Charity registratlon number 1106745 (England and Wales) Company registratlon number 04941481 CARERS TRUST BUCKS AND MILTON KEYNES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 Nicola Jacobs Charlty number {England and Wales) 1106745 Company number 04941481 Reglst8r8d offlce 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 Statement of trustees, responsibilities Independent audilo¢s report statement of finanaal activities Summ8ry income and expenditure account 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-24
CARERS TRUST BUCKS AND MILTON KEYNES TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial stetements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charilies- Statement of Recommended Practice applicable to charities preparing their accounts in accordance wÈth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). The financial statemenls 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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 1021" Charltable Actlvltles OBJECTIVES AND ACTIVITIES Objectives and alms 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, who needs support due to disabilily. a long-term condition, frailty, poor mental health and wellbeing andlor 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 support them in their caring role. Carers Bucks staff teams and volunteers run support groups and provide training to help carers remain physically, menlally and emotionally able to continue in their roles. The teams also work with professionals and partners across Health. Adult Social Care, Children's Services, Education and the Voluntary Sector lo share leaming and knowledge on best practice. This work aims to enable 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 Iheir caring role. Carers Bucks aims to provide a wide variety of needs-led services to carers of all ages, including.. One-to-one emotional and practical support for both adult and young carers Carer training sessions Peer support groups School-based support for young carers Groups and aclivilies as respite for young carers Hospital-based support to identify and assist carers at key transition points In Buckinghamshire, carers make up approximately 10% of the adult population. around 55.000 people. Census data in 2021 showed that 42,000 local residents self-idenlified as Carers. Across the UK, GPS typically record one third of carers- which would be over 18,000. In Bucks, GP records showed 13,982 individuals recorded as Carers. All of these figures demonstrate the ongoing work that is required to highlight the breadth of the carer responsibility so that carers recognis8 the important role they fijlfil Ihe first step in reiving the support to which they are entitled and from which they can benefit, Whilst there are over 15.000 carers registered with Carers Bucks, we remain committed to identifying carers earfier in their caring role, increasing the number of carers registered and accessing our support, as well as increasing our reach within diverse communities and underrepresented groups of all ages. We know that when carers are identified early and supported in the right way, they are more likely to stay well, remain in work. engage fully in education and continue caring in a safe and sustainable way. This not only improves outcomes for carers and the people they care for, but also reduces pressure on statutory services helping to avoid crises, hospitai admis&ons and breakdowns in care.
CARERS TRUST BUCKS AND MILTON KEYNES TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 For young carers, there is a lol of evidence that their own wellbeing and educational outcomes can be compromised by their caring responsibilities if they are nol supported. Early intervention, school-based support. one to one work and access to respite and peer neorkS can help young carers to thrive both in their caring role and in their wider lives. Published evidence shows that investment in carer support delivers significant value. In Buckinghamshire, Carers Bucks has demonstrated a social return on investment {SROII of over £19 for every £1 invested The SROI calculator was developed and hosted by Carers Trust our national membership organisalion. This multiplier underlines the robust case for preventative, community-based support. Supporting carers is both the right and proper thing to do and a practical slep towards a more resilient and cost- effeclive care system. Local authorilies and the health setvice have a key role to play in making sure that carers are recognised, valued and able lo access the help they need. Publlc beneflt The Trustees have paid due regard to the Charily Commission guidan on Seclion 4 of the Charities Act 2006 regarding public benefit. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles During 2024-25, Carers Bucks continued to play an important role in supporting unpaid carers across the county. Hlghllghts of our work thls year Include: 13,590 adult carers supported with information. advice and emotional support,. of whom 550 were referred into our personalised resilience servi 2,148 young carers and 433 young adult carers engaged in activities and school-based sessions. 150 Young Carers engaged in a series of individualised 1 to 1 sessions and 101 Young Adult Carers., Co-production of Buckinghamshire Carers Strategy and co-chairing the Buckinghamshire Carers Partnership Board., Launched our Carer Forum to capture the voices of Carers within our seNices - to listen, learn and adapt to their needs. Delivered a new range of themed workshops, training sessions and peer groups to meel a broader range of need and widen our reach. 1,559 adult carers engaged across 188 revilalised sessions: Targeted diverse communities through a dedicated EDI {Equity. Diversity and Inclusion) role enabling consistent presence in faith groups and alongside other voluntary seclor organisations: Developed new partnerships with both ihe Department for Work & Pensions and Open University to raise awareness and broaden our presence 133 schools engaged with our service. 502 unregistered young carers engaged within the s8Nice by wort<ing in this way. 58 assemblies and staff awareness sessions delivered by our dedicated team. 600A of new referrals into Young Carers were aged under 10. This compares with 30¥0 of registered Young Carers being under 10 years old. 16 Young Carers given the opportunity for both respite and developing resilience by engaging them in a 3 day Young Carers Festival Built a network with Social Prescribers. to devdop connections in primary Gare, starting with a pilol in Burnham.
