The Trustee Directors present their annual report and financial statements for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company'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)".
During the year, the charity continued to deliver high-quality residential care to elderly residents, providing accommodation, personal care and wellbeing support to an average of 28 residents (2024: 27).
The Home maintained a high standard of care, with regular internal quality reviews and external regulatory inspections confirming continued compliance with applicable care standards.
Resident wellbeing remained a key focus, with a programme of social, recreational and therapeutic activities delivered throughout the year.
Feedback from residents and their families remained positive, with particular emphasis on the quality of care, staff engagement and the homely environment of the Home.
The charity also contributed to reducing pressure on local health and social care services by providing stable long-term residential placements for older people in the Oxford area.
The Trustee Directors monitor the performance of the charity using a range of financial and operational key performance indicators. Key indicators for the year were as follows:
Occupancy rate: 96% (2024: 94%)
Operating surplus: £96,843 (2024: £113,584)
Staffing levels: Average of 38 employees (2024: 38)
Maintaining high occupancy levels continues to be critical to financial sustainability. During the year, occupancy remained strong, supported by an ongoing waiting list. The operating surplus was in line with expectations and enabled the charity to maintain its reserves and reinvest in facilities and services provided.
The charity aims to provide a safe, comfortable and supportive environment for its residents. During the year, the following outcomes were achieved:
continued provision of fully en-suite accommodation across all 29 rooms
delivery of a structured programme of resident activities, including social events and outings
ongoing investment in staff training and development to ensure high standards of care
maintenance and improvement of the Home's facilities to meet regulatory and resident expectations.
The Trustee Directors consider that these outcomes contribute directly to improving residents quality of life and independence.
There was net surplus for the year amounting to £96,843 (2024: £113,584). The Charity's primary source of income is generated by room fees from residents of the Home.
It is the policy of the Charity to hold reserves in its General Fund in order to protect the future operations of the Charity and as part of a policy of good financial management practice. As at 30th September 2025 the amount of reserves in the General Fund was £2,483,791 (2024: £2,386,948) of which £677,891 (2024: £682,266) was represented by net current assets. The principal funding source is residents' fees.
The Trustees recognise the importance of maintaining adequate liquid resources to ensure the continued provision of high-quality care services and to safeguard the charity against unforeseen financial pressures.
The charity operates a reserves policy designed to provide financial stability and resilience. In accordance with this policy, the Trustees aim to maintain unrestricted liquid reserves equivalent to no less than six months of ongoing operating expenditure. These funds are held in readily accessible form to ensure that the charity can meet its financial obligations as they fall due and continue its activities without disruption.
This level of reserves has been determined with regard to the nature of the charity’s operations, including the need to provide continuous care for residents, the potential for fluctuations in income, and the importance of maintaining service continuity in the event of unexpected circumstances.
The Trustees review the adequacy of reserves regularly, taking into account the charity’s financial performance, risk profile, and future plans. At the year end, the Trustees are satisfied that the level of liquid reserves held is appropriate to meet the charity’s needs and is consistent with the reserves policy.
The Trustee Directors have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Home's ability to maintain fees at a reasonable level whilst covering expenditure is dependent on maintaining high percentage occupancy levels.
The Care Quality Commission (CQC) set out criteria for the Home to comply with and operate within and inspect on a regular basis. The Trustees continue a phased programme of refurbishment to upgrade the Home.
The Home, in consultation with its insurers, is fully covered for all insurable events which are appropriate for a charitable organisation of its size and activities.
Health and Safety is continuously reviewed and any matters which need rectification are identified and remedied.
Employment and personnel policies and the policies' implementation are regularly assessed to make sure that they conform with up to date legal requirements. The Home currently pays everyone in excess of the Oxford living wage. The Trustees believe that this policy reduces staff turnover and associated recruitment and training costs.
Looking ahead, the Trustee Directors intend to:
maintain high occupancy levels by continuing to provide a high standard of care and responding to resident needs
continue investment in the fabric of the Home to ensure compliance with evolving regulatory standards
monitor cost pressures, particularly to ensure that they remain competitive while covering the cost of care provision
The charity will continue to focus on delivering high-quality residential care while maintaining a prudent level of reserves to safeguard its long-term future.
