Aoglstered number.. 11651094 Charity numbgr: 1182567 CARETECH CHARITABLE FOUNDATION (A Company Llmlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 CARETECH CHARITABLE FOUNDATION IA Company Llmltad by Gu8rantg01 CONTENTS Page Reference and Admlnlslratlvè Dotails ot the Charity. Its Trustees and Advl8er9 Chairman's Statement Trustees, Agport 3-23 Trustees. Flesponslbllltles Statement 24 Independent Audltors, Report on Ih9 Flnancial Statements 25-28 Statemenl of Flnancial Activltles Balance Sheet 30 Statement of Cash Flow$ 31 Notes to the Financlal Ststements 32-49 CARETECH CHARrrABLE FOUNDATION IA Company Limited by Guarant801 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Trusto05 Mr H R Sheikh, Chairman MSFAII Mf C N Cheffings Mr C K Dickinson Mr N Jatter Dr M Livingston Mr F R Sheikh M¥ H Shtrikh Mrs J Taplin Mrs C Marshall lappoinled 4 November 2021, resigned 24 January 20231 Mrs L J Slafford (appointed 9 February 20221 Company rog15tgrgd numbèr 11651094 Charlty reglstered number 1182567 Registered offic 7th Floor, Metropolitan House 3 Darkes Lane Polters Bar Hertlordshire EN6 1AG Chlet executlve officer Jonathan Freeman Indgpgndent auditor Peters Eknrthy & Moore Chartered Accountants Salisbury House Station Fload Carnbridge CB12LA B8nk&rs Royal Bank DI S¢olland 49 Bishopsgate London EC2N 3AS Sollcltors Bates Wells 10 Queen Street Placg London EC4R 1BE Page 1 CAAETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDEO 30 SEPTEMBER 2022 This has been a momgnlous year in so many ways. For the world, we started to emerge from the COVID19 pandemic only fo face renewed challenges Irorv clitnale change, econovnic uncertainly and a ngw war in Europe. For the UK, the last year was dominated by the death ol Her Majesty Queen Elizabeth 11, political turmoil, and economic uncertainly. For the social care secltsr, continued funding pressures, increasing demand and a degply worrwng staff recruitment and retention crisis pose huge challenges. The Foundalion's role during this turbulent last year has been really important and underlined the value il has been ablo lo dtslivtsr. We have been able lo fund a new range ol long-lerm partnerships that we hope will enable the social care sector lo address the many challenge5 It faces. l am particularly proud ol our work lo broaden thè rang& ol pèople who might Consider ¢areers as caring professionals, such as our partnership with refugee charity Breaking Barriers and our continuing work with The Prince's Trust. Closer lo hotlle, we have been able lo make an increasing number ol smaller grants nominated by CareTech stall to projects in their local communities. Great examples like providing MP3 p5ayers with personalised musi¢ lists for dementia suffeiers Ihrtsugh an innovative new music therapy programme. These grants have also been invaluable in supporting projects to support those suffering in th& ¢onllicl in tho Ukraine and the floods In Pakistan. The FoLJndalion's Staff Hardship Fund has been particularly critical this year, providing more emergency funds lo the slatt and families tsl CareTech as inflation and other pressures have pul a strain on so many. The Foundation's innovative new Sumrner Cost of Living Crisis Grants was a particularly powerful tool lo gel mu¢h- needgd help out lo families lacing unprecedenled chdlenges. Following CareTeeh Holdings PIC being delisted from the London Stock Exchange, the Foundation received £7.5rn proceeds which will be invested in a suslainablg and dlverse Incomg slr8am. CareTe¢h will continue lo support the Foundation and. along wth investments, this wll provide an excellent opportunity lor the Foundation to grow and Ilourlsh as a powèrful independent charity. As akvays, any a¢hievements we have been able to realise have been the resull ol a team ellort. l am indebted to my colleague trustees lor the dedication, hard work and ltradership and lo our loyal, commllled and innovative stsff team. I doubl that th& year ahtrad will bring us any less lumioil and challenge btst I know that the Foundation will continue to play its part in helping comtnunilies and individuals to flourish in the face ol Iheso uncertainties. oon Sheikh Chalrman Datè.. Je-F4 Zo Page 2 CARETECH CHARITABLE FOUNDATION {A Company Llmtted by Guarantoel TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 CEO'S STATEMENT Uncertain, turbulenl, challenging? Ygsl Hard work, draining, lesling. Yes1 Rawardin9, impactful, inspiring? Yesl The last year has been all of the above lor the Foundation, ils trustees and the team. So¢lal Care has felt at many points to be, in many ways, in the eye ol the storm. The Care Quality Commission has wrillen ol a sunami ol unmel need. in the social care sector. Skills lor Care's annual report on the social care workforce painted a grim picture ol the deeply-worrying recruitment and retention challenge. with over 150,000 stall vacancies unlilled. And funding ol social eare was in the political limelight, wth a new Health and Social Care Levy designed to'yix social care" introduced only to be withdrawn a maller ol months later. Thankfully, we have rernained clearfy focused on the Foundation's core misslon to support and champion the social care sector, those who work in the sector and those who live in it. This year has seen som& ol our earliest partnerships coming lo IruS1ion.' the B8rnardo'$ new digital resource lor care leavers is now in use and aitracling signili¢anl interest from commissioners,. the Britlsh Asl8n Trust's mental health programme is transforming the mental heallh lands¢ape in Pakistan and l am thrilled that we have extended our support lor a further three years., and, the employability programtnes lor young people we devoloped with the EY Foundation have delivered great impact and we were Ihrilled lo be short-lisled lor the Charity Times Charity Collaboration ol the Year Award 2022. l am also really excited about our new partnerships this year, such as.. our support ol the Alzheimer's Society lor their Longitude Prize lor Oementia, to lind innovators who can create ground-breaking technologies lo help people with early-stage dementia lo live independent and th81 with National Thealre's to enable ils Public Acts programme to involve those working and living in social care, showcasing how the creative and social eare sectors can work together on a national scale lo make lasting impact in communities- and, Whizz Kidz's 'Kidz Max Days, which will not just provide incredible activity days for over 220 young wheelchair users but which will push the boundarftrs lor all activities prowders ol what is wssible lor wheelchair users. We remain incredibly proLJd to support the cross-seclor Championlng Social Care initiative. In the last year, the initiative has delivered Car8 Home Open Week that enabled 2500 care homes lo open their doors to the public land over 100 MPS), a brillianl Care Sector's Gol Talent showcase and the return ol the Care Sector Fundraising Ball that raised over £400,000 lor the Alzhtsimer's Society and Care Worker's Charityl OUT smalleT grants programmes remain ¢ore lo our work, enabling us to support CareTech Colleagues amazing charitable fundraising eftorts, supporting local community projects, responding lo international disasters, and, iffltyjrtantly, supporting indNiduals and their tafflilies in the wider CaTeTech larnily tacing daunting financial crises. I would like to thank our amazing trusle6s ltsr their leadership, constructive challenge and steadfast support. And my incredible team, who never cease to amaze me for the quality ol their work. Iheir prodigious oulpul and their suppor ol &a¢h other- and mel Jonathan Fre&man MBE Chl&f Executive Officer Page 3 CARETECH CHARITABLE FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOA THE YEAR ENDED 30 SEPTEMBER 2022 OBJECTIVES AND ACTIVITIES Our ur The following is a summary ol the Foundation's purposes as set oul in full in its governing document aThJ as available on the Charity Cotnmission regisl&r al https.-Ilwww.gov.ukJlirKlng-lerm investrnents in innovative and high-impact programrnes that will del￿er one or mor& ol the Foundation's objectives., demonstrate and be conlingenl upon on any investment by the Foundation leveraging addilionat investmenl., and, where appropriate, enable the Foundation to provide wider in-kind support through the expertise ol CareTech slall. supply chain and wider nelwork. Over the period ol Ihls report, we entered into the following new partngrshlps.. Alzheimer's Soclèty- Thè Longltude Prize on Damontla. The £4.3M Prize seeks to incentivise assistive t&¢hnologies lo help people diagnosed with dementia remain independent in their homtrs- an elle¢live way to manage progression in those diagnosed. Olher partners include Innovate UK, Challenge Works, Agewell and Amazon Web Services. The four year partnership will consist ol three rounds. In round one, 23 innovators will be selected, itsund two will invO￿e five finalists and the overall winner will be awarded £1 M. The programme has received support from demenlia organisalions in America and Canada. The Foundation, along with its funding, will also enable the innovators, finalists and th& evtrnlual winner to test their products with CareTech and consult with CareTech staff on real-worfd experience. Breaklng Barriers- Securing roles tor refugees In health and social cara. Partnering wlh the European Social Fund IESFI, refugee employment specialist Breaking Barriers will work with 1,090 refugees over two years to support individuals se¢uring Ttsles in health and social care. The Foundation's Page 7 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 funding part-unlocl(ed the commitment Irorn ESF, which will resu￿ in the creation of bespoke recruitmepl palhways, education and training opportunili&s and ènhanced visibility lor social care in this space. CareTech, through the support ol the Foundation, will support Breaking Barriers with developtllent ol th& social ¢ar8 &lemenl ol the programme a¢ross London, Manchester and Birmingham over two years. The Chlldren's Trust- Acquire a cutting.edge Robotic Aided Gait Trainer IRAGTI. Over the last year, The Chiklren's Trust has invested in 5Qtlle upper and lower limb robotics ltr¢hnology lo assist with young people's rehabililalion therapy. This has already had a positive impact on not only the children's physical goals, giving greater freedom of movement, bul also their social inleraclion and wellbtslng. Tho RAGT would be the first ol its kir￿ to be used in a paediatric setting in the UK. For a child who has overnight gone from being able-bodied lo noeding help lo perform even basie tasks. this is a chance lo feel like they are walking again and to re-gain some independence and lost skills. This builds on the existing relationship bolween the organisalions, as The Children's Trusl already uses, CareTech subsidiary Srnartbox's technology, which assists with augmentalivtr and allernalive communi¢alion IAACI. MAITS- Communlty Health Worker ICHW} Empowgrmonl tralnlng In Pakl$tan and Bangladesh. Funding from the Foundation will enable CHWS in Pakistan and Bangladesh to have access to MAITS, global training network ol online training lover 450 Irain8rsl ensuring expertise and knowledge is retained locally and where il is mosl needed. The CHW Empowerment training targets hard-to-reach familie5 who have limited access to specialist Iherapisls and therapy ¢entres, and who rely on the skill and dedicaiion ol community workers to enhance the lives ol their children with disabilities and their families and communities. This grassroots training enables timely specialist referrals lo be rnade and enables the provision ol targeted home support lo protnole children'5 dtsvebpmenl, health and wellbeing. using MAITS, expertly designed training packages and tools. The programme will airn to improve the quality ol Iwes 01700 chiklren with developtnenlal disabili11os and 700 carers a¢ross Bangladesh and Pakistan in Year One alone. evidencing the ability ol the programrne to scale-up existing supwrt. Sense International- Early Identification and Intervention for Chlldren wlth D&afbllndnes$ In Tanzanla. Funding by the Foundation will enable the screening 0186,000 children lor rnulti-sensory impairment Idealblindnessl in Tanzania. Additionally, the programme will be established in Dar es Salaam. one ol the largest eities in Tanzania which has high levels ol poverty. As part of the progTarnme, 48 hea￿h care workers will b& trained on how lo ¢onducl sensory screening in 24 primary health care facilities and hospitals. Once a child is identified as having a sight and hearing PTobletn, the child will be referred Its Sense Inltrrnalional's early intervention services where they will receive dedicated support hglping them lo thrive. Following screening, 100 children diagnosed with sensory impairments will be provided personal development plans along wlh their parenlslcarers lo enable them to live lullilling lives by developing essential skills. The Royal National Theatrè- Public Acts. Over three years, the Foundalion's funding wll &ndJe the delivery ol the PLJblic Acts programme, showcasing how the crealive and social care sectors can work together on a national scale lo make lasting impact in ¢ommunilies of Complex needs groups Idisabilities. LGBTQ+l. Funding will support Public Acts to build communily engagement acros5 the Country, ¢rtrattr large-scale production5 ￿th community groups and supporl new research lor the programme. Performanees VMII include The Caucasian Chalk Circle in Doncaster, Odyssey as part of National Theatre's anniversary year will be delivered nationally and a final performance will take place in SLJnderland. Overall. 