Continued growth saw the cost of running Friends of the Elderly in the year ended 30 September 2009 increase by 17% to £16.7 million. The cost of meeting the needs of older people was £257,000 more than our income.
Over the same period the Charity benefited by over £2.5 million through receiving assets and the surplus from the sale of assets.
Key features of the financial performance were:
- The merger with the Sir Thomas Lipton Charity in January 2009 which brought in an additional care home and investments.
- A 3% fall in income from fund-raising for our running costs as we focussed on our new Peace of Mind capital appeal to raise funds to build a specialist dementia care home in Malvern.
- A growth in income from care homes, including a full year’s receipts from the four homes acquired in April 2008. Demand for high quality care stayed strong.
- A development of our care services as we through our continued to investment in the training of staff, the appointment of an Admiral Nurse to support people with dementia and their relatives and carers, and expansion of support to people who live in their own homes.
- Extra grants given which benefited more older people suffering financial hardship.
- Our main investment funds outperformed their market benchmark by 1.6%, and the portfolio of investments showed net unrealised gains of £552,000.
- Our general reserves are sufficient to cover our costs for 2.6 months.
For detailed information please download the PDF of our 2008-09 Report & Accounts, below.
This financial review uses information taken from the full Financial Statements for the year ended 30 September 2009, prepared in accordance with the Companies Acts 1985, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” 2005 and applicable accounting standards and which received an unqualified audit opinion. The full Report and Financial Statements were approved by members of the Governing Council on 11 February 2010 and have been submitted to the Charity Commission and the Registrar of Companies.
Previous year's reports: