STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Rggistered Charity No.. 227794 Registered Company No.. 00407897 IEn9land and Wales)
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABIUTIES CONTENTS CONTENTS Pag• No Legal and Administrative Details Council of Manaoernenl Report IndependentAudrtor5' Report 8-11 Statement of Finanoal Activities 12-13 Balance Sheet 14 Cashflow Stslement 15 Notes to the Finanoal Statements 16-32
STROOE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES LEGAL AND ADMINISTRATIVE DETAILS Patrons MrTWarte CBE Mr5 A Cottrell OBE ce Presldents Mr8 P Sttephard MBE Mr 8 Dale FCIPD Courfil of Managernent Mr N Wells (Chairman) Mrs P Unwin (ViGe Chairman) Mrs D Allaway (Treasurefl Mr R Clart Mrs J Clifford Mf S Gadhia Or P Gairod Mr C Spooner MrNSwfft K8y Management Parsonn Mr P Montgomery Bsc. MA. MBS, MSclPsychl- Chief Executive and Secretsry Mr T Cheshire Irelired 27 August 2Q211 r D John lappoinled 27 August 20211 Mr J Cotterill Ms K Baidsley Ms K Jeal Ms R Richard5 (from 1 April 20211 Ms L Wiighllslarted 21 February 20221 Regl&tsred Company numtr 00407697 Régistèred Charity number 227794 Prin¢ipo1 Addr¢ Strode Park Hous8 Lower Herne Road Heme Herne Bay Kent CT6 7NE Ind&pendent Auditor A2els Audrt S8rvirs 5th Floor Ashford Commercial Quarter 1 Dover Place Ashford Kent TN23 1FB Bankers Natnal Westminster 8ank PLC 140 Hh Street Herne Bay Kent CT6 5JX Sollcltofs Furtey Page 39 Sl. MargareV$ stet Canteury Kent CT12TX
STRODE PARK FOUNDATION FOR PEOPLE WITh DISABILITIES REPORT OF COUNCIL OF MANAGEMENT FOR THE YEAR ENDED 31 MARCH 2022 The Council of MaDagernenl pres&ni herewith the1r report and Ihe firbanual statements for the year enoea 31 Marth 2022. Th8 Coun1 Df M8na9ement have adoptell the pwvi$i¢ns of the siaim&ni ol Rewmtnend¥d Pr3thictr ISORPI'AcCn1Ing ond Reporting by Chathes- IFRS 1021 In prepanng the annual report and financial statefflenls of the charity. The financial statement¥ have been prepar¢d In a¢¢ordan¢e with Ihe aunting polirygs spt out ITr notes lo itte xcounts and comply with the chanty's goveming docvmenl. the Charitie5 Act 2011 and Accounting and Reporting by Charitie$." Statemert of Recommended P1acts applicable 10 thaeS prepann9 their accounts In a¢eordanee with ihe Financial Reporting Siandard applicabb In ihe UK published on 16 July 2014. as arnended by Bulletin l. Objpctivp3 J¢t1vil St9 P¥rk Found81K)n ie$iabli$h•d 194611$ 8n ind¢p•ndtrni Voluntary 0ryanitsatn working kn provide high quality seNS to meet the chaTrgiDg lI¥jUa1 Deeds of peoplg wiltt 015abilil5 The philosophy of Strode Park Foundation. In keeping wrth this mission. Is enab people with di9abilili$s and as$¢tyaièd Lxre nè¢dg to mako ¢hoi¢8$ lorihom$olv8$ and 10 SUPPOfl Ih8m In maintsining skills and Independence throughout Iheir INes To Achiève this mission Strode Patk Foundation provides a nufflber ol high quality services Leilored to meet the Individual ne6d¥ of peoplg Public Benefit The counc of Mona9emenl hasconsidered the on Public Benefrf published by the Chanty Commi$¥k)n 8nd i¥ gali8fied Imal the Found8iion'$ 81mS and obie¢tlVO$ and ¢urr6ni ¥nd aElivrtie5 coffiY with the Charity CommissKTrn's publ benefii requirements Listed below are Ihe main aciivities of the Foundation. and how they eomply With Ihe Chariti Comm19A'S definition of Publ bsnèfrt How ovr activitiè9 dèlivbr public bènofit Strode Patk Foun¢3lion provides public benefit by promolillg the advancement of healltt and by sUPPQrtirs those In need bec8v of Ill-heBllh ordisability. PublK benefit Is achieved through the proviOn of the tslbwin9 se5. SttDde PA Flousè Regisiereo under ihe Health and Social Care Act 2008 as a Core Home With Nursing. Stmde Park Hovse provid$$ resmjenbal Gare and Support for vp to SS pemianÈnt, respite and n¢uro-rehbilil$lion dients. The home h85 B SU1 of excellent Iherapy f8ulitios Induding s physh¢r8pY 9ym. hydroth8r8py pool and o¢alv)ar therapy Ir¥ining kikh9n. Th$ homÈ 1$ W In geveral a$ of bÉaubful 9rouna$ with whetkhaif 8ttos$ity$ tsaiurfrs for the re¢reaiion and pleasure of Ihe residents. Coach House Th8 Co8¢h Houge 1$ re9lSterod vnfj8r the Health and SDoal Care Aci 2009 a¥ a C¥re Home lor adults wrth disabilrties and accommodaies up to 9 wrm3neni and re5PPte with physic41 andlor learniw dis3bihlies. The home alw pr¢vKIg5 jndgp9ndgnre training pr¢grmme$. Fooiwinls Registersd wilh Otsted 8nd CQC, Fooipnnts prov$ reaoniial ¢ar• and support for up 10 10 ¢hildtsn or young adults wlh Redwalls Redall$ Is regisiered under Ihe Heallh and Social Care Act 2008 as a Care Home for adutts with disabihties. Redwall$ pwvides re8idenlval 3nd 8UPPDrt for up ID 6 permanent antt respite Pffattgrs F8nn Lodge Pl8110ts Farm Lodge 1$ r181¢re under Iht Health 3Trcl Soci31 Care Act 2006 and provides k)ng-Stay. rewile and rehabilrtolion service5 for up lo 43 adults. The hoffle Indudes an ei9hl bedroom specialist dementsa unrt Lady Oene Fami House Lady Oane F3ttnhou5e is fgi¥iered the Health aDd Swal Care Act 2008 provth¥ repntsa1 care and sUPPOrt for up to Supported Lmng Units Stwde Path Foundation has 8 Supported lin9 fari1rt9 (including Co8¢h Hou* Mews. f4orth Lod9¢. W¢od8ide, Patkvi6w, Gills House and 8elbngg whith are avadable lor indivU1¥ who do not 18quire lull residfjniial tsre bul who would bengfit from some degree ol stsff support. The IDdi¥iduals 51ayiTWJ in Ihis accommodation ran access appropriate. needs determined ¢arè and support Irom the Comcare tearn which 1$ Strode Part Foundaiion's CQC re Isted home ¢8re 8
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES REPORT OF COUNCIL OF MANAGEAIENT ICONTINUEDI FOR THE YEAR ENDED 31 IAARCH 2022 How tsutg¢tivilio$ ddivor publi¢ bonelit Day Opportvfjiltss Ba¥ed al the Slfode Park 5rte and In the 10&31 cornrnuniiy, the Ddy Opportunities elee providÈ9 IndepeDd8nce and life skill$ training for young adums and work expenen¢e pro9rammts for popL9 with physical andlor leamin9 ditricuiiies live In Ihe omtnunity The sgtvice also offers physiolherapy. social aCli¥ilies and eduCatnal opportunities for boin SllOJ8 Park re¥ideD15 and day clients referred by Ihe NHS and Social sen19 and IndivKluals In ffj¢eipi ol dif6¢1 p8ymeni8. ThealR In the Part Ttta Foundation is the proud owner of A large and be8utilul. purKw¢ d¢$i9ned amphrthesire bulk In Iha grounds of Sirode Pgrft The F¢undaiion i¥ f¢rtunalp to be atyle to call on a numb&r of mmItted volunlS ¥tho rnthinsie the The8tr8 p)graMme and cover marsballing respwsibililies dunng performances. Transxrt The Foundation has 15 vehicles. IDCILIrng specially adapted cars and ambulances, these vethi¢le$ 8r8 uaed lo take clients to an from the day opportunilies sefviceg, and take re$ideni$ 1¢ app¢inimtnis ¥nd out on trips. Ghoniyshops Managed and staffeLI by dedicated volunteers. the Foundation runs charity shops In Herne Bay and Tank¢rton. Both of these ouuels mbke sn Importsnt contriblon sirtsd9 Park'$ Incoma 8nJ prwdo a valuable opportunity br trainin9 In a tall setting fDr th¢ ts8tyi¢e ugtsrs. There were no Material changes In the obiectlves of the Foundatk)n durin9 the ye•r Strate9ic Report Achi¢vern¢nts and performance Despite the on-going ¢h8llenge8 presented by Covi0 19 ¥niJ a¢ult nalioDal and local labour thortages. Sirode Park Foundat performtd creoitably on nearfy all the major large15 sel for 2021122 Pforedures and protocols initiated by Strode Park FoundalK>n conn to be reg8rded AS fiLEt-rate exampbs of Infection control praettr 8nd the Foundation ha8 sustained a rem$rkabio r£Kord of kyotscling the 5ewic8 Use (rom Cowid 19 tecOn or miliyabng the Impart on IndivMSuals wh&n Infection has been unavoidable. Strode Part's effeGliveness ID IDtechoD Goplrol stands as a true testament io the skills. knowledge, determifolion Ihoughifvlnes5 of the sloff tearnsand volunteers, and tothe fortilvde of tho Individua18%th0 u88 IhB sèrvicg5. Al the same time as sirode Park Foundation was delivering a remad(aDi$ and $M&mplaty r8$Wn¥t lo the covid pandemic. SPF mad¥ 3ubsi8nirdl progrè83 Iow8rd¥ the mrporale goals Identlfh and agreed by Ihg Coun[ of Mzn£gement In parti48r It is exceedingly powtive to rk)te that thè qv¥lity of the services Is reCnised by Ihg setVU Users. Ihe commissioners 8nd the rel8v3nl regulalDry bodies. As ol July 2022 all Strode Park Foundation's registered homes for adults a* ral6d'GQ. by the Care Quality Cornmission and thai Footpnnts. Strode Park's registered home for ¢hildien with disabilili¢$ Is rated as'GxQ' by 01sted. Given the nvmbfjr, the r8ng8, 8nO the wmpbxity of the8• 8gMces thi¥ Is a very Cornmendab achievement. In 8dditk)n. all Strode Part¢,$ Servi 81$0 have the top's sw. 6nvtronm6ntal health award. Togelherwiih the 51awiory assessments noted above. In the year under revw. the ¢hanty su¢¢8$$ful relained several presli9iOLIS. 9Xtemally validalod quality a8¥ur3nce acrredilalions Induding Disability Confident Committed Investors In P8oplp ISO 9001 ISO 50001 NHS approved Cernficate of Health and Safety Com1$n¢6 ICHASI. In addiuon lo the above, the Found81ion h88 a¢hiev8d or m8de 8ignifftt¥nl progr888 with ¥ numb6r of thntsfied strategic waLs Developing plans Alld 5ecuriw pTring permission for the conversion of the 8nnex L8dy D8fi8 F&rmhou¥e Inlo 5UPPQrted living accommodation S¢curing 8 wlenlial pur¢har for the unu¥ed al Redwall8 Introducing a more robugt and d&181 Ri$k RI8tsr and asswaled coThlingency plans with slrenglhened Coun1 of Management 8cTuliny Revwing bsnking atrangemenls and b8ginniw the process of transfemng Eccounls to Metro Bank.