900 individuals will receive access to the programme through workshops and 300 will b8 involved in the final p8rtorman¢es. Whlzz-Kldz Max Days. 12 outdoor, lully accessible events will be held oveT Ihfee years where young wheelchair users and their families will have an unforgettable day ol lun and activity, gel a chance to meet other young wheelchair users and receive resource packs with material from experienced wheelchair users. Thi5 partnership will have a lasting ellecl- when those wheekhair users return lo their own ¢ommunilies they will be able to'brag" about what they did and start to break down the psychological barriers Ihal surround Ihern. Whizz-Kidz will also involve local businesses to sponsor the events so that Page 8 CARETECH CHARITABLE FOUNDATION IA Company Llmited by Guaranleel TAUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 after the partnership concludes. lulure events havtr funding and relationships secured. We have also continued to support the following partner5hip5, through which we have direclly supporltrd over 1.8 million ben&li¢iarits5 by the erKf of this reporting period. In a￿llIon, British Asian Trust's mental health social media campaign received 16,800.000 engagemenls, representing a significant increase from Ihtr 275,000 beneficiaries supported al the same point last year.. British Aslan Trusl- Mental health and wellbelng for all In Paklstsn. We partnered with the COSARAF Foundation to jointly invest in a £1 million partnership with the British Asian Trust by whlch they will deliver a step change in mental health and wellbeing provision in Pakistan. In the last year, the British Asian Trust continued its work with the local partners. These partneTS provide incredible access and support in leading corllmunity activities, engaging s¢hools and businesses and providing training and recruitment opportunities for local ¢ommunilie5. We are delighted to have extended our partntrrship with British Asian Trust until 2026. Following tho success ol the programme in its first year, which saw 1.550,608 atlendees al awarenes5-raising sessions, supporting 280,573 larnilies and households indirectly through various engagement activities, 16.850,000 through social media engagement and itnproved the access to support lor 95,941 indiv￿UalS, th8 programme will now continue its work in embedding praclie8s wllhin Pakistan and expanding the metnbership and inllLJen¢e ol Ihg m$nlal health coalition. This year, the prograrnme secured £327,851 from Vittol Foundation ariLt the World Health Organisalion. This means that the ILJture ot the programme is now secure. Partners Taskeen and Sehal Kahani continue Iheir in¢redible Y40rk wlh British Asian Trust and Globa¢ Institute of Human Development will join the partnership. EY Foundatron- Beyond Your Llmlts. This excillng new programme was co-designed with the Foundation and professionals in the care sector, including those ol CareTech, national etnployers and 80 care-experienced young people across England. Young people received support in enhancing the opportunities available lo them, empltsyabilily skills, quality work experienee, bLJdgeting, life Skills, and mental wellbeing alongside one-to-one tailored support through business tllenloring and a bespoke careers bursary. Targeting 16-19 year olds in carts who are in lulllpart time education, Beyond Your Limits delivered a range ol guaranteed interventions, including paid work experience and etnployability training, amounling to 21 days ol paid support and training lo 42 individuals through the Foundation's funding. 79 volunteers parti¢ipaled in the programme to provide rnentoring and progression coaching Ihrough EY Foundation, conducting a strength and needs analysis and. where needed, lo refer or deliver bespoke inlerventions, such as conflict managemtrnl or effective use ol a career bursary. The programme, overall. will seek lo support 210 young people over three years. Birmingham Dlsablllty Rasourco CentTe- Positive Pathways. COVID was a particularly challenging time lor Birrningham DRC and its clients, who had lo overcome significant Challenges caused by obslacles around accessibilily ol technology and an inability to engage in fa￿-tO-faCe delivery ol the programme. In two years of delivery. Positive Pathways has engaged with 308 adults with disabilities across the West Midlands and South Staffordshire, working wilh them on individualty-tailored pathways towards recovery using a person-cenlred approach through education. volunteering. and employment. Thts programmtr beneficiaries are individuals with disabilities or are individuals with a long-lerrll condition who are looking to enter or relLJrn lo employment, training or volunteering. Most beneficiaries are unemployed, and many are likely to lack basic skills including literacy, nLJmeracy, and core skill training. They also lack relevant and recent work experience. appropriate qualilicalions and current vocational skills. Open Unlversity- Carors. Scholorshlps Fund. The Foundation supported 12 young people who are unpaid carers lo Il&xibly study lor a Bachelor's degree in Year 1 over two years (six each academic yearl and one cohort ol six young people studying in Year 2. This fund addresses th& need lor carers to prepare lor life and a career after ¢aring and lo make up for105t opportunities where they have been Page 9 CARETECH CHARITABLE FOUNDATION (A Company LlmMod by Gu8ranteo1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 disadvantaged by their situation, lor exarnple missing school or not being able to attend univèrsity duo 10 caTing commitments. The fund wll also seek to address the significant financial disadvantage many carers lace, by not only providing free access lo study, but also additiona1 financial support to assist studants in Iravelling lo exams, pur¢hasing sel tx)oks and other incidental costs related to studyng. Th8 Princ8's Trust- Socuring 5,000 lobs for young pgoplè In hgalth and $o¢lal care. Fo51owng a difficull two-years due to COVID, The Prince's Trust had to revise its overall targets lor the programme in 2022. The programme has continued to sijpport yoijng people into roles in health and social care and the Foundation remains the only social care funder of the prograTllme. Overall, the programme has resulted in 2,208 job ollers and 1.757 indwiduals accepted. Approximately, 600130%) ol Ihe acceptances were in social ¢are. Autistlca- Social Care Actlon Fund. The Social Care A¢tlon Fund answers the need lo ¢atatyse a wave ol ntsw research so we can understand what high-quality social care looks like for autistic adutts and how it can be delivered well in the real workl. Aulislica will deliver Ihis through its partnership with the National Inslilule for Heatth Research. Over the last year, a cycle two development grant has been awarded to Dr Georgia Lockwood-Estrin-"Bridging the gap lor services.. Developing an autism and homelessness toolkit and Iraining pa¢kage' Four ol live proposals have now been awarded seed funding with Dr Mary Stewart of Heriot-watt University and research on"support aulislic young people in transitions to adulthood. receiving Ihe additional £IOO,OOO+. Onside Youth Zones- Bridging the Gap. Bridging the Gap continues to gain momentum as COVID reslrictions eased and more young people were able lo bo welcomed back lo physical delivery at the 13 Youth Zones. The opening ol schools and return to normalcy has greatly beneliled the programme. In the lasl year, 137 yOLJng people were referred lo external agencies lor mental health support from 386 who received 1-2-1 support and PDPS. The programtne has engaged with 5,760 young people overa11 and as part ol the sustainable development to ernbed learnings and SkJPPOrt wilhin each parlicipating Yokjth Zone, 52 staff havts also rtsceived menlal health training. Cargrs Worldwld•- Supportlng unpald famlly carers ol persons wEth dlsabllltleg In Savar. Bangladesh. Carers Worldwide has now delivered the first year ol the programme with outstanding results. The programrne's reach and profile has grown considerably with the PLJblicalion ol ils 10 Year Impacl Report and the livelihood training being offered lo unpaid carers. The livelihood training, in particular. has taken many unpaid carers out ol extreme poverty and ollered them an income sou¥ee. The Foundation's funding has enabled Carers Worfdwide to expand its essential setvices. Barelotst counsellors work with local unpaid carers and ensure mental health support is readily available, a day care centre has been tr51ablished which gives unpaid carer paren15 a place to socialise and meet with counsellors available on-site and 50 sur4XJrt groups have been set-up which deliver regular fjnuag$menl. Royal National Institute for Blind People IRNIB)- Training and establishing a nelwork of Vision Frlgnds. Following successful delivery in Wales, the Vision Friends programme rtr¢&ived funding from the Foundatiori wilh the aiTn lo work with CareTech sfaff to review and roll out the project in the care sector. The programme has now developed the Vision Friend Iraining programme, loolkil and resources. Thtrre are four modules, each one-hour long, and training is delivered face-lts-lace and virtually. Training has been provided to 55 staff members across CareTech and Crossreaoh. a learning disabilities care prDvid&r In Scotland, has also signed up lo receivg the training. Page 10 CARETECH CHARITABLE FOUNDATION (A Compony Llmited by Guarant991 TRUSTEES. REPORT IcoKfiNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 This year, four ol our partnerships came lo an end. These were.. Barnordo'$- Development of 'Journey'. a digital resource for care leavers. This year, the FoLJndalion's partnership with Barnardo's on the £1 rnillion project lo develop a ground-breaking digital resource lo support young p￿pIe leaving care conclLJded. Barnardo's has now released the live version of 'Journey' with testing Currently Invo￿1ng 156 young people and care slafl. Following Barnardo's. decision to bring developrnent of the pathways planning tool in-house, the team has been able lo closely monitor testing and feedback and respond to necessary chang&s in a timely manner. Initial feedback Irorn Journey has betrn overwhelmingly positive. Barnardo's has also developtrd mental heamh and physical health tools as part of Journey's evolution, which are being tested in 8arnardo's services. EY Foundation- Promotlng Carèèrs in the care So￿0r gnd helping care leavers In lo employment. The Foundalioii's partnership with EY Foundation has seen thè first programme ol its kind with a specific locus on the care sector and those in care come lo an end. The programme. delivered in Potters Bar, 8irmingham and Manchester with 45 young people aged 16-19 gaining work experience in CareTech offices and services, supported live cohorts ol young people receive 10-month mentorship by CareTech stall. The young people were given inlgnslve training in core employability skills arKI the confidence lo 8nable IheFn to transition su¢¢osslully from school to work or into further education. They received quality paid work experien¢e within the care sector lo help Iherll practise their skills and learn about careers in the care strclor. The final cohort 0120 young people gained work experience opportunities with CartrTech's subsidiary, Smartbox, specialists in assistive technology. We are delighted by tho progress ol the Smart Futures and Our Future programmes, which have had an 8W success rale compared to the national average 0155 /ts lor similar programrnes. Bltl(bo¢k University of London- The ToddlerLab- undorst8ndlng the development of autlsm. The Foundation's partnership with Birkbeck locussed on Ihts breakthroughs in Ihe Ljndtrrslandirig ol Ihe developmtsnl of aulisrll and other behavioural ¢on¢Jilions could be made thanks to a new laboratory lo study toddlers, funded in part by the CareTech Foundation. Research at the £3.7m Wohl Wollson ToddlerLab al Birkbeck, University ol London will increase understanding ol developrnental disorders, hopefully leading to new inlervenlions and transforming the outlook lor people with these conditions. Using the latest wireless technologies, the ToddlerLab will enable the advanced s¢ienlilic study ol brain developtnenl lor children from 18 months lo three or four years in an environment sirnulating familiar surroundings lor toddlers. The ToddlerLab is currently boing utilised by four researchers. DePaul UK- Improvlng the m￿tal health of homoloss young people in North East. The Foundation's partnership with DePaul UK has seen over 300 young people experiencing homelessness in the North East receive crucial mental health support. DePaul UK SLJpporled young people aged 16-25 who found themselves homeless by providing emergency accomrnodation. supported housing and other services which help young people rebuild their lives. The programme a¢hiev8d the agreed largels over the three year period and despite COVID being a challenge lor two years, staff training and the addilitsn of a local Mental Health and Wellbeing Manager has meant localised in-house SLJPPOrt is now readily available_ This, along with 82 slall members receiving training, has negated some of the impact that may have been ¢aused due lo longer waiting times lor external specialist support lor young p8ople. Additional support has also been brought on with substance abuse. Beyond the financial support provided by the FoLJndalion, the support in-kind provided by CareTech staff to these partnèrships is significant. Harnessing the expertise and skills ol CareTeeh staff in this way often brings the partnership to life and our partner5 Comtnent on how much Ihey value this contribution. Over Ihe COUTse ol this financial year, this support in kind equales lo just over 5 days. at an eslimaled value ol over £3,308 (compared to some £8,400 last yearl. Page11 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guaranto9} TRUSTEES, REPORT ICONTINUEDI FOR TME YEAR ENDED 30 SEPTEMBER 2022 Small Grants