Charlty numbgr: 225674 THE ROYAL CAMBRIDGE HOME AUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ROYAL CAMBRIDGE HOME CONTENTS Page Reference and Admlnistrative Details of the Charity, Its Trustees and Advisers Trustges. Report Trustees. Responsibilitlès Statement Indgpendent Auditors, Report on the Financlal Statements 8-11 Consolidated Statemgnt of Flnancial Activities 12 Consolidated Balance Sheet 13 Charlty Balance Sheet 14 Consolldat¢d Slatement of Cash Flows 15 Notes to the Financlal Statements 16-31
THE ROYAL CAMBRIDGE HOME REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustèes Mr R H Dowler MBE Major J T Talham (deceased 11 April 20241 Mr J Ross FCIS Mr G F Balfour Bsc Col. N E L Gilbert MrA D Boll FCCA MrJ M L Williams MA Mrs K Rajan Charlty registered number 2256Y4 Principal office 82184 Hurst Road East Molesey Surrey KT8 9AH Independent auditors Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ Bankers National We8lminsler Bank PLC 73 High Street Walton on Thames Surrey KT12 1DW Sollcltors Moore Blalch Frameworks 2 Sheen Road Richmond Surrey Tvvg 1AE Page 1
THE ROYAL CAMBRIDGE HOME TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees of the Royal Cambridge Home have the honour lo present ils one hundred and seventy third Annual Report and Slalemenl of Attounls for the year ended 31 sl March 2023. Objectives & Activltios, Structufe Governance and Management The Royal Cambridge Home 18 an incorporated charity consliluled under the charity s goverr¢ing document dated 26th February 1996 and following discussions with the Charity Commission the Truslees made 2pplicalion to the Comrnission for the Conslilulion of the Home lo be altered. The revised Constitution was sealed by the Commission and received by the Trustees on 13th June 2007. The day lo day activities of the Charity have, since Isl April 2009, been conducted by Royal Cambridge Home Limited. The Charity retains ownership of the freehold lille lo the premises of the Charity. The Trustees who have served during the year are sel out on page 1.Trustees afe appointed by the board of Iruslees of the Royal Carnbridge Home. The Gerneral Purposes Committee comprises the Trustees, associated interosled parties, the Hom8's Manager and advisers ar4d meets regularly to receive reports and to agree policy. financial and administrative mallers. The Trustees are aware that there has been only one new Iruslee appointed to replace those who have resigrsed in the past three years. The search for further Iruslees conlinues. In considering applications the Iruslees will be looking for individuals who, apart from empalhising with the ethos of the Royal Cambridge Home will be able lo contribute through their experience and expertise in the fields of health care, huTnan relation5 and public relations. Any prospective trustee will be mentored by existing Iruslees and inviled lo allend, as observers meetings of the Iruslee5 of Royal Cambridge Home Limited in order lo gain insight into the day lo day workings of the Home. The d3y lo day adminislralion of the Home is the responsibility of the Manager who reports lo the Trustees of the Royal Cambridge Home Limited and lo the General Purposes Committee of the Royal Cambridge Home. The Home subscribes lo the Living Wage organisalion and staff pay rates which are reviewed lo lake effect from 1 sl April each year adhere lo the percentage increase announced arnnually. Pay for key management personnel is reviewed lo lake effect from 1 sl April each year and as a benchm8rk reflects the increase in percentage lerrn5 of the Living Wage organisaliork with adjuslrllenls, where appropriate, lo 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 lo amend the name of the Charity from The Royal Cambridge Home for Soldiers, Widows lo The Royal Cambridge Home and lo extend the definition of ils beneficiaries as follows:_ 111 lal The relief of beneficiaries who are in need by virtue of financial hardship,sickness, éisabilily or the effects of old age by the provision of a home. (bl The relief of beneficiaries who are in need by virtue of financial hardship, sickness, disability or the effects of old age by Ihe provision of grants, loans, gifts, pensions or olhenmise 121 In furtherance of Clause 1 lal the Trustees may assist beneficiaries by providing sheltered accommodation, residential care, nursing 2nd day respite care. {3) The Trustees musl conllnue lo provide a home on land belonging lo the Char1ty. In this context the term 'beneficiaries means 111 Women who have served in the Armed Forces of the Crown. (21 Women who can be considered lo be or have been dependent on a man or woman who has served in the Armed Forces of the Crown including spouse, eivil partner, widow, former spouse, former civil partner, pafenl. child, slep child, adopted child, and qualifying co-habitant. 131 Men who have served in the Armed Forces of the Crown and men who can be considered lo be or have been dependanl on a man or woman who has served in the Armed Fofces of Ihe Crown, including spouse, civil partner, widow, former spouse, former civil partner, parent, child, slep child, adopted child. and qualrfying co- Page 2
