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2024-03-31-accounts

TAPESTRY CARE UK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2024

Company Registration No. 3942243 (England and Wales)

TAPESTRY CARE UK LIMITED

CONTENTS

Page Directors and Advisers Report of the Directors 3 - 8 Report of the Independent Auditors 9 - 11 Statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15 - 25

TAPESTRY CARE UK LIMITED

DIRECTORS AND ADVISERS

Directors

Chair

Neil Yeomans Gillian Botwright Mark Burton Rev Hugh Dibbens Catherine McCarthy (resigned 26 September 2024) Lesley Buckland Mariska Van Beukering Galiya Bayzhuman Florence Cantle Alexa Fernandez Tuoya Siqin

Executive team

Chief Executive Officer Anthony Lowe Head of Operations Stuart Robinson Registered Office HOPWA House Inskip Drive Hornchurch Essex RM11 3UR Bankers Charities Aid Foundation 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Auditors PKF Littlejohn LLP 15 Westferry Circus Canary Wharf London E14 4HD Charity Registration number 1079969 Company Registration number 03942243

2

REPORT OF THE DIRECTORS

TAPESTRY CARE UK LIMITED

The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (“FRS 102 SORP”) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The Trustees who served during the year and up to the date of this report are disclosed on page 2.

Objectives and activities

Tapestry Care UK Limited (the Charity) is a company limited by guarantee, governed by its Memorandum and Articles of Association (dated 24 February 2000). It assumed all activities of its predecessor organisations founded in 1949. Each Company member agrees to contribute £1 if the charity winds up. Membership is open to local statutory and non-statutory organisations in the London Borough of Havering and individuals aligned with the charity’s objectives.

The Board of Trustees governs the charity, meeting at least six times annually to set strategic direction and financial targets, monitoring performance against these metrics. In setting these objectives the Trustees make reference to Charity Commission guidance on public benefit. A Finance and Governance Committee oversees financial matters, and a Growth Committee, established in 2024, focuses on the planned growth expected to double the charity’s output and turnover by 2026. Day-to-day operations are managed by the Chief Executive Officer and Head of Operations.

Introduction

The past year has been marked by recovery and new challenges for Tapestry Care UK Limited. We have returned to pre-pandemic client levels and income, often exceeding them. However, the cost-of-living crisis presents ongoing obstacles, particularly due to Havering Council’s limited funding, which hampers our ability to cover rising wages for care workers. Despite financial pressures, Tapestry remains resilient and committed to delivering highquality, preventive care, helping adults and older people lead healthy, connected lives. We continue to seek sustainable growth to expand our care model to more vulnerable individuals.

Overview of Service Provision

Our services are focused on personalised, high-quality care for adults and older individuals, especially those facing social isolation. Services include:

Challenges and Strategic Focus

The Trustees ensure all activities align with public benefit guidelines, with the following challenges shaping operations:

3

TAPESTRY CARE UK LIMITED

REPORT OF THE DIRECTORS

Challenges and Strategic Focus (continued)

The ongoing cost-of-living crisis and workforce issues affect our service expansion. Nonetheless, we remain dedicated to our long-term role as a care provider, adapting to meet these challenges.

Fundraising

Our fundraising is led by our own staff team, which oversees the income we raise from individual donors, recruiting new supporters, and applications for grants from trusts and foundations and corporate supporters. No external professional fundraisers are employed. Over the course of the year, the charity monitored our fundraising actions closely and can report that we received no complaints in relation to any fundraising activities.

Future Plans: Growing Through Innovation and Social Investment

To address these challenges, Tapestry has set ambitious goals for expansion, backed by grants from the National Lottery Reaching Communities Fund, CAF Venturesome, and the Social Investment Business. Plans for 202425 include opening two new HüBs in Brentwood, Essex, and Rainham, Havering, and delivering meals to vulnerable adults during site preparations, with full operations expected by Spring 2025. We will continue coproducing services at these sites, with a focus on supporting individuals with learning difficulties and autism, and expanding support for carers based on recent feedback.

