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2024-07-31-accounts

Company no. 06789119 Charity no. 1127890

CareTrade Charitable Trust Creating opportunities for people with autism

Annual Report and Audited Financial Statements 31 July 2024

CareTrade Charitable Trust

Reference and administrative details

For the year ended 31 July 2024

Company number 06789119
Charity number 1127890
Registered office and Larcom House
operational address 9 Larcom Street
London
SE17 1RT
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:
Nithyambika Gurukumar
Ethnanda Manley-Browne Appointed 17 July 2024
Janet Park
Keval Shah Treasurer
Paul Sparkes Chair
Andrew Sweeting Resigned 30 October 2024
Frida Norman Resigned 30 October 2024
Leadership team Karen Edwards, Chief Executive
Mark Finch, Head of Education & Learning
Judith Kerem, Development Director
Jemma Dear, Head of Quality & Training
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 2024

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

The National Autistic Society (NAS) now estimates that around 1 in 70 people is autistic (this was previously 1 in 100) thus approximately 1 million people in the UK.

Autism is a spectrum disorder and no one person with autism is the same.

Although 70% of autistic children attend mainstream school, less than 25% of autistic school leavers access further or higher education and autistic graduates are twice as likely to be unemployed after 15 months as non-disabled graduates, with only 36% finding full time work in this period.

Not all working age autistic people will be able to work, but NAS’s research has found that the vast majority want to. Despite their wish to work the latest official statistics show that only 30% of working age autistic disabled people are in employment compared to around 50% of all disabled people and 80% of non-disabled people.

Autistic people in work face the largest pay gap of all disability groups, on average they receive a third less than their non-disabled counterparts. The are most likely to be overqualified for the job they have and least likely to be in a permanent role.

The Buckland Review reports that many autistic adults were not aware of their legal rights around reasonable adjustments* and only 35% of autistic employees are fully open about being autistic and 10% have not disclosed to anyone. Access to adjustments when requested is highly variable with a third feeling unable to discuss these at all, and of those that did over a quarter were refused. There is a clear need to support employers, managers as well as employees to improve this situation to enable autistic employees to thrive in work and develop their careers.

CareTrade has been trailblazing the way forward to bring about positive lasting change for autistic adults who want to work and who are in work, since 2010.

Stats and figures taken from Office of National Statistics Report - Outcomes for disabled people in the UK:2020 published 18 Feb 2021) and The Buckland Review of Autism Employment Feb 2024.

*a reasonable adjustment is a change that must be made to remove or reduce a disadvantage faced by a disabled person, ensuing they have equal opportunities.

About CareTrade

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

2

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2024

CareTrade passionately believes that all autistic 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.

We believe ‘being in employment is the biggest single factor that will transform the life of an autistic adult’ . 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 delivers benefits to families and has a gradual ripple effect bringing positive change throughout our society.

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

All CareTrade’s programmes are employment focused and until this year have been London based. Our reach through training for employers is growing and our online activity this year through Employment Autism and Job Coach Café now gives us a national reach.

Our first project was launched in 2010 and to date we have supported over 800 autistic Londoners and helped them prepare for, move towards, start and sustain paid employment.

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

Achievements and performance

The year to 31 July 2024 has seen a number of significant changes from the previous year come to fruition. Most notably bringing Employment Autism onboard as part of our offer and moving to larger more purposeful premises.

December 2023 Employment Autism became an integral part of CareTrade. This is the result of working in partnership for several years: running Job Coach Café (a peer support network for professionals since 2022) and running two conferences on autism and employment in partnership with London South Bank University - 2022 and 2023); and many talks and discussions followed by due diligence process, completed on our behalf by Dechert LLP pro-bono. Bringing the two charities was a natural extension of this. Employment Autism now sits within our Development Team and gives us a national reach and louder voice. We will be building on this in our new Strategy.

May 2024, after many months of refurbishment works, we moved from our offices in London

Road into our new premise at Larcom House, just behind Elephant & Castle, giving us the space we need to expand The Autism Project and security of tenure that we sort. It has also enabled us to move our training kitchen from the Ahoy Centre in Deptford to a purpose-built commercial kitchen on premise enabling us to expand this programme from 3 to 5 days a week, since October 2024.

This brought about an opportunity to work in partnership with Southwark Resource Centre (SRC): the CareTrade Café now runs (since November 2024) from there providing much needed workexperience opportunities for learners on The Autism Project. We have just recently been awarded a Food Standards rating of 5*. Fresh hot meals are prepared and sold each day by our café trainees.

