Company registration number.. 08008229 Charity registration number: 1147174 MANCHESTER CARE AND REPAIR (A COMPANY UMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Horsfield & Smith Statutory Auditor TowerHouse 269 Walmersley Road Bury Lancashire BL9 6NX
MANCHESTER CARE AND REPAIR CONTENTS Reference and AdmlnlstratNe Detalb Ito2 Strategic Report 3to7 Trustees, Report 8tolO Statement of Tru5tees' Responsibilit li Independent Auditors, Report 12toJ5 Statement of Finanaal Activities 16 Balance Sheet 17 Statement of Cash Flows 18 Notes to the Flnancial Statements 19to37
MANCHESTER CARE AND REPAIR REFERENCE AND ADMINISTRATIVE DEfAIL5 tharlty Registration Number 1147174 Company Reglstratlon Number 08LN)8229 Re8lstered Offlce Unit14 Empre55 Business Centre 380 Chester Road Manchester Greater Manchester M169EA Trustses The Trustees who served during the year were as follows: T K McDonald. chairfrom 23.5.23 M K BarkaL T35T upto 23.5.23 T Huburn (appointed 12 March 20241 J Huiston (appointed 12 March 20241 H M Lan& Chair upto 23.5.23Threasurerfrom 23.5.23 A Lewi5 lappoirted 12 March 20241 M L Llndars. Deputy Chair (from 23.5.231 Dmort P K Smith C Green (Resigned 12 March 20241 Chtef Exeurtlve Officer A Mason Seuetary A Mottram Authtor HOr$fld & Smrth Statutory Auditor Tower House 269 Walmersley Road Bury Lantashire BL9 6NX
MANCHESTER CARE AND REPAIR REFERENCE AND ADMINISTRATIVE DETAILS Bankers Co-operatfve Bank plc 6th Floor, Department 20103 l Angel Square M3nche5ter MEQOAG Scottish Widows Bank 67 Morriwn Street Edlnburgh EH3 8YJ CCL4 Investment Management Ltd Senator House 85 Queen Vlctorla Street London EC4V 4Er Epworth Investmert Management 9 Bonhlll Street London EC2A 4PE Shawbrook Bank Ltd Lute House Wadey Hill Business Park The DrSve. Great Wadey Essex CM13 3BE CAF Cash Limited Klngs Hlll West Malling Kent ME194JQ Close Brothers Treasury 10 Crown Place London EC2A 4 Charity Bank Fosse House 182 High Street Tonbrfdge Kent TN9 IBE
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 The tmstees, who are directors for the purposes of company law, Psent their strateglc report for the year ended 31 March 2024. in compliance with s414C of the Companies Act 2006. Achlevements and performance Operations and Effectlveness Priority I: To provlde hl8h quallty serylces that enable people to contlnue to Ilve safely. independently. and atfordably in a healthy home. The organisation continued tooperate all tts corecommissk)ned services {Hantyperson, Home Repalrs Support, Caseworl and Home from H05Pitall as well as progre55ing into the second year of 'Home Firsv proj@ct that supports people with mentsl he3h conditions, and who are leaving hospltal. to move back to a safe, clean, and comfortable home environment. Durlng the year we responded to 14,985 service user5 and provided 11,401 direcl support Interventions to 5838 individuals or families. The Casework team 5UPPOrted 1258 with Casework support and supported 388 Clients to access benefrt entrtlements to the value of £2,059,147.43, helpingto tad(le pensioner poverty by putting an average of £5.307 extra income into the kKsckets of vulnerable people. The Handyperson service supported 7983 ppIe with home safety assessment, small repairs and minor adaptaIn$, and helped to tackle energy poverty by 5upplyin8 energy efficiency li8htbulbs to their clients. The Horne First Team worked with 72 d*nts, who were in the proc5 of being di5charEed from mental heatth wards, by providing maSor and minor woths, deep cleans, carpets, curtains, furniture, and furnishings as well as supporting people moving into new tenancies. Operations and Effectiveness Priority 2: To model and pro¥i(le high qualityser¥itesthat address thè home repalr improvement and energy saving needs of vulnerable v•Jner occupiers. The Home Repairs Support team helped 479 people to acces5 8rant5 and loan5 to complete e55ential home repair and fixtures, they provided contrartor advice trja further 1589 individuals and supervised malor works Iheatlng placeMentS, roof works, window and door replacements etc.) for 173 vulnerable homeowners. The team delivered home Improvements to the value of £1,048,091.86 across the year. and in the process transfornied people's INes as well as homes. The organisation made 169 Erants to the valu@ of £101.794 from our welfare funds (Truslees and Home comforts. NHS welfare fund, Pennine East Per50nalisation Fund and Independent Age and Electricity Safety Council Fund pots). Over the year we strengthened our working partnership with the CarLKJn Coop continuing to work on the Levenshulme area-based retrofit project and working on thè Energise enerbry 8dvice project and the Green Home Finance Pilot with the Carbon Coop and Greater Manchester Credit Union5. Operations ond Effectiveness Prlority 3: To ¢ontinue to play a part in redudn8 hospital admtsslons and enablin8 people to be Safely discharged Irom h05Pital in a timely way. We continued to provide transport home and short-term settling in support of patients being discharged from Hospital. The Home from Hospital service provided direct setvices to 1460 individuals. We continued to play a key role in the Voluntary Sector Discharge Alliance. a group of
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 voluntary sector provi(lers and poliry makers who are pursuing the goal of a 'Universal Offerf for hospital discharge support services across Greater Manchester. We worked collaboratively with the Royal Voluntary Society, Age UK Manchester, and Age UK Bury to ensure all over GO'S leaving Manchester hosprtals had thesame offer of follow-on support after being dlscharged. We also worked wlth the Wai Yin, Rochdale Clrcle and C4HN to set up the supportal, a single referral mechanism to allow hospital dlscharge staff to refer into voluntary sector seryiw from North Manchester General Hospital. Operatlons and Effectlveness Priorlty 4: To promote our work to funders and parthers and to work with them io explore Innovative options that TMIII allow ser¥lces to be malntslned In a challengln8 funding envlronment. A lot of effort went into discussions with main contract commissioners