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← Livability

2024-03-31-accounts

Livability Annual Report and Financial Statements for the year ended 31 March 2024

Registered Charity 1116530 Company Registration Number 5967087

Letter from our Patron IIVGKIII¢JPIAfvI PALACE In the period covered by this Annual RqK)rt Livability has deVelo￿d its ambitious programme for growth and transf0m￿tion, whilst continuing io provide excellent care, support and educaiion for children. young people and adults with disabiliues. In this yeat, we arc encouraged by furthcr adult care services rc¢¢iving an Ofsted 'g(M)d' rating, in acknowledgcment of Ihe high standards of care providcd. The charity's nonh-east region launched a short-break service which provides support and respite carc for children and their families. Thi5 move came in rcsExinse to an expressed need from local authorities. with whom Livabiliiy had already buili strong working relationships. The popular service suppons children with complex disabilities, in Ihcir hom¢. through play. carc or oth¢1 li¢lp diiil will cijable ihe f<unily (o flourlsh. Growth can be seen in many areas of Livability's work; the charity's lalest education ccnire, Livability Millie College, which opened in 2022. s<x)n oversubscribed. The posi-16 lurther educalion college is l(x)king io expand the number of classr(M)ms and places on offer and 10 provide addiiional therapeutic learning op￿rtunIties. When I visited in autun)n 2023. 1 was pleased to hear from students alK)ut how much they are benefiting from the wide curriculum, with its emphasis on employment In January, l attended a service to celebrate Livability's 18(hh year, marking the date when IA)rd Shaflesbury ttcame President of the Ragged School Union. the foreNnner of Livability. This provided an opEKJrnmity to reflect on how the chaTity's work has developed over the decades. always passing on the baton of dedicated care and support for those who can be marginalised by society. I saw this care in action when I visiied Livability New Place. a rcsidentAal care horne which prioritises in(k￿nCe and choice for those WIK) live there. Many residents. indeEKndence has ￿en improved by the recent expansion of 'sman iech. in the home. allowAng people to carry oui everyday tasks without a&sistanc¢. There has been much to Celebrate this year at Livability. I t1￿￿ and congraiu]ate all staff, volunteers and supporteTS on cverything they have achieved.

A message from Shaftesbury’s Chair

Welcome to the Livability Annual Report for 2023/24.

The need to provide care, rehabilitation and education services for people living with disabilities continues to increase, whilst securing sustainable levels of funding remains challenging. Our local authority partners face budget constraints of their own, and the environment for fundraising is difficult across the sector as many people continue to struggle with ongoing economic uncertainty.

In this context major transformation work was undertaken throughout the last year to deliver long term resilience and growth for our service provision. This included careful negotiations with funders to ensure that contracts reflect actual costs for the delivery of services. Excellent progress has been made which is demonstrated in the positive financial result and in our improved outlook going forward.

As we look to the future with increased confidence, we remain inspired by the Christian values of our founder, the 7[th] Earl of Shaftesbury. He was one of the greatest visionaries of the nineteenth century for legislation and practical action in support of vulnerable children and adults. During 2023/24 we made plans to change the name of Livability to Shaftesbury reflecting our commitment to the values on which we were founded and which now guide our preparations for the future. We remain convinced that every person has profound dignity and should be treated with the utmost respect, and we have a particular responsibility to ensure that those living with disabilities of any kind can lead a life that adds up for them. I am delighted to report that subsequent to the 2023/24 year end this change of name was successfully implemented.

It is my privilege to have succeeded John Robinson as Chair. I would like to express grateful thanks to my colleagues on the Board of Trustees and to staff across the organisation for their dedication and commitment.

Thanks finally, and most importantly, to all of you who support our work. Whether you are a donor, a funder, a volunteer, or an advocate your contribution is much appreciated.

Tom O’Connor, Chair of Trustees

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A message from Shaftesbury’s Chief Executive

If I had to pick a phrase to define the accounting period, it would probably be “a year of positive endeavour and achievement”.

To care for a thousand individuals each day, we rely on a remarkable workforce, many of whom go the extra mile for those they support, teach or heal. The financial year began with the presentation of Team Awards. I presented one such award to our staff at Icanho (our acquired brain injury centre) and another was awarded by our Vice-Patron, Nick AshleyCooper, to our staff at Millie College.

The Executive Team demonstrated its own aspirations through a programme of significant transformation, beginning with a focus on receiving a fair price from its commissioners. At the heart of this transformation is our desire to support more children, young people and adults with disabilities as we recognise the huge societal need.

Our Changes for the Future Forum comprises representatives from all the disabled people we support. Members of the forum joined forces with our Nash College Student Body and spent a morning with HRH The Princess Royal, discussing their hopes and challenges relating to health, the cost of living, employment and enterprise. The Forum members were also chosen to work with our President, the Archbishop of Canterbury in his national “Re-imagining Care” project; we wholeheartedly acknowledge their impact in this social research and its proposals for the future of care.

In October, our Education Directorate took centre-stage as we celebrated the first year of Millie College in Dorset and again, we did so with the help and support of our fabulous Patron. Ours is a charity that needs no excuse for a party, and in 2024 we had every justification as we reached our 180th year of service. Rising from the Ragged School Union in 1844, our founder, the 7th Earl of Shaftesbury, set in play the charitable objects that remain today. It set the scene for a plethora of festivities in our settings across England, Wales and Northern Ireland. We took the opportunity to champion each of our composite charities: John Grooms; The Shaftesbury Society; Prospects; and At Home in the Community.

Sally Chivers, Chief Executive

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Contents Letter from our Patron ................................................................................................................................................................ 2 A message from Shaftesbury’s Chair ........................................................................................................................................... 3 A message from Shaftesbury’s Chief Executive ........................................................................................................................... 4 Trustee report ............................................................................................................................................................................. 6 Purpose of the charity ................................................................................................................................................................. 6 Public benefit summary ............................................................................................................................................................... 6 Structure, governance and management .................................................................................................................................... 6 In 2024 it changed its operating name to Shaftesbury. ...................................................................................................... 6 Group structure .................................................................................................................................................................. 7 The Board of Trustees ................................................................................................................................................................. 7 Chief Executive Officer ................................................................................................................................................................ 7 Our Strategic Aims - Achievements and Performance ................................................................................................................ 8 Pay and employment ................................................................................................................................................................. 13 Shaftesbury gender pay gap ............................................................................................................................................. 14 Pay quartiles ..................................................................................................................................................................... 15 Employment of people with disabilities ........................................................................................................................... 15 Senior executive pay ......................................................................................................................................................... 15 Modern slavery statement ........................................................................................................................................................ 16 Fundraising ................................................................................................................................................................................ 16 Strategic report ......................................................................................................................................................................... 19 Financial outlook ....................................................................................................................................................................... 19 Financial review ......................................................................................................................................................................... 19 Overview ........................................................................................................................................................................... 19 Going concern ................................................................................................................................................................... 19 Reserves policy ................................................................................................................................................................. 20 Free reserves calculation .................................................................................................................................................. 21 S172 Working with our stakeholders ........................................................................................................................................ 21 Environment commitment ........................................................................................................................................................ 24 Principal risks and uncertainties ................................................................................................................................................ 26 Statement of trustees’ responsibilities for the Financial Statements ....................................................................................... 28 Disclosure of information to auditor ................................................................................................................................ 28 Independent Auditor’s Report to members of Shaftesbury ...................................................................................................... 30 Primary Statements ................................................................................................................................................................... 34 Notes to the Primary Statements .............................................................................................................................................. 41 Trusts and supporters 2023-24 ................................................................................................................................................. 77 Organisational details ................................................................................................................................................................ 78

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Trustees’ report

Purpose of the charity

Shaftesbury is established for the public benefit and for charitable purposes, according to the laws of England and Wales. The objects of the charity are to:

Public benefit summary

Trustees have complied with their duty to have regard to the public benefit guidance published by the Charity Commission, in exercising their powers and duties. In preparing this report and the accounts, trustees have demonstrated their compliance with the requirements set out in the guidance by:

Structure, governance and management

Shaftesbury is the operating name of Livability, a charity registered in England, number 1116530, and a company limited by guarantee registered in England and Wales, number 5967087. It is governed by its Articles of Association, dated 7 November 2013. In the event of winding up, each member’s liability is limited to £1.

Livability was established in 2007 by a merger of The Shaftesbury Society and John Grooms. It changed its name from Grooms-Shaftesbury to Shaftesbury in 2010.

In 2024 it changed its operating name to Shaftesbury.

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Group structure

Shaftesbury is the parent charity of a group of charities, operating companies and dormant companies. Operating subsidiary charitable companies in the group are:

The active trading subsidiaries in the group are:

Shaftesbury’s accounts include the assets, liabilities, funds, income and expenditure of a number of charitable trusts that are linked to charitable companies in the group, through linking directions from the Charity Commission. These charities are set out in Note 7 to the accounts.

The Board of Trustees

The Board of Trustees is responsible for the governance of Shaftesbury and for ensuring that its activities are within its charitable objects. The Board sets the strategic direction for the charity and delegates responsibility for its implementation to the Executive Leadership Team, led by the Chief Executive Officer (CEO). The Board and its committees rigorously monitor and scrutinise the performance of the charity and the Executive.

All of our trustees are non-executive directors, and they usually serve a maximum of three terms of three years. Trustees are appointed initially by the Board of Trustees, and then reappointed at the charity’s Annual General Meeting (AGM).

Each trustee gives his or her time voluntarily and as such, receives no benefits from Shaftesbury other than reasonable expenses. Occasionally a trustee may provide professional or other services to the charity on normal commercial terms. This is only permitted where it is in the best interests of the charity and subject to certain governance arrangements being satisfied, in compliance with Charity Commission guidance and the requirements of the Charities Act.

The Board ensures its trustees provide the experience and skills required to perform its critical role effectively. The Board held a residential away-day in October 2023 to enable matters of strategic significance to be considered and discussed in depth.

Chief Executive Officer

The CEO is responsible for the delivering the strategy set by the Board and ensuring the performance and activities of Shaftesbury further its charitable objectives and meet the strategic goals set by the trustees.

The Executive Leadership Team (ELT) is responsible for strategic oversight and leadership of the charity; it comprises the CEO, and the Executive Directors for Care Operations, for Finance, and for Education.

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Our Strategic Aims – Achievements, Performance and Future Plans

Wellbeing-focussed

We will provide flexible, adaptive, exceptional services for the people we support as measured by how effectively we enable fulfilling life outcomes, promoted positive wellbeing and form meaningful community connections.

Shaftesbury Care Operations

Shaftesbury Care Operations Support provided

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Mental Health First Aiders Training : We have trained 21 staff members as Mental Health First Aiders to support our staff.

Mindful Employer Charter : We continue our commitment to the Mindful Employer Charter ensures our dedication to staff mental health.

Wellbeing Support : A wide range of tools, tips and training courses are offered to our staff to enhance their wellbeing.

Service Model Changes : Several service models have been revised so that the people we support have choice and control over their lives - ensuring they live a life that adds up for them.

Value Based Recruitment : Our Value-Based Recruitment initiative has been developed to attract staff who best align with Shaftesbury’s values.

Shaftesbury Education

Shaftesbury Education Support provided

Shaftesbury Education includes settings with the following education classifications:

As at 31.03.24 we had the following number of students on roll:

Victoria School and Nash College were in receipt of Education & Skills Funding Agency (ESFA) funds during the year to 31.03.24, in accordance with their ESFA funding agreements for August 2023 - July 2024.

During the year, our education settings continued to include a focus on wellness. Alongside the promotion of our core values, we offered a variety of targeted interventions, such as therapeutic mentoring, WRAP (Wellbeing Resilience Action Planning), and at Millie College provided emotional management resources, including art therapy, woodland wellbeing, zones of regulation, yoga, and mindfulness techniques.

In our school, we have built on our existing rewards initiative with a new house system. School ambassadors were recruited in December 2023 via a process involving the sharing of manifestos and a subsequent election.

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Within our student council, ambassador and advocacy groups, our students have had opportunities to share ideas for improvements to their wellbeing across all aspects of their lives at school and college.

For our staff, there has been a keen focus on supporting the wellness of our teams through a range of local setting initiatives such as a staff elected Employee of the Month award, a colleague nominated Colleague Compliment (with a small gift for the complimented colleague) a scheme whereby staff can have a free breakfast on 2 mornings a week before work, plus an open and active Staff Forum.

At Nash College, the newly restructured Pastoral Team has developed a keener focus on debriefing staff to support staff more actively across the college. Two more colleagues have successfully completed a Mental Health First Aider qualification.

Meaningful collaboration

We will build mutually beneficial partnerships with those who share our values, particularly with the Christian church, in order to grow our combined impact in making community more livable for disabled people.

Shaftesbury Care Operations

Co-Production Development: Our continued efforts in co-production ensure we build on our “Nothing about me without me” endorsement.

Inclusive Recruitmen t: As part of the value-based recruitment initiative, the people we support are now included in the interview process.

Re-imagining Care Project: Our Changes for the Future forum participated in the Archbishop of Canterbury’s re-imagining care project.

Feedback Mechanisms: QR codes have been developed to allow staff, families and the people we support to provide feedback more easily.

