Charity number: 225674 ## THE ROYAL CAMBRIDGE HOME ## AUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 THE ROYAL CAMBRIDGE HOME ## CONTENTS **----- Start of picture text -----**
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THE ROYAL CAMBRIDGE HOME ## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Mr R H Dowler MBE Major J T Tatham Mr J Ross FCSI Mr G F Balfour BSc Col. N E L Gilbert Mr A D Bott FCCA Mr J ML Williams MA Charity registered number 225674 Principal office 82/84 Hurst Road East Molesey Surrey KT8 9AH Independent auditors Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ Bankers National Westminster Bank PLC 73 High Street Walton on Thames Surrey KT12 1DW Solicitors Moore Blatch Onslow House 9 The Green Richmond Surrey TwW9 1PU Page 1 THE ROYAL CAMBRIDGE HOME ## TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees of the Royal Cambridge Home have the honour to present its one hundred and sixty eighth Annual Report and Statement of Accounts for the year ended 31st March 2022. ## Objectives & Activities, Structure Governance and Management The Royal Cambridge Home is an incorporated charity constituted under the charity's governing document dated 26th February 1996 and following discussions with the Charity Commission the Trustees made application to the Commission for the Constitution of the Home to be altered. The revised Constitution was sealed by the Commission and received by the Trustees on 13th June 2007. The day to day activities of the Charity have, since 1st April 2009, been conducted by Royal Cambridge Home Limited and Royal Cambridge Home Trading Limited. The Charity retains ownership of the freehold title to the premises of the Charity. The Trustees who have served during the year are set out on page 1. Trustees are appointed by the board of trustees. The General Purposes Committee comprises the Trustees, associated interested parties, the Home’s Manager and advisers and meets regularly to receive reports and to agree policy, financial and administrative matters. The Trustees are aware that there have been no new trustees appointed to replace those who have resigned in the past three years and are therefore proposing to invite applications from members of the public to join the board of trustees. In considering applications the trustees will looking for individuals who apart from empathising with the ethos of the Royal Cambridge Home will be able to contribute through their experience and expertise in the fields of health care, human relations and public relations. Efforts to pursue this search have been severely hampered by the incidence of the Covid 19 epidemic throughout 2021 and 2022 to date. However a potential trustee has been identified and it is very much hoped that their knowledge and experience will be of great benefit to the board of trustees. Any prospective trustee will be mentored by existing trustees and invited to attend, as observers, meetings of the directors of Royal Cambridge Home Limited in order to gain insight into the day to day workings of the Home. The day to day administration of the Home is the responsibility of the Manager who reports to the Directors of the Royal Cambridge Home Limited and the Royal Cambridge Home Trading Limited and to the General Purposes Committee of the Royal Cambridge Home. The Home subscribes to the Living Wage organisation and staff pay rates which are reviewed to take effect from 1st April each year adhere to the percentage increase announced annually. Pay for key management personnel is reviewed to take effect from 1st April each year and as a benchmark reflects the increase in percentage terms of the Living Wage organisation with adjustments, where appropriate, to reflect the undertaking of additional responsibilities. Following discussions with the Charity Commission on 26th April 2016 a revised Scheme was issued the effect of which was to amend the name of the Charity from The Royal Cambridge Home for Soldiers’ Widows to The Royal Cambridge Home and to extend the definition of its beneficiaries (as shown below in paragraph (3). The Charity’s objects are as follows:- 3. (1) (a) The relief of beneficiaries who are in need by virtue of financial hardship, sickness, disability or the effects of old age by the provision of a home. (b) The relief of beneficiaries who are in need by virtue of financial hardship, sickness, disability or the effects of old age by the provision of grants, loans, gifts, pensions or otherwise. (2) In furtherance of Clause 3 (1) (a) the Trustees may assist beneficiaries by providing sheltered accommodation, residential care, nursing and day respite care. (3) The Trustees must continue to provide a home on land belonging to the Charity. In this context the term “beneficiaries” means: 1. Women who have served in the Armed Forces of the Crown and Page 2 THE ROYAL CAMBRIDGE HOME ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 2. Women who can be considered to be or have been dependent on a man or woman who has served in the Armed Forces of the Crown including spouse, civil partner, widow, former spouse, former civil partner, parent, child, step child, adopted child, and qualifying co-habitant. 