The Foundation added its new Hardship Fund to its product offerings in lale-2018, trn8bling it lo suptM)rl Staff facing financial hardship. Since their introduction, demand lor these grants has increased steadily and the company agreed to rnaintain their conlribution in FY2021122 of £50,000. This year, the Foundation has supported 343 granl applicalions to a total amount of £166,363, processing 407 applications. The Foundation supported more applicants than the previous year in part due lo the cost ol living crisis and raised awareness of the Staff Hardship Fund. Th& impact ol these relatively small awards to the beneficiaries is signrficant as Indicated by the following comrllents from beneficlaries.. "Without the wonderlul supportets like Sam, we wouldnl be in a position lo fund incredible research that we hope ￿11 one day lead to a workl Iree ol MND." "I would like to extend my sincere gralilude to the CareleGh Foundation lor their verygengrous donation whiGh took our lolai to amazing £2630.001 I hwhly recommendanyone that is eligible to apply for support with their lundraising elforts. "There were $0 many magical moments thal it is hard to list them all. Seeing the young people find ways to communicate with each other and have lun the water, and lo make sure everyone was included at m&altimes and during conversations andgames was incredible. They loved the lacl Ihal lor once people with Usher syndrome were in the majorilyl" Demand lor the Foundation's Communlty Grants continued steadily again this year with £80,000 profiled lor this financial year. During 2021122, the Foundation has sUPPOrted 54 Community Grants to a value ol £82,924.50. Th& Foundalion continLJed lo supporl similar levels of Community Grants as in the previous y&af. Examples ol grants made this year include the following.. £2.500 towards the Purple Ange1 Dementia Campaign. A Community Grant of £2,500 was awarded to the Purple Angèl Dementia Campaign to provide 157 free MP3 players land headphone51 with up lo 20 customised songs lo help offtrr joy and comfort lor those living with Dernenlia in the UK. hltps'.Ilwrww.earetechloundation.org.ukllunding-recipienVgrant-awarded-lo-Ihe-purple-ang81-campaign-lo- lailof-songs-on-mp3-players-lor-Ihose-liwng-with-demential £5,000 ltsward$ 5004 care packages lor Sehat Kahani in Pakistan. A Comrnunity Grant of £5,000 wa5 awarded to Sehat Kahani, a leading digital hoallh¢are platform, that SLJppc*rled flood victims in Pakistan. The re¢ent floods in Pakistan, have not only darnaged people's homes bul has also taken their shelters and livelihoods. This award supplied much-needed ¢are packages to the people most affected by the floods in Pakislan. htlps'.Ilwww.caretechfoundation.org.uklfunding-recipienUwere-lunding-500-¢are- packages-to-sehal-kahani-1ts-8UPPOrt-Ilood-vlclims-In-p*istanl £10,000 towards The Together Project to support Crafting Connections. A community grant of £10,000 was awarded to The Together Project, lo support Crafting Conno¢lions so ¢hildren and older adults in care homes could be partnered to create artwork on a given topic each rllonlh and Swap il in the post. Crafting Connections is run by the national charity The Together Project. The charity works to boost wellbeing. reduce loneliness and foster stronger, happier cornmunilies by creating joyful inlergeneralional experiences. https.'Ilwww.carelechfoundalion.org.ukllunding-re¢ipienVlhe-foundation-boosts-wellbeing- 8nd-happiness-with-grant-award-lo-the-together-projecV £2.$00 towards TAP (Thank And Praise) lo support Ironlllne care professionals. TAP is a Iree-to-use Social thanking plallom and supports the wellbeing 0175.000 keyworkers at 5,000 locations around the country through the power ol gratitude. A Community Grant of £2,500 helped TAP to support the London Care and Support ILCASI Forum and 1,500 care organisations within the London region via the provision and management of a dedicated LCAS Forum Thanking Wall. httpsJlwww.caretechloundation.org.ukJfunding-recipienU59371 Page12 CARETECH CHARITABLE FOUNDATION (A Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 30 SEPTEMBER 2022 £2,000 towards Deaft)lind UK lo fund a Sumtrer Camp lor up to 50 young people with Ushtrr Syndrotlle. A Communily Grant of £2,000 was awarded to Dealblind UK lo support young people with Usher Syndrome. The charity hosted a SLJmmer Camp in Wales for children from 12 10 25 with Usher. The catnp was mostly run by peopl8 with Usher. The funds enabled Dealblind UK lo run the camp and ensure the children were able to experience activities su¢h as Yoga, camping, picnics, writing on a wish tree and develop self- advocacy skills.https'.Ilwww.caretechfoundation.org.ukllLJnding-recipienVdealblind-ukl £2,500 towards Heidi-Lou, a 9-year old girl with Quad Cerebral Palsy. Nominated by Tanya Davis- Walkden, Acting Business Development Manager al CareTech, we awarded Heidi-Lou a Communlly Grallt of £2,500 to fund a liltr-changing operatioll. Quad cerebral palsy means all Heidi-Lou's limbs are affected and this surgery prevented her from needing further surgery as she moves inlo adLJllhood. Heidi- Lou's family and Iiiends undertook several fundraising challenges to raise funds and the award from the Foundation helped her to have this critical optsration. The operation helped to increase Heidi-Lou's functional mobility, redu¢e spastlls and increase her energy and physical endurance. hllps.'Ilwww.caretechloundalion.org.uklfLJnding-recipienVthe-foundation-helps-to-improve-Ih8-quality-ol- lile-lor-heidi-lou-a-9-year-old-glrl-wilh-quad-cerebral-palsyl Dernand lor the Match Fund Grants sleadlly increased towards the end ol the financial year. During 2021122, the Foundation SLJpporled 48 Match Fund grants lo a total of £17,258.99, which was an increase compared lo Ihfj £13,701 gTanls awarded in the previous year. ExaTTiples ol grants made this year include.. £350 wa5 donated to Young Minds in SLJpporl ol a lun day, Taffle and tornbola and games event organised by Rebecca Houle, Team L&adeT al the Cambian Group. hitpsJkn.¢ar¢le¢hloundation.org.uklfunding-recipienVyoung-minds-IrusV Sarll Graham, a Chikjcare Praetilion&r al CareTech, raised £350 alter walking 215 mlles. which was matched by the Foundation, for the My Name'5 Dodclie Foundation. hllpsJlww¥v.caretechfoundation.org.uklfunding-re¢ipienVmy-name5-doddie-foundationl £315 was donated to Cancer Research UK after Paige Kelly, Graphic Designer al CareTech ran Race lor Life with her siblings, in memory of her late grandfather. hllps.'Ilwww.carelechloundation.org.ukllunding- recipienVcancer-rese2r¢h-uk-61 £180 was donated lo AIM Northwest's Stepping Out Against Domestic Vio￿nce ChaI￿nge after Caroline Beddow, a Tender Manager al CareTe¢h Completed 310,000 steps. hltps'.Ilwwrf.¢arelechloundation.org.ukJlunding-recipienV50671 £350 was donated to Abigail's Footsteps aller Amanda Davis, Team Leader Support Worker at CareTech, completed the London Landrnark5 Half Marathon. httpsJlwww.ear&l￿hI0VndaI10n.org.U￿tUndIng- recipl&nUabigails-Ii)otstep51 "The event was a huge SUGGessl All of the tombola prizes went and lols of IoGals came supportl We set our goal al £100 to raise so were amazed when we counted up the money to find we had raised a lolal 01 £7021 We then applied for match funding Irom ca￿tech Foundation which has now taken our lolal lo over £10001 Words cany express how proud l am ol Megan s eflorts and how grateful we are to everyone who donated prizes and money. This money is going to an amazing cause and makes us proud to be part ol the community that we live in Charn ionin So ial Care The third annual Care Sector Fundraising Boll relumed with a bang on Saturday, 24th September 2022. raising an incredible £400,000 lor the Care Worke15' Charity and Alzheimer's Society- more than double the pro¢e&d5 from the last Ball in 2019. The event brought lo life the spiril ol the social care sector, with fantastic entertainment from Kspark and Old Men Grooving followed by Magic FM DJ, Neev Spen¢er. GLJesls also experienced a beautiful Indian banquet while BBC London's Asad Ahmad led the night as the Ball's host and auctioneer Charlie Ross persLJaded so many guests to bid arKJ pledge their support. Pagg 13 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guaranleel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Care Home Open Week 2022 saw over 2,500 cartr Serv￿8$ registering lo participate. 80Y. ol ¢are homes 'agrè&d' or 'slrongly agreed, thal Care Home Open Week helped to promote their lacililies, activities and services. with 68% of care horlles 'slrongly agreeing, Care Home Open W88k encouraged greater commLJnity ongagemenl and volunteering. Engagement from MPS was Unpre￿dented with over 105 MP'S visiting homes with high profile visitors including,. W&s Slreeling (Shadow Secretary ol State lor Health and SDcial Carel. Gillian Keegan Iminister ol State lor Care and Mental Health), and Dominic Raab (Deputy Prime Minislerl. Prèss interest In the event was signili¢anl this year with over 107 articles published during the week, COVID still presented some challenges for TV appearance bul approxitHalely 49,121,489 people heard about Care Home Open week across TV, radio and news oullels. Caro S&¢tor'$ Got Tal8ntl is a fantastic showcase ol the amazing talents ol the social care sector. Whether il Is singing, dancing, comedy, rTiagic or music, the programme ¢elebrales our sector in this national ta￿nt extravaganzal In 2021. Care Sector's Got Talent was a showcase ol incredible lalenl from across the eare seclorl Singers, dancers, musi¢ians and magicians performed, with our incredible wnner opening the Care Show and performing at the Leaders in Care Awards. All acts defflonslraled exactly how the Care sector sparklesl Our re$pon$o to COVIO-19 As a Foundation, we continued lo respond lo Ihg challenges ol COVID-19. Qur approach covered three key areas.. supporting our grantee partners.. idenlilying new funding opporlunities to address the challenges., and, ensuring ¢onlinuily ol our own operations. ners Last year, the Foundation 5igne(l up lo Ihg commiiments lo our grant beneficiaries set oul by Institute lor Voluntary Aelion Research IIVARI Ihttps.'Ilwww.ivar.org.uklf1exible-lundersll. The ￿Mmitments are.. Dorj t wasle D"tne- We will not waste their time- we will explain our funding priorities C￿arly. we will be open and transparent about all our requirements and ex¢lusions. Ask relevant questions- We will only ask relevant questions - we will only collect inforrTialion that we musl have to make funding decisions., w8 will lesl our appl*allon lomis rigorous￿ to make sure our questions are ¢lear and do not overlap. Accept Flisk- We wll accept OUT share ol risk- we will be realistic about how much assurance applicants can reasonably give us: we will clearly explain how we assess risk when we make our funding decisions. Act with Urgency- We will act with urgency- we will seek lo work at a pace that rneels the needs of appli¢anls". we will PLJblish and stick lo our timetables,. we will rnake our decisions as quickly as possible. Be OperJ- We will be Iranspargnl about our decisions- we will give feedback. we wll analyse and publish success rates and reasons lor rejection., we will share our data. Enable Ilexibilily- We will enable them lo respond flexibly to changing priorities and needs- we will give unrestricted funding., il we can't lor arts a sp8¢ialisl funderl. we will make our funding as flexible as possible. Communicate with purpose- W8 will b8 ¢lear about OLJr relationship from the start- we will be realistic about lime ¢ommilmenls- we will ensure that our contact is positive and purposeful. Be proportNonale- We will commit lo light louch reporting- we will ensure that our formal reporting requirements are well understood, proportionate and meaningful. These commilments have been well-received by all the Partnership Fund grantees and in 8nsLJring th8 Foundation retnain an open and Irusling grant-maker. the Foundation Manager provided further insBJht into our processes in a blog lo share our practices Ihllps-Jlwww.ivar.tsrg.uklappli¢alions-and-assessmenls4. Page 14 CARETECH CHARITABLE FOUNDATION A Company Llmlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Our commltment to Dlvgrslty Equlty and Incluslon In line with the Foundation's commilmtrnl lo promoting Diverslly, Equity and Inclusion across all aspects ol its worf(, the Foundalion.. recognises that people from difftsrent backgrounds bring fresh ideas and a different approach which makes the way we work and ￿arn more ILJn, more creative, moye effici&nl and more innovative, bringlng benefits lo the organisation. a¢lively seeks lo recognists, value and tak& a¢counl of individuals, diff&renl backgrounds, knowledge, skills and experience lo create a more productive and effective organisation. seeks to ensure that all who work lor and deal wilh us feel valued and welcome. strives to ensure that everyone has ac¢&s5 to the same opporlunilies in their dealings with the Foundation bLJt re¢ognizes that advantages and barriers exist for dillerenl individuals. The Foundation recognises that individLJals have unequal starting placos and that we must make ellorls lo correct and address such imbalanc8. Following the previous year's review ol our DEI comrnitmenls, we have continued lo work on ensuring that our use ol imagery lully rellecls the demographics ol all of our audiences. In line with the web accessibllily guidelines produced by Purple, as p2rt 01 the Foundation's cornmitments to the Purple Tuesday Ihttps.'Ilpurpletuesday.org.ukl initiative, the FoLJndalion comrnissioned Deslek Accessible Technology Solutions to undertake an accessibility audit ol th8 website. All ol the recommended changes have now been implemenlfyd across our website. W& will shortly be releasing a refreshed sile that we expect to exceed the sile's current