Voice Inclusion : Numerous opportunities are offered for people’s voices to be included in our strategy and delivery. This is achieved through staff and people we support forums, project groups, and team meetings.

Housing Partners : We have developed strong relationships with our housing partners.

Shaftesbury Education

During the year, the use of technology for collaboration within our settings has become embedded. Across all settings, internal collaboration has strengthened beyond leadership

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roles. This has enabled a more efficient approach to directorate wide use and deployment of resources and business procedures.

Increased external partnerships, both informal and formal, have also begun to enhance cross service working and opportunities. Partnership work has included local schools and colleges and a renewed focus on developing closer working relationships with host Local Authorities. Some of these links have focused on improving learner referrals and quality development work. Collaborative training sessions across settings have begun. External links have been refreshed with local police colleagues and the PREVENT Team.

At Shaftesbury Millie College, stakeholder partnerships increased to 14 in the last year. A Future Pathways model has been developed to support students' progress in developing workrelated skills.

Work has been undertaken with teams from RSPB and Natural England on a landscape recovery pilot program. This will enable development of the “Millie College Site Access Offer” and potentially replace the current Countryside Management Agreement. It will enable more control over how we steward our local SSSI with key experts.

Our open day events in all settings have continued to gain traction. Millie College feedback identifies high satisfaction with the community engagement groups that have run throughout the year. The College welcomed HRH, Princess Anne in October 2023.

Going deep

We will develop our services, programmes and relationships with the view that being deeply involved in a locality in multiple ways is better than being too thinly spread across disconnected geographical areas.

Shaftesbury Care Operations

Service Closures : Some services were closed due to financial viability issues, allowing the organisation to improve efficiency and focus on sustainable services.

New Services: Continued efforts have been made to open new services and prioritise those in our main location clusters, such as Bournemouth and the North-East of England.

Fee Calculator Development: A fee calculator has been developed to ensure full cost recovery for placements.

Service Audits: Comprehensive audits of all our services have been conducted to learn lessons and share best practices.

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Business Development: We continue to build on our business development strategy.

Children and Young People: The development of our children and young people services in the North-East of England is showing progress.

Shaftesbury Education

Across our education settings we have consolidated our plans and milestones for quality assurance and improvement. Embedded reporting systems now provide performance criteria for Trustee scrutiny across the directorate.

Our curriculum offers within our settings have been considered as part of an in-depth provision review beginning towards the end of the 2023/24 financial year.

At Nash College, extensive work has taken place to enhance our employability pathway, including the creation of an additional campus where students will be able to learn, develop and practice employability skills leading to increased employment outcomes for students.

Within our school and at Nash College, middle leaders have been appointed to support the quality of delivery across the settings.

Engaging with stakeholders has been identified as a priority with an amendment to the Local Advisory Board Terms of Reference creating a link role to support stakeholder engagement at local levels.

Well organised

We will have robust systems and processes in place to be able to work in more agile and responsive ways in a rapidly changing environment.

Shaftesbury Care Operations

Good Ratings: Our continued efforts have led to achieving “good” ratings with local authorities and regulators, with 96% being rated good or above.

Digital Enablement: Significant strides have been made to become more digitally enabled, including the development of cloud-based options. For example, our Log My Care “app” allows staff to update Care Plans and daily notes digitally in supported living settings.

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Project Management: A robust project management process is in place for the development and review of key projects. This process facilitates operational upgrades, functional training, and logistical or estates support issues in a systematic and efficient manner.

System Streamlining: Systems and processes have been streamlined, and directorate performance is tracked with a KPI dashboard.

Shaftesbury Education

Both Millie College and Nash College secured Section 41 status in August 2023. Millie College continued to work through the DfE Due Diligence process to contract with the ESFA for 2024 admissions.

Our student occupancy saw a steady increase with student numbers increasing across the directorate and by 50% within Millie College.

At Millie College, an increase in placements offered was possible due to a review of the use of the site to increase available learning accommodation. Fundraising bids to support expansion were submitted in December 2023 and were successful on a match-funding basis. The fundraising activity for the enterprise work at Millie College was effective, securing over £90k over the fiscal year.

The work with Unions and support staff on the support staff pay review was completed in March 2024.

Future plans

Shaftesbury Care Operations

We plan to launch our Learning Academy, which is designed to upskill our staff and enhance retention rates by providing comprehensive development opportunities for staff using career pathways. Additionally, the Learning Academy will be available to the people we support, helping to promote independence and life skills. We are hoping to secure funding to launch this in early 2025.

We plan to remodel some services, creating opportunities for growth and new initiatives across three of our existing services.

Shaftesbury Education

By the end of summer 2023/24, Shaftesbury Education as a directorate had begun to consolidate its identity with a consistent vision based on improving the life sum of all who learn with us. There is increasing clarity about the aims of the Directorate and greater understanding

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of the challenges and risks. Following the opening of Millie College and the successful inspection of Nash College as well as the beginning of growth at Victoria School (with the introduction of an additional class in Early Years), we are in a process of consolidation. The Directorate has plans for growth at Nash College through a satellite campus in North Greenwich. The next period of strategic development will focus the Directorate on establishing and embedding quality and systems of practice, sustainability of our current settings, reporting and provision prior to a structured consideration for growth.

The Charity has made significant progress in its fundamental business operations and is in a stage of consolidation.

It continues to negotiate and renegotiate contracts to make services more financially viable. During the audited year, these uplifts totalled more than £1m.

The charity also saved more than £650k as a result of moving out of its London-based office.

The organisation has won new disability social care contracts in the North East in the past two years. Similarly, the numbers of students and pupils in education settings has increased yearon-year; this continues to be projected for the next two years.

Trustees have underlined this trend by asking the Executive Team to continue to win contracts and expand the business.

Staff are working with local authority commissioners to establish the need (for disability social care, for complex care, and for special education) in the geographic areas where our services already exist. In line with commissioners’ requests the organisation will continue, where appropriate, to switch from residential care to supported living services.

The organisation is reducing its risk of cyber-related issues following an incident two years ago. It is now on its way to receiving a Cyber Essentials accreditation. In turn, this will enable more business to be secured.

Pay and employment

Shaftesbury gender pay gap

As per the Equality and Human Rights Commission regulations, on 5 April 2023, Shaftesbury’s payroll ‘snapshot date’ report showed the mean hourly rate was £14.88 for male and £13.97 for female; the differential figure has decreased to 6.12% compared to last year 9.79%.

The median hourly rate has increased to £11.26 for male and £11.45 for female in 2023 compared to £10.85 for male and £10.40 for female in 2022. Our median pay gap is -1.69%.

The difference in mean and median bonus pay remains at 0%, as our charity does not pay bonuses to staff.

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Pay quartiles

The number of paid male and female in the four pay quartiles (upper, upper middle, lower middle and lower quartile) for the 2023 snapshot date and the 2022 snapshot date are as follows:

Upper quartile in 2023 was 26% (male) and 74% (female) and 28% (male) and 72% (female) for 2022. This shows there is a 2% decrease in males and a 2% increase in females in this category, compared to the last report.

Upper middle quartile in 2023 was 17% (male) and 83% (female) and 19% (male) and 81% (female) for 2022. This shows there is a 2% decrease in males and a 2% increase in females in this category, compared to the last report.

Lower middle quartile in 2023 was 19% (male) and 81% (female) and 17% (male) and 83% (female) for 2022. This shows there is a 2% increase in males and a 2% decrease in females in this category, compared to the last report.

Lower quartile in 2023 was 27% (male) and 73% (female) and 23% (male) and 77% (female) for 2022. This shows a 4% increase in males and a 4% decrease of females in this category compared to the last report.

Shaftesbury continues to monitor its employment and remuneration to ensure that pay is based on fairness.

Employment of people with disabilities

Currently 2.24% of Shaftesbury employees have declared themselves to have a disability, a slight decrease from last year when 2.54% of the workforce declared a disability. We are working to increase the number of people with disabilities who work for us. As a Disability Confident Employer, we commit to making adjustments to meet the needs of job applicants with disabilities. We work with our staff and volunteers who have disabilities to ensure that they are fully supported during their employment and volunteer time. We do however have more work to do to promote employment of people with disabilities in the charity.

Senior executive pay

Senior pay levels reflect the size and complexity of the organisation and the range of work carried out in health and social care, with clinical and nursing services, special education provision and professional support services. Shaftesbury has noted the recommendations of the report of the National Council for Voluntary Organisations (NCVO) into senior executive pay. The Nomination, Remuneration & Governance sub-committee of the Board has reiterated the policy of the charity to set pay levels in line with median pay rates for the sector. Note 6 to the accounts shows the numbers of employees earning more than £60,000 in bands of £10,000.

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Our approach to pay as an organisation is as follows:

Our key priority is to pay staff the highest possible wage in line with income to service locations and to the charity. We give priority to our frontline staff on our lowest pay rates.

We implement recruitment and retention initiatives for hard-to-fill roles in our frontline services and are working to encourage the return of the older workforce into suitable roles.

We mirror the national terms and conditions for teachers where we are able.

We apply the Hay Method of Job Evaluation and the Croner Job Evaluation Process for other roles to ensure pay is reflective of role requirements and pay is equitable and fair.

Modern slavery statement

This statement is published on our website:

https://www.shaftesburygroup.org/download/modern-slavery-statement/

Fundraising

Fundraising highlights

We are very grateful to all those who feel inspired to make a difference in people’s lives and choose to support our work. The generous donations, time and prayers of our supporters help bring our vision to life, enabling people with disabilities to live a life that adds up to them. Some of our fundraising highlights include:

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What our fundraised income has helped us achieve:

Our approach

This year has remained a challenging one for fundraising in the current climate, and we’re hugely grateful to our supporters for their continued generosity and commitment. On average, our supporters have continued their giving at the same level, however we are gradually seeing a decrease in the number of supporters. We will be looking to address this in the new financial year and beyond.

Our approach to fundraising puts the supporter at the heart of everything we do, seeking to build long-term relationships and ensuring supporters have control over how they hear from us.

Generating voluntary income is important to the delivery of Shaftesbury’s organisational strategy and business goals. Unrestricted income is vital for our charity’s financial health and is needed to help cover running costs. Restricted income enables us to add value to the lives of

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the people we support, delivering on tangible projects and items that enhance people’s wellbeing and independence. Capital income enables us to deliver on transformational and high impact projects to individuals and community and strengthens our charity finances.

Our voluntary income comes from a wide range of sources. Individuals support us through regular or one-off cash gifts. Companies offer their expertise, partnership, gift in kind and cash gifts. Trusts and foundations give valuable gifts to make a real difference to the lives of the people we support. Challengers take on London Marathons or skydives for us. Others make gifts in their Wills.

Fundraising standards

Our commitment to high fundraising standards is demonstrated by our charity’s membership of the Fundraising Regulator, who set and maintain the standard for charitable giving. We have also signed up to the Fundraising Preference Service, where supporters can manage the communications and fundraising requests they receive from charities.

We vigilantly adhere to regulation standards and General Data Protection Regulation (GDPR), both generally and in our fundraising practices. Our governance extends to how we protect vulnerable people in the context of fundraising. Our People in Vulnerable Circumstances (PIVC) Policy makes sure that there is no undue pressure to give in the course of, or in connection with, fundraising for Shaftesbury.

We work with approved partners for activities such as value exchange lead generation and our payroll-giving programme enables supporters to give as they earn through their salary if they choose to. To ensure a good supporter experience, we monitor fundraisers acting on our behalf, with our payroll giving agencies sending regular training logs and reports. We provide guidelines, policies and dedicated support to fundraisers acting for us in communities.

We ensure volunteers and interns acting on our behalf in our office and within the community represent our charity in the best way, by providing policies, guidelines and dedicated support. We aim for everyone to have a positive fundraising experience and are pleased to have a low level of fundraising complaints. During the year we received two complaints, both of which were speedily resolved, to an outcome that both supporters were satisfied with. We are very proud of our outstanding supporter experience and customer service in this field.

When complaints arise, we follow Shaftesbury’s complaint procedure. In the event that complaints are escalated to the Fundraising Regulator we will follow their procedure for handling complaints. We continue to strive for excellence and monitor the number of complaints we have against communication touch-points in our key performance indicators. We listen to the views of our supporters through surveys to gauge the feedback on the frequency of our mailings. We ensure supporters can clearly opt-out of receiving communications and train our fundraisers on the GDPR regulations and on our policies and guidelines.

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Strategic report

Financial review

Overview

The consolidated financial statements for the year show an operational surplus of £1.5m, a marked turnaround from the previous year.

Going concern

The Trustees of Shaftesbury have assessed the charity's financial position and performance, including the current economic environment, available resources, and future cash flows. Based on this assessment, the trustees believe that Shaftesbury has adequate financial resources to continue operating for the foreseeable future, and that there are no material uncertainties about its ability to continue as a going concern.

The financial statements have been prepared on a going concern basis, as the trustees and management are confident that the charity will be able to meet its liabilities as they fall due within the next 12 months from the date the accounts are signed.

Trustees acknowledges that there are risks and uncertainties in the business environment; however, based on available information and strategies implemented to mitigate these risks, Shaftesbury remains financially viable.

