| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Financial Statements |
| for the Period 27 June 2023 to 31 August 2024 |
| for |
| St David's (1918) Charitable Trust |
| (A Company Limited by Guarantee) |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Financial Statements |
| for the Period 27 June 2023 to 31 August 2024 |
| for |
| St David's (1918) Charitable Trust |
| (A Company Limited by Guarantee) |
| St David's (1918) Charitable Trust |
| Contents of the Financial Statements |
| for the Period 27 June 2023 to 31 August 2024 |
| Page |
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 | to | 8 |
| Report of the Independent Auditors | 9 | to | 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 | to | 19 |
| St David's (1918) Charitable Trust |
| Reference and Administrative Details |
| for the Period 27 June 2023 to 31 August 2024 |
| TRUSTEES |
| REGISTERED OFFICE |
| REGISTERED COMPANY NUMBER |
| REGISTERED CHARITY NUMBER |
| AUDITORS |
| Chartered Certified Accountants |
| Alton House |
| 66-68 High Street |
| Northwood |
| Middlesex |
| HA6 1BL |
| SOLICITORS | Pothecary Witham Weld |
| 84 Eccleston Square |
| London |
| SW1V 1PX |
| HR CONSULTANTS | Atlas Citation Limited |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| This is the first report of the new charitable company which was formed from the original charity, St David’s Home for Disabled Soldiers, Sailors and Airmen and incorporated on 27 June 2023. |
| Throughout this report the 'original charity' is the one formed in 1918 as St David's Home for Disabled Soldiers, Sailors and Airmen. 'The charity' is the new charitable company, incorporated on 27 June 2023. The new charitable company commenced trading on 1 September 2023. |
| The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present this report with the financial statements for the period 27 June 2023 (the date of incorporation) to 31 August 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). |
| The principal activity of the original charity and the new charitable company from 27 June 2023 to 8 July 2024 was to operate St David's Home in Ealing. |
| On 8 July 2024 the charity sold St David's Home to Goldcare Ltd. |
| The charity's change of name to St David's (1918) Charitable Trust, which reflects both its history and its new status, was certified at Companies House on 6 September 2024 and approved by the Charity Commission on 1 October 2024. It has retained its objects as detailed below, but no longer operates a care home. |
| INCORPORATION |
| The charitable company was incorporated on 27 June 2023 and commenced trading on 1 September 2023. |
| OBJECTIVES AND ACTIVITIES |
| Aims |
| The objects of the charity are to relieve the physical and mental disability for individuals who are: |
- | Members and former members of His Majesty's Armed Forces or His Majesty's Allied Forces who during the course of their service have become disabled in some way. |
| - | Other people who at any time have served in such forces. |
| - | Dependants of those above and other people in need. |
| In the running of St David's Home up until 8 July 2024, the charity's aims were to: |
- | Provide excellent personal and nursing care to all our residents, in a homely environment, whilst also preserving the right to privacy and independence; |
- | Provide care, delivered by skilled staff, underpinned by core values of privacy, dignity, choice, rights, proper assessment of risk, respect, equality, fulfilment, independence and security, to a standard which embraces the fundamental principles of good practice and meets the requirements of the Care Act 2014; and |
- | Recognise each resident as an individual and enable each resident to achieve the highest possible quality of life throughout their time with us. With consent from the resident, family and friends are welcome and are involved in the planning and delivery of care. |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| OBJECTIVES AND ACTIVITIES |
| Activities and ethos |
| 27 June 2023 to 8 July 2024 |
| St David's Home was and remains registered with the Care Quality Commission (CQC) as a nursing home with 76 beds. |
| Four units consisted of the Main Unit with 43 beds; the Lord Mark Unit with 18 beds, the Century Unit with 8 beds and the Rehab Unit consisting of 7 beds. All rooms were en-suite apart from 20 rooms in the Main Unit. |
| Applications for financial support were made to benevolent associations and grant-making trusts as appropriate, and funds from voluntary sources were raised by appeals and fund-raising events to supplement fee income. |
| Our residents were vulnerable and many were physically and/or mentally frail. They may have been unable to give informed consent, make appropriate choices or judgements, or recognise risks to themselves. We adopted best practices to protect them, including: |
| - Disclosure and Barring Service (DBS) for all staff, trustees and volunteers; |
| - Safeguarding of Vulnerable Adults (SOVA) training; |
| - Complaints Policy, Whistleblowing Policy, Safeguarding Policy and Duty of Candour Policy; |
| - Meetings, dialogue and engagement with staff, residents, families and trustees to ensure a culture of honesty and openness. |
| 8 July 2024 onwards |
| Having sold St David's Home to Goldcare Ltd, the charity retains its objectives as set out above. Following a period of intensive effort to sell the Home as a going concern, the trustees have decided to review the best way of delivering these objectives in the new circumstances. This review is ongoing and a new strategy will be developed as decisions are made. |