3

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2024

Up until July 2024 we had continued to run our much-loved weekend café traineeship programme at the School House café in Bermondsey. This has been put on hold due to the resourcing required to run two cafes and because the one at SRC provides more training opportunities.

CareTrade is four years into our current 5 year strategy and has gone a long way to meeting our initial ambitions:

Our operational highlights during the year were:

4

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2024

Internal changes during and post year end:

We had a few well-planned changes to the Board after the year end at our October 2024 Annual General Meeting (AGM): Frida, our Chair of Trustees, has stood down after over 6 years as Chair and a total of 9 years on the Board, handing the baton to Paul, who was Deputy Chair during the year and has been a Trustee since 2016; Nanda Manley-Browne who joined as a board advisor in Feb 2023 became a Trustee and Andrew Sweeting, who had been a Trustee since 2015, stood down.

We would like to say a special thank you to Frida for her knowledge, energy, time and guidance that she gave so generously and that helped the charity to navigate many challenges, take the opportunities, learn from our journey and celebrate our successes. We are all delighted that Frida will continue to support CareTrade as our Honorary President.

We would also like to give special thanks to all our employer partners and especially Guys & St Thomas’ Hospitals, The Whittington Hospital, The Royal Brompton Hospital, Co-op, Barclays, Southwark Playhouse, Jamii Cafe and Spa School for the use of the School House Café and Southwark Resource Centre. Without their support we would not be able to provide our learners and jobseekers with the work experience they need. And a very special thanks to the individual staff members and managers that provide daily mentoring and help our young people build their confidence and job skills. THANK YOU. Your support is vital to the success of our autistic jobseekers.

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.

5

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2024

Outlook for the year ahead

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 FY2024 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, Dechert LLP and Goodwins for their generous support in helping us with our move and the merger with Employment Autism.

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

Financial review and reserves policy

CareTrade reports total income of £1,411,313 (2023: £1,289,973). Of this, fee income is £1,282,034 (2023: £1,148,407).

CareTrade values having been able to maintain a positive position and continued growth post pandemic afforded by growth in services, contracts and grants secured. A high percentage of our income relates to contractual income over a fixed period for places on The Autism Project. This affords the charity strong financial visibility and continues to be a significant factor in our sustainability. Alongside fee income, CareTrade has attracted £121,531 (2023: £134,622) in grants, donations and gifts in kind. In FY2024, these comprise both restricted and unrestricted funds, which are properly segregated in accordance with the charity’s aims.

CareTrade reports an in year deficit of £63,170 for 2024 (2023: £745). Net assets at 31 July 2024 are £587,262 (2023: £650,432. The unrestricted in year surplus for 2024 is £17,398 (2023: £56,415).

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 2024 were £272,264 and a further £181,285 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.

6

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2024

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 five committees: Finance & Risk, Development, Education, Equity Diversity & Inclusion 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 six trustees at 31 July 2024 and presently there are five. There is no maximum number of Trustees but there must be no less than three.

The board are comfortable that the current mix of members is appropriate. The intention is to expand the board to 7 Trustees over the next 12 months. The aim is for new members to provide additional support in the areas of Education and Marketing or Fundraising.

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 finally 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 continue to strengthen the charity’s risk management systems and processes and procedures to ensure we deliver the quality and person-centred services during the financial year. It is intended that this work is ongoing to continue to improve the controls basis.

7

CareTrade Charitable Trust

Report of the trustees

For the year ended 31 July 2024

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.

Auditors

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

Approved by the trustees on 23 April 2025 and signed on their behalf by

Paul Sparkes

Paul Sparkes - Chair of Trustees

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 2024 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 the provisions available for small entities, in the circumstances set out in note 7 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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: 23 April 2025

Robert 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 2024

Note
Income from:
Donations
3
Charitable activities
4
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net income / (expenditure)
Transfers between funds
Net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
£
67,010
7,568
-
74,578
-
112,006
112,006
(37,428)
(43,140)
(80,568)
119,057
38,489		 Unrestricted
£
54,521
1,274,466
7,748
1,336,735
8,884
1,353,593
1,362,477
(25,742)
43,140
17,398
531,375
548,773		 2024
Total
£
121,531
1,282,034
7,748
1,411,313
8,884
1,465,599
1,474,483
(63,170)
-
(63,170)
650,432
587,262		 2023
Total
£
134,622
1,148,407
6,944
1,289,973
36,786
1,253,932
1,290,718
(745)
-
(745)
651,177
650,432

