre annual report tether ¥th the fin8nci81 ststements and auditors, report of the charity for the year ended 31 Marth 2024. Structure. govemance and management Administrative detalls The charity is a registered charity number 205695. Its prlnclpal and business address is South Lodge. Runnacleave Rtsad, Ilfracombg, Devon, EX34 8AQ. Govemanco and Internal ¢ontrol The Home was estsblished by a Trust Deed dated 31 Juty 1947. Clause 2 of the Tru81 Deed was altered by a scheme agreed by the Charity Commisslon for England and Wa18s on the 23 October 2013. On the 4 April 2018 the Charity Commission agreed a ftjrther schame to alter daus8 2 of the Trust Deed which has widened the area from which we are able to take residents. Ils charitsble objects, powers and means of govemance a as laid down in its Constituts'on, which was adopted on 2 September 1998 and revised in May 2018. Trustees are appointed at the Annual General Meetr'ng held in July each yoar. The trustees moet quarterly (January, April, July and October) to discuss and revlew the charitys buslness, both from an operational 8nd a strategic persptIVa. If natsssary addilional m••tings arg scheduled. The day-to-day operations are managed by the Home's Registered Manager Mrs.Donna Miller who reports lo the IrusleÈ5 on a regular basis. An inductlon process is in place for all new trustees. Employees arg given continuing training lo ensure they afe aware of all matters relating lo the charity inGluding existing regulation8 and facilities available lo assist them in CaTrying out their duues responsibly. Rlsk mhlgatlon The trustees have 8 detalled Flsk Assessment and Mitlgatlon policy in pla¢9 which is revlewed in January each year or at such lime it is felt there has been a change in the percelved risk due to internal or extemal events. The percelved rlsks are detailed below and have been assessed in accordance w4th the followng grades.. Low Likelihots Low Likelihood HSgh Severity of Impact High Likelihood High Severty of Impact Low Severity of Impact 111.. High Likelihood Low Severity of Impact Pem•nent or temporary loss of key staff The Reglstered Manager is supported by a deputy manager and three full-tirne duty managers who cover the daily shtfts and supervise the care assistants. In addition two of the care assistants are fully Iralned deputise for the duty manager8. More details are located within the Susan Day Business Continuity Plan Risk Ass•s$m8nt: I Page 2
Susan Day Residential Home Trustees. Report (contlnuad) Slructure> gov•rnanco and managemont (continued) Decrease In number of resldents wlth consequent reduction in incom The Home would need to lose seven residents pernianenlly (and not Tepla¢e them in tr@ shortlmedium temi) before being able to cut stBff nurnbers. Such a loss invofving Say five residents would have litde impact on running c051s 88 the stsff numbers would MaIn the same, bul Income would be down by £19,300 (5 x £3,860) per rnonth. The home has sufficient cash reserv8s lo sustain such a drop In Income bul if prolonged, further resldent losses could bring thg number to seven or more, leading to the Qption of stsff cuts as rgferrgd lo above. Risk Assgssm8nt: 11, S•rlous damage to the property caused by flr&, severe weather etc. Dlsaster plan for residents In place - short tem resldents would be moved to hotels; the homes safe house is the Carlton Hotel,. longer term there would be cEose liaison wth CQC and Devon County Councll for new short tem temporary or long-tem placements of our current residents. The home is insured for all risks induding Goronavirus outbreaks and terrorism. Rlsk a$ses$m•nt11. Serfous Illness Jmongst res5dents of epldeml¢ proportlons Residents would be confined to their rooms and visitors would not be allowed. In th8 ev8nt of a severe 8pidemic requiTing quarantine, residents would likely be moved to 8 hospital or barrier nursed. The CQC would be informed, and thg home would work with Public Health England. Risk Assessment: 11. Power outag• leading to loss of heat. Ilght and other l11t1•S The Home has an oil-fired generator that can run for 2 d8yS Wlthout purchasing more oil. Qil can be purchased from local petrol stations and even in the ease of snow l flooding we believe additional supplies could be obtained. The home has detailed within Its Business Continuity Plan an outline of help that can be sourGed in such 8xlr8me weather conditions. The Wal8r Company would be expected lo respond to loss of water by uslng bowsers etc. bul the Ios8 of the gas supply would affect the availability of h¢ating and hot water, possibly leading to the noed to TlOGate residents. Risk Assessment: 11. Loss of l.T. capablllty and phone contact Able lo operate for a w88k or so without l.T. dats is backed-up on a memory stick and coultl be accessed al an altemalive srte. Mobile phones are available in case of need. Rlsk Assessment: 111. Envlronmental rfsk- pollutlon, waste hazard et¢. Water pollution would be dealt wi(h by the Water Company. Smoke and drain pollution would require spe¢ialisl attention as would food and clinical waste In the event of industrial actlon affecting colleotion. Rlsk A¥¥ment.. 11 Accountinglfraud rl$k Insured other than for those instaTrces caused by negligence. Hon Treasurer has an independent overview of finances and provides a written report to Trustees each month highlighung increases and docreas85 in cash flow. Risk Assessmenl,. l. Page 3