| In the meantime, trustees have concentrated on resolving some administrative issues, such as banking arrangements, and on prudently investing the capital gained as a result of the sale. |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| OBJECTIVES AND ACTIVITIES |
| Public benefit |
| In setting the aims, objectives and planning activities, the trustees gave consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on health care and fee charging. |
| Although the principal object of the charity is to relieve the physical and mental disability of Service or ex-Service personnel, this was broadened in 2007 to allow those with no service connection to take advantage of the care offered at St David's Home. Priority was still given to those with a Service connection. |
| Up until 8 July 2024, the charity fulfilled its charitable purposes for the public benefit in the following ways: |
| - Proving a high standard of care to all our residents, regardless of age or background; |
| - Caring for our residents in a holistic, caring and kind manner and striving to ensure our fees are manageable; |
| - Caring for our residents reliant on public funding at fee rates which do not cover the true cost. The Trustees continue to be concerned about the level of this public subsidy, but the status of St David's Home as a charity helps ensure that all residents enjoy the high standards of care that we are able to provide. |
| As of 8 July 2024, the date of sale, 22% of room income comes from Local Authorities, 40% comes from Clinical Commissioning Group (CCG) funding and 13% from privately funded residents. The remainder came from direct funding from the NHS or top-ups from the resident's family. In-keeping with its charitable status, the Home sought to avoid the non-elective admission of residents to hospital, which benefited not only the resident and their family, but also the wider public health sector. |
| The occupancy level for the period to 8 July 2024 was 83.50% (year to 31 March 2023 - 79.66%). |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| STRATEGIC REPORT |
| Achievement and performance |
| Charitable activities |
| The Home continued to operate successfully and at high occupancy levels until early 2020 when the service, as with all similar provision across the sector, began to experience the impact of the Covid-19 pandemic and the number of referrals reduced. This had a considerable negative impact on financial performance. |
| We ran a popular activities programme, ensuring that all residents, regardless of medical condition, experience different activities and events for their enjoyment and stimulation. |
| The Chapel was a focal point for many residents, staff and visitors, although Covid-19 restrictions limited our services. |
| As stated in previous reports, the trustees commissioned independent reviews of care quality and financial performance in 2023. They then sought and received detailed professional advice to inform the strategic options for the charity. |
| The first decision was to seek expert professional advice in the areas of business, law and property. A team of advisers was formed in mid-2023 and a review of the charity's options was conducted. The choice was: |
| - to attempt to turn around the financial performance of our care home (the 'turn around option') |
| - to close the Home and sell it with vacant possession on the open market (the 'vacant possession option') |
| - to sell the Home as a going concern (the 'going concern option') |
| After much debate and based on advice received, attempting to turn around the financial performance of the Home was considered to be the riskiest of the options. As the provider of a single home, there were no economies of scale or the ability to spread overheads across a portfolio of homes. |
| Whilst the vacant possession option was in a purely financial way attractive, the trustees wanted to ensure that a care home remained on the site in Ealing for the foreseeable future. |
| The trustees took legal advice on the duties of trustees and decision making when considering the strategic options for the charity, and having considered all relevant factors, decided that a sale of the business to an experienced care home operator be pursued. Following professional advice as to the most appropriate process to follow, a suitable purchaser was found and the sale of the business was completed on 8 July 2024. |
| As part of the reorganisation process the trustees incorporated a charitable limited company (company number 14964611 and registered charity number 1204445) on 27 June 2023 and the net assets were transferred from the original charity (registered number 220151) under a formal legal agreement completed on 1 September 2023. |
| As all assets and liabilities had been transferred to the new charity, this left the original charity as a "shell" with no remaining assets. It has now been removed from the register of charities. |
| This report covers the period from incorporation (27 June 2023) through the sale (8 July 2024) to a new period end (31 August 2024). Companies House has agreed that the current accounting period be extended from 30 June 2024 to 31 August 2024. Future year-ends will be on 31 August. |
| Investment policy and objectives |
