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2023-03-31-accounts

Company number: 06329047 Charity number: 1125312 Calico Enterprise Limited Report and Financial Statements Year ended 31st March 2023

Calico Enterprise Limited Company number: 06329047

Contents

Directors, Executive Officers, Advisors and Bankers ....................................................................... 1 Report of the Directors............................................................................................................... 2 Independent Auditor’s Report to the members of Calico Enterprise Limited ....................................... 9 Statement of Financial Activities ................................................................................................ 11 Statement of Financial Position ................................................................................................. 12 Notes to the Financial Statements ............................................................................................. 13

Calico Enterprise Limited Company number: 06329047

Directors, Executive Officers, Advisors and Bankers

Directors

Richard Jones CBE (Chair)

Company Secretary

Andrew Henderson George Kimmance (appointed 6 March 2023) Joanne Peters Karen Ainsworth (resigned 5 December 2022) Kelly Shaw Michael Wedgeworth (appointed 6 March 2023) Mushtaq Khan Sallie Bridgen Sharon Livesey (resigned 5 December 2022) Susan Moore Stephen Aggett (resigned 30[th] June 2023) Anthony Duerden (appointed 30[th] June 2023)

Executive Officers

Group Chief Executive Deputy Chief Executive Executive Director of Group Finance Executive Director of Organisational Development Company Leads

Anthony Duerden Helen Thompson Stephen Aggett Vicki Howard

Head of Support Service Stacey Garvin Head of Skills & Enterprise Samantha Howarth

Registered Office Centenary Court Croft Street Burnley BB11 2ED Registered Number 06329047 Charity Number 1125312 External Auditor Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5NT Solicitor Forbes Solicitors Rutherford House 4 Wellington Street St. Johns Blackburn BB1 8DD Bankers National Westminster Bank 6th Floor, 1 Spinningfields Square Manchester M3 3AP

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Calico Enterprise Limited Company number: 06329047

Report of the Directors

The Directors are pleased to present their report along with the financial statements for the year ended 31 March 2023, which are also prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes.

The Directors are also the company trustees for charity purposes.

Structure, Governance and Management

Calico Enterprise Limited was registered with the Charity Commission in England and Wales on 1 August 2008 (Charity No. 1125312) and is a private company limited by guarantee.

Group Structure

Syncora Limited (registered number 11171831) was established in 2018 as a holding company with a common board for each of its subsidiaries which are SafeNet Domestic Abuse and Support Services Ltd (“SafeNet”), Acorn Recovery Projects (“Acorn”) and Calico Enterprise Limited (“Enterprise”). Syncora sits between the legal entities and the Calico Group (“Calico”) Board. This arrangement was made to enhance continued growth by integrating service and company offers and allowing competition with larger scale ‘lead’ providers. The Calico Group is the ultimate parent of the Syncora Group of Companies.

Public Benefit

The Directors have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing aims and objectives and in planning the company’s future activities. In particular, the Directors consider how planned activities will contribute to the aims and objectives that have been set.

Calico Enterprise undertakes and manages its activities in line with the above objectives through the provision of support contracts and work initiatives. The Directors receive regular updates on performance and feel that the objectives have been achieved as set out in the next section.

Objectives and Activities

Calico Enterprise was incorporated as a not-for-profit charitable company limited by guarantee, Calico Enterprise Limited was established on 31 July 2007 with the following objectives:

  1. To relieve the charitable need of people with disabilities, ill health or in necessitous circumstances by the provision of support services to enable them to live in the community.

  2. The advancement of education, training and the relief of people who are unemployed, low paid, low skilled or have no skills.

Fundraising Practices

The company had no fundraising activities requiring disclosure under s162A of the Charities Act 2011.

Achievements and Performance

The purpose of Enterprise is to create brighter futures for people, places and local communities. The company creates opportunities to help people make the positive changes they seek, contributing to the Calico Groups purpose of providing quality services that make a real difference to peoples’ lives. This is achieved through the delivery of social enterprise, skills and support contracts. Its achievements are summarised in the sections below.

Social Enterprise

The company delivers a number of social enterprises which are work streams that operate as businesses, whilst still targeting the delivery of social impact.

Calico Interiors

This work stream provides a property services offer to all group companies, as well as external contractors and registered providers. It is a self-financing apprentice-led social enterprise providing work experience, skills and development to apprentices who carry out the work overseen and trained by supervisors. The prime purpose of the enterprise is to enable apprenticeships to be completed and for individuals to move to sustainable employment. The work stream employs 6 former apprentices as management and supervisory staff, and 6 apprentices. Each year, second- and third-year apprentices are supported to find employment in the construction sector. The service also enables volunteering and work experience opportunities for individuals seeking to secure employment.

Clean Team

This is an intermediate labour market social enterprise providing work experience and the opportunity for individuals to gain valuable experience and move forward with more sustainable employment. In the last year 3 people have been supported into new roles. The focus of recruitment is long term unemployed. It provides property clearance and cleaning services predominately to Calico Homes’ empty properties, is self-financing and has also completed clearance and cleaning for Ring Stones and Syncora properties.