thls year In advance of an expected tendering process for all contract elements. Unfortunately, due to challenges on the commi55ioners side this process did not happen in a timety way and instead we accepted a one year roll over of the main contrart for 2024-2025. Nonethele55, a lot of conversations happened, and reports and analytlcs were shared; these will hopefully inform the process when it do@s come to pass. Similar conversations happened with our Pennlne Care contract. resulting in an extension with commf(ment to conslder a more enduring arrangement durin8 2024-2025. Elsewhere, we were able to successfully promote oUrSetvl model and organisational capabilities, as well as our approach to Bap finding and innovation. by winning a large grant from NHS Charities Together to work wtth the Neighbourhood Apartments and the HOOP servlce on a project to help people move (when they (annot be discharged to their previous homel. Governance and Leadership Priority 5: To omend our governance structure and further develop the Trustee body so that our govemance 15 effertive, informed, and efficien( and the leadership of the organi5ation is skilled, motivated, and representstlve of the communlties we seNe. Governance and Leadershlp Prforfty 6:To explore ways forthe leaders of the organisation to engage with client Efoup5 more regularty and In a more strurtured way• so that their vlew5 and Treeds are reflected in the services we provlde. The Board of Trustees ran a 5uc(e5sful recruStment process over the Winter and coopted three new Trustees with valuable experience in HR, Housing, and Financial seiCe$. The Commissloning situation, and its implications forthe organisation, have been front and centre of the Trustees Agenda for m05t of the year and con5equentialty they have needed to focus heavity on effertNe leadershlp and risk management strategy. Finance Priority 7: To approach contrart and furKllng negotiations with a ¢lear message about our soclal value uedentials, our effi¢iencyi and the clear benefits of our holistic working practices. During this year, we were involved in an intensive process of communication and discussion with our maln commissioners INHSand MCCI regardingthe current operation and future needs of the tripartite contract we hold with them covering home from hospital. casewDrk, handyper50ns, and horne repairs suppurt servlces. Unfortunate, due to organisational reorganisation and a number of tsth@r issu@s on the part of the commissioning organlsatlons. they were not able to achieve a full tendering process.
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 Instead. Manchestercare and Repairwereoffered a onwear bridging contract for 2024-2025 to allow servlces to continue whilstthe commissioning issues can be resohjed. Elsewhere, our programme of work with Pennine Care was rolled over into 2023-2024 following PL)Sitive staff endorsement and engagement with management and was again rolled over in 2024- 2025 follewlng an evaluation in the first few months of 2024 Finance Priorfty 8: To increase our lon8-temi resilience by exploring optlons for generdting Significant additional income outside the framework of public sertor ¢ontrartlr The organisation achieved new investments from the Growth Companyi the National Lottery Cost of Living Fund, the Department for Energy Securtiy and Net Zero (via our partnership v4ith the Carbon Coop), and NHS Chadtles Together. This adds to our multi-year funding agreement5 wrth NatK)nwide and the Henry Smith Charity. Environmentèl and Sotial Value Priority 9: To invest in technolo8•es and proce55es that $18nificantly reduce our carbon emisslons, and to Integrnte ener8y redurtion objertives across all our servlces and act[tIeS. ensurln8 our programming meets our carbon emissions reduction targets. 2023-2024 brought some malor posttive developments against this priority. We produced our first Environmental Impact Report Icovering 2022-20231 in the late spring of 2023. The report measured our 'core emissio, (scope l and 2 and part of scope 3}, estimated the rest of scope 3 to provlde a baseline for reporting in future years, and showed that our Scope l and 2 emissions decreased by I3 kEC02e115% of category) between 21-22 and 22-23. The report also described our plans to hjrther addre55 our carbon footprint in future years. For our progress in reporting and planning, we were awarded the Sustainabilty in Home Adaptations Award at the National Healthy Home5 Awards In December 2023. In October 2023, we purchased a fulty elertric car to replace our sole fleet vehKle which is t35ked to the Horne from Hospital Take Home service at North Manchester General. Th@ change fmrn Diesel to electric will reduce our eMS1On5 by 905 k8C02e a5 well as minimi5e our contributlon to alr pollutlon. Etsewhere, we made efforts to reduce transport emissions created by personal vehicle use and essential car user model of working by encouraging staff to be proactNe in the use of publlc transport for non-essential car user5, and by implementing'start from home, policies for essential home vlsitlng staff. We also switched to new suppliers In different parts of the clty to dCe unnecessary journeys to the ¢)fflcelstores. Through our work wlth the Carbon Coop. we We ableto employ a SpeclISt retrofrt Technical Officer and have spent much of the year developing improved a55e55ment practices and technical specfficalion5 for our Home Repairs Support Team. This work is designed to improve the impact of our Repairs Programmes form an energy efficiency perspective, and thus reduce the carbon im part of the homes on which we work. We alsojoined the HACT retrofft credits pro8ramme allowing us to monitor the carbon savings of our intervention5 more effertNety las well as sell the carbon savings on the carbon credits markets1- Finally, we engaged with the Carbon Literacy Projects Carbon LrteracyTrainin& sendlng two staff on a training course and then working to produce an adapted, accredited version of the course specifical for Horne Improvement Agencies. The course will be accredited in late Spring 2024 and rolled out to all staff later In the year.
