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2023-03-31-accounts

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust Consolidated Report and Financial Statements

Year Ended 31 March 2023

Registered Number 07697170

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Introduction From Our Chair

‘Building a Caring Society’: Our Strategy for 2022-25

On 1st April 2022, Carers Trust commenced our ambitious three-year strategy to deliver ‘Building a Caring Society’. This aims to ensure that:

To ensure we stay on course to deliver our core strategic objectives, we have set ourselves three stretching goals:

Introduction

Health and social care have never been more in the public eye. The impact of the COVID-19 pandemic, combined with the consequences of economic turbulence, continue to reverberate through our society, with major consequences for the over 5+ million unpaid carers who support family and friends living with disabilities and health conditions.

As a result, the work of Carers Trust and its network of 126 local carer organisations has never been more important. Over the course of the last year, we have taken strides to increase our reach and our impact, both through programmes and through public policy and advocacy. This is beginning to bear significant fruit. Overall, in 2022/23, our reach has extended so that:

However, we cannot and will not be complacent. Data from the 2021 Census (which does not yet include Scotland), showed that 5 million people self-identified as an unpaid carer, a figure which is likely to be significantly under reported due to the timing of the census (during the pandemic) and the changed wording of the question. Regardless, the census showed a marked increase in the ‘intensity’ of caring – the number of hours people were caring per week, a trend which has been confirmed by our network of local carer organisations (‘Network Partners’), who report that unpaid carers are caring for more hours, for more people, and for more complex conditions.

Our evidence is also showing that unpaid carers are disproportionately impacted by the current cost of living crisis. ‘Pushed to the Edge’, our major study of adult carers (aged 25 and over), last year, showed that 40% had given up paid employment due their caring role and an additional 23% had reduced their hours. In addition, 49% reported having to use their savings, whilst one in seven had used a foodbank. Only 7% stated that they received enough support. Despite this, Carers Allowance remains at the lowest level of all ‘out of work’ benefits at just £76.25 per week, with a bewildering and prohibitive set of eligibility criteria which means that unpaid carers are prevented from accessing the support they desperately need.

Young carers and young adult carers (those aged under 25) remain a major area of focus, amplified by the ‘Young Carers Alliance’ being absorbed by Carers Trust in January 2023. The Alliance is a powerful collaboration of 179 organisations and 457 individuals working to support young carers and young adult carers across England and Wales and mirrors the existing Alliance north of the border, supported by Carers Trust Scotland. Our research is showing the stress this group is under.

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Consolidated Report and financial statements for the year ended 31 March 2023

Introduction From Our Chair (continued)

In particular:

Our evidence on impact is now being mirrored by our research partnership with academic institutions. A major study with University College London is showing that young people with a caring role are 38% less likely to obtain a university degree, whilst those caring 35 or more hours are 46% less likely to enter employment.

Some parts of our network of local carer organisations are also facing significant challenges. As with much of the charity sector, collectively we have been affected by increases in energy and salary costs, whilst the failure of successive governments to fund social care properly has led to an increasing trend for public sector commissioners to let ever tighter contract packages, with a focus on delivering more for less. Despite this, much of our network is delivering more than ever before, with many moving to diversify their funding bases, consolidate their positions within Integrated Care Partnerships in England and their equivalents in the Nations, and to have a strong focus on the interventions and service innovations which deliver most effectively for unpaid carers.

Our Achievements and Impact Overall

This year has been one of transition, with the appointment of an experienced chief executive and a refresh of our strategy, which reinforces our role as a UK infrastructure charity dedicated to supporting unpaid carers at scale and working through a network of local organisations. To support this, we launched a number of strategic projects aimed at ensuring that Carers Trust is fit for the future and oversaw a number of developments which have radically increased our impact. Of particular note are:

Programmes

On a programme delivery front, our work has continued at scale. Making Carers Count, which is funded by the Association of British Insurers, is supporting 26 different projects across the UK, all with a focus on better connecting under-represented groups to local carer support services. Examples include a fantastic project in Blackpool working with carers of people struggling with substance misuse and addictions; in Northampton on race equality; by Lanarkshire Carers on LGBTQ carers (which won the Proud Scotland Award 2023 - Small Employer category); plus, Swansea Carers Centre focusing on increasing the wellbeing and resilience of young adult carers.

Our programme, ‘Working for Carers’, funded by the National Lottery Community Fund and the European Social Fund, also continued this year, with the last participants completing the programme in March. Overall, Working for Carers is being held up as an exemplar programme by its funders. Of the 1266 participants, 20% started a job during their time on the programme, whilst 72% of those who exited the programme without a job subsequently moved into sustained employment. Given that 82% of participants were economically inactive when they joined Working for Carers this is a phenomenal achievement.

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Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

Introduction From Our Chair (continued)

Our Wales programme activity has also been particularly strong. Following our success in gaining three years of Carers Support Fund monies for carers of all ages (managed by Carers Trust), we became the partner to the Welsh Government in the delivery of the Amser scheme this year. This three-year scheme will support unpaid carers living in Wales a short break from their caring role.

In Scotland, our programme work included a focus on raising awareness of young carers, where we delivered awareness training to over 1000 student and probation teachers, in partnership with local carer organisations. We also launched a Professional Learning Activity (e-learning module), with Education Scotland, which is available to all education professionals.

Our small grants activity also continues as a vital lifeline for many unpaid carers. Overall, £519,023 was distributed to 2,370 unpaid carers. However, demand for grants far outstrips supply and we will be looking during 2023/24 to boost the amount of funding available.

Looking ahead, we have a focus on ensuring that the learning from our delivery programmes follows through into sustainable programmes (and income streams) and informs our policy and campaigning work. Two major developments are:

Policy and Public Affairs

A further major focus this year has been on extending our work in the field of policy and public affairs. We have made significant strides. On the young carers and young adult carers front the progress has been particularly marked. Over the past year we have seen:

We have also been making strides in our broader public policy. As part of the Health and Wellbeing Alliance, funded by the Department for Health and Social Care, we have delivered work on carer’s assessments, virtual wards and carers breaks, plus a guide to social prescribing. We have strengthened our relationships across Government, with the Association of the Directors of Social Services and the Care Quality Commission, plus engaged with the Hewitt Review of Integrated Care Systems. One particular development is the very welcome

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Carers Trust

Introduction From Our Chair (continued)

success of the Carer’s Leave Bill, sponsored by Wendy Chamberlain MP, who we supported to visit local carer organisations.

Our work in the Nations also goes from strength to strength. Highlights from Wales include the delivery of groundbreaking research on the experiences of unpaid carers from minoritised communities. The recommendations are being taken forward by the Welsh Government. Other work includes the delivery of guidance for healthcare professionals on the involvement of carers in the hospital discharge process and work with local authorities on the delivery of the Young Carers ID card.

Highlights from Scotland include our lobbying on reform of the Carer Support Payment, which will replace Carer’s Allowance, and our success in gaining support for removal of the full-time study restriction for most student carers, which means they should be able to access carers’ benefits in future. We also worked with Scottish Government to help shape and launch the new three-year National Carers Strategy and published a report in March 2023, ‘Experiences of Older Adult Unpaid Carers in Scotland’, which will form the bedrock for a new campaign to change eligibility rules for Carer Support Payment for those of pensionable age. We also continue to provide the secretariat for the Cross-Party Group on Unpaid Carers in the Scottish Parliament.

Finances

I am pleased to say that we have continued to maintain a healthy position. Our unrestricted surplus was £267,000, whilst all our restricted funds have continued to be matched with our programmes.

Our reserves at 31 March 2023 stood at circa £4.9 million and includes unrestricted reserves of £1 million, sufficient to cover 5.2 months of unrestricted expenditure (2022: 6 months).

Based on our unrestricted financial performance and an assessment of our reserves requirements, the Trustees have designated a further £550k to support the delivery of our strategic projects to benefit unpaid carers. This funding is being used to support specific time limited projects, alongside ‘invest to generate’ activities, such as the development of products and services which support the development of sustainable income streams.

Carers Trust is focused on how we can maximise the benefits of all donations and, for this year, I am pleased to report that:

In April this year, there was an expectation that inflation would reduce, interest rates would have nearly plateaued, and that the UK was set for growth. This has all changed as we now face a very tough economic environment. However, I am confident that, with the excellent team at Carers Trust, we have the skills and expertise to deal with these new challenges.

Environment, Social and Governance Environment

With increased awareness of the challenges posed by the climate crisis, Carers Trust continues to take a proactive approach to managing its environmental footprint. In 2022/23 we have followed up on the recommendations from our eco-audit and the latest report confirms progress in this area. We have also moved to a smaller, more environmentally efficient office in London and will be looking for a similarly environmentally-

friendly new base in Scotland. We have also included environmental considerations into the letting of all contracts.

Diversity, Equity, and Inclusion

A strategic project to enhance the organisation’s approach to diversity, equity and inclusion took place in 2022/23, with an initial focus on ensuring Carers Trust is an anti-racist organisation. The workstream was

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Consolidated Report and financial statements for the year ended 31 March 2023

Introduction From Our Chair (continued)

supported by a third-party expert and involved all Carers Trust staff and Trustees undertaking training. In addition, a cross-organisational working group of staff developed a proactive anti-racism roadmap. During 2023/24, we will be delivering on the actions identified by the roadmap and establishing and delivering on the next steps of our approach to ensuring that diversity, equity, and inclusion is at the heart of everything that Carers Trust does.

Employee Wellbeing

Significant focus has been given to employee wellbeing in the past 12 months through a number of different initiatives. In addition to staff having access to an Employee Assistance Programmes, 12 members were trained as Mental Health First Aiders in January. In addition, a number of Financial Wellbeing seminars have been conducted.

Our staff survey received high engagement, with 91% of staff responding. Of these, 97% of staff agreed that they were treated with fairness of respect, 87% reported feeling connected to their team and 82% would recommend Carers Trust as a good place to work. In order to connect staff more effectively in an organisation, which has four offices and a culture of hybrid working, two All Staff Awaydays were delivered, which featured sessions with local carer organisations and unpaid carers themselves, as well as a focus on staff training and development. This is part of our broader push to ensure a culture of ‘One Carers Trust’.

Governance

Vice President

One of our longest serving Vice Presidents, Lord Mackay of Clashfern, has decided to step down following his 95th birthday. Lord Mackay has been a keen advocate for carers and Carers Trust and specifically he was the architect of the 1979 Children Act. On behalf of us all, I would like to thank him for his unstinting support and advocacy over the years and to wish him good health and happiness in his retirement.

Trustees

To reflect our role as a UK infrastructure organisation, we appointed Jennifer Twist, CEO of Care for the Carers, to the Board in September 2022. To support our focus on policy and public affairs, we have also appointed Rhys Moore, Executive Director for Public Impact of the National Housing Federation. More recently, to take up his post on 1 August 2023, we recruited Professor Mark Llewellyn, Professor of Health and Social Care, as the chair of our Wales Advisory Board and Wales Trustee. Mark will take over from Chris Koehli, who completes his term of office after a long period of service in support of local carer organisations. He leaves with our best wishes.