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Calico Enterprise Limited Company number: 06329047

Report of the Directors (continued)

Achievements and Performance (continued)

Furniture Matters

The service provides reuse, recycling and training social enterprise activities. Based in Morecambe, and Blackpool, Furniture Matters extensively refurbish unwanted white goods, computers, and other household goods and gives them out at low cost to local people in need. During the year, the work stream has collected 1,016 tonnes of furniture recycling or reusing 56%, diverting these items from landfill and providing quality items for 637 families with low incomes. Furniture Matters also provides a range of volunteering and training opportunities for people in the local area who are out of work, want to develop new skills, or want to gain vital work experience. During the year, 15 volunteers were supported across various sites, progressing four into employment within the work stream. The number of volunteers has increased on last year but still remains lower than in previous years. There will be a focus on increasing the number of volunteers in 23/24.

This year saw the commencement of a new Bulky Waste contract in Fylde, and a range of furniture and services provided to the Syncora companies.

Skills Contracts

Constructing the Future (“CtF”)

CtF is a shared apprenticeship initiative and successfully creates full time apprenticeships through linking together employment on short term development contracts and now operates across the whole of the Northwest. CtF transferred into Calico Enterprise in 2014 having previously been an external business operation. Calico Enterprise now employs between 22-40 apprentices directly and costs are reimbursed by the customer. The programme is supported by CITB Construction Skills, the construction industry’s training and skills development body. During the year, 12 apprentices have qualified as tradespersons. The success rate for individuals moving into long term employment, is consistently over 80%, with 100% of the 12 that completed their apprenticeship in 2022/23 moving into employment. The service has, in the period, increased its scope to provide support services to local authorities whose objective is to increase the number of apprentices within their locality. We have been awarded Flexi-Job Apprenticeship funding via the Department for Education and have created 18 new flexi-job apprenticeships in construction at the end of March 2023.

Building Foundations

This service was awarded in December 2021 and is a contract with Preston City Council that supports them with the delivery and monitoring of employment and skills outcomes through the planning process. To date we have ensured that all Employment and Skills Plans submitted to the local authority are relevant and proportionate to the size and scale of the development and there are plans in place to report on performance and success in 22/23. This service has also enabled the creation of new local employment opportunities for young people.

Upskilling Lancashire

This project is part-funded by ESF and supports the Lancashire Local Enterprise Skills and Education priorities by increasing the competitive and productive capability of SMEs and microbusinesses across Lancashire.

Afta Thought

The service provides training services using acting and drama to bring to life challenging subject matters. The work stream has delivered practice changing training services to individuals that work in local authorities, healthcare services, housing associations and other charitable bodies as well as a number of private sector businesses. Afta Thought employs a small core team of professionals and utilises a network of associate actors. This year they have trained over 9,000 delegates.

Careers service

The service delivers pre-employment careers support and guidance to individuals moving closer to the workplace, or opportunities for employment. During the year, one-to-one support sessions have been delivered to 885 individuals. Programmes help people to improve self-esteem and build confidence and motivation. Key partners include; National Lottery Building Better Opportunities, Changing Futures and Age of Opportunity programmes, Department of Work and Pensions, the European Social Investment Fund (ESIF), Office for Health Improvement Disparities (OHID), Youth Futures Foundation and UK Shared Prosperity Fund. In 2022 Calico Enterprise have also been successful in becoming the lead partner on the Burnley Connected Futures Programme which saw over 500 young people and 100 employers engaged in understanding the root causes of youth unemployment and their barriers to getting into work. The intention of this programme is to develop a set of recommendations that will hopefully draw further funding to Burnley to create a positive impact over the next few years. We also started the Employment, Education and Training support service through the Treatment & Recovery Spark service in April, which saw 51 individuals supported before it ceased in January 2023. OHID have also funded Enterprise to deliver the Individual Placement Support (IPS) service, supporting those in active treatment to get into or retain employment, 61 people have been supported to date.

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Calico Enterprise Limited Company number: 06329047

Report of the Directors (continued)

Achievements and Performance (continued)

Right Start

The service supported school aged children and in particular leavers with support around raising their aspirations. 15 students have been supported on the scheme before it ended in July, to prevent them from becoming NEET and support them in their employment journey. The service provides guided learning, often in the classroom setting exploring issues and challenges that young people are confronted with, seeking to develop resilience and emotional intelligence to help prepare individuals for the world of work. Funding was received from the European Social Investment Fund (ESIF).

Project SEARCH

This programme is a supported internship for young people aged 18-24 years with a learning disability and/or autism. It is a collaboration between Calico Enterprise, Burnley College, Lancashire County Council and DFN Project SEARCH. 8 interns have been supported this year and the project focuses on teaching interns transferrable skills to allow them to be work ready by the end of the academic year. Four of the interns have secured employment and apprenticeships before the academic year has completed.

Calico Gateway – Opening Doors, Changing Lives

Calico Enterprise also provides services that offer help for people who are homeless or at risk of losing their home. By understanding their needs and goals, we focus on developing practical solutions to help people achieve sustainable, long-term change. Gateway currently employs 79 people and services are delivered across Lancashire and Greater Manchester, with our customer reach widening each year.

