CARERS TRUST HEART OF ENGLAND Trustees, report and financial statements for the year ended 31 March 2024 (A Company Limited by Guarantee) Company Number.. 03206963 Charity Number: 1057024 Page I
Carers Trust Heart of England Contents of the Annual Report and Accounts For year ended 31 March 2024 Page Report of the Trustees 3-14 Independent Auditors Report 15-19 Statement of Financial Activities 20-21 Balance Sheet 22 Cash Flow & notes 23-24 Notes to the Financial Statements 25-38 Page 2
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to the charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) Carers Trust Heart of England is a registered charity, no. 1057024, a company limited by guarantee, no. 03206963 and a Network Pather of Carers Trust, a national charity promoting the rights of Carers, through working with other charities, the govemment and network partners throughout the UK. Welcome This year we have continued with the implementation of our Strategic Business Plan (2022 - 2026) and associated Operational Action Plans. This has seen us begin to restructure our 'Front of House, Customer Service Function in addition to actively seeking new accommodation from which we can create a Community Based Carers Hub and Head Office, which will better enable us to serve our local community of Carers and people with Care and Support Needs. We highlighted last year that we had secured several new contracts in addition to re-securing some existing contracts and this year the teams have been working hard to implement those contracts effectively and in a timely manner. With that in mind on behalf of the Board of Trustees I would like to thank all our staff and volunteers for their hard work, dedication, and flexibility for the last year, excelling and continuing to show great fortitude. We owe them a debt of gratitude for the work they carry out and the manner in which they do so. Page 3
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Objectives and activities Carers Trust Heart of England wishes to support all-age carers, and those they care for, through offering high quality, individually tailored care. and support services. We want to support carers to live their life as well as possible, being able to access the help and support they need, when, and how they need it. Our Strategic Business Plan for 2022 - 2026 details our Five Key Strategic Intentions of: Transformative Support Impact & Influence Sustainability Quality & Compliance Growth & Partnerships This plan which is under regular review by our Board of Trustees and Staff Team{s) via our Operational Action Plans is shaping the direction of the Charity into 2026 and beyond, ensuring that we are able to ensure stability for the organisation whilst providing high quality, responsive services. Vision and Values By 2026 we aim to be a charity that is both an enabler and a provider as well as an employer of choice, transforming the lives of carers of all ages and those who are cared for via high-quality, person-centred care and support services. We will be providing services which are commissioned, privately, that have been developed through listening to and harnessing the needs and wants of both carers and people they care for. Carers vol will be the dominant voice both internally and externally to the organisation, with noteworthy improvements in awareness and understanding of carers, their needs, and the significant role they play in our communities. We will be doing this from a position of being an organisation that is financially sustainable, having a diverse income, which has seen growth in terms of breadth and reach. We will have seen growth in the development of our workfor, who will be working collaboratively and embodying our vision and values. Our values are at the heart of everything we do and underpin the culture of the organisation. There is an importance in the 'human factor, in any organisation and no matter how detailed and solid your strategy is, if the people delivering on it do not nurture the appropriate culture there is a greater risk of failure to deliver. Page 4
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 For Carers Trust Heart of England our culture is about the way in which we act all of the time, in the execution of our work and particularly in times of crisis or critical demand, how we manage pressure and respond to the various challenges such as those that we have highlighted in our strategic Business Plan 2022 2026 and especially in how we treat each other, users of our services and partners. We Are (Our Qualities) Solution focussed Collaborative Strengths based Innovative Compassionate (empathy in action) We Value (Our Values) Commitment Openness & Transparency Integrity Access & Equality Quality & Improvement Public Benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidan on public benefits when reviewing the Charity's aims and objectives and in planning future activities. The Trustees have also considered how planned activities will contribute to the aims and objectives of the Charity. The Charity seeks to support unpaid carers to not only continue caring, enabling those adults and children with care and support needs to continue to live in community but to also support unpaid carers to live well whilst caring paying particular attention to their ovm health and wellbeing. Although many of the services provided are funded through statutory bodies there are also significant services which are either fully or at least partially funded through private donations, Trusts, Grants and a range of philanthropic organisats'ons for we are extremely grateful. We use these funds to support a number of services including but not exclusive of activities provisions for Young Carers, our STARS servi which supports children with various disabilities enabling parent carers to have a break and our Day Opportunities and Activities for both unpaid carers and people with care and support needs. Page 5