3. Men who have served in the Armed Forces of the Crown and men who can be considered to be or have been dependant on a man or woman who has served in the Armed Forces of the Crown, including spouse, civil partner, widow, former spouse, former civil partner, parent, child, step child, adopted child, and qualifying cohabitant with the proviso that beneficiaries satisfying the criteria in (1) & (2) above will take precedence in the event of there being more than one applicant for an available place in the Home. ## This is undertaken from the Charity’s premises in Hurst Road, East Molesey, Surrey. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’. ## Reference and administrative details These can be found on pages 1 of this annual report. ## The charity's investment advisors are: Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN Members of the General Purposes Committee: Mr R Dowler MBE (Chairman) Major J T Tatham Mr John Ross FCSI Mr George Fitzgeorge Balfour BSc Col. Nigel Gilbert Mr Alan Bott FCCA Mr Jeremy Williams MA Friends of the Royal Cambridge Home: Miss D Fitzgeorge Balfour ## Manager: Mr Rory Belfield MA BSc(Hons) ## Secretary: Mrs Sue Kenway List of benefactors - Year Ended 31 March 2022 H M The Queen Rowan Bentall Charitable Trust ABF — The Soldiers’ Charity ## Other Donations We acknowledge with thanks donations received from families and friends of residents and former residents of the Home including:- Donations in memory of the late Mr Fred Clark Mr Peter Cusden in memory of his late wife Mrs Joyce Cusden Ms Kim Beat Page 3 THE ROYAL CAMBRIDGE HOME ## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 ## Achievements, Performance and Financial Review The full financial activities for the year are shown on pages 12 to 32. The net outgoing resources for the year are £20,726, compared with to net incoming resources of £95,194 for 2021. After taking account of £2,665 (2021 - £3,120) gain in our investment portfolio, an overall deficit of £18,061 was achieved for the year compared with surplus of £98,314 for 2021. Expenditure increased by £122,026 with staff costs accounting for 64% of the total expenditure. Costs of maintaining and improving the buildings have been closely controlled with the Home’s staff attending to routine repair and decorations wherever possible. As a result, total funds at 31st March 2022 were £585,207 (2021 : £603,268) of which £481,221 are restricted funds available. These results continue to reflect the decision of the Trustees taken in 2018 and as reported in last year’s Annual Report to reduce the number of residents in the Home by vacating No 84 Hurst Road in anticipation of the commencement of the programme of redevelopment of the Home, further details of which are given below. The number of residents thereafter was reduced to eighteen and subsequently has been marginally increased to twenty one. The loan of £190,000.00 obtained from the bank under the Coronavirus Business Interruption Loan Scheme was repaid in full prior to the anniversary thereby avoiding any interest charges. While the Home’s revised website continues to present a positive and attractive picture of the daily life of the Home the level of enquiries received via the website throughout the year has been minimal. However the Home has been able to offer care to a number of residents referred by the local Social Services under the “Discharge to Assess” scheme by providing services to patients on discharge from hospitals for periods of respite care funded by the social services department and, in some cases, for permanent residency. ## Redevelopment As mentioned in last year’s report an appeal against the refusal of consent by the Planning Committee of the Borough of Elmbridge was lodged and subsequently proceeded by means of written representations. The decision to proceed was made with the agreement of the trustees of the Sheppard Trust and on the basis that the Home should share half the cost of the appeal subject to a maximum total cost. The appeal Inspector visited the site in August and published his decision on 18th