STOCKPORT CARE SCHEMES loperatlng as Stockport Car Scheme) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity No.1091546 COMMUNlflACCOUNTANCY SERVICE LTD THE GRANGE PILGRIM DRIVE. BESWICK MANCHESTER M11 3TQ
STOCKPORT CARE SCHEMES INDEX PAGE NUMBER CONTENTS TRUSTEES ANNUAL REPORT INDEPENDENT EXAMINERS REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET STATEMENT OF CASH FLOWS 9-14 NOTES TO THE ACCOUNTS {FOR MANAGEMENT PURPOSES ONLY) 15 INCOME & EXPENDITURE ACCOUNT
STOCKPORT CARE SCHEME5 Report of the trustees for the year ended 31 March 2024 The trustees present their annual report and financial statements of the charity for the year ended 31" March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's constitution, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland publi5hecl IFRS 1021 ljanuary 20191. Reference and adrninlstrative information Charity Name.. Stockport Care Schemes Charity Number.. 1091546 Trustees The trustees and officers serving during the year and since the year end were as follows: Ms Helen O'sullivan Mr George Berry MrAndrew Wardle Miss Claire Bakewell Ms Theresa Rogers Mr Michael Faragher Ms Barbara Cunliffe Cllr Shantini Alexander Mr Colin Birtles (appointed December 20231 Chair TrEasurer Key management personnel: Trustees and Dlrertors Ms Helen O'sullivan Chair of Trustees Senior managers Mrs Susan Peck Registered Office The Heatons Centre, Thornfield Road, Heaton Moor, Stockport, Cheshire, SK4 3LD Independent Examlners Community Accountancy Service Limited The Grange, Pi Igrim Drive Beswick, Manchester M113TQ
STOCKPORT CARE SCHEMES Bankers The Cooperative Bank plc, l Balloon Street, Manchester, M60 4EP Objectives and actlvitles The purposes of the charity are to promote the relief of persons who are aged, sick or who have disabilities and are in need of care and support, by provision of support services and information to such persons and their carers in Stockport. to carry out such other charitable purpose or purposes as the Trustees in their absolute discretion shall from time to time determine. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aim5 and objectives, in planning future activities, and setting the policies for the year. The charity furthers its charitable purposes for the public benefit through using volunteer drivers who use their own cars to take people who struggle with public transport to social groups, dav centres, medical appointments visiting friends and family and shopping to reduce social isolation and help people stay well and independent in their own homes. Structure, governance and management Stockport Care Schemes is registered as a charity with the Charity Commission (dated 5 April 20021. th Appointment of trustees As set out in the constitution trustees are elected annually by the members of the charity attendin8 the Annual General meeting and serve for a period of l year, following which they may offer themselves for re-election. The Executive Committee shall consist of not less than 3 members not more than 12 members. Trustee induction and tralnlng New trustees are given a Trustee Training and Guidance Pack which covers.. The obligations of the Board of Trustees The current financial position FL6ture plans and objectives Organisation The board of trustees administers the charity. The board normally meets formally four times a year. A manager is appointed by the trustees to manage the day-to-day operations of the charitv. Related parties and co-operation wlth other organisation5 None of our trLSStees receive remuneration or other benefit from their work as trustees with the charity. Any connection between a trustee or senior manager with any service providers must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year remuneration and re-imbursement for other roles and related party transactions are reported in Note 6.