Financial outlook

For the 2023/24 financial year, Shaftesbury reported an operational surplus of £1.5m, a significant improvement compared with a deficit of £4.3m in the previous year. This £5.8m turnaround reflects the positive impact of the corporate transformation programme undertaken alongside increase in legacy donations over the last two years.

Shaftesbury income includes legacy donations worth £4.5m of which £3.4m refers to a single estate.

The organisation is well-positioned to build on these improvements during the next reporting period.

Key performance indicators for the group

2023/24 2022/23
Key performance indicators £’000 £’000
Total income 60,423 49,843
Operating costs 58,839 54,131
Operating Surplus (deficit) for the year (before investment gains/losses) 1,584 (4,288)

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Reserves policy

The Board of Directors has considered the level of reserves which should be maintained within the Group and this is reviewed annually. Such reserves are needed to cover, for example, working capital, future property repairs and the risk of possible shortfall in charitable income.

At the year ended 31 March 2024, Shaftesbury held a total of £41.1m in reserves (2023: £41.1m).

Of these total reserves including the pension reserve, £28.0m (2023: £28.3m) are unrestricted.

In addition, the trustees have considered and set a reserves policy which requires that unrestricted funds equivalent to a range of eight to 12 weeks of total organisational expenditure is held.

The group’s unrestricted reserve at the end of the year was £29.9m. This represents 29 weeks of total unrestricted organisational expenditure, which is better than the range determined by our reserves policy. (Based on an average weekly expenditure of £1m)

We have also considered our free reserves. We have calculated these using the broad guidelines set out by the Charity Commission. Effectively, we have taken our Group net assets and deducted restricted and endowed funds. As we are an organisation that actively uses properties, we have also deducted unrestricted fixed assets unless they are subject to sale in future years (and as such, are not required for ongoing operations). This provides us with negative free reserves of £7.8m (2023:(£8.6m)). As noted elsewhere in the report, there are various steps that have been and will be taken to improve the underlying financial performance of the organisation, during the financial year under review, and going forward.

Investment policy

At the year ended 31 March 2024, Shaftesbury held a total of £5.8m in Social and Financial Investments of which £4m is permanently endowed. In accordance with the objective set out in investment policy, these are invested in a way that does not conflict with the charity’s aims and objectives and minimises risk.

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Free reserves calculation

31/03/2024
31/03/2023
£'000
£'000
Group net assets
Less: Restricted funds
Less: Endowed funds
Subtotal
Less: Fixed assets (asset reliant organisation)
Add back: Pension Liability ‘reserve’
Subtotal
Add back: Functional fixed assets to be sold in following years
Free reserves		 41,071
41,191
(4,827)
(4,861)
(8,150)
(8,067)
28,095
28,263
(38,294)
(37,913)
1,840
24
(8,359)
(9,626)
579
1,048
(7,780)
(8,578)

S172 Working with our stakeholders

This is a mandatory statement reporting how Directors have complied with their duty to have regard to the matters in section 172 (1) (a)-(f) of the Companies Act 2006 (‘the Act’).

The children, young people and adults we support, their families and representatives

We issue a twice-yearly stakeholder survey to the people we support, to families and to carers and to the health and social care professionals involved in the support of the people who use our services. We operate a ‘You Said, We Did’ response to findings from the surveys and publish our findings.

We hold regular residents’ and tenants’ meetings with the people we support.

The Care Operations Directorate endorses the ‘nothing about me, without me’ initiative. This ensures that the people we support are central to any decision made about their care preferences and choices. The Quality Team ensures this methodology is central to our coproduction work.

Our Safeguarding & Service Quality Committee reviews, scrutinises and protects our relationship with the children, young people and adults we support.

We write to the people we support when we make changes that might impact on them and to keep them up to date and welcome feedback.

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Services produce bi-monthly newsletters for the families providing an update on what been happening and plans for the coming months.

Services have social events and invite families to participate and feedback about their experience.

Our Changes for the Future Forum comprises representatives from all the people we support in Care Operations. It is co-chaired by two of its members. This year, members of the forum met personally and individually with our Patron and explored issues surrounding mental and physical health, and the current cost of living challenges. The Forum members were joined by our Nash College Student Body representatives who explored the subject of employment opportunities.

We held events within each of our services to celebrate the Coronation of King Charles III.

In Education, collaborative working with local schools and colleges has led to closer working relationships with host Local Authorities, improving learner referrals and quality development work.

Our staff

Our Staff Wellbeing and Engagement Forum ‘champions’ foster a culture of openness, in line with our corporate values. The focus of the forums has evolved to include the employee experience. We are further enhancing the dialogue with our staff by redefining the Wellbeing and Engagement events by Directorate. We have offered our wellbeing support package to external social media followers.

We continue to sign up to the Mindful Employer charter, ensuring that our staff have a place to turn to, 365 days a year. We are committed to ensuring our staff have a good work-life balance.

Members of our quality team visit services on a regular basis and seek to gain staff members’ experiences of working in services. Regular visits from Trustees and senior Care Operation leaders take place on a regular basis.

We continue to work with staff teams to ensure the culture in the services is built around our values of open, enabling, inclusive and courageous.

We have issued a staff survey to our frontline staff and made changes as a result of their feedback.

Each year we issue to surveys to our frontline, completing a ‘you said’ ‘we did’ for each service. We then pick 6 themes for the feedback and set up working groups to see how we can improve things for our staff teams.

22

We trained 21 staff members to be Mental Health First Aiders across a range of our services and colleges.

Our trustees

Our usual annual trustees’ visits to Adult Care Services and Education Services continue to take place.

Trustees receive regular updates from each Executive Director. Our Committees provide scrutiny and strategic oversight across our business activities. For example, the Safeguarding & Service Quality Committee considers staff matters, demographics, recruitment and retention rates, diversity, training and safeguarding matters, whilst our Strategic Business Committee focuses on financial performance, budgets and plans, capital expenditure and our subsidiary and corporate trustee responsibilities.

Our supporters and volunteers

Students from Victoria School participated in services at St Aldhelm's Church and worked with several external Performing Arts groups through the year. Bournemouth Symphony Orchestra visited in the Autumn Term.

We were honoured to be supported by our Patron, HRH Princess Anne, four times during the year, including April 2023 where she held discussions with our Changes for the Future Forum and Nash College students. She also joined us to mark the first anniversary of opening Shaftesbury Millie College in October 2023. This was followed by a very special Thanksgiving service at All Hallows-by-the Tower in London in January 2024 to launch our 180[th] anniversary year and celebrate Shaftesbury’s past, present and future. Finally, in March 2024, the Princess Royal was warmly welcomed into the home of the people who live at Shaftesbury New Court Place. Her Royal Highness heard from the residents about the committed support they receive from the staff team and watched a demonstration of the enhanced smart technology that provides increased independence for those that live at New Court Place.

Our regulators

Our regulatory bodies include the Care Quality Commission, the Regulation and Improvement Authority, Care Inspectorate Cymru, Ofsted, the Education and Skills Funding Agency and the Charity Commission. We continue to build on our strong relationships with our regulators to ensure we deliver good-quality support to all who use our services.

Compliance with regulatory frameworks and performance against those are scrutinised at the Safeguarding and Services Committee with each of the education Local Advisory Boards (LABs).

23

Our local communities

With our support, the people who use our services are better able to access the wider community and to participate more fully in being an active citizen in their community. We continue to support people to volunteer in their local community.

Environmental commitment

Since Covid, we have minimised staff travel to reduce emissions. More staff now work from home, reducing emissions

When carrying out repair and maintenance work, we made responsible decisions about the impact on the environment. We changed the lighting in the registered office to be LEDs which reduced energy usage.

We took the decision to purchase the majority of our consumables to a supplier who uses an electric fleet of vehicles.

Energy usage – National Office

The building meets the highest benchmarks for energy performance and the building's energy strategy delivers a reduction in the building's carbon emissions: BREEAM Excellent EPC B:47 High level of passive energy control. This results in reduced heating, cooling and lighting demands. Intelligent building controls allowing energy savings by providing high levels of energy conservation and recovery. Ground-source energy systems exist to further reduce building energy requirements. The building uses low carbon ground-source cooling, heating and domestic hot water.

Water conservation measures include rainwater harvesting for flushing toilets. A building management unit enables comprehensive reporting and management of energy and water use.

SECR Executive Summary

The Companies (Directorsʹ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (also known as SECR) require large unquoted companies and limited liability partnerships to disclose their annual energy use and greenhouse gas (GHG) emissions, and related information on energy efficiency measures undertaken and an energy efficiency ratio.

24

1.1 SECR Energy Use and Carbon Emissions Disclosure

Shaftesbury discloses its energy use and greenhouse gas emissions that Shaftesbury is responsible for in line with the requirements of the Companies Act 2006 (Strategic and Directors' Reports) Regulations 2013 and latest 2018 regulations.

2023/24
Consumption
kWh		 2023/24
Emissions
(TCO2e)		 2022/23
Consumption
kWh		 2022/23
Emissions
(TCO2e)		 Change
(%)
Electricity 2,573,434 579.00 2,844,763 640.04 -10%
Gas 5,976,282 1,093.23 9,907,275 1,812.33 -40%
Transport Fuels 312,895 75.86 126,145 30.58 148%
Gross Annual
**Total **		 8,862,611 1,748.09 12,878,183 2,482.95 -30%
Intensity Metric
(EBTIA)(£M)		 1.503 4.088 -63%
Total
TCO2e/EBTIA		 1163.07 607.38 91%
Qualifying Green
Tariffs		 0.00 0.00 0.00 0.00 -
Net Annual Total 8,862,611 1,748.09 12,878,183 2,482.95 -30%

Table 1: Primary Statement for Shaftesbury

The above reported carbon emissions translate to Scope 1, 2 and 3 emissions as follows:

2023/24
Consumption
kWh		 2023/24
Emissions
(TCO2e)		 2023/23
Consumption
kWh		 2022/23
Emissions
(TCO2e)		 Change
(%)
Scope 1* 6,005,934 1,100.42 9,990,288 1,812.23 -39%
Scope 2
(location based)		 2,573,434 532.89 2,844,763 589.08 -10%
Scope 2 (market
based)		 2,573,434 532.89 2,844,763 589.08 -10%
Scope 3 283,243 114.78 43,132 61.42 87%
Total (location
based)		 8,862,611 1,748.09 12,878,183 2,462.83 -29%
Total (market
based)		 8,862,611 1,748.09 12,878,183 2,462.83 -29%

Table 2: Greenhouse Gas Emissions for Shaftesbury

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1.2 Baseline year

This is the fifth year of GHG reporting and is aligned with the financial year, 01/04/2023 to 31/03/2024. The first years’ report forms the baseline year which runs from 01/04/2019 to 31/03/2020. It is worth noting that the baseline year was formed during the tail end of the Covid-19 pandemic and as such comparisons to this and future years may be skewed. Shaftesbury may re-baseline once operations are less volatile due to Covid-19.

1.3 Targets

Shaftesbury has not developed any carbon targets for the current reporting period.

1.4 Intensity measurement

Shaftesbury have chosen the EBTIA figure as their intensity metric. This figure is used to divide the organisations carbon emissions by an appropriate activity metric. The benefits of an intensity metric allow the comparison of normalised carbon emissions over time and against similar organisations.

1.5 Carbon offset

Shaftesbury had no qualifying carbon offsets during this financial period.

1.6 Energy efficiency narrative

Over the course of the financial year Shaftesbury replaced 180 emergency lights with LED equivalents.

Principal risks and uncertainties

Shaftesbury’s work with vulnerable people means that inherent risks are ever-present. We have safeguarding policies and procedures which are regularly reviewed and ensure that concerns are effectively identified, reported, and responded to. We work in partnership with regulators and statutory organisations as required.

Our risks fall into five major categories:

1. Reputational – the risk of damaging our reputation through regulatory and other failings associated with the delivery of our services

Our reputation is critical to our status as a trusted provider. This risk is managed through a robust set of performance indicators and allied to assurance controls in safeguarding, financial and operational settings, fraud prevention and detection controls, and the wider policies and procedures upheld through the Quality and Practice frameworks covering both Care Operations and Education settings.

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2. Operating margins – pressure from limited income growth and increasing cost

In common with other providers of public sector-funded services, there is an ongoing risk of failure to uplift our income. This affects our ability to invest in the improvement and expansion of our services. We seek to mitigate this risk with an extensive cost reduction plan.

3. Pensions – Shaftesbury’s three closed defined-benefit pension schemes are subject to risks around their funding, outside the control of Shaftesbury

The continued requirement to fund the deficits has a material impact on Shaftesbury’s ability to invest in the growth and development of its services and facilities. Shaftesbury works with industry experts to ensure needs are balanced with current beneficiaries of the charity with those of its current and future pensioner populations.

4. Cash availability – the low operating margins, alongside significant funding requirements such as recovery payments for the closed pension schemes, means that cash availability is an ongoing risk. The risk is tightly monitored and reported to the Board.

5. Recruitment and retention – the risk of workforce shortages

There are known workforce shortages affecting the wider health, education and social care sectors. Shaftesbury is committed to becoming recognised as an employer of choice to attract and retain the workforce needed to sustain high standards across the service portfolio. Shaftesbury has also set a strategic goal to lower the sickness absence rate and has initiatives to foster staff engagement, employee wellbeing and to support the development of all.