October 2021. The Inspector's decision confirmed all aspects of the submitted planning application subject to the addition of conditions relating to the phasing of the entire project. The incidence of the Covid pandemic has impacted on the scheme of redevelopment in several ways including highlighting a need for minor modifications to the original layout plans for the Home, by way of example to allow for the provision of hand-washing facilities at the entrance lobby of the proposed new building. However of greater significance has been the impact on construction costs in the intervening period and the threat that this poses on the financial viability of the scheme. At the time of preparation of this report arrangements are being made for the amended specification to be completed in preparation for invitations to tender being sent to construction companies. Further discussions with Sheppard Trust will take place once the outcome of the tendering process is known. The trustees remain as determined as ever to see a successful outcome to this project if at all possible. Page 4 THE ROYAL CAMBRIDGE HOME ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 ## Covid-19 As previously reported the impact of the Covid 19 pandemic on the day to day running of the Royal Cambridge Home has been immense. During the year to March 2022 Covid 19 has presented further challenges to the manager and his staff as they coped with fluctuations in the restrictions of lock-down, visiting and care of the residents. Outbreaks among staff and residents throughout the year have been, mercifully, very limited. Rory Belfield, the senior management team and the entire staff are to be warmly congratulated and thanked for their conscientiousness throughout and, whilst it is now hoped that the worst effects of the disease are now over, a constant vigilance is called for to ensure that our residents remain well cared for, comfortable and safe in the Home. The trustees are also grateful for the assistance to the finances of the Home from grants made by Surrey County Council to help meet the additional costs of infection control, testing and staff retention. ## Investment Policy There are no restrictions on the charity's power to invest. The investment policy is to provide a sufficient opportunity for capital and income growth to meet the increasing obligations of maintaining and running the Home whilst maintaining a low risk profile. The trustees regularly review the investments to ensure that the portfolio provides a spread of risk and balance between equity and fixed interest investments. The trustees consider the return on investments to be satisfactory but remain very conscious of the uncertainties in the market both nationally and globally particularly at the present time. ## Reserves policy it is the policy of the charity to maintain unrestricted funds, which are the free reserves of the Home, at a level which equates to approximately three months unrestricted expenditure. At this level the General Purposes Committee feels that it would be able to continue to provide a high standard of residential care in the event of a significant decrease in the level of funding. At the year end the charity had unrestricted funds available of £481,222. ## Risk Review The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to mitigate those risks. Page 5 THE ROYAL CAMBRIDGE HOME ## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 ## Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that: - ° so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and - ° that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. **----- Start of picture text -----**
Approved by order of the members of the board of Trustees and signed on their alf by:
oo
Mr R H Dowler MBE rADBottFCCA —
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Date: [6b -O 4-101 Page 6 THE ROYAL CAMBRIDGE HOME ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The Trustees are responsible for preparing the Trustees' Report 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - ® select suitable accounting policies and then apply them consistently; ® observe the methods and principles of the Charities SORP (FRS 102); ° make judgments and accounting estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - ® prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware, there is no relevant audit information of which the charitable company's auditor is unaware. They have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Approved by order of the members of the board of Trustees and signed **----- Start of picture text -----**
signed on its behalf by:
“
Mr AD Bott FCCA
