RUGBY FREE CHURCH HOMES FOR THE AGED REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Atkinson Finch 8 Co Chartered Accountsnts Central Chambers 4547 Albert Street Rugby larwickshi CV212SG
RUC?B Y FREE CHURCH HOMES FOR THE AGED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Page Charity Inforrnatlon Offlcern and Commltt•• Mfrmbern Report of the Tru8t•o8 Report of th• Ind•wndant Audltorn statemont of Flnanclal Acllvltl•s 10 B¥lance Sheet 12 Cash Flow Statement 13 Not to the Fln•n¢lal Ststoments 14 Flnan¢lal Support 21
RUCIBY FREE CHURCH HOMES FOR THE AGED CHARITY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2024 The Charity is governed by a Trust Deed dated 10th October 1946 and is ¢onstituled as an unincorporated aSsociatn The Free Churches named in the Deed are each entit to elect three people to serve on the Management Committee. The Churches are'.- The Bapts"st Church, The Melhodisl Church, The Salvation Army, The SOcty of Friends and the Congregatn81 Church (now incorporated within the United Reformed Church). REGISTERED OFFICE Bitton House 5 Bawnmre Road Rugby Warwickshire CV22 7QH REGISTERED CHARITY NUMBER 214479 AUDITORS Atkinson Finch & Co Chartered Accountants Central Chambers 4547 Albert Street Rugby WaThvickshire CV21 2SG BANKERS Lbyds Bank P 14 Church Street Rtsgby Warwickshire CW21 3PL FINANCIAL ADVISERS Ralhbone Investment Management Limited 159 New Bond Street London W1S2UD Page 1
RUGBY FREE CHURCH HOMES FOR THE AGED OFFICERS ANO COMMIThEE MEMBERS FOR THE YEAR ENDED 31ST MARCH 2024 PRESIDENT (position currenty vacant) VICE PRESIDENT {pOsitn currently vacant) CHAIRMAN Revd R J Maloney SECRETARY Mr D Vvells TREASURER MrSRBird MANAGER Miss S J Ashby CUSTODIAN TRUSTEE Official Custodian for Charities MANAGING TRUSTEES Revd R J Maloney MrSRBird Mr D Wells Mrs H Cox Mrs M J Prager Mrs R Pugh Mr D Knight Mrs B Griffith$ Mrs E Lambert Mrs J Lewis resigned 11 May 2023 appointed 11 May 2023 appointed 11 May 2023 FRIENDS OF BILTON HOUSE Mr P Smith Mrs C Sidley Mrs E Mann MrSRBird Mrs J Glanville Mrs C Whitehouse Mr J Reeve Mrs C Wlliams Mrs C Howafd Mrs B Rose Miss S J Ashby Chairperson SENIOR MANAGEMENT Miss S J Ashby Mrs S Moses Mrs T Butler Mrs D Collinson Seconded to Manager Assistant manager Assislanl manager Seconded to Assistant manager Page 2
RUC?BY FREE CHURCH HOAIES FOR THE AGED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees Present their report with the financial ststements of the charity Iregislered number 214479) for the year ended 31st March 2024. The Trustees have adopted the provistons of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢cordance with the Financial Reporting Stsndard applicable in the UK and Republ of Iland (FRS 102) effective 1 January 2019). OBJECTIVES AND PUBLIC BENEFIT The charity Rugby Free Church Homes for the Aged. otherwise known as Bilton House was established in 1946, by trust deed. This trust deed established the objects of the charrty as to make provisK)n for the welfare. comfort. treatment and relief in srckness and old age of aged and poor persons belonging to. or connected with, or recornmended by, any of the Fe Churches of Rugby or Fts surrounding district namely the Baptist Church, The Congregational Church. The Methodist Church. The SalvalKJn Amiy and The sIety of Friends, and in particular and for those purposes lo provide and maintain homes for such aged and for poor persons al the Billon House premises and any other premises which may from lime to tim8 be acquired by or on behalf ofthe charity. The Tiustees aim for Bilton House to provide a caring and Comfortab home. wrthin a Christian ethos, meeting each resident's sccial, physi¢al and spiritual needs. offering the highest stsndards of care, where each resident has the choice lo live as independently as helshe is ab, supported by the level of care each one needs. A high level of stsff enables this aim Stsffing rat5 exceed any Comparable IK1 Within the a0. The Home and ils furnishings and fittings, is well maintained throughout. Residential fees are sel lo meet the needs ol the Home wrthout makirwj any profit. Residents with insufficient fvnds or income lo meet the fees benefit from the support of the care fund. They are supported at a basic level by Warwi¢k$hire Social Services and the care fund pays the difference up to the full fee. For the year ended 31st March 2024 £6,24812023 - £26,740> was allocaled from the care fvnd for this purpose. Chanlable funds raised by the friends provide free outings and activil*s for our resKl&nts and also contribute towards other costs such as chiropody. The charity is govemed by a Management Commrttee made up of MberS elected by these churches, together with a number of co-opted members, and this committee forms the body of Managing Trustees. The Official Custodian for Charities carries out the function of preVu$ custodkqn Iruslees. There is a separate committee for the selection of resKlents. and a -Friend$ of Bilton House" committee whose aim is lo improve liaison with the churches to provKle pastoral and social care for the residents and to publi¢i$e Billon House. All of the members of the Management Committee work for the chanty on a voluntary