This HüB model offers an innovative, sustainable approach to care that benefits vulnerable adults, helping them stay healthy, connected, and supported.

Impact Report: 2023-2024

During 2023-2024, we achieved significant outcomes through our services:

Tapestry has shown resilience and adaptability amid challenges, with strategic plans that position us well for future growth.

Satisfaction Ratings

In 2024, we analysed client satisfaction for our HüB services:

For the fifth consecutive year, our overall care rating stands at 100% with 100% of clients highly satisfied.

4

TAPESTRY CARE UK LIMITED

REPORT OF THE DIRECTORS

Additional Support for Carers

We are collaborating with carers to understand their needs and the support they receive. New services for carers are planned for 2025-26.

New Services

With support from Essex Community Foundation (ECF) and the Lower Thames Crossing Community Fund, we have improved access to exercise for marginalised and vulnerable individuals with dementia and disabilities. We helped overcome barriers to local green spaces through guided activities, supported by the creation of a free booklet reassuring individuals of the accessibility and safety of these spaces.

Thank You to Our Supporters

As a social business in challenging times, we are immensely grateful to our supporters, whose help has enabled us to continue delivering essential services. Your support has ensured vulnerable individuals receive the care they need, safeguarding their well-being.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The Trustees are responsible for keeping adequate and sufficient accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder and with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustee recruitment, induction and training

The skills and experience required by the Trustee Board is regularly reviewed and, where gaps are identified, new Trustees with the requisite skills and knowledge are actively sought. The methods used for recruiting new Trustees include advertising vacancies on Trustee registers and with Trustee recruitment agencies, as well as by search and word of mouth. Since the last set of accounts four new Trustees have been recruited to support the financial governance, improve the organisation’s marketing activities and add additional specialist health knowledge.

All new Trustees receive an induction, which includes meetings with senior staff. They also receive copies of key documents e.g. the charity's governing instrument, the latest annual report and accounts and recent minutes of recent board meetings. Trustees receive updates on their roles and responsibilities as required.

5

REPORT OF THE DIRECTORS

TAPESTRY CARE UK LIMITED

Key management personnel remuneration

The Trustees consider the Chief Executive Officer and the Head of Operations as comprising the key managing personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis.

The pay of key management personnel and all staff is reviewed annually and increases awarded at the discretion of the Board of Trustees, considering inflation and cost of living increases. The remuneration is benchmarked with other charities of a similar size and activity to ensure that the remuneration is fair and not out of line with what is generally paid for similar roles.

Decision-making

Staff follow the policies laid down by the Trustee Board, working under the direction of the Chief Executive. They are delegated powers for operational matters within those policies and within agreed budgets. The Chief Executive reports back to the Board at regular meetings.

Preparation of the accounts on a going concern basis

The current economic environment is difficult and the marketplace, within which Tapestry Care UK Limited operates, is particularly challenging because of the ongoing cost of living crisis on the back of the damage caused to the organisation and our community by the Covid pandemic.

In assessing the going concern position of Tapestry Care UK Limited for the 12 months from the date of the approval of the accounts, the Trustees have considered the financial performance of the charitable company in the year ended 31 March 2024 and the company’s financial position as at that date.

Tapestry concluded the year with an overall surplus of £18,050 for the year ended 31 March 2024. This compares to a surplus of £33,421 for the year ended 31 March 2023.

Total income in the year ended 31 March 2024 was £1,235,789, compared to £1,311,449 in the previous year. Tapestry’s income was severely affected by the pandemic and the closure of its Home Care business during the pandemic. Growth in the number of client’s supported has been achieved during 2023-24 and we hope to surpass previous pre Covid levels of care and support in our HüBs during 2024-25.

Total expenditure was £1,217,739 compared to £1,278,028 in 2022-23. This demonstrates growth and a return to normality following the Covid Pandemic.

Tapestry has net assets of £420,045 at 31 March 2024 compared to £401,995 at 31 March 2023.