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Key Achievements During 2023-24 overall we have maintained our performance across the majority of our main areas. They were as follows. Adult Carers Information advice and support 2023-24 18,115 3,781 1,566 258 800 2022-23 14,453 4,372 927 214 300 One to one contact with Carers Carers su orted one to one Carers attendin one of our rou Carers attendin rou activities Carers Assessments com leted activities Young Carers Support 2023-24 486 2,569 2,471 2022-23 233 2,419 1,308 New Youn Carers identified Active oun Carers re istered Contacts with registered carers throu rou activities Regulated Care 2023-24 29,560 178 2022-23 33,344 222 Homecare hours delivered Customers su orted Emergency Planning 2023-24 4,983 945 2022-23 4,625 962 Emer enc lans now re istered with us CRESS Carers registered in the last 12 months Emer enc care hours delivered 2.572 2,458 Special Projects 2023-24 55 41 145 50 £23,619 80 915 84 2022-23 61 43 122 159 £28,457 100 261 46 Dementia Support - Customers supported. Customers remainin in their own home Carers Training - Carers received specific Iraining. Number of trainin sessions Payments - Total payments made. Number of Carers receivin ments Stars Children's Club - Numbers attendin Makin Carers Count - Number of new Carers su orted Page 6
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Board We have a Board of Trustees, each bringing different eXperIenS to the Charity. The Board of Trustees are" Mr Dhiran Vagdia Mr. Martin Henwood Mrs. Vivien Kershaw Mrs. Rosemarie Tonkinson Mr Ramesh Farmah Mr Stephen Cobb Mrs. Davinder Athwal Ms Marcia Jarrett Mr Robert Villette Ms Angela Watkins Mr Alex Winstanley Mr Jonathan Trace Mr Christopher Mills Mr Nigel Bacon Chair Resigned 25th April 2024 Resigned 1st November 2023 Resigned 16th January 2024 Resigned 15th April 2024 Appointed 30th April 2024 Appointed 30th April 2024 Our Company Secretary is Mrs. Claire Dale. We had three committees of the Board which met quarterly. These allowed the Charity to benefit from the different expertise of the Trustees. The three committees were the Executive Committee, Finance and Risk Committee and Quality and Operations Committee. Key Personnel Claire Dale Melanie Boag Claire Evans Resigned 6th February 2024 Fundraising Regulator Statement of Compliance The Charity does not contract a third party to undertake any fundraising on its behalf. The Charity now employs a Fundraising and Business Development Manager who initiates campaigns and supports fundraising activibes. We have reiVed no fundraising complaints during the year. Page 7
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Future Plans Our future plans reflect the world post pandemic, battling with an economic crisis and the many uncertainties that surround the health and social care landscape, which all impact on us as a Charity and those who we are here to support. We continue to seek to ensure that we are robust and able to support our beneficiaries in the future regardless of the method of delivery and despite the challenging operating environments that we find ourselves in. This in the short to medium term future focuses heavily on our accommodation and sustainability strategies as part of overall Strategic Business Plan 2022 - 2026. In addition to our Strategic Intentions we continue to focus on: Recovery - of our organisation as we continue developing in a post-pandemic and significantly economically compromised era and of our staff team(s) in terms of their health and wellbeing. stability - in continuing to secure core contractual work and varying our income stream(s), alongside improving our recruitrnent and retention prosseS and outcomes. Building Back better- Improving on how things were 'before' taking a lesson(s) learned approach. Thriving (not just surviving) - being financially resiSient and having more autonomy in partnership with carers to direct our work and resources on a needs led approach, maximising impact for beneficiaries. Financial Review Our Finances The charity ended the year with a surplus of £34,275. Principal Funding Sources The principal funding source of the organisation is from contracts from Statutory Authorities, namely Coventry City Council, Warwickshire County Council, and NHS Coventry and Warwickshire ICB. These state bodies provided 83 % (2023.. 890A) of our total income. The remaining income is from private income for the delivery of care hours, grants from trusts and organisations supporting our work and donations. Page 8
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Investment Policy and Objectives The Charity has an investment policy, which is updated and reviewed every three years. It looks for a balanced portfolio which produces reasonable income for the Charity's charitable activities whilst growing the value of the assets to protect them against the effect of inflation or other defining factors in the longer term. This is considered a relatively low risk approach. The stock market investments are managed by CCLA. Performance is bench marked against the FTSE APCIMS index. Bank investments are with Cambridge and Counties bank and the Charity's bankers Barclays Bank Plc. Both are yielding secure returns. Reserve Policy The reserve policy is reviewed annually in the light of the main risks facing the organisation. Having re-examined its strategic plans, the Board will seek to maintain a reserve level that will enable it to take advantage of any opportunities to develop services whilst maintaining its obligations to service users and creditors. The baseline requirement is to have reserves equating to beeen three and six months of annual expenditure. This will help us to withstand any unforeseen events. An adequate level of reserves is also neSSary to meet the working capital requirements of the Charity. The Trustees reviewed the funds that had been designated for specific purposes. As a result of this review and in light of new and challenging environments the Trustees have agreed to a revised list of designated funds to support its aims and objectives over the coming years. They are as follows: Descri tion of Desi nated funds Provision for Grant Officer Premises Reserve Private Market Develo Total Value £ 35,000 120,000 100,000 255,000 ment Summary At the 31st March 2024 total reserves were £2.825,626 of which restricted reserves are £135,304. Of the remaining unrestricted reserves totalling £2,690,322, £255,000 has been designated by Trustees. The actual free reserves at the end of the fiscal year equate to £2,435,322. However, £2,051 ,150 of these 'free' reserves represent non liquid fixed assets, leaving £384,172 free reserves. This accounts for 4 months of the running costs of the Charity. Page 9
