Company registraliott number: 4612504 CIMrity registratioTh numb¢r'. 111)0534 Home-start Hillingdon Limited (A ¢ompany limited by guarantee) Annual Report and Financial StatetheJ￿& for the Year Ended 31 March 2025 Sterling Grove Acc4)untartt$ Limit¢d Chartered Certified Accountsnts 2 Regatta Pla¢¢ Fawley House Marlow Road Bourn¢ End Buckinghamshire SL8 STD Horn￿tart Hillingdon Limited Contents Reference at￿ Administrative Detsils Trust¢¢s' R¢port 2to8 Ind¢p¢rtd¢t)t Examinerfs Report StaternenÉ of Financial AdivÉties Ioto li Balance Sheet 12 Notes to the Finan¢i81 Statements 13to25 Home-start Hillingdon Limited Referen¢¢ and Administrative Det&iLs Ch•irp¢rs PrL5rilla Robinso Trust¢es Helen Anastssi Pete James Lorraine Dorrington Bala Mere Rashpal Virdee Paula Ya'¢] Wittels Shar¢na Sivlal Priscilla Robin50n Dr Julia Makind¢ Astrid Wel[￿nann Amardeep Nota Tanya Link Secretary Other Officers Clare Nazerali Sehem¢ Dire¢tor Sarah Dotsley, 0￿ratIonS Mana8er 1100534 Charity Registr3tion Tr4umber CO￿p￿DY ReEtslr4tion P4umber 4612504 Regi$trr¢d Office 306 Long Lane HAllingdon Middlesex UB109PE Prineip#l Office 306 Long Lan¢ Hillingdon Middl¢sex UB109PE IDd•pÈndent Examiner Sterling Grov¢ Arcountants Limited Chartered Certified Aecountants 2 Regatta Place Fawley House Marlow Road Bourne End Buckinghamshire SL8 STD Bamktrs Bartlay$ Bank Pl Pag¢ I Home-start Hillingdon Limited Trustees, Report The tru5ttt5, who at¢ dir¢¢tors for the purw)scs of ¢ompany law, pr¢sent the annual report together with the financial statements and auditors. report of the charitable ¢ompony for th¢ y¢ar ended 31 March 2025. Trnstees gnd officers The trustees and serving during the ycar ond since the year end were as follows.. Tnjstees.. Helen An&sts5i Gillian tAuder (r¢sign¢d 31 August 2024) Pete Jam¢5 Lorraine Do￿angtOn Mor¢mi Apats-omisore {resigned 31 August 2024) Bala Mer¢ RaShp￿ Vird¢¢ Paula Ya'cl Witt¢is Sharena Sivlal lappoitrted 31 Augwi 2024) PrisGilla Robinson Iwinled 31 August 2024) Dr Julia Makinde (apw>inted 19 December 2024) Astrid Weinmann (aprM)inted 19 December 2024} Amardeep Nots {appoint¢d 22 April 2025) Chairperson.. PTi5cilla Robinson (apw)inted 31 August 2024) Secretary". TaDya Link Other Officers.. ClaT¢ NazerA]i, S¢hem¢ DIr￿tOr Sarah Dooley, Operation5 Marta8¢r Objectlves and Acti￿treS Otyects ond4lp Thi$ is the twentidh r¢port of tb¢ tnJstee5 of Hom¢-Start Hillingdon Limited, since the company twk over nmntng of the charity ktb)wn &q Horne-start Hillingdon. The ¢)rgaDisation is & Charitable Company limited by 8uardlltee. incorporated on 9 Dettmbcr 2002 and registered as a charity on 5 November 2003. The cotnpany was established by • Memorandum of Asso¢iotion whi¢h e5tabli5hed the obj¢¢ts and powers of th¢ charitable company and És govemed und¢r its Arti¢leg of Asso¢iation. Undcr these Articles. new members of the Nknagement Committee may be ¢OwOPted by existing members., newly co-opted members must retire at the next AGM. dong with ott¢-third of the oth¢r members on a rotational b&sis, after which they ar¢ eligible for appointment or r￿jeCtIOn by the mernbe￿ of the ¢hxTity &8 appropriate. The company is a charity wbich ¢xists to support families in the Lmdon Borough of Hillin8don. In doing sts, the charity aims to incr¢2se tht well-being of children by improving the experien¢¢ of family life for families in the borough. The charity is alriliat￿ with ihe national network knowij &5 Hon)e-Start UK. Page 2 Hom¢-Start Hillingdon Limiled Trustees, Report 0bjecl1v￿, slrategies ond4divl Homerstart Hillingdtsrt {HSH) provides support to familie5 in the borough who have at least on¢ ¢hild under 5 y¢ars and who are Struggling to c4>pe with a variety of challenges to a stable, loving and nurluritjg family life- we aim to help prevent such ditYi¢ults"¢s from esethlating into crise& and crises from dev¢loping into family ' breakdow￿. Examples of the challenges f4ced by families referred for our 5UPPOrt include parenial menial ill-heaith, disability or additional needs of child or par¢nL being a victim of domesti¢ abuse. isolation. being a refugee or asylum se¢k¢r, inad¢quate housing. or other difficulties. We recruit volunt¢ers wtth parenting Cxperiente from th¢ local community and traill them to provide partn1-￿parent ¢motÉona] ondlor praclieal home-visiting support to families. We also offer some direct support thtDugh our Fatnily Support Worker project. Through in¢ffasing parents, eonfldence, r¢sili¢n¢¢, and ability to cop¢, w¢ aim to strengtheD th¢ parent-child relationship. helping to giv¢ ¢hildren a better 51art in life. Our 5ervi¢¢s in 2024-25 are described follows: Core setvice Volunteer family support: Staff Co-ordinators match trained volunteers to r¢f¢rr¢d families ftillowing structured needs assessment. Each volunteer makes a weekly home-visit with their mat¢h¢d family to $uptK>rt the f8mity towards identified 5UPPOrt goals. The stsff c￿Ordinal0r overse¢s support through regular r¢view 'me¢tings' wilh each family (usllalty at the family home) and volunteer supervisitsn to ensure support remains safe. relevant to th¢ family's siwation and progress is mad¢ towards outcomes {suptrf)rt goals). . Perinatal Mental Health Projttt (PNMH).. fvnd¢d by CNOOC this proje¢t is b&s¢d on lh¢ Home•Start volunteer support model (deS¢ri￿d above} to supp)rt famili¢5 in ihe perinatal period where moih¢r has, or is at risk of, mental health probl¢ms during pregnanGy and in th¢ year aft¢r birth. ThG ¢raJtJ of Yolunt¢ers workin8 in this proje¢t have all received enhanced Perinats].Mental Health Awar¢n¢ss Trnining which is Co-delivered with the HillingdoD Puinatsl Mental Health