Our vision for these services is ‘ Inclusive and personalised services - we challenge stereotypes, believe in people, and with determination and collaboration we provide opportunities to realise aspirations!’

Objectives:

Services are predominantly commissioned by local authorities including:

During the last year over 1,700 people have been supported by Gateway services, with customers citing a satisfaction rating of 97%. One of our aspirations is that all colleagues have an awareness of trauma informed practice with 73% of employees undertaking training this year. Successful completions across all services remained at approx. 70% throughout the year and the teams received 93 compliments from a range of customers, partner agencies and commissioners.

Services

Supported Accommodation

Calico Gateway currently provides 73 units of supported accommodation to individuals or families experiencing homelessness. Referrals are made via the local housing needs teams dependent on the scheme’s location and eligibility criteria. Occupancy levels remained consistently high during 22/23 (97%) demonstrating the demand for these services. 142 individuals and 27 families were supported during this period.

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Calico Enterprise Limited Company number: 06329047

Report of the Directors (continued)

Community Support Services

Gateway community services supported approx. 1,100 people during the year. Providing a range of services that cover homelessness prevention, tenancy sustainment through to those who are street homeless and require support to source appropriate accommodation, these teams focus on removing barriers and upskilling individuals to enable them to live a healthy life independently. Customers determine their own goals and aspirations to create a holistic support plan, whilst support workers provide the housing related support knowledge and expertise. This enables outcomes to be achieved such as securing new accommodation, reducing debt, maximising income, engaging in work, training or education, improving health outcomes and creating new social relationships or re-establishing family networks.

Resettlement

The service provides resettlement for refugees across a number of districts within Lancashire and provides the support required to enable the families to re-settle in the United Kingdom. The service supports the families to integrate into their local communities and assists with housing and benefit advice, accessing health services, enrolling in education, and training opportunities and employability. The programme also supports families to engage with specialist legal services. During the year, Gateway has worked with 91 families with new families due to arrive over the next 12 months. Calico delivers support via a range of schemes including the UK Resettlement Scheme (UKRS) and the Afghan Relocations and Assistance Policy (ARAP) and has supported Lancashire County Council (LCC) to deliver the Homes for Ukraine programme by providing welfare checks, LCC assisted over 1,400 Ukrainian nationals to resettle in 2022.

The Board

The Board of Syncora Limited and the Boards of each of its subsidiaries operate as a common board (“the Board”). The Board members acknowledge that, notwithstanding the operation of a common board, each company is a legal entity in its own right, with its own distinct Board. When taking decisions, the Board members are under a duty to act in the best interests of each separate legal entity. In the event that circumstances arise in which Board members are unable independently to fulfil their duties to each company, a written procedure is adopted. The rules of each company provide guidance on dealing with any conflicts.

The Directors of Calico Enterprise Limited are listed on page 1. The Directors possess the skills and experience necessary to fulfil their responsibilities to the Company.

The Board comprises eight (2022: nine) Non-Executive Directors who are responsible for setting the vision and strategic objectives of the business and overseeing their delivery. The Non-Executive Directors are Trustees for charity purposes. The Non-Executive Directors who served during the year and up to the date of the signing of these financial statements are listed on page 1. During this period, there have been two new appointments to the Board and four retirements. The Board met four times throughout the year and all meetings were quorate.

The Board delegates the day-to-day management and implementation of the strategic objectives to the Group Chief Executive, Executive Directors and Syncora Managing Director. The Executive Team meet weekly and attend Board meetings.

Non-Executive Directors are recruited on a skills-based approach to ensure that they have the appropriate range of skills, experience and attributes required to provide strategic direction and monitor the companies’ performance. The Board conduct an annual review of the overall effectiveness of the Board and of the skills required by the Board, which informs future recruitment. The Board and its committees obtain external specialist advice from time to time as necessary.

In 2020, Calico Group launched a New Generation Board Diversity Programme in partnership with the Housing Diversity Network with the intention of broadening diversity within the Board, in particular increasing participation from younger people and people from minority ethnic backgrounds. The New Generation programme supports participants for two years with the aim that at the end of the programme participants will be ready to become Board members.

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Calico Enterprise Limited Company number: 06329047

Report of the Directors (continued)

During the year, the Board conducted an open, skills-based recruitment process, which resulted in two new appointments to the Board, including one person from the New Generation programme.

Board members normally serve for up to six years, with a maximum term of nine years, including time served on other Group Boards. One board member, Kelly Shaw, has served for seven years on another subsidiary Board, and reappointment is reviewed annually at each Annual General Meeting, considering the skills and experience required by the Board.

Alongside the annual review of the overall Board effectiveness, each individual board member also has an annual development review to evaluate their contribution to the Board and identify training needs. These reviews inform a Board development programme that focuses on Board performance and ensuring the Board’s future effectiveness, together with tailored events on specific businessrelated topics where a training need has been identified.

Syncora and its subsidiaries have insurance policies that indemnify its Board members and Executive Officers against liability when acting for Syncora.

New Board members receive induction training on their legal obligations under charity and company law; the governance framework of the company; the vision and strategic objectives of the Board; and the services provided.

