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2024-03-31-accounts

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Registered number: 02538734 Charity number: 1054227

SHEFFCARE LIMITED

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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SHEFFCARE LIMITED

CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers 1
Chair's report 2
Trustees' report 3 - 11
Independent auditor's report 12 - 15
Consolidated statement of financial activities 16
Consolidated balance sheet 17 - 18
Sheffcare Limited balance sheet 19 - 20
Consolidated statement of cash flows 21
Notes to the financial statements 22 - 44

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees & Directors

David Johnson, Chair (resigned 23 November 2023) Brian James, Chair (from 23 November 2023) Simon Bladen (appointed 5 October 2023) Robert Chamberlain (appointed 25 May 2023) John Fuller Philip Joddrell (appointed 25 January 2024) Carole Rainbird Sarah Smith (resigned 6 June 2023) Scott Sanderson (resigned 5 October 2023) Andrea Simpson (appointed 23 February 2024) Valarie Wightman

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 Louise Beaumont, Director of Quality

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 2024

Hello and welcome to our annual report for the year 2023-2024.

The past year has seen several significant changes to the Board and Senior Management Team at Sheffcare Limited (hereafter “Sheffcare”). We say goodbye to our Chairman David Johnson following over 8 years’ service on the board, we extend our heartfelt appreciation for his stewardship of the Charity during his time at Sheffcare. We also said goodbye to Scott Sanderson, our Deputy Chair who had completed his term of office, as well as Sarah Smith and we are grateful to them all for their service as Trustees.

Accordingly we appointed a number of new Trustees who bring vital skills to the Board including Simon Bladen (Financial Services), Rob Chamberlain (Education and Training), Phil Joddrell (Researcher with a special interest in Alzheimer’s) and Jane Simpson (HR Consultant). Carole Rainbird, a long-standing and experienced Sheffcare Trustee accepted the role of Deputy Chair and, with the support of my fellow Trustees, I accepted the position of Chair for a 3 year term, which I consider to be a great honour.

We are also saying goodbye and thank you to Tracey Payne this summer, our long-standing Director of Operations who is retiring after some 42 years of loyal service, and we welcome Louise Beaumont as Director of Quality.

These changes stimulated a reset of the Board and the strengthening of our processes and committees (Finance, Quality and People) that provide oversight and scrutiny of the Charity’s performance, and which underpin good governance.

From a financial perspective, the Charity has continued to see a return to more normal operating conditions following the pandemic and cost of living crisis; Our occupancy levels, which are vital to our financial stability and our plans to make our homes better, finally returned to pre-pandemic levels. Much credit for that must go to our Executive Team and the efforts of our Registered Managers in facilitating early discharges from the NHS, and the positive consequences that flow from this for those needing hospital admission.

As we move into the next financial year, and despite political uncertainty, we have identified an opportunity to reduce our outstanding loans and (therefore interest payments), which will allow us to invest in other aspects of care delivery that are essential to maintaining our high quality services. Our financial outlook for the coming year is positive.

At Sheffcare, we are committed to providing the highest quality, person-centred care at the most affordable price. We understand the critical importance of having a consistent, motivated and skilled staff, and will make every effort to improve the support we offer them as they continue to provide a great service to our residents.

Our staff team has always been, and continues to be, the backbone of our organisation. Their dedication and compassion are truly remarkable, and we are incredibly fortunate to have them.

Additionally, I would like to extend my gratitude to our Executive Team and Trustees. Their quality leadership has been crucial to our continued success.

The calm, supportive, and experienced approach of our CEO and her team, combined with the wisdom and constructive enthusiasm of our Trustees, has been exceptional. Despite the global and national challenges we have faced, this leadership team has remained strong, unwavering, positive, and solution-focused. Sheffcare is truly fortunate to have such an outstanding leadership team, and I thank you all.

[James] |[Priaw] Signed by:

Brian James, Chair Date 28 November 2024

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2024

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 2024. 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 published in 2019.

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 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 2024

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

New Trustees 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 an experienced buddy Trustee and 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 Committee, Quality Committee and People Committee.

