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2023-03-31-accounts

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

Registered number: 02538734 Charity number: 1054227

SHEFFCARE LIMITED

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers 1
Chair's report 2
Trustees' report 3 - 10
Independent auditor's report 11 - 14
Consolidated statement of financial activities 15
Consolidated balance sheet 16 - 17
Sheffcare Limited balance sheet 18 - 19
Consolidated statement of cash flows 20
Notes to the financial statements 21 - 45

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees & Directors

David Johnson, Chair Brian James Carole Rainbird Scott Sanderson Sarah Smith (resigned 6[th] June 2023) Valarie Wightman John Fuller (appointed 26[th] May 2022) Robert Chamberlain (appointed 25[th] May 2023) Anna Gailey (resigned 5[th] October 2022)

Company registered number

02538734

Charity registered number

1054227

Registered office

Springwood House, 192 Penrith Road, Sheffield, S5 8UG

Chief executive officer

Claire Rintoul

Senior management team

Sarah Stapleton, Director of Finance Tracey Payne, Care and Operations Director/Deputy Chief Executive Officer Merewyn Scafe, Director of HR

John Dawson, Director of Facilities

Independent auditor

MCABA Limited t/a Mitchells, 91-97 Saltergate, Chesterfield, S40 1LA

Bankers

Barclays Bank, 1, St. Paul’s Place, 121 Norfolk Street, Sheffield, S1 2JW

Solicitors

Hemingways Solicitors Limited, 11 Westbourne Road, Sheffield, S10 2QQ

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SHEFFCARE LIMITED

CHAIR’S REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Hello and welcome to our annual report for the year 2022-2023.

It is always an interesting exercise, as this annual report is written, to pause and reflect on the year that we have just lived through. I have observed at the beginning of the last two annual reports that Sheffcare Limited (hereafter “Sheffcare”), its residents and staff have lived through exceptional times. I have commented on the resilience and stoicism of residents and staff members as we grappled with the initial waves of the Covid19 pandemic and then, as that began to abate, the crippling cost-of-living crisis. The rise in the cost of fuel, food and finance that still persists and continues to affect all aspects of our lives. Once again it seems entirely appropriate to recognise, acknowledge and thank the teams across Sheffcare that have worked so hard to provide the exceptional care that we believe we provide; once again through thick and thin.

Reflecting on the year it has been another year that in many ways has challenged us. It is good, however, to report that, although we are still emerging from the effects of the last few years, the second half of the year has seen a return to more normal operating conditions. This year’s annual report contains less ‘exceptional’ words and reflects, as the year has progressed, a return to a perhaps new, more normal, period of activity and stability. Over the last 6 months our occupancy levels which are so important to our financial stability and our plans to make our Homes better, have started to return to pre-pandemic levels and we now look forward with renewed confidence and optimism. As we move into our next financial year we can begin to reconsider plans that have been on hold during a very difficult period.

Senior Leaders and Trustees held an away day during the year, this was an opportunity to reconnect and reaffirm the values that the Charity hold. Throughout a very engaging day much debate took place, but it was good to re-establish that the core aims of the charity are to provide high-quality person-centred care to our residents regardless of their financial situation.

The health and social care system within the country remains, in my view, broken. Listening to the real-life stories of residents reinforces this view. We, at Sheffcare, continue to provide what we think is the very best care at the best price. We recognise the importance of consistent, quality staff and have endeavoured to minimise the cost of living situation for them as much as we can.

I have thanked and recognised our staff team many times and I will continue to do so, they are amazing people and we are lucky to have them. I haven’t perhaps publicly thanked or recognised the actions of the Senior Leadership Team and the Trustees. One of the great saving graces for Sheffcare throughout the last period of great instability is the stability and quality of the Senior Management and Trustee teams. The consistent, calm and supportive nature of the CEO and her team alongside the experience, wisdom and but appropriately challenging enthusiasms that the Trustees bring to Sheffcare is, I would suggest, unique. In all the turmoil of global and national events, this leadership team has remained consistently strong, unwavering and, even at the darkest times, positive and solution focussed, Sheffcare is lucky to have you, thank you.

Dr David Johnson, Chairman Date 5 October 2023

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their report and the audited financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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.

Objectives and Activities

a. Policies and objectives

Sheffcare provides a range of services across Sheffield: residential social care, day care services, and specialist dementia services. These services are run from nine sites. Sheffcare is in a strong market position being the largest not for profit social care provider in the area. Sheffcare has a strong and proud heritage, for nearly thirty years Sheffcare has delivered excellent care to the people who use our services. This is reflected by external monitoring reports from commissioners and regulators, along with positive comments from our annual surveys.

b. Our Purpose

To be the best provider of person-centred care to the people of Sheffield and the surrounding area.

c. Our Guiding Principle

Putting people who use our services at the heart of everything we do.

d. Our Values

Sheffcare is a charity aiming for everyone to have a good day every day through

o Kindness o Dignity o Respect o Independence & o Choices

e. Public Benefit

In setting the objectives for the year and planning the required activities the Board of Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit. In particular the trustees ensure that planned activities contribute to the charity's aims and objectives and in doing so Sheffcare continue to provide excellent care related services to the people of Sheffield and its surrounding area.

The trustees of Sheffcare firmly believe that the care services provided have been most beneficial to its residents and day centre attendees and that this has been proven by the positive feedback provided by residents, residents families, staff, stakeholders and regulators. By providing an excellent, professional, service Sheffcare has had a huge positive impact on local care services and the people that use them thus enhancing the quality of life within the local area.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

a. Constitution

The Company is registered as a charitable company limited by guarantee with a share capital. Its governing document is the Memorandum and Articles of Association.

b. Method of appointment and policy adopted for induction and training of trustees

Trustee vacancies are recruited depending on the particular skills and expertise required at the time to ensure that the charitable company’s objects are met. Trustee roles are openly advertised in order to attract the widest pool of talent. New trustees are selected by members of the Board and appointed where they have the necessary skills to contribute to the effective governance of the Charity. On being appointed trustees receive a copy of the governing document, the most recent statutory accounts, an induction pack, and are introduced to the workings of the charity.

c. Organisational structure and decision making

Sheffcare Limited is governed by a Board of Trustees from whom day to day control is vested in a Chief Executive. Board meetings are held a minimum of six times each year and are supported by a Finance subcommittee and a Quality subcommittee.