Susan Day Residential Home Trustees. Report (contlnued Publ1¢ bgnofit When plannlng its activities for the year the trust8BS have considered the Charlty Commission's guidance on publ5¢ benefit and the sp•cific gUld5n as it r&lat85 to charities providing slmilar activities to those of the Home. The Home Is prepared to subsidise the lop-up element of the fees for up to twelve residents who are funded by Soci81 Services, thus no longer requiring the difference between the amount paid by Social Seryice8 and the full fee charyed by the Home ID be met by those residents themselves or by members of their families. We currenuy have eight social service funded residents and the subsidies for the ye8r ended 31 March 2C)25 will be £12,000. During tho financial year ended 31st March 2024 no subsldles were required. Additionally, the trust8es can fund one place at any one time for a prospe1Ve resident who has not qualified for financial support from Social seICe5 and who is unable to pay the fees. The financial 81 of both these subsidies is charged lo the Home's reserves. Structure. govemane8 and manag•mont The Home's activiti'es continue to fall within th& overall definltion of 'charitable purpose,. ASI residenls enjoy equal benefit, iffespective of whether they pay feos or are 8ss8ssed by Social Services as having a need for resid8nti81 care a measur8 of financial support. Anyono Jiving in the Gatchmenl area and who is eligible by way of need can be considered for a place at the Home. Fees charged to resid8nls are datemiined by the level of care r6quired. The Home is essentially self-funding through fees and payments from Social Services. It r8c6ives little by way of donations 8nd legades are extremely rare. The proceeds of fundraisin9 activrtles go into an amenlties fund for the beneflt of all resldents. The Homè and the residents also benefit from the dose involvement of the trustees in the Home's aclivities. The Board of TnJstee3, all of whom are vDlunteers. compri588 individuals who bring a bro8d range of professional skills lo the Hom8 and provide their services without any form of payrnenl. Obj•ctives and aGtlvities Charitabl¢ gbleGts The charfws objects are defined in the goveming document as=. The eslablishmenl and maintenance of a reslderttial home for olderfy in need in the areas of Ilfracombe, Br8unlon, Barnstaple and lh8 surroundSng dlstrfcts. provided preference is given to those residing in the former Urban Dislrfcl of Ilfracombe. The Home The Home is a non-profit maklng orgBnisation and uses any surplus funds for the benefit of the residents. Details of these are shown in the financial statements and supporting notes. The Home is regularty inspected by the Health and Safety Officer, the Fire Officer and the Care Quality Commission ICQC). Their reports continue to reflect the high standards provided and the work of dedicated officers and staff. Page 4
Susan Day Residential Home Trustees. Report (continued) The resldents The Home lost 15 residents durlng the year 11 died in the home, 2 died in hospital and 2 rnoved to altemalive accomrnodation. Although most of our reslden15' end of life plans ask that they end their d8ys in the Home this ts not alweys possible. During the period Isl Aprll to the 30 June 2024, we 178ve lost a further two residents. One died in the home and the other moved to a specialist dementia home. A number of the residents had only been with us for a short lime and were end of Ilfe when they came into the home. DLsring the yeer there was 970k occup8ncy, which equates to on8 empty bed each week. The budg8t is PT8p8red on the assumption of two empty beds. In the past il has been hard to fill beds but th management team have worked hard in promoting the home. Through positive posts on our open Facebook pagè, word of mouth and dèveloping a strong relationship with local social carè assèssors the home has been operating dose lo full occupancy and w8 now have a healthy waiting list. Eight residents are Currendy funded by Social Ser5. In the year lo 31 March 2024, they were ful funded. In a number of cases, we have been unable to meot the needs of social seNice referrals due to nursing or specialised dementia care being requlred. Th8 home is always giving rdentS a choice of acbvities fhat mobvate them, and that offer the chance to learn new skills and increase independence which helps people to slay well and feel satisfied wlh life. Meaningful, person-cenlered aclivilies are built around our resldents, this then enslfres engagement, stimulation and benefits to their mentsl and physical health. There is a comprghgnsivg activitigs programme for residents which includ8s ex&rcis8 and mind activities tailore(I to group or individual needs. The home now provides a health and wellbeing group for our residents which has proven to reduce the falls wfthln the elderly, resulting in less hospital admissions and better quality of lrfe. The hair and beauty salon continues to be very popular th the residents. We work closely wlth the Ilfracombe comrnunlty minibus 5etvice who provide tre home with transport for fortnightly trips out inlo the community, where we will vis51 areas meaningful to the residents. Our residents work closely wlh the managernent team and activities coordinator in planning activities and is a regular discussion item at resident's meetings. In the main hallway of the home we have a weeY actwilies planner. minutes of the res5denls' meetings and other items of Interest. Resid&nts' families have acces5 to a private Facebook page which highlights the various aclNities which al80 indude vlshing entertainers and themed buffets nights. Residents. families are encouraged to loln our monthly residents, rneetings. A comprehgnsive pradMiSsiOn procedur8 is in aCe for residents which includes a detsiled care plan which id8nlifi8s individual needs. The ManageT and Deputy Manager aro fully committed and focused on the meet and greet of new residents lo reassure, relax and pul any feats behind them as this can be a very dtfficult transillon. The care klan5 are continually updated and reviewed on a monthly basis or eadier rf health ndS thange. Page 5
Susan Day Residential Home Trustees. Report (contlnued) For several years. a rellgious serylce covering 811 denomlnaUons has been held each week on Tuesday moming wtth Holy Communion once a rnonth. These seryices have always been well attended and appreualed by the residents. The seNic88 had lo be placed on hold during the pandemic, however monthly Holy Communion has now restarted. On the 1st July 2024 our residents were split 28 ladles and 4 genuemen with our youngest resldent being 83 an¢J our oldest resident 102. The average age of our residents is 87 years. Achievemonts and performance The staff The Susan Day staff are Working well. They are embracing th8 changes which have been implgmentgd within the home and are working more eff8cliv81y. Staffing levels have been m8lnt8lned and have been invaluable not only for the care that our resldents recelve, but also for the staff and thelr wellbeing and abillty to be able to provlde a quality servi. Susan Day hav8 introduced a Health and Well-being 8UPPOrt group for SL. This involves mental health support, adwce and guidan. health and fitness advice, healthy snacks, fresh