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Mr R H Dowler MBE Date: [4 -o a ee Page 7 THE ROYAL CAMBRIDGE HOME ## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME ## Opinion We have audited the financial statements of The Royal Cambridge Home (the ‘parent charity’) and its subsidiaries (the ‘group') for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. ## In our opinion the financial statements: - ° give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 March 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; - ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - ° have been prepared in accordance with the requirements of the Charities Act 2011. ## 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. ## Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8 THE ROYAL CAMBRIDGE HOME ## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME (CONTINUED) ## Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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: - e the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or - e the parent Charity has not kept sufficient accounting records, or ° the parent Charity financial statements are not in agreement with the accounting records and returns; or ° we have not received all the information and explanations we require for our audit. ## Responsibilities of trustees As explained more fully in the Trustees' Responsibilities Statement, 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 Group's and the parent 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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so. Page 9 THE ROYAL CAMBRIDGE HOME ## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME ## (CONTINUED) ## Auditors’ responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 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 an Auditors' Report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: e Enquiry of management and those charged with governance as to actual and potential litigation and claims; - e Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations; - e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias; - e Assessing the reasonableness of revenue recognised in the period based on contractual terms and obligations and the requirement of accounting standards; and - e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected 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 misrepresentation. 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 Auditors’ Report. Page 10 THE ROYAL CAMBRIDGE HOME ## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME (CONTINUED) ## 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Mark Nelligan FCA Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ 9. Date: vy: er: ys Wellden Turnbull Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 11 ## THE ROYAL CAMBRIDGE HOME CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 |||Capital
funds|Restricted
funds|Unrestricted
funds|Total
funds||Total
funds| |---|---|---|---|---|---|---|---| |||2022|2022|2022|2022||2021| ||Note|£|E|£|£||£| |Income and|||||||| |endowments from:|||||||| |Donationsand legacies|3|-|745|2,103|2,848||1,785| |Charitable activities|4|-|-|1,202,578|1,202,578||1,198,684| |Investments|5|-|-|4,499|1,499||1,390| |Otherincome|6|-|-|2,090|2,090||1,050| |Total income and
endowments||a
-
745
1,208,270
1,209,015
1,202,909|||||| |Expenditure on:|||||||| |Raising funds|7|375|-|=|375||297| |Charitable activities||-|6,191|1,223,175|1,229,366||1,107,418| |Totalexpenditure||375|6,191|1,223,175|4,229,741||1,107,715| |Net (expenditure)/|||||||| |income before net
gainson investments||(375)|(5,446)|(14,905)|(20,726)||95,194| |Net gains on
investments||2,665|-|-|2,665||3,120| |Net movement in
funds||a
2,290
(5,446)||(14,905)|-
(18,061)||98,314| |Reconciliation of|||||||| |funds:|||||||| |Total funds brought
forward||49,798|57,344|496,126|603,268||504,954| |Net movement infunds||2,290|(5,446)|(14,905)|(18,061)||98,314| |Total funds carried
forward||ae,
52,088
51,898
481,221
585,207||||—|603,268| The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 32 form part of these financial statements. Page 12 THE ROYAL CAMBRIDGE HOME CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 **----- Start of picture text -----**