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES
REPORT OF COUNCIL OF MANAGEMENT ICONTINUEDI
FOR THE YEAR EP4DED 31 MARCH 2022
Strategic Report
Achievements and perfofmance Icontlnuedl
The succe55es aChIed In 2021122 have been b88ad on pla¢ing the Iniers$i$ ol Ihe ¢li&nt$ at heart of de$10-Makl
p)Ge$ and l¥kin9 a realisbG approaGh 10 financial management. This In¥0eS on-going review5 of the qualily, d¢rnand. and the
financ431 Viability of each Seice A Consequen of one $u¢h ieview w•$ th81 th6 F¢unaaiion r6lu¢ianiiy lo hand back the
10s3-making KCC h0ffl9Gar£ coDlract In January 2022. This contract had been In plats for 5S than the years and, dtrspite the
financ1 losses pre0Y Sustained by this 8eNice, this was 8 diffi¢ull doty$tt. In Ihis wni$. Ihs F¢und3lion wa5 reassufed and
grateful for the kind words and thank5 from Individuals who had used this service and by the fact that severdl of Ihts8è disn1¥
niinue to use Strode Parfrt services In¢luding D8y Opportunib68 Serwce ano resthnb81 r88pil8 care.
Sta1n9 shortage5 In Ihe social Ca sector have also presented rnaior chaIngeS m8iniaining Ihe volumo and qu311ty ol $ervic95 al
the lev81s Ih¥i Slr¢de P$rk Foundation aspirè$ to. Consequently, Iike neady all health an(1 caie providers. the FoundaOn h2s had to
contlnu811y look at iTrnovBtive w8yS of ensuring thai all resovKt$ &re vged 8s effeeiively a$ po$$ible. Th15 has Involved
Sm4¥m3119 siaff t¢¥tns from diffgrenl s8rvice¥. expandino the u58 of IT foreffickgnl and effective person
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES RÉPORT OF COUNCIL OF PLANAGEMENT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Flnancial review Total Income w88 £Y1.963.794. an Iwease of appr0Xmate 2% on the previous yearfs COrrt Inrne of£11.737,92fj. This Increase In Incorne was ause 01 increased dernand far all resideniial and Supported living a¢¢omrnodalion and OCGupancy rates w¢r6 robu$t for all thesè servi¢e$ IhrDughoul the Foundatson. The re5urnpiion ol Theaire In the Park gnd repenIrlg ¢f the ch3rily sttopj alsoconlnbuled to ihe Increased Income The Increased Income was partK411yoHsel by the CJ¥id related rtIal Suspension of day opportunity, aod Lvvvj relal&l gntS Iwome. Propoihonale expaDdilure on agency siaff continued to rise, Increasin9 Irom 8.6% tsf ¥ll SPF'S $tafffirwJ e¥pen&iiure ill 2020121 10 11.7% In 2021122. ThiA Intreasè ¥n incrgasingly thalbnging bour market. especially lAtIng to thè rÈuuitment ol carers rbd nur8es. and remains 3 major Goncem for the charit¥ In term$ of both thè financial Impact and the polenbal impact on Ihe oualty of c•re and support provided At 31 M8reh 2022. UnStn¢t8 funa¥wwe £1,603,151 whKh compare5 favourabty 10 É936.818 ITh 2020121 There w8$ 8190 an Incfeasd In dssiyn81od fvnd$ fmm £3.581,270 ITr 2D20121 10 £4.167.938 (see note 22} whilst Ihore was 8 tnarginal decréase In reslFthd lufjds frorn £194.759 10 £180.305 Isee note 231. Cash continued to Improve and'cash at bank and c8sh in hand. sir¢ngth6nod from E721,14S Dn 31 March 2021 10 £1.973.622 on 21 Mar¢h 2022. Notably, improvemelll In Ihe GBsh po&1 hH5 been acumpanied by a further reduction In the Ve1 ol ¢redilors falling due wrthin one ye8r1gee note 181. Pvrformance of investments held Income from Investments duriry 2021122 was £602 CAMTrP8 to retm501 £835 In lh8 ptBviou$ yF•r. Strode Patk FoundaiKJn employs a 5rnall FUndraIn9. M£rketino and PublL RelaiiDns te8m. During 2021122 £50.779 was spent on staff $818fie$ lor fundr81ger$ 12020121 E46,9821 vlhilsi a total DI É440.671 12020121 £956.3221 was received In dDnabons. ¢haritab grahts. 1&ga&S or pledots. More Ihan £297.000 ol these receipts were Covkl 19 9r8ni related but, 8v6n wilhoul lhasa re¢eipl8, tha level of other WOnt8ry In¢om$ r•pressnis a trsdiiab10 ptrrformance In a challefjging and compeinive fundraising and economic Clirnaie. The t$m deserve ourcongraiula1rns not only In th15 repard bul alsc forlheif SuCtes3ful effort$ to build Ihe public profile DI Strode Park. Flxéd •$s• The movement In fixed 8sAei$ during the ye•r¥r6 sèt DUI In nole 15 to the financial 5tatsfflenls. Invfjstrnwnt policy The Foundation's Inveslmenl policy iequires the Foundaon 10 hdd Suent lunds io meei 811 short-term Iiaknlrfies. The yjhcy LS reviewed annuAUy. The goveming d¢cvm¢ni Impos0$ no rt&tndvJThs on Investment POWef5. Ro$•fv•$ poIi¢y In accordance with the Charity commison guidance. the CounLyl of Mdrbagernenl revivby on A regular basis Ihe levol ol unrestricted res¢rves that Il cOnserS Bppropriaie. Al 31 M4r¢h 2022, th6 Court¢il ol Manaotmeni con8idtrr Il appropriate lo hold nstriC re¥etv&$ eiuiv8krtl to ¥1 le8¥1 one wonlh'5 slaft wages (plu5 on-cos151 whKh 15 In the reoK)n of £756,000 12021 £640.0001. Unreslncted fund5 4131 March 2022 AMoUnd 10 £1.622,46212021 E936,8181. Desi9nAt&l lunds at 31 March 2022 amounted to £4,167,93812021". E3,981.2701. Fvrthef detsilts ats In note 22. Resincted funds at 31 Marth 2022 arnnt 10 £180,30512021 E194.7591. Futhtrrd&tsil$ are noi6 23. Plons for the fuiur¢ Desprt$ th$ un¢Èrtainii8$ p$&n by Covid pandemic. Inrrea¥Ang costs, and a very chalwIng labour rnarket. sirode Park Foundation remains committed io the continual Improvemeni of the services and to en$vnng that these $ervice¥ are provided In the most cosiftective way pos3ibk To a¢hiev¢ these aims the following ObiectlVOS havg 8n sel lor Z022f23 R¢t8in'Good' or8thivtr'OLtslanding' CQC Of6tsd for all registered Seice5. Reduce staff vacancjes ifflprove staff tentiOn. 8foadeD deepen user IDvolveMenl in decision making proce55es. especlly In relation st&ff rttruitmeni. Develop addibonal 5UPPOrted IiYin9 accornrnodaiion and 5eNice5 Review the provision of the Day Qpportunilies And. I12ppiopnate, tender for new KCC funded dAy SÈIWI¢s¥ Strengthen g0veman even further by aPPOinbng to the Countsl of M8nag¢ment addItnal mdmD&t¥ wilh rèlevant kTr0edge ana txpenen¢e.