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Risk Management Operations and Finance The Trustees, in conjunction with the senior management team. are aware of the major risks to which the Charity is exposed. INhere appropriate, systems or procedures have been established to mitigate the risks the Charity is exposed to. internal control risks are minimised through the procedures for authorisation of all transactions and projects. Procedures are periodically reviewed to ensure they continue to mt the needs of the Charity and ensure its compliance with applicable laws and regulations. Credit and Liquidity The Charity's principal financial assets are its long-term investments in CCLA and its bank balances, trade and other receivables. The Charity's credit risk is attributed to its trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks and investment houses which are rated highly by the international credit rating agencies. The Charity has no significant concentration of credit risk with exposures spread over a large number of counterparties and service users. In order to maintain liquidity, the management ensures that sufficient funds are available for ongoing operations and future developrnents. Governing Document The Charity is a charitable company not having share capital as defined by Companies Act 2006. It was registered as a charity on 23 July 1994 and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006. It is controlled by its governing document and memorandum and articles of association which were amended at the board meeting in March 2021 and approved by the Charity Commission and registered with Companies House together with the name change to Carers Trust Heart of England (formerly Crossroads, Coventry & Warwickshire). Page 10
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Recruitment and appointment of new Trustees The Directors ofthe company are also Charity Trustees for the purpose of charity law and are known as members of the Management Committee. Any person who is willing to act as a director, and who is permitted by law to do so, may be appointed to be a Director by resolution of the Directors. Under the requirements of the Articles of Association, at every Annual General Meeting (AGM) one- third, or, if their number is not divisible by three, the nearest number to one-third, of the Directors shall retire by rotation under article 15.2, but may, subject to article 15.5, offer themselves for re- appointment by the Directors. The Directors to retire by rotation shall be those who have been in office Sin their last appointment or reappointment. Organisational Structure Carers Trust Heart of England has a Board of 10 Trustees who meet regularly throughout the year and at least quarterly. Each meeting includes a review of the current activities including the financial position, actual achievement against the action plan, health and safety issues and future strategy. The Board is supported by three committees, Executive Committee, Finance and Risk Committee and Quality and Operations Committee which meet every quarter, and fdback from these committees is given at following Board meetings by their chairs. The Trustees attend both the Annual General Meeting and any training seminars pertinent to their responsibilities as Trustees. The Trustees have a wide range of business, social work and management experience from practitioner to director level and the majority of Trustees have also had personal experience of caring. The head office of the charity is currently in Queen Victoria Road in Coventry and Regulated services and Coventy Wellbeing services are delivered from this offi, Young Carers ServIS and the Wellbeing services for Warwickshire are delivered from community venues across the region. Carers Trust Heart of England provides services throughout Coventry and WanNickshire by teams of staff based in their local areas and managed from one of the above stated offices. The day-to-day responsibility of the organisation is that of the Chief Executive Officer who also provides support and advice to the Trustees in business and strategic planning. The Chief Executive Officer is supported by the Deputy Chief Executive OffIr and the Managers of the specific areas. They respectively manage their teams of advisors, coordinators, assessors, administration staff and care support staff. Page 11
