Charity registration number 703194 (England and Wales)
Company registration number 02516363
CROFT CARE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CROFT CARE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs A Edmondson
Mr P J Heath
Mrs B Pearce
Miss S Edmondson
Mrs C Hibbert
Charity number
703194
Company number
02516363
Registered office
The Croft
Hawcoat Lane
Barrow in Furness
Cumbria
LA14 4HE
Auditor
JL Winder & Co
Suite 6
Furness Gate
Peter Green Way
Barrow in Furness
Cumbria
LA14 2PE
Bankers
NatWest
113 Dalton Road
Barrow in Furness
Cumbria
LA14 1WY
Furness Building Society
51-55 Duke Street
Barrow in Furness
Cumbria
LA14 1RT
United Trust Bank
1 Ropemaker Street
London
EC2Y 9AW
Solicitors
Livingstons Solicitors
9 Benson Street
Ulverston
Cumbria
LA12 7AU
CROFT CARE TRUST
CONTENTS
Page
Trustees' report
1 - 4
Statement of Trustees' responsibilities
5
Independent auditor's report
6 - 8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
CROFT CARE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Trustees present their Annual R eport and Financial Statements for the year ended 31 March 2025.

The Financial Statements have been prepared in accordance with the A ccounting P olicies set out in note 1 to the Financial Statements and comply with the Charity's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to C harities 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

The Charity's object ive s are to promote the care, treatment, education and advancement of people with learning and physical difficulties in Barrow in Furness.

The objectives are carried out by providing long term care in a Nursing and Residential setting. The Charity has 46 long term care beds (23 nursing and 23 residential) within a homely environment in which the Residents can live a full and active life.

The Charity's aim is to provide a safe and caring environment for Residents for as long as it is needed. Each Resident receives individualised care of the highest possible standard based on current knowledge and research, which promotes privacy, dignity and respect.

T here has been no change in these during the year.

The Trustees have paid due regard to guidance in section 17(5) of the 2011 Charities Act issued by the Charity Commission in deciding what activities the Charity should undertake.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the Company Law requirements for the Trustees to present a strategic report.

Achievements and performance

Following the retirement of Mrs Julie Marklew at the end of April, the Management structure was altered to 1 Registered Manager supported by a Deputy Manager. Steven Hibbert is the Registered Manager and Helen Waite is the Deputy Manager/Clinical Lead. Together they lead a small team of Junior Managers.

Our last inspection by CQC was on 25th February 2022. We were classed as a 'Good' home.

We continue to update and modernise and as Residents' needs change we adjust accordingly, keeping the accommodation maintained to a high standard.

At the end of April 2024, work began on the 5 bedroom ground floor extension to the Nursing Home. It was a major building project and was completed at the end of March this year. It has enabled us to move 5 of the upstairs Residents to the new ground level bedrooms leaving only 3 of the Residents upstairs. This has greatly reduced the use of the lift. The remaining empty rooms can now be used for Offices and storage.

The property at Highlands Avenue continues to provide a regular source of income as both the ground floor 1 bedroom flat and the upper 2 bedroom flat continue to be occupied.

We continue to audit and review on a regular basis. The Staff Training Officer delivers and monitors the ongoing Staff training which is specifically targeted for the individual needs of all our Residents.

CROFT CARE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial review

During the year the Charity provided long term Residential care for 46 Residents (2024 - 46), 23 within the Nursing Home and 23 within the Village. The year began with several vacancies in both the Nursing Home and the Village, by the end of the year only two vacancies remained and these were filled shortly after year end.

The Charity received fees for providing this residential care of £2,510,365 (2024 - £2,638,487).

The Charity has a significant Investment Portfolio and two rental flats. It received investment income of £62,560 (2024 - £51,715) from interest and dividends on these investments, and rent from the rental property.

It also received donations and gifts of £11,243 (2024 - £114,474). Last year included two legacies. Donations of £4,308 (2024 - nil) were for specific purposes and are shown as restricted funds.

Other income amounted to £9,519 (2024 - £23,807) and included an insurance claim and income for student nurse training.

This resulted in total income of £2,593,687 (2024 - £2,828,483) for the financial year.

