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REGISTERED COMPANY NUMBER: 06183852 (England and Wales)
REGISTERED CHARITY NUMBER: 1120447











WOKING HOMES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






WOKING HOMES






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Report of the Trustees 1 to 5

Report of the Independent Auditor 6 to 9

Statement of Financial Activities 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14 to 25

WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activity of Woking Homes (the Home) is the provision of living accommodation and general care of retired former railway employees and others at the discretion of the trustees. The Home is run in accordance with the Articles of Association, with the Chief Executive, Mrs S Kemp, who is appointed by the Board of Trustees, responsible for the general running and management of the Home. The Board's policy of providing a first rate residential care home, which enriches the lives of all those who live and work at the Home, has continued unchanged throughout what has been a challenging year as a result of the coronavirus pandemic.

The charity provides high quality long term care for up to 51 people, some of whom could otherwise be dependent on the facilities provided, at considerable cost, by local authorities. There is a high demand for places at the Home and a waiting list is in operation.
In view of the pandemic and the need for some essential repairs, the Woking Homes swimming pool, which is normally used on a regular basis by the children from two local schools, Stroke-ability and three other swimming organisations, was not able to be used, but is again in regular use.

The trustees are confident that they comply with the requirements of the Charities Act 2011 regarding public benefit.

STRATEGIC REPORT
Achievement and performance
Charitable activities
The Home continues to provide expert care for its many permanent and respite residents. The last year remained challenging in view of the coronavirus pandemic, however towards the latter end of the year we have seen restrictions ease. During the pandemic Woking Homes had two minor outbreaks of Covid - 19.

Following the redevelopment of the East and West Wings of Grace Groom House in August 2010, all bedrooms are compliant with current design requirements. During 2018 the dining room was extended at significant cost to better cater for the mobility needs of our residents and work has recently been completed on updating and improving some of our rooms.

Every effort is made to keep occupancy levels as high as possible, although understandably, numbers have fallen as potential residents have been cautious about entering care homes. There has been a marked increase in demand for places towards the latter end of the year

The trustees aim to ensure that the standards of care provided are maintained at the highest possible level. This is achieved by the following policies:
- Full review of all Care Quality Commission (CQC) reports and implementation of recommendations;
- Unannounced monthly visits by a trustee who then reports in general on all aspects of the Homes and in particular on an activity that is selected for intensive scrutiny. During the pandemic these were unavoidably reduced, with some visits being made remotely;
- Maintaining an open culture which allows complaints from staff and residents to be fully investigated;
- Employment policies designed to ensure that residents' needs are paramount;
- Appointment of high calibre staff at all levels;
- Intensive staff training programme.

The trustees are extremely grateful for the loyalty and support of the staff, who are the key providers of care in the Home. They have responded magnificently to the current situation and have been key in keeping resident morale up. We know that our residents and their relatives are very appreciative and complimentary of the care they are given.

We are also very grateful for the support of the Friends of Woking Homes and the many railway staff and railway companies who continue to support the Homes financially.

WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2023


STRATEGIC REPORT
Achievement and performance
Investment performance
At 31st March 2023 the portfolio was valued at £7,511,283 (2022: £8,432,017). The balance on the cash management portfolio at 31st March 2023 stands at £195,615 (2022: £39,005). During the year £nil was invested (2022: £nil) and £nil (2022: £nil) of the dividends received from the investment portfolio was reinvested.

The trustees continue to monitor the investments in conjunction with Rathbones who were appointed fund managers in 2015. The investment portfolio consists of specific shareholdings in individual companies as well as interests in pooled funds.

Financial review
Investment policy and objectives
The trustees investment policy is to invest in a spread of low to medium risk investments and to generate sufficient investment income to ensure fees to residents are kept lower than would otherwise be possible.

Reserves policy
It is the policy of the trustees to maintain sufficient reserves held in the form of investments so that the charity is able to subsidise the fees it charges residents with a railway connection without risking the ongoing viability of the charity. Of the total reserves of approximately £16.895 million, £5.086 million is represented by the carrying value of land, buildings and other fixed assets. Additionally £7.707 million is represented by investment assets and £3.880 million is represented by investment properties, leaving free reserves of approximately £0.222 million. The liquid reserves provide against unforeseen fluctuations in occupancy levels and unanticipated exceptional costs. The trustees are of the opinion this is sufficient to cover any short term cash flow pressures and if exceptional funds were required, investments could be realised and cash released.