basis. The Managemonl Committee employs a Care Manager, AdministralKin Manager. three Assistant Managers, Care Staff, Caterin9 Staff, Domestic Staff, a Maintenance Engineer and a Clerical Assistant lo operate the Home and care for the residents. Senior Care Staff have been appointed by promotion of existing staff. The Care Manager is responsible lo the Management Committee for the operation of the Home. The officers of the committee, the Chairman, the Secretary and the Treasurer meet regulaty with the Care Manager and the Administration Manager lo monrtor responsibilities of the ca Manager and the operation of the Home, to share, discuss and resolve short lem problems whh may arise and lo inibate long term policy for discussion by the Management Committee. STATEPJIENT OF TRUSTEES RESPONSIBILMES The Managing Trustees are responsible for preparing the ffinancial statements for each financ1 year in accordance with applicable laws and Unrted Kingdom Accounting Standards (Untted Kingdom Generally Accepted Accounting Practice). Charity law requiTrs the Managing Trustees to prepare financial statements each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of fvnds of the charity for that period. In preparing these financial statements, the Managing Trnslees are required to.. Page 3
RUGBY FREE CHURCH HOMES FOR THE AGED REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31ST MARCH 2024 STATEAIENT OF TRUSTEES RESPONSIBILfflES....conL select suitable accounting policies and then apply them consistenty.. obseNe the melhcxys and prinCipS in the applicabk Charity SORP,. make judgments and estimates that are reasonable and prudent., prepa the financ1 statements on the going concem basis unfess it ts inappropriate to presume that the charity will continue in business. The Managing Trustees are OnsIble for keeping Fyoper accounting Tecords whKh disclose with reasonable accuracy al any lime the financial positton of the chanty and to enable them to ensure that the financh81 statements Gomply with the Charities Act. They are also responsible for safeguarding the assets of the chanty and he for taking ieasonable steps for the prevention and deteCtn of fraud and other irregularities. CHAIRMAN'S REPORT Bilton House has continued with a wide range of voluntary activieS offered to the reshyents aimed at embracing an holistic approach lo their well being This is in keeping with our Christian ethos, including Christian Wofshop in various forms and the appointment during the year of a new chaplain following the ret1ment of the previous post holders after many years of dedicated service. Bilton House continues to maintain a strong Chnstian ethos of love and caring which is reinforced both in words and actions. Staff and others a encouraged to spend lime talking lo residents based on principle that we work in Iheir home rather than they live in our workplace. The Officers in particular wish to thank the Free Churches for their support to the horr and for providing praCtal, pastoral and spritual care lor many of ils residents. We also thank all those who support Ihe home and who give their time and energy so willngly when they are able lo do so. We continue lo make both physical alterations and decorative enhancements lo areas of thi$ Home to enhance the living and working environment. As indi¢aled in previous reports, heating and sufficient hol water had been a growing problem. During 2023 we appointed a consijltanl to revew our systems and advise on the capacity requirernenls to meet our needs. As a result of the consultant's findings. we installed a new system of tsvin boilers with an output of up lo 180kw at an approximate ¢osl of £40k and are pleased to report that this new system both meets our needs and has redLtced overall fuel costs. Following an inspection by WarwiCk$hi Fire and Rescue Services in 2023, we appointed a Third Party to undertake a CoMphenSlve Fire Risk Assessment. From this Risk Assessment we developed a comprehensive action plan and have upgraded the fi alarm system to L1 (the hhest grade) and improved the fire comparbnents including divrding the roof space into fire proof areas. In May 2023 we installed solar panels on the roof rated at a maximum of 12kw wrth an installed cost of £27k. To dale (August 20241 the system has produced 15.9 megawatt hours of power saving around £8k during this period. Foard prcjections expect savings lo be considerably lower due to electricty prrce reductions. Early in 2023, our Care Manager resigned and the Trustees unanimousty agreed to the Deputy Care Manager being seconded for 1 year to Care Manager (with effect from 1 st April 20231. There was a very posrtive response of both staff and residents lo this secondment. Dunng the earty part of 2024, we advertised t*)th internally and externally for the permanent post of Care Manager and, following short listing and a competitive interview stage, we Vre pleased to confirm that the seconded Care Manager was appointed to the permanent rote in May 2024. As indicaled in our previous report, we had an unannounced Warwickshire County Council Qualty Assurance visit during 2023. 