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2022-07-31-accounts

Company no. 06789119 Charity no. 1127890

CareTrade Charitable Trust Creating opportunities for people with autism

Annual Report and Audited Financial Statements

31 July 2022

CareTrade Charitable Trust

Reference and administrative details

For the year ended 31 July 2022

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 Resigned 30 November 2022
Nithyambika Gurukumar Appointed 1 December 2021
Lucy Hammond
Frida Norman Chair
Janet Park Appointed 1 December 2021
Keval Shah Treasurer
Paul Sparkes
Andrew Sweeting
Leadership team Karen Edwards, Chief Executive
Mark Finch, Head of Education & Learning
Judith Kerem, Development Director
Bankers Barclays Bank PLC United Trust Bank
1 Churchill Place One Ropemaker Street
London London
E14 5HP EC2Y 9AW
Aldermore Bank PLC Redwood Bank
1st Floor, Block B The Nexus Building
Western House Broadway
Lynch Wood Letchworth Garden City
Peterborough Hertfordshire
PE2 6FZ SG6 3TA
The Charity Bank Limited
Fosse House
182 High Street
Tonbridge
TN9 1BE
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 July 2022

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 2019).

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 of the autistic population have additional learning difficulties and half do not. Autism is a spectrum disorder and no one autistic person is the same:

CareTrade has a passionate belief that ‘employment is the biggest single factor that will transform the life of an autistic person ’.

And our vision for the future is ‘ a world that embraces neurodiversity where all autistic people can lead purposeful, working lives ’.

About CareTrade

CareTrade was founded by Karen Edwards and Katharine Dore OBE, parents of autistic young people and Vice Presidents of Ambitious about Autism, in 2009. It was their passion and determination for purposeful lives for their sons beyond school that CareTrade is built upon. Karen continues to lead the organisation as Chief Executive.

CareTrade passionately believes that all autistic young people 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 an autistic person. Beyond the economic benefits, employment increases individuals’ self-confidence and a 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 to date have been employment focused and London based. Our first project was launched in 2010 and, to date, we have supported over 650 autistic Londoners and helped them prepare for, move towards, start and/or remain in work.

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 July 2022

Achievements and performance

CareTrade has had a very successful year and our busiest ever. The year to 31 July 2022 is our first 12 months on our new calendar, 01 August 2021 to 31 July 2022, the period prior being an 18 month period, 01 February 2020 to 31 July 2021.

CareTrade adapted well during the pandemic, taking opportunities as they arose to develop additional support. Coming out of the pandemic we have focused on maintaining these, extending our reach and building our resilience.

CareTrade’s goals within our five year strategy , introduced in October 2020 are:

Our timeline for our strategic aims has been brought in line with our new financial year end, and consequently 31 July 2022 marks the end of our second year towards our five year strategy above.

Our key operational highlights for the year demonstrate the progress CareTrade has made against these strategic goals:

In addition to the main goals there were many other successes , including:

3

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2022

Internal changes during the period include:

4

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2022

We would like to give a special thank you to all our employer partners and especially Guys & St Thomas’ Hospitals, The Whittington Hospital, Kings College Hospital, Co-op, Barclays, Southwark Playhouse, Jamii Cafe and Spa School for the use of the School House Café. We are extremely grateful that they have been able to return to provide the much needed work placements that they provided before the pandemic and more. Also a very special thanks to the individual staff members and managers that provide daily mentoring and help our students build their confidence and job skills. THANK YOU. Your support is vital to the success of our work.

We also wish to say a big thank you to our alumni, supporters, learners and clients who have given their time to give peer talks, feature in short films and/or on our website.

FY2023 outlook

Our ambition for the year ahead is to focus on:

Fundraising approach

CareTrade is registered with the Fundraising Regulator and we take care to ensure we comply with the Code of Fundraising practice and the Fundraising promise.

The majority of our fundraising is in the form of grants from trusts and foundations.

In FY2022 and to date, there have been no instances of non-compliance with the requirements of these. CareTrade does not contract other companies to undertake fundraising on our behalf, nor do we use telephone direct marketing. The charity has had no complaints made during the year.

We are registered on JustGiving and Local Giving platforms. We would like to say a special thank you to all our donors this year and to Trust Law pro-bono services.

Trustees monitor fundraising performance through written and verbal reports at Development Committee and full Board meetings.