cold water and filne5s groups. Fostering employe8 wellbeing 1$ good for people and the organization. Promoting wellbeing can help prevent stress and create positive working enmronments. Non managerial staff are pald a minimum of £11.67 per hour leffectlve 1st April 20241 which exceeds the natlonal Ilwng wage of £11.44. This conllnues to assist the home in being able to fill lob vacancies. An ongoing training program is in place for all mgmb¢r5 of staff. We recently upgraded our online training to unlimited training access, making more of our courses more pgrson centered and tsllored around our residènts, changing health needs. We have recently train?d the management team to becorne In-house trainers for mandatory courses. This enables the home to run safely and effectivety, especially when 8mploylng new staff. The management team are Iralned to an asse5sDr'$ level regardlng the correct adminislralion of m8dicalion. The knowledge can be filtered throughout the care team so the administration of rnedicalion can have a more person-centèrgd 8pproach. The home continues to offer new staff the opportunlly to complete their NVQ qualifications when their probation period Is completed. Al present we have 1 member of staff dolng NVQ level 5, and 3 staff doing NVQ level 3. We continue lo encourage stsff to develop their skill set. There are now 4 trained senior staff, 2 of whom are trained as relief duty managers. Since May 2023 the homg has implemented s8veral Champion Courses. The following champion COUTses, Medication, Oral Hygiene. Safeguording, Infection Control, End of Lrfe and Nutrition & Hydration have bèèn offered to all staff and outside professlonals. Champions must value providlng high quality care and ensure that care never falls below this standard. They have a responsibility to Identify gaps and inefflciencies in the way the home operates. and must be confident in their ideas and prepared lo speak out. All Champions will meel and hold quarterly meetlngs lo discuss any concerns In that area. The Nutrition and Hydratlon Champion wlll also undertaken monthly dlnlng experience audits. Nine19en of our staff are m8mbers of a stskeholder pension scheme held Wbth Rea88ure to whlch Ihe home is contn'buting 30/¢ of salary per annum and each member of staff a minimum of 4Yo. A further eighteen members of staff are enroll8d in a p8rision scheme held with NEST where the home is contributing 3Vlo per annum and each member of staff a minimum of 5QA. Page 6
Susan Day Residential Home Trustoes. Report (continued) Inspoctlons Devon and Cornwall Fire and Rescue undertook an Inspection in October 2022. The home was compliant in all areas, although the inspection highlighted several securfty recommend8tlons, which have been addressed. Our fire rtsk 8sse$sment Is reviewed every 6 Months. The Home h8s regular environmentsl health kitchen instctiOnS and is rated 5 stars. A new robust 8uditing system has now been put into place on our Care Control system, covering all areas from cieanlng Schedules, gardens & maintenance lo residents dining experience. Our latest Care Quallly Commisslon Inspection was in February 2019 wlth the home reIvIng an overall rating of good. A number of remote assessments have been carrled out since, the last of which was In June 2023. On Information avallable lo CQC and a conversation wth the Registered Manger no 8vid8nce was found to suggest that CQC need to carry out a further inspection or reassess their rang. The home has re¢entSy changed the way the Trustees undertaken thelr Rule 26 audit. This has now become tailored around the CQC five Quality Statements. Over the year all ffve areas wll be covered by the TnJ6tees. Bnd this will help to ensure that the home is compliant in all araas. Developments Repalrs and renewals, malnlenanGe and gardenlng are 1)ngolng, and expendllure lotaled £86,873 12023 £94,948) during the year against a budget of £78,500. Further irnprovements and upgradlng will be achieved within the annual budget in futur& years and we will contsnue to replace essential equlpment and purchase nursing beds Snd hoists as needed. The exterior of the home is Gurrentty boing repainted. We feel that our home has a frSendly, homely atmosphere and is maintained to a high standard with all the relevant inspecllons and maintenance checks being undertaken in a timety manner. Flnanclal revlew Annual outturn The Charitys net incoming resources for the year was £46,507 12023 incoming £9811- Oetslls of the financial outtum are shown on page 14 and In the notes lo the accounts on pages 17 to 27. The main variances In income and expenditure were.. - Resident5 feos £1,291,719 agalnst budgeted £1,242,586 a posftlve varianc• of £49,133. In view of the number of deaths during the year this wa5 a very satisfactory outcome. Repair8 maintenance and g8rdenlng £86.873 agaln8t budgeted £78.500 variance +£8.373. Please see cornments under developments. Provlslons £84,466 against budgeted £69,000 + £1 5,466 which reflects the significant increas& in food costs during the period, Gas £17,085 agalnst budgeted £25.920 variance . £8.835. A 5 year flxed contract commenced in August 2021 and whilst therè was a uplfft to reflect the increase In wholesale prfces 11 has protected us and wlll protect us going forward from further increases until the 311812026. Page 7
Susan Day R05idential Home Trustees. Report (contlnued) ResoNes Thp Balanc8 Shaat gs gt 31 March 2024 shows unrostrict8d reservg fund8 of £782,677 (2023.. £736,131). This figure is represented by £376,843 in a desSgnaled Property Reserve (comprised of the bocA( value of the residential home property). £7,233 in a designated Amen85 Reserve Irepresentlng funds held lo provide amenlties to the residents during the following twelve months and b8yond), £250,000 in a conlingeney fund and £148,601 in Ihe unrestricted general fund. The contsngency fund is lo be used for any unloreseen emergencies which may arise, mainly in respect of Incorne, staffing costs or premises costs. In the ye8r ended 31 Mar¢h 2020 £100,000 was transferred from the eontingency fvnd to the unrestrioted general which had redUd considerably over the previous Ihree years due to expenditure exceeding income. With a more stable financial position during the last three years the general fund has Increased considerably, and the trustees have