11 was particularly pleasing to read their summary of that visit which included "Officers observed there lo be a lovely calm and al limes jovial atmosphere within the home. Staff and residents engaged respectfully with each other and staff were seen to be kind and caring as they supported resKJents. As carers inleraded Te5Klents, it was evident staff knew the resKYents well and Underst)d their indivhdual needs, likes and dislikes." As with any inspection, there were areas lor improvement and our Care Manager and her team afe working on these areas. We are fortunate to retain a team of professD)nal managers. CarS and domeststs WIKI pfovhde a rich, ¢omfortab18 and safe environment in whh our reshdents INe. The 2011 Charib'es Act requires us to disclose the assistance received from our professional advisers. We have again employed Atkinson Finch & Co as auditors. There is a list of all the donath)ns and legacies receivgj during the year included in the followng ststements of accounts. Page 4
RUCYBY FREE CHURCH HOMES FOR THE AGED REPORT OF THE TRUSTEES Icontlnued) FOR THE YEAR ENDED 31ST MARCH 2024 REVIEW OF ACTIVITIES We continue to encourage staff to train for NVQ and a number have gained Creditab passes during the year. We continue lo believe that a key benefit lo residents arises from the range of charitable supported activities and more opportunities for conversations with volunteers and visrtors. Our activities organiser on the staff. supported by volunteers offers a wide-ranging programme of slimulaling and enjoyable day to day acb'vrties for residents forming an important part of the life of the Home. A programme ol these events is highlighted on our notice board and stsff are encouraged lo remind residents of the voluntary opportunrtEs. One hwjhlighl was the lebratiOn paty for King Chartes 111 Coronation which was much apprecialed by all who attended. The Free Churches of Rugby have an important influence on the lrfe of the and rts residents. An aftemoon service is led by extemal Clergy and Lay people at the each Sunday. and a Feifowship meeting held each Wednesday morning. These are led by members of Ihe-sending" chur¢hes and much appreciated by the residents. Regular communion services are also held in the home by the Ministers of the Churches. CHARITABLE BENEFIT The Trustees ale confident that each Sident benefits by having Billon House as their hoTh. Vle provide the highest level of care. We meet each resmlenfs social, physical and spirrtual neets. There is no margin of profil to be paid lor. Chaiitable funds raised by the fnends provide free outings and activitses for our SidentS and also contribute towards other costs such as chiropody. Subject lo some constraints, each resKlenl has the confidence that if their own funds become insufficient lo meet residentkil fees there is supFort from the care fund. FUTURE PLANS Future plans for Bilton House fo¢u$ on maintaining and improving our hh stsndards of care, ensuring that we aayS achieve a rating of al least"Good- by CQC Inspectors and we seek to be recognisod as outstanding. The care needs for a significant number of our residents has increased in recent years and we will continue lo explore ways to address that progressive issue based on our ethos of offering pempnent residents a home for the rest of their life where reasonably practical to do so. FUTURE RISKS Underfunding by Warwickshire County Counul of Social Seryice supported residents remains a major financial risk, although the number of supported reSents inVoed has reduced consKlerably. We anticipate that the gap will widen year on year betsveen the rale provided by and the actual ¢ost lo the chanty of the resident. We are fortunate in that alrrvJsl all ol our residents are self funded and our objective is for a balanced budget each year wrthoul profit. We will continue lo seek lo mitigate the risk by exFecling Sc¢ial Service residents to Klentify top up means prior to permanent residency. Previous substants'al increases in energy and food costs to a necessity to significantly incease iesidents rents in 2024. FINANCIAL YEAR The financial year runs from 1st April to 31st March. WapMckshI County Council So¢rdl Services makes the changes al the beginning of ApTiI to payments for the residents whom they supwrt. Annual pay rises for staff al Bilton House are made for the teginning ofApril and rents for re$hJents are also ffjviewed and changed at this bme. Page 5
RUC?B Y FREE CHURCH HOMES FOR THE AGED REPORT OF THE TRUSTEES (continued FOR THE YEAR ENDED 31ST IAARCH 2024 THE GENERAL FUND The general fund covers day lo day activities of running the Home. and the income is derived from the residents, rents and investments together with donations and legacies. It is the current policy of Ihe Trustees to set rental in¢ome, including Care Fund grants, lo cover the basic running costs. allThving the remainder to be used for developm8nt and improvement of the facilits. GENERAL BANK BALANCE - RESERVES POLICY In order lo ensure that all bills and charges are paTrd promptty it is policy lo maintain the general bank balance at a minimum of 5% of annual expenditure and an average of about 80A represersts'n9 beeen 2 IA and 4 weeks wages and costs. THE CARE FUND The Trustees policy has been lo maintain the