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Company registration number: 06251078 Charity registration number: 1121062
## COQUET TRUST
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
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## **Coquet Trust**
## **Contents**
|Reference and Administrative Details|1 to 2|
|---|---|
|Trustees' Report|3 to 8|
|Independent Auditors' Report|9 to 11|
|Statement of Financial Activities|12|
|Statement of Financial Activities|13|
|Balance Sheet|14|
|Statement of Cash Flows|15|
|Notes to the Financial Statements|16 to 28|
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## **Coquet Trust**
## **Reference and Administrative Details**
All trustees are registered as directors at Companies House
**Trustees** P S Smith I Gale, Chair of Board S Welsh, Chair of Quality Committee D Rowland S Turner E Rogerson, Chair of Finance Committee A W Titmus (appointed 2 December 2022) K M Porter (appointed 2 December 2022) **Registered Office** 23 Lansdowne Terrace Gosforth Newcastle upon Tyne NE3 1HP **Key Management Personnel** Victoria Neish, Chief Executive Officer Victoria Whitelaw- Marshall, Finance Manager (resigned February 2023) Susan Scott, Operational Manager Amin Mazloom, Operational Manager Catriona Miller, Operational Manager Louise Carbado, HR Manager (from June 2022) Michelle Burrow, Quality Manager Sharon Maddison, Innovation & Business Development Manager Alison Branch, PBS Lead Paul Joules, Finance Manager (appointed March 2023)
The board consider the above to be the Key Management Personnel and have delegated them the day-to-day management of the charity.
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## **Coquet Trust Reference and Administrative Details**
**Company Registration Number** 06251078
**Charity Registration Number** 1121062
**Bankers** Barclays Bank plc Gosforth High Street 59A High Street Gosforth Newcastle upon Tyne NE3 4AA **Auditor** Azets Audit Services Chartered Accountants & Statutory Auditors Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
The charity is incorporated in England and Wales.
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## **Coquet Trust**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2023.
## **Structure, governance and management**
## _**Nature of governing document**_
The Coquet Trust is limited by guarentee and its governing document is its Memorandum and Articles of Association, last updated in April 2022. The company was incorporated on 17 March 2007 in England and Wales - number 06251078 and is also a registered charity - number 1121062.
The trustees hold no shares in the company but each member is a guarantor of the company to an amount not exceeding £1 in the event of the company winding up.
## _**Recruitment and appointment of trustees**_
The Trustees seek to ensure that the users needs are reflected through the diversity of the board. To enhance the potential pool of Trustees, selected individuals who may wish to become a Trustee are approached as necessary and re-appointed annually.
Trustees are now appointed for a 3-year term, and at the end of that term can re-apply up to a maximum 9 years. Coquet Trust have a rigorous interview process for recruiting to our Board of Trustees.
## _**Induction and training of trustees**_
New Trustees are actively encouraged by the existing Trustees, having regard to any specialist skills required. New Trustees are briefed on their legal obligations under company and charity law, our Memorandum and Articles of Association, the Committee and the decision making process, future plans and recent performance. They are encouraged to attend appropriate training, and made aware of Charity Commission publications.
## _**Risk management**_
We have assessed (and reviewed regularly) the major risks to which we are exposed, in particular those related to our operations and finances, and are satisfied that systems are in place to mitigate our exposure. No major risks have been identified. A key element in our management of financial risk is the setting and regular reviews of the reserves policy.
The Board of Trustees are investing £500k with Rathbones Investment Management to maximise our return on our cash reserves due to fluctuating interest rates and plan to look at investment strategies during 2023/24 as part of our financial risk management.
A member of the key management personnel is assigned as the Charities safety advisor who updates the board regularly on any health and safety matters and updates on changes that would impact on the sector.
The Chief Executive Officer and Senior Management Team regularly review and action the organisations Risk Mitigation Plan.
The Trustees are satisfied that the systems and procedures in place are sufficient to adequately mitigate identified risks to an acceptable level in the Charity's day-to-day operations.
The financial statements which have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP FRS102) conform to current statutory requirements and comply with the Charitable Company's governing document.
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## **Coquet Trust**
## **Trustees' Report**
## **Objectives and activities**
## _**Objects and aims**_
The Charity is established for the public benefit to provide quality care and support for disabled people, enabling them to have a good quality life within the community.
We refer to the Charity Commission guidance on public benefit when reviewing our aims and objectives, and ensure that future plans remain focused on their achievement.
Funding limits our activities, but no beneficiaries appropriate to our object are excluded. Equal access to our services is important to us, and we promote local understanding of our work
## **Values** ;
- Inspirational in our thinking, in our work and how we use our resources
- Trustworthy to be open and honest in all of our relationships and transactions
- Committed to doing our very best for the people we support at all times
- Reliable and always do what we say we will do
- Inclusive in that we value diversity, support equality of access to opportunities and challenge
- discrimination.
## _**Fundraising disclosures**_
The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.
## **Achievements and performance**
During 2022/23 the Board agreed the strategy going forwards for the next 3 years.
Coquet Trust persists in navigating increased external challenges stemming from diminished public sector funding, evolving commissioning practices by Local Authorities, changes in minimum and living wage and travel time impacting our wage bill. Additionally, we grapple with the ongoing challenges of recruitment and retention within the sector, all while adapting to changes in legislation, training and quality standards.
During the year we have been successful in maintaining our position as a preferred provider under Gateshead, Sunderland, Northumberland, Newcastle City and North Tyneside Frameworks. We continue to be approached by local authority commissioners and the NHS with opportunities for additional contracts (e.g., Cumbria). Each of these opportunities has been meticulously evaluated on a case-by-case basis, aligning with our strategic objectives with commitment to expand our portfolio while simultaneously safeguarding optimal staffing levels.
Investments have been crucial in our ongoing efforts to elevate and refine our standards, thereby enhancing the quality of support we offer. As part of our strategic initiative, we continued implementing Positive Behaviour Support, with a focus on reducing restrictive practices, diminishing the use of psychotropic medication and adhering to the principles of Person-Centred Active Support.
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## **Coquet Trust**
## **Trustees' Report**
Significant resources have been allocated to enhance the skills and training of our entire staff in Positive Behaviour Support (PBS) and PROACT-SCIPr-UK. Notably, the majority of our senior management, support managers, and quality manager have successfully completed training to become certified PROACT SCIPr-UK trainers. This comprehensive training approach ensures the implementation of proactive strategies wherever possible, with the aim of positively supporting individuals. We anticipate a noteworthy reduction in incidents of violence and aggression, along with a consistent enhancement in the quality of support throughout Coquet Trust. This investment positions us to consistently deliver quality support in a person-centred manner.
Feedback from staff engagement events and staff surveys indicates that employees have greatly benefited from and enhanced their understanding of these approaches over the past year. Moreover, we continued to utilise our digital care planning system across all locations. This allows for the digital accessibility of support documentation for all individuals we support, enhancing security through restricted access and reducing the need for printed materials.
Despite the substantial financial commitment to these improvements, Coquet Trust has demonstrated fiscal responsibility by still achieving a surplus in this year's accounts. This financial stability underscores our ability to make strategic investments that positively impact the delivery of support services.
In addition to our commitment to enhancing support standards, we are pleased to announce that Coquet Trust has become a proud member of the Restrictive Reduction Network (RRN). This strategic affiliation aligns with our ongoing efforts to promote positive behaviour support and person-centered approaches. Joining RRN underscores our dedication to staying at the forefront of industry best practices and continuously improving our methodologies. As a member, we look forward to actively participating in collaborative initiatives, sharing insights, and contributing to the collective advancement of strategies aimed at reducing restrictive practices in support environments which reflects our unwavering commitment to providing compassionate and progressive support for the individuals.
The introduction of a Positive Behaviour Support Lead, in conjunction with the invaluable consultancy services provided by Dr. Steven Carnaby, has empowered us to not only sustain but also expand our management's commitment to driving improvements in our support services, staff training, and overall operational and strategic performance. This strategic move has significantly increased our capacity to monitor and enhance our practices. Leveraging Microsoft Power BI continues to play a pivotal role in our operations, allowing us to review critical quality information more promptly and expedite the pace of improvement initiatives.
Furthermore, the recent appointment of a new quality manager further strengthens our commitment to excellence. This addition to our team is poised to fortify our quality assurance processes, ensuring adherence to the highest standards in the provision of support services. The amalgamation of these strategic measures positions us at the forefront of industry best practices, fostering a culture of continuous improvement and innovation within our organisation.