To operate effectively, and to ensure appropriate governance in business-critical areas, the Board has delegated some responsibilities to two Group Committees:

Audit & Assurance Committee

The Group Audit & Assurance Committee is responsible for reviewing the Calico Group’s risk management framework and reports to the Syncora Board on the effectiveness of the Company’s internal control arrangements. The Committee approves the scope of work of both internal and external auditors, including their appointments. It also considers the financial statements and recommends their approval to the Board. The Committee met four times during the year.

Nominations and Remuneration Committee

The Group Nominations & Remuneration Committee advises the Board on Non-Executive Director recruitment and remuneration, and the appointment and remuneration of the Group Chief Executive and Executive Directors, taking independent advice as necessary. The Committee also sets the objectives for the Group Chief Executive and reviews performance against those objectives. The Committee met four times during the year.

Employees

Calico Enterprise are able to attract a wide range of staff from different backgrounds. The diversity of employees is 44% (2022: 57%) male, 56% (2022: 43%) female, 9% (2022: 6%) who self-identify as disabled, 11% (2022: 9%) from a BAME background, and 3% (2022: 6%) LGBTQ+.

Pensions

Executive Directors and senior leadership are eligible to join the Social Housing Pension Scheme. The Executive Officers participate in the scheme on the same terms as all other eligible staff. Full details of the scheme are given in note 7 to the financial statements.

Social Housing Pension Scheme (“SHPS”)

The Group operates defined contribution plans for the benefit of its employees. The cost of providing retirement pensions and related benefits is charged to management expenses over the periods benefiting from the employees’ services.

The Group also participates in a defined benefit multi-employer pension scheme, Social Housing Pension Scheme, administered by TPT Retirement Solutions. Further details of the assumptions and the defined benefit pension plan is in note 1 & 6.

Reserves Policy

The Syncora Reserves Policy states that we will aim to keep unrestricted reserves to cover at least two months of variable expenditure to cover costs that are not contract related where we may not have notice of changes. The current level of free reserves is £735k (2022: £592k). This is a calculation of the unrestricted funds less the tangible & intangible fixed assets. We have not designated anything for essential future spending. Our targeted free reserves level is £386k which has now been achieved.

The Directors will monitor and review the level of reserves annually, in line with guidance issued by the Charity Commission. As a result of this, we do not have to retain large reserves and the current level of unrestricted reserves is sufficient for this. However, reserves are also built up to enable investment in accommodation to grow and expand the service. This will be over and above those reserves represented by fixed assets within the charity’s balance sheet.

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Calico Enterprise Limited Company number: 06329047

Report of the Directors (continued)

Principal Risks and Uncertainties

As part of the Calico Group approach to risk management, Calico Enterprise has in place a risk map which is reviewed by the Syncora Board on a quarterly basis. The Directors have undertaken a review of the major strategic risks faced by the charity and have put in place systems to mitigate Calico Enterprise’s exposure to the major risks.

Regular reporting on control issues provides assurance to successive levels of management and to the Board. It is supplemented by regular reviews by internal audit that provide independent assurance to the Board. The arrangement for review includes a rigorous procedure which is monitored internally and ensures corrective action is taken in relation to any significant control issues. The business has implemented a programme of control and risk self-assessment and is further embedding this at different levels of the organisation, which will continue to strengthen each business areas’ control arrangements.

Utilising this approach Calico Enterprise business has identified the following risks to the successful achievement of its objectives:

Plans for Future Periods

Social enterprise and skills contracts

Support Contracts

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Calico Enterprise Limited Company number: 06329047

Report of the Directors (continued)

Charity Code of Governance

The Board has adopted the 2020 Charity Governance Code for Larger Charities. The Board confirms compliance with the Code for the year ended 31 March 2023.

To ensure continued compliance with the Charity Code of Governance, the Board will continue to enhance its approach to hearing and acting upon what service users are saying, to benchmarking performance and to broadening its diversity and inclusivity.

Going Concern

The Board have reviewed Enterprises activities, financial position and future trading activities alongside the current risks and any other key factors will affect the future financial position. This includes the impact of economic uncertainty and service delivery. The Board have concluded that through the ongoing monitoring of financial performance and risk management that it is reasonable to expect that the organisation and subsidiaries have adequate resources to continue in operational existence for the foreseeable future. Accordingly, it continues to adopt the going concern basis in preparing the financial statements.

Statement of Directors' Responsibilities in respect of the Annual Report & Financial

Statements

The Directors (who are also the trustees of Calico Enterprise Limited for charity law purposes) are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure of information to auditors

The Board, who were in office on the date of approval of these financial statements, have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Board members have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors.

Auditor

Crowe U.K. LLP were appointed as auditors in November 2021, following a tender process, for a period of 3 years with an option for a further 2 years.