THE ROYAL CAMBRIDGE HOME TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 habitant with the proviso that beneficiaries satisfying the criteria in 111 &121 above will lake precedence In the event of there being more than one applieanl for an available place in the Home. This is undertaken from the Charity's premises in Hufsl Road, East Molesey, Surrey. In selling objectives and planning for activities the Trustees have given due consideration lo general guidance published by the Charity Comrnission relating lo public benefit, including the guidance 'Public Benefit: running a charity IPB21 References and administratlve detalls These can be found on page 1 of this annual report. The charity's investment advisers are.. Ralhbonesllnveslec Wealth & Investment Limiled 30 Gresham Slreel London EC2V 7QN Members of the General Purposes Committeo Mr R Dowler MBE (Chairman) Major J T Talham Idec'dl Mr John Ross FCIS Mr George Filzgeorge Balfour Bsc Col. Nigel Gilbert Mr Alan Boll FCCA Mr Jeremy Williams MA Mrs Kathy Rajan Friendlsl of the Royal Cambridge Homo Miss D Filzgeorge Balfour Manager Mr Rory Belfield MA Bsc (Honsl Secrgtary MTS Sue Kenway Llst Of Bgnefactors- Year Ended 31st March 2024 H M The King Rowan Benlall Charitable Trust Othgr Donations We acknowledge with thanks donations received from families and ftlends of residents and former residents of the Home. Page 3
THE ROYAL CAMBRIDGE HOME TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance and Flnancial Rèvlaw The full financial activities for the year are shown on pages 12 10 31. The nel incoming resources before galns on investments are £1 0,045 compared lo outgoing resources £119.340 for 2023. After taking account of gain of £5,15312023 £1,465 loss l in our Investment portfolio, an overall surplus of of £15,698 was achieved for the year compared with deficit of £120,805 for Ihe 2023 financial year. Expenditure decreased by £127,823 with s12ff costs accounting for 62010 of Ihe lolal expenditure. Costs of ainlaining and improving the buildings have been closely controlled with the Home's staff allending lo routine repair and decorations wherever possible. As a result, total funds al 31sl March 2024 were £480,101 of which £368,170 are available for general purposes. These results reflect the fact that with effect from 1st April 2023 the sile of the forrner 84 Hurst Road and the Duke of Gloucester Wing were handed lo Red Construction Group Ltd lo slarl the work of constructing the new building for the Royal Cambridge Home. The remaining building - No 82 Hurst Road provided accommodation for a maximum of 20 residents. In spite of the very obvious activities being carried on in the canslruction of the new building the Horne received numerous enquiries for accommudalion. Prior lo the comrllencement of construction concerns arose that demand for residential care may fall away bul this has not been the case and il is a tribute lo the staff that the Home has been seen as a very acceptable option for residential care. Redevelopment The conlr8cI for the construction of the new Royal Cambridge Home building and made between Sheppard Trust Property Company Limited Ilhe Employer) and Red Construction Group was made irnmedialely prior lo the end of the previous financial year al a cost of £8.117,941.67. This cost was significantly greater than the costs previrjusly eslimaled and as a result il was necessary for Ihe lermg of the contract with Sheppard Trust lo be renegolialed such that the Fixed Land Payment was reduced lo £1,775,000.00. The cDnslrucliDn contract allows for a period of 64 weeks with a Practical Complellon dale of 29lb July 2024. The contractors hold regular monthly meetings lo review progress with the Employer, the Project Managerlcosl Consullanls, various consultan15 and with the Chairman, the Home's Manager and a Building Surveyor from Knight Frank in allendance, A further inlermediale review meeting lakes place between the contractors and the Project Managerlcosl Consullanl. Red Construction Group also circulate a monthly report on progress lo dale and anlicipaled progress in the next period. Adverse weather cjndilions from the late autumn and throughout the winter months wtlh excessive amounts of rainfall have caused some delays such that an eslimaled completion dale of 13th August was pul forward bul with the proviso that the contractors were hopeful of eliminating th31 delay by employing greater numbers of tradespeople lo undertake interior and finishing works. Additionally progress has been hindered ir¢ relation lo connections lo ulililies, water, drainage elc, arnd al the lime of preparation of this report there Is an ongoing difficulty in reaching agreemenl with the Highways Authority in creating the entrance lo the sile. Al the lime of preparation of this report the building is wealhertighl and within the last week Ihe sGaffolding lo the front elevation has been removed and internal works are making good progress. We are currently in the process of approving and ordering fumilure and furnishings for the new building for delivery lo the new Home when practical completion has been achieved. A period of one month is allowed for transfer of the operation of the Home from No 82 Hurst Road lo the new building to be known as 84 Hurst Road. The post code remains unchanged as KT8 9AH. During the COLJrse of conslrucllon items of additional cost have arisen as a result of which (he Fixed Land Payment has been further reduced lo £1,609,242.00 and this may be subject lo further adjuslmenl as the work progresses Page 4
