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2020-01-31-accounts

Company no. 06789119 Charity no. 1127890

CareTrade Charitable Trust Creating opportunities for people with autism Annual Report and Audited Financial Statements

31 January 2020

CareTrade Charitable Trust

Reference and administrative details

For theyear ended 31 January 2020 For theyear ended 31 January 2020
Company number 06789119
Charity number 1127890
Registered office and The Clarence Centre
operational address 6 St George's Circus
London
SE1 6FE
Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
Simon Eccles
Lucy Hammond
Alexandra Hone (resigned 4 February 2019)
Bruce McCombie (resigned 1 April 2019)
Frida Norman, Chair
Keval Shah (appointed 31 October 2019)
Paul Sparkes
Andrew Sweeting
Chief executive officer Karen Edwards
Bankers Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 January 2020

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2015).

Introduction

Autism affects 1 in 100 children and adults in the UK. It is a lifelong developmental disability affecting the way a person communicates, understands and experiences life. Approximately half those with autism have additional learning difficulties and half do not. Autism is a spectrum disorder and no one person with autism is the same:

Our vision: Everyone with autism can lead a purposeful life.

Our mission: To create innovative opportunities and to change perceptions.

About CareTrade

Karen Edwards and Katharine Dore OBE, parents of young people with autism and Vice Presidents of Ambitious about Autism, founded the charity in 2009. Karen continues to lead the organisation as Chief Executive.

CareTrade passionately believes that all young people with autism should have the opportunity to be part of their community, to have the support they need to access it and the opportunity to contribute to it. Our ambition is to lead the way forward in creating innovative opportunities that make a real difference and where possible to grow these into self-sustaining models that can be replicated.

Being in employment is the biggest single factor that will transform the life of a person with autism. Beyond the economic benefits, employment increases individuals’ self-confidence and general sense of wellbeing; it helps us feel valued and a part of our community. In turn, this also delivers benefits to families and in the long term will help create greater acceptance of difference in our society.

All CareTrade’s programmes are employment focused and London based. CareTrade’s first project was launched in 2010 and it has directly benefited over 200 young Londoners with autism to date.

The trustees considered the Charity Commission’s guidance on public benefit when establishing the charity's aims and objectives.

2

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 January 2020

Achievements and performance

FY2020 has been another year of strong growth for CareTrade, with a focus on The Autism Project, completing the Reach Study and developing new services aligned to CareTrade’s charitable objectives. Highlights during the year include:

Operational highlights include:

Internal changes during the year include:

Financial highlights include CareTrade FY2020 income up by 25% on prior year and CareTrade has strengthened its free reserves enabling it to be in a strong financial position which is especially fortunate at these times of uncertainty brought about by Covid-19 pandemic.

3

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 January 2020

CareTrade would like to recognise the support of its employment partners and all the mentors from those organisations that enable our students to gain meaningful work experience and interview practice. Without their support, CareTrade would not be able to provide its services through these unique and highly valued opportunities. Special thanks goes to Guys & St Thomas’ Hospitals, The Whittington Hospital, Kings College Hospital, London South Bank University, Barclays and Spa School.

In addition, we would like to say a special thanks to: Martin Galton for his advice and support with our website development; Ben Slivnik for volunteering at the Café to support new trainees; and all alumni students who have given peer talks and supported our information days.

FY2021 outlook

To build on the successes during FY2020, the outlook for FY2021 includes priorities to:

Financial review and reserves policy

CareTrade reports total income of £681,750 (2019: £543,674). Of this, fee income is £667,710 (2019: £496,138) and reflects a growth of 34.6% on prior year. CareTrade values this strong growth, the majority of which is secured contractual income over a fixed period for places on The Autism Project. The visibility this affords the charity has significantly increased our sustainability.

Alongside fee income, CareTrade has attracted £14,024 (2019: £47,520) in grants and donations. In FY2020, these comprise both restricted and unrestricted funds, which are properly segregated in accordance with the charity’s aims.

CareTrade reports an in year surplus of £136,912 for 2020 (2019: £123,270). Net assets at 31 January 2020 are £354,999 (2019: £218,807). The unrestricted in year surplus for 2020 is £128,988 (2019: £155,172).

The charity’s aim is to hold free reserves equal to three months or more of operating costs (minimum of £150k) at any measurement date. Unrestricted free reserves (excluding tangible fixed assets) at 31 January 2020 were £291k (2019: £170k) representing 6 months of total costs. Reserves are managed in accordance with CareTrade’s Investment Policy (March 2020). Free reserves held provide stability and will assist CareTrade to manage planned growth and unexpected consequences of COVID-19.