The ability of the charitable company to continue as a going concern is dependent on the income generated from our two Community HüBs continuing to generate surpluses at the forecast level. Evidence suggests that growth following the pandemic is secure and that demand for services has increased, as the pandemic has had a negative impact on the community’s health and wellbeing.

The opening of new HüBs will also bring in new income and surplus income that will be used to rebuild reserves that were depleted during the Covid Pandemic

The Trustees have prepared a detailed financial and cash flow forecast. The forecast shows that the charitable company will be in a position to meet its liabilities, as they fall due for the 12 months from the signing of these accounts.

The Trustees are confident that the preparation of the financial statements on a going concern basis is appropriate and the financial statements do not include the adjustments that would be result if Tapestry Care UK Limited was unable to continue as a going concern.

6

REPORT OF THE DIRECTORS

TAPESTRY CARE UK LIMITED

Risk assessment

The Trustees have undertaken a comprehensive assessment of the risks to which the charity is exposed. This has included business, operational and financial risks. Major risks identified include the challenges of the funding environment in which the charity operates, particularly the loss of local government grant funding opportunities and the impact of cuts in public spending on income from service provision. Systems and procedures are in place to manage and reduce these risks, and the Trustees monitor the effects of these systems and procedures using an established management information framework.

Credit Risk

We manage our credit risk through monitoring payment terms, debt outstanding days and in rare circumstances by way of agreeing payment plans to ensure that there is no financial loss to the organisation.

To limit our credit risk payment terms for services are as follows:

Liquidity Risk

As a social business we are very conscious of cashflow. For this reason, there is weekly cashflow management, which monitors fixed and ad hoc outgoings and regular income allowing foresight into the financial position of the group in the near future.

Interest Rate Risk

Commitments in place are set with fixed pre-agreed interest rates therefore exposure to fluctuations in rates are reduced.

Reserves policy

It is the long-term aim of the Trustees to maintain free reserves of six months forward unrestricted expenditure. This is to act as a financial safety net during times of uncertainty, when adverse trading conditions could threaten the survival of the charity, putting its vital services to communities at risk.

Tapestry has general reserves of (£67,240) at 31 March 2024 (2023 - (£95,690)).

The Trustees are conscious of the need for adequate free reserves and continue to oversee activities that will build back reserves.

Plans for future periods

The organisation plans to open new Community HüBs over the next few years. These HüBs will enable Tapestry to support more vulnerable people and, at the same time, will bring in addition surplus income that will be used to build reserves.

The organisation has had success securing grants to support service delivery and to develop new services through traditional fundraising practices. It will continue to fundraise to grow service delivery and develop new opportunities.

7

TAPESTRY CARE UK LIMITED REPORT OF THE DIRECTORS Investment policy With the current nature of funding for the charity, the policy regarding investments is that all funds held should be in short-term investments of a liquid nature i.e. cash deposits. When available cash deposits are held with the Charities Official Investment Fund (COIF). The charity holds no investments in the form of equities or government securities. The investment policy is in keeping with the needs of the charity and cash flow is monitored closely. Disclosure of inforniation to audltors In accordance with company law, each of the Trustees confirms that to the best of hislher knowledge there is no information relevant to the audit of which the auditors are unaware. Each of the Trustees also confirms that helshe has taken all ne￿SSary steps to ensure that helshe is aware of all relevant audit information and that this information has been communicated to the auditors. Auditors PKF Littlejohn LLP are appointed as auditors to the Charitable Company and have indicated their willingness to continue in office. ststus of thls Dlrectors, Report This report is prepared in accordance with the small companies, regime under the Companies Act 2008. This report was approved by Order of the Board of Directors and signed on its behalf by: Neil Yeoma Chair of Trustees.

TAPESTRY CARE UK LIMITED

INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF TAPESTRY CARE UK LIMTED

Opinion

We have audited the financial statements of Tapestry Care UK Limited (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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’s 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 report of the directors, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the directors. Our opinion on the financial statements does not cover the other information and 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.