THE ROYAL CAMBRIDGE HOME TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Revlew of the Year As al 1st April 2023 there were 19 residents in the Home. DLtring the year we admilled five residents for permanent slay and two further residents for varying periods of respite care. One resident left the Home lo live elsewhere. Five residents died during the year. As 8131 St March 2024 we were caring for 17 residents. The Home, in compliance wlh a request from the Social Services Department of Surrey County Council conlillu6s lo submit regular 'Capacily Checker reports advising the authority of availability of accommodation, staffing levels elc. arld in conjunction with this process is receiving applications for accommodation under a "Discharge lo Assess. programme the applicants requiring either rospile or lony term care wilh short term fLsnding being provided. Covid.19 remains an evoT present potential threat and the staff of the Home are constantly alert lo the rlsks which il presents. Durng the year in question we experienced one minor outbreak with no major ¢Dn5equences for either residents or staff, 11 has been possible lo restore lo the Home's calendar many of the activities and events which had lo be shelved lo avoid the risks imposed by Covid-19. Evidence of how much these activities give pleasure lo the residents is very clear from the reports in the Monthly Newsletters. Activities are provided lo Meet all lasles and abilities including boat trips, visits lo Hampton Court and local farms visits from Zoolab with interesting animals, and a variety of enlerlainers. In August the Homes Annual Garden Party was held when we were honoured lo have the Mayor of Elmbridg8 Cllr Richard Williams and his wife, both of whom showed great interest in the Home and also in the building work then in ils early stages on the site next door. While we no longer have the musicians from the Royal Hospital Chelsea lo entertain our guests everyone enjoyed the singing of Liam, a frequent and very talented performer. We were especially pleased lo welcome back the Mayor and his wife lo attend the traditional Slirrir)g The Christma8 Pudding Ceremony in November, a very appropriate start lo the Christmas season al the Home,. The now well established policy of make do and mend" has again been followed lo ensure that while the Home remains safe and fully lit for occupation we seek lo avoid undue expenditure on renewing wherever possible. As reported last year we have managed to dispose of surplus items of furniture and effects in readiness for the move lo the new building. We are, as ever, mindful of the work and commitment of our staff in making the Home a happy and secure place for our residents. Our grateful thanks lo the Manager Rory Belfield and 811 the staff for their efforts under difficult circumstances during the conslfuclion work next door. Visitors are often heard lo comment on the positive and h2ppy atmosphere within the Home and this is due in no small measure lo the care provided by the staff. 11 is also appropriate lo record that throughout the conslruGtion period Red Construction Group have been very understanding and considerate neighbours. During the year fyArs Vicki O'Brien has been working with Maggle Wilkinson and other 51aff members towards obtaining accreditation in the Gold Standards Framework an organisalion selling standards for the care of people as they approach end of life. This has Involved considerable time, research and work and has recently culminated with the Home receiving a visit from an Assessor representing the Gold Standards Framework. While their decision is awaited 81 the lime of preparing this report there is every indication that the Home Kqll receive accredilalioll. Vicki and Maggie are lo be warmly congratulated and thanked for all their hard work on this project. The Iruslees are very appreciative of the donations received from Benefactors and Friends during the year. Also many congratulations are due lo all those staff members and friends who look parl in the Maglcal Molesey evening in December and raised in excess of £346.00. Additionally a further sum of £500.00 was raised al the Sumrner Garden Party. These funds were for Ihe benefit of the QLseen Mary Fund lo provide enlerlainmenl for residents. Page 5
THE ROYAL CAMBRIDGE HOME TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RIP 11 Is with gadness that we have lo record the death of Major John Talham on 11th April 2024. John became a Iruslee in l 995 al which lime he was based al the Rr)yal Hospital Chelsea as a Captain of Invalids. John's contribution lo the work of the Iruslees over many years was invaluable and he proved himself to be a true and loyal Iriend. He will be greatly missed by all of us. Investment Policy There are no restrictions on the charity's power lo invest. The investment policy is lo provide a sufficient opportunity for capital ané income growth lo meet the increasing obligalion8 of maintaining and rurining the Home whilst maintaining a low risk profile. The trustees regularly review the investments lo ensure that the portfolio provides a spread of risk and balance between equily and fixed interest inveslmenls. The Iruslee5 consider the return on investments lo be salisfaclory bul remain very conscious of the unceTlainlies in the market both nationally and globally particularly at the present lime. ReseNg$ Pollcy It is the policy of th8 charity lo maintain nrestriCted funLls, which are the free reserves of the Home, al a level which equates lo approximately three months unreslricled expenditure. Al this level the General Purposes Committee feels that il would be able lo continue lo 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 general funds of £368,170 Risk Review The Iruslees have examined the major slralegic. business and operational risks which the charity faces and confirm that systems have been established lo miligale those Tisks. Disclosurè of Information to auditors Each of the persons who are Trustees al the tirne when Ihis Trustees, Report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Tru51ee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. Approvecs by orlaer of the members of the board of Trustee5 and signed on their behalf by.. Mr R H Dowler MBE Bott FCCA Dale.. 08107120£4 Page 6