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 Envlronmental and Social Value Priority 10: To invest in our people and our partnerships Unfortunately• the contracting i55ue5 we faced this year left our Services underfunded due to a no uplift brldging contrart being put in place. In response, we cOnsUe staff around a redurtion in working hours, encouraged people to take advantage of flexible working options (extra hollday buy backl, and invited and accepted a small number of voluntary redundancies. We continue to work hard to maintain morale and have retalned our Greater Manchester Good Employment Charter full membership. and our Investors in People LNing Wage and Disabilty COnfent Accreditations. We continued to invest in our operational partnerships and played a role in Voluntary Sector leadership actNWties where we coukl. Corbon Redurtlon During the year, the Organisatn began seru$ discussions a1ut our social responslbllities Sn respect of climate change. As a re5uk, we have established a new polKy framework amund ourenvironrnental responsiblllties and have committed to- Halvlng our emissions before 2030 and achievlng 8(r% carbon zero before 2038 in line wlth the Greater Manchester and NHS Targets. Publlshlng our emlsslons annualty. Including voluntary reporting of Scope 3 ems1onS where feasible. and including greenhouse Eas emissions re(luctions in our standard reportlng Transfomilng our actrtIeS to adapt to cllmate change and make our artNities compallble wklh a Iow-climale brture. During 2022-2023, we made several adaptations to our office environment to reflect these commltment5 and began thinking about how to address ourtransport emissions. Financlal review Policyon reseThes The Trustee5 recoBnise the ifflportance of a prudent reserves wliLry which Is able tt> support potential business development whilst maintaining the ability to cover close-down costs a5 a last resort. The trustees recognise that the balance sheet shows reserves of £1,063,659 as of 31st March 2024. The board reviews it reseNes policy and strategy annually. The last review was May 2024 when the Statement below was agreed. The next review will be May 2025. The Board has examined the organisation's requirements for erVeS In the light of the main risks to the org8nisatlon. balancing the needs of current and future beneficiaries. The r&erves policy Is therefore assessed on a basis of risks tothe organisatK)n and planned commitments and inve5tment5. The level of reseNes requlred wlll be recalculated in accordan with a template agreed by the Board and reviewed at the end of each financial year. The amount required will be designated. The designated reserves calculation will include'.- l. Redundanry Costs. outstanding lease commitments. estimated dilapidations. and pensSon 2. 6 months operational costs The level of designated reserves will meet all the above requirements and will alm not to exceed annual income. The designated reserves will be recalculated annuallv.
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 Where the organisation is holdlng reserves gater than the designated reserves the Trustees wlll pursue an active policy aimed at investing in- l. Activities or programmes of workthat furtherihe purposes of the organisation a5 described within the memorandum and articles. 2. Activitles or pro8rammes of work that Improve the infrastructure. resilience. and sustainability of the organi5ation. Principal risks anduncertolnties The Organisation maintains a coMphen$e risk register that is reviewed at every Board meeting. The Audlt Committee oversees the Intemal Audit process which selects topics for audit and scrutinises the eudlt flrbdinE5 thereby providing assurdn to the Board. The strategic report was approved by the trustees of the charity on 30 July 2024 and 518ned on its behalf by: T K McDon3ld Trustee
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 The tru5tee5, who are director5 for the purposes of company law, present the annual report tO8ether wlth the financial statements and audrtor5' report of the charitable company for the year ended 31 March 2024. Objectives and artivitles Objects and tilms Manchester Care and Repalr provides practical support focused on helping people to malntaln their Independence, wellbein& safety and security in theirown home. The majority of our clients are older people. Our seNices include: The provision of support and advice on home paIrS and adaptations Including support to access Erants and loans for essential repairs. heating and domestic goods. Handyperson servlces fuffilllng home safety assessments, minor adaptations, falls prevention adaptations, small home repairs and other housing and rekted odd lobs. Ca5ewDrker service, supporting people to improve theirfinancial and soelal Independence by helping them to access benefits and entitMents. reduce their bills and connect with other services, achvlties and communty support. Home from Hospital services provldlng a range of support. including transport home from hospftal. safe and well calls and practical interventions such as fittin8 key safes. handrails etc. Publlcbenefft The Trustees have pald due regard to Charty Commission 8uidance on public beneftt In declding whal activities the Charity should undertake. The aCtNIl are focused on meeting the needs of older and vulnerable people living within specific local authority areas. The servlce ellgibility criteria relate to need, low Income and dlsa(Ivantage. The Trustees are satisfied that the Charity delivers charitable activities for public benefrt. The trustee5 confirm thatthey have complled wtth the quirementS of sertK)n 17 of the Charities Act 2011 to have due regard to the public benefft guidan published by the Charlty Commission for England and Wales. Structurei governance and management The organisation a Charity (Charity Number 11471741 and a Company Limited by Guarantee (Company Number 8(KJ82291 as such we are regulated by the Chartty Commisslon and Companies House. The Organisation is registered wfth the Information Commissioners Offlee IRegistratlon Number Z70140401 and the Financial Conduct Authority (Regtrdtn number 7161861.