The sector-wide challenges associated with staff recruitment and retention persist, and Coquet Trust is no exception to these prevalent industry difficulties. In response to these ongoing challenges, we remain steadfast in our commitment to supporting our staff through the Health Assured Employee Assistance Programme, offering resources aimed at enhancing their overall well-being. Furthermore, our staff intranet, IVAN, stands as a robust communication platform, ensuring continuous accessibility for our team members at all times. These strategic initiatives underscore our unwavering dedication to proactively addressing workforce challenges and cultivating a supportive and communicative environment within Coquet Trust.
We are pleased to share that staff survey has yielded positive responses, providing valuable insights into the overall mood of the workforce. These responses serve as a constructive tool for identifying areas of improvement and further solidify our commitment to enhancing the work environment for our valued team members.
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## **Coquet Trust**
## **Trustees' Report**
Key Achievements of Coquet Trust in 2022/2023:
- Maintained Preferred Provider Status with Gateshead Authority;
- Sustained Preferred Provider Status with Sunderland Authority;
- Maintained Preferred Provider Status with Newcastle Authority;
- Successfully attained Preferred Provider Status for North Tyneside;
- Maintained Preferred Provider Status with Northumberland Authority;
- Maintained a CQC rating of "Good Overall" and "Good" across all five categories, with no
- recommendations;
- Enhanced overall mandated training compliance to an impressive 92%;
- Delivered 9,424 hours of support per week to 139 individuals;
- Successfully recruited a Quality Manager to strengthen our operational and monitoring capabilities;
- Strengthened corporate links within the community;
- Engaged in the formation of a strategic partnership with Acura (Housing developer) and YMCA
- (Social Landlord);
• Achieved a notable reduction in behavioural-related incidents following the implementation of PROACT SCIPr;
- Successfully reduced/eliminated the use of psychotropic medications;
• Witnessed a substantial reduction in medication-related incidents subsequent to the provision of CPD Level 2 Medication training for staff.
These accomplishments underscore Coquet Trust's commitment to maintaining high standards, fostering community connections, and continually improving the quality of support provided to individuals.
## **Plans for future periods**
## _**Aims and key objectives for future periods**_
We continue towards Coquet Trust's strategic objectives for the next 3 years which were agreed with the board. The focus remains on Coquet Trust being a provider and employer of choice.
The challenges over local authority funding pressures remains as costs rise above inflationary levels due to NLW and overhead costs. We will continue to work in partnership to tackle this to ensure we can continue to support people safely and with a personalised approach and to continue to grow for the benefit of more people with disabilities, their families and their friends. Coquet Trust will continue to review the organisation and its structure for opportunities to deliver operating efficiencies. It is planned to broaden our scope of support delivery in the Durham and South Tyneside areas of the North East.
The day to day focus will remain as the recruitment and retention of the right people to provide a stable and skilled staff team that will be well trained with further development opportunities provided to all those who desire further progression. We will continue our efforts to engage and communicate with staff regularly to keep people in touch with the organisation's progress.
The trustees have a commitment to look at further engagement with staff and the people we support, now we are post pandemic.
## **Financial review**
The financial position for the year shows a surplus of £336,104 (2022: £83,375).
The funds of the charitable company amount to £4,181,301 as at 31 March 2023 of which £29,232 relates to restricted funds.
The trustees consider the financial position to be satisfactory.
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## **Coquet Trust**
## **Trustees' Report**
## _**Policy on reserves**_
The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charitable company to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. This exercise considered both the normal requirements for working capital and the loss of income of a hypothetical but reasonable reduction in the scale of operations.
At the year end the organisation had £3,475,774 (2022: £3,096,345) free reserves, which are those unrestricted reserves not invested in fixed assets.
The organisation's reserves policy is set at a target range of six months running costs.
The trustees have agreed to the sale of Lansdowne Terrace and to purchase a more suitable building.
The purchase will be made from existing reserves which will substantially alter the cash reserves currently held
The trustees have prepared a budget and cash flow forecast and have concluded that the charity continues to be a going concern for the foreseeable future. On that basis they have continued to adopt the going concern basis when preparing the financial statements.
## **Key Management Personnel**
The board, who give their time freely and no trustees received remuneration in the year, have considered who the Key Management Personnel (KMP) of the charity, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis.
The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with the budget and forecast information, ensuring that the charity can afford any proposed increases. The board then agree any uplift to remuneration.
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## **Coquet Trust**
## **Trustees' Report**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Coquet Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. 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 charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
## **Reappointment of auditor**
A resolution to reappoint Azets Audit Services as auditors will be proposed at the forthcoming Annual General Meeting.