The overall management of Sheffcare is provided by the Chief Executive, together with a small executive team. Day to day responsibility for each home is delegated to a Registered Manager.

d. Pay policy for senior staff

The executive team is a small team of five. Pay for the executive team has been set by the trustees and is reviewed by the whole board on an annual basis. The pay scales are in line with those paid for similar roles within the wider care sector. It is essential that salaries are set at a level which both attract, retain and motivate staff. This is a consideration for the trustees when agreeing salary scales and salary increases.

e. Related party relationships

The charitable company Sheffcare Limited is the sole shareholder of Sheffcare Services Limited. Sheffcare Services Limited was formed to negotiate and manage publicly funded contracts. The company is not currently trading.

f. Engagement with employees (including disabled persons)

Sheffcare is committed to an active equal opportunities policy from recruitment and selection, through training, development, appraisal and promotion to retirement for all employees including those with a disability. It is our policy to promote an environment free from discrimination, harassment and victimisation.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023

g. Gender Pay Gap (GPG)

The GPG is based on the gross pay, per hour, for each employee during April (staff), and May (care), 2022. The hourly rate calculations are based on 59 male, and 383 female employees. The bonus calculations are based on 47 male, and 339 female employees.

Hourly rate

Difference in mean hourly rate of pay -29 %
Difference in median hourly rate of pay 0 %
Bonus pay
Male Female
Percentage of employees who received bonus pay 79.66 % 88.51 %
Difference in mean bonus pay 17 %
Difference in median bonus pay 0 %

Employees by pay quartile

Male Female
Upper quartile 15.5 % 84.6 %
Upper middle quartile 11.7 % 88.3 %
Lower middle quartile 9.1 % 90.9 %
Lower quartile 17.1 % 82.9 %

Strategic Report

Achievements and performance

a. Operating environment

Sheffcare is proud to be a not-for-profit organisation. We continue, like all social care providers, to be in a very challenging economic climate where costs and inflation are rising significantly. This is compounded by our continuing reliance upon Sheffield Local Authority for the majority of our residents and service users’ fees, which for the year was an average of 69% of all residents which is 3% lower than the previous year. Local authorities still pay a lower rate than self-funders which reduces income revenue and does not cover our full costs. This will result in significantly reduced income when the upcoming social care reforms come in, allowing private fee payers to request the local authority to arrange their care at the local authority rate. All local authorities were required to carry out an exercise to establish the fair cost of care in 2022 and the outcome of that piece of work demonstrated that the fair cost of care was £788 per

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

week and that the Local Authority were paying £223 per week less than the Fair Cost of Care. In addition, the Fair cost of Care exercise was carried out before the impact of significant cost of living and inflationary pressures so was already out of date at the time of our submission. Sheffield City Council themselves are under significant financial pressure and we are grateful that they did apply an uplift of 9.74% to our day care fees and 11.5% to our residential care fees. Sheffield City Council still continue to promote care at home as the preferred option, the impact on Sheffcare being a shorter length in stay and a more dependent resident upon admission.

Occupancy is increasing positively, although is still not back to pre-pandemic levels. As a result, we have remained very cautious in our budget forecasts.

b. Sheffcare’s people – our staff and volunteers

At Sheffcare we recognise that our staff and volunteers are our greatest asset. Sadly social care is still poorly understood and underfunded, and doesn’t have the profile or recognition of the NHS. When we ask staff why they work in this sector with all its challenges, we often hear “I love the residents”. We are lucky to have some truly amazing people working together to provide the best possible care for our residents and service users. We are grateful for the dedication, commitment, hard work and kindness that all staff show across our charity; in both caring roles and supporting roles. We continue to invest in staff training, learning and development, gradually starting to return to face to face training where we can.

We have some of the best retention rates in adult social care, and whilst recruitment in this sector is difficult, we have significantly lower vacancy rates than other social care organisations. This is important to us for our residents and service users to be surrounded by trusted familiar faces.

Our volunteering programme is slowly growing back following the pandemic. We have volunteer befrienders in all of our homes, volunteer gardeners, drivers and of course our Trustees.

Our Everyone Matters group is our staff forum, with representatives from all homes and teams meeting together To share ideas, raise issues and problem solve together. The group have suggested and driven changes and improvements in many aspects of our work.

c. Care Quality Commission (CQC)

The CQC regulate our services and either visit or assess remotely to ensure that we are adhering to the national minimum standards. All our services have been inspected. Eight services out of the nine have been rated as Good. One home was rated as “Requires Improvement” in 2019 and an action plan was completed to address the particular area of concern. Unfortunately we have not yet had a further inspection to give us the opportunity to have the rating updated. We continue with our strategy to move services from Good to Outstanding and have action plans in place to ensure that the home which requires improvement is rated Good on future inspections.

d. Technology

Technology continues to support our plans at Sheffcare as we progress with our rollout of Person Centred Care (PCS) implementing electronic care plans across the charity. All nine homes now use PCS, with the longest established homes supporting those who were further down the roll-out process. This is a key area of investment for Sheffcare as utilising technology can assist us in enhancing our care provision. Other areas of technology will be reviewed by the Board to evaluate their suitability for Sheffcare.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

Risk management

The Executive team and Trustees regularly review and scrutinise the organisation’s risk register; identifying the major risks to which the charity is exposed and ensuring that appropriate systems are in place to mitigate exposure to those risks. The main risks are detailed below together with the steps taken to manage and mitigate those risks.

a. Safety and Compliance Risk

Fire risk and simulated evacuations are being managed and mitigated for with a series of actions agreed with the Fire Department and monitored by nominated Health and Safety Officer, who is our Director of Facilities, John Dawson.