Charitable expenditure in the year totalled £2,689,567 (2024 - £2,929,531),

Of this £2,120,382 (2024 - £2,260,261) was for staff wage costs to enable the care to be provided. This year this included agency costs of £42,447 (2024 - £121,852). Depreciation also accounts for a substantial part of these figures being £69,756 (2024 - £78,844).

£24,946 (2024 - £19,361) was spent on raising funds.

Total expenditure for the year was £2,714,513 (2024 - £2,949,861).

There were realised gains on Investments of £53,149 (2024 - £1,125) and unrealised losses of £47,888 (2024 - unrealised gains of £135,646).

The property on Highlands Ave comprises two rental flats and is included at fair value as an investment property on the balance sheet. The fair value adjustment was an increase in value of £20,000 (2024 - decrease of £107,754.

The net movement in funds was an decrease of £95,565 (2024 - decrease of £92,361).

The Charity has unrestricted reserves at the year end of £3,922,672 (2024 - £4,020,156) and restricted reserves of £7,395 (2024 - £5,476).

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level of £1million. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised.

The Charity has a significant Investment Portfolio which is managed by David Armstrong of True Potential Wealth Management LLP. The new building extension has been funded from the capital element of the Investments and where necessary further income was drawn to assist with the running costs of Croft Care Trust. There has been an inevitable decrease in the value this year as a result.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

CROFT CARE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Plans for future periods

Further internal building work is required in the Nursing Home but was put on hold until the completion of the bedroom extension.

We have submitted plans for the necessary repairs and alterations to the Nursing Home lounge floor, flat roof and the Conservatory. These have been passed and include a pitched roof for the lounge instead of a flat one along with levelling the floor which has begun to show signs of subsidence in one corner. The doors and ramp leading to the outside patio from the Conservatory will be moved and all the windows replaced to make it heat efficient. This work should begin in August/September. The building work is kindly being funded by the Ben Noble Trust.

We continue to strive forward with future planning. We changed our Charity Founding document to allow for older Adult s care should this be needed in the future. We will continue to renovate and improve the buildings and facilities, with a view to making them work better for us and our Residents.

Structure, governance and management

The Charity is a C ompany limited by guarantee and is governed by a Memorandum and Articles of Association.

The Trustees, who are also the Directors for the purpose of Company Law, and who served during the year and up to the date of signature of the financial statements were:

Mrs A Edmondson
Mr P J Heath
Mrs B Pearce
Miss S Edmondson
Mrs C Hibbert

Our Trustees are elected each year at our AGM. They are recruited for the skills they bring with them to help the Croft Care Trust. We are always on the look out to recruit more Trustees and ask that people who have the relevant skills apply via letter enclosing a CV. All new applicants will be checked through the Data Barring Service, Individual Insolvency Register, Register of Disqualified Directors and the Charity Commission. Subject to references and completed checks returning satisfactory results, applicants will be invited to join the Trustees.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the C ompany and guarantee to contribute £1 in the event of a winding up.

New Trustees are given a guided tour during which they are informed of our history, the type of age group of Clients we have and what our aims are for the future of the Croft Care Trust. They are given a booklet, produced by the Charities Commission called 'The Essential Charity Trustee' (CC3) which gives details of responsibilities undertaken and also the Memorandum and Articles of Association.

The Trustees of the Croft Care Trust are responsible for the business side of the Charity. The day to day running of the Charity is left to the Senior Management Team as follows:-

Mr S Hibbert - Registered Manager

Helen Waite - Clinical Lead Nurse / Deputy Manager

A review board comprising Mrs Avis Edmondson, Miss Sarah Edmondson and Mrs Colette Hibbert has been established to set the pay and remuneration of the C harity's key M anagement P ersonnel.

There are no connected Charities or Branches and no material transactions with Trustees or related parties.

CROFT CARE TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Funds held as Custodian Trustee

The Charity holds, as Custodian Trustee, a separate bank account which is not reflected in these accounts as the money belongs to Residents of Croft Care Trust. At the year end the total held was £36 (2024 - £1,331).

Auditor
Disclosure of information to Auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the Auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the Auditor is aware of such information.

The Trustees' R eport, including the Strategic Report, was approved by the Board of Trustees.