STRODE PARK FOVNDATION FOR PEOPLE WITH DISABILITIES REPORT OF COUNCIL OF MANAGEklENT ICONTINUEDI FOR fHE YEAR ENDED 31 AIARCH 2022 Plans forthe luture Cornpleie Ihe di911 Iran$fonm81ion ¢lLn9 Instaiiny Pewn Cenlred Soltware leoare plBDning 5ysleffll. AtLqs lernedi¢abon admirtislralion sysleml SharePoiDI (data management 5y51eml. and Yooz lelectronK Invon9 $ysieml and 10 urbdertake lufiher cost benefit gnaly$i$ of o18ctroni¢'lirne and otten¢3nrn sy¥lpms. Complete the sale ol the unu890 |3nd al Redw13. CDnlinue lo strengthen fianCial re¥etves. Initiate and develop a stronger'Registerof Risk. Including on-going review5 and agreed redudion and miliy•iofi 8lralegies CoThiiDue w asses5 Infrastructure Improvement requ1ments. priofitise and address within finanty81 ctsnslrainls Iinduding on- Oing ¥ndoW (epLqtsmenis at strod¢ Park House, compon1v redecor3lion ol IhB Coach House, and the provision of a lulty acces¥ible wheelchair garden al Lady Dane Farmhouse). ldeniify and ifflplemeni Iniiiaiiv&5 enhance Stsff well-teing Eximise vontary Income. ¢oniinL to prn0 ana embed sirodo P¥rk Found3lion's YUeS Employm•nt•l pooph with dsabilitie As a regisiered charity providing care and support for people with disabilibe8, rf 1$ Ihe Foun&i¢n's poliw lo empkny users and other pgrsons wlh disabilitses wherever and whenever POS5ible strode Park Foundation IS attredited ¥¥ 8 Disability Confidelll Empk)yer. Going ¢ontern The CouDcil ol Management hos reviewed Ihe Strode Park Foundation's fin8ntsal potn and consequeniiy believ•$ thai there are sufficient resourtts mana9e any 8$on8b finan¢i81 and operational nsks. Thé C¢un¢il ol M8n8gemtDI have considered the level of funds held the projected level of Income and expenditu for 12 months from the dale of SPPmv$l ¢f the88 finaficHI statements. The Council of Management approved a bvdyet br 2022123 8nd havtr Nnsider8d k•y challenges faGing Sirode Park Foundation the wider care sector In whiGh rt operates. Our liquidity p05iuon h35 51gnificantly Improved. and Our b3nkÈr$ tD suppDrt us through Bn agreed overdraft faulily to CushiDn us again$t any unexpe¢tÈd ¢a$h $horfall. For Ihe¥e reasoD&. the Council ol Management ronlinues ID adopt the going COnGern basis ol accounling in preparation of the financial staternenig. Prin¢ipal ris8 un¢ertaIntry The Council of Management has a duty lo Identify and review the risks lo which ihe Foundation Is gxposed to engure 8ppropnai CDntrols a In pla to prowde $s0nbIe 8ssvr8n¢e again$1 fraud ano ettot Dei$ikd Considerat8 Of nsk are deleg81ed 10 the Ex¢ubv6 Committee, wth advice from Ihtr Senior Managemenl Team. Ri9ks ara Idelllified. and controls 8slablished throu9hoth the year. The pre9ent risks Indude I PontgI loss of funding from significant purchssè 2 Reputational darna9e resulting frorn non eompliance with r[qlOry cornplianco 3 Change5 In kg1SkOn thét have a deirimental fin8nciAI Impact INS001 Livin9 W8981 4 Ongoing ifflpact ol Coronavirus or ottter pandem The key controls used by Ihe Foundation lo rniiigale these Klenliw nsks Include Formal agefj¢35 for Cofflmillee and 8oards acliviiy. Oetailed term¥ of relergnce forcomfflittees. Comprehensive 51ralegic planning, buclgeling and management aLrouniing. Quartérty Clifiitsi GovèmaDce meetings and repDrting Gycle. Established organisabonal 5truGlure and lines ol reportin9'. Formal WDllen polirAe5. EerDal Quality A5sur3nc8 systems Indudin9 ISO 9001 and ISO SOOO1', Cknr authonsation and approval level$ Ilsi rewgnising Ih81 any nsk Idenbficalion ¥nd Thibgalion Systems. including those Doled above, Gan only provide reasonab but noi ab501ule 8ssurance. ihe Council of Management IS Salisfied that the ngk rn8n8gement prosseS e$tablished for Ihg FovDdalion Idenlfy $nd wheffj po$$ibLe adequ8tsly miligaled tn3Jor risks. However. the Couficil also EcknoWd9eS that the¥e protssses can be $irengthengd even futhec TherofoTr 109$lherwrth the seTriDr monagemBnt tfjgm, thp Coun¢il will CDnlinup lo review Cent arf3ngemenl8 wrth the objective ol developing a more coMphensIVe and resilK8ni nsk regiSr that sUPPOrt5 greater depth of nsk asse5srneni and provides more detsil of asSoated contingeney pl¥fi$. Pay policy for key rnanagernent personnel The Council of Man8gemeni consider the senior manag$mtyni team lo bB Ihtr key tnanaggmpnl Porsonnel of the charity M charoe ol Irectln9 and controllin9, running operawng ihe Foundation on a day day tsa6. The pay of ihe senr staff 15 reviewed annualty and sg1 accordance market rdies HO¥ver. all Council members give of theiriirne freely and no Council member received remuneraiion In the year.
STRODE PARK FOUNDATION FOR PEOPLE WITH DIsABILlEs REPORT OF COUNCIL OF MANAGEMENT ICONTINUEDI FI THE YEAR ENDED 31 MARCH 2022 Structurv. govemanG• and mana9emeTht Strode Park FoundatKbn for People with 015abilrties wa5 Incorporaied as a CA)mpany limited by ouaraniee and not having a shllre eapitsl under the Companies 1948 on 4 Apnl 1946 SIr£ Park FoundaliDn for Peopk with Disabilitie5 Is a giS1$rè ch&rrfy, nurnber 227794 wth eff8ct from 9 January 1963 and 15 established under Its MemDrandum and Arti¢ks of AssoGialKbn daled 21 M8r¢h 1946 as 8mènded by gP¢kAI r•$olulion on 20 May 2004. The Foundation's govÈming body Is the Council of ManagetTreDI The respon¥ibililie5 of Ihe CounrAI member5 are ¢on$ideraDie and Ihey have a legal oblipal¥JTh lo ensure that the coMn¥ and Chanty ar$ administa ¢orre¢Uy wrfhin lh6 Lqw. a¥ well as providing qu41ty 8•rvi¢e$ to tho many Peop %wlh disabihlies Il seeks to help. The Countyl of manM$h1 Is 888l$le4 by an Execubve Committee. whose rnernbers are Ihe ChairrnAn. Vice Chainnan, Treasurer of tha FoundalvJn plu$ iwo ected fflembers frcm the Couwl. The Execubve ¢ornmrftee meo15 m¢re frequently than the Countyl of Man¥y8mont and t4ko$ a mort adive rola in th& maDagernenl forlhe Foundation. stru¢r. gOVornon¢o •md m•rt•g•mont (Gontinuedl Tho of the Covncil ol Managementwho seFved dufing ihe penod were as follows. Mr N Well$ l¢hairm8ni J Clifford Mr R ¢ord811 IVIce ¢hairmanl Ir6$1gn&d 24 Novembof 20211 Mr S Gadh MTS P Unwin (Vice Chairmalll Dr P Garrod rs D A118W8y ITre88ur&rl Mr C Spooner MrRCb Mr N Swrft Appobntm•rtt •nd r•¢rui¢mont ol Coun¢il Memb Th¢ Council seeks ID oppoinl Members lo the CounrAI of Manogemenl Isubiect lo the prescrljed maximurn number of members) who Gan bnng a cofflbinatian of relevant knowledge and skills and who have an Interest In, and commiimeni 10, the Mission of the Founrtabon The Coun¢il, In ¢on8uttalion with the Chief ExeGulive. bnDgs fopNards names Df Suitab and quelified people who tsn fim any existsng Vacanc5 OTh the Council for (XnSideraIn by ihe Council Council of Monagernent Responsibilit8 Company law and th¢ law app1i¢able 10 th8rrtlPs In England and Wales requires Ile Council of Marw9efflenl to prepAre finAnual slalemenls for each financial year. which give a true and fair of ihe 5te of Affairs of the chsntablÈ company and of the In(J)min9 resou¥ and 8pplie8lH)n of rOSOUf¢O3, Induding Ihe Incotne expgDditur•. of the charitab company for the year I prepanw those financial ¥lalefflen15 the Council of Management Is required lo 5818cl 5utsbkp accounting poIleS and then apply Ihern coTrsislenlly, observe ihe fflelhods and principles In ihe CharilE5 SORP 2015 IFRS 1021. make iudgemenls and e51irnale5 that are reasonable and prudent. Skle whether applKable accountin9 Standards have been folk)wed. Subieci to any maierial departure$ iSis¢losed and explaine prepare ihe finan31 51atements on ihe going concern b2sbS unless It IS Inappropnate to presume thè thantsblo companywill The Coun¢il of Mana9ement are re$oonsrtJle for kapinO adequats ac(Lunling records that diSL4os& with reasonab zccurw at any lime the finanGial position of the charit£ble company and ensble them LO ensure th81 the finanual st¥iemenis ¢ornply with the Comp•ns A¢1 2006 They are also re$pOn$lb for $al8gU8rdiNJ a$¥ei$ of ¢hani¥bie company and hence for tsking raa10nab steps forlhe preVentll and detectDn of frAud And other IegUlant1eS. Dls¢losur¢ ol Inloimaiion auditorn Each of tae Council of Mènagemeni have n[iM1ed that the IS no lnfomiatrn of whth they are 8war8 whith 1$ relgvant lo the Sudrt. but of which the Auditor unawars. They have further confirm8d thai they hav8 t¥k*n appropriate $18p5 to identify ch relevant Informaln and lo estsblish that Ihe audilors are aware of Such infomalion. By Oroqr Date Cou MrN Ils. chairman
INOEPENDENT AUDITORS. REPORT TO THE COUNCIL OF MANAGEMENT OF STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES Oplnlon We have audited the financial statements of Strode Park FouniYalKJn for People wth Disabilities for the year ended 31 M8r¢h 2022 which comprise the Statement ol Financial Activities. the Charitable Balan Sheet. the Cash FIov4 statement and the related notes. The financial reporting tramework that has been applied in their preparation Is applicable law and United Kingdorn Accounting Standards, Including Financial Reporting Standard 102 The F1nanoal Reporting Stsndard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally A¢Pie Acts)untlng Practice) In our opinion the financial statements give a true and fair ¥Aew of the stsle of the charitable cornpany's affairs as at 31 March 2022. and of its incoming resources arKI application of resources, including its Income and expenditure. for the year then ended., have been property prepared in accordance Mrith United Kingdom Generally A(ttpted Accounting Practice.. and have been ppared in accordan with the requirements of the Companies Act 2006. 8091$ of oplnlon We conducted our audit In accordan with Intemaiional standards on Auditing IUKI IISAS IUKII and applicab law. Our SponSibl11t1es under those standards a further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company In accordance with the e¢hicAI requirements that are levant to our audit of the finan¢ial statements In the UK. in¢luding the FRC'5 Ethical St2nd2rd, and we have fulfilled our other ethi¢al responsibilities In a¢cordan¢e vnth these oquirements. We believe that the audrt eviden have obtained Is sufficient and appropnate to provide a basis for our opinion Conclu5ion$ relating to going concern In auditing the financial statements. have concluded that the Council of Management'5 use of the goin9 ¢on(ern basis of accounting in the preparation of the finanoal statements is appropnate. 8ased on the work have perfom)ed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least Melve months from when the financial statements are authorised for Issue. Our SponSibl1111e$ and the responsibilibes of the Councdl of Management with respect to going conc8rn are
escribed in the relevant sections ol this report.
Other Information The other Infomialion ¢ompnses the infomation included In the CounL¥I of Management Annual Report. other than the financial statements and our audrtorfs Part thereon. The Council of Mansgement are responsible for the other inforniation contained wthin the annual report. Our opinion on the financial statements does not cover the other information 8nd. excpt lo the extent otherwse explicitly staled In our pOrt, 40 not expre55 any forrn of assuran condusion Ihereon. Our SponSIbl11Y is to read the other information and, In doing so. consider whether the other information materially Incon515tent wth the financial 5tsternents 01 our knedge obtained in the course of the audit or otherwI5e appears to be rnalerially rnisstaled. If we identify such material inconsislen¢ie$ or aPpat rnalerial m15Statement5, we are required to delerrnine whether this gives rise to a malenal misslatemenl in the financièl st31ements themselves. If, based on the work we have perfome(I, we condude that there Is a material misslatemenl of this other Information, we are required to port that fact. We have nothing to report in this regard.