Approved by the Directors and signed on their behalf by:

Anthony Duerden Company Secretary 18 September 2023 For the year ended 31 March 2023

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Calico Enterprise Limited Company number: 06329047

Independent Auditor’s Report to the members of Calico Enterprise Limited

Opinion

We have audited the financial statements of Calico Enterprise Limited for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. 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.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ 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:

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Calico Enterprise Limited Company number: 06329047

Independent Auditor’s Report to the members of Calico Enterprise Limited (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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:

We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 and employment tax legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and completeness and cutoff of grant and contract income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit approach for income was to begin our testing from source documentation such as grant and contract agreements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 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.

Vicky Szulist Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Manchester 25th September 2023

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Calico Enterprise Limited Company number: 06329047

Statement of Financial Activities

For the year ended 31 March 2023

Note
Income
Income from Charitable activities
2
Total Income
Expenditure
Expenditure on Charitable activities
3
Total Expenditure
Net Income for the year
Actuarial (Loss)/Gain
6
Net movement in funds
Reconciliation of Funds
Funds brought forward 31 March 2022
Funds Carried Forward 31 March 2023		 Unrestricted
Funds
2023
£’000
7,317
7,317
7,151
7,151
166
(39)
127
851
978		 Unrestricted
Funds
2022
£’000
6,382
6,382
5,941
5,941
441
225
666
185
851

All of the activities in the financial year are derived from continuing operations.

The Statement of Financial Activities includes all gains and losses in the year.

The notes on pages 13 to 23 form part of the accounts.

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Calico Enterprise Limited Company number: 06329047

Statement of Financial Position

At 31 March 2023

Note
Fixed assets
Tangible fixed assets
9
Intangible fixed assets
10
Total Fixed Assets
Current assets
Stock
Debtors
11
Cash and cash equivalents
Creditors:amounts falling due within one year
12/13
Net current assets
Total assets less current liabilities
Provision for liabilities:Pension provision
6
Net assets
Unrestricted funds
General unrestricted funds brought forward
Surplus in Year
Total unrestricted funds
14/15		 2023
£’000
237
6
243
42
1,554
447
2,043
(1,095)
948
1,191
(213)
978
851
127
978		 2022
£’000
247
12
259
42
1,009
409
1,460
(648)
812
1,071
(220)
851
185
666
**851 **

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

The notes on pages 13 to 23 form part of these financial statements.

The financial statements were approved by the Directors and authorised for issue on 18 September 2023.

Signed on their behalf by

Anthony Duerden Company Secretary 18 September 2023 For the year ended 31 March 2023

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements

Calico Enterprise Limited is registered with the Charities Commission in England and Wales and is a private company limited by guarantee. The company’s principal activity is the delivery of a range of care and worklessness related services. The registered office is Centenary Court, Croft Street, Burnley, Lancashire, BB11 2ED.

1. Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of Preparation

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) (updated 1 January 2019) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the Companies Act 2006, and are presented in sterling £’000 which is the functional currency of the entity.

The charity 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 note(s).

FRS 102 disclosure exemptions

The charity meets the definition of a qualifying entity under FRS 102 and has taken advantage of the disclosure exemptions available to it in respect of preparation of a statement of cash flows and financial instruments.

Going concern

The Board is confident that Calico Enterprise Limited (“Enterprise”) remains a Going concern for the following reasons:

The Board confirms it has a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Accordingly, it continues to adopt the going concern basis in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. It is not considered that there are any judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Other key sources of estimation and assumptions:

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

1. Accounting policies (continued)

Income

Income and how it is recognised is stated below.

Supporting People income for the provision of floating support is recognised in accordance with the Supporting People contract. Income from Lancashire County Council for the Help Direct service is recognised in accordance with the contract with Lancashire County Council. Other income is recognised at the point of delivery.

All income is stated exclusive of VAT. Investment income is recognised on a receivable basis.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis.

Some central costs are allocated directly and the remainder are apportioned to all work streams based on the turnover of the work stream.

Charitable activities include expenditure associated with the provision of Floating Support, Help Direct, Calico Interiors, Clean Team, Constructing the Future, National Careers Service, Calico Creative and Furniture Matters include both the direct costs and support costs relating to these activities.

Governance costs include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Pensions

The Company operates defined contribution plans for the benefit of its employees. The cost of providing retirement pensions and related benefits is charged to management expenses over the periods benefiting from the employees’ services.

The Company also participates in a defined benefit multi-employer pension scheme, Social Housing Pension Scheme, administered by TPT Retirement Solutions. The Company ceased contributions to this defined benefit scheme as at 1 August 2019. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. A liability for the Group’s pension obligations is recognised net of plan assets. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method.

Further details of the assumptions and the pension plans are in note 7.

Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Stock

All stock is recognised at the lower of cost and net realisable value. Stock represents white goods and paint supplies.

Leased Assets

Rentals payable under operating leases are charged to the income and expenditure account on a straight-line basis over the lease term.

Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation less any provision for impairment. Assets with a cost of over £500 are capitalised.

Depreciation on fixed assets is calculated to write off their cost less any residual value over their estimated useful lives, which are reviewed annually, as follows:

ed annually, as follows:
Motor vehicles - 25% pa
Computer equipment - 25% pa
Fixtures, fittings and equipment - 20% pa
Leasehold improvements - 20% pa
Leasehold property - Over 75 years
Freehold land - not depreciated

Intangible Fixed Assets

Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Subsequently goodwill is carried at cost less accumulated amortisation and impairment losses.