STOCKPORT CARE SCHEMES A review of our achievements and performance The main achievements during the year were.. Continuing the contract with Stockport M BC Providing transportation to over 4,000 clients Using over 80 volunteers to drive and assist with the administrative functions of the organisation Securing funding for an accessible minibus with part funding for 3 years running cost to take people in wheelchairs and also multiple people to groups, shopping and days out Taking people for their covid/flu vaccination Financial review Total incoming resources were £297,62212023 £232,939). Total resources expended were £249,42912023 £239,870). Overall the net movement in funds was £48.19312023 -£6,931), before actuarial gains and losses relating to the pension scheme. Restricted Funds balance at 31" March was £54,560 relating to the new vehicle12023 £nill Investment powers and policy The trustees, having regard to the liquidity requirements of operating the charity and because it onlv secured long term funding during the year, have kept available funds in a current account. It is currently exploring the options to deposit funds into a longer-term higher interest account. Reserves pollcy and going concern The balance held in unrestricted reserves at 31" March 2024 was £150,318, £139,363 of which is free reserves, after allowing for funds tied up in tangible fixed assets. The trustees aim to maintain free reserves in unrestricted fund5 at a level which equates to approximately six months of running cost5 (currently £ 125,0001. The trustees consider that this level will provide suff icient funds to respond to applications for grants and ensure that support and governance costs are covered. Having considered financial forecasts and the current level of reserves the trustees consider that the charity is a going concern. Rlsk management The trustees have conducted a review of the major risks to which the charity is exposed and system5 have been established to mitigate those risks. The main risk will always be the need to maintain grant and other funding. The organisation is continually monitored by Stockport M BC to ensure it meets its requirements. Additionally, it seeks other sources of grant f unding to help maintain its services.
STOCKPORT CARE SCHEMES Plans for Future Periods To recruit volunteer drivers to meet the demand from clients and partners To maintain an innovative approach for providing transport to our clients. These clients may have multiple disabilities or through deterioration of health need accessible supportive transport. To develop the service we offer to utilise the new accessible minibus To continue networking and collaborating with organisations to get people out and about to prevent isolation and keep them included and active in the community. Trustees responsibilities in relation to the flnancial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to.. Select suitable accounting principles and then apply them consistently. Observe the methods and principles in the applicable Charities SORP,. Make judgments and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements- Prepare the f inancial statements on a going concern basis unless it is appropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the f inancial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provision of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of f raud and other irregularities. By order of the board of trustees Ms Helen O'sullivan Chair Date.. TFI 15 July 2024
I1EPENDENT EXAMINERS REPORT TO THE TRUSTEES OF STOCKPOR'f CARE SCHEMES REGISTERED CHARITY NO. 1091546 I report on the accounts of the charity, for the Year Ended 31 st March 2024 which are set out on pages 6 to 14. Respective Rcsponsibilities of Trustees and Examiner 'rhc charity's trustees arg responsible for the preparation of the accounts. I'he charity trustees consider that an audil is not required forthis year under scction 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. l.he charity is preparing accrued aLcounts and I am qualified to undertake thc examination by being a qualified member of the Institute of Chart¢r¢d Accountant.% in Lngland and Walcs. It is my responsibility to- examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. and state whether particular matt¢rs havc come to my attention. Basis of Independent Examiners Report My examination was carried out in accordance with the General Directions given by the Charity Comniission. An examination includes a review of theaccounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concernin T any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a'true and fair view, and tlie report is limited to those matters set out in the stateiii¢nt below. Indcpendent Fxaminer's Statemcnt In connection with my examin(Ilion, except as disclo.sed below, no matter has come lo my attention". (l) whiLh gives me rcasonablc cause to bclieve that in any matcrial regpcct the requircments= to kecp accounting records have in accordiinLc with section 130 of the 201 l Act. and to prepare account% which accord with the accounting records and to comply with the accounling requirements of the 2011 Act, have not becn met" or (2) to which, in my opinion, attention should be drawn in order to enable a proper undcrstanding of the accounts to be reached. Signed: EL Anderson MA FCA CTA Date: 15, July 2024 Community Accountancy Service Ltd The Grange, Pilgrim Drive, Beswick, Manchester, Ml13TQ
STOCKPORT CARE SCHEPdlES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Total Funds 2024 Totsl Funds 2023 Unrestricted Restricted Funds Funds Notes INCOME FROM.. Donations 83,562 83,562 92,939 Charitable Activities 121 154,500 54,560 209,060 140,000 Other income TOTAL 5,000 243,062 5,000 297,622 54.560 232.939 EXPENDITURE ON.. Charitable Activities 1249.4291 1249,4291 1239.8701 TOTAL {31 1249.4291 1249,4291 1239,8701 NET INCOME IEXPENDITUREI 16,3671 54.560 48.193 16,9311 AcluariaS GainslLossesl on defined benefit pension schemes 1101 49 NET MOVEMENT IN FUNDS 16,3681 54,560 48,192 16.882} Reconciliation of Funds Tota1 Funds Brought Forward TOTAL FUNDS CARRIED FORWARD1111 156,686 150.318 156,686 204.878 163.568 156,686 54,560 The slalemenl of financial activities includes all gains and losses in the year. All incoming reSoUS and resources expended derive from continuing aclivilies. T,he notes r)n pages 9 10 14 foTm part of these accounts.