Other than reserves represented by the charity's land and buildings and investments designed to generate income to keep fees as low as possible, the trustees keep sufficient reserves in a sufficiently liquid form so that they can respond to any unexpected costs or other contingency or drop in income.

Financial summary
The financial results for the year were very satisfactory, given the circumstances. Incoming resources increased to £2.536 million in 2023 (2022: £2.017 million) and net incoming resources for the year before investment gains were £129,546 (2022:Investment loss of £248,144).

Risk Management
The trustees have established a risk management strategy which comprises:

-an annual review of the principal risks and uncertainties that the charity faces:

-the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and

-the implementation of procedures designed to minimise or manage any potential impact on the charity should
those risks materialise.

The work has identified that reduced occupancy levels is the major financial risk for the charity. Steps are taken to ensure that occupancy levels are maintained in the long term and additional advertising has been undertaken to increase resident numbers.

Attention has also been focussed on non-financial risks in the areas of the care, health and safety of the residents and staff. These risks are managed by having robust policies and procedures in place, and regular training for all staff. The coronavirus pandemic does, of course, create additional risks and uncertainties, which the trustees, together with the CEO continue to keep under review.


WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2023


STRATEGIC REPORT
Future plans
Woking Homes aims and objectives for the future are to sustain our highest standards of accommodation and care for our residents. We continue to train and motivate our staff to respect our residents' individuality, privacy, dignity, independence, choice, rights, fulfilment and security while providing a comfortable home which is safe and secure. To further provide a safe operating environment for our staff and residents, we have completed work on providing dedicated changing rooms with showers for our staff.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its Articles of Association, and is constituted as a company limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
New trustees are recruited generally from the railway industry or from those known to possess appropriate specialist skills. In particular, care, financial, human resources and construction industry expertise is valued. It is pleasing that the Board is still able to recruit trustees who are passionate about the work of the Home and the care of the residents and are also highly qualified individuals with valuable management and people skills.
The success of the Home has been maintained because of the quality of the trustees and their dedication to the work of the Home, along with the competent management of the Home.

Organisational structure
All strategic and governance matters are decided upon by the board of trustees but the day to day management of the care home is delegated to the Chief Executive, Mrs S Kemp.

Induction and training of new trustees
New trustees are appointed by the Board for a period of up to 3 years. The appointments are then confirmed at the next Annual General Meeting. The new trustees are provided with appropriate information about the Home, its history, ethos and governance, including a copy of the Charity Commission publication "the essential trustee: what you need to know, what you need to do", and offered an opportunity to discuss the implications with the Chair. In addition, a visit to the Home, a discussion with the Chief Executive and attendance at a trustees' meeting are provided prior to accepting appointment. The normal duties of a trustee are explained, including attendance at trustees' meetings, membership of relevant subcommittees and regular inspection visits to the Home.

Key management remuneration
All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees' expenses and related party transactions are disclosed in notes 12 and 22 to the accounts.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the trustees benchmark against pay levels in other similar care homes.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06183852 (England and Wales)

Registered Charity number
1120447

Registered office
Oriental Road
WOKING
Surrey
GU22 7BE


WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2023

Trustees
Mr M Evans Chair
Mr R Evans (appointed 14.9.22)
Mr I Christie (resigned 14.9.22)
Mr J Elliott (resigned 14.9.22)
Mr M Riley
Mr J Curley
Mr A L Pulfer
Mr A Haddon
Mr J Martin
Mrs L Francis
Mrs L Bradbury (resigned 24.4.23)
Mrs S A Coles
Mr M Stubbs

Auditor
Shaw Gibbs Audit Ltd
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

Solicitors
Blake Morgan
New King's Court, Tollgate, Chandlers Ford, Eastleigh, SO53 3LG

Investment Managers
Rathbone Investment Management Ltd
1 Curzon Street, London W1J 5FB

COMMENCEMENT OF ACTIVITIES
The charitable company was incorporated on 26 March 2007 and commenced trading on 1st October 2007. On that date it took over all the assets and liabilities of Woking Homes, an unincorporated charity number 200346, and has continued the work of the original charity.