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Organisational Structure - continued Remuneration for staff, including key management personnel is reviewed annually taking into account current minimum wage legislation and its impact on salary scales together with a review of similar charitable organisations pay scales. Related Parities and Associations The Charity is a partner of the Carers Trust. The Carers Trust was formed as a result of the merger of the former Crossroads Association and the Princess Royal Trust for Carers. All neOrk partners of the Trust work to an agreed quality assurance standard and share the same aims and objectives. In addition, the charity is registered with the Care Quality Commission as a domiciliary care agency providing regulated services and as such adheres to the standards as laid down in the National Minimum Care Standards Legislation. Locally, the registered manager and staff work closely with other charitable and statutory authorits'es to further the interests of carers and those they care for. The Chief Executive Officer works locally, regionally and nationally to promote the organisation and forge links with other organisations to further the work of the charity. Reference and Administrative Details Registered Company Number: Registered Charity Number: Registered Office: 6 Queen Victoria Road, Coventry W Midlands CV13JH Auditors LDP Luckmans. Chartered Accountants, Business & Taxation Advisors. 1110 Elliot Court, Coventry Business Park, Herald Avenue, Coventry CV5 6UB 03206963 (England and Wales) 1057024 Banks Barclays Bank Plc, 25 High Street. Coventy CV13JH Cambridge and Counties Bank, Charnwood Court, 58 New Walk, Leicester LE16TE Investment House CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET. Nexa Law Limited, We Work, 51h Floor, 10 York Road, London SE1 7ND. Solicitors Page 12
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Going Concern The Trustees have considered the reserves policy above and the working capital requirements for the period of 12 months from the date of this report and have reasonable expectations that the Charity has adequate resources to continue its operations for the foreseeable future. Accordingly, the trustees continue to adopt the going conrn basis for the preparation of the annual report and accounts. Trustee's Responsibility Statement The Trustees (who are also the directors of Carers Trust Heart of England for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practi). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of trie charitable company and of the incoming reSoUrS and application of reSoUrs, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:_ select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP: make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will conts.nue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularits'es. Page 13
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2024 Statement a5 to Disclosure of Infomiation to Auditors So far as the Trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable companls auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information. Auditors A resolution to re-appoint LDP Luckmans as the Charity's auditor will be proposed at the forthcoming Annual General Meeting. The report of the Trustees has been prepared taking advantage of the small companies exemption in the Companies Act 2006. This report was approved by the Board of Trustees and authorised for issue on 14th November 2024 and is si ned on its behalf by Mr Dhiran Vagdia (Chair) Page 14
Carers Trust Heart of England Independent Auditors Report to the Members For year ended 31 March 2024 Opinion We have audited the financial statements of Carers Trust Heart of England (the 'charitable company ) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: Give a true and fair view of the state of the charitable company's affairs as of 31 March 2023 and of its incoming reSoUrS and application of resources, including its income and expenditure, for the year then ended" Have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practis., and Have been prepared in accordance with the requirement of the Companies Act 2006 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 fjjrther described in the Auditors, responsibilities for the audit of the financial statement section of our report. We are independent of the charitable company in accordan 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 eviden 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 charitable company's ability to continue as a going conrn for a period of at least hvelve 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. Page 15
Carers Trust Heart of England Independent Auditors Report to the Members For year ended 31 March 2024 Other information The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other informats'on is materially inconsistent with the financial statements, or our knowledge obtained in 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 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 psCrIbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: The information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements, and The Report of the Trustees has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception. In the light of the knowledge and understanding of the charitable cornpany and its environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. Adequate accounting records have not bn kept or retums adequate for our audit have not been reiVed from branches not visited by us,. or The financial statements are not in agreement with the accounting records and returns. or Certain disclosures of Trustees, remunerabon specified by law are not made., or We have not received all the information and explanations we require for our audit; or The Trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Page 16
Carers Trust Heart of England Independent Auditors Report to the Members For year ended 31 March 2024 Responsibilities of Trustees As explained more fully in the Statement of Trustees. Responsibilities, the Trustees (who are also the directors of the 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 to 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 charitable company's ability to continue as a going COnrn, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to ease operations. or have no realistic alternative but to do so. Our responsibilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 aggregate, they could reasonably be expected to influence the econornic decision of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Enquiring of management and employees, including obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:. Identifying, evaluating, and complying and laws and regulations and whether they were aware of any InStanS of non-compliance. Detecting and responding to the risk of fraud and whether they were aware of any actual, suspected, or alleged fraud and The internal controls estsblished to mitigate risk relating to fraud or non-complian with laws and regulations. We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, discussions with management (as required by auditing standards) and discussed with management the policies and procedures regarding Complian with laws and regulations. Page 17