9

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF TAPESTRY CARE UK LIMTED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable 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’s responsibilities for the audit of the financial statements

We have been appointed auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

10

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF TAPESTRY CARE UK LIMTED

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Duke (Senior Statutory Auditor) For and on behalf of PKF Littlejohn LLP Statutory Auditor

15 Westferry Circus Canary Wharf London E14 4HD

30 December 2024

11

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

2024
2024
Unrestricted
Restricted
Note
funds
funds
Income from:
£
£
Donations and gifts
4
9,156
-
Charitable activities
5
1,141,319
84,780
Other income
6
-
-
Bank interest
534
-
__
__
Total Income
1,151,009
84,780
Expenditure on:
Charitable activities
8
1,132,959
84,780
__
__
Total Expenditure
1,132,959
84,780
__
__
Net (Expenditure)/Income
3
18,050
-
__
__
Transfers between funds
14
-
-
Total funds brought forward
352,310
49,685
__
______
Total funds carried forward
370,360 49,685

 2024
2023
Total
Total
funds
funds
£
£
9,156
125,856
1,226,099 1,182,056
-
3,377
534
160
_ _
1,235,789 1,311,449
1,217,739 1,278,028
_ _
1,217,739 1,278,028
_ _
18,050
33,421
_ _
-
-
401,995
368,574
__
_
420,045 401,995

All income and expenditure derive from continuing activities.

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

The Accounting Policies and Notes on pages 15 to 25 form part of these Financial Statements.

12

TAPESTRY CARE UK LIMITED (Company Registration number 03942243 BALANCE SHEET YEAR ENDED 31 MARCH 2024 2024 2023 Note Fixed Assets Tangible assets Investment in subsidiaries 447,925 464,432 10 447,929 464.436 Current Assets Debtors Cash at bank and in hand 216,782 192,448 12,996 42,955 229,778 235,403 Creditors: amounts falling due within one year 12 211,906 207,140 Net Curront A88etsllLiabilltie8) 17,872 28,263 CredFtorn: amounts falling due after more than 13 one year 45,756 90,704 Not Assots 420,045 401,995 Re8trictod Funds 15 62,340 49,685 Unre8trlcted Fund8 14 General Designated (79,895) (95.690) 437,600 448,000 Total Unrestricted Fund8 357,705 352,310 Total Charity Fund8 420,045 401,995 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the Board on 24 IkfC¥JAQtsA2024 and signed on its behatf by.. N•il Y•0 Chair n• The Accounting Policies and Notes on pages 15 to 25 foryn part of these Financial Statements. 14

STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

2024 2023
£ £
Cash (outflow)/inflow from operating activities (3,552) 27,368
Cash flow from investing activities
Payments to acquire tangible fixed assets (3,950) (3,340)
_ ______
Net cash flow provided by investing activities (3,950) (3,340)
_ ______
Cash flow from financing activities
Repayment of borrowings (22,457) (14,294)
_ ______
Net cash flow provided by financing activities (22,457) (14,294)
_ ______
Change in cash and cash equivalents in the year (29,959) 9,734
Cash and cash equivalents at start of year 42,955 33,221
_ ______
Cash and cash equivalents at end of year 12,996 42,955
_ ______
Cash and cash equivalents consists of:
Cash at bank and in hand 12,996 42,955
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net (expenditure)/income for year 18,050 33,421
Depreciation of tangible fixed assets 20,457 29,436
Decrease/(increase) in debtors (24,334) (122,644)
Increase/(decrease) in creditors (17,725) 87,155
_ _
Net cash flow provided from operating activities (3,552) 27,368
_ ______

The Accounting Policies and Notes on pages 15 to 25 form part of these Financial Statements.

14

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

1. General information and basis of preparation

Tapestry Care UK Limited is a company limited by guarantee 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 2 of these financial statements. The nature of the charity’s operations and principal activities are set out in the Report of the Directors.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The Charity has opted to take advantage of the reduced disclosure exemption in paragraph 1.12(b) of FRS 102, from producing an individual cash flow statement.