The Board and Executive Leadership Team monitor the financial performance of the charity and associated risks through a dashboard spreadsheet and staff meetings.

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Statement of trustees’ responsibilities for the Financial Statements

The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the trustees’ Annual Report, incorporating the strategic report, and the financial statements, in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year, in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and charity and of the incoming resources and application of resources, including the income and expenditure, of the Group and charity for that period.

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

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Disclosure of information to auditor

Each of the members of the Board of Trustees has confirmed that:

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The report of the Board, incorporating the Strategic Report, was approved by the Board on 11 December 2024 and signed on its behalf on 11 December 2024 by

Tom O’Connor, Chair

29

Independent Auditor’s Report to members of Shaftesbury

Opinion

We have audited the financial statements of Livability for the year ended 31 March 2024 which comprise Group and Charity Statement of Financial Activities, Group and Charity Balance Sheets, Group Statement of Cashflows and notes to the financial statements, including a summary of 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 group 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 group'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 trustees are responsible for the other information. The other information comprises the information included in the Message from Shaftesbury’s Chair, Message from Shaftesbury’s Chief Executive and Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance

30

conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement [set out on page 29], the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with the regulations of the Care Quality Commission, Ofsted, Health and Safety regulation, GDPR, employment law and Charity Law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, Charities Act 2011, Charities SORP (FRS 102) and consider other factors such as payroll tax and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to manipulation of accounting estimates and judgements and the posting of inappropriate journals to income. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an

32

Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor 10 Queen Street London EC4R 1AG

Date: 18 December 2024

33

Primary Statements

Statement of Financial Activities incorporating an income and expenditure account for the year ended 31 March 2024

Group
2023/24
Note		 Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
Donations and Legacies
2
Charitable Activities
2
Other Trading Activities
2
Investments
3
Total Income
Expenditure on:
Raising Funds
5
Charitable Activities
5
Other
5
Loss on Disposal of Fixed Assets
4
Total Expenditure
Net Income/(Expenditure)
Transfer between funds
14
Actuarial (loss)
13
Net gain/(loss) on revaluation of
Investment
3
Net Movement in funds
Reconciliation of funds
Total funds carried forward		 £'000
£'000
£'000
£'000
5,797
590
0
6,387
52,013
316
0
52,329
1,468
0
0
1,468
239
0
0
239
59,518
905
0
60,423
1,261
33
0
1,294
55,576
602
46
56,222
438
270
0
708
613
0
0
613
57,888
905
46
58,839



1,630
0
(46)
1,584
34
(34)
0
0
(1,803)
0
0
(1,803)
(32)
0
130
98
(171)
(34)
84
(121)
28,265
4,861
8,066
41,192
28,094
4,827
8,150
41,071

34

Statement of Financial Activities incorporating an income and expenditure account for the year ended 31 March 2023

Group
2022/23
Note		 Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
Donations and Legacies
2
Charitable Activities
2
Other Trading Activities
2
Investments
3
Gain on Disposal of Fixed Assets
4
Total Income
Expenditure on:
Raising Funds
5
Charitable Activities
5
Other
5
Loss on Disposal of Fixed Assets
4
Total Expenditure
Net Income/(Expenditure)
Transfer between funds
14
Actuarial Gains/(loss)
Net gain/(loss) on revaluation of
Investment
3
Net Movement in funds
Reconciliation of funds
Total funds carried forward		 £'000
£'000
£'000
£'000
2,878
631
0
3,509
43,516
299
0
43,815
1,028
0
0
1,028
191
0
0
191
0
0
1,300
1,300
47,613
930
1,300
49,842
1,249
14
0
1,263
51,397
366
46
51,808
378
386
0
764
295
0
0
295
53,319
766
46
54,131
(5,706)
164
1,254
(4,289)
1,809
(2,020)
211
0
(1,625)
0
0
(1,625)
(184)
0
0
(184)
(5,706)
(1,856)
1,465
(6,098)
33,971
6,717
6,601
47,289
28,264
4,861
8,066
41,191

Results in the statement of financial activities derive from continuing operations. The notes on pages 42-77 form part of theses financial statements.

35

Statement of Financial Activities incorporating an income and expenditure account for the year ended
31 March 2024		 Statement of Financial Activities incorporating an income and expenditure account for the year ended
31 March 2024
Charity
Note		 Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
Donations and Legacies
2
Charitable Activities
2
Other Trading Activities
2
Investments
3
Total Income
Expenditure on:
Raising Funds
5
Charitable Activities
5
Other
5
Net Loss on Disposal of Fixed Assets
4
Total Expenditure
Net Income/(Expenditure)
Transfer between funds
14
Actuarial (loss)
Net (loss) / gain on revaluation of
Investment
3
Net Movement in funds
Reconciliation of funds
Total funds carried forward		 £'000
£'000
£'000
£'000
5,569
460
0
6,029
50,907
0
0
50,907
1,264
0
0
1,264
170
0
0
170
57,910
460
0
58,370
1,261
33
0
1,294
54,057
275
0
54,332
331
0
0
331
613
0
0
613
56,262
308
0
56,570
1,648
152
0
1,800
(1,803)
0
0
(1,803)
(34)
0
130
96
(189)
152
130
93
26,439
2,021
6,165
34,625
26,250
2,173
6,295
34,718

36

Statement of Financial Activities incorporating an income and expenditure account for the year ended
31 March 2023		 Statement of Financial Activities incorporating an income and expenditure account for the year ended
31 March 2023
Charity
Note		 Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
Donations and Legacies
2
Charitable Activities
2
Other Trading Activities
2
Investments
3
Total Income
Expenditure on:
Raising Funds
5
Charitable Activities
5
Other
5
Net Loss on Disposal of Fixed Assets
4
Total Expenditure
Net Income/(Expenditure)
Transfer between funds
14
Actuarial Gains/(losses)
Net gain/(loss) on revaluation of
Investment
3
Net Movement in funds
Reconciliation of funds
Total funds carried forward		 £'000
£'000
£'000
£'000
2,550
367
0
2,917
42,705
0
0
42,705
795
0
0
795
134
0
0
134
46,184
367
0
46,551
1,249
14
0
1,263
50,204
120
0
50,324
178
0
0
178
295
0
0
295
51,926
134
0
52,060
(5,742)
234
0
(5,508)
663
(843)
180
0
(1,625)
0
0
(1,625)
(185)
0
0
(185)
(6,889)
(609)
180
(7,318)
33,328
2,630
5,985
41,943
26,439
2,021
6,165
34,625

Results in the statement of financial activities derive from continuing operations. The notes on pages 42-77 form part of theses financial statements

37

Company Registration Number 5967087

Balance Sheet – Livability Group and Charity for year ended 31 March 2024 Balance Sheet – Livability Group and Charity for year ended 31 March 2024 Balance Sheet – Livability Group and Charity for year ended 31 March 2024 Balance Sheet – Livability Group and Charity for year ended 31 March 2024
Group Charity
Note 2024 2023 2024 2023
£'000 £'000 £'000 £'000
Fixed Asset:
Tangible Assets 8 41,641 42,589 35,859 37,184
Financial Investments 9 1,846 1,891 1,816 1,863
Social Investment 10 3,982 3,962 3,982 3,962
Total Fixed Assets 47,469 48,442 442
41,657		 43,009
Current Assets:
Debtors and Stocks 11 5,988 3,149 5,945 3,270
Cash at Bank 5,235 6,286 4,243 4,447
Total Current Assets 11,223 9,435 10,188 7,717
Liabilities
Creditors: Amounts falling due in 1 year 12 (6,555) (7,191) (6,745) (7,301)
Net Current Assets 4,668 2,244 3,443 416
Total Asset less Current Liabilities 52,137 50,686 45,100 43,425
Creditors: Amounts falling beyond one year 12 (9,226) (9,471) (8,542) (8,776)
Net Assets excluding Pension Liability 42,911 41,215 36,558 34,649
Defined Benefit Pension Liability 13 (1,840) (24) (1,840) (24)
Total Net Assets 41,071 41,191 34,718 34,625
The Funds of the Charity
Permanent Endowment Funds 14 8,150 8,067 6,295 6,165
Restricted Funds 14 4,827 4,861 2,173 2,021
Unrestricted Funds 14 29,934 28,287 28,090 26,463
Pension Reserve 14 (1,840) (24) (1,840) (24)
41,071 41,191 34,718 34,625

The report was approved by the Board and signed in its behalf on 11 December 2024:

Chair: Tom O’Connor

Trustee: Peter Woodall

38

Statement of Cashflows for the year ended 31 March 2024 Charity
2024
2023
£'000
£'000
891
(1,873)
170
134
746
535
(1,111)
(748)
74
1,111
-
-
(120)
1,032
(707)
(503)
(268)
(370)
-
(974)
(873)
(204)
(1,713)
4,447
6,160
4,243
4,447
Charity
2024
2023
£'000
£'000
1,800
(5,508)
819
736
258
0
0
(145)
(21)
(105)
69
80
707
503
(170)
(134)
613
296
13
(1,625)
(2,675)
3,365
(521)
665
Group

2024
2023
Cashflows from Operating activities £'000
£'000
Net cash provided by/ (used in) by operating activities
C1
Cashflows from Investing activities
Dividends, Interest and rent from Investments
Proceeds from the sales of property, plant and equipment
Purchase of Property, Plant and Investment
Proceeds from sales of investments
Purchase of Investments
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Interest on financing activities
Repayments of borrowings
Cash inflow from borrowing
Net cash provided by /(used in) financing
activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the start of the period
Cash and cash equivalents at the end of the
period
Notes to the statement of cashflows
C1: Reconciliation of net income /(expenditure) to net
cash flow from operations
Net income/(expenditure) for the year as stated in the
Statement of Financial Activities
Adjustments for:
Depreciation
Disposal of other assets
Revaluation/(Impairment) of functional assets
Revaluation/(Impairment) of social investment
(Gain)/Losses on investments
Interest on financing activities
Dividend, interest and rent from investments
(Gain)/Losses on the disposal of fixed assets
Defined benefit pension scheme cost less
contributions payable
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash flow provided by/(used in) Operations		 502
(2,976)
239
190
746
1,835
(1,565)
(747)
74
1,111
-
-
(505)
2,389
(767)
(546)
(282)
(414)
-
-
(1,049)
(960)
(1,052)
(1,547)
6,286
7,833
5,235
6,286
Group
2024
2023
£'000
£'000
1,584
(4,288)
895
811
258
0
0
(146)
(21)
(105)
69
79
767
546
(239)
(190)
613
(1,004)
13
(1,625)
(2,839)
2,055
(597)
892
502
**(2,976) **
890
(1,873)

39

C2: Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 Group
At 31
March
At 31
March
2024
2023
£'000
£'000
5,235
6,286
5,235
6,286		 Charity
At 31
March
At 31
March
2024
2023
£'000
£'000
4,243
4,447
4,243
4,447

C3: Analysis of changes in net debts

Group
Cash
Loans falling due with one year
Loans falling due after one year
Finance obligations
Total		 At start
of year
Cashflow
Other non
cash
changes At year end
£'000
£'000
£'000
£'000
6,286
(1,051)
-
5,235
6,286
(1,051)
5,235
(371)
-
36
(335)
(9,471)
281
(36)
(9,226)
-
-
-
(3,556)
(770)
-
(4,326)
Charity
Cash
Loans falling due within one year
Loans falling due after one year
Finance obligations
Total		 At start
of year
Cashflow
Other non
cash
changes At year end
£'000
£'000
£'000
£'000
4,447
(204)
-
4,243
4,447
(204)
-
4,243
(354)
-
34
(320)
(8,776)
267
(34)
(8,542)
-
-
-
-
(4,683)
63
-
(4,620)

40

Notes to the Primary Statements

Note 1 Accounting Policies

The policies below set out the bases of recognition and measurement used by Shaftesbury and its subsidiary charities and companies for material items in the financial statements.

Basis of preparation

The consolidated financial statements have been prepared on a going concern basis, in accordance with applicable accounting standards, under the historical cost convention, as modified by the inclusion of investments and functional property at fair value. They have also been prepared in accordance with the Charities SORP (FRS 102), 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 as applied to charitable companies.

Shaftesbury meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated financial statements include the income, expenditure, assets, liabilities and funds of Shaftesbury and its subsidiary charities and companies. These amounts are included on each line in the financial statements with investments, transactions and balances between the members of the Shaftesbury charity group eliminated so that the consolidated financial statements report the interactions between the Shaftesbury group and external parties.

Going Concern

The Trustees of Shaftesbury have assessed the charity's financial position and performance, including the current economic environment, available resources, and future cash flows. Based on this assessment, the trustees believe that Shaftesbury has adequate financial resources to continue operating for the foreseeable future, and that there are no significant doubts about its ability to continue as a going concern.

The financial statements have been prepared on a going concern basis, as the trustees and management are confident that the charity will be able to meet its liabilities as they fall due within the next 12 months from the balance sheet date.

Trustees acknowledges that there are risks and uncertainties in the business environment; however, based on available information and strategies implemented to mitigate these risks, Shaftesbury remains financially viable.

