MISSION IIEd tosEry¢ MISSION CARE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Reglstered Charity Number: 284967 MISSION COM￿10 seThY MISSION CARE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Contents Page Reference and Administrative Information Board Report Independent Auditor's Report Consolidated Statement of Financial Actlvities Slaternent of Financial Activities Con501idated Balan¢e Sheet Charity Balance Sheet Consolidated Cash Flow Statement Notes to the Financial Slatem8rits 7-10 10 11 12 13 14 1&24 MISSION CARE REFERENCE AND ADMINISTRATIVE INFORMATION Chalmian Mr G Dean Corporate Trustge Mission Care Management Limited Directors of Mission Care Management Limited Mr G Dean Mr M Jones Ms A Honey8ett Mr P Martin (resigned 17 November 2024) Mr A Surgenor Executivo Dlrector Mr D Evan8 Audltor Jacob Cavenagh & Skeet 5 Robin Hood Lan8 Sutton Surrey SM12SW Sollcltor8 Anthony Collins Sollcitors LLP 134 Edmund Street Bimiingham B3 2ES Bankors National Westminster Bank plc 201 Tooley Street London SE12UE Head Office Suite 4, 7 High Street Chislehurst Kent BR7 5A8 Charlty R•glstratlon Numb•r 284967 MISSION CARE BOARD REPORT The Board of the Corporate Trustee of Mission Care has pleasure in submitting the Annual Report and Financial Statements for the year ended 31 March 2024 which have been prepared in accordance with Charities Act 2011. the Charities, Statement of Recommended Practice (Charities SORP {FRS 102)) and Financial Reporting Standard 102 (FRS 102). Objects and activltles Mission Care founded in 1904 as the 8ermondsey Medical Mission. It is a charity operaling in South East London. Mission Care aims to advance the Christian faith through the relief of sickness and poverty and through care and support of people with disabilities and elderly people, principalty by the operation of nurnber of care homes, both nursing and residential. structure. governance and management Mission Care Is an unincorporated as$Dciation which is governed by a corporate trustee, Mission Ca Management Limited (Company Registration Number 3732148). The key management personnel ofthe charrty are considered to be the Senior Management Team. This team is comprised of the Chief Executive (Mr D Evans), the Clinical Director (Mr R Manuel). the Pastoral Director (Miss F Oxborrowl, and the Finance Director (Mrs H Fan). They are in charge of directing, controlling, running and operating the chanly on a day to day basis. The Trustee Board {the Directors of the Corporate Trustee) pive of their time freely and none of the Trustee Board received any remuneration in the year. The pay of senior staff and all staff al Mission Care is reviewed annually and is normalty increased in accordance wlh average earnings. Pay awards are based on small incremental percentage increases in accordance with good financial stewardship, and we informally benchmark our salarie5 Ill the market from time to time. Procedures for inducting and training Training for the directors of the Corporate Trustee Is offered and has been carried out as required and cover8 a range of issues including governance and inspections of the homes. A full, independent governance review has been undertaken on behalf of Mission Care in 2022. The outcome was very positive with some helpful recommendalions that have been implemented, including governance training for truslees and senior managers. Risk The Board continues to monitor and consider the major risks lo which the charity is exposed and is Satisfied that systems are in place lo monitor and minimise them. At present we have identified the risks posed to the charity as follows.. (a) on-going funding of the delivery of care both wrthin and outside the London Borough of Bromley.. (b) satisfactory and positive outcome by CQC inspection of our services., and (c) the cost of and Involvement in the management of a significant number of paid staff in our employment. The risks in relation lo the on-going funding of the delivery care are sector wide and driven largely by central and local Government policy. It has been an incredibly challenging time to operate care home5 over recent years. There is enormous pressure on average fee levels, budgetary challenges, increased costs associated inflation and market volatility, as well as ever-changing regulatory and stakeholder requirements. However, Mission Care manages the risk by ensuring regular communication with their principal local authorlty and CCG commissioners in respect of fee levels and grant fundings. There is a strong track record of Mission Care actively and positively negotiating with the Ioc81 authority in securing the required leve15 of fvnding in recent years. Page 1 MI&%ION CARE BOARD REPORT continued Mission Care continues to invest in improving and developing its clinical governance and audit prO￿se5. The Management Team al Mission Care carries out the monthly quality monrtoring visits. and quarterly night visits across all homes not only to ensure full compliance and quality of Ca￿ are rnet bul also aim to achieve the highest standard of care provided to the residents in all aspects. The clinical team