The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared 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.

Going Concern

Tapestry concluded the year with an overall surplus of £18,050 for the year ended 31 March 2024. This compares to a surplus of £33,421 for the year ended 31 March 2023. This resulted in net assets of £420,045 at 31 March 2024 compared to £401,995 at 31 March 2023.

The ability of the charitable company to continue as a going concern is dependent on the income generated from its two Community Hubs. Whilst times are uncertain, agreements with funders are in place that enable the organisation to generate similar income during periods of lockdown, if they happen again.

The Trustees have prepared a detailed financial and cash flow forecast. The forecast shows that the charitable company will be in a position to meet its liabilities, for at least 12 months from the date the financial statements are authorised for issue.

15

TAPESTRY CARE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

Key Judgements and estimates

To be able to prepare the financial statements in accordance with FRS102, the charity must make certain estimates and judgements that have an impact on the policies and the amount reported in the annual accounts. The estimates are based on past experience and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made. The key areas of the financial statements that we consider to be subject to estimation or judgement are as follows:

Fair value of Hopwa House

The property is held at valuation. This is discussed further in note 2.4.

Recoverable value of debtors

Debtors and their recoverability are assessed to determine provisions required, based on whether it is probable that the amounts will be received.

2. Accounting Policies

2.1 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.

2.2 Income

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, when the amount can be measured reliably and when it is probable that the income will be received.

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.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail of the contribution of volunteers to the charity is given in the Trustees’ Annual Report.

Legacy income is recognised when the charity becomes aware that probate has been granted, there are sufficient assets in the estate to pay the legacy and that any conditions attached to the legacy are either in control of the charity or have already been met. On occasion legacies will be notified where it is not possible to measure the amount expected to be distributed with sufficient reliability. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes. Interest income is recognised when receivable.

16

TAPESTRY CARE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

2.3 Expenditure recognition

All expenditure is accounted for on an accruals basis. 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.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and management 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 cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Termination benefits are recognised at the point at which end of employment is effective and communicated.

2.4 Tangible Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. 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:

Fixtures and fittings 25% straight line Computer equipment 33% straight line Leasehold improvements straight line over length of the lease HOPWA House 2% straight line

HOPWA House was valued in September 2018 on a fair value basis by Hilbery Chaplin, RICS qualified valuers. This value is the value as at 31 March 2018 and is treated as the cost as at that date. HOPWA House is depreciated on a straight line basis as per the policy outlined above.

The property will be revalued every 5 years unless there is an event during this period which is considered to materially affect this value.

2.5 Investments

Publicly traded investments, or those where fair value can otherwise be measured reliably, are measured at fair value at each balance sheet date, with changes in fair value recognised in ‘net gains/(losses) on investments’ in the SoFA. Other investments are measured at cost less impairment.

Investments in subsidiaries are measured at cost less impairment.

17

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

2.6 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.

2.7 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.

2.8 Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

2.9 Pensions

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 Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.

2.10 Taxation

The Charitable Company is exempt from Corporation Tax as all of its income is charitable and is applied for charitable purposes. The Charitable Company is registered for Value Added Tax (VAT); irrecoverable VAT (where applicable) is included in the cost of those items to which it relates.

3. Net Expenditure

3. Net Expenditure
This is stated after charging:
Fees payable for the audit of the Charity’s financial statements
Depreciation
Operating leases
4. Donations and gifts

Donations
Legacy income
Total		 2024
£
15,000
20,457
2,206
_
2024
£
4,909
4,247
_
9,156
 2023
£
13,902
29,291
2,364
__
2023
£
15,856
110,000
______
125,856

18

TAPESTRY CARE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

5. Income from charitable activities
Unrestricted income from:
Day centres, meals and activities
Dementia day care
Home Support and Befriending