A. Funds

Unrestricted funds

Unrestricted funds arise from income donated to or earned by the charity in pursuit of its charitable objectives and may be applied in any way that meets those charitable objectives.

41

Designated funds

Designated funds are those unrestricted funds that the Trustees have identified and set aside to meet particular purposes or to segregate them from the General Fund. A more detailed description of these funds is available at note 14.

General Fund

The Charity’s General Fund are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds

Restricted funds are those funds that are available for specific, restricted purposes within the overarching charitable objectives of Shaftesbury. Restricted funds arise from conditions attached to them by the donor or the activity generating the funds, by deliberate requests for such funds by the Charity. Subsidiary charities whose objectives are consistent with, but more narrowly drawn than those of Shaftesbury are also reported within restricted funds.

Permanent endowment funds

Restricted endowment funds represent assets that are specified by their donor for the capital to be retained and for any derived income to be used by the Charity to pursue its objectives, unless the donor specifies otherwise.

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations, legacies and grants

Income from donations, legacies and grants is recorded in the financial statements when entitlement to the income is established, it is more likely than not that the income will be received and the amount to be received can be reliably estimated and any conditions required to receive the funds have been met or are within the control of the charity. In practice, most donations income is recognised when received.

The recognition of income from legacies is dependent on the following

Where a life interest in an estate exists, no income is recognised other than from distributions from that estate to Shaftesbury.

Where Shaftesbury is notified about residuary legacies that are expected to be received in future years, these legacies are not included in the financial statements where the amounts cannot be quantified with reasonable certainty.

Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant restricted funds on the Balance sheet. Where income is received in advance of entitlement of

42

receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

Income from charitable activities

Where Shaftesbury provides services or goods in return for payment, the income from these items is recognised when Shaftesbury completes its part of the agreement by delivering the services or goods.

Grants related to performance of contractual obligations are recognised when Shaftesbury has entitlement to the income, it is probable that income will be received and the amount of income can be measured reliably.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Income tax recoverable

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

B. Expenditure and allocation of support costs

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. All expenditure is accounted for on an accruals basis and has been listed in such a way as to accumulate all the charity’s costs of employees, goods and services relating to a particular activity of the charity under that activity heading. Direct costs, including attributable salaries and associated costs are allocated on an actual basis to the key areas of activities. Indirect costs (support costs), primarily comprising staff costs of employees based at the charity’s National Office in London, are allocated to each activity heading using a number of identified cost drivers, including expenditure as a proxy measure for usage of resources and staff numbers .

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

43

C. Fundraising Costs

Expenditure on raising funds comprise salary costs and other associated expenditure relating to the generation of voluntary income.

D. Tangible fixed assets

Tangible fixed assets are significant physical items of property, plant and equipment held for continuing use by the charity in delivering its charitable objectives.

Recognition

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, the charity estimates fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Consolidated statement of financial activities, with a separate revaluation reserve being shown in the Statement of Funds note.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

At each reporting date the Charity assesses whether there is any indication of impairment. If such an indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

44

Separate components

The charity holds freehold buildings with significant components that have materially different useful lives from the rest of the building. These components are depreciated separately over their individual lives at the following rates:

he following rates:
Main Fabric - 100 years
Pitched Roof - 70
Flat Roof - 40
Windows and Doors - 40
Boilers and Heaters - 15
Mechanical systems - 30
Bathrooms - 30
Kitchens - 20
Lifts - 25
Electrics - 40
Alarms and Security - 15

Freehold land and assets in the course of construction are not depreciated.

Other Fixed Assets

Assets are depreciated evenly to their estimated residual values over their estimated useful lives as follows:

Leasehold buildings over the lease term
Horticultural buildings over 25 years
Equipment, fittings and furniture over 5 years
Plant and machinery over 20 years
Cars over 4 years
Minibuses and coaches over 6 years
Computers and software over 3 years
Chalets and mobile homes over between 10 and 30 years

The residual value of all assets is assumed to be zero.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities.

45

E. Financial Investments

Investments are items of property and other assets held to generate income and capital growth for the Charity.

Listed and other financial investments

Investments that have a ready market where the value can be determined by reference to published data are valued at the bid price. Where no market is available in the investments, they are valued at cost less impairment.

Investment properties

Investment properties are initially measured at cost and subsequently at fair value with any change therein recognised in the statement of financial activities. Shaftesbury's valuation methodology is to obtain external revaluation of its investment properties on an annual basis. In the period where an external valuation is not received, the charity has obtained pre-market advice on projected sales. More recent property disposals support the trustees view that the book values are not materially misstated.

Investments in group entities

Investments in group entities are held at their cost less any identified impairment.

Gains and losses

All gains and losses are taken to the Statement of Financial Activities as arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value. Unrealised gains and losses are calculated as the difference between fair value at year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.

F. Social investments

Programme-related investments

Programme-related properties are properties that are held by the charity and provided to individuals or organisations in delivering charitable objects which are in line with Shaftesbury’s own charitable objects. This type of fixed asset is held without seeking to make a return, other than one which is incidental.

Properties held in trust by Shaftesbury are held at historical transfer costs.

G. Financial Instruments

Financial instruments are contracts that give rise to a financial asset for one party to the contract and a financial liability or equity instrument for the other party.

Basic Financial Instruments

Shaftesbury and its group entities have basic financial instruments that are recognised when the provisions of the contract are met and for which the accounting policies are as follows:

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

46

Trade debtors and other amounts receivable

Trade debtors and other amounts receivable are recognised at the value defined by the contract, agreement or legislation giving rise to the amount receivable. Impairment of receivable amounts is recognised as expenditure in the Statement of Financial Activities.

Trade creditors and other amounts payable

Trade creditors and other amounts payable are recognised at the value defined by the contract, agreement or legislation giving rise to the liability.

Bank loans

Bank loans are recognised at the present value of the cash flows under the loan agreement, discounted at the effective interest rate for each bank loan.

Other Financial Instruments

The accounting policies for other financial instruments are as follows:

H. Leases

Operating leases

Where Shaftesbury acts as the lessee, the cost of operating leases is recognised by spreading the total payments under the lease, including lease premiums paid, evenly over the lease term. Lease incentives that reduce the rent payable under the lease are taken as part of the total payments.

Where Shaftesbury acts as the lessor, income is recognised by spreading the total receipts under the lease evenly over the lease term. Lease incentives paid and premiums received are treated as part of the total receipts. Costs of arranging the lease of an asset are added to the cost of the leased asset and recognised over the lease term in the same way as the lease income.

I. Short-term employee benefits

The liability to pay short-term employee benefits, which are mainly salary, the entitlement to paid leave and related employment taxes, is recognised as the employees earn entitlement to pay and paid leave under the terms of their employment contract, with a corresponding expense recognised in expenditure. Amounts paid are deducted from the liability when paid.

J. Redundancy and termination payments

Redundancy and termination payments are recognised in the Statement of Financial Activities when they become due for payment as a result of notice given to staff or agreement between the charity and the employee.

K. Pensions

Defined contribution pension schemes

Contributions to defined contribution pension schemes are recognised in the Statement of Financial Activities when entitlement to the contributions has been earned by the member of staff. The cost is allocated to the activity within which the staff member has worked and the fund that is resourcing the activity.

Defined benefit pension schemes – single employer schemes

As the principal employer in such schemes, Shaftesbury has a duty to fund the schemes to enable them to pay the benefits due to the scheme members. A liability equal to the net present value of future

47

liabilities payable under the schemes net of the fair value of the assets of the scheme is recognised at the date of the accounts.

The net present value of the future liabilities is calculated for each scheme by a qualified actuary using the project unit credit method, taking account of expected changes to future benefits arising from salary changes and changes in pension payments from inflation and other effects. The discount rate applied to the future liabilities is set by reference to the return rate from high-quality corporate bonds with the same currency and similar maturity as the pension payments.

An interest charge equal to the unwinding of the discount on the net liability is recognised each year. The costs of administration of the schemes are recognised as an expense each year.

Changes to the net liability from changes to actuarial assumptions underlying the valuation and the difference between the actual return on assets and that included in the annual interest charge are recorded as actuarial changes and presented in the SOFA within other recognised gains and losses.

Where a scheme is determined to be in a surplus position , a surplus is recognised as an asset only to the extent that this can be recovered in future years through reductions in employer contributions or through a specific refund/reimbursement from the scheme.

Defined benefit pension schemes – multi-employer schemes

The multi-employer defined benefit pension scheme is accounted for as a defined contribution scheme, due to insufficient information available from the actuary, to split the assets and liabilities of the scheme by employer, to enable the scheme to be accounted for as a defined benefit scheme.

Contributions made towards the scheme are charged to the Statement of Financial Activities when they become payable.

Where Shaftesbury has a liability to pay deficit reduction payments to multi-employer schemes, the present value of the agreed payments are discounted using the corporate bond rate as an appropriate discount rate. The discount is unwound annually with the unwinding effect charged to the Statement of Financial Activities.

L. Cash flows

The consolidated cash flows of Shaftesbury and its subsidiary companies are shown and reported using the indirect method of calculating cash flows, eliminating flows between the entities in the Shaftesbury group

M. Properties held for Sale

Properties held for sale are stated at the lower of carrying value and net realisable value (NRV). NRV is based on the actual or estimated selling price less all further costs to completion.

N. Taxation Status

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The subsidiary companies make qualifying donations of all taxable profit to Shaftesbury.

48

O. Judgements and Uncertainties

In preparing these financial statements, the directors have made judgements to determine whether there are indicators of impairment of the charity's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability, expected future financial performance of the asset and valuation of investment and fixed assets.

The other key source of estimated uncertainty is in relation to the depreciation of tangible fixed assets (see note 8).

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Fixed assets and investments are annually valued to assess and recognise any change in values. (see accounting policy note 1.D for further details)

Estimates of the net pension position depend on a number of complex judgements relating to the discount rate used, changes in retirement ages and mortality rates. The group engages a firm of actuaries to provide expert advice about the assumptions made and the effect on the pension liability of the changes in these assumptions (see accounting policy note 1.M for further details). The Trustees’ judgement is that the surplus on the John Grooms Pension and Assurance Scheme which is a JPAS defined benefit pension scheme as at 31 March 2024 is not recoverable and therefore has not been recognised in the accounts.

49

Note 2 Analysis of Income for the year ended 31 March 2024


Group
Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
£'000
£'000
£'000
£'000
Donations and Legacies
Donations
Income from Charitable events
Legacies
Grants from government and other public bodies
Total Donations and Legacies
Charitable Activities
Residential and Community
Education and Care
Community Engagement
Trusts
Total Charitable Activities
Other Trading		 1,094
460
0
1,554
56
0
0
56
4,487
0
0
4,487

160
130
0
290
5,797
590
0
6,387
38,632
0
0 38,632
13,163
1
0 13,164
24
314
0
338
195
0
0
195
52,013
315
0 52,329
1,468
0
0
1,468

Note 2 Analysis of Income for the year ended 31 March 2023


Group
Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
£'000
£'000
£'000
£'000
Donations and Legacies
Donations
Legacies
Grants from government and other public bodies
Total Donations and Legacies
Charitable Activities
Residential and Community
Education and Care
Community Engagement
Total Charitable Activities
Other Trading
Investment Income		 1,291
604
0
1,895
1,358
27
0
1,386

228
0
0
228
2,878
631
0
3,509
33,653
0
0 33,653
9,848
0
0
9,848
16
299
0
315
43,516
299
0 43,816
1,028
0
0
1,028
191
0
0
191

50

Note 2 Analysis of Income for year ended 31 March 2024

Charity Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
£'000
£'000
£'000
£'000
Donations and Legacies
Donations
Legacies
Total Donations and Legacies
Charitable Activities
Residential and Community
Education and Care
Total Charitable Activities
Other Trading		 1,081
460
0
1,541
4,487
0
0
4,487
5,569
460
0
6,029
37,743
0
0
37,743
13,164
0
0
13,164
50,907
0
0
50,907
1,264
0
0
1,264

Note 2 Analysis of Income for year ended 31 March 2023

Charity Unrestricted
Funds
Restricted
Funds
Endowment
funds
Total
Funds
£'000
£'000
£'000
£'000
Donations and Legacies
Donations
963
340
0
1,304
Legacies
1,358
27
0
1,386
Grant from Government & Other public
bodies- Note 2a
228
0
0
228
Total Donations and Legacies
2,550
367
0
2,917
Charitable Activities
Residential and Community
32,857
0
0
32,857
Education and Care
9,848
0
0
9,848
Total Charitable Activities
42,705
0
0
42,705
Other Trading
795
0
0
795
Note 2a Grants receivable from government and other public bodies for the year ended March 2024

Group
Unrestricted
Funds
Restricted
Funds
Endowment
funds Total
Funds
Total
Funds
£'000
£'000
£'000
£'000
Grant Income
Non-London Local Authorities		 160
130
0
290
160
130
0
290

51

Note 2a Grants receivable from government and other public bodies for the year ended March 2023