COVID-19

The trustees have considered the impact that the COVID-19 pandemic will have on the CareTrade’s current and future financial position. The charity is taking the following steps to mitigate the threats that COVID-19 may pose to the organisation:

4

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 January 2020

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:

The trustees therefore consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in note 1(b) to the financial statements.

Structure, governance and management

CareTrade Charitable Trust is a charitable company limited by guarantee, incorporated on 12 January 2009 (company number 06789119) and as a registered charity on 4 February 2009 (charity number 1127890). The company was set up under Articles and Memorandum of Association, which established the objects and powers of the charitable company.

CareTrade is governed by a board of trustees, who also act as the directors of the company. They formally delegate a variety of functions to management to enable the effective day-to-day operation of the company. The board retain oversight and meet quarterly. Serving trustees at the date of signing are listed on page 1.

CareTrade continued to build a robust board governance. At the beginning of the year CareTrade had seven trustees and at the close there are six. Changes during the year: two trustees stood down, Alexandra Hone (February 2019) and Bruce McCombie (April 2019); one new trustee was appointed, Keval Shah (November 2019); Keval is Treasurer. Frida Norman was appointed as Chair (July 2019).

The board of trustees has three sub-committees:- Finance and Risk Committee; Development Committee and Education Advisory Panel. The sub-committees report formally to the board.

CareTrade’s main programme, The Autism Project, is in its own right a Special Post 16 Institution as recognised by the Secretary of States Section 41 list of approved educational providers (since August 2016). The Autism Project reports to the Education Advisory Panel and externally comes under Ofsted (Office for Standards in Education, Children's Services and Skills).

Recruitment and appointment of trustees

The board of trustees of the charity are all volunteers and no remuneration is paid for their services. There were six trustees at 31 January 2020 and presently. There is no maximum number of trustees but there must be no less than three.

The board of trustees continually review their composition, in particular to ensure that the mix of trustee members bring the necessary skill to provide appropriate oversight and support to the company and management. The board includes financial, operational, marketing and entrepreneurial expertise across a diversity of sectors.

The board are comfortable that the current mix of members is appropriate. However, the board are currently considering the addition of new members to provide additional support as the charity looks toward the future.

5

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 January 2020

Internal control and risk management

The board is responsible for the charity’s system of internal control and for reviewing its effectiveness. It acknowledges that such a system can only manage and mitigate risk, rather than fully eliminate the risk of failure, to achieve the charity’s objectives.

The board delegates day-to-day operations to management. The Chief Executive Officer, Karen Edwards, leads management.

Management work to budgets that are approved by the board of trustees in advance of each financial year. Regular consideration is given to monitoring the actual performance against the budget and to the appropriateness of the formal delegations given to management to spend within clearly defined limits.

The board and management have made considerable progress in strengthening the charity's risk management systems and processes during the financial year. It is intended that this work is ongoing to continue to improve the controls basis.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with 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).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

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

In so far as the trustees are aware:

6

CarèTrado Charltable Trust R•port of the trustees For th• ear ended 31 Janua 2020 The Iruslees are responsibl8 for the maintenance and integrity of the corpor418 and financial information included on the charrtable companls websita. Legislat￿n in the Unil8d Kingd¢Jm gov&rning the preparation and disseminalK)n ol financial statamenls may drffer from legislation In other jurisdictions. Mémbers of the charity guarante8 to contnljute an am¢)unt not exceeding £1 to thg assets ol the charity in the evonl of winding up. The Iruslees are members of the charity but this 6ntitl8$ them onty lo voting rights. The tru8tees hava no benefici* interest in tho ¢harity. Audltors Godfrey Wilson Limit•d were appointed as auditors to the charitable wnpany during th8 year. Approved by tho trustees on 11 June 2020 and signed on th8ir bohaw by Kèval Shah - Treasurer

Independent auditors' report

To the members of

CareTrade Charitable Trust

Opinion

We have audited the financial statements of CareTrade Charitable Trust (the 'charity') for the year ended 31 January 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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.

8

Independent auditors' report

To the members of

CareTrade Charitable Trust

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Other matter

The financial statements for the year ended 31 January 2019 were not audited because the charity was below the statutory audit threshold.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, 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 they 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.