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 2024

g. Gender Pay Gap (GPG)

The GPG is based on the gross pay, per hour, for each employee during April (staff), and May (care), 2023. The hourly rate calculations are based on 65 male, and 409 female employees. The bonus calculations are based on 4 male, and 21 female employees.

Hourly rate

Difference in mean hourly rate of pay 4 %
Difference in median hourly rate of pay 0 %
Bonus pay
Male Female
Percentage of employees who received bonus pay 6.15 % 5.13 %
Difference in mean bonus pay 30 %
Difference in median bonus pay 50 %

Employees by pay quartile

Male Female
Upper quartile 15.3 % 84.8 %
Upper middle quartile 12.6 % 87.4 %
Lower middle quartile 11 % 89 %
Lower quartile 16 % 84 %

Strategic report

Achievements and performance

a. Operating environment

Despite another challenging year where adult social care remains significantly over-stretched and underfunded we have many achievements to report.

Our occupancy continues to rise, almost back to pre-pandemic levels. Occupancy was budgeted at 88% and we achieved an average of 88% for the year.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2024

Residents who are funded by the Local Authority make up 68% of people living in our homes. The Sheffield City Council fee rate was uplifted this year by 9.8% to £630 a week, but this still falls short of the Fair Cost of Care rate of £788 per week. This figure was calculated in 2022 and so does not include recent steep increases in inflation. This funding gap reduces our income and severely limits investment in our homes. We recognise that Sheffield City Council is also under significant financial pressure, and we appreciate the efforts they continue to make to close the funding gap

The wider financial environment is equally challenging, with loan interest rates rising, energy prices increasing and the impact of inflation. In spite of this, we ended the year with a surplus of £199,493 and each Registered Manager was given £10,000 to spend on projects in their home.

Sheffield City Council continue to promote care at home as the preferred option, the impact on Sheffcare being a shorter length in stay and residents coming to us with a higher level of need.

We continue to invest in our care, and this year we created a new post of Head of Quality and Improvement. The role not only focuses on ensuring Sheffcare is compliant with the requirements of regulators but is also developing continuous improvements, we use a quality dashboard reporting system which promotes a culture of transparency and learning.

Our values shine through repeatedly which are echoed in surveys, in service-users focus groups and in the feedback we receive about our services and our staff. The Dementia Quality Survey for 2024 indicates that in all 10 areas of our work, 95% of people are very happy with the level of care and support we provide.

We continue to use technology to support our plans at Sheffcare as we progress with our rollout of Person Centred Software (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 technology can help us enhance our services, improve record-keeping and free up time for our staff to care. We have a number of research projects in the homes which are designed to encourage and support engagement and fulfilment, these include Happiness Programme and Music Technology Programme.

We also invested in our infrastructure, upgrading the Wifi in all 9 homes and rolling out new cloud-based IT systems to manage payroll, care and HR.

b. People

As a sector, adult social care faces ongoing challenges recruiting and retaining staff. We continue to have significantly lower vacancy rates and higher retention rates than in equivalent organisations. This is important to us for our residents and service users to be surrounded by trusted familiar faces. Our turnover was 18%, against an average of 28% (NCF figure). Our vacancy rate for the year was 4%, against a NCF 10%. Over this past year we have put even more time and energy into nurturing and supporting new starters and maintaining our culture of kindness.

We are fortunate to have 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, running face to face training where we can.

Our volunteering programme is slowly growing back following the pandemic. We have volunteer befrienders in all 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.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2024

c. Governance

This year we have conducted a skills analysis of our Board, being mindful of succession planning and recruited new Trustees to add to our range of skills and experience. We have created a new People Committee and improved the communication around Trustee visits to homes. Each Trustee is matched with one, occasionally two homes and they visit up to 4 times a year.

d. 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 made changes to ensure that the home which requires improvement is rated Good on future inspections. As the CQC maintain a risk-based approach to inspections, where a service like ours is not considered high-risk, we are unable to influence when they return to reinspect.

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.

1. CQC compliance failure

Our quality assurance framework, now led by our Head of Quality and Improvement, has been developed in line with the CQC’s requirements to ensure the consistent quality and delivery of all operational aspects of the charity. All systems are periodically reviewed to ensure they continue to meet the needs. This area of work is overseen by our Quality Committee.