STOCKPORT CARE SCHEMES BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS 60,917 16,098 CURRENT ASSETS Debtors anLI Prepayments Cash at Bank & in Hand 18,612 225,076 15,963 159,389 243.688 175,352 LIABILITIES.. Amounts falling due within one ye8r 198.8731 132,9361 Net Current Assets 144,815 142,416 PROVISIONS FOR LIABILITIES.. Defined benefit Pension Scheme Asset (Liability) 1854} 11,8281 NET ILIABILITIESI I ASSETS 204,878 156,686 THE FUNOS OF THE CHARITY Restricted Funds Unrestricted Income Funds 54,560 150,318 204.878 156,686 156,686 Approved on behalf of the Trustees hft8nagemenl Committee Trustee Helen O'sullivan Chair Trustee George Berry Treasurer Date.. 15th July 2024 The note5 on pages 9 10 14 fomi part of these accounts.
STOCKPORT CARE SCHEMES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Nel movement in funds Add back depreciation Decreasellin¢reas21 in debtor5 Increaselldecreasel In creditors 48, 192 7,182 12.6491 64,963 16,8821 6.673 112,0811 3,882 Net Cash used in operating activities 117,688 18,4081 Cash flows from investment actlvlties.. Purchase of Fixed Assets 152,001} 113.7061 Net cash provided by investingactivities 152,0011 113,7061 Increasel{decreasel in cash and cash equivalents during the year 65,687 122,1141 Cash and cash equivalents brought forward 159,389 181,503 Cash and cash equivalents carrled forward 225,076 159.389
STOCKPORT CARE SCHEMES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 l. Accounting policies lal Basss of preparation and assessment of going concern The accounts (financial slalementsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless othèrwise slated in Ihe relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 January 2019 and the Financial Reporling Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity conslilules a public benefit enlily as defined by FRS 102. The trustees consider that there are no material uncertainties about the charitys ability lo continue as a going concern. Ibl Funds structure Reslricled funds are funds which are lo be Ljsed in accordance with specific reslriclions imposed by the donor. There are no restricted funds al the year end. Unreslricled income funds comprise those funds which the Irustees are free lo use for any purpose in furtheran of the charitable objects. Unrestricted funds include designated funds where the trustees, al their discretion, have created a fund for a specific purpose. Further details of each fund are disclosed in note 11. Icl Income recognition All income is recognised once the charity has enlillement to the income. il is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the charity has been notified In writing of both the amount and selllement dale. In the event that a donation is subject to conditions that require a level ol performance before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the lulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit is included when re7vable and the amount can be measured reliably by the charity". this is normally upon notification of the interest paid or payablè by the bank. Idl Expenditure Recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committs.ng the charity lo that expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Al expenses including support costs and govemance costs are allocated or apportioned lo the applicable expenditure headings. For more information on this allribulion refer lo note Igl below. lel Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which il was incurred. If) Allocation of Support and govprnance costs Support costs have been allocated between governance costs and other support costs. Governance costs ¢omprise 811 costs involving the publ',c accounlabilily of the charity and ils Complian with regulation and good practice. These costs include costs related to independent examination and legal fees together with an apportionment of overhead and support costs. Governan costs and support costs relating to charitable activities have been apportioned based on staff time and the usage of facilities and services for management purposes. The charity has the free use of a room for management meetings and increasingly uses teleconferencing The allocation of support and governance costs is analysed in note 4. Igl Charitable Activities Costs of charitable activities include governance costs and an apportionment of support costs as shown in note 3. Ihl Tangible fixed assets and depreciation All assets costing more Ihan £500 are capitalised and valued at historical cosl. Depreciation is charged on the following basis.. Motor VehicSes Furniture & Office Equipment 25Q/o on cost 25010 on cost
STOCKPORT CARE SCHEMES io NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 li) Debtors Trade and other debloTS are recoynised al settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. (Al Credltors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund5 to a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their selllemenl amount after allowing lor any trade discounts due. Ikl Realised galns and losse5 All gains and losses are taken lo the Slalemenl of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opèning carrying values or their purchase value if acquired subsequent lo the first day ol the financial yeai. Unrealised gains and losses are calculated as the differen¢e been the fair value al the year end and their varying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 111 Pension5 The charity Teeognises a liability rneasured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and èxpenditure account i.e. the unwinding discount rale as a finance cost in the period in which il arises. A provision is made for liabilities keyond the standard contributions Note 10. Im) Contingent liabilities There were no conlingenl liabilities al 31 st March 202412023 £nill. In) Taxatlon The charity will apply for an exemption lo tax on income and gains. due lo ils charitable slalus therefore no provision for laxalion has been made in the accounts. The charity is not registered for Value Added tax. ol Flnancial Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised on a transaction value and subsequently measured al their selllement value with the expIlon of pensions (see l above).