21 December 2023 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
Ian Gale 21 Dec 2023 11:51:00 GMT (UTC +0) Elizabeth Rogerson 20 Dec 2023 19:40:33 GMT (UTC +0) ......................................... ......................................... I Gale E Rogerson Trustee, Chair of Board Trustee, Chair of Finance Committee
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## **Coquet Trust**
## **Independent Auditor's Report to the Members of Coquet Trust**
## **Opinion**
We have audited the financial statements of Coquet Trust (the 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out in note to the financial statements, 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements were 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 annual report, other than the financial statements and our auditor’s report thereon. 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 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.
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## **Coquet Trust**
## **Independent Auditor's Report to the Members of Coquet Trust**
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities [set out on page 8], the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor 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.
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## **Coquet Trust**
## **Independent Auditor's Report to the Members of Coquet Trust**
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:
- enquiries with management, about any known or suspected instance of non-compliance with laws
- and regulations and fraud
- assessment of matters recorded on the risk register
- reviewing Board Minutes
- challenging assumptions and judgements made by management in their significant accounting
- estimates; and
• auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; Care Quality Commission; and compliance with both the UK Companies Act and UK Charities Act.
## **Use of our report**
This report is made solely to the charitable company's trustees, 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 charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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.
Simon Brown 21 Dec 2023 13:23:13 GMT (UTC +0)
...................................... Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
Date:.............................21 December 2023
Azets Audit Services is a trading name of Azets Audit Services Limited
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## **Coquet Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total Income
**Expenditure on:**
Charitable activities
7
Total Expenditure
Net income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
19|**Unrestricted**
**£**
-
8,047,830
1,355
5,515
8,054,700
(7,703,279)
(7,703,279)
351,421
351,421
3,798,946
4,150,367|**Restricted**
**£**
65,942
1,702
-
-
67,644
(82,961)
(82,961)
(15,317)
(15,317)
46,251
30,934|**Total**
**2023**
**£**
65,942
8,049,532
1,355
5,515
8,122,344
(7,786,240)
(7,786,240)
336,104
336,104
3,845,197
4,181,301|**Total**
**2022**
**£**
323,294
7,008,419
14,479
355|
|---|---|---|---|---|
|||||7,346,547|
|||||(7,263,172)|
|||||(7,263,172)|
|||||83,375|
|||||83,375
3,761,822|
|||||3,845,197|
All of the charity's activities derive from continuing operations during the above two periods.
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## **Coquet Trust**
## **Comparative Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Recognised Gains and Losses)**||||
|---|---|---|---|
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
**Expenditure on:**
Charitable activities
7
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
19|**Unrestricted**
**£**
2,320
7,008,419
14,479
355
7,025,573
(6,986,057)
(6,986,057)
39,516
39,516
3,759,430
3,798,946|**Restricted**
**£**
320,974
-
-
-
320,974
(277,115)
(277,115)
43,859
43,859
2,392
46,251|**Total**
**2022**
**£**
323,294
7,008,419
14,479
355|
||||7,346,547|
||||(7,263,172)|
||||(7,263,172)|
||||83,375|
||||83,375
3,761,822|
||||3,845,197|
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## **Coquet Trust**
## **(Registration number: 06251078) Balance Sheet as at 31 March 2023**
|**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Debtors
15
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
16
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
19|**2023**
**£**
593,313
846,481
3,905,711
4,752,192
(1,164,204)
3,587,988
4,181,301
30,934
4,150,367
4,181,301|**2022**
**£**
619,619
878,078
3,582,304|
|---|---|---|
|||4,460,382
(1,234,804)|
|||3,225,578|
|||3,845,197|
|||46,251
3,798,946|
|||3,845,197|
The financial statements on pages 12 to 28 were approved by the trustees, and authorised for issue on ....................21 December 2023and signed on their behalf by:
.........................................Ian Gale 21 Dec 2023 11:51:00 GMT (UTC +0) I Gale Trustee
Elizabeth Rogerson 20 Dec 2023 19:40:33 GMT (UTC +0) ......................................... E Rogerson Trustee
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## **Coquet Trust**
## **Statement of Cash Flows for the Year Ended 31 March 2023**
|**Note**
**Cash flows from operating activities**
Net cash income
**Adjustments to cash flows from non-cash items**
Depreciation
Investment income
6
**Working capital adjustments**
Decrease/(increase) in debtors
15
(Decrease)/increase in creditors
16
Decrease in deferred income
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
6
Purchase of tangible fixed assets
14
Net cash flows from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March|**2023**
**£**
336,104
39,819
(5,515)
370,408
31,597
(7,593)
(63,007)
331,405
5,515
(13,513)
(7,998)
323,407
3,582,304
3,905,711|**2022**
**£**
83,375
39,957
(355)|
|---|---|---|
|||122,977
(743,410)
340,482
(69,169)|
|||(349,120)|
|||355
(21,781)|
|||(21,426)|
|||(370,546)
3,952,850|
|||3,582,304|
All of the cash flows are derived from continuing operations during the above two periods.