2. Inability to meet the rising needs and changing demands of service users

Quality reviews and incident reports highlight trends, arising issues and corrective action. This area of work is overseen by our Quality Committee. We maintain dialogue with commissioners to feedback trends and concerns.

3. Major asset failures

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.

4. SYPA scheme deficit

Whilst the South Yorkshire Pension Authority fund is in surplus at 31 March 2024, a significant deficit could have a major financial impact on the business when the last employee, who is part of that scheme, leaves Sheffcare. At 31 March 2024 we 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.

5. 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.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2024

Financial review

a. Results for the year

As shown in the Statement of Financial Activities on page 16, total income in the year amounted to £14,992,926 (2023: £12,071,252) and our total expenses amounted to £14,793,433 (2023: £12,818,994) resulting in a pre-pension adjustment operating surplus of £199,493 compared to a deficit of £747,742 in 2023. Staff costs during the year amounted to 72% of income, of which 68% is Care and 4% Administration (2023: Care 72%, Administration 5%).

During the year average occupancy levels were 88% (2023: 79 %).

There was an actuarial gain on the defined benefit pension scheme of £774,000 (2023: gain of £5,696,000). The overall surplus for the year was £973,493 (2023: surplus £4,948,258).

Total funds carried forward at 31 March 2024 were £11,294,507 (2023: £10,321,014) of which £11,088,391 (2023: £9,975,299) are unrestricted and £206,116 (2023: £345,715) 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 £3,127,000 compared to a surplus of £2,230,000 in 2023. This movement is principally driven by the actuarial gain on the plan assets and liabilities amounting to £774,000 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. The Charity is unable to quantify the period over which any benefit will accrue from the defined benefit pension scheme asset however expects to contribute £nil to the scheme in 2024-25.

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 the risk based approach to reserves is appropriate.

The main area of financial risk for the organisation continues to be that of a fall in occupancy levels. The trustees have set a reserves policy amount 5% below the prevailing break-even position. Budgets have been prepared for the financial year 2024-25 which forecast that the occupancy level at the break-even position is 84%.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2024

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 2023-24 was as follows:

Maximum annual cash impact of beds fees falling 5% below current break-even levels £913,095 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 2024 £1,109,895

The value of free unrestricted reserves at 31 March 2024 is £1,361,517 (2023: £896,637) and comprises;

Unrestricted general reserves (excl. the pension deficit)
Fixed assets funded by unrestricted funds
Associated bank loans
Total free reserves		 £7,861,291
(£9,008,007)
£2,508,233
£1,361,517

The results of the year show a surplus of £251,622 on the free reserves target as set out in the adopted Reserves Policy above, this is a result of the increased occupancy in the year. The surplus on the free reserves target is to be utilised to reduce our future debt exposure where possible. The non-standard elements are to be reviewed annually in-line with the budget approval process.

A summary of reserves at 31 March 2024 is:

Designated
Unrestricted (Including Share Capital)

Pension
Restricted
Total Reserves		 £
100,000
7,861,391
3,127,000
206,116

11,294,507

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 £2,375 (2023: £2,159).

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 2024

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 restricted grants from Sheffield City Council, Sheffield City Council Local Area Committees, Sheffield Town Trust, Go Fund Me and NHS DSC.

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:

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.

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SHEFFCARE LIMITED

TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2024

This report incorporating the Strategic Report was approved by the trustees on 28 November 2024 and signed on their behalf by:

[James] |[Priaw] Signed by: Brian James 9B1E1C0C5971458... Chair

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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 2024 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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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SHEFFCARE LIMITED

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

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.

Page | 14

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

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.

[JaneSigned7E557E4123BD43B...by:Doulton

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 28 November 2024 Date……………………………

Page | 15

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investments
4
Total income
Expenditure on:
Raising funds
Charitable activities
Charitable activities - Ongoing
Total expenditure
5
Net income/(expenditure) 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
Net movement in funds
Total funds carried forward
16		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
-
7,554
7,554
6,693
14,685,282
256,163
14,941,445
12,046,213
43,927 -
43,927
18,346
14,729,209
263,717
14,992,926
12,071,252
15,731
-
15,731
17,969
14,374,386
403,316
14,777,702
12,801,025
14,390,117
403,316
14,793,433
12,818,994
339,092
(139,599)
199,493
(747,742)
774,000 -
774,000
5,696,000
1,113,092
(139,599)
973,493
4,948,258
9,975,299
345,715
10,321,014
5,372,756
1,113,092
(139,599)
973,493 4,948,258
11,088,391
206,116
11,294,507
10,321,014

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.

