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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 2024






WOKING HOMES






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




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 24

WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2024


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 2024. 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. Over the years the balance between former railway staff and those without railway connections has shifted such that about half of residents are now non-railway. 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, continues unchanged.

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 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. A few residents are funded by local authorities but the rates paid are significantly less than the cost of providing a place; the difference is either made up by top-up funds from the resident's family or, in exceptional cases, the difference is covered by the charity. Demand for places at the Home remains strong and a waiting list is maintained.

A policy of improving and enhancing the facilities is under way with internal and external decoration now well advanced following refurbishment of all residents' rooms completed during the year. This is in line with the stated aim of providing high quality care in the best possible surroundings.

The last major redevelopment of the facilities took place in 2010, with an extension to the dining room being completed in 2018 to accommodate more residents needing mobility aids. The Board remains acutely aware of the need to take account of changing needs of residents and staff and works closely with the Chief Executive to identify, fund and deliver improvements to facilities.

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. Reports are circulated to all trustees to ensure that matters are followed up in future visits. The visits include 1:1 discussions with at least one resident and one member of staff to highlight any areas of concern.
- 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.

During the year two trustees attended staff meetings to answer any questions or concerns raised and to explain the role of the trustees in the running of the Home. This was well received by staff who attended the meetings. The trustees are extremely grateful for the loyalty and support of the staff, who are the key providers of care in the Home.

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 2024


STRATEGIC REPORT
Achievement and performance
Investment performance
At 31st March 2024 the portfolio was valued at £8,230,719 (2023: £7,511,283). The balance on the cash management portfolio at 31st March 2024 stands at £116,836 (2023: £195,615). During the year £nil was invested (2023: £nil) and £nil (2023: £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 £18.025 million, £5.129 million is represented by the carrying value of land, buildings and other fixed assets. Additionally £8.348 million is represented by investment assets and £4.040 million is represented by investment properties, leaving free reserves of approximately £0.468 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 £3.160 million in 2024 (2023: £2.536 million) and net incoming resources for the year before investment gain were £431,670 (2023: £129,546).

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 2024


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, supported by the Care Home Manager, Ms P Hook.

The Board of Trustees operates a sub-committee structure for detailed review and planning of future changes to the Home. These are Finance, Personnel, Health & Safety and Project Delivery. The Chief Executive and the Care Home Manager sit on all four committees and provide a vital link between day to day management and the strategic function of the Board. Each committee meets quarterly and reports into the quarterly trustee board meeting, held a few weeks later.

During the year a Strategy Day was held to review the effectiveness of the board/sub-committee structure. This has resulted in an improved focus on planning and reporting of projects as well as better management of expenditure.

Induction and training of new trustees
Potential new trustees are interviewed by the Chair of the Board and the Chief Executive. 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 sub-committees and regular inspection visits to the Home. The appointments are then confirmed at the next Annual General Meeting for a term of up to 3 years, each trustee being able to serve up to three consecutive terms.

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


WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2024

Registered office
Oriental Road
WOKING
Surrey
GU22 7BE

Trustees
Mr M Evans Chair
Mr R Evans
Mr M Riley (resigned 20.9.23)
Mr J Curley (resigned 20.9.23)
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
J Elliott (appointed 20.9.23)
K Martin (appointed 20.9.23)
P Field (appointed 20.9.23) (resigned 14.12.23)

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.


WOKING HOMES (REGISTERED NUMBER: 06183852)

REPORT OF THE TRUSTEES
for the year ended 31 March 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
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.

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 auditors, 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 25 September 2024 and signed on the board's behalf by:





Mr M Evans - Trustee

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
WOKING HOMES

Opinion
We have audited the financial statements of Woking Homes (the 'charitable company') for the year ended 31 March 2024 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 our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 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 Auditor 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 UK, including the FRC'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.

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 our Report of the Independent Auditor thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 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 we are 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, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the 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.