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Woking Homes for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2023


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditor is unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

AUDITOR
The auditor, Shaw Gibbs Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 20 September 2023 and signed on the board's behalf by:





Mr M Evans - Trustee

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
WOKING HOMES

Opinion
I have audited the financial statements of Woking Homes (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

In my 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
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the charitable company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I 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 I have performed, I 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.

My responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and my Report of the Independent Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In my opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
WOKING HOMES


Matters on which I am required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, I have not identified material misstatements in the Report of the Trustees.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept or returns adequate for my audit have not been received from branches not visited by me; 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
- I have not received all the information and explanations I require for my audit.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, 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.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
WOKING HOMES


My responsibilities for the audit of the financial statements
My 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 a Report of the Independent Auditor that includes my 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.

The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,including fraud and non-compliance with laws and regulations, was as follows:

" the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
" we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, review of the charitable company's 'Register of Legal Requirements', and from our knowledge and experience of the sector;
" we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities legislation, employment, environmental and health and safety legislation and legislation specifically applicable to the Care sector;
" we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant correspondence; and
" identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

" making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
" considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

" performed analytical procedures to identify any unusual or unexpected relationships;
" tested journal entries to identify unusual transactions;
" assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
" investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

" agreeing financial statement disclosures to underlying supporting documentation;
" reading the minutes of meetings of those charged with governance;
" obtaining an overview of the internal procedures adopted by the client to ensure continued compliance with relevant laws and regulations, including a review of a sample of the reports from internal process audits;
" enquiring of management as to actual and potential litigation and claims; and " reviewing relevant correspondence with , relevant regulators including the Health and Safety Executive, and the Care Quality Commission.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
WOKING HOMES

A further description of my 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 my Report of the Independent Auditor.

Use of my report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the charitable company's members those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for my audit work, for this report, or for the opinions I have formed.




Lance Redman (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs Audit Ltd
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

29 September 2023

WOKING HOMES

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
for the year ended 31 March 2023

2023 2022
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 197,999 - - 197,999 19,448

Charitable activities 5
Provision of care 1,874,940 - - 1,874,940 1,509,299

Other trading activities 3 26,572 - - 26,572 24,125
Investment income 4 436,089 - - 436,089 366,099
Other income 6 803 - - 803 98,295
Total 2,536,403 - - 2,536,403 2,017,266

EXPENDITURE ON
Raising funds 7 84,211 - - 84,211 88,905

Charitable activities 8
Provision of care 991,644 - - 991,644 868,781
Catering services 330,036 - - 330,036 287,667
Household services 306,913 - - 306,913 297,507
Property & equipment maintenance
188,320

-

-

188,320

246,590
Vehicle running costs 27,882 - - 27,882 28,227
Support costs 329,812 - - 329,812 307,233
Other expenditure 148,039 - - 148,039 140,500
Total 2,406,857 - - 2,406,857 2,265,410

Net gains/(losses) on
investments

(496,809

)

-

-

(496,809

)

676,664

NET
INCOME/(EXPENDITURE)

(367,263

)

-

-

(367,263

)

428,520


RECONCILIATION OF FUNDS
Total funds brought forward 17,458,564 - 24,100 17,482,664 17,054,144

TOTAL FUNDS CARRIED
FORWARD

17,091,301

-

24,100

17,115,401

17,482,664

WOKING HOMES (REGISTERED NUMBER: 06183852)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 14 5,086,434 5,108,690
Investments
Investments 15 7,706,898 8,471,022
Investment property 16 4,100,000 3,880,000
16,893,332 17,459,712

CURRENT ASSETS
Debtors 17 66,170 76,705
Cash at bank and in hand 281,103 47,592
347,273 124,297

CREDITORS
Amounts falling due within one year 18 (125,204 ) (101,345 )

NET CURRENT ASSETS 222,069 22,952

TOTAL ASSETS LESS CURRENT
LIABILITIES

17,115,401

17,482,664

NET ASSETS 17,115,401 17,482,664
FUNDS 21
Unrestricted funds 17,091,301 17,458,564
Endowment funds 24,100 24,100
TOTAL FUNDS 17,115,401 17,482,664