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 Alature of governing document The Memorandum and Articles of the chafftable company are available from the Reglstered Office and include ihe following objects.. "The relief of elderly and disabled persons and those affected by long-term illness or poverty or other dlsadvantages, In partlcular by: providing seNices, advice or assistance for persons in necessitous ¢ircumstsn¢es upon terms appropriate to their mean5: providing houses, hostels. home repairs. adaptation5 and improvements and any associated amenities for person5 in necessitous circumstances upon terms appropriate to their means; providing education, advice or infornation to or for any person or body. Major risks ond munogementolthose rlsks The Organlsatton malntains a comprehensNe risk register that is reviewed at every Board meetlng. The Audit Committee oversees the Internal Audit proces5 whlch selects toplcs for audit and 5crutintse5 the audit flndings thereby pr(widing assuran to the Board. The Trustees recognise the risks associated with the Charity'5 lianCe on a single contract (albeit a jointly commissioned contract) however they recognise and welcome that broader shlfts in public procurement practice mitigate against these risks. The organisation is committed to working with Commissioners to achieve best outcomes both for clients and for the wider system as well as to redouble efforts to widen its pool of investors and supporters. Flnanclal Instruments Objectives andpoll¢les The charity's actNf(ies expose it to a number of financial risks Including credit rlsk, cash flow risk and Ilquidity risk. Credlt risk The tharlty's prlnclpal flnancial assets are bank balances and investments. The credit risk on liquSd fijnds is limited because the counterparties are banks wlth hlgh credit ratlngs S5igned by international credit-rating agen¢ies. The charity has no significant concentratlon of credit risk. with exposure spread over a large number of counterparties. Cashfvw risk The charitvs activities expose It primarlly to the financial risks of changes In interest rates. Interest bearing assets are held at fixed rate to ensure certainty of cash flow
MANCHESTER CARE AND REPAIR STRATEGIC REPORT YEAR ENDED 31 MARCH 2024 Liquidity risk In order to maintain liquidity to ensure that sufficient funds are avalLable for ongoing operatlons and future developments. the chartty uses Investments and deposits which are revlewed on a regular basls. sclosure of information to authtor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establtsh that the charity's audltor Is aware of that irbformation. The trustees conflrm that there Ls no relevant information that they know of and of which they know the auditor is unaware. The annual report Wa5 approved by the tNstees of the charlty on 30 July 2024 and signed on Its behalf by.. A Mottram Company Secretary io
MANCHESTER CARE AND REPAIR STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees Iwho are a150 the directors of Manchester Care and Repair for the purposes of company lawl are responsible for preparing the trustee5' report and the financlal statement5 in accordante with applicable law and Unwted Klngdom Accounting Standards (United KirbBdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reportlng Standard applicable in the UK and Republic of Ireland" Company law requires the trustee5 to prepare financial statements for each financi31 year. Under ompany law the trustees must not approve the financial statements unless they are satlsfied that they give a true and fair view of the state of affairs of the charltable company and of the incominB resources and appllcatlon of resources, including rts income and expenditure, of the charitable company for that period. In preparing these flnat)clal statements, the trustees are required to.. select surtable accounting policies and apply them consi%tentty,' observe the methods and prlnclples in the CharItS SORP,. make judgements and estimates that are reasonable and prudent; • state whether applicable atcounting standards. comprising FRS 102 have been followed, subject to any material departures dls¢losed and expkined in the financial statements.. and prepare the financial statements on the Boin8 concem basi8 unle55 It Is inappropriate to presume that the charitsble company wlll continue in busines5. The trustees are responsible for keeping proper accounting rpcords that can d15close with reasonable acturacy at any tlme the financlal position of the charitable company and enable them to ensure that the financial statements Cornyw1th the Companies Act 2& They are also re5pon5ible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularttles. The trustees are responslble for the maintenance and integrity of the corpordte and financlal Information included on the charitable company's webslte. LegLslatlon governing the preparatlon and dissemlnation of fInancl statèments may differ from legislation in otherjurlsdlrtlons. Approved by the trustees of the charity on 30July 2024 and signed on its behalf by: T K McDonald Trustee li
MANCHESTER CARE AND REPAIR INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANCHESTER CARE AND REPAIR Oplnlon We have audited the financial statements of Manchester Care and Repair Ithe 'charity'l for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practitel. In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the vear then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartite: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRUS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concem 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 condition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs 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. 12
MANCHESTER CARE AND REPAIR INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANCHESTER CARE AND REPAIR In connection with our audit of the financial statements, our responsibility is to read the other information and, ir) doing so, consider whether the other information is materially inconsistent with the financial statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Strategic Report and Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Strategic Report and Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charity and Its environment obtained in the course of the audit, we have not identified material misstatements in the Strate8ic Report and the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: dequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees remurberation specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibllltles of trustees As explained more fully in the Statement of Tru5tees' Responsibilities (set out on page 111, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, an¢J 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 13