Team. HS2 Volunteer Family Support Proje¢t'. funded by HS2. this proJ￿t is based on the Home-start volunte¢r support model {described a&)ve) to 5UPPOrt families living in areas of Hillingdon whos¢ stwggles with the challenge5 of parenthood are ¢xa¢erbated by HS2 works.. Famili¢5 affected by social tsolation. poor tn¢ntal h¢aith, previous traum4 and ditTi¢ult family relationships now fac¢ barriers tt> acces5in8 key resourc¢s and suppon network5 (such as children's ¢¢ntres, faith centres or community centres). . Family Support Worker IFSW) support.. furtdtd by Heathrow Community Tr￿￿t (HCTI. Our Family Support Worker (FSW). applying th¢ Home-stsrt principl¢s of support. provides direct one-i￿0￿¢ SUPPOrt to faTnilie5. often with more complex needs. The FSW offers ¢moiional support, confJd¢nc¢ building and develops 5trat¢8ies with families to ¢ope with ¢hallenge5. as well as supw)rt to access services as appropriate e.g. benefits advice, housitjg advice and m¢ntsl health services. They help parents achieve in¢r¢&%¢d r¢5ili¢nG¢ through improved ¢motionaJ well-being, Tedu¢ed isolation and inere&8ed or more ¢ff¢ctive use of community r¢sour¢es. Regul SUp￿)rt visits by th¢ FSW take plac¢ in a family's own home. or within a Commurtity setting such as Children'5 Centr¢. HSH is applying for continuation fwiding for FSW support in Order to be able to address the need demOns￿led in the increased Tbumber of referrals wilh more complex backgrounds. Direct C04)rdinator Support.. one to orte Staff telephone and face-tfrface support to families, following a structured plan to help parents a¢hieve goals. Although we are nearly up to full capa¢iry for volunteer number5. we are ¢ootirtuin8 to deliver a small amount of Direct C￿OrdinatOr support, when & I2￿¢r thath usual nurnber of volunieers are resting or when a family would benefit from a short burst of specialist suppon. Page 3 Home-start Hillingdon Limited Trustees, Report Sh)rt-int¢rvention Cowordinator Support (Mitiimal Co-ordin*or Support) - For some referr¢d families, initial Cowordinator assessment raises ¢on¢¢rn5 for a volurt¢¢er's safety or identifics ned5 whirh ate more quickly addressed Iso not meriting mat¢h with a volunteer for longer ternj supwrt} or needs not wthin Home-sthrt's remit e.g., regular childcare. In thes¢ sittEations, a c0-ordin￿or might offer some 'Short-interverttion cO￿rdinatOr Support., this 5UPPtsrt would nonnally involve some short-t¢mi listening ear. 51gniM)5ting or referra15 made to other services. • Foodbank Partner- We remain a pattr¢r with Hillithg¢Jon Foodbank and h2Ve ÈS5ued food vouchers to eligibl¢ families tn need and have liais¢d with the Foodbank to et)able Provision of parcels for families. Babybank Partn¢r - We conttnue lo have a ¢lo$e workin8 rclationship with Maid¢nh¢od Babybank who. on reque81. deliyer ¢quipment and supplÉes for fomilie5 who need them. Publi¢ benef The charity offers a family support 5ervi¢e for families in Hillingdon and the surrounding area. set up to offer a Service. f￿¢ at the point of acce5S that MDuld be available lo all and ￿mpletelY independent of sthwtory 8g¢ncies. Members of staff work closely a network of trained volunteers who ¢any out home-visiting support to families. The tr￿le¢S confm that th¢y have complied with the rcquirernents of 5eftion 17 of th¢ Charities Act 2011 to have due regard ￿ th¢ public benefit guidan¢¢ published by the Charity Commission for England and Wales. Use wolunleers We would lik¢ to thank all volunteers who work so hard to mak¢ Hom¢-Start Hillingdon the key ¢hildr¢n and farnilies. volurttary ageney in the borough. We continue to rely on our ifdm of dedicated volunteers who d¢liv¢r our service to the families of Hillingdon and without whom we could not exist. All ¢arefitlly selected volunt¢eT5 ￿dertake a robust retrnitment process and must complete an ¢xtensive 40hr training programme before they Can be accepted as a home-visilFng volunteer. (kn Volunt¢¢r Preparation Course covers various topics including M¢¢ting the Need5 of Childr¢n, Supporting Parents and Perinatal Ments] Health. Listening and Communication skills, Dorn¢sti¢ Abus¢, Values and Attitude5, S*f¢guardin8 Children's Welfart and Confidentiality. In the year 2024-2025 we delivered hwo training eourses (one in April 2024 and one in October 2024) with a totsl of 17 participants (2023-24". one training ¢OUTse with 6 participants). Staffing: We are very grakful to the staff team for ail thcir hard work and d¢dication during the year ond all the support tiw have g¥vcn to families. volunteers and Tru5tee5. I￿ring this year our d¢dicattd siaff t¢am consisted of a Director, an Op¢rAtions Manager. 2 Co-ordinators. a Family Support Worker. Office and FiE]attce Mallager. Community Engkgement C￿OrdinatOr, Community ConD¢clion$ Covordinator and a Student Social Worker. Volunteer NuMb￿s. We ended tbe year with a team of 38 trained volunteers (2023-24.. 39 trained voluntttts). Volunteer support and safeguarding practice.. despit¢ th¢ usual pressures of running 0 small charity with limited r¢sourc¢, we put high priority OD providing a saf¢ service by ensuring all volunteers and operational staff receive r¢gular on¢ to one supervision at￿ all receÉv¢ regular safeguarding training. Famity Numbers.. In 2024-25 we 5uppoffed 130 families (with a totsl of 271 childrcn)(2023-24.. 