| During the period the trustees reviewed their investment policy and invited eleven organisations to tender for management of the bulk of the charity’s capital. Having shortlisted and interviewed five organisations, it was decided to appoint CCLA as investment manager. The charity’s new investment policy is, in summary, to generate an average total return of inflation (CPI) plus 4% after fees. |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| STRATEGIC REPORT |
| Financial review |
| Reserves policy |
| The reserves policy is to have free reserves of between three and six months unrestricted expenditure. Current free reserves are £6,619,269. The trustees will keep the reserves policy under review. |
| Results for the year |
| The results for the year were as follows: |
| £ |
| Incoming resources | 11,207,609 |
| Resources expended | 4,588,340 |
| Net increase in funds | 6,619,269 |
| Reserves carried forward | 6,619,269 |
| Donations |
| Included in the incoming resources is £4,829,500 in donations received from the old charity. Further reserves of £177,878 were also released on closure of the old charity. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a company, limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| Trustees are appointed by the Board of Trustees with due consideration for the skills and experience required to assist the growth and development of the charity. Trustees normally serve for three years, renewable for two further terms of three years each. |
| Induction and training of new trustees |
| A new trustee is introduced to the charity's work and briefed on the current aims, objectives and the financial position of the charity. |
| Organisational structure |
| The Board of Trustees met weekly during the lead-up to sale, and at least once a month during the rest of the period. When operating the Home, the business of the meetings was to receive assurances on performance and delivery, including reviewing financial statements and operational issues raised by the Director; and to discuss all issues arising from the due diligence process and to make decisions. |
| The day to day running of St David's Home was delegated to the Home Director who was the Registered Manager and to whom all departmental heads reported. |
| Since the sale, the Board has met monthly. Its main business has been post-sale administration, legacy matters and investment management. |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
| The trustees were conscious of the risks associated with delivering care and the need to ensure that effective leadership and management is in place. |
| They took an active role in examining risks, their mitigating actions and the resourcing requirements needed to deliver care to the residents and meet the Government's published requirements, advice and guidance. The impact of substantially reduced income and increased costs was significant. |
| Trustees identify potential risks to the charity by carrying out regular detailed reviews of its activities and future strategy. These risks are kept under regular review. The following specific measures were and continue to be in place to mitigate against potential risks and the management of risks which materialise as issues: |
| - Monitoring financial reserve levels. |
| - Ensuring internal/external controls continue to enable operations but provide checks and balances to key financial systems and activities. |
| - Reviewing operational and business risks. |
| - A wide and appropriate variety of professional skills and experience in the Board of Trustees. |
| - A comprehensive and adequate suite of insurance policies. |
| - Ensuring updated, relevant current written policies and procedures. |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of St David's (1918) Charitable Trust 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | 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. |
| In so far as the trustees are aware: |
| - | there is no relevant audit information of which the charitable company's auditors are 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 auditors are aware of that information. |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Report of the Trustees |
| for the Period 27 June 2023 to 31 August 2024 |
| AUDITORS |
| The auditors, Munday Long & Co Ltd, were appointed as the first auditors to the charity, having acted as auditors to St. David's Home for Disabled Soldiers, Sailors and Airmen for a number of years. The Trustees have decided to enter in to a tendering process for the appointment of new auditors for the year ending 31 August 2025. |
| Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
| Report of the Independent Auditors to the Members of |
| St David's (1918) Charitable Trust |
| Opinion |
| We have audited the financial statements of St David's (1918) Charitable Trust (the 'charitable company') for the period ended 31 August 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 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Auditors 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 Auditors to the Members of |
| St David's (1918) Charitable Trust |
| 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. |
| 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 Auditors 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: |
| - enquiry of management, those charged with governance around actual and potential litigation and claims. |
| - enquiry of entity staff to identify any instances of non-compliance with laws and regulations. |
| - reviewing financial statement disclosures and testing to supporting documentation to assess compliance |
| with applicable laws and regulations. |
| - reviewing minutes of meetings of those charged with governance. |
