CARERS TRUST HEART OF ENGLAND Trustees, report and financlal statements for the year ended 31 March 2025 (A Comp8ny 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 2025 Page Report of the Trustees 3-15 Independent Auditors Report 16-20 Statement of Financial Activities 21-22 Balance Sheet 23 Cash Flow & notss 24-25 Notes to the Financial Statements 26-39 Page 2
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 The Trustees who are also Directors of the Gharity for the purposes of the Companies Act 2006, present their report wtth the financial ststements of the charty for the year ended 31 March 2025. The Trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to the charsties preparing their accounts in accordance 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 charty, no. 1057024, a company limited by guarantee, no. 03206963 and a Netrwork Partner of Carers Trust, a national charty promoting the rights of Carers, through working with other charities, the government and network partners throughout the UK. Welcome This year we have continued to deliver agalnst our Strategic Buslness Plan (2022-2026) and associated Operational Action Plans. We have also begun the planning process for coproducing our strategy for 2026 and beyond which includes assessing our progress against our current plan, and working with our varied stakeholders to aSrtain where our focus should be moving forNard. We have continued to actively seek new accommodatlon from which we can create a Community Based Carers Hub and Head Office and as we approached the end of 2024-2025 this had begun to gather pace and we are excited as to what the comlng year might bring. Our move of premises will better enable us to serve our local community of Carers and people with Care and Support Needs whilst providing a sound base from which our staff team can come together and work collaboratively in a space which meets their needs for individual and team-based working. We continue to work hard to deliver the serdices that we are both commissioned to provide and those that we have secured alternative funding for, all whilst navigating what is a continually challenging health and social care landscape. We do this whilst championing the needs of unpaid carers at both a local and national level, seeking to achieve improvements in the rights of and support available for alkage unpaid carers. With that in mind on behatf 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 2025 Objectives and actlvltles 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, transfomiing the lives of carers of all ages and those who are cared for via high-quality, person-centred care and support services. We wlll be providing servlces whlch are commissioned, prlvatety, that have been developed through listening to and harnessing the needs and wants of both carers and people they care for. Carers Voice will be the dominant voice both internally and externally to th8 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 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 Importan 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 2025 During 2025-2026 we will be carrying out a full review of our current plan and consulting with our varied stakeholders around what our Strategic Business Plan looks like from 2026 and beyond. 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 eath other, users of our sepiices and partners. We Are (Our Qualltle8) Solution focussed Collaborative Strengths based Innovative Compassionate (empathy in action) W• Value (Ourvalues) Commitment Openness & Transparency Integrity Access & Equality Quality & Improvement Publlc 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 own health and wellbeing. Although many of the servlces 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 organisations for which we are extremely gratsful. We use these funds to support a number of services including but not exclusNe of activity provisions for Young Carers, our STARS Service which supports children with disabilities enabling parent carers to have a break, Counselling for Carers and our Day Opportunities and a range of activities for both unpaid carers and people with care and support needs. Pa8e 5
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2026 Key Achlevements During 2024-25 overall we have performed well across the majority of our main areas of service delivery and we have increased the number of Special Projects that we have been able to offer. The details of these are as follows Adult Carer8 Inforniatlon advlce and support 2024-2026 23.191 2023-24 18,115 3,781 One to One Contact with Carers Carets Su rted One to One Carers attendin one of our Grou Carers attendin Grou Activities Carers Assessments com leted Activities 779 223 856 258 800 Young Carers Support 2024-2025 576 2902 1864 2023-24 486 2,569 2,471 New Youn Carers identified Active Youn Carers re istered Contacts with re istered carers Ihrou rou activities Regulated Care 2024-2025 25,144.25 121 2023-24 29,560 178 Homecare hours delivered Customers su orted Emergency Planning 2024-2025 6,120 985 2023-24 4.983 945 Eme enc Plans now re istered with us CRESS Carers registered in the last 12 fnonths Eme en Care Hours Delivered 2 151.25 2,572 Page 6