Group Unrestricted
Funds
Restricted
Funds
Endowment
funds Total
Funds
Total
Funds		 Unrestricted
Funds
Restricted
Funds
Endowment
funds Total
Funds
Total
Funds
£'000
£'000
£'000
£'000
Grant Income
Coronavirus Job Retention Scheme (CJRS)
Non-London Local Authorities		 154
0
0
154
74
0
0
74
228
0
0
228
Note: 3 Income from Investments for the year ended 31 March 2024

Group
Unrestricted
Restricted
Endowment
Total
Fund
Fund
Fund
£'000
£'000
£'000
£'00
0
Analysis of Income from Investments
Property Rental
Interest Receivable
Total Investment income
Analysis of gain from Investment Revaluation
Listed Investment
Investment Property
Social Investment
Total (loss)/gain from Investment Revaluations		 151
0
0
151
88
0
0
88
239
0
0
239
22
0
0
22
(75)
0
130
55
21
0
0
21
(32)
0
130
98

52

Note: 3 Income from Investments for the year ended 31 March 2023 Note: 3 Income from Investments for the year ended 31 March 2023

Group
Unrestricted
Restricted
Endowment
Total
Fund
Fund
Fund
£'000
£'000
£'000
£'000
Analysis of Income from Investments
Property Rental
Interest Receivable
Other Investment income
Total Investment income
Analysis of gain/(loss) from Investment Revaluation
Listed Investment
Investment Property
Social Investment
Total gain/(loss) from Investment Revaluations		 75
0
0
75
59
0
0
59
56
0
0
56
191
0
0
**191 **
(79)
0
0
(79)
(105)
0
0
(105)
0
0
0
0
(184)
0
0
(184)
Note: 3 Income from Investments for the year ended 31 March 2024 Note: 3 Income from Investments for the year ended 31 March 2024

Charity
Unrestricted
Restricted
Endowment
Total
Fund
Fund
Fund
£'000
£'000
£'000
£'000
Analysis of Income from Investments
Property Rental
Interest Receivable
Other Investment income
Total Investment income
Analysis of gain/(loss) from Investment Revaluation
Listed Investment
Investment Property
Social Investment
Total (gain)/loss from Investment Revaluations		 82
0
0
82
88
0
0
88
170
0
0
170
20
0
0
20
(75)
0
130
55
21
0
0
21
(34)
0
130
96

53

Note: 3 Income from Investments for the year ended 31 March 2023 Note: 3 Income from Investments for the year ended 31 March 2023 Note: 3 Income from Investments for the year ended 31 March 2023 Note: 3 Income from Investments for the year ended 31 March 2023

Charity
Unrestricted
Restricted
Endowment
Total
Fund
Fund
Fund
£'000
£'000
£'000
£'000
Analysis of Income from Investments
Property Rental
Interest Receivable
Total Investment income
Analysis of (loss) from Investment Revaluation
Listed Investment
Investment Property
Total (loss) from Investment Revaluations		 75
-
-
75
59
- -
59
134
0
0
134
(80)
0
0
(80)
(105)
0
0
(105)
(185)
0
0
(185)

Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
746
535
746
535


(1,381)
(665)
(1,381)
(665)
Note: 4 Profit/(Loss) on Disposal of Fixed assets
Functional Property
Disposal Proceeds net of costs
Net book value of disposal assets
(Losses) on Disposal
Investment Property
Disposal Proceeds net of costs
Net book value of disposal assets
Gain/(Losses) on Disposal
Endowment Property
Disposal Proceeds net of costs
Net book value of disposal assets
Gain on Disposal
(635)
(130)
( 635)		 (130)
74
1,111
74
1,111




(52)
(1,276)
(52)
(1,276)
22
(166)
22
(166)
0
1,300
0
0



0
0
0
0
0
1,300
0
0

54

Note: 4 Profit/(Loss) on Disposal of Fixed assets summary
Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Disposal Proceeds net of costs
821
2,646
821
1,646


Net book value of disposal assets
(1,434)
(1,942)
(1,434)
(1,942)


(Losses) on Disposal
(613)
(295)
(613)
(295)		 Note: 4 Profit/(Loss) on Disposal of Fixed assets summary
Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Disposal Proceeds net of costs
821
2,646
821
1,646


Net book value of disposal assets
(1,434)
(1,942)
(1,434)
(1,942)


(Losses) on Disposal
(613)
(295)
(613)
(295)		 Note: 4 Profit/(Loss) on Disposal of Fixed assets summary
Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Disposal Proceeds net of costs
821
2,646
821
1,646


Net book value of disposal assets
(1,434)
(1,942)
(1,434)
(1,942)


(Losses) on Disposal
(613)
(295)
(613)
(295)
Disposal Proceeds net of costs
Net book value of disposal assets
(Losses) on Disposal
(613)
(295)
(613)		 (295)

Income from Trust £1.3m refers to income from the sale of land owned by Kingsley Hall Trust for the development and use of KHCC. The same value has been as treated as endowment fund.

Note 5 Expenditure Analysis for the year ended 2024


Group
Unrestricted
Funds
Restricted
Fund
Endowment
Funds
Total
Funds
£'000
£'000
£'000
£'000
Analysis of Expenditure
Raising Funds
Total Raising Funds
Costs of Charitable activities
Residential and Community
Education
Community Engagement
Total Charitable activities
Other		 1,261
33
0
1,294
1,261
33
0
1,294
42,385
171
0
42,556
12,561
404
0
12,966
630
26
46
701
55,576
602
46
56,224
438
270
0
708

55

Note 5 Expenditure Analysis for the year ended 2023


Group
Group
Unrestricted
Funds
Restricted
Fund
Endowment
Funds
Total
Funds
£'000
£'000
£'000
£'000
Analysis of Expenditure
Raising Funds
632
14
0
646
Support Costs
617
0
0
617
Total Raising Funds
1,249
14
0
1,263
Costs of Charitable activities
Residential and Community
39,485
110
0
39,594
Education
11,516
241
0
11,757
Community Engagement
396
15
46
457
Total Charitable activities
51,396
366
46
51,808
Other
378
386
0
764
Note 5 Expenditure Analysis for the year ended 31 March 2024		 632
14
0
646
617
0
0
617
1,249
14
0
1,263
39,485
110
0
39,594
11,516
241
0
11,757
396
15
46
457

Charity
Unrestricted
Funds
Restricted
Fund
Endowment
Funds
Total
Funds
£'000
£'000
£'000
£'000
Analysis of Expenditure
Raising Funds
Total Raising Funds

Costs of Charitable activities
Residential and Community
Education
Total Charitable activities
Other		 1,261
33
0
1,294
1,261
33
0
1,294
41,496
171
0
41,667
12,561
104
0
12,665
54,057
275
0
54,332
331
0
0
331

56

Note 5 Expenditure Analysis for the year ended 31 March 2023


Charity
Unrestricted
Funds
Restricted
Fund
Endowment
Funds
Total
Funds
£'000
£'000
£'000
£'000
Analysis of Expenditure
Raising Funds
Support Costs
Total Raising Funds
Costs of Charitable activities
Residential and Community
Education
Total Charitable activities
Other		 632
14
0
646
617
0
0
617
1,249
14
0
1,263
39,485
110
0
39,594
10,719
10
0
10,730
50,204
120
0
50,324
178
0
0
178
Group Only 2023/24
Allocation of Support
Costs		 Raising
Funds
Residential &
Communication
Education
Total
£'000
£'000
£'000
£'000
28
208
72
308
56
415
145
615
219
1,613
563
2,395
166
1,227
428
1,821
136
1,000
349
1,485
30
221
77
328
(1)
(5)
(2)
(7)
Senior Management
Human Resources
Finance
Information Technology
Corporate Services
Marketing and
Communications
Bad Debts
635
4,679
1,632
6,945

57

Group Only 2022/23
2022/23
Allocation of Support
Costs		 Raising
Funds
Residential &
Communication
Education
Total
£'000
£'000
£'000
£'000
26
238
70
334
37
336
98
470
187
1,703
498
2,389
146
1,332
390
1,868
195
1,774
519
2,488
26
241
71
339
Senior Management
Human Resources
Finance
Information Technology
Corporate Services
Marketing and
Communications
617
5,625
1,646
7,888
Group Only

Analysis of Direct and Support
Costs		 Direct Costs
Support Costs
Total
2023/24
£'000
£'000
£'000
Fundraising costs
Costs of Charitable activities
Residential & Community
Education
Community Engagement
Trusts
Total Charitable Activities
Other		 658
635
1,293
37,877
4,679
42,556
11,334
1,632
12,966
701
0
701
-
48,022
6,311
56,224
708
-
708

58

Group Only
Analysis of Direct and Support Costs Direct Costs Support Costs Total
2022/23
£'000 £'000 £'000
Raising funds 658 617 1,263
Support costs - - -
Total Raising Funds 646 617 1,263
Residential & Community 33,969 5,625 39,594
Education 10,111 1,646 11,757
Community Engagement 457 0 457
Total Charitable Activities 44,537 7,271 51,808
Other 764 - 764
Net income/(Expenditure) is stated after charging Group
2024 2023
£'000 £'000
Depreciation 895 737
Audit current year 65 65
Interest payable 767 546
Operating lease charges:
Land and Buildings 1,939 1,510
Other equipment 39 39
Note: 6 Staff and Staffing costs
Group
Group


2024
2024
2023
2023
Number
FTE
Number
FTE
Education Services
Residential and Community Services
Community Engagement
Generating Funds
Support Function
Total		 308
269
303
295
792
656
888
781
1
1
1
1
9
9
13
13
102
95
145
150
1,211
1,029
1,350
1,240

59

Analysis of staff costs Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Wages and Salaries
Social Security costs
Employer contributions to defined contribution pension
schemes
Operating Costs of defined benefit pension
Redundancy and Termination Payments
Agency staff
Total staff cost		 30,708
28,193
29,409
27,120
2,595
2,388
2,486
2,308
1,001
981
968
924
156
178
156
178
64
86
64
86
8,103
9,307
8,103
9,307
42,626
41,133
41,185 39,924

For the Group, redundancy payments were £0k (2023 £45k) and the termination payments were £63k (2023 £41k).

High paid staff - Group

The number of staff with remuneration excluding employer pension contribution of £60,000 or above, split into bands of £10,000 was:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
£160,000 - £169,999		 2024
4
7
0
2
1
1		 2023
8
2
1
1
2
1
Remuneration of key management personnel (Executive Leadership team)
2024 2023
£'000 £'000
Wages and salaries
Contributions to defined contribution pension schemes
Employers national Insurance
Total		 486
44
62
**592 **		 491
44
66
**601 **

60

Note 7: Subsidiary
Undertaking
Name Function Company
Registration		 Registered
Charity number		 Financial
Year end
Brain injury 31st
Shaftesbury Icanho Limited rehabilitation Services 2167304
N/A		 March
Kingsley Hall Church and
Community Centre, a Social and religious
company limited by services to the 31st
guarantee. Becontree Estate 6129881
1120001		 March
Construction and
housing management
Livability Contracting related services to the 31st
Services Limited Shaftesbury group 3594964
N/A		 March
East Holton Charity a
company limited by 31st
guarantee Dormant 2717228
1011867		 March
31st
Holton Lee Limited Dormant 2871759
N/A		 March
The Shaftesbury Society, a
company limited by Predecessor charity to 31st
guarantee Shaftesbury 38751
221948		 March
Prospects for People with
learning disabilities, a
company limited by 31st
guarantee Dormant 3305658
1060571		 March
At Home in the Community
Limited, a company limited by 31st
guarantee Dormant 2470260
803280		 March
John Grooms, a company 31st
limited by guarantee Dormant 113685
212463		 March
31st
Prospects Trading Limited Dormant 3222851
N/A		 March
31st
A Cause for Concern Dormant N/A
271600		 March
31st
Livability Trading Limited Dormant 3232362
N/A		 March
31st
Shaftesbury Care Limited Dormant 3232329
N/A		 March

61

Turnover
Operating
profit or
net
incoming/
(outgoing)
resources
Transfer to
the charity
Aggregate
Assets
Aggregate
Liabilities
Net Asset/
(Liabilities)
John Groom
The Shaftesbury
Society
Shaftesbury Icanho
Kingsley Hall Church
and Community
Centre
Livability
Contracting Services
Ltd
East Holton Charity
Holton Lee ltd
Prospects for People
with Learning
disabilities
At Home in the
Community
A Cause for
Concerns
Livability Trading Ltd
Shaftesbury Care
Ltd		 0
0
0
0
0
0
0
3
0
46
0
46
889
7
7
1
1
0
1,093
(214)
0
7,035
731
6,304
72
0
0
20
20
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,054
(205)
7
7,102
752
6,349
Linked Charities
Registered Charity
Name number
Highway Evangelical Church 1116530-8
The Coney Hill School Will Trusts 1116530-1
The Shaftesbury Welcome Mission 1116530-6
The Shaftesbury Development Fund 1116530-4
The Beddington Fund 1116530-7
Chiswick Mission 1116530-3
Marsh Street Mission 1116530-2

62

Note: 8 Tangible Fixed Assets
Functional
Freehold
Property
Asset under
construction
Functional
leasehold
Property
Other
Fixed
Assets
Total
Group £'000
£'000
£'000
£'000
£'000
Cost at 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation at 1 April 2023
Charged in the year
Release on disposal
At 31 March 2024
Net book value at 31 March 2024
Net book value at 31 March 2023		 41,080
21
1,792
11,621
54,514
703
305
0
557
1,565
(1,063)
0
(759)
(415)
(2,237)
40,720
326
1,033
11763
53,842
(813)
0
(380)
(10,734)
(11,927)
(492)
0
(27)
(375)
(895)
0
0
215
404
619
(1,305)
0
(192)
(10,704)
(12,201)
39,415
326
841
1,059
41,641
40,267
21
1,413
888
42,589

Charity Fixed assets include assets with carrying values of £28m (2023: £28m) which have been pledged as security for bank loans disclosed in note 12.