accessibility. Our fundralslng and investment portomiance TrLJslees remain grateful lo the Board and shareholders of CareTech plc for the companls gentsrous ontributions lo Ihtr Foundation that accounl for the rnajorily ol ils funds. Trustees ￿￿0m￿d the public confirmation during the acquisition ol the company that the new private owners were comrnitted to ongolng support ol the Foundation. Whilst the company has confirrned its ongoing svpport ol the Foundation through its Donation Agreement, trLJslees recognise the imFxJrtance ol diversifying its income streams and in investing vAsely for the long-term financial future ol the Foundation's work. Recognising this need lor income diversilicalitsn, trustees approved the earmarking of funds in order lo build up an investrnent fund of £1 million., by the end ol this yoaT, £650,000 had been accumulated. On 27 September 2022, CareTech Holdings PIC I'CareTech'l was acquired by Amalli Bidco LiTnited la newly- fortlled company indirectly owned by joint offerors Sheikh Holdings GroLJP Ilnveslmentsl Limited, Belgravia Investments Litnited and Kensington Capital Limited, and funds managed by THCS IV GP S.a r.l. and TH Management IV S.a r.l. and advised by THCP Advisory LiThitedl. The oller was impletnented through a court- sanctioned scheme ol arrangement and shareholders received 750 pene6 in cash lor each share. As an alternative, sharehold&rs wtrre also able to elect a partial alternative offer on lieu ol all or part ol the cash consideration. The partial altemative offer was oversubscribed which resulted in the Foundation received £5,727,091 in cash and £1,772,909 In Amalli Topco Ltd shares which pyovides both a long-lerm sustainable and diversified portfolio. Following delisting from the London Stock Exchange, both Farouq and Haroon Sheikh are controlling shareholders and remain lully involved in the management ol CareTech Holdings Lld and expect lo do so along with the axisling senior managemenl team. Uncjer the new ownership structure, it is intended that CareTech will continue ils support for those with physi¢al and l&arning disabilities, advancing skills development for the care sector, supporting local communitios and commitment to grow the FoLJndalion as a leading independent charity in the social care sector. Non-conllicled trustees approved the Foundakn'on's vote in lavoLJr ol the sale at a price of £7.501share,' they also approved the option lo elect for a partial sale, with a proportion ol the shares being rolle¢J forward in to the new Page15 CARETECH CHARITABLE FOUNDATION IA Company Limlted by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Company. TrLJsI@es approved an investment approach, having sought independent advice, for the remaining proceeds ol the shares sale, which will be acfioned in FY2022123, to PTovido for long-term income and asset growth. This significant or4KJrtunity will provide lar grealer income diversity moving forward tor the Foundation. In respect ol other elements of the Foundation's Income Diversilication Strategy, th& following tM)inls ar8 worth noting: £37,500 was contributed by Kent County Council, Hallmark Care Homes Foundation and Anchor Hanover to support the devolopmenl of the Business Case lor the Social Care Leaders Scherne., and £2,623 was raised Irorn challenge events by Foundation supporters, including 22.207.15 by our CEO and supporter Irvin Newbitt who took part in the Welsh Dragon bike ride. As host of Championing Social Care cross-sector initiative, the Foundalitsn received the following charitable donations and spon50r5hip'. Sekoia, Hallmark Care Homes and Majesticare contributed Ih$lr annual donations of £10.000 to support the core running costs c>1 the initiative., CIVITAS Investrnent Managetnenl and Virgin Money each conlribuled £10.000 support lor Care Home Open Week. Florence and Tower Fire GTOUP contributed £5,000 each towards the Care Sector's Got Talent progTamm8. The Care Sector Ball receiv&Y support from Hallmatk Care Homes, CareTech plc. HallmaTk Care Homes Foundation, Best in Jobs and Radar Healthcare lor the Care S8¢tor Fundraising Ball, in addition to table sales and the proceeds of smaller donations and auction sales on the night. Ltrgal status The CareTech Foundation was established as an unlncorwraled trjdy, registered wth the Charity Commission. Followng a review Support￿ by the Foundation's legal advisers, il was agretrd that an Incorporated structure is More suitable. Incorporated status and fresh registration with the Charity Commission was secured in March 2019. In May 2020, changes were made to the Foundalion's membership lo enhance its independence still further wth membership being transferred from CareTech plc as the sole corporate mtsmber lo the four independent Iruslees. PLANS FOR FUTURE PERIODS Trustees remain confident Ihat the strategic aims established in the Foundation's Slralggic Plan 2018-2023 slill hokl good. These three strategic aitns are-. the Foundation will be a wtrll-slru¢lLJred, ambillous and clear-sighted organisalion, delivering meaningful impact to communities in the UK and overseas., the staff ol CareTe¢h and its service users will feel proud of and be strongly engaged in the Foundation,. and, the Foundation will be delivering a unique contribution lo the charitable markelplace, consislenl with CareTech's values and approach. Lessons learned As part ol OLJr annual strategic review and refle¢ting flve years ol op8ralions. trustees have identified the following key lessons that the FoLJndation has learned.. clarity ol purpose is essential lo decide what lo support- and similar clarity as to timelines and objectives ol those supported is vital", there is growing interest in our ar&as ol Io¢LJS and we have caNed out a clear position there is much scope to contribute more widely to key social debales relevant lo the Foundation's work,. increasingly, we have a greater understanding ol opportunities to use the funds available lo us lo tackle key isstjes and can use a cotnmissioning approach lo develop new approaches., increasing engagement with olher sector players is powerful, recognising that the d￿sparate natur8 ol the social care sector in particular undemiines ts ¢oherence and ability to effectively influence wrder social policy., the blend ol company and independent trustees is Teally important, as Is the value ol seeking out expertise Page 16 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guoranteel TRUSTEES, AEPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 from outside., when CareTech staff arg engaged, projects can really come alive- bul this can be difficult given the nature ol the sector and must remain a key priorily lor the Foundation., and, regular and meaningful perfomance rnonitoring is key- getting the balance right between monitoring performance tsfftsclively and micro-rnanagemenl Can be tricky bul difficull discussions should not be avoided. Plans tor the year ahead For the year ahead, trLJslees have identified Ihe lolbwing key objeclSves- To develop the Foundation's Slralegi¢ Plan 2023124-2027128. To continue to ellectively manage a portfolio ol rnajor partnerships, ensurlng that they deliver the impact expected and that there is a strong and trusting relationship between the Foundation and ils partners through the ellective use ol the Grants Committee. To review with trustees the balance between UK and oversea5 major partnerships. f8gding any decisions in to the Grant-making Policy and the Grants Committee. To continue lo grow the nurnber ol applications lo Ihe Foundation's small grants s¢hemgs. ￿th a spread across all areas ol CareTech's operations. To implement the Chatnpioriing Social Care strategy lo further growth across programmfrs. To Continue to build the Foundation's profile among its core audiences and lo ensure a continued focus on ellorls lo build greater awareness and deeper Ljnderslanding ol its work amongst CareTech staff To ensure rigorous reporting and effe¢live managemenf ol all current Partnerships, with well-evidenced irnpact evaluation plans arKI reports using the Impact Assessment Framework informed by the Monitoring & Evaluation Report. To publish OLJr fourth lrnpact Report abngside our Annual Report. To efffy¢lively rvanage the demand for new Partnerships, ensuring that the Foundation has a pipeline ol powerful and innovative opportunities. To ensure that the three small grarits streams operate at lull capa¢lly, enthusing CareTech staff, in the UK and overseas, to lake greater advantage ol the schemes, particularly in respect ol the Match-Funding grants. To impleTllent the agreed investment plan lor the procetsds realised from the Foundallon's shares in CareTech plc To continue lo implement the agreed Income Diversilicalion Strategy To keep under close review the Foundation's long-terrn financial sustainability in th8 light of the sale ol CareTech plc and wider econorllic volatility. To continue working with PEM on the annual audit to Kl8ntity opportunities to further improve the charitys systems and operations. To ensure continued high levels ol compliance with the Charity Cofflmission's Guidance lor charities associated with non-charilies and with the Code of Good Governance. To impl6menl the recommendations from the Foundations Pra¢lice framework sell-assessmenl review. FINANCIAL REVIEW Our financial posltlon The Foundation remains well-placed finanaalty lo (Jeliver ils long-lerm Ob￿eCtiVes, thanks to the funding agreed by CareTech as sel out in Ihe Donation Agretsrllenl beiween Ihe company and the Foundation settled in July 2019. This yèar saw a welcome growth in income from Ihe eDmpany's annual donation and an additional reslricled donation to support the growth DI the Foundation's Staff Hardship Fund. As highlighted above, the sale of CareTech plc provid￿ the Foundation with a significant cash boosl and Ihtr opportunity lor the Foundalion lo implernenl its long-terrn investment and in¢ome dwersificalion strategy. Providing Ihtr Foundation wth sufficient clarity as to the likely funds al Its disposal over al least the rnedium-term ensures the best possible opportLJnily lor il lo deliver itllpact. The Board ol CareTech plc, in eslablishing the Foundation. lully accepted the importance ol settling clearly the funding basis lor the Foundation mtsving forward, enabling il lo focus on delivering impact and reinforcing ils indtrpendence. The Donation Agreement provides lor Page 17 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guaranlogj TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 an annLJal donation 012.5% 01 the company's pre-tax profits. CareTech complernenls its financial donations by supplying significant in-kind SUPPDrt, such as ollice accotllmodation, back office systems and staff expertise. We have established systems lo capture and attribute the lull value ol CareTech's support lo the Foundation, which includes.. the value ol all in-kind support provided laccommodalion. ba¢k-offi¢& support, staff salaries lor seconded staff, etc.l- tho value of employefj volunle8ring hours., and. any other value addedAeveraged support provided by the Foundation In this current year, the overall valL¢e of thi5 in-kind support has been valued al just ovtsr £8,000. A5 noted trlsewhere in this Report, Iruslegs have estabilshed an In¢ome Divgrsilicalion Strategy. The t*neflls ol diversification of income go lar beyond simply achieving an incotne surplus., diversification also gives organisalions the security needed lo focLJS more on long-lerm strategies and ultimately have more impa¢t lor their beneficiaries. The airns ol the Foundation's incorne diversification strategy, therefore, are.. lo increase thè capacity ol the Foundation's grant-making capaeity., to reduce its reliance on a single inctsme stream (however reliablel- and, to provide greater certainty on future income levels to encourage longer-term investrnenl. As noted above, CareTech plc has over the last three years made a restrictett donation to the Foundation - over and above ils main annual donallon lo support the FoLJndation's Staff Hardship Fund. This year's restricted donation in this regard remained at £50,000, all of which was comrllitted during the yeaw. Those lund5 provided lor Championing Social Care programrnes. as detailed above, are also treated as restricted income. A formal budgeting process, scrutinised by the Trustees, Audit & Risk Committee and approved by the lull board ol Irusl&es, in in place. Trustees, budgeting is based on conservative estimates and a small amount ol in-yea¥ unallocaled funds, in addition to the Reserves largel noted above, to allow for any significant unforeseen expenditure. The FoLJndalion uses the xero.com accountancy system, with additional accountancy and payroll support provided by Cater Chartered Accounlanls Ltd, lo tllanage the Foundation's finance5 and mon¢¥or performance against bLJdget. The trustees have also approved a Financial Handling Manual that sets out all necessary financial systems lor the Foundation, whl¢h is reviewed al least annually. Trustges are provlded vmlh a monthly financial reporl as part ol the CEO'S regular report and further scrutiny is undertaken by the Audit & Risk Committee as w811 as the lull Board ol trLJStees. OLJr Fleserves Poli As a medium-sized charity, Iruslee5 recognise that we need lo invest our funds wisely and sal&ly bul have also agreed that we wish to back innovative programmes. With innovation comes higher potential irnpact but also, ol course. higher risk. As trustees, we have agreed that we have: a reasonabty high risk appetite in respect ol the projects we support, although wll always seek a balanced portfolio ol projects ol varying risk levels., a low risk appetite in respect of the reputation ol the organisakn'ons with which we partntrr, prefeiring lo work wrth credible and respe¢led partners,. and, a low