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


Our 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 a Report of the Independent Auditor 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.

The extent to which our 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 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 Report of the Independent Auditor.

Use of our 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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

25 September 2024

WOKING HOMES

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
for the year ended 31 March 2024

2024 2023
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 378,446 - - 378,446 197,999

Charitable activities 5
Provision of care 2,318,692 - - 2,318,692 1,874,940

Other trading activities 3 20,609 - - 20,609 26,572
Investment income 4 441,921 - - 441,921 436,089
Other income 6 - - - - 803
Total 3,159,668 - - 3,159,668 2,536,403

EXPENDITURE ON
Raising funds 7 63,655 - - 63,655 84,211

Charitable activities 8
Provision of care 1,152,969 - - 1,152,969 991,644
Catering services 378,310 - - 378,310 330,036
Household services 352,079 - - 352,079 306,913
Property & equipment maintenance
217,231

-

-

217,231

188,320
Vehicle running costs 21,910 - - 21,910 27,882
Support costs 360,880 - - 360,880 329,812
Other expenditure 180,964 - - 180,964 148,039
Total 2,727,998 - - 2,727,998 2,406,857

Net gains/(losses) on
investments

502,595

-

-

502,595

(496,809

)

NET
INCOME/(EXPENDITURE)

934,265

-

-

934,265

(367,263

)


RECONCILIATION OF FUNDS
Total funds brought forward 17,091,301 - 24,100 17,115,401 17,482,664

TOTAL FUNDS CARRIED
FORWARD

18,025,566

-

24,100

18,049,666

17,115,401

WOKING HOMES (REGISTERED NUMBER: 06183852)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 14 5,128,840 5,086,434
Investments
Investments 15 8,347,555 7,706,898
Investment property 16 4,040,000 4,100,000
17,516,395 16,893,332

CURRENT ASSETS
Debtors 17 200,845 66,170
Cash at bank and in hand 468,605 281,103
669,450 347,273

CREDITORS
Amounts falling due within one year 18 (136,179 ) (125,204 )

NET CURRENT ASSETS 533,271 222,069

TOTAL ASSETS LESS CURRENT
LIABILITIES

18,049,666

17,115,401

NET ASSETS 18,049,666 17,115,401
FUNDS 21
Unrestricted funds 18,025,566 17,091,301
Endowment funds 24,100 24,100
TOTAL FUNDS 18,049,666 17,115,401


The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2024 and were signed on its behalf by:





Mr M Evans - Trustee

WOKING HOMES

CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 23,764 (139,578 )
Net cash provided by/(used in) operating activities 23,764 (139,578 )

Cash flows from investing activities
Purchase of tangible fixed assets (199,761 ) (110,315 )
Purchase of fixed asset investments (2,098,703 ) (4,911,653 )
Sale of fixed asset investments 1,941,502 5,115,578
Investment cash movements 78,779 (156,610 )
Interest received 3,743 969
Dividends and rental income received 438,178 435,120
Net cash provided by investing activities 163,738 373,089

Change in cash and cash equivalents in
the reporting period

187,502

233,511
Cash and cash equivalents at the
beginning of the reporting period

281,103

47,592
Cash and cash equivalents at the end of
the reporting period

468,605

281,103

WOKING HOMES

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 March 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2024 2023
£    £   
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)

934,265

(367,263

)
Adjustments for:
Depreciation charges 150,139 132,571
(Gain)/losses on investments (502,595 ) 496,809
Loss on disposal of fixed assets 7,216 -
Interest received (3,743 ) (969 )
Dividends and rental income received (438,178 ) (435,120 )
(Increase)/decrease in debtors (134,315 ) 10,535
Increase in creditors 10,975 23,859
Net cash provided by/(used in) operations 23,764 (139,578 )


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 281,103 187,502 468,605
281,103 187,502 468,605
Total 281,103 187,502 468,605

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

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.

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.

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.