Iransf8rred £100.000 to the contingency to restore the balance to ils prevlous level. The tnjslees believe this lo be good governance. In particular consldering the needs of the resldents who are beneficiaries of the charity. The purpose of th8 unrestricted gener81 reserv8 fund119Yo of total r&servesl is to provide for material capitsl 8xpendilure on kne property. any unfores88n decline in income or material increase in operating costs and the subsidi8s funded from the General Reserye by way of transfer to covor the top ups and bursary as described in the Public Benefit section above. Fixed Asset8 The trustees, policy to capltalise items costing more than £50.000. Other items are regarded a5 revenue expendlture and are dlrecl charilablo expenditure on the SOFA. Flnancial manag•m•nt The tnjslees review up lo date flnancial data at each of their quarterly meetings when they consider all items of materfal operalonal costs which have been incurred as well as proposed capital expenditure. There is an annual budget meeting at which the trustees agree income and expenditure forecasts for thè comlng year. The financlal year commenclng 1 st April 2024 has stsrted pasrtively wth income £17.416 over budget at the end of quarter one. Funding The prinapal funding source is income from the residents and from Sodal Services in th05e In5tsnces where residents are unable to pay for themselves. In addition, the home receives inleie8t on ils cash deposits and occasional donations and legacles. Plan$ for future pgrlods One of the Trustees, key objectives is lo maint8in the Home to a high standard for the resbdents to enjoy and therefore further Investment wlll be made as requirad. Events after the ¢nd Of tho roportlng perlod Ther8 are no events after the reporting date to disclose. Page 8
Susan Day Residential Home Trustees, Report (continued) Statement of Trustees. Responslblllties The trustees are responsible for preparing the trustees, report and the finanual statements in ac¢ordanca with th8 United Klngdom Accounting Standard5 {United Klngdom G&n8rally Acc8plod Accounting Pradcel and applicabl8 law and regulations. The law applicable to charities requires the trustees to prepare financial slat8ments for each financial year which give a trua and fair view of the stsle of affairs of the charity and of the incoming resources and applicalon of resources of the charity for that perfod. In preparing thes8 financial statements. the trust8es are reouir8d lo.. select suitable accounting policies and then apply them consistently., observe the methods and PTinclples in the Charldes SORP; make judgements and estimates that are reasonable and prudent- slate whether applicable accounting standards have b88n fd5owed. Subject to any m8teri81 departures dlsclosed and explalned in the financial ststements- and prepare the finanaal statements on the going concern basis unless it 15 inappropriate to presume that the charlty 11 contlnue in business. The Érustees are responsible for keeping proper accounting records that disclose with reasonable accurary al gny time th8 fjnancial posibon of the ch8rSty and &n2bie them to ensure that the finanu31 statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for tsklng reasonable steps for the prevention and detecuon of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomialion indudgd on the charitable companls website. Legislalion governing the preparatson and dis5eminallon of financlal 5tstemen15 may drffer from legislation in other jurisdictions. Disclosure of information to auditQT Each trustee has taken steps that they ought lo have tsken as a trustee in order to make themselves aware of any relevant audit information and lo establish that the char¢ly's auditor is aware of that information. The trusl&es confimi that Iherg is no relevant information that they know of and of which th8y know the auditor is unaware. The annual report was approved by the trustees of the charity on beholf by.. and signed on its M G Thomas Trustee Page g
Susan Day Residential Home Independent Audllor's Report to the Members of Susan Day Resldential Home Opinion We have audlted Ihe financial slatemenls of Susan Day ResidentS8l Home Ilhe 'charity'l for the year ended 31 March 2024, which comprisv the Slalement of Flnancial ActivSlles, Balance Sheet, Cash Flow Ststement, and Note5 to the Financial Ststem8nts, including a summary of signfficant accounting policies. The financial reporting framework that has boen applied in thelr preparation is United Kingdom Accounting Stsndards, comprising ChaTlties SORP - FRS 102 Tho Financi81 Reporting Sbndard applicable in the UK and Republic of Ire18nd' 8nd applicable law (United Kingdorn Generalty Accepted Accountlng Practlcel. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as ot 31 March 2024 and of incoming resources and application of resources, induding its income and expenditure, for the year then ended- have been properly prepared in accordance with United ngdorn Generally Accepted Accounting Practice,. and have been prepared in accordance wmh the requirements of the Charfties Act 2011. Ba515 lor oplnlon We CDnducted our audft In accordancè wkh InternatiDn81 Standards on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities under those slancsards are further described In the auditor responslbillties for the audll of the financigl statements section of our report. We are independent of the charfty In accordance wth the ethical requirernents that are relevant to our audll of the finandal 5talemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evldence we have obtained Is sufficient and appropriate to provide a basis for OUT opinion. Con¢luslons relatlng to golng concern In audhing the finanryal stst8ments, we have concluded that the trust8es use of the going COnM basls of accounting in the prepar8tlon of the financial ststements is appropriate. asgd on the work we have perfom)ed, we have not id8ntifi8d any material uncertainties relating to events or Gondition5 that, indiwdually or collectively, may cast signifioqnl doubl on the charity's abilty lo continue as a going concem for a period of al least Imlve months from when th8 original finanoal ststem8nls were authorised for issue. Our responslbillties and the responsibilities of the twslees 1 respect to gtslng concem are described in th8 relovant sedions of this r8POrt. Other Infomiation The trustees are responsible for the other information. The other information wmpri$es thg Informalion induded In the annual repDrt. other than the financial statèments and our auditorfs report thereon. Our oplnion on the finanual slalements doe8 not cover the other informatron and. except to the exlent othetwise explicitly stated In our report, we do not express any form of assurance cono4u8ion thgreoTr. Page 10