The year also saw the departure of Sonja Woodhouse, our Vice Chair, in February 2023. On behalf of us all, I would like to thank her for her support to Carers Trust. Natasha Mutch-Vital will be leaving us on 31 July 2023, following the conclusion of her term of office. Natasha was our first young carer Trustee and, over the last four years, has contributed significantly to board discussions and has been a great advocate for young carers. She leaves us with our best wishes for the future.

Looking ahead, we plan to strengthen our Board further in light of workstreams on our Enhanced Value Membership Proposition and carer involvement. We will also be looking to embed even stronger knowledge of the health and social care world at Board level. One important area is the development of our first Youth Advisory Panel as part of our broader carer involvement work. Membership of the panel was launched in May 2023 and currently stands at 32 diverse young carers and is growing steadily. Two co-chairs of the Youth Advisory Panel have been appointed from the membership: Aymen Belkacemi and Jordyn Prior. Aymen will join the Carers Trust Board of Trustees as an observer from 1 September 2023.

Finally, our current Treasurer, Linda Main, has become Vice-Chair designate and will assume her new role once the recruitment process for a new Treasurer has been completed in the Autumn. The Chair of the Nominations Committee, Joanna Dodd, supported by the Vice-Chair, will lead the recruitment of the new Chair, who will take up position once my term of office comes to an end in 2024.

Ambassadors

I am delighted to welcome Angela Rippon CBE as our fourth Ambassador. Angela Rippon is a household name to many of us and a longstanding supporter of Carers Trust, most recently speaking at our 50th anniversary event

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Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

Introduction From Our Chair (continued)

at Old Bailey, London. I am also delighted to announce actor, Greg Wise, as our fifth Ambassador, another long-term supporter, who has been an unpaid carer for a family member.

Management

The year has seen a number of changes to our senior staff team. We have said goodbye to both of our longstanding Nation Directors. Simon Hatch, our Director of Wales, left us after eight very successful years with Carers Trust, with Kate Cubbage taking his place at the helm in May 2023. Louse Morgan retired after eighteen years with Carers Trust and is now replaced by Becky Duff who joins us as Director of Scotland. We thank both Simon and Louise for their unwavering service and support to Carers Trust.

We have also taken steps to strengthen our broader leadership in line with our strategy. Alexandra Roberts joined us in January 2023 in the new role of Director of Network and Innovation; whilst we have appointed Dominic Carter, as our new Director of Policy and Public Affairs, and Darshana Dholakia, as Director of Marketing and Communications. Both take up their posts in late summer. Joe Levenson, our Executive Director of Policy and External Affairs, left us for pastures new in March 2023. He left with our best wishes.

On 31 July 2023, our Executive Director of Corporate Services, Judith Wilson, will be leaving us after over five years. Judith has played a key role in the regeneration of Carers Trust and, on behalf of all of us, we thank her for her significant contribution, and we wish her success in her future non-executive career.

Our 50th Anniversary

On 29th March, Carers Trust held an event the Grand Hall of London’s Old Bailey to mark 50 years since the setting up of the UK’s first ever carer organisation. The reception highlighted the incredible work undertaken over the last five decades by local carer organisations to support millions of unpaid family carers across the UK.

Our history began when Crossroads Care was set up after a storyline in the popular Crossroads TV programme drew attention to unpaid family carers and their need for support and a break from their caring role. The Crossroads Care Scheme grew significantly over the decades before merging with the Princess Royal Trust for Carers in 2012 to form Carers Trust. The merger established the Carers Trust network of local carer organisations which now covers most of the UK.

Across the year, we have planned other events to mark our 50[th] anniversary. This has included a reception on 29th June, with our President, HRH The Princess Royal, and will also include our forthcoming carol concert on 13th December.

Outlook

One year into our three-year strategy we have both direction and momentum. However, we are fully aware of the challenges ahead, whether in relation to the fundraising environment, the impacts of the broader economy or politically. These have consequences for the entirety of the charity sector, including Carers Trust and our network of local carer organisations.

We are therefore being prudent in our financial assumptions, whilst aiming high in terms of ambition. The level of need is high and growing and we believe we are well positioned to build our reach and impact, whilst weathering the uncertainty of the year ahead.

Our priorities for 23/24 our set out in full in our Corporate Delivery Plan. However, the main elements of our activity in the year ahead include:

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Introduction From Our Chair (continued) that exist and work with others to build the case for greater investment in the activities which move the dial for unpaid ¢arers. Delivering on Dur workstream to strengthen relationships with and be￿een our Network Partners and to ensure our products and services meet their need& Building on the eady success of the Young Carers Alliance and our work with schools and the university sector. we want to scale our activities to identtfy and support young carers and young adult carèrs. This involves both public policy and Campaigning activsty. as well as programme and netwotk supporL Ensuring our voice is heard by all polttical parbes in the run up to the General Election and bèyond. Despite widespread words of supporL unpatd carers. needs are still not priortti5ed by politicians orthe public services they control. In developing our voice. we will work in co51aboration wherever possiblè and necessary to get our message across. lrnproving our profile. 22/23 has seen strides in the amount of media coverage Carers Trust has been able to genÈfate. We want to continue this trend. extend our use of digital and Invest in marketing measures which bring a significant retum for unpaid carets and local carer organisations. Supporting the development and wellbeing of our staff by continuing to invest in support which enhances confidence, knowledge arKI skills that drive performance, whilst ensuring we maintain a high support environment Seeking new income streams to allow us to create impact whilst developing sustsinable products and services which help us meet our charttable mission. APpr￿latIon Thank you to eVeryOr￿ who has supported us over the past 12 month5. from our individual donors through to our corporate supporters and philanthropto organisations. We could have not achieved any of this without you. We would like to give special thanks to our long-tèmi supporters. including the Association of British Insu￿[$, Ctty Bridge TrLkSt. Corra Foundation, Dulverton Trust. Garfield Westem Foundation. GaDnochy Trust Mr& Mrs JMB Charitable Trust. National Garden Scheme. National Lottery Community Fund. Pears Foundation. The Prince of Walès's Chatitable Fund. Shaw Foundation. William Grant Foundation and the Youth Futures Foundation. Andrew Crompton receives a particular fflention for his incredible endeavour in cycling from Bolton. Lancashire. to Melbourne. Australia. to raise funding for Carers Tru5L The strerWI of Carer5 Trust is bvilt on the foundations of our colleagues and all the individuals who make up our 126 Network Partners. With their continued commitrnenL we are able to keep supporting and making a difference to the lives of unpaid carers. On behatf of my fellow TrUst￿S. I would like to thank all staff and Network Partners for thèir continued support and dèdication during 2022123. John Me￿* Chair 283 OBE 20

Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

Contents of Trustees’ Report and Financial Statements

Page

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Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Annual Report

Strategic Report

The Trustees present their formal review of achievements and performance; fundraising; principal issues, risks and uncertainties; environmental, social and governance; financial review; and financial management policies.

1. ‘Building a Caring Society’: Our Strategy for 2022-25

In 2022, we launched our ambitious strategy for 2022-25, ‘Building a Caring Society’. Our strategy is centred on the needs of unpaid carers at a time when the economic climate is deeply affecting unpaid carers’ wellbeing and financial health.

Our vision is that unpaid carers are heard, valued and have access to the support, advice and resources they need to live a fulfilling life alongside caring. We are working towards a future where:

As part of this, we have identified three key ambitions for the organisation by 2025:

The delivery of our strategy is centred on four strategic pillars:

1. Partner for growth.

2. Evidence for impact.

3. Influence for change.

4. Innovate to transform.

Alongside our strategy, we refreshed our organisational values. Everything we do is underpinned by these: ‘We are trusted’;’ We are inclusive’; and ‘We are courageous’ .

Our strategy work also saw the development of five cross-cutting policy themes, which we are using to underpin our policy and advocacy activities and also align with our programmatic priorities. These in turn respond to the feedback we have had from unpaid carers and Network Partners about what is important to them. These themes are:

Our strategy has been rolled out across 2022-23, with a range of strategic projects underway and some key successes already achieved. As an organisation, we are energised and ready to continue delivering for unpaid carers in 2023-24.

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Consolidated Report and financial statements for the year ended 31 March 2023 Trustees’ Annual Report (continued)

2. Achievements and Performance

This year is the first in which we are reporting against our refreshed strategy, ‘Building a Caring Society’. We are pleased to share the progress we have made against each of our four strategic pillars. We can only make a difference in these areas by work with our network of 126 local carer organisations, with which we have reached 1,047,823 unpaid carers and which benefited from £3,820,380 in grants this year. Some of our key successes are listed below:

Strategic Pillar One: Partner for Growth

Strategic Pillar Two: Evidence for Impact

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Consolidated Report and financial statements for the year ended 31 March 2023 Trustees’ Annual Report (continued)

Strategic Pillar Three: Influence for Change

Strategic Pillar Four: Innovate to Transform

3. Fundraising

We believe that it is essential that we are clear and open about the way we raise our funds and the range of ways that people can support our work. We receive donations and grants from a number of corporate partners, charitable trusts and foundations and government as well as philanthropic gifts from major donors. Individual supporters can sign up to make a regular donation, take part in a challenge event or leave a gift in their will.

Carers Trust voluntarily subscribes to the Fundraising Regulator and adheres to the Fundraising Regulator’s code of practice. Carers Trust does not use third-party agencies to fundraise. The individual preferences of

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Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Annual Report (continued)

donors are respected and Carers Trust is aware of the need to protect the public and vulnerable people from undue pressure to donate. There were no complaints about our fundraising between April 2022 and March 2023.

In line with Charity Commission guidance, Charity Fundraising: a guide to trustee duties (CC20) we have a framework in place to ensure there is effective governance around our fundraising activities. We set monetary fundraising targets each year within our budget and longer-term forecasts. Reports are made to our Finance and General Purposes

Committee and our Board of Trustees on fundraising performance and our trustees understand and are fully sighted on our activities.

4. Principal Issues, Risks and Uncertainties

No sooner having overcome the challenges presented by the COVID-19 pandemic, than the cost-of-living crisis has presented a range of additional challenges for unpaid carers, local carer organisations and Carers Trust. Operating costs, in particular, have seen some local carer organisations close, further reducing the support available to unpaid carers. Carers Trust remains in a robust position, and we are continuing to take a prudent approach to managing our finances to ensure our work can continue to support unpaid carers and local carer organisations.

The Trustees are responsible for the management of the risks faced by the Charity. Detailed consideration of risks is delegated to the Finance & General Purposes Committee and the Audit Committee reviews the risk management process, providing assurance to the Board. The main strategic risks facing the organisation are reviewed as a standing agenda item when the Board of Trustees meets on a quarterly basis.

The Charity’s management structure enables the effective monitoring of outcomes against strategic priorities and the associated risks, by both Trustees and senior management. Risk registers are in place for key projects and for nations and these inform the strategic risk register which is reviewed at least once each quarter by the full Executive Team.

