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2024-03-31-accounts

REGISTERED CHARITY NUMBER: 214293

Report of the Trustees and

Audited Financial Statements

for the Year Ended 31 March 2024

for

St Andrew's House

St Andrew's House

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 24
Detailed Statement of Financial Activities 25 to 26

St Andrew's House

Reference and Administrative Details for the Year Ended 31 March 2024

TRUSTEES K L Holmes
R F Kemble
J V Wilkins (resigned 31.8.2024)
M A Dunwoody (resigned 31.1.2024)
D W Mills
S Calder
J Mann
J Baird (appointed 28.9.2023)
PRINCIPAL ADDRESS 19 St Andrews Road
Earlsdon
Coventry
CV5 6FP
REGISTERED CHARITY 214293
NUMBER
AUDITORS Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN
BANKERS Natwest Bank
Birmingham City Centre
1 St Philips Place
Birmingham
B3 2PP

Page 1

St Andrew's House

Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The overall objectives of the charity are:

beneficiaries, with a preference for residents; and subject hereto other persons who are sick, convalescent, or infirm.

Further objectives are:

St Andrew's aims to provide a caring, Christian environment which offers choice and independence, supporting our community of residents to live a constructive, positive, and fulfilling lifestyle.

Ongoing activities form a vital part of the residents' personal welfare, and the programme is coordinated by the Activities Organiser.

A weekly programme of activities includes group events, quizzes & entertainments. Individual programmes are also a feature and take into account personal requirements. Entertainment is also provided by local volunteer groups, Churches & other artists. Optional devotions are held, normally on Sundays & Wednesdays led, either by a minister, or by a team of volunteer leaders, many drawn from local Churches.

The charity regularly requests feedback and involvement of residents in decision making to ensure their concerns and opinions are taken into consideration.

The public benefits of the charity are the provision of residential care home accommodation. The public benefits directly relate to the charity's key objectives.

In shaping the objectives for the year and planning for the charity's activities, the charity trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

The Charity was disappointed with the assessment from the Care Quality Commission (CQC) inspection in November 2023, however, are pleased that progress has been recognised in the March 2024 inspection. Much effort has been undertaken by the Charity to address the issues raised in the inspection and St Andrews has been supported by Coventry Social Services Commissioning Team.

Trustees express a thank you to manager, Jill Holmes, who retired January 2024, and her staff team, many of whom put themselves at risk during the pandemic to maintain services to the resident community and have implemented many improvements as required by the CQC. Their dedication has been exemplary against considerable challenges of shortages of staff in the Care Sector and inflationary pressures, whilst investing in electronic Care Plan System and generally evidencing the positive aspects of the care provided. It is gratifying to receive very good responses of residents in relation to their Care by kind and attentive staff. Regular meetings with residents take place, for which Trustees are involved whenever possible.

Page 2

St Andrew's House

Report of the Trustees for the Year Ended 31 March 2024

FINANCIAL REVIEW

The year ending 31st March 2024 has been the most challenging in over 20 years. The impact of the pandemic, compounded by restrictions on new admissions by the regulatory bodies, have had severe financial consequences. Due to the moratorium on new residents, occupancies dropped to a low of 24 (recovered to 27 as of August 2024.)

In order to raise the CQC rating it became necessary to appoint a 'Turn Around' Manager Consultant, which has resulted in a more satisfactory rating and the lifting of the new residents embargo. However, the loss of Income and higher expenditure has resulted in a deficit of circa £229,000. Trustees have managed this from prudent prior year surpluses.

The trustees have appointed new Joint Managers appointments of Madeline Relf and Alexis Keenan, with effect from May 2024. The Balance Sheet has now stabilised and at the year end is £1,469,227.

Like many providers operating in the Care Sector, St Andrew's House has continued to be challenged by external factors such as inflationary pressures and staff shortages. The shortage of staff has at times required a greater use of agency staff than we would have liked which in turn has impacted on financial outcomes.

Expenditure continues to be tightly controlled; however, staff costs and energy remain a significant expense. The costs of maintaining the Home to a high standard have also risen during the year. The trustees continue to invest in the property and the provision of electronic systems to meet the developing needs of the residents.