Susan Day Resldentlal Home Independent Auditor's Report to the Members of Susan Day Residential Home (contlnued) In connection with our audit of the financial stslem6nts, our responsibility is to read the other information and. In doing $0, consider whether the other information is malerialty inconsistent with the financiai statements Dr our knowledge obtainod Jn the Budit or otheTrwse appears to be MateallY mis51atgd. If wg identify such material inconsistencies OT appargnl material mi5Statgmenls. we are required to determine whether there is a materi81 misstatement in the financial ststements or 8 material rnisslatemenl of thè other Informatlon. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We havo nothing to report in this regard. M#tter$ on whlch we are rttqulred to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtsined in the course of the audit, we have not identrfi8d matedal ml3stat8menls In the Trustees, Report. We have nothing to r8POrt in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, In our opinion: adequate accounting records have not been kepL or retums ad8quate for our audit have not been rec8ived from branches not visited by us.. or the financlal ststements a n(rt In agreement wlth the accounlng records and relums. or certain disdosur85 of trustees remuneration specrfied by law are not made,. or we have not received all the information and explanations we requlre for our audit. Respon$lbllltle8 of trustees As explalnèd more fully in the Slatement of Trusl8es' Responsibilit18s Isel out on page 9), the Iwstees are responsible for the preparation of the financial stalernenls and for being satisfied that they glve true and falr vlew. and for such Intemal control as the trustees deterrnine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the tnjstees 8re responsible for assessing the charity's ability to continue as a golng concem, discloslng, as appllcable, matters related to going conrn and using the going concèm basis of accounting unl8ss the trustees either intend lo liquidate the charity or lo cease operalions, or have no realistic allemative bul lo do so. Audltor Responslbllltle8 for the 8udSt of the financlal statements Our objectives are to obtain re8sonable assurance about whether the Inancial statements as a whole arg free from material missl8lemenl, whether due tg fraud OT error. and to issue an audilols report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Gonducted in accordance with ISAS IUKI wlll aayS delecl a material mlsstatèmenl when it exists. Misststernents Gan arise from fraud or grror and are considered matsrial rf, individually or in the aggregate, they could reasonably be expected lo influence the economlc decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complignce with laws and regulations. We design procedures in lin8 With Dur responslbllilie8, oulllned above, lo delecl material misslalements In respect of irregularities, including fraud. The 8xient to which our proc8dures are capable of detecting irregularfties, including fraud is detslled below.. Page11
Susan Day Residential Home Independent Audltorfs Report to the Members of Susan Day Residential Home {¢ontinued) We identified areas or laws and regulations that could reasonably be expected to have a material effect on the fi'nanryal statements from our general comm8rcial and sector experience and through discussion with the trustees and Other managemènt and from inspection of thè charitys regulatory correspondence. W8 communlcaled identrfied laws and regulatlons throughout our team, and remained alert to any indications of non-complSance throughout the audit. The charity is subject lo laws and regulations that govern tho preparation of the flnanoial statements, including financial reporting leglslation, and other charity leglslatlon. The charity is also sublecl lo many other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disdosures within the fin8n¢i81 st81emenls, including employment. anti-bribery, anti-money laundering and rtain aspects of charity leglslatlon. Owing to the inherent limitation3 of 8n 8udit, there is an unavoid8ble risk that we may not hovg detected some material misststèments in the finanaal slalemenls, even though we have properly planned and performed our audit in accordance with auditing stsndards. In any audit, there remalns a higher rlsk of non-detection of Irregularitles. as these may invo8 colluslon, forgery. intentional omSsslons, mlsrepresènlation5. or the override of intemal controls. We are not responsible for preventing non-compllance and cannot be expected to del8Ct non-complian with all laws and regulations. As part of an audit in accor[fan wth ISAS {UKI. we exercise professional judgement and maintain prolessional sceptlclsm throughout th8 audit. We also.. Identfy and assess the risks of material misstatement of the financial stalements, whether due to fraud or 2rror, design and perfom audit procedures responsive lo those risk5, and obtain audit evidence that Is sufficient and 2ppropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve cdluslon. forgery. intenllonal omissions, mlsrepresentation8. OT the override of internal control. Obtain an understandSng of Inlemal control relevant to the audit In order to design audit procedures that are appropriate in the c]rcumstances. but not for th8 pUoSe of expressing an opinion on the effecllveness of the charity's internal control. Evaluate the appropriateness of accDunting policies used and the reasonableness of accounting eSMateS and related disclosures made by thè trtJst88s. Conclude on the appropriateness of the trustees use of the going wncem basls of accounting and, based on lh8 audit evidènce obtained, whether a material uncertainty exists related to events or condltions that may cast significant doubt on the charity's ability to continue as a going concern. If W8 con¢lvd8 that a material uncertainty exists, we