15
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 23 Lansdowne Terrace, Gosforth, Newcastle upon Tyne, NE3 1HP.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Coquet Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
The trustees have prepared budgets and forecasts which give them adequate comfort that the charity is a going concern. The trustees are of the view that the charity has sufficient resources for at least the next 12 months (from the date of approving the financial statements). As a result the charity's financial statements have been prepared on the going concern basis.
## **Estimation uncertainty and judgements**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
16
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Income and endowments**
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy.
## _**Donations and legacies**_
Donations and legacy income is received by way of donations and legacies is included in full in the Statement of Financial Activities when receivable.
Where legacies have been notified to the charity before the year end and received prior to the board approval after the year end, the income is recognised in the Statement of Financial Activities.
## _**Grants receivable**_
Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants, where entitlement is related to performance and specific deliverables, are recognised when the charity earns the right to consideration by its performance.
## _**Deferred income**_
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
## _**Investment income**_
Investment income is included when receivable.
## _**Charitable activities**_
Income from charitable trading activity is accounted for when earned.
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
17
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Support costs**
Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit and other costs with an apportionment of overhead and support costs.
## **Governance costs**
Governance costs and support costs relating to charitable activities have been apportioned as set out in the Support Costs note.
## **Government grants**
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable. Grants are recognised in income when performance conditions are met, otherwise they are deferred until such time.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 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.
## **Tangible fixed assets**
All fixed assets are initially recorded at cost.The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
## **Depreciation and amortisation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset.
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Land and buildings|2% straight line|
|Furniture and equipment|25% straight line / 25% reducing
balance|
|Fixtures and fittings|10% straight line|
## **Trade debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
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.
18
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **Trade creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provision are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Unrestricted funds include designated funds, where the trustees, at their discretion, have created a fund for a specific purpose.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Operating leases**
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
## **Pensions and other post retirement obligations**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
19
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **3 Income from donations and legacies**
Unrestricted government grants relates to the Coronavirus Job Retention Scheme. Restricted Grant income includes an Infection Control Funding grant and a Workforce Capacity Grant.
|Grants, including capital grants;
Government grants
Total for 2023
Total for 2022|**Unrestricted**
**funds**
**General**
**£**
-
-
2,320|**Restricted**
**funds**
**£**
65,942
65,942
320,974|**Total**
**2023**
**£**
65,942
65,942
323,294|**Total**
**2022**
**£**
323,294|
|---|---|---|---|---|
|||||323,294|
||||||
## **4 Income from charitable activities**
|Client funding|**Unrestricted**
**funds**
**General**
**£**
8,047,830|**Restricted**
**funds**
**£**
1,702|**Total**
**2023**
**£**
8,049,532|**Total**
**2022**
**£**
7,008,419|
|---|---|---|---|---|
Client funding is amounts invoiced by the charity to local authorities and private individuals for the provision of care services.
20
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **5 Income from other trading activities**
|Other income from other trading
activities
Total for 2023
Total for 2022
**6**
**Investment income**
Interest receivable and similar
income;
Interest receivable on bank
deposits
Total for 2022|**Unrestricted**
**funds**
**General**
**£**
1,355
1,355
14,479
**Unrestricted**
**funds**
**General**
**£**
5,515
355|**Restricted**
**funds**
**£**
-
-
-
**Restricted**
**funds**
**£**
-
-|**Total**
**funds**
**£**
1,355
1,355
14,479
**Total**
**2023**
**£**
5,515
355|**Total**
**2022**
**£**
14,479|
|---|---|---|---|---|
|||||14,479|
|||||**Total**
**2022**
**£**
355|
||||||
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **7 Expenditure on charitable activities**
|Charitable activities
Governance costs|**Activity**
**undertaken**
**directly**
**£**
7,252,183
-
7,252,183|**Activity**
**support**
**costs**
**£**
521,403
12,654
534,057|**2023**
**£**
7,773,586
12,654
7,786,240|**2022**
**£**
7,242,886
20,286|
|---|---|---|---|---|
|||||7,263,172|
£7,703,279 (2022 - £6,986,057) of the above expenditure was attributable to unrestricted funds and £82,961 (2022 - £277,115) to restricted funds.