Minibus operation
Social prescribing
Other activities
Total unrestricted income from charitable activities
Restricted income from:
National Lottery
City Bridge Foundation
Total restricted income from charitable activities
Total income from charitable activities
6. Other income
Unrestricted Grants
Other Income
7. Employee Information - Staff Costs
Wages and salaries
Social security costs
Pension costs
Temporary staff costs		 2024
£
921,099
-
5,882
196,954
-
17,384
_
1,141,319
35,655
49,125
_
84,780
_
1,226,099
__
2024
£
-
-
_
-
_
2024
£
715,654
55,097
34,608
-
_
805,359
 2023
£
592,785
201,759

5,286
172,755
40,006
77,965
_
1,090,556
35,000
56,500
_
91,500
_
1,182,056
_
2023
£
2,667
710
_
3,377
_
2023
£
703,904
65,481
34,151
4
__
803,540
_

One employee earned between £70,000 and £79,999 in the year (2023: one between £70,000 and £79,999).

The total amount of employee benefits received by key management personnel, considered to be the Executive Team, during the year was £157,361 (2023 - £143,307).

19

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

Average Monthly Number of Employees during the Year
rage Monthly Number of Employees during the Year 2024 2023
Day centres 20 21
Dementia advisory services - -
Management and administration 4 4
Minibus 4 6
Food 5 4
___ ___
33 35
___ ___

Transactions with Directors

The Directors of the Charitable Company received no remuneration or reimbursement of expenses in the year (2023 - £Nil).

8. Total Resources Expended

8.1 Analysis of Charitable Expenditure

Analysis of Charitable Expenditure
Day centres, meals and activities
Dementia day care
Minibus operation
2023 totals		 Direct
costs
£
782,714
-
101,594
_
884,308
_
944,572
 Support
costs
£
333,431
-
-
_
333,431
_
333,636
 Total
2024
£
1,116,146
-
101,594
_
1,217,739
_
1,278,208
 Total
2023
£
1,111,381
33,500
133,327
__
1,278,208
__

Charitable expenditure was £1,217,739 (2023 - £1,278,208) of which £84,780 (2023 - £41,815) was attributable to restricted funds.

8.2 Analysis of Support Costs
Analysis of Support Costs Total Total
2024 2023
£ £
Wages and staff related costs 185,998 186,704
Establishment 26,341 18,183
Administration 39,716 33,202
Depreciation 20,457 29,436
Legal, professional and consultancy 6,265 10,603
IT costs 39,654 41,606
Audit 15,000 13,902
__ _
333,431 333,636

Support costs are allocated on a basis consistent with the use of resources.

20

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

9. Tangible Assets – Charity Furniture
Leasehold and Computer
properties Equipment Equipment Total
£ £ £ £
Cost or valuation
At 1 April 2023 520,000 96,164 260,808 876,972
Additions - 2,860 1,090 3,950
_ _ _ __
At 31 March 2024 520,000 99,024 261,898 880,922
_ _ _ __
Depreciation
At 1 April 2023 72,000 85,794 254,746 412,540
Charge for the year 10,400 6,367 3,690 20,457
_ _ _ _
At 31 March 2024 82,400 92,161 258,436 432,997
_ _ _ __
Net Book Value
At 31 March 2024 437,600 6,863 3,462 447,925
_ _ _ __
At 31 March 2023 448,000 10,370 6,062 464,432
_ _ _ __
10. Investment in subsidiaries – Charity 2024 2023
£ £
Investment in subsidiaries 4 4
_ ______
4
_		 4
______

The Charitable Company owns 100% of the ordinary share capital of Age Concern Havering Trading Limited and Home Age Care Solutions Limited (HACS), which are both incorporated in England and Wales. Both entities were dormant in the current and prior years.

21

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

TAPESTRY CARE UK LIMITED

11. Debtors
Trade debtors
Grants receivable and accrued income
Other debtors and prepayments
12. Creditors: Amounts falling due within one year
Trade Creditors
Social security and other taxes
Other creditors and accruals
Loans payable
Amount due to subsidiary		 2024
211,664
-
5,118
_
216,782
_
2024
14,690
112,639
28,955
53,445
2,177
_
211,906
_		 2023
66,270
9,668
116,510
_
192,448
_
2023
28,543
114,619
30,847
30,954
2,177
_
207,140
_

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

Loans payable 2024
45,756
_		 2023
90,704
_

During the year to 31 March 2022 the charity received a loan of £140,000 from the Social Investment Business FM Limited, the term of which is until 1 March 2026. The interest rate is 9% per annum until 1 April 2022 and 7% per annum thereafter. There is no security for the loan which forms part of the Government’s Coronavirus Business Interruption Loan Scheme.