art required to draw attention in our auditorfs report to th8 related disclosures in the flnancial Statements or, if such disclosures are inadequalg, lo modify our opinion. Our condusions are based on the audit evidence obtained up to th8 dale of our auditorfs report. However, future events or conditions may cause the charity lo cease to continue as a going c¢)ncèrn. Evaluate the overall presentation, structure and conlent of the financial slaleTnents. including the disclosures, and whether the financial slalemenls repTesenl th$ underlying transactions and 8vents in a manner that achieves fair presentstion. Obtain suffiont approprfate audit avidence regarding thè financial information tsf the entities or business activiti85 within the charity to exprgss an opinion on the finanal Statements. We are responsible for the direction, supervision and performance of the charity audit. We remain solely responsible for our audit opinion. We communicate with those charged wth govemance regarding, among other matters, the planned scope and liming of the audit and signrficant audit findings, including 8ny signific8nl defioencies in internal control that we identify during our audiL Page 12
Susan Day Residential Home Independent Auditorfs Report to the Members of Susan" Day Resldgntlal Home {contlnued) Use of our report This report kg made Sole lo the chadty Iruslees, as a t¥)dy, in accordance sedion 144 of the Charities Act 2011 and regulations made under sectlon 154 of that Act. Our audit work has been undertaken $0 that we might state to the Iruslees thos.e matteTS we are required lo state to trustees in an auditors, rewt and for no other purpose. To the ftjllest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charty and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. West¢ott5 ISW) LLFI Chartered Accountants & Statut¢Xy Audit 47 Bcyjtport Street Barnstsple Devon EX31 1SQ Page 13
Susan Day Residential Home Statement of Financial Actlvltles for the Year Ended 31 March 2024 Unrestrict•d funds R8stricted funds T¢>tal 2024 Totsl 2023 Nol• Income and Endowm•nts from: Donations and legaGs9S Charrtable acbvities Inv88tm8nt income Other income 6,903 1,291.719 2,328 1,892 6,903 1.291,719 2,328 1,892 5,903 1,145.026 1,279 2,040 Totsl Income 1,302.842 1,302,842 1,154,248 Exp8nditure on: Charitable actlvltles 1.256,2961 39 1.256,335 1,153.2671 Total expendkure Nel Incomgllexpendlturel Nat movement in funds 1,256,296 1391 11.256,3351 1,153,26TI 39 46,507 981 48.546 139) 46,507 981 R•conclllatlon of funds Totsl funds brought forward Totsl funds carried fomard 17 736.131 39 736,170 735,189 782.677 782,677 736,170 All of the charity's aCtitieS derivo from continuing operations during thg above hyo pgriods. The funds breakdown for 2023 is shown in note 17. The notes on pages 17 to 27 form an integTrl part of these financial statements. Page 14
Susan Day Resldential Home {Reglstration number: 205695) Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets T8ngibl8 8ssels 376,843 382,013 Curront assets Stock5 Debtors Cash at bank and in hand 13 14 3.677 17,657 404,405 2.535 20,780 361,733 425,739 385.048 Crodltors: Amounts falllng due wlthln ¢ne year 15 119,9051 30,8911 Net cuent assets 405.834 354,157 Net assets 782.677 736,170 Fund5 of the charity,. Restricted income funds Restrlcted funds 39 Unre$trbct•d Income funds Unrestricted funds 782,677 736.131 Total funds 17 782,677 736,170 The fi ndal statements on pages 14 10 27 were appToved by thg trustees. and aulhorised for issue .l.vfr. and signeil on Ihelr behalf by.. M G Thomas Trustee The note8 on pages 17 to 27 fomi an Integral part of these financial slalem9nts. Page 15
Susan Day Residential Home Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Note Cash flows from oporallng actlvitlos Net cash incom 46,507 981 Adjustments to flows from nonacash Items DepT8ciation Investment income 5,170 2,328 49.349 5.170 11,2791 4,872 Vlorklng capltal adjustments (Increaseydecrease Sn stocks Decrease in debtors (Decreas8lllncr&ase In crediloTS 13 14 15 11,1421 3,123 110,986 76 4,875 10,848 Nel cash llows from operating activities 40,344 20.671 Cash flows from investlng actlvllles Inleresl receivable and similar income 2,328 1,279 Net increase in cash and cash equivalents Cash and cash equivalents al 1 April 42,672 21,950 361,733 339,783 Cash and cash eqLsivalents at 31 M8rch 404,405 361,733 All of th8 cash flows are derived from continuing operations during the above ts¥o periods. The notes on pages 17 to 27 form an Integral part of these flnanci81 statements. Page 16
Susan Day Resldentlal Home Not85 to the Flnanclal Statsments for the Year Ended 31 March 2024 1 kcounting polici8$ Statement of compliance The financSal ststements have been prepared in accordance with the second edition of the Charftles Statement of Recommended Practlce Issued in October 2019. th8 Financial Reporbng Standard applicable in tho Unilgd Kingdom and Republic of Ireland IFRS 102) and the Charitses Act 2011. Bosis of proparation Susan Day Residential Home meets the definition of a public benefit entity under FRS 102. The accounts (financial statemenlsl hav8 been prepared under the historical Gost Gonvenb"on wlth items recognised at cosl or trans8clion value unless 01h9nls8 slalgd in the rg18vant nolelsl to these accounts. Golng concern The trustees conslder that there are no material uncertainties about the charltys abillty to Gonlinue as a going Goncem. Inc¢yme and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it Is probable th8t the Income wlll be received dnd the amount can be measured with suffici8nl reliability. Donations and lega¢lgS Donations and legaci88 are recognised on a receivable basis when leIpl is probable and the amount can be r¢li8bly measured. Invèstment income Dlvldends are reo)gnised onc8 the dlvidend has baen declared and notification ha8 been racelved of the divldend due. Expendituro All expenditure is recognised once there is a legal or n$tnjrtiV8 obligation lo that expenditure, il Is probable seement is reqUId and the amount can be measured reliably. All costs ar8 allocated lo the 8ppItC8ble expenditure headtng that aggregate similar costs to th8t category. Where ¢osts ¢8nnot be dlrectly attrfbuted to parlicular heading5 they have been allocated on a basls conslstent with the use of rèsources. with central staff costs allocated on the basis of time spent, and depTedation charges 811ocated on the Portion of the asset's use. Other support costs are 811ocaled based on the spread of 5tsff ¢ostS. Charltable activltiés CharStablt expenditure comprlses those costs incurred by the charity in the delivery of its activlties and s8rvic8s for Its bengfl¢iarie$. 11 Sn¢lude$ both ¢o$t9 that ¢8n be allo¢alod dSrg¢tly to such 8¢11vlUgs and those costs of an indirect nature ne$Sary to support them. Page 17