Carers Trust Heart of England Independent Auditors Report to the Members For year ended 31 March 2024 All identified laws and regulations were communicated throughout the audit team, and they remained alert to any indications of non-complian throughout the audit. The most significant considerations for the charitable company were as follows'.- The Charity is subject to laws and regulations that affect the financial statements which include financial reporting legislation (namely the Companies Act 2006), taxation legislation and the Charities Act. We assessed the extent of compliance with these laws and regulations as part of our audit procedures Conrning items recorded in the financial statements. The Charity is also subject to other operational laws and regulations here the consequences of non-compliance could have a material effect on the amounts of disclosures in the financial statements through imposing fines or withdrawal of funding contracts. Areas where this would have an effect include health and safety, Bribery Act 2010, employment law, data protections and child protection legislation (DBS checks for staff and volunteers) Auditing standards limit the audit prOdureS to identifying non-compliance of these laws and regulations to enquiry of management and inspection of regulatory and legal corresponden, if there is any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, and audit will not detect the breach. To identify the risk of material misstatement due to fraud, we carried out discussions amongst the audit team to assess areas where and how fraud might occur in the financial statements and any potential indicators. The following areas were identified Management override of controls through the posting of inappropriate accounting entries or journals We do not believe there is a fraud risk relating the revenue recognition as the revenue is straightforward, with limited opportunity for manipulation. We did not identify any additional fraud risks. We tested the appropriateness of accounting journals and other adjustments made in the account's preparation based on a risk criteria. Owing to the inherent limitation of the audit, there is an unavoidable risks that we may not have detected some material misstatements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulation is from the events and transacts'on reflected in the financial statement, the less likely in the inherently limited procedure required by auditing standards would identify it. In addition, as with any audit there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non- Complian with all law and regulations. Page 18
Carers Trust Heart of England Independent Auditors Report to the Members For year ended 31 March 2024 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at 14VW.frc.org.uklauditors responsibilities. This description forms part of our Report of the Independent auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordan 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 auditors, 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. Mark Spafford FCCA.foA (Senior Statutory Auditors) for and on behalf of Luckmans Duckett Parker Limited 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB Date: 'IND Page 19
Carers Trust Heart of England Statement of Financial Activities (Incorporating Income and Expenditure Account) For year ended 31 March 2024 Unrestricted Restricted Funds Funds 2024 total 2023 Total Notes Income and Endowments Donations and Legacies Charitable activites Other Trading adivilies Investment In¢ome Other income 12,430 1,979,240 1.778 66.842 6.030 32,872 443,490 117 45.302 74,494 2.422.730 2,568,191 1,895 66,842 8,205 15,874 13,080 2,175 Total 2,066,320 478,654 2,544,974 2,671.729 Expenditure Raising Funds Charitable a¢tivities- Direct costs Charitable activities Support costs Govemance Activities - support Costs 64.552 1.350.749 815,882 6,780 64,552 1.723.080 856,526 6,780 46,143 1,684,905 704,892 5,740 372,331 Total 2.237,963 412,975 2,650,938 2,441,680 Other Recognised gains - Investmerrts 140,239 140.239 49,288 Net Incomel(expendilure) (31,404) 65,679 34.275 279,337 Transfer befvleen funds 19 65,379 33,975 65,379 300 34,275 279.337 Funds as al 31 March 2023 2,656,347 135,IyJ4 2.791,351 2.512.014 Funds as al 31 March 2024 2,690,322 135,304 2,825.626 2,791,351 Page 20
Carers Trust Heart of England Statement of Financial Activities (incorporating Income and Expenditure Account) For year ended 31 March 2024 Statement of Financial activities for year ended 31 March 2023 Unrestricted Restricted Funds Funds 2023 total Note¢ Income and Endowments Donations and Legacies Charitable activities Other trading activities Investment Income Other income 47,145 1,920.615 90 15,874 12.570 27,349 647,576 74,494 2,568.191 90 15,874 13.080 510 Total 1,996,294 675,435 2,671,729 Expenditure Raising Funds Charitable activities - Direct costs Charitable activities Support costs Governance Activities - support Costs 46,143 1,250,305 577,605 5,740 46,143 1.684,905 704.892 5,740 434.600 127.287 Total 1,879.793 561,887 2,441,680 Other Recognised gain& Investments 49.288 49.288 Net Incomel{expenditure) 165,789 113,548 279,337 Transfer between funds 19 79,468 245.257 79,468 34,080 279,337 Funds as at 31 March 2022 2,411,090 100.924 2,512,014 Funds as at 31 March 2023 2,656,347 135,004 2.791.351 Page 21