125 families with a iotd of 150 rhildr¢n)- 94 famili¢s Were supported by a Home-visiting Volunt¢¢r, 17 families wer¢ 5UPPOrt¢d by our Family Support Worker and 19 farnilies were supported directly by a Cfrordinator or our s￿dent So¢ial Worker. Pag¢ 4 Home-start Hillingdon Limited Trustees, Report A¢hl¢p¢mettts 4ndp¢rf•rniq#ce The 2024-25 year repr¢sents a ÈT2nsfom)ative period for Home-start Hillingdon {HSH), mark¢d by signifi¢ant growth. milestone a¢hievemeTht5. and financial stability. B¢low are some highlights alld an allalysis of our tsrgon15ation's p¢rformance and impact across key areas. Projeet . Rese8reh iDto b8rri¢r3 to people from Etbnk MIDorlty Groups (Emcg) engaging voIuDteeriDg. Hom¢-Start Hillingdon undertLK>k a pioneering research proj¢¢t, funded by th¢ Greater London Authority (GLA), to explore the ba￿lerS preventing women from ethnic minority groups {EMGs} from volut)t¢ering. As these women are a key tar8et group for our Yoluntetr 5UPPOrt s¢rYices, understanding their exp¢ri¢nce5 Was essential to iTrcrea5ing participation and making our volunteering model mor¢ in¢lusiv¢. Our dedicated researcher. Sami& ¢ondu¢t¢d ¢ommunity interview5 and data gnalysis. Based on findings HSH implemented tar8eted comm￿nity outr￿h, Str￿n]ined application pro¢¢ss¢s for ESL sp¢ak¢rs. Greated pre-application meetings, and provided enhanced language sUp￿rt. As a r¢sulL volunteer diversiry incrwed= Non-white British volunteers grew from 3PA to 500/4 Lmproving our ability to match families with volunt¢ers from their own ￿mmunity. The res¢ar¢h has attMt¢d significant interest from the GLA, national Home-start network, and other voluntary sector organisa¢ions. establishing HSH'S repuiation for sector-leading diversity research. It facilitated knowlcdge-sharing through H4AII training sessions. th¢ Hom¢•Stsrt Netwojk. and The Cranfield Trusi. li diredly informed our successful volunteer recruilrnent CaMp￿g￿, helping us reach capacity by sutnm¢r 2024 despite national declinin8 volunt¢er trends. This project not only strengthened our own serviee delivery but positioned Home-stsrt Hillingdon as a leader In inGIu5ive volunteet recruitm¢nt. By oddressin¥ systemic baTTi¢fS and developing practical. replicable strat¢gi¢s, we are proud to ¢ontribut¢ to a more equitable voluntary s¢¢tor. Projed: Sthdent Sod*l Worker To increase delivery and fi￿h¢r our ambition for inspiring an organiS￿l0￿al culh]re of leaming and empowerment, we embarked upon th¢ delivery of a Student &)¢iai wolk pToj¢ct and knok on a student so¢ial Mvrker in hi5 firsL 7041ay plaeement. W¢ trained him to deliver support to faTt)ilies and supportin8 his learning and development with a particular focus on 8atherin8 a deep undentandin8 of what life 1$ like for struggling families and how supportive. enabling sUp￿rt can bring about l&sting ¢hange. We are hoping in future years io expand this project and tsk¢ on up io three social work students on¢¢ or twice year. Strengthening Cov¢rn4ryce and Finance c￿er the past year. we hav¢ enhanced our governance framework through the implementatitsn of a subw¢ommitt¢e Structure. effectiv¢ly leveraging the diverse expertise and skills in our Board of Trustees After several chailen8in8 years, we are pleased io report that our income has marginally ¢x¢¢eded expenditure. marking a turnin8 point in our finwcial sustainability. This a¢hiev¢ment W&8 made possibl¢ through.. -securing additional voluntary sector graDts. ineluding sced funding from The Fore -IAunching our Corpordte and Community Fundraising Project -Establishing new parlntr5hip5 through our Chamber of Commerce Membership -Tripling income from corporote and community sources. diversifying our fi￿ding streams EDgagemeTrt stsk¢holders . Our 25th Anniversary celebration brought together around 100 stakeholders, highlighting our quarter-centL commitmcnt to suptAirting lo¢al familie5. For example, we partnered with energy provider Cadent to provide slow cookers, carbon monoxide alamis. and energy efficiency support to families . Our gr0￿ryn8 influetjce tn the comtnunity h&8 beet) ackt)owledged through a Wighly Con]mended' award in the ChaTity of the Year category * the Hillingdon Chambels LoGal Business Awards. More imp)rtantly. we've incr¢ased our dIr￿t impact with family referrals rising by 24•/0 ¢ompared to the previous y¢•r, a]lowing us to SUP]K)rt mor¢ fatnilies than ever b¢fore Page 5 Home-start Hillingdon Limited Tru$teeg' Report . HSH remains ¢ommitted to supporting Hillin8don's $mbitiO￿ strat¢gy for ¢hildr¢n and youn8 people through.. . Active participation in the CYP Transfomation Board . Regular repEe5eTiiation at the Family Hub Delivery Group . En8a8ement with Stronger Famili¢s Partnership meetings . Contributing to the developrnent of famity hub5 and the 'Thrive" agenda Commitment to hlgh quÈllty service . Building on our exc¢ptionai exterttal Quality Asse55meni from Hornfrstart UK, we have transitioned to their rolling S¢lf-assts5llL¢nt System. Our first submission in the 'Family Supw)rt' ¢valuation area received outstanding feedback, vzlidatirtg our commitment to excellence. The follo￿ttg report provide5 detsiltd data-driv¢n insig￿5 Énto our p￿OrnianCe m¢tri¢s, commullity impxt, and strategic initialivts, demonstrating how our enhanced governance structures have positioned HSH for sustainabl¢ gro%4th in the years ahe￿. We ¢ontillued to ofY¢r High Quality S¢ryi¢e - Home-start Hillingdon prid¢$ itself on the quality of the support we provid¢. Our families, improveil wping scores and the f¢edba¢k w¢ receive from famili¢5 and professionals iell the story of the impact Whd vAiue of our service which families T¢POrt ean be life ¢banging. . We continued the suc¢¢ssful completion of our robust annwal ithtemai audit pnTrce5s and our eomtnith)¢nt to continual improv¢m¢nts analyses what HSH is doin8 well and identifies things we may be able to improve. We have continued io develop our ongoing