**Registered number: 02161953 Charity number: 298074** ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charitable Company, its Trustees and**|1 - 2| |**Advisers**|| |**Trustees' Report**|3 - 12| |**Independent Auditors' Report on the Financial Statements**|13 - 16| |**Statement of Financial Activities**|17| |**Balance Sheet**|18 - 19| |**Statement of Cash Flows**|20| |**Notes to the Financial Statements**|21 - 36| ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023** |**Key Management**|Steve Stokes, Chair| |---|---| |**Personnel: Directors and**|James Yianni, Treasurer (resigned 8 August 2022)| |**Trustees**|Anjan Banerjee, Company Secretary / Treasurer| ||Elizabeth Irvine (appointed 26 January 2023)| ||Philip Kelsey| ||Ade Onagoruwa| ||David Salisbury| ||Brett Hussey (appointed 29 April 2022)| ||James Johnson (appointed 29 April 2022)| ||Antaneyrajah Mariyadas (appointed 24 June 2022)| ||Gillian Forward (appointed 29 July 2022)| |**Key Management**|Jon Pratten, Chief Executive Officer| |**Personnel: Managers**|Jane Johnstone, Head of Finance| ||Helen Hargreaves, Head of HR| ||Jai Bryant, Registered Manager Jonquil Close| ||Sam Perry, Head of Children’s Services| ||Helen Timmons, Registered Manager Supported Living & Lincoln Close (resigned
8 September 2022)| ||Alaina Coates, Registered Manager Supported Living & Lincoln Close (appointed
15 August 2022)| ||Julie O'Connor, Registered Manager Pines| |**Company registered**
**number**
02161953
**Charity registered**
**number**
298074
**Registered office**
Suite 2
6 Silver Court
Watchmead
Welwyn Garden City
United Kingdom
AL7 1LT
**Independent auditors**
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP|| Page 1 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Bankers** Barclays Bank 51 High Street Hoddesden Hertfordshire EN11 8TG HSBC Howardsgate Welwyn Garden City Hertfordshire AL8 6BH CCLA Investment Management Ltd 85 Queen Victoria Street London EC4V 4ET The Charity Bank Ltd Fosse House 182 High Street Tonbridge Kent TN9 1BE Page 2 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023** The Trustees present their annual report together with the audited financial statements of the Charitable Company for the year 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the Charitable Company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. Our key business approaches in 2022/23 to 2023/24 have been: - To work with the most current government guidance in relation to the Health and Social care sector - To recover financially from the impact of loss funding from Central and Local Government for Covid staffing and Personal Protective Equipment (PPE) - To continue to expand our services and increase the number of people we can support We have continued to safely protect the Service Users we support and care for. As an organisation we were particularly impacted by the Covid pandemic, and this continued into 2023. We continue to work in line with all government guidance in place for the Health and Social care sector. It is the responsibility of the senior leadership team to direct and deliver the response required in line with recommended guidance and to ensure that the risks for each service are managed effectively to mitigate any ongoing impact from Covid. Each service has a Risk Assessment in place giving details of the responses required in the event of Covid being contracted. Page 3 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities** ## **a. Objectives and activities** Jubilee House Care Trust provides quality care and support to those with disabilities (including learning disabilities), to enhance their quality of life and to empower them to live as independently as possible. Our ambition is that adults and children with learning disabilities should lead happy and fulfilled lives, whilst our strategy for achieving this is to provide quality support and care by understanding the needs of the individuals and their families. We are based across Hertfordshire, but our Service Users come from within Hertfordshire as well as the surrounding counties and several London boroughs. We offer a range of services for children and adults with learning disabilities ranging from residential care and supported living to short breaks and outreach services (the provision of activities in the community). In everything that we do we aim to demonstrate our key values: a culture that is open and honest; a supportive and caring environment for both Service Users and staff; and an expectation of continual improvement. ## **Residential Services** We have two residential services, Jonquil Close and Lincoln Close, which each provide support for six adults who live with Jubilee House on a permanent basis. Since April 2020 Lincoln Close has only supported five residents. The void in Lincoln Close is still vacant whilst the service is under review with HCC. These two residential services cater for differing levels of need, which frequently involve physical, as well as learning, disabilities. Jonquil Close caters for six individuals who have profound learning disabilities, Service Users are supported to participate in activities daily. The Service Users are supported to access the community in a group or individual basis. Service Users are supported and encouraged to maximise their full potential in all aspects of their daily living. On 2nd July 2022 one Service User sadly passed away. This void was filled in February 2023. In Lincoln Close, Service Users are more independent. We provide support with daily tasks such as cooking and cleaning, but the Service Users are encouraged to do as much as possible for themselves. There is currently one void at this property, and we have chosen not to fill the void given the close proximity and heightened nature of some of the current Service Users. ## **Supported Living** For the majority of the year, we operated two small, supported living schemes. One in Lincoln Close supported two more independent individuals living in a shared house. Support here is tailored around each person’s specific requirements and can range from help with daily tasks such as paying bills and managing money, to meeting people and making new friends. A Section 21 notice was given to the Service Users to vacate this property by 30th November 2022 due to the considerable underlying financial loss the service was making. A decision was made by the Board of Trustees, following a recommendation from the Senior Management team, to repurpose this property as a potential Emergency Placement Service. The second service provides accommodation for a single Service User with a higher level of need. We commenced providing support in December 2019 on an outreach basis and the Service User moved into the property in January 2020. We also purchased a two-bedroom bungalow in Stevenage to increase our volume of services. A number of Page 4 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities (continued)** minor alterations were undertaken to make the property fit for purpose in the beginning of 2023. ## **Short Breaks Services** As of 1st April 2022, we acquired a third short break centre, The Pines in Hertford. We now have three purpose built short breaks centres. Peartree Short Breaks Centre is a five-bedded centre catering for children between the ages of 5 and 18, while Meadows Short Breaks Centre is a four-bedded centre catering for adults between the ages of 18 and 65. The Pines Short Breaks Centre is a six-bedded centre catering for children between the ages of 5 and 18 for Hertfordshire residents only. All three services can provide a variety of short breaks ranging from tea visits of a few hours to longer stays of several days or more. While our contract with Hertfordshire County Council utilises the bulk of the placements, we are always able to also provide services to individuals from other areas or to those with personal budgets in Peartree and Meadows. All our centres are well-equipped to deal with physical and learning disabilities, with hoists and specialist bathroom equipment available if required. Activities at all three services are predominantly centre based, with a wide range of activities tailored to the individual interests, ability and ages of the participants, but all services also utilise our wheelchair-friendly transport services to get out and about in the community as much as possible. In October 2022 Peartree was granted a ‘Good’ rating by Ofsted. The Pines also received a ‘Good’ rating in January 2023. The short breaks services (Peartree and Meadows) have seen an increase in hours purchased via a direct payment route and have continued to provide an offer under HCC's Short Breaks Local Offer (SBLO). ## **Outreach Services** The organisation has not offered an outreach service since early 2020, the provision of outreach has not been reinstated due to the challenge of recruiting suitable staff, post the pandemic. The organisation has prioritised its residential services including short breaks to ensure that as our primary revenue source they are staffed appropriately and that we are meeting our contractual obligations. ## **Volunteers and Grant Income** This year the higher Cost-of-Living issue has impacted on volunteering, fundraising and Grants locally and nationally. Recruitment and retention of volunteers has been extremely challenging as the need to seek paid employment to cover rising living costs has reduced the spare time people have for volunteering. Community fundraising has been significantly affected for all charities as income is squeezed which has led to charities relying on Grants and Trusts to help them plug the income gaps. Grant making bodies have reported a very significant rise in funding request applications which has meant that competition for grant awards is high. However, despite these challenges we have had some successes and pleased to report: ## **a. Volunteers** This financial year the volunteers helped with fundraising, PR, supporting Service Users and carrying out projects to improve our service provisions. A significant input was from local businesses including Morgan Sindall and B&Q. Local businesses not only provided the volunteer helpers, but also donated significant materials and equipment for the projects saving Jubilee House £12,000. This year we had 30 volunteers supporting Jubilee House contributing 823 hours. Page 5 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities (continued)** ## **b. Grant and Donations** This year the ‘Volunteer and Grant Coordinator’ post was established, and twelve successful grant applications were submitted to the value of £70,953. Also, we received £7,933 worth of charitable activity and various donations, totalling £78,886, which compares to £32,695 in 2021/22. Breakdown of grants: |Hospital Saturday Fund|£2,000| |---|---| |National Lottery Fund|£1,750| |B&Q (goods bought didn’t get grant direct)|£1,000| |Private Donation|£3,000| |Will CT (unrestricted grant)|£10,000| |Screwfix|£4,500| |Morrisons|£4,603| |Edwards Gosling Foundation|£13,000| |B&Q Foundation|£5,000| |Baily Thomas Trust|£2,000| |Clothworkers Foundation|£6,100| |Wooden Spoon Charity|£18,000| |Misc donations and donations from charitable activity|£7,933| |**Total grants**|**£78,886**| ## **Public benefit** The trustees confirm that they have complied with the duty in Charities Act 2011 to have due regard to the Charity Commission General Guidance on Public Benefit, when reviewing their aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Page 6 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Achievements and performance** ## **a. Achievements and performance** Throughout 2022/23 we have worked towards the following objectives: - **Keeping our Service Users and Team safe** Our primary focus has been to continue protecting our Service Users and staff from Covid. Since the official end of the pandemic we have had several cases, but with no hospital admissions or severe medical consequences. ##  **New Children’s short break service** Following on from the successful tender process for an additional Children’s short break service, we opened The Pines on 1st April 2022. The Pines service is a six-bedded centre catering for children between the ages of 5 and 18 for Hertfordshire residents only, providing a variety of short breaks ranging from a tea visit of a few hours to longer stays of several days or more. The Pines is well-equipped to support young people with physical and learning disabilities, with hoists and specialist bathroom equipment available if required. Activities at The Pines are predominantly centre based, with a wide range of activities tailored to the individual interests, ability and ages of the participants. The Pines also has use of a wheelchair-friendly transport to get out and about in the community as much as possible. ##  **Hazelmere - New Service in Stevenage** Since the beginning of 2022 Jubilee House has been looking to expand its property portfolio. Having been unsuccessful with a new property in Hatfield we eventually secured a two-bedroom bungalow in south Stevenage. This property was purchased for £365,000 in November 2022 and has needed work completing to make it suitable for people with Learning Disabilities. ##  **Grow and diversify our revenue** Our revenues increased from £2,763,720 to £3,414,178, an increase of 23.5% on last year’s income. 17.7% was due to the additional income from The Pines, leaving a net increase of only 5.8% for 2022/23 compared to 8.8% increase in 2021/22. This decrease is due to the Covid grant income ending from 1st May 2022. ##  **Technology Improvements** In 2020/21 and 2021/22 we needed to improve our technology to offer a more flexible working environment for the Management and Central teams. The move to cloud-based systems, enabling administrative staff to work from home happened and over the following year (2022/23) we have moved all the administration functions to cloud based solutions. This included moving the finance package from Sage to Xero in August 2022. ##  **New Main Office** We successful moved the central office from Blenheim Court to Silver Court in Watchmead. This has allowed us to update some of our central ways of working and provided more hot desks and training facilities Page 7 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Achievements and performance (continued)** for the wider Operations Team. The new tenancy agreement was agreed at the same rate as our previous one, mitigating any increases in rent for the short term. ## **Financial review** ## **a. Results for the year** - Jubilee House’s income for 2022/23 was £3,414,178 (2021/22: £2,763,720), an increase of £650,458. - Resources expended for the same period were £3,554,123 (2021/22: £2,720,168), an increase of £833,955. - Net gains on investment were £nil (2021/22 £13,007) and other net gains were £nil (2021/22: £52,065) which gave a deficit for the year of £139,945 (2021/22: £108,624 surplus). In April 2022 we received the last instalment of the Covid funding. This had been provided, so Service Users and staff could be safe whist isolating and because the local government could not complete any service reviews during this period. Jubilee House claimed all appropriate funding it was entitled to ensure the safety of Service Users and the team. Due the extent of costs and the ongoing need to protect all involved it was difficult to return to pre-Covid profitability. The charity has had to absorb many changes made by Social Services without the corresponding adjustments at the end of Covid funding, with the addition of still needing to pay for PPE to protect staff. During the financial year of 2022/23 Jubilee House fought for the adult commissioned services to have a full review as many of the services had not been reviewed since 2012. This reflects the pressure on organisations such as Hertfordshire County Council and their availability of resourcing to complete reviews. Some cost savings have been made but our staff costs have increased considerably with inflationary pay rises, the introduction of auto-enrolment pensions, and the requirement for increased training in the learning disability sector all having an impact on our costs. Cash and cash equivalent have decreased by £240,351 to £611,428 at 31st March 2023. This is due to the deposit on Hazelmere (£130,000) and the net loss of the in-year Profit and Loss due to the points raised above. ## **b. Reserves policy** The reserves policy remains unchanged. A number of designated funds exist to more clearly distinguish between funds required for contingency purposes, funds earmarked for specific projects, and funds tied up in business assets. A full breakdown of the reserves is shown in Note 18 Statement of Funds on page 33, and this shows that out of total reserves of £2,068,563 designated reserves now total £2,015,173. Of this £350,000 has been set aside for Business Contingency, representing around 76% of the average spending of our two largest contracts for six months, which would provide sufficient funds to ensure the continuation of the business if these contracts were lost. Funds held in business assets comprise: - Property Reserve - £1,521,586 (representing Jubilee House’s properties, net of outstanding mortgages) - Fixed Assets - £143,587 (representing other fixed assets) - Restricted Funds - £12,307 Page 8 