Carers Trust Heart of England Balance Sheet For year ended 31 March 2024 2024 2023 Notes Fixed assets Tangible assets Investments 13 14 361.623 1,689,527 2.051.150 445,498 1,549,289 1,994,787 Current Assets Debtors Cash at bank and in hand 15 104,312 1,076,987 1,181,299 120.128 1,188,003 1.308,131 Creditors: amount falling due within one year 16 {406.823) (511,567) Net Current Assets less current Liabilities 774,476 796,564 Net Assets 2,825,626 2,791.351 Funds of the Charity Unrestricted Funds general funds designated funds 19 19 2,435.322 255.000 2,399,708 256,639 Restricted funds 19 135,304 135,004 Total Funds 2,825,626 2,791.351 These financial statements were approved in accordan with the provision applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 14th November 2024 and were signed on its behalf by ia- Chair Robert Villette - Trustee Page 22
Carers Trust Heart of England Cash Flow For year ended 31 March 2024 2024 2023 notes Cashflow from operating activities (178,058) 187,501 Cash flow from Investlng activities Dividends and interest from investments Proceeds from sale of Equipment Purchase of IT equipment Purchase of investments Net cash flow from investing activities 66,842 200 15,873 100 (9,120) 1,500,000 1,493,147) 67,042 cash flow from financing activities Net increasel(decrease in cash and cash equivalents (111.016) (1,305,646) Cash and cash equivalents at beginning of reporting period 1,188,003 2,493,649 Cash and cash equivalents at end of reporting period 1,076,987 1.188,003 Page 23
Carers Trust Heart of England Notes to the Cash Flow For year ended 31 March 2024 1. RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomelexpenditure for the reporting period as per the statement of f inancial activities adjustments for deprecialion charges (gains)I losses on investments (gains)Ilosses on fixed assets dividends interest from investments lossl{profit) on sale of fixed assets (increase)Idecrease in debtors increasel(decrease) in creditors 34,275 279,337 10,528 (140,238) 13,468 (49,287) (66,842) 73,146 15,816 (104,743) (15,874) 262 146,267 (186,672) Net cash provided by operating acttvities (178,058) 187,501 2. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand 1.076,987 1,188,003 Total cash and cash equivalents 1,076.987 1,188.003 Page 24
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 1. ACCOUNTING POLICIES General information and basis of preparing the financial statements Carers Trust Heart of England is a Company Limited by Guarantee, incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The address of the registered office is given in the charity information on page 12 of these financial statements. The nature of the charity's operations and principal activities are given on page 4. The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements are prepared on a going conrn basis under the historical cost convention modified to include rtain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistendy applied to all years presented unless otherwise stated. Income recognition All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. In accordance with the Charities SORP income received in advan and specified by the provider as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met, and which are outside the control of the charity or where it is uncertain whether the conditions can or will be met, are deferred or are recognised on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the financial statements and the sums involved are shown as creditors in the financial statements. Page 25
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 1. ACCOUNTING POLICIES - continued Income from trading activities includes income earned from fundraising events and trading activities to raise funds for charity. Income received in exchange for supplying goods and services in order to raise funds is recognised when entitlement has occurred. No amount is included in the financial statements for volunteer time in line with the SORP (FRS102). Income from government grants and other grants are recognised at fair value when the charity has entitlement after any perf0rrnan conditions have been met, it is probable that the income will be received and the amount can be measUd reliably. If entitlement is not met these amounts are deferred. Investment income is eamed through both our Investment house, CCLA. and our bank accounts with Barclays Bank PIC and Cambridge and Counties Plc. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligats.on committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of reSoUrs. Fund raising costs are those incurred in seeking voluntary contributions and include the costs of disseminating information in support of the charitable activities Governan costs are those which relate to the provision of governance infrastructure of the charity. Included within this category are costs associated with the strategic management of the charity's activities and all trustees and committee costs. Allocation and apportlonment of costs Overheads and support costs have been apportioned on a basis consistent with the use of the resources. Where support costs are not directly related to contracts, such as costs relating to Management, Finance and Accounts, Human Resources, IT and Office Facilits"es, the costs are allocated to each acts'vity based on an apportionment basis. Recognition of liabilities Liabilities are recognised on an accruals basis in accordance with nomial accounting principles, modified where neSSary in accordance with the guidance given in the Charities SORP. Page 26