CARERS TRUST BUCKS AND MILTON KEYNES TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 In addition, 2024-25 saw the development of our digital offer. Worf<ing alongside Brtdgit Care, Carers Bucks launched an online platform to provide carers with 2417 access to infomiation and support. The second generation of this platform will be launched in August 2025 and allows carers to create personalised support plans, join online pèer groups and register directly with Carers Bucks to receive in-person sUPPOrt when needed. This development marks a significant step in improving access and flexibility for carers managing complex responsibilities and work or other duties. 2024-2025 continued to see carers face significant challenges relating to the cost-of-living crisis, financial disadvantage, an increasingly complex system of laws and rLtles and reducing supplies of day-care and respite seNices. In partnership with Bucks Council, Carers Bucks was able to identify and support 2,182 carers and dislribule £450,000 of Central Government funding, based on our relationships and knoedge of carers across the county. Throughout the year, the team continued to deliver high-quality SeiCe$. The commissioning process that was commenced in November 2024 was abandoned in June 2025 {post year-end). A TUPE related hiring free2e was imposed on the organisation for almost six months and strategic decisions were prevenled from being taken during Ihis period. A 12-month extension of the carers support contract prevents the changes outlined in the bid from being implemented and so a revised one-year strategy is being developed that develops key priorilies for the year. 1. Identifying and a¢hIng more carers 2. Provlding the right support, at the right time, in the most inclusive and cost effective way 3. Working in partnership with carers to develop resllience and prevenl crisis 4. Amplifying our impact alongside the carer voice 5. Ensurlng we are fil for the future Paramount lo achieving these priorities is Ihat the staff team feel supported and valued at work. The organisalion employs an average of 29 members of staff. Carers Bucks continues to develop and improve all the services it provides through staff training, increased experience and knowledge. alongside IT and communications support. We are starting to see the impact of Al in general office tasks and as we develop our digital strategy, this will be expanded to have greater impact on the service. To ensure all employees are involved in matters relating lo the whole organisation regular staff meelings take place in person and online. Since early March 25, to provide reassuran during a period of flux, there has been a weekly internal update from the new CEO. The Trustees are proud of the professionalism, focus and compassion with which the team have navigated this period of flux. They have shown themselves to be both agile and resilient and most importantly, they have always kept the needs of carers at the forefront of all that they do. The Trustees would like to thank the entire team of staff and volunteers for their continuing hard work and dedication. We are also grateful to our donors both large and small and for the relationship with Buckinghamshire Council which enables our much-needed work lo continue. Investment pollcy and objectives A Finan 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 Investmenl Fund {COIF). Both of these 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 Sarasin Alpha Common Investment Fund. The value of investmenls increased during the year and the Sarasin fund delivered income in line with expectations.