INDEPENDENT AUDITORS. REPORT TO THE COUNCIL OF MANAGEMENT OF STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken In the course of the audit.. the Information given in the Council of Managements. report (incorporating the strategic report and the director5. report) for the financial year for which the finanrial statements are p pa is consistent with the financial ststemenis, and the strategi¢ report and the Counol of Managements, report have been prepa In a¢cordanee with applicable legal requirernents. Matters on whlch we a requlred to report by èxception In the light of our knOedge and understanding ol the charitable company and ils environment otytained in the course of the audit, we have not identifEd material m15Stalerfients in the strategic report and the directors. reporL We have nothing lo report in Spect of the followng matters where the Cornpanies Act 2006 require5 US to report to you, in our opinion. adequate aonting record5 have not been kept, or returns adequate for our audit have not been ived frorn branches not visited by us., or the financial stalernents are not in agernent wth the accounting re¢ords and returns,. or certain d1sd0suS of directors, rernuneralion specified by law are not made". or we have not ceIVed all the information antt explanations qUIre for our audit. Responsibillties of Council of Management As explaineos more fully In the Council of Managements, re3ponsibility.es statement set out on page 7, the Council of Management (who are also the directors of the charitable company for the purposes of company lawl are r8spon$ible for the preparation of the finanoal statements and for being satisfied that they give a true and fair view. and for such internal control as the Council ol Management determine 15 necessary to enable the preparation of financial statements that are fvee from matenal rn15Stalement. whether due lo fraud or error In preparing the financial staiemenis. the Council of Managernenl are responsible for assessing the charitable company's ability lo continue as a g01ng concem. disclosing. as applicable, matters related to going concern and using the going conrn basis of accounting unless the Council of Management either Intend lo liquidate the charitable company or lo aSe operatyons. or have no realisti¢ alternative but to do 50. Auditor's r8sponsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free trom matenal rn15Statemenl, whether due to fraud or error, and to Issue an auditor's pOrt that Include5 our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a matenal misstatement when il exisis. Misststemenls ¢an arise frorn fraud or error and are considered material if. Individually or In the aggregate, they cculd reasonably be expected to influen(t the economic decisions of users taken on the basis of these financial 5tsternents. Extent to whieh the audFt was considered capable of dete¢tin9 irgl4r11Wts, including fraud Irregularities, Including fraud. are instances of non-complian th laws and regulations. We design procedure¥ in line with our responsibilities, outlined above and on the Finallaal Reportin9 Council's website. to delect material rnisslalement$ in respect of Irregularities, Includ1ng fraud. We obtain and update our understanding of the entty, its activities, rts control environment, and likely future developrnenls, Including in relation to the legs1 and regulatory framework applicable and how the entsty is complying wrth thal framework. Based on th15 understanding. we identify and assess the risks of material Fnis5tatement of the financial slatemenls. whether due to fraud or error. design and perform audit procedu$ respon51ve to those risks. and obtain audit evidence that 1$ Sufficient and appropriate 10 provide a basis for our opinion. This includes consideration of the risk of acts by the entity Ihat were contrary 10 applicable laws and regulations, including fraud.
INDEPENDENT AUDITORS, REPORT TO THE COUNCIL OF MANAGEMENT OF STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES Extent to which the audlt was ¢on$idered capabl• of detectlng irregularitl88, including fraud In sponSe lo the risk of irguIar1tieS and non-compliance with laws and gUlationS, including traud. we designed procLdures which induded.. Enquiry of management and those charged Mrith 90Vernan around actual and potential litigation and claims as well 85 actual. suspe¢led 8nd alleged fraud, Reviewng minutes of meet5ngs of those charged wth govemance., Assessing the extent of Complian wth the laws and regulations ¢on$idered to have a direct material effect on the financial 5talernents or the operations of the company through enouiry anLI Inspection, Reviewing financial statement disdosures and testing to supportin9 documentation to assess compliance wth applicable laws and regulation$', Performing audit work over the risk of management bias and override ol eontrols. including testing of joumal entries and other adjustments for approprialene5s, evaluating the business ralion81e of $1gnifi¢ant transactions outside the norrn81 course of busine55 and reviewing accounting estimates for indicators of Potential bi85. Because Df the inherent lirniialions of an audit, the is a risk that we will not delecl all Irregularitses, including those leading lo a material tn15ststement in the financial statements or non-compliance with regulation. This risk incoa5es the more that cornpliance with 8 law or regulation Is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instants$ of non<ompliance. The risk of not detecting a rnalerial misstatement Sum1n9 from fraud Is higher than for one re5ulling from error, as fraud may involve ¢ollusion. forgery, inknlional omissions, misrepresentation5, or the override of Intemal control. As part of an audit accordance bmth ISAS IUKI, %4e exercise professional judgment and maintain professional $ptiO$M throughout the audit. We also.. Identify and assess the risk5 of Material misststemenl of the financial Slatemenls. whether due to fraud or ertor. design and perforrn audit procedures responsive to those risks. and obtain audit evhlence that Is sufficient and 8ppropriale to provide a basis for Ciur opinion. The risk of not detecting a m8lerial misstatement resulting from fraud Is higher than for one resulting from error, a5 fraud may Involve collusion. fofgery, Intentional omissions. MispSentations. or the override of intemal control. Obtain an understsnding of internal control revant to the audrt in oriyer to design audit procedures that are appropriate in the Circumstan$. but not for the purpose of expressing an opinion on the effectiveness ol the charitable company's internal contrel. Evaluate the appropriateness of accountiry polioes used and the reasonatsleness ol aceounting estimates and related disclosures made by the trustees. Condude on the appropnateness of the trustees. use of the going ¢one£rn basis of accounting and. based on the audit evidence obtained. whether a material unrLrtainty exist5 related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concem. If we tnndude that material tsnr£rtainly exists. we are reqUId to draw attention in our auditor's report to the related disclosu5 in the financial statements or, If such disclosures are inadequate, to modify our opinion. Our condusions are based on the audit evidence obtained up to the dale of our audito¢s report. H0%4Ever, future events or conditions may cause the charitable cofflpany to cease to continue as a going conrn Evaluate the overall presentation. structure and content of the finan¢ial slalements, including the disdosures. and whether the finanaal slalernents repsent the underfying transactions and event5 in a Manner that achieves fair presentation lie. gives a true and fair view). We cornmunicate wth those charged wth govemance regarding, amon9 other mallers, the planned scope and timing of the audit and significant audit findings. in¢lu¢Ying any &gnificanl deficienaes in Intem81 control that we identify dunng our audit. 10-
INDEPENDENT AUOITORS. REPORT TO THE COUNCIL OF MANAGEMENT OF STRODE PARK FOUNDATION FOR PEOPLE WITH OISABILITIES Use of our report This report is made solely to Ihe charitable company's members, as a body, in accordan wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might slate to the charitable Company s membets those rn8tters we are required lo State to them In an auditorfs report and for no other putpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the chafit8ble company and the Charitsble Company's metnbeis a5 a body. for our audit work. for thLS report, or for the opinions *e have formed. Michelle Wilkes FCA Isenior Statutory Auditor) lor and on behalf of A2eis Audit Services statutory Auditor Date. 12 October 2022 Ashford Commercial Quarter 1 Dover Place Ashford Kent TN23 1F8
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME ANO EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Nots Unrestrfct8d Restrlcted Funds Funds 2022 Total 2021 Total Incomo from- Oonalions and lega¢ies Oonalions 2nd legacies Grants receivab 99,948 17,660 21,680 301,383 121,628 319.043 112,938 843,384 Ch8ritabl8 a¢tiwt18S Care services 10 11.242,5e4 11.242.584 10.643.782 Other trading income Investrnent income Other 200,132 602 79.805 200, 132 602 79,805 105.482 835 31,505 Totsl income 11.640.731 323,13 11,963,794 11.737,926 Expendrture on: Raising funds Costs of raising lund5 346.186 346.186 189.743 Chantable activities ca serViS 10 10,638,955 310.134 10.949.089 10,736,855 Total expendlture 10,985,141 310.134 11.295.275 10.926,598 Net income before transfers 655.590 12.929 fj68,519 811,328 Transfers between funds Net income after tran8fers 27.383 682,973 27,383 114,4541 668.519 811,328 Othor recognised gain8 111088881.. Rerne45urernent gainll10581 on defined benefit pension scheme Net movement In funds 20 170.028 853.001 170.028 838.547 16.4381 794.890 114,4541 Reconclliation of funds: Fund balance8 at 1 Aprll 2021 Fund balaneès at 31 March 2022 4.918,088 5.771,089 194,759 180.305 5.112,847 5.951.394 4.317,957 5.112,847 All transactions are derived trom ctsntinuing activities. All recognised gains and losses a Included in the Statement of Financial Activrties. 12