risk appetite in terms ol process, having put in plactr rigorous due dillgence procedufes to Safeguard the Foundation's funds and reputation. In line with the above risk statemenl, the Foundation maintains free unTeslricted reserves.. lo provide a level of working Capital that protects the ¢onlinuily ol ils ¢ore work., to provide a level of funding lor unexpected opportunities., and, lo provide cover lor risks su¢h as Ljnloreseen expenditure or unanticipated loss of income. Last year, trusl88s utMJaled the Foundation's ReseNes Policy to establish a target ol maintaining free reserves eqLJal to six months ol staff and associated costs. This amounted to approxirnately £150,000 based on the Page 18 CARETECH CHARITABLE FOUNDATION {A Company Limit8d by Guar¥nteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 30 SEPTEMBER 2022 Foundation costs approved by Iruslees in the Business plan. Al the end ol this Financial Year, the Foundation held £489,350 01 Ire6 r&seTves. This rellecls th& lull reserves held by the Foundation, less its fixed assols an the proceeds of its investments. The Trustees will review their invoslment Strategy and reseNes In 2023. Goin con rn review Trustees have considered ¢artrfully the position ol the Foundation as a going concern throughout the year and is confident that the charity remains well-placed in this respect. Trustees base this assessment on the following la¢lors'. The FoLJndallon has a formal agreem8nl with CareTech in respect of the charitable donation il Can expect each year, with that donation expressed as a percentage ol the company's Pre Tax Profit. Thts agreervent provides for a lengthy notic& period should the company wish lo withdraw Irorn thes& arrangernents. This agreement has been re-confirmed with the Company following ils return lo private ownership. The IrLJslees note the long-term prolilability and growth ol CareTech over its long history. The Sale of the shares In CareTech plc has provided the Foundation with significant extra cash revenues. and the opportunity lo provide a diversified income additional Confidence. Trustees have agTeed an Investment strategy lor these revenues, providing a mix of short-term liquidity and longer-term, but less liquid, Dptions. Trustees are confident that the sale of the shares provides the Foundation with grealtrr income diversity and linancial independence than in previous years, as well as ensuring the long-term linancial health ol the ¢harity. The Foundation has agreed an Income Diversilicalion Strategy, wf(h good progress belng made on its Impletnentation. Strong business planning and financial management systems are in place lo contain cosis. Strong contingency and miligalion plans and measLJres are In place in the event ol signiflcanl downward pressures on income, as well as the use of conservative budgeting assumptions. h r financial matter The Foundation has no rnalerial pension liabillly. Fundraising Oura roach to I ndraisin The main sour¢e ol income lor the Carelech Foundation is the annual donation gifted by its IoLJnding ¢ompany, Caretech Holdings Limited. Over the past year, there has been emphasis lor the Foundation to diversify their income slrearr lo ensure sustainability ol the Foundatioii in its delivery ol publlc benefit. In line with Ihg Foundation's Income Diversilicalitsn Strategy, we secured pla¢trs in a number ol lundraislng Challenge events, inelLJding the Vilallly 10k Run. the Welsh Dragon Ride and Swim Serpenline. These places were made available lo Carelech erllployees and external slakeholders with the purKM)se that all donations would go towards the Foundation's grants. Due lo the passing ol Queen Ellzabelh 11 in September. the Swlm Serpentine event was postponed lo 2023 because ol the slate funeral. As set oul above. the Championlng Social Care initiative has proved a popular vehicle by which lo secure external support for ils activilies. boosting the overall incorne ol the Foundation. 11 should be noted Ihal all Championing Social Care inctsme is restricted solely lo its a¢livilies and is managed awrdingly within our financial handling arrangements. The Foundation did not ¢ollaborate with any professional fundraisers or comrnercial parb'cipalors lo carry out any acliviligs. Page19 CARETECH CHARITABLE FOUNDATION IA Company Llmltod by Guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Re ulalor issues In developing ils fundraising efforts, the Foundation has sought lo apply the best practice standards ol The Code ol Fundraising Practice issued by the Fundraising Regulator. In recognition ol the planned growth in its fundraising ellorts, the Foundation is registered with the Fundraising RegLJlator and ensures that all fundraising ellorls ¢omply vmlh current regulations and best practice sel out by regulators and professional membership bodies. The Foundation continues lo share codes of best practice with supporters and relevant partners lo 8nsurè these standards are applied across all aclivilies. To dale. we are not aware ol any breach of The Code of Fundralsing Practice. Due to the nature of delivering fundraising across muttiple siles through volunteer effort, the Foundation is aware that there is a risk ol breaching fundraising compliances. The Foundation has undertaken a thorough review ol its policies lo trnsure they are fil lor purpose lor ils extended fundraising efforts. Fundraising activities for the Foundation aTe available lo Carelech employees as well as external shareholders. All inlortnation relating lo fundraising Challenges are promoled on the Foundation's website with links lo the official website to ensure transparency. Fundraising agreements are shared with interested participants al the earliest FJOSSible lime. The Foundation understands that, due to inexperience in fundraising lor charities, some of OLJf SLJPPOrters may require additional training and support. These services are offered to fundraisers once they enter into agreement with the Foundation. All fundraising donations are processed through the Virgin Money Givlng websit&, which allows the Foundation to rnonitor fundraising efforfs. The Foundation a¢lively ￿MMunIcateS with supporters and engages on their social media lo eneourage transparency. Th8 FoundatlDn has a Complaints Policy that oullin8s how complaints should be dealt with within the charity ancl when the complaints should be escalaled to senior rnanagervent. The Complaints Policy is available on the Foundation's website at www.carelechfoundalion.org.uklcomplainlsl. The Foundalion has taken active steps lo ensuring the Policy is shared at the earliest opportunity wrth the fundraising agreements lor individuals undertaking fundraising challengtss. The Careteeh Foundation has received no COFnplainls with reuard lo fundraising ovtrr the past 12 months. The Foundation engages with Ihose in vulnerabl& positlons as parl ol their day-to-day activities. The Foundation has a Safeguarding Policy in place and a nominated Safeguarding Trustee as part ol Ils eflorls to protect VLJlnerable people. To ensure our vulnerable supporters are able to Ljndertake sale and effective fundraising, the Foundation has completed a review ol its Safeguarding Policy in this financial year. The nalLJre ol the work undertaken by the Foundation ensures all employees ar8 ¢omlort*e recognising and working with those in vulrierable positions. STRUCTURE, GOVERNANCE AND MANAGEMENT Our ovèrnln document The Foundation's governing documents are its MeMorar￿u￿ & Articlès of Asso¢ialion incorporated on 30 O¢lobèr 2018, as amended by Special Resolution and registered al Companies House on 18 March 2019, and as further amended by Special Resolution on 21 April 2020. How we are consl(tuled The Foundation is constituted as a Company limited by guarantee. number 11651094 OLJr decision-rnakin roce55e ho é decisions del ated to staff Trustees are responsible lor establishing the slralguic direction ol the Foundation and for all key decisions a5 10 its operations. These decisions are made by the lull board ol trustees as provided lor in the TrLJslees' Terms ol Reference in line with their overall duty °To provide direction and stewardship lor the CareTech Charitabl8 Foundation lor the benefit ol current and future beneficiaries.. Page 20 CARETECH CHARITABLE FOUNDATION {A Company LSmlt&d by Gu8r8nteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022 The quorum lor decision-making al Board meellngs lor normal business is five members, ol which at least two members shoukl be those appointed as external members. In resp8¢1 ol any decisions regarding the relationship and any specific arrangemtsnls belween the Foundation and CareTech, any Irustees who are direelors, officers or senior staff of CareTech should not count in th& quorum or vote. In these circumstances, the quorum lor decision-making shall be four members. The Board ol Trustees has established three committees, wlh delegated authority lor specific aspects ol the Foundation's work sel out in Tems of Reference foT each committee. These Committees are.. Rerlluneration Committee-, Audit & Risk Commillee", and, Investment Committee. The trustees have delegated day-to-day management and admlnlslralion tsf the Foundation to the Chief Executive Officer and their staff team. Specific dolegaled authority in respect ol the award ol grants and other spending ¢ommilmenls are set out in the Foundation's Finan¢iJ Handllng Manual. Mana emen l Ri A Managetnent ol Risks Policy is in place and an Audit & Rlsk Committee provides detailed oversight ol the effective management r)1 risk. The principal risks recognised over this period in the Foundation's Risk Reglsler wer&.. a lack ol capaeityllow priority for CartrTech slaft to engage with the Foundalion's inilialives, which we are continuing to work closely wilh company colleagLJes to addr&ss including in discussions as to how SLtch activity can support the CareTe¢h's emerging ESG slralegy,. the lack ol ¢onlToI ovtrr negative press associated with CareTech (especially wllh new acqulsrftionsl. Loss ol key staff and expertise Dedine in funding from CareTech Monthly reports from the CEO lo Iruslees highlight the current top three risks. following internal revi￿. The lull Risk Register is reviewed regularly by the Audit & Risk Committee as woll as the lull Board ol Iruslees. Key miligalion in Fespect of the above risks includes.. Regular sgnior engagement with the company regarding FoLJndation inilialives, in particular lo idgnlfy how ils work carTr support the companls new CARE4 ESG slralegy., Eslablishmenl ol a communicalitsns strategy and close liaison with the company's Communi¢alions team- Training and developrnent plans lor all staff members, supported by regular-updalwj documentation to support effective handovers.. and. Income dlversilicaiion efforts and carefu5 investment planning. Charit Governance The aim ol the Charity Governance Code Iwww.charitygovernan¢ecode.orgl is lo h&lp charities and their trustees develop high standards ol governance. The Code is not a legal OY regulatory requirement bul is intended to be a tool lor continuous irnprovernent towards the highest standards. The review Ljsed the recommended checklisl lo assess performance and lo identify areas lor improvetnenl. In keeping with our commitrnent to good governance, Irusl¢es normally undertake an annual review ol the Foundation's compliance with the Code. We consider the Foundation lo be well-pla¢ed in mosl areas ol recommended practice and that good progress had been made in addressing previously identified areas lor improvernenl. Unfortunately. due lo the poslponem&nl ol the normal annual trustees. strategy day this year. the normal annual review was not undertaken bul has now been scheduled lor consideraii'on by the Audit & Risk Ctsmmittee at its first meetino in FY2022123. Page 21 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 Foundations Practice framework Last year, we also undertook a 5811-assessment against the new Foundations Practice framework. highlighllng a number ol areas on which we could further develop in line wilh sector best pra¢tice. Recruitment and su ort ol trustees In selecting individLJals lor appoinlmenl as Iruslegs, thg Irusl&es are required by virtue of the Articles to have regard to the skills, knowledge and experience needed for the effective management of the FoLJndalion. This has been com*menled by undertaking regular Trustee Skills Audits lo inform lulure recruilmenl priorilies. The Foundation's Trustee Terms ol Reference provide lor a mix ol Iruslges, coverlng indep8ndtsnt trustees, senior reprèsentatives ol CareTech and olher staff employed by CareTech. Independent trustees are recruited via open selection exercises to ensure as broad a range ol candidates as possible. Senior CareTech Iruslees are suggested by th8 Company tor ¢onsideralion by the lull board of Iruslees, bearing in the mix ol skills and experience required. Two staff members are normally recruited by inviting the Overall Winner ol the CareTech Care Awards to become a trustee, SLJbjecl lo the lull Iruslee board ensuTing that the individual is suitable using Ihtr abovts criteria- an¢J ensuring that the individual in question wants to accept this important rDlel The Foundation's Articles also provide Ihal at least one TrLJslee shall b8 a Sheikh Family M8mber, willing lo serv& as a Trustee and detrmed by the Trustees lo be suitable lo act as a Trustee. Terms ol Reference lor the Board ol Trustees are in place as well as Role DescTipfions lor the Chair. Treasuier and all trustees. All Trustees have also signed up to the Foundation's Trustee Code ol Conduct. All nw trustees receive a lull induction programme. provided by the staff team, familiarising new truslees with the work of the Foundalion, the policies and procedures in place, introdu¢lions lo k&y stakeholders. This programme is also used