THE ROYAL CAMBRIDGE HOME STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsitile for preparing the Trustees, Reporl and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees to prepare financial slalemenls for each financial which give a true ar¢d fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, lor that period. In preparing thesè financial slalemenls, the Trustees are required lo., select suitable accounting policies and then apply them consistentty., observo the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial 51alemenls', prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the GroLtp will Continue in btjsiness. 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 al any lime Ihe financial position of the Group and the Charity and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charity IAccounls and Reporlsl Regulalions 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 irreyularilies. In so far as the trustees are aware, there is no Televanl audit information of which the charitable company's auditor is unaware. They have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aw8re of that irsformalion. Approved by order of the rllembers of the board of Trustees and signed on ils behay by.. Mr R H Dowler MBE MrA Bott FCCA Dale. 08/071*014 Page 7
THE ROYAL CAMBRIDGE HOME INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME Oplnlon We have audited the financial slalemenls of The Royal Cambridge Home Ilhe 'parenl charity,) and ils subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the Consolidated Slalement of Financial Activities. the Consolidated Balance Sheet, the Charity Balance Sheet. the Consolidated Slalemenl 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 FinaT)cial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {Uniled Kingdom Generally Accepted Accounting Practice). The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporling Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommende Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been wllhdrawn. This has been done in order for the accounts to provide a true ad fair view in accordance wllh the Generally Accepted Accounting Practice effeclive for reporting periods beginning on or after 1 January 2015. In our opinion the financial slalemenls., give a true and fair view of Ihe slate of the Group's and of the parent charills affairs as al 31 March 2024 and of the Group's incoming resoL¢rces and application of resources. inclLtding ils income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounling Practice,. and have been prepared in accordance with the requirements of Ihe Charities Act 2011. Basls for opinlon We conducted our audit in accordance with Irilernalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent ol the Group in accordance with the ethical requirements that are relevanl lo our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting CoLJncil's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe th31 the audit evidence we have obtained is sulficienl and appropriate to provide a basis for our opinion. Concluslons relating to going concern In audlllng the financial slalemen15, we have concluded Ihal the Trustees, use of the going concern basis of accounting in ihe preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charills ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue, Our responsibilities and the responsibilities of the Trustees with respect lo going corcern are described in the relevant sections of this repDrl. Page 8
THE ROYAL CAMBRIDGE HOME INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME ICONTINUEDI Other information The other informatlon comprises the information included in the Annual Report other than the financial slalernen15 and our Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalemenls does nol cover the other information and, except lo the exlenl otherwise explicitly slated our report, we do not tsxpress any form of assurance conclusion Iherean. Our responsibility is lo read the other information and. in doing so, consider whether the other informalion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we idenlily such material inconsislencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a material misslalernenl in the financial slalemenls themselves. If, based on the work we have performed. we conclude that there is a material misslalernent of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you rf, in our opinion.. the information given iri the Trustees, Report is inconsislenl in any material respect with the financial slalerNenls,' or the parent Charity has not kept sufficient accounting records., or the parent Charity financial slalemenls are not in agreement with the accounting records and returns., or we have not received all th8 information and explanations we require for our audit. Responslbililies of trustees As explained more fully in the TTuslees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial slalemenls which give a true arnd fair view, and for such internal control as the Trustees determin6 is necessary lo enable the prep8ralion of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial slalements. the Truslees are responsible for assessing Ihe Group's and the parent charity's ability lo continue as a going concern, disclosing, as applicable, matters Telaled lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent ¢harily or lo cease operations, or have no realistic allernalive bul lo do so, Page g