CARERS TRUST BUCKS AND MILTON KEYNES TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Flnancial summary and ReseNes pollcy Summary Tolal income received for the year 202412025 was £1,378,264. The surplus reseNes carried fOard al 3121 March 2025 of £1,836,337, reflects the investment held in the endowment fvnd of £1,076,359.. restrtcted funds of £76,2g3 and £883,685 of unrestricted reserves that have been allocated by Trustees to projects continuing into 2024125. Resenies Policy At the year end, unrestricted funds were £683,685. The Trustees have committed to designaling a sum of £186,000 to fund two key development roles, outside of the core contract. as well as to accelerate delivery of our Digital strategy. These investments will both strengthen capacity and sUPPOrt long term sustainability during a period of uncertainty. This leaves a balance of £497,685 equivalent to 4 months of budget operating costs, which will enable the organisalion to reduce the charity's activities to a sustainable level for the future in the event of a contract not being renewed and l or other funding being unobtainable. Golng concern Buckinghamshire Council approved an extension to the contract initially awarded in 2018, which secured funding to deliver services to carers of all ages across Buckinghamshire until March 2025. In June 2025 we received a further 12-month extension which confirms fiJnding until July 2026. We therefore expect to commence a procurement process in Autumn 2025 which will be managed through a formal commissioning process. Future Plans The financial commitment from Buckinghamshire Council enaNes Carers Bucks to continue delivering and developlng our essential services for unpaid carers across the county. Alongside this core funding. we remain focused on building strategic partnerships to extend our reach and increase our impact. We were successful in our partnership bid to deliver the Buckinghamshire Dementia Support service alongside Age UK Bucks and Age UK HHB. This partnership builds on our established expertise and networks across both health and the voluntary sector. 11 will enable us lo create a seamless, person-centred servica for carers from the point of memory concern, to awaiting an appoinlmenl wth the Memory Clinic to post diagnosis support. for both older adults and young onset dementia. Opportunities such as this are increasingly important a5 commissioned income comes under pressure across the charity and care sectors. In response, the Board is taking a slrategic approach to ensure we remain sustainable and relevant within a changing landscape - not only for the organisation and the wider Health and Social Care Sector, but also for Carers. We are committed to working collaboratively with both Health and the Council to deliver the priorities of the Buckinghamshire Carers Strategy 2025 through the Carers Partnership Board, and lo supporting the Buckinghamshire, Oxfordshire and Berkshire (shortly to become the Thames Valley) Integrated Care Strategy, ensuring that carers of all ages and backgrounds can access the support they need. At the same time, we remain mindful of ihe broader Ghallenges facing the voluntary sector. including shrinking donalions and downward pressure on contract values. In this environment, our focus is on maintaining high-quality, accessible support for carers - enabling them to sustain their caring role while looking after their own wellbeing. After over 2 decade of close partnership, the Trustees of Carers Bucks and Carers Milton Keynes have agreed to rationalise the structure of the Iwo charities lo belter llect Ihe reality of our joint working and the broader geographic remit of Carers Bucks (registered as Carers Trust Bucks and Milton Keynes). In July 2025, the Board of Carers Milton Keynes resolved to wind up the charity and fomially transfer its functions and ongoing activity to Carers Bucks. As part of this process, the residual funds of Carers Milton Keynes wll also be transferred. There will be no disruption lo services for carers in Milton Keynes, who will continue to benefit from the same high-quality support under the Carers Bucks name.
CARERS TRUST BUCKS AND MILTON KEYNES TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Governing Document The charity is conlrolled by il's Memorandum and Articles ofAssociats'on. and constitutes a limited company, limited by guarantee, as defined by the Companies Ad 2006. The trustees. who are also the directors for the purF)ose 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 M Rowlands M Willis J Vseleckova Organisallonal 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 lime voluntarily and received no benefit from the charity during the year. The DireCtorsrUsteeS meet 8 times each year. Due to the nature of the work, it is our aim to ensure thal 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. Inductlon and tralnlng of Trustees Potential Trustees are, for the most part, familiar with the charity's aims and work before they are appolnted. Truste8s are invited to meet senior managers and key employees, and to attend at least Iwo board meetings before their role is confirmed. 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-tO4day operation of services and manage Ihe individual project funds. The Trustees are grateful for the resilience shown by the Senior Management Team in challenging limes. The role of Chief Executive is key to the success of any organisation, particularly when facing significant challenges. Holly Hoskisson returned from matemily leave in April 2024 but in March 2025 she left to move oversees. The new Chief Executive Offir, Karen Irons is responsible for ensuring that the charity delivers its seNices within the strategic and financial framework agreed by the Truslees. Audltor In accordance with the companvs 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 Date..