63

Note: 8 Tangible Fixed Assets (cont.) Note: 8 Tangible Fixed Assets (cont.)

Functional
Freehold
Property
Asset under
construction
Functional
leasehold
Property
Other
Fixed
Assets
Total
Charity £'000
£'000
£'000
£'000
£'000
Cost at 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation at 1 April 2023
Charged in the year
Release on disposal
At 31 March 2024
Net book value at 31 March 2024
Net book value at 31 March 2023		 35,392
21
1,792
11,532
48,738
251
305
0
555
1,111
(1,063)
0
(759)
(415)
(2,237)
34,580
326
1,033
11,673
47,612
(508)
0
(380)
(10,666)
(11,555)
(421)
0
(27)
(370)
(819)
0
0
215
404
619
(929)
0
(192)
(10,633)
(11,754)
33,651
326
841
1,040
35,859
34,883
21
1,412
866
37,184

Charity Fixed assets include assets with carrying values of £28m (2023: £28m) which have been pledged as security for bank loans disclosed in note 12.

Note: 9 Financial Investments
Group
Charity


2024
2023
2024
2023
£'000
£'000
£'000
£'000
Analysis of changes in investment values
Investments at start of year
Disposals
Gains on revaluation
Investments at the year end
Analysis of Investments
Investment Properties
Cash and Equivalents
Listed investments
Investments in subsidiary entities
Total Investments		 1,891
3,195
1,863
3,165
(175)
(1,325)
(175)
(1,325)
130
21
130
21
1,846
1,891
1,816
1,863
1,060
1,057
1,060
1,057
208
190
208
190
571
636
540
608
8
8
8
8
1,846
1,891
1,816
1,863

64

Note: 10 Social Investments Charity
2024
2023
£'000
£'000
3,962
4,067
0
0
0
0
21
(105)
3,982
**3,962 **		 Charity
2024
2023
£'000
£'000
3,962
4,067
0
0
0
0
21
(105)
3,982
**3,962 **
Group
2024
2023
£'000
£'000
3,962
4,067
0
0
0
0
21
(105)
Analysis of changes in investment values
Investments at start of year
Additions
Disposals
Gains/(Losses) on revaluation
Social Investments at the year end
3,982
3,962
Note: 11 Debtors
Group Charity

2024
2023
2024
2023
£'000 £'000 £'000 £'000
Trade Receivables
Prepayments and Accrued Income
Other Debtors
Amounts due from Subsidiary undertaking		 1,496
3,668
825
0
5,988		 1,067
1,723
359
0
3,149		 1,467
3,625
825
28
5,945		 1,027
1,679
334
232
3,270
Note: 12 Creditors
Group 2023
£'000
3,206
1,685
573
371
1,355
0
2024
£'000
2,461
2,278
677
335
804
0
Amounts falling due within 1 year
Trade Payables
Accrued charges and Deferred income
Taxation and Social Security
Bank Loans
Other Creditors
Amounts due to Group Entities
6,555 7,191

65

Group
Charity
2024
2023
2024
2023
£'000
£'000
9,226
9,471
8,542
8,776
Amount falling due after more than 1 year:
Bank loans
9,226
9,471
8,542
8,776

The Bank Loans are repayable by instalments falling due in the following periods:

Group
Charity
2024
2023
2024
2023
£'000
£'000
£'000
£'000
335
371
320
354
364
1,141
349
446
1,429
1,433
1,386
1,433
7,433
6,897
6,807
6,897
Within 1 year
Within 1 - 2 years
Within 2 - 5 years
After 5 years
9,561
9,843
8,863
**9,131 **

The lenders, principle terms of borrowing and the security given for the borrowings are set out in the table below:

Facility Provider: Interest Basis Margin 31 March 24 Repayable by
% £'000
Metro Bank base
Metro Bank Term Loan rate 3.25% 5,111 15/03/2029
Metro Bank base
Metro Bank Term Loan rate 3.75% 3,751 15/03/2029
Charity Bank Term Loan (Group - KHCC) Bank of England 3.25% 698 20/06/2043

66

Note 13 Pensions

The Charity contributes to seven staff pension schemes, which are:

A Group Personal Pension Plan defined contribution scheme operated by Aegon which all permanent non-bank employees of Shaftesbury, who have successfully completed their probationary period of employment, were eligible to join until October 2013.

A Group Personal Pension Plan defined contribution scheme operated by the People's Pension into which all employees are enrolled when they meet the criteria for automatic enrolment and are not already enrolled in a pension scheme that meets the criteria of the Pensions Regulator.

A Group Personal Pension Plan defined contribution scheme operated by Legal and General into which all employees are enrolled when they meet the criteria for automatic enrolment and are not already enrolled in a pension scheme that meets the criteria of the Pensions Regulator

The Shaftesbury Final Salary Pension Scheme (“Shaftesbury DB scheme”), a defined benefit scheme which was closed to new members and further service accrual in June 2007. This scheme is administered by The Pensions Trust.

The John Grooms Pension and Assurance Scheme (“JGPAS”), a defined benefit scheme, which had been closed to new members some years ago, was closed to further service accrual in June 2007. This scheme is administered by XPS.

The Teachers’ Pension Scheme (a multi-employer defined benefit scheme) in which teaching staff are eligible to be members, and to which the Charity contributes at a rate fixed by the Fund actuaries.

The Pensions Trust Growth Plan (a multi-employer defined benefit scheme). There only 1 active member of this scheme which is closed to further benefit accrual; contributions are made at the minimum level required to maintain membership of the scheme and for reduction of the deficit in the scheme. Withdrawal from the scheme would trigger a liability estimated at 31 March 2024 at £11,000 (2023: £24,000). There is no intention to withdraw from the scheme and therefore this liability is not recognised in the Accounts at 31 March 2024.

Kingsley Hall Church and Community Centre contributes to a defined contribution scheme operated by the Pensions Trust for one member of staff.

The Shaftesbury DB scheme and JGPAS were closed to new members and benefit accrual in June 2007; members employed at the closure date retain a link between their salary and benefits payable until their retirement or their earlier date of leaving employment.

The cost of employer contributions to the defined contribution plans was £131,000 in the year (2023: £1,278,000). There are no prepaid contributions in respect of any of the schemes at the balance sheet date.

The defined benefit schemes are both contracted-out of the State Second Pension Scheme (S2P) and their assets are held separately from those of the Charity. Contributions to the schemes were agreed with the schemes’ Trustees, in accordance with the agreed technical provisions and recovery periods agreed for each scheme.

The last triennial valuation of the Shaftesbury DB scheme was carried out as at 30 September 2020 and has been updated to 31 March 2021 by an independent qualified actuary, in accordance with FRS 102.

67

The last actuarial valuation as at 30 September 2021 showed a deficit of £5,893,000. The Employer agreed with the Trustee that it will aim to eliminate the deficit by 30 June 2026 by the payment of contributions of £1,157,943.60 per annum (payable monthly) prior to 1 April 2023. No contributions are payable from 1 April 2023 to 31 March 2024. From 1 April 2024 to 31 March 2025, the Employer will pay contributions of £594,025 per annum (payable monthly). From 1 April 2025, the Employer will pay contributions of £1,218,939 per annum (payable monthly), increasing by 2.6% on 1 April 2026, with contributions ceasing from 30 June 2026. In addition, the Employer agreed to pay contributions of £115,000 per annum (payable monthly) prior to 1 April 2023, and £120,456 per annum (payable monthly) from 1 April 2023 in respect of Scheme expenses. These include an allowance to cover the Pension Protection Fund levy. Payments will increase at each 1 April by 3% p.a. with the first increase on 1 April 2024

An actuarial valuation of JGPAS was carried out as of 31 March 2015 and updated to 31 March 2021 by an independent qualified actuary. The recovery contribution made to the Scheme by the employer in the year was £11,000.

The market value of the Scheme’s assets as at 31 March 2024 has also been taken from the unaudited draft Trustee Report and Accounts. They have been calculated as the sum of the invested assets held with BlackRock and Legal and General Investment Management, of £14,417,939, plus the value of the net current assets of £317,533. This gives a total asset value at 31 March 2024 of £14,735,472.

The assets in the schemes were:

The assets in the schemes were:
Shaftesbury
DB
JGPAS
Growth
Plan

Total
2024
2024
2024
2024
£000
£000
£000
£000
Equity 894
4,307
–
5,201
Bonds 7,572
5,574
–
13,146
Property 1,981
–
–
1,981
Other 2,256
–
–
2,256
LDI 10,729
–
–
10,729
Liquid Alternatives 1,485
–
–
1,485
Private Credit 880
–
–
880
Cashand currentliabilities 843
4,854
–		 5,697
Fair value of scheme assets 26,640
14,735
–
41,375
Present value of scheme liabilities (28,469) (13,470) (11) (41,950)
Effect of asset ceiling - (1,265) - (1,265)
Pension liability disclosed in the financial
statements		 (1,829) – (11) (1,840)
The actual return on scheme assets over the
periodwas: 766 53 – 819

68

The assets in the schemes were:

The assets in the schemes were:
Livability
DB

JGPAS
Growth
Plan

Total
2023
2023
2023
2023
£000
£000
£000
£000
Equity 590
3,650
-
4,240
Bonds 2,087
8,801
-
10,888
Property 2,476
-
-
2,476
Other 3,896
-
-
22,300
LDI 12,439
-
-
12,439
Liquid Alternatives 2,860
-
-
2,860
Private Credit 3,105
-
-
3,105
Cashand currentliabilities 1,432
2,812
-		 4,244
Fair value of scheme assets 28,885
15,263
-
44,148
Present value of scheme liabilities (28,586) (13,702) (24) (42,312)
Effect of asset ceiling (299) (1,561) - (1,860)
Pension liability disclosed in the financial
statements		 - - (24) (24)
The actual return on scheme assets over the
periodwas: (10, 576) (4,941) - (15,517)
Expenses
Past service cost
Net interest cost
Included in net (income) / expenditure
Actuarial (gains) / losses		 2024
156
0
(88)
68
1,803		 2023
178
0
(59)
119
1,625
Total recognised (gains) and losses reported in the SOFA 1,743
1,871

Contributions and administration fees payable in the year ending 31 March 2025:

£000
The Shaftesbury Final Salary Pension Scheme 594
The Pensions Trust Growth Plan 13
John Grooms Pension and Assurance Scheme 265
872

69

Financial assumptions – Shaftesbury DB scheme

Financial assumptions – Shaftesbury DB scheme Financial assumptions – Shaftesbury DB scheme Financial assumptions – Shaftesbury DB scheme
Financial assumptions 31 March
2024		 31 March
2023
Discount rate 4.87% p.a. 4.87% p.a.
Inflation (RPI) 3.14% p.a. 3.20% p.a.
Inflation (CPI) 2.93% p.a. 2.93% p.a.
Earnings Growth 2.93% p.a. 3.60% p.a.
Deferred revaluation: Final Salary RPI max 5% p.a. 3.14% p.a. 3.20% p.a.
Pension increases in payment: CPI max 5% p.a. 2.85% p.a. 2.85% p.a.
Pension increases in payment: CPI max 2.5% p.a. 2.01% p.a. 2.01% p.a.
Pension increases in payment: CPI max 3% p.a. 2.28% p.a. 2.28% p.a.
Assumed life expectancies on retirement at age 65 are: As at
31/03/2024
As at
31/03/2023
Retiring today-Males 21.3 21.5
Retiring today-Females 23.9 24.0
Retiring in 20 years’time-Males 22.9 23.2
Retiring in 20 years’time-Females 25.3 25.4

Financial assumptions – JGPAS

The major assumptions used by the actuary were (in nominal terms) as follows:

As at
31/03/2024
Discount rate 4.89%
Inflation assumption (RPI) 3.14%
Rate of increase in salaries 3.14%
Pension increases in payment:-RPI up to 5% 3.02%
Assumed life expectancies on retirement at age 65 are: As at
31/03/2024
As at
31/03/2023
Retiring today-Males 21.8 21.9
Retiring today-Females 24.2 24.2
Retiring in 20 years’time-Males 23.1 23.2
Retiring in 20 years’time-Females 25.6 25.6