The financial statements were approved by the Board of Trustees and authorised for issue on 20 September 2023 and were signed on its behalf by:





Mr M Evans - Trustee

WOKING HOMES

CASH FLOW STATEMENT
for the year ended 31 March 2023

2023 2022
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (139,578 ) (469,045 )
Net cash used in operating activities (139,578 ) (469,045 )

Cash flows from investing activities
Purchase of tangible fixed assets (110,315 ) (147,189 )
Purchase of fixed asset investments (4,911,653 ) (2,132,702 )
Sale of fixed asset investments 5,115,578 2,161,044
Investment cash movements (156,610 ) 73,883
Interest received 969 12
Dividends received - 12,602
Dividends and rental income received 435,120 353,485
Net cash provided by investing activities 373,089 321,135

Change in cash and cash equivalents in
the reporting period

233,511

(147,910

)
Cash and cash equivalents at the
beginning of the reporting period

47,592

195,502
Cash and cash equivalents at the end of
the reporting period

281,103

47,592

WOKING HOMES

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 March 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2023 2022
£    £   
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)

(367,263

)

428,520
Adjustments for:
Depreciation charges 132,571 126,136
Losses/(gain) on investments 496,809 (676,664 )
Interest received (969 ) (12 )
Dividends received - (12,602 )
Dividends and rental income received (435,120 ) (353,485 )
Decrease in debtors 10,535 10,852
Increase in creditors 23,859 8,210
Net cash used in operations (139,578 ) (469,045 )


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 47,592 233,511 281,103
47,592 233,511 281,103
Total 47,592 233,511 281,103

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds
Exemption has been taken from preparing a cash flow statement on the grounds that the charitable company qualifies as a small charitable company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 4% on cost
Improvements to property from 2010 - Straight line over 40 years and Straight line over 10 years
Care home assets - 33% on cost
Motor vehicles - 20% on reducing balance

The freehold property costs have been analysed into 3 broad categories, being: (a) the costs associated with the construction of the 2 new wings together with other ancillary works; (b) the freehold houses and flats which are separate from the main care home buildings and are rented out; and (c) the main care home buildings and site together with earlier improvement costs. The freehold flats and house have been reclassified as investment properties and are not subject to depreciation.

The costs of the new wings are being depreciated over forty years. The carrying value of the main care home site is being depreciated over twenty-five years from 2011 with an estimate of the residual land value being £2m.

Investment property
Investment property is shown at most recent valuation, Any aggregate surplus or deficit arising from changes in market value is recognised in the statement of financial activities.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The endowment fund is also classified as an unrestricted fund.


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Allocation and apportionment of costs
Costs applicable to property income generation have been allocated on the basis of percentages, after due consideration of the various costs involved and amounts attributable to rental properties.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments
Investments are included in the financial statements at their market value at the balance sheet date. Gains and losses arising on disposals and on revaluation at the balance sheet date are included in the Statement of Financial Activities. Realised gains and losses are calculated based on the difference between the proceeds and the carrying value on the first day of the year under review.

VAT
The charity is not registered for VAT and all costs are stated inclusive of VAT where applicable.

Government grants
Grants received from the UK government from the Coronavirus Job Retention Scheme (CJRS) are accounted for using the accruals model. The income has been recognised as grant income in the period to which the payroll cost relates.

2. DONATIONS AND LEGACIES
2023 2022
£    £   
Public donations 2,132 4,242
Gift aid tax recovered - 2,111
Legacies 183,542 -
Rail staff & company donations 12,325 13,095
197,999 19,448

3. OTHER TRADING ACTIVITIES
2023 2022
£    £   
Foxes income 26,572 24,125


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

4. INVESTMENT INCOME
2023 2022
£    £   
Investment income 203,089 157,412
Income from flats & other rentals 232,031 208,675
Bank interest receivable 969 12
436,089 366,099

5. INCOME FROM CHARITABLE ACTIVITIES
2023 2022
Activity £    £   
Charges to residents Provision of care 1,836,942 1,485,877
Staff accommodation charges Provision of care 37,998 23,422
1,874,940 1,509,299