CARERS TRUST BUCKS AND MILTON KEYNES STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 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 Irustees 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. ol the charitable company for that year. In preparing these financial statements, the trustees are reqUId to.. select suitable accounting policies and then apply them consistently., observe Ihe methods and principles in the Charilies SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial 5tatements', and prepare the financial ststements on the going concem basis unless It is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any tlme the financial position of Ihe charitable company and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charltable company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Company law requires the trustees to prepare financial statements for each financial year whlch glve a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, Includlng the income and expenditure, of the charitable company for that year. In preparing these financial stalements, the trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial stalements- and prepare the financial stalements on the going concem basis unless il is inappropriate to presume that the charitable company will conlinue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime 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 charilable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies.
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 Keyne5 (the 'charitable company.) for the year ended 31 March 2025 which comprise the statement of financial aclivilies, the summary income and expenditure account. the balan sheet, the statement of cash flows and notes to the financial statements. including significant accounting policies. The financial reporting frameworl( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Slaiidard applicable in th8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Charilable company's affairs as at 31 March 2025 and of its inGoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance vdith the requirements of the Companies Act 2006. Basls for opinlon We conducled 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 Audiloffs responsibililies for Ihe 811dil ol Ihe fin8ncial stalem8nts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo 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 wilh these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provid8 a basis for our opinion. Concluslons relatlng to going concern In auditing the financial stalements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriale. 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 significanl doubl on Ihe charitable company's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees )Mih respect to going concern are described in the relevant sections of this report. Other Informatlon The olher information comprises the infomiation included in the annual report other than the financial stalements and our auditor's report thereon. The trustees are responsible for the olher information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistenl with the financial statements or our knowledge obtained in the course of the audil, 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 olher 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 whlch we are required to report by exception We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you If, in our opinion.. the information given in the financial statements is inconsistent in any material respect wilh the trustees, report; or sufficient accounting records have not been kept-, or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the statement of trustees, responsibilities, the tTUStees. who are also the directors of the charitable company for the purpose of company law. are responsible for Ihe preparation of the financial ststements 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 preparalion of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the tTUStees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable. malters relaled to going concern and using the going concem basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responsibilities forthe audlt 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 regulalions made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error, and lo 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 delect a material misstalemenl when it exists. Misstatements can 8rise from fraud or error and are considered material if, individually or in the aggregate, they could asonablY be expecled to inftuence the economic decisions of users taken on the basis of these financial statements. The extent to which our wocedures are capable of detecting Iegular1t1es, inGluding fraud, is detailed below. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo 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 lo the charity's trustees those matters we are required to state to them in an auditor's report and for no olher purpose. To the fullest extent permitted by law, we do not aCpt or assume responsibility to anyone other than Ihe charity and the charity's trustees a5 a body, for our audit work, for this report, orfor the opinions we have formed. Jemima King (S r Statutory Auditor) For and on behalf of Richardsons, Statutory Auditor Chartered Accountants 30 Upper High Street Thame Oxfordshire ox9 3EZ Date:... 0.1./Q.912Q25 Richardsons is eligible for appointmenl as auditor of the charilable 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 2025 Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total Unre< 2025 Notes Income from: Donations and legacies Charitable activities 42,136 855,983 29,339 450.806 71,475 1,306,789 Total Income 898,119 480,145 1,378,264 Expenditure on: Charitable activitles 886,070 500.778 1,386,848 Total expenditure 886,070 500,778 1,386,848 Net gainsl{lossesl on investments 10 18,822 11,199 30,021 Net Incomel(expendlturel and movement In funds 30,871 (20.633) 11,199 21,437 Reconclllatlon of funds: Fund balances at 1 April 2024 693,145 56,595 1,065,160 1,814,900 Fund balances at 31 March 2025 724,016 35,962 1,076,359 1,836.337 The statement of financial aclivilies includes all gains and losses recognised in the year. All income and expenditure derive froi
