## **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:
- Healthy, affordable food, specialist activities, and therapies
- Advice, support, and respite care for carers
- Peer support, friendship groups, transport, and person-centered care at home or community HüBs
- Safety, health, and well-being support services for home care
## **Challenges and Strategic Focus**
The Trustees ensure all activities align with public benefit guidelines, with the following challenges shaping operations:
- Integration of Care Services: Adapting to the new Integrated Care Systems (ICS) across England requires flexibility.
- Place-Based Delivery and Collaboration: To thrive, we focus on local partnerships and delivering services within communities.
3
**TAPESTRY CARE UK LIMITED**
**REPORT OF THE DIRECTORS**
## **Challenges and Strategic Focus (continued)**
- Cost-of-Living Crisis: Rising costs impact clients’ affordability and increase our operational expenses.
- Workforce Challenges: Recruitment remains difficult, particularly in our foot care team, due to broader staffing shortages in social care.
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:
- Care Delivery: 141,568 hours of care for 301 clients across two HüBs, supporting independence.
- Meals Provision: 12,088 healthy meals served at HüBs, with 7,676 delivered to homes.
- Transport Services: 16,896 journeys facilitated for access to essential services.
- Foot Care Service: Since its 2022 relaunch, 641 appointments were provided, with plans to expand to new sites.
- Befriending Service: Supporting 38 individuals, though slowly winding down due to funding limitations.
- Higher Needs Dementia Support: Providing 1,620 hours of care, this City Bridge Trust-funded service is now a permanent offering.
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:
- Care: 100% of clients were highly satisfied with the care provided.
- Transport: 100% expressed high satisfaction with the care provided by our transport service.
- Food: 100% felt the food met their needs, with 77% highly satisfied.
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
- Private self-paying clients pay within 10 days.
- Cash paying clients settle their payment of services as and when the service occurs.
- One of the significant customers, whom pay for clients that have already been assessed for and have a budget to receive the service, pay regularly on monthly basis.
## **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 neSSary 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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are 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:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- We obtained an understanding of the charitable company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.
- We determined the principal laws and regulations relevant to the charitable company in this regard to be those arising from Companies Act 2006. Charities Act 2011, Charities (Accounts and Reports) Regulations 2008 etc.), tax and employee legislation, safeguarding regulations and health and safety.
- We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the charitable company with those laws and regulations. These procedures included, but were not limited to enquiries of management and review of minutes.
- We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that accruals and prepayments are also an area of risk. The financial statements have been adjusted for misstatements identified.
10
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF TAPESTRY CARE UK LIMTED**
- As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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:
- Costs of raising funds
- Expenditure on charitable activities
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**
- The nature of the key ongoing funds is set out below:
- Hub creation – funding from the National Lottery to extend the work into two new hubs.
- Funding for dementia – funding received from City Bridge Foundation to develop new services for those suffering from dementia.
|**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