6. OTHER INCOME
2023 2022
£    £   
Government grants 803 97,998
CJRS grants - 297
803 98,295

7. RAISING FUNDS

Other trading activities
2023 2022
£    £   
Staff costs 6,931 6,720
Property expenses 29,965 29,960
36,896 36,680


Investment management costs
2023 2022
£    £   
Portfolio management 47,315 52,225

Aggregate amounts 84,211 88,905


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

8. CHARITABLE ACTIVITIES COSTS

Direct costs (note 9)
2023 2022
£ £

Provision of care 991,644 868,781
Catering services 330,036 287,667
Household services 306,913 297,507
Property & equipment maintenance 188,320 246,590
Vehicle & driver costs 27,882 28,227
Support costs 329,812 307,233
Other expenditure 148,039 140,500
2,322,646 2,176,505


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

9. DIRECT COSTS OF CHARITABLE ACTIVITIES

2023 2022
£ £
Care
Care staff costs 695,892 727,691
Agency care staff 295,752 141,090
991,644 868,781
Catering
Contract costs 318,838 281,183
Sale of food (2,453 ) (1,826 )
Miscellaneous 13,651 8,310
330,036 287,667
Household services
Laundry and household staff costs 123,186 109,960
Laundry expenses 20,546 16,842
Household and medical expenses 48,764 56,865
Light and heat 74,551 75,689
Insurances 17,006 14,111
Rates and water 22,860 24,040
306,913 297,507
Maintenance
General premises maintenance 121,539 176,635
Maintenance of premises - staff costs 48,496 46,363
Furniture repair and replacement 18,285 23,592
188,320 246,590
Vehicle & driver costs
Driver staff costs 22,984 23,718
Vehicle expenses 4,898 4,509
27,882 28,227
Support costs
Staff costs 241,838 226,725
Office expenses 17,039 14,432
Sundry expenditure 14,039 16,701
Advertising 16,830 13,891
Professional and accountancy 40,066 35,484
329,812 307,233
Other expenditure
Care Quality Commission 7,736 8,225
TV rental and licences 1,299 714
Staff training 6,433 5,425
Depreciation 132,571 126,136
148,039 140,500





WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

10. SUPPORT COSTS

Included within support costs are the audit fee of £10,000 (2022: £9,000).

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting)

2023 2022
£ £
Auditors' remuneration 10,000 9,000
Auditors' remuneration - non audit 13,750 13,600
Depreciation - owned assets 132,571 126,,136
Gain on disposal of fixed asset - -

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.


13. STAFF COSTS
2023 2022
£    £   
Wages and salaries 1,019,228 1,017,594
Social security costs 73,356 73,563
Other pension costs 46,743 50,020
1,139,327 1,141,177

The total remuneration for key management personnel in the year was £116,969 (2022: £112,190)

The average monthly number of employees during the year was as follows:

2023 2022
Care 35 37
Household and laundry 8 9
Maintenance 2 2
Driver 1 1
Support and administration 7 7
Foxes 1 1
54 57

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
£60,001 - £70,000 1 1

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

14. TANGIBLE FIXED ASSETS
Improvements
to
Freehold property Care home Motor
property from 2010 assets vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 3,217,187 3,915,854 280,895 53,446 7,467,382
Additions - 110,315 - - 110,315
At 31 March 2023 3,217,187 4,026,169 280,895 53,446 7,577,697
DEPRECIATION
At 1 April 2022 1,106,434 934,306 279,030 38,922 2,358,692
Charge for year 4,430 123,884 1,354 2,903 132,571
At 31 March 2023 1,110,864 1,058,190 280,384 41,825 2,491,263
NET BOOK VALUE
At 31 March 2023 2,106,323 2,967,979 511 11,621 5,086,434
At 31 March 2022 2,110,753 2,981,548 1,865 14,524 5,108,690

With effect from 1 April 2011 the freehold properties were reclassified and presented in accordance with the accounting policy outlined in note 1. From this date depreciation will be applied in accordance with this accounting policy. The residual value of the freehold property is estimated to be £2 million.