Adverse weather planning is included in the Emergency and Business Continuity Plans to manage and mitigate for this risk as far as possible. Actions include the Director of Facilities reviewing Snow and Ice Plan; ensuring sufficient stock of gritting materials is pre-positioned before onset of cold weather. Registered managers monitor the weather forecasts and are proactive with gritting procedures. Individual care homes identify vital walkways and areas at most risk and staff to pretreat these areas as priority.

b. Business Risk

Major Asset Failure or Major Incident

Many of the care homes have old mechanical, electrical and engineering equipment that could be liable to failure. We mitigate, by mandatory inspection/service schedules, as part of a planned maintenance regime and have in place a contingency plan for replacements. All homes could experience a major incident such as flooding or fire. Any such incident would require implementation of the Business Emergency Plan. Managers and Central Support Staff have a firm understanding on what measures are required in reaction to an incident.

SYPA Scheme Deficit

Whilst the South Yorkshire Pension Authority fund is in surplus at 31 March 2023, a significant deficit could have a major financial impact on the business when the last employee, who is part of that scheme, leaves Sheffcare. We currently have 8 remaining staff in the scheme. Sheffcare remain in contact with Sheffield City Council (who is the guarantor of the Sheffcare scheme) and the South Yorkshire Pension Scheme to discuss options regarding the future of the scheme.

Funding Risks

There is a heavy reliance on local authority funding for many residents and we recognise that the level of funding which is challenging at best could be at further risk in times of austerity or economic decline. The new upcoming national policy changes allowing privately funded residents to request that the local authority arrange their care for the same local authority fee also presents a serious financial risk which threatens the viability of the entire care home sector. These policy changes have been postponed until October 25 and any change in political direction could delay or change them further.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

Financial review

a. Results of the year

As shown in the Statement of Financial Activities on page 16, total income in the year amounted to £12,071,252 (2022: £12,324,290) and our total expenses amounted to £12,818,994 (2022: £12,671,083) resulting in a pre-pension adjustment operating deficit of £747,742 compared to a deficit of £346,793 in 2022. Staff costs during the year amounted to 77% of income, of which 72% is Care and 5% Administration (2022: Care 69%, Administration 4%).

During the year average occupancy levels were 79% (2022: 73 %).

There was an actuarial gain on the defined benefit pension scheme of £5,696,000 (2022: gain of £1,850,000). The overall surplus for the year was £4,948,728 (2022: surplus £1,503,207).

Total funds carried forward at 31 March 2023 were £10,321,014 (2022 - Re-stated: £5,372,756) of which £9,975,299 (2022 – Re-stated: £4,957,482) are unrestricted and £345,715 (2022: £415,274) are restricted.

b. Pension scheme

The charity provides a defined benefit pension scheme available to certain employees. This pension benefit is provided by the charity’s contribution to the South Yorkshire Pension Authority Scheme (SYPA). As a result of the fund performing exceptionally well this year the charity’s scheme is in surplus as detailed in note 21.

Under the provisions of FRS102, the charity is required to recognise the surplus within its balance sheet, if certain criteria are met. The reported FRS102 pension benefit this year is showing a surplus of £2.23m compared to a deficit of £3.39m in 2022. This movement is principally driven by the actuarial gain on the plan assets and liabilities amounting to £5.67m during the period.

The asset is, of course, a statement of the theoretical pension asset of the Charity at the balance sheet date based upon current assumptions of future discount rates; future discount salary and pension increases and inflation.

The trustees have received information from the schemes actuaries regarding the surplus and following FRS102 a pension scheme surplus should only be recognised to the extent that the surplus can be recovered through reduced future contributions or through refunds from the plan. However, in the opinion of the trustees, a pensions scheme surplus should be recognised in order to provide consistency and give a true and fair view. The pension surplus is shown separately within unrestricted funds for charity.

c. Reserves Policy

The charity’s reserves policy has been reviewed by the trustees in the year, and it has been agreed that a more risk based approach to reserves is appropriate.

The main area of risk for the organisation continues to be that of a fall in occupation levels. The trustees have set a reserves policy amount 5% below the prevailing break-even position. Budgets have been prepared for the financial year 2023-24 which forecast that the occupancy level at the break-even position is 82%.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

Utilising the outputs from the budgets and other risk registers to identify the impact of the financial risks, whilst also factoring in the suggested level of Board approved Designated Funds. The Reserves Target for 2022-23 was as follows:

Maximum annual cash impact of beds fees falling 5% below current break-even levels £819,772 Contingency to cover un-budgeted capital and project expenditure (standard) £50,000 SYPA Scheme Deficit Repayment (standard) £46,800 Board Approved Designated Funds (reviewed annually) £100,000 Free Reserves Target – March 2023 £1,016,572

The value of free reserves at 31 March 2023 is £896,637 (2022: £1,431,200) and comprises;

Unrestricted general reserves (excl. the pension deficit)
Fixed assets funded by unrestricted funds
Associated bank loans
Total free reserves		 £7,645,199
(£9,363,612)
£2,615,050
£896,637

The results of the year show a deficit of £119,935 on the free reserves target as set out in the adopted Reserves Policy above. The deficit on the reserves target is due to an additional repayment of £300,000 towards the loan. While the trustees acknowledge that the year-end free reserves are below the target the Trustees are confident that reserve levels can continue to grow in the mid to long term, due to the increase in occupancy. The non-standard elements are to be reviewed annually in-line with the budget approval process.

A summary of reserves at 31 March 2023 is:

Designated
Unrestricted (Including Share Capital)

Pension
Restricted
Total Reserves		 £
100,000
7,645,299
2,230,000
345,715

10,321,014

Trustees’ interests

None of the trustees who held office at the end of the financial year had any interest in the charitable company.

Liability insurance

Insurance for trustees and officers against liabilities in relation to the company, as permitted by the Companies Act 2006, is in place. The cost of maintaining liabilities insurance during the year amounted to £2,159 (2022: £1,799).

Employees and Volunteers

The charitable company has a policy of offering employment / volunteering opportunities to persons with disabilities, where possible, as part of our overall equal opportunities policy.

Strategy and Future Plans - Summary

Sheffcare continues to focus on developing further residential and day care services for people living with dementia as we move away from providing general residential care which is increasingly being delivered in a community setting. This is in line with our strategy which aims to deliver excellence in dementia care.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

We continue to review care homes in Sheffield which come on to the market to determine if they are a suitable acquisition for Sheffcare as we move towards creating higher environmental standards such as en-suite facilities and increased indoor and outdoor space.