||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |Note|£|£| |Fixed|assets| |Tangible assets|11|374,164|371,767| |Investments|12|52,088|49,800| |426,252|421,567| |Current|assets| |Stocks|13|2,881|2,806| |Debtors|14|51,896|139,291| |Cash|at bank and|in|hand|194,331|403,417| |249,108|545,514| |Creditors:|amounts|falling|due|within|one| |year|15|(90,153)|(205,480)| |Net current assets|158,955|340,034| |Total|assets|less current|liabilities|585,207|761,601| |Creditors:|amounts|falling|due|after|more| |than one year|16|-|(158,333)| |Total|net assets|585,207|603,268| |Charity|funds| |Endowment funds|18|52,088|49,798| |Restricted|funds|18|51,898|57,344| |Unrestricted|funds|18|481,221|496,126| |Total funds|585,207|603,268| |The|financial|statements|were|approved|and|authorised|for|issue|by the|Trustees|signed|on|their|behalf|by:| |Mr RHRhDowler~|MBE|Mr|AD|Bott FCCA|7| **----- End of picture text -----**
Date: le 09700 The notes on pages 16 to 32 form part of these financial statements. Page 13 ## THE ROYAL CAMBRIDGE HOME ## CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022 **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |2022|2021| |Note|£|£| |Fixed|assets| |Tangible|assets|11|93,826|95,389| |Investments|2|2| |93,828|95,391| |Current assets| |Cash|at|bank and|in|hand|.|190,013| |-|190,013| |Amounts owed|to group companies|15|(37,670)|(227,671)| |Net current|liabilities|(37,670)|(37,658)| |Total|assets|less|current|liabilities|56,158|57,733| |Total|net assets|56,158|57,733| |Charity|funds| |Restricted|funds|18|56,158|45,333| |Unrestricted|funds|18|-|42,400| |Total|funds|56,158|57,733| |The financial statements were approved and authorised for issue by Ape Trust|i signed on their behalf by:| |ive|4|”|*|i|le| |Mr R|H|Dowler MBE|MrA|D|Bott FCCA| **----- End of picture text -----**
Date: (4-04. 10Ww The notes on pages 16 to 32 form part of these financial statements. Page 14 THE ROYAL CAMBRIDGE HOME ## CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 **----- Start of picture text -----**
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|18,517|190,156| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|1,497|1,386| |Purchase|of tangible|fixed|assets|(39,100)|(36,719)| |Net cash used|in|investing|activities|(37,603)|(35,333)| |Cash flows|from|financing|activities|(190,000)|190,000| |Net cash (used|in)/provided|by financing|activities|(190,000)|190,000| |Change|in cash|and cash|equivalents|in the year|(209,086)|344,823| |Cash and|cash|equivalents|at the|beginning|of the|year|403,417|58,594| |Cash and cash equivalents|at the end|of the year|194,331|403,417| |The|notes on|pages|16|to|32|form|part|of these|financial|statements| **----- End of picture text -----**
Page 15 THE ROYAL CAMBRIDGE HOME 1. Accounting policies ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 - 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitiespreparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Royal Cambridge Home meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 1.2 Presentation currency The accounts are presented in £ sterling, and rounded to the nearest £. 1.3 Income - Grants and donations, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activites when received. - Residents’ contributions are recognised over the period of occupation. - Accommodation income is recognised over the period of staff occupation. - Investment income is derived from investments listed on the UK stock exchange and is accounted for when receivable. - Gifts of fixed assets are included at a fair value estimated by the trustees at the date of receipt. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. - 1.4 Resources expended Resources expended are recognised in the period in which they are incurred and include attributable VAT which cannot be recovered. Costs of activities comprise direct costs and support costs incurred in providing residential care. Fundraising costs comprise publicity and costs associated with fundraising. Governance expenses comprise costs incurred in the administration of the Home. Where costs cannot be directly attributed to these categories, overhead costs are apportioned on the following basis, based on space occupied. Provision of care (charitable activities) 95% Management and administration (governance costs) 5% Expenditure on raising funds includes ail expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. ## 1.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 16 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 1. Accounting policies (continued) ## 1.6 Depreciaion of tangible fixed assets Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the costs of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: **----- Start of picture text -----**
Land & Building - 2%
Equipment - 25%
Fixtures and fittings - 10%
Computer equipment - 33%