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 1. ACCOUNTING POLICIES - continued Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities (SOFA) on a straight line basis over the period of the lease. Investments Fixed asset investments are a form of financial instrument and are initially recognized at their transaction cost and subsequently measured at fair value at the balance sheet date. Investment gains and losses, whether realised or unrealised are combined and shown in the heading ' other recognised gainsllosses investments in the statement of financial activities. Short term investments are classified as current assets and valued at current market value Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life Freehold Property Improvements to property Fixtures fittings and equipment Freehold property policy not provided over the period of the lease 25 % on reducing balan the charity does not depreciate assets that retsin their value over the period of ownership Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include the original purchase pri of the asset and the costs attributable to bringing the asset to its working condition for its intended use. All expenditure of a capital nature is capitalised at cost as fixed assets with items costing below £1,500 being fully expensed during the year of purchase. Taxation The charity is exempt from corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the Charity and is therefore included in the relevant costs in the Statement of Financial Activities (SOFA). Funds General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Unrestricted designated fvnds are those ring-fend for the initiatives supporting charity's strategic objectives. Restricted designated fvnds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund Investment income and gains are allocated to the appropriate fund. Page 27
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 1. ACCOUNTING POLICIES - continued Pension costs and other post retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Flnancial instruments Financial assets and liabilities are defined as basic financial instruments under FRS102. These are measured at amortised cost. Going Concern The Trustees have considered the resenies policy above and the working capital requirements for the period of 12 months from the date of this report and have reasonable expectation thatthe Charity has adequate resources to continue its operations for the foreseeable future. Accordingly, the Trustees continue to adopt the going conrn basis for the preparation of the annual report and accounts. 2. DONATIONS AND LEGACIES 2024 2023 Unrestricted Restricted Funds Funds Total Funds Total Funds Donations 12,430 32,872 45,302 74,494 3. OTHER TRADING ACTIVITIES 2024 2023 Unrestricted Restricted Funds Funds Total Fund5 Total Funds Fundraising Events 1,778 117 1,895 90 Page 28
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 4. INVESTMENT INCOME 2024 2023 Unrestricted Restricted Funds Funds Total Funds Total Funds Deposit account interest Investment divendS 21.794 45,048 66,842 21,794 45,048 66,842 4,521 11,353 15,874 5. INCOME FROM CHARITABLE ACTIVITIES 2024 Totsl 2023 Total Unrestrithd Restricted Local Authority contracts Other contracts Grants 457,822 135,788 1.385,630 1,979,240 457,822 135,788 1,829,120 2,422,730 429,046 111,112 2,028,033 2.568,191 443,490 443,490 All income from Charitable Activities relates to Care ServIs and direct support to carers. The above grants figures include the following funding providers: Grant Provider Big Lottery - Young Carers Children in Need Carers Trust Local Authority Other grants 82,085 82.085 74.560 32,714 52,032 1,864,399 328 2,024,033 77,432 273,970 10,003 443,490 77.432 1,659.600 10,003 1,829,120 1.385.630 1,385,630 Page 29
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 6. RAISING FUNDS 2024 Total Funds 2023 Total Funds Unrestricted Funds Restricted Funds Raising donations and legacies Staff costs Support costs for fundraising activities 56,*7 7.585 64,552 S6,7 7,585 64.552 28.589 17.554 46,143 7. CHARITABLE ACTIVITIES- DIRECT COSTS 2024 Total 2023 Total Unrestricted Restricted Staff Costs Travel Activity Costs Grants to Carers Training costs Depreciation Protective equipment Loss on disposal of Assets Loss on revaluation of Assets 1,291.555 43.939 6.605 615 695 7.246 245,560 7.143 66,187 52.554 1,537,115 51,082 72,792 53,169 1,561 7,246 115 1,500,113 49,907 48.715 69,078 6,089 11,003 21 1,350,749 372,331 1.723.080 1,684,905 Page 30
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 CHARITABLE ACTIVITIES- SUPPORT COSTS 2024 Total 2023 Total Unrestricted Reslricted staff Costs Travel Training Premises costs Insurance utilities Telephones Postage and stationary PR IT costs Recruitment Other expenses Repairs and renewals Impairment of property Bad debt provision Legal and professional costs 462,384 5,369 27,428 50,098 21.272 10.146 27.414 4.230 7,902 56,718 17.655 16,906 7,194 73.146 462,384 5.369 27.428 53,785 21.272 10,146 31.329 4.230 24.128 73.001 17,655 16,949 7.194 73.146 484 28.026 384,179 4,887 33,363 14,022 20,959 11,419 30,010 3,526 32,083 66,936 20,681 27,106 12,452 3,687 3,915 16,226 16,283 43 92 43,117 27,536 490 815,882 40,644 856,526 704,832 9. GOVERNANCE 2024 total 2023 Total Unrestricted Restricted Auditors Remuneration Training from Auditors Trustees meeting costs 6,510 120 150 6,780 6,510 120 150 6,780 5,100 540 100 5,740 Page 31
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 10.NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after charging: 2024 2023 Auditors Remunerations Depreciatson - Owned Assets Deficit on Disposawimpaiment of Fixed Assets 6,510 10,528 73,146 5,100 13,469 263 11.TRUSTEES' REMUNERATION and BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. 12.STAFF COSTS 2024 2023 Wages and Salaries Social Security Costs Other Pension Costs 1,865,452 140,291 50,723 2,056,466 1,717,289 145,983 49.608 1.912,880 The average monthly number of employees during the year was as follows.. 2024 2023 Chief Executive Officer Practical support services Youngladult carer infomiation Central Management support Finance and administration 51 28 51 29 91 90 Total number of employees earning over £60,000 per year (including benefits) in the periods is as follows- 2024 2023 No. £60,000 - £70,000 £70,000 - £80.000 £80,000 - £90,000 The total amount of remuneration received by key management personnel (including employer pension and national insurance contributions) is £213,829 (2023: £185,351). The charity considers its key management personnel comprises of 3 individuals (2023.. 3). Page 32