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES STATEMENT OF FIfvIANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Comparative year Information Year ended 31 March 2021 Note Unrestricted Restrl¢tsd Funds Funds 2021 Total Income from: DonatlDns and lega¢ Donations and legacies Grants re¢eivabfe 64.169 165.422 48,769 677,962 112,938 843,384 Chafrylable activjties Care servi$ 10 10,643,782 10.643.782 Oth8r trading in¢ome Inve5trnent income Other 105,482 835 31,505 105,482 835 31,505 Total Income 11.011,195 726,731 11,737,926 Expendiiure on.. Raising fut7ds Costs of raising funds 189,743 189.743 Charitsble a¢tiwtie$ Care servi3 10 10,061.959 674.896 10.736,855 Total expenditure 10,251,702 674.896 10,926,598 Net income before gainslllosse81 on Inv¢strnents 759,493 51,835 811,328 Transfers betrrfeen funds Net Income after transfers 23 18,877 778,370 118,8771 32,958 811,328 Other reeogni$ed gains I Ilo$$•sl= Remeasurement gainll105sI on defined benefit pension scheme Net movernent in funds 16.438 761.932 16,438 794.890 32,958 Re¢on¢iliatlon of fund$-. Fund bolances at 1 Aprll 2020 Fund balances at 31 March 2021 4.156,156 4.918,088 161.801 194,759 4.317,957 5.112.847 All transactions are derived from ¢ontinuing activities. All regnised gains and losses are incSuded in the Statement of Financial Activities. 13
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES BALANCE SHEET AS A T31 MARCH 2022 Note 2022 2021 Fixed assets Tangible assets 16 5.511,668 5,600.490 Current a¥$ets Stocks Debtors Current asset investments Cash at bank and In hand 21,676 1,045,653 173,611 1,973,622 3.214,562 26,617 1.713,603 173,611 721,145 2.634,976 18 17 Credrtows.. amounts falling duè wlthln one year 11.127.4651 11, 191.6341 Net current assets Total assets less current liabilit188 2.087.097 7.$98.765 1,443,342 7,043,832 Creditors.. amounts falllng due after MO than one year 19 1935.0401 6.663.725 11,048.626 5,995.206 Defined benefrt pension liability Net funds 20 712,331 5,951,394 1882.3591 5,112.847 Funds unStriCted funds Desnated funds Restricted funds 1,603,151 4,167,938 180,305 5,951.394 936,818 3.981,270 194,759 5.112,847 22 23 24 The financial tements We approveLI and aulhorise(I for Issue by the Council ol Management On and signed on its behalf by. chai company Number: 00407697 14
STRODE PARK FOUNDATION FOR PEOPLEWITH DISABILITIES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AIARCH 2022 Note 2022 2021 Cash flow from operatSng actlvltle$ 27 1.604.540 906,849 Cash Ilow from investing activities Payments to acquire tangible fixed 35sels Investment Income Finanang ¢osts 1215.0091 602 123.6261 1191,2761 835 24.6221 Nèt cash flow from investing activities 1238,0331 1215.0631 Cash flow frorn financing activities Repayment of finan leases Repayment of loans 18,5681 1105,4621 18,5681 1104,0191 Net ca8h flow from financing activiti 1114.0301 1112,587 Net increase In cash and cash equlvalents 1,252.477 579.199 Cash and cash equivalents at 1 Aprfl 2021 721,145 141.946 ¢a$h and cash equivalents at 31 March 2022 29 1,973,622 721.145 Ca$h and ¢a8h eqySvalents conslsts of.. Cash at bank and In hand Cash and c35h equivalents at 31 March 2022 1.973 622 1.973.622 721,145 721,145 15
STRODE PARK FOUNDATION FOR PEOPLE V¥4Th DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 AG¢ourtbng policS 1.1 Basls of accountlng siiode Park Foundation for PÈople wth 0i5abilitE5 15 a reg151ered charitable company irs the United Kingdom. In the eveni of the charity being wound up, the liabilty in respecl of the guarantee Is limited to £1 per member of the charity. The addfe$$ of the registered office is given In the charity Informalion on pa9e 1 of these financial slatemenls. Ttte nature of the charity'5 operations and principal aclivili88 Is lo provide a iesKJenliaVnursing horne or homes lor the maintenance and Irealmenl ol person who have a physical disability." 10 provide housing or any a5SOClated amenilrds for Such per50n5,' to prOvle care, support and ancillary amenrties 10 residenis of such hDme5 and aLs0 lo peop with disabilities who live In the communty., and where appropriate. rehabiliialion and training to enable them lo achi?v8 employment, independanl living and impfoved quality of life. In addition to relve and provide support for the carers of people wrth disabilities who afe themselves in nèed of sud) txre by reason of aty sire$s which they suffer artsin9 frorn their care giving. The ¢onslitutes ¥ public benefit entity as defined by FRS 102. The financial stement5 have been prepared under the hi$lorirAI c051 convention with ilerns recognised al o)sl or Iransaction value unless olhemise slated In the relevant Troie5 to Ihese accounts. The financial slalements have been prepared In accordance with the Slalemenl of Re¢ommended Pradice Accounting and Reporting by Charities preparing their accounts in accordan wrth ltte Financial Reporting Stsndard applicable in the UK IFRS 1021 ISSLbed on 16 July 2014 as amended by Bultin 1 and the FinanGial Reporting Standard applicable in the United Kingdom IFRS 1021 and the Charilie$ Aci 2011. The finan¢ial statements are prepared on a going conrn basis under the historical cost ¢onvenirt. modrfEd to InGlude certain items al fair value. The financial slalements are prepared in slerfing which Is the functional currency of the Gharity. The $ignifr4nt aGGounling policies applied In the preparation of these financial slaiemenis are Sel out below. These poltcEs have been consislenlly applied lo all years presented unless olhemtse stsiad. 1.2 Fund accounting Unreslricled general funds ar8 fund8 which can be used in a¢cordan¢e with Ihe Gh•niable object5 at Ihe d¢re110n of the Council of Manag8menl. Restricted funds are funds that Gan only be used for particvlar re5tricled purpose5 within the objects of the cttarilable company. R8stn¢tion ans&s when specified by the donor or when funds are raised for particular restricted purpose$. Re81rict8d donations for capi121 purcha$e$ are transferred 10 unresirthd funds when all condrtions have been mei Deslqnaled funds represent funds Invested in fLKed assets. The de$ignaied fulld balan has been represented to ensure that the fund balance accurately rell8cAS the designation poliry adopted by the Council of Management. 1.3 Income rocogThition All ificome is Included in the Sl8tsment of Financial Athvilies ISOFAI when the Gharity legalty enlilled to the incom& after any performance condilions have been m81, the amount tan be mea$ur8d reliabty arKI it is probabk that the incoffje %*ill be received. Voluntary Incom& 1$ received by way of d¢nation5 and gift5 and is included in full in the Statement of Financial Aciivilwd when rec8ivable. Legaues Pecuniary legacies are reco9nised as recewable once probate has been granted and notification has been received. ResKluary legacies are recognised as r&ceivab once probate has been granted. provided Ihal $uffiGEnl Infomialion has been received lo enable valuation of the charivs en1Ment. Care services and fees a Induded In the Stslement of Financi31 Activitie5 when re1¥able.. Grants. Induding grants for the purchase of fixed asset5. are recognised in the Statement of Financial Aciwrties in the year In which they are reTrivable." Actwrties for generating funds are includ8d In full In the siatemeni of FinantA•l A¢ti¥ilE5 when receivab". Holiday kttings is Included In the Statement of Financi21 Activities in the yeor in whiGh il is re1Vable. Monies are refundable up lo on& month In advance of the booking date, Shop income is accounted forwhen received,. Inveslmenl income is included when receivable. 16_
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR EPIDED 31 IAARCH 2022 Accounting pollci8s- colltlnLf8d IJ In¢ome recognitton Govprnmenl gran15 are recognised al the fair value of the assel received or r8eeivabk when there is asonable assurance that the grant conditions will be rnel and th8 grants sMII be received. A grant that 5pecrfEs perfotmafjce conditions 15 recognised in income when ihe performance condit10fi5 ale rnel. Where a grant does not specify performance condrtions It Is recognised In Income when the pro¢eed5 are reWe or re1Vab. A grant received before the reeogniiion criteria are satisfied is recognised a$ a liability. 1A EXpendtrIe recognftloft All expendilure 15 accounted for on an accruals basis and has been dassified under headsng$ Ihal aggregate all costs related lo Ihe category. Expenditure is recognised wh&re there Is a legal or conslru¢tive oblwatioD lo make payments to third partie5, rt Is probable that the settlement 11 be required and the amount of Ihe obli9alion can b8 measured reliab. 11 is categorised under the following headings." Costs of gen&rating funds are Ih05e c051s incurred in altracting voluntary Income. Charrtab Èxpsnditure Gomprises those costs incurred by the charitable company In the delivery of 11$ activi1$ and servi$ ftsr benefiGiaries. It InGlude5 both costs allocated direclty lo such aclivilies and those costs of an IndireGI nature neGessary10 5UPPOrt Ihew. Governance ces18 Include those Costs associated with meeting the constitutional aNI Slatulory requiremen15 of the cttafilable company. Support cosi$ have been allocated on the b35is of lime, wth the exceptKin of general costs. which are allocated on a usage ba$i$. 1.5 Support Costs allocation Support COS18 are those thai assist thè work of the charity bul do not directly represefjt charilable activleS and include offKe costs. governance costs, adminL8iralive payroll costs. They are Incurred directty in sUPPOrt of expenditure on the obiect5 of the charty and Include proje management ¢arrd out ai Head Office. Where support costs cannol be directly attributed to particur heading$ they have been albGaied 10 ¢QSt of raising funds and expenditure on charitable 2Clivrties on a basis con$i$ieni with use of the fesaurces. Other costs have been allocated on th£ bass ofsiaff tsme speni. Fund-raising costs are those incurred In $8eking voluntary contributions and do not include the costs of disserninaling Informaiion In support ol the charitable activities. The anatysis of these costs is included in note 9. 1.8 Tangible flxed assets and depr8ciatlon Tangible fixed ass£is ar8 siaied 21 Cost 18s$ depreciation. Expertditu on Item$ bÈlow £500 is nol capitalised. Depreallon is providsd ai raies calculated lo write off the $t less estimated widual volue of each 8ssel over its expeded useful life. as follows. Freehold 18nd Freehokl buiklings Gfean Reom Bungalows Buik1ing impfovemenis Asse15 under Gonslrudion Compute Motor vehides Furnrture and Fillings Sensory Room Grounds, drwes and parks Nol depreciated Over So year5 straight line Over 50 years $iraighl line Over 50 years Slrai9hl line 3-15 y88rs sirai9hl line Not deprecialed until asset Is in u88 33.33% Slravjhl line 2S'A reducing balanGe 25% slraigm line 20Pk straight line In arujrdano with FinanGkHI Reportin9 Standard 102, an annual impairmenl vEw is undertaken lo ensure that any diminution in value of the properties below nel book value is adjusted in the accounts. 17.