9

Independent audltors. report To thè membgr8 of CareTrade Charltable Trust Our responsibllltles for the audit of the financial statements Our objectives are 1¢ obtain reasonable assuranc& about whether the financial statements as a whole ar8 frèè fr¢Jm material mi3slat8m8nl, whether due to fraud or error, and to issue an audrtorfs report that includes our oplnion. Reasonab￿ a¥$urance is a h(oh level of assurance. bLrt is not a guarante8 that an audrt conducted in accordance wi(h ISAS (UK} wl always delect a mat8rial mis81alemanl whan il exists. Misslalomenls can arise from fraud or e￿or and are consider8d malorial if, individuauy or in Ihg aggregatè, they coukl reasonabty ba eycied lo influènce the economic decisions of usèrs takèn on the basis of these financial statem￿t8. A further description ol our responsibilitEs for the audit of tha finan¢ial stalom8nts is located on thè Flnancial Reporting Council's website al-. wvM.fr¢.org uklauditorsresponsibiliti85. This de8criptK)n forms part ol our audllorfs report. Us• ol Dur r8port This report 18 mad8 solely lo tha charills member8. as a body, in accordance with Chap19r 3 ot Part 18 of thè Companies Act 2006. Our audit work has been undertaken so that we m4hl slalo lo the charitls members thos8 matters we are fequired lo Stalg lo IhFJm in an audilorfs report and for no olhor purpo￿. To the fullest extgnl pemiitted by law. we do not accept or assum8 responsibilty to anyont othgr then the charity's memberg as a body. for our audit woth, for thi8 report, or for tho opinions wo have lormed. Dale.. 11 June 2020 Rob Wll8on FCA (Sonlor Ststutory Audltorl For and on behaff of.. GOOFREY WILSON LIMITED Chartered accountants and statutory 3udit¢XS 5th Floor Mariner House 62 Prince Street Brisl 8SI 4QD 10

CareTrade Charitable Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 January 2020

Note
Income from:
Donations
3
Charitable activities
4
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net income
Transfers between funds
Net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
£
9,380
7,386
-
16,766
-
4,758
4,758
12,008
(4,804)
7,204
21,687
28,891		 Unrestricted
£
4,644
660,324
16
664,984
5,382
535,418
540,800
124,184
4,804
128,988
197,120
326,108		 2020
Total
£
14,024
667,710
16
681,750
5,382
540,176
545,558
136,192
-
136,192
218,807
354,999		 2019
Total
£
47,520
496,138
16
543,674
5,599
414,805
420,404
123,270
-
123,270
95,537
218,807

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.

11

areTradg Charitable Trust Balanc• shoet As at 31 Janua 2020 2020 2019 Flxad assets Tangible assets 10 36.067 26,684 Current assets Debtors Cash at bank in hand 11 230,002 261,48S 173,2D4 179,849 491.487 353,053 Llabllltles Creditors.. arncunls falling dué within 1 year 12 172.065 160,910 Not curr•nt assets 319,432 192.143 14 218,807 Fund¥ Reslriclad funds Unrestricted funds Gèneral fund8 15 28.891 21,687 326 108 197120 Total charlty lund* 3S4,999 218,807 These accounts have been prepared in accordance with th& spa¢ial pmi$lon8 applkable lo compan¢8$ subject lo the small Gcvnpanie8' regime. Approvéd by thè Iruslees on 11 June 2020 and Signed on their behalf by Keval Shah - Treasurer 12

CareTrade Charitable Trust

Statement of cash flows

For the year ended 31 January 2020

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Interest from investments
Loss on the disposal of fixed assets
Increase in debtors
Increase in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Interest from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
136,192
10,248
(16)
-
(56,799)
11,146
100,771
16
(19,151)
(19,135)
81,636
179,849
261,485		 2019
£
123,270
5,224
(16)
110
(113,061)
65,844
81,371
16
(21,673)
(21,657)
59,714
120,135
179,849

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

13

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

CareTrade Charitable Trust 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 notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern.

However, the COVID-19 pandemic is likely to have a profound impact on the global economy, and is already affecting the charity, who have taken steps to deliver education and other services remotely during the lockdown period, and have made use of the Job Retention Scheme where possible to reduce costs.

The trustees have considered the impact of this issue on the charity’s current and future financial position. On the basis that the charity holds unrestricted, general reserves of £326,108, a cash balance of £261,485 and key funders have confirmed that their funding will continue, the trustees consider that the charity has sufficient reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

c) Income

The charity earns income from grant income (donations) and fee income (charitable activities).

Grant income comprises funding from private or government funding sources which has been applied for. The grant income always provides funds for a future use, albeit that use may be restricted to an activity specified in the grant application request (restricted grant income) or unrestricted (unrestricted grant income).

Grant income (including private and government capital or revenue grant funding) is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Fee income comprises fees for education provision delivered by the charity which are contracted in advance from local authorities. TAP fee income is invoiced termly in advance and is deferred to the period to which it relates.