monitoring systems that allow us io a¢¢es5 information al)out servi¢¢ d¢livery KPIS in real-time ¢nabling proactive a¢tion to addre55 any variation th* might occur from our exp¢¢tstions. . Volunt¢er support and safeguarding pradi¢e.' Our high-quality s¢rvice is depEndent on our fo￿￿ on prioritisiDg volunteer supwjrt and robust 5aftguarding systerns Finonciol review Total in¢ome for the year wa5 £320,364 (2024: £267,050} split between unTestri¢ied in¢ome of £222278 {2024'. £185,439) and r¢strtcted inwm¢ of £98.086 (2024.. £81,611). Th¢ Ghartty'5 a¢coiitits show a surylus of £1 1,858 {2024.. £2.685) for th¢ Y￿r. The Charity continues to impl¢rnent financial controls comrn¢nsurate with a charity of its size. Polley on Merves The Management Committtc has a Reserv¢s Polkcy which in¢lud¢s ddails on the charity's 4)proaeh to re￿rVeS at)d how our target r¢serve5 level h&% been cal¢ulaied. Reserves are held to deal with late paymertts. non-budgeted defi¢it in fi]nding, and non-budgeted exp¢tJdtture, including any last-resort need to c105e-dowi the Sehelne and wind up th¢ cotnpany in an organised and debt-free manner.. The targei res¢rves level is ¢al¢ula¢¢d as £70.000. On 31 Mar¢h 2025, Éhe charity held £60.955 (2024- £48.70D in free reserves. Our reserves baian¢e is und¢r our rcserv¢5 level that we wsh to have. We havc a fundraising plan in place to rais¢ additional funds i the year to not just meet tsur minimum reserves but to eventually r¢a¢h our ideal target l¢v¢l, and additional funds ihat C8n be used a5 Start new projects. Page 6 Home-start Hillingdon Limited Trusttts, Report Plonsforfythreptrlods Continue to s¢¢ur¢ sustsin¥ble funding We were excited to be notift¢d in April 2025 that wc secured a thrte-ycar funding a8reemcnt with LBH for 2025-26 onwards. Whilst we have Come a long way in the last year in divetsifying our ￿ndIng streams, we ￿111 have work to do to become finanGiaily sustainable in the longer terni in line with our str￿e91¢ Plan. we aim to-. Grow our in¢ome fwm Community and corporate 5011rces to around IOVD of OUT allnua] illcome througb our new Community Connections project, Secure &dditional funding from charitabl¢ tnJst$- wher¢ possible. multi-year futlding e.g. Lottery Funding Increasing c4wity Gr¢at¢r lev¢ls ot in¢om¢ enable us w respond to th¢ existin8 in the ¢ommvnity by increasing our ¢apa¢ity and developing our volunteer work Start-llp of our'Dad matt¢rs' proje¢t In October 2024 we secured funding for five years from Th¢ City Bridge Trnst to bring Home-start's Dad Matters project to Hillillgdon. This project. one of the first in London. start5 work in the antenatal period and provides peer gupport for dads to pr¢v¢nt and deryescalate meDtsI hea]th issues ond bwld widerstanding around the importance of ¢reating a strong. secure bond with th¢ir baby in the first 1001 day5. li a150 work5 Wtth other professiuna15 on a way to P051tiv¢ly engage Dads in the parenting joumey. Following 4 SU￿¢$5￿1 wruitm¢nt Can)￿Ign. Ihi5 project startcd in April 2025. Laun¢h of our new website ODe ot. the f¢w areas from our Quality Ass&%$m¢nt wher¢ we were not excelling is around -Brand, Communication, Data and Digit￿, In the coming year we aim to addr¢ss this by launching a ncw improved website and keeping current content. moving to an online referral system, and bringing clarity and simplifying the way potential VOIL￿te¢r$ c4n a¢¢ess inforni￿1On and apply. Publithing our first HSH llnpact Report In June 2025 we publish¢d our first ever Impact Report to cgv¢r the year 20242025. We hope the r¢port will highlight to fund¢rs, supptsrteTS. partners, staff and volunt¢¢T5 the work that we are doing in Hilli￿dOn to support familieg ihat need our help irt a crucial y)int in iheir lives. S¢rUCtu￿ goverAfjnee N8tsr¢ ofgoverning document The charity is governed by a l)oard of trustee5. the Management Committee. who med at least 6 times a year. At thc board nieetings, the trustees revi¢w progress on the charity's Core a¢tlVLties, th£ latest position on resour¢¢s and lh¢ rharity's finances, and review and agrc¢ n¢w and revised govemat]ce polici¢s and procedures. The l)oard of trust¢ts agree mitigating &¢tions for any risks. as well as r¢viewing progress against strategic objectives and plaDs. The list of trnstees durin8 the year ending 31 Mar¢h 2025 is illcluded on page l. All trustees become directors of The company once they have complel¢d their fonnal appointment process. Recrulttyen¢ *nd *PPOiDtment of truste¢s The charity is continuing to s¢¢k additytsnal trustees lo complement the expertise and experienc¢ of its Matha¥¢m¢nt Committee. All new tswt¢¢s follow a documented Indu¢titsthinin8 process which is flextble yet mandatory, a]lowiThg trdining to be tsilored to th¢ir spxifi¢ needs. The induction in¢lllde$ a review of key governance documentstion. Pag¢ 7 Home-stsrt Hillingdon Limited Trustees, Report OryADisation&l strnetmre During 2024-2025, the day-tfrday operatitsns of th¢ charity were run by the Scheme Dtrector, Operations Manager and the Offic¢ and Finance Manager. Rel&tion$hips rethtedpar Member5 ofthe ch*rity Members guarantee to contribut¢ on amount not exceeding £1 io th¢ &ss¢ts of the charitable tt)mpany in th¢ ¢v¢nt of winding up the company. The total nwnber of such guarantees on 31 March 2025 was 10131 Marrh 2024- 9) MAjorrLsks omdm4nagemenl those rtsks The management committee regularly review risks to whi¢h the charity is exposed io and maintain a risk r¢sister detailing mitigating actions. Iniemal wntrol risks are minimisd by the irnplemenlation of procedures for authori5ation of all tsnsaction5. Procedures are in place to ell5ure