STOCKPORT CARE SCHEMES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 2. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted 2024 2024 Total Funds 2024 Total Funds 2023 Unreslriclecl 2023 Reslricled 2023 Grants & Contracts SMBC Motability Foundalion1£34,200 den Didsbury OSC 154,000 154,000 54,560 500 209,060 140,000 140.000 54,560 500 154,500 54,560 140,000 140,000 3. EXPENDITURE ON CHARITABLE ACTIVITIES Total Funds 2024 Total Funds 2023 Unreslricted Rèstrictèd Funds Funds Unreslricled Reslricled Funds Funds Rent Staff Salaries and NIC Staff Pensions Recruilmenl Costs staff Travel Expenses Training & Conferences Volunteer Expenses Uniforms . Car Signs & Badges Vehicle Expenses DBS Checks Advertising & Publicity Room Hire Activity Costs & Refreshments Sundries Interest Charges Support Costs Governance Cost5 9,325 140,614 5.124 199 192 293 65,033 9,325 140.614 5,124 199 192 293 65,033 8,811 125,455 3,753 8.811 125,455 3,753 158 158 74.765 349 3,088 208 727 98 1,536 218 55 19,965 684 239,870 74,765 349 3.088 208 727 98 1.536 218 55 19,965 684 239,870 5.408 130 5,408 130 331 1,466 316 70 20.220 708 249,429 331 1.466 316 70 20,220 708 249.429 4. ALLOCATION OF GOVERNANCE AND SUPPORT COSTS The breakdown Df support costs and how these were allocated beeen governance and other support costs is shown below.. General Support Govern8nc* Total 2024 General Support Governan Total 2023 Computer System Maintenance & Minor Equipment Telephone & Internet Insurance Repairs.Mainlenance, H & Safety Post, Printing & Stslionery Subscriptions Depreciation Professional Fees Pension Scheme Charges Payroll Costs Accouniancy Fees 2.198 3.119 1,393 2,198 3,119 1,393 3,019 2.933 1,204 113 2,550 263 6,672 1,176 1.168 867 3,019 2,933 1,204 113 2.550 263 6,672 1,176 1,168 867 684 20,649 2,452 299 7,182 1.226 1.203 1,148 2,452 299 7.182 1.226 1,203 1,148 708 20,928 708 708 20,220 19,965
STOCKPORT CARE SCHEMES 12 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 5. STAFF COSTS 2024 2023 Staff Costs.. Wages and Salaries Pension Costs Employers NIC 137,142 5.124 3,472 145,738 122,660 3,753 2.795 129,208 The charity employed 9 staff during the year (average number of employees during the year was 9} with a full lime equivalent 01512023". 51. The charity considers ils key managemenl personnel eomprises the Iru51ees, Manager and Senior Transport Organiser. The total employment benefits, Including employer pension contributions of the key management personnel were £48,10912023 £51,782). No employee has benefits in ex5$ of £60,000 6. TRUSTEES, REMUNERATION AND EXPENSES No remuneration directly or indirectly out of the funds of the charity was paid or payable during the year, lo any trustee or lo any persons known lo be connected with any ol them. No trustees were paid expenses in their role a5 trustees. Some trustees also volunteer as driversladmin support and are reimbursed mileage in their role as such. iVlileage- four trustee5 3,211 7. TANGIBLE FIXED ASSETS Furniture & Office Motor Vehicli Equipment Total COST al 1st April 2023 Additions Disposals Al 31 sl March 2024 5,995 49,962 24.651 2,039 30,646 52.001 55,957 26,690 82,647 DEPRECIATION at 1 sl April 2023 Charge for Year Disposals Al 31st March 2024 2,998 1,499 11,550 5,683 14,548 7,182 4,497 17,233 21,730 NET BOOK VALUE Al 31 st March 2024 51,460 9,457 60,917 At 31 March 2023 2,997 13.101 16.098 The new vehicle had not been brought into use by 31.3.24 so no depreciation charge was made for this during the year. 8. DEBTORS 2024 2023 Other debtors Prepayments & Accrued Income 14,057 4.555 18,612 11,666 4.297 15,963 All prepayments and accrued income in 2024 and 2023 related lo unreslricled funds. 2024 9. LIABILITIES.. Amounts Falling Due Within One Year 2023 Other Creditors Deferred Income Accruals 62.014 34,200 2,659 1,335 98,873 32,936 In 2024 £34,200 related lo restricted funds. In 2023 all creditors and accruals related lo unrestricted funds. 31.601 Deferred Income Income deferred during the year 34,200