also meet regularly internally for quality assurance review and externally with other care homes in the local area to share the best practice and learn from each other. Addilionally, Mission Care engage with extemal auditors to carry out independent reviews every one or two years to gather evaluations and feedback and to identify areas for improvements. During this financial year, we have seen continued developrnent and progress within our wider management team. including a newly appointed home manager at Willett House, and a new Business Support Manager. We have also successfulty reduced staff vacancies signiffcanlly during the year through overseas spon50r5hip programme, internal promotion as well as an improved recruitrnent Process. Mission Care continues to grow its own strategy wrth regard to staff recruitment and retention. There had been consistent improvement and stability throughout the Mission Caie homes. Over the years, our teams have become more cohesTv8, achieving higher levels of performance. Achievements, performance and commerclal revl•w From an operational point of view, there have been some key changes to the group during the financial year. Since the merger of The Elms in January 2023, the onboarding proc888 had been going exceptionally well. Occupancy went frorn 50% 10 100U/o in Q2. The new Home Management team al The Elms, with the support from the Senior Management Team, had implemented many improvements in key areas such as rota management, quality monitoring audit, care plan documentation as well as pastoral care and activities. Subsequently, the financial perfomiance of the home had demonstrated a posrtive tTend since Q3, and continued into FY24125. The home is still wailing for a CQC inspection. The current CQC report rating published online was related to the previous operator SELBHS. Another key change for the Charity this year was that Love W81k, a fomier resldential home of 30 beds based in Southwark, was officially closed on 4th July 2023 for redevelopment. 11 residents were successfully transferred to The Elms, and the other residents were relocated to other homes of their choices. The home was deregistered with CQC at the time of closure. A large number of Love Walk staff were offered roles wlhin the Mission Care group. The development project for Love Walk. to be Tebuild as a high end nursing care home, is well underway. SoLrthwark Council had expressed strong interests to support the project, bul legal process for planning application is taking longer than expected. The Charity is working closely with Southwark Council to move along the project in a timety manner. Commercially, our trading performance this year has been slable, thanks lo the strong occupancy throughout the year and our posilive relationship with the local aulhorrties in the areas in which we operate. Occupancy across all homes were averaged at 95.5D/o during the course of FY23124. However. from a fee level point of view, rt is observed that there continues to be significant shortfall on govemment funding for the maj'ority of residents who are publicly funded. The average fee uplift year on year by local authorities and CCGS were between 1 V. 4%, with a few local authorities offering no uplift at all. On the contrary, the National Living Wage had gone up by 9.70/0 this year. and 9.80/0 the year before. Additionally, annual inflation for 2023 was 6.80/tr resulting in a challenging economic environment for care providers to operate at a sustainable financial level. The Charity has been revisiting our commercials strategy regularly in respond to the changing economic landscape, and thankful￿ we have made some good progress in achieving a better average fee level at the polnl of writing, whilst mainlaining a sound level of occupancy, consistency in staffing and high standard of care. From clinical and care point of view, it was also obseNed that the care need5 of newty admitted resident5 over the recent years are much higher compared to a few years ago, therefore more pre55ure on care providers to increase staffing ralio to meet the needs of the residents. Recruitments Temained a challenging factor in the care sector, as a result, the usage of agency staff was inevitable. This issue partially was oveTcorne by our overseas sponsorship program which helped resourcing good quality slaff from other countries. At the point of writing, our agency staff usage has reduced by 30 /0 compared to prior year. Page 2 MISSION CARE BOARD REPORT (conlinuedl Achl•vements, performanGe and commercial revlew (continued) Although the challenges are ongoing, the Charity had maintained its good quality of care and service across all homes. with enhanced measurements on quality assurance. All homes received profoundly good customer feedback during the annual Residents and Relative Survey as V￿11 as on Carehome.co.uk. The CQC rating for Elrnwood, Greenhill and Willett House remained to be Good. However, there had been improvements identified during the year for Homefield, and a detailed action plan had been implemented followng the inspection. Overall, all homes demonstrated a