THE ROYAL CAMBRIDGE HOME INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL CAMBRIDGE HOME {CONTINUED} Audltors. responslbllities for the audlt of the financial statemènts We have been appointed as auditor under section 151 of the Charities Act 2011 and r8porl in accordance with the Act and relevant regulations rllade or having effect Ihereunder. Our obleclives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material missl8lemenl, whether due lo fraud or error. and lo issue all Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in acwrdance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and arè considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance wlh laws and regulations. We design procedures in line with our responsibilities. outlined above. lo delecl material misstalemenls in respect of irregularilies,including fraud. We have identified the greatest risk of a material impact on the financial 8laleTnents from irregularities, including fraud, Its relate lo the timing and recognition of income and the override of controls by management. We have obtained an understanding of the legal alld regulatory frameworks that the CorYTpany operates wilhiri including both those that directly have an irnpacl on the financial slalemenls and more widely those for which non-compliance could have a significant impact on the Company operations and reputation. The Companies Act 2006, The Charities Act 2011, Health Care Quality Commission regulations, and safely regulations, employee leglslalion and data protection are those we have idenlified in this regard. Auditing standards limit the required procedures as lo noncompliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance as lo actual 2nd potential litigation and claims.. Enquiry of management and those charged with governance to ider¢lify any instances of non-compliance with laws and regulations.. Perforrning audit work over the risk of management override of controls, including lesling of journal entries and other adjuslmenls for approprialene5s, evaluating Ihe business rationale ol signrficanl transactions outside Iht normal course of business, and reviewing accounting estimates for bias,. Assessing the reasonableness of income recognised in the period based on contractual terms and obligations and the requirement of accounting standards., and Reviewing financial glatemenl disclosuTes and lesling to supporting documentation lo assess compliance wlh applicable Saws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulation. This risk increases the rllore that compliance with a law or regulation is removed from the events and transactions reflecled in the financial slalernenls, as we will be less likely lo become aware of instances of non-compliaTlCe. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al- www.frc.or .uklaiJdilorsres onsibilities. This desGriplion forms part of our Auditors, Report. Pago 10
THE ROYAL CAfvIBRIDGE HOME INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL CAM8RIDGE HOME ICONTINUEDI Use of our report This report is made solely lo the charity's trustees. as a body, in aeeordance with Parl 4 of the ChaTilies (Accounts arid Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo Ihe charills trustees those mallers we are required to slate lo Ihetn in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume fesponsibilily lo anyone other than the charity and ils Iruslees, 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 Dale.. /oilod Welléen Turnbull Limited are eligible lo 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 2024 Capital funds 2024 Reslricled funds 2024 Unreslricled fullds 2024 Total funds 2024 Total funds 2023 Note Income and endowments from.. Donations and legacies Charitable activities Investments Other income 1,011 1,011 1,241,720 1,4fj1 831 25,925 1,216,253 1,183 100 1,241,720 1,461 831 Total income and endowments 1,011 1,244,012 1,245,023 1,243,461 Expenditure on: Raising funds Charitable aclivilies 290 290 298 1.362.503 1,234,688 1,234,688 Total expenditure 290 1,234,e88 1,234,978 1,362.801 Net lexpenditurellincome before net gainslllosses) on Investments Nel gainslllossesl on Investments 1290 1,011 9,324 10,045 1119,3401 5,153 5.153 11,4651 Net Incomellexpendlturg) Transfers belween funds 4,863 1.011 9,324 15,198 1120,805) 19 500 500 Net movement in funds 4,863 1,511 9,324 15,698 1120,8051 Reconclliation of funds.. Total funds brought forward Nel movement in funds 50,323 4,863 55,234 1,511 358,845 9,324 464,402 15,698 585,207 1120,8051 Total funds carrled fofward 55,186 56,745 368,169 480.100 464,402 The Gonsolidaled Slalemenl of Financlal Activities ir¢cludes all gains and losses recognised in the year. The notes on pages 16 10 31 form parl of these linancial slalemenls. Page 12
THE ROYAL CAMBRIDGE HOME CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Inveslments 564,408 55,188 534,830 50,325 14 619,596 585,155 Current assets Stocks Debtors Cash al bank and in hand 15 2,669 137,205 113,699 2,669 116,554 105.713 253,573 224,936 Creditors.. amounts falling due wllhin one year 17 1393,0681 1345,689} Net current Ilabilities (139.4951 1120,753) Total asset$ less current liabilitles 480,101 464,402 Totsl net assets 480,101 464.402 Charlty funds Capital funds Reslricled funds.. 19 55.186 50,323 Reslricled funds 19 56,745 55,234 Total reslricled funds Unreslricled funds 19 56,745 55,234 General funds 19 368,170 358,845 Total unreslricled furnds 368,170 358,845 Total funds 480,101 464,402 The financial slalemenls were approved and aulhorised for issue by th fustees d signed on their behalf by.. Mr R H Dowler MBE Mr ott FCCA Page13