CARERS TRUST BUCKS AND MILTON KEYNES SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 All income funds 2025 2024 Gross income Gains on investments 1.378,264 18.822 1,001,221 25,994 Total income in the reporting period 1,397,086 1,027,215 Total expenditure from Income funds 1.386,848 958,682 Net Income for the year 10.238 68,533 10-
CARERS TRUST BUCKS AND MILTON KEYNES BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 as restated Notes Flxed assets Tangil)le assets Investments 12 13 3,679 1,445,953 1,415,932 1.449,632 1,415,932 Current assets Debtors Cash at bank and in hand 14 77,614 472,586 40.103 477,721 550,200 517,824 Creditors: amounts falling due within one year 15 (108,705) (64,066) Net current assets 441,495 453,758 Total ass8ts18ss current Ilabllltles 1,891.127 1,869,890 Provision for other Ilabilities 16 (54,790) (54,7901 Net assets 1,836,337 1,814,900 The funds of the charitable company Endowment funds Restricted income funds Unrestricted funds 19 20 21 1,076,359 35,962 724,016 1,065.180 56,595 693,145 1,836,337 1,814,900 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 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 wilh respect to acccunling records and the preparalion of financial statements. The members have not required the company to obtain an audit of ils 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. The financial statements were approved by the trustees on L Davies Trustee Company registration number 04941481 (England and Wales) 11
CARERS TRUST BUCKS AND MILTON KEYNES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activities Cash absorbed by operations 25 (275) (35,458) Investlng activities Purchase of tangible fixed assets (4,860) Net cash used In Investlng aetlvltles (4,860) Net cash used in ftnanclng activltles Net decrease In cash and cash equivalents (5,135) (35,458) Cash and cash equivalents at beginning of year 477,721 513,179 Cash and cash equlvalents at end of year 472,586 477,721 12-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢countlng pollcles Charity information Carers Trust Bucks and Milton Keynes is a private company limited by guarantee incorporaled in England and Wales. The registered office is Ardenham Court, Oxford Road, Aylesbury, Bucks, HP19 8HT, UK. 1.1 Accountlng convention The financial stalements 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.. Slatemenl 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 th8 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 Prior period error The prior period adjustment made was to recategorise unrestricted expenditure relating to Sylvia's Fund as restricted expenditure. 1.3 Golng concern At Ihe time of approving the financial slatemenls, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in opèralional existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statemenls. There is no certainty that funding will be received for the following period, however Ihe tNslees believe that the charity has adequate resources. due to the value of the fixed asset investments, to conlinue operations for at least a period of 12 months from the date of approval of these financial statements. 1.4 Charltable funds Unrestricted funds are available for use at Ihe discretion of the truslees 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. 1.5 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. 13-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policles (Continued) Legacies are recognised on receipt or otheiSe 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 assel. A granl that specifies performance conditions is recognised in income when the perfom7ance conditions are met. Where a grant does not specify performance conditions il 15 recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is reGognised as a liability. 1.6 Expendlture Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll be required in setuement, 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 attiibulable to a single activity are allocated directly to that activity. Shared costs which conlribute to more than one activity and support costs which are not altributable to a single activity are apportioned beeen those aclivilies 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. 1.7 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Oepreclation 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 Computers 200k on cost 500A on reducing balance The gain or loss arising on Ihe 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. 1.8 Fixed asset Investments Fixed assel investments are initially measured at Iransactlon price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net incomel<expendilure) for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fFxed assets At each reporting end date, the charitsble company reviews the carrying amounts of its tangible assets to determine whether there is any indicalion that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of Ihe asset is estimated in order to determine the extent of the impairment loss (if any). 