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 2024

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		 £
79,038
175,350
479,244
733,632
(241,594)		 2024
£
105,224
492,038
597,262
(10,000)
587,262
38,489
181,285
367,488
587,262		 2023
£
35,933
35,645
172,055
554,914
762,614
(128,115)
634,499
670,432
(20,000)
650,432
119,057
182,460
348,915
650,432

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 23 April 2025 and signed on their behalf by

Paul Sparkes

Paul Sparkes - Chair of Trustees

14

CareTrade Charitable Trust

Statement of cash flows

For the year ended 31 July 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Interest from investments
(Increase) / decrease in debtors
Increase / (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) / provided by investing activities
Cash flows from financing activities:
Repayment of borrowing
Net cash used in financing activities
(Decrease) / 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
Analysis of changes in net debt
At 1
August
2023
Cash
flows
£
£
£
Cash
726,969
(72,375)
-
Loans falling due within 1 year
(10,000)
-
(10,000)
Loans falling due after 1 year
(20,000)
-
10,000
Total
696,969
(72,375)
-
Non cash
movement		 2024
£
(63,170)
28,651
(7,748)
(43,393)
113,479
27,819
7,748
(97,942)
(90,194)
(10,000)
(10,000)
(72,375)
726,969
654,594
175,350
479,244
654,594
£
-
10,000
-
10,000
Repayment
of loans		 2023
£
(745)
27,045
(6,944)
57,403
(5,431)
71,328
6,944
(1,000)
5,944
(10,000)
(10,000)
67,272
659,697
726,969
172,055
554,914
726,969
At 31 July
2024
£
654,594
(10,000)
(10,000)
634,594

15

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

1. Accounting policies

a) General information and basis of preparation

CareTrade Charitable Trust is a charitable company limited by guarantee registered in England and Wales. The registered office address is Larcom House, 9 Larcom Street, London, SE17 1RT.

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.

16

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

1. Accounting policies (continued)

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. 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:

2024 2023
Raising funds 0.6% 2.9%
Charitable activities 99.4% 97.1%

17

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

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:

Kitchen 4 years straight line Office equipment 4 years straight line Computer equipment 4 years straight line Website & CRM costs 4 years straight line Building improvements 5 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 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).

18

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

2. Prior period comparatives

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds
Income from donations
City Bridge
Education and Skills Funding Agency (ESFA)
Garfield Weston
Other donations income
Total income from donations		 Restricted
£
£
103,337
31,285
5,360
1,143,047
-
6,944
108,697
1,181,276
-
36,786
165,857
1,088,075
165,857
1,124,861
(57,160)
56,415
Restricted
£
£
35,175
-
29,886
-
-
20,000
1,949
34,521
67,010
54,521
Unrestricted
Unrestricted		 2023
Total
£
134,622
1,148,407
6,944
1,289,973
36,786
1,253,932
1,290,718
(745)
2024
Total
£
35,175
29,886
20,000
36,470
121,531

3. Income from donations

Gifts in kind totalling £25,000 (2023: £29,000) relating to donated professional services are included within other donations income.

Prior period comparative

CAF resilience fund
Education and Skills Funding Agency (ESFA)
Other donations income
Total income from donations		 Restricted
£
£
57,210
-
39,014
-
7,113
31,285
103,337
31,285
Unrestricted		 2023
Total
£
57,210
39,014
38,398
134,622

19

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

4. Income from charitable activities

The Autism Project fees
Access to Work fees
Education and Skills Funding Agency
Kitchen Café sales
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
£
£
-
838,575
20,760
7,558
408,601
-
1,590
10
4,940
7,568
1,274,466
Restricted
£
£
-
758,997
-
24,878
5,360
351,544
-
7,628
5,360
1,143,047
Unrestricted
Unrestricted		 2024
Total
£
838,575
20,760
416,159
1,590
4,950
1,282,034
2023
Total
£
758,997
24,878
356,904
7,628
1,148,407

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 Access to Work scheme funding. The total value of such grants in the period ending 31 July 2024 was £50,646 (2023: £63,892). There are no unfulfilled conditions or contingencies attaching to these grants.