Amortisation is calculated on a straight-line basis over the estimated useful life. The company establishes a reliable estimate of the useful life of goodwill arising on business combinations based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life assumptions that market participants would consider in respect of similar businesses.

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

Intangible Fixed Assets (continued)

Intangible assets are measured at cost less accumulated amortisation and any impairment losses.

Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

Software development costs 20 – 33%

Financial Instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. Income from Charitable Activities

.
Income from Charitable Activities
Support contracts
Work initiatives		 2023
£’000
3,500
3,817
7,317		 2022
£’000
3,160
3,222
6,382

3. Analysis of Charitable Expenditure

Direct costs
Staff costs
Apportioned central costs
Governance costs
Other direct costs:
Cost of sales
Client costs
Staff costs
Property costs
Administrative
Recharges
Finance
Depreciation		 Support
contracts
Work
initiatives
Total 2023
£’000
£’000
£’000
1,954
1,892
3,846
210
230
440
9
10
19
30
986
1,016
58
41
99
91
158
249
634
203
837
76
83
159
239
200
439
-
1
1
28
18
46
3,329
3,822
7,151		 Support
contracts
Work
initiatives
Total 2022
£’000
£’000
£’000
1,564
1,579
3,143
223
228
451
-
12
12
-
771
771
53
3
56
95
49
144
658
191
849
10
88
98
58
271
329
(4)
32
28
38
22
60
2,695
3,246
5,941

Apportioned central costs are support costs which have been apportioned to all work streams based on the turnover of the work stream in Note 2.

Governance costs include audit fees.

4. Net Income / (Expenditure)

.
Net Income / (Expenditure)
2023 2022
This is after charging:- £’000 £’000
Auditors remuneration for audit services (exc. VAT) 10 6
Depreciation of owned assets (Note 9) 40 49
Amortisation of intangible assets (Note 10) 6 12
Operating Leases – Land & Buildings 526 500
Operating Leases - Other 53 47

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

5.
Employees
Staff costs consist of:
Salaries and wages
Social security costs
Redundancy
Other pension costs
Pension adjustment
The average number of employees during the year, analysed by function was:
Support contracts
Work initiatives
Overheads
Full time equivalents (36.25 – 40 hours/week)		 2023
£’000
3,738
292
29
94
(51)
4,102
2023
Number
70
106
5
181
167		 2022
£’000
3,219
248
39
83
(40)
3,549
2022
Number
65
92
5
162
150

During the year, the SHPS DB cost is £4k (2022: £4k) in respect of the scheme expenses.

6. Pensions

Social Housing Pension Scheme

The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. A liability for the Group’s pension obligations is recognised net of plan assets. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis using the projected unit method. The Company ceased contributions to this defined benefit scheme as at 1 August 2019. The latest actuarial valuation was as at 30 September 2020, and the last estimate 30 September 2022.

FAIR VALUE OF PLAN ASSETS, PRESENT VALUE OF
DEFINED BENEFIT OBLIGATION, AND DEFINED BENEFIT
ASSET (LIABILITY)		 31 March 2023
31 March 2022
(£000s)
(£000s)
952
1,585
1,165
1,805
(213)
(220)
(213)
(220)
(213)
(220)
Fair value of plan assets
Present value of defined benefit obligation
Surplus (deficit) in plan

Defined benefit asset (liability) to be recognised

Net defined benefit asset (liability) to be recognised
Period from
31 March 2022 to
RECONCILIATION OF OPENING AND CLOSING BALANCES
OF THE DEFINED BENEFIT OBLIGATION		 31 March 2023
(£000s)
Defined benefit obligation at start of period
Expenses
Interest expense
Actuarial losses (gains) due to scheme experience

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

6. Pensions (continued)

Period from
RECONCILIATION OF OPENING AND CLOSING BALANCES OF
THE FAIR VALUE OF PLAN ASSETS		 31 March 2022 to
31 March 2023
(£000s)
Fair value of plan assets at start of period 1,585
Interest income 45
Experience on plan assets (excluding amounts included in interest income) - gain (loss) (713)
Employer contributions 55
Member contributions -
Benefits paid and expenses (20)
Fair value of plan assets at end of period 952

The actual return on plan assets (including any changes in share of assets) over the period from 31 March 2022 to 31 March 2023 was (£668k).