Other fee income may be invoiced in advance or arrears and is recognised on an accruals basis over the life of the relevant contract to reflect the delivery and time period of that service. The accrual basis is determined on the terms of the relevant contract and reflects any performance or termination provisions contained therein.

14

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

1. Accounting policies (continued)

d) Donated services and facilities

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

Restricted funds for the purpose of purchasing fixed assets are transferred to unrestricted funds if the restriction has been discharged by the purchase of the asset.

g) Expenditure and irrecoverable VAT

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

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis, which is based on the proportion of direct costs:

2020 2019
Raising funds 1.0% 1.3%
Charitable activities 99.0% 98.7%

15

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

1. Accounting policies (continued)

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Office equipment 4 years straight line Computer equipment 4 years straight line Website costs 4 years straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

j) 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.

k) Cash at bank and in hand

Cash at bank and cash 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.

l) 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 provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charitable 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

o) Accounting estimates and key judgements

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

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note 1(i).

16

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

2. Prior period comparatives

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
3.
Income from donations
Voluntary income and grants
Prior period comparative
Voluntary income and grants
Gift aid
Gifts in kind
Total income from donations		 Restricted
£
£
40,000
7,520
2,687
493,451
-
16
42,687
500,987
-
5,599
85,323
329,482
85,323
335,081
(42,636)
165,906
10,734
(10,734)
(31,902)
155,172
Restricted
£
£
9,380
4,644
Restricted
£
£
40,000
4,422
-
98
-
3,000
40,000
7,520
Unrestricted
Unrestricted
Unrestricted		 2019
Total
£
47,520
496,138
16
543,674
5,599
414,805
420,404
123,270
-
123,270
2020
Total
£
14,024
2019
Total
£
44,422
98
3,000
47,520

Gifts in kind in 2019 represented pro bono legal services.

17

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

4. Income from charitable activities

The Autism Project fees
Access to Work fees
Education and Skills Funding Agency
Other training and fees
Total income from charitable activities
Prior period comparative
The Autism Project fees
Access to Work fees
Education and Skills Funding Agency
Total income from charitable activities		 Restricted
£
£
-
457,269
-
14,676
7,386
181,343
-
7,036
7,386
660,324
Restricted
£
£
-
359,761
-
1,764
2,687
131,926
2,687
493,451
Unrestricted
Unrestricted		 2020
Total
£
457,269
14,676
188,729
7,036
667,710
2019
Total
£
359,761
1,764
134,613
496,138

5. Government grants

The charitable company receives funding from local authorities and government organisations to carry out training and deliver commissioned services. CareTrade also occassionally receives government grants. The total value of such grants in the year ending 31 January 2020 was £9,380 (2019: £nil). There are no unfulfilled conditions or contingencies attaching to these grants.

18

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

6. Total expenditure

Direct project costs
Staff salaries (note 8)
Fundraising
Rent
Travel
Computer expenses
Insurance
Office expenses
Bank fees
Accountancy
Professional fees
Depreciation
Subscriptions
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
3,683
699
-
-
-
-
-
-
-
-
-
-
4,382
1,000
5,382		 Charitable activities
£
18,647
402,481
-
-
1,482
5,745
34
11,097
-
-
1,493
-
193
441,172
99,004
540,176		 Support and
governance costs
£
1,312
33,145
-
25,769
211
4,229
1,811
4,999
80
10,810
5,062
10,248
2,328
100,004
(100,004)
-		 2020 Total
£
19,959
439,309
699
25,769
1,693
9,974
1,845
16,096
80
10,810
6,555
10,248
2,521
545,558
-
545,558

Total governance costs were £5,400 (2019: £3,240).

19

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

6. Total expenditure

Prior year comparative
Direct project costs
Staff salaries (note 8)
Fundraising
Rent
Travel
Computer expenses
Insurance
Office expenses
Bank fees
Accountancy
Professional fees
Depreciation
Loss on disposal of fixed assets
Subscriptions
Gifts in kind / pro bono services
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
3,588
924
-
-
-
-
-
-
-
-
-
-
-
4,512
1,087
5,599		 Charitable activities
£
16,707
307,681
-
3,375
1,027
2,175
-
956
5
-
343
-
-
-
-
332,269
82,536
414,805		 Support and
governance costs
£
623
24,614
-
24,466
84
5,921
1,771
7,645
78
8,371
548
5,224
110
1,168
3,000
83,623
(83,623)
-		 2019 Total
£
17,330
335,883
924
27,841
1,111
8,096
1,771
8,601
83
8,371
891
5,224
110
1,168
3,000
420,404
-
420,404

20

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (incl. VAT)
Independent examination (incl. VAT)
Other services		 2020
£
10,248
Nil
86
5,400
-
5,958		 2019
£
5,224
Nil
Nil
-
3,240
5,028

One trustee was reimbursed £86 (2019: £nil) for subsistence expenses incurred on behalf of the charity.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff		 2020
£
363,360
32,854
29,080
14,015
439,309		 2019
£
276,822
24,182
11,388
23,491
335,883

One employee earned more than £60,000 during the year (2019: 1).

