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← Carers Trust Bucks And Milton Keynes

2024-03-31-accounts

Charity registration number 1106745

Company registration number 04941481 (England and Wales)

CARERS TRUST BUCKS AND MILTON KEYNES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CARERS TRUST BUCKS AND MILTON KEYNES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees L Davies
S George
N Jacobs
E Lowndes
M Rowlands
M Willis
J Vseteckova
Secretary K O'Sullivan
Charity number 1106745
Company number 04941481
Registered office Ardenham Court
Oxford Road
Aylesbury
Bucks
UK
HP19 8HT
Auditor Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ

CARERS TRUST BUCKS AND MILTON KEYNES

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Summary income and expenditure account 10
Balance sheet 11 - 12
Statement of cash flows 13
Notes to the financial statements 14 - 25

CARERS TRUST BUCKS AND MILTON KEYNES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of 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) (effective 1 January 2015).

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and aims

Carers Bucks, which is the operating name of Carers Trust Bucks and Milton Keynes, develops and delivers services to unpaid carers across Buckinghamshire. A carer is someone who looks after a family member or friend on a regular basis, due to disability, a long-term condition, frailty, poor mental health and wellbeing and/or addiction. Carers Bucks was established in 2003 and is a registered charity and a company limited by guarantee.

Carers Bucks provides information, advice, and guidance to unpaid carers of all ages to better support them in their caring role. Carers Bucks staff teams and volunteers run support groups and provide training to help carers remain physically, mentally, and emotionally well. The teams also work with professionals and partners across Health, Adult Social Care, Children’s Services, Education, and the Voluntary Sector to share learning and knowledge on best practice. This work enables all sectors to identify carers earlier in their caring journey, support them to reach their full potential and for carers to have a life alongside their caring role.

In Buckinghamshire, carers make up 10% of the adult population, around 55,000 people. Carers Bucks is committed to identifying carers earlier in their caring role, increasing the number of carers accessing our support and increasing the reach of diverse communities and underrepresented groups of all ages.

Public benefit

The Trustees have paid due regard to the Charity Commission guidance on Section 4 of the Charities Act 2006 regarding public benefit.

Charitable activities

Throughout 2023/2024, Carers Bucks successfully delivered on its contract with Buckinghamshire Council, to deliver information, advice and support to adult carers, young adult carers and young carers. The continued strategic and financial commitment from Buckinghamshire Council, not only acknowledges the expertise, influence and skillset of the organisation and staff teams, but further strengthens the commitment to support carers locally.

Carers Bucks celebrated its 20[th] anniversary in 2023. Events were organised to showcase the services delivered to carers by the organisation, acknowledge how far the carers landscape has changed over the past 20 years and to celebrate carers and everything they do. A formal event was held in October at Missenden Abbey.

Carers Bucks has been involved in a collaborative project with 5 other charities in Buckinghamshire to support the needs of people facing financial disadvantage. This work was funded by Heart of Bucks and involved working with grass roots organisations to extend our reach and visibility with carers from diverse and underrepresented communities who may not usually access formal support.

CARERS TRUST BUCKS AND MILTON KEYNES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Carers Bucks provides a wide variety of needs led services to carers of all ages, including one to one support; carer training; peer support groups; support in schools and support in hospitals. 2023/2024 continued to see carers face significant challenges relating to the cost-of-living crisis, many facing food, fuel, and financial disadvantages.

Ensuring staff feel supported and valued at work is paramount to ensuring the successes of Carers Bucks. The organisation employs an average of 27 members of staff. To ensure all employees are involved in matters relating to the whole organisation regular staff meetings take place in person and online. Carers Bucks continues to develop and improve all the services it provides through staff training and increased experience and knowledge, alongside IT and communications support.

At the heart of our service is the staff team and volunteers. Their commitment and willingness to support local carers and develop their own expertise is outstanding. The Trustees would like to thank and congratulate the senior management team, staff teams and volunteers on another year of significant achievement and progress. We would also like to thank all donors who provide financial support. We are indebted to our funders, both small and large, and, in particular Buckinghamshire Council with whom we continue to work closely.