Within the financial year, the home has met its loan repayment facility to Nat West Bank plc, as part of the 18-year repayment period. The outstanding balance being circa £341,000.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. Included within unrestricted funds at the balance sheet date is £120,000 (2023: £120,000) designated by the trustees for this purpose.

In common with many other providers in the Care Sector, St Andrews could not survive only on the income received from Social Services and requires residents to meet the balance of fees, as determined by the Trustees. Everything possible is done to ensure that costs are contained as reasonable as possible, in order that the tariff can be set at a fair level and fee rates are reviewed annually.

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that the Action Plan and other systems in place mitigate exposure to the major risks, including principally, the loss of registration with the Care Quality Commission (CQC).

The Trustees continue to review the strategy for other potential improvements to the Home.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Page 3

St Andrew's House

Report of the Trustees for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Andrews House is a registered Charity, established by a Deed of Trust dated 1 August 1950 (plus amendments dated 16 May 1984). A new Trust Deed, approved by the Charity Commission, was implemented at the AGM in September 2009.

The Charity has one residential care home, St Andrews House, Earlsdon, Coventry, CV5 6FP, which is registered with the Care Quality Commission to accommodate a maximum of 35 residents.

At the year end, the Home employed 52 (2023: 50) members of staff comprising the Home Manager, Bursar, Supervisors and care assistants, an activities organiser, kitchen staff, housekeeping/laundry staff and an administrator. Our staff group is of mixed ages, experience and ethnicity.

We are inspected by the CQC in conjunction with other supervisory bodies. Inspection reports are available from the CQC and are downloadable from that website.

Responsibility for the Charity rests with the Trustees, who delegate the responsibility for running the care home to the Joint Managers. Each nominating body, as set out in the Trust Scheme, can nominate up to 2 Trustees. In addition, the Trustees may appoint 7 co-opted Trustees. The nominated Trustees may serve for a maximum of 2 terms of 3 years before retiring for 1 year. The co-opted Trustees are appointed for terms of 3 years. At the end of March 2024, we had 6 trustees.

The Trustees meet monthly and have regular contact with the Home Managers and the Bursar to ensure the smooth running of the Charity.

During the year, Trustee David Mills was re-elected as 'Nominated Individual', for which we are most grateful.

New Trustees are given a copy of the Trust Deed, access to previous minutes, a copy of the Charity's latest Report and Financial Statement and they undergo induction training. Where necessary, due to the new Trustee's potential involvement, a Disclosure and Barring Service check is carried out before the Trusteeship commences.

The Trustees review the remuneration package annually and award increases based on the Home's financial performance and perceived cost of living adjustments and other factors, such as the Living Wage. This has worked well in so far as there is an open recruitment policy which ensures the starting package is competitive and coupled with the annual review ensures staff retainment is part of the review. The Care Manager was in place for 4 years, whilst the Senior Supervisors have been in place for up to 19 years which suggests the policy is reasonable and appropriate.

FUND RAISING STANDARDS INFORMATION

The charity's fundraising is limited to holding events at the charity's home.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

Page 4

St Andrew's House

Report of the Trustees for the Year Ended 31 March 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 25 September 2024 and signed on its behalf by:

K L Holmes - Trustee

Page 5

Report of the Independent Auditors to the Trustees of St Andrew's House

Opinion

We have audited the financial statements of St Andrew's House (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Material uncertainty relating to going concern

Without qualifying our opinion, we draw your attention to Note 2 of the financial statements which indicate a material uncertainty related to going concern. The charity was significantly impacted during the year under review as a result of the "special measures" imposed on the home following an "inadequate" rating given by the Care Quality Commission (CQC) in October 2022.

Through measures taken by the trustees, including the appointment of a "turn-around" manager, and the commission of remedial works on the home, the CQC has found the home to no longer be in breach of the regulations, and after an inspection in March 2024, the home was upgraded to "requires improvement". As part of the most recent assessment, the "special measures" imposed on the home, including the suspension of external grant applications, and the restriction on admissions supported by Social Services has now been lifted.

In the period since the year end, concerted effort has been made to try and help drive occupancy rates which had fallen as low as 24 during the year. By the end of August 2024, occupancy had recovered to 27, and the trustees remain committed to returning the home to full occupancy in the year ending 31st March 2025.