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **c. Going concern** The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charity's forecasts and projections and have taken account of pressures on events. The Trustees considered the impact of the financial loss made in the year, the growing difficulty in recruitment and changes in the UK workforce. The charity understands the impact the loss of the Covid funding has had on the charity this financial year and understands the urgency for the review all the residential and supported living contracts with HCC to bring them back to a point where they each make a financial surplus. The charity has good cash and reserves position at the time of approval of these financial statements. Having made an assessment, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for at least 12 months from the date of the audit report of these financial statements. The charity therefore continues to adopt the going concern basis in preparing its financial statements. ## **Structure, governance and management** ## **a. Constitution** The Jubilee House Care Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. There are currently 38 members of the Company as change from 37 in the previous year. ## **b. Methods of appointment or election of Trustees** We source new trustees through personal recommendation, advertising or by a targeted approach. All new trustees undergo personal effectiveness interviews as part of the recruitment process in line with our safeguarding policy and must be cleared by the Data Barring Service, and we follow the Charity Commission’s guidelines on recruitment at each Annual General Meeting, one third of Board members retire by rotation, with the option to stand for re-election. ## **c. Policies adopted for the induction and training of Trustees** New trustees undergo an induction process which includes visits to all services and introductions to key staff: they are also mentored by an existing Board member. They receive a Trustee Handbook outlining the specific responsibilities and expectations of both them and the Company. Ongoing training is offered to all trustees and they are encouraged to regularly visit Jubilee House services and to participate in Jubilee House events. ## **d. Organisational structure and decision-making policies** Normally, the Board of Trustees meets monthly, and there are bi-monthly sub-committees which cover finance, operations and governance, as well as a remuneration committee which meets annually. Each sub-committee is chaired by a Trustee and also has senior management representation. Since March 2020 the Board has changed to virtual meetings. The Chief Executive (Jon Pratten) is appointed by the trustees to manage the dayto-day operations of the charity. Page 9 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Structure, governance and management (continued)** ## **e. Related party relationships** None of our Trustees receive remuneration or other benefit from their work with the charity. A register of Trustees’ and senior managers’ interests is maintained and updated on an annual basis, and Trustees are excluded from decision making in any circumstances where they have a personal interest. ## **f. Pay policy for key management personnel** The Directors, who are also the Trustees, consider that the board of directors and the management team (comprising Chief Executive, Head of Children’s Services, Head of Finance, Head of HR, and the Registered Managers of the individual services), comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. Pay awards for all staff are reviewed by the Remuneration Committee which meets annually and the recommendations for increases or bonuses are then approved by the Board of Trustees. ## **g. Risk management** The Trustees have a risk management strategy which comprises: - A formal risk management process whereby each sub-committee is responsible for identifying and reviewing the business risks falling within its own area of concern, with overall overview by the full Board of Trustees. - The establishment of policies, systems and procedures to mitigate those risks identified. - The implementation of procedures designed to minimise or manage any potential impact on the charity. Our key risk is that of a failure to adequately safeguard Service Users or to provide good quality care. To protect against this, we have a robust set of policies and procedures ensuring that Service Users are safeguarded: a rigorous recruitment process including DBS check and personal effectiveness interview; a comprehensive induction process for new staff and an ongoing training programme for existing staff; external quality monitoring audits; a clear policy on whistleblowing; comprehensive Exit Interviews and comprehensive health and safety policies. In a financial climate where statutory funding for learning disabilities is becoming ever tighter, the key financial risks facing the charity are increasing agency costs as staff recruitment is become more and more difficult due to hourly rates, comparative jobs that pay more and the whole Social Care sector losing favour since the Pandemic. There is also a risk of failure to control our costs, not keep pace with increasing inflation and being unsuccessful in renegotiating our contracts. Staff costs make up most of our cost base (81.5%), and in an area of high employment attracting staff at a competitive salary is challenging. Currently services are predominantly provided to Hertfordshire County Council, and our aim is to diversify our revenue base to increase the proportion of our revenues that are received from grant funding, or from other contractual sources. We are investigating new partnerships with other organisations which will enable us to do this. Loss of key management personnel has also been identified as a key risk, which we mitigate by regular benchmarking of salaries, an increased management team and overlapping skillsets. With the Data Protection Act 2018 implementing the requirements of the EU General Data Protection Regulations we have continued to review our data protection environment to ensure that we comply with the new regulations. We have a comprehensive training programme for all new staff on the requirements of the regulations. Page 10 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Plans for future periods** We continue to focus on expanding the size and services offered by the charity so we can continue to extend our operating efficiencies, lower our central costs and give a greater degree of financial security to our future. In 2021/22 we won the tender to operate The Pines in Hertford, opening in April 2022, transitioning this service coming from Action for Children. This has had a mainly positive impact on the charity, although The Pines needs to start making a financial surplus. We are now operating 2 children’s short break centres as well as an adult short break centre. This makes Jubilee House the largest provider of Childrens Short Breaks service in Hertfordshire. Due to pressures in staff recruitment and hourly pay rates being offered by competitors, the operational staff salaries will need a substantial increase in April 2023 if Jubilee House would like to remain a competitive employer in and around Hertfordshire. We intend to develop an Emergency Placement Service for individuals with learning disabilities who are in crisis. We have identified that emergency places of this type are in very short supply (both locally and nationally), and so this development would be both socially beneficial and financially feasible for Jubilee House. We also have the opportunity to take on more transition opportunities where people are moving from local hospitals and back into the community and family life. We continue to be focussed on growth and diversification, both by tendering for new services in Hertfordshire or the surrounding counties and by increasing the amount of support provided under our existing services. We are continuing to work to increase the percentage of our income which comes from grant funding. Due to the Covid Pandemic and the increase in cost of living, we anticipate that fundraising and donations may take a few years to recover. We are devoting more energy to building up relationships with local organisations to increase our visibility in the local community to facilitate this. The volunteer co-ordinator we hired in 2019 has taken on a reviewed role this year to accessing bids and grants that are available to the charity. We also continue to improve our cost-effectiveness by further developing our use of technology to run our business. Page 11 THE JUBILEE HOUSE CARE TRUST UMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 20Z3 Slat•m•nt of Trust••s' r•$pon$lbllltl•$ Tho TrUst￿S Ivtho are also Ihe diw¢tors of th$ Charitsblo Company for th& purposes of eonwany lawl a responsIb￿ for preparing thè Trustees. Report and the finan￿al stalernents in accordance with 8PF4icable law and United Kingdom Accounting Standards (United Kingdom Generally Accgpted Accounting PrJcth'cel. Company law requires the Trustees to prepare financial ststements for each finanrAal . Under c4)mpany law, th Trustoes must not approvo thg financial $tat&mgnts unl&ss Ihgy are satisfied that Ihoy give a true and fair view of the stste of affairs of Charil•ble Company ¥nd of 11$ incoming resources 8nd appltatlon of resources, includin9 its income and expendrture, for that perood. In preparlng these financial Statements, the Twslegs ar* rgquired to.. sdect suitable aco)unting poI￿leS aThJ then apply thom cons1st9n￿y'. observe the methods and prt￿lPleS ofthe Charities SORP IFRS 102),. make judgments and accounting estsmates that ar6 reasonabla and prudent.. slate whether appliCa￿e UK Accounllng Standards IFRS 1021 hav6 been followed. subpd lo any material depariures disclosed and explained in the financial statem&nts- Prepare the fInar￿la1 statements on the gc*ng concem basis unless h 1$ Inappropriate lo presume that th Charitable Company ￿11 continue in business. The Trustees are responslble for keeping adequate accounting records that are sufficient to show and expla the Charitabl8 CompanVs transa¢tions and (li￿10$8 with rgasonable acGurary al any lim8 th8 finandal positic of the Ch8ritable Company and enabl8 them lo #nsurtt that the finanry81 stslernent$ ¢omply whh the Companies A¢t 2006. Thgy are also responsible for safeguarding the asse15 of the Charitable Company and h¥n¢o for toking re850nable steps for the prevention and detecb'on of fraud and other irregulartbes. Dioclosur• of Infomiatlon to audltorg Each of the persons vtho are Trustees al the time this Trustees, Report Is approved has confirmed that: so far as that Trust88 is awar8. thor• is no r8levant audit infomiation of ¥thich the charitys audmors are unaware, and that Trustee has taken all the steps that ought to have begn iaken as a TrL*Stee in order to be awa￿ of any relevant audit information and to eslabli8h that the charills auditors are aware of that infom8tv)n. Audltors The auditors. Hillier HOpkIr￿ LLP. hove indtsted their VAllingn￿$ to eontinue in office. The designated Trustees will propose 8 mot*)n rwpokntlrKJ Ihe audthrs al 8 meellng ofthe Tnjslees. Approv8d by ordor of the mambers of tha board of Trust88s and signed on th8Sr behaw by. st Chair Dats: Isl,,JeotS Page 12 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED** ## **Opinion** We have audited the financial statements of The Jubilee House Care Trust Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 13 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - adequate 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' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report. Page 14 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditors' responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management; - the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the charitable company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Page 15 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED (CONTINUED)** We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ## **Use of our report** This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Gary Wong BFP FCA (Senior Statutory Auditor)** for and on behalf of **Hillier Hopkins LLP** Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP Date: 29 November 2023 Page 16 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Raising funds
7
Charitable activities
8
**Total expenditure**
**Net (expenditure)/income before net**
**gains on investments**
Net gains on investments
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains on revaluation of investment
property
13
Net gains/(losses) on disposal of fixed
assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**17,933**
**3,315,215**
**6,710**
**-**
**3,339,858**
**11,297**
**3,461,128**
**3,472,425**
**(132,567)**
**-**
**(132,567)**
**-**
**-**
**(132,567)**
**2,188,822**
**(132,567)**
**2,056,255**|**Restricted**
**funds**
**2023**
**£**
**74,320**
**-**
**-**
**-**
**74,320**
**-**
**81,698**
**81,698**
**(7,378)**
**-**
**(7,378)**
**-**
**-**
**(7,378)**
**19,685**
**(7,378)**
**12,307**|**Total**
**funds**
**2023**
**£**
**92,253**
**3,315,215**
**6,710**
**-**
**3,414,178**
**11,297**
**3,542,826**
**3,554,123**
**(139,945)**
**-**
**(139,945)**
**-**
**-**
**(139,945)**
**2,208,507**
**(139,945)**
**2,068,562**|_Total_
_funds_
_2022_
_£_
_32,695_
_2,726,290_
_1,837_
_2,898_
_2,763,720_
_200_
_2,719,968_
_2,720,168_
_43,552_
_13,007_
_56,559_
_54,000_
_(1,935)_
_108,624_
_2,099,883_
_108,624_
_2,208,507_| |---|---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21 to 36 form part of these financial statements. Page 17 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02161953** ## **BALANCE SHEET AS AT 31 MARCH 2023** |**Note**
**Fixed assets**
Tangible assets
12
Investment property
13
**Current assets**
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
17
**Total net assets**
**Charity funds**
Restricted funds
18
Unrestricted funds
18
**Total funds**|**103,062**
**46,678**
**564,750**
**714,490**
**(600,070)**|**2023**
**£**
**1,744,200**
**479,000**
**2,223,200**
**114,420**
**2,337,620**
**(269,057)**
**2,068,563**
**12,307**
**2,056,256**
**2,068,563**|_82,730_
_46,678_
_805,101_
_934,509_
_(251,161)_|_2022_
_£_
_1,347,832_
_479,000_
_1,826,832_
_683,348_
_2,510,180_
_(301,673)_
_2,208,507_
_19,685_
_2,188,822_
_2,208,507_| |---|---|---|---|---| Page 18 THE JUBILEE HOUSE CARE TRUST UMITED IA Company Umlted by Guarant••l REGISTERED NUMBER: 02161953 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2023 Thè Trustees acknowledge their responsibilitses for cOmpl￿ng vAlh the reqLA￿Ments of Ihe Act whh respect to a¢countiThJ rec£*rds and preparation of fin8na&l st8t•mènts. Th• financial 8talemgn15 have been prepared in aC￿rdanc0 Mth the prowsions apFlicab￿ to ontitios subj'ect lo Ihe small companies regime. The financial ststèmènts aPPTovid and aulhorised for issue by the Trustees and signed on Iheir ￿hall by.. Anjan B•neii•¢ Company Secretary Date: 23 // The notgs on pag•$ 21 to 36 form part of these financial statements. Pagts 19 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
20
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
Repayments of borrowing
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
21
The notes on pages 21 to 36 form part of these financial statements|**2023**
**£**
**1,647**
**(465,945)**
**(465,945)**
**255,500**
**(31,553)**
**223,947**
**(240,351)**
**851,779**
**611,428**|_2022_
_£_
_184,030_
_(10,179)_
**(10,179)**
_-_
_(31,538)_
**(31,538)**
**142,313**
_709,466_
_851,779_| |---|---|---| Page 20 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1. General information** The Jubilee House Care Trust is a charitable company limited by guarantee and incorporated in England and Wales. Its registered office is Suite 2, 6 Silver Court, Watchmead, Welwyn Garden City, United Kingdom, AL7 1LT. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Jubilee House Care Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charitable company's forecasts and projections and have taken account of pressures on income. The Trustees have also considered the impact of the COVID-19 pandemic and measures taken in the UK. Based on this and the strong cash and reserves position at the time of approval of these financial statements, the Trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for at least 12 months from the date of the audit report of these financial statements. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements. ## **2.3 Income** All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 21 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. ## **2.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.6 Taxation** The Charitable Company is exempt from corporation tax on its charitable activities. Its income is also exempt from value added tax. Expenditure disclosed in the accounts included value added tax where applicable. ## **2.7 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives using the straight-line method. Depreciation is provided on the following bases: - Freehold property 50 years Motor vehicles - 3 years - Furniture & equipment 5-8 years The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Page 22 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.8 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific asset. ## **2.9 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.10 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.11 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.12 Financial instruments** The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.13 Pensions** The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. Page 23 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.14 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2023**