## **8 Analysis of governance and support costs**
|**Support costs allocated to charitable activities**
**Governance**
**costs**
**£**
Staff costs
-
Communications and
IT
-
General office
-
Heat and light
-
Repairs and
maintenance
-
Insurance
-
Legal and other
professional fees
-
Accountancy fees
-
Audit fees
11,378
Bank charges
1,276
Sundry
-
Depreciation
-
12,654|**Support**
**costs**
**£**
178,828
4,204
208,379
15,307
13,508
36,995
20,976
-
-
-
3,387
39,819
521,403|**Total**
**2023**
**£**
178,828
4,204
208,379
15,307
13,508
36,995
20,976
-
11,378
1,276
3,387
39,819
534,057|**Total**
**2022**
**£**
252,081
5,840
204,656
13,620
18,283
31,639
31,329
12,120
7,200
966
8,944
39,957
626,635|
|---|---|---|---|
22
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **9 Net incoming/outgoing resources**
Net incoming resources for the year include:
|Audit fees
Depreciation of fixed assets|**2023**
**£**
11,400
39,819|**2022**
**£**
6,250
39,957|
|---|---|---|
## **10 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **D Rowland**
- £Nil (2022: £195) of expenses were reimbursed to D Rowland during the year.
## **11 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2023**
**£**
6,357,605
534,855
187,681
7,080,141|**2022**
**£**
5,803,430
522,613
148,870|
|---|---|---|
|||6,474,913|
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
|Number of care staff
Number of administrative staff
Number of management staff|**2023**
**No**
231
10
22
263|**2022**
**No**
242
8
9|
|---|---|---|
|||259|
The number of employees whose emoluments fell within the following bands was:
|£70,001 - £80,000
£80,001 - £90,000|**2023**
**No**
-
1|**2022**
**No**
1
-|
|---|---|---|
The total employee benefits of the key management personnel of the charity were £460,168 (2022 - £256,871).
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **12 Auditors' remuneration**
|Audit of the financial statements|**2023**
**£**
11,400|**2022**
**£**
6,250|
|---|---|---|
## **13 Taxation**
The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 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.
## **14 Tangible fixed assets**
|**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022
**15 Debtors**
Trade debtors
Prepayments
Accrued income
Other debtors|**Land and**
**buildings**
**£**
715,236
-
715,236
192,239
14,305
206,544
508,692
522,997|**Fixtures and**
**fittings**
**£**
62,898
9,943||**Furniture and**
**equipment**
**£**
199,063
3,570
202,633
153,287
19,224
172,511
30,122
45,776
**2023**
**£**
369,750
39,160
416,474
21,097
846,481|**Furniture and**
**equipment**
**£**
199,063
3,570
202,633
153,287
19,224
172,511
30,122
45,776
**2023**
**£**
369,750
39,160
416,474
21,097
846,481|**Total**
**£**
977,197
13,513
990,710
357,578
39,819
397,397
593,313
619,619
**2022**
**£**
423,262
26,498
399,063
29,255|
|---|---|---|---|---|---|---|
|||72,841||202,633|||
|||12,052
6,290||153,287
19,224|||
|||18,342||172,511|||
|||54,499||30,122|||
|||50,846||45,776|||
|||||**2023**
**£**
369,750
39,160
416,474
21,097
846,481|||
|||||||878,078|
Trade debtors includes a bad debt provision of £22,357 (2022: £27,630).