15. FIXED ASSET INVESTMENTS
Listed Investment
investments cash Totals
£    £    £   
MARKET VALUE
At 1 April 2022 8,432,017 39,005 8,471,022
Additions 4,911,653 - 4,911,653
Disposals (5,300,594 ) - (5,300,594 )
Revaluations (531,793 ) - (531,793 )
Net cash movements - 156,610 156,610
At 31 March 2023 7,511,283 195,615 7,706,898
NET BOOK VALUE
At 31 March 2023 7,511,283 195,615 7,706,898
At 31 March 2022 8,432,017 39,005 8,471,022

Market value Book cost
£ £
Investments in the UK 5,705,432 5,290,541
Investments outside the UK 1,805,851 1,753,562
7,511,283 7,044,103

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

15. FIXED ASSET INVESTMENTS - continued














Cost or valuation at 31 March 2023 is represented by:

Listed Investment
investments cash Totals
£    £    £   
Valuation in 2022 8,432,017 39,005 8,471,022
Valuation in 2023 (920,734 ) 156,610 (764,124 )
7,511,283 195,615 7,706,898

16. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 April 2022 3,880,000
Revaluation 220,000
At 31 March 2023 4,100,000
NET BOOK VALUE
At 31 March 2023 4,100,000
At 31 March 2022 3,880,000

The trustees arranged for the investment properties to be revalued and the financial statements were adjusted to include the properties at their open market value of £4,100,000 (2022: £3,880,000).

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 3,880,000
Valuation in 2023 220,000
4,100,000


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 37,298 51,913
Other debtors 5,795 4,520
Prepayments and accrued income 23,077 20,272
66,170 76,705

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 56,154 24,020
Social security and other taxes 19,459 17,140
Other creditors 13,808 15,470
Accrued expenses 35,783 44,715
125,204 101,345

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023 2022
£    £   
Within one year 17,657 15,437
Between one and five years 66,596 75,888
In more than five years - 5,059
84,253 96,384

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023 2022
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
£    £    £    £    £   
Fixed assets 5,086,434 - - 5,086,434 5,108,690
Investments 11,782,798 - 24,100 11,806,898 12,351,022
Current assets 347,273 - - 347,273 124,297
Current liabilities (125,204 ) - - (125,204 ) (101,345 )
17,091,301 - 24,100 17,115,401 17,482,664


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

21. MOVEMENT IN FUNDS
Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 17,446,425 (367,263 ) 17,079,162
Designated Fund Southern Goodwill 12,139 - 12,139
17,458,564 (367,263 ) 17,091,301
Endowment funds
Endowment Fund 24,100 - 24,100

TOTAL FUNDS 17,482,664 (367,263 ) 17,115,401

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 2,536,403 (2,406,857 ) (496,809 ) (367,263 )

TOTAL FUNDS 2,536,403 (2,406,857 ) (496,809 ) (367,263 )


Comparatives for movement in funds

Net
movement At
At 1.4.21 in funds 31.3.22
£    £    £   
Unrestricted funds
General fund 17,017,905 428,520 17,446,425
Designated Fund Southern Goodwill 12,139 - 12,139
17,030,044 428,520 17,458,564
Endowment funds
Endowment Fund 24,100 - 24,100

TOTAL FUNDS 17,054,144 428,520 17,482,664

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

21. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 2,017,266 (2,265,410 ) 676,664 428,520

TOTAL FUNDS 2,017,266 (2,265,410 ) 676,664 428,520

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.4.21 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 17,017,905 61,257 17,079,162
Designated Fund Southern Goodwill 12,139 - 12,139
17,030,044 61,257 17,091,301
Endowment funds
Endowment Fund 24,100 - 24,100

TOTAL FUNDS 17,054,144 61,257 17,115,401

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 4,553,669 (4,672,267 ) 179,855 61,257

TOTAL FUNDS 4,553,669 (4,672,267 ) 179,855 61,257

The trustees have designated the donation from Southern Goodwill for the provision of transport or other special items of expenditure.

The Endowment consists of funds received on the closure of a local old people's home and funds transferred from the Martha May Armitage Charity. The income is available for use as determined by the trustees and is therefore included within unrestricted funds.


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.