Key controls which support Trustees in managing risk include:

We have worked to address these risks as follows:

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Trustees’ Annual Report (continued)

Through these measures, the Board aims to ensure the charity is positioned to deliver its strategic aims and plan for the future with confidence. Our Network Partners and other partner organisations remain central to our strategic priorities as we work together to focus on supporting unpaid carers across the UK.

5. Environmental, Social and Governance (ESG)

a. Environmental

With increased awareness of the challenges posed by climate change, Carers Trust continues to take a proactive approach to managing its environmental impact. In 2022-23, we have been following up on recommendations from an eco-audit, and the latest report confirms we have made progress in this area.

Firstly, we have successfully developed and implemented an environmental policy for the organisation and have issued an environmental statement which is displayed in all our offices, which details our commitment to reducing our environmental impact. This will be reviewed annually.

Secondly, we moved our London office and when looking for new premises, environmental considerations were a priority. As a result, we selected an office where we do not consume gas and where there is a green tariff agreement in place with our landlord. We are also pleased to report that there has been a reduction in our paper usage and in the amount of waste we are sending to landfill.

We know that there is more work to be done, particularly around our monitoring and reporting. We can confirm that our energy consumption remains substantially below 40,000 kWh, the threshold for reporting under the Streamlined Energy and Carbon Reporting regulations. However, we continue to look for ways we can further reduce our consumption and strengthen reporting.

b. Social

Diversity

A strategic project to enhance the organisation’s Equality, Diversity and Inclusion (EDI) offering started in 2022-23, with an initial focus on a workstream to support Carers Trust to become an anti-racist organisation. This included an external organisation delivering anti-racism training to all Carers Trust staff and Trustees and working with a group of staff members to develop an Anti-Racism Roadmap.

In 2023-24, we will be carrying out many of the actions identified by the Roadmap and work on establishing the next steps for our EDI project.

Ethical Investment

Carers Trust ensures that where funds are invested, this is done in a responsible and ethical manner which aligns with Carers Trust’s mission and values and individual investments may be excluded if perceived to come into conflict with Carers Trust’s purpose. Carers Trust’s investment manager is Brewin Dolphin, who have been instructed to give sufficient consideration to ESG factors in their decision-making process.

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Trustees’ Annual Report (continued)

Employee Wellbeing

Significant focus has been given to employee wellbeing in the past 12 months through a number of different initiatives. In January 2023, 12 members of staff were trained as Mental Health First Aiders and, to support staff through the Cost-of-Living crisis, three Financial Wellbeing seminars were organised.

A key area of work this year has involved reviewing and refreshing staff learning and development opportunities, including redeveloping our mandatory training and conducting a training needs analysis. To drive this forward, we have appointed an external partner to deliver a Leadership and Management programme and to support the creation of an organisational development framework for all staff. We continue to support our staff to volunteer locally within our volunteering policy.

We also appointed an external partner to conduct a Reward Review to ensure that our total reward including our employee benefits package remains competitive. Our benefits continue to include a health cash plan operated by the Hospital Saturday Fund, an Employee Assistance Plan, the provision of insurances and access to counselling.

Our staff survey received high engagement, with 91% of staff responding, and this enabled us to get a picture of how people feel about working at Carers Trust. 97% of staff agreed that they are treated with fairness and respect and 87% of staff reported feeling connected to their team. Work over the next year will focus on continuing to build our learning and development offer and implementing the outcome of the Reward Review with the wider staff team.

c. Governance

Board of Trustees

Carers Trust has strong governance mechanisms led by our Board of Trustees.

The Trustees carried out a comprehensive self-assessment against all seven principles of the Charity Governance Code. Whilst this confirmed that we had strengths in most areas, we are taking steps to improve further in areas where we could be better. Our action plan is reviewed at least twice a year by the Board.

The action plan is reflected in our focus on equality, diversity and inclusion, regular reference to and collective reflection on our mission, vision and values, and a continuous improvement approach to our governance practice and how we can work most effectively with our partners.

The makeup of the Board is reviewed as and when a vacancy occurs, led on by our Nominations Committee.

Management Structure

Our Executive Team has been successfully stewarded by our Chief Executive Officer, Kirsty McHugh, during her first full year in post. In March 2023, we undertook a small restructure of our Executive Team which has resulted in a structure of three directorates – Corporate Services, Fundraising and Business Development, and Programmes, Policy, and Impact – and two Nation teams – Scotland and Wales- with Executive Directors and Nation Directors reporting directly to the CEO.

Our Leadership team has been taking part in a Leadership development programme with the goal of strengthening leadership skills across the organisation.

Organisational Compliance

Carers Trust continues to have all appropriate insurances and organisational policies in place, including anti-bribery, health and safety, data protection and safeguarding. To ensure that this remains an area of strength, a project to review key organisational policies will be conducted across 2023-24.

The organisation receives external support from appropriate sources. We receive an annual Health & Safety audit of all our premises to ensure that they remain fit for purpose. In 2022, a Data Protection Assessment was carried out by an external organisation, which found our data protection was largely good and an action plan was developed for areas requiring improvement, with key actions being carried out across 2023.

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Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Annual Report (continued)

6. Financial Review

During the year the charity received funds in the form of donations from charitable trusts, individual and corporate donors together with government grants and membership fees from its network of carer partnerships across the UK. These funds have supported the key objectives of the charity as narrated above and as set out in the accounts.

Financial performance

The consolidated financial performance for the charity and its subsidiary company for the year is reported in the consolidated Statement of Financial Activity and shows total income of £8,800k and total expenditure of £9,252k giving an overall deficit of £517.5k comprising:


iving an overall deficit of £517.5k comprising:
Result from activities funded by unrestricted reserves
Utilisation of designated reserves
Result from activities funded by restricted reserves
Overall Result		 £
267,022
(548,625)
(235,929)
(517,532)

Restricted-funded activities are covered, as planned, from relevant restricted reserves brought forward where projects run across more than one financial year.

Despite a challenging environment, we have slightly increased the level of unrestricted funds raised, further strengthening the charity’s healthy financial position to ensure we are well placed to support unpaid carers going forward.

Designated funds are established by the Trustees to utilise unrestricted reserves which exceed the level of the reserves policy. These funds are designated for investment in projects and activities to benefit unpaid carers and/or strengthen the charity. Funds are designated at the year end, normally to be applied within 1-3 financial years.

The consolidated balance sheet as at 31 March 2023 reported net assets of £4,995k including cash and short-term deposits of £6,025k with closing reserves as follows:


eposits of £6,025k with closing reserves as follows:
Restricted reserves
Revaluation reserve
Designated unrestricted reserves
General unrestricted reserves
Total reserves		 £
1,933,427
103,459
1,882,084
1,079,063
4,998,033

General unrestricted reserves of £40k and the revaluation reserve of £103k can only be realised by disposing of fixed assets. Unrestricted free reserves at 31 March 2023 stand at £994k after taking this into account.

The investment value of £888k at 31 March 2023 has decreased to £868k since the year end. The Trustees continue to monitor the position and to take advice from the appointed investment manager, Brewin Dolphin.

The charity continued to manage costs and staff numbers closely during the year as planned, while focussing on maximising fundraising performance and programme delivery. At 31 March 2023 Trustees were pleased to resolve that a further £550k should be designated for new funds and strategic projects to support our future work.

There were no other material amounts which had been designated or otherwise committed as at the end of the reporting period.

The subsidiary company Carers Enterprises Limited did not trade during the year.

16

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Annual Report (continued)

Going concern review

The Trustees and the Executive Team have reviewed the latest financial position together with forecasts and projections through to March 2025. In recognition of the challenging economic and fundraising climate, we have continued with detailed budgeting and forecasting to achieve the following objectives:

The budget and forecasts continue to be actively monitored with updates reported each month based on actual performance and any new information.

Further to this going concern review, Trustees recognise that it is also important to continue to consider business proposals for new activities on a case-by-case basis, subject to funding cover.

Performance during the first quarter of 2023-24 has been broadly in line with the income targets set in the budget and based on detailed forecasts through to March 2024 and onwards to March 2025 the Trustees consider that the charity is in a stable, healthy financial position and remains a going concern; the accounts have been prepared on this basis.

7. Financial Management Policies

Reserves

The definition of reserves used follows the guidance given by the Charity Commission. These are funds available to be used in furtherance of the charitable objects which have not yet been spent, committed or designated. They therefore exclude restricted funds (where donors impose criteria for their use), fixed assets (which are in current use to support the ongoing work of the charity) and funds designated for specific purposes. The calculation of reserves is shown in note 16 to the financial statements.

The Board reviews the reserves policy each year and has agreed a risk-based approach to determining the level of unrestricted reserves which should be held. The Board has confirmed that its reserves policy is to hold unrestricted reserves sufficient to cover at least six months’ unrestricted expenditure, with a tolerance of 10% above or below that level. On this basis, the reserves policy requirement at 31 March 2023 is between £1025k and £1250k.

The unrestricted free reserves of £994k held at 31 March 2023 represent 5.2 months’ unrestricted costs. Where unrestricted free reserves are above the policy level, the Trustees have the flexibility to apply these to invest in furthering the charity’s objects where appropriate over time.

Investment Policy and Performance

Carers Trust’s investment policy is to invest cash balances, which are not immediately required, subject to risk being minimised and access being rapid, within institutions that are members of the Financial Services Compensation Scheme (FSCS).

Investments may be held as cash deposits or within a portfolio of securities, through ethically and socially responsible advisers and financial institutions. During the year dividends received amounted to £nil (2021-22: £nil). During the year, funds were invested in bank deposits in accordance with the policy.

The charity invests in shares and securities through an investment manager on the following basis:

17

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Annual Report (continued)

Due to the worldwide economic downturn, there was a loss on investment of £65k (resulting in a cumulative loss of £102k on an initial investment of £1m) at 31 March 2023, excluding charges. Since the balance sheet date, the market value has decreased further from £888k to £868k. The Trustees continue to take advice from our investment manager and are keeping the position under regular review.

Financial Reporting

There is a comprehensive system of business planning which includes an annual budget that is reviewed and approved by the Board. This represents the resourcing envelope for delivery of the corporate delivery plan. The budget is comprehensively reviewed and reforecast from the mid-year onwards to reflect any changes and ensure the achievement of at least a breakeven position on unrestricted funds. Monthly results are reported against the budget. Financial planning for future years is an integral part of our strategic and business planning.

Financial Policies and Procedures

The Finance and General Purposes Committee reviews the scheme of delegation, which is approved by the Board. This sets out the authority that is delegated to staff and the financial regulations that apply.

Auditors

Crowe U.K. LLP are appointed as Carers Trust’s auditors and have indicated their willingness to continue in office.

Statement as to Disclosure of Information to Auditors

All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company’s auditors for the purpose of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant information of which the auditors are not aware.

Plans for Future Periods

With the cost-of-living crisis further increasing the challenges faced by local carer organisations and unpaid carers, Carers Trust will be working hard to continue to deliver our strategy, support our Network, and advocate for unpaid carers across 2023-24. Below, we set out just some of our key workstreams over the next 12 months.