THE ROYAL CAMBRIDGE HOME CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 92,263 93.826 92,265 93,828 Current assets Creditors.. amournls falling due within one year 17 137,671) 137,6701 Net current liabillties {37,6711 137,e701 Total assetsloss current liabllities 54,594 56,158 Total net assets 54.594 56,158 Charity funds Reslricled funds 19 43,772 Total reslricled funds Unrestricted funds 19 19 43,772 12,386 54,594 Total funds 54,sg4 56,158 The financlal slalemenls were approved and aulhorised for iSSL¢e by the Trustees and signed on their behalf by.. Mr R H Dowlgr MBE Mr A D Bott FCCA The notes on pages 16 10 31 form part of these financial slalemenls. Page 14
THE ROYAL CAMBRIDGE HOME CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activiti8s Nel cash used irk operating activities 70,385 120,044 Cash flows from Investing actlvities Dividends. interests and rents from inveslm8nls Purchase of tangible fixed assets Cash flows from financing activitles 1.461 1,183 {63,8601 1209,8451 Net cash provlded by financing activitles Change In cash and cash equivalents In the year Cash and cash equivalents at the beginning of the year 7.986 188,6181 194,331 105,713 Cash and cash equivalents at thè end of the year 113,699 105,713 The notes on pages 16 10 31 for parl of these financial slalements Page 15
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles 1.1 Basis of preparation of financial Statemènts The financial slalemenls have been prepaTed in accordance with the Charities SORP {FRS 1021 AGcounling and Reporting by Charities.. Slalement of Recommended Pradice applicable lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Irelar¢d IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice.. The Royal Cambr¢dge Home meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or Irans2clion value unless otherwise slated in the relevant accovnling policy. The financial slalemenls have been prepared lo give a 'lrue and fair, view and have departed from the Charili&s (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in OclobeT 2019 rather Ih2n the Accounting and Reporting by ChaTilies.' Stalerllellt of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Consolidated Siatemenl of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of Ihe Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 1.2 Prestsntatlon currency The Group Functional currency is Sterling and accounts are PTe5ented in sterling, and rounded lo the nearest £. 1.3 Income Grants and donations, including grants for the purchase of fixed assets, are recognised in full In the Slalemenl of Financial Acliviles 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 fw when receivable. Gifts of fixed assets are included al a fair value eslimaled by the Iruslees al (he date of receipt. Gran15 are included in tho Consolidated Statement of Financial Activities on a re]vats1e basis. The balance of income received for Specific purposes bul not expended during the period is shown in Ihe relevant funds on the Balance Sheet. Where income is received in advance of enlillemenl of Teceipl, ils recognition is deferred and included in creditors as deferred income. Where entillemenl occurs before income is received, the income is accrued. Other income is recognised in the period in which it is receivable and lo the exlenl the goods have been provided or on completion of the service. Page 16
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies Iconlinued) 1.3 Income Icontinuedl 1.4 Resources expended Resources expended are recognised in the period in which they are incurred and include allribulable VAT which cannot be recovered. Costs of activities comprise direct costs and support costs incurred in providing residential Care. Fundra$19 costs comprise publicity and costs associated with fundraising. Governance expell5es Comprise costs incurred in the adminislralion of the Home. Where costs cannot be directly atlribuled lo these categories, overhead costs are apportioned on the following basis, based on space occupied. Provislon of care Icharilable acliviliesl 950/0 Management and adminislralion (governance costs) 5./0 Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for ils charitable purposes and includes Costs of all fundraising activities evernls and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objective5, as well as any associated support costs. 1.5 DepTeclation of tangible fixed assets Tangible fixed asse15 are carried al cost, nel of depreciation 8nd any provision for impairment. Depreciation is provided al rates calculated lo write off the costs of fixed assets, less Ih8ir eslimaled residual value, over their expected usefLAI lives on the following bases.. Larsd & Building Equipment Fixtures and fillings Cornpuler equipment 2Vo Other fixed assets consist of the cos15 incurred in relation lo obtaining planning permission for the development of the new home, They are ng1 depreciated until the asset is in use. Assets are normally capilalised where the purGhase prrice exceeds £500. Assets brought in the final month of financial year end are not depreciated until the next year end accounts. 1.6 Investments Investments held as fixed assets are valued 81 the mid-maiket value al the balance sheet dale and the gain or loss on disposal lakeri lo the Statement of Financial Aclivilies. Investments in subsidiaries are valued al cost less provision foi impairment. 1.7 Stocks Slock consists of food and cleaning materials and is valued at the lower of cost and net realisable value. 1.8 Unrestricted Funds Unreslricled fLÈnd5 comprise donations and other voluntary income receivable or generated for the objects of the charity anol are available as general funds. Page 17