complian¢¢ with h¢alth and safety requirements of sthff and volunteers. Dtsdowre oflnfopmthiion 10 4udi(tsr Each tru5ttt has taken st¢ps that they oughi to have taken as a tEU5tee in order to make themselve5 aware of any relevant audit infomiatioD and to estsblish that the charity's auditor Ks aware of ihat information. The trustees nfjnn that there 15 no r¢levant inforn)ation that they know of and of which they know the auditt)r 15 1]naware. The annual report W&8 approved by the ttwstees ofthe chartty on . .. signed on its behalf by: Priscilla Robin50n Chairperson and Tn]st¢¢ Page 8 Home-start Hillillgdon Lirnited Independent Examiner's Report to the trustees of Home-start Hillingdon Limited ('the Compgny,) I rq￿rt to the charity trustees ott my examination of the accounts of the Company for the ye8r ended 31 March 2025. RespoTh$ibilities •nd b*yis of report As the charity's trustees of the Company (and also its direetors for the purposes of company law) you art responsible for the preparation of the accounts in a¢¢ordan¢¢ with the requirements of the Companies Aet 2006 ('the 2006 Act')- Having 5atisfLed myself that the accounts of the Company are not requir￿ to be audited under Part 16 of the 2006 Act and are elisible for independent examin*ion, I r¢port in r¢5P¢Ct of my examination of your clwity's ac¢owits as carried out under section 145 of the Charities Acr 2011 ('the 2011 A¢i'). In canying out my examinatitsn I have followed the Directions given by the Clwity Co[tU￿s1O￿ under section 145(5)(b) of the 2011 Ac¢. Ind¢p¢Ddent ex¥mintr's statement Sim¢¢ the Company's gros5 income exceeded £250.0(10 your examiner must be a member of a body list¢d in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of Sterling Grove Accountants, which is ome of die listed bodi¢s. I have completed my examin￿10n. I confirm that no matters have com¢ to my attention in Connectio￿ with the examinaiioTh giving me Cause tr) believe.. ¢)unting r¢¢ords were not kept in respect of Homt-start Hillingdon Lirnited a5 required by section 386 of the 2¢M)6 A¢t,' or 2. the ac¢ounts th) not ￿e0rd with those r¢cordK or 3. th¢ a¢¢ounis do not comply with the 8¢￿￿ni1ng requiremellts of section 396 of the 2006 Act oth¢r tha any requirement that the accout￿ giv¢ a 'rn* and fair view, which is not a matt¢r ¢on$idered as part of an independent e￿minatiOn. or 4. the a¢¢ounts hav£ not been prepared in accordance wilh the methods and princip1¢5 of the Statement of Recommended PrdCtiG¢ for accounting and r¢porting by charities lappli¢abl¢ to charities preptring their accoutjts in a¢¢ordan¢¢ with the Ftnan¢ial Reporting Standard appli¢obl¢ in the and Republic of Ireland {FRS 102)]. I hav¢ no wn¢¢rns at]d have come across no other maiters in connection with the ¢xaminaiion io which attention should be drawn itt thi5 report in onler to enable a proper understanding of the accoimts to be reached. Mr Gianni ielyo AmasaThti FCCA Chartered Certified A¢￿VAtOn$S Stcrling Grove Aecoutxtanis 2 Regatta Plate Fawley Hous¢ Moriow lioad Bourne End Buckinghamthire SL8 STD Dale.. Pagc 9 Home-stsrt Hillingdon Limited Statement of Finanei21 Aetivities for the Ye4r Ended 31 March 2025 (Including Income and Expenditure Account *nd Statement ofTotal Recognised Gains and Losses) Total 2025 Unrestri¢ted Restricted lucome Endowments from: Charitabl¢ activities Other trading a¢tiviti¢s Investment income 206.090 16,103 85 98.086 304,176 16,103 85 Total Incom¢ 222,278 98,086 320,364 Eipenditure on: Raising funds Charitable activities {1.825) (208.205) 1140) (98,336} (1,965) (306,541) Total Expenditure Net incomel{expenditure) N& llx)veEn¢ht irt fvnds 1210.030) (98,476) (308,506) 12.248 1390} 11.858 12.248 (390) 11.858 Reeolleiliation of fitnds Total funds b￿ught foThvard Totsl funds carried forward 48,707 56,185 104,892 20 60.955 55,795 116,750 The noles OD pages 13 to 25 fom an integral part of these fmancial statements. Page 10 Home-start Hillingdon Limited Statement of Financial A¢tivities for the Year Ended 31 Mar¢h 2025 ncluding Income and Expènditure Account and Statement of Total,RecogDised Gains and Losses) Unres¢rieted funds Restricted fund Total 2024 Nott Income 8Dd EDdowm¢Jhts from: Charitable adivili¢s Oth¢r trading actiYilie5 Inv¢stment incornc 174,122 10,854 463 81,611 255.733 10,854 463 Total iÉh¢ome 185.439 81,611 267.050 Expenditure Raising funds Charitable artiviti¢s (1.964) {159,841) {1,964) (262,401 } 1102.560} Total expenditure 1161,805) (102,560) {264.365) Net incomel(exyendilure) Net movement in fijnds 23,634 (20,949) 2.685 23,634 (20,949) 2.685 Retonti1iatio￿ of funds Totsl f￿d$ brought forward 25.073 77,134 102,207 Total fuDds wri¢d fornvard 20 48.707 56.185 104,892 All of the ¢harity's xtivities derive from continuing op¢rations durittg the above two periods. The notes on pages 13 10 25 Corni an inttgrnl part ofth¢se financial slaÉements. Page 11 Home-St•rt Hillingdon Limited (RegistrgtioD number: 4612504) Balance Sheet 48 at 31 Mareh 2025 21125 2024 Note Fixed assets Tangible ￿Sets 13 5,658 6.IfA Curttnt 8ssets Debtors Cash at bank and in hand 14 15,575 97,797 13,372 9.526 92.569 15 102,095 CreditOT8: Am•￿ttts falllng due within one ye#r 16 12,280) 3.367 current gssets 111.092 98,728 l¥et 9ssets 116.750 104.892 Funds of the charity: Restricted income funds Restricted funds 55,795 56.185 Unrestricted Income funds Unrestricted fi￿dS 60.955 48.707 Total 20 116.750 104,892 For the financial year endiD8 31 March 2025 the ¢harity was entitled to exemption from audit und¢r section 477 of the Cornpani¢s Ad 2006 relatin8 to 5ma]I companies. Directors, re5ponsibiliti¢s= Th¢ m¢mbws hav¢ not required