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2023-03-31-accounts

Carers Lewisham Annual Report and Financial Statements Year Ended 31st March 2023

Charity registration number: 1073592 Company registration number: 03681548

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Carers Lewisham

Annual Report and Financial Statements

Year Ended 31[st] March 2023

Contents

Contents
Page
Charity Reference and Administrative Details 3
Trustees’ Annual Report (Including Directors’ Report) 4
Independent Auditor’s Report 10
Statement of Financial Activities (Including Income and Expenditure Account) 13
Balance Sheet 14
Notes to the Financial Statements 15

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Carers Lewisham

Charity Reference and Administrative Details

Year Ended 31[st] March 2023

Trustees V Fulcher N Hervey J Riley (appointed on 18 January 2019) R Jones (appointed on 1 Nov 2023) T Spilsbury (appointed on 1 Jan 2024) T Clark (appointed on 7 Feb 2024) Charity registration number 1073592 Company registration number 03681548 Chief Executive T Spilsbury Registered office Lewisham Carers Centre Waldram Place Forest Hill London SE23 2LB Auditor Azets Audit Services Gladstone House 77-79 High Street Egham Surrey TW20 9HY

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Carers Lewisham

Trustees’ Annual Report

Year Ended 31st March 2023

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

This report serves the purposes of both a Trustees’ report and directors’ report under company law.

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

V Fulcher N Hervey J Cook (resigned on 1 Apr 2024) D D’Elia (resigned on 1 Apr 2024) J Riley (appointed on 18 Jan 2019) R Jones (appointed on 1 Nov 2023) T Spilsbury (appointed on 1 Jan 2024) T Clark (appointed on 7 Feb 2024)

Objectives and activities

Objectives

The objects of the charity (the "Objects") are:−

i) To alleviate the conditions of life amongst people who are caring for who have cared or elderly, sick, disabled, handicapped or otherwise infirm persons at home hereinafter called “Carers” and who are in necessitous circumstances and of dependents of Carers being dependents who are themselves in necessitous circumstances.

ii) To relieve and alleviate and to advance, promote, encourage and assist in the relief or alleviation of all kinds of mental and physical infirmity, sickness, disablement or handicap including mental illness attributable to caring amongst Carers and those persons for whom they are caring.

iii) To advance education concerning caring amongst Carers and the public.

Providing that Carers or those persons for whom Carers are caring reside or work in the London Borough of Lewisham.

In setting these objectives, the Trustees have had due regard to public benefit guidance published by the Charity Commission, in accordance with their duty under section 17 of the Charities Act 2011.

The charity seeks to meet these charitable objectives through the following:

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Carers Lewisham

Trustees’ Annual Report

Year Ended 31st March 2023

Objectives and activities (continued)

Objectives (continued)

As of June 10th 2019 the charity’s Board of Trustees voted to a change of control and become a wholly owned subsidiary of Your Voice in Health and Social Care (YVHSC). Your Voice in Health and Social Care had successfully bid for the adult services contract and is a charitable organisation similar to the charity. Both organisations' aims and objectives are comparable to not require amendment under the change of control agreement and agreement by the Charity Commission. The agreement provides financial stability for the charity and adds value to the organisations as a whole. The Carers Lewisham Board becomes a Committee of Your Voice in Health and Social Care providing advice and strategic guidance while all aspects of governance rests with YVHSC.

The aims remain focussed on providing support to Carers in particular through the established projects for Young Carers, Carers seeking employment, Carers of people with Dementia and our counselling service.

The vision remains, that all Carers in the London Borough of Lewisham are recognised, valued, empowered and supported, whatever their background, age, ethnicity, language, culture, religion, gender or sexuality.

The majority of resources are expended on staff costs as services provided by the charity are very labour intensive.

Beneficiaries

A carer is defined as someone who spends a proportion of their life providing unpaid support and care to a friend or family member who - due to illness, age, disability, mental health or addiction - cannot cope without their support. It includes parents caring for a child with disabilities or a young person caring for a parent, family member or sibling.