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 Special Projects 2024-2025 59 30 £33.092 103 374 858 2023-24 55 41 £23,619 80 330 915 Dementia Support - Customers supported. Customers remainin in their own home Payments - Total payments made. Number of Carers reIVIn ments Watwid(shire Carers received a Direct Pa Stars Children's Club - Numbers attendin Counselling Referrals to Counselling Carers Attending Sessions Number of Sessions received b Carers Carers Money Mstters- Carers Supported Number of Contact Winter Wam Bsgs Carers receiving a Wami Bag Reco nised Savin Value Travel Pa88es- Number of Carers receiving a Pass S8vin s Made £720 er carer Daybreak - Number of people attending Number of Hours Provided Community Hubs Number of individual eventslhubs attended Numbar of visits to events and hubs Number of eo le interacted with ment 89 31 183 347 817 NIA NIA 160 £57 686 177 £127,440 19 1.335.25 NIA NIA NIA 76 195 4022 NIA Page 7
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 Board We have a Board of Trustees, each bringing different experiences to the Charity. The Board of Trustees are: Mr Dhiran Vagdia Mt Martin Henwood Mrs. Rosemarie Tonkinson Mr Stephen Cobb Mrs. Davinder Athwal Ms Mar¢la Jarrett Mr Robert Villette Ms Angela Watkins Mr Jonathan Trace Mr Christophar Mills Mr Nigel Bacon Mr Nigel Bellamy Chair Resigned 25th April 2024 Resigned 6th December 2024 Appointed 6th December 2024 Our Company Secretary 18 Mrs. Claire Dale. Wa had one committee of the Board which met quarterly. This allowed the Charity to benefit from the different expertise of the Trustees. The committee is the Finance Commtttee. We are currently undertaking an externally led Governance Review which will inform our use of committees moving foDNard. Key Personnel Claire Dale Melanie Boag Fundral8lng Regulator Statsment of Compllance The Charity does not contract a third paty to undertake any fundraising on its behalf. The Charity now employs a Fundraising and Business Development Manager who initiates campaigns and supports fundraising activities. We have received no fundraising complaints during the year. Page 8
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2026 Future Plans Our future plans continue to reflect the world post pandemic (the effects of which will be evident for many years), battling with an ongoing economic crisis and the many ongoing uncertainties that surround the health and social care landscape, which all impact on us as a Charity and those who we are here to supporL We contlnue 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 accommodatlon and sustalnability strategies as part of overall Strategic Business Plan 2022 - 2026 and will undoubtedly feature heavily in any new Strategic Business Plan moving into 2026 and beyond. 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 temis of their he8fth and wellbeing. stability - in continuing to secure core contractual work and varying our income stream(s), alongside improving our recruitment and retention processes and outcomes. Building Back better - Improving on how things were 'before' taking a lesson(s) learned approach. Thrivlng (not just suNiving) being financially resilient and having more autonomy in partnership with carers to direct our work and resources on a needs led approach, maximising Impact for beneficiaries. Flnanclal Rèvlew Our Flnances The charity ended the yearwith a surplus of £31,260. Page 9
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 Princlpal Funding Sources The principal funding source of the organisation is from contracts from StatLrtory Authorities, namely Coventry City Council, Warwickshire County Council, and NHS Coventry and Warwickshire ICB. These state bodies provided 81 % (2024: 83 %) 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. Investment Policy and Objectlves 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 activiti&s 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. Th8 Stock market investments are managed by CCL4. 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 Pollcy The reserve policy is reviewed annually In the light of the maln risks facing the organisation. Havlng 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 necessary to meet the working capitsl 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 fvnds to support its aims and objectives over the coming years. They are as follows: Descrl tion of Desi Prernises Reserve Private Market Develo Infrastructure Develo Governance Develo Total nated funds Value £ 120000 100,000 50,000 10,000 280,000 ment ment ment Page 10