**£**
Donations
17,933
Grants
-
17,933
_Unrestricted_
_funds_
_2022_
_£_
Donations
_14,492_
Grants
_-_
_14,492_|**Restricted**
**funds**
**2023**
**£**
29,997
44,323
74,320
_Restricted_
_funds_
_2022_
_£_
_7,573_
_10,630_
_18,203_|**Total**
**funds**
**2023**
**£**
**47,930**
**44,323**| |---|---|---| |||**92,253**| |||_Total_
_funds_
_2022_
_£_
_22,065_
_10,630_| |||_32,695_| Page 24 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **4. Income from charitable activities** |**Unrestricted**
**funds**
**2023**
**£**
Residential services
914,638
Supported living
477,549
Short break services
1,917,567
Outreach
-
Other
5,461
3,315,215
_Unrestricted_
_funds_
_2022_
_£_
Residential services
_912,621_
Supported living
_524,792_
Short break services
_1,227,596_
Outreach
_8,130_
Other
_53,151_
_2,726,290_
**5.**
**Investment income**
**Unrestricted**
**funds**
**2023**
**£**
Bank interest
6,710|**Total**
**funds**
**2023**
**£**
**914,638**
**477,549**
**1,917,567**
**-**
**5,461**| |---|---| ||**3,315,215**| ||_Total_
_funds_
_2022_
_£_
_912,621_
_524,792_
_1,227,596_
_8,130_
_53,151_| ||_2,726,290_| ||**Total**
**funds**
**2023**
**£**
**6,710**| Page 25 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **5. Investment income (continued)** |Bank interest
Rent receivable
**6.**
**Other incoming resources**|_Unrestricted_
_funds_
_2022_
_£_
_171_
_1,666_
_1,837_|_Total_
_funds_
_2022_
_£_
_171_
_1,666_| |---|---|---| |||_1,837_| |||| |_Unrestricted_
_funds_
_2022_
_£_
Furlough income
_2,898_
**7.**
**Expenditure on raising funds**
**Costs of raising voluntary income**
**Unrestricted**
**funds**
**2023**
**£**
Fundraising other costs
663
Fundraising wages and salaries
10,634
11,297|**Total**
**funds**
**2023**
**£**
_Total_
_funds_
_2022_
_£_
_2,898_| |---|---| ||**Total**
**funds**
**2023**
**£**
**663**
**10,634**| ||**11,297**| Page 26 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **7. Expenditure on raising funds (continued)** ## **Costs of raising voluntary income (continued)** ||_Unrestricted_|_Total_| |---|---|---| ||_funds_|_funds_| ||_2022_|_2022_| ||_£_|_£_| |Fundraising other costs|_200_|_200_| ## **8. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2023**
**£**
Charitable activities
3,461,128
_Unrestricted_
_funds_
_2022_
_£_
Charitable activities
_2,705,880_|**Restricted**
**funds**
**2023**
**£**
81,698
_Restricted_
_funds_
_2022_
_£_
_14,088_|**Total**
**2023**
**£**
**3,542,826**| |---|---|---| |||_Total_
_2022_
_£_
_2,719,968_| Page 27 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **9. Analysis of expenditure by activities** |Charitable activities
Charitable activities
**Analysis of support costs**
Staff costs
Rent
Mortage interest
IT
Office infrastructure, equipment & consumables
Insurance & utilities
Transport
Audit fees
Professional fees
Depreciation
Other|**Activities**
**undertaken**
**directly**
**2023**
**£**
2,917,363
_Activities_
_undertaken_
_directly_
_2022_
_£_
_2,198,136_|**Support**
**costs**
**2023**
**£**
625,463
_Support_
_costs_
_2022_
_£_
_521,832_
**Total**
**funds**
**2023**
**£**
**385,192**
**30,525**
**20,871**
**35,620**
**42,365**
**20,530**
**2,083**
**10,500**
**1,871**
**19,514**
**56,392**
**625,463**|**Total**
**funds**
**2023**
**£**
**3,542,826**| |---|---|---|---| ||||_Total_
_funds_
_2022_
_£_
_2,719,968_| ||||_Total_
_funds_
_2022_
_£_
_322,059_
_33,000_
_13,378_
_28,969_
_21,079_
_14,312_
_321_
_9,250_
_6,244_
_23,855_
_49,365_| ||||_521,832_| Page 28 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **10. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Agency costs|**2023**
**£**
**2,314,907**
**208,299**
**67,564**
**307,690**
**2,898,460**|_2022_
_£_
_1,813,063_
_150,535_
_50,032_
_181,091_| |---|---|---| |||| |||_2,194,721_| The average number of persons employed by the Charitable Company during the year was as follows: ||**2023**|_2022_| |---|---|---| ||**No.**|_No._| |Avg staff no.|**114**|_91_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**2023**|_2022_| |---|---|---|---| |||**No.**|_No._| |In the band £60,001|- £70,000|**-**|_1_| |In the band £80,001|- £90,000||| |||**1**|_-_| Key management personnel comprised of the Chief Executive, Head of Finance, Head of HR, Head of Children Services and three (2022: three) Registered Managers. Total employee benefits of the Charity's key management personnel were £405,882 (2022: £292,017). ## **11. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . During the year ended 31 March 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . Page 29 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **12. Tangible fixed assets** |**Cost or valuation**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Freehold**
**property**
**£**
**1,622,748**
**378,163**
**2,000,911**
**374,081**
**26,217**
**400,298**
**1,600,613**
_1,248,667_|**Motor**
**vehicles**
**£**
**94,016**
**46,870**
**140,886**
**94,016**
**12,913**
**106,929**
**33,957**
_-_|**Furniture &**
**equipment**
**£**
**439,777**
**40,912**
**480,689**
**340,612**
**30,447**
**371,059**
**109,630**
_99,165_|**Total**
**£**
**2,156,541**
**465,945**| |---|---|---|---|---| |||||**2,622,486**| |||||**808,709**
**69,577**| |||||**878,286**| |||||**1,744,200**| |||||_1,347,832_| ## **13. Investment property** |**Valuation**
At 1 April 2022
At 31 March 2023|**Freehold**
**investment**
**property**
**£**
**479,000**| |---|---| ||**479,000**| The most recent professional market valuation of £425,000 was provided by Cassidy & Tate, St Albans in March 2022. The Trustees believed the valuation as at 31 March 2022 had increased to £479,000 based on an open market value for existing use basis. The Trustees believe this valuation continues to be appropriate based on the market conditions that existed as at 31 March 2023. This valuation does not represent a RICS valuation. The historic cost of the investment property is £51,709. Page 30 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **14. Debtors** |**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
**63,918**
**2,218**
**36,926**
**103,062**|_2022_
_£_
_51,003_
_178_
_31,549_| |---|---|---| |||| |||_82,730_| ## **15. Current asset investments** |Investments
**Creditors: Amounts falling due within one year**
Mortgage loan
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods|**2023**
**£**
**46,678**
**2023**
**£**
**288,970**
**111,164**
**45,514**
**-**
**154,422**
**600,070**
**2023**
**£**
**26,600**
**50,824**
**(26,600)**
**50,824**|_2022_
_£_
_46,678_| |---|---|---| |||_2022_
_£_
_32,428_
_78,354_
_-_
_3,488_
_136,891_| |||| |||_251,161_| |||_2022_
_£_
_296,476_
_26,341_
_(296,217)_| |||| |||_26,600_| ## **16. Creditors: Amounts falling due within one year** Page 31 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **17. Creditors: Amounts falling due after more than one year** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Mortgage loan|**269,057**|_301,673_| The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is: ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Payable or repayable by instalments|**126,706**|_159,613_| At the year end, the charitable company had the following secured debts: The loan from Welwyn Hatfield Council totalling £81,430, secured against the freehold property, the Peartree Short Breaks Centre. The loan from the Charity bank totalling £221,097, secured against the freehold property, the Meadows Short Breaks Centre. The loan from Charity Bank totalling £255,500, secured against the freehold property at 12 Hazlemere Road. The loan agreement includes a negative pledge. During the year, the Charity breached a financial covenant within this agreement therefore the full loan amount has been classified as due within one year. A breach waiver has been issued since the year end which confirms no further actions will be taken by the bank. Page 32 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **18. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
**Designated funds**
Business contingency
Property reserve
Fixed assets
**General funds**
General funds
**Total Unrestricted funds**
**Restricted funds**
Jubilee House - general
Peartree - general
22/43 Lincoln
Jonquil - general
Meadows - general
Hazelmere - general
Pines - general
Linkfields - general
**Total of funds**|**Balance at 1**
**April 2022**
**£**
**350,000**
**1,393,566**
**99,165**
**1,842,731**
**346,091**
**2,188,822**
**3,202**
**2,682**
**3,300**
**6,503**
**3,998**
**-**
**-**
**-**
**19,685**
**2,208,507**|**Income**
**£**
**-**
**-**
**-**
**-**
**3,339,859**
**3,339,859**
**1,750**
**24,000**
**9,998**
**15,972**
**-**
**1,500**
**20,000**
**1,100**
**74,320**
**3,414,179**|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**(3,472,425)**
**(3,472,425)**
**(2,822)**
**(26,682)**
**(12,498)**
**(16,460)**
**(636)**
**(1,500)**
**(20,000)**
**(1,100)**
**(81,698)**
**(3,554,123)**|**Transfers**
**in/out**
**£**
**-**
**128,020**
**44,422**
**172,442**
**(172,442)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2023**
**£**
**350,000**
**1,521,586**
**143,587**| |---|---|---|---|---|---| ||||||**2,015,173**| ||||||**41,083**| ||||||**2,056,256**| ||||||**2,130**
**-**
**800**
**6,015**
**3,362**
**-**
**-**
**-**| ||||||**12,307**| ||||||**2,068,563**| Page 33 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **18. Statement of funds (continued)** Designated funds: Business contingency Designated for retention in respect of an unexpected emergency. Property reserve Represents freehold land & buildings and investment property (net of outstanding mortgages). Fixed assets Represents fixed assets used in business (excluding land & buildings). Restricted funds: Jubilee House - general Restricted for use at Jubilee House. Peartree - general Restricted for use at Peartree Short Breaks Centre. Outreach - After School Restricted for use in providing After School Clubs. 22/43 Lincoln Restricted for use at 21/22 and 43 Lincoln. Jonquil - general Restricted for use at Jonquil Adults' residential. Meadows - general Restricted for use at Meadows Short Breaks Centre. Hazelmere - general Restricted for use at Hazelmere. Pines - general Restricted for use at Pines. Linkfields - general Restricted for use at Linkfields. Page 34 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **19. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
1,744,200
Investment property
479,000
Current assets
702,183
Creditors due within one year
(600,070)
Creditors due in more than one year
(269,057)
**Total**
2,056,256|**Restricted**
**funds**
**2023**
**£**
-
-
12,307
-
-
12,307|**Total**
**funds**
**2023**
**£**
**1,744,200**
**479,000**
**714,490**
**(600,071)**
**(269,057)**
**2,068,563**| |---|---|---| **----- Start of picture text -----**
Roun
differ
**----- End of picture text -----**
## **20. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**Analysis of cash and cash equivalents**
Cash in hand
Charities investment fund
**Total cash and cash equivalents**|**2023**
**£**
**(139,945)**
**69,577**
**(20,332)**
**92,347**
**1,647**
**2023**
**£**
**564,750**
**46,678**
**611,428**|_2022_
_£_
_56,559_
_65,409_
_338,969_
_(276,907)_
_184,030_
_2022_
_£_
_805,101_
_46,678_
_851,779_| |---|---|---| ## **21. Analysis of cash and cash equivalents** Page 35 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **22. Analysis of changes in net debt** ||**At 1 April**||**At 31 March**| |---|---|---|---| ||**2022**|**Cash flows**|**2023**| ||**£**|**£**|**£**| |Cash at bank and in hand|**805,101**|**(240,351)**|**564,750**| |Debt due within 1 year|**(32,428)**|**(256,542)**|**(288,970)**| |Debt due after 1 year|**(301,673)**|**32,616**|**(269,057)**| |Liquid investments|**46,678**|**-**|**46,678**| ## **23. Operating lease commitments** At 31 March 2023 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**2023**
**£**
**1,440**
**5,760**
**7,200**|_2022_
_£_
_30,250_
_-_| |---|---|---| |||| |||_30,250_| ## **24. Related party transactions** At the balance sheet date, the charitable company owed The Jubilee House Property Services Limited, a company in which 4 Trustees hold Directorships, an amount of £2,085 (2022: £3,488). During the year, the charitable company made purchases of £10,452 (2022: £273) with Corsolv Limited, a company controlled by the charitable company's CEO. ## **25. Controlling party** There is no controlling or ultimate controlling party. Page 36 **Registered number: 02161953 Charity number: 298074** ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charitable Company, its Trustees and**|1 - 2| |**Advisers**|| |**Trustees' Report**|3 - 12| |**Independent Auditors' Report on the Financial Statements**|13 - 16| |**Statement of Financial Activities**|17| |**Balance Sheet**|18 - 19| |**Statement of Cash Flows**|20| |**Notes to the Financial Statements**|21 - 36| ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023** |**Key Management**|Steve Stokes, Chair| |---|---| |**Personnel: Directors and**|James Yianni, Treasurer (resigned 8 August 2022)| |**Trustees**|Anjan Banerjee, Company Secretary / Treasurer| ||Elizabeth Irvine (appointed 26 January 2023)| ||Philip Kelsey| ||Ade Onagoruwa| ||David Salisbury| ||Brett Hussey (appointed 29 April 2022)| ||James Johnson (appointed 29 April 2022)| ||Antaneyrajah Mariyadas (appointed 24 June 2022)| ||Gillian Forward (appointed 29 July 2022)| |**Key Management**|Jon Pratten, Chief Executive Officer| |**Personnel: Managers**|Jane Johnstone, Head of Finance| ||Helen Hargreaves, Head of HR| ||Jai Bryant, Registered Manager Jonquil Close| ||Sam Perry, Head of Children’s Services| ||Helen Timmons, Registered Manager Supported Living & Lincoln Close (resigned
8 September 2022)| ||Alaina Coates, Registered Manager Supported Living & Lincoln Close (appointed
15 August 2022)| ||Julie O'Connor, Registered Manager Pines| |**Company registered**
**number**
02161953
**Charity registered**
**number**
298074
**Registered office**
Suite 2
6 Silver Court
Watchmead
Welwyn Garden City
United Kingdom
AL7 1LT
**Independent auditors**
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP|| Page 1 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Bankers** Barclays Bank 51 High Street Hoddesden Hertfordshire EN11 8TG HSBC Howardsgate Welwyn Garden City Hertfordshire AL8 6BH CCLA Investment Management Ltd 85 Queen Victoria Street London EC4V 4ET The Charity Bank Ltd Fosse House 182 High Street Tonbridge Kent TN9 1BE Page 2 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023** The Trustees present their annual report together with the audited financial statements of the Charitable Company for the year 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the Charitable Company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. Our key business approaches in 2022/23 to 2023/24 have been: - To work with the most current government guidance in relation to the Health and Social care sector - To recover financially from the impact of loss funding from Central and Local Government for Covid staffing and Personal Protective Equipment (PPE) - To continue to expand our services and increase the number of people we can support We have continued to safely protect the Service Users we support and care for. As an organisation we were particularly impacted by the Covid pandemic, and this continued into 2023. We continue to work in line with all government guidance in place for the Health and Social care sector. It is the responsibility of the senior leadership team to direct and deliver the response required in line with recommended guidance and to ensure that the risks for each service are managed effectively to mitigate any ongoing impact from Covid. Each service has a Risk Assessment in place giving details of the responses required in the event of Covid being contracted. Page 3 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities** ## **a. Objectives and activities** Jubilee House Care Trust provides quality care and support to those with disabilities (including learning disabilities), to enhance their quality of life and to empower them to live as independently as possible. Our ambition is that adults and children with learning disabilities should lead happy and fulfilled lives, whilst our strategy for achieving this is to provide quality support and care by understanding the needs of the individuals and their families. We are based across Hertfordshire, but our Service Users come from within Hertfordshire as well as the surrounding counties and several London boroughs. We offer a range of services for children and adults with learning disabilities ranging from residential care and supported living to short breaks and outreach services (the provision of activities in the community). In everything that we do we aim to demonstrate our key values: a culture that is open and honest; a supportive and caring environment for both Service Users and staff; and an expectation of continual