Page | 16

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

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		 £
991,000
2,646,627		 2024
£
9,121,289




309,769		 £
1,167,303
2,159,499		 2023
£
9,606,767




986,782
3,637,627

(3,327,858)		 3,326,802
(2,340,020)
100
7,961,291






100
7,745,199
9,431,058
(1,263,551)		 10,593,549
(2,502,535)
8,167,507
3,127,000		 8,091,014
2,230,000
11,294,507 10,321,014
206,116



11,088,391
11,294,507		 345,715



9,975,299
10,321,014
7,961,391
3,127,000		 7,745,299
2,230,000

Page | 17

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

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

[James] |[Priaw] Signed by:

9B1E1C0C5971458...

Brian James, Chair Date: 28 November 2024

The notes on pages 22 to 44 form part of these financial statements.

Page | 18

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

|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|£
991,168
2,646,619|2024
£
9,121,289
1|Page | 19
2023
£
£
9,606,767

1

9,606,768
1,167,471
2,159,419
3,326,890
(2,340,020)

986,870

10,593,638

(2,502,535)

8,091,103

2,230,000

10,321,103
345,715
100
7,745,288
7,745,388
2,230,000

9,975,388

10,321,103| |---|---|---|---| |||9,121,290




309,929|| ||3,637,787

(3,327,858)||3,326,890
(2,340,020)| ||100
7,961,453||





100
7,745,288| |||9,431,219
(1,263,551)|| |||8,167,668
3,127,000|| |||11,294,668|| |||206,115



11,088,553|| ||7,961,553
3,127,000||7,745,388
2,230,000| ||||
| |||11,294,668||

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

REGISTERED NUMBER: 02538734

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

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 £973,566.

The financial statements were approved and authorised for issue by the Trustees on 28 November 2024 and signed on their behalf, by:

[James] |[Priaw] Signed by:

Brian James, Chair

The notes on pages 22 to 44 form part of these financial statements.

Page | 20

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

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		 2024
2023
£
£
874,897
766,497
43,927
18,346
(324,879)
(241,027)
-
2,800
(280,952)
(219,881)
-
-
(106,817)
(491,069)
(106,817)
(491,069)
487,128
55,547
2,159,499
2,103,952
2,646,627
2,159,499

Page | 21

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 £973,566.

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.

Page | 22

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

Page | 23

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 and renovations - 5 - 50 years
Leasehold property and renovations - 5 - 50 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.

Page | 24

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

A pension scheme deficit is recognised in full. A pension scheme asset is only recognised to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. In the opinion of the trustees, a pensions scheme asset should be recognised as the Charity expects to contribute £nil to the scheme in 2024-25.

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.

Page | 25

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting Policies (continued)

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.

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 asset/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 asset/liability. 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: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

2. Income from donations and legacies

Donations
Total 2023		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
-
7,554
7,554
6,693
-
6,693
6,693

3. Income from charitable activities

Residential bed fees
Private day care
Grant income
Other income
Total 2023
Investment income
Interest received
Total 2023		 Unrestricted
funds
2024
£
Restricted
funds
2024
£
Total
funds
2024
£
Total
funds
2023
£
14,524,618
-
14,524,618
11,723,997
136,613
-
136,613
131,245
-
231,203
231,203
126,361
24,051
24,960
49,011
64,610
14,685,282
256,163
14,941,445
12,046,213
11,912,131
134,082
12,046,213
Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
43,927
-
43,927
18,346