Each carer's experience is unique to their own circumstances and the causes of taking on caring responsibilities can be varied and multiple, including:

Just as the reasons why someone becomes a carer vary greatly, the variety of tasks that a carer fulfils is diverse. They can include the following duties:

Although the distinction is often made between a full-time or part-time carer, there is not a minimum time requirement or age restriction that "qualifies" someone as being more or less of a carer.

There is a considerable body of evidence which points to the adverse impact on health, future employment and education opportunities as well as the social and leisure activities of those providing unpaid care.

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Carers Lewisham

Trustees’ Annual Report

Year Ended 31st March 2023

Objectives and activities (continued)

Activities Undertaken

During 2022/23 Carers Lewisham has:

  1. Reviewed and restructured Carers Lewisham to deliver efficiencies and streamline service delivery in light of significant changes to funding as detailed below.

  2. Two core-funding centres have expired this year due. The ESF funded Working for Carers will cease to be funded due to the exit from the European union and the Young Carers funding has been amalgamated into a central carers contract.

  3. A further sub-contracted Dementia Carers contract has ended due to the primary providers losing the core contract.

  4. As of 2022/2023 the local authority carers contract will be re-tendered with the result to be announced in 2023/2024.

  5. Carers Lewisham is currently undergoing a significant change in its key object and values to ensure the charity remains a key part and an advocate of carers in Lewisham.

  6. Carers Lewisham will no longer be the primary carers body for parent company Your Voice in Health and Social Care. YVHSC will be the Carers Trust partner with Cares Lewisham focusing on carers in Lewisham only.

  7. Carers Lewisham recognised the cost-of-living crisis and the impact on staff and awarded all staff, below Chief Executive, a 5% cost of living bonus.

Financial review

a. Going concern

The Board recognise the significant changes to service delivery for year 2022/2023 and the realised and potential future loss in funding to the organisation. Therefore we will restructure the organisation to be more responsive to the local carer in Lewisham and will be reviewing Carers Lewisham governance to act more as a voice for the carers in Lewisham only.

The Board have decided, regardless of the outcome of the Adult Carers tender, to review and put up for sale the fixed asset of Waldram Place SE23 2LB. The Board intend to utilise the income realised from this sale to relocate Carers Lewisham, review its governance and invest in the future of Carers in Lewisham. It is anticipated that Carers Lewisham will become a much smaller, locally focussed charity, with significant reserves at its disposal in relation to the size of the charity.

By realising the asset and restructuring the organisation, while reviewing the governance the Board feels this will safeguard the Charities long term future and move it towards self-sustainability on a much reduced income but with objects to support cares in Lewisham only.

Further details are given in the accounting policies.

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Carers Lewisham

Trustees’ Annual Report

Year Ended 31st March 2023

b. Reserves policy

The main source of funding for the charity is contracts for services with the London Borough of Lewisham. The main expenditure of the charity is on staff costs.

The Trustees consider that the maximum level of reserves should be approximately three months of total recurring expenditure, equating to £150,650 for 2023. In line with Charity Commission recommendations we will focus on making provisions for unrestricted reserves and ensuring the levels remain adequate to ensure the following:

In addition, there are certain underlying needs identified by the Trustees, which are explained below. The Trustees deem it necessary to set aside cover for the loss or reduction of statutory or other funding of specific projects and to provide for any such project that suffers accordingly. Generally, projects are funded on a two−year basis and it will be our policy to set aside reserves for where funding is not renewed. The Trustees, aware of the responsibility, have taken, and will continue to take, every step available to obtain, where possible, the increased funding necessary to continue their operation or provide for closure costs. i.e. statutory redundancy payments in the case of failed or insufficient funding. The board of Trustees will continue to monitor the levels of all reserves and reviews will be made on a quarterly basis, using, where available, the latest budget information.

During the year, the trustees reviewed the charity’s income streams. The trustees identified that income from several of the charity’s contracts had historically been reported as restricted funding. The trustees have therefore made a fund transfer during the year, to move historic balances on these contracts to unrestricted funds.