MANCHESTER CARE AND REPAIR INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF MANCHESTER CARE AND REPAIR Auditor 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 auditols 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 IUKI will always detect a material misstatement when it exist5. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The extent to whlch our procedures are capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, including fraud is detailed below: We considered the nature of the limited company's industry and its control environment and reviewed documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. We obtained an understanding of the legal and regulatory frameworks that the limited company operates in. and identified the key laws and regulations that: had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation: and do not have a direct effect on the financial statements but compliance with which may be fundamental to the limited compan5 ability to operate or to avoid a material penalty. We ensured that the engagement team collectively had the appropriate competence, capabllities and skills to identify or recognise non-¢omplian¢e with applicable laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud mi8ht occur in the financial statements. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in moking accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. 14
MANCHESTER CARE AND REPAIR INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANCHESTER CARE AND REPAIR In addition to the above, our procedures to respond to the risks identified included the following.. reviewing financial statement disclosure5 by testing to 5UPPOrting documentation to asse55 compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk5 of material misstatement due to fraud- enquiring of management concerning actual and potential litlEation and claims, and instances of non-compliance with laws and regulations,. and reading the minutes of meeting of those charged with governance. Use of our report This report 15 made solely to the charitable company trustees in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs 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 its trustees as a body, for our audit work, for thi5 report, or for the opinions we have formed. Peter Nicol BEM BSC FCA (Senior Statutory Auditor) For an¢J on behalf of Horsfield & Smith, Statutory Auditor Tower House 269 Walmersley Road Bury Lancashire BL9 6NX 30 July 2024 15
MANCHESTER CARE AND REPAIR STATEMENT OF FINANCIALACflVITIES YEAR ENDED 31 MARCH 2024 (INCLUDING INCOME AND EXPENDITURE AccOur AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES) Unrestricted funds Total 2024 Total 2023 Incomeand Endowments from: Dorbations antl legacies Investment income Charitable activities 25,730 27,231 2,143,753 25,730 27,231 2,143,753 31,621 10,441 2,016,684 Total Income 2.196,714 2,196,714 2,058,746 Expenditure on: Charitable actlvlties 12.273,2151 12,273,215) 12.120,2081 Total expenditure {2,273,2151 12,273,215) 12,120,208) Net expendlture 176,501) 176,5011 161,4621 Net movement In funds 176,501} 176.5011 161,462} Reconciliation of funds Total funds brought forward 1,140,160 1.140.160 1,201,622 Total funds earrled fOard L063,659 1.063,659 1,140,160 All of the charivs aLtivities derwe from contlnulng operatn$ during the above trio periods. The funds breakdown for 2023 is shown in note 23. 16
MANCHESTER CAREAND REPAIR BALANCE SHEEr AS AT 31 MARCH 2024 (REGISTRATION NUMBER: 08008229) 2024 2023 Note Flxed assets Tangible assets 16 15,944 Current assets Stocks 17 6.296 107,438 1,038,758 763,262 8,727 230,662 1,047,857 821,497 Debtors 18 Cash at bank and in hand Cash held for loans to residents 1,915.754 2,108,743 Creditors: Amounts falling due withln one year 20 1868,0391 1969,3871 Net current assets 1,047.715 1,139,356 Net a5sels 1.063,659 1,140,160 Funds of the charlty: Unrestrlcted Income funds Unrestrlcted funds 1,063,659 1,140,160 Total funds 23 1,063.659 1,140,160 The financial statements on pages 16 to 37 were approved by the trustees, and aLrthorised for issue on 30 July 2024 and signed on their behalf by- T K McDonald Trustee 17
MANCHESTER CARE AND REPAIR STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows Irom operating activilies Net cash expendlture 176,5011 161,4621 AdSustments to cash flow5 from noTrcash ilems Depreciation Investment income 5,658 127,2311 542 110,4411 171,3611 198,0741 Workin8 capltal adjustments DeCreellinCreaseI in stocks Decrease in debtors Decrease in creditor5 17 2,431 123,224 {82,0711 {19,2771 11,8841 91,054 122,8351 1224,8301 18 20 Decrease in deferred income Net cash flows from operating actNltles 173,7671 1229,856) Cash flows Irom Invesllng actlvlltes Interest recelvable and simSlar Income Purchase of tan8ible fixed assets 27.231 120.7981 10.441 18581 16 Net cash flows from Investlng actfvitie5 6.433 9,583 Net decrease in cash and cash equivalents 167.3341 {220,2731 Cash and cash equivalent5 at l April 1.869354 2,089,627 Cash and cash equlvalents at 31 March 1.802,020 1,869,354 All of the cash flows are derNed from continuing operations during the above two periods.
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 I Charity sta$ Manchest&r Care and Repair a company limrted by guardntee, has no share capltal and is incorporated in EngL8nd and Wales. In the event of the charity being wound up. the liability in respect of the guarantee is limried to £1 per member of the charity. The addre55 of its re@tered office is: Untt 14 Empress Business Centre 380 Chester Road Manchester Greater Manchester M16 9EA 2 Accounting polides Summary of significant accounting policies and key accountlng estlmates The principal accounting pollcles adopted, judgements and key sources of estimation uncertainty In the preparatKJn of the financial statements are a5 follow5: Basis of preparntlon The financlal statements have been prepared in accordance with Accounting 3nd Reporting by Charities- Statement of Recommended Practice (applicable to charities preparinE their accounts In accordance with the Financ1 Reporting Standard applitrdble in the UK and Republic of Ireland IFRS 10211 (issued in October 20191- Ichartties SORP IFRS 10211, the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companie5 ALI 2006. Ststement of rompliance Manchester ca and Repair meets the definition of a publK benefit entity under FRS 102. Assets and liabilities are initially recognlse(l at historical cost or transaction value unless OtherWe stated in the relevant accounting policy noles. The financial statements are prepared in sterling which is the functional cUencY of the entity. Golng concem The financial statements have been prepared on a going concern basis which atsumes an abillty to contlnue operating for the foreseeable future. The Charity undertakes an annual review of Its Business Plan. No signtficant concerns have been noted and we consider It appropriate to continue to prepare the financial statements on a going concern basis. 19