Strategic Pillar One: Partner for Growth

18

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Annual Report (continued)

Strategic Pillar Two: Evidence for Impact

Strategic Pillar Three: Influence for Change

Strategic Pillar Four: Innovate to Transform

19

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Trustees’ Report

The Trustees present their annual report and the consolidated audited financial statements for the year ended 31 March 2023.

Reference and Administrative Details

Registered Number of Company: 07697170 Registered Charity Number (England and Wales): 1145181 Registered Charity Number (Scotland): SC042870 Principal address and registered office: 10, Regent Place, Rugby, CV21 2PN

President

Her Royal Highness The Princess Royal

Vice Presidents

Andrew Cozens, CBE The Rt. Hon. Lord Mackay of Clashfern, KT, PC, QC – resigned 01 June 2023 Dr John Lowrie Morrison, OBE Maureen Morrison Andrew Robertson, CBE, LLB Veronica Stonor Dame Gillian Wagner, DBE

Ambassadors

Carers Trust Ambassadors bring their own voice and experience to the role alongside sharing a passion for unpaid carers and Carers Trust. They have a national profile and will be recognised, respected and trusted for their distinguished contribution and expertise. Politically impartial, they are highly networked and are able to connect Carers Trust employees and Network Partners with stakeholders outside the charity, building bridges and alliances, to forward the interests of unpaid carers.

Jackie Ashley Dr Sally Anstey Professor Saul Becker, FAcSS, FRSA, CQSW, RSW Angela Rippon, CBE Matthew Gregory Wise

Directors and Trustees

The directors of the charitable company are its Trustees for the purpose of charity law. The directors of the company who served during the year ended 31 March 2023 and to date were:

Name Appointed Resigned Position
Leroy Bunbury
Joanna Dodd*
Chris Koehliw 30 June 2023
Linda Main, ACA* Treasurer
John McLean, OBE, FCA* Chair
Rhys Moore* 1 September 2022
Natasha Mutch-Vidal* 31 July 2023
Jennifer Downs Twist*+ 1 September 2022
Chris Whiley*+
Sonja Woodhouse*+ 2 February 2023 Vice-Chair
Philip Wormss

w Chair of Wales Advisory Board

20

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Professional advice and services

Auditors Crowe U.K. LLP, Rounds Green Road, Oldbury, West Midlands, B69 2DG, UK

Bankers Barclays Bank PLC, PO Box 1500, Dominus Way, Meridian Business Park, Leicester, LE19 1RP

Metro Bank, One Southampton Row, London, WC1B 5HA

Structure, Governance and Management

Carers Trust, a company limited by guarantee, is a registered charity governed by its Articles of Association adopted on 29 April 2022. Carers Trust was formed on 1 April 2012 by the merger of The Princess Royal Trust for Carers (Company Number SC125046 established 17 May 1990, Charity Number SC015975,) and Crossroads Association (Company Number 1544708 established 11 February 1981, Charity Number 282102). Neither carried out any operations during the year. Carers Trust has two wholly owned subsidiary companies, neither of which traded during the year: Carers Enterprises Limited (Company Number 03244605), and Young Carers Limited, (Company number 11569890).

Board of Trustees

The Board of Trustees is collectively responsible for setting the organisation’s strategic objectives, overseeing business planning, providing effective leadership, setting an effective framework of internal controls to enable risk within the business to be managed, and reviewing the performance of the organisation on an ongoing basis.

Carers Trust has a well-established governance framework with a formal committee structure, supported by a clear business cycle and the work of Executive team. Board members engage fully in setting the organisation’s strategic direction and approving corporate plans. Trustees receive updates on significant programmes and activities together with key performance indicator reports. The Board holds four main quarterly meetings and supplementary shorter meetings as required.

The Board reserves the making of certain decisions to itself and in other cases delegates the power to Committees and senior management. The Board meets at least quarterly, and its main responsibilities are listed below:

The Trustees continue to ensure that the Board works in line with the guidance set out in the Charity Governance Code and they a carried out a full self-assessment against the Code during the year.

All Trustees of Carers Trust give their time voluntarily and received no benefits from the charity. Expenses for reasonable travel and subsistence expenses reclaimed from the charity are set out in note 8 to the accounts.

Trustee indemnity insurance cover of £5m was in place during the year at a cost of £3,920 including Insurance Premium Tax.

21

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Structure, Governance and Management (continued)

Board Meeting Attendance

Name Number of Board meetings Number of Board meetings
available to attend attended
Leroy Bunbury 11 10
Joanna Dodd 11 11
Chris Koehli 11 9
Linda Main, ACA 11 9
John McLean, OBE, FCA 11 11
Rhys Moore 7 5
Natasha Mutch-Vidal 11 8
Jennifer Twist 7 7
Chris Whiley 11 10
Sonja Woodhouse 9 7
Philip Worms 11 10

The contribution of individual Trustees should not be assessed solely by reference to the number of Board meetings attended as shown in the table above. When Trustees were unable to attend meetings because of business or personal commitments they had the opportunity to review the papers beforehand and raise issues or questions with the Chair or Committee Chair as appropriate. In addition to attending the Board and Committee meetings, the Trustees also make themselves available between the scheduled Board meetings to attend other meetings and to provide guidance and advice in relation to the business activities of Carers Trust.

Trustee Appointments

We appoint at least one Trustee to represent the Board on each of our three nation advisory boards for England, Scotland and Wales. Two further Trustees are appointed from our England Network Partner organisations, who then sit on the England advisory board. Other Trustee appointments are made following the Board’s careful consideration of the collective skills and attributes required for effective governance led by our Nominations Committee.

New Trustees meet with the Chair and senior management as part of their initial induction as a Trustee, as a result of which further training and induction needs are individually identified.

Board Sub-Committees

Appointments and Nominations Committee

Audit Committee

Finance and General Purposes Committee

22

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Structure, Governance and Management (continued)

Nation Advisory Boards, for each of England, Scotland and Wales

The purpose of each Nation Advisory Board is to:

All Committees report to the Board on their activities following each meeting and put forward recommendations for action.

Staff Remuneration Levels

The Board has considered the National Council for Voluntary Organisations (NCVO) guidance on remuneration. The Chief Executive’s remuneration is determined by the Board. All other staff including senior managers are remunerated in line with established rates of pay which are reviewed regularly to ensure they remain appropriate. Annual pay awards are subject to resources and are normally approved within the budget.

During 2022-23, we appointed an external consultant to conduct a Reward Review, to ensure that pay structures and remuneration levels are appropriate to support effective recruitment and retention of staff to deliver the strategy.

Chief Executive Officer and the Executive Team

Kirsty McHugh Chief Executive Officer Rohati Chapman Executive Director of Programmes, Policy and Impact Svetlana Kirov Executive Director of Fundraising and Business Development Joe Levenson Executive Director of Policy and External Affairs (to 31[st] March 2023) Judith Wilson, FCA Executive Director of Corporate Services (to 31[st] July 2023)

The Chief Executive Officer is responsible for the day-to-day management of the Charity’s affairs and for implementing policies agreed by the Board of Trustees. The Chief Executive Officer is assisted by a group of senior managers who attend Board and Committee meetings as required, offering advice in their particular areas of expertise. The Executive team meets at least monthly and more frequently as required, chaired by the Chief Executive.

In June 2023 we appointed a new Executive Director of Corporate Services who is due to join us in September.

Social Investments

The Trustees are aware of the statutory power for charities to make social investments (introduced in 2016) and keep the option under review.

Network Partner structure

The delivery of specialist services for carers is organised through a network of 126 Network Partners. The Network Partners are financially independent and have their own governing bodies.

Subsidiary undertakings

Carers Trust (Company Number 07697170) owns 100% of the issued share capital of Carers Enterprises Limited, (Company Number 03244605) (CEL). CEL ceased to trade at 31 March 2020 and its balance sheet is consolidated

23

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

into these group accounts. In September 2018 Carers Trust established Young Carers Limited, (Company Number 11569890) as a wholly owned subsidiary; this company has not yet commenced trading.

Objectives and Activities

Carers Trust: Supporting Unpaid Carers

Our vision is that unpaid carers are heard, valued and have access to the support, advice and resources they need to live a fulfilling life alongside caring.

Carers Trust works to improve support, services and recognition for anyone living with the challenges of caring, unpaid, for a family member or friend who is ill, frail, disabled or has mental health or addiction problems. Unpaid carers are supported by a rich and varied network of local carer organisations. Some have their roots in regulated domiciliary care; some run vital community-orientated carer centres; and others offer specialist support services. All play a vital role in our society. Years of partnership working, evidence collection and analysis, influence and innovation have helped Carers Trust – alongside its network of local carer organisations – make a phenomenal difference to the lives of unpaid carers. In the current climate, many local carer organisations are struggling with a range of issues as part of the wider challenges facing social care.

We work through our UK-wide network of quality assured independent partners and through the provision of grants to help carers get the extra help they need to live their own lives. With these locally based Network Partners we are able to support carers in their homes through the provision of replacement care, and in the community with information, advice, emotional support, hands on practical help and access to much needed breaks. We offer specialist services for carers of people of all ages and conditions and a range of individually tailored support and group activities.

Grant-making

Our grant-making policy is to apply funds to support our strategic aims; our grants programmes provide benefits to individual carers and also support the work our Network Partners and other carer organisations carry out for the benefit of their carer communities. Each grants programme reflects the terms and conditions of external funders where applicable.

Volunteering

We would like to thank everyone who has volunteered with Carers Trust in 2022-23 for their time and contribution.

This year, we had 22 volunteers at the Scottish Young Carers Festival in August 2022. These included volunteers from People’s Postcode Lottery and volunteers recruited through Volunteer Scotland. Volunteering duties included supporting with festival set-up, registration and overseeing activities.

In addition, a number of unpaid carers have volunteered to feature in the media or meet with politicians on behalf of Carers Trust, supporting us in highlighting the needs of unpaid carers.

Public Benefit Declaration

The charity is a Public Benefit Entity and we have referred to Section 4 of the Charities Act 2011 which requires charities to have due regard to public benefit guidance published by the Charity Commission when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set, with all activities being referenced to our strategic pillars and objectives.