th¢ Ghatity to obtain an audit of its accouThts for the year in question in accordance with section 476; and The dire£tor5 acknowledge their re$r￿)nsibilItieS for complying with the requirements of th¢ Act with respect to acwuntin8 r¢cords and the pr¢par8tion of aGcouth¢s. The financiaj st>t¢m¢nts on pages 10 to 25 were approved by the ttvs¢ee$, and authorised for i5SU¢ Qfftl Priseilla Robinson Chairperson and tn]stee The notes on ￿g¢S 13 to 25 form an integra] part of these financial ststements. Pag¢ 12 Home-start Hillingdon Limited Notes to the Financial Statements for the Year Ended 31 March 2025 I Ch4ri¢y st*tus The charitable company is litnittd by 8uarantce, incortA)rated th¢ UK. and consequently doe5 noi have shar¢ ¢apiial. Each of the trnstees is liable tt> contribute an amount not exceeding £21 towards the assets of thc clwity ill the event of liquidation. Th¢ address of its registered otTic¢ i$= 306 tknng Lhn¢ Hillingdon Middles¢x UBIO 9PE The principal pla¢¢ of busin&%s is.. 306 Long Lane Hillingdon Middlesex UB109PE Authorised for issue date 2 Aecountlllg polleiey of 5igDificant *tc•unting poli¢iu and key *ccounting ¢s¢lm*tey The principaj accounting poliri¢5 applied in the pr¢paraiion tsf these finan¢ial stst¢ments are s¢t out below. Th¢% p)licies have I￿en consistrntly applied to a]1 the yeats presented, unless othenvise stated. Statement of eompliaDce The finan¢ial statemet]ts have beet) pr¢pared in accordance with A¢couniillg and Reporting by Charilies.. Statement of Rewmm¢nd¢d Practice (applicabl¢ to ¢haTiti¢s preparing their a￿0￿￿1$ in a¢¢ordan¢e with th¢ FinaThcial Reporting Standard applicable in th¢ UK and Republic of Ireland {FRS 102)} (issued in October 2019) - (Charities SORP (FRS 102)). the FinaThciai R¢porting Standard applicabl¢ in the UK and Republic of Ircland IFRS 102} and th¢ Cotnpanie5 Act 2006. Bgsis of prep#NtIo HOm￿Start Hillin8don Limited meets the d¢finition of & publir ben¢fJt entiry under FRS 102. Assets and liabilities are initially recognised #t historical Cost or trwjsactioll value unl¢ss otherivis¢ sthied in the relevant accounting policy notes. Going contern The tru5tee5 consider that there no material uncertainties about the ¢harity's ability ￿ Lontinut &5 a going concern nor any significant areas of ut)ctrtainty affect the carrying valu¢ of &8sets h¢ld by the Charity. lllcome and eDdowmeDts All I￿Orne 15 recognised once th¢ ¢h*ity has entitlement ro ihe income. it is probable that the in¢ome will be Teceived and the amount of the income receivable can be me&8ur¢d reliably. Page 13 Home-start Hillingdon Limited Notes to the Financial Statements for the Year Ended 31 Marcb 2025 DonAledsep&rfees rtndlacililles Wh¢re services or facilities are prtsvided to the charity as a donation that would nomialty be purch&sed from our supplier5, tiiis betsefjt 1$ included in the financial statements at it's fair value U￿1¢$$ its fair value ¢annot be reliably rne4sur¢d, thets at the cost to the donor or the resale v8Jue of goods that are to be sold. Expenditsre All expenditure is reeogni5ed (mce there is a l¢gal or constructive obligation to that ¢xpenditure. it is probable settlement is required and the amount Cart be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate stmilar ¢05t5 to that category. Wher¢ ¢osts ¢anrK)t be di￿CtlY attributed to particular headings they have been allo¢at¢d on a b&si5 C011515t¢nl with th¢ use of resources. with cetltral stsff osts allocared on th¢ b&sis of time sp¢n( and depreciation rharg¢5 allocated on the portion of the asset's Use. Oth¢r 5UPPQrt costs are allocated bas¢d the spread of staff costs. Ratsingfumds Th¢s¢ ar¢ costs incU￿ed in attrn¢ting voluntary in¢om< the management of inveslments ¥thd thos¢ incurred in trading activiti¢$ that raise fund5. Choriltible ￿￿1vitieS Charitabl¢ expenditure comprises thos¢ costs incurred by the ¢harity in the delivery of its ￿tiVItIeS and setvice5 for its beneficiari¢s. It in¢ludes IM)th Costs that caD be allDcal¢d directly to such actlVLties and th05¢ ¢0sts of an indirect nature ne¢essary to SUp￿)rt them. Support eosts Support cos15 include Central fimctions and hav¢ been allocated to activity ¢osi ¢ai¢8orie$ on a basis consist¢D¢ with the us¢ of r¢sour¢es. for exaTnpl¢, allo¢atiD8 property Gos¢5 by fl¢)or are&s, or per capstl staff costs by the time spent and other ¢0sts by their usag¢. Goverjkance costs These in¢lud¢ the costs attributsble to the charity's compliance with constimtional and $tstutory requÉretv¢rJts, in¢lllding audÉt, strategic matsagement and tru5t¢e$ meetings and r¢imbur5ed expenses. T8iation The charity is considered to p￿S thc tests sel out in Parngraph I S¢hedul¢ 6 of the Finan¢e Act 20IO and therefore it meets the definition of a ¢haritAble company for UK corporation tax purpose5. Accordingly, thc charity ts pot¢nttalty exempt from tsxation in respect of incom¢ or capital gains received within cat¢gories crf)vered by Chapter 3 Part I l of th¢ Corporation Tax A¢t 2010 or Section 256 of the Taxation of Chargeabl¢ Gain5 Act 1992, to the extent that such it)¢om¢ or gains are appli¢d excl￿8]velY to charitable purpos¢5. Tangiblt fJx¢d assets Individual r￿ed assets costing £100.00 or more ar¢ irtitia]ly re&)rded at C05t. less wjy $ubsequent accumulated deP￿rIall0￿ aDd subsequent ￿¢￿mUlated impairn)ent losses. Pag¢ 14 Homt-start Hillingdon Limited Notes to the Financial Ststements for the Year Ended 31 Mar¢h 2025 Deprecithlion and amortis%tio Depre¢iation is provided on tangible fixed ￿Sets $0 &$ to ￿lte off the Cost or valuation, less any estimated T¢sidual value, overlheir expected ￿eful economic lif¢ 8$ follows: Asset el*ss Plant and maehinery in¢luding motor vehi¢l¢s Fixtur¢s, fittings and ¢quipm¢nt Deprecigtion method And rate 250/0 reducing balance basis 25Y• reducing bajance b&8iS Tr4d¢ debtors Trade debior5 are amounts due from customers for merchandise sold or services performed in th¢ Ordinary course of business. Trade debtors are recognised initially at the transaction pri¢e. They are subsequently tnea5ured at amortj5cd cost using the effeetive interest methoiL less provision for impaimient. A provision for the impain￿¢￿t of trade d¢btOTS is established when there is objective evidence that the charity will not be able to collect 411 amounts due a¢¢ording to the 0ri8ithal ternjs of th¢ Te¢¢ivables. Ca5b and ta$h equivglettts Cash and rash equivalents compris¢ ¢ash on hand and call deposits, artd oth¢r shtsrt-ttmj highty liquid investments that are readily wnv¢nible io a known amount of cash ond ar¢ Subject to an L[isi￿1]fiCant risk of chan8e in value. Borrowings Inlerest-bearÉng boryowings are initially recorded at fair va]u¢, net of transaction costs. Int¢r¢s¢-bearing borniwings ar¢ subsequently Carried at amortis¢d ¢o$t, with the difference benve¢rt the pro£eed5. net of transactioAJ costs. attd the amount du¢ on redemption beiE)8 rewgnised as a Charge to the Statem¢Th¢ of Financial Activities over the period of the relevant borrowing. Interest expense 1$ r¢cognis¢d on the basis of die effe¢tiv¢ interest method and 15 in¢luded in int¢￿$t ￿Yable and similar charges. BorrowTrn8s are cl&ssified os ¢urrent liabilities unless the charity has an unconditiona] right to defer s¢tt]tment of th¢ liability for & le&%t tw¢lv¢ rnonths after the reporting date. Page IS Home4tart Hillingdon Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Forei¥n exthgnge TranSa￿lon$ in foreign currencies are rewrded at the rate of exchange at the date of the transaetion. Monetary a5S¢t5 aTJd liabAliti¢s denornlnat￿ in foreign ¢UJTencie5 at the balanre sheet date are rep)rted at the rates of cxrhanse prevailtns at that dat¢. The results of Overs&￿ operations ar¢ translated at the avernge rdte$ of exchan8e during the period and their balan¢e sheets at the Ta¢es rulin8 Y4t th¢ balance sheet date. Exchange differenv$ aTi5ing on transl￿10ft of the op¢ning net a55ets artd results of overseas operations ore reported in other comprehensive income and accumulated in equity (attributed to nort-wntrolling interest$ as approprat¢). Other exchange diffmees are recognised in the Statement of Finan¢ial A¢tivities in the period in which they arise ¢xccpt for.. l) exchange differ¢nr¢s on trat￿CtIOnS entcr¢d into to hedge certain foreign Curreno risks (see above)" 2) exchange diiferen¢e8 arising on 8aill5 or losses on non-monetary items which are reeognisd in other ¢ompr¢heDsive income. and 3) in the &qse of the conwlidated financial statements, exchange dtfferenres on monetary items receivabl¢ from or payable to a foreign operation for which Settlement is neith¢r planned nor likely to o¢¢ur (th¢refore forming part of the n¢t investment in the foreign operation), whi¢h ar¢ reco8nised in other ¢omprehensive iDcomc and Teportcd under equity. Fund strn¢twr¢ Unrestrieted income fimds ar¢ general funds that are #vailable for use at th¢ InJ5tee5 discretion in firytherance of the objeelives of the ¢horiry. R¢stricted incorne fiuKls are tknse donal¢d for use in a particular or for specific PUTPOS¢S, th¢ us¢ of which is restricted to that area or purpose. P¢nsknDS and other p05t retirement obligations Th¢ charity operates a defined benefit pension scheme.Typically d¢fined benefit plans d¢finc an amount of pension benefit that an ¢mployec will reccive on retiremenL usually dependent on one or more fA¢tor$ S￿h as age* y¢ats of service and comp¢n$ation. The liability r¢¢ognised in the Balance Sheet in respect of defined benefit pension plans is the prc$ent valu¢ of the d¢fined ben¢fit obligation at the reporting date minus the fair value of plan assets. The defin¢d benefit obligation is measured usin8 the proje¢ted unit credit method. Th¢ present valu¢ of th¢ d¢fJtted benefit obligation is det¢rniiTred by discounting the ¢stimated future poym¢nts by reference to market yield5 at th¢ rtw)rting date on high*ua]ity w￿￿rat¢ bonds that are denominated in the currency in whiGh the benefits will be Wdid. and that have tenns kn malurity approximating to the teIIn5 of the rel*ed pension liability. Actuarial gains and losse5 charged or credited io other comprehensive income in the period in which they arise. Pag¢ 16 Hom¢-Start HilliDgdon Limited Notrs to the Financial Stat¢m¢nts for th¢ Y￿r Ended 31 Ma￿h 2025 FinaDci41 instrnments 3 Income from ch*ritable activitie5 restricted Regtrieted ruDds Totsl 2025 Totsl 21124 Geueral Clwitable activities 206.090 98.086 304,176 255,733 4 llleomt from other trading 4¢tivities Unre5tracted funds G¢t)eral Total fund5 Total 2024 Local fundrdising and street collection I￿A)Me Sponsorship income Oth¢r income from oth¢r trading a¢tiviti¢s 12,1S2 832 3.119 12.152 832 3,119 950 16,103 16,103 10,854 5 Investment ineome Unrestrieted fund5 Ceneral Tot#1 2025 Totgl 2024 Interest receivable and similar Enco￿t. Int¢r¢st r¢¢¢ivabl¢ on bank dew>sits 85 85 463 6 Expenditure OD rgisillg fwid$ a) Costs of tradiog 4ctivities Unrostrieted ds Gen¢r41 Restritted nds Tfjtsl 2025 Total 21b24 Note Fundraising tradi118 costs. Funthaising 1,825 ,965 1,964 1,825 140 1,965 1,964 Page 17 Home-start Hillingdon Limited Note5 to the Finaneial Statemellts for the Year Ended 31 MArch 2025 7 Expendithre dthritsble activities Unr¢strirted Totsl 2025 Total 2014 GeTreral Re$tri¢ted Note Other dirert ¢03t• Charitable activities Staff Costs Allo¢*ed support 05t5 GoveTnance costs 20,797 108,820 14 98.322 20,811 207,142 25,596 l65.810 74,520 4.068 74,520 4,068 67.090 3,￿5 262,401 208205 98,336 306.541 8 An•]ysis of gwenmnce *nd sUp￿rt Costs Support costs Unrestricted Totsl 2025 Tot•1 2024 Gether#l Wages and salarie5 Volunt¢er ¢XP¢Dse5 Legal & prof¢s$Éonal fees Depreciation 49576 2.704 20.523 1.717 49,576 2,704 20.523 1.717 47,797 2.407 15,768 1.118 74,520 74.520 Pag¢ 18 HoM￿tart HiilingdoD Limited Iyotes to the Financial Statements for the Year Ended 31 March 2025 GovernADCt eosts Unrestritted Total 2025 Total 21124 Gelltr#l Independent examin¢r f¢es Examination of the financial stattments Legal fees 2.760 1.308 2.760 1,308 2.700 1.205 4.068 4.068 3,91)5 9 Trustee5 reM￿ner￿tiOn snd exptwes No trust¢¢s, nor any p¢rsons connethd with th¢rn, hav¢ received any remuneration from the ¢harity during the No trustees h￿e received 8ny reimbursed expenses or any other benefits from the charity during th¢ year. 10 Stgff ¢osts The aggregate payroll costs were as follows: 2025 21)24 Staff cost$ during the ye*r were: Wages and salartes Pension cosls 227,687 29,031 256,718 187,858 25,749 213,607 Th¢ monthly avernge number of persons (including 5¢nior management / leadership team) employed by the charity during the year ¢xpr¢$sed as full time equivalents was as follows= 21125 2024 No Nwnb¢r of Employess No ¢mploye¢ received emoluments of more than £60,000 during the yev. Page 19 Home-start Hillingdon Limited Note5 to the Financial Statements for the Year Ended 31 March 2025 11 Indep¢Ddent exAminer's remuneratioll 2(125 2024 ExamiTEation of lh¢ financial statemetrts 2,760 2,700 12 T*iation Th¢ ¢horiry is a r¢gistered charity and is therefore exempt from taxation. 13 T*DgiNe fixed 45$¢ts Furnifvre and e4￿1pment TTrt81 Cwt A¢ i April 2024 Additions 32.456 32.456 At 31 March 2025 33,667 33.667 Depreciation At l April 2024 Char8e for the yeAr At 31 March 2025 26.292 1.717 26.292 1,717 28,IK19 28,009 Net boffvk value At 31 March 2025 5,658 5,658 At 31 March 2024 6,164 6.164 14 Debtors 21J25 2024 Trade d¢btors Pre￿Y￿ents 11.41)0 4.175 9281 245 15.575 9,526 Pag¢ 20 Home4tart Hillingdon Lixnited Notes to the Financial Statements for the Year Ended 31 March 2025 IS C8sh 4Dd c￿h equivalents 2025 2024 Cash oo hand Cash at bank 52 97,745 52 92.517 97,797 92.569 16 Cr¢dttort: f•UiDg due Ivithin one year 2025 2024 Accruals 2,280 17 Oblig*tioDs UDder I￿SeS and hire pllr¢kn*se contTafts Opergting lesse £ommitmeDts Total fvtur¢ minimum lease payinent5 under non-¢an¢¢llable operaiing leases are as follow5.. 2025 21124 Land ¥nd buildin25 Wiihin one y¢ar Beiwetn ort¢ wjd fiY¢ year5 11,370 .054 8.698 14,860 19.424 23,558 18 Pension #nd other schemes DefJDed ¢ontributioTA pensio* Scheme The ¢harity operates a defined contrsbution pension schem¢. The pert5ion cost charge for the year represents contributions payable by the charity to the scheme and amounied to £12.165 (2024- £11,497). Th¢r¢ w¢r¢ no outstanding or pr¢paid contributions a¢ ¢ith¢r the be8inning or ¢nd of the fsnancial year. Pag¢2l Home-start Hillingdon Limited Notes to the Finan¢ial Statements for the Yegr Ended 31 Mareh 2025 19 Cotstingtht li*bilitie Homethstart Hillingdon Limited participate5 in The Pensions Tn￿3 Growth Plan (the Plan). The Plan is fimded and 15 not of the State scheme. The Plan 15 a multi-employ¢r pension plan. The Charity partiCip￿ed in seri￿ 3 of the Plan up to its c105ure on 30th Septwnber 2013. when it Wos repla¢¢d by Serics 4, a defiDed contribution money-pur¢hase pension s¢hem¢, to which ¢ll￿ent contributioL8 are made. Following a ¢hange in legÈsl&tion in S¢p¢¢mber 2005 there is a potential debt on the cmployer that C4)uld be levied by the Trustee of th¢ Plan and The Pension5 Act 2011 ha5 more r¢¢ently altered the definition of Series 3 ofthe Gromth Plan 50 that a liobility arises to employerg from mcmbership of arty Series ¢xcept Series 4.The debt is du¢ in the event of the employer ccasing to participate in the Plan orthe Plwj winding up. The debt for the Plan as a whol¢ is calculated by ￿mparIng the liabilities for th¢ Plan {￿l¢U1¥41ed on a b￿¥out b8$is i.e. the CO￿ of securing benefits by pur¢hasing annuity policie5 from zn insurer, plus an allow8n¢¢ for expenses) with the assets of the Plan. If th¢ liabilities exceed assets there is a buy-out debt. The leaYin8 employ¢r's share of the buy-out debt is the proportion of the Plan's liability gttributable lo employment with the leaNYng employer Gompar¢d to the total amount of the Plan's liabilitres (relating to ¢mployment with a]1 the ¢vrr¢ntly partiCiPY4ting ¢mployer5). The leaving employer's debt therefor¢ in¢ludes share of any 'orphan' liabilities iD respecl of previously participating employ¢Ys. The arnouni of the debt th¢r¢for¢ depends on many fattors including total Plan liabtlities, Plan inv¢$tment perfortnall¢e, the liabilities ID respect of Curretht and fO￿¢r employees of the employer, financial condition5 at the tim¢ of the cessatiort event and the insurance buyvout markeL Therefore, the amounts of d¢bt caD be vol￿1]¢ over tim¢. Wh¢n an ¢mployer wiihthaws from a multirfmployer defined benefit p¢nsion scheme whi¢h is in deficit, the employer is requir¢d by law to pay its share of the deficii, calculated on 8 slatutory basis (ktmiwn as the buy4)ut basis). Due to a ch3ng¢ in the definytion of money purchase contsined in the PeDsions Ad 2011 the ralrulatioD basis that applies lo th¢ Growth Plan will be am¢nd¢d to include SeTie5 3 liabiliti¢s in the Calculation of an ¢mployer's debt ot) withdrawal. The Cjrowth Plan i$ a'last man stsnding" multi