STRODE PARK FOUNDATION FOR PEOPLE WITH DISA81LITIES NOTES TO THE ACcourS FOR TrIE YEAR ENDED 31 MARCH 2022 Accountlng policies- contlnued 1.6 Tangible fixed assets and depreclation ltontinuedl The Council of Management Is of the opiftion th31 Ihe matket value of Ihe13nd alone is consid8rabty in 8xcess of the value of the land and buildin9s stated together in the Balance Sheet al £5,039,844 12021 £5.140.1061. The Insured replacement Value of the building is now in extes$ of £25.QOO.000 bul il Is feh that the expense ol obtaining professional valuations of th8 propertywould not be IU$lified. 1.7 Current 88set inv•stmtrnlS InvÈ$imeni$ repSent ¢harity asse15 which are on the open market fer resa and ar8 valued at the ¢ost. 1.8 Stocks Stocks are ststed al Ih& lower of cost and esiimaied selling pn¢e kss Gosls lo compkle and sell. Cost Includes all costs ef purchas8, costs of conversion and other G051s incurred in bringing stock lo ils present locaiion and condititsn. Cost Is calculated usin9 the fir5t-In. fiT5t-ouI folrnula. Provision is made for damaged, obso18te and $l¢w-moving stock where appropriate. SloGk does nol indude the value of goods donaled for sak in the charivs shop. 1.9 D8btor8 and eredltors r6cèlvabkl payable within one year Deolots and ¢ditorS wilh no slated intere51 rale and receivable or payabl8 Wrthin one year are recorded at transaction prire Any losse5 arising from impairmenl are recognised in expenditure. 1.10 Loans arsd borrowings Loans and borroMng$ are Inilialty ¢Ognised at the Iran53Gtn price including transaction costs. Subsequ8niiy. they are measured ai amortised cost Using the effeclwe intere51 rate method, less inpaimieni. If an arrangement constitutes a finance transaction It 1$ mea5uod al present value. 1.11 Dèf¢rr¢d in¢om¢ Tha company granted a &Se of cerfain parts of its L4nd lo the WOHT (now Sanctuary Housing AssociatiorTrl for a period of 65 yaars from 12 May 1983 for a net sum. after costs. of £34.668. £534 is credited lo Income during each year uniil 11 May 2048 1.12 Employea bénefils Waen employees have rendered service 10 the Gharity. shtsrt-lerm employee benefits lo which the employaes are entilled are recognised ai the undiscountsd amount exp&ct8d 10 be paid in exchange forthat setvice. The ¢ompany oper¥ie5 hvo defined contribution schemes and no dItIOnal liabilrty 8rises other than pzyments lo the pension $Gherne. whith a charged as expendilure in the year In which they are Incurred. The Foundaknon ¢onlfibule5 to the Kent Pension Fund wlhin the Local Government Pension Scheme ILGPSI, a mulli. employer defined benefit pension scheme, on beham of ceriain employees whos8 8mploym8nt was transferred from Medbvay CounGil as part of the Transfer Agreemenl under ihe Transfer of Undertakings (Protection tsf Employrnenll RegulaIn$ 2006. Th8 LGPS * a funded mulliemployer 5Gherne and the assets are held separatety from those of Ihe Academy Trust In separate iruslee adrnini5tere(I fund5. Pension scheme asse15 are measured al fair value and 1sabililie5 are measured on an èctuanal basis usin9 the projected unil credit method and discounted al a raie equwalent lo the rurreni rale of relum on a high quality corporate bond of equivalent term and currency lo the Iiabililies. The actuarkql valuation5 are obtained al least Inennially and are upd8ied ai each balanc8 sh8ei dale. The amoun15 Gharged lo operating surplu5 are Ihe current seNice cosls and the c051s of scheme Iniroduciions. ben8fil GhatvJe$, Setlkmenls and curtailmen15. They are included a5 part of staff costs as In¢urr8d. Nei interest on the nel defined benefit 11obilitylassei 1$ È150 reGognised In the slalement of finana31 acti¥il18s and comprisas the Interest cosi on the defined benefit obligation and Interest iTrGome on the 5ctteme assets, cakulaled by mulliplying the fair value of the scheme assets at the beginnirig of the period by the r8le used lo di5counl Ihe benefit obligalions. The difference bemeen the Ini8r851 Income on the scheme asset5 and the actual return on the scheme 855els is recognised in oth81 recogni5ed gains and losses. Actuarial gain5 and la$se5 are recoynised irnmediatety in other recognised gains and losse$. Actuarial gains and lossas ale recognised immediatsty in olher reGognised gains and losses. 18-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE AccouKrs FOR ThfE YEAR ENDED 31 MARCH 2022 Accounting policies- continued 1.12 Leasing commibnents Renia15 payab under operating leases are ¢haryed against inrne on a $traight line ba$ overthe lease term. As$eis hekl under finanGe le?se5 are recOgnett as assets al the kwer of the assets fair Value al the date of inceplitsn and the psent value of the miniffjum lease payments. The related liability is included In the bal8nGe sheel a5 a finanGe k3se oblig3tion. Lease payments are Ireaied as consisting of caprtal and InleFeSi el8meni$. The Intere51 is Gharged lo Ihe SOFA so as lo produ a constant periodic rale of interest on the remaining balance of the liability. 1.13 Tax The charity is sn exempl charity wrthin ihe meaning of sch8dule 3 of Ih8 Charities Aci 20118nd Is c4)n$Klered to pass the les15 sel out in Poragraph 1 Schedule 6 Finance Act 2010 and therafore il meets the definition of a thanl8b comparyfor UK rKJrporalion tax purposes. 1.14 Judgemonts and key sources of 8Stlmatlon unc8rtalnty Auounling eslimates sudgemenls are coniinualty evaluated and are based on historical experience and other factors. Including expectations of future events Ihal are believed lo be reasonable under the Clrcumstsns. The Foundation makes eslimales and 8S5umplions concerning the future. The Su111n9 accounting esliTn•tes and assurnplions wll, by definition, seldom equal the related actual resulls. The eslimales and assumpiion$ thai have a significanl rk of causing a mat&rial adiu8im8nt to Ihe carying amounts of assets and Irabililies wlhin the next rinancial year are discussed below. 1.15 Judgémènts and kty sourt•5 ofestirnion uncertainty Us8ful8conomic lives oft8n9ibl& ass&ts The annual depr6ciation charye for tan91b assets is sensihve lo ¢han9es In the e$iimaied u$efvl economic INes and residual Values of the ass81s. The useful economi¢ lives and residual values are rea$5es5ed annually. They ale am8nd80 when n8c8ssary lo reflect Current esiimaies. based on technological advanMent. future Inveslmenls. economic utilisaiion and the physical condition of the a$$eis. See note 12 for Ihe carrying amount of the propety plant and equipment. and note 1.7 for the useful e¢onomi¢ li$ ftsreaGh sla$$ Of a$5ei$_ LGPS The present value of the Local Government Pension Scheme defined benefit liability depends on a number offa¢tors that are delerrnined on an actuarial basis using a variety of assumptions. The assumptions used In determining the nel cosl or ifjcorne for pens1005 Include the discount rale. Any changes In these assumptions, which are disclosed In note 19. wll irnpact the carrying amount of the pension liability. Furthermore a roll foThard approach which projects resuhs frorn the latesl full acluanal valtsalion performed ai 31 March 2019 has been used by the actuary In v31uing Ibe penstons liability al 31 March 2022. Any differences between the figures derived from the roll forward approa and a lull actuarial valuation would Impact on the carrying amount of pension liability. The PensiC)n Tnjsl The present valu8 of The Pension Trusi (Crthh Planl defin8d benefit liability d&pend$ on a number of faclorn that are determid on an aauanal basis using a v8riety of assumptions. The assumption$ used In determining Ihe nel CO81 Iincomel for pensions Include the discount ral8. Any changes In these assumptions. %vhi¢h are dssclosed in note 19, wll Impact the cafrying amount of the pension liability. Furthermore 8 roll fomard approach which projec15 resu115 from the lalesl full actuarial valuation performed at 30 September 2020 has been used by the actuary In valuiry Ihe pensions liability 8131 March 2022. Any differences between ihe figures d8rived from the roll ferward approach and full acluanal ¥alualion would Impact on the carrying amount of tha pension liability. Baddebtprovision The Wal of Irade debtors is sen$ve 10 the recoverability in full of any Invol$ Issued io eaGh custorner. Once the debl b8com8s overdue rt Is chased and penodicalty w*wed 10 en$ure il 1$ recoverabk in full. If a provision Is deemed necessary this is Induded ¢n an annual bèskf.
STRODE PARK FOUNDATION FOR PEOPLE WITH OISABILITIES NOTES TO THE ACCOUP FOR THE YEAR ENDED 31 MARCH 2022 Accountlng poli¢l- continued 1.16 Gtying con¢¢rn The Counul of Management h85 reviewEd the Strcde Park Foundation's financial position 8nd con$equenlty believes IhHI there are suffiaenl resour5 lo manage any reasonable financial and operational n5k5. The Council of Management have consi(lered the level of funds h81d and the projected level of Income and expendilure for 12 rnonlhs frorn the dale of approval cf these financial statements. The Council of Managetnenl approved a bud981 for 2022123 and have considered key chalknges f2cing sirode Parf( Foundation and the Mder care sector in which it operates. Our liquidity position has significantly Improved. and our bankers tontinue 10 $upport U5 through an 29reed overdraft facility lo Cushion u5 against any unexpected cash Shortfall. For Ihe$e aSons. the Council of Management continue5 to adopt the going concern basis of accounting In pfftparation of the finarTrcial slaternenl5. 2 DONATIONS AND LEGACIES 2022 2021 Donations Gift aid Appeals Legacies 53.375 100,579 2.342 6.017 4.000 112.938 1,320 66.087 121,628 3 GFiANT8 RECEIVABLE 2022 2021 Coronavirus re1216d grants from statutory bod$". Revenue and Customs- Coronavirus Job Relenlion Scheme Kent County Council- Infection Control Fund MeaY Cty Council_ Infection Control Fund Medway Cty Council- winter presSUS Cyngor Gwynedd Counal- Infection Control Fyn(t Wesl Sussex County Council- Infection Control Fund Can1eUry Cty Council- Business Rales Relier Other Other grani$ from instilulions.. 10Q,280 405,562 112,624 200.412 80.617 13.975 2.127 1.736 1.039 50.387 912 21,000 319,043 171.776 843 384 Grants from In5tilutions National Lollery Cornmunity Fund HEEKSS Cotyer Fergusso P3rgiler Trust Fund via Kent Community Foundation National EmeryencEs Tru51 via Kent Community Foundatson Health Educ*iion England Kent County Counal Kent Community Fund 100,000 24,000 15,000 10,000 4,000 8.000 6.076 4.700 171.776 20,000 1.000 21.000 20-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 4 OTHER TRADING INCOME 2022 2021 Income frow shops Holiday bungalow5 Accommodation rentals Events Income Other income 41.752 16.651 484 78.439 e.566 1,342 105,482 122,580 35,800 200,132 S INVESTMENT INCOME 2022 2021 Other interest 602 602 835 835 8 OTHER INCOME 2022 2021 Client and other recharges Other 42,915 36,690 79.805 22,719 8,788 31,505 7 EXPENDITURE 2022 2021 Staff Costs Direct Costs Support Costs Totsl Total Costs ol raising fund5 Care Service costs 8S.877 104.934 6,559,416 1.730, 188 6,645,293 1,835, 122 155,375 346, 186 2,659.485 10,949,089 2.814.860 11,295,275 189.743 10,736.855 10,926.598 Included In direct costs and 8UPPOrt costs are staff costs of £845.321 12021.. £768.3261 bknich a allocated above. COSTS OF RAISING FUNDS 2022 2021 Charity Shops Holiday homes Theatre in the Park Fundraising Allocated support costs 31,107 26,793 696 3.421 99.410 59.423 189.743 23,984 135.720 155.375 346.186 21