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 Summary At the 31 * March 2025 total reserves were £2,856,886 of which restricted reserves are £113,245. Of the remaining unrestricted reserves totalling £2,743,641, £280,000 has been designated by Trustees. The aotual free reserves at the end of the fiscal year equate to £2,463,641. However, £2,017,325 of these Yree, reserves represent non liquid fixed assets, leaving £446,316 free reseNes. This accounts for 5 months of the running costs of the Charity. Risk Management Operatlons and Flnanco The Trustees, In conjunctlon with the senior management team, are aware of the major risks to which the Charity is exposed. INhere appropriate, systems or procedures have been estsblished to mltigate the risks the Charity is exposed to, internal control risks are rninimised through the procedures for authorisation of all transactions and projects. Procedures are periodically reviewed to ensure they continue to meet the needs of the Charity and ensure its compliance with applicable laws and regulations. Credlt and Liquldlty The Charity's principal financial assets are its long-tenn investments in CCLA and its bank balans, 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 cOnntratIon of credst risk with exposures spread over a large number of counterparties and service users. In order to malntain liquldity, the management ensures that sufficient funds are available for ongoing operations and future developments. Governlng Document The Charity is a charitable company not having share capital as defined by Companles 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 goveming 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 (ft)rmerly Crossroads, Coventry & Warwickshire). Pa8e 11
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2026 Recruitinent and appointment of new Trustees The Directors of the 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 lawto do so, may be appointed to be a Director by resolution of the Directors. Under the requirements of theArticles ofAssociation, at every Annual General Meeting (AGM) one- third, or, if their number is not divlsible by three, the nearest number to one-third, of the Directors shall retlre 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 since their last appointment or reappointment. Organlsatlonal StruGture 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 currently supported by one committee, the Finance Committee which meets every quarter, and feedback from this committee is given at following Board meetings by its Chair. We are currently in the process of undertaking an external Governance Review which wi51 infom our committee structure moving forward. The Trusteas 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 experien from practitioner to director level and the majority of Trustees have also had personal experience of caring. The head Offi of the charity is currently in 12a Canal Basin, St Nicholas Road in Coventry ueen Vlctoria Road in Coventry and Regulatsd seNices and Coventry Wellbeing services are delivered from this office, Young Carers services and the Wellbeing services for Warwickshire are delivered from community venues across the region. Carers Trust Heart of England provides services throughout Coventry and WaTwickshire 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 Offir who also provides support and advi to the Trustees in business and strategic planning. The Chief Executive Officer is supported by the Deputy Chief Executive Officer and the Managers of the specific areas. They respectively manage their teams of advisors, coordinators, assessors, administration staff and care support staff. Page 12
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2026 Organisatlonal 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 Parltles and Assoclations The Charity is a partner of the Carers Trust. The Carers Trust was formed as a r8suIt of the merger of the former Crossroads Association and the Princess Royal Trust for Carers. All network 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 Qualty Commission as a domiciliary care agency providing regulated services and as such adheres to the standards as laid down in the National Minimum Car£ Standards Legislation. Locally, the registered manager and staff work closely with other charitable and statutory authorities to further the intsrests 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 Admln18tratlve Details Registered Company Number: Registered Charity Number: Registered Office: 12A Canal Basin, St Nicholas Street, Coventry W Midlands CV14LY 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, Coventry CV13JH Cambridge and Counties Bank, Chamwood Court, 58 New Walk, Leicester LE16TE CCLA, Senator House, 85 Queen Victoria Street, London. EC4V 4ET. Nexa Law Limited, We Work, 5th Floor, 10 York Road, London SE1 7ND. Investment House Solicitors Page 13
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 Golng 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 reSourS to continue Èts operations for the foreseeable future. Accordingly, the trustees continue to adopt the going concern basis for the preparation of the annual report and accounts. Trustee's Responslbllity 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 appllcable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). 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 the charitable company and of the incoming resoUrS and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:_ select suitsble accounting policles and then apply them consistently. obseNe the methods and prlnciples 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 continue 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 hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 14