Investment policy and objectives

A Finance Committee comprising the Chairman and the Treasurer as a minimum is responsible for the stewardship of any funds that are invested. The services of professional financial advisers will be secured, to advise the Committee, where appropriate.

Investments

Funds surplus to short term needs are invested in M&G Charifund and the Charities Official Investment Fund (COIF). Both funds accumulate income to increase the capital growth.

The endowment fund known as “Sylvia’s Fund for Young Carers” (received through a legacy in 2014) remains invested in income units in the Sarasins Alpha Common Investment Fund.

Financial summary and Reserves policy Summary

Total income received for the year 2023/2024 is £1,001,221. The surplus reserves carried forward at 31[st] March 2024 of £1,814,900 includes the investment held in the endowment fund of £1,065,160 and restricted funds of £96,926.

Going concern

Buckinghamshire Council have approved an extension to the initial 3-year contract awarded in 2018, which secures funding to deliver services to carers of all ages across Buckinghamshire until March 2025. We therefore expect to embark on a recommissioning process in the Autumn of 2024.

CARERS TRUST BUCKS AND MILTON KEYNES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Reserves Policy

The Trustees have determined that it is prudent to maintain a reserve fund to continue charitable activities in the event of a contract not being renewed and/or other funding being unobtainable. This fund needs to be sufficient to complete projects that have been started or committed and allow the charity's activities to be wound down to a sustainable level for the future. The Trustees estimate that unrestricted funds of between three and six months of total expenditure is the appropriate level. At year end March 2024 this means a reserve fund of between £239,670 and £479,341. Actual unrestricted funds were £302,042.

Plans for future periods

Our current strategic priorities are; Increase the reach of carers, including working carers and those from diverse communities; Ensure Carers can access needs led and outcomes focussed support; Staff feel valued and supported; Diversify income; Internal systems and processes are streamlined and effective; Enhance the digital offer available to carers and raise profile and engagement with carers and key partners. Carers Bucks has an Annual Operational and Strategic Plan in place until 2024 to help shape and influence a longer-term Strategy from 2024 onwards.

Carers Bucks is committed to increasing services available to carers and in 24/25 will develop a digital support service for carers, working alongside Bridgit Care to provide an online platform to carers. Bridgit Care enables carers to access digital carer support 24/7, with the ability to create support plans, access peer support groups and register directly with Carers Bucks to receive in person support. This is a positive development for Carers Bucks, acknowledging the need to increase the reach of carers accessing services and an innovative way to identify and support carers who are not currently accessing in person support such as working carers and those from underrepresented groups and communities.

The financial commitment provided by Buckinghamshire Council enables the organisation to continue best practice and look to avenues for partnership working. It is imperative that future strategic and operational decisions consider the longer-term impact, for unpaid carers, the organisation and the wider Health and Social Care Sector. Alongside working in partnership with Health, Carers Bucks will continue to work in partnership with Buckinghamshire Council to deliver on a Carers Transformation Programme, and the continuation of work with the Carers Partnership Board.

The organisation always seeks to diversify its sources of income. Moving into 2024/2025 the organisation remains committed to community fundraising and whilst there have been positive improvements with more events being held in person, we are realistic about the longer-term changes in how people donate to charities.

Governing Document

The charity is controlled by it’s Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

L Davies S George N Jacobs E Lowndes O McBarnett (Resigned 20 December 2023) M Rowlands M Willis J Vseteckova

CARERS TRUST BUCKS AND MILTON KEYNES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Organisational structure

The directors of Carers Bucks (Carers Trust Bucks and Milton Keynes), a company limited by guarantee, are the Trustees of the charity. All Trustees give their time voluntarily and received no benefit from the charity during the year. The Directors/Trustees meet 8 times each year.

Due to the nature of the work, it is our aim to ensure that there will always be trustees with personal experience of caring appointed to the board. In appointing new Trustees, we have a defined skill mix established for the board and we seek to appoint those with specific expertise to add to or replace the skill coverage.

