ST CHRISTOPHER'S FELLOWSHIP (A company limited by guarantee) REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Register8d Company no. 321509 Registered Charity no. 207782 ST CHRISTOPHER'S FELLOWSHIP REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Page Referen￿ and Administrative Details Report of the Chair Stratègic and Board Report 6-30 Report of the Independent Auditors 31-34 Consolidated Statement of Comprehensive Incomè 35 Consolidated and Parent Statement of Finanoal Position Consolidated and Parent Statement of Changes in Reserves 37 Consolidaled Statement of Cash Flows 38 Notès to the Finanoal Statements 39-62 ST CHRISTOPHER'S FELLOWSHIP REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022 LEGAL DETAILS Registered Name: St Christopherfs Fellowship Other names used.. St Christopherfs A company limited by guarantee, registered no. 321509 Regislered Charity no. 207782 Registered Provider of Social Housing no. LH1832 REGISTERED OFFICE 1 Putney High Street London SW15 1SZ TRUSTEESI MEMBERSI DIRECTORS The Trustees who are also Directors and membars who served from 1 April 2021 up to the date of approval of these financial statements were as follow5.. Joe Anichebe David Brown Angela Dakin Rupert Duff Kelly Dooley John Halliwell Noella Hacquard (Honorary Treasurer) (retired 7 September 2022) (Vice Chair) (appointed 14 September 2021, retFred 7 September 2022> (retired 7 September 2022) {appointed 11 May 20211 (Chair) {retired 7 September 20221 (retired 7 September 2022) Daniel Hobbs Vicloria Markiewicz Bert O'Donoghue Sally O'Neill Akua Doreen Owusu-Akonor Anne Stoneham Dinesh Visavadia Jule Wesseman (Chair Designate) (appointed 22 June 2022} (retl￿d 7 Septgmber 2022) (appointed 21 June 20221 COMPANY SECRETARY Sara Kortenray ST CHRISTOPHER'S FELLOWSHIP REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022 PRINCIPAL STAFF Doris Afreh FCIPD PG Dip HRM Geneva Ellis BA (Hons) m.sc Faye Puttock ACMA CGMA Anne Seed Philip Townsend BA (Hons} PG Dip HS FCIH Jonathan Whalley (Director of People) (Direclor of Income & Development) (Director of Finance) (Director of Op8rations-Isle of Man) {Director of Operats'ons-UKI {Chief Executive} SOLICITORS Trowers & Hamlins 3 Bunhill Row London EC1Y 8YZ Russell-cooke 2 Putney Hill Putney London SW15 6AB BANKERS National Westminster Bank 16 Wimbledon Hill Road London SW19 7ZD EXTERNAL AUDITORS Beever and Struthers St. George's House 215-219 Chester Road Manchester M154JE ST CHRISTOPHER'S FELLOWSHIP REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2022 l affl delighted to present our Annual Report and AGcounts for th8 year 8nded March 2022. It has been another difficult year following on from the pandemic and Brexit, which along with the situation in Ukraine has created the cost of living crisis and dramatic increas&s in inflation. However, despite this the care of children and young people has remained our priority with our pla￿ment stability slill above the national average. As ever, credit goes to our staff teams and foster carers for this irnpressive achiev8ment during these difficult times providing flexibility. creativity, love and professionalism in adapting to the ever-changing enwronmenl. Some of the operational successes over the past year indudè: A two year extension for our contracts on the Isle of Man The purchase of a new 6 bed home in London to further extend our Supported Accommodation offer The purchase of a Leaving Care flat in the Isle of Man, with another due to be purchase shordy, to support the increasing demand for social, sustainable independenl accornmodation for young people post 16 The creation and roll out of our Philosophy of Care Recruiting 3 new foster carers in an increasingly competitive environment A further extension of our Staying Close project funded by the Department for Education Another year of fully fundraised support for the Isle of Man's Support into EmployTnent project. It continues to be very challenging and competitive environment so l am delighted to report that our revenues stayed stable at £18.2m during the year. The needs of looked after children and young people are at the core of our mission and driv8 all of our aGts'vities. We will always put the children and young people first and so we have added our voice to the fairer fostering campaign, Morchildrennolprofit. Going foward wo are facing more change. Operationally we have agreed a year of investment with a deficit budget whilst we.. Bolster our People Team to support recruitment, training and retention of staff In¢rease our Fundraising department to support the or9anisation with the essenlial value added work such as Lrfe Skills and Support into Employment Change the staffing model in our UK children's homes to increase the number of more experienced staff available on each shift line. Ensure that we pay the Living Wage respeclively for the Isle of Man. Midlands and London region Strategically we a￿ changing as a board of trustees and a number of us have reached the end of our third term and as we welcome a new Chair. I will stand down in September along th Sally O'Neill. Dan Hobbs, Dinesh Visavadia and David Brown. We have been building our board for the past couple of years in preparation for this moment. And Noella Hacquard, ViGki Markiewicz and Jule Wesemann have joined us in the past year. During the early part of this year, with the assistsnce of an external recruitment company, we went through a very thorough exercise to recruit a replacement for rne as Chair. We were absolutely delighted with the calibre of candidates that expressed a wish to work with St. Christopherfs and we ultimately selected Lady Anne Stoneham who joined us as Chair designate in June. Anne has had ST CHRISTOPHER'S FELLOWSHIP REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2022 distinguished legal and academic career and is an experienced Chair in the charity sector and will bring immense value to the organisation. Weare indebted to all those who share ourvision. and have supported us throughoutthe y8ar= foster carers, commissioners, local authorities, government departments, Ofst8d and volunteers. Thank you also to our donors who have provided funding for laptops, home- schooling and therapeutic support. and our employmenl servI￿s. You have enabled us to add value beyond what we are contracted to do- creating brighter futures for our children and young people. I would like to say a big thank you to my fellow trustees, who volunteer their time and expertise selflessly. Your guidance has been invaluable, both to me and the senior leadership team. And finally. to end where I started, my thanks go to our staff who have worked tirelessly throughout the pandemic to support the children and young people in our care. Without you, we could not achieve our mission or impact young people's lives as we do. My admiration and respect for you all is endless. Bert O'Donoghue Chair of Trustees 7 September 2022 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 MANAGEMENT AIMS AND ACTIVITIES At Sl Christopherfs we work in the British Isles as a charity and Registered Provider of Social Housing. We currenuy work in Southem. Eastern and Central England and the Isle of Man, providing services to young people in care, care leavers and those on the edge of care. Our ServI￿S include foster homes, children's homes (including a secur8 children's home), homes for care leavers and homeless teenagers. outreach support. retum home inlerviews for young people who run away from home, preventative outreach. education support and therapeutic provision. We also provide consultancy to local authorities and charities. OBJECTS SET OUT IN GOVERNING DOCUMENT Our objectives as set out in the Articles of Association are lo assist people in need, particularly children and young people and people with learning disabilities, to relieve poverty and to undertake any other charitable purpose. Our priorities during the year continued to be: continual improvement in service quality to create even better out¢om95 for children and young people speeding up recruitment processes and improve retention by belter staff support and progression irnproving spot purchase capabilities to meet or exceed financial and occupancy targets maximising asset usage to further enable and enhance service delivery expanding capability to respond creatively to the needs of children and young people. and commissioners, to drive growth and create more brighterfutures STrATEGIES FOR ACHIEVING OBJECTIVES In November 2017. we started the process ofsetting our Vision and Strategyfor 2018 to 2023. We felt it was important that the strategy properfy reflected Sl Christopherfs by being participative, 81igned with ourways ofworking, and centred on young people. Children. young people and staff from across the organisation had their say on our strategy so that it is built upon ideas that will benefit those we work with. now and in the future. Our three strategic aims are.. 1. Creale more 8x¢ellent homes, fostering and support for children & young people Children and young people have told us that it's the relationships with carers in our fostering and residential ServI￿S that make their houses feel like homes. Over the five years of the strategic plan we are developing more excellent homes to support even more children in care and care leavers. We are doing this by focajsing on growing our residential, fostering and support to provide services lo double the number of children and young people by 2023. 2. Improve emotional wellbeing We will develop clini¢81 therapeutic input across all of our services, so young people, carers and staff receive the expert advi￿ and support they need, when they need it. Building on our existing strengths in attachment theory and social pedagogy, we will partner wilh mental health organisations to develop holistic, empowering, relats'onship-centred ways to improve emotional ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 wellbeing. After successful development of the Isle of Man therapeutic services, we have been using this learning to inform the ongoing development of our UK based therapeutic service. 3. Promote lrfelong learning and thriving Our slaff SUc￿ed with young people who have eXperIen￿d very difficult starts in life through relalionship-centred, creative approaches to leaming that equip them for life in Ihe world. We are increasing capacily in the education and life skills teams to support more young people to achieve their potential We will collaborate with young people to help make each step of their joumey to independen easier, maintaining important relationships with people that matter most, whether friends, family. carers, or St Christopherfs staff. We will continue to invest in training and supporting our staff to enhan￿ learning and develop skills to promole growth and career progression. May 2022 saw the publishing of the Independent Review of Children's Social Care (England). St Chrislopher's submitted evidence to th8 review drawing upon an extensive contribution from the lived experrences of children and young people in care and the practice insight of our staff and Garers who support them. Our young people stressed the importan¢e of stability, strong. lovrng and posilive relationships, good education, happy experiences of childhood and Brighter Futures for themselves and parity of outcomes and opportunities wth their non-care experienced peers. Broadly as an organisation we welcome the review's inclusion of emphasis upon the importance of availability and quality of meaningful supportive relationships for young people throughout their journey within the wider care system. The cornmitment to children's social care workfor* development. in particular new national training standards, if agre8d. potentl8lly places St Christopher's within an influential position in the sector as an established provider of quality services with an established thorough training program for staff and carers. particularly within supported accommodation and fostering. St Christopherfs remains optimistic about the prospects for real change the review recommendations present and will s88k lo fully engage with the implementation of the elemenls fomially adopted by the governmenl following its fomial initial response expected Dec8mber 2022. However the review recommendations are limited in their scope of addressing children and young people's 8motional wellbeing. We knowlhat the young people placed in our care are highly likely to have pre-existing mental health needs and that their support should encompass a holistic approach to meeting theirfull needs. The continuing use of therapeutic wraparound services in both the UK and Isle of Man to psychologically inform staff practice and home environments wll persist as key for the leaming and thriving of young people and staff. As a charity. we aim to remain financially robust and ensure that the organisalion and its activities are sustainable. This will enable the tradition, started in 1870, of providing services foi children in care, on the edge of care and leaving care to continue. We also recognise that new initiatives and services can require an initial inveslment. prior to the ServI￿S becoming financially sustainable in the longer temi. Consequenlly. we aim to ensure we have sufficient reserves to both manage risk and develop new services. The Council's target is, in the event that all income for St Christopheff s cease. we hav8 2 months of operating cost in reserves in order to meet our short term obligations ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 VALUE FOR MONEY The financial environment was difficult, evèn prior to the COVID-19 pandemic and has now been eXa￿fbated further with the situation in Ukraine and the cost of living cirisis. There is a clear need to deliver value for money to our partner commissioners. Almosl all of our services are delivered and commissioned within competitive mark8ts. whether they are lendered contracts, framework contracts or spot purchase services. Accordingly, we have to take into account both the quality of services and their cosl. We are committed to maintaining quality to ensure that 811 of the children and young people who rely on our services are loved and cared for and have the chance to thrive and grow. Where a service is provided to a single commissioner there is scope lo tailor the service to its specific requirements, subject to the ability to sustain a quality servits. Where services re￿1ve pla￿MentS from multiple commissioners, we define the servi￿'S specification and cost accordingly. We then keep the level of demand for the service under review. Council seeks to ensure that our assets are used effectively lo deliver services for children. young people and adults. We aim to ensure that all serwces we undertake are financially sustainabl8 in the longer tarm. and the perfornian￿ of services is reviewed in this context. We're grateful for the support of our arnazing dor￿rS and supporters. This year we have seen people raise money for all manner of activities from sponsored walks, bike rides and raffles- all the money raised helps to enrich young people's lime with St Chrislopherfs. h8lp them reach their full potential and create brighter futures. Our thanks extends to each and every trust and foundation, corporate partner, major donor, communily group. and individual (whether major donor, leaving a gift in will or simply doing sponsored activities). and not forgetting the gifts and presents We have rerRived at Christmas and Easter for our children and young people. Each year they enable us to deliver life skills work wilh children to prepare them for independence, provide tailored education support to help children thrive in education, support into employment and to ensure young people's voices are heard. The Fundraising team are committed to portraying the children and young people at St Christopher's in a respe¢fful way. We see them as people in their own right, not adults in waiting, and their ideas and suggestions bring a fresh perspective. We seek their participation {participation is volunlary) and valu8 IF￿1r opinion on our fundraising appeals and articles. We are registered with the Fundraising Regulator and adhere to its Code of Fundraising Practice which covers the requir6ments charities must follow as sel out in the Charities Act 2011. We do not currently raise funds through telephone fundraising or work with an agency to do so. We are Glear on ourwebsite and fundraising communications how to advise us if our donors no longer wish to receive our mailings or communic2tions from us. We have a clear complaints policy which is a¢￿SSIble from our website and we plan to deal with them quickly and appropriately. We had no fundraising complaints from donors in the year ended March 2022. We are signed up to the Fundraising Preference Service to allow people to opt out of re￿IVing fundraising communications from us and, this year, we aclioned one request. Last year improved and updated our fundraising pages on th8 website which will improve the user experience, ￿lebrate ourwonderful supporters and donors and make it easierfor people to support us. ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 St Christopherfs currently have a team of 2 {1.2 full time equivalent) comprising a Head of Fundraising employed directly by the charity, and a longstanding fundraising consultant. Both are members of the Institute of Fundraising. As a Housing Association, our accounts are prepared under the Housing Slalement of Recommend Pra¢tice (SORPI. These differ slightly from the Charities SORP with one of the differences relating to the treatment of Restricted Grants. Under the Charities SORP income received and not yel spent would be credited to the Restricted Reserve. This is held as deferred income within Creditors Due with One Year under the Housing SORP. At St Christopher's, we wanl to break down the barriers that our young people can fa￿ that can prevent them from following their dreams and aspiratsons and trwng new things. We support them to access education. training, and work. We want young people to be as prepared as possible for the transition of leaving care. The diamond model is at the heart of Sl Christopherfs social pedagogic approach to supporting young people and is founded on the belief that we all have a 'diamond' within us that represents our value, skills, talents, polential and ability to shine. As many of our young people have lived through significant trauma and deprivalion, they have missed out on ordinary childhood opportunities to try n8w experiences and. as a result, can struggle to see their unique value and potential. By involving them in a range of different shared aotivities, our staff create opportunities to discover and share their diamonds. leam new skills, build positive relationships and develop self*sleem and emotional resilience. We raise funds to ensure we can continue to deliver the tollowing initiatives in line with our strategic aims.. Create more eX￿1]ent homes. foslering and support for children & young people-, Improve emotional wellbeing, Promote lifelong learning and thriving. LIFE SKILLS Our Life Skills team work alongside our young people to develop the knowledge, skills and attributes needed to thrive in society. They develop practical lrfe skills such as cooking. shopping, budgeting, problem-solving skills, communication skills, and self-awareness. Our Life Skills team are essential in helping our young people prepare for moving into semi- independent living and leaving care. They help with practical tasks (such as opening a bank account and budgelingl but also building their self-esteem and resilience. Our young people tell us that loneliness is often the most significant challenge theYfa￿ when they move on from their children's homes. OUR PARTICIPATION AND CO-PRODUCTION WORK At Sl Christopher's our participation team look for opportunities for young people lo be heard in ways that suit them. We don't jusl listen lo them during consultation activities, surveys or council meetings, but in everyday conversations such as on the way to school or when we cook dinner. We think about what they tell us through their behaviour and Ghoices or when they say nothing. Young people set the participation agenda, which initiates ¢hanges that have the most significant impact. We use ¢reative methods and group activities to starl conversalions and discover how we can change. ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 As a result, young people are involved in decisions at all lev81s of the organisation across all departments. Not only do they shape the way their own homes and Se￿CeS are run, but they also feed into our strategy, policies, recruilment and marketing work. EDUCATION We'vè developed a specialist education service {PULSEI in response to the need to support young people in children's homes to improve lifelong leaming and thriving. Educational support lo the carers of looked after children and care leavers ensure that our young people receive tailored support to engage in education. The learn provides specialist 1.1 bespoke tuilion and works with home staff to support and promote understanding of leaming requirements and resources, alongside an awareness of trauma-informed leaming practice. SUPPORT INTO EMPLOYMENT Our experien¢ed Support inlo Employment team understand the challenges of offering work placem8nts and experience, so we offer support every step of the way for both the employee and employer. As care l&avers grow up, they need help to identify career opportunities, navigate their finances. access work exparience, and leam workplace etiquette like all of us. The team provide support every step of the way. They don't just focus on getting everyone a job straight away but instead work with each young person to grow their confidance and raise their aspiralions to secure the best role for them. THE DL4MOND FUND The Diamond Fund exists to help create brighter fulures for young people by easing their access to education. training and work and enabling them to participate in enjoyable. creative activities with their ￿er$ and stsff. building relationships and resilience through posits've shared experiences. Through this initiative. Our young people have been able to buy laplops, art materials for a design course, cooking equipment for a catering business and a printer for school work. WELCOME VOUCHERS Mosl young people who arrive at St Christopherfs have found themselves in care for reasons beyond their control. For these young people, a safe and established home environment is crucial to help them progress. When these young people come to one of St Christopherfs Fellowship's residential homes, we work hard to help them feel welcome and ensure they have sense of control over an element of their life and future. One of the first ways we do this is through welcome vouchers. Through feedbad( gathered from young people, we identified the most effective way to help them feel welcomed and at horne when they join us is by allowing them to purchase a small item they want for themselves. Welcome vouchers enable young people to choose an item to personalise their room. This small gift has a positive impact on the lives of the young people who arrive at our seNices and gives them a sense of control over their environment. When they leave our care, we dony just wanl young people to have the skills to survive - we want them lo thrive and enjoy happy, fulfilling lives. 10 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 VALUE FOR MONEY METRICS The Regulator of Social Housing issued the new Value for Money I'VfM') Standard on 9 March 2018 together with a Code of Practice. Value for Money metrics was introduced for reporting periods up to 31 March 2018 and aims to provide an agreed set of metrics for hoLtsing associations which compare perfOMan￿ and provide a value for money check. Social housing is one small facet of the work that St Christopher's does, with social housing lettings making up just 1.6¥0 of our Group iurnover in the year over 77 owned bed spaces and 10 managed bed spaces. We are therefore impacted by the smaller margins for supported housing as opposed to general needs as well as not having the economies of s¢ale a¢cessible. 2022 Group 2022 Parent 2021 Group 2021 Parent Business Health Operating Margin (social housing lettings), 00 1% Operating Margin (overallF 0% {6¥0) OVO EBITDA MRI Interest Cover3 5.390Oh (18,2170h) 1 knlal Htytslng IBIVnyowraln9 margln¥s a r*¢*nt8ge of lurr•)ver 20verall aperatww m¥ryin a5 a percen￿2 0f￿m￿￿￿ 3 Owaling SurpluslldrfWII le55 Intei•sL &xabDn, aFk¥edation. amorU5atlon phs m4or repslr$ dfvhJ8d by Int8r8St¢wall*d. Inbra8t payab￿ and￿nan￿n$ ¢0 The social housing operating margin deteriorated in 2022, largely as a r85uIt of an increase in void losses and bad debts. Voids had been an issue in previous years and had been improving year on year, £106k in 2018, £74k in 2019, £29k in 2020 and £29k in 2021. However the reduction in placement movements seen in the COVID-19 pandemic have now eased and voids have increased to £43k in 2022. Increased tumover of slaffing in Ihé homes has impacted the levels of bad debt. However staff teams are becoming more stable, which in turn is seeing the debt levels improving. The overall operating margin has remained al 0% in line with the prior year. The currenl year and prior year include significant underperfomance in spot purchase and fostering placernent numbers. Plans are in place lo address the issu8 Wlth income, rewewing both how to increase level so of occupancy and also reduce expenditure levels to bring them into line with income achieved. The Parent overall operating margin has redU￿d from O¥0 to a deficit of 6%. This is caused in part by the impairment of the investment of Future Families, with the remainder as a result of lower occupancy level in spot purchase homes in the UK creating reducing income compared to tsrg8t. St Christopherfs has no long or short-tem debt and Iherefore has no interest accruing other than the interest on the recycled capital grant fund. which was recycled against the new property purchase towards the end of the financial year. ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 2022 Group 2022 Parent 2021 Group 2021 Parent Development - Capacity & Supply New Supply Delivered (Supported Housing) 8Y 00 New Supply Delivered (Non- Supported Housing) 0% OYO OYO 0% Gearing (47%) (6%) {820/0) (37Yo) 4 Tokl 5wlal ho￿n4 ￿lt$ thdoped bLiftdNided by wi soeial unitsow2d aithe erMI ofihe fin3wAal Sear 5 Total non-$LKVdl h￿Sing urlls d¢v•14ped or bull dmded bylotal noTrsocKg1 Th¥ed allheend of thefinawAal ￿aT 6 Sh)rt and h)ry-t¢rm lo•￿. ush and cash e4Lly￿ent5. arnounts owtsl ￿ group ￿dertakI￿43 and finance leASO dfrrfia6d by tswit4e fixed asset hoLwng properle9 8leOsL A new property was purchased towards the end of the year, with plans for the home to be open within 2022-23 providing 6 additional bed spaces. The gearing percentage is negative as St Christopher's Group and Parent currently has no long or short-term debt and Ihe Parent holds more in cash than is owed to its subsidiary undertakings. 2022 Group 2022 Parent 2021 Group 2021 Parent Effective Asset Management Retum on Capital Employed7 00 (7Yo) Oyo Operating Efficiencles Headline Social Housing Cost Per Unit6 £2,900 £2.900 £3,127 £3,127 Investment R8investrnent efficiency pe￿ntage 22% 22% 0% 7 Cwerall owrdUn9 sUtplL￿d￿kIt1 plu$ 9*rf(1osslond¥o$al of fix*d 8steth0L￿1￿q properues d￿lded bytotsl J55ets di¥￿& bYcU￿er* 8 Sw81 houwny costs lrnanagomenicharge5. 5ervlcè char9&. roubne malr&¢narKe. FA•nwJ Maintena￿￿. rnaiorrepwr6 expE￿￿Te, lew Ca￿t￿l$ed m8iwttspairscosts lor the period) divided by sodal units owDed ￿dIOr manAg&. 9 Dtrekprn￿tOtn*I orwettie5. new WOP*FbÈS awuir*d, tO•YJ￿ry W¢PWUqs and Ca￿￿1 Interexdivw byiawiblefixed a$¥ei proper#os4t ¢0*. The Group retum on capital employed is in line with the prior year. The reduction ofthe Parent retum on capital employed from 0% to a deficit of 7Vo is caused in part by the impairment of the investment of Future Famili8s. wilh Ihe remainder as a result of lower occupancy level in spot purchase homes in the UK creating reduang income compared to target. The headline social housing cost per unit is largely in line with the prior year. 12 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 A new property was purchased towards the end of the financial year Creating the increase in the reinvestm8nt efficiency percentage. The Value for Money metrics were r8Mewed against budgeted targets. as well as an average of the 2020121 results for peers. Th8 group of peers were chosen for either their similarity to the breadth of work with children and young people or their number of units. The peers chosen were Centrepoint Soho, Look Ahead Care and Support Limited, St Mungo's Community Housing Association and YMCA- St Paul's Group for similarity of breadth of work. 2022 2022 Budget target 2021 Average of peers Group Business Health Operating Margin (social housing lettings) 90 (3Yo) Operating Margin (overall) 0% (14¥0) EBITDA MRI Interest Cover NIA 116% The Operating Margin for social housing lettings is a smaller surplus than budgeted as a result of higher voids costs and bad debts in actual results. However it is better position than the average of peers. The overall operating margin is zero is also below the budgeted level, with poor perfomiance in occupancy levels in UK spot purchase services within the year. It is again a better position than that of the average of peers. However the individual margins vary dramab'cally from (79Yo) up to 14Yo. The average of the peers, results is also for 2021, which would have bean substantially impacted by the COVID-19 pandemic. St Christophels has no long or short-temi debt, therefore has no interest accruing other than the interest on the recycled capital grant fund and is a negative due to the deficit position for the year. 2022 2022 Budget target 2021 Averago of peers Group Development - Capacity & Supply New Supply Delivered (Supported Housing) 8% 1% New Supply Delivered {Non- Supported Housing) 00 0% 00 Gearing {47%) (6%) 29% 13 STCHRISTQPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 St Christopherfs had planned to purchase a property creating 6 10 8 new bed spaces and completed the purchase of a property to provide 6 additional bed spaces towards the end of the financial year. Half of the peers had not increased their supply in 2021, with small increases in the other half. However all peers have a grealer overall number of bed spac8S than St Christopherfs. The gearing percentage is negative as St Christophetys Gurrently has no long or 5hort-temi debt. 2022 2022 Budget target 2021 Average of paers Group Effective Asset Management Retum on Capital Employed Oyo 4% Operating Efficiencies Headline Social Housing Cost Per Unit £2.900 £3.286 £9,826 Investment Reinvesbnent efficiency per￿ntage 22% 19Yo St Christopher's retum on capital èmployed is below both the budgeted larget and the average of peers due to poor performance of occupancy in UK spot purchase services. The headline social housing cost per unit is slightly lower than budgeted due to slightly lower expenditure on planned maintenance Costs and capitalised major repairs. The actual cost is also lower than the average of peers. However the average is greally affected by the tsvo peers who can achieve a more efficient cosi per unit based on their greater scale offset by one peer whose major works programme increased their headline social housing Cost per unit to £25k. OPERATING ENVIRONMENT The current fiscal environment remains such that local authorities in England as well as the governments ofthe United Kingdom and the Isle of Man conts'nue to face financial constraints and a need to reduce expenditure,. Ihis had been expected to continue for the for foreseeable future and has grown progressively worse with the cost of living crisis. situation in Ukraine and ever increasing inflation.. Whilst many of the services that we provide fulfill statutory obligations of local authorities and the Isle of Man Government, this does not exempt them frorn a requirement to demonstrate value for mon8y. We are Committed to working with our ommissioning partners to ensure that services remain ￿levant to both their needs and those of children and young people. We recognise that the constrained financial regime can lead local authorities lo be cautious about committing lo medium and longer-terrn commissioning arrangements. where they have uncertainty about their future level of demand for services. Consequently, we Continue to review and expand our service offer to include services, which can be accessed and paid for as and when required. 