The trustees present their annual report and financial statements for the year ended 31 March 2026.
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 charity's Memorandum and Articles the Companies Act 2006 and "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)".
Background information
Broadlands was established in 1945 to 'provide a home or homes for aged persons within the Minehead, Watchet and Williton area...' and although now the language has changed, 'to provide supported living to the elderly retired...' the objective remains unchanged.
Broadlands Homes Limited was incorporated as a charitable company on 29 October 2004 and took over the activities of Minehead, Watchet and Williton Homes for Aged Persons (charity number 230187) on 1 April 2006.
The Charity Commissioners for England and Wales issued an Order, dated 22 January 2007, under which Broadlands Homes Limited was appointed trustee of the charitable trust Minehead, Watchet and Williton Homes for Aged Persons. Under the Order, title of the land and property known as Broadlands was also transferred to the charitable company to be held in trust for the charitable trust. The land and property remains the permanent endowment of the charitable trust Minehead, Watchet and Williton Homes for Aged Persons.
Under the Uniting Direction dated 22 January 2007 the charitable trust Minehead, Watchet & Williton Homes for Aged Persons is to be treated as forming part of the charitable company Broadlands Homes Limited for the purpose of accounting as described by Part VI of the Charities Act 1993 (Part 8 of the Charities Act 2011) and these accounts incorporate the financial activities, liabilities and funds of both Broadlands Homes Limited and Minehead, Watchet and Williton Homes for Aged Persons.
The objectives of the charitable trust Minehead, Watchet and Williton Homes for Aged Persons, being provision of a home or homes for aged persons within the Minehead, Watchet and WIlliton area, fall within the objectives of Broadlands Homes Limited as detailed below.
The charity's objectives are to establish, operate and maintain accommodation with full board for elderly people within the district of West Somerset.
Broadlands provides full board, entertainment, outings, laundry and cleaning in a homely and friendly atmosphere, whilst at the same time keeping all income and costs under constant review.
Residents need to be capable of looking after themselves, but if not, an outside registered care provider attends the home to provide care, in the form of personal care and medication, which is paid for by the resident. When personal care reaches beyond a basic limit residents move on to other separate care homes or hospital.
Achievement of the charity's aims is measured in terms of the level of occupancy and length of stay of our residents, together with feedback from staff and residents at regular meetings with the senior management team. One of the trustees aims to attend a meal at Broadlands on a monthly basis with a view to observing the running of the home, the welfare of residents and the interaction of staff with the residents.
The charity does not use social investment or provide grants. All the trustees are volunteers.
Public Benefit
The long established legal principle is, that to enjoy charitable status Broadlands must exist for a purpose which is beneficial to the community and it achieves this by '... advancing health and assisting the aged/disabled.'
The trustees have paid due regard to guidance issued by the Charity Commission of England and Wales in deciding what activities the charity should undertake and comply with the requirements of section 4 of the Charities Act 2011.
The Trustees have adopted a policy to continue with the improvement of facilities in residents' accommodation by replacing baths with showers ensuite to all rooms.
Regular resident and staff meetings were held during the year to provide information and receive comments. Residents were able to express their views and see their suggestions acted upon. Suggestions from staff to help improve the object of providing a friendly, happy and homely residence were welcomed and where appropriate were implemented.
Broadlands is held in high regard in the local community. Staff are all local people with a good knowledge of the area and are therefore able to share fully with residents memories of the places and people that they knew or know.
In relation to the portfolio of investments managed by Investec, the trustees have selected a balanced investment objective with moderate risk, the investments have shown a return of 8.7% net of Rathbones fees over the year with minimal changes being made within the portfolio. Some investments were withdrawn this year to help fund some major repairs to the lift.
Total income for the year was £852,433 compared with £714,591 in the previous year and total expenditure was £740,020 compared with £723,876 in the previous year.
Realised and unrealised losses on investment assets in the year were £3,128 compared to a gain of £233 in the previous year.