Statement of Trustee’s Responsibilities

The Trustees (who are also directors of Carers Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable

24

Carers Trust Consolidat•d R•portand fwwKi*5t•t•nxnts fortheyear endod 31 Mareh 2023 statement of Trustee's Responsibilrti•s (continued) law). Under company law the Trustèes must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure. of the ¢hartty for that period. In preparing these financial statements. the Trustees are required to: select suitsble accounting policies and then apply them consistently. obsèrve the methods and principles in the Charyiies SORP. make judgments and accounting estimates that are reasonable and prudent state whether appli¢able UK Aecounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial staterTbents on the going concem basis unless it is inappropriate to presume that the charitable company will continue in busines& The Trusteès are responsible for keeping adequate accounting records thèt are sufficient to show and explain the charity's transactions and disclose wrth reasonable accuracy at any time the financial position of the charity and ènable them to ensure that the financial statements comply with the Companies Act 2006. They a￿ also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prèvention and detection of fraud and other irregularities. Apprnval The Tnjstees. Report which incorporates the Oirectors. Report and the Strategic Report. was approved by the Board on 28 July 2023 and signed on its behalf by. JohnNMMe Chair. Car• an. OBE. Trust CA Date: 28 July 2023 25

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Independent Auditor’s Report to the Members and Trustees of Carers Trust

Opinion

We have audited the financial statements of Carers Trust (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2023 which comprise consolidated statement of financial activities, consolidated balance sheet, consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

26

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Independent Auditor’s Report to the Members and Trustees of Carers Trust (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 24-25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

Independent Auditor’s Report to the Members and Trustees of Carers Trust (continued)

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts

27

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were CQC Regulations for service providers and managers, General Data Protection Regulation (GDPR), Health and Safety and Employment legislation regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kerry Brown Date 31 July 2023 Senior Statutory Auditor

For and on behalf of:

Crowe U.K. LLP

Statutory Auditor Black Country House, Rounds Green Road, Oldbury, West Midlands, B69 2DG

28

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Consolidated Statement of Financial Activities incorporating an Income and Expenditure Account


xpenditure Account
Note
Income from:
Donations and legacies
2
Charitable activities
Supporting the growth and
development of solutions for
carers
Work with local partners to
develop a strong network
Other trading activities
Investments
6
Other
Total income
Expenditure on:
Raising funds
Costs of generating donations
and legacies
4
Costs of trading activities
4
Total costs of raising funds
Charitable activities
Supporting the development of
solutions for unpaid carers
Influencing and awareness
raising
Work with our network to
develop transformational
programmes
Total costs of charitable
activities
4
Total expenditure
Net losses/(gains) on
investments
Net income/ (expenditure)
and net movement in funds
for the year
Taxation on trading activities
Transfers between funds
Funds brought forward
Total funds carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total
funds
Total
funds
2023
2023
2023
2023
2022
£
£
£
£
£
2,273,395
-
6,098,832
8,372,227
8,869,509
53,102
-
9,494
62,596
43,645
352,299
-
(500)
351,799
360,065
405,401
-
8,994
414,395
403,710
-
-
-
-
-
4,724
-
2
4,726
1,145
-
-
8,652
8,652
8,396
2,683,520
-
6,116,480
8,800,000
9,282,760
1,092,322
152,169
34,870
1,279,361
1,004,464
-
-
-
-
-
1,092,322
152,169
34,870
1,279,361
1,004,464
108,037
176,035
4,165,705
4,449,777
2,927,470
515,460
154,777
884,588
1,554,825
1,260,407
635,490
65,644
1,267,246
1,968,380
3,230,659
1,258,987
396,456
6,317,539
7,972,982
7,418,536
2,351,309
548,625
6,352,409
9,252,343
8,423,000
65,189
-
-
65,189
36,747
267,022
(548,625)
(235,929)
(517,532)
823,013
-
-
-
-
-
(550,000)
550,000
-
-
-
1,465,500
1,880,709
2,169,356
5,515,565
4,692,552
1,182,522
1,882,084
1,933,427
4,998,033
5,515,565

The notes on pages 33 to 55 form part of these financial statements.

All of the above results are derived from continuing operations except as described in note 10 for the subsidiary company.

29

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Charity Statement of Financial Activities incorporating an Income and Expenditure Account

harity Statement of Financial
xpenditure Account		 Activities incorporating an Income and
Note
Income from:
Donations and legacies
2
Charitable activities
Supporting the growth and development
of solutions for carers
Work with local partners to develop a
strong network
Investments
6
Other
Total income
Expenditure on:
Raising funds:
Costs of generating donations and
legacies
4
Charitable activities
Supporting the development of solutions
for unpaid carers
Influencing and awareness raising
Work with our network to develop
transformational programmes
Total charitable activities
4
Total expenditure
Net losses/(gains) on investments
Net income/(expenditure) and net
movement in funds for the year
Transfers between funds
Funds brought forward
Total funds carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total funds
Total
funds
2023
2023
2023
2023
2022
£
£
£
£
£
2,273,395
-
6,098,832
8,372,227
8,869,509
53,102
-
9,494
62,596
43,645
352,299
-
(500)
351,799
360,065
405,401
-
8,994
414,395
403,710
4,724
-
2
4,726
1,145
-
-
8,652
8,652
8,396
2,683,520
-
6,116,480
8,800,000
9,282,760
1,092,322
152,169
34,870
1,279,361
1,004,465
108,037
176,035
4,165,705
4,449,777
2,927,470
515,460
154,777
884,588
1,554,825
1,260,407
635,490
65,644
1,267,246
1,986,380
3,230,659
1,258,987
396,456
6,317,539
7,972,982
7,418,536
2,351,309
548,625
6,352,409
9,252,343
8,423,000
65,189
-
-
65,189
36,747
267,022
(548,625)
(235,929)
(517,532)
823,013
(550,000)
550,000
-
-
-
1,462,897
1,880,709
2,169,356
5,512,962
4,689,949
1,179,919
1,882,084
1,933,427
4,995,430
5,512,962

The notes on pages 33 to 55 form part of these financial statements. All of the above results are derived from continuing operations.

30

Carers Trust Consolidated Report and financial Staterne￿ forthe yearended 3114arch 2023 Consolidated and Charity Balance Sheet as at 31 March 2023 Consolidateil Charity 2022 2023 2023 2022 Flx•d assèts Tangible assets 143.451 143,451 146.770 U6.776 Inv•stm•nts Investment sn sub5idory Market Investrnents 888.000 888.000 959.631 959.031 1.106.408 T¢rtal fix¢dasxts I031A52 I031A53 1.10&407 Curr•ntass•ts Debtors 221508 221182 359.198 863.090 358.944 863.090 Short-teyrn deposits Cash at bank and in har 6.025.244 6.022.966 6.998.917 6.996.568 6.247.752 6245.148 8.221.205 8,218,602 within one year {228t1711 12.281.1n) (3.8110481 {3.812.0481 4,409,157 4,406,554 4,998.033 995AJO 5.515.564 5.512.962 Funds Restricted fvnds t933.427 1.882.084 1.933.427 1.882.084 1169.356 1.880.710 1.362.041 103.459 2.169.356 Designated reseNes Unrestricted fuFvJ5 1.880.710 1.359,438 103.459 1.079.063 103.459 1.076.460 103.459 Revaluation reserve TDtsI unrestricted furyjs 3.064.606 3.061003 3.346.209 S.343.606 5.515.564 5.512.902 Approved by the board of Trustees on 28 July 2023 and signed on its behalf by: JohnNMM Ch . Care oan. OB T￿￿t FCA The e5 page$ 33 to 55 form part of these fiDanc42I ststements. 31

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

Consolidated Cash Flow Statement

onsolidated Cash Flow Statement
Note
Cash flows from operating activities
Net cash generated from operating activities
23
Cash flow from investing activities
Interest income
Other investment transactions
Purchase of investment
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
24		 2023
£
4,726
6,536		 2023
£
(1,848,025)
11,262		 2022
£
1,144
3,622
1,000,000		 2022
£
(390,998)
(995,234)
(1,836,763)
7,862,007		 (1,386,232)
9,248,239
6,025,244 7,862,007

The notes on pages 33 to 55 form part of these financial statements.

32

Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

Notes to the Financial Statements

1. Accounting policies

Charity Information

Carers Trust is a Company Limited by Guarantee (registered number 07697170), registered in England and Wales. Its charity registration numbers are 1145181 (England and Wales) and SC042870 (Scotland). The registered office and principal place of business is Unit 101, 164-180 Union Street, London SE1 0LH. Its principal activity is working to improve support, services and recognition for anyone living with the challenges of caring, unpaid, for a family member or friend who is ill, frail, disabled or has mental health or addiction problems.

Carers Trust meets the definition of a public benefit entity under FRS102.

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with:

Basis of consolidation

The consolidated financial statements include the income and expenditure and assets and liabilities of Carers Trust and its subsidiary undertaking. The results of the subsidiary undertaking are consolidated on a line-by-line basis.

Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the Trustees and Directors make judgements as required and the details, if material, are reflected in the accounting policies. There are no material judgements requiring disclosure.

Tangible fixed assets and depreciation

Individual tangible fixed assets costing £5,000 or more are capitalised at their purchase cost, together with any incidental cost of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight-line basis over the expected useful economic lives of the net assets concerned. The principal annual rates used for this purpose are:

Freehold land and buildings - 2.5% on buildings; land is not depreciated Fixtures and fittings - 10 - 33.3% IT equipment - 20 - 33.3%

Where the purchase of fixtures and fittings or IT assets is in relation to office leases that have less than three years left to run, the items are not considered to be fixed assets, and are expended in full within the year that they are purchased.

Where the purchase of fixtures and fittings or IT assets is in relation to a programme with a confirmed term of less than three years left to run, the items are not considered to be fixed assets, and are expended in full within the year that they are purchased.

Gifted assets are not capitalised unless they have a material value.

On transition to FRS 102 the Charity took the option of freezing its valuation of freehold land and buildings and using that amount as deemed cost. To determine the deemed cost at 1 April 2014, the Charity used its valuation at 18 May 2009 by the external surveyors Hawkins Chartered Surveyors, members of RICS.

33

Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

1. Accounting policies (continued)

Investments

Any gain or loss is taken to the Statement of Financial Activities. Investments in subsidiary undertakings are stated at cost.

Pension and retirement benefits

The charity operates a defined contribution pension scheme for employees. The charity funds pension liabilities by payments to a separately managed pension fund. Payments made to the fund are charged in the financial statements in the period to which they relate.

Income

Income is included in the Statement of Financial Activities when the Charity is legally entitled to the income, receipt is probable, and the amount can be quantified with reasonable certainty.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accrual’s basis, exclusive of any recoverable Value Added Tax. Expenditure is recognised when a liability is incurred either explicitly or constructively.

34

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

1. Accounting policies (continued)

Costs are apportioned between activities based on the numbers of full-time equivalent staff engaged in the respective activities.

Operating leases

Rentals payable under operating leases are charged in the Statement of Financial Activities as incurred. Where dilapidation costs are anticipated at the end of a lease these are provided for.

Taxation

Carers Trust is registered with the Charity Commission and under the provisions of Section 505, Income and Corporation Taxes Act 1988, is exempt from liability to taxation.

Carers Trust is partially exempt for VAT and due to the high value of non-business and exempt activities, is unable to recover any tax on many of its purchases. All irrecoverable VAT is included within the appropriate expenditure headings.

Fund accounting

The Charity’s funds comprise:

Valuation of donated services

Where goods and services have been donated to the Charity, the Trustees value these on a deemed market value basis.

Going concern

The accounts have been prepared on a going concern basis. As set out in their Financial Review, the Trustees consider that, based on performance for 2022-23 the budget for 2023-24 and forward plans and cashflow projections, the Charity remains a going concern.