great level of Stability and resilience to changes during the year. This is a Teflection of the hard work and dedication of every member of staff working at this organisation. Mostly important, we give thanks to God for His provision and goodness to Mission Care. Flnanclal Performance The consolidated EBITDA for the group including Mission Care Trading was £446k, and net deficit after considering depreciation and financ8 Costs was £648k. Consolidated income for the year was £15,351 k {2023', £17,077k). This includes income from the Core ¢haTity £15,267k, and the trading subsidiary £84k. Income from the COTe charity includes income from charitable activities, government grant funding, plus legacy and donations. Income from the charitable gctivily for the year was down by £572k comparing to prior year 12023.. £15,684k). This reduction on income was primarily due to the closure of Love Walk in July 2023. partially offset by the increased income from the four nursing homes in Bromley. The main source of fee income for the charity remains the local government authorities. As at 31* March 2024. nearly 800/0 of our residents were funded by local authoTlties including Bromley, Lewisham, and Southwark, and some were funded directly by CCGS. The remaining were self-funded residents. The number of self funders remained at 54 compared same as prior year, this includes the residents from The Elms. Consolidated expenditure for the year was £16,002k (2023.. £15,920k). This includes expenditure from both the charity £15,847k and the trading subsidiary of £155k. The expenditure for the charity activities was £15,822k, £44k higher than prior year (2023= £15,778kl. Excluding Love Walk and The Elm5, the cost increases for the nursing homes was £960k. This increase was in line with the National Living Wage uplift of 9.8 10 and general inflation on food, property and maintenance cost5. The cost variances for Love Walk and The Elms were mainly due lo change in occupancy during the year. This year the Charity reinvested over £350k into the Homes on vaTiOUS improvement projects. Over the last 3 years, total accumulated capital spend on the Homes was over £2.5m. Major projects this year include Homefield lift refurbishment, Greenhill and Elmwood bedroom flooring upgrade. door entry system access control, and other clinical facilities and equipment. These piojects had further equipped the homes wilh high standard of health and safety controls, as well as improved care and seryices provided to the residents. Despite various challenges, it was clear that Mission Care's financial resilience has grown over the last three years. The ongoing discussion with Local Authorities on funding, strong partnership with agencies and contractors, and good stewardship from management team have all helped to equip us to be able to continue to fulfil our objectives whilst responding and adapting to the everchanging landscape of care sector. Page 3 MISSION CARE BOARD REPORT (continued) Flnancial performance Icontlnued) The Charity has invested heavily on the redevelopment project of Love Walk wrth the aim to provide a high- end nursing c8re home to care for more people at the existing sile of Love Walk. On Y July, Southwark Council granted the planning permission to r&develop Love Walk into a new 63 bed nursing care home subject. However, due lo subsequent Judicial Review raised by local Tesidenls, Southwark Council withdrew the approval. After seeking legal and planning advice, the Board of the Charity decided to re-submit the planning application to the Southwark Council. The Council remains very positive and supportive to the scheme due to the massive shortage of nursing beds in the area. The Planning Committee meeting will be held in December 2024 to reconsider the case. The charity spent £1.7m on professional fees and legal fees for the planning application to date. As we prepare for the next phase of the work of Mission Care. we are mindful ofthe progress we have made. and of the challenges we are likely to face. The opportunities and challenges for good quality care providers will remain the same in Some respects, bul in others will become pronounced. As we review the period from 2020 to date. we can see how Mission Care has grown and developed in many ways. We are very thankful to be able to observe this, to play a part In It, and above 811, to give all the thanks and glory to our gre8t God. Reserves Policy Mission Care is very careful to designate or allorAte funds it receives. Voluntary donations received from the general public and from supporters of Mission Care and any grants awarded by trusts and government agencies for equipment, services or building construction are designated or allocated wherever possible according to the wshes ol the donor or grantor. The free reserves of Mission Care have been utilised over the last few years to impyove the quality of the charty's buildings and to carry Out various essential restructuring projects. It remains the irblenlion of Mi5siori Care to significantly build up the reserves over the next few years to both prolect the org8nisalion against