STRODE PARK FOUNDATION FOR PEOPLE TH DISABILITIES NOTES TO THE ACCOUNTS FOR TIIE YEAR ENDED 31 MARCH 2022 9 SUPPORTCOSTS BREAKDOWN BY ACTMTY care Supportgd 8orvlco Day Othertradln9 FundrnSsln9 Gov8rnantè 88rvl¢os Totsl anagemeni Human resources Finance and payroll Information Technobgy Farilities Managemenl Mafketing and PR General office 220,750 254.055 191,132 139,641 1.187,564 29,858 263,591 2.286.591 38,572 15,033 29,732 12.895 7.041 2,714 11.376 117.1fj3 25.364 10.523 14,158 8,463 72,281 1,357 7,013 139,159 1,471 22.801 15,033 28,316 308,988 300,657 283,159 169,262 1.282,027 135.719 335.078 2.814.860 6.013 5,663 14,158 8,463 8,935 88,218 9.263 130,508 e,206 6,786 199 24,867 6.78fj 43.636 116.572 Govern¥nce cos15 Indudes audit and accouniarw faes, legal and professlon81 fe&s togeiher an appropriate allocation ol overhead cosis. 10 SUMMARY ANALYSIS OF EXPE1401TURE ANO RELATED INCOME FOR CHARITABLE ACTIVrnES This table shovts Ihe cost ol the main charilabk aolivilie5 afKS the sources of Incoffle directt0 5UPPOrt Ihose 8Clivilies. Rasldtntial Day Communfjty ro Opportun8¥ care Tothi Cos15 Direcl Income Nei cosi fued1(1nCom8 conirtbuiionl from 0lhÈr Inwme 9,498,448 19,940.1921 217,433 1.184,710 10.900.591 1.130,4211 111.242.5841 1441,744 45,462 54.289 341.993 11 NEfiN¢OME 2022 2021 Nel expenditure ks slated after chargiro.. Depreoalion ol tangible fkxed 885ets Auditors. r&murlatIon audit - Olher seThir*s - tser l ower provision Loss on di5P05al of fixed assets Renta15 under operating ¥se$ 303.727 305,011 15.240 14,400 2,760 15041 2,962 22.350 199n 23.512 12 EMPLOYEES 2022 2021 Wage5 and Salary ¢os15 sal Securrty eos1$ Pension Coniribulions Appreniiteship 6.745,464 501,330 225.046 18,774 7.490.614 6.862.861 5D1.590 234.973 19.$45 7.618.969 The average numter ofemployees. by headcount. during year 383 The average numb2r ofemployees. byfull trrne equivaknt. during the year 294 312
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 12 ÉMPLOYEES lcontinuedl Staff were categorised as follows. 2022 2021 Carers Nurses Anallary Day carelLifestyle5 Alymin Therapy Senior Management Registered Home Managers 194 207 10 19 23 294 312 The number of employee$ with rernuneration In excess of £60,000 was as follows.. £60,001- £70.000 £70,OOt - £80.000 £60,OOt . £90.000 £90.001 £100.000 The cost of the pension contributions in respect of employees earning in ex$$ of £60.000 per annurn amounted to £14,34212021 - £14.S041. The senior rnanagement team comprise the key management personnel of the charity in charge of directing and controlling. running and operating the Foundation on a day to day basis. As detailed above. no Council mernber received remuneration during the period. The mUneratIOn to the employees, Induding employers pension ¢oniribulions and employerf5 national insurance contributions, total £391.457 6 people 12021". £359.662- 5 people). 13 COUNCILOF MANAGEMENT REMUNERATIONANO BENEFITS There were no Counol of Managements, r8rnuneration. expenses or other benefits pa for the year ended 31 March 202212021 £NIll. 14 INDEMNITY INSURANCE During the year. the Charitab company paid £2.326 12021.. £2,481) for the purchase ol Insuran to protect the charitats company from loss arising from the neglect or default to its Council of Management, employees and agents. -23-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 15 TANG18LE ASSETS Freehold land, bulldln9S, tar p•rk l•i$ure tornple¥ Bulldln9 imprtsvém•rtt# Furnitu. fitting¥ and ambulance computer equlpment Total Cost As al 1 April 2021 AdLlilions Al 31 M8rch 2022 5.569.826 1.171.344 87,348 1.258,692 1.734.200 127.661 1,861.861 184,222 8.659,592 215,009 8.874,601 5,569,826 184,222 Depreclaiion As a11 April 2027 Charge for year At 31 March 2022 429.720 100.262 529.982 1,032.550 55.338 1,087.888 1,458,505 1%,654 1.595,159 138.327 11.473 149.800 3,059,102 303.727 3.362.829 Net book valu08 At 31 M8rch 2022 5.039.844 170,804 266,702 34.422 5.511.772 At 31 March 2021 5.140,106 138,794 275,695 45,895 5.6LKJ.490 As$ets hekl under finance lease oblvJ8lions'. Nel Book value Al 31 MarGh 2022 Al 31 March 2021 11.424 11.424 16 DEBTORS 2022 2021 Trade debtors Oltter debtors Prtpayrnenl$ aftd accrued income 127.116 434.620 483.917 1 045,653 798.954 417.798 496,851 1.713,603 Amounts falling due after more ihan one year and in¢luded in the debtor5 above are.. 2Q22 2021 Other debtors 398,000 398,000 17 CURRENT ASSET INVESTMENTS 2022 2021 As al 7 April 2021 and a131 March 2022 173.611 173.611 Current 2$Sel Investments repre5en15 the charity'5 freehold land which is on the market for sak. Conlratts ex¢hanged ¢n l June 2022 for an amount of£450,000. 18 CREDITORS: AMOUNTS FALLING DUE wrfHIN ONE YEAR 2022 2021 Bank loans and overdrafts Trade creor5 FinaTh lease obligations Other taxes and social security Other credrtory 108.246 309.762 5.712 147.680 556,065 1.127,465 106.367 395.150 8,568 151,193 530,358 1.191,$34 The bank overdraft is $eGured by a Gharge over certain freehokl propertie5. See note 19.1 regarding Ihe bank 104ns. -24_
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 19 CREDITORS: MouNT8 FALLING DUE AFTER MORE THAN ONE YEAR 2022 2021 8ank loans Finance lease obligation5 D8f8rred income 921.154 1,028,494 5,712 14.420 1,048,626 13.886 935,040 19.1 8ank loaft8 2022 2021 Wilhin one year In iwo lo five years After more than five years 108.245 373,716 547.438 1.029.399 106,367 418,677 609,817 1,134,861 The charty has the loans in exi$ten¢e, repayab 35 fol*Jw5". Busin888 ban £186.514 repayable by 1 September 2025 at an interest rate of 1.25%. The loan is s&cured tyy a charge over the freehokl deeds lo the Coach House and North Lodge. and a debenture given by the Foundation. Business loan- £112.954 repayabb by Au9usI 2031 at an Initrest rate of 1.25% above b85e. The loan is secu by a kgal mortgage over the freehold deeds to Footprints. Cornrnercial mortgage £729.931 repayable by November 2038 al an Inte$t rate of 2.45% above base. The loan is secured by a legal rnortgage and charge over the Lady Dane Farmhouse. Love Lane, Faversham. 19.2 Finarbce lea88 obligations 2022 2021 Within one year In two to five years 5,712 8.568 5.712 14.280 5,712 20 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS The Foundation's employees belong lo Nvo pnn¢ipal pension Schemes,: TPT Retirernent Solution8 Growth Fund Iforrnedy The Pensions Trust Growth Fund). and the Local Government Pension S¢herre ILGPSI for non- lea¢hing staff. which Is managed by Kent County Council. eoth are multi-employer defined benefit schemes. The 18lest actuarial valuation of the Pension$ Trust Growth Fund lated to the period en¢Jed 30 September 2020 and of the LGPS 31 March 2019. Pension contributions amountin9 to £34.76412021.. £36.4681 were unpaid at 31 March 2022. Note 2022 2021 SCHEME.. The Pensions Trust- The Growth Plan Kent County Council Pension Fund 19.1 19.2 15.331 697.000 712,331 73,359 809.000 882.359 -25-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AIARCH 2022 20 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS 20.1 SCHEME.. The Pensions Trust- The Growth Plan Strode Park Foundation PartipateS in the scheme, a mulli*mployer scheme ¥thi¢h provides benefits to some 638 non-associated participating employers. The scheme Is a defined benefit 5cherne in the UK. It is noi possible lor the company to obtain sufficient information lo enable It tc ac(xunt for the scheme as a defined benefrt scheme. Thertfore It account5 for the scheme as a defined contribution scheme. The seheme 1$ subject to thè funding legislation outlined in the Pensions Act 2004 which came into force on 30 Dec£mber 2005. Thi$, together with do¢Jments Issued by the Pensions Re9ulator and Technical Actuarial Standards Issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes In the UK. The scheme Is classified as a 'last-man standing arran9ement'. Therefore the Wfnpany is potentially liable for other participating employers, obligations If Ih05e employers Sre unable to meet their Sha of the scheme deficit ft)Ilowng withdrawal frorn the scherne. Participating employers are legally required to meet their share of the scheme defiat on 8n annuity purchase basis on ¥Mthdrawal from the s¢heme. A full actuarial valuation for the scheme was carrd out at 30 September 2020. This valuation showed as$els of £800.3rn. liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall. the Trustee has asked the participating employers lo pay additional contributions lo the scheme as follows" Deficrt contributitsns From l Apnl 2022 10 31 January 2025.. £3,312,000 per annum (payable monthly) Unle55 a concession has been agreed wlh the Trustee the term to 31 January 2025 applies. Note that the s¢heme'$ previous valuation was carriecs out with an effective dale of 30 September 2017. This valuation showed assets of £794.gm, liabilitie5 of £926.4m and a defIt of £131.5m. To elimin8le this funding shorttall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows". Frorn 1 April 2019 to 30 September 2025.. £11,243.000 per annum (payable monthly and Increasing by 3% each on 1 April.) The recovery plan contributions are allocated lo ea¢h particApating employer In line wrth their estirnaled share of the Series 1 and Series 2 scheme liabilitie$. Where the scheme is in deficit and where the company ha5 a9reed to a defiat funding arrangement the company re¢ognise$ a liability for this otiligation. The arnount recognised is the nei present value of the deficit ¢Yuction ¢ontributions payable under the agernent that relate5 to the deficit. The present value Is ¢al¢ulated using the discount rale detailed In these d15closures. The unwinding of the discount rale is COgnISed as a finan eost. -26-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 20 PENSION COMMITMENTS- CONTINUED SCHEME: TPT Retirement Solutions (formerly The Pensions Trust- The Grnwth Plan) PRESENT VALUES OF PROVISION 2022 2021 2Q20 PSellt value of provision 15,331 73,359 86.921 RECONCILIATION OF OPENING AND CLOSING PROVISIONS 2022 2021 Provision at start of period Unwnding of the discount factor (interest expensel Deficit contribution paid Remea5urements- impact of any change in assumptions Remeasurements- amendments lo the contritsulion sehedu Provision ai end of period 73,359 423 118,5641 13521 139.5351 15.331 86.921 1,953 118.0241 2.509 73,359 INCOME ANO