Financial review and reserves policy

CareTrade reports a total income of £1,168,038 in the twelve months to 31 July 2022 (18 months to 31 July 2021: £1,287,287). Of this, fee income is £959,509 (18 months to 31 July 2021: £1,099,382).

CareTrade values having been able to find a positive financial pathway through and coming out of the pandemic by seizing opportunities to support our beneficiaries afforded by grants secured and by growing The Autism Project, our Employer Training and In Work Support services. A high percentage of CareTrade income is related to contractual income over a fixed period for places on The Autism Project. The visibility this affords the charity continues to be a significant factor in our sustainability. Alongside fee income, CareTrade has attracted £206,130 (2021: £185,499) in grants, donations and gifts in kind. In FY2022, these comprise both restricted and unrestricted funds, which are properly segregated in accordance with donors' wishes.

5

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2022

CareTrade reports an in year (12 months to 31 July 2022) surplus of £157,690 for 2021 (18 months to 31 July 2021: £138,488). Net assets at 31 July 2022 are £651,177 (2021: £493,487). The unrestricted in year surplus for 2022 is £66,606 (2021: £109,974).

The charity’s aim is to hold free reserves equal to three months plus of operating costs at any measurement date. Unrestricted free reserves at 31 July 2022 were £303K and a further £200K are held in designated funds, making provision for anticipated costs towards future premises and investment towards our 5 year strategic goals. Reserves are managed in accordance with CareTrade’s Reserves, Funds and Investment Policy (May 2022). Free reserves held provide stability and will assist CareTrade to manage planned growth and build resilience to meet future unexpected challenges.

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.

The board of trustees has four committees: finance and risk, development, education advisory panel and remuneration. The 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 eight trustees at 31 July 2022 and there are presently seven trustees. 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.

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.

6

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2022

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 basis of the controls.

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:

The trustees 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.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

7

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2022

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year.

Approved by the trustees on 2 February 2023 and signed on their behalf by

Keval Shah

Keval Shah - Treasurer

8

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 July 2022 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

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the 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.

9

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:

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.

10

Independent auditors' report

To the members of

CareTrade Charitable Trust

Our 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

11

Independent auditors' report

To the members of

CareTrade Charitable Trust

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 charity'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 charity'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 charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 6 February 2023

Rob Wilson FCA

(Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

12

CareTrade Charitable Trust

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

For the year ended 31 July 2022

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
£
184,821
3,631
-
188,452
-
97,368
97,368
91,084
-
91,084
57,405
148,489		 Unrestricted
£
21,309
955,878
2,399
979,586
29,973
883,007
912,980
66,606
-
66,606
436,082
502,688		 12 months
2022
Total
£
206,130
959,509
2,399
1,168,038
29,973
980,375
1,010,348
157,690
-
157,690
493,487
651,177		 18 months
2021
Total
£
185,499
1,099,382
2,406
1,287,287
51,434
1,097,365
1,148,799
138,488
-
138,488
354,999
493,487

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 17 to the accounts.

13

CareTrade Charitable Trust

Balance sheet

As at 31 July 2022

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Current asset investments
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Total assets less current liabilities
Creditors: amounts due after 1 year
13
Net assets
16
Funds
17
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
93,048
168,168
491,529
752,745
(116,880)		 2022
£
61,978
635,865
697,843
(46,666)
651,177
148,489
200,000
302,688
651,177		 2021
£
67,658
58,818
166,632
378,125
603,575
(137,746)
465,829
533,487
(40,000)
493,487
57,405
134,000
302,082
493,487

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 2 February 2023 and signed on their behalf by

Keval Shah

Keval Shah - Treasurer

14

CareTrade Charitable Trust

Statement of cash flows

For the year ended 31 July 2022

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Interest from investments
Decrease / (increase) in debtors
Decrease 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
Cash flows from financing activities:
Proceeds from new borrowing
Repayment of borrowing
Net cash used in financing activities
Increase in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Cash and cash equivalents are represented as:
Current asset investments
Cash at bank and in hand		 12 months
2022
£
157,690
27,865
(2,399)
(34,230)
(4,200)
144,726
2,399
(22,185)
(19,786)
-
(10,000)
(10,000)
114,940
544,757
659,697
168,168
491,529
659,697		 18 months
2021
£
138,488
30,661
(2,406)
171,184
(44,309)
293,618
2,406
(62,752)
(60,346)
50,000
-
50,000
283,272
261,485
544,757
166,632
378,125
544,757