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Judgements and key sources of estlmatlon of un¢ertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabllities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts reco8nised in the financial statement5. Due to the nature of the charity's activities e.g. a very limited number of both purchase and sales ledger Iransactions and wtth almost all income from statutory bodie5 INHS and local aulhorityl there is little requirement for estimation. Revenue5 and expenses are primarily based on actual sums. Income and endowments Grant income Income 15 COgnised when the charity ha5 entitlement to the funds, any performance condltlors attached to the iternlsl of inctsme have been met. it is probable that the income will be recelved and the amount can be measured reliabty. Income from government and other grants. whher 'capital' grants or 'revenue' srdnts, retognised when the chaTwiy has entrf(lement lo the funds, any performance condltlons attached tD the grant5 have been met, it 15 probable thal the Income will be receNed and the amount can be measured reliably and is noi deferred. Contract and other Income Contract and other income Ls recognlsed when It is receivable and to the extent of the completlon of setvlces. Interest re¢elvable Interest on funds held on deposit Is included when receivab and th2 amount can be measured reliably by the charity. this is normal upon notification of the interest or payable by the Bank. Fund structure Unrestricted funds are available to spend on actNitvds that rther any of the purposes of t charity. Designated fvnds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a spettfit purpose. RÈstricted funds are donations which the donor has specffied are lo be sole]y used for particular areas of the charity's work or for specific projects bein8 undertaken bythe charity. 20
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure Expenditure is recogni5ed once there is a legal or constructive obligation to make payment to a third party. it is probable that Settlement will be required and the amount of the obligation tan be measured reliably. Expendlture clalfied under the following activity headings.. Expendlture on charitsble actNitie5 includes the c05t of delrvering the seNices undertaken to furtherthe purpose of the charity and their assoclated supw)rt costs. Expenditure has been charged on the accruals basls and such charges indude value added tax whe appropriate. Allocation of support Costs Support costs are those functlons that assist the work of the charity but do not directly undertake charltable actlvltie5. Support Costs indude back office costs, financè, personnel, payroll and governance costs which 5UPPOrt the acttvlty to provide suppprt to older people andlor those of any aBe Ilving with disabilty to live independently in thelr own home. Flxed assets All fixed assets are initially recorded at cost. Depreciatlon Depreclatlon Is calculated so as to write off the cost of an asset. le5S tts estimated residual value, over the useful economic lrfe of that asset as follows: Asset class Computer & office equipment Flxtures & fittings Motor vehicles Depreclatlon method and rate 33.3% straight line 20% straÈht line 25% reducing balance StKk Stotks are valued at the lower of cost and net reali5able value. after making due allowance for obsolete and slow moving items. Loans The charity holds and manages four funds that are loaned to Manchester residents to facllltate home repairs and improvemen15. Loans due from residents and loans due to Manchester City Council are offset and the net amount presented in the balance sheet wf(hin other credttors. The loans are measured initially at fair value, net of transaction costs, and are measured Subsequent at amortised cost. 21
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Rnoncial instruments The charlty onty hag financial assets and financial liabilities of a kind that qualtfy as basic flnanclal instruments. Basic flnancial instruments are initially ognISed at a transaction value and Subsequently measured at their Settlement value wrth the eXptIon of bank loans which are subsequently measured at amorti4ed cost using the effective interest method. Retlrement beneffts The charity operates two peIOn sthemes wlth The Pensk*n Tmst and a few insurance companles. the premiums of the policies are Invested and managed independently of the finance5 of the charity. One scheme is the Ethical Plan which is funded and not contracied out of the state scheme and Ss a money purchase pension scheme. The other scheme is the Growth Plan. The Growth Plan is funded and not contracted out of the state scheme and is a rnultsomployer pension plan. The cost of providing retirement penslons and related benefrts bs charged to management expense5 over the periods benefitingfrom the empk)yees' services. The disclosures In the accounts follow the requirements of SeLtion 28 of FRS 102 in relationto multl-employerlunded schemes In which the chartty ha5 a participating interest. ContrIbutior payable to fvnd past deficlts are recognised as a liability in the charity's financlal statements calculated by the repayments known. discounted to the net present value at the year-end using a market rate discount factor of 2.35% at 31 March 2022, 5.52% at 31 March 2023 and 5.31% at 31 March 2024. The unwinding of the dbcount is recognlsed as a finan cost in the Statement of Financial Activities in the period Incurred. Volunteers The chartty has volunteers supporting Handyperson in the Manchester service. Overall thls highly valued support is a small part of the charitable activttles and the charity has not made an estirnate of its value for these accounts. Taxati< The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charKty is potential exempt from taxation in respect ol income or capital gains received WTthin cate8ories Covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sertion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that suth Income or gains are applied exclusivety to charitable purposes. 22
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3 Income from donatlons and le8ades Unrestri¢ted nd5 General Total 2024 Total 2023 Sundry Intome* glfts and donations 25.730 25,730 31,621 25,730 25,730 31,621 4 Investment income Unrestrirted funds General Totsl 2024 Totsl 2023 Interest receivable and simllar income: Bank Interest receivable 27,231 27,231 10,441 5 Income from Charltsble a¢tl¥ftles Total 2024 Total 2023 General Charyeable work- fees Contractual income 48,919 1.030,660 1,064,174 48,919 1,030,660 1,064.174 997,369 1,019,315 Grants 2.143,753 2,143,753 2,016,684 During the year the organisatn received a gr055 grant eqLtivalent of £650 from GM Business Growth Hub Services. which has not been Included in the figures. to provide advlce to reduce carbon. 6 Income from charltable actlvltles- Chargeable work DefeTred Income Deferred Accfued New Income Income ReceTved Income income For Year In Year Clfwd fwd Blfwd Chargeable work 42.814 6,105 48,919 Totsl 42,814 6,105 48,919 23