Induction and training of Trustees

Potential Trustees are, for the most part, familiar with the charity's aims and work before they are appointed. Trustees are invited to meet senior managers and key employees, and to attend at least two board meetings before their role is confirmed. It is a medium term aim that the board's diversity, more closely matches the diversity of carers across Buckinghamshire and those who currently access support and services. All Trustees are expected to complete specific distance learning programmes in key areas related to the work of the charity.

Management

Carers Bucks Service Managers are responsible for the day-to-day operation of services and manage the individual project funds. The Trustees are grateful for the resilience shown by the Senior Management Team in difficult times. The role of Chief Executive is key to the success of any organisation, particularly when facing significant challenges. Having returned from Maternity Leave in April 2024, Chief Executive Officer, Holly Hoskisson is responsible for ensuring the charity delivers its services within the strategic and financial framework.

Auditor

In accordance with the company's articles, a resolution proposing that Richardsons be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

L Davies

Trustee

1 July 2024

CARERS TRUST BUCKS AND MILTON KEYNES

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Carers Trust Bucks and Milton Keynes for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which 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 the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 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.

CARERS TRUST BUCKS AND MILTON KEYNES

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF CARERS TRUST BUCKS AND MILTON KEYNES

Opinion

We have audited the financial statements of Carers Trust Bucks and Milton Keynes (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

CARERS TRUST BUCKS AND MILTON KEYNES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CARERS TRUST BUCKS AND MILTON KEYNES

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 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose 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 as 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 charity’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 charity'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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

CARERS TRUST BUCKS AND MILTON KEYNES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CARERS TRUST BUCKS AND MILTON KEYNES

Richardsons

Chartered Accountants Statutory Auditor

1 July 2024 30 Upper High Street Thame Oxfordshire OX9 3EZ

Richardsons is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

CARERS TRUST BUCKS AND MILTON KEYNES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
21,058
29,241
-
Charitable activities
4
848,776
102,146
-
Total income
869,834
131,387
-
Expenditure on:
Raising funds
5
-
-
-
Charitable activities
6
856,536
102,146
-
Total expenditure
856,536
102,146
-
Net gains/(losses) on investments
11
25,994
-
78,322
Net income/(expenditure) and movement in funds
39,292
29,241
78,322
Reconciliation of funds:
Fund balances at 1 April 2023
613,522
67,685
986,838
Fund balances at 31 March 2024
652,814
96,926
1,065,160		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
50,299
31,172
28,359
-
950,922
836,690
134,697
-
1,001,221
867,862
163,056
-
-
672
-
-
958,682
795,049
188,310
-
958,682
795,721
188,310
-
104,316
(4,140)
-
(63,029)
146,855
68,001
(25,254)
(63,029)
1,668,045
545,521
92,939
1,049,867
1,814,900
613,522
67,685
986,838		 Total
2023
£
59,531
971,387
1,030,918
672
983,359
984,031
(67,169)
(20,282)
1,688,327
1,668,045

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CARERS TRUST BUCKS AND MILTON KEYNES

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

All income funds
2024
£
Gross income
1,001,221
Gains/(losses) on investments
25,994
Total income in the reporting period
1,027,215
Total expenditure from income funds
958,682
Net income for the year
68,533		 2023
£
1,030,918
(4,140)
1,026,778
984,031
42,747

CARERS TRUST BUCKS AND MILTON KEYNES

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Provisions for liabilities
17
Net assets
The funds of the charitable company
Endowment funds
20
Restricted income funds
21
Unrestricted funds		 2024
£
£
-
1,415,932
1,415,932
40,103
477,721
517,824
(64,066)
453,758
1,869,690
(54,790)
1,814,900
1,065,160
96,926
652,814
1,814,900		 2023
£
£
193
1,311,616
1,311,809
35,894
513,179
549,073
(180,837)
368,236
1,680,045
(12,000)
1,668,045
986,838
67,685
613,522
1,668,045

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

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

CARERS TRUST BUCKS AND MILTON KEYNES

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The financial statements were approved by the trustees on 1 July 2024

L Davies

Trustee

Company registration number 04941481 (England and Wales)