Overall net gain for the year was £115,541 including a net gain of £127,133 relating to unrestricted funds and net loss of £11,592 relating to permanent endowment funds,
Principal funding sources and expenses
Broadlands' main source of income is from rent paid by residents, which has historically been kept low. The main expenses are wages (the Trustees have always tried to pay the much valued staff a rate higher than support workers receive locally) also food provision and repairs and renewals on a building over 100 years old as well as general operating expenses.
A Government backed 'Bounce Back' loan of £50,000 was introduced in December 2020 to assist the charity's cash flow as it was identified that there would be a shortfall from March 2021. Repayments have continued, leaving a balance of £7,804 at the year end.
Reserves policy
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 equivalent to at least two months gross expenditure. The trustees considers that reserves at this level will ensure that, in the event unexpected revenue requirements, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Net current assets at the year end amounted to £247.422 and there are investments held, which could be sold if needed, with a market value of £31,690 at 31 March 2026. The amount of reserves held at the end of the year is considered to be consistent with the level of reserves identified by the trustees as appropriate given their plans for the future activities of the charity.
Significant events during the year
Due to the after effects of Covid we have had to adapt our approach to day-to-day procedures, admissions and staffing to ensure the continued safety of our clients, visitors and staff. With the ease of Government guidelines, visitation to supported living setting had changed, allowing more family and friends into the Home, however, the dedication of all staff remained exemplary, maintaining high levels of IPA and the implementation of relevant PPE.
Occupancy rates are budgeted against having 26 rooms occupied.
Within the community, older people are now encouraged to stay in their own home with support from the community services and by the time that they are ready to give up their home, their health issues require moving into a care home rather than supported living at Broadlands. Advertising and promotion at community events are ongoing, although this has been difficult due to the current culture following the pandemic.
Broadlands rents are very competitive and will increase each year in line with costs.
The local mental health services regularly want to place clients with mental issues in Broadlands but the manager interviews all potential clients with a view to ensuring that behaviours do not adversely affect other residents.
Investment policy and objectives
The trustees' investment policy is to maintain and enhance the real value of their investments by investing in a portfolio comprising equities, fixed income stocks and cash. The portfolio has been placed in the name of the stockbrokers Investec nominees and is managed by them in an advisory role. The trustees have selected a balanced investment objective with moderate risk which will be reviewed on a regular basis.
The trustees operate an ethical investment policy in relation to the charity's portfolio of investments managed by Rathbones.
Principal risks and uncertainties
The trustees has 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.
The trustees and senior members of the staff take great care to ensure the operation of the home conforms to health and safety legislation and there is regular monitoring in this connection. The trustees are satisfied that there are adequate systems to minimise financial risks. There is an annual budgeting process and meetings are held bi-annually to review income and expenditure and if appropriate take remedial action.
Aims and key objectives for future periods
Broadlands has provided supported living for over 75 years and will continue to do so.
The charity will continue to provide affordable accommodation, excellent meals and facilities whilst at the same time keeping all income and costs under constant review to ensure the long term future of Broadlands.
The charity aims to fill the unoccupied rooms and then look to enhance the Broadlands experience by improving the building, decoration, any tools and to implement service improvements.
The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11 October 2004. It is registered as a charity with the Charity Commissioners. It currently has 5 Trustees with Victoria Fagin as the company secretary.
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:
Recruitment and appointment of trustees
New trustee appointments are proposed by existing trustees and appointed by vote at a general meeting. Trustees are not required to be members of the charity. The minimum number of trustees is five and the maximum number eleven. Under certain circumstances a member, who is not a trustee, may also propose a person for appointment as a trustee. Every three years the trustees retire by rotation at each annual general meeting along with any trustees appointed since the previous annual general meeting. Retiring trustees may then be re-elected by the meeting. The administer role has also changed this year and has been replaced by the deputy manager role.