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.9 Designated Funds These are unreslTicled funds earrllarked by the trustees for a particular purpose. 1.10 Restricted Funds Reslricled funds afe lo be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is applied lo the fund together with a fair allocation of management and support costs where applicable. 1.11 Expendlturg Expenditure is recognised once there is a legal or cortslruclive obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required inselllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up ol the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct Costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not allributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and deprecialion charges allocated on the Portion of the asset's use. Expendiluro on raising funds includes all expenditure incurred by the Group lo raise funds lor ils charitable purposes and includes costs of all fundraising activities evonls and non-charilable tradiAg. Expenditure on charitable activities is incurred on éireclly undertaking the activities which further the Group's objectives, as we11 as any associated support costs. All expenditure is inclL*sive Df irrecoverable VAT. 1.12 Financial instruments The Group only has financial assets and financi81 liabilities of a kind that qualrfy as basic finaF)ci81 instrumen15. Basic financia5 instruments are initially reco9nised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amorlised cost using the effective interest method. 1.13 Pensions The Group operate5 a defined conlribuiion pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. Page18
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critlcal accounting estimatgs and areas of judgment Eslimales 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 eslimales and assumptions.. In prior years, the Charity has been gifted a number of pieces of artwork by donors. The artwork comprises one off pieces whose value cannol be easily determined. Due lo the difficulty in assigning a value lo the artwork, the Trustees are not able lo reliably measure their fair value. As such, no asset has been recognised in the financial statements. During the period, the Charity disposed of a pieces of art for consideration of 2024.. £Nil12023.' £21,197I. The proceeds on disposal have been recogniseé as donation income in the slalement of financial aclivilies. Income from donations and legacles Restricted Unreslricled funds funds 2024 2024 Total funds 2024 Total funds 2023 Donatlons Grants 1,011 1,011 23,844 2,081 1,011 1,011 25,925 Government grant ir5come comprises £Nil (2023 £2,081) received under the Surrey Council Fair Cost ol Care. Income from charitabl8 activities Unreslricled funds 2024 Total funds 2024 Total funds 2023 Residential care fees 1.241,720 1.241,720 1,216,253 Investment income Unreslricled funds 2024 Total funds 2024 Total funds 2023 Dividend income 1,461 1,461 1,183 Page 19
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investmgnt income lcontlnuedl Other Incoming resources Unreslricled funds 2024 Tolal funds 2024 Total funds 2023 Staff accommodation income 831 831 100 Investment managgment costs Endowment funds 2024 Total funds 2024 Total funds 2023 Portfolio management costs 290 290 298 Analysis of expenditure on charitablè activlties Summary by fund type Reslricled Unreslricled funds funds 2024 2024 Total 2024 Total 2023 Care home activities 1,234,688 1,234,688 1,362,503 AnalysSs of expanditure by activltles Activities undertaken directly 2024 Support ¢051s 2024 Total funds 2024 Total funds 2023 Care home activities 1,038,846 195,842 1,234,688 1.362,503 Page 20
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by activities (continued) Analysis of direct costs Total funds 2024 Tota1 funds 2023 A¢livilies 2024 Staff costs Depreciatio Bad debts Agency staff Messing Water rates Repairs & garden maintenance Light & heal Insurance Cleaning & waste removal CQC registration fees Advertising Hire ol equipment Slaft recruitment Staff training Care of residents Residents, enlerlaining 629,081 32,720 629,081 32.720 596,304 49,180 4,456 29,209 88,258 9,590 147,200 91,910 28,008 26,463 55,783 85,510 8,473 51,332 55,691 24,066 29,857 8,438 745 10,974 1,238 6,640 26,561 11,737 55,783 85,510 8,473 51,332 55,691 24,066 29,857 8,438 745 10,974 1,238 6,640 26,561 11,737 178) 10,282 3,121 7,039 25,496 g,034 1,038,846 1,038,846 1,125,472 Page 21
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by aGtivltles (continued) Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Staff costs Depreciation Motor & travel 132,114 1,564 2,000 132.114 1,564 2,000 169.424 1,361 k iii Staff enlerlainmenl Printing, postage & slalionery Telephone General expenses Bank charges Legal & professional fees Cotnpuler and website expenses Governan costs 7,874 3.789 1,203 9,993 1,098 11,407 10,766 14,034 7,874 3,789 1,203 9,993 1,098 11,407 10,766 14,034 5,790 5,405 4,317 8,517 3.055 16,255 12.115 12,792 195,842 195,842 237,031 10. Auditors. remunèratlon 2024 2023 Fees payable lo the Charilvs auditor and ils associates for the audit of the Charity's annual accounts 5,500 5,040 Fees payable lo the Charity's auditor in raspeGI of.. All non-audil services not included above 8,524 7,752 11. Staff costs GroLFP 2024 Group 2023 Wages and salaries Social security c051s Contribution lo defined contribution pension schemes 698,957 48,850 13,388 712,487 39,281 13,959 761,195 765,727 Page 22