Carers Trust Heart of England Report of the Trustees For year ended 31 March 2025 Statement as to Disclosure of Informatlon to Audltors 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 company's 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. Audltors A resolutlon 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 8pproved by the Board of Trustses and authorised for issue on 16th October 2025 and is signed o s behalf by Mr Dhiran Vagdia (Chair) Page 15
Carers Trust Heart of England Independent Audltors Report to the Members For year ended 31 March 2025 Opinion We have audited the financial statements of Carers Trust Heart of England (the 'charitable company,) for the year ended 31 March 2025 which comprise the Ststement of Financial Activities, the Balan 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 "ngdom Generally Accepted Accounting Practice). In our opinion the financial statements: Give a true and fair vlew of the stats of the charitable company's affairs as of 31 March 2025 and of its incoming resources and applicatlon of resources, induding its Income and expenditure, for the year then ended. Have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practices. and Have been prepared in accordan with the requlrement of the Companies Act 2006 Basis for oplnlon We conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statement section of our report. We are independent of the 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. Concluslons relating to golng 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 Gharitable company's abllity to continue as a going concem for a period of at least twelve months from when the financial statements are authorlsed 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 16
Carers Trust Heart of England Independent Audltors Report to the Members For year ended 31 March 2025 Other information The Trustees are responsible for the other information. The other infomiation 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 statsments does not cover the other information and, except to the extent otherwise explicitly stated in our repor( we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other informats'on and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otheise appears to be materially misstated. If we idantrfy such material inconsistencies or apparent material misstatements, we are required to determine whether this glves rise to a material misstatement in the financial Statements themselves. If based on the work we have performed, wa conclude that there is a material misstatement of this other inft)rmation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the CompaniesAct 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 ststements, and The Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon. In the light of the knowledge and understanding of the charitable company 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 been kept or retums adequate for our audit have not been received 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, remuneration specified by law are not made; or We have not reiVed 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 17
Carers Trust Heart of England IndependentAuditors Report to the Members For year ended 31 March 2025 Responsibilitles 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 neSSary to enable to preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financlal statements, the Trustees are responslble for assesslng the charitsble company's ability to continue as a going COnrn, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charltable company or to ease operations, or have no realistic altarnative but to do so. Our responsibllltles for the audlt of the flnancial ststements Our objectives are to obtain reasonable assurance about whether the financial statemants 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 economic 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 managem8nt and employees, including obtaining and reviewing supporting documentation, concerning the charity's policies and prOdureS relating to:_ Identifying, evaluating, and complying and laws and regulations and whether they were aware of any instances 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 established to mitigate risk relating to fraud or non-compliance 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 experien, discussions with management (as required by auditing stsndards) and discussed wth management the policies and procedures regarding compliance with laws and regulations. Page 18