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 13.TANGIBLE FIXED ASSETS Freehold Property Improvements Fixtures Fittings to Leasehold & Equipment Property 2024 Tolal COST 1 st April 2023 Additions Disposalstimpairment 31 st March 2024 350,000 103,023 44,358 497,381 103,023 2,028 42,330 105,051 392,330 350,000 DEPRECIATION 1 st April 2023 Charge for year Disposallimpaimient 31st March 2024 26,394 3.282 {29.676) 25,489 7,246 {2,0281 30,707 51,883 10,528 {31,7041 30,707 NET BOOK VALUE 31 st March 2024 350,000 11,623 361,623 31st March 2023 350,000 76,629 18,869 445,498 14.MANAGED INVESTMENTS The charity set up an investment account with CCLA during the previous financial year. 2024 1,549.289 2023 Market value at 1 April 2023 Additions Disposals 1.500,000 1,549,289 1,500,000 Unrealised gainsllosses on investments 140,238 49,289 Closing value at 31 March 1,689,527 1,549,289 Page 33
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 15.DEBTORS 2024 2023 Trade Debtors Other Debtors Prepaymenls 19,013 74,939 10,360 104,312 15,506 80,000 24,622 120,128 16.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Credf(ors and provisions Accruals Other Creditors Deferred income (see below) 15,569 10,659 211,959 168,636 406.823 241,588 166.904 1.824 101,251 511,567 Deferred income 2024 2023 As at 1st April 2023 Amounts received in the year Income utilised in the year 101.251 2.005,911 (1,938.526) 438,845 1,805,985 (2,143,579) 31st March 2024 168,636 101,251 17.LEASING AGREEMENTS Minimum lease payments under non-canlIable operating leases fall due as follows. 2024 2023 Within one year Been one and five years in more than five years 1,595 2,986 8,237 13,223 4,581 21,460 Page 34
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 18.ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds 2024 2023 Fixed Assets Current Assets Current Liabilities 2,051,150 855,560 216,388 2,690,322 2,051,150 325,739 1,181,299 190,435 406,823 135,304 2,825,626 1.994,787 1,308,131 511,567 2,791,351 19. MOVEMENT IN FUNDS Unrestricted Funds Designated Funds Restricted Funds Total Balance as at 1st April 2023 Surplusl(Loss) for the year Movement between Reserves 2,399,708 (16,205) 51,819 256,639 (15,199) 13,560 135,004 65,679 (65,379} 2,791,351 34,275 Closing Balance as at 31st March 2024 2,435,322 255,000 135,304 2,825,626 Restricted designated funds are fvnds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Unrestricted - general funds are unrestricted funds which are available for use at the discrets.on of the trustees in fvrtherance of the general objectives of the charity and which have not been designated for other purposes. Unrestricted designated funds are funds that have been ring-fenced for the initiatives supporting charity's strategic objectives. Page 35
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 MOVEMENT IN FUNDS- continued The restricted reserves are made up of 2024 2023 PCT Enhanced Hardship fund Carers Trust Grant 100,924 29,103 4,977 300 100,924 29,103 4,977 135,304 135,004 The designated reserve is made up of 2024 2023 Sale and purchase of premises costs Costs relating to exit of Penny Collard Centre Private Market Development Funding for a trust and grants officer Custodian funds 120.000 120,000 100,000 100,000 35,000 35,000 1,639 255,000 256,639 Page 36
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 20.MOVEMENT IN RESERVES Transfer between Funds 1.4.2023 Income Expenditure 31.3.2024 Unrestricted Funds General Funds Designated premises Fund Designated personnel Fund Designated Private Marf¢el Fund Designated Penny Collard Centre Fund Designated Trust and Grants Fund Designated Custodian Fund 2.399.708 2,066,320 120,000 2.082.525 51,819 2,435,322 120,000 100,000 (100.0001 13.560 100,000 100,000 35,000 1,639 2,656,347 2,066,320 13.560 1.639 2,097,724 35,000 65,379 2,690,322 Restricted Funds Restricted Funds 135,004 478,654 412.975 165,379) 135,304 Tolal Funds 2,791.351 2,544,974 2.510,699 2,825,626 Prior Year Movement in Reserves Designated Premises Fund Designated Personnel Fund Designated Equipment Fund Designated Penny Collard Centre Fund Designated Trust and Grants Fund Designated Custodian Fund 120.000 200,000 50.000 56.000 120.000 (200,0001 {50,000) 44,000 100,000 35,000 35,000 529 O 1,639 1,830,505 79,468 2.656,347 2,168 2.411,090 1.996.294 Restricted Funds Restricted Funds 100,924 675.435 561.887 (79,4681 135,004 Total Funds 2,512,014 2,671,729 2.392.392 2,791,351 Page 37
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2024 21.PENSION COMMITMENT The Charity operates a defined contribution scheme for its employees. The defined contributions are paid immediately each month to the nominated fund of the respective employees. The amount paid into schemes during the year amounted to £1,093 (2023 £2,231) The total amount prepaid at 31 March 2024 was £69 (2022 £49) 22.RELATED PARTY DISCLOSURES During the year ending 3151 March 24, video serwces were provided by Jonathan Trace amounting to £1.920 (2023, Nil) Mr J Tra is a trustee of Carers Trust Heart of England. The amount due to Mr J Tra at 315t March 24 was nil (2023, nil). 23. ULTIMATE CONTROLLING PARTY Carers Trust Heart of England is a charitable company limited by guarantee. The members of the company have agreed to contribute £5 each to the assets of the company in the event of the company being wound up. Ultimate control of the company rests with the Trustees who are also directors and members of the company. Page 38