We continue to invest in the development and expansion of meaningful activities, events and trips for our residents. We are also committed to maintaining and developing links with the local communities that surround our care homes and our day centres.

Fundraising Statement

In the financial year the charity did not actively fundraise from the public or run legacy campaigns or undertake similar fundraising activities in its own right or via a trading subsidiary or third party. The trustees were though pleased to receive unsolicited gifts from relatives and local businesses who generously support our residents comfort fund. We were grateful to receive small restricted grants from Sheffield City Council Local Area Committees, Healthwatch Sheffield and South Yorkshire Fire & Rescue.

Trustees’ responsibilities statement

The trustees (who are also directors of Sheffcare Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 period. In preparing these financial statements, the trustees are required to:

The trustees 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. In so far as the trustees are aware:

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2023

Auditor

The auditor, MCABA Limited t/a Mitchells, have indicated their willingness to continue in office, subject to approval by the members at the AGM.

This report incorporating the Strategic Report was approved by the trustees on 5 October 2023 and signed on their behalf by:

Dr David Johnson Chairman

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SHEFFCARE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHEFFCARE LIMITED

Opinion

We have audited the financial statements of Sheffcare Limited (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent 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 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 trustees report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees 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

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SHEFFCARE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHEFFCARE LIMITED (CONTINUED)

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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees report.

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes 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 group and parent 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 trustees either intend to liquidate the group or parent 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

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

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

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SHEFFCARE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHEFFCARE LIMITED (CONTINUED)

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:

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.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHEFFCARE LIMITED (CONTINUED)

Use of our report

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

Jane Boulton (Senior Statutory Auditor)

For and behalf of MCABA Limited t/a Mitchells Chartered Accountants & Statutory Auditor 91-97 Saltergate Chesterfield Derbyshire S40 1LA 06 October 2023 Date……………………..

Page | 15

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investments
4
Total income
Expenditure on:
Raising funds
Charitable activities
Charitable activities - Ongoing
Charitable activities – Disposals
Total expenditure
5
Net (expenditure)/income before other
recognised gains and losses
Actuarial gains on defined benefit pension
schemes
21
Net movement in funds
Reconciliation of funds:
Total funds brought forward as previously stated
Prior Year Adjustment
Total funds brought forward as restated
Net movement in funds
Total funds carried forward
16		 Unrestricted
funds
Restricted
funds
Total
funds
Restated
Total
funds
2023
£
2023
£
2023
£
2022
£
-
6,693
6,693
9,301
11,912,131
134,082
12,046,213
12,312,494
18,346 -
18,346
2,495
11,930,477
140,775
12,071,252
12,324,290
17,969
-
17,969
18,286
12,590,691
210,334
12,801,025
12,194,305
-
-
-
458,492
12,608,660
210,334
12,818,994
12,671,083
(678,183)
(69,559)
(747,742)
(346,793)
5,696,000 -
5,696,000
1,850,000
5,017,817
(69,559)
4,948,258
1,503,207
4,957,482
415,274
5,372,756
3,709,673
159,876
4,957,482
415,274
5,372,756
3,869,549
5,017,817
(69,559)
4,948,258 1,503,207
9,975,299
345,715
10,321,014
5,372,756

The Consolidated Statement of Financial Activities complies with the requirements for an income and expenditure account under Companies Act 2006 and includes all gains and losses recognised in the year.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
12
Cash at bank and in hand
19
Creditors:amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after more than
one year
14
Net assets excluding pension scheme assets
Defined benefit pension scheme
surplus/(deficit)
21
Net assets
Charity funds
Restricted funds
16
Unrestricted funds:
Share capital
15
Unrestricted funds
16
Unrestricted funds excluding pension liability
Pension reserve
16
Total unrestricted funds
Total funds		 £
1,167,303
2,159,499		 2023
£
9,606,767




986,782		 £
1,444,854
2,103,952		 Re-stated
2022
£
10,218,049




1,430,544
3,326,802

(2,340,020)		 3,548,806
(2,118,262)
100
7,745,199






100
8,343,382
10,593,549
(2,502,535)		 11,648,593
(2,889,837)
8,091,014
2,230,000		 8,758,756
(3,386,000)
10,321,014 5,372,756
345,715



9,975,299
10,321,014		 Page
7,745,299
2,230,000		 8,343,482
(3,386,000)

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the Trustees on 5 October 2023 and signed on their behalf by:

Dr David Johnson, Chairman

The notes on pages 21 to 45 form part of these financial statements.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

|Note
Fixed assets
Tangible assets
10
Investment in subsidiary
11
Current assets
Debtors
12
Cash at bank and in hand
19
Creditors:amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after more than
one year
14
Net assets excluding pension scheme liabilities
Defined benefit pension scheme surplus/
(deficit)
21
Net assets including pension scheme liabilities
Charity funds
Restricted funds
16
Unrestricted funds:
Share capital
15
Unrestricted funds
16
Unrestricted funds excluding pension liability
Pension reserve
16
Total unrestricted funds
Total funds|£
1,167,471
2,159,419|2023
£
9,606,767
1|Page | 19
Re-stated
2022
£
£
10,218,049

1

10,218,050
1,516,489
2,032,324
3,548,813
(2,118,262)

1,430,551

11,648,601

(2,889,837)

8,758,764

(3,386,000)

5,372,764
415,274
100
8,343,390
8,343,490
(3,386,000)

4,957,490

5,372,764| |---|---|---|---| |||9,606,768




986,870|| ||3,326,890

(2,340,020)||3,548,813
(2,118,262)| ||100
7,745,288||





100
8,343,390| |||10,593,638
(2,502,535)|| |||8,091,103
2,230,000|| |||10,321,103|| |||345,715



9,975,388
10,321,103|| ||7,745,388
2,230,000||8,343,490
(3,386,000)| ||||
|

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. The surplus for the year is £4,948,338.

