ST CHRISTOPHER'S FELLOWSHIP (A company limit•d by guarantee) REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Registered Company no. 321509 Registered Charity no. 207182 TABLE OF CONTENTS REFERENCE AND ADMINISTRATIVE DETAILS............................................ ........... REPORT OF THE CHAIR............................................................................................ STRATEGICAND BOARD REPORT.......................................................................... REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP.............................................................................. 32 CONSOLIDATED AND PARENT STATEMENT OF FINANCIAL POSITION............. 37 CONSOLIDATED AND PARENT STATEMENT OF CHANGES IN RESERVES....... 38 CONSOLIDATEDSTATEMENT OF CASH FLOWS..................................................39 NOTES TO THE FINANCIAL STATEMENTS................................................. ..........40 ST CHRISTOPHER'S FELLOWSHIP REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023 REFERENCE AND ADMINISTRATIVE DETAILS LEGAL DEfAILS Registered Name.. St Christopher's Fellowship Other names used: St Christopher's A company limited by guarantee, registered no. 321509 Registered 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 members who s&rv8d from 1 April 2022 up to the date of approval af these financial statements were as follows= Jo8 Anichebe David Brown Angela Daknn Rupert Duff Kelly Dooley John Halliwell Noella Hacquard (Honorary Treasurer) (retired 7 September 20221 {Wice Chair) (appointed 14 September 2021, retired 7 September 2022) (retired 7 Séptember 20221 (appointed 11 May 2021) (Chair) (retired 7 September 2022} (retired 7 Septemb8r 2022) Daniel Hobbs Wictoria Markiewicz Bert O'Donoghue Sally O'Neill Akua Doreen Chvusu-Akonor Anne Stoneham Monique Turpin Dinesh Wisavadia Juliane Wesemann (Chair} {appointed 22 June 2022) {appointed 12 July 2023) (retired 7 Septémber 20221 (appointed 21 June 2022) COMPANY SECREfARY Sara Kortenray ST CHRISTOPHER'S FELLOWSHIP REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023 PRINCIPAL sfAFF 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 {Dire¢tor of People) {Director of Income & Development) (Director of Finance) (Director of Operations-15te of Man> {Director of Operations-UK) (Chief Executive) SOLICITORS Trowers & Hamlins 3 Bunhill Row London EC1Y 8YZ Russell-Cook8 2 Putney Hill Fljtney London SW15 6AB BANKERS National Westminster Bank 16 Wimbledon Hill Road London SW19 7ZD EKfERNAL AUDITORS Mazars nd 2 Floor. 6 Sutton Plaza Sutton SU￿eY SM14FS ST CHRISTOPHER'S FELLOWSHIP REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2023 REPORT OF THE CHAIR l am pleased to present our Annual Report and Accounts for the year ended March 2023. This year has again been anolherdifficult year following on from Ihe pandemic. enduring Brexit staffing challenges, the cost of living crisis and dramalic increases in inflation. However. despite this the care of children has remained our priority and we have workod with our partners to develop innovative solution5 for young people's needs The fiexibility, creativity, love and professionalism of our staff teams and foster carers have continued to make this impressive achievements during these difficult times. Their ability to adapl lo Ihe ever-changing environment and dtffi¢ulties that come from staff shortages in almost all areas of the organisation has shown Iheir resilience in their care for young peopla. Some of the operational su¢osses over the past year indude". Development of our Isle of Man Therapeutic Edge of Care work., The set-up of our new Transitions home on the Isle of Man using the AMBIT (Adaptive Mentalization Based Integrative Treatrnent)model; The purchase and refurbishment of￿0 Leaving Care flats in the Is18 of Man, which cU￿entlY support the increasing demand for social, sustainable independent aGcommodation for young people post 16- The embedding of our Philosophy of Care. The developm&nt and growth of Parent and Child placements in our Fostering Service., The implementalion stages of the first Iwo homes to be opened shortly in the London Accommodation Pathfinder contract, and,. Another year of fully fundraised support for the Isle of Man's Support inlo Employment project. During the financial yearour income has remained stable cornpared tothe prior year. Howev9r this is in part due to the very generous gift of legacy donations that we have received in the year. We are very grateful for these gifts. which have helped support the organisation against the challenging financial situation we have faced and are continuing to fa￿. The current year had been agreed as a year of investment in which we- Bolslered our People Team to support recruitmenl, training and relention of staff: InGreased our Fundraising department to support the organisation wilh the essential value added work such as Life Skills and Support into Employment; Changed the staffing model in our UK children's homes to increase the number of more experienced staff available on each shift line, and Ensur8d that we pay the Living Wage respeclively for the Isle of Man, Midlands and London region. Some of these initialives are still a work in progress due to the increasingly competitive r8cruitment Market. Other areas have resulted in additional, unbudgeled expenditure during the year. In order to address rising inflation and the early Living Wage announcements for the UK. all staff below senior managemenl level were awarded an additional 7 % cost of living increase from 1. October 2022 in order to remain in line with the Living Wage in all regions ST CHRISTOPHER'S FELLOWSHIP REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2023 and to support staff through financially difficult times. The profit on the sale of a propety that no longer met the requiremenls of the organisation along with the legacy donalions, gave us the opportunity to be able to provide this increase. We must Ihank young people who have trusted and shared their lived understsnding with us enabling us to leam from care exp8rien¢e and continuously improve our services. We are excited to be building upon our commitmenl to coproduclion of services with a Young People's Advisory Panel in the UK. Mirroring our estsblished work in the Isle of Man, the Panel of representatives from ea¢h of our homes and services in England will féedback and guide decision makers at all levels of the organisation to maintain young people's voices at the centre of our practice. We are grateful to our local authority and govemment department partners. Otsted and our volunteers Trustees and donors for enabling us to cr8ate brighter futures for Ghildren and young people together on a values led, not-for-profit basis. Strategically we hav8 ¢hanged as a board of trustees as a number of trustees reached the end of our third term in September 2022. Al this date my role changed from Chair Designat8 to Chair. We fonnally welcome Juliane Wesemann who has retumed as a Trustee in June 2022. In the Isle of Man Roger Phillips and Shelley Uzzell joined as trustees in July 2022 with Roger assuming the chair for the Isle of Man council. We would like to formally acknowledge the commitment and contributions over many years of Dinesh Visavadia. David Brown. Noella Hacquard, Daniel Hobbs. Sally O'Neil and Bert O'Donoghue {who leaves us as outgoing Ghair), who have left the board this year. I would to express my gratitude to my fellow trustees. who volunteer their time and expertrse selflessly and our slaff who go abov8 and beyond to support the children and young people in our care. Without you, and our partners and supporters, we could not create brighter futures for thildren and young people. Anne Stoneham Chair of Truslees 13° September 2023 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 STRATEGIC AND BOARD REPORT 1. MANAGEMENT AIMS AND ACTIVITIES At St Christopherfs we work in the British Islas as a charity and Registered Provider of Social Housing. We GU￿entlY wotk in Soulhem, Easlern and Central England and the Isle of Man. providing services to young people in care. care leavers and those on Ihe edge of care. Our services include foster hotnes, children's homes (including a se¢ure children's home). homes for care leavers and homeless teenagers, outreach support, return home interviews for young pèople who run away from home, preventative outreach, education support and therapeLrtic provision. We also provide consultancy to local authorities and chariti8s. OBJECTS SET OUT IN GOVERNING DOCUMENT Our objectives as set out in the Articles of Association are to assist people in need. particularly children and young peopla and people with learning disabilities, to relieve poverty and to undertake any other charitable purpose. Our priorities during the year continued to b8.. continual improv8ment in service quality to create ev8n better outcomes for children and young people speeding up recruitment processes and improvg relention by better stsff support and progression improving spot purGhase capabilitie5 to meet or ex￿ed financial and Occupancy targets maximising asset usage to further enable and enhance service delivery expanding Gapabilily to respond creatively to the needs of children and young people, and commissioners, to drivè growth and create more brighter fvtures STRATEGIES FOR ACHIEVING OBJECTIVES In November 2017, we started the process of setting our Vision and Strategy for 2018 to 2023. We fell it was important that the strategy properly reflected St Christopherfs by being participative, aligned with our ways of working, 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 thal will benefit those we work with, now and in the future. Our three strategic aims are.. 1. Create more excellent homes. fostering and support for children & young people Children and young people have told us that ivs the relationships wilh carers in our fostering and residential services that make their houses feel like homes. Over the five years of th8 strategic plan we are developing more eX￿1]ent homes to support even more children in care and care leavers. We are doing this by focusing on growing our residential. fostering and support to provide services to double the number of children and young people by 2023. 2. Improve emotional w&llbeing We will develop Clinical therapeutic input across all of our seNI￿S, so young people, carers and staff re￿1ve 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 with mental health ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 organisalions to develop holislic. empowering, relationship-Gentred ways lo improve emotional wellbeing. After successful developmenl of the Isle of Man Iherapeutic services. we have been using this learning to inform the ongoing development of our UK based therapeutic service. 