Mrs A Edmondson
Dated: 3 September 2025
CROFT CARE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The Trustees, who are also the directors of Croft Care Trust for the purpose of company law, are responsible for preparing the Trustees' Report 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

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

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

CROFT CARE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROFT CARE TRUST
- 6 -

Opinion

We have audited the financial statements of Croft Care Trust (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 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's 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 Charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the Trustees' r eport, which includes the d irectors’ r eport and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the strategic report and the d irectors' r eport included within the Trustees' r eport have been prepared in accordance with applicable legal requirements.

CROFT CARE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROFT CARE TRUST
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the d irectors' r eport included within the Trustees' r eport.

We have nothing to report in respect of the following matters in relation to which 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 s tatement of Trustees' r esponsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 c harity through discussions with trustees and senio r management, and from our commercial knowledge and experience of the charity 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 legislation such as the Companies Act 2006, taxation legislation, data protection, health and social care regulations, employment and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal 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.

CROFT CARE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROFT CARE TRUST
- 8 -

We assessed the susceptibility of the 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;

- 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;

- 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;

- e nquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with relevant regulators and the company’s legal advisors;

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of P art 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.

Sarah Roberts BSc FCA (Senior Statutory Auditor)
For and on behalf of JL Winder & Co, Statutory Auditor
Chartered Accountants
Suite 6
Furness Gate
Peter Green Way
Barrow in Furness
Cumbria
LA14 2PE
6 October 2025
CROFT CARE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
3
6,935
4,308
11,243
114,474
Charitable activities
4
2,510,365
-
2,510,365
2,638,487

Investment s

5
62,560
-
62,560
51,715
Other income
6
9,519
-
9,519
23,807
Total income and endowments
2,589,379
4,308
2,593,687
2,828,483
Expenditure on:

R aising funds

7
24,946
-
24,946
19,361
Charitable activities
8
2,687,178
2,389
2,689,567
2,929,531
Other
13
-
-
-
969
Total resources expended
2,712,124
2,389
2,714,513
2,949,861
Net gains/(losses) on investments
14
25,261
-
25,261
29,017
Net movement in funds
(97,484)
1,919
(95,565)
(92,361)
Fund balances at 1 April 2024
4,020,156
5,476
4,025,632
4,117,993
Fund balances at 31 March 2025
3,922,672
7,395
3,930,067
4,025,632
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CROFT CARE TRUST
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
16
2,099,271
1,546,331
Investment properties
17
320,000
300,000
Investments
18
1,428,737
2,024,316
3,848,008
3,870,647
Current assets
Stocks
20
4,687
6,666
Debtors
19
83,923
126,916
Cash at bank and in hand
266,794
280,965
355,404
414,547
Creditors: amounts falling due within one year
21
(273,345)
(259,562)
Net current assets
82,059
154,985
Total assets less current liabilities
3,930,067
4,025,632
Income funds
Restricted funds
23
7,395
5,476
Unrestricted funds
General unrestricted funds
25
3,922,672
4,020,156
3,922,672
4,020,156
3,930,067
4,025,632
The accounts were approved by the Trustees on 3 September 2025
Mrs A Edmondson
Trustee
Company Registration No. 02516363
CROFT CARE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(54,876)
(20,004)
Investing activities
Purchase of tangible fixed assets
(622,695)
(123,923)
Purchase of investments
(154,563)
(166,933)
Proceeds from disposal of investments
755,403
163,248
Investment income received
62,560
51,715
Net cash generated from/(used in) investing activities
40,705
(75,893)
Net cash generated from financing activities
-
-
Net decrease in cash and cash equivalents
(14,171)
(95,897)
Cash and cash equivalents at beginning of year
280,965
376,862
Cash and cash equivalents at end of year
266,794
280,965
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Croft Care Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Croft, Hawcoat Lane, Barrow in Furness, Cumbria, LA14 4HE.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
1.4
Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Care fee income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, As the Charity is not VAT registered all figures shown in the accounts are gross.

CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Resources expended are accounted for on an accruals basis and are allocated to the relevant cost category.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straight line
Fixtures, fittings & equipment
15% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Assets with a cost of £500 or less are not capitalised.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9
Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price.

CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.11
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.13
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2
Judgements and key areas of estimation uncertainty

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Fixed assets

The useful life and depreciation rate of tangible fixed assets is regularly reviewed and amended where necessary.

Valuation of investment property

The company has obtained a market valuation for the investment property from a local valuer who has extensive knowledge of the area.