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 7 Inrne from charitable activities- Contrd(tual Income Defeffed Income Blfwd Income Received In Year Deferred Income Clfwd Accrued New Income Income For Year Clfwd Contrartual Income 15.( 1,015.540 120 1.030.660 Total 15.L 1,015,540 120 1,030,660 8 Income from charltable activities- Grants Deferred Accrued Income Income Income ReceNed Blfwd B/fivd In Year Deferred k¢rued New Income Income Income For C1fv4d Clfvid Year Statutory Grdnts- Unrèstricted: Source and project Manchester City CoLsncil- EmerEency Heating Grant Clalm Foundations Independent Living Trust- Gas Safe Programme Manchester City Council - Crisls Clean Hospital Discharge Manchester City Council- Sensory Equipment NHS Trafford CCG- Home first Project Nationwide Skn11 Project Independent Age- Cost of living Brant Manchester City Council - Energy Packs Manchester City Council- MEAP- Adult social care Electrical Safety First NHS Charkties Together- Tenancy coordinator GMCA HFH Referral Henry Srnith Foundation Damp & Mould in kid5 home5 project Blg Lottery Fund- Cost of living grant Total 1129.4081 793,775 61,055 725.422 {1,6151 19,250 5,715 23,350 498 498 868 26,312 25.525 103.49D 5,848 11.0781 114.1(Kll 128,724 17.273 13.395 20,0 33.395 25.C 25,LNXJ 4.388 1.320 4,388 4,820 45,702 io.c 35,(IXI 136.9021 8,800 10,000 26.250 18.7501 1S,[ 47,586 17.2WI 7,800 47,586 72,306 {131.023) 1.124.151 {68.030) 66,770 1,064,174 24
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL srATEmErS FOR THE YEAR ENDED 31 MARCH 2024 9 Charltable a¢tlvltles All the charitable activities related to one èctivty i.e. to provide support to older people andlor those of any a8e living with a dIbIlty to live independently in their own home. Unrestrfrted funds General Total 2024 Total 2023 Note Actlvltles undertaken dlredy Contrart labour Contracted work Materlals Service costs 862.196 8,703 53.507 12.123 41.932 862,196 8,703 53,507 12.123 41.932 855,282 50,682 13,524 39,516 Travel and subsistence Support costs Staff costs Professional fees Rent and rates 1,128.952 24,416 37,866 16,219 2.633 11.133 1.128.952 24.416 37.866 16,219 2,633 11.133 971,895 20,201 37,512 14,232 19,013 14,874 Insurance Repairs and renewals Telephone Computer support, postage and stationery Other Recruitment 30.916 22.304 30.916 22.304 39,501 22,718 14,712 90 Publicity Finance charges Computer and office equipment depreciation Fixtures & Fittings Depreciation Motor vehicles depreciation Governante costs 1,161 1.161 1.085 411 411 495 47 47 47 5.20) 6,496 5,200 6,496 io 4,829 2.273,215 2.273,215 2,120,208 25
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10 Governance costs funds General Total 2024 Total 2023 Audlt fees Audit of the financial statements Other Eovernance c05tS 4.3CKJ 2.196 4,31JO 2,196 4,125 6,496 6.496 4,829 11 Audltots, remuneratlon 2024 Z023 Audit of the financial ststements 4,300 4,125 Other fees to auditors All oiher non-audit servlces 2,300 2,475 12 Net Incomlngloutgolng resouttes Net outgoing resources for the year indude: 2024 2023 Staff pension contrIblon$ Depreciatlon Audit fee5 70.717 5,658 4,3LKTr 58.339 542 4.125 Operatlng lease payments: land and buildings vehicles equipment 41,433 2,576 857 35.556 3,883 816 26
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 Staff costs and emoluments The a88regate payroll costs were as follows: 2024 2023 stsff costs durlng ihe year were: Wage5 and Salaries Soclal secuiity costs Other pension costs Other post retlrement beneflt costs fe assurance premlums 966,230 85.918 66,438 6,087 4,279 833,304 75,045 54,737 5,207 3,602 1.128,952 971.895 P3rtkul?rs of employee5: The average number of employees durin8 the year. calculated on the basis of full time equivalents 137 hours per weekl. was as follows: 2024 2023 No Number ofstaff Average number of staff (head count Average number of full time staff130 hrs per week or morel Average number of part time staff Iless than 30 hrs per weekl 31 30 38 39 24 25 14 14 38 39 The number ofemployees whose emoluments fell within the followi bands wa5: 2024 No 2023 No £60,001- £70,OC() 27
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Key management personnel The key management personnel comprise the Trustees, the Chief Executive Officer, the Resources Director and the Services Director. No trustees, nor any persons nnected with them. have received any remuneration from the charlty durlng the year. During the yearthe charity made the followng transactions with tNstees: One trustee has received a relmbursement of expenses from the chartty during the year. value £16. The total employee benefits of the key management personnel were £227,12512023 - É146,50612 x Key management personnelll. 15 Taxatlon The charity is a registered charity and is therefore exempt from taxation. 16 Tan8ible flxed assets Cornputer and office equipment FIxtUr and ffttings Motor vehicles Total Cost At l April 2023 Additions 22,952 3,520 26,472 20,798 20,798 At 31 March 2024 22.952 3,520 20,798 47,270 Depredallon At l April 2023 Charge for the year 22,333 411 3.335 47 25,668 5,6S8 5,200 At 31 March 2024 22,744 3.382 5,200 31,326 Net book value At 31 March 2024 138 15,598 15,944 At 31 March 2023 619 185 804 17 Stock 2024 2023 Stock5 6,296 8,727 28
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 MARCH 2024 18 Debtors 2024 2023 Trade debtors 11,950 20,522 74.966 74,920 22,544 133,198 Prepayments Accrued income 107,438 230,662 19 Cash and cash equlvalents 2024 2023 Cash on hand sh at bank 1,730 1.037,028 763,262 1,885 1.045,972 821,497 Cash held for loans to residents 1.802,020 1,869,354 20 Creditors: amounts fallin8 due withln one year 2024 2023 Trade creditors 26,316 112,950} 11,741 763,262 11,640 68,030 54,921 18,7371 1,586 821.497 12.713 87.307 Other taxation and social security Other creditors Loans on behalf of Manchester City Council AccrLJals Deferred income 868,039 969,387 29
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2024 Manchester Care and Repair holds and manages four funds that are loaned to Manchester residents to facilitate home repair5 and improvements. These are known as HELP, the Home Energy Loan Fund totalling £578,513 12023.. £579.2311. PERL Property Essential Renovation Loan totalling £182.261 {2023= £192.7431. PERL 2 las is PERLI totalling £2,48812023'. £3,565) and EHCF, Empty Homes Cluster Fund totalling £- (2023: £45,958). These loan5 are Included within other creditors. The Funds, the interest eamed on them and the loans as they are repaid may only be used In accordance with a specific agreement made with Manchester Clty Councll. These Loan Funds are kept and administered separately from the other funds of Manchester Care and Repair. Total funds. cash remaining to be loaned to residents and loans outstanding are summ3rised in the following table. Totsl Balan¢¢ Cash held for loans Loans outstandlng from residents resldents HELP loan 907235 578,513 828,722 PERL loan 245,175 182.261 62,914 PERL2 loan EHCF loan Totsl 1,154,898 763262 391,636 30