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer, Development Director and the Head of Education (current year only). The total employee benefits of the key management personnel were £142,465 (2019: £103,740).

Average head count 2020
No.
12.25		 2019
No.
10.25

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

21

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

10. Tangible fixed assets

Cost
At 1 February 2019
Additions in year
At 31 January 2020
Depreciation
At 1 February 2019
Charge for the year
At 31 January 2020
Net book value
At 31 January 2020
At 31 January 2019
11. Debtors
Trade debtors
Accrued income
Prepayments
Other debtors
12. Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Deferred income (see note 13)
Other creditors		 Office
equipment
£
3,518
4,805
8,323
967
1,285
2,252
6,071
2,551		 Computer
equipment
£
36,681
5,946
42,627
12,568
8,613
21,181
21,446
24,113		 Website
costs
£
-
8,400
8,400
-
350
350
8,050
-
2020
£
221,409
6,946
708
939
230,002
2020
£
3,907
15,318
17,653
97,982
37,195
172,055		 Total
£
40,199
19,151
59,350
13,535
10,248
23,783
35,567
26,664
2019
£
168,762
4,442
-
-
173,204
2019
£
5,890
34,298
8,251
103,173
9,298
160,910

22

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

13. Deferred income

2020
£
At 1 February 2019
103,173
Amounts released to income
(312,514)
Amounts deferred during the year
307,323
At 31 January 2020
97,982
Deferred income relates to The Autism Project fee income received in advance.		 2019
£
53,317
(296,434)
346,290
103,173

14. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 January 2020
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Net assets at 31 January 2019		 £
-
28,891
-
28,891
£
-
27,227
(5,540)
21,687
Restricted
funds
Restricted
funds		 £
35,567
462,596
(172,055)
326,108
£
26,664
325,826
(155,370)
197,120
Unrestricted
funds
Unrestricted
funds		 Total
funds
£
35,567
491,487
(172,055)
354,999
Total
funds
£
26,664
353,053
(160,910)
218,807

23

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

15. Movements in funds

Restricted funds
Baily Thomas
London Catalyst
ESFA student support
ESFA capital funding
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
15,000
4,000
2,687
-
21,687
197,120
197,120
218,807
At 1
February
2019		 Income
£
-
-
7,386
9,380
16,766
664,984
664,984
681,750		 £
(730)
(670)
(882)
(2,476)
(4,758)
(540,800)
(540,800)
(545,558)
Expenditure		 £
-
-
-
(4,804)
(4,804)
4,804
4,804
-
Transfers
between
funds		 £
14,270
3,330
9,191
2,100
At 31
January
2020
28,891
326,108
326,108
354,999

Purposes of restricted funds

Baily Thomas

This is towards re-opening the Weekend Café Traineeship programme at Spa School in the coming financial year.

London Catalyst

This is towards re-opening the Weekend Café Traineeship programme at Spa School.

ESFA student support

This is funding received from the Education & Skills Funding Agency (ESFA) for providing meals, discretionary bursaries and other support to students.

ESFA capital fund

This is funding received from the Education & Skills Funding Agency (ESFA) to be spent on capital for refurbishments, repairs or improvements to buildings and other facilities.

Transfers between funds

Transfers out of restricted funds represent the transfer of capital grants to unrestricted funds after restricted terms are fulfilled by the purchase of the fixed asset.

24

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 January 2020

15. Movements in funds (continued)

Prior period comparative

Restricted funds
Local Sustainability Fund
DCLG
Trust for London
Baily Thomas
London Catalyst
ESFA student support
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
500
1,701
32,388
15,000
4,000
-
53,589
41,948
41,948
95,537
At 1
February
2018		 Income
£
-
-
40,000
-
-
2,687
42,687
500,987
500,987
543,674		 £
(500)
(1,701)
(83,122)
-
-
-
(85,323)
(335,081)
(335,081)
(420,404)
Expenditure		 £
-
-
10,734
-
-
-
10,734
(10,734)
10,734
-
Transfers
between
funds		 £
-
-
-
15,000
4,000
2,687
At 31
January
2019
21,687
197,120
197,120
218,807

16. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2020
£
1,631
-
1,631		 2019
£
2,175
1,631
3,806

17. Related party transactions

There were no related party transactions during the current or prior reporting period.

25