15

CareTrade Charitable Trust

Statement of cash flows

For the year ended 31 July 2022

Analysis of changes in net debt

Cash
Loans falling due within 1 year
Loans falling due after 1 year
Total		 At 1
August
2021
£
544,757
(10,000)
(40,000)
494,757		 Cash
flows
£
114,940
-
-
114,940		 £
£
-
-
(10,000)
10,000
10,000
-
-
10,000
Repayment
of loans
Non cash
movement		 At 31 July
2022
£
659,697
(10,000)
(30,000)
619,697

16

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

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 2019) - (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, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

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.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

17

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

1. Accounting policies (continued)

d) Donated services and facilities (continued)

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 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:

2022 2021 Raising funds 3.0% 4.5% Charitable activities 97.0% 95.5%

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 & CRM costs 4 years straight line Kitchen 4 years straight line

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

18

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

1. Accounting policies (continued)

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 charitable 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 source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is depreciation as described in note 1(i).

19

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

2. Prior period comparatives

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Transfers between funds
Net movement in funds
Income from donations
CAF resilience fund
Department for Education (DfE)
Education and Skills Funding Agency (ESFA)
Other donations income
Total income from donations		 Restricted
£
£
152,582
32,917
11,424
1,087,958
-
2,406
164,006
1,123,281
-
51,434
83,105
1,014,260
83,105
1,065,694
80,901
57,587
(52,387)
52,387
28,514
109,974
Restricted
£
£
151,630
-
21,852
-
1,200
11,370
10,139
9,939
184,821
21,309
Unrestricted
Unrestricted		 18 months
2021
Total
£
185,499
1,099,382
2,406
1,287,287
51,434
1,097,365
1,148,799
138,488
-
138,488
12 months
to 2022
Total
£
151,630
21,852
12,570
20,078
206,130

3. Income from donations

20

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

3. Income from donations (continued) Prior period comparative

CAF resilience fund
CJRS grant
Department for Education
LEAP capital
Other donations income
Total income from donations		 Restricted
£
£
49,415
-
-
22,961
35,830
-
51,776
-
15,561
9,956
152,582
32,917
Unrestricted		 18 months
to 2021
Total
£
49,415
22,961
35,830
51,776
25,517
185,499

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
Other training and fees
Total income from charitable activities		 Restricted
£
£
-
648,982
-
29,327
3,631
276,369
-
1,200
3,631
955,878
Restricted
£
£
-
721,749
-
16,864
11,424
342,274
-
7,071
11,424
1,087,958
Unrestricted
Unrestricted		 12 months
to 2022
Total
£
648,982
29,327
280,000
1,200
959,509
18 months
to 2021
Total
£
721,749
16,864
353,698
7,071
1,099,382

5. Government grants

The charitable company receives funding from local authorities and government organisations to carry out training and deliver commissioned services. CareTrade also occasionally receives government grants, including ESFA grants and Kickstart scheme funding. The total value of such grants in the period ending 31 July 2022 was £39,476 (2021: £110,567). There are no unfulfilled conditions or contingencies attaching to these grants.

21

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

6. Total expenditure

Direct project costs
Staff salaries (note 8)
Fundraising
Rent
Travel
Computer expenses
Insurance
Office expenses
Bank fees
Accountancy
Professional fees
Depreciation
Bad debt
Subscriptions
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
-
22,415
216
-
-
-
-
-
-
-
-
-
-
-
22,631
7,342
29,973		 Charitable
activities
£
32,568
636,762
196
23,598
2,058
3,934
30
20,722
7
702
3,965
-
9,471
6,206
740,219
240,156
980,375		 Support and
governance
costs
£
-
143,309
-
21,189
98
9,315
3,190
3,836
1,230
13,803
20,883
27,865
1,063
1,717
247,498
(247,498)
-		 12 months
2022
£
32,568
802,486
412
44,787
2,156
13,249
3,220
24,558
1,237
14,505
24,848
27,865
10,534
7,923
1,010,348
-
1,010,348

Total governance costs were £6,133 (2021: £5,953).