value of the fund at market value {i.e. not to spend the capitsl of Ihe fund). Income generated by the fund is used firstly lo provide financial support for any resident who does not qualify fof full support of residential fees from public fvnds. and who has inSUfficnt means personally and no family or other financkgl backing. secondly lo provide overall support to all residents in keeping rents to a minimum whilst providing the highest level of care possible wrthin the limits of the funds available. THE CAPITAL RESERVE This represents the nel book value of the building and other assets. The transfer represents the cosl of additions lo fixed assets less the depreciation charged. INVESTMENT POLICY The investments, held for investnt purposes to help SubSlSe fees, are managed by investment brokers. Ralhbones in their Core lnves1ffnl Fund for Charities. The ethical investment poly for this fund is. We don't invest directly in any company that manufactures tobacco or tobacco products. or derives more than 100kn of ils sales from gambling, high-inleresl rate lending, pornography or from the manufacture of a1h01 or armaments" For 2023124 the income, was £18,049 which is 2.86% of the capital at 31 March 2023. During the year we withdrew £50,000 towards the cost of ffire safety improvements. RISK ASSESSMENT Systems are in place lo miligale nsks as they are ldenlrfd. The work at Bilton House and the qualty of lrfe of the residents is dependent on the dedicated work and good humour of the staff and is enriched by the serwice and interest of friends. who give theif lime, their presence and their money so generously. My thanks to each and everyone of you who has been invofved wth 8itton House over the last year. ON BEHALF OF THE TRUSTEES: S R Bird - Trustee Revd R J Maloney - Tnjstee Date.. Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RUGBY FREE CHURCH HOMES FOR THE AGED Opinlon We have audited Ihe financial statements of Rugby Free Church Homes for the Aged (the 'charity') for the year ended 31st March 2024 which compnse the Statement of Financial Activrties, the Balance Sheet, the Cash Flow Statement and notes to the financial stalemenls, including a summary of signikant accounting polS. The financial reF)Orting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards Iunited Kingdom Generalty Ac¢epled Accountsng Practice). In our opinion the financial statements.. give a true and fair view of the slate of the ¢harity's affairs as at 31st March 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordan¢e wrth United Kingdom Genefalty Accepted Accounting PraCte., and have been prepared in accordance wrth the requirements of the Charits"es Act 2011. 80818 for oplnlon We conducted our audit in accordan¢e with InlematKinal Slandard$ on Audrting (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards a fvrther described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independenl of the charty in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beIve that the audit evidence we have obtained is sufficient and appropnate lo provKle a basis lor our opinion. Conclu•lon• relatlng to golng conc•m In auditing the financial stalemenls, we have concluded that Ihe trustees. use of the going concem basls of a¢¢ounts'ng in the preparatn of the financial statements is apprOprte. Based on the work we have performed, we have not idents.fied any material uncertaints.es relating to events or conditions that, individually or collectively. may cast signth¢ant doubl on the charity's ability lo continue as a going ¢on¢ern for a period of at leasl e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilrties of the trustees with resFect to going concern are described in the relevant sèctions of this report. Other Infomiatlon The Iruslees are responsible for the other information The other information comprtses the infomation included in the annual report, other than the finanual slalements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other informakn and except lo the extent olhenwise explicitly stated in our report. we do not express any form of assurance nclUs)n thereon. In connection with our audit of the financial statements. our responsibilsty is to read the other information and. in doing so, consider whether the other information is materialty inconsistent with the financial ststements or Ouf knowledge obtsined in the audit or otherwise appears to be materially misslated. If we Hjenlify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is 8 material misstalemenl of this other information. we are required to rep)rt that fact. We have nothing to report in this regard. Matters on whlch wo are reqvlred lo rnport ty exceptlon We have nothin9 to report in respect of the following matters Whe the Charities IA¢¢ounts and Reports) Regulations 2008 require us lo report lo you rf, in our 0.n)n'. the information given In the Trustees Report is inconsistent in ary material respect with the financial slatemenls.. or sufficient accounling records have not teen kept, or the financial statements are not in agreement wrth the accounting records., or we have not received all the information and explanations we require ft)r our audit. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RUGBY FREE CHURCH HOMES FOR THE AGED (CONTINUED) R¢spon$lbllilles of trustees As explained more fully in the Statement of Trustees Responsibilities. the trustees are responsible for the preparation of the financial statements and for being satisfied that they gNe a twe and fair view, and for such intemal control as the Iruslees determine is necessary lo enable the preparation of financial Statements that are free from material misslalemenl, whether due to fraud or error. In preparing the financial stslements. the trustees are responsible for assessing the chanty's ability to continue as a going concern, disclosing, as appli¢able, matters related lo going concern and using the going ¢oncern basis of accounting unless the trustees erthei intend lo IKiuidale the charity or to cease operats'ons, or have no realistsc alternative but lo do so. Our responslbllltles for the audll of the Ilnanclal Ststements We have been appointed as auditor under secti)n 144 of the Chafilw Act 2011 and report in accordance with the Act and relevant regulatnS made or having effect thereunder. Our objectsves are to obtain Teasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error. and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material misslatenknt when il exists. Misstatements can arise from fraud or errol and are considered matenal if, individually or in the aggregate, they could reasonably be expected to influence the economic decision$ of users taken on the basis of these financial statements. Irregularrties, including fraud, are instances of non4omplrance with La and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misstatements in respect of •rgUlarIties. inclvding fraud. The exlenl lo which our procedures are capable of detecting irregularities. Including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, fo¢using on those laws and iegulalions that have a direct effect on the amounts and disck)sures in the financial statements such as the Charities Act 2011 and the Charities SORP IFRS102) In addition, we considered provisions of other laws and regULtnS that do not have a direct effect on the financial slalements but compliance with which might be fUndantaI to the charity's abilrty lo operate or lo avo a material penalty. Auditing standards limit the required audit procedures to identify non•compliance with these laws and regulations to enquiry of management and inspecb'on of regutory and legal Coffespondence, if any. We also considered the opportunities and incentives that may exKsl within the charity for fraud. Our audit procedures lo respond to the various risks included enquiries of management about their own Klentificalion and assessments of risks. including reviewing the chartys own risk register. reviewing xcounting estimates for biases. and reading minutes of meetings of those charged wrth goveman¢e. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstalemenls in the financial slalements or non-compliance wrth regulation, even though we have properly planne(I and performed our audit in accordance with auditing slandards This risk increases the more that compliance with a law or regulation is removed from the events and IransactK)ns refle¢ted in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, Collusion, omission or MISpreSentation. A further description of our sponSibl11eS for the audit of the financkql statements is located on the Financial Reporting Council's website al NwM.frc.org.uklauditorsrespon$ibilities. This description fomis part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RUGBY FREE CHURCH HOMES FOR THE AGED (CONTINUED) Use of our report This report is made solely to the ¢harity's trustees. as a body, in accordance wrth Part 4 of the Charities IA¢counls and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matters we are required lo state lo them in an auditors. report and for no other Purpose. To the fullest extent permitted by law. we do r1 accept or assume responsibility to anyone other than the charity and the charity's trustees as a tK)dy. for our audit work. for this POrt, or for the opinM)ns we have formed. Atkinson Finch & Co, Statutory Audrtor Chartered Accountants Central Chambers 4547 Albert Street Rugby Warwickshire CV212SG Atkinson Finch and Co is eligible to act as an audrtor in lemis of Sectton 1212 of the Companies Act 2006. Page 9
RUGBY FREE CHURCH HOMES FOR THE AGED STATEMENT OF FINANCIAL ACTwinES FOR THE YEAR ENDED 31ST MARCH 2024 General Fund Care Fund Capital 2024 2023 Notes INCOMING RESOURCES Voluntary Income Donations Legacies ActSvltle6 for generating funds Garden paty and coffee momings Investment income Incomlng resources from Charilablo Activitles Residents fees Other Sncom• TOTAL INCOMING RESOURCES 3,907 10.531 1.500 14.438 1,SOO 23,439 1.000 6.393 12.403 18,796 16,008 1,642,322 1,642,322 1,510.769 1,652,622 24.434 1.677,056 1,551.216 RESOURCES EXPENDED Costs of g•n•ratlng fund• Investment management charges Charltable •¢tlvltlo8 Salaries and wages (Carel 605 1.174 1,779 2,437 4 1,239.486 92.531 39.564 177.801 6.359 13.436 34,291 11,675 237 3,888 144.889 7,863 4.332 1,239,486 92.531 39,564 177,801 6,3S9 13.436 34,291 11.675 237 3,888 144,889 7.863 4.332 1,201,962 98.501 44,310 65,007 5,817 10,784 50.471 10,391 128 2,961 95,762 7,113 4,140 Household expenses Light and heat Rates and water Residents amenities Salaries and wages IAdminl Insurances Bank charges Telephone, printing, postsge and advertising Repairs and renewals Professional fees Audit costs and publications Covid Grant Spending General expenses Staff training Depreciation 23,080 6.424 61.549 1.867,405 23,080 6.424 61,$49 1.867.405 16,632 6,390 54,874 1,675,243 TOTAL RESOURCES EXPENDED 1.868.010 1,174 1869 184 1,677,680 NET (OUTGOINGVINCOMING RESOURCES BEFORE TFIANSFERS Transfers between funds NET IOUTGOINGYINCOMING RESOURCES FOR THE YEAR (215,388 8,256 23,260 16,2481 1192,128 1126,4641 {2,0081 207.132 17.012 2.008 192,128 126,464 The notes form part ofthese financ1 staterrtnts Page 10
RUGBY FREE CHURCH HOMES FOR THE AGED STA TEMENT OF FINANCIAL ACTIVITIES leontinued) FOR THE YEAR ENDED 31ST MARCH 2024 General Fund Care Fund Capital r6serv• 2024 2023 Notes NET {OUTGOING)nNCOMING RESOURCES FOR THE YEAR {brought forward) (207.132) 17,012 12,0081 (192,1281 (126,4641 OTHER RECOGNISED GAINS AND LOSSES {Lossesllgains on investment assets Realised Unrealised NET MOVEMENT IN FUNDS BALANCE BROUGHT FORWARD BALANCE CARRIED FORWARD 12.322) 17.233 {192.2211 267,474 75,253 14.504) 33,433 45,941 518,598 .539 16,8261 50.666 (148,288} 2,283.707 2.135,419 54,079 {180.543) 2,464,250 2,283,707 (2,008) 1,497,635 1,495,627 All of the above results are derived from Continuing activities and all losses re¢ognised in the year are included above. notes fomi part of these financial Stateffnts Page 11
RUG8Y FREE CHURCH HOMES FOR THE AGED BALANCE SHEET 31ST MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 1A95.627 624,044 2.119,671 1,497,635 630.037 2,127,672 CURRENT ASSETS Debtors Cash at bank and in hand 63,643 50.569 114,212 36,027 203,295 239.322 10 CREDITORS Amounts falling due within one year 11 98,464 83,287 NET CURRENT ASSETSI{LIABILITIES> 15.748 158,035 TOTAL NET ASSETS 2 135419 2,283,707 CAPITAL FUNDS Capital reserve 12 1,49S,627 1,497,635 INCOME FUNDS Designated funds General charitable fvnd 564,S39 75,253 518,598 267.474 786,072 TOTAL FUNDS 2,135,419 2,283,707 APPROVED BY THE TRUSTEES AND SIGNED ON THEIR BEHALF BY: S R Bird - Trustee Revd R J Maloney - Trustee Date.. The notes fomi part of these financial statements Page 12
RUGBY FREE CHURCH HOMES FOR THE AGED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 CASH FLOWS FROM OPERA TING ACTIVITIES Net cash provided by {used in) operdting a¢tivhles 168,640 88,887 Ca$h flows from Investing activities: Dividends and interest from investments Pufchase ol propety, plant and eqUiprnt Proceeds from sale of investments Purchase of investments Net Ca8h provldod by (u8•d In) invesllng a¢tlvlllo8 18,796 {59,$411 56.659 16.008 {7,2231 8,785 Cash flows from flnanclng •¢tlvltlu'. Repayments of borrowing Cash inflows from new borrowings Receipt of endowment Net cash provld•d by (u•ed Inl flnanclng actlvlti Change in cash and cash equivalents in the reporting penod Cash and cash equivalents at the beginning of the reporting period Cash and cash equlval¢nts at the end of the reportlng perlod (152.7261 203,29S {80,1021 283,397 203 295 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Not mov8m&nt In funds for the r•portlng p•rl¢)d l•$ per the stat•m•nt of flnanclal actlvltlesl (148.288) (180,5431 Adjustmgnts for: Depreciation Lossesl{gains} on investments Dividends and interest from Inveslments Ilncreaselldecrease in debtors Ioecreasellincrease in creditors Nel cash provlded by 0ratIng 4clfvltlo8 61.549 150.666} (18,7961 127.616 15,177 168,640 54.874 54,079 116,008) {9371 352 88.887 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash al bank and in hand Cash held In investments Total cash •nd cash equlvalenls 202,811 25 50,569 203,295 Page 13
RUGBY FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES Accounting Convention The accounts have been prepared under the historical cost convention as modffied by the revaluation of freehold property and listed investnnIS to market value, and have been prepared in accordance with the Charities SORP ' Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 (effethve 1 January 20151,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republrc of Ireland. and the Charities Act 2011. The charity conslilutes a public benefit entity as defined by FRS 102. Slgnlflcant judgements and accounting eslimates The Trustees consider that there are no mater1 uncertainties about the Charity's ability to continue as a going concern. There are no significant judgements that have a material effe¢t on the a¢counts nor any accounting estimates Ihal have a hoh risk of causing a material adjustment in a fijture period. In¢omo InCOff has been taken lo th& credrt of the statement of financial acb'vibe$ on the following basis.. tk)nalions and legacies Residents fees Investment incom8 Specle appeals accruals basis accruals basis a¢¢rual$ basis accruals {matched with related expenditu) Residents fees relating lo a future period are canied forward. Investment income and the gainslllosses) on investrnents are allocated to the General and Care Funds