1.10 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. 14-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcle5 (Contlnued) 1.11 Financial Inst¥uments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitable companws balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are oftset, 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. Baslc financlal assets Basic financial assets, which include deblors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless Ihe arrangement constilutes 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. Baslc flnan¢lal liabllltles Basic financial liabilities, includlng creditors and bank loans are initially recognised al transaction prrc8 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 liabilits'es classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for gocés or seiCeS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabililies 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, Derecognltlon of flnanclal liabilllles Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. 1.12 Provlsions Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable Ihat Ihe charilable company will be required to settle that obligation and a reliable estimate can be made of Ihe amount of the obligation. The amount recognised as 8 provision is the best estimate of Ihe consideration required lo settle the present obligation at the reporting end dale, laking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amounl expected to be required to settle the obligation is recognised at present value. INhen a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net incomel{expenditure) in the period in which il arises. 1.13 Employee benefits The cost of any unused holiday entFilement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable Gompany is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 15-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles {Contlnuedl 1.14 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as Ihey fall due. Crltical accountlng estimates and Judgements In the application of the charitsble 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 olher 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 perlods. Income from donations and legacles Unrestrlcted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restricted funds funds 2024 2024 Total 2025 2024 Donations and gifts Legacies 42,136 42,136 29,339 21,058 21,058 29,241 29.339 29,241 42,136 29,339 71,475 21,058 29,241 50,299 Income from charitable actlvltles Unrestrlcted Restricted funds funds 2025 2025 Total Unrestylcted Restrlcted funds funds 2024 2024 Total 2026 2024 Charltable actlvities Bucks Council income Ancillary trading income 842,493 13,490 450,806 1,293,299 13.490 842,076 6,700 102,146 944.222 6,700 855,983 450.806 1,306,789 848,776 102,146 950,922 16-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charltable activlties 2025 2024 Dlrect costs Staff costs Activity costs 463,305 502,382 555.739 94,416 965,687 650,155 Share of support and governance cosls (see note 6) Support Governance 411,323 9,838 298,979 9,548 1,386,848 958,682 Analysis by fund Unrestricted funds Restricted funds 886,070 500,778 816,205 142,477 1,386,848 958,682 Support costs allocated to actlvitles 2025 2024 Staff costs Depreciation Management Finance costs Information technologry Human resources Governance costs 170.489 1,181 158,212 3,820 76,966 655 9,838 112,866 193 92,498 2,019 90,824 579 9,548 421,161 308,527 Analysed between: Unrestricted Restricted 401,724 19,437 281,039 27,488 421,161 308.527 Net movement In funds 2025 2024 The net movement in fijnds is stated after chargingl(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 9,550 1,181 9,300 193 17-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Trustees None of the trustees (or any persons connected with them) received any remuneration during the year, but expenses were reimbursed of£281 (2024- £235). Employees The average monlhly number of employees during the year was: 2025 Number 2024 Number 26 27 Employment costs 2025 2024 Wages and salaries Social security costs Other penslon costs 563,861 51,011 18,922 593,296 56,191 19,118 633,794 668,605 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneralion of key management personnel was as follows: 2025 2024 Aggregate compensation 76,001 10 Gains and losses on Investments Unrestricted Endowment funds funds 2025 2025 Total Unrestrlcted Endowment funds funds 2024 2024 Total 2025 2024 Gainsl(losses) arising on.. Revalualion of investments 18.822 11,199 30,021 25,994 78,322 104,316 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 18-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangible flxed assets Flxtures and flttSngs Computors Total Cost At 1 April 2024 Additions 1,037 38,639 4,860 39,676 4,860 At 31 March 2025 1,037 43,499 44,536 Depreclatlon and Impairment At 1 April 2024 Depreciation charged in the year 1,037 38,639 1,181 39,676 1,181 At 31 March 2025 1.037 39,820 40.857 Carrylng amount At 31 March 2025 3,679 3,679 13 Flxed ass8t Inveslments Llsted investments Cost or valuatlon At 1 April 2024 Valuation changes 1,415.932 30,021 At 31 March 2025 1,445,953 Carrylng amount At 31 March 2025 1,445,953 At 31 M8rch 2024 1,415,932 14 Debtors 2025 2024 Amounts falling due within one year". Other debtors Prepayments and accrued Income 61,999 15.615 26,198 13,905 77,614 40,103 19-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Creditors: amounts falllng due within one year 2025 2024 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 11,225 22,708 50,368 4,907 19,497 9,171 16,934 21,723 3,886 12,352 17 108,705 64,066 16 Provisions for Ilabllltles 2025 2024 54,790 54,790 Movements on provlslons". At 1 April 2024 and 31 March 2025 54,790 17 Deferred Income 2026 2024 Other deferred income 22,708 16,934 Deferred income is included in the financial statements as follows.. 