lo as¢ertain any training and d8velopFnent needs which leeds in to a wider irustee learning and development programme. As well as participation in bespoke and paid-lor training lor trustees. the Foundation is a member ol thè Association ol Charitable Foundations IACFI and the National Councll ol Voluntary Organisalions INCVOI to ensure that trustees and staff are up to date on best practice aware ot developrnenls and are well networked with other leaders within the sector. Our relationshi with CareTech and with other or anisations The Foundalion was founded by and is principally funded by CareTech plc, now CareTech. Trustees and staff are made lu15y aware ol the independent nature ol their role and a Conflicts ol Interest Policy is in place and actively monitored lo ensure that any potential conflicts ol interest- partiCLÈlarly those concerning the Foundation and CareTech- are appropriately managed. A Communications Protocol is in place between ihe Foundation and the company lo ensure that the ind8pendenl nature ol the Foundation is properly recognised in all ¢ommunl¢allons materials. The trustees usually complete a fresh review every year of the Foundaty'on's o)mpliance ￿th the Charty Commission's Guidance for charities with a connection to a non-charity Iwww.gov.uklguidancelguidance-lor- ¢harities-with-a-conneclion-to-a-non-¢harityl, using the Charity Commisslon's rtrcommended checklist. Trustees are confident that the Foundation continues to meet the expectations ol the GLSidance. Unfortunately, due lo the postponement ol the normal annual IrLJslees' strateoy day this year, the normal annual rtsvitsw was not und8rtaken bul has now been scheduled ltsr consideration by the Audit & Risk Committee at rts first meeting in FY2022123. More generalty, the Foundation seeks to work alongside a range ol charities and organisations, wincipally through its grant-lunding streams, lo maximise ils impact whilst ensuring that there is clarity as to each organi5alion's role5 and responsibilities. In particular, formal grant agreements are in place with all Partnership Fund re¢ipignts. Page 22 CARETECH CHARITABLE FOUNDATION {A Company Llmited by Guarant881 TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Foundation is keen to Work alongside other lunders where the interests ol both are aligned and such collaboration can improve the impact ol our work. A key mechanism by which this is achievod is th& requirement lor Partnership Fund gTants lo 18verage additional funding as a result of the Foundation's investment. We are also working with other lunders lo explore Joint approaches and investment on issues ol rllutual interest. Our or nisallonal structure The FoundatlDn employs a small staff team responsible lor day-trkday management of its business. Over this reporting period, the stall team comprised.. Chief ExecLJtive Otfic8r10.6FTEI Foundation Manager Championing Sociai Care Director ComTnunications & Marketing Manager Grants & Finance Offictrr10.8FfEI Our arran ements lor s and remuneration of ke ersonnel The overall allowan¢& for paybill increases are set by Iruslees as part ol the annual business planning and budget setting process, providing a ceiling for the maximurn overpjl increas& in staff salarl8s. A Remuneration Comrnittee ol trustees sets the remuneration provided to the Foundation's Chief Executive Officer, with delegated authority provided by the tull board ol Iruslees. The Committe8's decision is based on the following criteria and benchmarks.. the performance ol the CEO as reported through the annual perfomiance system, including an assessment ol the extent to which agreed objectives have been delivered: inflation ICPII. general wage inflation., and, reported average pay awards in the nol-for-protil s&¢lor. Remuneration levels lor other Foundation stall are sel by the Chiel Executive Officer using Ihe same crflgrta, taking in to account the decisions ol the Remuneration Comrnittee. Approved by order ot the members ol the board ol Trustees and signed on thei¥ behaw by.. H R Shelkh Chairman Dale.. 2¢_44& 2oLS Page 23 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guarant901 STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENOEO 30 SEPTEM8ER 2022 The Trustees (who are also the directors ol the Charity lor the purposes ol cornpany lawl are responsible for preparing th¥ Trusletrs, Report and the linan¢ial slal¢m&nls in accordance with appllcable law and United Kingdorn Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements lor each linanciai year. Under company law. the Trustees must not approv& the financial statements unles5 they are satisfied that they give a true and lair view ol the slate ol affairs ol the Charity and ol its incoming resources and application ol resources, inclLJding its income and expenditure, lor that period. In preparing these financial statements, the Trustees are required to= sel6¢1 suitable a¢¢ounling policies and then apply them ¢onsislenlW', observe the methods and principles of the Charities SORP IFRS 1021., make judgrnents and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departLJres disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless il is inappropriate io presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain th& Charity's transactions and disclose with reasonable accuracy al any lime the linan¢ial position ol the Charity and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible lor safeguarding the assets ol Ihe Charily and hence lor laking reasonable steps lor the prevention and detection ol fraud and other irregularities. Approved by order ol the members ol the board of Trustees and signed on its behalf by.. r H R Sholkh Chairtnan Dale.. Page 24 CARETECH CHARITABLE FOUNDATION (A Company Limited by Guarantee} INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CARETECH CHARITABLE FOUNDATION OPINION We have audited the financial statements ol Carelech Charilabltr Foundation (the 'chaTiVI lor the year ended 30 September 2022 which comprise the Statement ol Financial Aclivilies, the Balance Sheet, the Slaletnenl ol Cash Flows and the related notes, including a summary ol significant ac¢ounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Awounling Standards, including Financial Reportino Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements.. give a trug and lair vlew of the slate of the charitable company's affairs as al 30 Seplembor 2022 and ol its incoming resources and application ol resources. including its Income and expendllure for the year then ended., have been Properly prepared in ac¢ordance wSlh Unlled Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wth the requiremenls of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities Ljnder those standards ar8 further described in the Auditors. responsibilities lor the audit ol the financial slalomenls section of our rewrt. We are independent ol the charitable company In a¢¢ordan¢e th the ethical Tequiremenls that are relevant lo our aLJdil ol the financial slalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fLJllilled OLJr other ethical rtssponsibililies in accDrLtance with these requirernents. We believe that Ihe aLJdil gvidence we have obtained is sufficient and appropriate lo provide a basis tor our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have acluded that th& Trustees, use ol the going concern basis of ac¢ounling in the preparation ol Ihtr financial staternents is appropriate. Based on the work we have performed, we have not identified any tnaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable companls ability to ¢onlinue as a going concern lor a period ol al least twelve months from when the financial 51atemenf5 ar8 authr)rised lor issue. Our responsibilities and the responsibilities ol Ihe Trustees wilh rospgct lo going concern are described in the relevant sections ol this report. Page 25 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CARETECH CHARITABLE FOUNDATION (CONTINUED) OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial slalemenls and our Auditors, Rtrport Ihereon. The Trustees are responsible lor the other information contained within the Annual Report. Our opinion on the financial slalemenls do&s not cover the other information and, trxcepl lo the exlenl otherwise explicitly slated in our report, we do not express any form ol assurance conclusion thereon. Our responsibility is lo read the Dther information and, in doing so. consider whether th& olhor information is materially in¢onsislenl with th& linan¢ial slalertients or our knowledge obtained in the course ol the audit, or otherwise appears to be rnaterially misstated. 11 we identity such material inconsistencies or appar&nl materia5 misslalemenls. wg are required lo determine whether this gives rise lo a tllaterial misstatement in the financial statements fhemselves. 11, based on the work we have perfomied. we conclude that there is a material misstaternent of tttis other information, we are reqLJired to report that lacl. We have nothing lo report in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, base£l on the work undertaken in the course of the audit.. the information given in the Trustees. Report lor the financial year for whi¢h the IlnancSal slalemenls aro prepared is consislenl with the linan¢ial slalements. the Trusleos, Report has been prepared in ac¢J)rdance wlh applicable legal requirements. MAThERS ON WHICH WE ARE REQUIAED TO REPORT BY EXCEPTION In the light ol our knovledge and undeTStanding ol the charitable company and its environment obtained in the course ol the audit, we have not identified material misstatements in the TrLJStees' Report. We have nothing lo report in respect ol th8 following mallers in relation lo which Companies Act 2006 requires us to report lo you il. in our opinion.. adequate ac¢ounling record5 have not been kept, or returns adequate for OL¢r audit have not been received from branches not visited by us; or the financial statements are not in agreement wrth the accounting records arKI returns-. or certain disclosures ol Trustees, remuneration specified by law are not made; or we have not received all the inlormation and explanations we require lor our audit., or the Trustees were not enlilled lo prepare the tlnan¢ial slalemenls in accordance with the small companies regime and lake advantage ol the small companies, exemptions in preparing the Trustees, Rewjrt and from the requirement lo prepare a Strategic Report. Page 26 CARETECH CHARITABLE FOUNDATION IA Company Limlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CARETECH CHARITABLE FOUNDATION ICONTINUEDI RESPONSIBILITIES OF TRUSTEES As explained more lully in the Trustees, Resptsnsibililies Statement, the TrLJStees (who are a150 the directors ol the charitable company lor the purposes of company lawl are responsible for the preparation ol the linanclal statements and lor being satisfied that they give a true and lair view, and lor such internal control as the Trustees determine is necossary to enable the preparation of financial statements that are free from maleiial misslalemenl, whether due to fraud or error. In preparing the financial slalemenls, the Trustees are responsible lor assessing the charitable compantys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis ol accounting Ljnless the Truslees either inlend lo liquidate the charitable company or lo cease operations, or have no r8alislic alternative but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are Its obtain Teasonable assurance about whether the financial slalemenls as a whole are free from material rnisstatemenl, whether due to fraud or error, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit Conducted i accordan¢& with ISAS IUKI will always delecl a rnaterial misstatement when il exists. Mi55talemenls can arise from fraud or error and ale considered material il, individLJally or in the aggregate, they could reasonably be expe¢led Its influence the economie do¢isions ol users taken on the basis ol ihese financial statements. Irregularities, inclLJding fraud, are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect rnalerial misstatements in ￿SpeCt ol irregularities, including IrBud. The exlenl lo which our procedures are eapablg of delecling irregularities, including IraLJd is detailed below.. Our approach lo Idenlifwng and assessing the risks of material misslalernent in respect of irregularities, in¢luding fraud and noncompliance with laws and regulations, was as follows.. the engagemenl partner ensured Ihal the engagement team colleclivety had the appropriate compelence. capabilities and skills lo identify or recognise non¢omplianc& wlh applicable laws and regulations,. we identified the laws and regulations applicable lo the charitable cotnpany through discussions wlh Iruslees and other management, and Irorn our knowledge ol charity and company law and experl&nce', we Io¢used on specific laws and regulations which we considered may have a direct rllalerial effect on the financial statements or the oporalion5 of the charitable company, in¢luding the Companies Act 2006, Charities Act 2011 and laxalion legislation- in addition, we consiLlered provisions ol other laws and regulations which do not have a direct effect on the financial statements bul compliance with which might be fundamental to the charitls ability lo operalg or lo avoid tnalerial penalties., we assessed the extent ol compliance with the laws and regulations identified above through making enquiries ol management reviewing the minutes ol trustees, meetings and inspecting legal correspondence. We assessed the sus¢eptibilily ol the charitable cornpanvs linancid statements lo material rnisstatement, including obtaining an understanding ol how fraud mighl occur, by.. making enquiries ol management as lo where they consKlered there was susc8plibility lo fraud, their knowledge