70

Note: 14 (Group) Funds
Restated
Balance at
31 March
2023
Income		 Expenditure Unrealised
gains/(losses)
Transfers
Balance
at 31
March
2024
£'000
£'000		 £'000 £'000 £'000
£'000
Designated Funds
Maintenance reserves -
Designated
Revaluation fund
Total Designated funds
Unrestricted Funds
General fund
Unrestricted Funds before
Pension Liability
Pension Reserve
Total Unrestricted Funds
Restricted Funds
Education
Residential & Community
Services
Community Engagement
Giving by Lending
F Clements Will Trust
Kingsley Hall Church &
Community Hall
Kingsley Hall, Dagenham
Prospects
Holton Lee
Total Restricted Funds
Permanent Endowment
Funds
Chiswick
Highway
Marsh St
Coney Hill Will
Welcome
Kingsley Hall, Dagenham
SHBEF
Shaftesbury Development
Beddington
Total Permanent
Endowment Funds
Total Funds		 9,653
0
14,617
0		 0
0		 0
0		 0
9,653
0
14,617
24,270
0		 0 0 0
24,270
4,017
59,431		 (57,732) (32) (21)
5,664
28,287
59,431
(24)
88		 (57,732)
(156)		 (32)
(1,803)		 (21)
29,934
55
(1,840)
28,264
59,519		 (57,888) (1,835) 34
**28,094 **
330
0
1,027
0
218
460
57
0
30
0
2,840
444
0
0
60
0
301
0		 (104)
(171)
(33)
0
0
(597)
0
0
0		 0
0
0
0
0
0
0
0
0		 0
226
0
856
0
645
0
57
0
30
(34)
2,653
0
0
0
60
0
301
4,861
904		 (905) 0 (34)
4,827
476
0
2,546
0
954
0
48
0
1,200
0
1,857
0
28
0
874
0
84
0		 0
0
0
0
0
(46)
0
0
0		 0
121
0
0
0
0
2
0
7		 0
476
0
2,668
0
954
0
48
0
1,200
0
1,812
0
30
0
874
0
91
8,067
0		 (46) 130 0
8,150
41,191
60,423		 (58,838) (1,705) 0
41,071

71

Note: 14 (Group) Funds
Restated
Balance at
31 March
2022
Income		 Expenditure Unrealised
gains/(losses)
Transfers
Balance
at 31
March
2023
£'000
£'000		 £'000 £'000 £'000
£'000
Designated Funds
Maintenance reserves -
Designated
Revaluation fund
Total Designated funds
Unrestricted Funds
General fund
Unrestricted Funds before
Pension Liability
Pension Reserve
Total Unrestricted Funds
Restricted Funds
Education
Residential & Community
Services
Community Engagement
Giving by Lending
F Clements Will Trust
Kingsley Hall Church &
Community Hall
Kingsley Hall, Dagenham
Prospects
Holton Lee
Total Restricted Funds
Permanent Endowment
Funds
Chiswick
Highway
Marsh St
Coney Hill Will
Welcome
Kingsley Hall, Dagenham
SHBEF
Shaftesbury Development
Beddington
Total Permanent
Endowment Funds
Total Funds		 9,653
0
14,617
0		 0
0		 0
0		 0
9,653
0
14,617
24,270
0		 0 0 0
24,270
9,738
47,552		 (53,325) 0 52
4,017
34,008
47,552
(37)
59		 (53,325)
(178)		 0
(1,625)		 52
28,287
1,757
(24)
33,971
47,611		 (53,503) (1,625) 1,809
**28,264 **
347
4
1,668
158
25
207
57
0
30
0
3,463
563
765
0
61
0
301
0		 (9)
(114)
(9)
(0)
0
(632)
0
(1)
0		 0
0
0
0
0
0
0
0
0		 (12)
330
(686)
1,027
(4)
218
(0)
57
0
30
(553)
2,840
(765)
0
0
60
0
301
6,717
931		 (766) 0 (2,020)
4,861
475
0
2,503
0
922
0
26
0
986
0
570
1,300
34
0
1,017
0
68
0		 0
0
0
0
0
(46)
0
0
0		 0
0
0
0
0
0
0
0
0		 1
476
43
2,547
32
954
22
48
214
1,200
33
1,857
(6)
28
(143)
874
16
84
6,601
1,300		 (46) 0 211
8,067
47,289
49,842		 (54,314) (1,625) (0)
41,191

72

A maintenance reserve and a revaluation reserve funds were created in line with the new reserve policy adopted by the trustees during the year 2021-22.

Restricted Funds : During the year, there were transfers from restricted funds to unrestricted funds of £34k. Restricted funds are those funds that are available for specific, restricted purposes within the overarching charitable objects of Shaftesbury.

Permanent Endowment Funds: As of March 2024, £1.8m included in endowment funds pertains to Kingsley Hall.

Note 14 Funds (Group)

Note 14 Funds (Group)
Name of Fund Description, nature and purpose of Fund
Unrestricted Funds
Property Fund Represents the total amount (at cost less depreciation, impairment,
unamortised government grants, mortgages and secured bank loans)
invested in freehold and leasehold properties used for the functional
purpose of the charity
Revaluation Fund Represents the difference between depreciated historical cost and carrying
value of the charity’s property and investment assets resulting from
revaluation
Equipment Fund Represents the total amount at cost of valuation, less depreciation and
unamortised government grants and direct borrowing, invested in fixtures
and fittings and motor vehicles used for the functional purposes of the
charity
General Funds Represents undesignated monies retained to provide the working capital to
enable the charity to carry out its activities
Pension Reserve Represents the deficit in the charity’s defined benefit pension schemes, as
calculated under FRS 102
Restricted Funds
Education Various funds received to support individual educational establishments
Residential and Community
Services		 Various funds received to support individual adult support establishments
and holidays, lifestyle and other operations
Giving by Lending Monies received from individuals
F Clements Trust Fund Income from this fund is to support the charity’s general activities
Kingsley Hall Church and
Community Centre		 Represents the net assets of Kingsley Hall Church and Community Centre
Kingsley Hall, Dagenham To promote social, educational and religious nature for the benefit of local
residents
Holton Lee Various funds supporting the work at Holton Lee
Prospects Various funds brought in and maintained as part of the merger with
Prospects

73

Note 14 Funds (Group)(Cont’d)

Note 14 Funds (Group)(Cont’d)
Permanent Endowment Funds Commonly Known as Objects
Chiswick Mission Chiswick To promote local mission purposes
Highway Evangelical Church
(Stratford)		 Highway To promote local church and mission
purposes
Marsh Street Mission
(Walthamstow)		 Marsh Street To promote local mission purposes
The Coney Hill Will Coney Hill Will To promote the education and welfare of
children and young persons
The Shaftesbury Welcome Mission
(Battersea)		 Welcome To promote local mission and community
purposes
Kingsley Hall, Dagenham Kingsley Hall To promote social, education and religious
nature for the benefit of local residents
Samuel Hale Bibby Endowment
Fund		 SHBEF To advance the education of children and
young persons with physical disabilities
The Shaftesbury Development
Fund		 Shaftesbury Development To apply income to the general purposes of
Shaftesbury
The Beddington Fund Beddington To benefit children and young persons by
ministering to their needs; aiding their
advancement in life; establishing, taking
over and maintaining homes; generally
promoting their education and welfare

Note: 15 Analysis of Net Assets by Funds for year ended 31 March 2024


Group
General
Designated
Pension
Restricted
Permanent
Endowment
Total
£'000
£'000
£'000
£'000
£'000
£'000
Tangible Fixed
Assets
Financial Investments
Social Investments
Cash
Other current assets
Current liabilities
Long-term liabilities
Funds at 31 March
2024		 10,072
28,222
-
1,891
1,456
41,641
807
-
-
-
1,039
1,846
-
1,337
-
-
2,645
3,982
3,271
-
-
1,964
-
5,235
2,006
-
-
972
3,010
5,988
(6,555)
-
-
-
-
(6,555)
(3,936)
(5,289)
(1,840)
-
-
(9,226)
5,664
24,270
(1,840)
4,826
8,150
41,071

74

Note: 15 Analysis of Net Assets by Funds for year ended 31 March 2023


Group
General
Designated
Pension
Restricted
Permanent
Endowment
Total
£'000
£'000
£'000
£'000
£'000
£'000
Tangible Fixed
Assets
Financial Investments
Social Investments
Cash
Other current assets
Current liabilities
Long-term liabilities
Funds at 31 March
2023		 9,691
28,222
-
2,617
2,059
42,589
548
-
-
57
1,286
1,891
-
1,337
-
-
2,625
3,962
4,324
-
-
1,962
-
6,286
828
-
-
226
2,096
3,150
(7,191)
-
-
-
-
(7,191)
(4,182)
(5,289)
(24)
-
-
(9,495)
4,018
24,270
(24)
4,861
8,066
**41,191 **

Note: 16 Obligations under Operating Leases

Group and
Charity
Within 1
year
In 2 - 5
years
Over 5
years		 2024
2023
£'000
£'000
£'000
£'000
£'000
£'000
Land &
Building
Other
Equipment
Total
Land &
Building
Other
Equipment
Total
1,335
3
1,338
1,517
28
1,545
3,838
6
3,844
4,214
9
4,223
11,067
-
11,067
10,746
-10,746
16,240
9 16,249
16,477
37 16,514

Note 17 Related Parties

One Trustee received £4,687 for providing consulting services. This agreement ended in June 2023. No other Trustee received remuneration in respect of their services as Trustees of Shaftesbury. Travel and other out of pocket expenses were reimbursed to Trustees in the year to the value of £4,541. 2023: (£5,251) and cost of providing training to Trustees in relation to their duties was £Nil (2023:Nil).

Shaftesbury received donations of £360 (2023: £360) from the Trustees.

75

2024 Shaftesbury
Society		 Shaftesbury
Icanho Ltd		 Kingsley
Church and
Community
Centre		 Livability
Contracting
Services
Ltd
East Holton
Charity		 Holton Lee
Ltd		 Prospects
for People
with
Learning
Disabilities
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance sheet
amounts
Amounts due to
Parent
undertaking 0 0 0 20
0		 71 0
Amounts due
from Parent
undertaking 18 2 195 0
0		 0 8
Income
Donation from
Parent Charity 0 0 0 0
0		 0 0
Expenditure
Charitable
Donation paid 0 7 0 0
0		 0 0
2023
Balance sheet
amounts
Amounts due to
Parent
undertaking 0 0 0 232
0		 0 8
Amounts due
from Parent
undertaking 18 2 0 160
0		 0 0
Income
Donation from
Parent Charity
0 0 0 0
0		 0 0
Expenditure
Charitable
Donation paid 2 7 0 0
0		 0 0

76

Trusts and supporters 2023-24

As well as the organisations listed below for their contributions towards our work, we also extend our thanks to those organisations who wished to remain anonymous, the families of those who remembered Shaftesbury in their Wills, and the thousands of generous individuals whose support makes such a huge difference to our work and the people we support.

Trusts and Foundations

The Rowlands Trust

Talbot Village Trust

The Hobson Charity

Hospital Saturday Fund

Dudley and Geoffrey Cox Charitable Trust

The Edith Murphy Foundation

Audrey V Knowles Charitable Trust

Homelands Charitable Trust

Joan Ainslie Charitable Trust

Miss Patricia Ann Herberts Charitable Trust

The Thomson-Bree Charitable Trust

The Valentine Charitable Trust

Women’s World Day of Prayer

Edgar Lee Foundation

Supporters

David Smith and Julia Stanton

Linda Kjelgaard

Geoff and Gillian Hale, made in memory and honour of Howard Page-Clark (1953-2023)

Thanks to all of our Friends groups who continue their support of Shaftesbury’s services by raising income through events like Christmas Fairs, car shows and by providing activities for the people we support such as Bingo, nature visits, arts, crafts, cooking sessions and singing.

77

Organisational details

Patron: Her Royal Highness, The Princess Royal

Vice-Patrons: The Rt Hon The Earl of Shaftesbury, Nicholas Ashley-Cooper President: The Most Revd and Rt Hon Justin Welby, Archbishop of Canterbury Senior Vice-President : Baroness Valerie Howarth of Breckland OBE

Vice-Presidents

Lord Donald Curry of Kirkharle CBE

David Harmer

Roy McCloughry

The Rt Hon Lord McColl of Dulwich CBE

Sarah Omond

Pamela Rhodes The Revd Canon Roger Royle

Revd Michael Shaw

Trustees

Tom O'Connor, current Chair of Trustees (appointed as Chair on 18 April 2024)

John Robinson CBE, Chair of Trustees during the year 2023-24 (retired on 18 April 2024) Anne Anketell (resigned 11 April 2023)

The Rt Revd Richard Frith

Duncan Ingram, Chair of Strategic Business Committee

Canon Sue Johns, Chair of Safeguarding and Services Quality Committee

Lisa Quinlan-Rahman

John Weaving

Andrew Wilson

Peter Woodall, Chair of Audit Committee

78

Senior officers

Chief Executive Officer – Sally Chivers

Executive Director for Education - Adele Audin

Acting Finance Director – Siva Gopalakrishnan

Executive Director of Care Operations – Jane Percy

Executive Director of Fundraising, Marketing and Communications – Emma Smith (appointed 4 November 2024)

Principal solicitors: Anthony Collins LLP, 134 Edmund Street, Birmingham, B3 2ES

Principal bankers: Metro Bank plc, One Southampton Row, WC1B 5HA

Auditors: HaysMac, 10 Queen St Pl, London EC4R 1AG

Registered office : Coburg House, 1 Coburg Street, Gateshead, NE8 1NS

www.shaftesburygroup.org.uk

79