any potential adverse trading conditions as well as lo facilitate future improvements to the buildings. To this end every effort continues to be made in order to maximise income, carefully manage expenditure and control cash flow. At the year end, the charity had cons01Sdaled reserves of £6.490k of vthich £1,467k was restricted. The charity had total reserves of £6,443k. Inveslment policy Over recent years the surpluses have been used to improve the homes infrastructure and environment. As at 31. March 2024, other than balances held at Samaritan Fund and Love Walk restricted fund, there are no investments outside of cash balances held in regular bank accounts. Prlncipal Funding sources The significant majority of Mission Care's fijnding in recent years has been received from local authority contracts and, in particular, the contract wth the London Borough of Bromley. The funding received is in respect of fees paid for care services provided. The NHS, through a number of CCGS, is also a significant source of funding, again by way of fees paid for care services provided. Mission ca￿ Tr8ding Ltd This subsidiary company has been included in the consolidated financial statements and was in an operating deficil at the year end. Following the Board's decision in prior year lo close the café, the lease lor Mission Café was surrendered in July 2023, total costs include dilapidation was £50k. The company continued its operation of running the charity shop Brix. Page 4 MISSION CARE BOARD REPORT {continued) Public beneflt lthen reviewing Mission Care's activities for the past year and in planning the objectives for future periods, the Board have taken into consideration the Charity Commission's guidance on public benefit. Mission Care is committed to ensuring that there is access to its services regardless of individuals, social standing or ability to pay. It does this through maintaining strong relationships wrth relevant local authority and active marketing of its seNices in the wider community. Approximately 800/0 of Mission Care's residents benefit from socially funded places that are offered under discounted block and spot contracts. Through it5 5UPPOrt of an international wojecl Mission Care is able lo help a partner organisation, Vuyiroli. (in India). It seeks to alleviate sickness and povety in the community in Chennai, India, in which it works. As part of the care Mission Care provides, it 15 able to offer people opportunities to explore and experience the Christian falth. Much of what it deliveTS is well supported through its own Pa$tor81 Team a5 well as partnerships with many local churches. Its intemational work has all been carried out in partnership wth other organisalions who share a similar desire to advan￿ the Christian faith. Plan• for future periods Mission Care continues to focus on strengthening the core business of the charity and ensuring that it is well placed to maintain and develop its delivery of care seNices into the changing marketplace. As set out in the charity's next five year strategic plan for fin8ncial year 2020-2025. the three overarching objectives are to Protect, Progress and Prodaim. Protect the organisation from financi81 and existential pressu￿8 in order to maintain the serrfice that Mission Care provides in the communities in which it is placed. This is not 8 negative refiex. Rather, it is an honest acknowledgement ofthe very challenging nature of the sectors in which Mission Care operales, as a Christian charity providing care lo vulneTable adults. The need to protect the organisation has always been apparent, and never more so than now. The global Covid 19 pandemic that has had such a devastating impact on the care sector in the UK this year. It has demonstrated further the clear imperative to protect the work and best interests of care providers. Protecting the organisation will remain therefore a resolute aim as we seek lo bring glory lo God through the work. witness, and reputation of Mission Care. Progre88 the organisation both in tem5 of the quality of the Service we provide, and the number of people for whom we care. This has been a consistent ambition throughout our history. Firstly, to be commrtted to continuous improvement in the delivery of care 8nd management of the organisation. Secondly, to seek lo care for and reach more and more people each year. Proclalm the Lord Jesus Christ in all that we do. This is the very reason Ihat Mission Care exists and always has been. since 1904. We primarily seek to proclaim Jesus Christ through our commrtmenl lo the following:" (a) good quality care for all residents and stakeholders (b) fair and Sound management and stewardship of our colleagues and resources. and (c) sharing of God's Word through the work and support of our pastoral team, and through the words and witness of Christian colleagues (dl a clear and principled resolve to maintain our evangellcal Christian ethos for God's glory alone. Page 5 MISSION CARE BOARD REPORT (continued) Plans for I￿Ure periods Icontinuedl Much progress has been made on these three core elements over Ihe last few years and we expect