ol a¢lLJal, suspected and alleged fraud- and considering the inlgrnal conlrols in place to rnitigate risks of fraud and noncompliance with laws and regulations. Page 27 CARETECH CHARITABLE FOUNDATION IA Company Llmltgd by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBEFIS OF CARETECH CHARITABLE FOUNDATION ICONTINUEDI To address the risk ol fraud through management bias and oveTride ol controls. we., performed analytical p¥ocedures to Klenlily any unusual or unexpected relationships., we designed procedures to identify unexpected and unusual journal entries and performed lesllng lo ¢onflmi the validity ol such postings., we evaluated the assumptions and judg8menls used by rnanagement within signilicanl accounting esfimales and assessed whether these indicated evidence ol management bias. In reswnse to the risk ol irrtsgularilies and noncompliance with laws and regulations. we designed procedures which included, bul were not limited to.. agreeing financial slalement disclosures to underlying supporting documenlalitsn. reading the tninule5 of meetings of those charged with governance., enquiring ol managemenl as to actual and potential liligalion and claims- and reviewing any correspondence with relevant regulators such as the Charity Commission. There are inherent limitations in our audit proctsduTes described above. The more removed Ihal laws and règulations are from financial transactions, the less likely it is that we woukl become aware ol noncomplianee. Auditing standards aiso limit the audil procedures required lo identify noncompliance with laws and regulations to ènquiry ol thè directors and other management and the inspection ol regulatory legal corr&sponden¢&, 11 any.Material misstatements that arise du8 lo fraud can bg harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities lor the audit ol the financial statements is located on the Financial Reporting Council's website at.. ww¥¥.Irc.or .uKlaudittsrsres This description forms part ol our Auditors, Fleport. USE OF OUR REPORT This report is made solely lo the charitable company's rnembers, as a body, in accordance with Chapter 3 01 Part 16 c>1 the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable cotnpanys members those matters we are required to state to them in an Auditors, Report and lor no olhar PLJrpose. To the fullest extent perrllitted by law, we do not accept or assume responsibility to anyone other than Ihtr ¢harilable company and its members, as a body. lor our audit work, ltsr this report, or lor the oplnlons we have forffled. VJ Ltr Nikki Loan MA FCA (Senlor Statutory Audltorl lor and on behalf ol Peters Elworthy & Moore Chartered Accountants Slalulory Auditors Salisbury House Slalion Road Cambridge CB12LA Dale.. 0210312023 Page 28 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarant8el STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2022 As restated Tolal funds 2021 Unrestrlcted funds 2022 Restricled fund$ 2022 Total funds 2022 Note INCOME FROM.. Donations and legacies Investments 1.570,552 141,0ty) 665,8fy) 2.236.352 141,IKJO 1.257,580 127,500 TOTAL INCOWtE 1.711.552 665,800 2.377.352 1,385,080 EXPENDITURE ON: Raising ILJnds Charitable activities 150.352 606,163 150,352 2.283.535 1.6TI.372 945,255 TOTAL EXPENDITURE 1,677,372 756,515 2.433,887 945,255 NET INCOMEIIEXPENDITUREI BEFOAE NET GAINS ON INVESTMENTS Net gains on inveslm&nts 34,180 1,090,000 90.7151 {$6,5351 1,090,000 439,825 2,110,000 NET INCOMEIIEXPENDITUREI Transfers beiween funds 1,124,180 1116,363) 190,7151 116,363 1,033.465 2,549,825 16 NET MOVEMENT IN FUNDS 1,fy)7,817 25,648 1,033,465 2.549,825 RECONCILIATION OF FUNDS.. Total ILJnds brought forward Nel movement in funds 7,022,157 1.007.817 23.924 25.648 7,046.081 1.033.465 4,496,256 2,549,825 TOTAL FUNDS CARRIED FORWARD 8,029,974 49.572 8.079.546 7.046,081 The Statement ol Finan¢ial Act1￿11&$ includes all gains and losses recognised in the year. Details ol the prior year reslalemenl are s&1 out in note 2.1. The notes on pages 32 to 49 form part ol these Ilnanclal slaltrmenls. Page 29 CARETECH CHARITABLE FOUNDATION (A Company Limited by Guarant901 REGISTERED NUMBER: 11651094 BALANCE SHEET AS AT 30 SEPTEMBER 2022 As restated As restaled 2021 2021 2022 2022 Note FIXED ASSETS Tangible assets Investments 624 1,772.909 13 6,410,000 1,773.533 6,410,000 CURRENT ASSETS Debtors Cash al bank and in hand 14 6,133,018 1.629.479 2,209 837,273 7,762,497 839,482 Credilors-. arnounts falling due wiihin one year {1,456,4841 1203,4011 NET CURRENT ASSETS 6,306,013 636,081 TOTAL NET ASSETS 8.079,546 7,046,081 CHARITY FUNDS Restricled funds Unrestricted funds 49,572 8,029,974 23,924 7,022,157 16 TOTAL FUNDS 8,079,546 7,046,081 Details ol the prior year restaternent are set out in note 2.1. The Trustees acknowledge their rtrsponsibililies lor complying with th& requirements ol the Act wth respect to accounting records and preparation ol financial st8lemenls. The financial statements have been prgpared In ac¢ordan¢g vmlh the provlslons appllcable lo enli11gs subject lo the sfflall companies regime. The financial slaletnenls were approved and aulhoris&J lor issue by the Trustees and signed on their behaW by.. H R Sholkh airman Date.. The notes on pages 32 10 49 form part ol these financial statements. Page 30 CARETECH CHARITABLE FOUNDATION IA Comp8ny Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 2021 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating a¢tlvilles 651,830 434,497 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents frorn investments Purchase of tangible fixed asseis Proceeds from sale ol investments Purchase DI inv@slmonls 141,000 {6241 1,772,9)9 11.772,9091 127.500 NET CASH PROVIDED BY INVESTING ACTIVITIES 140,376 127.5fy) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 792,206 837,273 561,997 275.276 Cash and cash equivalents at the beginning ol the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1.629,479 837,273 The notes on pages 32 to 49 form part of these financial slatem6nts Page31 CARETECH CHARITABLE FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 GENERAL INFORMATION CareTech Charitable Foundation is a private cornpany limiled by guarantee incorporaled In England and Wales. The registered office Is 7th Floor, Melropolilan House, 3 Darkes Lane, Potters Bar, Herllordshire, EN6 1AG. The functional and presentational currency is GBP. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The linanciJ slalements have been prepared in ac¢ordan¢e with the Charities SORP IFRS 1021 Accounting and RepK)rling by Charities.. Statement ol Recommended Practice applicable tc> ¢harities pr8parlng thèir aceoLJnls in accordance with the Financial Rewrting StandarLt applicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Compani&s Act 2006. Carelech Charitable Foundation meets the definition ol a publie benefrt enlily undor FRS 102. Assets and liabilities are initially rtscogni5ed al historical cost or transaction valL*e unless otherwise stated in the relevant accounting policy. PRIOR YEAR RESTATEMENT The prior year income L>alanc8 and deferred incotne balance were adjusted by £52,500 to reflect incorne received in advance lor the Champirining Social Care Ball. The impact ol this is lo reduce Ihts 2021 net income from £2.602,325 10 £2,549,825 and lo reduce restricted fund balances from £76,424 to £27.768, and total funds and net assets from £7.098.581 to £7,046,081. 2.2 INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount ol income receivable can be measured reliably. Where the donated good is a fixed asset, it is measured at lair valu¢. unless it Is impractical lo measure Ihis rtsliably, in which case the cost of the item to the donor should be used. The gain is recognised as income Irorn donations and a corresponding amount is included in the appropriat8 fixed asset class and deprec4aled over th& uselul economic lilts in accordance with the Charity's accounting policies. On receipt, donated professional services and facilities are recognised on the basis ol Ihg value ol the gill lo the Charity which is the amount il would have btren wlling lo pay lo obtain services or facilities Ol equival8nl econoFnic benel(t on the open market.. a corresponding amounl is then recognised in expenditure in the period ol rwipl. Page 32 CARETECH CHARITABLE FOUNDATION {A Company Limited by Guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUNTING POLICIES (CONTINUED} 2.3 EXPENDITURE ExpendSture is recognised once there is a legal OT constructive obligation to transfer economic benefit to a third party, it is probable Ihal a transfer ol economic benetils will be required in settlement and th& amount ol the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up ol the total ol direct costs and shared Costs, includlng support costs inVo￿ed in Ljndertaking each activty. Direct costs attributable to a single activity are allocated directly lo that aclivily. Shared costs which contribute to more than one activity, SLJpporl costs and governance ¢osls which artr not attributable lo a single activity are apportioned between those activities on a basis consistent with the use ol resour¢8s. Support Costs related to the Charllpioning Social Care activity are considered part ol unrestricted cost. Expenditure on raising funds Includes all expenditure inCUTreLf by the Charity to raise funds lor its ¢harilable purposes and includes costs ol all fundraising activities events. Expenditure on Charitable activities is incurred on directly undertaking the activities which further the Cornpany's objeclives. as well as any assoclaled support ¢051s. Governance costs are those incurred in connection wllh adminislralion of the charity and compliance with constitutional and statutory requirements. Grants payable are charged in the year when the offer is made except lor grants which extend over mLJttiple years. In those cases wher& the offtrr ol fuluie period5, funding is conditional, such grants are recogniseLt a5 expenditure when the conditions attached are lullilled. Grants ollered SLJbject lo conditions which have not been mel al the year end are noted as a ¢ommilrnenl, bul not accrued as exptrndilure. All expendllure is inclusive ol Irrecoverable VAT. 2.4 TAXATION The Charity is considered to pass the tests set oul in Paragraph 1 Schedule 6 01 the Flnance Aet 2010 and Ihertrlore il meets the definition of a charitable company lor UK corporation tax purpose5. Accordingly, the Cttarity is potentially exempt from laxalion in respect ol income or capital gains re¢eived within categories covered by Chapter 3 Part 11 01 the Corporation Tax Act 2010 or Section 256 01 the Taxation ol Chargeable Gains Act 1992. to the exlent that such income or gains are applied exclusively to charitable purposes. 2.5 INVESTMENTS Fixed asset investmenls are a form ol financial instrurnent and are initially recognised at their Iransaclion cosl and subsequently measured al fair value al the Balance Sheet date, unless the value cannot be measured reliably in which case il is measured at cost less iMp￿rment. Investrnent gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLoss&sl on investments, in the Slalement of Financial Activities. 2.6 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayrnents are valued at the amount prepaid net ol any trade discounts due. Pag& 33 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guaranteel NOTES TO THE FINANCIAL sTATEmE￿s FOR THE YEAR ENDEO 30 SEPTEMBER 2022 ACCOUNTING POLICIES ICONTINUEDI 2.7 CASH AT BANK A14D IN HAND Gash at bank and in hand includes ¢ash and short-term highly liquid investments with a short malurily ol three months or less from the date of acquisition or opening ol the deposll or similar account. 2.8 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the Balance Sheet dale as a resull ol a past event, il is probable that a transfer ol economic benefit will t* required in Settle￿ent, and the amount ol the settlement can be estimated reliably. abilities are recognised al the amount that Ihg Charity anticipates il will pay to settle the debt or the amount il has rtrcgived a5 advanced paytnents for the goods or services it musl provide. Provisions are measured al Ihe best eslirnale of the amounts required to settle the obligallon. Where the eflecl ol the lirne value ol rlloney is material, the provision is based on Ihts prtrs8nl value of those amounts, discounted al the pre-tax discount rate Ihat reflects the risks specific to the liability. The unwinding of the discount is recognised in the Stalement ol Financial Aelivities as a finance cost. 2.9 FINANCIAL INSTRUMENTS The Charity only has financlal assets and financial liabilities ol a kind Ihal qualify as basic *inancial inslrutnents. Basic financial instruments are initially recognised al transaction value and subsequently measured at their seltlemenl valLJe with the exception ol bank loans which are subseqLJenlly measurtsd at amortised cost using the effective interest method. 