2. Income from donations and legacies

Group
Donations
Government grants
Legacies		 Unrestricted
Designated
Restricted
Total
Total
2023
2023
2023
2023
2022
£
£
£
£
£
1,642,037
-
3,376,905
5,018,942
5,833,939
-
-
2,642,961
2,642,961
2,761,408
631,358
-
78,966
710,324
274,162
2,273,395
-
6,098,832
8,372,227
8,869,509

35

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

2. Income from donations and legacies (continued)

Charity
Donations
Government grants
Legacies		 Unrestricted
Restricted
Total
Total
2023
2023
2023
2022
£
£
£
£
1,642,037
3,376,905
5,018,942
5,833,939
-
2,642,961
2,642,961
2,761,408
631,358
78,966
710,324
274,162
2,273,395
6,098,832
8,372,227
8,869,509

3. Government grant income

. Government grant income
Northern Ireland Executive
Scottish Government
UK Government
National Lottery Community Fund
Welsh Government		 2023
2022
£
£
41,563
407,233
421,138
48,500
58,500
670,267
654,751
1,516,960
1,585,314
2,642,961
2,761,408

Grants from the Scottish and Welsh Governments are provided to support Carers Trust in furthering its charitable objects in these nations.

Grants from the Northern Ireland Executive and the UK Government were provided for health improvement projects.

The UK Government grant was received from the Department of Health and Social Care through a partnership with Carers UK for a health and wellbeing project.

The National Lottery Community Fund grant supports a project called ‘Working for Carers’, to help carers to work whilst fulfilling their caring roles. This grant was part of the Building Better Opportunities (BBO) programme.

There were no unfulfilled conditions or other contingencies attaching to the grants listed above.

36

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

4. Expenditure

Expenditure - Group
Expenditure on raising funds
Cost of generating donations and
legacies
Expenditure on Charitable activities
Supporting the development of solutions
for unpaid carers
Influencing and awareness raising
Working with our network to develop
transformational programmes
Total expenditure 2022-23
Total expenditure 2021-22		 2023
2023
2023
2023
2022
Direct
Grants
Support
Total
Total
costs
payable
costs
costs
Costs
£
£
£
£
£
775,079
-
504,282
1,279,361
1,004,464
775,079
-
504,282
1,279,361
1,004,464
826,859
3,489,848
133,070
4,449,777
2,927,470
973,965
291,539
289,321
1,554,825
1,260,407
1,593,610
38,993
335,777
1,968,380
3,230,659
3,394,434
3,820,380
758,168
7,972,982
7,418,536
4,169,513
3,820,380
1,262,451
9,252,343
8,423,000
3.557.924
4,016,421
848,655
8,423,000
Analysis of support costs –
Group
Group
Finance
Information technology
Administration and premises
Chief Executive's office, legal
and management
Human resources
Governance
Total
Total 2021-22		 Cost of
generating
funds
Supporting the
development
of solutions
Influencing and
awareness
raising
Working
with our
network
Total
Total
2023
2023
2023
2023
2023
2022
£
£
£
£
£
£
96,702
25,518
55,481
64,389
242,090
124,740
81,771
21,578
46,914
54,447
204,710
207,150
68,090
17,967
39,065
45,337
170,459
138,254
69,928
18,453
40,120
46,562
175,062
95,185
180,429
47,611
103,517
120,139
451,696
259,247
7,363
1,943
4,225
4,903
18,434
24,079
504,283
133,070
289,322
335,777
1,262,451
848,655
349,898
26,304
155,736
316,717
848,655

37

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

4. Expenditure (continued)

Expenditure – Charity
Expenditure on raising funds
Cost of generating donations and
legacies
Expenditure on Charitable
activities
Supporting development of
solutions for unpaid carers
Influencing and awareness
raising
Working with our network to
develop transformational
programmes
Total expenditure 2022-23
Total expenditure 2021-22
Analysis of support costs -
Charity
Finance
Information technology
Administration and premises
Chief Executive's office, legal and
management
Human resources
Governance
Total
Total 2021-22		 2023
2023
2023
2023
2022
Direct
Grants
Support
Total
Total
costs
payable
costs
costs
costs
£
£
£
£
£
775,079
-
504,282
1,279,361
1,004,464
775,079
-
504,282
1,279,361
1,004,464
826,859
3,489,848
133,070
4,449,777
2,927,470
973,965
291,539
289,321
1,554,825
1,260,407
1,593,610
38,993
335,777
1,968,381
3,230,659
3,394,434
3,820,380
758,168
7,972,982
7,418,536
4,169,513
3,820,380
1,262,451
9,252,343
8,423,000
3,557,924
4,016,421
848,655
8,423,000
Cost of
generating
funds
Supporting
the
development
of solutions
Influencing
and
awareness
raising
Working
with our
network
Total
Total
2023
2023
2023
2023
2023
2022
£
£
£
£
£
£
96,702
25,518
55,481
64,389
242,090
124,740
81,771
21,578
46,914
54,447
204,710
207,150
68,090
17,967
39,065
45,337
170,459
138,254
69,928
18,453
40,120
46,562
175,062
95,185
180,429
47,611
103,517
120,139
451,696
259,247
7,363
1,943
4,225
4,903
18,434
24,079
504,283
133,070
289,322
335,777
1,262,451
848,655
349,898
26,304
155,736
316,717
848,655

38

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

5. Net income

. Net income
Net income is stated after charging:
Depreciation
Auditor's remuneration - audit of these financial
statements
Auditor's remuneration - other services
Operating leases charges
. Income from investments
Interest
. Grants awarded – Group and Charity
Grants paid to Network Partners
Grants paid to other institutions
Grants paid to individuals		 Group
2023
£
3,325
16,225
900
179,777
Charity
Group
Charity

2023
2023
2022

£
£
£

3,325
3,325
3,325

16,225
14,750
14,750

900
-
-

179,777
99,356
99,356
Group
2023
£
4,726		 Charity
Group
Charity
2023
2022
2022
£
£
£
4,726
1,145
1,145
Total 2023
Total 2022
£
£
2,737,773
3,179,270
564,144
257,591
518,463
579,560
3,820,380
4,016,421

6. Income from investments

7. Grants awarded – Group and Charity

39

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

7. Grants awarded – Group and Charity (continued)

Grants awarded in the year

Material grants (>£50,000 in total) payable to Network Partners were as follows:

Blackpool Carers Centre
Bridgend Carers Centre^
Camden Carers Centre
Carers First in Kent & Medway
Carers Lewisham
Carers Outreach Service (Bangor Carers)^
Carers Plus Yorkshire
Carers Support West Sussex
Carers Trust Carmarthenshire (Sir Gar)^
Carers Trust CMM
Carers Trust Crossroads West Wales^
Carers Trust Mid Yorkshire Crossroads
Carers Trust Heart of England/Coventry Carers
Carers Trust North Wales Crossroads Care^
Carers Trust South East Wales^
City of Hackney Carers Centre
Cheshire & Warrington Carers Centre
Connecting Young Carers
Crossroads Caring for Carers
Crossroads Care Gloucestershire
Crossroads Care North West
Improving Lives Plymouth
Harrow Carers
Lanarkshire Carers
Newcastle Carers
NEWCIS FLINTSHIRE^
Northamptonshire Carers
Powys Carers Service Ltd T/A Credu (CAF)^
Redbridge Carers Support Service
Solihull Carers Centre
Swansea Carers Centre^
Swindon Carers Centre
The Carers’ Resource
Voluntary Action Shetland
Wandsworth Carers Centre
Other Network Partners		 Total
Total
2023
2022
£
£
-
60,770
95,780
82,938
186,290
145,640
57,988
-
115,010
109,067
-
69,535
61,386
-
59,227
69,060
-
51,912
57,590
-
94,590
-
56,381
-
58,570
-
81,864
139,725
93,783
244,624
59,464
-
60,720
-
57,102
-
59,736
-
58,116
-
-
95,470
59,954
-
209,941
136,703
58,046
-
59,536
-
89,520
121,464
-
54,330
120,300
138,577
148,802
114,645
-
55,570
143,849
197,055
58,569
-
68,368
-
52,634
-
58,242
-
296,415
1,292,185
2,737,773
3,179,270

The Network Partners marked:

^ Participated in the Welsh Government Hardship Support Fund

40

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

8. Staff costs

Salaries
Social security costs
Pension costs
Termination costs
Temporary staff costs
Total employee costs		 2023
2023
2022
2022
Group
Charity
Group
Charity
£
£
£
£
3,069,480
3,069,480
2,785,692
2,785,692
341,740
341,740
293,018
293,018
142,701
142,701
123,334
123,334
55,748
55,748
-
-
3,609,669
3,609,669
3,202,044
3,202,044
128,853
128,853
42,003
42,003
3,738,522
3,738,522
3,244,047
3,244,047

Redundancy costs included in the above amount were £55,748; (2021-22: £nil).

Carers Trust operates a defined contribution pension scheme for all staff. The Charity’s contribution is between 5 and 7 per cent of salary with staff making contributions of 5% upwards.

Staff numbers
The average number of employees during the year was:
Supporting the growth and development of solutions for carers
Influencing and awareness raising
Working with local partners to develop a strong network
Fundraising
Governance
Support*		 2023
2023
2022
2022
Headcount
FTE
Headcount
FTE
14
14
11
10
12
11
7
7
22
21
23
22
11
11
12
11
1
1
1
1
12
11
7
6
72
69
61
57

*including Chief Executive’s office

All employees are employed by the charity. The subsidiary companies have no employees.

The number of employees whose emoluments for the year, excluding employee pension contributions, exceeded £60,000 was:

2023 2022
£60,001 - £70,000 4 3
£70,001 - £80,000 1 1
£80,001 - £90,000 2 2
£90,001- £100,000 1 -
£100,001-£110,000 1 -

Pension contributions of £44,022 (2021-22: £20,677) were paid to 9 (2021-22: 6) of these employees.

The aggregate of emoluments for key management personnel was £524,449 (2021-22: £531,029). These are the staff listed on page 19.