this lo continue in the period ahead. Apart from the material impact from Covid-19 pandemic that started at the end of the financial year, there were no other significant events during the year that had any financial effect. The trustee is graleful lo all the Board Directors, to our Chief Executive and Ihe Senior Management and Leadership Teams and their staff for their continuing dedication and commitment to the care of each of the vulnerable people entrusted to us. We are committed to developing our seNices at this b'me of considerable change and in this we seek God's guidance and would ask for the prayerful support of all our friends and colleagues. A new Strategic Plan for the period 2025 - 30 has been drafted and will be signed off this year. It is a plan for growih, both in respect of the quality of the Service we seek to provide, and in increasing the number of residents we care for. Statement of trustee re8pon81bllltle8 The trustee is responsible for preparing the Council Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for th81 period. In preparing these financi81 statements, the trustee is required to.. select suitable accounting policie8 and then apply them consistently., make judgments and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with ieasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial statements comply th the Charities Act 2011, the Charty {Account5 and Reports) Regulation5 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Chairman 1 g November 2024 Page 6 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF MISSION CARE Oplnlon We have audited the financial slatements of Mission Care Ithe'charity") and its subsidiary (the group) for the year ended 31 March 2024 which comprise the consolidated and parent slatement of financial actNilies, the consolidated and parent balance sheets, the consolidated cash flow slalemenl and notes to the financial statements, including a surnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prad1￿}. In our opinion, the financial statements.. give a Irue and fair view of the slate of the group's and of the Charity's 8ffaiTS as at 31 March 2024 and of the group's incoming resources and application of resources for the year then ended,, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirernents of the Charities Act 2011. 8asls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK}) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibiltlies for the audit of the financial statements section of our report. We are independent of the group and parent Charity in accordance with the ethical requiTements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethic81 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslon8 rolatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any m8teri81 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Charty's ability to continue as a going concern for a period of at least 12 months from when the financial statements are aulhorised for issue. Our responsibilrties and the responsibilities of the trustees ￿￿th respect io going concern are described in the relevant sections of thSs report. Other Infomiatlon The other infomalion comprises the information included in the annual ￿pOrt, includlng the tru5tees' report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible forthe other information contained wthin the annual report. Our opinion on the financial statements does not cover Ihe other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether thi5 gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Page 7 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF MISSION CARE Icontinuedl Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the GTOUP and its environment obtained in the COUTse of the audit, we have not identified material misstatements in the trustees, report included within the trustees. report. We have nothing to report in respect of the followng matters In Telation to which the Charities Act 2011 requires US to report to you if, in our opinion.. adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us," or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remunerats'on specified by law are not made,. or we have not received all the information and explanations we require for our audit. R89pon$lbllltle8 of the trustee As explained more fully in the Irustees, responsibilities staternent, the trustees are responsible for the preparation of the financial Statements and for being satisfied Ihat they give a true and fair view, and for such intemal control as they detennine is necessary lo enable the preparation of financial statements that are free from material misstatement, vthelher due to fraud OT error. In preparing the financial statements, the trustees are responsit4e for assessing the Group's and the Charity's ability lo continue as a going concern. disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or Charity or to cease operations, or have no realistic alternative bul lo do so. Audltor'8 mpon*lbllltle• for the audlt ol the flnanclal statements We have been appointed as auditor under section 151 