STOCKPORT CARE SCHEMES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 10. PROVISION FOR LIABILITIES Stockport Care Schemes participates in The Pensions Trust's Growth Plan (the Plan), a mulli-ernployer scheme which provides benefits lo some 638 non-associaled participating employers. The scheme is a defined benefit scheme in the UK. 11 is not possible lor the company lo obtain sufficient information lo enable il to account for the scheme as a defined benefit scheme. 11 therefore accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This together with the documents issued by the Pension ReguSalor and Technic81 Actuarial Standards issued by the Financial Reporting Council, sel out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'lasl-man' standing arrangement. Therefore the company is potentially liable for other participating emplrjyers, obligations if those employeis are unable to meet their share ol the scheme deficit following withdrawal from thè scheme Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis Dn withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This actuarial valuation showed assets of £800.3m, liabilities of £831.gm and a deficil of £31.6m. To eliminate this funding shortFall, the Trustee has asked the participating employers lo pay additional contributions will be paid lo the scheme as follows". Dgficit Contributions From 1 April 2022 10 31 January 2025 £3,312,000 per annum Ipayable monthly by increasing 3Yo each on 1 April) Unless a COnSsion has been agreed with the Trustee the term lo 31 January 2025 applies. Note that the scheme's previous valuation slalement was carried out with an effective dale of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall. the Trusteè has asked the partlClP8ting employers to pay additional contributions to the scheme as follows. Deficit Contributions From 1 April 2019 10 30 Septembèr 2025 £11,243.000 per annum (payable monthly and increasing by 3°/0 each on 1 April) The recovery plan contributions are allocated to each participating employer in line with their estimated shaTe of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deticil and where the company has agreed lo a deficit funding arrangernenl the company recognises a liability for this obligation. The amount recognised is the nel present value of the deficit reduction contributions payable under the agreement that relates lo the d&ficil. The present value is calculated using Ihe discount rale detailed in these disclosures. The unwinding of the discount rate is re¢ognised as a linanco cost. 31 March 2024 31 March 2023 Present Value of Provlslon Present Value of Provision 854 1.828 Reconciliation of Oponing and Closlng Provisions Provision al Start of the Period Unwinding of the Discount Factor Deficit Contribution Paid Re-measuremenls - impact of any change in assumptions Re-measuremenls - amendments to the contribution schedule Provision al End of the Period 1,828 70 11,0451 2,867 55 11,0451 1491 854 1,828 Assumptions Rate of Discount 5.31 5.52 The discount rates shown above are the equivalent single discount Tates which, when used lo discount the future recovery plan contributions due, would give the Same results as using a full AA corporate bond yield curve to discount the same recovery plan contTibutions.