| - performing audit work over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
| 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 Auditors. |
| Report of the Independent Auditors to the Members of |
| St David's (1918) Charitable Trust |
| 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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants |
| 66-68 High Street |
| Northwood |
| Middlesex |
| HA6 1BL |
| St David's (1918) Charitable Trust |
| Statement of Financial Activities |
| for the Period 27 June 2023 to 31 August 2024 |
| Unrestrict |
| fund |
| Notes | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Charitable activities | 4 |
| Investment income | 3 |
| Other income |
| Total |
| EXPENDITURE ON |
| Charitable activities | 5 |
| Other |
| Total |
| NET INCOME |
| TOTAL FUNDS CARRIED FORWARD |
| St David's (1918) Charitable Trust (Registered number: 14964611) |
| Balance Sheet |
| 31 August 2024 |
| Unrestrict |
| fund |
| Notes | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 13 |
| Unrestricted funds |
| TOTAL FUNDS |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| St David's (1918) Charitable Trust |
| Cash Flow Statement |
| for the Period 27 June 2023 to 31 August 2024 |
| Notes | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 6,776,595 |
| Interest paid | (11,637 | ) |
| Interest element of hire purchase or finance lease rental payments paid |
(9,474 |
) |
| Net cash provided by operating activities | 6,755,484 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (4,604,670 | ) |
| Sale of tangible fixed assets | 4,469,090 |
| Interest received | 16,293 |
| Net cash (used in)/provided by investing activities | (119,287 | ) |
| Change in cash and cash equivalents in the reporting period |
6,636,197 |
| Cash and cash equivalents at the beginning of the reporting period |
- |
| Cash and cash equivalents at the end of the reporting period |
6,636,197 |
| St David's (1918) Charitable Trust |
| Notes to the Cash Flow Statement |
| for the Period 27 June 2023 to 31 August 2024 |
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
| £ |
| Net income for the reporting period (as per the Statement of Financial Activities) |
6,619,269 |
| Adjustments for: |
| Depreciation charges | 135,579 |
| Interest received | (16,293 | ) |
| Interest paid | 11,637 |
| Interest element of hire purchase and finance lease rental payments |
9,474 |
| Increase in debtors | (160,621 | ) |
| Increase in creditors | 177,550 |
| Net cash provided by operations | 6,776,595 |
| 2. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 27.6.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | - | 6,636,197 | 6,636,197 |
| - | 6,636,197 | 6,636,197 |
| Total | - | 6,636,197 | 6,636,197 |
| St David's (1918) Charitable Trust |
| Notes to the Financial Statements |
| for the Period 27 June 2023 to 31 August 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. |
| 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. |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| 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. |
| 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. |
| St David's (1918) Charitable Trust |
| Notes to the Financial Statements - continued |
| for the Period 27 June 2023 to 31 August 2024 |
| 2. | DONATIONS AND LEGACIES |
| £ |
| Donations |
| 3. | INVESTMENT INCOME |
| £ |
| Deposit account interest |
| 4. | INCOME FROM CHARITABLE ACTIVITIES |
| Activity | £ |
| Patients' fees | Nursing Home | 3,981,356 |
| 5. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 6) | Totals |
| £ | £ | £ |
| Nursing Home | 4,549,829 | 29,037 | 4,578,866 |
| 6. | SUPPORT COSTS |
| Governance |
| Management | costs | Totals |
| £ | £ | £ |
| Nursing Home | 11,637 | 17,400 | 29,037 |
| 7. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| £ |
| Auditors' remuneration | 17,400 |
| Depreciation - owned assets |
| Hire of plant and machinery | 28,303 |
| 8. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the period ended 31 August 2024. |
| Trustees' expenses |
| There were no trustees' expenses paid for the period ended 31 August 2024. |
| St David's (1918) Charitable Trust |
| Notes to the Financial Statements - continued |
| for the Period 27 June 2023 to 31 August 2024 |
| 9. | STAFF COSTS |
| £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| 3,372,661 |
| The average monthly number of employees during the period was as follows: |
| Staff |
| 10. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | and | Motor |
| property | property | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| St David's (1918) Charitable Trust |
| Notes to the Financial Statements - continued |
| for the Period 27 June 2023 to 31 August 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Trade creditors |
| Other creditors |
| Accrued expenses |
| 13. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| in funds | 31.8.24 |
| £ | £ |
| Unrestricted funds |
| General fund | 6,619,269 | 6,619,269 |
| TOTAL FUNDS | 6,619,269 | 6,619,269 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 11,207,609 | (4,588,340 | ) | 6,619,269 |
| TOTAL FUNDS | ( |
) | 6,619,269 |
| 14. | RELATED PARTY DISCLOSURES |
| As part of the reorganisation process the net assets and liabilities were transferred from the original charity (registered number 220151) under a formal legal agreement completed on 1 September 2023. Included in the incoming resources is £5,007,378 received from the original charity. |
| There were no other related party transactions for the year ended 31 August 2024. |