Trustees’ remuneration

The Trustees neither received nor waived any emoluments during the year (2021-22: £nil) Travel and subsistence expenses incurred by and reimbursed to the Trustees are as follows:

2023 2022 2023 2022
Number Number £ £
11 9 391 3,080

41

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

9. Comparatives for the Statement of Financial Activities – Consolidated

Note
Income from:
Donations and legacies
2
Charitable activities
Supporting the growth and
development of solutions for
carers
Work with local partners to
develop a strong network
Other trading activities
Investments
6
Other
Total income
Expenditure on:
Raising funds
Costs of generating donations
and legacies
4
Costs of trading activities
4
Total costs of raising funds
Charitable activities
Supporting the growth and
development of solutions for
carers
Influencing and awareness
raising
Work with our network to
develop transformational
programmes
Total charitable activities
4
Total expenditure
Net loss/ (gain) on investments
Net income/ (expenditure) and
net movement in funds for the
year
Taxation on trading activities
Transfers between funds
Funds brought forward
Total funds carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total
funds
Total
funds
2022
2022
2022
2022
2021
£
£
£
£
£
2,153,654
-
6,715,855
8,869,509
9,541,750
36,145
-
7,500
43,645
16,956
360,065
-
-
360,065
355,481
396,210
-
7,500
403,710
372,437
-
-
-
-
-
1,145
-
-
1,145
3,260
1,086
-
7,310
8,396
437
2,552,095
-
6,730,665
9,282,760
9,917,884
853,234
91,906
59,324
1,004,464
1,007,508
-
-
-
-
-
853,234
91,906
59,324
1,004,464
1,007,508
50,867
(3,780)
2,880,383
2,927,470
3,008,105
307,875
72,244
880,288
1,260,407
694,264
600,828
103,640
2,526,191
3,230,659
4,848,663
959,570
172,104
6,286,862
7,418,536
8,551,032
1,812,804
264,010
6,346,186
8,423,000
9,558,540
36,747
-
-
36,747
-
702,544
(264,010)
384,479
823,013
359,344
-
-
-
-
-
(500,000)
500,000
-
-
-
1,262,956
1,644,719
1,784,877
4,692,552
4,333,208
1,465,500
1,880,709
2,169,356
5,515,565
4,692,552

42

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

9. Comparatives for the Statement of Financial Activities– Charity

Note
Income from:
Donations and legacies
2
Charitable activities
Supporting the growth and
development of solutions for
carers
Work with local partners to
develop a strong network
Other trading activities
Investments
6
Other
Total income
Expenditure on:
Raising funds
Costs of generating donations
and legacies
4
Costs of trading activities
4
Total costs of raising funds
Charitable activities
Supporting the development of
solutions for unpaid carers
Influencing and awareness
raising
Work with our network to
develop transformational
programmes
Total costs of charitable
activities
4
Total expenditure
Net losses/(gains) on
investments
Net income/ (expenditure)
and net movement in funds
for the year
Taxation on trading activities
Transfers between funds
Funds brought forward
Total funds carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total
funds
Total
funds
2022
2022
2022
2022
2021
£
£
£
£
£
2,153,654
-
6,715,855
8,869,509
9,541,750
36,145
-
7,500
43,645
16,956
360,065
-
-
360,065
355,481
396,210
-
7,500
403,710
372,437
-
-
-
-
-
1,145
-
-
1,145
3,260
1,086
-
7,310
8,396
437
2,552,095
-
6,730,665
9,282,760
9,917,884
853,234
91,906
59,324
1,004,464
1,007,508
-
-
-
-
-
853,234
91,906
59,324
1,004,464
1,007,508
50,867
(3,780)
2,880,383
2,927,470
3,008,105
307,875
72,244
880,288
1,260,407
694,264
600,828
103,640
2,526,191
3,230,659
4,848,663
959,570
172,104
6,286,862
7,418,536
8,551,032
1,812,804
264,010
6,346,186
8,423,000
9,558,540
36,747
-
-
36,747
-
702,544
(264,010)
384,479
823,013
359,344
-
-
-
-
-
(500,000)
500,000
-
-
-
1,260,353
1,644,719
1,784,877
4,689,949
4,330,605
1,462,897
1,880,709
2,169,356
5,512,962
4,689,949

43

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

10. Net income from subsidiary undertakings

The Charity has a wholly owned trading subsidiary Carers Enterprises Limited (Company number 03244605). Its registered office and principal place of business is 10 Regent Place, Rugby, Warwickshire, CV21 2PN. Carers Enterprises Limited formerly operated insurance brokerage services for Network Partner organisations. The company has been dormant since trading ceased at 31 March 2020. Financial statements are available from Companies House.

Carers Enterprises Limited
Current assets
Current liabilities
Shareholders' funds (net assets)
1. Tangible fixed assets
Group and charity
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On additions
On disposals
At 31 March 2023
Net book value
At 31 March 2022
At 31 March 2023		 2023
£
2,603
-		 2022
£
2,603
-
2,603
Freehold
land and
buildings
£
190,000
-
-
2,603
190,000
43,224
3,325
-
-
46,549
146,776
143,451

11. Tangible fixed assets

The freehold land and buildings were revalued on 18 May 2009 at £190,000 by the external surveyors Hawkins Chartered Surveyors, members of RICS. The basis of the valuation is at market value with vacant possession. The property had previously been valued by the same surveyors on the same basis on 1 June 2005. The historical cost of this asset is £85,060.

44

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

12. Investments


Group and charity
Market value at 1 April
Additions
Provisions against investment
Add: net gain/(loss) on revaluations at 31 March
Market value at 31 March
Historical cost at 31 March
Total gains and (losses) on investment
The valuation shown above at 31 March 2023 consists of the following:
2022
£
Carers Enterprises Limited
1
Managed Investment Portfolio		 2023
2022
£
£
959,632
1
-
1,000,000
(6,536)
(3,622)
(65,095)
(36,747)
888,001
959,632
888,001
959,632
(65,095)
(36,747)
2023
£
1
888,000
959,631

13. Debtors

Trade debtors
Other debtors
Prepayments
Accrued income		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
28,664
28,338
29,491
29,237
14,707
14,707
76,028
76,028
139,201
139,201
156,678
156,678
39,936
39,936
97,001
97,001
222,508
222,182
359,198
358,944

There were no contingent assets at 31 March 2023. (2022 £nil).

14. Creditors

Trade creditors
Social security and other taxation
Accruals and deferred income*
Other creditors		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
59,881
59,881
206,715
206,715
105,632
105,632
94,045
94,045
2,089,978
2,089,978
3,483,812
3,483,812
25,680
25,680
27,476
27,476
2,281,171
2,281,171
3,812,048
3,812,048

45

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

14. Creditors (continued)

Movement in deferred income
At 1 April
Released from previous periods
Deferred in year
Released during year
At 31 March		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
3,246,172
3,246,172
4,479,285
4,479,285
1,755,929
1,755,929
1,495,021
1,495,021
319,281
319,281
622,934
622,934
45,291
45,291
361,026
361,026
1,764,233
1,764,233
3,246,172
3,246,172

15. Financial Instruments

Financial assets
Cash and cash equivalents
Financial assets that are debt instruments measured
at amortised cost
Financial liabilities
Financial liabilities measured at amortised cost		 Group
Charity
Group
Charity
2023
2023
2022
2022
£
£
£
£
6,025,243
6,022,966
7,769,683
7,769,683
83,235
82,981
202,520
202,266
6,108,550
6,105,947
7,972,203
7,971,949
(2,175,539)
(2,175,539)
(3,718,003)
(3,718,003)

Financial assets measured at fair value (2023 £888,001) (2022 £959,631).

16. Reserves

Group
At 1 April 2022
Net income/(expenditure) for the year
Transfer between funds
At 31 March 2023		 Unrestricted reserves
General
Designated
Revaluation
Restricted
funds
reserves
reserve
funds
Total
£
£
£
£
£
1,362,041
1,880,709
103,459
2,169,356
5,515,565
267,022
(548,625)
-
(235,929)
(517,532)
(550,000)
550,000
-
-
-
1,079,063
1,882,084
103,459
1,933,427
4,998,033

46

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

16. Reserves (continued)

At 1 April 2022
Net income/ (expenditure) for the year
Transfer between funds
At 31 March 2023
7. Grant Commitments
Grants to Network Partners		 Unrestricted reserves
General
Designated
Revaluation
Restricted
funds
reserves
reserve
funds
Total
£
£
£
£
£
1,359,438
1,880,709
103,459
2,169,356
5.512.962
267,022
(548,625)
-
(235,929)
(517,532)
(550,000)
550,000
-
-
-
1,076,460
1,882,084
103,459
1.933.427
4.995.430
2023
2022
£
£
92,636
28,853

17. Grant Commitments

47

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

18. Analysis of funds: 2022-23

Note
Restricted funds
Age Cymru-Older Carers
a
Bloom & Wild
b
BBO - National Lottery (N, E &
W London)
c
BBO - National Lottery (S &
Central London)
c
Carer Aware
d
Carer Engagement Wales
e
Carer Involvement – Adult,
Young & Young Adult Carers
f
Core Scotland Grant
g
Education Research JMB
Charitable Trust
h
Hardship Fund 2022-25 (Welsh
Gov)
i
HRH The Princess Royal
Respite Fund for Carers
j
London Capacity Building (City
Bridge)
k
Making Carers Count
l
Pears Grants Fund
m
People's Postcode Lottery
n
Rank Cares Partnership
o
Scottish Young Carers Festival
p
Short Breaks Fund
q
Young Carers in FE & HE,
Scotland
r
Young Carers Futures-PPL
s
Young Carers Futures-Quilter
s
Young Carers General Funds
t
Young Carers Futures-
Learning What Works
u
Other Scottish funds below
£50,000 income/ expenditure
Other UK funds below £50,000
income/ expenditure
Total restricted funds
Revaluation reserve
Designated reserves
General unrestricted reserves -
charity
Total charity funds
General unrestricted reserves
– subsidiary
Total consolidated funds		 At 1 April 2022
Income
Expenditure
Transfer
At 31 March
2023
£
£
£
£
£
1,692
73,000
68,165
-
6,527
62,626
60,591
106,414
-
16,803
124,712
375,320
418,729
-
81,303
50,824
290,950
309,326
-
32,447
16,341
268,569
275,491
-
9,419
5,491
57,450
50,325
-
12,616
-
50,000
-
-
50,000
-
205,792
199,369
-
6,423
16,921
57,954
46,037
-
28,837
118,117
898,967
998,564
-
18,520
118,752
151,580
179,395
-
90,936
5,504
63,000
63,734
-
4,770
610,994
1,495,021
1,661,231
-
444,784
27,330
350,000
358,167
-
19,163
67,009
479,200
380,768
-
165,441
56,904
174,315
165,242
-
65,977
29,142
101,000
132,435
-
(2,293)
-
188,000
122,578
-
65,422
22,858
101,641
101,358
-
23,141
103,799
10,411
114,210
-
-
134,986
-
134,986
-
-
167,055
91,022
26,722
-
231,355
-
113,828
83,502
-
30,326
142,419
172,852
125,340
-
189,931
285,880
286,017
230,321
-
341,579
2,169,356
6,116,480
6,352,409
-
1,933,427
103,459
-
103,459
1,880,709
-
548,625
550,000
1,882,084
1,359,438
2,683,708
2,416,498
(550,000)
1,076,460
5,512,962
8,800,000
9,317,532
-
4,995,430
2,603
-
-
2,603
5,515,565
8,800,000
9,317,532
-
4,998,033

Transfers between funds

Transfers between funds were as follows:

Funds of £550,000 (2021-22: £500,000) were designated by the Board for projects and activities to benefit unpaid carers and/or to strengthen the charity. Funds are designated at the year end, normally to be applied within 2-3 financial years .