CARERS TRUST BUCKS AND MILTON KEYNES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
Cash flows from operating activities
Cash absorbed by operations
26
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(35,458)
-
-
(35,458)
513,179
477,721		 £
(40,918)
-
-
(40,918)
554,097
513,179

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Carers Trust Bucks and Milton Keynes is a private company limited by guarantee incorporated in England and Wales. The registered office is Ardenham Court, Oxford Road, Aylesbury, Bucks, HP19 8HT, UK.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable company.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 20% on cost Computers 50% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

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

1.10 Financial instruments

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

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

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

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.11 Provisions

Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
21,058
-
Legacies receivable
-
29,241
21,058
29,241
Income from charitable activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Charitable activities
Income within charitable
activities
842,076
102,146
Fundraising
6,700
-
848,776
102,146		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
21,058
31,172
-
29,241
-
28,359
50,299
31,172
28,359
Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
944,222
833,208
134,697
6,700
3,482
-
950,922
836,690
134,697		 Total
2023
£
31,172
28,359
59,531
Total
2023
£
967,905
3,482
971,387

4 Income from charitable activities

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Seeking donations, grants and legacies - 672

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on charitable activities

Direct costs
Staff costs
Activity costs
Share of support and governance costs (see note 7)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds
7
Support costs allocated to activities
Staff costs
Depreciation
Management
Finance costs
Information technologry
Human resources
Governance costs
Analysed between:
Unrestricted
Restricted
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 2024
£
555,739
94,416
650,155
298,979
9,548
958,682
856,536
102,146
958,682
2024
£
112,866
193
92,498
2,019
90,824
579
9,548
308,527
281,039
27,488
308,527
2024
£
9,300
193		 2023
£
575,015
101,801
676,816
297,391
9,152
983,359
795,049
188,310
983,359
2023
£
135,150
7,425
112,294
1,557
39,557
1,408
9,152
306,543
298,868
7,675
306,543
2023
£
9,000
7,425

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but expenses were reimbursed of £235 (2023 - £nil).

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
27
2024
£
593,296
56,191
19,118
668,605		 2023
Number
30
2023
£
635,439
55,599
19,127
710,165

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
£
Aggregate compensation
76,001
Gains and losses on investments
Unrestricted Endowment
Total
Unrestricted Endowment
funds
funds
funds
funds
2024
2024
2024
2023
2023
Gains/(losses) arising on:
£
£
£
£
£
Revaluation of
investments
25,994
78,322
104,316
(4,140)
(63,029)		 2023
£
97,022
Total
2023
£
(67,169)

11 Gains and losses on investments

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13
Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 April 2023
1,037
At 31 March 2024
1,037
Depreciation and impairment
At 1 April 2023
1,037
Depreciation charged in the year
-
At 31 March 2024
1,037
Carrying amount
At 31 March 2023
-
14
Fixed asset investments
Cost or valuation
At 1 April 2023
Valuation changes
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Computers
Total
£
£
38,639
39,676
38,639
39,676
38,446
39,483
193
193
38,639
39,676
193
193
Listed
investments
£
1,311,616
104,316
1,415,932
1,415,932
1,311,616
2024
2023
£
£
26,198
20,941
13,905
14,953
40,103
35,894

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Creditors: amounts falling due within one year
2024 2023
Notes £ £
Other taxation and social security 9,171 11,259
Deferred income 18 16,934 134,872
Trade creditors 21,723 17,253
Other creditors 3,886 4,178
Accruals and deferred income 12,352 13,275
64,066 180,837
17 Provisions for liabilities 2024 2023
£ £
54,790 12,000
Movements on provisions:
£
At 1 April 2023 12,000
Additional provisions in the year 42,790
At 31 March 2024 54,790
18 Deferred income
2024 2023
£ £
Other deferred income 16,934 134,872
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 16,934 134,872
Movements in the year:
Deferred income at 1 April 2023 134,872 292,843
Released from previous periods (134,872) (291,343)
Resources deferred in the year 16,934 133,372
Deferred income at 31 March 2024 16,934 134,872