The financial statements were approved and authorised for issue by the Trustees on 5 October 2023 and signed on their behalf, by:

Dr David Johnson, Chairman

The notes on pages 21 to 45 form part of these financial statements.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Cash flows from operating activities
Net cash provided by operating activities
18
Cash flows from investing activities:
Interest received
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed assets
Net cash used in investing activities
Additional borrowings
Repayments of borrowings
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
19		 2023
2022
£
£
766,497
366,457
18,346
2,495
(241,027)
(2,045,180)
2,800
-
(219,881)
(2,042,685)
-
1,250,000
(491,069)
(193,516)
(491,069)
1,056,484
55,547
(619,744)
2,103,952
2,723,696
2,159,499
2,103,952

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies

1.1 Company Status

The charitable company is a company limited by guarantee with share capital. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.2 Basis of preparation of financial statements

Sheffcare Limited is a charitable company in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are on page 3 of these financial statements.

The financial statements have been prepared in accordance with 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), and the Companies Act 2006.

Sheffcare Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The subsidiary undertaking has taken exemption from audit as a guarantee has been given by Sheffcare Limited under S479C of the Companies Act 2006 which guarantees all outstanding liabilities to which the subsidiary entity is subject at the year end.

The charity has taken advantage of the exemption allowed under section 408 of the Companies act 2006 and has not presented its own statement of financial activities or cash flow statement in these financial statements. The surplus for the Charity is £4,948,338.

1.3 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.

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (continued)

Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.5 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for a specific purpose but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (continued)

1.6 Redundancy payments

Redundancy benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Charity recognises redundancy benefits when it is committed to terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal.

1.7 Expenditure and irrecoverable VAT

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 allocated on the portion of the asset’s use.

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and governance costs are costs incurred by the company in relation to providing residential care, respite care and specialist care services including support costs and costs relating to the governance of the company apportioned to charitable activities.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.8 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised at purchase cost.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 50 years
Leasehold property - 25/50 years or the term of the lease if shorter
Leasehold renovations - 5-10 years
Motor vehicles - 4 years
Fixtures and fittings - 4 years

1.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

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DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (continued)

1.10 Investments

Investments in subsidiaries are valued at cost.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due net of any trade discounts due.

1.12 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

1.14 Pension costs

The charity contributes to a pension scheme operated by The South Yorkshire Pension Authority providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the charity. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.

The pension scheme asset or deficit is recognised in full. The movement in the scheme asset or deficit is split between operating charges, finance items and actuarial gains and losses. Further details regarding the scheme are disclosed in note 21.

The charity operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the SOFA in the year they are payable.

1.15 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page | 25

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (continued)

1.16 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 11 Chapter 3 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.17 Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense.

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

1.18 Critical accounting estimates and areas of judgment

Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounts estimates and assumptions:

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The following estimates and assumptions that have a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next financial year are set out below.

South Yorkshire Pension Fund Liability:

The present value of the South Yorkshire defined benefit pensions liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net costs or income for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of the liability.

There is a large actuarial gain this year due to the effect of the significant change in the discount rate outweighing the effects of lower asset returns and increased inflation assumptions. The detailed assumptions for this and the prior year are disclosed in note 21.

Property:

The carrying value of property and annual impairment reviews are subject to assessment involving estimates on future occupancy and state of repair of the properties.

Support costs:

Some costs incurred by the charity such as IT, insurance, and postage are shared between activities. The charity's policy is to allocate these costs on the basis of assessed consumption. This includes allocation between funds which are material by nature.

Page | 26

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies (continued)

1.19 Operating Leases

Lease payments are recognised as an expense over the lease term on a straight line basis.

Page | 27

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Income from donations and legacies

Donations
Total 2022		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2022
£
-
6,693
6,693
9,301
-
9,301
9,301

3. Income from charitable activities

Residential bed fees
Private day care
Grant income
Other income
Total 2022
Investment income
Interest received
Total 2022		 Unrestricted
funds
2023
£
Restricted
funds
2023
£
Total
funds
2023
£
Total
funds
2022
£
11,723,997
-
11,723,997
10,531,305
131,245
-
131,245
262,562
-
126,361
126,361
1,405,823
56,889
7,721
64,610
112,804
11,912,131
134,082
12,046,213
12,312,494
10,901,733
1,410,761
12,312,494
Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2022
£
18,346
-
18,346
2,495

2,495
-
2,495

4. Investment income

Page | 28

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5. Analysis of expenditure by expenditure type

Depreciation &
Staff costs Disposals Other costs Total Total
2023 2023 2023 2023 2022
£ £ £ £ £
Costs of raising funds
Advertising and publicity - **- **
**17,969 **
17,969		 18,286
- **- **
**17,969 **		 17,969 18,286
Charitable activities
Operation of care homes
 **9,292,325 **
849,510
2,582,315
12,724,150		 12,525,350
Expenditure on governance
costs (note 6)
 42,333 **- ** 34,542
76,875		 127,447
9,334,658 849,510 2,634,826 12,818,994 12,671,083
Total 2022 8,976,396
1,289,506
2,405,181
12,671,083
Other costs
2023 2022
£ £
Direct costs
Premises 783,734 818,613
Provisions 654,113 538,842
Other resident costs 226,551 204,057
Other staff costs 122,114 88,390
Sub-total 1,786,512 1,649,902
Support costs
Miscellaneous 30,437 50,549
Auditor’s remuneration 17,400 17,406
Legal & professional 17,142 70,276
Office costs 544,568 424,082
Interest 129,798 66,681
Net pension financing cost (note 9) 91,000 108,000
Advertising and publicity 17,969
 18,286
Sub-total 848,314 755,280
Total 2,634,826 2,405,182

Page | 29

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6. Governance costs

Auditor's remuneration
Legal & professional
Wages and salaries		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
£
2023
£
2023
£
2022
£
17,400
-
17,400
17,406
17,142
-
17,142
70,276
42,333
-
42,333
39,765

76,875 -
76,875
127,447

7. Net income/ (expenditure)

This is stated after charging:

2023 2022
Depreciation of tangible fixed assets:
-
depreciation		 840,674 830,205
-
loss on disposals		 8,836 459,301
Auditor’s remuneration – audit 17,400 17,406

During the year, no Trustees received any remuneration (2022: £NIL).

During the year, no Trustees received any benefits in kind (2022: £NIL).

1 Trustee received reimbursement of expenses amounting to £285 in the current year, (2022: 1 Trustee - £16) in relation to travel expenses.