3
Donations and legacies
Unrestricted
Restricted
Total
Total
funds
funds
2025
2024
£
£
£
£
Donations and gifts
6,935
4,308
11,243
114,474
6,935
4,308
11,243
114,474
For the year ended 31 March 2024
114,474
-
114,474
4
Charitable activities
2025
2024
£
£

Income from care fees

2,510,365
2,638,487
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Rental income
20,431
9,349
Other income
37,835
37,833
Interest receivable
4,294
4,533
62,560
51,715
6
Other income
2025
2024
£
£
Income from staff meals
460
550

Minibus income

4,398
1,026

Misc income

4,661
22,231
9,519
23,807
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
7

R aising funds

Unrestricted
Restricted
Total
Unrestricted
funds
funds
funds
2025
2025
2025
2024
£
£
£
£
Fundraising and publicity
Other fundraising costs
59
-
59
536
Investment management fees
13,675
-
13,675
15,148
Rental property costs
11,212
-
11,212
3,677
24,887
-
24,887
18,825
24,946
-
24,946
19,361
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
8
Charitable activities
2025
2024
£
£
Staff costs
2,120,382
2,260,261
Depreciation and impairment
69,756
78,844

Provisions

78,111
94,977

Hygiene and surgical supplies

19,567
21,914

Rates and water

37,081
25,351

Fuel and light

73,475
86,906

Insurance

33,992
32,593

Telephone

2,616
2,406

Cleaning and laundry

22,860
23,258

Waste disposal

16,330
15,831

Equipment maintenance

18,749
25,981

Property maintenance

28,126
69,086

Garden maintenance

149
337
Repairs and renewals - general DIY
38,707
39,203

Residents' welfare and entertainment

5,088
6,547
TV licence fees and sundries
3,040
2,227
Recruitment and training costs
12,180
21,225
Staff overalls and expenses
9,658
22,502
Motor expenses
8,670
6,610
Registration fees
13,959
12,038
Office costs
34,341
48,814
Bank charges
2,117
2,544
Payroll fees
7,664
10,428
Legal and professional fees
17,199
11,751
Accountancy and audit fees
15,450
7,897
2,689,567
2,929,531
Analysis by fund
Unrestricted funds
2,687,178
Restricted funds
2,389
2,689,567
For the year ended 31 March 2024
Unrestricted funds
2,927,885
Restricted funds
1,646
2,929,531
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
6,600
6,300
- for other financial services
1,250
1,200
Depreciation of owned tangible fixed assets
69,756
78,844
Loss on disposal of tangible fixed assets
-
969
10
Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year.

11
Auditor's remuneration

The analysis of auditor's remuneration is as follows:

2025
2024
£
£
Audit of the annual accounts
6,600
6,300
Non-audit services
All other non-audit services
1,250
1,200
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
12
Employees
Number of employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Residential care
83
71
Management and administration
2
3
85
74
Employment costs
2025
2024
£
£
Wages and salaries
1,862,901
1,931,397
Social security costs
153,884
141,804
Other pension costs
61,150
65,208
2,077,935
2,138,409
Agency staff costs
42,447
121,852

The full time equivalent staff number is 69 (2024 - 69).

The number of employees whose annual remuneration was £60,000 or more were:
2025
2024
Number
Number
£60,000 to £69,999
1
2

Contributions totalling £11,072 (2024: £15,303) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

13
Other
2025
2024
£
£
Net loss on disposal of tangible fixed assets
-
969
-
969
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
14
Net gains/(losses) on investments
Unrestricted
Total
funds
2025
2024
£
£
Revaluation of investments
(47,888)
135,646
Gain/(loss) on sale of investments
53,149
1,125
Revaluation of investment properties
20,000
(107,754)
25,261
29,017
15
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

16
Tangible fixed assets
Land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
2,456,378
378,029
48,408
2,882,815
Additions
621,088
1,607
-
622,695
At 31 March 2025
3,077,466
379,636
48,408
3,505,510
Depreciation and impairment
At 1 April 2024
982,244
320,097
34,142
1,336,483
Depreciation charged in the year
49,129
16,929
3,698
69,756
At 31 March 2025
1,031,373
337,026
37,840
1,406,239
Carrying amount
At 31 March 2025
2,046,093
42,610
10,568
2,099,271
At 31 March 2024
1,474,133
57,932
14,266
1,546,331
17
Investment property
2025
£
Fair value
At 1 April 2024
300,000
Net gains or losses through fair value adjustments
20,000
At 31 March 2025
320,000
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Investment property
(Continued)
- 22 -

Investment property is the property at Highlands Ave which now comprises two rental flats. The ground floor was formerly the charity's sandwich shop with a rental flat upstairs. After closure of the shop this was converted to a second rental flat, completed in May 2023.