The trustees have reviewed the restricted grant awards that the charity has received. These include grants from The Jack Petchey Charity and The Screwfix Charity. The trustees consider these grants to be fully utilised as at 31 March 2023.

As at 31 March 2023, the charity held reserves of £476,576 (2022: £747,897) of which £Nil (2022: £Nil) related to restricted funds. The reserves include tangible fixed assets of £525,785 (2022: £703,776).

As at 31 March 2023, the charity held free reserves of (£49,209) (2022: (£44,121)), which is below the target level set by the Trustees. Plans are in place to seek new funding streams in the coming years, which are expected to improve the charity's free reserve position.

c. Remuneration of key management

The charity considers its key management personnel to be the Trustees and the Chief Executive. The Chief Executive is remunerated through the parent charity, Your Voice in Health and Social Care.

Remuneration of management is benchmarked against other comparable organisations identified both on income and accountability; special attention is given to the organisations responsibilities as a deliverer of statutory responsibilities. In the case of the Chief Executive the salary is adjusted on previous experience and incorporates a bonus structure based on performance.

d. Fundraising

The charity does not actively undertake fundraising activities but is often the recipient of financial contribution via donation and legacy.

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Carers Lewisham

Trustees’ Annual Report

Year Ended 31st March 2023

e. Risk Management

The Board has instructed the Chief Executive to conduct a review of the major risks to which the charity is exposed. A risk register has been established and will be updated annually. The key risks faced by the charity include loss of income to core contractual income and a review of the fixed asset based at Waldram Place, Forest Hill, SE23. The property is on leasehold to Carers Lewisham for 77 years but a fit for purpose review is under way.

Structure, governance and management

a. Constitution

The charity is a charitable company limited by guarantee, and was incorporated on 10 December 1998. It is also a registered charity and became registered with the Charity Commission on 10 December 1998.

b. Governing Document

The charitable company is controlled by its governing document, the memorandum and articles of association, adopted on 10 December 1998.

c. Recruitment and appointment of Trustees

New Trustees are introduced to the charity by meetings with the Chair and Chief Executive where they are briefed on the workings of the charity and their responsibilities. They are then invited to attend a committee meeting as an observer.

e. Trustee induction and training

On appointment, Trustees are then given an induction pack that includes details on:

Plans for future periods

Due to the financial pressures prevalent across the Health and Social Care sector, the charity is seeking to focus all activities on core funded contracts with less expenditure on activities and services that are not secured.

Part of this is the change to service delivery for the counselling service. Carers wishing to access the service are still able to do so for free for the first 10-12 sessions (need assessed) but the service then reverts to fee paying for subsequent sessions to support the service as a viable on-going concern.

The charity will seek to bid for further Carers contracts and work closely with the national body to secure additional and carer focussed funding.

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Carers Lewisham

Trustees’ Annual Report

Year Ended 31st March 2023

Plans for future periods (continued)

The charity will not be bidding on contracts that fail to meet a minimum central cost contribution threshold so as to support efficiency and enable growth of adequate reserves.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415a of the Companies Act 2006. Preparing the accounts for a small company does not require the preparation of a Strategic Report, although much of the typical content is included within the Trustees' report.

Approved by order of the members of the board of Trustees on 10/06/24 ... and signed on their behalf by

R Jones Trustee

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Carers Lewisham

Independent Auditor’s Report to the members of Carers Lewisham

Opinion

We have audited the financial statements of Carers Lewisham (the ‘charitable company’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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Carers Lewisham

Independent Auditor’s Report to the members of Carers Lewisham

Matters on which we are required to report by exception

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 directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, 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 the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

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

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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Carers Lewisham

Independent Auditor’s Report to the members of Carers Lewisham

Auditor responsibilities for the audit of the financial statements (continued) A further description of our responsibilities is available on the FRC's website www.frc.org.uk/auditorsresponsibilities. This forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………………... Paul Creasey FCA (Senior Statutory Auditor) For an on behalf of Azets Audit Services Chartered Accountants and Statutory Auditor Egham ……………. 13 June 2024