Page | 30

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs
Agency costs
Total		 2023
2022
£
£
7,829,407
7,511,186
541,902
495,351
237,151
233,679
8,608,460
8,240,216
726,198
736,180
9,334,658
8,976,396

The above figures include redundancy payments totalling £10,670 (2022: £nil), relating to 1 employee (2022: nil). This represents the full amount of redundancy payments and has been recognised as an expense in the Statement of Financial Activities. There have been no termination payments made during the year (2022: £nil).

The average number of persons (full time and part-time) employed by the company during the year was as follows:

Care Services
Management and administration of the charity
The number of higher paid employees was:
In the band £90,001 - £100,000
In the band £80,001 - £90,000
In the band £70,001 - £80,000
In the band £60,001 - £70,000		 2023
2022
No.
No.
423
435
29
29
452
464
2023
2022
No.
No.
0
0
0
0
1
1
1
1

The key management personnel of the parent charity, comprise the trustees, the Chief Executive Officer, Director of Finance, Care and Operations Director/Deputy Chief Executive Officer, Director of HR and Director of Facilities. During the year the key management personnel costs including employer’s pension and NI were £360,270 (2022: £315,222).

At the year end, pension contributions outstanding amounted to £4,729 (2022: £4,644).

9. Other finance expense

Interest income on pension scheme assets
Interest on pension scheme liabilities		 2023
2022
£
£
568,000
415,000
(659,000)
(523,000)
(91,000)
(108,000)
Page

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

10. Tangible fixed assets

Group & Charity

|Cost
At 1 April 2022
Prior Year Adjustment
Re-stated Opening Balance
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Prior Year Adjustment
Re-stated Opening Balance
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Cost At 1 April 2022
Prior Year Adjustment
Re-stated Opening Balance
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Prior Year Adjustment
Re-stated Opening Balance
Charge for the year
Disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022 – Re-stated|Freehold
property
£
Leasehold
property
£
Leasehold
renovations
£
Motor
vehicles
£
2,525,000
6,066,431
4,356,609
51,360
-
23,502
-
-
2,525,000
6,089,933
4,356,609
51,360
-
-
149,554
-
-
-
-
-|Page | 32
Fixtures and
fittings
£
1,805,592
-
1,805,592
91,474
(57,668)
1,839,398
1,189,448
-
1,189,448
292,928
(46,032)
1,436,344
403,054
616,144
Total
£
14,804,992
23,502
14,828,494
241,028
(57,668)
15,011,854
4,746,819
(136,374)
4,610,445
840,674
(46,032)
5,405,087
9,606,767
10,218,049| |---|---|---| ||2,525,000
6,089,933
4,506,163
51,360|| ||131,709
2,058,553
1,330,729
36,380
22,666
(159,040)
-
-
154,375
1,899,513
1,330,729
36,380
50,500
130,024
354,382
12,840
-
-
-
-|| ||204,875
2,029,537
1,685,111
49,220|| ||2,320,125
4,060,396
2,821,052
2,140|| ||2,370,625
4,190,420
3,025,880
14,980|| ||||

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

11. Fixed asset investments

Charity
Cost or valuation
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investments in
subsidiary
companies
Total
£
£
1
1
-
-
-
-
-
-
1
1
1
1
1
1

Principal subsidiaries

The following was a subsidiary undertaking of the charity which has been consolidated in the group financial statements:

Company number Principal activity Class of shares Class of shares Holding
Name
Sheffcare Services 13240691 Negotiation and Ordinary £1
Limited management of publicly
funded contracts
he financial results of the subsidiary for the year were:
Income
Expenditure		 Profit / loss Net assets
£
£		 for the year £
£
Sheffcare Services Limited -
80		 (80) (87)

The financial results of the subsidiary for the year were:

The charity holds 1 share of £1 in its wholly owned trading subsidiary company Sheffcare Services Limited which is incorporated in the England and Wales. These are the only shares allotted, called up and fully paid.

Subsidiary exemption from audit

The subsidiary listed above has claimed exemption from audit for their individual financial statement under S479A of the Companies Ac 2006.

Page | 33

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. Debtors

`

Trade debtors
Prepayments and accrued income
Other debtors		 Group
GroupCharity
Charity
2023
2022
2023
2022
£
£
£
£
732,061
667,435
732,061
667,435
355,702
622,641
355,702
622,641
79,540
154,778
79,708
226,413
1,167,303
1,444,854
1,167,471
1,516,489

13. Creditors: Amounts falling due within one year

Bank loans and overdrafts (note 14)
Trade creditors
Other creditors
Accruals and deferred income		 Group
GroupCharity
Charity
2023
£
2022
£
2023
£
2022
£
112,515
216,282
112,515
216,282
410,464
185,134
410,464
185,134
588,415
665,879
588,415
665,879
1,228,626
1,050,967
1,228,626
1,050,967
2,340,020
2,118,262
2,340,020
2,118,262

Included within deferred income are bed fees received in advance as follows:

Deferred income
Deferred income at 1 April 2022
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 March 2023		 Group
2023
£
Group
2022
£
Charity
2023
£
Charity
2022
£
454,926
435,411
454,926
435,411
518,179
454,926
518,179
454,926
(454,926)
(435,411)
(454,926)
(435,411)
518,179
454,926
518,179
454,926

Page | 34

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Creditors: Amounts falling due after more than one year

Group Group Charity
Charity
2023 2022 2023 2022
£ £ £ £
Bank loans
 2,502,535 2,889,837 2,502,535 2,889,837
Included within the above are amounts falling due as follows:
Group
Group
Charity
Charity
2023 2022 2023 2022
£ £ £ £
Less than one year
Bank loans 112,515 216,282 112,515 216,282
Between one and two years
Bank loans 122,584 218,023 122,584 218,023
Between two and five years
Bank loans 2,379,951 2,671,814 2,379,951 2,671,814
Total 2,615,050 3,106,119 2,615,050 3,106,119

The bank loans are secured by way of debenture over the assets held by the company. A legal charge is also held on the freehold and leasehold land and buildings. The group pays a margin of 2.35% and 2.75% plus base rate on its bank loans, with a re-payment profile of 15 years.