20

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

6. Total expenditure

Total expenditure
Staff salaries (note 8)
Building costs
Rent
Office expenses
Depreciation
Professional fees
Direct project costs
Computer expenses
Utilities
Accountancy
Subscriptions
Insurance
Travel
Bank fees
Fundraising
Bad debt expense
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
5,983
-
-
-
-
-
-
-
-
-
-
-
-
-
316
-
6,299
2,585
8,884		 Charitable
activities
£
945,903
532
9,787
28,700
-
6,356
35,303
4,319
-
-
4,442
66
3,674
105
-
-
1,039,187
426,412
1,465,599		 Support and
governance
costs
£
130,205
114,923
39,132
18,289
28,651
30,471
-
21,001
20,509
16,884
4,403
4,952
242
739
-
(1,404)
428,997
(428,997)
-		 Total 2024
£
1,082,091
115,455
48,919
46,989
28,651
36,827
35,303
25,320
20,509
16,884
8,845
5,018
3,916
844
316
(1,404)
1,474,483
-
1,474,483

Total governance costs were £7,354 (2023: £6,973).

21

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

6.
Total expenditure
Prior year comparative
Staff salaries (note 8)
Rent
Professional fees
Office expenses
Direct project costs
Depreciation
Computer expenses
Accountancy
Subscriptions
Bad debt
Insurance
Fundraising
Travel
Bank fees
Sub-total
Total expenditure
Allocation of support and
governance costs		 Raising funds
£
27,200
-
-
-
-
-
-
-
-
-
-
1,402
-
-
28,602
8,184
36,786		 Charitable
activities
£
860,028
22,260
13,663
27,666
37,622
-
480
-
8,404
-
72
1,977
2,773
11
974,956
278,976
1,253,932		 Support and
governance
costs
£
126,151
34,390
40,991
14,292
-
27,045
18,664
14,359
2,929
3,626
3,492
-
215
1,006
287,160
(287,160)
-		 Total 2023
£
1,013,379
56,650
54,654
41,958
37,622
27,045
19,144
14,359
11,333
3,626
3,564
3,379
2,988
1,017
1,290,718
-
1,290,718

22

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

7. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2024 2023
£ £
Depreciation 28,651 27,045
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses Nil Nil
Auditors' remuneration (excluding VAT):
Statutory audit 6,100 5,800
Other services 7,604 5,115

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements. Our auditors have also provided bookkeeping and payroll services to the charity during the year.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff
Employees earning more than £60,000 during the year:
Between £60,000 and £70,000
Between £90,000 and £100,000
Between £100,000 and £110,000		 2024
£
875,131
85,119
68,819
53,022
1,082,091
2024
No.
1
1
-		 2023
£
824,924
75,742
69,809
42,904
1,013,379
2023
No.
-
-
1

The key management personnel of the charitable company comprise the Trustees, Chief Executive Officer, Development Director, Head of Education and Head of Quality & Training. The total employee benefits of the key management personnel were £322,141 (2023: £335,304).

Average head count 2024
No.
28.00		 2023
No.
23.25

9. Taxation

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

23

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

10. Tangible fixed assets

Tangible fixed assets
Cost
At 1 August 2023
Additions in year
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Kitchen
£
2,050
-
2,050
715
512
1,227
823
1,335		 Office
equipment
£
12,769
2,433
15,202
10,595
1,614
12,209
2,993
2,174		 Computer
equipment
£
99,914
33,181
133,095
78,912
20,286
99,198
33,897
21,002		 Website &
CRM costs
£
30,554
-
30,554
19,132
6,239
25,371
5,183
11,422		 £
-
62,328
62,328
-
-
-
62,328
-
Building
improvements		 Total
£
145,287
97,942
243,229
109,354
28,651
138,005
105,224
35,933

24

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

11. Debtors

Trade debtors
Prepayments
Accrued income
Other debtors
12. Creditors: amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Other creditors
Deferred income (note 15)
Bounce back loan
13. Creditors: amounts due after 1 year
Bounce back loan (note 14)
14. Analysis of debt maturity
Debt due after more than one year:
Repayable between one and five years		 2024
£
7,596
31,739
11,577
28,126
79,038
2024
£
36,055
150,497
41,451
3,591
-
10,000
241,594
2024
£
10,000
2024
£
10,000
10,000		 2023
£
16,428
14,808
4,144
265
35,645
2023
£
5,840
81,971
23,105
4,804
2,395
10,000
128,115
2023
£
20,000
2023
£
20,000
20,000

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.