Period from
DEFINED BENEFIT COSTS RECOGNISED IN STATEMENT OF
COMPREHENSIVE INCOME (SOCI)		 31 March 2022 to
31 March 2023
(£000s)
Current service cost -
Expenses 4
Net interest expense 5
Defined benefit costs recognised in Statement of Comprehensive Income (SoCI) 9
Period from
31 March 2022 to
DEFINED BENEFIT COSTS RECOGNISED IN OTHER
COMPREHENSIVE INCOME (OCI)		 31 March 2023
(£000s)
Experience on plan assets (excluding amounts included in net interest cost) - gain (loss) (713)
59
2
613
(39)
-
(39)

Experience gains and losses arising on the plan liabilities - gain (loss)
Effects of changes in the demographic assumptions underlying the present value of the
defined benefit obligation - gain (loss)
Effects of changes in the financial assumptions underlying the present value of the
defined benefit obligation - gain (loss)
Total actuarial gains and losses (before restriction due to some of the surplus not being
recognisable) - gain (loss)
Effects of changes in the amount of surplus that is not recoverable (excluding amounts
included in net interest cost) - gain (loss)
Total amount recognised in Other Comprehensive Income - gain (loss)

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

6. Pensions (continued)

ASSETS 31 March 2023 31 March 2022
(£000s) (£000s)
Global Equity 18 304
Absolute Return 10 63
Distressed Opportunities 29 57
Credit Relative Value 36 53
Alternative Risk Premia 2 52
Emerging Markets Debt 5 46
Risk Sharing 70 52
Insurance-Linked Securities 24 37
Property 41 43
Infrastructure 109 113
Private Debt 42 41
Opportunistic Illiquid Credit 41 53
High Yield 3 14
Opportunistic Credit - 6
Cash 7 5
Corporate Bond Fund - 106
Long Lease Property 29 41
Secured Income 44 59
Liability Driven Investment 438 442
Currency Hedging 2 (6)
Net Current Assets 2 4
Total assets 952 1,585

None of the fair values of the assets shown above include any direct investments in the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

31 March 2023 31 March 2022
KEY ASSUMPTIONS % per annum % per annum
Discount Rate 4.84% 2.78%
Inflation (RPI) 3.17% 3.47%
Inflation (CPI) 2.80% 3.14%
Salary Growth 3.80% 4.14%
Allowance for commutation of pension for cash at retirement 75% of maximum
allowance		 75% of maximum
allowance

The mortality assumptions adopted at 31 March 2023 imply the following life expectancies:

Life expectancy at age
65
(Years)
Male retiring in 2023 21.0
Female retiring in 2023 23.4
Male retiring in 2043 22.2
Female retiring in 2043 24.9

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

7. Board Members and Key Management Personnel Remuneration

The aggregate emoluments paid to or receivable by Directors
The aggregate emoluments paid to or receivable by executive officers
The emoluments paid to the highest paid officer excluding pension contributions
Pension cost for executive officers
The aggregate amount of any consideration payable to / (receivable from) third parties for
making available the services of non-executive Directors
Total key management personnel remuneration		 2023
£’000
30
134
65
4
(25)
139		 2022
£’000
33
98
95
3
(25)
106

Aggregate number of full-time equivalent staff whose remuneration (basic salary, benefits in kind, employer's pension contributions and compensation for loss of office) exceeded £60,000 in the period:

2023 2022
Number Number
£60,000 to £70,000 2 1

Directors’ emoluments

Directors are members of the Syncora Limited Board a holding company with a common board for each of its subsidiaries, which are SafeNet, Acorn and Calico Enterprise. These members received a total remuneration of £30k in 2023 (2022: £33k), for all Syncora group membership.

The Syncora Board receive an annual allowance. The Chair receives £6,000 and all other Board members £3,500.

8. Corporation Tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1998 at section 252 of Chargeable Gains Act 1992, to the extent that these are applied to its charitable objects.

9. Property, Plant and Equipment

Cost or Valuation
As at 31 March 2022
Additions
As at 31 March 2023
Depreciation
As at 31 March 2022
Charge for period
As at 31 March 2023
Net Book Value
31 March 2023
31 March 2022		 Vehicles
£'000
65
-		 Freehold
Property
£'000
70
-		 Leasehold
Property
£'000
140
-		 Computer
Hardware
£'000
67
15		 Fixtures
&
Fittings
Total
£'000
£'000
109
451
15
30
65 70 140 82 124
481
39
8		 41
1		 8
2		 27
13		 89
204
16
40
47 42 10 40 105
244
18 28 130 42 19
237
26 29 132 40 20
247

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

10. Intangible Fixed Assets

Cost or valuation
At 31 March 2022
At 31 March 2023
Amortisation
At 31 March 2022
Charge for period
At 31 March 2023
Net Book Value
At 31 March 2023
At 31 March 2022		 Computer
Software
Goodwill
Total
£’000
£'000
£'000
62
160
222
62
160
222
50
160
210
6
-
6
56
160
216
6
-
6
12
-
12

11. Debtors

Trade Debtors
Intercompany Balance
Prepayments & Accrued Income
12.
Creditors: amounts falling due within one year
VAT
Trade Creditors
Other taxes and social security
Deferred Income (Note 13)
Accruals
Intercompany Balances		 2023
£'000
978
81
495
1,554
2023
£'000
80
117
66
520
238
74
1,095		 2022
£'000
567
155
287
1,009
2022
£'000
64
26
60
203
276
19
648

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

13. Deferred Income

3.
Deferred Income
Balance at 31 March 2022
Amount released to income
Amount deferred in the year		 2023
£'000
203
(193)
510
520		 2022
£'000
263
(253)
193
203

Deferred income comprises NHS and Local Authority contract funds received in advance to deliver the services they relate to.