15. Share capital

Group & Charity

Authorised, allotted, called up and fully paid
100- Ordinary shares of £1 each		 2023
2022
£
£
100
100

Page | 35

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16.Statement of funds

Statement of funds - current year

Re-stated
Designated funds
Capital contingency
General funds
General unrestricted funds
General – trading subsidiary
Share capital
Pension reserve
Total Unrestricted funds
Restricted funds
Comfort funds
Grant Income - Infection
Prevention Control
Grant Income – SCC Local
Area Committees
Grant Income – Kickstart
Scheme
Grant Income – South
Yorkshire Fire & Rescue
Grant Income – Speak Up
Grant
Total of funds		 Balance at 1
April 2022
Income
Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at 31
March 2023
£
£
£
£
£
£
100,000 -
-
-
-
100,000
100,000 - -
- -
100,000
8,243,390
11,930,477 (12,528,580)
-
-
7,645,287
(8)
-
(80)
-
-
(88)
100
-
-
- - 100
(3,386,000)
-
(80,000)
- 5,696,000
2,230,000
4,857,482
11,930,477 (12,608,660)
-
5,696,000
9,875,299
4,957,482
11,930,477(12,608,660) -
5,696,000
9,975,299
115,526
14,414
(27,381)
-
-
102,559
299,748
-
(130,995)
-
-
168,753
-
1,000
(1,000)
-
-
-
-
18,651
(18,651)
-
-
-
-
104,710
(30,307)
-
-
74,403
-
2,000
(2,000)
-
-
-
415,274
140,775
(210,334) - -
345,715
5,372,756
12,071,252 (12,818,994)
-
5,696,000
10,321,014

Page | 36

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. Statement of funds (continued)

Statement of funds – Prior Year – Re-stated

Designated funds
Capital contingency
General funds
General unrestricted funds
General trading subsidiary
Share capital
Pension reserve
Total Unrestricted funds
Comfort funds
Grant Income -Infection
Prevention Control
Grant Income - Lateral
Flow Device
Grant Income - Workforce
Capacity
Grant Income – Workforce
Recruitment and Retention
Grant Income – Vaccine
Grant
Grant Income – NLW Grant
Grant Income – Sheffield
Town Trust
Grant Income – SCC Local
Area Committees
Grant Income – Kickstart
scheme
Total of funds		 Balance at 1
April 2021
Prior Year
Adjustment
Income
Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at 31
March 2022
£
£
£
£
£
£
£
100,000
- -
-
-
-
100,000
100,000
-
- -
-
-
100,000
8,203,182
159,876
10,904,228
(11,023,896)
-
-
8,243,390
-
-
-
(8)
-
-
(8)
100
-
-
-
- -
100
(5,135,000)
-
-
(101,000)
- 1,850,000
(3,386,000)
3,068,282
159,876
10,904,228
(11,124,904)
-
1,850,000
4,857,482
3,168,282
159,876
10,904,228
(11,124,904)
- 1,850,000
4,957,482
120,378
-
14,240
(19,092)
-
-
115,526
421,013
-
315,473
(436,738)
-
-
299,748
-
-
255,095
(255,095)
-
-
-
-
-
104,480
(104,480)
-
-
-
-
-
513,437
(513,437)
-
-
-
-
-
9,024
(9,024)
-
-
-
-
-
167,528
(167,528)
-
-
-
-
-
2,000
(2,000)
-
-
-
-
-
250
(250)
-
-
-
-
-
38,535
(38,535)
-
-
-
541,391
-
1,420,062
(1,546,179)
-
-
415,274
3,709,673
159,876
12,324,290
(12,671,083)
-
1,850,000
5,372,756

Page | 37

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

16.Statement of funds (continued)

Designated funds

The Trustees have designated funds of £100,000 to cover any potential overspends on capital and project budgets during the course of the year.

Restricted funds

Comfort funds – this is fundraising undertaken at a home level with the purpose being that the funds are spent on items for the benefit of the residents.

Grant income received from SCC Local Area Communities was to hold a community event for our residents at Sheffcare.

Grant income received as part of the Kickstart Scheme, was to create new jobs for 16 to 24 year olds on Universal Credit who are at risk of long term unemployment.

Grant income received from South Yorkshire Fire & Rescue was to contribute 50% towards the cost of installing fire sprinkler system at Knowle Hill & Valley Wood.

Grant income received from Healthwatch Sheffield in relation to the Speak Up Grants Scheme to fund a series of events with our residents and their families to talk about their experiences and views on lockdowns.

Page | 38

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16.Statement of funds (continued)

Summary of funds - current year

Designated funds
General funds
Restricted funds		 Balance at 1
April 2022
Income
Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at 31
March 2023
£
£
£
£
£
£
100,000
-
-
-
-
100,000
4,857,482
11,930,477
(12,608,660)
-
5,696,000
9,875,299
4,957,482
11,930,477
(12,608,660)
-
5,696,000
9,975,299
415,274
140,775
(210,334)
-
-
345,715
5,372,756
12,071,252
(12,818,994)
-
5,696,000
10,321,014

Summary of funds - prior year – Re-stated

Designated funds
General funds
Restricted funds		 Balance at 1
April 2021
Income
Expenditure
Transfers
in/out
Gains/
(Losses)
Re-stated
Balance at 31
March 2022
£
£
£
£
£
£
100,000
-
-
-
-
100,000
3,068,282
10,904,228
(10,965,028)
-
1,850,000
4,857,482
3,168,282
10,904,228
(10,965,028)
-
1,850,000
4,957,482
541,391
1,420,062
(1,546,179)
-
-
415,274
3,709,673
12,324,290
(12,511,207)
-
1,850,000
5,372,756

Page | 39

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Defined benefit scheme surplus/(deficit)
Analysis of net assets between funds - prior year – Re-stated
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Defined benefit scheme surplus/(deficit)		 Unrestricted
funds
Restricted
funds
Total
funds
2023
£
2023
£
2023
£
9,363,611
243,156
9,606,767
3,224,243
102,559
3,326,802
(2,340,020)
-
(2,340,020)
(2,502,535)
-
(2,502,535)
2,230,000
-
2,230,000
9,975,299
345,715 10,321,014
Unrestricted
funds
Restricted
funds
Total
funds
2022
£
2022
£
2022
£
9,918,301
299,748
10,218,049
3,433,280
115,526
3,548,806
(2,118,262)
-
(2,118,262)
(2,889,837)
-
(2,889,837)
(3,386,000)
-
(3,386,000)
4,957,482
415,274 5,372,756