18,346
-
18,346

4. Investment income

Page | 28

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

5. Analysis of expenditure by expenditure type

Depreciation &
Staff costs Disposals Other costs Total Total
2024 2024 2024 2024 2023
£ £ £ £ £
Costs of raising funds
Advertising and publicity - **- **
**15,731 **
15,731		 17,969
- **- **
**15,731 **		 15,731 17,969
Charitable activities
Operation of care homes **10,665,231 **
**810,357 **		 3,225,944
14,701,532		 12,724,150
Expenditure on governance
costs (note 6) 47,290 **- ** 28,880
76,170		 76,875
10,712,521 810,357 3,270,555 14,793,433 12,818,994
Total 2023 9,334,658
849,510
2,634,826
12,818,994
Other costs
2024 2023
£ £
Direct costs
Premises 1,198,410 783,734
Provisions 831,080 654,113
Other resident costs 295,969 226,551
Other staff costs 96,457 122,114
Sub-total 2,421,916 1,786,512
Support costs
Miscellaneous 58,519 30,437
Auditor’s remuneration 18,300 17,400
Legal & professional 10,580 17,142
Office costs 656,694 544,568
Interest 194,815 129,798
Net pension financing cost/(income) (note 9) (106,000) 91,000
Advertising and publicity 15,731
 17,969
Sub-total 848,639 848,314
Total 3,270,555 2,634,826

Page | 29

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6. Governance costs

Auditor's remuneration
Legal & professional
Wages and salaries		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
£
2024
£
2024
£
2023
£
18,300
-
18,300
17,400
10,580
-
10,580
17,142
47,290
-
47,290
42,333

76,170 -
76,170
76,875

7. Net income/ (expenditure)

This is stated after charging:

2024 2023
Depreciation of tangible fixed assets:
-
depreciation		 808,300 840,674
-
loss on disposals		 2,057 8,836
Auditor’s remuneration – audit 18,300 17,400

During the year, no Trustees received any remuneration (2023: £NIL).

During the year, no Trustees received any benefits in kind (2023: £NIL).

1 Trustee received reimbursement of expenses amounting to £389 in the current year, (2023: 1 Trustee - £285) in relation to travel expenses.

Page | 30

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

8. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs
Agency costs
Total		 2024
2023
£
£
9,202,805
7,829,407
666,641
541,902
252,022
237,151
10,121,468
8,608,460
591,053
726,198
10,712,521
9,334,658

No redundancy payments were made during the year (2023: £10,670, relating to 1 employee). The full amount of redundancy payments shown as an expense in the Statement of Financial Activities relates to the prior year. No termination payments incurred during the year (2023: £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		 2024
2023
No.
No.
469
423
27
29
496
452
2024
2023
No.
No.
0
0
1
0
0
1
2
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, Director of Facilities and Director of Quality. During the year the key management personnel costs including employer’s pension and NI were £410,669 (2023: £360,270).

At the year end, pension contributions outstanding amounted to £7,819 (2023: £4,729).

9. Other finance expense / income

Interest income on pension scheme assets
Interest on pension scheme liabilities		 2024
2023
£
£
954,000
568,000
(848,000)
(659,000)
106,000
(91,000)
Page

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

10. Tangible fixed assets

Group & Charity

Cost
At 1 April 2023
Additions
Disposals
Transfers
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
Transfers
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property &
renovations
£
Leasehold
property &
renovations
£
Motor
vehicles
£
Fixtures &
fittings
£
Total
£
2,525,000
10,596,096
51,360
1,839,398
15,011,854
3,200 18,780
-
302,899
324,879
-
-
-
(303,568)
(303,568)
1,587,470
(1,587,470)
-
-
-
4,115,670
9,027,406
51,360
1,838,729
15,033,165
204,875
3,714,648
49,220
1,436,344
5,405,087
209,760
347,615
2,140 248,785
808,300
-
-
-
(301,511)
(301,511)
378,024
(378,024)
-
-
-
792,659
3,684,239
51,360
1,383,618
5,911,876
3,323,011
5,343,167
-
455,111
9,121,289
2,320,125
6,881,448
2,140
403,054
9,606,767

During the year, assets with a net book value of £1,209,446 were transferred from Leasehold property and renovations to Freehold property and renovations due to them being incorrectly categorised in a prior year.