14 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 Within fostering some commissioners aim to increase the amount of fostering services Ihat they directly provide. This has had the effact of increasing the competition in a market where local authorities are simultaneously. a commissioner of, and a ¢ornpetitor with. St Chrislopherfs. Other local authorities have sought to respond by incr8asing partnership working and we have been proactive developing such partnerships. RISK MANAGEMENT We have a risk management policy and an ongoing prO￿sS for identifying, evaluating and managing the significant risks that we face. These are recorded in our strategic risk register. Risks are assessed for their likelihood and potential impact and Council focuses its work on those risks which are identified as most significant. Disasler recovery S￿narioS have been considered and contingency plans are in place. For all significant risks the potential to miligate risk is considered and proportionate action is taken. A wide variety of strategies are used to mitigate risk. These indude= seeking to mitigate risk through appropriate policies, procedures and controls, spreading risk through ensuring sufficient diversity of activity and commissioning partners, seeking to lay off risk through contract negotiation or insuran￿. Council has considered Ihe risk of fraud and has adopted an anti-fraud policy. In evaluating new projeGts, Council assesses risk and will not proceed with projects where tha risks are disproportionate to the benefits off8red to our children and young people or our organisation as a wholg. The strategic risk register is reviewed by the Senior Leadership Team on a quarterly basis, by the Audit & Risk Committee three times a year and by the Council ￿lce a year. The major risks that we face are recorded in the strategic risk register are.. Staff ReGruitmenl and Retention.. Almost all of our services are for the provision of social care and as such. the qualification and dedication of the front-lin8 Staff delivering the servI￿S has a real impact on the outcomes for our children and young people. We recognise that the nature of the work undertaken by our staff is challenging and the necessity of shift work in many services limils the pool of potential staff. The limited availability of experienced and qualified staff and managers and increased rise in salaries has the potgntial to be a risk to the organisation. While this has been particularly acute in London. il is not solely a London problem. We seek to mitigate this risk with robust recruitment procedures that are honest aboul the nature of the work and through investmenl in training and development. This enables those with aptitude, but without necessary fomal qualifications to obtain them and through investment in diploma qualifications and a trainee program for managers. Safeguarding= As we work with children and young people, safeguarding is c8ntral lo both the organisation and the delivery of serwces. We seek to mitigate this risk with a rnany- layered approach. This includes appropriate recruitment and checking of staff, training, organisational policias and procedures, ensuring our children and young people know how to raise any concems. investigating all concems thoroughly and in full co-operation with Ofsled and relevant local and national authorities, and creating an open culture towards whistleblowing if staff have concerns. We have also have a Safeguarding Committee which has expanded the Trustee and management oversight of this area. Financial Sustainability.. Risks of financial pressures are not only theoretically projected, but are currenliy being experienced. The rise in costs are nol necessarily being matched by rise in income. Challenges to recruit and retain staff results in an over reliance on high- cost agency staff, and ¢xcupancy bases sèrvices pose an ongoing potential risk. The 15 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 recent award of a block contract to provide supported accommodation services in London will strengthen our portfolio ofwork and bring some added financial security- New monthly managemenl meetings and the appointment of new peoplo into key stralegi¢ and senior leadership positions help us to embed a culture of financial awareness and proactivily right across the organisation. Health & Safely.. Wo have reviewed and renewed our Health & Safety policy over the past four years. A Health and Safety Committ88 educates the management and Trustees on Ihe severity of non-compliance and updates Council quarterfy. There is good transparency around Complian￿ with safety checks and controls in place and better correlation between risk assessment and actions that need to be taken. In addition Health & Safety is reviewed by the Safeguarding Committee as part of their remit. Govemance and Compliance: We operate within a highly regulated environment. At an organisational level the lead regulator is th8 Regulator of Social Housing although many of our activities fall under the remit of the Charity Commission, Ofsled and Registration and the Inspection Unit on the Isle of Man. The majority of our activities ar8 not social housing. We therefore, recognis8 that there are risks that the Regulator of Social Housing, in developing regulation designed lo protect social housing, may legitimately develop rules and standards which create restri¢tions upon our activities. We seek to manage this risk by keeping up to date with proposed regulalory changes, assessing their potential impact and evalualing ouroptions within and outside this Regulatory regime. We keep innovation under review, engage in open discussion with key stakeholders and take approprrate specialist advrce to mitigate this risk. sèrvi￿ Failures (including Central Services}= As with all businesses, we have an incr8asing number of IT systems that are used to aid and streamline the recording and monitoring of infomiation thal needs to be collected and processed. The failure of any or all of these systems, whether accidental or malicious. would seriously impact on our ability to provide our services. We seek to mitigate the risk by using external expertise where needed to rèview and audit our IT provision. Organisation-wide business continuity plans are in place and reviewed annually to provide guidance and structure in the event of a service failure. EMPLOYEE ENGAGEMENT We recognise the importance of good, appropriate relationships between stsff and our children and young people. Stable relationships contribute significantly to positive outcomes. As such, a well-motivated, stable and skilled workforce is ￿ntral in enabling brighter futures for our children and young people. We communicate with employees through Chief Executive blogs, ChrisNet (our intranet) and cascading information following manager meetings. Throughout the pandemic, we have developed our ability to communicate remotely through Trustee calls to managers, moving all meetings lo Microsoft Teams and trialing alternate communication methods. Pay and benefits remain under constant revièw. Our Council of Trustees agreed an annual cost of living increase of 20A for all staff. The cost of living increase of 2% is a minimum as all St Christopherfs salaries and Carebank hourly rales are at the living wage or above for their respective regions. Further Ihe majority of our operational staff, below management level, will progress up a scale point on their operational pay scale each year based on perfomianc£ as monitored through the annual appraisal process. 16 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 The pandemic had impacted all our staff, both those on the frontline and those juggling r8sponsibilities working from horne. In particular, staff absences due to COVID-19 isolation have made running our Servi￿S challenging at times. Despite this. children and young people have remained safe ané been looked afterwilh minimum disruption. None hava left pla￿ment due to the pandemic. In recognition of the slress and trauma experiencèd by staff, online therapy has been made available as well as regular group therapeutic reflection sessions to understand and process incidents as a team. Our Race Matters Group was created followng ihe brutal murd8r of George Floyd in 2020. 11 consists of members from across all levels of the organisalion, including the Senior Leadership Team and the Board. The group advises and guides the Senior Leadership Team in introducing meaningful change so thal we can eliminate racism at St Christopherfs. The group have identified the following workslreams, all of which have an SLT lead to help drive change: 1. Training and Education 2. Dala and Experience 3. Policies and Procedures 4. Wellbeing and Therapeutic Support 5. Leadership At St Christopherfs we believe that being not-racist is not enough, we must be actively anti- racist. Social change is enacted when a society mobilises and therefore we can bring about meaningful change at St Christopherfs if we stand united and are mobilised together. One of the ways we are working towards this goal is through a race audit, which will help us review internal processes and identify opportunities for improvements. This group is now supported by the r8¢ruitment to a new Equality, Diversity and Inclusion Admsor post. Our Brighter Futures Group5 are a result of an Appreciative Inquiry melhod used to ¢omplele feedback on positive èxperiences working at St Christopher's and the factors in place to make those experiences work. The Groups are made up of representatives from across the organisation. Represenlatives from each team take the Mews and ideas from their colleagues about what we could do better lo quarterly regional Brighter Futures Group meetings. Groups are non-hierarchical and provide opportunities for collaborating on activities across services and regions. The Brighter Futures Groups continues to be instrumentsl in instigating positive change across the organisation, and ensuring the employee Vol￿ is heard, such as through reviawing our Code of Conduct and taking forward further research into findings from our employee survey. Without dedicated, S￿Iled and passionate staff and foster carers, there would be no St Christopher's. We are only able to make a difference to the lives of children and young people because of the love, the skills. the knowledge, the professionalism and the comrnitment that our staff provide. We continue to review how we provide staff with the best experience, so that they can be engaged and effective in supporting our vision. ORGANISATIONAL PERFORMANCE ACHIEVEMENTS AND PERFORMANCE The overall financial results for the year are below budgat8d expectation but in line with the 2020121 results. Income is again lower due occupancy levels being below projections.The 17 STCHRISTOPHER'S FELLOWSHIP STrATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 areas of income affected are spot purchase children's homes and f05tering. Some savings in expenditur8 have been seen as a result of the r8du¢ed occupancy levels. We have a number of spot purchase homes, which require an adequate level of placements throughout the year to cover the running costs of the home, inclusive of the stsff team. The majorily of these costs are fixed, in the short tem, and therefore it is difficult to make savings in expenditure when there is a drop in occupancy. Ensuring new young people moving in are "matched" to Ihe current residents of the home is also vital to 8nsure safety and stability but adds another layer of complexity to the task of ensuring that target levels of occupancy are achieved. Our efforts are rewarded by placement stability above the national average, which in turn reduces instability for young people and helps them to enjoy happy childhoods. rather than constantly experiencing big lifo changes. Whilst some of our established spot purchase children's homes outperfomied their projected occupancy, others had lower Ihan projected occupancy during the year. For the majority of children's homes, occupancy was greater than 75% during the year. We conlinue lo have reflective sessions and have development both a sales strategy and placement protocol. These are helping to increase our learning as to what support, training and knowledge is required lo equip our managers. on an ongoing basis, to succeed both in lems of the quality of the service and the care and support given to young people. but also the financial perfomiance. A Pla￿MentS and Referrals Working Group explored how to streamline the r8f&rrals supply chain and improved efficiency of the prO￿sS through development of a new pla￿rnent proto¢ol. The Group's adopted aim is.. 'Our aim is to achiev8 our QCGupancy targets in a safe way and one which removes the barriers to admiswon and 8nsures placement stability,. We continue lo explore our supply chain issues in terms of having the correct resources in the right place to 8xpedite decision-making and our ability to compete with olher organisations. Within 2022123 we have expanded our pla￿ments Team with a new position of Platsment Teams Manager to provide more support in this business Gritical area. More excellent homes, fostering and support We recruited 3 new foster carers this year., an decrease from 10 in 2020121. Whilst this is reduction on Ihe previous year, recruiting and retaining foster carers is an issue throughout the sector. As part of the support we provide our foster carers we have grown our in-house therapeutic offer which provides direct therapeutic support to children and young people and consultation for carers. Our therapeutic team have developed, presented, and will continue to present, a series trauma infomied Iherapeutic workshops. We will be working closely with the team to review our training package, introducing therapeutic parenting from recruitment and assessment through to support, lifelong relationships and transitions. One Carer had previously remarked, 'had she been aware of therapeutiG parenting from the beginning ofherfostenng journey. she would have understood her role so much more and it would have saved her a lot of unnecessary doubting of her own abilities.. R8cruilment and retention of operational staff within the UK continues to be a challenge. Staff turnover, which historically has been prevalent in London children's homes, remained high in 18 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 common with the sector generally but has been exp8rienGed more widely in our Midlands and Isle of Man regions too within the financial year. This is something that is occurring in a wide number of sectors, with health and social care again one of the sectors hardesl hit. We obtain feedback from leavers and use it to improve the experience of working at St Christopher's. The Sl Christopherfs Academy enables staff to continually develop in their children's social care career. It is made up of six pathways. which staff can tailor for their career development. For 8xample, there is an entry pathway, practitioner pathway and leadership passport. Staff aren't &xpeGled lo follow a straight line and lick off all of the options. Instead, they Gan choose which roule thewd like lo take through the Academy. Our Residential Pathway Coordinator supports new employees in their first 6 to 12 months. We expect this role to improve attrition rales, by providing a single contact for the induction, training and mentoring support to new stsff. This will be further supported for our staff in the Isle of Man in the coming year with th8 introduction of a Practitioner induction and training coordinator. We continu8 to grow our team of Carebank workers who provide a flexible staffing cohort to help cover staff vacancies. annual leave and sickness whilst understanding St Christopherfs values and ways of working. Recruiting the right staff and retaining them remains ￿ntral to discussions at both Senior Leadership meetings and Wider Senior Leadership Team meetings. as well as with the Board of Trustees. We are currently in the process of recruiting a Carebank Managerto help co-ordinate, manage and support our Carebank workers and th8 managers needing to book their time. During the year. our children's homes were inspected by Otst&d. We are delighted that our specialist home for girfs al risk of child sexual exploitation retained its rating as outstanding. Six of our homes have also retained their rating of Good. Unfortunately. the ongoing difficulties in recruiting, training and retaining staff as well as the ever increasing needs of young people requiring our services resulted in two homes being rated as Requires Improvement to be Good and on8 home as Inadequate. We continue to support all our homes. particularly around the issue with staffing and have a detailed People Strategy to monitor. review and respond to the ever changing and increasingly difficult employment market. We reflected on this situation for the home that was graded Inadequate and took the decision to close the home. We need to ensure we have the right qualifications and experience in our operational teams to safeguard children and young people to our expectations. Qur hom8S also need to be safe working enmronments forourstaff, which we need to provide byensuring new staff with less experience are properly supported and trained. UK semi-independent homes are not regulated and therefore do not require an inspection visit. St Christopher's believes strongly that measures should be intrOdU￿d to ensure there is monitoring in this area of support and accommodalion foryoung people so that high standards are expected and therefore providers are accountable for unsafe provisions. During the year, as in previous years, we used an external inspector to review our semi-independenl homes in the UK. The findings are reported to Council and then used as a basis for recommendations for homes going forward and sharing learning of best practice. The Isle of Man children's homes are inspected by the IOM Registration and Inspections Unit thin the Isle of Man Govemment and at their last inspection 83 /0 achieved "substsntially compliant. or "compliant.. The semi-independent homes are also inspecled by the Registration and Inspections unit and are 'complianl'. Cronk Sollysh, our secure unit, is inspected by Ihe Government Registration and Inspections Unit and is also 'compliant" 19 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Senior Leadership Team allocate time to meet on a quartedy basis lo reflect on all Ofsted, Inspection Unit and semi-independent homes reports, posit've and negats'v8 to increase the leaming that can be taken and applied across all our services. We are delighted lo have successfully tendered for a new Servi￿ project thal is a joint ventu between London Councils, part funded by the Ministry of Justice to provide an innovative altemalive to remand in custody for young males aged 16-18. The client group for the servi will be young males aged 16-18 with a history of offending l and or violent crime. Most young people referred will be on electronic Curfew monitoring