2025 2024 Deferred income is included within: Current liabilities 22,708 16,934 Movements in the year. Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year 16.934 (16,934) 22,708 134,872 (134,872) 16,934 Deferred income at 31 March 2025 22.708 16,934 -20-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Retlrement beneflt schemes 2025 2024 Deflned contributlon schemes Charge to profit or loss in respect of defined contribution schemes 18,922 19,118 The charitable company operates a defined contribution pension scheme for 811 qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. 19 Endowment funds Endowment funds represent assets which musl be held permanently by the charitable company. Income arising on the endowment funds can be used in accordance with the objects of the ¢haritsble company and is included as unrestricted income. Any Capital gains or losses arising on the assets form part of the fund, At 1 Aprll 2024 Gains and At 31 March losses 2025 Permanent endowments 1,065,160 11,199 1,076,359 Prevlous year: At 1 Aprll 2023 Galns and At 31 March losses 2024 Permanent endovHnents 986,838 78,322 1,085,160 20 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. At 1 April 2024 Incomlng resources Resources At 31 March expended 2025 Sylvia's Fund Young Carers in Schools Bucks Council Household 51,528 5.067 29,339 (47,799) {5,067) (447,912) 33,068 450,806 2,894 56,595 480,145 {500,778) 35,962 21
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds (Continued) Prevlous year: At l Aprll 2023 Incoming resources Resources At 31 March expended 2024 Sylvia's Fund Big Lottery HS2 Groundworks Young Carers in Schools 62,618 29.241 81.792 20,354 (40,331) (81,792) (20,354) 51,528 5,067 5,067 67.685 131.387 (142,477) 56,595 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific Condilions 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. Gains and At 31 March losses 2025 At 1 Aprll 2024 Incomlng resources Resources expended General funds 693,145 898,119 (886.070) 18,822 724,016 Prevlous year: At l Aprll 2023 Incomlng resources Resources expended Gains and At 31 March lossos 2024 General funds 613,522 869,834 (816.2051 25,994 693,145 22 Analysls of net assets between funds Unrestricted funds 2025 Restrlcted Endowment funds funds 2025 2025 Total 2025 At 31 March 2025: Tangible assets Investments Current assetsl{liabilities) Provisions 3,679 369,594 405.533 (54,790) 3,679 1,445,953 441,495 (54,790) 1,076,359 35,962 724.016 35,962 1,076,359 1,836,337 -22-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of net assets between funds {Contlnued) Unrestrlcted funds 2024 Restricted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024: Investments Current 8ssetsl(liabililies) Provisions 350,772 397,163 (54.790) 1,065,160 1,415,932 453,758 (54,790) 56,595 693,145 56,595 1,065.160 1,814.900 23 Operating leas8 commltments Lesse8 Al 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.. 2025 2024 Within one year Between Iwo and five years 1.041 12,783 1,041 1,041 13,824 Lessor During the year the charitable company made payments in relation to operating leases of £25,655 {2024.' £22.520). 24 Related party transactions The charity is connected to Carers Milton Keynes, a similar charily operating under the same managemont. All the trustees, who are also directors. of Carers Milton Keynes are also trustees and directors of Carers Trust Bucks and Millon Keynes, During the year ended 31 March 2025 Carers TNst Bucks and Milton Keynes charged Carers Milton Keynes shared salary, office and IT costs totalling £72,706 (2024.. £40,611). During the year ended 31 March 2025 Carers Trust Bucks and Milton Keynes transferred funding to Carers Milton Keynes totalling £Nil (2024.. £21,493). During the year ended 31 March 2025 Carers Milton Keynes repaid amounts totalling £44,405 (2024= £62,618). At the 31 March 2025 an amount of £54,499 {2024: £26.198) was owed to Carers Trust Bucks and Milton Keynes by Carers Milton Keynes. -23-
CARERS TRUST BUCKS AND MILTON KEYNES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25 Cash absorbed by operatlons 2025 2024 Surplus for the year 21,437 146,855 Adjustments for: Fair value gains and losses on inveslmenls Depreciation and impairment of langible fixed assets (30,0211 1,181 {104,316) 193 ovements In worklng capltal: (Increase) in debtors Increase in creditors (Decrease) in provisions Increasel(decrease) in deferred income (37.511) 38.865 (4,209) 1,167 42,790 (117,938) 5,774 Cash absorbed by operatlons (275) {35,458) 26 Analysis of Changes in net funds The charltable company had no material debt during the year. 27 Prior perlod adjustment Changes to the balance sheet At 31 March 2024 As prevlously Adjustment reported As rastated Capital funds Endowrnent funds 1.065,160 1,065,160 Income funds Restricted funds Unrestricted funds 96,926 652,814 {40,331) 40,331 56.595 693,145 Total equlty 1,814,900 1.814,900 Changes to the proflt and loss account Perlod ended 31 March 2024 As previously Adjustment As restated reported Net movement in funds 146,855 146,855 -24-