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

1. ACCOUNTING POLICIES - continued

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
2024 2023
£    £   
Public donations 1,702 2,132
Legacies 365,119 183,542
Rail staff & company donations 11,625 12,325
378,446 197,999

At the year end the charitable company has received £129,782 from a legacy and a further estimate of £85,000 was still due to be received of which £65,000 was received as at the date of the signing of the accounts.

3. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Foxes income 20,609 26,572

4. INVESTMENT INCOME
2024 2023
£    £   
Investment income 203,346 203,089
Income from flats & other rentals 234,832 232,031
Bank interest receivable 3,743 969
441,921 436,089


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Charges to residents Provision of care 2,277,184 1,836,942
Staff accommodation charges Provision of care 41,508 37,998
2,318,692 1,874,940

6. OTHER INCOME
2024 2023
£    £   
Government grants - 803

7. RAISING FUNDS

Other trading activities
2024 2023
£    £   
Staff costs 1,798 6,931
Property expenses 14,919 29,965
16,717 36,896


Investment management costs
2024 2023
£    £   
Portfolio management 46,938 47,315

Aggregate amounts 63,655 84,211

8. CHARITABLE ACTIVITIES COSTS

Direct costs (note 9)
2024 2023
£ £

Provision of care 1,152,970 991,644
Catering services 378,311 330,036
Household services 352,078 306,913
Property & equipment maintenance 217,232 188,320
Vehicle & driver costs 21,911 27,882
Support costs 360,879 329,812
Other expenditure 180,964 148,039
2,664,345 2,322,646


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. DIRECT COSTS OF CHARITABLE ACTIVITIES

2024 2023
£ £
Care
Care staff costs 937,389 695,892
Agency care staff 215,581 295,752
1,152,970 991,644
Catering
Contract costs 364,037 318,838
Sale of food (3,878 ) (2,453 )
Miscellaneous 18,152 13,651
378,311 330,036
Household services
Laundry and household staff costs 137,389 123,186
Laundry expenses 20,610 20,546
Household and medical expenses 47,412 48,764
Light and heat 99,152 74,551
Insurances 20,547 17,006
Rates and water 26,968 22,860
352,078 306,913
Maintenance
General premises maintenance 150,964 121,539
Maintenance of premises - staff costs 53,836 48,496
Furniture repair and replacement 12,431 18,285
217,231 188,320
Vehicle & driver costs
Driver staff costs 15,977 22,984
Vehicle expenses 5,934 4,898
21,911 27,882
Support costs
Staff costs 266,910 241,838
Office expenses 17,281 17,039
Sundry expenditure 16,079 14,039
Advertising 12,271 16,830
Professional and accountancy 48,338 40,066
360,879 329,812
Other expenditure
Care Quality Commission 11,551 7,736
TV rental and licences 1,024 1,299
Staff training 11,033 6,433
Loss on disposal of fixed asset 7,216
Depreciation 150,138 132,571
180,962 148,039





WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

10. SUPPORT COSTS

Included within support costs are the audit fee of £11,000 (2023: £10,000).

11. NET INCOME/(EXPENDITURE)

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

2024 2023
£ £
Auditors' remuneration 11,000 10,000
Auditors' remuneration - non audit 14,000 13,750
Depreciation - owned assets 150,625 132,571
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 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


13. STAFF COSTS
2024 2023
£    £   
Wages and salaries 1,262,576 1,019,228
Social security costs 95,092 73,356
Other pension costs 55,632 46,743
1,413,300 1,139,327

The total remuneration for key management personnel in the year was £126,479 (2023: £116,969)

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

2024 2023
Care 37 35
Household and laundry 8 8
Maintenance 2 2
Driver 1 1
Support and administration 7 7
Foxes 1 1
56 54