The charity maintains a third party indemnity insurance policy for the benefit of the trustees. The policy was in force during the year and remains in force at the time of approval of this report.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
Organisational structure
The manager, L O'Grady, is responsible for the day-to-day running of the home, assisted by the deputy manager, V Fagan. The administrator, J Ackroyd left during the last financial year. L O'Grady, V Fagan and a trustee member will discuss, either in person or via telephone, any issues arising. Any other business or concerns will be addressed at the allocated board meeting bi-monthly. All major decisions regarding the home, including the appointment of senior staff are made by representatives of the trustees.
The Chairman and Vice Chairman are available to be contacted by the manager or deputy manager at any reasonable time to deal with urgent issues. Both live locally.
Trustees are asked to make two visits each year to Broadlands, as well as Board meetings, to spend time with residents and staff and to complete a questionnaire on their visit. This means one of the trustees will be visiting the home each month. With the previous years being unusual due to the global pandemic, visits have not been regular, however there is encouragement for this is increase again.
Bi monthly meetings of the trustees are held with the Senior Management Team to review the financial report and discuss room occupancy, building and equipment maintenance, staff and residence issues.
The Chair and Vice of the Board meet with the management team monthly to review the above issues.
Induction and training of trustees
Following appointment all trustees are referred to the information available on the Charity Commission website page https://www.gov.uk/government/publications/the-essential-trustee-what-you-need-to-know-cc3 in order to appraise them of their duties and responsibilities as trustees. They are also encouraged to discuss the affairs of the charity with other trustees in order to obtain a full understanding of the objectives of the charity and how these are met.
Remuneration of the charity's key management personnel
Pay and remuneration of the charity's key management personnel is determined by the trustees as part of an annual budgeting process that includes a review of pay and conditions for all members of staff within the organisation.
The Trustees report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Broadlands Homes Limited (the charity) for the year ended 31 March 2026.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Broadlands Homes Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 12 Ponsford Road, Minehead, Somerset, TA24 5DQ, United Kingdom.
Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
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 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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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.
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.
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.
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable that settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs can not be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the proportion of the asset's use. Other supports costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Supports costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements including independent examination, strategic management, trustees meetings and reimbursed expenses.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Individual fixed assets costing £200 or more are capitalised.
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:
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.
No depreciation is charged on general furniture and equipment as replacements of those items are treated as revenue expenditure and written off in the year they are incurred.
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.
At each reporting end date, the charity reviews the carrying amounts of its tangible 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).
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 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, 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, 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 charity’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 charity 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.
Fund structure
General funds are unrestricted income funds which are available for use at the discretion of Trustees in furtherance of the general objectives of the charity which have not been designated for other purposes.
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.
Accommodation and welfare
Outsourced services for residents
Provisions
Outsourced services for residents
Rent. water and rates
Heat and light
Insurance
Property repairs and maintenance
Telephone
Equipment repairs and renewals
Hire of equipment
Gardening, laundry and cleaning
Advertising
Bank charges
Residents welfare and sundry
Printing, postage and stationery
Legal and professional fees
The average monthly number of employees during the year was:
Wages and salaries includes £3488 (2025: £1,932) in respect of staff training and DBS checks.
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Listed investments included above:
The listed investment as included at the market value per the valuation report from Investec Wealth and Investment Ltd at the balance sheet date.
The loan relates to a Government backed 'Bounce Back' loan which has a total repayment period of 6 years, with no capital or interest repayments falling due in the first year. Interest is charged on the loan at 2.5%.
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.
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
The permanent endowment fund represents the original property and land purchased with donations to the charity Minehead, Watchet and Williton Homes for ages persons and the subsequent additions and improvements to that property. This remains the property of Minehead, Watchet and WiIliton Homes for Aged Persons and is included in these accounts under the Uniting Direction dated 22 January 2007.
The income funds of the charity include restricted funds comprising the following unexpended balances:
Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering any such funds are charged against the fund in question.
The 'Residents funds' fund is maintained for the purpose of holding funds donated specifically for funding activities for the residents at Broadlands.
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. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
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:
There were no disclosable related party transactions during the year (2025 - none).