Financial statements | Friends of the Elderly

Continuing financial growth...

Continued growth in a challenging economic environment. The cost of running Friends of the Elderly grew by 1.2% to £16.6 million during the year to the end of September 2010 whilst income was 3.1% higher, also at £16.6 million.

Key features were:

A fairly static year for income and costs in the care homes with average occupancy of 91.4%.
Strong cost control consistent with providing a quality service.
An increase in income from community services due to increased places offered and renegotiations of fees
The continuation of additional donations for our Peace of Mind Appeal together with an improved fundraising ratio.
A return to a more positive investment environment.
A reduction in cash balances as a result of the capital projects at Moulsford and Malvern.
Our reserves are enough to cover our costs for 2.8 months, compared with 2.6 months last year.

For detailed information please download the PDF of our 2009-10 Annual Report and Accounts, below.

Annual Report and Accounts 09-10

The financial review uses information taken from the full financial statements for the year ended 30 September 2010, prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” 2005 and applicable accounting standards and which received in unqualified audit opinion.

This financial information may not contain sufficient information to enable a full understanding of the financial affairs of Friends of the Elderly. For further information the full Report and Financial Statements and the Independent Auditor’s Report can be obtained from Friends of the Elderly, 40-42 Ebury Street, London SW1W 0LZ. The full report and Financial Statements were approved by members of the Finance and General Purposes Committee on behalf of the Governing Council on 4th March 2011 2010 and have been submitted to the Charity Commission and the Registrar of Companies.