in the Tatio of tho fund values at the start of the year. This ratio was 267.'519 (2023 - 369.5501. Income from giants is recognised when the charity has enty'tlement lo the funds. The income is mal¢hed to Ihe a$so¢iated expenditure and any element of the grant that relates to fvture costs is deferred and carried forward in an appropnate restricted fvnd. Expgndlturo Expendiluie has been charged to the staleffnt of financk?l activrties in the peri¢)d in which it is incurred. Tanglble flxgd as$gts Depreciation is provided at Ihe following annual rates in order to write off each asset over rls estimated useful life. Freehold property 1% stramjhl line on main property 4% straight line on new building 10% straight line on pathways 10% straight line 4% straight line on new building fixtUS and ffittings 3 years straighl line on office equipment Fixtures and fittings A transfer is made from the Caprtal Reserve to the General Fund lo cover the depreciath?n charge for the year (see note 121. 11 is the policy of the Trustees not to capitalise replacerrnt items unless they swnfficanlly increase the value of the propety. Investments Listed Investments are staled at market value on the balance sheet date. Realised and unrealised gains and losses are included in the Statement of Financial Activities. Page 14
RUGB Y FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STATEMENTS leontinuedl FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES (tontlnued Pension costs and other post retlrement beneffts The charity operates defined contribution pension schemes. The assets of the schemes are held separately from those of the chanty in independently administered funds. Contribubons payable for the year are charged in the Statement of Financ1 Activities. Designated Funds The commitments and intended use of the separate funds are as disclosed in the Report of the Trustees. A transfer is made from the Care Fund to the General Fund lo cover financial support for residents who do not qualify for full support from public funds. DONATIONS AND LEGACIES RECEIVED 2024 2023 Donatlons Donations from the Churches.. Baptist United Reformed Church Society of Friends Paddox Methodist Davenlry friendship Broadwell Methodist Other donations.. Miscellaneous For garden shrubs - Paddox Methodist URC - For garden shiubs URC Brinklow - Rev Maloney relirem8nt Rugby Rugby 1,070 1.050 500 400 20 132 180 165 376 321 257 100 Collections.. Friends of Billon House Billon Pcor 1,070 200 2.215 200 In Memoriam.. JG Towriss Erika Wren Rachel Wells Alan Coullhurst A Franklin joy Smith Will Spense Paul Gilbert 150 376 440 1,570 2,719 5,000 6,000 Gifts for Care Fund Regular Donations Miscellaneous Donations Gift Aid {Care Fund Don*tn$} 200 500 1.587 14.438 7,000 185 2,585 23,439 Page 15
RUGBY FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STA TEMENTS {continued) FOR THE YEAR ENDED 31ST MARCH 2024 DONATIONS AND LEGACIES RECEIVED (contlnued) 2024 2023 L•ga¢les Jesse Hilchens Joan Naomi Ridgeway Tony Taylor 500 1.000 1,000 1,000 1,500 FEES PA YABLE TO AUDITORS 2024 2023 Relating to audit seryices Relating lo non-audil services 4,332 4.140 4,140 STAFF NUMBERS AND COSTS 2024 2023 The average numb•r of porsons •mploy•d by th• ¢h•rlty durfng th• yo•r wa•: Gare and support workers Administrative staff 49 46 51 Efflploym•nt ¢08ts of •ll •mployv• Incltsd•d above comprls•d: Gross wage$ and salaries Employers national insurance Employers pensK>n scheme contributions {see b8knw) Agency costs 1,109,026 79.215 22,934 65,440 1,276.615 1,046,928 75.001 20,908 111,446 1,254.283 No Stsff recetved a salary in excess of £60,000. The charity runs a ¢Jefined contribut*)n pension scheme for employees. There were outstsnding contribub'ons of £2,581 (2023 - £2.3851 at the year end. No remuneration OT 8xpenses were payabie to Truslees during the year. The total remunerats'on paid to key management personnel was £92,231 12023 - £97.965). INVESTMENT INCOME 2024 2023 Bank Interest receivable Dividends receivable- UK Dividends receivable - Overseas Fixed interest and unit trust income- UK 747 187 15,817 16,008 OTHER INCOME 2024 2023 Covid Infection Control Grant Covid Sick Pay Grant Workforce Recruitment and Retention Fund Page 16
RUGBY FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Genernl Fund Care Fund Capital reser¥e 2023 INCOMING RESOURCES Voluntary Income Donations Legacies Actlvltl•s for goTreratlng funds Garden paty and coffee momings Investment Income Incomlng resource8 from Charltable Actlvltles Residents fee$ other Income TOTAL INCOMING RESOURCES 5.195 18,244 1,000 23,439 1.000 6,428 9,580 16,008 1,510,769 1.510,769 1.522,392 1,551.216 RESOURCES EXPENDED Co•t8 of generatlng funds Investment managemenl charges Charftsblo actlvltla6 Salaries and wages (Care) Food Household expenses Light and heal Rates and wal&r Residents amenities Salaries and wages (Admin) Insurances Bank charges Telephone. printing, postage and advertising Rèpairs and renewals Professional fees Audit costs and publications Covid Grant Spending Gene181 expenses Staff training Depreciation 979 1,458 2,437 1,201,962 98,501 44.310 65,007 5.817 10,784 50,471 10,391 128 2,961 95.762 7,113 4.140 1.201,962 98,501 44,310 65,007 5,817 10.784 50,471 10,391 128 2,961 95,762 7,113 4,140 16,632 6.390 54,874 1.675.243 16,632 6,390 54,874 1.675,243 TOTAL RESOURCES EXPENDED 1,676,222 1.458 1,677.680 NET IOUTGOINGYINCOMING RESOURCES BEFORE TRANSFERS Transfers between funds NET IOUTGOINGVINCOMING RESOURCES FOR THE YEAR (153.830) 74.391 27.366 126.740) 1126,464) (47.6511 {79,439) 626 {47,651} 1126.464) OTHER RECOGNISED GAINS AND LOSSES Realised (lossesygains on investment assets Unrealised Ilossesllgains on investment assets (21.714) 132,3651 154,0791 NET MOVEMENT IN FUNDS (101.1531 (31.7391 147.651) 1180.543) BALANCE BROUGHT FORWARD 368.627 550,337 1.545,286 2,464,250 BALANCE CARRIED FORWARD 267.474 518.598 1,497,635 2.283.707 Page 17