Page | 32

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

11. Fixed asset investments

Charity
Cost or valuation
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 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 -
73		 (73) (160)

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: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

12. Debtors

`
Trade debtors
Prepayments and accrued income
Other debtors		 Group
GroupCharity
Charity
2024
2023
2024
2023
£
£
£
£
624,480
732,061
624,480
732,061
300,855
355,702
300,855
355,702
65,665
79,540
65,833
79,708
991,000
1,167,303
991,168
1,167,471

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
2024
£
2023
£
2024
£
2023
£
1,244,682
112,515
1,244,682
112,515
313,710
410,464
313,710
410,464
534,140
588,415
534,140
588,415
1,235,326
1,228,626
1,235,326
1,228,626
3,327,858
2,340,020
3,327,858
2,340,020

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

Deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 March 2024		 Group
2024
£
Group
2023
£
Charity
2024
£
Charity
2023
£
518,179
454,926
518,179
454,926
520,781
518,179
520,781
518,179
(518,179)
(454,926)
(518,179)
(454,926)
520,781
518,179
520,781
518,179

Page | 34

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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

Group Group Charity
Charity
2024 2023 2024 2023
£ £ £ £
Bank loans 1,263,551 2,502,535 1,263,551 2,502,535
Included within the above are amounts falling due as follows:
Group
Group
Charity
Charity
2024 2023 2024 2023
£ £ £ £
Less than one year
Bank loans 1,244,682 112,515 1,244,682 112,515
Between one and two years
Bank loans 235,011 122,584 235,011 122,584
Between two and five years
Bank loans 1,028,540 2,379,951 1,028,540 2,379,951
Total 2,508,233 2,615,050 2,508,233 2,615,050

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		 2024
2023
£
£
100
100

Page | 35

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

16.Statement of funds

Statement of funds - current year

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 – South
Yorkshire Fire & Rescue
Grant Income – SCC Local
Area Committees
Grant Income – SCC MSIF
Grant Income – Sheffield
Town Trust
Grant Income – Go Fund Me
Grant Income – NHS DSC
Grant Income – Ship Shape
Other
Total of funds		 Balance at 1
April 2023
Income
Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at 31
March 2024
£
£
£
£
£
£
100,000 -
-
-
-
100,000
100,000 - -
- -
100,000
7,645,287
14,729,209 (14,513,044)
-
-
7,861,452
(88)
-
(73)
-
-
(161)
100
-
-
- - 100
2,230,000
-
123,000
-
774,000
3,127,000
9,875,299
14,729,209 (14,390,117)
-
774,000
10,988,391
9,975,299
14,729,209(14,390,117) -
774,000
11,088,391
102,559
32,414
(42,221)
-
-
92,752
168,753
-
(112,249)
-
-
56,504
74,403
-
(17,623)
-
-
56,780
-
3,486
(3,486)
-
-
-
-
198,733
(198,733)
-
-
3,000
(3,000)
-
-
-
-
484
(484)
-
-
-
-
25,000
(25,000)
-
-
-
-
500
(500)
-
-
-
-
100
(20)
-
-
80
345,715
263,717
(403,316) - -
206,116
10,321,014
14,992,926 (14,793,433)
-
774,000
11,294,507

Page | 36

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

16.Statement of funds (continued)

Statement of funds – prior year

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 – 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 | 37

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 for enrichment activities including wellness sessions and outings for our residents.

Grant Income received from SCC MSIF (Market sustainability and improvement fund) Workforce fund, was used to improve recruitment and retention, through various initiatives including staff gifts, bonuses, training and enhanced pay.

Grant income received from Sheffield Town Trust was used to improve the outside space at Burnt Tree Croft care home.

Grant Income received from Go Fund Me was used to benefit the residents at Springwood Care Home.

Grant income was received from NHS DSC (Digitising Social Care Transformation Fund) this was used to contribute towards the costs of us moving towards digital care records.

Grant income received from Ship Shape Community Hub was used to bring nature and plant based activities into the care home at Grange Crescent.

Other restricted funds are monies where the donor has restricted their use of the fund for a specific purpose.