Susan Day Residential Home Notes to the FlnanciaS Statements for the Year Ended 31 March 2024 (continued) Taxatlon The charity is eonsidered to pass the tests set out in Paragraph 1 Schedulg 6 of the Flnance Aot 2010 and therefore it meets the definition of a ch8ritable company for UK corporation tsx purpose5. Accordingly, tha charty Is potentially exempt from laxaty'on in respect of Income or capltal gain5 received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2D10 or Section 256 of the Taxallon of Chargeable Gains Act 1992, to the extent that such Income or galns are applied exclusively to charitable purposes. Tanglble flxad assets Individual fixed assets costlng £50,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclation and amortlsatlon Depreclauon is promded on tanglble flxed assets so as lo vnéte off the cost or valuation. less any estimated residual valL¢e, over their expected useful economic life as follows.. set class Land and Buildings Fumlture and equipmgnl Depreciation method and rat Straight line over one hundred y8ars 15Yo straight line with 8 full years chargfj In the year of acquisiUon Impaimient of fix•d assets A review for indicators of impairment 18 cathed out al each reportlng date. whh the recoverable amount being estimated where such indicators exist. Where the carry'ng value exceeds the r•cov8rablÈ amount, the asset is impaired accordingly. Prior impalrmgnts are also reviewed for possible reversal al each reporting date. For the purposes of Impalrment lestlng. when It Is not posslble to estlmate the recoverable amount of an indivldual asset. an estimate Is made of the recoverable amount of the cash4Jeneraling unil to which the asset belongs. The cash%eneratJng unil is the srnallest identifiable group of assets that includes the asset and generates cash inflows that largely independ8nt of the cash inflows from other assets or group of assets. For impairment t8sllng of goodwll. the goodwill acquired in a business combination is, from the 8CqUlSltion dale, allocated to each of the c8sh4enerating units that are expected to benofrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Stock Stock is valued at the lower of cost and estimated selling price Sess costs to complete and sell, 8fter due regard for obsolete and slow moving stocks. Cost is determined using the firsl-in, first-oul (FIFO). Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-lemi highty liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant iisk of change In value. Page 18
Susan Day Residentlal Home Notes to the Financial Statements for the Year Ended 31 March 2024 (contlnued) Fund Btru¢ture Unrestrrcted inc4Jme funds a g8neral funds that are available fur use at the trustees dlscretion in furthorance of the obhectlves of the charfty. Restricted income funds are those donated for use in 8 Particular area or for Specific purposes, the use of which is restricted to that area or purpo88. Flnan¢lal Instruments Classlll¢atlon Financial assets and finandal Ilabllitieg are recognI8ed when th8 chadty becomes a paty to the contractual provision8 of the inslrumenl. Flnancial liabilities and equity instruments are classlfled according lo the Substan of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual Interest in thg assets of the charity after deductlng all of its liabilities. Recognltlon and measurement All financial assets and liabiltu'es are initially measured at transaction price (including transaction costs), except for those flnanclal assets classified as at falr value fhrough profif or loss, which are Initlally measured at fair value (which is nomially the transaction price exdudlng transaction coslsl, unless the aangemen1 constilules a flnandng transaction. If an arr8ngement constitutes a financing Ir8nsaction, the financial asset or financial liability is measured at the present value of the futtjre payments discounted at a market rat¢ of interest for a simllar debt instrument. Financial assets and liabilities are only offset in the statement of financial pothon when, and only when there exists a legally enforceable rlghl to set off the recognised amounts and the charity intends either to setue on a net basis, or lo realise tho asset an(J settle the Ilability simultaneously. Financial assets are derecognised when and only when al the wntraGtUo1 rights to thg cash flows from the financial asset expire or are setued. bl the charity transfers lo another party substantially all of the risks and rewards of ownershlp of the flnancial asset, or cl the charity, despite hang retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financlal 1Sabllllles are derecognlsed only when the obllgatlon spectfied In the c¢Jntract is dlstharged, canceNed or expires. Pag8 19
Susan Day Resldential Home Notes to the Flnancial Statements for the Year Endod 31 March 2024 (continued) 2 Income from donatlons and legaclos Unrestrfcted fund5 General Total 2024 Don8tlons OcallOnS - general 6,903 6,903 6,903 6,903 Unrestrlctsd funds Gen•ral Restrlcted funds Tal -2013 Don8tion8 Donations - general 4,053 1,850 5,903 4,053 1,850 5,903 3 Incomo from charftabl• •ctlvitl•s Unr•strlctgd fvnds General Total 2024 Residents fees 1,291.719 1,291,719 Unrestricted lunds General Tgtal 2023 Residents fees 8ursary fees 1,144,081 1,144,081 945 1,145.026 1,145,026 Page 20
Susan Day Resldentlal Home Notes to the Flnanclal Statements for the Year Ended 31 March 2024 (continuedl 4 Investment Income Unrestrlcted funds Genoral Totsl 2024 UK bank deposlt account Interest 2,328 2,328 2.328 2,328 Unr•Btricted fund5 General Total 2023 UK bank deposlt account Inter6st 1,279 1,279 1,279 1.279 5 Oth•r Incomo Unre5tri¢ted funds General Total 2024 Other income 1.892 1,892 Unrestricted funds General Total 2023 Other income 2,040 2,040 Page 21