and subject to a youth rehabilitation order. The service will work closely with youth offending services and ¢omrnunity and mental health wellbeing setvices to off8r intensive holistic support for young males completing their orders, and supporting them to progress to their next placemenureunification with their families. Typically this will include support to attend court and offending prevention appointments. education and independent living skills. In addition successfully secured a contract extension wlth Manx Care for all current services on the Isle of Man lo 31st of January 2025. This affords a period of significant stability for young people's ServI￿S on the island enabling us to respond dynamically and confidently to continuing increases in demand for provisions of young people's care. Improved emotional wellbeing Our staff work directly with children and young people who have experienc8d significant trauma. abuse and chaos in their lives. Whilstthis work can be extremely rewarding. staff need support dealing with this vicarious trauma. We have an established Wraparound team in the Isle of Man, who are led by a Therapeutic Manager. The Is18 of Man Wraparound team provides invaluable therapeutic inpul for the children and young people, staff teams and employees on an indiwdual basis if needed. We also have a Therapeutic Team in the UK who provide support to children, young people and staff. In addition, we have an Employee A5SiStance Programm8 which staff access throughout personal and professional Challenges. Lifelong learning and thriving We continue lo develop our apprenticeships offer for young people leaving care at a controllad pace to ensure that we are able to implement our leaming from the current and premous cohorts. We have a three-month traineeship, which can subsequently transferred to a full apprenti¢eship post. Th& learning from providing apprenticeships, Iraineeships and work experience all fed into th8 Support into Employment scheme on the Isle of Man. D8di¢aled support workers are available to support care leavers on the Isle of Man to leam the righl skills they need for the workplace and to find jobs doing something they enjoy and that they can sustain. The team provides employability skills sessions to care leavers and gel to know their inlerests and career plans. Then. through partnerships they have built with local businesses and government departments, the team sel up shadowing days and work experience so that young people can tryout different areas of work that they are interested in. These opportunities can lead to more formal work placements, volunteering, apprenti¢eships, or even paid work. What makes this scheme dwfterent is thal the team also support the employers so that they are more understanding of the issues care leavers experienc8 ané show them how lo help the 20 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 young person leam, develop and thrive at work, without f8eling overwhelmed by any setbacks or challenges that crop up. This means the work placemenl is less likely to break down because there is an advocate workin9 With both sides to make it a suGcess. We are ¢urrenlly r8cruiting a fixed teryn Get Into Work co-ordinator post, linked to funding from the Winston Churchill Foundation, lo lead on creating a programme of opportunities for young people lo experience the work place and develop skills and confidence lo help them succeed on their chosen career pathway. This role is new for the UK, but will benefil from the learnings and successes already in place from the Isle of Man. Our Staying Close initiative successfully bid for a further year of funding, up to March 2023. 11 began as a Department for Education IDfE) Innovation Programme pilot in 2017. The team work within our UK children's home providing life skills support,, Staying Close plans. move- on accommodation within the local community and advocating forwhat young people need as they transition from residential care to independence. In the Isle of Man we have purchased a leaving care flat and are in the process of purchasing a second leaving care flat. These flats are to support the increasing demand for social, sustainable independent accommodation for young people post 16. This supports our position as the leader in after care provisions for care experienced young people and our continued focus on raising standards of accommodation for care leavers on the Isle of Man. The purchase of the bNO flats enables young people's bridging accommodation with socially conscious housing managemenl and support. greatly reducing their risk of homelessness be￿een the ages of 16 and 21 whilst affording them a stable base to sustsin employment and their positive supportive ne￿orkS with us and within the community. FINANCIAL REVIEW The results for the year have been prepared in accordance with the Statement of Recommended Practice for registered housing providers= Housing SORP 2018. On this basis and comparing to 2021 figures, tumover has remained at £18.2 million (2021.. £18.2 million). No separato Statement of Comprehensive Income for the parent company has been presented, as permitted by section 408 of the Companies Act 2006. Th8 result for the year of the parent company was a deficit ot £696.000 (2021-. deficit £24,000). This is inclusive of £347.000 impaimient of the investment into Future Families (West Midlands) Ltd. The Statement of Financial Position rernains slable. Cash has decreased from £5.5m to £4.Om. This is largely due a new property purchased in London in order to provide additional supported accommodation for young people. Reserves have remained stable at £8.8m. The principal SoUr￿S of funding are received trom statutory authoritie5 for services d81ivered under contracts. either in respect of children's services or for Supporting People. Other services such as fostering, some children's residenlial pla￿mentS, and some services for young people aged 16 plus are paid for by local authorities and national govemmenls as they are commissioned. We also re￿1ve income from rents and serwce charges payable by individual tenants, often out of Housing Benefit. Over the last few years we have expanded our residential setViC8S to include homes Ihat can be accessed and paid for as and when required, in response to the financial constraints that local authorities are under in medium lem cornmissioning arrangernents. These spot purchase residential services provide a greater number of local authorities access to place children and young people with us. However, we bear the risk rf o¢¢upancy levels fall below a 21 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 financially sustainable level. Occupancy levels are recorded and monitored on a weekly basis so that rèmedial action can be laken in a limely manner. Reserves Polity In the event thal all income for St Christopherfs cease. our reserves policy requires us to have 2 months of operating cost in reserves in order to meet our short tami obligations. The reserves policy is reviewed on an annual basis to ensure that it remains relevant to us and the environmenl we operate in. The total reserves held as at 31 st Mar¢h 2022 was £4.016k (2021.. £5,527} of which £0 is strided12021: £721kl. PLANS FOR FUTURE PERIODS We have been continuing to work on detailed plans for bringing the three strategi¢ aims of th8 Vision & Strategy to life. The plans include.. Operations We are continuously exploring ways to improve our operations and positively impact the children and young people thatare most in need. Tothat end, have reviewed ourUKchildren's home staffing model to increase the number of more experienced slaff on each shift line. We are also in the prO￿sS of recruiting a Carebank manager to help co-ordinate. manage and support our Carebank workers and the managers needing to book their time Con501idation The pandemic forced us to reconsider how we work- across sites, at home and in the offiGe. We are taking the leamings from th& past year to develop a hybrid model. with non-residential staff working a mix of remote and in-person working. To facilitate this, we are moving our systerns to the Cloud and designing a new intranet. Staff retention, stability, Culture and values Our staff are central to our mission of securing brighterfutures for ¢hildren and young people. We know that sustainable and stable teams. reduced staff tumover and developing managers all contribute to this. We will therefore continue to review how we might improve our ability lo recruit and retsin talent through targeted advertising, benefits and development opportunities. Income and Development & Finance The social care sector has very low margins. We therÈfore need lo optimise our revenue. We will do this by continuing to shift the culture towards a more business minded way of operating, seeking to retain 1000/0 of existing. already proven. contracts- and making appropriate cost reductions. Stratègy and Vision Social pedagogy is ￿ntral to the philosophy and workings of St Chrislopherfs. In the run up to the 2023 Strategic Plan, we will be assessing the ifflpact and suitability of this for the future. Quality Assurance. Practits Development and sector influence We have continued to build closers ties with our sector peers through the continuing establishment of the Voluntsry Sector Children's Home Ne￿Ork to share and hone organisational best practice through the exchange of ideas shared belween corresponding 22 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 Chief Executives. The group aspires to progress in influence lo amplify the voice of charitable residential children's services providers to government. 4. STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT St Christopher's Fellowship is a company limited by guarantee and is govemed by its Articles of Association. 11 is a Regist8red Charity and also a Registered Provider. with the Regulator of Social Housing. RECRUITMENT AND APPOINTMENT OF TRUSTEES Our trustees, who are the legal directors of the company, are collectively termed the Council and are elected by the members of the Company. They serve for a three-year temi, after which they are eligible for re-election. Trustees Can normally serve for a maximum of three such terms. Council elects the Chair, the Vice-chair and the Honorary Treasurer from amongsl its members,. these posts are referred to collectively as the Honorary Officers. Bert O'Donoghue. took over the position of Chair in September 2018, whilst Angela Dakin was elected lo the position of Vice Chair al the sarne time. Joe Anichebe took over the position of Honorary Treasurer in Septèmber 2020. A number of trustees, including our Chair, are coming to the end of the third term and will be stepping down from the Council from 7 September 2022. Three n8W trustees joined the Council during the financial year, including Anne Sloneham, as Chair Designate. Ail three have been recruited using the ServI￿S of a sector specialist recruilment consultancy based on the findings of the skills audit undertaken by the Council's Nomination Committee which identified the need for greater experience of social work, housing, fundraising and communications on the Council. In making new trustee appointments, Council is committed to ensuring that it is represèntative of the communities and individuals it S8rves and for this reason the Nomination Committee agreed to carry out a diversily audit of Trustees during the next financial year. New trustees are provided wth an induction programme and training opportunities are available to truslees to help them meet their responsibilities, most notable safeguarding training. SUc￿sSion planning for trust88s is considered regularly by the Nomination Committee. Four new members of the lom Council were also appointed during the year, two Island based and ttwo, Joe Anichebe and Anne Stoneham. from our Group Board. In July 2017, a new Charily Govemance Code was issued to promde a clear set of govemance standards which charities and their trustees can aspire to and work toward. A gap analysis of the Charity Code of Governance was carried out in January 2018 and considered by Council. This concluded that we are compliant with the code although it has highlighted areas that could be brought to a higher standard or are currently work in progress. Following the 2018 analysis, it was agreed by the Council of Trustees to adopt the new Charity Code of Govemance endorsed by the Charity Commission. Confirmation of the adoption of the Charity Code of Govemanca ané an updated gap analysis are completed on an annual basis. The Council of Trustees confirmed adoption and compliance to the Charity Code of Governance for the current financial year after consideration of an updated gap analysis during at the September 2022 Council. 23 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 ORGANISATIONAL STRUCTURE AND DECISION MAKING Council met seven times in Ihe lasl year and held an additional strategic away day. Council is responsible for: strategic direction and policy approving the business plan and related budgets monitoring perfomianGe against plan and budget approving of projects or contpcts with an annual value of more than £100,000 overseeing the principal risks we face has given consideration to the major risks and has satisfied itself that there are appropriate strategies in place lo manage those risks Matters not reserved for decision by Council are delegat8d either to one of the committees which report lo Council or to the Chief Executive and Senior Leadership Team. The principal committees which report to Council are as follows: The Audit & Risk Committee which r8views the annual accounts beforè submission to Council. considers matters related lo the exlemal audit and reviews the strategic risk register in detail. The Remuneration and People Committee developed following the expansion of the Remuneration Committee's remit in September 2020. The Commiltee now has responsibility for determining the remuneration of the Chief Executive and Senior Leadership Team. considering all aspects of the people strategy including talent development, employee relations, staff recruilment, staff turnover and the organisation's approach to Equality. Diversity and Inclusion. The Committee also recomm8nds the annual compensation budget to Council The Nomination Committee, which is responsible for making recommendations on the appointment of the Chief Executive and Trustees to the Council and for reviewing succession planning for senior roles, including that of new trustees. The Safeguarding Committee was established in November 2020 and oversees the practices in place to ensure the safeguarding of the children and young people in our care. The Committee also oversees our Health and Safety practices for staff and young people. High Risk High Value Committee is called when a de¢ision needs to be taken urgently which either is of high value (up to £250k} or considerod high risk. The committee is called when nèeded and in 2021122 it did not meet. The collective attendan￿ rate for Trustees during the financial year was 88% {2021.' 92%). At the end ofthe financial year, ourgroup Council was made up of15 members. 540h identified as male and 460A identified as female. 