48

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

18. Analysis of funds: 2021-22

Note
Restricted funds
Age Cymru-Older Carers
a
Bloom & Wild
b
Brighter Futures: Quilter
v
BBO - National Lottery (N, E & W
London)
c
BBO - National Lottery (S & Central
London)
c
Carer Aware
d
Core Scotland Grant
g
External Affairs (Wales)
w
Hardship Fund 2022 (Welsh Govt)
i
Health & Wellbeing Alliance
x
HRH The Princess Royal Respite
Fund for Carers
j
London Capacity Building (City
Bridge)
k
Making Carers Count
l
Mental Health Programme - Scotland
y
Pears & DCMS CMC
z
Pears Grants Fund
m
People's Postcode Lottery
n
Rank Cares Partnership
o
Scottish Young Carers Festival
p
Welsh Policy & Research
aa
Young Carers in FE & HE, Scotland
r
Young Carers Futures-PPL
s
Young Carers Futures-Quilter
s
Young Carers General Funds
t
Other Scottish funds below £50,000
income/ expenditure
Other UK funds below £50,000
income/ expenditure
Total restricted funds
Revaluation reserve
Designated reserves
General unrestricted reserves -
charity
Total charity funds
General unrestricted reserves –
subsidiary
Total consolidated funds
Transfers between funds		 At 1 April
2021
Income
Expenditure
Transfer
At 31 March
2022
£
£
£
£
£
2,334
66,969
67,611
-
1,692
24,904
83,849
46,127
-
62,626
268,460
150,132
403,518
-
15,074
40,616
384,073
299,977
-
124,712
53,990
270,678
273,844
-
50,824
3
280,275
263,937
-
16,341
57,302
103,249
178,831
-
(18,280)
-
53,584
-
-
53,584
-
1,156,217
1,125,140
-
31,077
-
58,500
51,958
-
6,542
9,292
230,785
121,325
-
118,752
16,250
48,750
59,496
-
5,504
-
1,495,021
884,027
-
610,994
26,382
53,268
39,524
-
40,126
(12,219)
500,000
483,199
-
4,582
49,249
350,000
371,919
-
27,330
340,041
100,000
373,032
-
67,009
50,314
202,892
196,302
-
56,904
32,807
125,218
128,883
-
29,142
21,917
59,462
32,881
-
48,498
24,952
96,610
98,704
-
22,858
-
200,000
96,201
-
103,799
-
135,261
275
-
134,986
217,998
23,551
74,494
-
167,055
154,711
140,899
158,119
-
137,491
405,573
361,422
516,860
-
250,134
1,784,879
6,730,665
6,346,184
-
2,169,356
103,459
-
-
-
103,459
1,644,719
-
264,010
500,000
1,880,709
1,156,894
2,552,095
1,849,553
(500,000)
1,359,436
4,689,951
9,282,760
8,459,747
-
5,512,962
2,603
-
-
-
2,603
4,692,554
9,282,760
8,459,747
-
5,515,565

Transfers between funds were as follows:

49

Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

18. Analysis of funds (continued)

Purpose of restricted funds

The restricted funds with income or expenditure of more than £50,000 during the year are for the following purposes:

A partnership programme with Age Cymru, funded by Welsh Government, to develop person-centred service models that identify and better meet the needs of older carers and carers of people with dementia in Wales.

A grant programme to support unpaid carers through individual and group activity grants and delivering programmes aimed at improving education and equality for young carers.

Two projects for North, East & West London and South & Central London respectively. Working with Network Partners to deliver a project to support carers and ex-carers to access employment. Funded by the European Social Fund and the National Lottery Community Fund. Additional funding raised by Deloitte Internal Client Services Team.

Carers Trust is the lead partner in this Welsh Government funded programme alongside Carers Wales. Carer Aware aims to transform recognition, respect and support for unpaid carers across health and social care settings in Wales. It places co-production with unpaid carers and professionals at its core.

Carers Trust works with Welsh Government to engage with diverse and varied unpaid carers across Wales to hear their lived experience. We support unpaid carers’ voices to be heard at a national level, supporting future policy development and implementation.

Funding for a Research and Engagement Officer working in Scotland.

50

Consolidated Report and financial statements for the year ended 31 March 2023

Carers Trust

18. Analysis of funds (continued)

l) Making Carers Count

Funding of £5.8 million over three to four years from the Association of British Insurers, managed on their behalf by the Charitable Aid Foundation, to run a major programme to: 

  - Make hidden carers count, creating collaborations to improve engagement with groups of unpaid carers who are currently underrepresented in local carers support services.

  - Improve support for Young Carers and Young Adult Carers who have been put in an even more vulnerable position due to the pandemic.

  - Increase access to peer support and provide a grant to Carers UK to improve the accessibility and experience of their online Carer community.

Funding for programme development and innovation, grants to individual carers, Young Carers Action Day, policy development, digital fundraising and a programme to address carers’ loneliness and isolation in 2022.

Fundraising initiative by the Rank Group plc to provide carers with grants for essential equipment, replacement care and respite and opportunities to pursue educational courses and skills development openings.

Scottish Government funding to support the annual Scottish Young Carers Festival.

Carers Trust is the National Coordinating Body for the Welsh Government’s Short Breaks Fund, a three-year programme worth £9m. It aims to reach 30,000 unpaid carers from communities across Wales with short breaks. Network Partners and third sector organisations are funded to deliver creative, flexible and personalised short breaks locally. Funding is distributed by Regional Partnership Boards and through Carers Trust’s Amser programme as part of the wider Short Breaks Scheme.

Funding from the Corra Foundation to provide support to young carers in Further and Higher Education.

A programme to provide opportunities for young and young adult carers under 25 years old through identifying job opportunities and the creation of a ‘Futures Hub’. Funding provided by People’s Postcode Lottery, Quilter and our Young Carers General Fund.

51

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

18. Analysis of funds (continued)

research, we work to engage cross-party support to shape the policy landscape for unpaid carers in Wales.

aa) Welsh Policy and Research

Funded by the Shaw Foundation and Waterloo Foundation, Carers Trust works to ensure that unpaid carers and our Network are embedded in shaping the research landscape for unpaid carers in Wales. This provides us with the evidence for the impact our Network achieves and to influence national policy.

52

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

19. Analysis of net assets between funds

9. Analysis of net assets between funds ets between funds ets between funds
Group at 31 March 2023
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
Fixed assets
143,451
-
-
143,451
Investments
888,001
-
-
888,001
Current assets
351,053
1,882,084
4,014,615
7,135,751
Current liabilities
(199,983)
-
(2,081,188)
(2,281,170)
1,182,522
1,882,084
1,933,427
4,998,033
Charity At 31 March 2023
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
Fixed assets
143,451
-
-
143,451
Investments
888,002
-
-
888,002
Current assets
348,449
1,882,084
4,014,615
7,133,148
Current liabilities
(199,983)
-
(2,081,188)
(2,281,170)
1,179,919
1,882,084
1,933,427
4,995,430
Group at 31 March 2022
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
Fixed assets
146,776
-
-
146,776
Investments
959,631
-
-
959,631
Current assets
551,591
1,880,710
5,788,804
8,221,105
Current liabilities
(192,600)
-
(3,619,448)
(3,812,048)
1,465,500
1,880,710
2,169,356
5,515,565
Charity At 31 March 2022
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
Fixed assets
146,776
-
-
146,776
Investments
959,632
-
-
959,632
Current assets
549,089
1,880,710
5,788,804
8,218,602
Current liabilities
(192,600)
-
(3,619,448)
(3,812,048)
1,462,897
1,880,710
2,169,356
5,512,962
0. Operating Lease Commitments
Land and
Land and
buildings
Other
buildings
Other
2023
2023
2022
2022
£
£
£
£
Within one year
188,946
1,338
92,865
1,652
In two to five years
346,017
-
37,261
-
534,963
1,652
130,126
1,652		 Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
143,451
-
-
143,451
888,001
-
-
888,001
351,053
1,882,084
4,014,615
7,135,751
(199,983)
-
(2,081,188)
(2,281,170)
1,182,522
1,882,084
1,933,427
4,998,033
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
143,451
-
-
143,451
888,002
-
-
888,002
348,449
1,882,084
4,014,615
7,133,148
(199,983)
-
(2,081,188)
(2,281,170)
1,179,919
1,882,084
1,933,427
4,995,430
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
146,776
-
-
146,776
959,631
-
-
959,631
551,591
1,880,710
5,788,804
8,221,105
(192,600)
-
(3,619,448)
(3,812,048)
1,465,500
1,880,710
2,169,356
5,515,565
Unrestricted funds
£
Designated funds
£
Restricted funds
£
Total funds
£
146,776
-
-
146,776
959,632
-
-
959,632
549,089
1,880,710
5,788,804
8,218,602
(192,600)
-
(3,619,448)
(3,812,048)
1,462,897 1,880,710
2,169,356
5,512,962
Land and
Land and
buildings
Other
buildings
Other
2023
2023
2022
2022
£
£
£
£
188,946
1,338
92,865
1,652
346,017
-
37,261
-
534,963
1,652
130,126
1,652

20. Operating Lease Commitments

53

Carers Trust

Consolidated Report and financial statements for the year ended 31 March 2023

21. Pension

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in independently administered funds. The pension charge represents contributions payable by the Charity and the Group to the funds and amounted to £142,701 (2021-22: £123,334).

22. Related Party Transactions

No related party transactions took place between the Charity and its subsidiary companies.

Related party transactions took place between the Charity and organisations connected to the Trustees as follows: Membership Fees Received Grants/Funding Paid

2022-23 2021-22 2022-23 2021-22
Trustee Related Party £ £ £ £
Christine Whiley Carers Resource 8,687 8,688 76,680
39,444
Sonja Carers Trust Heart of England 8,688 8,687 61,090
Woodhouse 50,696
Veronica Stonor Newcastle Carers 2,050 2,050 62,266
36,229
Jennifer Downs Care for Carers East Sussex 2,050 - 22,420 -
John McLean Princess Royal Trust for Carers 2,050 - 425 -
in Hampshire

For 2022-23 there were no other related party transactions to disclose (2021-22: none).

All the above related party transactions were transacted on standard business terms. There were no outstanding balances at 31 March 2023.

23. Reconciliation of net resources to net cash outflow from operating activities

Net income/(expenditure) for the reporting period
Depreciation of tangible fixed assets
Losses on investments
Dividends and interest from investments
Decrease in debtors
(Decrease) in creditors
Net cash generated from operating activities
Analysis of net funds
Cash on short term deposit
Cash at bank and in hand		 As at
1 April 2022
£
863,090
7,958,548		 2023
2022
£
£
(517,532)
823,012
3,325
3,325
65,095
36,747
(4,726)
(1,144)
136,690
34.929
(1,530,878)
(1,287.867)
(1,848,025)
(390,998)
Cash flow
As at
31 March 2023
£
£
(863,090)
-
(1,045,304)
6,913,244
8,821,638 (1,908,394)
6,913,244

54

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Consolidated Report and financial statements for the year ended 31 March 2023

24. Reconciliation of net cash flow to movement in net funds


4. Reconciliation of net cash flow to movement in net funds
Increase/ (decrease) in cash
(Decrease) in short term deposits
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2023
2022
£
£
(973,673)
(1,387,376)
(863,090)
1,144
(1,836,763)
(1,386,232)
7,862,007
9,248,239
6,025,244
7,862,007

55