The home has achieved modest operational surpluses in the period following the year-end, however, the results are less than forecasted on account of the time taken for occupancy rates to recover. As occupancy is the key driver for success, this indicates that a material uncertainty exists that may cast doubt on the ability of St Andrew's House to continue as a going concern. Our opinion is not modified in respect of this matter.

Page 6

Report of the Independent Auditors to the Trustees of St Andrew's House

Key audit matters

Key audit matters are those matters that, in the auditor's professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

This is not a complete list of all risks identified by our audit

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 7

Report of the Independent Auditors to the Trustees of St Andrew's House

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate 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 collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Page 8

Report of the Independent Auditors to the Trustees of St Andrew's House

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Leigh Christou Ltd Chartered Certified Accountants and Statutory Auditor Leofric House Binley Road Coventry CV3 1JN

25 September 2024

Page 9

St Andrew's House

Statement of Financial Activities for the Year Ended 31 March 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Charitable activities
6
Residents fees
Recharge expenses
Investment income
5
Total
EXPENDITURE ON
Charitable activities
7
Charitable Expenditure
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
4,955
1,284,898
16,064
26,148
1,332,065
1,564,296
(232,231)
3,456
(228,775)
1,698,002
1,469,227		 Restricted
funds
£
3,756
-
-
-
3,756
300
3,456
(3,456)
-
-
-		 31.3.24
Total
funds
£
8,711
1,284,898
16,064
26,148
1,335,821
1,564,596
(228,775)
-
(228,775)
1,698,002
1,469,227		 31.3.23
Total
funds
£
35,605
1,238,482
13,745
25,545
1,313,377
1,302,484
10,893
-
10,893
1,687,109
1,698,002

The notes form part of these financial statements

Page 10

St Andrew's House

Balance Sheet
31 March 2024
Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS		 31.3.24
£
1,608,630
129,957
150,122
280,079
(117,681)
162,398
1,771,028
(301,801)
1,469,227
1,469,227
1,469,227		 31.3.23
£
1,676,914
138,842
319,090
457,932
(97,034)
360,898
2,037,812
(339,810)
1,698,002
1,698,002
1,698,002

The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2024 and were signed on its behalf by:

K L Holmes - Trustee

The notes form part of these financial statements

Page 11

St Andrew's House

Cash Flow Statement for the Year Ended 31 March 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Finance costs paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing 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		 31.3.24
£
(95,456)
(28,658)
(124,114)
(11,405)
4,561
(6,844)
(38,010)
(38,010)
(168,968)
319,090
150,122		 31.3.23
£
180,543
(20,819)
159,724
(60,873)
1,517
(59,356)
(37,195)
(37,195)
63,173
255,917
319,090

The notes form part of these financial statements

Page 12

St Andrew's House

Notes to the Cash Flow Statement for the Year Ended 31 March 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Finance costs
Decrease in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operations		 31.3.24
£
(228,775)
79,026
664
(4,561)
28,658
8,885
20,647
(95,456)		 31.3.23
£
10,893
83,102
2,103
(1,517)
20,819
74,688
(9,545)
180,543

2.

ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 319,090 (168,968) 150,122
319,090 (168,968) 150,122
Debt
Debts falling due within 1 year (38,718) - (38,718)
Debts falling due after 1 year (339,810) 38,009 (301,801)
(378,528) 38,009 (340,519)
Total (59,438) (130,959) (190,397)

The notes form part of these financial statements

Page 13

St Andrew's House

Notes to the Financial Statements for the Year Ended 31 March 2024

1. CHARITY INFORMATION

St Andrew's House is a registered Charity, established by a Deed of Trust dated 1 August 1950. The current version of the Deed of Trust is dated 25 August 2009. The principal address of the Charity is St Andrew's House, 19 St Andrew's Road, Earlsdon, Coventry, CV5 6FP.

The nature of the Charity's principal activities is the care of elderly residents at its care home St Andrew's House.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Income

All income is recognised in the Statement of Financial Activities once the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable is relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Non-cash donations are recognised where the amount is clearly identifiable.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

On receipt, Grant income is treated as deferred income and released to the Statement of Financial Activities as Grant conditions are met.