**----- End of picture text -----**
Other fixed assets consist of the costs incurred in relation to obtaining planning permission for the development of the new home. They are not depreciated until the asset is in use. Assets are normally capitalised where the purchase price exceeds £500. Assets brought in the final month of financial year end are not depreciated until the next year end accounts. ## 1.7 Investments Investments held as fixed assets are valued at the mid-market value at the balance sheet date and the gain or loss on disposal taken to the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. ## 1.8 Stocks Stock consists of food and cleaning materials and is valued at the lower of cost and net realisable value. ## 1.9 Unrestricted Funds Unrestricted funds comprise donations and other voluntary income receivable or generated for the objects of the charity and are available as general funds. ## 1.10 Designated Funds These are unrestricted funds earmarked by the trustees for a particular purpose. ## 1.11 Restricted Funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is applied to the fund together with a fair allocation of management and support costs where applicable. Page 17 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 4: Accounting policies (continued) ## 1.12 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required insettlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## 2. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are in relation to the useful life of fixed assets, which are written off in accordance with the depreciation policies set out in note 1.6. ## 3. Income from donations and legacies **----- Start of picture text -----**
Donations
**----- End of picture text -----**
|Restricted
funds|Unrestricted
funds|Total
funds|Total
funds| |---|---|---|---| |2022|2022|2022|2021| |£|£|£|£| |745|2,103|2,848|1,785| Page 18 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 4. Income from charitable activities **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2022|2022|2021| |£|£|£| |Residential|care|fees|1,140,815|1,140,815|1,112,312| |Government|grants|relating|to|Covid-19|support|61,763|61,763|86,372| |Total|2022|1,202,578|1,202,578|1,198,684| |Total|2021|1,198,684|1,198,684| **----- End of picture text -----**
Government grant income comprises £Nil (2021 : £12,779) received under the job retention scheme, and £42,761 (2021 - £73,593) relating to council infection control and rapid test funding grants. £19,000 was received for a new wet room. ## 5. investment income **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2022|2022|2021| |£|£|£| |Dividend|income|1,497|1,497|1,375| |Bank|interest|receivable|2|2|15| |1,499|1,499|1,390| |Total|2021|1,390|1,390| **----- End of picture text -----**
6. Other incoming resources **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2022|2022|2021| |£|£|£| |Staff accommodation|income|2,090|2,090|1,050| **----- End of picture text -----**
Page 19 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 7. Investment management costs **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Endowment|Total|Total| |funds|funds|funds| |2022|2022|2021| |£|£|£| |Portfolio management|costs|375|375|297| **----- End of picture text -----**
## 8. Analysis of expenditure by activities **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Activities| |undertaken|Support|Total|Total| |directly|costs|funds|funds| |2022|2022|2022|2021| |£|£|£|£| |Care home|activities|1,004,478|224,888|1,229,366|4,107,418| |Total|2021|901,138|206,280|1,107,418| **----- End of picture text -----**
Page 20 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 8. Analysis of expenditure by activities (continued) ## Analysis of direct costs ||Activities
2022|Total
funds
2022|Total
funds
2021| |---|---|---|---| ||£|£|£| |Staffcosts|606,096|606,096|549,671| |Depreciation|36,704|36,704|30,301| |Agencystaff|8,261|8,261|58,509| |Messing
Water rates|68,428
6,036|68,428
6,036|57,817
11,346| |Repairs&garden maintenance|119,194|119,194|60,949| |Light& heat|56,995|56,995|35,644| |Insurance|21,045|21,045|15,490| |Cleaning &waste removal|31,391|31,391|28,624| |CQC registration fees|4,988|4,988|5,511| |Advertising
Hire ofequipment|2,595
9,328|2,595
9,328|1,346
12,511| |Staffrecruitment|5,211|5,211|2,258| |Stafftraining|5,378|5,378|9588| |Care ofresidents|19,158|19,158|17,942| |Residents’ entertaining|3,670|3,670|2,651| |Loss/(profit) on disposal offixed assets|-|-|980| |Total2022|1,004,478|1,004,478|901,138| |Total2021|901,138|901,138|| Page 21 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 8. Analysis of expenditure by activities (continued) ## Analysis of support costs |||Total|Total| |---|---|---|---| ||Activities
2022|funds
2022|funds