Carers Trust Heart of England Independent Audltors Report to the Members For year ended 31 March 2025 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 concerning 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 (D8S checks for staff and volunteers) Auditlng standards limit the audit procedures to Identlfylng non-compliance of these laws and regulations to enqulry of management and inspection of regulatory and legal corresponden, rf 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 accountlng entries or journals We do not belleve 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 th8 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-complian with laws and regulation is from the events and transaction 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- compliance with all law and regulations. Pa8e 19
Carers Trust Heart of England Independent Audltors Report to the Members For year ended 31 March 2025 A further description of our responsibilities for the audit of the financlal statements Is located on the Financial Reporting Council's website at WW.frc.org.uldauditors responsibilities. This description forms part of our Report of the Independent auditors. Use of our report This report is made solely to the charitabla company's members, as a body, in accordance with Chapter 3 of part 16 of the Companres Act 2006. Our audit work has been undertaken so that we might stats 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 charitsble 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 FCA FCCA (Senlor Statutory Auditor) for and on behalf of Luckmans Duckett Parker Limited Statutory Auditors 1110 Elliott Court Coventry Business Park Herald Avenue Coventry West Midlands CV5 6UB Date: 297M Oc7oOLL qr. Page 20
Carers Trust Heart of England statement of Financlal Activities (Incorporating Income and Expenditure Account) For year ended 31 March 2025 Unrestrtcted Restrictsd Fund$ Funds 2025 total 2024 Tolal Notes Income and Endowment8 Donations and LegaGies Charitable activites Other Trading acltwties Investment Income Other Income 41,712 1,996,255 11,935 74,298 5,828 8,180 542,043 49,892 45.302 2,538,298 2,422,730 12,141 1,895 74,298 66,842 14,623 8,205 8,795 Total 1130,028 559,224 2,689,252 2,544,974 Expendlturo Raising Funds Charrtable activrties- Direct costs Charitable actiwties - Support costs Governance Actrvities - support Costs 61,532 1,417,083 634,726 6,450 61,532 64,552 1,910,388 1,723,080 650,903 856,528 6,450 6,780 493,305 16,177 Total 2,119,791 509,482 2,829,273 2,650,938 Other Recogni8ed gainsl{Los8es} - Investments (78,719) (78,719) 140,239 Other Recognised gainsllLossesl - Revaluation of freehold propety 50,000 Net Incomel{expendllure) {18,482) 49,742 31,260 34,275 Transfer befvRen funds 19 71,801 53,319 1,801 (22,059) 31,260 34,275 Funds as at 31 Marth 2024 2,690,322 135,304 2,825,626 2,791,351 Funds as at 31 March 2025 2,743,641 113.245 2,856,886 2,825.626 Pa8e 21
Carers Trust Heart of England statement of Financial Actlvlties (Incorporatlng Income and Expenditure Account) For year ended 31 March 2025 ststement of Financlal aGtivities for year ended 31 March 2024 Unrestrfctsd Ra8trfGted Fund8 Fund# 2024 Not•8 Income and Endowmont8 Donations and Legacles Charble actlvt¢les Other tradlng adivltles Investment Income Other Income 12,430 1,979,240 1,778 66,842 6,030 32,872 443,490 117 45,302 2,422,730 1,895 66,842 8,205 2,175 Total 2,066,320 478,654 2,544,974 Exp8ndlture Ralslng Funds Ch8rlt8ble actlvlles - Dlrect CO8ts charbla actlvttles - Support costs Gov8rnanr2 Actlvities - support Costs 84,552 1,350,749 815,882 6,780 84,552 1,723,080 856,526 6,780 372,331 Tol81 2,237,983 412,975 2,650,938 Oth8r Recognlsed galns- Investments 140,239 140,239 Net Incomel(exFendlturel {31,404) 65,679 34,275 Transfer betsveen funds 19 65,379 33,975 85,379 300 34,275 Funds as at 31 March 2023 2,856,347 135,004 2,791,351 Funds as at 31 March 2024 2.690,322 135,304 2,825,626 Page 22
Carers Trust Heart of England Balance Sheet For year ended 31 March 2025 2025 2024 Notes Fixed assets Tangible assets Investments 13 14 406,517 1,610,808 2,017.325 361,623 1,689,527 2,051,150 Current A88et8 Debtors Cash at bank and in hand 15 40,823 1,208,606 1,249,429 104,312 1.076.987 1,181,299 Crodltors: amount falllng due wlthln one y•ar 16 {409,868) (406,823) Net Current A8sets1888 current Liabilitles 839,561 774,476 Net A88ets 2,856,886 2,825,626 Funds of the Charlty Unrestricted Funds - general funds designated funds 19 19 2,463,641 280,000 2,435,322 255,000 Restricted funds 19 113,245 135,304 Total Fund8 2,856,886 2,825,626 These financlal statements were approved in accordance with the provision applicable to charitable companies subject to the small companies, regime. The flnancial statements were approved by the Board of Trustees and authorised for issue on 16th October 202 d were signed on Its behalf by Dhiran Vagdia - Chair Stephen Cobb- Trustee Page 23
Carers Trust Heart of England Cash Flow For year ended 31 March 2025 2025 2024 notes Cashflow from op8rating activities 57,321 {178.058) Cash flow from Investlng actlvltle8 Dividends and interest from investments Proceeds from sale of Equipment Purchase of IT equipment Purchase of investments Net cash flow from investing activltles 74,298 66,842 200 74,298 67,042 cash flow from flnanclng actlvltle8 Net incr•as81(decrease In cash and cash equlvalonts 131,619 (111,016} Cash and cash equivalents at beginning of reporting period 1,076,987 1,188,003 Cash and cash equivalents at end of reporting period 1,208,606 1,076.987 Page 24