Expenditure

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Expenditure on charitable activities includes the cost associated with caring for the Home's residents and their associated support costs.

continued...

Page 14

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Expenditure

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Improvements to property - 20% on cost Fixtures and fittings - 10% on cost

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the net income/(expenditure) for the year.

At each reporting date, the Charity reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Page 15

continued...

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Going concern

On the 4th October 2022, St Andrew's House received an "inadequate" rating following a routine inspection by the Care Quality Commission (CQC). As part of the enforcement action taken by the CQC, the home was placed into "special measures", to be reviewed every six months. The "special measures" imposed have had a significant impact on the charity in the year under review, with the home unable to admit any new residents that were in any way supported by Social Services.

As part of measures taken by the trustees to achieve compliance with the CQC regulations, the trustees appointed a "turn-around" manager, invested in staff training and a new electronic care plan system, and commissioned a series of remedial works to fix issues identified through the inspections.

Following this investment, the most recent on-site assessment in March 2024 found that the home was no longer in breach of the regulations, and the rating was therefore upgraded to a "requires improvement" rating with the "special measures" imposed being lifted. As a result, occupancy levels have steadily improved in the months following the year end, and the home has once again been able to apply for external grants, with one positive outcome already achieved.

With much of the increase in expenditure in the year under review being considered "one-off", the trustees believe that with the increase in residents fees, coupled with prudent reserves from prior years, the charity remains a going concern.

In the months following the year-end, the charity has maintained reserves sufficient to service the charity's long-term liabilities, and meet short-term creditors as they fall due. The trustees therefore continue to prepare the financial statements on a going concern basis.

Page 16

continued...

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4. DONATIONS AND LEGACIES

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Donations 4,955 2,700 7,655 35,105
Legacies - - - 500
Grants - 1,056 1,056 -
4,955 3,756 8,711 35,605
Grants received, included in the above, are as follows:
31.3.24 31.3.23
£ £
Other grants 1,056 -

Other grants relates to a grant received from Coventry City Council in order to facilitate the purchase of five new electronic, handheld carer devices.

5. INVESTMENT INCOME

INVESTMENT INCOME
31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Rents received 21,587 - 21,587 24,028
Deposit account interest 4,561 - 4,561 1,517
26,148 - 26,148 25,545

continued...

Page 17

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

6.
INCOME FROM CHARITABLE ACTIVITIES
Residents
fees
£
Residential care provision
1,284,898
7.
CHARITABLE ACTIVITIES COSTS
Charitable Expenditure
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Rates and water
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Laundry and cleaning
Refurbishment
Household and garden
Staff training
Computer software
Activity costs
Insurance
Food
Bad debts
Depreciation
Loss on sale of assets
Interest payable and similar charges		 Recharge
expenses
£
16,064
Direct
Costs (see
note 8)
£
1,440,969		 31.3.24
Total
activities
£
1,300,962
Support
costs (see
note 9)
£
123,627
31.3.24
£
971,493
5,299
37,807
5,429
4,629
1,952
29,728
28,213
98,370
10,514
5,324
13,829
5,062
22,806
74,965
17,201
79,026
664
28,658
1,440,969		 31.3.23
Total
activities
£
1,252,227
Totals
£
1,564,596
31.3.23
£
908,424
4,040
30,807
4,550
1,904
1,247
22,777
27,009
61,576
8,447
3,905
12,360
3,793
16,762
70,672
-
83,102
2,103
20,819
1,284,297

continued...

Page 18

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

9. SUPPORT COSTS

Governance
Management
costs
£
£
Charitable Expenditure
49,586
74,041
Support costs, included in the above, are as follows:
31.3.24
Charitable
Expenditure
£
Subcontractors
49,586
Auditors' remuneration
5,100
Legal and professional
49,665
Consultancy fees
19,276
123,627
10.
AUDITORS' REMUNERATION
31.3.24
£
Fees payable to the charity's auditors for the audit of the charity's financial
statements
5,100		 Totals
£
123,627
31.3.23
Total
activities
£
7,286
4,620
6,281
-
18,187
31.3.23
£
4,620

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

12. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administrative staff
Care staff		 31.3.24
£
955,163
50,931
14,985
1,021,079
31.3.24
3
49
52		 31.3.23
£
862,010
41,206
12,494
915,710
31.3.23
3
47
50

No employees received emoluments in excess of £60,000.

continued...