improvement. ## **Residential Services** We have two residential services, Jonquil Close and Lincoln Close, which each provide support for six adults who live with Jubilee House on a permanent basis. Since April 2020 Lincoln Close has only supported five residents. The void in Lincoln Close is still vacant whilst the service is under review with HCC. These two residential services cater for differing levels of need, which frequently involve physical, as well as learning, disabilities. Jonquil Close caters for six individuals who have profound learning disabilities, Service Users are supported to participate in activities daily. The Service Users are supported to access the community in a group or individual basis. Service Users are supported and encouraged to maximise their full potential in all aspects of their daily living. On 2nd July 2022 one Service User sadly passed away. This void was filled in February 2023. In Lincoln Close, Service Users are more independent. We provide support with daily tasks such as cooking and cleaning, but the Service Users are encouraged to do as much as possible for themselves. There is currently one void at this property, and we have chosen not to fill the void given the close proximity and heightened nature of some of the current Service Users. ## **Supported Living** For the majority of the year, we operated two small, supported living schemes. One in Lincoln Close supported two more independent individuals living in a shared house. Support here is tailored around each person’s specific requirements and can range from help with daily tasks such as paying bills and managing money, to meeting people and making new friends. A Section 21 notice was given to the Service Users to vacate this property by 30th November 2022 due to the considerable underlying financial loss the service was making. A decision was made by the Board of Trustees, following a recommendation from the Senior Management team, to repurpose this property as a potential Emergency Placement Service. The second service provides accommodation for a single Service User with a higher level of need. We commenced providing support in December 2019 on an outreach basis and the Service User moved into the property in January 2020. We also purchased a two-bedroom bungalow in Stevenage to increase our volume of services. A number of Page 4 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities (continued)** minor alterations were undertaken to make the property fit for purpose in the beginning of 2023. ## **Short Breaks Services** As of 1st April 2022, we acquired a third short break centre, The Pines in Hertford. We now have three purpose built short breaks centres. Peartree Short Breaks Centre is a five-bedded centre catering for children between the ages of 5 and 18, while Meadows Short Breaks Centre is a four-bedded centre catering for adults between the ages of 18 and 65. The Pines Short Breaks Centre is a six-bedded centre catering for children between the ages of 5 and 18 for Hertfordshire residents only. All three services can provide a variety of short breaks ranging from tea visits of a few hours to longer stays of several days or more. While our contract with Hertfordshire County Council utilises the bulk of the placements, we are always able to also provide services to individuals from other areas or to those with personal budgets in Peartree and Meadows. All our centres are well-equipped to deal with physical and learning disabilities, with hoists and specialist bathroom equipment available if required. Activities at all three services are predominantly centre based, with a wide range of activities tailored to the individual interests, ability and ages of the participants, but all services also utilise our wheelchair-friendly transport services to get out and about in the community as much as possible. In October 2022 Peartree was granted a ‘Good’ rating by Ofsted. The Pines also received a ‘Good’ rating in January 2023. The short breaks services (Peartree and Meadows) have seen an increase in hours purchased via a direct payment route and have continued to provide an offer under HCC's Short Breaks Local Offer (SBLO). ## **Outreach Services** The organisation has not offered an outreach service since early 2020, the provision of outreach has not been reinstated due to the challenge of recruiting suitable staff, post the pandemic. The organisation has prioritised its residential services including short breaks to ensure that as our primary revenue source they are staffed appropriately and that we are meeting our contractual obligations. ## **Volunteers and Grant Income** This year the higher Cost-of-Living issue has impacted on volunteering, fundraising and Grants locally and nationally. Recruitment and retention of volunteers has been extremely challenging as the need to seek paid employment to cover rising living costs has reduced the spare time people have for volunteering. Community fundraising has been significantly affected for all charities as income is squeezed which has led to charities relying on Grants and Trusts to help them plug the income gaps. Grant making bodies have reported a very significant rise in funding request applications which has meant that competition for grant awards is high. However, despite these challenges we have had some successes and pleased to report: ## **a. Volunteers** This financial year the volunteers helped with fundraising, PR, supporting Service Users and carrying out projects to improve our service provisions. A significant input was from local businesses including Morgan Sindall and B&Q. Local businesses not only provided the volunteer helpers, but also donated significant materials and equipment for the projects saving Jubilee House £12,000. This year we had 30 volunteers supporting Jubilee House contributing 823 hours. Page 5 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Objectives and activities (continued)** ## **b. Grant and Donations** This year the ‘Volunteer and Grant Coordinator’ post was established, and twelve successful grant applications were submitted to the value of £70,953. Also, we received £7,933 worth of charitable activity and various donations, totalling £78,886, which compares to £32,695 in 2021/22. Breakdown of grants: |Hospital Saturday Fund|£2,000| |---|---| |National Lottery Fund|£1,750| |B&Q (goods bought didn’t get grant direct)|£1,000| |Private Donation|£3,000| |Will CT (unrestricted grant)|£10,000| |Screwfix|£4,500| |Morrisons|£4,603| |Edwards Gosling Foundation|£13,000| |B&Q Foundation|£5,000| |Baily Thomas Trust|£2,000| |Clothworkers Foundation|£6,100| |Wooden Spoon Charity|£18,000| |Misc donations and donations from charitable activity|£7,933| |**Total grants**|**£78,886**| ## **Public benefit** The trustees confirm that they have complied with the duty in Charities Act 2011 to have due regard to the Charity Commission General Guidance on Public Benefit, when reviewing their aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Page 6 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Achievements and performance** ## **a. Achievements and performance** Throughout 2022/23 we have worked towards the following objectives: - **Keeping our Service Users and Team safe** Our primary focus has been to continue protecting our Service Users and staff from Covid. Since the official end of the pandemic we have had several cases, but with no hospital admissions or severe medical consequences. ##  **New Children’s short break service** Following on from the successful tender process for an additional Children’s short break service, we opened The Pines on 1st April 2022. The Pines service is a six-bedded centre catering for children between the ages of 5 and 18 for Hertfordshire residents only, providing a variety of short breaks ranging from a tea visit of a few hours to longer stays of several days or more. The Pines is well-equipped to support young people with physical and learning disabilities, with hoists and specialist bathroom equipment available if required. Activities at The Pines are predominantly centre based, with a wide range of activities tailored to the individual interests, ability and ages of the participants. The Pines also has use of a wheelchair-friendly transport to get out and about in the community as much as possible. ##  **Hazelmere - New Service in Stevenage** Since the beginning of 2022 Jubilee House has been looking to expand its property portfolio. Having been unsuccessful with a new property in Hatfield we eventually secured a two-bedroom bungalow in south Stevenage. This property was purchased for £365,000 in November 2022 and has needed work completing to make it suitable for people with Learning Disabilities. ##  **Grow and diversify our revenue** Our revenues increased from £2,763,720 to £3,414,178, an increase of 23.5% on last year’s income. 17.7% was due to the additional income from The Pines, leaving a net increase of only 5.8% for 2022/23 compared to 8.8% increase in 2021/22. This decrease is due to the Covid grant income ending from 1st May 2022. ##  **Technology Improvements** In 2020/21 and 2021/22 we needed to improve our technology to offer a more flexible working environment for the Management and Central teams. The move to cloud-based systems, enabling administrative staff to work from home happened and over the following year (2022/23) we have moved all the administration functions to cloud based solutions. This included moving the finance package from Sage to Xero in August 2022. ##  **New Main Office** We successful moved the central office from Blenheim Court to Silver Court in Watchmead. This has allowed us to update some of our central ways of working and provided more hot desks and training facilities Page 7 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Achievements and performance (continued)** for the wider Operations Team. The new tenancy agreement was agreed at the same rate as our previous one, mitigating any increases in rent for the short term. ## **Financial review** ## **a. Results for the year** - Jubilee House’s income for 2022/23 was £3,414,178 (2021/22: £2,763,720), an increase of £650,458. - Resources expended for the same period were £3,554,123 (2021/22: £2,720,168), an increase of £833,955. - Net gains on investment were £nil (2021/22 £13,007) and other net gains were £nil (2021/22: £52,065) which gave a deficit for the year of £139,945 (2021/22: £108,624 surplus). In April 2022 we received the last instalment of the Covid funding. This had been provided, so Service Users and staff could be safe whist isolating and because the local government could not complete any service reviews during this period. Jubilee House claimed all appropriate funding it was entitled to ensure the safety of Service Users and the team. Due the extent of costs and the ongoing need to protect all involved it was difficult to return to pre-Covid profitability. The charity has had to absorb many changes made by Social Services without the corresponding adjustments at the end of Covid funding, with the addition of still needing to pay for PPE to protect staff. During the financial year of 2022/23 Jubilee House fought for the adult commissioned services to have a full review as many of the services had not been reviewed since 2012. This reflects the pressure on organisations such as Hertfordshire County Council and their availability of resourcing to complete reviews. Some cost savings have been made but our staff costs have increased considerably with inflationary pay rises, the introduction of auto-enrolment pensions, and the requirement for increased training in the learning disability sector all having an impact on our costs. Cash and cash equivalent have decreased by £240,351 to £611,428 at 31st March 2023. This is due to the deposit on Hazelmere (£130,000) and the net loss of the in-year Profit and Loss due to the points raised above. ## **b. Reserves policy** The reserves policy remains unchanged. A number of designated funds exist to more clearly distinguish between funds required for contingency purposes, funds earmarked for specific projects, and funds tied up in business assets. A full breakdown of the reserves is shown in Note 18 Statement of Funds on page 33, and this shows that out of total reserves of £2,068,563 designated reserves now total £2,015,173. Of this £350,000 has been set aside for Business Contingency, representing around 76% of the average spending of our two largest contracts for six months, which would provide sufficient funds to ensure the continuation of the business if these contracts were lost. Funds held in business assets comprise: - Property Reserve - £1,521,586 (representing Jubilee House’s properties, net of outstanding mortgages) - Fixed Assets - £143,587 (representing other fixed assets) - Restricted Funds - £12,307 Page 8 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **c. Going concern** The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charity's forecasts and projections and have taken account of pressures on events. The Trustees considered the impact of the financial loss made in the year, the growing difficulty in recruitment and changes in the UK workforce. The charity understands the impact the loss of the Covid funding has had on the charity this financial year and understands the urgency for the review all the residential and supported living contracts with HCC to bring them back to a point where they each make a financial surplus. The charity has good cash and reserves position at the time of approval of these financial statements. Having made an assessment, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for at least 12 months from the date of the audit report of these financial statements. The charity therefore continues to adopt the going concern basis in preparing its financial statements. ## **Structure, governance and management** ## **a. Constitution** The Jubilee House Care Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. There are currently 38 members of the Company as change from 37 in the previous year. ## **b. Methods of appointment or election of Trustees** We source new trustees through personal recommendation, advertising or by a targeted approach. All new trustees undergo personal effectiveness interviews as part of the recruitment process in line with our safeguarding policy and must be cleared by the Data Barring Service, and we follow the Charity Commission’s guidelines on recruitment at each Annual General Meeting, one third of Board members retire by rotation, with the option to stand for re-election. ## **c. Policies adopted for the induction and training of Trustees** New trustees undergo an induction process which includes visits to all services and introductions to key staff: they are also mentored by an existing Board member. They receive a Trustee Handbook outlining the specific responsibilities and expectations of both them and the Company. Ongoing training is offered to all trustees and they are encouraged to regularly visit Jubilee House services and to participate in Jubilee House events. ## **d. Organisational structure and decision-making policies** Normally, the Board of Trustees meets monthly, and there are bi-monthly sub-committees which cover finance, operations and governance, as well as a remuneration committee which meets annually. Each sub-committee is chaired by a Trustee and also has senior management representation. Since March 2020 the Board has changed to virtual meetings. The Chief Executive (Jon Pratten) is appointed by the trustees to manage the dayto-day operations of the charity. Page 9 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Structure, governance and management (continued)** ## **e. Related party relationships** None of our Trustees receive remuneration or other benefit from their work with the charity. A register of Trustees’ and senior managers’ interests is maintained and updated on an annual basis, and Trustees are excluded from decision making in any circumstances where they have a personal interest. ## **f. Pay policy for key management personnel** The Directors, who are also the Trustees, consider that the board of directors and the management team (comprising Chief Executive, Head of Children’s Services, Head of Finance, Head of HR, and the Registered Managers of the individual services), comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. Pay awards for all staff are reviewed by the Remuneration Committee which meets annually and the recommendations for increases or bonuses are then approved by the Board of Trustees. ## **g. Risk management** The Trustees have a risk management strategy which comprises: - A formal risk management process whereby each sub-committee is responsible for identifying and reviewing the business risks falling within its own area of concern, with overall overview by the full Board of Trustees. - The establishment of policies, systems and procedures to mitigate those risks identified. - The implementation of procedures designed to minimise or manage any potential impact on the charity. Our key risk is that of a failure to adequately safeguard Service Users or to provide good quality care. To protect against this, we have a robust set of policies and procedures ensuring that Service Users are safeguarded: a rigorous recruitment process including DBS