Carers Trust Heart of England Notes to the Cash Flow For year ended 31 March 2025 1. RECONCILIATION OF NET (EXPENDITURE)llNCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net incomelexpenditure for the reporting period as per the statement of financi81 activities adjustments for depreciation charges (gainsll losses on investments (gains)Ilosses on fixed assets dividends InteSt from investments lossl(profit> on sale of fixed assets (Increase)Idecrease in debtors increasel(d8crease) in creditors 31,260 34,275 5,107 78,719 (50,000) (74,298) 10,528 {140,238) (66,842) 73,146 15,816 (104,743) 63,489 3,044 Net cash provld8d by operating activitles 57,321 1178,058) 2. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash at bank and In hand 1,208,608 1,076,987 Total cash and ca8h equivalents 1.208,606 1,076.987 Page 25
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 1. ACCOUNTING POLICIES General inforniatlon and basis of preparlng the financial ststements 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 Offi is given in the charty information on page 12 of these financial statements. The nature of the charity's operations and principal activities are shown on page 4. The financlal 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) 'Accountlng and R8POrting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standards applicable in the UK and republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Einancial..Reporting .Standar.tspplicable in_the..U.Land_Republic_o.f Ir_e.laDd.' .ar1d.e_&Mp_anIeS Act 2006. The financial statements are prepared on a going concern basis under the historical cost convention modified to include certain items at fair value. The financial ststements 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 consistently applied to all years presented unless otherwise stated. Income recognltlon 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 accordancewith the Charities SORP income received in advance and specified by the provider as relating to specific accounting periods or alternatively which are subject to conditions which are still to b8 met, and which are outside the control of the charity orwhere 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. Pa8e 26
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 1. ACCOUNTING POLICIES - contlnued 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 to raise funds is recognised when entitlement has occurred. No amount is included in the financial statements for voluntear 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 performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement 18 not met these amounts are deferred. Investment Income is earned through both our Investment house, CCLA, and our bank accounts wlth Barclays Bank PIC and Cambridge and Countles Plc. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation 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 costs related to the category. Imiere costs cannot be directly attributed to headings they have been allocated to activities on a basis consistent with th8 use of resources. Fund ralslng costs are those incurred in seeklng voluntsry contributlons and include the costs of disseminating information in support of charitable activities Governance costs are those which relate to the provision of governan 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. Allocatlon and apportlonment of costs Overheads and support costs hav8 been apportsoned on a basis consistent with the use of the reSoUrs. INhere support costs are not directly related to contracts, such as costs relating to Management, Finance and Accounts, Human Resources, IT and Office Facilities, the costs are allocated to, each activity based on an apportionment basis. Recognition of liabilities Liabilities are recognised on an accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the Charities SORP. Page 27
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 1. ACCOUNTING POLICIES - continued Hlre purchase and leaslng 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 Tanglble flxed assets Depreciation is provided at the following annual rates in order to write off each asset over Its estimated useful life Freehold Propety Improvements to property Fixtures fittings and equipment Freehold property policy not provided over the period of the lease 250/0 on reducing balance - the charity does not depreciate assets that retain their value over the period of ownership Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include the original purchase price 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. Taxatlon 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 furtheran of the general objectives of the charity and which have not been designated for other purposes. Unrestricted designated funds are those ring-fenced for the initiatives supporting charitws strategic objectives. Restricted designated funds 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 is charged against the specific fund Investment income and gains are allocated to the appropriate fund. Page 28