RUGBY FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024 7 TANGIBLE FIXED ASSETS Freehold Fixtures and property fittings Total COST At 1 sl April 2023 Additions At 31st March 2024 2,282,527 439,358 59,541 498.899 2,721,885 59.541 2 781.426 2,282.527 DEPRECIATION At 1st April 2023 Charge for the year At 31$1 March 2024 875,461 43.020 918,481 348,789 18,529 367,318 1,224,250 61.549 1285,799 NET BOOK VALUE Al 31 st March 2024 131581 1495.627 Al 31st March 2023 1,407,C66 90,569 1,497,635 Cost or valuatlon at 31st March 2024 18 ropre•eTrt•d by: At valuation on 31st December 1990 At cost 750,000 1,532,527 2.282.527 175,000 323.899 498.899 925,000 1,856.426 2 781,426 The cost of the orwinal propety is not known. The propety has not been re-valued since 1990, however, the Trustees are confident that the current value 1$ in excess of the net t4)ok value. 8 INVESTMENTS 2024 2023 M8rk•t v•lu• Opening market valua Additions Disposals al opening market value 630,037 684,116 56.659 673,378 50,666 624.044 684,116 154,0791 630,037 Unrealised Ilossllgain on inveStnnIS At 318t M•r¢h 2024 The historical cosl of the investment portfolio (excludin9 cashl at the year end was £654.507 (2023- £714.3951 All the investments are hekl primanty to provide an inveStrn¢ retum for the charity. 2024 2023 Investments al market value ¢omprised: Equities shares - UK Investment trusts and unrt trusts- UK 108 623.936 624.044 100 629,937 630,037 Page 18
RUGBY FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31ST MARCH 2024 9 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Rents due Income lax recoverable Other debtors Prepayments 51,355 1,508 21,713 2,585 10,780 63.643 11,729 36,027 10 CASH AT BANK 2024 2023 Lloyds Bank PIC - cUrn1 accounts Held by investment managers Cash in hand 60,104 25 202,504 484 307 203,295 50,569 11 CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2024 2023 Trade creditors Social security and othèr taxes Other ¢redilors Deferred income Accrued expenses 12.882 22,433 29,615 13,433 20,101 98,464 8,802 22,109 21,910 13.433 17,033 83,287 12 CAPITAL RESERVE 2024 2023 8alance at 1st Apiil 2023 Transfer {lollfrom General Fund Balance al 31st March 2024 1.497,635 2.008 1.495,627 1.545.286 47.651 1,497,635 The capital reserve represents the net book value ol the building and o)nlents. Page 19
RUGBY FREE CHURCH HOMES FOR THE AGED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS Gèneral fund Care fund Capftal reserve Total nds Tangible fixed assets Investrnen15 Current assets Current liabilrties At 31st March 2024 1.495,627 1,495,627 624,044 114,212 98,464 2 135.419 73,401 100,316 98.464 75.253 650.643 13,896 564.539 1.495,627 Tangible fixed assets Investments Current assets Current liabilities At 31st March 2023 1,497,635 1,497.635 630,037 239.322 83,287 2,283.707 214.381 136.380 83,287 267.474 415,656 102.942 518,598 1.497,635 The tot81 unrealised loss included in the above is £30,463 {2023- £84.3581. Investment gains or losses are divided been the Care Fund and the General Fund in the ratio of the values of the funds at the start of the year. A transfer of £6,248 {2023 - £26,740) was made from the Care Fund to the General Fund to cover the difference betrn fees charged and lees paKI during the year. 14 CAPITAL COMMITMENTS The Chanty has no capital commrtments12023 - None). 15 RELATED PAR TRANSACTIONS There have been no12023 - None) related paty transactions during the year. Page 20
RUGBY FREE CHURCH HOMES FOR THE AGED FINANCIAL SUPPORT Birton House is managed by an exclusNety Rugty Charty. Generous support for the work through voluntary subscriptions helps us lo engage the necessary upkeep of a kqrge propety to meet the changing requirements of an ageing population. All who read this report are invited to consider using one or wK)re of the following mett)c4ls to help the work. y Donation Donations will be gralefvlly acknowledged by our Treasurer. AckrK)wledgement will also be made in the Annual Report. Gifts by taxpayers qualify for the 'Gift Aid. scher, which will enable our Treasurer to recover the income tsx paid and we ask those who make grfts. say, in memory of a loved one lo consider this possibility. By Legacy You can make a bequest in your Wll, and your Sdicitor will be abk to advise you further. Many people see this as a suitable memorial to provide for the comlort and care of others. Memorial gifts will be recorded in our'memrial Book,. Our Treasurer will be glad lo advise you on the financial aspects. Page 21