Page 19

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
7,736
Charitable activities
Residents fees
1,238,482
Recharge expenses
13,745
Investment income
25,545
Total
1,285,508
EXPENDITURE ON
Charitable activities
Charitable Expenditure
1,297,517
NET INCOME/(EXPENDITURE)
(12,009)
Transfers between funds
46,102
Net movement in funds
34,093
RECONCILIATION OF FUNDS
Total funds brought forward
1,663,909
TOTAL FUNDS CARRIED FORWARD
1,698,002
14.
TANGIBLE FIXED ASSETS
Improvements
Freehold
to
property
property
£
£
COST
At 1 April 2023
2,720,063
17,207
Additions
-
-
Disposals
-
-
At 31 March 2024
2,720,063
17,207
DEPRECIATION
At 1 April 2023
1,178,865
9,540
Charge for year
54,401
3,441
Eliminated on disposal
-
-
At 31 March 2024
1,233,266
12,981
NET BOOK VALUE
At 31 March 2024
1,486,797
4,226
At 31 March 2023
1,541,198
7,667		 Restricted
funds
£
27,869
-
-
-
27,869
4,967
22,902
(46,102)
(23,200)
23,200
-
Fixtures
and
fittings
£
353,707
11,405
(3,598)
361,514
225,658
21,183
(2,934)
243,907
117,607
128,049		 Total
funds
£
35,605
1,238,482
13,745
25,545
1,313,377
1,302,484
10,893
-
10,893
1,687,109
1,698,002
Totals
£
3,090,977
11,405
(3,598)
3,098,784
1,414,063
79,025
(2,934)
1,490,154
1,608,630
1,676,914

continued...

Page 20

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24
£
Trade debtors
107,182
Prepayments and accrued income
22,775
129,957
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24
£
Bank loans and overdrafts (see note 18)
38,718
Trade creditors
27,127
Social security and other taxes
11,252
Other creditors
4,438
Accruals and deferred income
36,146
117,681
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24
£
Bank loans (see note 18)
301,801
18.
LOANS
An analysis of the maturity of loans is given below:
31.3.24
£
Amounts falling due within one year on demand:
Bank loans
38,718
Amounts falling between one and two years:
Bank loans - 1-2 years
38,718
Amounts falling due between two and five years:
Bank loans - 2-5 years
123,152
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
139,931		 31.3.23
£
117,889
20,953
138,842
31.3.23
£
38,718
14,925
6,739
3,536
33,116
97,034
31.3.23
£
339,810
31.3.23
£
38,718
38,718
123,152
177,940

The long-term loans are secured by fixed charges over the property St Andrew's House, 19 St Andrew's Road, Coventry, CV5 6FP.

continued...

Page 21

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities
Long term liabilities
20.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated funds
Restricted funds
Purchase of Computer Equipment
Hot Trolly
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Purchase of Computer Equipment
Hot Trolly
Resident name tags
TOTAL FUNDS		 Unrestricted
funds
£
1,608,630
280,079
(117,681)
(301,801)
1,469,227
At 1.4.23
£
1,578,002
120,000
1,698,002
-
-
-
1,698,002
as follows:		 Restricted
funds
£
-
-
-
-
-
Net
movement
in funds
£
(232,231)
-
(232,231)
1,056
2,400
3,456
(228,775)
Incoming
resources
£
1,332,065
1,056
2,400
300
3,756
1,335,821		 31.3.24
Total
funds
£
1,608,630
280,079
(117,681)
(301,801)
1,469,227
Transfers
between
funds
£
3,456
-
3,456
(1,056)
(2,400)
(3,456)
-
Resources
expended
£
(1,564,296 )
-
-
(300)
(300)
(1,564,596 )		 31.3.23
Total
funds
£
1,676,914
457,932
(97,034)
(339,810)
1,698,002
At
31.3.24
£
1,349,227
120,000
1,469,227
-
-
-
1,469,227
Movement
in funds
£
(232,231)
1,056
2,400
-
3,456
(228,775)

continued...