24
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **16 Creditors: amounts falling due within one year**
|Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income
Deferred income at 1 April 2022
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end|**2023**
**£**
132,398
156,332
787,828
87,646
-
1,164,204
**2023**
**£**
63,007
-
(63,007)
-|**2022**
**£**
130,684
148,423
737,662
155,028
63,007|
|---|---|---|
|||1,234,804|
|||**2022**
**£**
132,176
63,007
(132,176)|
|||63,007|
## **17 Obligations under leases and hire purchase contracts**
## **Operating lease commitments**
Total future minimum lease payments under non-cancellable operating leases are as follows:
|**Other**
Within one year
Between one and five years|**2023**
**£**
3,647
7,625
11,272|**2022**
**£**
810
2,429|
|---|---|---|
|||3,239|
## **18 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £187,681 (2022 - £148,870)
Contributions to the scheme totalling £74,390 (2022 - £46,775) were payable to the scheme at the end of the year and are included in creditors.
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **19 Funds**
|**19 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
**_General_**
General
**_Designated_**
Combined initiative fund
**Total unrestricted funds**
**Restricted funds**
Infection control funding
Workforce capacity funding
Training income
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2022**
**£**
3,715,964
82,982
3,798,946
3,713
(1,702)
44,240
46,251
3,845,197|**Incoming**
**resources**
**£**
8,054,700
-
8,054,700
-
1,702
65,942
67,644
8,122,344|**Resources**
**expended**
**£**
(7,703,279)
-
(7,703,279)
-
-
(82,961)
(82,961)
(7,786,240)|**Balance at 31**
**March 2023**
**£**
4,067,385
82,982|
|||||4,150,367|
|||||3,713
-
27,221|
|||||30,934|
|||||4,181,301|
26
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
|**Unrestricted funds**
**_General_**
General
**_Designated_**
Combined initiative fund
**Total unrestricted funds**
**Restricted**
Infection control funding
Workforce capacity funding
Training income
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2021**
**£**
3,509,430
250,000
3,759,430
2,392
-
-
2,392
3,761,822|**Incoming**
**resources**
**£**
7,025,573
-
7,025,573
113,674
138,500
68,800
320,974
7,346,547|**Resources**
**expended**
**£**
(6,819,039)
(167,018)
(6,986,057)
(112,353)
(140,202)
(24,560)
(277,115)
(7,263,172)|**Balance at 31**
**March 2022**
**£**
3,715,964
82,982|
|---|---|---|---|---|
|||||3,798,946|
|||||3,713
(1,702)
44,240|
|||||46,251|
|||||3,845,197|
The specific purposes for which the funds are to be applied are as follows:
## Designated Funds
## Combined initiative fund -
During 2021 the Trustees agreed to combine the previous four designated funds (Business Manager fund, Training in Active Support fund, Development of Opportunity Services fund and Technology fund) into one fund.
## Restricted Funds
## – Infection Control funding
Received from local authority to fund initiatives to reduce the spread of Covid 19 by ensuring staff received full remuneration whilst isolating, purchase of tablet devices, training in testing processes, enabling travel by taxi instead of public transport etc.
## Workforce Capacity funding –
Received from local authority to contribute towards additional recruitment costs to ensure support needs are delivered and staffing levels could be maintained due to level of staff required to self isolate. Funding has been received in 2022-23 to cover the fund deficit as at the year end.
## Training income -
Received from local authority to contribute towards training courses.
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## **Coquet Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **20 Analysis of net assets between funds**
## **Unrestricted**
|Tangible fixed assets
Net current assets/(liabilities)
Total net assets
Tangible fixed assets
Net current assets/(liabilities)
Total net assets
**21 Analysis of net funds**
Cash at bank and in hand
Net funds
Cash at bank and in hand
Net funds|**General**
**£**
**Designated**
**£**
593,313
-
3,474,072
82,982
4,067,385
82,982
**Unrestricted**
**General**
**£**
**Designated**
**£**
619,619
-
3,096,345
82,982
3,715,964
82,982
**At 1 April**
**2022**
**£**
3,582,304
3,582,304
**At 1 April**
**2021**
**£**
3,952,850
3,952,850|**Restricted**
**£**
-
30,934
30,934
**Restricted**
**£**
-
46,251
46,251
**Financing**
**cash flows**
**£**
323,407
323,407
**Financing**
**cash flows**
**£**
(370,546)
(370,546)|**Total funds**
**at 31 March**
**2023**
**£**
593,313
3,587,988|
|---|---|---|---|
||||4,181,301|
||||**Total funds**
**at 31 March**
**2022**
**£**
619,619
3,225,578|
||||3,845,197|
||||**At 31 March**
**2023**
**£**
3,905,711
3,905,711
**At 31 March**
**2022**
**£**
3,582,304
3,582,304|
## **22 Related party transactions**
There were no related party transactions in the year.
28