2021| ||£|a|fe| |Staffcosts|175,058|175,058|160,581| |Motor&travel|1,089|1,089|254| |Staffentertainment|3,110|3,110|-| |Printing, postage& stationery|4,172|4,172|3,937| |Telephone|2,226|2,226|1,518| |General expenses|7,928|7,928|8,324| |Bankcharges|1,058|1,058|1,058| |Legal& professional fees|9,708|9,708|9,539| |Computerandwebsiteexpenses|9,253|9,253|9,369| |Governance costs|41,286|11,286|11,700| ||224,888|224,888|206,280| |Total2021|206,280|206,280|| ## 9. Auditors’ remuneration ||2022|2021| |---|---|---| ||=|£| |Fees payable to the Charity's auditorand its associates forthe audit ofthe
Charity'sannual accounts|6,036|6,448| |Fees payable to the Charity's auditor in respect of:||| |Allnon-auditservicesnotincludedabove|5,250|5,232| Page 22 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 10. Staff costs ||Group|Group| |---|---|---| ||2022|2021| ||be|£| |Wagesand salaries|714,919|645,631| |Social securitycosts|52,119|51,644| |Contribution to defined contribution pension schemes|14,116|12,978| ||781,154|710,253| |Theaverage numberofpersonsemployed by the Charity during the yearwasasfollows:||| ||Group|Group| ||2022|2021| ||No.|No.| |Residential care|34|32| |Managementand administration|5|5| ||39|37| No employee received remuneration amounting to more than £60,000 in either year. Key management personnel remuneration totalled £53,400 (2021 - £51,100). Page 23 = —_ |2
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m| Uv rs) (Co) 0) I) B THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 11. Tangible fixed assets (continued) ## Charity ||Freehold| |---|---| ||property| ||£| |Cost or valuation|| |At 1 April2021|128,227| |At 31 March 2022|128,227| |Depreciation|| |At 1 April2021|32,838| |Chargefortheyear|1,563| |At31 March 2022|34,401| |Net book value|| |At 31 March 2022|93,826| |At31March2021|95,389| Other fixed assets consist of costs to date with regards to the professional fees incurred to obtain planning for the redevelopment of the site. Page 25 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 12. Investments ||2022|2021| |---|---|---| ||£|£| |Marketvalue broughtforward|49,800|46,976| |Acquisitions atcost|29,112|-| |Sales proceeds from disposals|(15,192)|5,000| |Broker's managementfees|(375)|(295)| |Increase/(decrease) in cash deposits|(5,000)|~| |increase/(decrease) in cash deposits|(6,257)|(1,881)| ||52,088|49,800| ## Market value of investments by class: |||2022|2021| |---|---|---|---| |||£|£| ||UK Fixed Interest Bonds|9,896|18,262| ||UKEquities|11,099|9,560| ||Non UK Equities|18,819|6,210| ||Alternative Assets|5,243|3,358| ||Cash deposits|7,031|12,410| |||52,088|49,800| |13.|Stocks||| |||Group|Group| |||2022|2021| |||£|£| ||Stock offood and cleaning materials|2,881|2,806| |14.|Debtors||| ||Group|Group| |---|---|---| ||2022|2021| ||£|£| |Due within one year||| |Trade debtors|8,781|105,489| |Other debtors|59|-| |Prepaymentsand accrued income|43,056|33,802| ||51,896|139,291| Page 26 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 15. Creditors: Amounts falling due within one year **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Group|Group|Charity|Charity| |2022|2021|2022|2021| |£|£|£|£| |Bank|loans|.|31,667|-|-| |Payments|received|on|account|28,395|2,595|-|-| |Trade|creditors|23,037|42,777|-|-| |Amounts owed|to|group|undertakings|-|-|37,670|227,671| |Other taxation|and|social|security|14,344|15,207|-|-| |Pension|fund|loan|payable|QLEL|2,910|-|-| |Other|creditors|2,155|1,107|-|-| |Accruals|and|deferred|income|19,445|109,217|-|-| |90,153|205,480|37,670|227,671| **----- End of picture text -----**
16. Creditors: Amounts falling due after more than one year **----- Start of picture text -----**
||||| |---|---|---|---| |Group|Group| |2022|2021| |£|£| |Bank|loans|-|158,333| **----- End of picture text -----**
The bank loan was repaid in full during the current year. The bank loan was a Coronavirus Business Interruption Loan Scheme loan (CBILs),repayable over 72 months at an interest rate of 2.81% over the base rate. ## 17. Financial instruments **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Group|Group|Charity|Charity| |2022|2021|2022|2021| |£|£|&|£| |Financial|assets| |Financial|assets|measured|at|fair value| |through|income|and|expenditure|246,419|453,217|2|190,015| **----- End of picture text -----**
Financial assets measured at fair value through income and expenditure comprise investments and cash and cash equivalents. Page 27 vu a0) 0) ro oo = oo °| G2?wo m3 m3 2 CcS wnty ing oo ao a > 3s - 2. oo F Q 9 o 3 © ° 97 6 = ¢ o = =| =e U © © nm 9 Ss c =a 9 a 5 @O c om = E} 22a =~ 3 5 ° a Qgwie:. nn = a 2 =a 7) Qo s c gf a sm et o 71 6 3 i= < c Oo a 2 s 3 7135 on 2 Q a = a ; a 77) 77) o. 2 < 5 a wn **----- Start of picture text -----**