14. Analysis of Net Assets Between Funds

Tangible Fixed Assets (Note 9)
Intangible Fixed Assets (Note 10)
Net Current Assets
Long Term Liabilities
Pension Liability (Note 6)
Net movement in funds		 Unrestricted
2023 Total
2022 Total
Funds
Funds
Funds
£'000
£'000
£'000
237
237
247
6
6
13
948
948
812
-
-
-
(213)
(213)
(220)
978
978
851

All activities in 2022 were unrestricted.

15. Movements in Funds

Unrestricted funds
Total funds		 At 31 March
2022
Incoming
Resources
Outgoing
Resources
Transfers
At 31 March
2023
£'000
£'000
£'000
£'000
£'000
851
7,317
(7,190)
-
978
851
7,317
(7,190)
-
978

All activities in 2022 were unrestricted.

16. Parent Undertaking

The Company is a 100% subsidiary of Syncora Limited (Company No. 11171831), a not-for-profit, non-charitable company limited by guarantee, registered in England and Wales.

The Directors consider The Calico Group Limited (Company No. 08747100), a holding company and the 100% parent of Syncora Limited, to be the ultimate parent entity. Syncora sits between the legal entities and the Calico Group Board. The Calico Group Board has overall control to appoint and remove Syncora Limited Board Trustees. The Calico Group comprises a number of innovative charities and businesses, working together to create social profit.

Consolidated accounts which include the results of the charity can be obtained from:

• Company Secretary, The Calico Group Limited, Centenary Court, Croft Street, Burnley, BB11 2ED

No other accounts include the results of the charity.

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

17. Related Party Transactions

Sales and purchases of goods and services between related parties are at an arm’s length basis at normal market prices. Any outstanding balances are unsecured and interest free.

Calico Homes Limited make purchase ledger and payroll payments on behalf of the Syncora Group and these amounts are then recharged back to the relevant entities.

The Calico Group Limited (“Group”), the ultimate parent company

Group are the contracted party for the Blackburn with Darwen clinical substance misuse service who pay monthly in arrears. At 31 March 2023, the company owed to Group £11k (2022: £1k).

Syncora Limited (“Syncora”), the parent company of Enterprise. Directors are members of the Syncora Limited Board a holding company with a common board for each of its subsidiaries, which are SafeNet, Acorn and Calico Enterprise. These members received a total remuneration of £30k in 2023 (2022: £33k).

During the year, Syncora recharged overhead costs to Enterprise amounting to £247k (2022: £21k)

At 31 March 2023, the company owed to Syncora £nil (2022: £2k).

Calico Homes Limited (“Homes”), a fellow subsidiary of Group During the year, Enterprise supplied Homes with cleaning, painting and decorating, catering and apprentice management services amounting to £590k (2022: £570k) and Homes recharged office and property rent costs totalling £419k (2022: £415k).

At 31 March 2023, Homes owed the company £20k (2022: £48k).

Acorn Recovery Projects (“Acorn”), a fellow subsidiary of Group During the year, Enterprise supplied cleaning and catering services, and an internal apprenticeship amounting to £26k (2022: £nil).

At 31 March 2023, the company owed Acorn £63k (2022: £10k).

Ring Stones Maintenance and Construction Limited (“Ring Stones”), a fellow subsidiary of Group During the year, Enterprise supplied Ring Stones with catering, cleaning, painting and decorating services amounting to £237k (2022: £273k).

At 31 March 2023, Ring Stones owed the company £16k (2022: £33k).

SafeNet Domestic Abuse Support Service (“SafeNet”), a fellow subsidiary of Group During the year, the company supplied SafeNet with furniture, cleaning, painting & decorating services and furniture amounting to £15k (2022: £102k).

At 31 March 2023, SafeNet owed the company £3k (2022: £68k).

Delphi Medical Consultants Limited (“DMC”), a fellow subsidiary of Group

During the year, Enterprise supplied DMC with training, cleaning and painting & decorating services amounting to £16k (2022: £nil).

At 31 March 2023, DMC owed the company £13k (2022: £Nil).

Delphi Medical Limited (“DML”), a fellow subsidiary of Group There were no transactions during the year (2022: £Nil).

At 31 March 2023, DML owed the company £29k (2022: £1k). This is due to a re-allocation of costs.

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Calico Enterprise Limited Company number: 06329047

Notes to the Financial Statements (continued)

18. Financial Commitments

Operating leases

The payments which the company is committed to make under operating leases are as follows:

Land and Buildings, leases expiring:
· Less than one year
· Two to five years		 2023
£’000
148
22
170		 2022
£’000
256
-
256

19. Contingent Liability

We have been notified by the Trustee of the SHPS that it has performed a review of the changes made to the SHPS’s benefits over the years and the result is that there is uncertainty surrounding some of these changes. The Trustee has been advised to seek clarification from the Court on these items. This process is on-going and the matter is unlikely to be resolved before the end of 2024 at the earliest. It is recognised that this could potentially impact the value of SHPS liabilities, but until Court directions are received, it is not possible to calculate the impact of this issue, particularly on an individual employer basis, with any accuracy at this time. No adjustment has been made in these financial statements in respect of this potential issue.

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