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as 8 whole are free from material misstatement, whether due to fraud OT error, and to issue an auditor's report that indudes our opinion. Reasonable assurance is 8 high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK> will always delect a material misslatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures 8re capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment and breach of health & safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulab'ons that have a direct impact on the preparation of the financial ststements such as the Charities Acl 2011. Page 8 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF MISSION CARE Icontlnuedl We assessed the susceptibility of the charily's financi81 statements to material misstatsment, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the prinapal risks were related to.. management override of controls management bias in accounting estimates In response to the risks identified we designed procedures which included. but were not limited to.. Identifying and testing joumal entrie5 evaluating the charity's internal controls reviewing Board meeting minutes challenging significant accounts.ng estimates such as bad debl provisions There are inherent limrtations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilits'es for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.ukjauditorsresponsibililies. This description forms part of our auditor's report. U8e of our report This report Is made solely to Ihe Charity's and group's truslee, as a body, in accordance Part 4 ofthe Charllies {Account5 and Reports) Regulations 2008. Our audit work has been undertaken so Ihal we might state to the Charity's and group's trustee those matters we are required to state to them in an 8udilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and group and their Iru5tee as a body, for our audit work, for thi5 report, or for the opinions we have formed. Jacob Cavenagh & Skeet Statutory Audltor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Jacob Cavgnagh 8 Skeel is oligible for 8ppoinlment 8s authtor of Ihg th8rify by vrtue oflts elwiblllty forappointmenl 88 8uditorol8 company undars6cliGn 1212 orlhe coM￿nI8S Acl 2000 Page 9 MISSION CARE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Not•s Unrostrict•d Restrfcted Funds Funds Total Unrestdcted R￿trIcted 2024 Funds Funds Totsl 2023 Incomo from: Donations and legacles Other trading ath'vib'eB Investments Charitable 8cliwlies Residential care fees Other income 123,771 84.395 4,294 123,771 84,39S 4,294 12,191 1.291.587 1,303,778 81,465 81,465 8,860 6,860 15,112,050 15,112,050 15,679,471 25 520 ￿￿400 27 5,000 15.684,471 27 Tol•l Incom• 78 Exp•ndltuM on: Raising lund8 141,908 141,908 121,197 121.197 Charitable actlvities Residential care cost8 Total oxp•ndltur• G8inWIIosse81 on investm•nt 8s¥ets Not l•xpendltur•lllncom• 1668,228) 22,091 1646.1371 26,964 1,127,843 1,154,807 Transfers be￿en fvnds Net mov•ment In lund• 1668,2281 22.091 1846,137) 28,964 1,127,843 1,154,807 R•conclllatlon of funds Funds brought forw8rd 81 Funds carrled forw•rd Page 10 MISSION CARE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Notes Unrestrlct•d RgBtrlct•d Funds Funds Total Unre¥lrlct•d Restrlcted 2024 Funds Funds Total 2023 Income from: Donations and legacies Investments Charitable aclivilie8 Residenllal caie fees Oiher income 123,771 4,294 123,771 4.294 12.191 1,291,587 1,303,778 6,860 6,860 15,112,050 15,112,050 15.679,471 2S 880 aL400 ￿72 5,000 1 S,684,471 27 Totll Incom• Expondlture on: Charltable acbvilie$ Resldenlial caro COSt8 Other exp8ndiiur• 15,817,794 4,106 15,821,900 15,609,459 188,785 15,778,224 Total •xpondltur• 72 G8in8111088e61 on Inve8tment assots ￿￿74) (￿Q￿lI N•t l•xpendltur•)Ilncom• (878,792) 22,091 (656.7011 14,783 1.127,843 1,142.826 Tran8fer8 behveen funds Net mov•m•nt In fund• 1878,7921 22,091 1656,7011 14,783 1,127,843 1,142,626 Roconclllatlon of funds Funds brought foNArd 1444 9 1 7099970 Funds carrfed fonvard Page 11 MISSION CARE CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flxed as80ts Tangible fixed assets Investment assets 10a 11 10,610,221 11,576,427 64 509 11,640,936 10,668,368 Current assets Stocks Debtors Cash at bank and in hand 8,351 3,167,901 547 141 3,723,393 6,432 2,678,210 844 864 3,529,506 12a Crodltor4: amounts falling due within one year Net current as80ts 1 19544 Total a¥¥et• le•• current Ilabllltl•• 12,116.281 12,836,379 Credltors.. amounts falling due aft8r more than one year Net a888ts Funds Unreslricled Restricted 16 18 5,023,169 5.691,397 1444 973 7 136 370 649023 The financial statements were approved by the Trustee on 19 November 2024 and signed on it5 behalf by: rGDea Chalrman Page 12 MISSION CARE BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Fixed assets Tangible fixed a55ets Investment assets 10b 11 10,609,921 11,550,533 10,668,069 11,615,043 Current assets Stocks Debtors Cash al bank and In hand 7,951 3.141,349 520 015 3,669,315 6,032 2,667,800 826911 3,500,743 12b Credltorn: amounts falling du8 within one year 13b Net current asset• 140124 Total assels IM• current