22

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

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
Bad debt
Subscriptions
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
-
39,176
317
-
-
-
-
-
-
-
-
-
-
-
39,493
11,941
51,434		 Charitable
activities
£
50,804
737,917
-
14,970
558
9,613
-
23,534
55
996
3,822
-
-
1,657
843,926
253,439
1,097,365		 Support and
governance
costs
£
-
126,234
56
61,652
613
1,661
3,657
2,570
120
20,633
8,342
30,661
5,608
3,573
265,380
(265,380)
-		 18 months to
2021
£
50,804
903,327
373
76,622
1,171
11,274
3,657
26,104
175
21,629
12,164
30,661
5,608
5,230
1,148,799
-
1,148,799

23

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

7. Net movement in funds This is stated after charging:

----- Start of picture text -----
||||| |---|---|---|---| |This is stated after charging:|18 months| |2022|to 2021| |£|£| |Depreciation|27,865|30,661| |Trustees' remuneration|Nil|Nil| |Trustees' reimbursed expenses|Nil|Nil| |Auditors' remuneration:| ||Statutory audit (incl. VAT)|6,120|5,640| ||Other services|8,033|9,790|

----- End of picture text -----

8. Staff costs and numbers

----- Start of picture text -----
|||| |---|---|---| |Staff costs were as follows:|18 months| |2022|to 2021| |£|£| |Salaries and wages|640,622|746,021| |Social security costs|59,386|57,508| |Pension costs|69,170|71,528| |Freelance staff|33,308|28,270| |802,486|903,327|

----- End of picture text -----

One employee earned between £80,000 and £90,000 on average during any 12 month period (2021: between £70,000 and £80,000, one).

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer, Development Director and the Head of Education. The total employee benefits of the key management personnel were £285,159 (2021: £305,447 (18 months)).

----- Start of picture text -----
|||| |---|---|---| |18 months| |2022|to 2021| |No.|No.| |Average head count|17.08|15.67|

----- End of picture text -----

9. Taxation

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

24

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

10. Tangible fixed assets

Kitchen
Office
equipment
£
£
Cost
At 1 August 2021
-
11,769
Additions in year
2,050
-
At 31 July 2022
2,050
11,769
Depreciation
At 1 August 2021
-
5,971
Charge for the year
202
2,390
At 31 July 2022
202
8,361
Net book value
At 31 July 2022
1,848
3,408
At 31 July 2021
-
5,798
Debtors
Trade debtors
Accrued income
Prepayments
Other debtors
Creditors: amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Deferred income (note 15)
Bounce back loan (note 14)
Other creditors		 Computer
equipment
£
92,219
7,695
99,914
42,545
19,707
62,252
37,662
49,674		 Website &
CRM costs
£
18,114
12,440
30,554
5,928
5,566
11,494
19,060
12,186
2022
£
73,764
3,788
15,496
-
93,048
2022
£
5,542
75,270
19,306
2,395
10,000
4,367
116,880		 Total
£
122,102
22,185
144,287
54,444
27,865
82,309
61,978
67,658
2021
£
49,285
5,791
1,843
1,899
58,818
2021
£
19,838
54,624
15,138
37,312
10,000
834
137,746

11. Debtors

12. Creditors: amounts due within 1 year

25

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

13. Creditors: amounts due after 1 year

**14. ** Bounce back loan (note 14)
Accruals
Analysis of debt maturity
Bounce back loan
Repayable between one and five years
Repayable in five years or more		 2022
£
30,000
16,666
46,666
2022
£
30,000
10,000
40,000		 2021
£
40,000
-
40,000
2021
£
40,000
10,000
50,000

CareTrade took out a government bounce back loan in July 2020. Interest is payable on the loan balance at 2.5% per annum but the interest cost for the first 12 months is met by the government. After the first 12 months, interest and capital are repayable monthly by CareTrade. The loan balance is unsecured but is guaranteed by the UK government. The loan term is 6 years.

15. Deferred income

At the start of the period
Amounts released to income
Amounts deferred during the year
At the end of the period		 2022
£
37,312
(34,917)
-
2,395		 2021
£
97,982
(721,749)
661,079
37,312

Deferred income relates to The Autism Project fee income received in advance.