check and personal effectiveness interview; a comprehensive induction process for new staff and an ongoing training programme for existing staff; external quality monitoring audits; a clear policy on whistleblowing; comprehensive Exit Interviews and comprehensive health and safety policies. In a financial climate where statutory funding for learning disabilities is becoming ever tighter, the key financial risks facing the charity are increasing agency costs as staff recruitment is become more and more difficult due to hourly rates, comparative jobs that pay more and the whole Social Care sector losing favour since the Pandemic. There is also a risk of failure to control our costs, not keep pace with increasing inflation and being unsuccessful in renegotiating our contracts. Staff costs make up most of our cost base (81.5%), and in an area of high employment attracting staff at a competitive salary is challenging. Currently services are predominantly provided to Hertfordshire County Council, and our aim is to diversify our revenue base to increase the proportion of our revenues that are received from grant funding, or from other contractual sources. We are investigating new partnerships with other organisations which will enable us to do this. Loss of key management personnel has also been identified as a key risk, which we mitigate by regular benchmarking of salaries, an increased management team and overlapping skillsets. With the Data Protection Act 2018 implementing the requirements of the EU General Data Protection Regulations we have continued to review our data protection environment to ensure that we comply with the new regulations. We have a comprehensive training programme for all new staff on the requirements of the regulations. Page 10 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **Plans for future periods** We continue to focus on expanding the size and services offered by the charity so we can continue to extend our operating efficiencies, lower our central costs and give a greater degree of financial security to our future. In 2021/22 we won the tender to operate The Pines in Hertford, opening in April 2022, transitioning this service coming from Action for Children. This has had a mainly positive impact on the charity, although The Pines needs to start making a financial surplus. We are now operating 2 children’s short break centres as well as an adult short break centre. This makes Jubilee House the largest provider of Childrens Short Breaks service in Hertfordshire. Due to pressures in staff recruitment and hourly pay rates being offered by competitors, the operational staff salaries will need a substantial increase in April 2023 if Jubilee House would like to remain a competitive employer in and around Hertfordshire. We intend to develop an Emergency Placement Service for individuals with learning disabilities who are in crisis. We have identified that emergency places of this type are in very short supply (both locally and nationally), and so this development would be both socially beneficial and financially feasible for Jubilee House. We also have the opportunity to take on more transition opportunities where people are moving from local hospitals and back into the community and family life. We continue to be focussed on growth and diversification, both by tendering for new services in Hertfordshire or the surrounding counties and by increasing the amount of support provided under our existing services. We are continuing to work to increase the percentage of our income which comes from grant funding. Due to the Covid Pandemic and the increase in cost of living, we anticipate that fundraising and donations may take a few years to recover. We are devoting more energy to building up relationships with local organisations to increase our visibility in the local community to facilitate this. The volunteer co-ordinator we hired in 2019 has taken on a reviewed role this year to accessing bids and grants that are available to the charity. We also continue to improve our cost-effectiveness by further developing our use of technology to run our business. Page 11 THE JUBILEE HOUSE CARE TRUST UMITED IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 20Z3 Slat•m•nt of Trust••s' r•$pon$lbllltl•$ Tho TrUst￿S Ivtho are also Ihe diw¢tors of th$ Charitsblo Company for th& purposes of eonwany lawl a responsIb￿ for preparing thè Trustees. Report and the finan￿al stalernents in accordance with 8PF4icable law and United Kingdom Accounting Standards (United Kingdom Generally Accgpted Accounting PrJcth'cel. Company law requires the Trustees to prepare financial ststements for each finanrAal . Under c4)mpany law, th Trustoes must not approvo thg financial $tat&mgnts unl&ss Ihgy are satisfied that Ihoy give a true and fair view of the stste of affairs of Charil•ble Company ¥nd of 11$ incoming resources 8nd appltatlon of resources, includin9 its income and expendrture, for that perood. In preparlng these financial Statements, the Twslegs ar* rgquired to.. sdect suitable aco)unting poI￿leS aThJ then apply thom cons1st9n￿y'. observe the methods and prt￿lPleS ofthe Charities SORP IFRS 102),. make judgments and accounting estsmates that ar6 reasonabla and prudent.. slate whether appliCa￿e UK Accounllng Standards IFRS 1021 hav6 been followed. subpd lo any material depariures disclosed and explained in the financial statem&nts- Prepare the fInar￿la1 statements on the gc*ng concem basis unless h 1$ Inappropriate lo presume that th Charitable Company ￿11 continue in business. The Trustees are responslble for keeping adequate accounting records that are sufficient to show and expla the Charitabl8 CompanVs transa¢tions and (li￿10$8 with rgasonable acGurary al any lim8 th8 finandal positic of the Ch8ritable Company and enabl8 them lo #nsurtt that the finanry81 stslernent$ ¢omply whh the Companies A¢t 2006. Thgy are also responsible for safeguarding the asse15 of the Charitable Company and h¥n¢o for toking re850nable steps for the prevention and detecb'on of fraud and other irregulartbes. Dioclosur• of Infomiatlon to audltorg Each of the persons vtho are Trustees al the time this Trustees, Report Is approved has confirmed that: so far as that Trust88 is awar8. thor• is no r8levant audit infomiation of ¥thich the charitys audmors are unaware, and that Trustee has taken all the steps that ought to have begn iaken as a TrL*Stee in order to be awa￿ of any relevant audit information and to eslabli8h that the charills auditors are aware of that infom8tv)n. Audltors The auditors. Hillier HOpkIr￿ LLP. hove indtsted their VAllingn￿$ to eontinue in office. The designated Trustees will propose 8 mot*)n rwpokntlrKJ Ihe audthrs al 8 meellng ofthe Tnjslees. Approv8d by ordor of the mambers of tha board of Trust88s and signed on th8Sr behaw by. st Chair Dats: Isl,,JeotS Page 12 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED** ## **Opinion** We have audited the financial statements of The Jubilee House Care Trust Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 13 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - adequate 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' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report. Page 14 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditors' responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management; - the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the charitable company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Page 15 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE JUBILEE HOUSE CARE TRUST LIMITED (CONTINUED)** We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ## **Use of our report** This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Gary Wong BFP FCA (Senior Statutory Auditor)** for and on behalf of **Hillier Hopkins LLP** Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP Date: 29 November 2023 Page 16 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
**Total income**
**Expenditure on:**
Raising funds
7
Charitable activities
8
**Total expenditure**
**Net (expenditure)/income before net**
**gains on investments**
Net gains on investments
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains on revaluation of investment
property
13
Net gains/(losses) on disposal of fixed
assets
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**17,933**
**3,315,215**
**6,710**
**-**
**3,339,858**
**11,297**
**3,461,128**
**3,472,425**
**(132,567)**
**-**
**(132,567)**
**-**
**-**
**(132,567)**
**2,188,822**
**(132,567)**
**2,056,255**|**Restricted**
**funds**
**2023**
**£**
**74,320**
**-**
**-**
**-**
**74,320**
**-**
**81,698**
**81,698**
**(7,378)**
**-**
**(7,378)**
**-**
**-**
**(7,378)**
**19,685**
**(7,378)**
**12,307**|**Total**
**funds**
**2023**
**£**
**92,253**
**3,315,215**
**6,710**
**-**
**3,414,178**
**11,297**
**3,542,826**
**3,554,123**
**(139,945)**
**-**
**(139,945)**
**-**
**-**
**(139,945)**
**2,208,507**
**(139,945)**
**2,068,562**|_Total_
_funds_
_2022_
_£_
_32,695_
_2,726,290_
_1,837_
_2,898_
_2,763,720_
_200_
_2,719,968_
_2,720,168_
_43,552_
_13,007_
_56,559_
_54,000_
_(1,935)_
_108,624_
_2,099,883_
_108,624_
_2,208,507_| |---|---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21 to 36 form part of these financial statements. Page 17 ## **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02161953** ## **BALANCE SHEET AS AT 31 MARCH 2023** |**Note**
**Fixed assets**
Tangible assets
12
Investment property
13
**Current assets**
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
17
**Total net assets**
**Charity funds**
Restricted funds
18
Unrestricted funds
18
**Total funds**|**103,062**
**46,678**
**564,750**
**714,490**
**(600,070)**|**2023**
**£**
**1,744,200**
**479,000**
**2,223,200**
**114,420**
**2,337,620**
**(269,057)**
**2,068,563**
**12,307**
**2,056,256**
**2,068,563**|_82,730_
_46,678_
_805,101_
_934,509_
_(251,161)_|_2022_
_£_
_1,347,832_
_479,000_
_1,826,832_
_683,348_
_2,510,180_
_(301,673)_
_2,208,507_
_19,685_
_2,188,822_
_2,208,507_| |---|---|---|---|---| Page 18 THE JUBILEE HOUSE CARE TRUST UMITED IA Company Umlted by Guarant••l REGISTERED NUMBER: 02161953 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2023 Thè Trustees acknowledge their responsibilitses for cOmpl￿ng vAlh the reqLA￿Ments of Ihe Act whh respect to a¢countiThJ rec£*rds and preparation of fin8na&l st8t•mènts. Th• financial 8talemgn15 have been prepared in aC￿rdanc0 Mth the prowsions apFlicab￿ to ontitios subj'ect lo Ihe small companies regime. The financial ststèmènts aPPTovid and aulhorised for issue by the Trustees and signed on Iheir ￿hall by.. Anjan B•neii•¢ Company Secretary Date: 23 // The notgs on pag•$ 21 to 36 form part of these financial statements. Pagts 19 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023** |**Note**
**Cash flows from operating activities**
Net cash used in operating activities
20
**Cash flows from investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Cash inflows from new borrowing
Repayments of borrowing
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
21
The notes on pages 21 to 36 form part of these financial statements|**2023**
**£**
**1,647**
**(465,945)**
**(465,945)**
**255,500**
**(31,553)**
**223,947**
**(240,351)**
**851,779**
**611,428**|_2022_
_£_
_184,030_
_(10,179)_
**(10,179)**
_-_
_(31,538)_
**(31,538)**
**142,313**
_709,466_
_851,779_| |---|---|---| Page 20 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1. General information** The Jubilee House Care Trust is a charitable company limited by guarantee and incorporated in England and Wales. Its registered office is Suite 2, 6 Silver Court, Watchmead, Welwyn Garden City, United Kingdom, AL7 1LT. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Jubilee House Care Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charitable company's forecasts and projections and have taken account of pressures on income. The Trustees have also considered the impact of the COVID-19 pandemic and measures taken in the UK. Based on this and the strong cash and reserves position at the time of approval of these financial statements, the Trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for at least 12 months from the date of the audit report of these financial statements. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements. ## **2.3 Income** All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 21 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. ## **2.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.6 Taxation** The Charitable Company is exempt from corporation tax on its charitable activities. Its income is also exempt from value added tax. Expenditure disclosed in the accounts included value added tax where applicable. ## **2.7 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives using the straight-line method. Depreciation is provided on the following bases: - Freehold property 50 years Motor vehicles - 3 years - Furniture & equipment 5-8 years The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Page 22 **THE JUBILEE HOUSE CARE TRUST LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.8 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the specific asset. ## **2.9 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.10 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.11 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.12 Financial instruments** The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.13 Pensions** The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. Page 23 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. Accounting policies (continued)** ## **2.14 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2023**
**£**
Donations
17,933
Grants
-
17,933
_Unrestricted_
_funds_
_2022_
_£_
Donations
_14,492_
Grants
_-_
_14,492_|**Restricted**
**funds**
**2023**
**£**
29,997
44,323
74,320
_Restricted_
_funds_
_2022_
_£_
_7,573_
_10,630_
_18,203_|**Total**
**funds**
**2023**
**£**
**47,930**
**44,323**| |---|---|---| |||**92,253**| |||_Total_
_funds_
_2022_
_£_
_22,065_
_10,630_| |||_32,695_| Page 24 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **4. Income from charitable activities** |**Unrestricted**
**funds**
**2023**
**£**
Residential services
914,638
Supported living
477,549
Short break services
1,917,567
Outreach
-
Other
5,461
3,315,215
_Unrestricted_
_funds_
_2022_
_£_
Residential services
_912,621_
Supported living
_524,792_
Short break services
_1,227,596_
Outreach
_8,130_
Other
_53,151_
_2,726,290_
**5.**
**Investment income**
**Unrestricted**
**funds**
**2023**
**£**
Bank interest
6,710|**Total**
**funds**
**2023**
**£**
**914,638**
**477,549**
**1,917,567**
**-**
**5,461**| |---|---| ||**3,315,215**| ||_Total_
_funds_
_2022_
_£_
_912,621_
_524,792_
_1,227,596_
_8,130_
_53,151_| ||_2,726,290_| ||**Total**
**funds**
**2023**
**£**
**6,710**| Page 25 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **5. Investment income (continued)** |Bank interest
Rent receivable
**6.**
**Other incoming resources**|_Unrestricted_
_funds_
_2022_
_£_
_171_
_1,666_
_1,837_|_Total_
_funds_
_2022_
_£_
_171_
_1,666_| |---|---|---| |||_1,837_| |||| |_Unrestricted_
_funds_
_2022_
_£_
Furlough income
_2,898_
**7.**
**Expenditure on raising funds**
**Costs of raising voluntary income**
**Unrestricted**
**funds**
**2023**
**£**
Fundraising other costs
663
Fundraising wages and salaries
10,634
11,297|**Total**
**funds**
**2023**
**£**
_Total_
_funds_
_2022_
_£_
_2,898_| |---|---| ||**Total**
**funds**
**2023**
**£**
**663**
**10,634**| ||**11,297**| Page 26 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **7. Expenditure on raising funds (continued)** ## **Costs of raising voluntary income (continued)** ||_Unrestricted_|_Total_| |---|---|---| ||_funds_|_funds_| ||_2022_|_2022_| ||_£_|_£_| |Fundraising other costs|_200_|_200_| ## **8. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2023**
**£**
Charitable activities
3,461,128
_Unrestricted_
_funds_
_2022_
_£_
Charitable activities
_2,705,880_|**Restricted**
**funds**
**2023**
**£**
81,698
_Restricted_
_funds_
_2022_
_£_
_14,088_|**Total**
**2023**
**£**
**3,542,826**| |---|---|---| |||_Total_
_2022_
_£_
_2,719,968_| Page 27 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **9. Analysis of expenditure by activities** |Charitable activities
Charitable activities
**Analysis of support costs**
Staff costs
Rent
Mortage interest
IT
Office infrastructure, equipment & consumables
Insurance & utilities
Transport
Audit fees
Professional fees
Depreciation
Other|**Activities**
**undertaken**
**directly**
**2023**
**£**
2,917,363
_Activities_
_undertaken_
_directly_
_2022_
_£_
_2,198,136_|**Support**
**costs**
**2023**
**£**
625,463
_Support_
_costs_
_2022_
_£_
_521,832_
**Total**
**funds**
**2023**
**£**
**385,192**
**30,525**
**20,871**
**35,620**
**42,365**
**20,530**
**2,083**
**10,500**
**1,871**
**19,514**
**56,392**
**625,463**|**Total**
**funds**
**2023**
**£**
**3,542,826**| |---|---|---|---| ||||_Total_
_funds_
_2022_
_£_
_2,719,968_| ||||_Total_
_funds_
_2022_
_£_
_322,059_
_33,000_
_13,378_
_28,969_
_21,079_
_14,312_
_321_
_9,250_
_6,244_
_23,855_
_49,365_| ||||_521,832_| Page 28 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **10. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Agency costs|**2023**
**£**
**2,314,907**
**208,299**
**67,564**
**307,690**
**2,898,460**|_2022_
_£_