66°A identified as white, 13% id8ntified as Black, 7 % identified as Asian and 130k identified as Mixed or Multiple Ethnicities. Our medium average age of Trustees is 4549. Religious representation on our Council includes Islam, Hinduism, Christianity and no religion. Sexual orientation representation included heterosexual or Gay I Lesbian. PARTICIPATION Participation at St Christopherfs has continued to develop young people's proficiency for independent living with lrfe skills sessions on diverse ranges of activities encompassing cooking healthy meals on a budget, viewing a home for a first tenancy, travelling safely on public transport writing a CV and many more. 24 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 Support for young people transitioning lo independence has been sustained by our Staying Close and Life Skills and Partiapation teams. Young peopl8 across our UK services have been offered the opportunity to Co-produ￿ their own Slaying Close plans, detailing how Ihey want to remain in contact and sustain the significant supportive relationships they have with staff within Iheir children's or semi-independent hom85. The recently published recommendations of the Indep8ndent Review of Children's Social Care call for all young people to be offered Staying Close support bytheir local aulhorily and children's homes on an opt out (rather than opt in), basis. St Christopher's is positioned as one of Ihe sector experls in Ihis area as one of the original eight Stayng Close pilots, enabling us to continue to advocate for young people's Choices and wishes lo be placed at the heart of planning and support for their experiences of leaving care. A new philosophy of carg 2022 saw staff and young people 8ngaged in revisiting and re-visioning our philosophy of Care. Leaders from across Ihe organisalion mel with colleagues across all ServI￿S in open dialogue lo discuss the central values and beliefs that join us in purpose to promde bnghtfjr futures for children and young people. The process of devising Ihe philosophy of care drew across five Ihematic areas- 'Whal do we as an organisation believe about children and young people,, 'What aspirations do we have for them?,, 'What do we want them to experience? What do we believe about society and anti-racisi praclice?, Colleagues input was distilled into foundational slatemenls that encompassed the sentiments expressed through their responses. Young people were engaged through participation aclivities to examine each of these foundalions, whether it resonated with them, what it meant to them and how it would look and feel in lived experience day to day. Our aim was to respond to feelings isolation and disconnection crealed by the Covid pandemic. Through listening to our team about why they choose to do the work they do and what they hope and believe about children and young people. We hoped to be able to re- connect with each other in a meaningful manner and together, reworient to the purpose of what we do. The new philosophy of care takes us back to that Core function and what we all believe in, our values and beliefs and the best outcomes for young people. We are a child centered organisalion and the philosophy of care is built upon this belief. It is the shared resolution that gets us all out of bed on a moming and come to work. No matter what role we play in the organisation we all come to work to achieve the best for children and young peopl8 and meet their diverse needs. Our philosophy encompasses all of the passion, drive. enthusiasm and ommitment wilhin the organisation and gives a very clear message about what we believe in. It is a compass for the culture of the organisation a co-produced foundation of the organisation expanding upon and giving greater direction to our main values and Mission. Our Philosophy of Car8 is: Providing safety, security and consistency for our Ghildren, young people and each other We believe in the potential of all to grow and develop wthin a safe and nurturing environment. We believe the most powerful way of doing ihis is through creating warm. auth8ntic, patient, and reliable relationships within which people feel safe, seen and accepted for all that they are. We are curious about people and their inner worlds. 25 ST CHRISTOPHER'S FELLOWSHIP STrATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 We seek to avoid actions or responses that frighlen or hurt others and instead act in ways that feel right and comfortable for them. We do not give up. We let people feel our compassion. We act with honesty and courage, in ways that loster trust. Our actions and decisions ar8 always made with the people who they affect in mind. We try to involve people in decisions, and when that is not possible we seek to help everyone undersland what IS 8xpe¢ted of them, what is going lo happen and why. Offering good quality of life, meaningfvl and respectful human connections We believe all humans are unique. We build relationships thal help us to understand a parson's potential, qualities, needs, strengths and interests. We create opportunities for learning and fun, in which individuals can experien￿ their resourcefulness and develop new abilities. We help p8ople to learn through doing things together. We neither try to do everything for them nor to them. We remain alongside people as a guide, through the prO￿sS of th8ir own growlh and tske time to ￿lebrate moments along the way. We are honast when we have got something wrong. We will r8connect and repair, say sorry, learn from our mistakes and move fotward. Sharing responsibility to build relationships and neiworks with the external professional network and wider comrnunity of support We see people not as isolated individuals bul as existing in a rich web of relationships, all of which contribute to who Ihey are and how they see Ihemselves. We help people to aC￿sS the resources within their nehvork, being an advocate, partner and guid8 when needed. We believe that when we work together and hold children and young people at the heart of this work. we are better at supporting children and young people to be able to live well. Collaboration. inclusivity and creativity guides our work with the entire relational community. We want lo create a sense of ￿e are all in this togetherl, Working towards a united social purpose We will make a positive difference to society and contribute to creating a fair, just and sustainable world that children and young people feel hopeful about. We know thal society's systems do not work for an increasing number of peopl8 who despite their talent and potential face challenges that make it harder for them to thrive. Vve will partner with people to challenge the world as it is and impacts them. Where this is not possible, we will advocate for them and to amplify their voices. We have a responsibility to fight racism, discrimination and promote equity in all that we Recognising the unique worth and contribution of every individual All people deserve lo be treated with dignity and respect. We are committed to equality, human rights and participation. We value people's rich variety of knowledge. abilities, perspectives and backgrounds. knowing they give us a richer understanding of the wodd and one another. We listen to and accept others, and we are open to their view of us. We are flexible in our int8ractions with each person, recognising thal there is no one approach which fits for all, at all times. We see individuals as competent and resourceful. 26 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 We s88k out the strengths of people in whatever context they are encountered to help them and others experience themselves in this way too. We see Ihe diamond in all and help them to see it in Ihemselves too. We make efforts to share power and give people a Strong Vol￿ in decision making that impacts them. A belief that individuals are experts in themselves and their experiences We show interest, curiosity and respect to all, creating honest and open relationships. We listen deeply to people's experiences and use what we learn to reflect on and improve our own practice and thal of the organisation and wider system as a whose. When we have a problem lo solve we ask for help from people who have lived experien of it. We recognise the Importan￿ of empowerment for ensuring that people feel a sense of control over their life. We seek to support people to empower themselves to make decisions, choices, set their own goals and to be supported in achieving them. We were pleased to be able to maintsin our participation work over the last year, following funding from The City Bridge Trust and The Peacock Trust. SUBSIDIARIES During the year St Chrislopherfs Fellowship (the parent) had one active subsidiary, St Christopherfs {Isle of Man} and two non-trading subsidiary, SCF Services Limitèd and Future Families {West Midlands) Ltd. Both non-trading subsidiaries are dormant. These three companies collectively form the St. Christoph8rfs Fellowship group. The goveming body of both of these subsidiaries includes trustees of St Christopher's Fellowship (plus others). The trustees of St Christopherfs (Isle of Man) include Manx residents. 5. PUBLIC BENEFIT Since 1870 St Christopherfs has been working with soGially excluded people to help them aGhieve their full potential. In undertaking both new and existing activities, Council is always mindful of the objectives of St Christophels to relieve povety and assist people in need, parbcularlychildren and young people. Whilst thework of St Chrislopherfs encompasses many projects in the United Kingdom and the Isle of Man. the common characteristics of all this work are that it is for those at the margins of society, is centred on their needs and is of genuine public benefit. Where individuals benefit from the work of St Christopherfs, there is a clear link between them and the aims of the organisation. Given the size of St Christophe¢s. services are necessarily subject to some geographic restri¢tions, but oth8rwise a¢¢ess is based on need. Only accornmodation-based Housing arKI Support services, which provide personal seN￿s. are subject to charges, all other services are free to young people. Where charges are set, lo ensura that those in povety will not be excluded from access to services, these are d8t8m)ined on the assumption that young people's income could be limited to state benefits. The work undertaken by St Christopherfs is solely for the benefit of our children and young people and as such it is not considered that there are any private benefits provided by the organisation. St Christopher's has concluded that there is no significant detrimental impact from its work. 27 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees confirm thay have full regard for the Charity Commission guidance on public benefit where determining the Group's strategy and planned actiwties. As a public benefit entity St Christopherfs has applied the public benefit enlity°PBE" prefixed paragraphs of FRS 102. VOLUNTARY DONATIONS In addition to statutory funds and rental income. we receive voluntary donations from both grant making trusts and individual donors. These funds enable the organisation to provide an extra dimension to the services and support we offer young people. Council is very grateful for the voluntaryfunding receiv8d through grants or donations that supports this work. COMMITMENT TO EQUALITY AND DIVERSITY St Christopherfs recognises the breadth of contribution that can be achieved by employing a diverse work force and ensuring equality of opportunity- In addition, we understand the Importan￿ of equal access to services for all childrgn and young people who are potentially in our care. We comply with bolh the spirit and the requirements of the Equalities Act 2010 (UK) and 2017 (IOM). St Christopher's leadership recognises the racism and lack of representation at st Christopherfs and is commrtted to ensuring a positive experience for all at St Christopherfs. Our Race Matters Group identifies ways our organisalion can become anti-racist and more inclusive. We are aspiring to beo)me an ev8r increasingly indusive organisation. where diversity in all its forms is recogni5ed and celebrated, while discrimination and oppr8ssion is id8ntified and tackled. Equality diversity and inclusion is an organisalional priority. Work has included a diversity matters and race audit. working in development with our Race Matters Group, recruitment of an Equality, Diversity and Inclusion ¢o-ordinator in the UK, with an Isle of Man ¢O-ordinator currenuy being recruited for. These ￿0 roles will work with an EDI Group made up of staff throughout the organisation. to work with the Senior Leadership Team in developing and implementing our Equality, Diversity and Inclusion (EDI} Strategy. Regular monitoring of the profile of our children and young people, employees and trustees is undertaken. Where any group is identffied as under-represented, strategies are put in place, both at an organisational and at a local level, with the objective of correcting any under representation. An annual review of performance against targets is undertaken and reported to Council. Regular reviews of our recruitmenl and other slaff related procedures take place to ensure compliance with Ihe Act. The UK became one of the first counlries to require mandatory reporting on the gender pay gap as the government want to eliminate any disparity. In April 2018 private, publi¢ and voluntary seclor employers with 250 or more employees w8ra required to publish their gender pay gap and bonus pay gap information. Last year's reporting was suspended due lo the COVID-19 pandemic. However, we continued to review this infomiation, and have been working towards similarly reporting on the ethniciiy pay gap. Our most recent genderpay mean rate is 7.10h higher for women. 28 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 COUNCIL MEMBERS, RESPONSIBILITIES The Council is responsible for preparing the Strategic and Board Report as well as the financial statements in accordance with appliGable law and regulations. The Companies Act 2006 and regis18red social housing legislation require Council to prepare financial statements for each financial year which give a true and fair wew of the state of affairs of the Group and Company and of the income and 8xpenditure of the Group for that period. In preparing these financial 5taternents Council is required to: select suitable accounting policies and then apply Ihem consistently., make judgments and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststements., and prepare the financial statements on the going concern basis unlgss it is inappropriate to presume that the Group and Company will continue in business. Th8 Council is responsible for keeping proper accounling records, which disclose wilh reasonable accuracy at any time the financial position of the Group and Company and enable it to ensure that the financial statements comply with Ihe Companies Act 2006. Ihe Housing and Regeneration Act 2CQ8 and the Accounting Direction for Private Registered Providers of Social Housing 2019. It has general responsibility for taking reasonable steps to safeguard the assets ofthe Group and Company and to prevent and detect fraud and other irregularities. COMPLIANCE WITH GOVERNANCE AND FINANCIAL VIABILITY STANDARD The Council confirms thal the Group and Company have met the Regulator of Social Housing's regulatory expectations in thè governance and f1nancial viability standard. 10. STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the Council members, who are also Ihe directors of th8 Company, who held Offi￿ at the date of approval of these Financial Statements set out above, each confirm. so far as we are aware, that= there is no relevant audit information of which the Group's and Company's auditors are unaware., and we have taken all the steps that we ought lo have taken as directors in order to make ourselves aware of any relevant audit infomiation and to establish thal the Group's and Companrfs auditors are aware of thal information. This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006. In approving the Strategic and Board report, we also approve the Strategic Report included therein, in our capaaty as company directors. In line with best practise, a decision VRS taken to undertake to review of our audit promsion. A tendering exercise was undertaken during 2021 and Mazars were chosen as the preferred fimi. Mazars have express8d their willingness to serve as our auditors and a resolution to 29 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2022 appoint them as our auditors will be proposed. We would like to thank Beev8r and Struthers for all their support over the years. This réport was approved by the CouncAI of Trust8es on 7 September 2022. B O'Donoghue (Chair) on behalf of the Council REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2022 Opinion We have audited the financial statements of Sl Christopher's Fellowship (the 'parent company.) and its subsidiaries Ithe'Group') forthe year ended 31 March 2022whi¢h comprise Ihe Consolidaled Ststement of Comprehonsive Income, the Consolida18d and Parent Company Sialement of Financial Position, the Consolidated and Parent Company Slatement of Changes in Reserves, the Consolidated Statement of Cash Flows and the notes to the financial statements. including a summary of significant accounting policies in note 1. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally AC￿pted Accounting Practi￿). In our opinion, the financial statements: give a tnJe and fair view of the state of the Group's and of the parent ¢ompanls affairs as al 31 March 2022 and of the Group's income and expenditure and the parent company's income and expenditure for the year then ended,. have been properly prepared in accordance wilh United Kingdom Generally A¢￿Pted Accounting Practice,. and have been prepared in accordan￿ with the requir8menls of Ihe Companies Act 2006, the Housing and Regeneralion Act 2008 and the Accounting Direction for Private Registered Providers of So¢ial Housing 2019. Basis for oplnlon We conducted our audit in accordance wilh International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent company in accordan￿ with the ethical requirements that are relevant to our audit of the financial statements in the UK, including thè FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stslements, we hav8 concluded that the Council's use of the going conc8m basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the Group's or the parent companls ability to continue as a going concem for a peric*J of at least I￿e1ve months from when the financial slalements are authorised for issue. Our responsibilib'es and the responsibilities of the Council with respect to going GOn￿M are described in the relevant sections of this repott Other infomiation The other information cornprises the infomation included in the annual report, other than the financial statements and our auditor's report thereon. The Council is responsible for the other information contained wilhin the annual report. Our opinion on the financial statements does 31 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2022 not cover the other infomiation and. except to the extent olheNise explioitly stated in our report. we do nol express any fom of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so. consider whether the other infomialion is matèrially inconsistent wtth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise to a material misstatement in the financial sialements themselves. If, based on the work we have performed, we conclude Ihat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on othor matters prescribed by ihe Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of Ihe Chair and the Strategic and Board Report for Ihe financial year for which the financial statèments are prepar8d is consislent with the financial statements-, and the Report of the Chair and the Strategic and Board Rèport have been prepared in accordance with appli¢able legal r8quirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the cours& of the audit, W8 have not identified material misstatements in the Report of the Chair and the StralegiG and Board Report. We have nothing to report in respecl of the following matters in relation to which the Compani8s Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been re￿iVed from branches not visited by us-, or the parent company financial statements are not in agreernent with the accounting cords and relurns., or certain disclosures of directors, remuneration specified by law are not made,. or we have not re￿iVed all the information and explanations we requi￿ for our audit. In addition, we have nothing to report in respect of Ihe following matter where the Housing and Regeneration Act 2008 requires us to report to you if. in our opinion: a satisfactory system of control over transactions has not been maintained. Responsibilities of the Council As explained more fully in the Council Members, Responsibililies Staternent set out on page 29, the Council is responsible for the preparation of Ihe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Council determines is ne￿SSary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. 32 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2022 In preparing the financial statements. the Council is responsib16 for assessing the Group's and the parent companls ability to continue as a going cOn￿rn, disclosing, as applicable, matters relaled lo going concern and using the going concem basis of accounting unless the Council either intends to liquidate the Group or the parent Gompany or to cease aperalions, or has no realistiG alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misslatemenl when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web-site at www.frc.or .uklauditorsresDonsibilities. This description fomis part of our auditorfs report. Extent to which the audlt was considered capable of detecting irr8gularities, including fraud We identify and assess the risks of material misststement of the financial stat8menls, whether due to fraud or error, and then design and perform audit pracedures responsive to those risks, including obtaining audit evidence Ihat is SLrfficient and appropriate to provide a basis for our opinion. In identifying and addressing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, our procedures indLsded th8 following.. We obtained an understanding of laws, regulations and guidance that affect the Group and parent company, focusing on those that had a direct effect on the financial staternents or that had a fundamental effect on ils operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, Ihe Statement of Recommended Pradice for registered housing providers.- Housing SORP 2018, th8 Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2019, tsx legislation, health and safety legislation, and employment legislation. We enquired of the Council and remewed correspondence and Council meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Council have in place, where necessary, to ensure compliance. We gained an understanding of the controls thal the Council have in place to prevent and detect fraud. We enquired of the Council about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas.- laws related to the construction and provision of social housing recognising the regulated nature of the Group's aclivities. W8 reviewed financial stalements disclosures and supporting documentation to assess compliance with relevant laws and regulations discussed above. ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER’S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2022** - We performed procedures to test incoming resources including agreement of incoming resources recognised to supporting documentation on a sample basis - We enquired of the Council about actual and potential litigation and claims. - We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. - We performed procedures to test incoming resources including agreement of incoming resources recognised to supporting documentation on a sample basis. - In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. ## **Use of our report** This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Sue Hutchinson Senior Statutory Auditor **For and on behalf of Beever and Struthers** Statutory Auditor St George’s House 215-219 Chester Road Manchester M15 4JE Date: 27 September 2022 34 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022 Notes Group 2022 £'ooo Group 2021 £'ooo Tumover 2&3 18,215 18,181 Operating expenditure (LossyGain on disposal of propety, plant and 8quipment (fixed assets) 2 & 3 <18,178) 115) (18,213) Operating {Defi¢it)ISurplus 22 24 Interest recèivable Interest and financing costs 13} {4) Total comprehensive incomel{loss) for the year 19 22 All of the comprehensive income for the year is attributable to the owners of the parent company. The consolidated group and parent results relate wholly to continuing activities and the notes on pages 39 to 61 fom an integral part of these financial statements. The financial statements on pages 35 to 62 wère authorised for issue bythe Council on 7 September 2022 and were signed on its behalf by.. B O'Donoghue- Chair J Anichebe - Honorary Treasurer 35 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED AND PARENT STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2022 Notes Group 2022 £'ooo Parent 2022 £'ooo Group 2021 £'ooo Parent 2021 £'ooo Fixed Assets Intangible fixed assets & goodwill Tangible fixed assets Investments in subsidiaries 10 10,079 10,020 8,213 8,149 347 8,496 12 10,079 10,020 8,213 Current Assets Trade and other debtors Cash and cash 9quivalents 13 1.145 4016 5.161 1.009 3,943 4,952 1.357 5,527 6.884 1,242 5,490 6,732 Less." Creditors: Amounts falling due within one year Net current assets 14 (2.024) 3,137 (4,943) (2.6081 4.276 5,203 1,529 Total assets less curront liabilities 13,216 10,029 12,489 10,025 Creditors: amounts falling du8 after more than one year 15 (4,029) (4,029) (3,361) (3,361) Other provisions 18 (342) (184) (302) (150) Total net assets 8,845 5,816 8.826 6.514 Raserv8S InGome and expenditure reserve Pemanent endowment Total reserves 8,757 5.728 88 5,816 8.738 88 8,826 6,426 88 6,514 8,845 The notes on pages 39 to 62 form an integral part of these financial statements. The financial statements on pages 35 to 62 were approved and authorised for issue by the Council on 7 September 2022 and were signed on its behalf by.. B O'Donoghue- Chair J Anichebe- Honorary Treasurer Company Registration no. 321509 (England and Wales) 36 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED AND PARENT STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2022 GROUP: Income and expendituro roservo £'ooo Permanent ondowment Total £'ooo £'ooo Balance as at 31 March 2020 8,716 88 8.804 Surplus from Statement of Comprehensive Income 22 22 Balance as at 31 March 2021 8.738 88 8,826 Surplus from Statement of Comprehensive Income 19 19 Balanco as at 31 March 2022 8.757 88 8,845 PARENT: Income and expenditure reserve Permanent Endowment Total £'ooo £'ooo £'ooo Balance as at 31 March 2020 6.442 88 6,530 Deficit from Statement of Comprehensive Income Gift Aid from Subsidiary (24) (24) Balance as at 31 March 2021 6,426 88 6,514 Deficit from Slatement of Comprehensive Income (698) (698) Balance as at 31 March 2022 5,728 88 5,816 The notes on pages 39 to 62 form an integral part of these financial statements. 37 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 Year ended 31 March 2022 £'ooo Year ended 31 March 2021 £'ocrfJ Net cash flow from operating activitios {$oe Note i) 603 969 Cash fl￿V frorn investing activities Acquisition and construction of properties Acquisition of subsidiary Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Repayment of defined benefit pension cessation deficit Interest received (1,934) (2) (184) 1148} 417 {2,111) Cash flow from financlng activities Interesl paid Net chango in cash and cash equivalents (1,511) 1,234 Cash and cash equivalents at the beginning of the year 5,527 4,293 Cash and cash equivalents at tha ond of the yèar 4.016 5,527 Note i Cash flow from operating activities Surplusl{deficit) for the year Depreciation of tangible fixed assets Amortisation of intangible fixed assets & goodwill Decreasel(Increase) in trade and other debtors In¢reasel{Decrease) in trade and olher Greditors Increasel(Decrease) in other provisions Carrying amount of tangibl8 fixed asset disposals 19 227 22 254 222 368 186 19 359 212 130 25 Adjustments for investing or financing activities Proceeds from the sale of tangible fixed assets Repayment of defined benefit pension cessation deficit Governrnent grants utilised in the year Interest payable Interest received (7) (417) (46 (46) (2) Net cash generated from operating activities 603 969 The notes on pages 3910 62 fomi an integral part of these financial statements. 38 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 PRINCIPAL ACCOUNTING POLICIES Legal Status St Christoph8rfs Fellowship is a company limiled by guarantee incorporated in England under the Companies Act 2006. 11 is a registered charity under the Charities Act 2011 and is registered with the Regulator of Social Housing as a Private Registered Provider of Social Housing. Sl Christophar's registered office is al 1 Putney High Street, London. SW15 1SZ. In addition lo St Chrislopherfs Fellowship as at 31 March 2022 Ihe Group comprises the following entities, none of whiGh are regis18red wilh the Regulator of Social Housing.. SCF Services Limited was incorporated on 28 June 1999, commenced trading on 1 September 1999 and ceased to Irade in January 2014. It is incorporated in England as a private company limited by share capital. Ils registered address is 1 Putney High Street, London. SW15 1SZ. The Parent holds 1 ordinary share of £1 in its subsidiary, SCF Services Limited. This represents 1000/0 of the issued share capital of that company and 10h of its authorised share capital. Domiant accounts have been prepared for this financial year. st Christoph8ffs (Isle of Man} was incorporaled and commenced trading on 10 September 2004. It is incorporated in the Isle of Man as a company limited by guarantee and is a registered Manx charity. Its registered Offi￿ is Fenella House, Fenella Avenue, Willaslon, Douglas. IM2 6PD. Its principal business aclivities are the provision Df care, support, and accommodation for childrèn and young people. Future Families {Wesl Midlands) Ltd was aGquired via a share purchase agreement on 20 July 2D18. It is incorporated in England as a private company limit8d by share capital. Its r8gistered address is 1 Putney High Street, London, SW15 1SZ. The Parent holds 100 ordinary shares of £1 in its subsidiary, Fulure Families (West Midlands) Ltd. This represents 100°h of Ihe issued share capital of that company and 100% of its authorised share capital. Domant accounts have been prepared for this financial year. Basis of Accounting The Group's financial statements have been prepared in accordance wilh applicable Unitod Kingdom Accounling Generally Accepted Accounting Practice (UK GAAP) and the Housing SORP 2018= Statement of Recommended Praclice for Registered Social Housing Providers. The Group is required under the Companies Act 2006 to prepare consolidated Group financial statements. The financial statements comply wilh the Housing and Regeneration Act 2008, the Companies Act 2006 and the AccoLJnting Direction for Private Registered Providers of Social Housing 2019. The finan¢ial statements ar8 pr8par8d on the historical cost basis of accounting. The ¢onsolidat8d financial ststements incorporate the results of Sl Christopherfs Fellowship and all of its subsidiaries as at 31 March 2022 using the acquisition method of accounting as required. Where the acquisition method is used, the results of the 39 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 subsidiary undertakings ar8 included from the dale of acquisition, being the date the Group obtains control. The Group's financial statem8nts have been prepared in compliance with FRS 102. As a public benefit entity, St Chrislopherfs Fellowship has applied the public benefit entity 'PBE' prefixed paragraphs of FRS 102. In preparing the separate financial statements of the parent company, advantage has been taken of the following dis¢losure exemptions availabl8 in FRS 102.. No Statement of Cash Flows has been presented for the parenl Gompany. b Disclosureg in respect of the parent companls financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole, and No disclosure has b88n given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole. In addition. the financial statements adopt the exemption pennitted by S. 408 of the Companies Act 2006 for the non-disclosure of the Statement of Comprehensive Income for tho parent entity. St Christopherfs Fellowship. Basis of Consolidation The Group's and CoMpan￿S financial statements have been prepared in accordance with Financial Reporting Standard 102 {FRS 102) issued by the Financial Reporting Council and the Housing SORP 2018.. Statement of Recommended Practice for Registered Social Housing Providers. The Group is requirèd under the Companies Act 2006 lo prepare consolidated Group financAal statements. The Group'sfinancial statements are the result of the consolidation of the financial stat8ments of St Christopherfs Fellowship and of its subsidiaries. SCF Semces Limiled, St. Christopher's (Isle of Manl and Future Families (West Midlands) Ltd as at 31 Mar¢h 2022. Future Familigs (West Midlands) Ltd was acquired via share purchase acquisition on 20 July 2018. All Future Families (West Midlands) Ltd foster carers and ernployees transferred to St Christopher's Fellowship by 31st March 2019 and the subsidiary has not traded in the currenl year. Going Concern The Council have considered the impact of COVID-19 on its op8rations as well as the situation in Ukraine and the increasing levels of inflation as a result of the Cost of living crisis and have concluded that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. No other significant con￿rnS have been noted in the business plan. Therefore, the Group's financi81 statements have been prepared on a going conc8m basis which assumes an ability lo conliriu8 operating for the foreseeable future. 40 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 1.5 Judgements and koy sources of estimation uncertainty The preparation of the financial stslements requires managem8nt lo make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the dale of the Statement of Financial Position and the amounts reported for revenues and expenses during the year. However, the nature of estimat8 means thal actual oulcomes Could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: Categorisation of properties. The Group has undertaken a detailed review of the intended use of all of its properties. In determining the intended use, the Group has considered whether Ihe asset is held for social benefit or to eam ommercial rentals. The Group has no investsment properties. Impaimierrt. The assessment of potential impaimient requires thè identification of assets into cash generating groups. For the purposes of the impairment review this has been undertaken at an individual sch8m8 or project level as appropriate. Other key sources of estimation and assumptions are as follows.. Tangible fjxed assets are depreciated over their useful lives tsking into account residual values, where appropriate. The actual lives of the assets and their residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives. factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions. the rèmaining life of the ass8t and projected disposal values. Pension and other post.employment benefits: TPT Growth Plan- defined benefrt structure Contributions payable under an agreement with SHPS to fund past deficits had been recognised as a liability in the Group's financial ststements calculated by the repayrnents known. discounted to the net present value at the year ended using a market rate discounl faclor. The unwinding of the discount was recognised as a finance cost in the Statement of Comprehensive Income in the period incurred. The market rate is equivalent to the single discounl rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve, to discount Ihe same recovery plan conlribulions. Noti￿ of cessation in the scheme has been given with a withdrawal date of 31 March 2019. Impairment of nonwfinan¢ial assets. Reviews for impainnent of properties are carried oul when a trigger has occurr8d and any impairment loss in a cash generaling unit is recognised by a change to the Statement of Comprehensive Income. Impaimient is recognised where the carrying value of a cash generating unit exceeds ihe higher of its net realisable value or its value in use. A cash generating unit is normally a group of properties at a scheme level whose cash income can be separately identified. 