25

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

15. Deferred income

At the start of the period
Amounts released to income
Amounts deferred during the year
At the end of the period		 2024
£
2,395
(2,395)
-
-		 2023
£
2,395
-
-
2,395

Deferred income released relates to The Autism Project fee income received in advance in the prior year.

16. Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets at 31 July 2024
Prior period comparative
Tangible fixed assets
Current assets
Current liabilities
Non-current liabilities
Net assets at 31 July 2023		 £
-
38,489
-
-
38,489
£
-
119,057
-
-
119,057
Restricted
funds
Restricted
funds		 £
-
181,285
-
-
181,285
£
-
182,460
-
-
182,460
Designated
funds
Designated
funds		 General
funds
£
105,224
513,858
(241,594)
(10,000)
367,488
General
funds
£
35,933
461,097
(128,115)
(20,000)
348,915		 Total
funds
£
105,224
733,632
(241,594)
(10,000)
587,262
Total funds
£
35,933
762,614
(128,115)
(20,000)
650,432

26

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

17. Movements in funds

Movements in funds
Restricted funds
Children England
City Bridge
ESFA capital funding
ESFA student support
Newcomen Collett
Proud to be me
TAP Enterprise
The Portal Trust
Working Kitchen
Total restricted funds
Designated funds:
Property fund
Investment fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 £
-
-
93,717
12,924
(522)
-
1,490
1,277
10,171
119,057
98,460
84,000
182,460
348,915
531,375
650,432
At 1
August
2023		 Income
£
600
35,175
29,886
7,558
730
619
10
-
-
74,578
-
-
-
1,336,735
1,336,735
1,411,313		 £
(264)
(18,827)
(80,463)
(8,444)
(208)
(619)
(18)
(1,277)
(1,886)
(112,006)
(1,028)
(147)
(1,175)
(1,361,302)
(1,362,477)
(1,474,483)
Expenditure		 £
-
-
(43,140)
-
-
-
-
-
-
(43,140)
-
-
-
43,140
43,140
-
Transfers
between
funds		 £
336
16,348
-
12,038
-
-
1,482
-
8,285
At 31 July
2024
38,489
97,432
83,853
181,285
367,488
548,773
587,262

Purposes of restricted funds

Children England

These are funds donated for the benefit of TAP learners.

City Bridge

This is funding received from City Bridge to fund a training lead and associated costs over a period of five years.

ESFA student support

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

27

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

17. Movements in funds (continued) Purposes of restricted funds (continued) Newcomen Collett

This fund is towards equipment for sensory room at The Autism Project.

Proud to be me

This fund is towards furnishing for chill out space and wellbeing of TAP learners.

TAP Enterprise

These are funds generated by enterprise projects led by learners within The Autism Project (TAP) or otherwise donated for the benefit of TAP learners.

The Portal Trust

This grant was given to support our band UNTAPPED and the promotion of music within CareTrade.

Working Kitchen

This fund is monies gifted towards or generated by our Working Kitchen project.

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 spent down to support planned developments to further our reach, our quality and staff training.

Transfers between funds

The transfer from the restricted ESFA capital fund represents the extinguishing of the restriction on purchase of tangible fixed assets following the purpose outlined by the funding.

28

CareTrade Charitable Trust

Notes to the financial statements

For the year ended 31 July 2024

17. Movements in funds (continued) Prior period comparative

Restricted funds
CAF resilience
ESFA student support
ESFA capital funding
ESFA mental health
Working Kitchen
Proud to be me
Newcomen Collett
The Portal Trust
TAP Enterprise
Total restricted funds
Designated funds:
Property fund
Investment fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted 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 1
August
2022		 Income
£
57,210
5,360
39,014
-
1,672
776
-
3,175
1,490
108,697
-
-
-
1,181,276
1,181,276
1,289,973		 £
(159,336)
(3,004)
(70)
(240)
(11)
(776)
(522)
(1,898)
-
(165,857)
(1,540)
(16,000)
(17,540)
(1,107,321)
(1,124,861)
(1,290,718)
Expenditure		 £
27,728
-
-
-
-
-
-
-
-
27,728
-
-
-
(27,728)
(27,728)
-
Transfers
between
funds		 £
-
12,924
93,717
-
10,171
-
(522)
1,277
1,490
At 31 July
2023
119,057
98,460
84,000
182,460
348,915
531,375
650,432

18. Related party transactions

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

29