_1,813,063_
_150,535_
_50,032_
_181,091_| |---|---|---| |||| |||_2,194,721_| The average number of persons employed by the Charitable Company during the year was as follows: ||**2023**|_2022_| |---|---|---| ||**No.**|_No._| |Avg staff no.|**114**|_91_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**2023**|_2022_| |---|---|---|---| |||**No.**|_No._| |In the band £60,001|- £70,000|**-**|_1_| |In the band £80,001|- £90,000||| |||**1**|_-_| Key management personnel comprised of the Chief Executive, Head of Finance, Head of HR, Head of Children Services and three (2022: three) Registered Managers. Total employee benefits of the Charity's key management personnel were £405,882 (2022: £292,017). ## **11. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . During the year ended 31 March 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . Page 29 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **12. Tangible fixed assets** |**Cost or valuation**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Freehold**
**property**
**£**
**1,622,748**
**378,163**
**2,000,911**
**374,081**
**26,217**
**400,298**
**1,600,613**
_1,248,667_|**Motor**
**vehicles**
**£**
**94,016**
**46,870**
**140,886**
**94,016**
**12,913**
**106,929**
**33,957**
_-_|**Furniture &**
**equipment**
**£**
**439,777**
**40,912**
**480,689**
**340,612**
**30,447**
**371,059**
**109,630**
_99,165_|**Total**
**£**
**2,156,541**
**465,945**| |---|---|---|---|---| |||||**2,622,486**| |||||**808,709**
**69,577**| |||||**878,286**| |||||**1,744,200**| |||||_1,347,832_| ## **13. Investment property** |**Valuation**
At 1 April 2022
At 31 March 2023|**Freehold**
**investment**
**property**
**£**
**479,000**| |---|---| ||**479,000**| The most recent professional market valuation of £425,000 was provided by Cassidy & Tate, St Albans in March 2022. The Trustees believed the valuation as at 31 March 2022 had increased to £479,000 based on an open market value for existing use basis. The Trustees believe this valuation continues to be appropriate based on the market conditions that existed as at 31 March 2023. This valuation does not represent a RICS valuation. The historic cost of the investment property is £51,709. Page 30 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **14. Debtors** |**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
**63,918**
**2,218**
**36,926**
**103,062**|_2022_
_£_
_51,003_
_178_
_31,549_| |---|---|---| |||| |||_82,730_| ## **15. Current asset investments** |Investments
**Creditors: Amounts falling due within one year**
Mortgage loan
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous periods|**2023**
**£**
**46,678**
**2023**
**£**
**288,970**
**111,164**
**45,514**
**-**
**154,422**
**600,070**
**2023**
**£**
**26,600**
**50,824**
**(26,600)**
**50,824**|_2022_
_£_
_46,678_| |---|---|---| |||_2022_
_£_
_32,428_
_78,354_
_-_
_3,488_
_136,891_| |||| |||_251,161_| |||_2022_
_£_
_296,476_
_26,341_
_(296,217)_| |||| |||_26,600_| ## **16. Creditors: Amounts falling due within one year** Page 31 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **17. Creditors: Amounts falling due after more than one year** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Mortgage loan|**269,057**|_301,673_| The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is: ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Payable or repayable by instalments|**126,706**|_159,613_| At the year end, the charitable company had the following secured debts: The loan from Welwyn Hatfield Council totalling £81,430, secured against the freehold property, the Peartree Short Breaks Centre. The loan from the Charity bank totalling £221,097, secured against the freehold property, the Meadows Short Breaks Centre. The loan from Charity Bank totalling £255,500, secured against the freehold property at 12 Hazlemere Road. The loan agreement includes a negative pledge. During the year, the Charity breached a financial covenant within this agreement therefore the full loan amount has been classified as due within one year. A breach waiver has been issued since the year end which confirms no further actions will be taken by the bank. Page 32 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **18. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
**Designated funds**
Business contingency
Property reserve
Fixed assets
**General funds**
General funds
**Total Unrestricted funds**
**Restricted funds**
Jubilee House - general
Peartree - general
22/43 Lincoln
Jonquil - general
Meadows - general
Hazelmere - general
Pines - general
Linkfields - general
**Total of funds**|**Balance at 1**
**April 2022**
**£**
**350,000**
**1,393,566**
**99,165**
**1,842,731**
**346,091**
**2,188,822**
**3,202**
**2,682**
**3,300**
**6,503**
**3,998**
**-**
**-**
**-**
**19,685**
**2,208,507**|**Income**
**£**
**-**
**-**
**-**
**-**
**3,339,859**
**3,339,859**
**1,750**
**24,000**
**9,998**
**15,972**
**-**
**1,500**
**20,000**
**1,100**
**74,320**
**3,414,179**|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**(3,472,425)**
**(3,472,425)**
**(2,822)**
**(26,682)**
**(12,498)**
**(16,460)**
**(636)**
**(1,500)**
**(20,000)**
**(1,100)**
**(81,698)**
**(3,554,123)**|**Transfers**
**in/out**
**£**
**-**
**128,020**
**44,422**
**172,442**
**(172,442)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Balance at**
**31 March**
**2023**
**£**
**350,000**
**1,521,586**
**143,587**| |---|---|---|---|---|---| ||||||**2,015,173**| ||||||**41,083**| ||||||**2,056,256**| ||||||**2,130**
**-**
**800**
**6,015**
**3,362**
**-**
**-**
**-**| ||||||**12,307**| ||||||**2,068,563**| Page 33 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **18. Statement of funds (continued)** Designated funds: Business contingency Designated for retention in respect of an unexpected emergency. Property reserve Represents freehold land & buildings and investment property (net of outstanding mortgages). Fixed assets Represents fixed assets used in business (excluding land & buildings). Restricted funds: Jubilee House - general Restricted for use at Jubilee House. Peartree - general Restricted for use at Peartree Short Breaks Centre. Outreach - After School Restricted for use in providing After School Clubs. 22/43 Lincoln Restricted for use at 21/22 and 43 Lincoln. Jonquil - general Restricted for use at Jonquil Adults' residential. Meadows - general Restricted for use at Meadows Short Breaks Centre. Hazelmere - general Restricted for use at Hazelmere. Pines - general Restricted for use at Pines. Linkfields - general Restricted for use at Linkfields. Page 34 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **19. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2023**
**£**
Tangible fixed assets
1,744,200
Investment property
479,000
Current assets
702,183
Creditors due within one year
(600,070)
Creditors due in more than one year
(269,057)
**Total**
2,056,256|**Restricted**
**funds**
**2023**
**£**
-
-
12,307
-
-
12,307|**Total**
**funds**
**2023**
**£**
**1,744,200**
**479,000**
**714,490**
**(600,071)**
**(269,057)**
**2,068,563**| |---|---|---| **----- Start of picture text -----**
Roun
differ
**----- End of picture text -----**
## **20. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**Analysis of cash and cash equivalents**
Cash in hand
Charities investment fund
**Total cash and cash equivalents**|**2023**
**£**
**(139,945)**
**69,577**
**(20,332)**
**92,347**
**1,647**
**2023**
**£**
**564,750**
**46,678**
**611,428**|_2022_
_£_
_56,559_
_65,409_
_338,969_
_(276,907)_
_184,030_
_2022_
_£_
_805,101_
_46,678_
_851,779_| |---|---|---| ## **21. Analysis of cash and cash equivalents** Page 35 ## **THE JUBILEE HOUSE CARE TRUST LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **22. Analysis of changes in net debt** ||**At 1 April**||**At 31 March**| |---|---|---|---| ||**2022**|**Cash flows**|**2023**| ||**£**|**£**|**£**| |Cash at bank and in hand|**805,101**|**(240,351)**|**564,750**| |Debt due within 1 year|**(32,428)**|**(256,542)**|**(288,970)**| |Debt due after 1 year|**(301,673)**|**32,616**|**(269,057)**| |Liquid investments|**46,678**|**-**|**46,678**| ## **23. Operating lease commitments** At 31 March 2023 the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: |Not later than 1 year
Later than 1 year and not later than 5 years|**2023**
**£**
**1,440**
**5,760**
**7,200**|_2022_
_£_
_30,250_
_-_| |---|---|---| |||| |||_30,250_| ## **24. Related party transactions** At the balance sheet date, the charitable company owed The Jubilee House Property Services Limited, a company in which 4 Trustees hold Directorships, an amount of £2,085 (2022: £3,488). During the year, the charitable company made purchases of £10,452 (2022: £273) with Corsolv Limited, a company controlled by the charitable company's CEO. ## **25. Controlling party** There is no controlling or ultimate controlling party. Page 36 **Hillier Hopkins LLP Chartered Accountants And Tax Advisers** **Audit Findings Document** For The Jubilee House Care Trust Limited Year ended 31[st] March 2023 1 Hillier Hopkins LLP Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP The Jubilee House Care Trust Limited 6 Silver Court Watchmead Welwyn Garden City AL7 1LT www.hillierhopkins.co.uk Dear Trustees ## **Audit Findings Document for The Jubilee House Care Trust Limited for the year ended 31[st] March 2023** This Audit Findings Document presents the observations and matters which came to our attention during the conduct of our normal audit procedures which are considered to be significant, as required by International Standard on Auditing (UK) 260. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities for the preparation of the financial statements. We would be grateful if you could provide comments against each point where appropriate within the report and return it to us in due course. We would like to take this opportunity to thank the finance team and other staff for their assistance provided during the course of our audit. Yours faithfully ## _Gary Wong_ Responsible Individual For and on behalf of Hillier Hopkins LLP _This report has been prepared solely for your benefit and should not be quoted or copied in whole or in part without our prior written consent. We do not accept any responsibility for any loss occasioned to any third party acting, or refraining from acting, on the basis of the content of this report. The content of this report is not a comprehensive record of all the relevant matters, and may be subject to change._ 2 Hillier Hopkins LLP ## **Contents** ## **Section** ## **Appendices** **1. Audit approach and status** **2. Key audit matters** **3. Other audit matters** - **A. Adjusted audit differences B. Unadjusted audit differences C. Charity Governance Code** **4. Internal control deficiencies** **4. Internal control deficiencies D. Technical developments 5. Update on prior year findings E. Tax rates and allowances 6. Other communication requirements F. Hillier Hopkins at a glance 7. Independence and non-audit services G. Our Core Values and accreditation 8. Communication with those charged with governance H. Other Services** 3 Hillier Hopkins LLP ## **Audit approach and status** The audit approach, as detailed in our Audit Planning Document, was determined by our assessment of the audit risk, both in terms of the potential misstatement in the financial statements and of the control environment in which the charity operates. ## In summary, our approach has been to: - update our understanding of the organisation and its environment; - review the design and implementation of key internal financial control systems; and - plan and perform an audit with professional scepticism recognising that circumstances may exist that cause the financial statements to be materially misstated. This includes the risk of material misstatements due to non-compliance with laws and regulations and fraud. ## **Opinion** Our work is substantially complete and our anticipated audit report opinion (in accordance with ISAs (UK) 700/705/706) will be: **Unmodified** ## **Status** >  Likely to result in material adjustment or significant change to disclosures  Potential to result in material adjustment or significant change to disclosures - Not considered likely to result in material adjustment or change to disclosures Hillier Hopkins LLP 4 ## **Key audit matters** This section provides commentary on the risks identified in our Audit Planning Document along with a summary of the testing performed and any key issues identified: ||Risks identified at planning|Commentary| |---|---|---| |1|**Misstatement of income**
Under ISA (UK) 240 there is a rebuttable
presumed risk that revenue recognition may
be materially misstated due to fraud.|To address this risk, we have performed the following key audit procedures:
•
Review and testing of revenue recognition policies
•
Detailed substantive testing of revenue on a sample basis
•
Analytical review to identify and corroborate unusual movements
•
Reviewed sales journals at the period end for unusual transactions
We have not identified any material audit issues in relation to our audit work.| |2|**Management override and bias**
Under ISA (UK) 240 there is a non-
rebuttable presumed risk that the risk of
management override of controls is present
in all entities.|To address this risk, we have performed the following key audit procedures:
•
Review of accounting estimate, judgments and decisions including those noted in the
critical accounting estimates and areas of judgement section of the financial statements
•
Testing of journal entries
•
Review of unusual significant transactions
We have not identified any material audit issues in relation to our audit work.| |3|**Regulatory risk with CQC and Ofsted**
Each service you run is regulated by either
CQC or Ofsted depending on whether the
service is an adult or children service. There
is a both a reputation and an operational risk
if any service is graded as inadequate.|To address this risk, we have performed the following key audit procedures:
•
Discuss with Trustees and management to understand if there any issues in the year
with CQC and Ofsted
•
Review the reports of visits undertaken by the Regulators in the year
•
Review of Trustee minutes
•
Review of CQC and Ofsted website to check latest filings for each service
We have not identified any material audit issues in relation to our audit work. We note that
post year end, all services have received a rating of “good”.| (ISA (UK) 315) "Significant risks often relate to significant non-routine transactions and judgmental matters. Non-routine transactions are transactions that are unusual, due to Hillier Hopkins LLP 5 ## **Other audit matters** This section provides commentary on the matters identified during the audit along with a summary of the testing performed and any key issues identified: Matters identified during the audit 1 **Charity Bank Financial Covenants** It was noted that the Charity had breached the Debt Service Cover covenant in the new Charity Bank mortgage agreement for Hazelmere Road during the year as a result of EBITDA being negative/ less than debt service costs. Commentary Since the year end, the Charity Bank have confirmed they will waiver this breach and noted the following: _‘’We understand that as a registered charity you will not make an excess every year and generally if the covenant is breached, we will issue a Debt Service Covenant breach waiver letter. This acknowledges that the covenant has been breached but confirms that we will take no further action_ .‘’ We note that mortgage for Meadows with the Charity Bank did not have any financial covenants attached. However, as this waiver was issued after the financial year end, the breach still technically existed at the year end. Consequently, the entire mortgage balance of £255,500 has been classified as due within one year in line with the applicable accounting standards. Appropriate disclosures have been included as a result. Assuming no additional breaches occur in the 2023/24 financial year, the bank loan will be appropriately categorised between short-term and long-term obligations going forward. We recommend the Trust is in contact with the bank pre year end to communicate if there are any subsequent/ expected breaches of the covenants each year and a waiver is obtained so that the loan can be presented between short-term and long-term obligations (the accounting standards require this to be done). 6 Hillier Hopkins LLP ## **Internal control deficiencies** This section provides commentary on any weaknesses identified during our testing of the design and implementation of the internal control environment appropriate in accordance with ISA 265. An audit is not designed to test all internal controls or identify all areas of control weakness, it is directed towards forming and expressing an opinion on the financial statements. In consequence, our work cannot be relied upon to disclose any or all issues, or to include all possible improvements in internal control that may exist. ||Significance|Weakness and potential consequences|Recommendation|Management’s response /
timescale for implementation| |---|---|---|---|---| |1||**Bank Covenant Breaches**
As noted in the Other Audit Matters section of
this report, it was noted during our testing that
the Debt Service Cover bank covenant on the
new Charity Bank mortgage agreement had
been breached during the year.