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

2024 2023
£60,001 - £70,000 1 1

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

14. TANGIBLE FIXED ASSETS
Improvements
to
Freehold property Care home Motor
property from 2010 assets vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 3,217,187 4,026,169 280,895 53,446 7,577,697
Additions - 199,761 - - 199,761
Disposals - (8,018 ) - - (8,018 )
At 31 March 2024 3,217,187 4,217,912 280,895 53,446 7,769,440
DEPRECIATION
At 1 April 2023 1,110,864 1,058,190 280,384 41,825 2,491,263
Charge for year 4,253 143,059 511 2,316 150,139
Charge written back - (802 ) - - (802 )
At 31 March 2024 1,115,117 1,200,447 280,895 44,141 2,640,600
NET BOOK VALUE
At 31 March 2024 2,102,070 3,017,465 - 9,305 5,128,840
At 31 March 2023 2,106,323 2,967,979 511 11,621 5,086,434

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 2023 7,511,283 195,615 7,706,898
Additions 2,098,703 - 2,098,703
Disposals (2,057,736 ) - (2,057,736 )
Revaluations 678,469 - 678,469
Net cash movements - (78,779 ) (78,779 )
At 31 March 2024 8,230,719 116,836 8,347,555
NET BOOK VALUE
At 31 March 2024 8,230,719 116,836 8,347,555
At 31 March 2023 7,511,283 195,615 7,706,898

Market value Book cost
£ £
Investments in the UK 5,205,519 4,774,940
Investments outside the UK 3,025,200 2,438,080
8,230,719 7,213,020

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

15. FIXED ASSET INVESTMENTS - continued














Cost or valuation at 31 March 2024 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 )
Valuation in 2024 719,436 (78,779 ) 640,657
8,230,719 116,836 8,347,555

16. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 April 2023 4,100,000
Revaluation (60,000 )
At 31 March 2024 4,040,000
NET BOOK VALUE
At 31 March 2024 4,040,000
At 31 March 2023 4,100,000

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 £4,040,000 (2023: £4,100,000).

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 3,880,000
Valuation in 2023 220,000
Valuation in 2024 (60,000 )
4,040,000


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 77,473 37,298
Other debtors 7,744 5,795
Prepayments and accrued income 115,628 23,077
200,845 66,170

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 45,418 56,154
Social security and other taxes 25,182 19,459
Other creditors 14,422 13,808
Accrued expenses 51,157 35,783
136,179 125,204

19. LEASING AGREEMENTS

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

2024 2023
£    £   
Within one year 16,004 17,657
Between one and five years 50,592 66,596
66,596 84,253

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024 2023
Unrestricted Restricted Endowment Total Total
funds funds fund funds funds
£    £    £    £    £   
Fixed assets 5,128,840 - - 5,128,840 5,086,434
Investments 12,363,455 - 24,100 12,387,555 11,806,898
Current assets 669,450 - - 669,450 347,273
Current liabilities (136,179 ) - - (136,179 ) (125,204 )
18,025,566 - 24,100 18,049,666 17,115,401


WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

21. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 17,079,162 934,265 18,013,427
Designated Fund Southern Goodwill 12,139 - 12,139
17,091,301 934,265 18,025,566
Endowment funds
Endowment Fund 24,100 - 24,100

TOTAL FUNDS 17,115,401 934,265 18,049,666

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 3,159,668 (2,727,998 ) 502,595 934,265

TOTAL FUNDS 3,159,668 (2,727,998 ) 502,595 934,265


Comparatives for 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

WOKING HOMES

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

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

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

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

Net
movement At
At 1.4.22 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 17,446,425 567,002 18,013,427
Designated Fund Southern Goodwill 12,139 - 12,139
17,458,564 567,002 18,025,566
Endowment funds
Endowment Fund 24,100 - 24,100

TOTAL FUNDS 17,482,664 567,002 18,049,666

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 5,696,071 (5,134,855 ) 5,786 567,002

TOTAL FUNDS 5,696,071 (5,134,855 ) 5,786 567,002

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 2024

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.