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net (expenditure)/ income for the year (as per Statement of Financial
Activities)
Adjustment for:
Depreciation charges
Pension scheme adjustment
Interest from investments
Loss on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2023
2022
£
£
(747,742)
(346,793)
840,674
830,205
80,000
101,000
(18,346)
(2,495)
8,835
459,301
277,551
(663,846)
325,525
(10,915)
766,497
366,457

Page | 40

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

19. Analysis of cash and cash equivalents

Cash in hand
Total		 Group
2023
Group
2022
Charity
2023
Charity
2022
£
£
£
£
2,159,499
2,103,952
2,159,419
2,032,324
2,159,499
2,103,952
2,159,419
2,032,324

20. Analysis of changes in net debt

Cash in hand
Bank loan (due in 1 year)
Bank loan (due in over 1 year)
Total		 At 1 April
Cash
At 31 March
2022
Flows
2023
£
£
£
2,103,952
55,547
2,159,499
(216,282)
103,767
(112,515)
(2,889,837)
387,302
(2,502,535)
(1,002,167)
546,616
(455,551)

Page | 41

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Pension commitments

The company operates a defined contribution pension scheme with NEST. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £158,367 (2022: £149,541).

The company also operates a defined benefit funded statutory pension scheme administered by the South Yorkshire Pensions Authority in accordance with the Local Government Pension Scheme Regulations 1995. A triennial actuarial valuation of this fund was last carried out in accordance with the Regulations as at 31 March 2022.

The principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages) were:

2023 2022
Discount rate at 31 March 4.75% 2.70%
Future salary increases 3.60% 4.30%
Future pension increases 3.00% 3.30%

FRS102 requires the present value of pension liabilities to be calculated by discounting pension commitments, including salary growth, based on corporate bond yields. The FRS102 value of liabilities at March 2023 was £18,288,000 (2022: £24,750,000) and the market value of assets was £20,518,000 (2022: £21,364,000) giving a scheme surplus of £2,230,000 (2022: deficit £3,386,000).

The assets in the scheme and the expected rates of return were:

Equities
Government Bonds
Property
Cash
Total market value of assets		 Fair value at
Fair value at
31 March
31 March
2023
2022
£
£
13,952,240
14,100,240
4,719,140
5,127,360
1,641,440
1,922,760
205,180
213,640
20,518,000
21,364,000

The actual return on scheme assets was a loss of £215,000 (2022 Gain: £1,908,000).

Page | 42

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. Pension commitments (continued)

The amounts recognised in the Statement of Financial Activities are as follows:

Current service cost
Interest on obligation
Expected return on scheme assets
Administration expenses
Total
Movements in the present value of the defined benefit obligation were
Opening defined benefit obligation
Current service cost
Interest cost
Contributions by scheme participants
Actuarial (gains)/losses
Benefits paid
Closing defined benefit obligation
Changes in the fair value of scheme assets were as follows:
Opening fair value of scheme assets
Expected return on assets
Actuarial gains and (losses)
Contributions by employer
Contributions by scheme participants
Administration expenses
Benefits paid		 2023
2022
£
£
(79,000)
(83,000)
(659,000)
(523,000)
568,000
415,000
-
-
(170,000)
(191,000)
as follows:
2023
2022
£
£
24,750,000
25,209,000
79,000
83,000
659,000
523,000
14,000
15,000
(6,457,000)
(379,000)
(757,000)
(701,000)
18,288,000
24,750,000
2023
2022
£
£
21,364,000
20,074,000
568,000
415,000
(761,000)
1,471,000
90,000
90,000
14,000
15,000
-
-
(757,000)
(701,000)
20,518,000
21,364,000

The cumulative amount of actuarial gains and losses recognised in the statement of total recognised gains and losses was a gain of £5,696,000 (2022: Gain £1,850,000) .

The company expects to contribute £0 to its defined benefit pension scheme in 2023-24.

Page | 43

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

21. Pension commitments (continued)

Amounts for the current and previous period are as follows:

Defined benefit pension schemes

Defined benefit obligation
Scheme assets
Surplus/(deficit)
Experience adjustments on scheme liabilities – Surplus/(deficit)
Experience adjustments on scheme assets – Surplus/(deficit)		 2023
2022
£
£
(18,288,000)
(24,750,000)
20,518,000
21,364,000
2,230,000
(3,386,000)
6,457,000
379,000
(761,000)
1,471,000

22. Operating lease commitments

At 31 March 2023 the total of the Charity’s future minimum lease payments under non-cancellable operating leases was:

Amounts payable:
Within 1 year
Between 2 to 5 years
Total		 2023
2022
£
£
75,174
69,192
45,942
90,446
121,116
159,638

Lease payments of £69,114 have been recognised as an expense in the statement of financial activities.

23. Related party transactions

The charitable company owns 100% of its subsidiary Sheffcare Services Limited. Recoverable VAT from the subsidiary amounting to £167 has been recharged to the parent company during the year and this amount remained outstanding at the year end (2022: £71,635).

24. Prior year adjustment

In prior periods, a review and write off of tangible fixed assets led to a misstatement. As a result, cost was understated by £23,502, accumulated depreciation was overstated by £136,374 and unrestricted funds were understated by £159,876.

This has been amended via a prior period adjustment and as such unrestricted funds brought forward have increased by £159,876.

Page | 44

DocuSign Envelope ID: 4CE6AEA1-8CC6-4FD6-96D8-B0CDF02DB23B

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Prior year adjustment (continued)

The impact on both fixed assets valuations and the value of unrestricted funds brought forward from 31 March 2022 is:

Cost of fixed assets adjustment
Accumulated depreciation adjustment
Fixed asset value adjustment

Opening balance of unrestricted funds – 31 March 2022 - as previously stated

Fixed asset value adjustment

Closing balance of unrestricted funds – 31 March 2022 - restated
 £23,502
£136,374
£159,876
£4,797,606
£159,876
£4,957,482		 £23,502
£136,374
£159,876

The prior year adjustment was authorised by the trustees and covers freehold and leasehold property.

Page | 45