Page | 38

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16.Statement of funds (continued)

Summary of funds - current year

Balance at 1 Transfers Gains/ Balance at 31
April 2023 Income Expenditure in/out (Losses) March 2024
£ £ £ £ £ £
Designated funds 100,000 **- ** - - **- **
100,000
General funds 9,875,299 14,729,209
 (14,390,117) **- ** **774,000 **
10,988,391
9,975,299 14,729,209 (14,390,117) - 774,000 11,088,391
Restricted funds **345,715 ** 263,717 (403,316) - **- **
206,116
10,321,014
14,992,926		 (14,793,433) **- ** 774,000
11,294,507
Summary of funds - prior year
Balance at 1 Transfers Gains/ Balance at 31
April 2022 Income Expenditure in/out (Losses) March 2023
£ £ £ £ £ £
Designated funds 100,000 **- ** - - **- **
100,000
General funds 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
Restricted funds 415,274 140,775 (210,334) - **- **
345,715
5,372,756
12,071,252		 (12,818,994) **- ** 5,696,000
10,321,014

Page | 39

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
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
2024
£
2024
£
2024
£
9,008,006
113,283
9,121,289
3,544,795
92,832
3,637,627
(3,327,858)
-
(3,327,858)
(1,263,551)
-
(1,263,551)
3,127,000
-
3,127,000
11,088,392
206,115 11,294,507
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

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		 2024
2023
£
£
199,493
(747,742)
808,300
840,674
(123,000)
80,000
(43,927)
(18,346)
2,057
8,835
176,303
277,551
(144,329)
325,525
874,897
766,497

Page | 40

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of cash and cash equivalents

19.
Analysis of cash and cash equivalents
Cash in hand
Total
20.
Analysis of changes in net debt
Cash in hand
Bank loan (due in 1 year)
Bank loan (due in over 1 year)
Total		 Group
2024
Group
2023
Charity
2024
Charity
2023
£
£
£
£
2,646,627
2,159,499
2,646,619
2,159,419
2,646,627
2,159,499
2,646,619
2,159,419
At 1 April
Cash
At 31 March
2023
Transfers
Flows
2024
£
£
£
£
2,159,499
487,128
2,646,627
(112,515)
(1,238,984)
106,817
(1,244,682)
(2,502,535)
1,238,984
-
(1,263,551)
(455,551)
593,945
138,394

Page | 41

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 £192,581 (2023: £158,367).

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:

2024 2023
Discount rate at 31 March 4.80% 4.75%
Future salary increases 3.40% 3.60%
Future pension increases 2.80% 3.00%

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 2024 was £18,097,000 (2023: £18,288,000) and the market value of assets was £21,224,000 (2023: £20,518,000) giving a scheme surplus of £3,127,000 (2023: surplus £2,230,000).

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
2024
2023
£
£
14,644,560
13,952,240
4,457,040
4,719,140
1,910,160
1,641,440
212,240
205,180
21,224,000
20,518,000

The actual return on scheme assets was a gain of £1,573,000 (2023 loss: £215,000).

Page | 42

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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		 2024
2023
£
£
(59,000)
(79,000)
(848,000)
(659,000)
954,000
568,000
-
-
47,000
(170,000)
as follows:
2024
2023
£
£
18,288,000
24,750,000
59,000
79,000
848,000
659,000
16,000
14,000
(155,000)
(6,457,000)
(959,000)
(757,000)
18,097,000
18,288,000
2024
2023
£
£
20,518,000
21,364,000
954,000
568,000
619,000
(761,000)
76,000
90,000
16,000
14,000
-
-
(959,000)
(757,000)
21,224,000
20,518,000

The cumulative amount of actuarial gains and losses recognised in the statement of total recognised gains and losses was a gain of £774,000 (2023: Gain £5,696,000) .

The company expects to contribute £0 to its defined benefit pension scheme in 2024-25.

Page | 43

Docusign Envelope ID: E5C1BADB-6EEB-40E1-8E1A-89D4A35DAA7E

SHEFFCARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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)
Total actuarial gains on defined benefit pension scheme		 2024
2023
£
£
(18,097,000)
(18,288,000)
21,224,000
20,518,000
3,127,000
2,230,000
155,000
6,457,000
619,000
(761,000)
774,000
5,696,000

22. Operating lease commitments

At 31 March 2024 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		 2024
2023
£
£
46,404
75,174
1,426
45,942
47,830
121,116

Lease payments of £74,609 (2023: £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 in prior years and this amount remained outstanding at the year end (2023: £167).

Page | 44