Ilabllltl 12,069,317 12,799,979 Cradltors.. amounts falling due after more than one year 14b Net a•8ets Funds Unrestricted Restricted 4,976,205 1467 064 5,654,997 144497 16 The financial statements were approved by the T￿stee on 19 November 2024 and signed on 5ts behalf by., Chalrnian Page 13 MISSION CARE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activlties {see note (a) below) 6,117 (749,964) Cash flows from investlng actlvltl•8 Interest receivable Interest paid Proceeds on sale of investments Payments to acquire tangible fixed assets Proceeds on sale of tangible fixed assets Net cash provlded byl(used in) investlng octlvltlas 4,294 (435,610) 11,571 (329,977) 775 880 6,860 1263,8351 (675,4711 (932 446 Cash flows from flnanclng actlvltles Loans repaid Cash infl¢)ws from new borrowing Payments lo redu￿ finance lease liabSllties Ca•h Iu8ed Inllprovided by flnanclng actlvltlas (301,418) 1217,2621 426,000 { 3 1101 205 628 28 580) Net cash oufflow {297,723) (1,476,782) Cash and cash equivalents at 1 April 2023 844 864 Cash and cash equivalents at 31 March 2024 (al Reconclllatlon of net Income to net cash flow from operntlnq actlvlti Net income Interest receivable Interest paid Depreciation Gift of'The Elrns, Gains on disposal of fixed assets Gainsl{losses) on investments (Increaselldecrease in debtors Increase in creditors Ilncrease)Idecrease in stock Net cash provided by operating activities (718,7241 { 4,2941 435,610 686,984 1,154,807 16,8601 263,835 650.669 {1,850,000) (25,880) {5,209) (417,104) 56,653 2,033 (1,240,740) 276,292 (bl Analysis of changes In net dobt At 1 Aprll 2023 Cash flov Non of the bank loans is repayable in more Ihan five years. The main bank loans are repayable by 2043 and cany interest at 2.5¥0 over base rate. Page 21 MISSION CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontinued) 15 UNRESTRICTED FUNDS 2024 Balance at 1 Aprll 2023 Income Expendlturn Investment Balance at galns and 31 March transfers 2024 General Fund Friends, Groups Samaritan Fund Cyclical Maintenance Redevelopment Fund Building Fund 5.235,509 15,325,030 {15,766,484) 17,824 22.533 251,510 131,158 4,794,055 17,824 26,625 151,510 292 32 863 4,8g2 5,023,169 (800) (100.000) 1130.866) 4,892 5,691,397 15,325.030 15,998,150) 2023 Balance at Income Expendlture Inveslment Balance at galns and 31 March transffern 2023 2022 General Fund Friends, Groups Sarnaritan Fund Cyclical Maintenance Redevelopment Fund Building Fund 5,205.571 17,824 25,507 251,510 131,158 32,863 5,664.443 15.780,259 15,780,259 (15,750,321) 5,235.509 17,824 22,533 251,510 131,158 32,863 5,691,397 (900) 12,074) 15,751,221 2,074 The Friends, Groups funds Telales lo funds designated for the use of volunteers linked to specific homes and is generally used for residents, activities. The Samaritan Fund is designated for allocation to current or former members of staff who have specific needs and is administered by a Su1￿COMMIttee. The Cyclical Maintenance Fund is designated to provide funding for specific and exceptional maintenance requirements that arise from lime to time. The Redevelopmenl and Building Funds 8re designated for the future building or other development needs of specific homes. 16 RESTRICTED FUNDS 2024 Balance at Income Expendlture Investment Balance al gains and 31 March transfers 2024 2023 Love Walk The Elms 153,386 1291 $87 16 4.122 4.106 317 153,719 1,313245 317 1 467064 25,880 25,880 Page 22 MISSION CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontsnued) 18 RESTRICTED FUNDS (continued 2023 8alance at 1 April 2022 Income Expendituro Investment Balance losses and at31 Iranslers March 2023 Love Walk Covid grants The Elms 301,130 16,000 5,000 (152,785) (16.000) 41 153,386 1,291.587 1,296,587 1,291,587 41 1,444,973 317,130 168,785 The Love Walk fund relates lo gifts made for various specific aspects of restdents, well-being at Love Walk and will be expended once appropriate needs arise. The Elms fund relates to The Elms care home property which is restricted for use for the provision of care in the London Borough of Southwark. It also contains the balance of Ihe other capital funds on transfer which are to be used for future capital works at the Elms. 17 ANALYSIS OF NEf ASSETS BEfwEEN FUNDS GROUP Unrestrlcted Restrlcted lunds fund• Total Fixed assets Nel current assets Long term liabilities 10,668,368 10,668,368 91,738) 1,467,064 1,375,326 5,626,048 5,626.048 4,950,582 1,467,064 6,417,646 CHARITY Unrestrlcted Restrlcted funds funds TolAI Fixed assets Net current assets Long term liabilities 10,668,069 10,668,069 1 31,878) 1,467,064 1,435,186 5 626 048 5,626,048 5.010,143 1,467.064 6,477,207 18 LEASING COMMITMENTS The total future minimum lease payments under noTrcancellable operab'ng leases are payable .' 2024 2023 Wrthin one year Between I￿0 and five years 77,355 109,348 176,263 Operth'ng lease payments in year 109,347 Page 23 MISSION CARE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 19 RELATED PARTY TRANSACTIONS During Ihe year, the charity paid £26,258 (2023." £64,825) to Pilgrim Law Ltd. Mark Jones is a director and shareholder of Pilgrim Law Ltd. Page 24