Page 22

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds
Restricted funds
Renewal of underfloor heating system
Kitchen Refurbishment
Repairs to Green Room
Lounge Chairs
TOTAL FUNDS		 At 1.4.22
£
1,543,909
120,000
1,663,909
12,200
10,000
1,000
-
23,200
1,687,109		 Net
movement
in funds
£
(12,009)
-
(12,009)
15,000
7,652
(1,000)
1,250
22,902
10,893		 Transfers
between
funds
£
46,102
-
46,102
(27,200)
(17,652)
-
(1,250)
(46,102)
-		 At
31.3.23
£
1,578,002
120,000
1,698,002
-
-
-
-
-
1,698,002

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Christmas
Renewal of underfloor heating system
Kitchen Refurbishment
Repairs to Green Room
Garden furnishings
Hog Roast
Lounge Chairs
Vacuum Cleaner
Website Upgrade
TOTAL FUNDS		 Incoming
resources
£
1,285,508
1,900
15,000
7,652
-
500
1,000
1,250
150
417
27,869
1,313,377		 Resources
expended
£
(1,297,517 )
(1,900)
-
-
(1,000)
(500)
(1,000)
-
(150)
(417)
(4,967)
(1,302,484 )		 Movement
in funds
£
(12,009)
-
15,000
7,652
(1,000)
-
-
1,250
-
-
22,902
10,893

Designated funds

The income funds of the charity include a designated fund which has been set aside out of unrestricted funds by the trustees for specific purposes:

Restricted funds

The income funds of the charity include restricted funds comprising the following:

£1,056 granted towards the cost of purchasing additional Handheld Care devices for the staff.

continued...

Page 23

St Andrew's House

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

- Hot Trolly

- Resident name tags

The transfers made during the current and previous years relate to where incoming resources received relate to the acquisition of fixed assets. These amounts are transferred to unrestricted funds after the assets have been acquired, thus discharging the restriction.

21. RELATED PARTY DISCLOSURES

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2024 2023
£ £
Aggregate compensation 118,791 115,187

Transactions with related parties

During the year donations of £2,710 (2023: £6,069) were received from trustees represented by:

£
Unrestricted Funds 310
Restricted Funds:
Purchase of new Hot Trolley 2,400
2,710

22. AUDITOR LIABILITY LIMITATION AGREEMENT

Auditors Liability is limited to a maximum of twenty-five times the fee relating to the audit engagement.

The trustees approved the agreement on 3 April 2024.

Page 24

St Andrew's House

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Legacies
Grants
Investment income
Rents received
Deposit account interest
Charitable activities
Residential care provision
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Rates and water
Light and heat
Telephone
Postage and stationery
Advertising
Sundries
Laundry and cleaning
Refurbishment
Household and garden
Staff training
Computer software
Activity costs
Insurance
Food
Bad debts
Freehold property
Improvements to property
Fixtures and fittings
Loss on sale of tangible fixed assets
Bank charges and interest		 31.3.24
£
7,655
-
1,056
8,711
21,587
4,561
26,148
1,300,962
1,335,821
905,577
50,931
14,985
5,299
37,807
5,429
4,629
1,952
29,728
28,213
98,370
10,514
5,324
13,829
5,062
22,806
74,965
17,201
54,401
3,441
21,184
664
28,658
1,440,969		 31.3.23
£
35,105
500
-
35,605
24,028
1,517
25,545
1,252,227
1,313,377
854,724
41,206
12,494
4,040
30,807
4,550
1,904
1,247
22,777
27,009
61,576
8,447
3,905
12,360
3,793
16,762
70,672
-
54,401
3,441
25,260
2,103
20,819
1,284,297

This page does not form part of the statutory financial statements

Page 25

St Andrew's House

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
Support costs
Management
Subcontractors
Governance costs
Auditors' remuneration
Legal and professional
Consultancy fees
Total resources expended
Net (expenditure)/income		 31.3.24
£
49,586
5,100
49,665
19,276
74,041
1,564,596
(228,775)		 31.3.23
£
7,286
4,620
6,281
-
10,901
1,302,484
10,893

This page does not form part of the statutory financial statements

Page 26