2.10 PENSIONS The Charity operates a d8lined conlributlon pension scheme and the pension charge iepresgnts the amoun15 payable by the Charity to the fund in respe¢l ol the year. 2.11 FUND ACCOUNTING General funds are unrestricted funds which are available for use al th9 discretion ol Ihtr Trustees in furtherance ol the general objgctives ol the Charity and which have not been designated lor other purposes. Designated funds comprise unrestricred funds that have been set aside by the Trustees lor particular purpose5. The aim and use ol each designaled fund is sel out in the notes lo the financial statemenis. Restricted funds are funds which are to bg used in accordance with specrfic restrictions imposed by donors or which have been raised by the Charity lor particular purposes. Th8 costs ol raising and administering such funds are charged against the spe¢ili¢ fund. The aim and use ol each restricted fund is sel OLJt in th& notes lo the Ilnancial slalements. Investment income. gains and losses are alocaled lo the appropriate fund. Pagg 34 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantsal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estimates and judgments are ¢onlinually evaluated and are based on historical experience and olher factors, including expectations ol future evenls Ihat are believed to be reasonable under the circumstance5. Critical a¢¢ounling estimales and assumptions.. The Charity makes eslitnates and assumptions concerning the lutLJre. The resuking accounting estimates and assumptions will, by d&linilion, seldom equal the related actual results. The estimal¢s and assumptions thal have a significant risk ol causing a material adjustment to the carrying amounts ol assets and liabilities within the next financial year are discLJssed below. The key assumptions in ihe accounts are the recognition of multi-year grant comrnitmenls and the valuation ol investments. The key judgment in mulli-year grant CLirnmitmenls is that th& award of future years remains in the control ol the Foundation. The cotnmitted amounts ar& shown in note The investments were pre￿OuslY hekj in CareTe¢h plc, a listed entity. CareTe¢h plc tlelisted on the 28 September 2022 and a lower shareholdlng is now in unlisled shares. The Trustees believe thal Ihere is no reliable lair value lor these unlisted shares and Ihgrglore these shares are held al cost. INCOME FROM DONATIONS AND LEGACIES As restated Total funds 2021 Unrestrlcted Restricted funds funds 2022 2022 Total funds 2022 DONATIONS Care Sector Fundrasing Ball Other donations 558,300 107,500 558,300 1.678.052 42,184 1.215,396 1.570,552 1,570,552 665,800 2,236,352 1,257,580 TOTAL 2021 AS RESTATED 1,165,396 92,184 1,257.580 Page 35 CARETECH CHARITABLE FOUNDATION IA Company Limit8d by Guaranlg9} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 INVESTMENT INCOME Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Incorne from local listed inveslm8nts 141,000 141,000 127,500 TOTAL 2021 127.500 127,500 EXPENDITUAE ON RAISING FUNDS COSTS OF RAISING VOLUNTAR Y INCOME Roslrlcted fund$ 2022 Total lunds 2022 Total funds 2021 Care Sector Fundraising Ball 150,352 150,352 Page 36 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ANALYSIS OF EXPENDITURE B Y ACTIVITIES Actlvltles undertakgn dlreclly 2022 Grant lundlng of activities 2022 Support costs 2022 Totsl funds 2022 Total funds 2021 Skills development in care se¢lor Disabilities and mental heatth Supporting communities Championing s￿181 care 426,546 835,378 274,697 403,000 82,170 82,166 82.394 97,184 508,716 917.544 357,091 500,184 323,071 299,210 322,974 1.939,621 343,914 2,283,￿5 945,255 TOTAL 2021 56.028 670,119 219,108 945.255 In 2021 £110,594 was attribulable to restricted funds and £834,661 was attributable to unrestricted funds. Page 37 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ANALYSIS OF EXPENDITURE BY ACTIVITIES {CONTINUEDI ANALYSIS OF SUPPORT COSTS Skllls development Disabilities In ¢arg and mental Supporllng Champlonlng sector health communltl8s So¢lal Care 2022 2022 2022 2022 Total funds 2022 Total funds 2021 Staff costs 8ank charges Ganeral expenses Insurance Website cosis Staff Iralnlng Travel PFI costs Marketing Legal expenses ALJdit and accountancy services SLJbscriptlons Postage 51.729 153 51,729 152 51.873 153 61.184 180 216,515 638 143,297 695 1,642 413 3,787 429 1.642 413 3,787 429 1,647 414 1,942 489 6,873 1,729 15,852 1.797 5.476 28.101 44,354 5.520 1,399 1,517 7,658 4,162 392 24,183 24,021 3,798 431 4,480 508 1,547 7,941 12,533 1.560 1,309 6,714 10.598 1,319 1.308 6.714 10,597 1,319 1,312 6,732 10,626 1,322 3,578 490 3,577 489 3,586 490 10 4,230 578 12 14,971 2.047 41 9.594 2.162 28 82,170 82,166 82,394 97,184 343,914 219,108 TOTAL 2021 74,887 69,355 74,866 219,108 Included in support costs are govgrnance costs lotalling £10.614 12021 £8,607) were audll and accounting fees 01 £10,00012Q21 £8,580). Page 38 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ANAL YSIS OF GRANTS Grants to Grants to Inslltutlons Indlvlduals 2022 2022 Total funds 2022 Total funds 2021 Imwoving skills Supporting people Sijpporting employees and local comrnunilies Championing Social Care 426,546 835,378 15,000 403,000 426.546 835.378 274.697 403,OLN) 248,184 229,855 192,080 259,697 1,679,924 259.697 1.939,621 670,119 TOTAL 2021 525,039 145,080 670,119 Pag8 39 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Charity has made the following material grants lo inslilulions during the year, 2022 2021 NAME OF INSTITWION Alzheimer's Society Austica 125.000 55,500 50,000 41.666 100,000 26,250 95.000 37,500 75,000 83.332 50.000 11.250 Barnardo's Birbeck University British Asian Trust Birmingham DRC Breaking Barritrrs Transfortn Society Care Leavers Bursary Carers Worldwide Depaul UK EY Foundallon MAITS National Theatre Onside Youth Zones 22,000 15,000 15,000 58,856 7,071 36,000 34,000 130.664 77,500 39,996 153,750 51,000 86,096 15,000 49,275 36.800 17,5001 12.500 19.998 71,250 20,000 Open Univfyrsily Prlnce's Trust RNIB Sense Intemational Social Care Leaders Scheme WhizzKids Other Grants reversed 25.000 15,369 1,276,924 525,039 Care Sector Fundraising Ball Alzhèimèr's Socièty Care Workers. Charity 201,500 201,500 403,0￿) Total grnnts to In$lltutlon$ 1,679.924 525,039 Page 40 CARETECH CHAAITABLE FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 AUDITORS. REMUNERATION 2022 2021 Fees payable lo the Charitls auditor lor the audit of the Chafity's annual accounts 7.9fy) 6,680 Fees payable to the Charity's audiltsr in respect of.. All taxation advisory services Accountancy services 2,100 1,900 10. STAFF COSTS 2022 2021 Wages and Salaries Social security costs Contribution to defined Contribution pension schemes 188,932 16,961 10.622 125,154 10,524 7,619 216,515 143,297 The average nurnber ol persons employed by the Charity during the year was as follows: 2022 No. 2021 Management and adminislralivo staff The number of employefjs whose employee benef￿$ lex¢luding employer pension costs) exceed9d £60.000 was: 2022 No. 2021 No. In the band £70,001 £80.000 The key management personnel of Ihe Charity comprise the CEO. Foundation Manager and the Trustees. The total remuneration, including pension contributions and employers national insurance contributions ol key management personnel was £130,81312021 £122,508). 11. TRUSTEES, REMUNERATION AND EXPENSES During the yea¥, no Trustees received any remuneration or other b&nelits12021- £NILI. Page 41 CARETECH CHARITABLE FOUNDATION IA Company Llmltgd by Guar8nt&g} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBEFI 2022 11. TRUSTEES. REMUNERATION AND EXPENSES ICONTINUEOI During the year trnded 30 S&plember 2022, expenses tolalling £358 were reimbursed or paKJ direclty to 2 Trustees12021 £27 to 1 Trusteel. All expenses related lo travel expenses incurred as part of their role as Trustees. 12. TANGIBLE FIXED ASSETS Office equlpmont COST OR VALUATION Additions 624 AI 30 September 2022 624 NET BOOK VALUE AI 30 Seplamb8r 2022 624 AI 30 Stsplember 2021 13. FIXED ASSET INVESTMENTS Llsted Unllstgd Investments investments Ivaluatlonl l¢o$l) Total COST OR VALUATION Al 1 October 2021 Additions 6,410,1100 6.410,000 1,772,909 16,410,000) 1,772,909 Disposals I6,410,(￿) AT 30 SEPTEMBER 2022 1,772,909 1.772.909 Page 42 CAAETECH CHARITABLE FOUNDATION IA Company Limited by Guaranto81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 14. DEBTORS 2022 2021 DUE WITHIN ONE YEAR Tyade debtors Amounts owed by related party Prepaymtsnls and accrued income 30.000 5.727.091 375,927 2.209 6.133,018 2,209 15. CREDITORS.. MIOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Other laxalion and social security Other creditors Accruals Grants aecrued 4,634 12,500 61,673 1.377.225 64,915 133,852 1,456,484 203,401 2022 2021 Movement In dgferred Incomè D¢lerred incorlle at 1 October 2021 Atnounls released from previous periods Resources deferred during the year S2,￿0 {52,500} 14,000 52.500 Dgf8rr8d Income at 30 September 2022 14.000 52,500 Deferred income in 2021 relates lo 2022123 Care Sector Fundraising Ball income. Page 43 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 2021 Movement in grants accrued Grant COTnmilTnenl al 1 October 2021 Grants committed 133,852 1,939,621 1696,2481 70,424 670,119 1606,6911 Grants paid Grants accrued at 30 September 2022 1.377,225 133,852 Grants ¢ommitted bul not a¢crued at 30 September 2022 were £899,896. Page 44 CARETECH CHARITABLE FOUNDATION (A Company Lbmlted by Guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR As restated balancg 8t 1 October 2021 Balance at 30 Galnsl Septembor {Lossesl 2022 Translers Inlout Incomo Expendlture UNRESTRICTED FUNDS Championing s(￿la1 Cafe 30,000 10,000 40,000 Gen¢ral Funds 7,022.157 1,681,552 11.677.372) {126.3631 1.090.000 7.989.974 TOTAL UNRESTRICTED FUNDS 7,022.157 1,711,552 11.677.372) 1116,3631 1.lJ90.000 8,029,974 RESTRICTED FUNDS Championing Social Care Staff hardship fund Social Care Leadership Scheme 23.924 578,300 1553,352) 48.872 {166,3631 116,363 37,Slh) (36,8001 700 23,924 665,800 1756,515) 116.363 49,572 TOTAL OF FUNDS 7,046,081 2.377.352 12,433,887) 1,090,000 8,079,546 Page 45 CARETECH CHARITABLE FOUNDATION IA Company Limited by Guar*ntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR As r¢slaled balance at Balance at 1 October As restated 2020 Income Expenditure 30 Gainsl Sepltrmber (Losses) 2021 Transfers Inloul UNRESTRICTED FUNOS General Funds 4,468,488 1,292,896 1834,6611 114,5661 2.110.000 7,022,157 RESTRICTED FUNDS Staff harcsship fund 50,000 154,5661 16,4861 4,566 Ki14Carers Connect the Love Championing Social Care 6,486 1,782 11,7821 19,500 42,184 147,7601 10,000 23,924 27,768 92,184 1110,5941 14.566 23,924 TOTAL OF FUNDS 4,496,256 1,385,080 1945,2551 2,110,000 7,046,081 Page 46 CARETECH CHARITABLE FOUNDATION (A Company Limltgd by Gu8r8lltee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. STATEMENT OF FUNDS ICONTINUEDI Staff hardshlp lund The Foundation receives a restri¢ted donation from CareTech to enable us lo provide srnall grants lo CareTech staff and those who rllay have recently left the company who lind themselves in significant linaneial hardship OT at risk ol becoming in significant fi'nancial hardship. Gifts in klnd The gifts in ￿'nd Compristr the rentable value of property and the apportioned salary costs ol workers lor servi¢8s provided free ol charge. Championing Soc5al Cara Th9 Foundation receives restricted funds lor the Championing Social Care campaign. which slrives lo ensure a widor and deeper public understanding and appreciation for the social care sector. Transter5 Tfanslers represent amounts contributed to restricted funds from the charitys unrestricted funds. 17. ANALYSIS OF NET ASSETS BEfwEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURAENT YEAR Unrestrlcled Restrl¢tgd funds funds 2022 2022 Totsl funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors ¢Jue within one year 624 1,772,909 7,309,251 11,052,810) 624 1.772.909 453,246 7.762,497 1403,6741 11,456,484) TOTAL 8,029,974 49,572 8,079,546 Page 47 CARETECH CHARITABLE FOUNDATION IA Company Llmltgd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBEFI 2022 17. ANALYSIS OF ASSETS B￿WEEN FUNDS ICONTINUEDI ANAL YSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR As reslaled As restated unreslricled reslricled funds funds 2021 2021 Total funds 2021 Fixed asset investments 6,410.000 763,058 I150,￿)1) 6.410.000 76.424 839,482 152,5001 1203,4011 Current assels Creditors dug within one year TOTAL 7,022,157 23,924 7,046,081 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATItIG ACTIVITIES As restated 2021 2022 Nel income lor the ygar las Stalemenl of Finanaal Activities) 1.033.465 2.549.825 ADJUSTMEMfs FOR: Gains on investrnents 11,090.000) 12,110.0001 1141,0001 1127,5001 1403,7181 3.028 1.253.083 119,144 Dividends. interests and rents from investrnents Iln¢reaselldecrease in debtors Increase in Crediltsrs CASH PROVIDED BY OPERATING ACTIVITIES 651.830 434,497 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 2021 Cash in hand 1,629,479 837.273 TOTAL CASH AND CASH EQUIVALE￿$ 1,629,479 837,273 Page 48 CARETECH CHARITABLE FOUNDATION IA Company Llmlted by Guaranta91 OTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ANALYSIS OF CHANGES IN NET DEBT At30 September 2022 October 2021 Co$h flows Cash al bank and in hand 837,273 792,206 1,629,479 837,273 792,206 1.629,479 21. PENSJON COMMITMENTS The Company operales a defined contribution p&nslon 5cherne. The asstsls of the scheme are held separately from those ot the group in an independently administered fund. The pension ¢051 charge represents contributions payable by the Company to the lund and amounted to £69012021 £9,223) worè payable lo the fund al the balance sheet dale and are included in creditors. RELATED PARTY TRANSACTIONS Dltring th& year Carete¢h Holdings plc, now CareTe¢h, a company with Ihro9 mutual TrusteeslDireclors, made donations lo the Charity of £1,582.75012021 £1,202,003). This was wholly paid in th& year. Septembtrr 2022 CareTech plc delisted, part ol the proceeds ol the investment was reinvested in shares in the unlisted company (note 131, and parl remained due at the year end Inole 141. Durlng the year, no Iwslees made donations lo the Charity totalling £nil12021 4 trustees lotalling £1201. During the year. ong mgmber of staff was related lo a member of key management personnel. The indivrdual is not involved in the appointment OT salary setting ol this staff member. 23. POST BALANCE SHEET EVENTS In line with Iruslees, agreed inveslment strategy and following Charity Commission approval, the Foundation compleled the purchase for £3.596,398 01 a properly from CareTech Estates IN021 Limited and a lease ol the property back to CE Ltd on 16th February 2023. Page 49