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Carers Lewisham

Statement of Financial Activities (Including Income and Expenditure Account)

Year Ended 31st March 2023

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Total income and endowments
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
13
Reconciliation of funds:
Total funds brought forward
13
Total funds carried forward
13		 2023
Unrestricted
Restricted funds
funds
Total
£
£
£
13,152
-
13,152
264,675
53,487
318,162
277,827
53,487
331,314
546,170
56,465
602,635
546,170
56,465
602,635
(268,343)
(2,978)
(271,321)
(2,978)
2,978
-
(271,321)
-
(271,321)
747,897
-
747,897
476,576
-
476,576		 2022
Total
£
15,989
266,691
282,680
284,106
284,106
(1,426)
-
(1,426)
749,323
747,897

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

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Carers Lewisham

Balance Sheet

Year Ended 31st March 2023

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current (liabilities) assets
Net assets
Charity Funds
Restricted funds
13
Unrestricted funds
13
Total charity funds
13		 2023
£
525,785
525,785
37,141
-
37,141
(86,350)
(49,209)
476,576
-
476,576
476,576		 2022
£
703,776
703,776
37,498
20,028
57,526
(13,405)
44,121
747,897
-
747,897
747,897

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the Board on 10/06/24……

Signed on behalf of the board of trustees

R Jones Trustee

The notes on pages Page 15 to Page 26 form part of these financial statements.

Company registration number: 03681548

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Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

1 Summary of significant accounting policies

(a) General information and basis of preparation

Carers Lewisham is a charitable company limited by guarantee, registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at valuation. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £

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

(b) Funds

Unrestricted funds 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.

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

Restricted 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 particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from government 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 is not met then these amounts are deferred.

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Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with level of funding received for each activity.

The analysis of these costs is included in note 6.

(f) Tangible fixed assets

Fixtures and fittings are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

The Trustees have adopted a policy of revaluation for the leasehold property.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold land and buildings Straight line over 50 years Fixtures and fittings Straight line over 4 years

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(i) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

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Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

(j) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(k) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(l) Going concern

The Trustees recognised that, with the loss of European Social Fund income (as a result of BREXIT) and the difficulty of providing effective service delivery against the efficiencies sought by the local authority, Carers Lewisham required a review of service delivery, structure and purpose. In addition, it was clear that significant expenditures would be required at Waldram Place in the coming years. The Board therefore decided to sell this fixed asset and carry out a downgrade of activities at Carers Lewisham, with the following year taken to review the organisation.

It is proposed that Carers Lewisham moves to more sustainable accommodation and that for the year 2024-25 Carers Lewisham will not bid for new services while consultation, recruitment to a new committee and the terms and objects of the Charity are reassessed. This is a wonderful opportunity for Carers Lewisham to revisit its original purpose and identify a fresh approach to serve Carers in Lewisham for whom the charity is intended. With the substantial income from the sale of Waldram Place, Carers Lewisham can work towards a sustainable future that is responsive and operates within realistic financial constraints in line with the size of the Charity. At the date of approval of these financial statements, the charity has entered into a conditional exchange of contracts for sale.

On this basis, the Board are confident that Carers Lewisham will remain a going concern and continues to prepare the financial statements on that basis.

(m) Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

(m) Financial instruments (continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

(n) Judgements and key sources of estimation uncertainty

No significant judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

The Leasehold property is included in the financial statements at valuation less impairment. This value was set in 2017.

2 Income from donations and legacies

Unrestricted funds
Donations		 2023
£
13,152
13,152		 2022
£
15,989
15,989

3 Income from charitable activities

Restricted funds
Performance related grants
Unrestricted funds
Contractual payments		 2023
£
53,487
264,675
318,162		 2022
£
25,050
241,641
266,691

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Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