Susan Day Residential Homo Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 6 Expanditurg on charitable 4Gfjvltlg$ by fund type Unr•stri¢ted funds Gènèral Restrlctèd funds Totsl 2024 General fund Amenit5 fund Support costs 1,229,147 7,834 19,315 39 1,229.186 7.834 19,315 1,256,296 39 1,256,335 Unrastricted fund$ GeneTal Reslrlcted funds Total 2023 General fund Amenities fund Support costs 1,128,694 4.160 18,602 1,811 1,130,S05 4,160 18.602 1,151,456 1.811 1,153.267 7 Analysls of support costs Support costs allocated to charitablg actlvltles T¢>tal 2024 Total 2023 Accountancy fees Audit fees Consultancy fees Bank charges Prrnting, postage, slallonery and adverts 5,845 3,500 8.429 65 476 5,664 1,690 8,768 125 2.355 19,315 18,602 8 Net Ineomlngloutgolng fesouvces Nel incoming resources for the ar include: 2024 2023 Depreaation of fixed assets 5,170 5,170 Page 22
Susan Day Residential Home Notes to the Financial Statements for the Yoar Endod 31 March 2024 (contlnued) 9 Trustees remuneratlon and expenses No trustees. nor any p8r50ns ¢onnectfjd wlh them. have received any remuneration from th8 charity during the year. 10 Staff costs The aggregete P8yToII costs were as follows.. 2024 2023 Staff costs during tho year wer•: Wages and salaries Soaal security costs Pension costs 870.186 54,863 14,899 789,238 $0,184 1 5,329 939,948 854,751 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed full Ume equivalents was as follows.. 2024 No 49 2023 No 48 Carers. catering and admlnlslratlon No employee received emoluments of more than £60,000 dung the year Page 23
Susan Day Residential Home Notes to the Financlal Statements for the Year Ended 31 March 2024 (contlnued) 11 Taxation The charity is a giSted charity and is therefore exempt from taxation. 12 Tanglble fix•d as$èt8 Furnlturè and equipmont Land and buildings Total Cost At 1 Apdl 2023 517.002 255,038 772.040 At 31 Marth 2024 517,002 255,038 772,040 Depreciation At 1 ApTII 2023 Charge for the year At 31 March 2024 134,989 5,170 255,038 390,027 5,170 140,159 255.038 395,197 Net book value At 31 March 2024 376.843 376.843 At 31 March 2023 382,013 Freehold buildings were independently valued by a Chartered Surveyor on the ba51s Df an open market vgluation for existing use in July 1997. No historic cost records are available because the freehold bulldings were not on the Balance sheet before 1997. The tharity ha$ adopted the transitional provisions of FRS102 and the valuation of £360.000 has not been updated and has insl8ad been adopted as deemed cost. All addltionl improvem8nts to the propety slnc8 1997 are at ost. In April 2007, an insurance assessor carried out a detailed valuation of the propety and considered that it had a value of £2,300,000. The trustees considered thls value reali51io The trustees estimate that this valu8 will be at a similar level at 31st March 2024. 382.013 13 Stock 2024 2023 Stocks 3.677 2.535 14 Debtors 2024 2023 Trade debtors Prepayments 8,538 9,119 17,657 12,732 8,048 20,780 Page 24
Susan Day Residential Home Notes to the Financial Statsments for the Year Ended 31 March 2024 (continued) 1 S Credltors.. amounts falling due wlthln one year 2024 2023 Trade credllors Awua18 11,640 8.265 17,136 13.7S5 30,891 19,905 16 Penslon and other schemes Defined contrlbutlon penslon scheme The charity operates a defined conth'bution pension scheme. The pension cost tharge for the year represents contribulons payable by the charity to the scheme and amoLbnled to £14,899 12023 £15,329). 17 Funds Balance at Balanc• at 31 March 2024 Incomln9 Resources resources expended 2023 Transfers Unr•stricted funds General General fund Amenities fvnd Property Reserve Contingency Fund 192,560 11,558 382,Q113 150,000 736,131 1,299,333 11.243,2921 3,509 (7,834) 15,1701 {100,0001 148,6D1 7,233 376.843 250,000 100,000 1,302.842 11.256.296} 782,677 Restrlct8d funds Defibrillator fijnd 39 39 Total funds 736,170 1,302,842 1,256,335 782.677 Page 25
Susan Day Residentlal Home Notes to the Financial Statements for the Year Ended 31 March 2024 (contlnued) Balance at 31 March 2023 Balance at 1 Aprll 2022 Incoming msources R•source¥ expénded Unr•strfcted funds Geral General fund Amenities fund Property Reserve Contingency Fund 183,600 14.406 387.183 150.000 1,148.677 3.721 11,142,126) 14,1601 15,170) 190,151 13,967 382,013 150,000 736,131 735,189 1.152,398 {1,151,4561 Restrictod fund Defibrillator fund 1,850 11,811 39 Total funds 735,189 1,154,248 1,153,267 736,170 The speGffic purposes for whlch the funds are lo be applied are as follows.. The unrestrictsd lunds are funds available for the use at the discretion of the trustees In furtherance of the general objectives of the Gharity. The amenities fund includes unrestricted inmme frorn the ch8rltYs open day, Goffee momings and donations, and the related bank interest from such funds. Expenditure from the fund is the cost of the ovents and any surplus is designated for use of trips and outings and for Christmas and other occasional grfts. A separate designated propety reserve has been sel up lo represent the book value of the freehol buildings shown in the accoun15. Thi5 tangible fixed asset w?11 be retained to ensur8 the charity continues in il current activities as a residential horne. The trustees had designated £150,000 of the reserves as a contSngency fund, during the year the trustees deslgnated a further £100,000. This is lo be used for any unforeseen emergencies whlth may arise, mainly in spect of income,. staffing costs- or premises costs. The trustees believe this lo be good governance in particular taking into account the needs of residents who are beneficiaries of the charity. In 2023. the home received grants towards the purchase of a defibrillator. The remalning balance was fully spent during 2024. Page 26
Susan Day Resldentlal Home Notes to the Flnancial Statements for the Year Ended 31 March 2024 (continued) 18 Analysls of net assets between funds Unrestricted funds GonoTal Total tunds at 31 March 2024 Tangible fixed asse15 Current assets Current liabli ities 376,843 425,739 {19,905 782,677 376,843 425,739 119,9051 782,6TT Total net a33ets Unrestricted funds General Total funds at 31 March 2023 Restrlct•d funds Tanylble fixed assets Current assets Current Ilabllltles 382,013 383,198 {29.080) 736,131 382,013 385.048 130.891) 736,170 1,850 11.811) 39 Totsl net assets 19 Rolatsd party transactions There were no related party transactions in the year. Page 27