The Lady Nuffield Home is a company limited by guarantee. The Company is a registered charity which provides residential care for older persons. The Trustee Directors take in to account the Charity Commission guidance on public benefit and believe that the activities of The Lady Nuffield Home are in line with that guidance.
The Trustee Directors, 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:
The Trustee Directors are appointed by the Board Members. In accordance with Charity's Articles of association at every Annual General Meeting, one third of the Board Members who are subject to retirement by rotation shall retire and being eligible offer themselves for reappointment. No person other than a Board Member retiring by rotation shall be appointed or reappointed unless he/she is recommended by the Board Members.
The Company also purchased and maintained Directors' and Officers' liability insurance in respect of itself and its Trustee Directors.
The Trustee Directors hold bi-monthly meetings at which the Trustee Directors review the Registered Manager's report on key events in the Home since the previous meeting, a Finance report and are updated on charity and care home regulations and legislation. The Registered Manager's report includes information on staffing and resident changes and issues, maintenance of the Home and planned events for the residents. Major issues including fee increase, annual wage review, financial budget and capital expenditure require approval at a Trustee Directors Meeting. Day to day management of the Home is delegated to the Care Home Director and Registered Manager who attend the monthly meetings.
In accordance with the company's articles, a resolution proposing that Shaw Gibbs (Audit) Limited be reappointed as auditor of the company will be put at a General Meeting.
The Trustee Directors' report was approved by the Board of Trustee Directors.
The Trustee Directors, who are also the directors of The Lady Nuffield Home for the purpose of company law, are responsible for preparing the Trustee Directors' 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 Trustee Directors 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 year.
In preparing these financial statements, the Trustee Directors 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 charitable company will continue in operation.
The Trustee Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of The Lady Nuffield Home (the ‘charitable company’) for the year ended 30 September 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:
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.
In auditing the financial statements, we have concluded that the Trustee Directors' 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 Trustee Directors 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 Trustee Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Trustee Directors' report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the statement of Trustee Directors' responsibilities, the Trustee Directors, are also the directors of the charitable company for the purpose of company law, and 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 Trustee Directors 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 Trustee Directors 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 Trustee Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the charitable company and how the management seek to comply with those laws and regulations. This helps us to plan appropriate risk assessments.
During the audit we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Trustee Board Minutes and other documentation.
We assess the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including:
Reviewing the controls set in place by management;
Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist;
Challenging management assumptions with regard to accounting estimates; and
Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities 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 Trustee Directors as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's Trustee Directors 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 Trustee Directors as a body, for our audit work, for this report or for the opinions we have formed.
Shaw Gibbs (Audit) Limited is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Investments
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
However, an audit is required, and was carried out, in accordance with section 144 of the Charities Act 2011.
The Lady Nuffield Home is a private company limited by guarantee incorporated in England and Wales. The registered office is 165 Banbury Road, Oxford, Oxfordshire, OX2 7AW.
The financial statements have been prepared in accordance with the charitable company'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 charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts 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 investments. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustee Directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The Trustee Directors have made this assessment with regard to the charity's current and expected performance. Thus the Trustee Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustee Directors in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company 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.
Income represents fees receivable for core services and resident service income. Income is recognised over the period in which services are provided.
Investment income represents interest received by the charity and is recognised when the charity has been notified of it.
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.
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:
Freehold land is not depreciated.
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.
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.
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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.
The charitable company 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 charitable company's balance sheet when the charitable company 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.
Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
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 payments 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.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charitable company’s accounting policies, the Trustee Directors 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The useful economic lives of non-current assets have been derived from the judgement of the directors, using their best estimate of the write-down period.
Fees from residents
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The freehold property is shown at historic cost. The total valuation of the property for insurance purposes is £5,580,000 which was obtained via a professional valuation on 18 May 2023.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
A claim has been received by the Lady Nuffield Home for unpaid building work. The home disputes the claim in full and has submitted a case for defense statement. The possible, but not probable, disputed amount would be £1,501. No amount has been provided in these accounts.
There were no events after the reporting date.
During the year, no transactions were made with related parties (2024: £0).
The charitable company had no material debt during the year.