4
Analysis of expenditure on charitable activities
a)Summary by activity
Adults
Children & Young People
Adults
Children & Young People
b)Summary by fund
Adults
Children & Young People
Adults
Children & Young People		 Activities undertaken
Support costs
Total
directly
2023
2023
2023
£
£
£
318,932
283,703
602,635
-
-
-
318,932
283,703
602,635
Activities undertaken
Support costs
Total
directly
2022
2022
2022
£
£
£
180,662
103,444
284,106
-
-
-
180,662
103,444
284,106
Unrestricted funds
Restricted funds
Total
2023
2023
2023
£
£
£
546,170
56,465
602,635
-
-
-
546,170
56,465
602,635
Unrestricted funds
Restricted funds
Total
2022
2022
2022
£
£
£
259,056
25,050
284,106
-
-
-
259,056
25,050
284,106

19

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

5 Allocation of support costs

Support cost 2023
Staff costs
Governance
Postage, printing and
stationary
ICT Maintenance
Telephone and Internet
Depreciation
Rates
Light and heat
Other
Marketing
Consultancy
Impairment of tangible
fixed assets
Total
Support cost 2022
Staff costs
Governance
Postage, printing and
stationary
ICT Maintenance
Telephone and Internet
Depreciation
Rates
Light and heat
Subscriptions
Other		 Basis of
allocation
2023
Proportion of
income
received for
activity
Basis of
allocation
2022
Proportion of
income
received for
activity		 Adults
£
2023
Total
£
2023
-
-
21,527
21,527
5,865
5.865
6,933
6,933
1,343
1,343
21,309
21,309
475
475
610
610
61,782
61,782
837
837
180
180
162,842
162,842
283,703
283,703
Adults
£
2022
Total
£
2022
50,783
50,783
18,101
18,101
6,999
6,999
3,190
3,190
3,290
3,290
18,229
18,229
1,808
1,808
3,438
3,438
2,692
2,692
(5,086)
(5,086)
103,444
103,444

Total

20

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023 6 Governance costs

nded 31st March 2023
Governance costs
Auditor’s remuneration: Audit services
Non-audit services
Prior year auditor:
Adjustment regarding 2022
Legal fees
Other
et income / (expenditure) for the year
et income / (expenditure) is stated after charging / (crediting):
Depreciation of tangible fixed assets
Impairment of tangible fixed assets		 2023
2022
£
£
14,830
6,950
2,083
1,415
-
(2,400)
3,540
11,356
1,074
780
21,527
18,101
2023
2022
£
£
21,309
18,229
162,842
-

7 Net income / (expenditure) for the year

Net income / (expenditure) is stated after charging / (crediting):

8 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2022: £Nil).

The total amount of employee benefits received by key management personnel is £Nil (2022 - £Nil). The Trust considers its key management personnel compromise the trustees and the Chief Executive. The Chief Executive is remunerated through the parent charity, Your Voice in Health and Social Care.

The trustees did not have any expenses reimbursed during the year (2022 - £Nil).

9 Staff costs and employee benefits

The average monthly number of employees during the Year was as follows:

2023 2022
Number Number
Carers Support 8 8
Admin and Support 2 1
Management 4 2
14 11

21

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

9 Staff costs and employee benefits (continued)

The total staff costs and employee benefits were as follows:

Wages and salaries
Social security
Defined contribution pension costs		 2023
£
243,259
20,635
6,945
270,839		 2022
£
200,106
11,868
6,145
218,119

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

10 Tangible fixed assets

Cost or valuation:
At 1 April 2022
Additions
At 31 March 2023
Depreciation:
At 1 April 2022
Charge for the year
Impairment charge for the
year
At 31 March 2023
Net book value:
At 31 March 2023
At 31 March 2022
The net book value of land and buildings comprised:
Land and buildings:
Long leasehold		 Land and
Computer
buildings
equipment
Total
£
£
£
775,956
143,141
919,097
-
6,160
6,160
775,956
149,301
925,257
77,595
137,726
215,321
15,519
5,790
21,309
162,842
-
162,842
255,956
143,516
399,472
520,000
5,785
525,785
698,361
5,415
703,776
2023
2022
£
£
520,000
698,361

22

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

10 Tangible fixed assets (continued)

Tangible fixed assets held at valuation

The historic cost equivalent of land and buildings included at valuation are as follows:

Cost
Accumulated depreciation
Net book value		 2023
2022
Land and
buildings
Land and
buildings
£
£
187,914
187,914
(22,550)
(18,791)
165,364
169,123

Post year end, the charity has entered into a conditional exchange of contracts to sell the leasehold property for £520,000. As such, the carrying value of the property has been impaired to this value.