Breaching bank covenants could lead to the
banks demanding full repayment of the loan
leading to significant cashflow issues or loss
of the assets secured on the loan.|The bank have since confirmed they will
waiver this covenant for the first 3 year
years and will not take any further action.
However, we recommend reviewing all
the covenants on a regular basis to help
mitigate the risk of future breaches.|_JJo spoke to Charity Bank_
_and its unlikely they would_
_take any action as they_
_understand that we are “not_
_for profit”. If it became a_
_reoccurring problem with no_
_recovery plan the bank may_
_have to take some action._| |2||**Employment Contracts**
It was noted during our testing that an
employee switched to an hourly rate pay basis
during the year but no formal documentation
was produced to document this.
The lack of a signed contract or letter of
change could lead to issues in the event of
any disputes in the future.|We recommend ensuring a formal signed
contract or letter of change is issued in a
timely manor whenever there is a change
in an employees terms and conditions of
their employment.|_Communication between HR_
_& payroll re contract_
_changes has been tightened_
_up with a new HR report_
_“Change History” of all_
_current employees to identify_
_changes in contracts._| **Assessment** - Significant – risk of significant misstatement - Deficiency – risk of minor misstatement Hillier Hopkins LLP 7 ## **Update on audit findings of prior years** This section provides an update on the audit findings raised in prior years, and the progress made by Management in remediating the issues identified: ||Significance|Issue previously reported|Current status|Management’s response / timescale
for implementation| |---|---|---|---|---| |1||**Purchases approvals**
It was previously noted that there is no
formal written approval prior to placing an
order and quotation requirements were not
always met. It may lead to unauthorised
purchases or non-bona fide purchases.
We recommended the formal purchasing
policy in place is reviewed and that it is
adhered to by all staff members.|We found this to still be a deficiency
in the current year and therefore
continue to make this
recommendation.|_The Expenditure Policy is to be_
_reviewed with the possibility of_
_adding a new Purchase Policy or_
_have it as an extension to the_
_Expenditure Policy. The aim is to_
_put a formal process in place for_
_RM’s to authorise purchases prior to_
_actual purchase._| |2||**Pecuniary interests**
It previously was noted that the
declarations of interests were not obtained
to disclose connected businesses, other
interests and close family members.
We recommended that all Trustees are
asked to fill in pecuniary interest forms to
declare any potential related parties they
may have.|We found this to still be a deficiency
in the current year and therefore
continue to make this
recommendation.|_This was sent out in August 2022_
_with a few responses. It is on the_
_agenda for the next Board meeting_
_(23rd November 2023). The_
_pecuniary interests document has_
_been sent out prior to the meeting to_
_make trustees aware of the_
_expectation._| >  Significant – risk of significant misstatement  Deficiency – risk of minor misstatement **Assessment** 8 Hillier Hopkins LLP ## **Update on audit findings of prior years (continued)** ||Significance|Issue previously reported|Current status|Management’s response /
timescale for implementation| |---|---|---|---|---| |3||**Investments**
It was previously noted that the COIF
investment movement in the year was not
recognised. It could lead to a misstatement
of the assets and therefore potential
material misstatements in the financial
statements.
We recommended that investments
movements are recognised to ensure that
the financial statements are true and fair.|The movement had been considered by
management this year and it was agreed not
to adjust for given it was trivial therefore we
have no further recommendations to make.|N/A| > **Assessment**  Significant – risk of significant misstatement  Deficiency – risk of minor misstatement 9 Hillier Hopkins LLP ## **Update on audit findings of prior years (continued)** Significance Issue previously reported ## **Fixed assets register** > 4  It was previously noted that a separate fixed assets register is not being maintained and fixed assets are not reconciled to the financial statements. Also, the capitalised items are not being reviewed for old items that should be disposed of. We recommended that a fixed assets register is maintained and that the items are regularly reviewed for any impairment/disposals. Current status This year we were able to obtain an asset register named ‘depreciation schedule’ but a number of issues were noted. In particular: - items which had a nil NBV at the end of the last financial year do not appear to be included so the cost brought forward does not reconcile - land is currently being shown as having a nil NBV when no depreciation has ever been charged - some additions in the NL don’t appear to be included in the schedule. - Therefore continue to make this recommendation. Management’s response / timescale for implementation _The NBV items did not come over onto the XERO accounting package. The land and buildings b/forward balances onto the new system have now ben adjusted as XERO picked up the incorrect balance. Looking into new additions and the system. JJo is working with Leanne at Hillier Hopkins to get a full reconciliation._ **Assessment** >  Significant – risk of significant misstatement  Deficiency – risk of minor misstatement 10 Hillier Hopkins LLP ## **Other communication requirements:** This section documents a number of other communication requirements, prescribed by the ISAs which are summarised below: |ISA|Matter|Auditor findings| |---|---|---| |240|Fraud|We have not been made aware of any incidents by yourselves or identified during the course
of our audit any instances of fraud.| |250|Laws and regulations|We are not aware of any significant incidences of non-compliance.| |260|Significant qualitative matters:
•
Accounting policies
•
Estimates
•
Judgements|We have reviewed the presentation and accounting of all material qualitative matters in the
financial statements and have nothing to report beyond any other matter detailed in this report.| |260|Significant difficulties
encountered during the audit|We are pleased to report that we did not encounter any significant difficulties during the course
of our audit.| |260|Written representations|Representations will be requested from management with regard to specific matters
concerning judgement, estimation and other matters.| |550|Related parties|We are not aware of any related party transactions which have not been disclosed in the
financial statements.| 11 Hillier Hopkins LLP ## **Independence and non-audit services** The primary objective of an audit is for us to provide independent assurance to members that the trustees have prepared the financial statements properly. The credibility of this depends on beliefs concerning the integrity, objectivity and independence of the firm or covered persons and the work that they perform. Therefore all our audits are conducted with integrity, objectivity and independence, as these are the overarching ethical principles. The Financial Reporting Council’s (FRC) Ethical Standard and ISA (UK) 260 require us to give you timely disclosure of matters relating to our independence. We disclose the following to you: - We confirm that there are no significant facts or matters that impact on our independence as auditors that we are required or wish to draw to your attention. |Non-audit service|Fees|Threat?|Safeguard(s) in place| |---|---|---|---| |Accounts preparation|£800|Self-review / management|Informed management – Jane Johnstone
Non-audit recurring fees not significant
Other non-audit services performed by non-audit staff| |**Total non-audit services**|**£800**||| 12 Hillier Hopkins LLP ## **Communication with those charged with governance** International Standard on Auditing (UK) 260 establishes specific reporting obligations on us, as your auditor, to communicate certain matters along with other ISA(UK’s) to those charged with governance. Our Audit Planning and Findings Report form part of this communication. **----- Start of picture text -----**
Responsibilities Ethics
Overview of audit matters ISA (UK) 260: Scope/timing
ISA (UK) 260:
ISA (UK) 260: Respective ISA (UK) 260:
Compliance with the Ethical
Views about the qualitative responsibilities of auditor Standard with regard to Overview of the planned
aspects of the entity’s and management/those independence and objectivity. scope and timing of the
accounting and financial charged with audit (form, timing and
reporting practices, governance. expected content).
significant matters and
issue arising during the
audit and representations
sought.
Laws & Regulations
ISA (UK) 250:
Communication Non-compliance with laws
and regulations.
Fraud with those
ISA (UK) 240: charged with
Identification or governance
suspicion of fraud Going concern
involving management ISA (UK) 260
and impact on the ISA (UK) 570:
financial statements. Significant matters in
relation to going concern.
Internal controls
Audit report
ISA (UK) 260: Misstatements Related parties
ISA (UK) 705:
Material weaknesses in ISA (UK) 450: ISA (UK) 550:
internal control identified Unadjusted misstatements Significant matters arising in Expected modifications to
during the audit. and material disclosure connection with related the auditor's report, or
emphasis of matter.
omissions. parties.