41 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Following a trigger for impairnenl, the Group performs impairment tesls based on fair value less cost lo sell or a value in use calculation. The fair value less cost to sell calculation is based on available data from sales transactions in an arm's length Iransaction on similar cash generating unils lor properties). or observable market prI￿S less incremental costs for disposing of the propert18S. The value in use calculation is based on either a depreciated replacement cost or a discounted cashflow model. The depreciated replacement cosl is based on available data of the cost of Constructing or acquiring replac8menl properttes to provide the same level of service potential to the Group as the existing property. Following the assessment of impairment no impaiment losses were identified in the reporting period. Goodwill and intangible assets. The Group establishes a reliable estimale of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquir8d business, the expected usual life of the cash generaling units to which the goodwill is attrtbuted, any legal, regulatory or contraclual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. Provisions. Provisions are included in the financial statemenls where Ihere is a present legal or constructive obligation to transfer economiG benefits and is based on expected liabilities and costs associated with fulfilling the legal obligations of the service contracts. Turnover Turnover represents rental income r&ceivable, amortised capital grant. revenue grants and fees from national governments and local authorities, voluntary income, and other income. Rental income is recognised when the property is available lo let net of voids. Supporting People and all other grants and fees are recognised under the contractual arrangements. All voluntary income is received either for specific activities or for general use. In the particulars of turnover in Note 2. donations for specific activities are not aggregated with those for general use under the heading 'voluntary income,, bLrt are shown under the specific actsvity to which they ￿late. Supportlng People Contracts Supporting people contract income received from Administering Authorities is accounted for as support services income in Ihe Turnover as per Note 2. The related support wsts are matched against this income in the same note. Service charges Service charge income and costs are recognised on an ac¢xuals basis. The group operates fixed service charges on a scheme by scheme basis. 42 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Recognition of Voluntary Income Voluntary income is recognised in the Statement of Comprehensive Income in the period in which it is received unless it has been specified for use in a future accounting period. In that case its recognition is deferred until thal future period and it is treated as a creditor until then. Voluntary income restricted as to use by the donor and unexpended (i.e. unspent or spent on capital items) at the period end is transferred lo Restricted Funds and Gredited to the Statement of Comprehensive Income, as a transfer from reserves in the period during which the expenditure is incurred, or in which the capital item is depreciated. Where voluntary income is received after the end of the current period, it is recognised as income of the current period, where material expenditure to which it relates has been incurred in the same period. 1.10 Taxation The charity is exempt from tax on incorne and gains falling within seclion 478 of the Corporation Tax AGI 2010 to the extent that these are applied to ils charitable objects. 1.11 VAT The Group completed de-registeration for VAT in October 2019, as there are no longer income slreams in sufficient volume that are deemed VATable servrces. All amounts disclosed in the financial statements are indusive of VAT. to the extent that it is suffered by the Group and not recoverable. 1.12 Tangiblo flxod assats and depreciation Tangible fixed assets are stated at cost. less accumulated depraciation. Freehold land is not depreaated. Where a property comprises or more major components with substsntially different useful economic lives, each component is accounted for separately and depreciated over its individual useful economic life. Expenditur8 relating to subsequent replacement or renewal of components is capitalised as incurred. The Group depreciates freehold properties by componenl on a slraight-line basis over the estimated useful economic lives of the component categories. The useful economic lives for identified components are as follows: Years 10 20 30 40 50 100 Boilers Kitchens Bathrooms Windows Roofs Structure The Group depreaates properties held on long term leases in the same manner as freehold properties, except where the unexpired temi is shorter than the longest 43 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 component life envisaged, in which case the unexpired term of the lease is adopted as the us8ful economic life of the relevant component category. Deprecialion is charged on other tangible fixed assets on a slraight-line basis, over the expected eGonomic useful lives which are as follows.. Years Fixtures, fittings and equipment- homes Fixtures, fittings and equipment- offices Motor vehicles Computer equipment - hardwar8 Comput8r equipment - So￿are 1.13 Proporty Managed or Leased by Agents Where the Group carries the majority of the financial risk on property managed or leased by agents, income arising from the property is included in the Statement of Comprehensive Income Account. Where the agent or lessee carries the majority of the financial risk, income includes only that which relates sol8ly to the Group. Where the Group carries the majority of the financial risk, the assets and assoGiated liabilities are included in the Group's Statement of Financial Position. 1.14 Leased Assets Rentals paid under operating leases are charged to the Statement of Comprehensive Income as incurred. 1.15 Goodwlll Goodwill arrsing on an acquisition ofa subsidiary undertaking is the differen￿ be￿een the fair value of the consideration paid and the fair value of Ihe assets and liabilities acquired. Subsequenlly goodwill is carried at cost less accumulated amortisation and impairment losses. Th8 acquired goodwill was been fully amortiS8d wthin the previous financial year as all aspects of the subsidiary have been transferred into the parent. The subsidiary has not traded since 2019, the 2022 accounts have been shown on a domiant basis and the investrnenl has been impaired in the Parent. 1.16 Short-term debtors and credftors Debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impaimient a recognised in thè income statement in other operating expenses. 1.17 Grants other than Social Houslng Grants Grants other than Social Housing Grants are recognised under the perfoman model. If there a￿ no specific perf0rnan￿ requirements the grants are recognised 44 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 when received or re￿1Vable. Where a grant Is ￿ceiVed with specific perfomanc8 requiremenls, it is r&cognised as a liability until the conditions are met and then il is recognised as Turnover. Grants which have funded furniture and equipment are credited to the Statement of Comprehensive Income to match the related expenditure. 1.18 Social Housing Grant Where properties have been financed wholly or partiy by Social Housing Grants, the amount of the grant received has beén included as deferred incom8 and recognised in Tumov8r over the estimaled useful life of the associated asset strudure (not land), under the accrua15 model. Social Housing Grants musl be recycled by the Group under certain Gonditions, if a property is sold, or rf another relevant event takes place. In these cases the Social Housing Grant may be used for projects approved by the Greater London Authority. In certain circUmstan￿S the Social Housing Grant may be repayable and in that event it is a subordinated unsecured repayable debt. 1.19 Recycling of Capilal Grant Where the Social Housing Grant is recycled as described in 1.17 it is credited to a fund which appears as a creditor until used to fund either the acquisition of new propertigs or another purpose approved by the Greater London Authority. Where recycled grant is known to be repayable it is shown as a creditor within onè year. 1.20 Pension Costs The cost of providing retirement pansions and related benefits is charged to expenses over the periods benefiting from th8 8mployees' services. The disclosures in Ihe notes are either calculated according to Section 28 of FRS 102 on Retirement Benefits, or in the case of the Social Housing Pension Scheme Growth Plan defined benefit slructure. in accordance with the requirements of Section 28 of FRS 102 in relation to mulli-employer funded scheme, in which the Group has a parlicipating interesl. 1.21 Provisions The Group only provides for legal or contractual liabilities in line with servic8 or property obligations. 1.22 Contingent Liabilitios A conlingent liability is recognised for al a possible obligation, for which it is not yet confirmed thal a prasent obligation exists that could lead lo an oufflow of reSoUr￿5- or b) for a presènt obligation that does not meet the definitions of a provision or a liability as it is not probable that an ouffiow of resources will be required to settle the obligation. or c) when a suffiaenlly reliable estimate of the amount cannot be made. 1.23 Intra group transactions Where members of staff employed by one group member work exclusively on the contracts of another group member, all the employrnent cosls of these staff are 45 STCHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 recharged at cost and this is disclosed in the financial statements. Some other costs. which include the costs of some stsff members, are incurred on behalf of all group members and these costs are recharged on a proportionate basis. The parent manages the treasury function of all members of the group. full records of all inter- company balanGes are maintained and interest earned is allocated in proportion to the balances. Each group member separately receives all contractual revenue to which it IS 8ntstl8d. as well as retaining its own assets and liabilities. 1.24 Funds and Reserves The Permanent Endowment is a capital fund which the Trustees of St Christopherfs have no power to convert into income. This restriction was a condition of the gift of assets which make up the fund. 1.25 Financial Instruments Financial assets and financial liabilities are measured at transaction price initially, plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. At the end of each reporting period, financial instruments are measured as follows, without any deduction for transaction ¢osts the entity may incur on sale or other disposal: Debt instruments that meet the conditions in paragraph 11.8{b) of FRS 102 are measured at amortised cost using the effective interesl method. except where the arrangement constitutes a financing transaction. In this case the debt instrument is measured at the present value of th8 future payments discounted at a mark8t rate of interest for a similar debt. Commitments to receive or make a loan to another 8ntity which m88t the conditions in paragraph 11.8(cl of FRS 102 are measured al cost less impairment. Investments in non-convertible preferen￿ shares and non-puttable ordinary shares or preference shares are measured at fair value with changes in fair value recognised in profit or loss if the shares are publicly traded or their value can otherwis8 be m8asured reliably and at cost less impaimient for all other such investments. Financial instruments held by the Group are dassified as follows.. Financial assets such as cash is hald at ¢ost- and Financial assets such as Cu￿ent asset inveslments and re￿1VableS are Glassified as loans and re￿ivable$ and held at amortised cost using the effective interest method" and Loans to or from subsidiaries including those that are due on demand are held at amortised cost using the effective interesl method-, and Commitments to receive or make a loan to another entity which meet the conditions above are held at cost less impaimient,. and An investment in another entity's equity instruments other than non-convertible preference shares and non-puttable ordinary and preference shares are held at fair value. 46 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 TURNOVER, OPERATING EXPENDITURE AND OPERATING SURPLUS- GROUP FOR THE YEAR ENDED 31 MARCH 2022 Turnover Operating Expendituro Operating Surplusl (Deficit) £'ooo £'ooo £'ooo Social Houslng Lettlngs (Note 3) Supported Housing Lettings 299 300 Other Social Housing Activities {Note 3a) Support services 2,135 2,302 (167) Activities other than social housing Sixteen plus services Children's Services Fundraising Coronavirus Job Retention schame 790 14,738 251 877 14,425 272 (87) 313 (21) Loss on disposal of property. plant and eqLbipment {fixed assets) (15) TOTAL 18,215 18,178 FOR THE YEAR ENDED 31 MARCH 2021 Turnover Operating Expenditure Operating Surplusl (Deficit) £'ooo £'ooo £'ooo Social Housing Lettlngs {Note 3) Supported Housing Lettings 311 309 Other Soclal Housing Activities (Note 3a) Support ServI￿S 2,510 2.271 239 Activities other than social housing Sixteen plus services Children's Services Fundraising Coronavirus Job Retention scheme 634 14,360 299 67 779 14,441 {145) (81) (47) 67 Profit on disposal of property, plant and equipment (fixed assets) TOTAL 18.181 18.213 24 47 STCHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 TURNOVER, OPERATING EXPENDITURE AND OPERATING SURPLUS . PARENT FOR THE YEAR ENDED 31 MARCH 2022 Turnover Operating Expenditure Operating Surplusl (Deficlt) £'ooo £'ooo £'ooo Social Housing Lottings (Note 3) Supported Housing Lettings 299 300 (1) Other Soclal Housing Activities (Note 3b) Support services 2,135 2,302 (167) Activities other than social houslng Sixteen plus servtGes Children's Services Fundraising Coronavirus Job Retention Scheme 790 9.118 157 877 9,174 178 (87) (56) (21) Loss on disposal of propety, plant and equipment (fixed assets) (14) Impairment loss on Investment (347) TOTAL 12,501 12,833 (693 FOR THE YEAR ENDED 31 MARCH 2021 Turnover Operating Expenditure Operating Surplusl (Deficit) £'ooo £'ooo £'ooo Social Housing Lettings (Noto 3) Supported Housing Lettings 311 304 Other Social Houslng Activities (Note 3b) Support serwces 2,510 2,230 280 Activities other than soclal houslng Sixteen plus services Child￿n,5 SeNces Fundraising Coronavirus Job Retention Scheme 634 8,953 212 67 764 9,104 234 67 (130) (151) (22) Loss on disposal of property, plant and equipment {fixed assets) (81 TOTAL 12,687 12,703 (24) 48 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 3. TURNOVER AND OPERATING EXPENDITURE- GROUP AND PARENT Supported Housing 2022 Supported Housing 2021 £'ooo £'ooo INCOME Rent receivable net of identifiable service charges Service charge income Amortised government grants Turnover from Social Houslng Lettings 70 184 45 299 82 184 45 311 OPERATING EXPENDITURE Service charge costs Management Routine maintenance Planned maintenance Rent Iossas from bad debts Deprecialion of housing properties TOTAL EXPENDITURE 131 21 18 50 26 54 300 120 24 47 60 54 309 OPERATING {LOSS)ISURPLUS ON SOCIAL HOUSING LETnNGS Void losses 43 29 3(a). TURNOVER FROM ACTIVITIES OTHER THAN SOCIAL HOUSING - GROUP Group 2022 £'ooo Group 2021 £'ooo Sixleen plus services Children's Serwces Fundraising Coronavirus Job Retention scheme 790 14,738 251 634 14,360 299 67 15,360 15,781 49 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 3(b). TURNOVER FROM ACTIVITIES OTHER THAN SOCIAL HOUSING- PARENT Parent 2022 £'ooo Parent 2021 £'ooo Sixleen plus setvices Children's servI￿s Fundraising Coronavirus Job Retention scheme 790 9,118 157 634 8,953 212 67 9,866 10,067 INTEREST RECEIVABLE Group 2022 £'ooo Group 2021 £'ooo Interest re￿1vable INTEREST AND FINANCING COSTS Group 2022 £'ooo Group 2021 £'ooo Other charges DIRECTORS, AND SENIOR STAFF EMOLUMENTS Group 2022 £'ooo Group 2021 £'ooo The aggregate emoluments paid to or receivable by Directors including pension contributions 557 545 The emoluments paid to the highest paid Director of St Christopherfs excluding pension contributions 106 103 In total Council members received expenses of £118 (2021.. £Nill and no remuneration in the year (2021.. £Nill. The Regulator of Social Housing in the A¢¢ounting Direction for Private Registered Providers of Social Housing 2019 extends the definition of 'directors" for the purposes of this note lo key management personnel. Members of the Council, the Chief Executive. and any other person who is a member of the Senior Leadership Team, are considered to be Key Managemenl Personnel. Their aggregate emolumenls including pension were £557.000 (2021: £545,000). 