11 Debtors

ebtors
2023 2022
£ £
Trade debtors 37,141 37,498

12 Creditors: amounts falling due within one year

Bank overdraft
Trade creditors
Other tax and social security
Other creditors
Accruals and deferred income		 2023
£
48,207
-
5,734
7,731
24,678
86,350		 2022
£
-
(6)
4,054
1,592
7,765
13,405

13 Fund reconciliation

Unrestricted funds

Unrestricted
Revaluation
reserve		 Balance at
1 April
2022
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2023
£
124,507
277,827
(546,170)
159,864
16,028
623,390
-
-
(162,842)
460,548
747,897
277,827
(546,170)
(2,978)
476,576

23

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023 13 Fund reconciliation (continued)

Unrestricted funds (continued)

Unrestricted
Revaluation
reserve		 Balance at
1 April
2021
£
Income
£
Expenditure
£
Transfers
£
Balance at
31 March
2022
£
(24,765)
257,630
(259,056)
150,698
124,507
682,194
-
-
(58,804)
623,390
657,429
257,630
(259,056)
91,894
747,897

Restricted funds

estricted funds
Balance at Balance at
1 April Income Expenditure Transfers 31 March
2022 2023
£ £ £ £ £
Young Carers -
Balance at		 53,487 (56,465) 2,978 -
Balance at
1 April Income Expenditure Transfers 31 March
2021 2022
£ £ £ £ £
General 91,894 25,050 (25,050) (91,894) -
Restricted

Fund descriptions

a) Unrestricted funds

This represents funds received to support the charitable activities of the organisation, without restriction on use. The transfers are explained in sections (b) and (c) below.

b) Revaluation reserve

This represents the valuation uplift on the charity’s leasehold property. A transfer is made to unrestricted funds to offset the depreciation charged on the valuation uplift. There is no tax impact from this transaction.

As per note 10, the carrying value of the property was impaired as at 31 March 2023. The impairment charge has been offset against the revaluation reserve.

24

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

13 Fund reconciliation (continued)

Fund descriptions (continued)

c) Restricted funds

This represents specific grant funding received for the charity’s work on Carers in Employment, Young Carers and dementia support.

During the prior year, the trustees reviewed the charity’s income streams. The trustees identified that income from several of the charity’s contracts had historically been reported as restricted funding. The trustees have therefore made a fund transfer during the year, to move historic balances on these contracts to unrestricted funds.

14 Analysis of net assets between funds

Tangible Fixed assets
Net current assets
Total
Tangible Fixed assets
Net current assets
Total		 Unrestricted
Revaluation
Restricted
funds
reserve
funds
Total
2023
£
2023
£
2023
£
2023
£
65,237
460,548
-
525,785
(49,209)
-
-
(49,209)
16,028
460,548
-
476,576
Unrestricted
Revaluation
Restricted
funds
reserve
funds
Total
2022
£
2022
£
2022
£
2022
£
80,386
623,390
-
703,776
44,121
-
-
44,121
124,507
623,390
-
747,897

15 Related party transactions

The charity is a wholly-owned subsidiary of Your Voice in Health and Social Care, a charitable company registered in England & Wales (Company registration number 08397315; Charity registration number 1154672).

During the year, the charity paid £27,000 (2022: £20,000) to Your Voice in Health and Social Care, as contribution to central costs. No amounts were outstanding (2022: £Nil) at year end.

25

Carers Lewisham

Notes to the Financial Statements

Year Ended 31st March 2023

16 Financial Instruments

The charity held the following financial instruments, measured at amortised cost:

Trade debtors
Trade creditors
Other creditors		 2023
£
37,140
-
13,465
13,465		 2022
£
37,498
(6)
1,592
1,586

26