EXPENDITURE IMPACT 2022 2021 Interest expense Remeasurements- Impact ol any Change In assurnptions Remeasuremenls- amendments to the conlnbulion schedule Costs recognised in income and expenditure a¢rxunl 423 13521 39,5351 139,464 1,953 2,509 4.462 ASSUMPTIONS 2022 2021 2020 % per annum % per annum % per annum Rale of discount 2.35 0.66 2.53 The discount rates shown above are the equivalent 51ngle discount rates which. when used lo discount the future ¢0very plan contributions due, would give the Same result5 as using a full AA oJrporate bond yId cutve to discount the Same recovery plan (xntribulions. DEFICITS CONTRIBUTION SCHEDULE 2022 202 2020 Year I Year 2 Year 3 Year 4 Year 5 5,835 5,585 4,654 18.564 19,121 19,695 16,905 18,024 18,564 19,121 19.695 16.905 The company musl recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the Income and expenditure account i.e. the unwnding of the discount rate as a finance ¢ost in the period In which it arises. It IS these contributions that have been used to derive the company's balance Sheet liability. -27-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 20 PENSION ANO OTHER POST-REnREMENT BENEFIT COMMITMENTS Icontinuedl 20.2 Kent County Council Ponsiorb Fund The LGPS is a funded defined benefit pensien scheme, with the assets held in separate trustee4dmini5ter8d funds. The total ¢onlribution made for the year ended 31 March 2022 was £5e.793 12021 £66.8691. of whi¢h empbyer'5 contributions totalled £45.475 12021.. £53.5791 and employees. contribution5 lolalled £11,31812021.. £13.2901. The minimum Conlnbulion rates for future years are 24.5 per cent for employers and belween 5.5 peF cent and 7.5 p&r cent for empk)yees. Prin¢lpal a¢tu•rial a$$umptions 2022 2021 Rate of increase in salarBs Rate of increase in pension payment Discount rnie Inflation assumption- RPI Inflation assumption - CPI 4.20 Not disck15ed 260 Not dbs¢losed 3.20 3.80 2.80 2.00 2.80 The current mort81ity 8ssumption8 indude suffioenl allowance for future Improvements in mortalty rates. Thi8 has been updated lo use the latest v&r5ion of the Conlinuouse Mortality InveslvJalon's model, CMI 2020 whKh was relea$ed In Mar¢h 2021. The Jssumed life expectations on retirement age 65 are". 2022 2021 R8li17ng tt)day Males Fema9 21.8 23.7 21.6 23.fj Retiring 20y8al Male$ FeMaS 23.0 25.1 22.9 25.1 The Foundation's $hart ol thè a#¥ots in the scheme w8re- 2022 2021 Equities Bonds Property Gi Other assets Target return portFolio Total market value of assets 2,222.000 476,000 405,000 21,000 71,000 255,000 3,450,000 2.223.000 431.000 357.000 21.000 171.000 249.000 3,452,000 Ftsr a¢¢ounting years beginning on or after 1 Janu8ry 2015. the expectèd relum and the Intest ¢osl has been replaced with a singke nel Inloresl cost. which will effeclivety set the expeded tM equal lo th8 discount rate. Alnount rocognised in the Ststsm¢nt of Flnan¢io1 A¢tivl¢l•s 2022 2021 Current service cost Net interest cost Adrninislration expenses Total operating charge 91.QQO 16,000 2.000 109.000 81,000 18,000 2.000 101.000 28-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES ro THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 20 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS lcontinuedl Chan9e$ in the present value of defined benefit obligations were as fc¢llows: 2022 2021 At l April 202112020 Current service cost InteSt cost Change In finan31 assumptions Change in d8mographic 85sumption8 Experience Ios51lgainl on defined benefit oblvJation E5timsted benefits paid Conlribulrons by Scheffle participants At 31 March 202212021 4,261,000 91.000 84.000 1180,0001 3,514,000 81.000 81.000 811.000 137.0001 147.0001 1155.0001 13,000 4.281,000 g.000 1130,0001 12,000 4.147,000 Change$ In the falr value of academ3 share of scheme assets.. 2022 2021 At 1 Ap1 202112020 Interest on assets Retum on assets less interest Administration expenses Employer contributions Contributions by Scheme p8rticipanls Estimated benefits paid At 31 March 202212021 3.452.000 68.000 3.000 12.0001 47.000 12.000 130.0001 3,450,000 2,735,000 63.000 746.000 12.0001 52.000 13.000 1155.0001 3.452,000 21 COMPANY STATUS The Company is lirniled by guarantee and ha5 no shar8 capital. The liability of the members in the event of nding-up is lirniled lo £1 per member. 22 DESIGNATED FUNDS At 1 April New 2021 de$i9natlons Desl9nation$ releaséd At 31 Maich 2022 D8swn8t8d funds Pension bond Isee nole 161 Perforrnance bond (see note 161 Fixed asset SerVe Defined benefit pension funds 374,000 24.000 4.465.629 882.3591 3.981.270 374.000 24.000 4.482.269 1712,3311 4.187,938 16,640 170,028 170,028 16,fj40 COMPARATIVE YEAR At 1 April New Oe$l9nallons At 31 March 2020 de8ignation8 released 2021 Designated lunds Pension bond (see note 161 Performance bond Isee note 161 Fixed asset reserve Oefined benefit pension funds 336,000 24,000 4,478,307 1865,9211 3,972,386 38,000 374.000 24.000 4.465.629 882.3591 3,981.270 112.6781 116,4381 21,562 112.6781 -29-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 22 DESIGNATED FUNDS- CONTINUED Pension bond This fund represents a separate bank account sel 8side to offset the liabilty of the LGPS. This is induded In debtors Isee note 161. P¢rfom4nc• bond Thi$ fund repsents funds set aside for the dUratn of the Platters Farn Lodge contract. Thk5 is held by Medway Council. ThK8 is induded in debtors18ee no¢e 181. Fixod asset reserve This fund preSentS the depreciatsd value of the tangibk fixed asset assets of the Found81ion 1888 the bank loans and finance lease obligations. These funds are represented by pItal assets used within the org8nisalion, but do not represent working capital for day-to-day operalion5. Defined benefit pension lunds The Oesignated fund for pension fftseTve is Ihal part of unrestricted funds that repsents tt)e pension Scheme 23 RESTRICTÉD RESERVES At 1 Apfil 2021 At 31 Marth 2022 Incomo Expenditure Transfers Coach House Mews Footprint5 and Redwalls Lady Dane Farmhouse Residents chairs Strode P3rk Hous&lCoach House COVIO-19 grants Nursing grants Other funL15 86.530 45,024 1,575 8.000 11.6671 84,863 48,898 1,575 8.000 4.716 18421 281,383 20,000 16.964 323,063 1281,3831 121,6671 6,242 1310.134 10.000 43.63Q 194.759 8.333 28.636 180.305 25,716 27.383 At 1 April 2020 At 31 March 2021 COMPARATIVE YEAR Income Exponditure Tran8fers C08ch House Mews Foolprinls and Redwalls Lady Dane Farmhouse ResKlents chairs Strode Park Houselcoach House National Lottery Comrnunity Fund COVID-19 grants Nursing grants Other funds 88,197 36,156 1,575 8,000 11.6671 86,530 45,024 1,575 8,000 27.142 118.2751 100,000 520,962 32,000 46.626 726.731 1100,0001 1520,9621 122,0001 113.659 1674.896 10.000 43.630 194.759 27.873 161.801 17,210 118.8771 Coach House m9W¥ This funds represents the 9rant of a lrfeiiff* lease of the Coach Hou58 M8ws from 1 March 2013 The fund is being released over 60 years. Footprints and Redwalls This fund represents monies received in respect of the tsvo gtered home$. Foowrints and RedwalLB. which to be used for the benefit of the children and young adults using thes& f8cilili&s. Lady Dane Fannhouse Re8idonts chair8 A fund created to purchase speCliSed Comfortable Ghair5 for the reSents. Strode Park Housolcoach House This fund represents funds ¢¢Ved from a former employee to be spent on Strode Park House or Coath House. -30-
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABILITIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 23 RESTRICTED RESERVES National Lottery Comrnunity Fund Thi5 fund represents funding from the Coronavirus Communrty Support Fund. distributed by The National Lottery Community Fund. It will help us lo make SU our Day Opportunities Servi can continue in the future. wrth the money going towards the financial challenges we have faced and struggled %%ith durin9 the pandemic. COVID-19 This fund represents various 9rants received to assist wth the COWD-19 pandemic and infection control. Nursing grants Thi5 fund preSentS grsnts received to assist in the training of nurse apntIc*s. Other fund$ This fvnd preSentS various small grantsidonations wh1ch have a specified purpose. and whi¢h have not been eended ai the end ol the financial ytrar. Tran$fer5 between funds Transfets beiween funds repsent the purchase of capital purch28e3 trorn restricted income where the restriction is removed upon acquisition. 24 ANALYStS OF NET ASSETS Unr•strietèd fund8 Dèsignatsd fund¥ Restricted funds Totsl funds Fixed as$etJ Current assets 5,511,668 398,000 1108.2451 1921.1541 1712.3311 4.167.938 5,511,668 3,214,562 11,127,465) 1935,0401 1712,3311 5.951.394 2.636.257 11,019.2201 113,8861 180,305 Long lerrn Iiabilrties Defined benefit pensions 1,603,151 180.305 ¢OMPAIiATIVE YEAR Unrestricted funds Designated funds Restricted fund$ Total funds Fixed a$set5 Current assets Current liabilities Long term liabilitie5 Defined benefit pensions 5.600.490 2.042.217 398.000 11.085.2671 1106,3671 120.1321 11,028.4941 882,359 3,981,270 5.600,490 2,634,976 11, 191.6341 11,048.6261 1882,3591 5,112,847 194,759 936.818 194,759 26 OPERATING LEASE COMMITMENTS Total future minimum lease payments under non<Ancellable operating lease$ are as follows." Other operatin9 leases 2022 2021 Within one year Behveen and five years 21.807 24.495 46,302 25.673 46.793 72.466 31
STRODE PARK FOUNDATION FOR PEOPLE WITH DISABIUTIES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AIARCH 2022 28 RELATED PARTY TRANSACTIONS P a rnember of the Coun1 of Management Is at50 a ¢YiTr¢lor of the Rotary Club of Herne Bay. During the year. Strode Park Foundation for People wrth Disabilit*s. received £250 12021". £5001 from the Rotary Club of Heme Bay in ijonalions. 27 RECONCILIAnoN OF NET INCOME TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2022 2021 Net income for the year Investment incorne Finan¢ing costs DepciatiOn oftangible fixed assets Loss on disposal of fixed assets i)ec8$e in debtors Increase in ¢ditOrS Decrease In long term creditors Decrease In stocks Net cash inflow from operating activities 668.519 16021 23,626 303,727 811.328 18351 24.622 305.011 2,962 18,831 1255,8581 15341 1,322 906,849 667,950 163,0871 15341 4.941 1.604.540 28 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS 2022 2021 In¢aSe In cash Repayment of other loan Movement in nel debt Nel debt a11 April 2021 Net debt at 31 March 2022 1,252.477 105.462 1,357,939 1413,716 944,223 579.199 104.019 683.218 1,096,934) 413,7161 Non-ca8h At 31 Mar¢h changes 2022 29 ANALYSIS OF NET DEBT At 1 April 2021 Ca$h flow Cash at bank and in hand 721,145 721,145 1.252.477 1,252,477 1,973.622 1.973.622 Debt due within one year Debt due after one year 1103.6651 1.031.196 11.134.861) 105,462 1108,2451 108.245 1106.4481 922.9511 11.029,3991 105,462 1413.716 1,357,939 944,223 30 CAPITAL COMMITMENTS The charity ha5 had capital cornmitrnents at the year end as follows. 2022 2021 LDF garden 19.720 -32-