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 19,118 19,127

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

20 Endowment funds

Endowment funds represent assets which must be held permanently by the charitable company. Income arising on the endowment funds can be used in accordance with the objects of the charitable company and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Permanent endowments
Previous year:
Permanent endowments		 At 1 April
2023
Gains and
losses
At 31 March
2024
£
£
£
986,838
78,322
1,065,160
At 1 April
2022
Gains and
losses
At 31 March
2023
£
£
£
1,049,867
(63,029)
986,838

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Sylvia's Fund
Big Lottery
HS2 Groundworks
Young Carers in Schools		 At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
62,618
29,241
-
91,859
-
81,792
(81,792)
-
-
20,354
(20,354)
-
5,067
-
-
5,067
67,685
131,387
(102,146)
96,926		 At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
62,618
29,241
-
91,859
-
81,792
(81,792)
-
-
20,354
(20,354)
-
5,067
-
-
5,067
67,685
131,387
(102,146)
96,926
96,926

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21
Restricted funds
Previous year:
Sylvia's Fund
Big Lottery
HS2 Groundworks
Young Carers in Schools
Yound Adult Carers		 (Continued)
At 1 April
2022
Incoming
resources
Resources
expended
At 31 March
2023
£
£
£
£
92,939
28,360
(58,681)
62,618
-
60,073
(60,073)
-
-
13,605
(13,605)
-
-
36,109
(31,042)
5,067
-
24,910
(24,910)
-
92,939
163,056
(188,310)
67,685

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
613,522
869,834
(856,536)
25,994
652,814
At 1 April
2022
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2023
£
£
£
£
£
545,521
867,862
(795,721)
(4,140)
613,522

23 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Investments
350,772
-
1,065,160
Current assets/(liabilities)
356,832
96,926
-
Provisions
(54,790)
-
-
652,814
96,926
1,065,160		 Total
2024
£
1,415,932
453,758
(54,790)
1,814,900

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Analysis of net assets between funds (Continued)
Unrestricted Restricted Endowment Total
funds funds funds
2023 2023 2023 2023
£ £ £ £
At 31 March 2023:
Tangible assets 193 - - 193
Investments 324,778 - 986,838 1,311,616
Current assets/(liabilities) 300,551 67,685 - 368,236
Provisions (12,000) - - (12,000)
613,522 67,685 986,838 1,668,045

24 Operating lease commitments

Lessee

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
12,783
1,041
13,824		 2023
£
12,783
1,041
13,824

Lessor

During the year the charitable company made payments in relation to operating leases of £22,520 (2023: £27,909).

25 Related party transactions

The charity is connected to Carers Milton Keynes, a similar charity operating under the same management. All the trustees, who are also directors, of Carers Milton Keynes are also trustees and directors of Carers Trust Bucks and Milton Keynes.

During the year ended 31 March 2024 Carers Trust Bucks and Milton Keynes charged Carers Milton Keynes shared salary, office and IT costs totalling £40,611 (2023: £83,021).

During the year ended 31 March 2024 Carers Trust Bucks and Milton Keynes transferred funding to Carers Milton Keynes totalling £21,493 (2023: £60,348).

During the year ended 31 March 2024 Carers Milton Keynes repaid amounts totalling £62,618 (2023: £6,184).

At the 31 March 2024 an amount of £26,198 (2023: £20,941) was owed to Carers Trust Bucks and Milton Keynes by Carers Milton Keynes.

CARERS TRUST BUCKS AND MILTON KEYNES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

26 Cash generated from operations 2024 2023
£ £
Surplus/(deficit) for the year 146,855 (20,282)
Adjustments for:
Fair value gains and losses on investments (104,316) 67,169
Depreciation and impairment of tangible fixed assets 193 7,425
Movements in working capital:
(Increase)/decrease in debtors (4,209) 40,166
Increase in creditors 1,167 10,575
(Decrease) in provisions 42,790 12,000
(Decrease) in deferred income (117,938) (157,971)
Cash absorbed by operations (35,458) (40,918)

27 Analysis of changes in net funds

The charitable company had no material debt during the year.