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 1. ACCOUNTING POLICIES - continued Penslon costs and other post retirement beneflts 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. Financ5al Instruments Financlal assets and liabilities are defined as baslc financlal instruments under FRS102. These are measured at amortised cosL Golng Concern The Trustees have considered the reserves pollcy above and the worklng capital requlrements for the perlod of 12 months from the date of this report and have reasonable expectation that the Charity has adequate resources to continue its operations for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis for the preparation of the annual report and accounts. 2. DONATIONS AND LEGACIES 2025 2024 Unrestrlctsd Restrlcted Funds Funds Total Funds Total Funds Donations 41,712 8,180 49,892 45,302 3. OTHER TRADING ACTIVITIES 2026 2024 Unrestrlcted Restrlctsd Funds Funds Total Fund8 Total Funds Fundraising Events 11,935 12,141 1895 Page 29
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 4. INVESTMENT INCOME 2025 2024 Unrestrlctad Restrlcted Funds Fund$ Total Fund8 Total Funds Depos11 account Inte$t Inveskn8nl dlvldends 28,348 45,950 74,298 28,348 45,950 74,298 21,794 45,048 66,842 6. INCOME FROM CHARITABLE ACTIVITIES 202J Total 2024 Totsl Unr•8lrl¢tsd Re8tflctsd Local Authoflty contracts other contracts Grants 3,404 155,245 1,397,606 1,996,255 443,404 155,245 1,939,649 2,538,298 457,822 135,788 1,829,120 2,422,730 542.043 542,043 All Income from Charitable Activities relates to Care Serrfices and direct support to carers, The above grants figures include Ihe following funding provlders: Grant Provlder Big Lottery- Young Carers Big Lottery - Stars Carers Trust Local Authority other grants 76,238 8,333 48,076 330,195 79,201 $42,043 78,238 8,333 48,076 1,727,301 79.701 1,939,649 82,085 77,432 1,859,600 10.003 1.829,120 1,397,106 500 1,397,606 Page 30
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 6. RAISING FUNDS 2025 Totsl Funds 2024 Total Fund8 Unregtrlctsd Fund• Restrlcted Funds Ralslng donatlon8 and legacla8 Staff costs Support costs for fundralsing aciivitles 56.544 4,988 61,532 56,967 7,585 64.552 61,532 7. CHARITABLE ACTIVITIES - DIRECT COSTS 2026 Total 2024 Total Unro•trl¢tod R••trlcted Staff Costs Trav81 Actlvty Costs Grants to Carers Training costs D8predation Protectiv8 8qulpm8nt Lo8s on.disposal of Assets Losg on revaluation of Assets 1,385,869 34,498 11,230 327,089 7,823 50,087 107.679 528 1,692,958 42,321 81,317 107,679 528 5,107 478 1,537,115 51,082 72,792 53,169 1,561 7,246 115 5,107 379 99 1,417,083 493,106 .1,910,388 1.723.080 Page 31
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2026 8. CHARITABLE ACTIVITIES- SUPPORT COSTS 2026 Totsl 2024 Totsl Unrestrlcted Restrlcted Staff Costs Travel Tralnlng Premlses costs Insuran utiiitl83 405.583 5,632 21,894 17,403 15,738 8,008 405,563 5,632 21,894 17,694 15,738 8,1)J8 462,384 5,369 27,428 53,785 21,272 10,146 291 k l-;)) Telephones Postsge and stsllonary PR IT costs R8crultm8nt other expenses Repair8 and ren8W818 Imp81mient of propety Bad debt provlsion Legal and professional costs 23,694 5,618 16,762 61,387 9,264 17,191 4,305 4,094 27,788 5,618 19,803 69,355 9,264 17,228 4,580 31,329 4,230 24,128 73,001 17,655 16,949 7,194 73,146 3,041 37 275 196 22,071 196 22,542 471 28,028 634,726 16,177 650,903 856,526 9. GOVERNANCE 2026 totsl 2024 Total Unrestrlcted Re8trlGtod Audltors Remuneration Training from Auditors Trustees meeting costs 6,300 8,300 6,510 120 150 6.780 150 6,450 150 6,450 Page 32
Carers Trust Heart of England Notss to the Accounts For year ended 31 March 2025 10. NEf INCOMEI{EXPENDITURE) Net incomel(expenditure) is stated after charging.. 2025 2024 Auditors Remuneratlon8 Depreciation - Owned Assets Deficlt on OisposaVimp8irment of Fix•d A886ts 6,300 5,107 6,510 10,528 73,146 11.TRUSTEES' REMUNERATION and BENEFITS There were no Trustees. remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. 12.STAFF COSTS 2025 2024 W8g8s and Salarles Soclal Security C¢)sts Other Pension Cost8 1,938,720 161,979 54.386 2,155,065 1,865,452 140,291 50,723 1056,466 The average monthly number of employees during the year was as follows: 2025 2024 Chief Executive Officer Practical support services Youngladult carer information Central Management support Finance and administrats'on 49 30 51 28 10 91 91 Total number of employees eaming over £60,000 per year (including benefits) In the periods is as follows; 2025 No. 2024 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 £161,837 (2024: £213,829). The charity Conside its key management personnel comprises of 2 indNiduals (2024: 3). Page 33