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THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 19. Summary of funds ## Summary of funds - current year ||||||Balance at| |---|---|---|---|---|---| ||Balance at 1|||Gains/|31 March| ||April 2021
£|Income
£|Expenditure
£|(Losses)
£|2022
£| |General funds|496,126|1,208,270|(1,223,175)|-|481,221| |Endowment funds|49,798|-|(375)|2,665|52,088| |Restricted funds|57,344|745|(6,191)|-|51,898| ||603,268|1,209,015|(1,229,741)|2,665|585,207| ## 20. Purposes of restricted funds ## Queen Mary's Fund Its purpose is to fund entertainment, outings and luxury items for the residents. ## Special Projects Fund The fund is primarily for the replacement of large items of equipment. The remaining balance on the fund provides for future depreciation of capital items which were originally purchased using restricted funds together with donation received for projects which have not yet begun. ## 21. Analysis of net assets between funds ## Analysis of net assets between funds - current year ||Endowment
funds|Restricted
funds|Unrestricted
funds|Total
funds| |---|---|---|---|---| ||2022|2022|2022|2022| ||g|£|£|£| |Tangiblefixed assets|-|51,898|322,266|374,164| |Trade investments|52,088|-|-|52,088| |Current assets|-|-|249,108|249,108| |Creditorsdue within oneyear|-|-|(90,153)|(90,153)| |Total|52,088|51,898|481,221|585,207| Page 29 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 21. Analysis of net assets between funds (continued) ## Analysis of net assets between funds- prior year ||||Endowment
funds|Restricted
funds|Unrestricted
funds|Total
funds| |---|---|---|---|---|---|---| ||||2021|2021|2021|2021| ||||£|£|£|£| ||Tangible fixed assets||371,767|-|-|371,767| ||Trade investments||49,800|-|-|49 800| ||Currentassets||545,514|-|-|545,514| ||Creditorsdue within one year||(205,480)|-|-|(205,480)| ||Creditorsdue in morethan oneyear||(158,333)|-|-|(158,333)| ||Total||603,268|-|-|603,268| |22.|Reconciliation of netmovement infunds to netcash flowfrom|||from operating|activities|| ||||||Group|Group| ||||||2022|2021| ||||||Le|£| ||Net income/expenditure
Activities)|for the year (as per Statement||of Financial|(18,061)|98,314| ||Adjustments for:|||||| ||Depreciation charges||||36,704|30,301| ||(Gains)/Losseson investments||||(2,665)|(3,120)| ||Dividends, interestsand rentsfrom investments||||(1,497)|(1,387)| ||Loss on the sale offixed assets||||-|980| ||Increase in stocks||||(75)|(36)| ||Increase in debtors||||87,398|1,687| ||Increase/(decrease) in creditors||||(83,661)|63,120| ||Portfoliomangerfees||||377|297| ||Netcash provided byoperating activities||||18,520|190,156| |23.|Analysis ofcash and cash equivalents|||||| ||||||Group|Group| ||||||2022|2021| ||||||£|£| ||Cashinhand||||494,331|403,417| ## 22. Reconciliation of net movement in funds to net cash flow from operating activities Page 30 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 24. Analysis of changes in net debt **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |At|1|April|At|31|March| |2021|Cash|flows|2022| |¢|£|£| |Cash|at bank and|in|hand|403,417|(209,086)|194,331| |Debt due within|1|year|(34,576)|31,799|(2,777)| |Debt due|after|1|year|(158,333)|158,333|-| |210,508|(18,954)|191,554| **----- End of picture text -----**
## 25. Trustees’ remuneration and expenses The trustees did not receive any remuneration, there was no reimbursement for expenses during the year. 26. Tax status The Royal Cambridge Home is a registered charity and has been granted exemption from income tax under S466 to 493 CTA 2010 and exemption from capital gains tax under S.256 TCGA 1992. 27. Related parties During the year, the Charity's subsidiary paid off the outstanding CBIL loan of £190,000. The proceeds from the loan were held in the bank account of The Royal Cambridge Home, therefore the overall balance due from The Royal Cambridge Home reduced by £190,000 to £37,670. 28. Ultimate controlling party The trustees are the ultimate controlling party. 29. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £14,116 (2021 - £12,978). £2,777 (2021 - £2,910) of contributions were payable to the fund at the balance sheet date and are included in creditors. ## 30. Operating lease commitments At 31 March 2022 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Group|Group| |2022|2021| |£|£| |Not|later than|1|year|2,215|2,696| **----- End of picture text -----**
Page 31 THE ROYAL CAMBRIDGE HOME ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ## 31. Principal subsidiaries, associates and joint ventures The Royal Cambridge home is a 100% parent company of Royal Cambridge Home Limited. Page 32