The fair value of the investment property has been arrived at on the basis of a valuation provided by Corrie and Co, Estate Agents, who are not connected with the Charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

18
Fixed asset investments
2025
2024
£
£
Investments
1,428,737
2,024,316
Movements in fixed asset investments
Shares
£
Cost or valuation
At 31 March 2024
2,024,316
Additions
154,563
Valuation changes
(47,888)
Disposals
(702,254)
At 31 March 2025
1,428,737
Carrying amount
At 31 March 2025
1,428,737
At 31 March 2024
2,024,316
19
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,688
3,368
Other debtors
764
1,336
Prepayments and accrued income
75,471
122,212
83,923
126,916
20
Stocks
2025
2024
£
£
Stock
4,687
6,666
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
21
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
45,385
50,967
Payments received on account
47,374
31,352
Trade creditors
83,586
61,624
Other creditors
65,843
72,549
Accruals and deferred income
31,157
43,070
273,345
259,562
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,150
65,208

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

23
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

Movement in funds
Balance at
1 April 2023
Resources expended
Transfers
Balance at
1 April 2024
Incoming resources
Resources expended
Balance at
31 March 2025
£
£
£
£
£
£
£
COVID-19 support grants
5,525
-
(5,525)
-
-
-
-
Morrisons garden grant
1,115
-
(1,115)
-
-
-
-
Restricted donations
-
-
-
-
3,050
(300)
2,750
Restricted fixed assets
7,122
(1,646)
-
5,476
-
(1,646)
3,830
Restricted donations (amenity fund)
-
-
-
-
1,258
(443)
815
13,762
(1,646)
(6,640)
5,476
4,308
(2,389)
7,395
CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
24
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
2,095,441
3,830
2,099,271
Investment properties
320,000
-
320,000
Investments
1,428,737
-
1,428,737
Current assets/(liabilities)
78,494
3,565
82,059
3,922,672
7,395
3,930,067
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
1,540,855
5,476
1,546,331
Investment properties
300,000
-
300,000
Investments
2,024,316
-
2,024,316
Current assets/(liabilities)
154,985
-
154,985
4,020,156
5,476
4,025,632
25
Unrestricted funds

The income funds of the charity include the following allocations which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds
Balance at 1 April 2024

Increase

Decrease

Transfers

G ains and losses

Balance at 31 March 2025
£
£
£
£
£
£
General
221,706
2,551,544
(2,649,230)
3,822
-
127,842
Security
2,024,316
37,835
(13,765)
(624,910)
5,261
1,428,737
Property
1,474,134
-
(49,129)
621,088
-
2,046,093
Investment property
300,000
-
-
-
20,000
320,000
4,020,156
2,589,379
(2,712,124)
-
25,261
3,922,672

The charity view the funds held in investments as 'security' funds, these are to ensure that the charity can continue to operate for the forseeable future. This reserve contains a minimum of one year's operating costs.

The net book value of the property and valuation of the investment property are shown separately as 'property' funds, on the basis that these funds are not readily available to the charity.

The general fund is the balance of 'free' reserves.

CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
26
Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Between two and five years
6,086
7,679

27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
163,377
221,650
28
Analysis of changes in net funds

The Charity had no material debt during the year.

CROFT CARE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
29
Cash generated from operations
2025
2024
£
£
Deficit for the year
(95,566)
(92,361)
Adjustments for:
Investment income recognised in statement of financial activities
(62,560)
(51,715)
(Gain)/loss on disposal of tangible fixed assets
-
969
Gain on disposal of investments
(53,149)
(1,125)
Fair value gains and losses on investment properties
(20,000)
107,754
Fair value gains and losses on investments
47,888
(135,646)
Depreciation and impairment of tangible fixed assets
69,756
78,844
Movements in working capital:
Decrease in stocks
1,979
59
Decrease/(increase) in debtors
42,993
(27,060)
Increase in creditors
13,783
100,277
Cash absorbed by operations
(54,876)
(20,004)
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