STOCKPORT CARE SCHEMES 14 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 10. PROVISIONS Icont...) Deficit Contributions The proposed recovery plan for the Growth Plan aims lo eliminale the deficit via a combiN8tion of additional contributions from ernloyers and Investment returns over a period 016 years from 1 April 2019. Additional contributions are required from 1 April 2024 at a rate of £870 per annum lor 0.83 years by 30A p.a. A provision lo cover these amounts, as discounted, has been made in the accounts. The company musl recognise a liability measured as the present value ol the conlribulion5 payable that arise from the deficit recovery agreement and the resulting expense in Ihe income and expenditure account i.e. the unwinding discount rale as a finance cost in the period in which il arises. It is these contributions that have been used lo derive the company's balan sheet liability. 11. MOVEMENT IN FUNDS Balance at 1.4.23 Outgoing Incl. actuarial revaluatlons Balance at 31.3.24 Resources.. Transfers Incoming Restricted Funds.. Molabilily Foundalion1£34,200 deferred) Unrestricted Funds." General Total Funds 54,560 54,560 156,686 156,686 243.062 297.622 1249,4301 1249,4301 150,318 204.878 The balance on the ThAolabilily Grant represents £49,962 spent on the new vehicle and £4,598 in unspent reserves. The vehicle had not been brought into use by 31.3.24 $0 no depreciation has been charged. £34,200 of the grant Is to cover revenue costs ahd this has been deferred until the vehicle comes in lo use. Previous Year Balance at 1.4.22 Outgoing incl. actuarial revaluations Balance al 31.3.23 Resources. Transfers Incoming Restricted Funds.. Unrestricted Funds.. General Total Funds 163,568 163,568 232,939 232,939 1239,821) 1239,821 156,686 156.686 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Fixed Assets Net Current Provision for Assets Liabilities Total 2024 Restricted Funds.. Unrestricted Funds." TOTAL FUNDS 49,962 10,955 60,917 4,598 140.217 144,815 54,560 150,318 204,878 18541 18541 Previous Year Fixed Assets Nel Current Provision for Assets Liabilib-es Total 2023 Restricted Funds.. UnreslTi¢led Funds.. TOTAL FUND8 16,098 16.098 142,416 142,416 {1,8281 1,8281 156,686 156,686 13. CAPITAL COMMITMENTS 2024 2023 Contracted bul not provided for £nil £nil
STOCKPORT CARE SCHEMES 15 INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 (for management purposes only INCOME Grants & Contracts.. SMBC Motsbility Foundalion1£34,200 deferred) Didsbury OSC 2024 2023 154,000 54,560 500 209,060 S,ODO 83,562 297,622 140,000 140,000 HMR Circle Volunteer Drivers Service- Partner Payment Donations 92,939 232,939 EXPENDITURE: Rent Staff Salaries and NIC Staff Pensions Recruitment Costs Staff Travel Expenses Training & Conferences VolLinleer Expenses Transport Uniforms. car signs & badges Vehicle Expenses Room Hire Activity Costs & Refreshments Advertising & Publicity Computer System Maintenance & Minor Eqpl Repairs,Mainlenance, Health & Safety Telephone & Inlernel Insuran Post, Printing & Stationery Subscriptions MislIaneOUS Depreciation Accountancy Fees DBS Checks Payroll Costs Professional Fees Pension Scheme Charggs Interest Charges 9,325 140.614 5.124 199 192 293 65,033 8,811 125,455 3,753 158 74.765 349 3,088 98 1,536 727 3,019 113 2.933 1,204 2,550 263 218 6,672 684 208 867 1,176 1,168 55 5,408 331 1,466 2,198 3,119 1,393 2,452 299 316 7.182 708 130 1,148 1,228 1,203 70 249,429 48,193 239.870 16,9311 Surplus (Deficit) lor Year Actuarial Gains (Losses) on Pension Scheme Net Surplus IDeficill for the Year 1) 48,192 49 6,882