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs Icontinuedl The average number of persons employed by the Charity during the year was as follows.. Group 2024 Group 2023 Residential care Management and administration 39 34 44 39 No employee received remunerallon amounling lo more than £60,000 in either year. Key managemenl personnel remuneration lolalled £58,44012023- £54,400). 12. Trustees. ramuneration and expenses During the year, no Trustees received any remuneration or other benefils12023 - £NILI. During the year ended 31 March 2024, no Trustee expenses have been incurred12023- £NIL}, Page 23
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tangible fixed assets (continued) Charity Freehold property Cogt or valuation Al 1 April 2023 128.227 At 31 March 2024 128,227 Dèpreciation Al l April 2023 Charge for the year 34.401 1,563 At 31 March 2024 35,964 Ngt book valuo Al 31 March 2024 92.263 Al 31 March 2023 93,826 Other fixed assets consist of costs lo dale with regards lo the redevelopment of the sile. Page 25
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Investments Group Group 2024 2023 Market value brought forward Acquisitions al cost Sales proceeds from disposals Broker's management fees Increaselldecreasel in cash deposits Increaselldecrease} in market value in the year 50,325 2,240 52,088 8,298 (2,6681 12981 14,0601 13,035) 12901 12,5191 4,622 Mark&t value carried forward 54,378 50,325 2024 2023 Market value of investments by class.. UK Fixed Interest Bonds UK Equities Non UK Equi118S Allernalive Assets Cash deposits 5,376 11.657 33,160 3,744 441 5,260 10,924 26,731 4,439 2,971 54,378 50.325 15. Stocks Group 2024 Group 2023 Stock of food and cleaning materials 2,669 2,669 Page 26
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Debtors Group 2024 Group 2023 Due wlthln one year Trade debtors Other debtors Prep8ymenls and accrued income 103,133 1,100 32,972 81,604 400 34,550 137.205 116,554 17. CTeditor5- Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Amounts owed lo group undertakings Other laxalion and social security Pension fund loan payable Other creditors Accruals and deferred incorlle 229,100 216,610 37.671 37,670 17.798 1.969 4,705 139,496 12,222 1,787 1,322 113,748 393,068 345,689 37,671 37.670 18. Financial instruments Group 2024 Group 2023 Financial assets Financial assets measured al fair value through income and expenditure 113,699 1 OS,713 Financial asse15 measured al fair value through income and expenditure comprise cash and cash equivalents. Page 27
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THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Summary offunds Summary of funds- Gurrent year Balance al 31 March 2024 Balance al 1 April 2023 Transfers inloul Gainsl (Losses) Income Expenditure General funds Endowment funds Reslricled funds 358,845 1.244,013 11,234,688) 368,170 50,323 55,234 12901 5,153 55,186 56,745 1.011 500 464,402 1,245,024 11.234,9781 500 5,153 480,101 21. Purposes of restrlcted funds Queen Mary's Fund Its purpose is lo fund enlerlainmenl, oulings and luxury items for the residents. Special Pro}octs 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 Iggelher with donation received for projects which have not yet begun. 22. Analysls of net assets between funds Analysis of net assets betwoen funds- current peTiod Reslricted Unreslricled funds funds 2024 2024 Total funds 2024 Capital funds 2024 Tangible lixed as5els Trade investments Current assets Creditors due within one year 564,407 564,407 55,188 55,188 141,642 253,573 {393.0671 1393,0671 55,186 56,745 Total 55,186 56,745 368,170 480.101 Page 29
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Rèconciliation of net movement in funds to net cash flow from operatlng actlvltles Group 2024 Group 2023 Nel incomelexpendilure for the perlod (as per Stslement of Financial Acliviliesl 15,198 1120,805) Adjustments for: Depreciation Charges G2ins on investments Dividends, interests and rents from Investments Increase in stocks Increase in debtors Increase in eredllors Portfolio Management 34,282 4,943 49,180 2,060 11,1831 212 {64,657} 255,535 12981 120,6511 36,903 12901 N8t cash provided by operating actlvltles 70,385 120,044 24. Analysis of cash and cash èqulvalents Group 2024 Group 2023 Cash in hand 113,699 10S.713 Total cash and cash equivalents 113.699 105,713 25. Analysis of Changes in net debt Al l April 2023 Al 31 March 2024 Cash flows Cash al bank and ir¢ hand Debt due wilhiTr l year 105,713 11,7871 7,986 11821 113,699 {1,9691 103,926 7,804 111,730 26. Relaled parties AT the year end £37,671 {2023 £37,671> is owed lo Royal Cambridge Home Limited, a subsidiary of the charity. Page 30
THE ROYAL CAMBRIDGE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 27. Ultimate controlling party The Iruslees are the ultimate conlrolling party. 28. Penslon commitments The group operates a defined conlTibution pension scheme. The assets of the scheme are helé separslely from those of the group in an independently administered furnd, The pension cost eharge represents conlribullons payable by the group lo the fund and amounted lo £13,38812023 £13,g591. £1,969 {2023 - 17871 of contributions were payable lo the fund at the balance sheet dale and are included in creditors. OpeTating1oase commitments Al 31 March 2024 the Group and the Charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Not later than 1 year 350 3,759 30. Prlncipal subsidiaries, associates and lolnt ventures The Royal Cambridge home is a 100'/o parent of Fioyal Cambridge Home Limited. 31. Capital eommltments During the year Royal Cambridge Home Limited entered in lo a capital commitment of £8,117,941 relaling lo the development of the new care home al 84 Hurst road. Further details are provided in the Trustees ieporl. Page 31