26

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

16. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets at 31 July 2022
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets at 31 July 2021		 £
-
148,489
-
-
148,489
£
-
57,405
-
-
57,405
Restricted
funds
Restricted
funds		 £
-
200,000
-
-
200,000
£
-
134,000
-
-
134,000
Designated
funds
Designated
funds		 General
funds
£
61,978
404,256
(116,880)
(46,666)
302,688
General
funds
£
67,658
412,170
(137,746)
(40,000)
302,082		 Total
funds
£
61,978
752,745
(116,880)
(46,666)
651,177
Total funds
£
67,658
603,575
(137,746)
(40,000)
493,487

27

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

17. Movements in funds

Restricted funds
Baily Thomas
CAF resilience
ESFA student support
ESFA capital funding
ESFA mental health
PDT Equip
GLA careers
Working Kitchen
Total restricted funds
Designated funds:
Property fund
Investment fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
2,379
-
14,693
33,624
-
-
181
6,528
57,405
67,000
67,000
134,000
302,082
436,082
493,487
At 1
August
2021		 Income
£
-
151,630
3,631
21,852
1,200
7,986
-
2,153
188,452
-
-
-
979,586
979,586
1,168,038		 £
(2,379)
(77,232)
(7,756)
(703)
(960)
(7,986)
(181)
(171)
(97,368)
(9,274)
-
(9,274)
(903,706)
(912,980)
(1,010,348)
Expenditure		 £
-
-
-
-
-
-
-
-
-
42,274
33,000
75,274
(75,274)
-
-
Transfers
between
funds		 £
-
74,398
10,568
54,773
240
-
-
8,510
148,489
100,000
100,000
200,000
302,688
502,688
651,177
At 31 July
2022

Purposes of restricted funds

Baily Thomas

This is towards our Weekend Café Traineeship programme at the School House Café, Spa School, Bermondsey.

CAF Resilience Fund

CAF Resilience funding is dual purpose; to support our jobseekers and Kitchen and Café programmes and to support building CareTrade’s resilience. The grant awarded is for the period up to 31 March 2023.

ESFA student support

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

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.

28

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

17. Movements in funds (continued) Purposes of restricted funds ESFA mental health

This funding is towards staff training to support mental health of learners.

PDT Equip

Paddington Development Trust EQUIP is funded by the European Social Fund. This is towards our Bounce Back programme to support autistic Londoners back into work following Covid.

GLA careers fund

These are funds given to support CareTrade Careers Activities towards Gatsby Benchmark 6.

Working Kitchen

This fund is for any monies raised or gifts given specifically towards progressing our Working Kitchen.

Purposes of designated funds

Property fund

This designated fund is to be used towards the costs of anticipated increases in rental, purchase or refurbishment to meet our future accommodation needs.

Investment fund

This designated fund is to be used towards costs to help ensure the growth delivery to meet strategic goals over next 5 years. The Investment fund has been increased to support planned developments to further our reach, our quality and staff training.

Transfers between funds

Transfers between unrestricted general and designated funds represent additional amounts ringfenced by the trustees for the purposes described above.

29

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2022

17. Movements in funds (continued)

Prior period comparative
Restricted funds
Baily Thomas
London Catalyst
ESFA student support
ESFA capital funding
CAF resilience
LEAP capital
PDT Equip
GLA careers
Working Kitchen
Total restricted funds
Designated funds:
Property fund
Investment fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
14,270
3,330
9,191
2,100
-
-
-
-
-
28,891
-
-
-
326,108
326,108
354,999
At 1
February
2020		 Income
£
-
-
11,424
35,830
49,415
51,776
7,986
1,000
6,575
164,006
-
-
-
1,123,281
1,123,281
1,287,287		 £
(11,891)
(3,330)
(5,922)
(2,175)
(49,415)
(869)
(8,637)
(819)
(47)
(83,105)
-
-
-
(1,065,694)
(1,065,694)
(1,148,799)
Expenditure		 £
-
-
-
(2,131)
-
(50,907)
651
-
-
(52,387)
67,000
67,000
134,000
(81,613)
52,387
-
Transfers
between
funds		 £
2,379
-
14,693
33,624
-
-
-
181
6,528
57,405
67,000
67,000
134,000
302,082
436,082
493,487
At 31 July
2021

18. 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		 2022
£
-
-
-		 2021
£
6,840
-
6,840

19. Related party transactions

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

30