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 13.TANGIBLE FIXED ASSETS Freehold Propety Improvements Flxtures Flttlngs to Leasehold & Equlpment Prop8rty 2025 Total COST 1st April 2024 Addltions Disposalslimpaiment Revaluation 31st March 2025 350,CKJO 42,330 392,330 (2,914) (2,914) 50,000 400,000 39,416 DEPRECIATION 1st Aprll 2024 Charge for year Di8PO8alllmpaiment 31st March 2025 30,707 5,106 2.914 32,899 30,707 5,1( 2,914 32,899 NET BOOK VALUE 31st March 2025 400,CIJO 6,517 408,517 31st March 2024 350,WO 11,623 381,623 The fre8hold proFety was revalued by the trusts8s during the period on an open mark8t ba81S. This resulted in an increas8 In the carrying value by £50,000 to £400,000. 14. MANAGED INVESTMENTS The charity set up an invesknent account with CCLA during the previous financial year, 2025 1,689.527 2024 1,549,289 Market value at 1 April 2024 Additions Disposals 1,689,527 1,549,289 Unrealised gainsllosses on investments -78,719 140,238 Closing value at 31 March 1,610,808 1.689,527 Page 34
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 16.DEBTORS 2025 2024 Trade Debtor8 Other Debtors Prepayments 27,114 19,013 74,939 10,3 104,312 9,140 40.823 16.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade Creditor8 and provlslons A¢¢Nals Other Credltors Deferred incoma (see below) 40,434 16,908 219,065 133.481 409.868 15,589 10,659 211,959 168,638 408,823 Deferred income 2025 2024 s at 1st Aprfl 2024 Amounts recelved In the year Income utlllsed in the year 188,638 2,071,782 {2,106,957} 101,251 2,005,911 (1.938,5281 31st Marth 2025 133 168,636 Deferred income relatss trj contract Income deferred to fLrture pgriod8 as the Incom8 received relatss specifically to the 2025126 accounting period. 17.LEASING AGREEMENTS Minlmum lease payments under nonwc8ncellable operatlng leas8s fall due es follows. 2025 2024 Wthin one year Between one and five years In more than five years 1,426 1.599 1,595 2.986 481 Page 35
Carers Trust Heart of England Notss to the Accounts For year ended 31 March 2025 18.ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Rgstrlcted Funds 2025 2024 Fixed Assets Current Assets Current Llabilities 2,017,325 966,258 (239,942) 2,743,641 2,017,325 283,171 1,249,429 169,926 409,868 113,246 2,856,886 2,051.150 1,181,299 406,823 2,825.626 19.MOVEMENT IN FUNDS Unr•8trfctsd D081gnated Fund8 Fund8 R08trlcted Funds Total Balance as at 1 st April 2024 Surplusl{Loss) for the year Movement betrween Reserves 2.435,322 10,600 17.719 255,000 {29,082) 54,082 135,304 49,742 {71,801) 2,825,828 31,260 Closing Balance as 8t 31 st March 2025 2,463,641 280,000 113,245 2,856,886 Restricted - designated funds are funds which are to be used In accordance with specific restrictions imposed by donors, or which have been raised by the charity for partiGular purposes. Unrestricted general funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objeotives of th8 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 36
Carers Trust Heart of England Notes to the AGGounts For year ended 31 March 2025 MOVEMENT IN FUNDS- contlnued The restricted reserves are made up of 2025 2024 PCT Enhanced Hardshlp fund Carers Trust Grant 83,242 29,103 100,924 29,103 4,977 300 900 113,245 135,304 The designated reserve is made up of 2025 2024 Sale and purchase of premises c08ts Private Market Development Funding for a trust and grants officer Infrastructure Development Governance Development 120,000 100,000 120,000 100,000 35,000 50,000 10,000 280,000 255,000 Page 37
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 20. MOVEMENT IN RESERVES Transfer betwaan Fund8 1.4.2024 Income Expandltura 31.3.2026 Unrestrlcted Fund• General Funds Designated prem188s Fund De51gnaled Prlvate Market Fund De8lgnated Infrastructure Fund 088inganed Governance Fund Deslgnated Trust 8nd Grants Fund 2.435,322 2.180,028 120,000 1CKI.000 2.189,428 17,719 2,463,841 120,CrfJO 11XI.IX)O 50,ofJ) 10,000 5,918 ,80 10,000 35,CQO 2,690.322 29,082 ,610 80,028 Re8trlctsd Fund8 Restricted Funds 135,304 559,224 509,482 (71,801> 113,245 Total Fund8 2,825,626 39,262 2,707,992 Prlor Year Movement In Reserves Tran8fer between Fund8 Balance a• Balanco a8 at 1.42023 Income Expendlture 31.3.2024 Unr08trlcted Fund• General Funds Designated Premlses Fund Designated Personnel Fund Deslgnated Private Market Fund Deslgnaled 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 2,435,322 120,0(KI 100,000 1100,000) 13.560 100,000 100.000 35,000 1,639 2,666,3 13,580 1,639 2,097,72 35,0 2,066,320 66, Restrlcted Funds Re8lricted Funds 135,004 478,654 412,975 {85.379) 135,304 Total Funds 2,79 .36 2,644,974 Page 38
Carers Trust Heart of England Notes to the Accounts For year ended 31 March 2025 21. PENSION COMMITMENT The Charity operates a defined contribution scheme for ts employees. The defined contributions are paid immediately each month to the nominated fvnd of the respective employees. The amount paid into schemes during the year amounted to £1,024 (2024: £1,093). The total amount prepaid at 31 March 2025 was £15 (2022: £69) 22. RELATED PARTY DISCLOSURES There were no related party transactions during the year ending 318t March 2025 (2024: £1,920 to J Trace). 23. POST BALANCE SHEET EvEr The Queen Victoria Road propety was sold on 22Tha Aprll 2025 for a value of £400,000. 24. ULTIMATE CONTROLLING PARTY Carers Trust Heart of England is a charitable company limited by guarantse. 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 39