MANCHESTER CARE AND REPAIR NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Penslons The totsl penslon contrlbutlons pald In the year amounted to £66,43812023: £54,737> and at the balance sheet date PenSn contributions of £nil {2023- £nill were outstsnding and are Included wlthin credltors. Manchester Care and Repair participates in two pension schemes with The Pension Trust. One stheme is the Ethical Plan which 15 funded and is not contracted out of the state scheme. The Ethical Plan is a money purchase pension scheme. At the balance sheet date there were 6 attive members employed by Manchester Care and Repalr. The other scheme is the Grovrth Plan (the Plan). The Plan is funded and is not contracted out of the State Scheme. The Growth Plan is a multi*mployer penslon scheme. The company participates in the scheme, a multiemployer scheme which provides benefits to some 950 non-a5sociated participating employers. The scheme is a defined Inefit scheme in the UK. It is not possible for the company to obtain sufficient infomiation to enable it to actount for the scheme as a defined benefit scheme. Therefore it accounts for the scheme a5 a defined contribution scheme. The scheme Is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 25. This. together wth documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Co¥Jncil, set out the framework for fundinE defined benelit occupatbonal pension schemes in the UK. The scheme is dassified as a 'last-man standing arrangement,. Therefore the tompany Is potentially liable for other participating employers. obligations if those ewnployer5 are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annulty purchase basis on wlthdrawal from the scheme. 31
MANCHEsfER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A full actuarial valuation for the scheme was carried out as30 September 2020.Thi5 valuation showed assets of £8LK).3m, liabiltties of £831.9m and a deficit of £31.6m. To eliminate this fundirE shortfall, the Trustee has asked the participating employers to pay addwtional contributions to the scheme as follow5.. Defl¢lt ¢OntrfItIonS From l April 2022 to 31 January 2025 £3,312.CAX) per annum {Payab monthtyl Unless a concesston has been agreèd with the TnLStee the temi to 31 January 2025 applie5. Note that the scheme's previous valuatKTrn vrds carried out with an effective (late of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of E131.5m. To eliminate this fundln8 shortfall, the Trustee has asked the participating employers to pay additional contrlbutlons to the scheme as follows: Deficli contrIltl0r From l Aptil 2019 to 30 September 2025 £11,243,(YX) per annum {payable monthly and IncreasSng by 3% each earon l A The recovery plan COntributnS are allocated to each partiapating employer in line wlth thelr estlmated share of the Serles l and Series 2 scheme liabilities. Where the stheme is in deficit and where the company has age to a deficit funding arngement the company recognises a liability for this obligation. The amount fecognised is net present value of the deficit reduction in contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the distount rate is retognised as a finance cost. 2024 2023 Present value of provi50n 32
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL sfATEMENf5 FOR THE YEAR ENDED 31 MARCH 2024 Re¢onclliation of openlng and cfoslng provislons 2024 2023 Creditor at Start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements- impact of any change in assumptior Remeasurements- amendments to the contribution schedule Creditor at end of period 108 170 1621 1621 131 51 Income and expenditure impart 2024 2023 Interest expense ReMeaSUrnent- Impact of any change in assumptions Remeasurement- amendments to the contribution schedule Contributions paid in respect of future seNice Costs recognlsed in Income and expendtture account 131 71 62 62 A55UmPtIDn5 2024 % perannum 5.31 Z023 % per annum 5.52 2022 % perannum 2.35 Rate of discount The discount rates shown above are the equNalentsingle discount rJte5which. when used to discount the future recovery plan contributions due, woukl gwe the same results as using a full AA corwirate bond yield curve to discount thè same recovery plan COntributns. 33
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Deficit contribution5 schedule Year endlng 2024 2023 2022 Year I Year 2 Year 3 52 62 52 62 62 52 The company myst recognise a liability measured as the present value of the contributn$ payable that arise from the deficfc recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in whlch It arises. It is these contributions that have been used to derive the compa[bS balance sheet Ilablllty. Manchester Care and Repair has been nottfted by the Pensions Trust of the estimated employer debt on withdrawal from the Plan based on the financial poSitn of the Plan as at 30 September 2023. As of this date the estimated employer debt for Manchester G3re and Repair was £13,470130 September 2022.. £18,107).
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEmEr5 FOR THE YEAR ENDED 31 MARCH 2024 2z obllgatlons under leases and hlre purchase contracts Operatin8 lease commltments Total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Lènd and buildlngs Within one year Between one and five years 39.988 19,421 35,556 49,316 59,409 84,872 Other Within one year Between one and five years 821 2,863 1,821 821 4,684 35
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 23 Funds Balance at l April 2023 Balance at 31 Marth 2024 Inc•)mlng Resources
urres expended Transfers Unrestrlrted funds General 116,278 2,196.714 12.273.215) 168,276 208,053 Designated 1,023,882 1168.276 855,6L Total funds 1,140,IE 2.196,714 {2,273,2151 1,063,659 Balance at l Aprll 2022 Balan at 31 March 2023 Incomin8 resources Resources expended Transfers Unrestrlcted funds General 179,841 2,058.746 12.120.2081 12,101) 116,278 Designated 1,021,781 2,101 1,023,882 Totsl funds 1.201,622 2.058.746 12,120,208) 1,140,160 The designated reserves are held to cover liabilttses of leases and paymll etc. in the event that the organisation ceases to operate. The Board currently needs to hold £ 855.606 at the end of March 2024 in order to be confident that it can meet it potential commitments. There are proposals to invest in organisation activities that further the purposes of the organisation or improve the infrastructure, resilience and sustainability of the organisatlon. 36
MANCHESTER CARE AND REPAIR NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24 Analysls of net assets l)etween furNIs Unrestrfcted fund5 General Totsl funds at 31 MaKh 2024 Tangible fixed assets Current a55ets Curreni Ilabilities 15,944 1,915,754 1868,0391 15,944 1.915,754 1868,0391 Total net assets 1,063,659 1,063,659 Unrestricted Totsl funds at funds 31 Marth Gernral 2023 Tangible fixed at$ Current assets 804 2,108,743 1969,3871 2.108,743 1969.3871 Current liabilltles Totsl net assets 1,140,160 1.140,160 25 Analysls ol net funds At l Aprfl 2023 Finan¢lng sh Ilows At 31 March 2024 Cash at bank and in hand Loans 1,869.354 1821.4971 167,3341 58.235 1,802,020 1763,2621 1,047.857 19,0991 1.038,758 Net debt 1,047.857 At i Aprfl 2022 I9,(9) financlng cash flows 1.038,758 At 31 March 2Q23 Cash at bank and in hand Loan5 2,089,627 818,8371 1220.2731 12,6601 1222,9331 1,869,354 1821,4971 1,270,790 1,047,857 Net debt 1.270,790 1222,933 1,047,857 37