50 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The Chief Executive is an ordinary member of the d8fin8d contribukn'on Aviva Pension Scheme and a contribution by the Group and Parent of £9,53712021: £8.794) was mada in addition to his personal contributions. No enhanced or special terms apply. The number of staff with emoluments, including pension contributions, in 8xcess of £60,000 are.. Total Remuneration Includlng pension contributions £60,000 £70.000 £70,000 £80.000 £80,000 £90,000 £90,000 £100,000 £100,000- £110,000 £110.000- £120,000 2022 2021 EMPLOYEE INFORMATION Group 2Q22 Group 2021 The average number of full time equivalent staff (including the Chief Executive) employed during the year.. 286 301 The average number of staff (including the Chief ExgGutive) employed during the year. 387 407 £'ooo £'ooo Staff costs (for the above persons): Wages and salaries Social Security costs Pensions costs 9,756 951 441 11,148 10,193 961 429 11,583 The full time equivalent is calculated using 40 hours per week for residential operational staff, who receive a paid lunch break and 37.5 hours per week for all other staff. The pension cost charg8 represents Gontributions payable by the Group for the appropriate year. An amount of £60.050 (2021- £59,395) was owing to pension providers at the end of the year in respect of employer and employee contributions. 51 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 OPERATING SURPLUS Group 2022 £'ooo Group 2021 £'ooo Operating Surplus is stated after chargingl(credltlng): Auditor's r8muneration (exduding VAT) in their ¢apaGity as auditors - other services (Gainyloss on the sale of fixed assets Depreciation of owned assets Amortisation of goodwll Operating leases - property other Pension costs defined benefit Pension costs defin8d contribution 25 26 15 227 (56) 476 222 270 17 301 16 441 429 PARENT COMPANY RESULT FOR THE YEAR The Company has taken advantage of the exemplion allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The deficit after tax of the parent company for the year was £698k (2021- (£24k)). 10. INTANGIBLE FIXED ASSETS Goodwill £'ooo 374 COST At start of year Additions At end of year 374 AMORTISATION At start of year Amortisation charge for the year At end of year £'ooo 374 374 £'ooo Net book valu8 at 31 March 2022 Net book value at 31 March 2021 The intangible fixed asset is goodwill resulting from the share purchase acquisition of Future Families (West Midlands) Ltd on 20 July 2018. The goodwill has now been fully amorbsed as all Irading and employees have been transferred into the Parent. The investment has been irnpaired in the Par8nt in the current financial year. 52 STCHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11.(a) TANGIBLE FIXED ASSETS- GROUP Fixtures Flttings & Computers £'ooo Houslng Properties £'ooo Care Properties £'ooo Offices £'ooo TOTAL £'ooo Cost At 1 April 2021 Additions Works to existing properlies Disposals At 31 Mar¢h 2022 5,023 1,907 3,157 1,753 1,003 184 10,936 2,091 15 32 6.913 12 21 3,148 27 86 12,968 33 1,154 1,753 Dopreclation At 1 April 2021 Charge for the year Disposals At 31 March 2022 1,071 54 25 1,100 394 33 13 414 775 122 123) 874 2,723 227 (61 2,889 18 501 Nèt Book Value at 31 March 2022 5,813 2,734 1,252 10,079 Net Book Value at 31 March 2021 3.952 2.763 1.270 228 8,213 Property Costs Comprise: Housing Properties Freeholds Short Leasehold 2022 £'ooo 5,813 2021 £'ooo 3,952 5,813 3,952 Care Propertles Freeholds Short Leasehold 2,734 2.763 2,734 2,763 Offices Long Leasehold {Over 50 Years) Short Leasehold (Under 50 Years) 1.252 1,270 1,252 1.270 53 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11.(b} TANGIBLE FIXED ASSETS- PARENT Fixtures Fittings & Computers £'ooo Housing Properties £'ooo Care Propertles £'ooo TOTAL orfices £'ooo £'ooo Cost Al 1 April 2021 Additions Works to existing properties Disposals At 31 March 2022 5.023 1,907 3.157 1,753 837 149 10.770 2.056 15 (32) 6,913 12 (21) 3,148 27 75 12,778 22) 964 1.753 Dopreciation At 1 April 2021 Charge for the year Disposals At 31 March 2022 1,071 393 33 12 414 483 18 674 86 171 743 2,621 191 541 2,758 (25) 1,100 501 Net Book Value at 31 March 2022 5.813 2,734 1,252 221 10.020 Net Book Value at 31 March 2021 3.952 2,764 1,270 163 8.149 Property Costs comprise: Housing Properties Freeholds Short Leasehold 2022 £'ooo 5,813 2021 £'ooo 3,952 5,813 3,952 Caro Properties Freeholds Short Leasehold 2,734 2.764 2,734 2,764 Offices Long Leasehold (Over 50 Years) Short Leasehold (Under 50 Years) 1,252 1.270 1.252 1.270 54 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. FIXED ASSET INVESTMENTS The group comprtses the following entities.. Name Country of Incorporation incorporation and ownership Regulaledl non- regulated Company- 100¥0 Non-regulated Children's social care Nature of Business st Christopher's (Isle of Isle of Man Manl SCF Services Limited England Company- 1 OOWO Non-regulated Children's social care Future Farnilies (West England Midlands) Ltd Company- 1 OOOh Non-regulated Independent Fostering Agency The parent holds an investmenl of£347k for Future Families (West Midlands) Ltd. This is fully amortised in the Group and has been impaired in the current financial year. 13. TRADE AND OTHER DEBTORS Group 2022 £'ooo Parent 2022 £'ooo Group 2021 £'ooo Parent 2021 £'ooo Amounts falling due within one year Rent arrears Less.. provision for bad debts Nel rental debtors Other Debtors Amounts owed from Group undertakings Prepayments and Accrued Income 228 1421 86 514 228 (1421 86 462 128 105 23 546 128 105 23 532 545 1,145 461 1,009 788 1,357 687 1,242 Debtors are all due within one yèar. 14. CREDITORS AMOUNTS FALLING DUE VVITHIN ONE YEAR Group 2022 £'ooo Parent 2022 £'ooo Group 2021 £'ooo Parent 2021 £'ooo Trade Creditors Amounts owed to Group undertakings Taxation and Socia1 Security payable Accruals and deferred income SHPS pension agreement plan (Note 24.2) Deferred Capital Grant (Note 16) Recycled Capital Grant (Note 17) 555 438 408 2.967 201 859 3,433 199 776 281 1,135 284 1.118 53 53 45 722 2,608 45 722 5,203 2,024 4,943 Treasury management is provided by the parent company with the objectives of ensuring that operational cashflow needs can be met, assets are safeguarded and interest is eamed. 55 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Included in d8f8rred income is £79,543 (2021: £79,543) re￿Ived from The St Pancras Foundation. 11 has been specified for funding the setup and initial running costs of the UK based therap8Utic tearn. £0 has been re¢ognised in the CU￿ent year. 15. CREDITORS DUE AFTER MORE THAN ONE YEAR Group 2022 £'ooo Parent 2022 £'ooo Group 2021 £'ooo Paronl 2021 £'ooo Deferred Capital Grant (Note 16) Recycled Capilal Grant (Note 17) Growth Plan pension agreement plan (Note 25.2) 4,029 4,029 3.357 3,357 4,029 4.029 3.361 3,361 16. DEFERRED CAPITAL GRANT Group 2022 £'ooo Parent 2022 £'ooo Group 2021 £'ooo Parent 2021 £'ooo Al the start of the year Released to income in the year Addition Transfer to Recycled Capital Grant Amortisation on transfer to Recycled Capital Grant At the end of the y8ar 3,403 {46) 725 3,403 (46) 725 3,449 (46) 3,449 {46) 4,082 4,082 3.403 3,403 Amount due to be relea8ed in less than one year (Note 14) 53 53 45 Amount due to b8 released in more than one year {Note 15) 4,029 4.029 3.357 3,357 Total accumulated government grant and financial assistance received at 31 March 4,082 4.082 3,403 3,403 56 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. RECYCLED CAPITAL GRANT FUND Group £'ooo Parent £'ooo Balance at the start of the year Interest accrued Transferred lo Def8rr8d Capilal Grant Addition Balan￿ at the 8nd of the year 722 722 {725) (725) All of Ihis is due to the Greater London Authority 18. PROVISIONS FOR LIABILITIES AND CHARGES Group £'ooo Parent £'ooo Balanc8 at Iha start of the year Additions in the year Released in the year against expendilur8 Unused amounts reversed in the year Balance at the end of Ihe year 302 40 150 342 184 The provision relates to the costs of meeting changed contractual requiremenls for the promsion of services and contractual commitments under property leases, which hav8 already been incurred. but which will not be paid until future accounting periods. 19. CAPITAL COMMITMENTS- GROUP AND PARENT 2022 £'ooo 2021 £'ooo Capital expenditure that has been contracted for but has not ba6n provided for in the financial statements Capital expenditure that has been authorised by the Council bul has not yet been contracted for 477 477 944 944 Sl Christopherfs expects th888 commitments to be fInan￿d by cash within the next year. 20. OPERATING LEASES The Group and Parent hold ￿rtain properties. vehicles and office equipment under non- cancellable operating leases. At the end of the year the future minimum lease payments were as follows= 2022 2021 57 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Property £'ooo Other £'ooo Total £'ooo Property £'ooo other £'ooo Total £'ooo Group Leases expiring.. Within next year In second to fifth year In more than five years 160 40 166 40 196 196 16 24 212 220 200 206 392 40 432 Parent Leases expiring: Wilhin next year In second to fifth year In more than five years 30 25 34 25 58 49 67 63 14 55 59 107 23 130 21. CONTINGENT LIABILITIES St Christopherfs hav6 given notification of the cessation of Ihe TPT Retirement Solutions, Growth Plan. TPT have recently concluded a review of scheme benefit changes, which they have referred to the High Court regarding the interpretation on how to inlerprgl the rules, as is best pracli¢e. This process is expected to take at least years. TPT been advised that section 75 debts should not be ￿rtifIed until after the court case has concluded. As the debt on withdrawal has been triggered acknowledgement has been received that the Section 75 debt payment will be treated as an "on account" payment until the Scheme Actuary is able to formally ￿rtIfY the payment after the Court ruling. Until the Section 75 debt has been certified and paid in full a wilhdrawing employer is not discharged from its liabilities to the Scheme. RELATED PARTIES Intra-group management fees are receivabla by the parent from its subsidiaries to cover the running costs the association incurs on behalf of managing its subsidiaries and providing seryices. The managemcnt fcc covers the service8 provided for the following functions- Human Resources, Infomiation Technology. Finance, Business Development, Communications and Marketing and Executive. The management fees are primarily based on turnover but are adjusted to reflect additional time or resources th81 some subsidiaries may require. The total payable by subsidiaries to the parent in the year ended 31 March 2022 was £523,13312021= £578.000}. There are no related party transactions with Council members {2021: None). 23. UNITSIBED SPACES Group 2022 Parent 2022 Group 2021 Parent 2021 SOCIAL HOUSING: Supported housing - owned and managed owned and managed by others managed for others 68 68 62 62 10 87 10 87 10 81 10 81 58 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Opening Additions Disposals Units Closirbg Units SOCIAL HOUSING: Supported housing - owned and managed owned and managed by others managed for others 62 68 10 81 10 87 24. TAXATION The Parent, St Christopher's Fellowship, has charitable status as has St Christopherfs (Isle of Man). SCF Services Limited has no taxable profits for the year and so no provision or charge for taxation has boen included in the financial statements. 25. PENSIONS OBLIGATIONS- GROUP AND PARENT One group money purchase scheme with Aviva 15 available for UK slaff and one group money purchase scheme with Aviva is available for staff of St Christopherfs (Isle of Man). St Christopher's was also a participating employer in the TPT Retirement Solutions 'Growth Plan, until notice of ￿Ssa￿on during the curr8nt financial year. The scheme is described in Note 24.1. The total pension cost for St Christopherfs for the year was £441,000 {2021: £429,000) covering 324 employees {2021: 329). 25.1 TPT Retirement Solutions, Growth Plan St Christopherfs participated in TPT Retirement SolLrtions' Growth Plan. The scheme is a rnulti- employ8r scheme which provides benefits to some 1,300 non-associated employers. The scheme is a defined benetit scheme in the UK. The cessation valuation of £15k was calculated based on the withdrawal date of 31 March 2019, which will be p8id October 2022 and w88 offset in the consolidated statement of comprehensive income by the release of the £5k present value provision. The scheme is subject to funding legislation outlined in the Pensions Act 2004 which came into force on 30 De￿mber 2005. This. together with documents issued by the Pensions Regulator and Technical Actuarial Slandards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a -last-man standing arrangement.. Therefore St Christopherfs was potentially liable for other participating employers, obligations if those employers were unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the schem8. A full actuarial valuation for the scheme was Carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall the Trustee has asked the participating employers to pay additional contributions to the scheme as follows.. 59 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 25. PENSIONS OBLIGATIONS- GROUP AND PARENT Icontinued) Deficit Contrlbution From 1 April 2019 to 31 March 2025 £11.2m per annum (payable monthly and increasing by 3% each year on 1 April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 thme liabilities. Where the scheme is in deficit and where St Christophels had agreed to a deficit funding arrangement, St Christopher's recognises the liability for this obligation. The amount recognised was the nel present value of the deficit reduction contribulions payable under the agr8ement that relates to the deficit. The present valu8 was calculated using the ijiscounl rate detailed in these disdosures. The uminding of the discount rale was recognised as a finance cost. Present Value of Cradltor 2022 £'ooo 2021 £'ooo 2020 £'ooo Present value of c￿dItor Reconciliation of Opening and Closing Credltor 2022 £'ooo 2021 £'ooo Credilor at start of the p8ri0d Unwinding the discount factor (interest expense) Deficit contribution paid Re-rneasurements- impact of chang8 in assumptions Withdrawal from the scheme Creditor at end of period (1) {1) (4) Statement of Comprehensive Income Impact 2022 £'ooo 2021 £'ooo Interest expense Re-measurements- impact of change in assumptions Re-measurement- amendments to the contributions schedule Cost recognised in the Statement of Comprehensive Income Assumptions 2021 2020 2019 %pa Rate of discount 0.66 1.39 60 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 25. PENSIONS OBLIGATIONS- GROUP AND PARENT (continued) The discount rates shown above are the 8quivalent single discount rates, which when used to discount the future recovery plan contribulions due, would give Ihe same results as using a full AA corporate bond weld curve to discount the same re¢overy plan contributions. 25.2 Pension crèditors- Group and Parent 2022 £'ooo 2021 £'ooo TPT Retirement Solutions, Growth Plan in less than one year (Nole 11) TPT Retirement Solutions, Growih Plan due in more than one year {Note 12) 26. INCOME FROM VOLUNTARY AND DISCRETIONARY SOURCES St Christophar's is greatly appreciative of the funding it receives from a number of sourc8S, including: Elizabeth Clucas Charitable Trust Esmee Fairbaim Foundation Fowler Smith & Jone5 Trust Hadrian's Charity Manx Telecom The G D Herbert Charitable Trust The Team LEWIS Foundation Zurich Financial Service8 Charity Grant In addition, St Christoph8r's has benefited from the generosity of individual donors, whose support is crilical in enabling the continuation of St Christopher's work. St Christopher's is most grateful lo all of these individual donors. 27. GRANTS 2022 £'ooo 24 13 2021 £'ooo Albert Gubay Barclays BBC Children in Need Esmee Fairbairn Foundation Gwyneth Forrester Trust LandAid Charitable Trust Manx Lottery Charitsble Trust Peacock Trust Sisters of the Holy Cross Social Investment Board Youth Endowment Fund The Churchill Foundation The Story of Christmas 25 76 40 81 13 10 20 37 10 168 10 29 289 61 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 2022 £'ooo 2021 £'ooo Department for Education Income Expenditure 321 321 298 298 28. MEMBERS, LIABILITY St Chrislopherfs Fellowship is a cornpany limited by guarantee and has no share capital. Every Council member, who are also members of the company undertake to contribute up to £1 in the event of the company being wound up. 29. FINANCIAL INSTRUMENTS 2022 £'ooo 2021 £'ooo The Group's financial instruments may be analysed as follows= Financial assets at cost: Cash and cash equivalents 4,016 5,527 Financial assets measured at amortised cost: Trade and olher debtors 918 4.934 1.037 6,564 Flnancial liabilities measured at amortised cost: Trade and other creditors 1,690 1,690 1.260 1,260 30. NET DEBT Asat1 April 2021 Cash Flows Other non- cash changes £'ooo Asat31 March 2022 £'ooo £'ooo £'ooo Cash and cash equivalents Cash 5,527 5,527 1.511 {1,511) 4,016 4,016 Borrowings Debt due within one year Debt due after one year Total 5,527 (1,511) 4,016 62