**----- End of picture text -----**
13 Hillier Hopkins LLP **Hillier Hopkins LLP Chartered Accountants And Tax Advisers** ## **Adjusted audit differences** In forming our opinion, we note the following adjusted misstatements identified during the course of our audit: Please see the next page. 15 Hillier Hopkins LLP |**The Jubilee House Care Trust Limited**
**Year End: 31 March 2023**
**Adjusting journal entries**
**Date: 01/04/2022 To 31/03/2023**|**N3. 1**
**Prepared by**
**Reviewed by**
**Final Review**
**`LV 17/10/2023`**
**LV 30/10/2023**
**RI Review**
**EQC Review**
**`GW1 30/10/2023`**| |---|---| |**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**|**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**| |Net Income (Loss) Before Adjustments|-171,584| |1 31/03/2023 Accruals
2150
N1. 3
6,741
1 31/03/2023 Mortgage (Welwyn Hatfield - Peartree2300
N1. 3
5
1 31/03/2023 Mortgage (Charity Bank - Meadows) 2310
N1. 3
1 31/03/2023 Donations - Unrestricted
4000
N1. 3
1 31/03/2023 IT support
6600
N1. 3
1 31/03/2023 Loan Interest
6800
N1. 3
29
Being late client adjustments
6,775|34
5,766
974
6,775
-164,872
6,712| |2 31/03/2023 HSBC 6260 Deposit
1440
N1. 4
2
2 31/03/2023 Interest Received
4200
N1. 4
Being bank account discrepency
2|2
2
-164,870
2| |10 31/03/2023 Retained surplus
3000
N1. 5
10 31/03/2023 Bad Debt Write Off
6705
N1. 5
964
being to write off historic b/fwd
creditor and debtors balances not carried
over to Xero
964|964
964
-165,834
-964| |13 31/03/2023 Motability Accrual - 04 - KS
2110
J2. 3. 6
1,236
13 31/03/2023 Motability Accrual - 04 - TW
2112
J2. 3. 6
1,236
13 31/03/2023 Motability Accrual - 04 - CD
2113
J2. 3. 6
1,236
13 31/03/2023 Motability Accrual - 04 - EW
2114
J2. 3. 6
1,236
13 31/03/2023 Motability Accrual - 04 - POD
2115
J2. 3. 6
1,236
13 31/03/2023 Motability Accrual -04 - AB
2116
J2. 3. 6
13 31/03/2023 Income - Mobility Allowance
4370
J2. 3. 6|223
5,957| New mobility accrual balance per client **28/11/2023 17:16** **Page 1** |**The Jubilee House Care Trust Limited**
**Year End: 31 March 2023**
**Adjusting journal entries**
**Date: 01/04/2022 To 31/03/2023**|**N3. 1-1**
**Prepared by**
**Reviewed by**
**Final Review**
**`LV 17/10/2023`**
**LV 30/10/2023**
**RI Review**
**EQC Review**
**`GW1 30/10/2023`**| |---|---| |**Number**
**Date**
**Name**
**Account No**
**Reference**
**Debit**|**Credit**
**Net Income (Loss) Amount Chg**
**Recurrence**
**Misstatement**| |6,180|6,180
-159,877
5,957| |14 31/03/2023 Motability Accrual -04 - AB
2116
J2. 3. 6
14 31/03/2023 Income - Mobility Allowance
4370
J2. 3. 6
3,684
being to write of AB motibility
allowance er discussion with client
3,684|3,684
3,684
-163,561
-3,684| |18 31/03/2023 Income in Advance
2180
J2. 4
21,533
18 31/03/2023 Supported Living Income
4325
J2. 4
Being late journal to release HCC
supported living income incorrect included in
the deferred income
21,533|21,533
21,533
-142,028
21,533| |23 31/03/2023 Other debtors < 1 year
1841
2,085
23 31/03/2023 Council Tax
6215
Being late client journal to
remove transactions relating to Property
Services
2,085|2,085
2,085
-139,943
2,085| |**41,223**|**41,223**
**-139,943**
**31,641**| **28/11/2023 17:16** **Page 2** ## **Unadjusted audit differences** In forming our opinion, we note the following unadjusted misstatements (factual, judgemental, projected or arising from a prior period) identified during the course of our audit: Please see the next page. 16 Hillier Hopkins LLP |**The Jubilee House Care Trust Limited**|||**N3. 2**| |---|---|---|---| |**Year End: 31 March 2023**|**Prepared by**|**Reviewed by**|**Final Review**| |**Proposed/unrecorded journal entries**|**`LV 17/10/2023`**|**LV 30/10/2023**|| |**Date: 01/04/2022 To 31/03/2023**|**RI Review**|**EQC Review**|| ||**`GW1 30/10/2023`**||| ||||||||**Proposed**|**Proposed**||| |---|---|---|---|---|---|---|---|---|---|---| |**Number**|**Date**|**Name**|**Account No**|**Reference**|**Debit**|**Credit**|**Net Income (Loss)**|**Amount Chg**|**Recurrence**|**Misstatement**| |||Net Income (Loss)|||||-139,943|||| |6|31/03/2023|Accrued Income|1310|H2. 4||892||||| |6|31/03/2023|Miscellaneous Income|4410|H2. 4|892|||||| |||being to write off historic||||||||| |||accrued income||||||||| ||||||892|892|-140,835|-892||| |9|31/03/2023|Gain on investment property revaluat HH002||E2. 1||15,000||||| |9|31/03/2023|Gain in investment property valuatio|HH1200|E2. 1|15,000|||||| |||Being proposed journal to increase||||||||| |||investment property valuation in line with||||||||| |||market value||||||||| ||||||15,000|15,000|-125,835|15,000||| |19|31/03/2023|Income in Advance|2180|J2. 4||4,412||||| |19|31/03/2023|Income - Mobility Allowance|4370|J2. 4|4,412|||||| |||Being propose journal to reverse||||||||| |||the over release of mobility deferred income||||||||| |||balance||||||||| ||||||4,412|4,412|-130,247|-4,412||| ||||||**20,304**|**20,304**|**-130,247**|**9,696**||| **28/11/2023 17:16** **Page 1** ## **Technical developments** ## **FRS102 – 2nd triennial review** The Financial Reporting Council (FRC) published a Financial Reporting Exposure Draft (FRED 82) on 15 December 2022, which proposes a number of changes to FRS 102, following the second periodic review of the regulation and other financial reporting standards. ## These proposals include: - a new model of revenue recognition (for FRS 102 and FRS 105) - a new model of lease accounting (for FRS 102 only) ## _**Comment:**_ _These changes may have significant effects for some businesses, so it is important to start preparing early so that you are ready for the 1 January 2025._ - various other incremental improvements and clarifications. The aim of this second periodic review was to produce amendments to FRS 102 to better align the Standard to IFRS, incorporating the IASB’s latest proposed changes to the international financial reporting requirements. Indeed, for those who already prepare their financial statements under IFRS, the above changes will already be familiar to them. When will this be effective from? These proposed changes are expected to come into effect for periods beginning on or after 1 January 2025. Early adoption is permitted, and certain transition reliefs will be available. ## What are the key changes? _If you’re not sure how the changes affect your business, please contact one of our experts who can help you understand the implications and prepare your accounts in plenty of time._ - Revenue recognition - A new FRS 102 Section 23 Revenue is proposed, setting out a five-step model aligned to IFRS 15. 1. Identify a contract with a customer, 2. Identify promises within the contract 3. Determine the transaction price 4. Allocate the transaction price to the promises 5. Recognise revenue when or as the entity satisfies the promise. - Leases - The FRC is also raising a new FRS 102 Section 20 Leases, which will require almost all leases to be brought on the balance sheet if you’re a lessee. Accounting for lessors will remain largely unchanged. These new requirements mean recognising a right-of-use (ROU) asset in respect of the lease contract, and a corresponding lease liability, being the present value of remaining payments under the lease. Our detailed insight is available here: https://hillierhopkins.co.uk/insight-posts/frs102-2nd-triennial-review/ 17 Hillier Hopkins LLP ## **Technical developments** ## **Companies House Reform** The Government has published its final White Paper (February 2022) setting out its position on reforming Companies House. The paper includes a total of 58 reforms, which includes the Government’s response to three consultations issued in 2020 which looked at: - The powers of the Registrar; - Implementing the ban on corporate directors; and - Improving the quality and value of financial information on the UK companies register. ## The White paper includes the following: - All new and existing company directors, (and equivalents for other registrable entities), Persons with Significant Control (PSC) and anyone else submitting filings will need a verified account at Companies House. - All companies will be required to file accounts digitally, with full tagging. - Small companies will no longer have the option to prepare and file abridged accounts and will be required to file both their profit and loss account and directors’ report (ie, the option to file "filleted" accounts will be removed). - Micro-entities will also be required to file their profit and loss account but will continue to have the option to not prepare or file a directors’ report. - Increased powers granted to the Registrar to enable more investigations and challenges of filings. ## _**Comment:**_ _Like others in the profession, we support the Government’s proposal to improve the quality of records held at Companies House but remain cautious regarding the challenges ahead._ - Limiting the number of times a company can shorten its accounting reference period (ARP) to align with the restrictions around extending its ARP. - Options to enable companies to file financial information once a year with Government will be explored although there are no firm plans in this regard at this time. - Time periods allowed for filing accounts will not be reduced at this time. However, legislation will be introduced to facilitate future changes. For full details, see: https://www.gov.uk/government/publications/corporate-transparency-and-register-reform The Government now intends to introduce legislation to action the reforms detailed in the White Paper. 18 Hillier Hopkins LLP ## **Technical developments** ## **Charity Governance Code** A series of scandals involving some of our most respected charities has damaged public perceptions and trust in the sector. Developed by charities and backed by the Charity Commission, the Charity Governance Code was launched to help restore public trust. It focusses attention around 7 principles of good governance and makes some key recommendations. Since its launch, the code has gained wide support from across the sector and early adopters have praised its clarity and accessibility, one charity describing it as a “no-brainer”. So what are the principles and how do you adopt it? The code recommends taking each of the 7 principles and “apply or explain”. The seven principles are: - **Organisation purpose** - **Leadership** - **Integrity** - **Decision making, risk and control** - **Board effectiveness** - **Diversity** - **Openness and accountability** The code also recommends that there should be between 5 and 12 trustees and that they should each not serve on the board longer than 9 years. The code has its own website https://www.charitygovernancecode.org/en/front-page where you will find an explanation of the principles and resources to help you understand and adopt them. There are two versions of the code depending on whether you are a small or a large charity and the website also provides a useful diagnostic tool to help you assess your current position and identify improvements. This is a fantastic starting point and we would recommend all our charity and academy school clients download this tool if they haven’t already. How you adopt the code is entirely up to you, but using a process that works for you and your own organisation is important. Some charities have set up working groups or a cross-sectional task force to implement the code, others have built it into the trustee meeting agenda so that it is addressed and reviewed on a regular basis. We are also encouraging clients to include the code in their annual trustee reports to help your stakeholders understand how you are continuing to make improvements. To find out more or to make a start, download the diagnostic tool from https://www.charitygovernancecode.org/en/pdf **.** 19 Hillier Hopkins LLP ## **Technical developments** ## **Fraud** Cyber fraud is increasing in volume and scale and unfortunately organisations of all sizes are being targeted. A common fraud occurs when a fraudster contacts a member of staff with responsibility for authorising financial transfers and requests a one off, typically urgent, bank transfer. Contact is by email and from a similar email address to the one a trustee or member of the senior leadership team would use. These small differences are often hard to spot and, if the request is actioned, can result in substantial financial losses for the organisation. There are things that can be done to protect against cyber fraud: - Any urgent payment requests from the trustee should be confirmed verbally. Often a fraudster will target when they know the trustee is unavailable, such as on holiday, and where this is the case payment should not be made. - Emails (and letters) from a supplier requesting a change of bank details should be confirmed verbally with your usual contact using your usual telephone number. Do not use the telephone number on the change of details request. - Do not open attachments or click on links from unknown sources. For a link, hover your mouse pointer over the link to reveal its true destination. Beware if this is different from the email text. - Ensure your anti-virus software is up to date. Malware can be used to remotely access accounts packages and edit existing beneficiaries. The payment file created by the accounts package will then use the fraudster’s amended accounts details, rather than the genuine supplier or staff details. - Ransomware is becoming more common. One way to protect yourself from such an attack is to take regular backups stored remotely from your computer or network. ## _**Comment**_ _We recommend that clients carry out a fraud risk assessment to determine their level of fraud exposure. Training should be given to all staff to ensure that they are aware of the risks, which will minimise the opportunity for frauds to be successful. More advice and information can be found at the National Cyber Security Centre's website: https://www.cyberessentials.ncsc.gov.uk/_ 20 Hillier Hopkins LLP ## **Tax rates and allowances 2023/2024** 21 Hillier Hopkins LLP ## **Tax rates and allowances 2023/2024** 22 Hillier Hopkins LLP ## **Tax rates and allowances 2023/2024** 23 Hillier Hopkins LLP ## **Hillier Hopkins at a glance** - Strong client service ethos and Principal-led culture, reinforced by all team members - Successful individuals from our own training and development program supplemented by ex-Big 4 and Top-ten personnel - High pass rate in major professional exams - High staff retention rate 24 Hillier Hopkins LLP ## **Our core values and accreditation** ## **Our Core Values** Our firm’s philosophy of “ _friendly expertise_ ” is built on a commitment to our Core Values. You will find our team knowledgeable, friendly and cooperative. They will spend time with you to really understand the business, actively engaging and collaborating with you to help you meet your challenges and achieve your goals. Our Core Values were developed collaboratively by our staff and principals. They underpin our training and review process and our appraisal and personal development programme. - Our Core Values are: Do the right thing, Expertise, Ownership, Positive collaboration and Making time. **----- Start of picture text -----**
•
•
•
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## **Quality assurance** Hillier Hopkins LLP undergoes a number of quality assurance measures including the following: - Chartered Accountants: We are fully subscribed to the training and technical requirements as set down by the Institute of Chartered Accountants in England and Wales (ICAEW) and subject to their periodic QAD quality checks. - Internal file reviews: Performed throughout the year by managers from across the firm. - External audit file reviews: Performed by Mercia (Professional Training and Support Services) and other ICAEW accredited bodies. ## **Investors in People** Hillier Hopkins LLP invests heavily in staff training and has held the "Investor in People" (IIP) accreditation since 1996. We were one of the first accountancy firms in Hertfordshire to be awarded the IIP accreditation. 25 Hillier Hopkins LLP ## **Other Services** _**Our experts - here to help you** Hillier Hopkins has a variety of experts within the firm who are available to work with you (*)._ _They are on hand to provide both long term, proactive advice and practical solutions to any business challenges and opportunities that arise._ _For further information, please speak to your regular contact, or visit our website:_ _https://hillierhopkins.co.uk/services_ _Compliance and advisory on: A reliable and efficient tax raising finance & EIS share_ **Business Personal tax** _compliant service ownership & EMI, R&D &_ **finance and tax compliance and tax** _Tax planning such as Capital Patent Box, property,_ **advisory** _Gains Tax and estate planning_ **planning** _taxation - SDLT, ATED & International tax Capital Allowances_ _Free up internal resources with our reliable and accurate outsourced services such as bookkeeping, management accounts, payroll and company secretary_ _Cross border VAT_ **VAT and Business** _Making Tax Digital and bridging_ **Indirect Taxes** _software_ **compliance support and payroll** _Brexit advisory_ **and advisory** _Delivered by SATIS Wealth, part of the Hillier Hopkins family Highly experienced team with Big4 and mid-tier backgrounds Retirement Planning and investment structuring_ _Strategy and planning facilitation and support for non-exec directors such as: exit and_ **Board advisory Wealth and support management** _succession planning, mergers & acquisitions, selling the business_ * Non-audit services are subject to certain Ethical Standard safeguards, or in some cases are prohibited. _Experienced team to handle any Recommended tax efficient employee benefits_ **Efficient and Tax** _investigations by, or disputes_ **accurate P11d investigation** _with HMRC Take care of time consuming_ **service and disputes** _Negotiating on your behalf P11d forms and annual Fee protection service available submission to HMRC to clients_ Hillier Hopkins LLP 26 Independent member of ## **hillierhopkins.co.uk** 27 Hillier Hopkins LLP