Payable within:
One year
Between one and two years
Two to five years
 2024
53,445
45,756
-
______
99,201
 2023
30,954
38,573
52,131
_
121,658

22

TAPESTRY CARE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

14. Unrestricted Funds

Charity
Balance at

1 April
Incoming
Outgoing
2023
resources
expenditure
Transfers
£
£
£
£
General Funds
(95,690)
1,151,009
(1,135,214)
-
Designated Funds
HOPWA house
448,000
-
(10,400)
-
_
_
_
__
Unrestricted Funds
352,310 1,151,009 (1,132,959) -
_
__
__
_
Charity
Balance at

1 April
Incoming
Outgoing
2022
resources
expenditure
Transfers
£
£
£
£
General Funds
(124,176)
1,219,951
(1,225,813)
34,348
Designated Funds
HOPWA house
458,400
-
(10,400)
-
Replacement of IT system
17,455
-
-
(17,455)
_
_
__
_
475,855
-
(10,400)
(17,455)
_
_
__
_
Unrestricted Funds
351,679 1,219,951 (1,236,213) 16,893
_
_
__
____
Designated fund		 Balance at
31 March
2024
£
(79,895)
437,600
_
370,360
_
Balance at
31 March
2023
£
(95,690)
448,000
-
_
448,000
_
352,310
_

The designated fund relates to funds set aside by the trustees for any spend required on HOPWA house.

15. Restricted Funds – Charity

The income funds of the Charitable Company include the following restricted funds where the donor has specified the purpose for which the fund is to be used:

Balance at

1 April
Incoming
Outgoing
2023
resources
expenditure
Transfers
£
£
£
£
Hub creation
26,685
35,655
- -
Funding for dementia
23,000
49,125 (72,125)
-
_
_
_
___
49,685
84,780 (72,125)
-



 Balance at
31 March
2024
£
62,340
. -
_
62,340

23

TAPESTRY CARE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

Balance at

1 April
Incoming
Outgoing
2022
resources
expenditure
Transfers
£
£
£
£
My Health Matters
4,413
-
-
(4,413)
Reach
12,480
-
-
(12,480)
Hub creation
-
35,000
(8,315)
-
Funding for dementia
-
56,500
(33,500)
-
_
_
_
___
16,893
91,500
(41,815)
(16,893)



 Balance at
31 March
2023
£
-
-
26,685
23,000
_
49,685

16. Allocation of Net Assets between Funds

Unrestricted
Restricted
fund
fund
Charity
£
£
Tangible fixed assets
447,929
-
Current assets
167,438 62,340
Current liabilities
(211,906)
-
Non current liabilities
(45,756)
-
_
__
Net assets as at 31 March 2024
357,705
62,340

 Total
£
447,929
229,778
(211,906)
(45,756)
__
420,045
Unrestricted
Restricted
fund
fund
Charity
£
£
Tangible fixed assets
464,436
-
Current assets
185,718
49,685
Current liabilities
(207,140)
-
Non current liabilities
(90,704)
-
_
__
Net assets as at 31 March 2023
352,310
49,685

 Total
£
464,436
235,403
(207,140)
(90,704)
__
401,995

24

TAPESTRY CARE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

17. Financial Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Within 1 year
Within 1-5 years
More than 5 years
 2023
£
62,471
197,823
-
__
260,294
_____		 2022
£
-
-
-
__
-
____

18. Capital Commitments

There were no contracted capital commitments at 31 March 2024 (2023 - nil).

19. Related Party Relationships and Transactions

No such transactions in either financial year.

25