3. Promote lifelong leaming and thriving Our staff succeed with young people who have experienced very difficult starts in life through relationship-centred, creative approaches to learning ihat equip them for life in the wodd. We are increasing capacity in the education and life skills teams to support more young people to achieve their potential We are in the early stages of the slralegic planning for 2024 onwards and are currently consulting across the organisation as the initial stage. We will collaborate with young people lo help make each slep of theirjourn8y io independenGe easier, maintaining important relationships with people that matter most, whether friends, family. carers, or St Christophers staff. We will continue to invest in training and supporting our staff to enhance leaming and develop skills to promote growth and career progression. May 2022 saw the publishing of the Independent Review of Children's Social Care (England). St Christopher's submitted evidence to the revi&w drawing upon an extensive contribution from the lived experiences of children and young people in care and the practice insight of our staff and carefs who support them. Our young people stressed the importance of stability. strong. loving and positive relationships, good education. happy experiences of childhood as well as brighter futures for themselves. and parity of outcomes and opportunities with their non-care @xperienced peers. The Review's recommendations were limited in their scope of addressing children and young people's emotional wellbeing. We know that the young peop18 placed in our care are highly likely to have pre*xisting mental health needs and that their support should encompass a holistic approach to meeting their full needs. The continuing us6 of therapeutic wraparound servicEs in both the UK and Isle of Man to inform psychologically staff practice and home environments will persist as key for the leaming and thriving of young people and slaff. The Govemment in England has published its response to Ihe Children's Social Care Review's re¢ommendalions along with ils response to the Child Safeguarding Practi￿ Review Panel inlo Ihe tragic murders of Arthur Labinjo-Hughes and Star Hobson. and the Competition and Markets Authority. The findings of the reports confimied thal the care system is often fragm8nte(l and Struggles to meet the needs of children and families across England. In response to the reports th8 Government has announced it is planning to transfonn children's social care, with 'ambitious plans that put families at the heart of reform" and where 'vulnerable children will be better supported lo stay with their families in safe and loving homes" The Minister for Children, Claire Coutinho, has described the strategy as a stsrting poinl for a much mor8 widespread transfomatson. St Christopher's welcomes many of the Govemment's commitments and focus on family, stability and love. However, wilh projected increases in the number of young people in care continuing to rise and the pressures that families and local authorities are under. we are disappointed that the funding pledged is 200/0 of that recommended in the Care Review and are o?ncerned that the transfomiation of children's social care that children deserve and ne9d cannot be met without more urgent action and investment. ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 As a Gharity, we aim lo remain finanGially robust and ensure that the organisation and its activities are sustainable. This will enable the tradition. started in 1870, of providing services for children in cara, on the edge of care and leaving care to Gontinue. We also recognise that new initiatives and services can require an initial investment. prior to the services becoming rinancially sustainable in the longer term. Consequently. we aim to ensure we have sufficienl reserves to both manage risk and develop new services. The Council's tsrget is, in the event that all income for St Christopher's cease. we have 2 months of operating cost in reserves in order to meet our short tem obligations VALUE FOR MONEY The financial environmonl has been difficult for a number of years with the situation getting worse year on year as a result of the COVID-19 pandemic, the situation in Ukraine. huge increases in inflation and the cost of living crisis. There is a clear need to deliver value for money to our partner commissioners. Almost all of our services are delivered and commissioned within Competitive markets, whether they are tendered contracts. framework contracts or spot purchase services. Accordingly. we have to take into account both the quality of services and their cost. We are committeé to maintaining quality to ensure that all 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 to tailor the SeN1￿ to its specific requirements, subject to the ability to sustain a quality service. Where services re￿1ve placements from multiple commissioners, we define the service's specification and cost accordingly. We then keep the level of demand for the service under revi&w. Council seeks lo ensure that our assets are used effectively to deliver services for children, young people and adults. We aim to ensure that all SerVi￿S we undertake are financially sustsinable in the longer term. and the performance of services is review8d in this context. Our in¢redible donors and supporters have once again enabled enriching activities for children and young people through their fundraising efforts. The year has included bake sales, gtfted books and sponsored walks supporting gifts and donations that support young people on the next step of their journeys. A particular thank you to all our generous Christmas and Easter donations and gifls for young people. Ourspecial thanks lo each and all of the trusts. foundations, corporate partners. majordonors, comrnunity groups and individuals (whether leaving gifts in fheir wills or und8rtaking fundraising a¢tivities>, that have helped create brighter futures. The generosity of our supporters allows us to provide independent living skills. learning support and employability work with young people, tailored to their individual needs. We are continuing our commitment to portraying the Ghildren and young people living with us and experi8ncing our services in a respecfful way. We recognise the importance of their lived experiences loday and how their insight as the experts in Iheir own lives is crucial to our continued learning and development. We understand our responsibilily as a voice and platfomi for those with care experiences and strive to ensure that we are representative of the community and priorities of young people across our campaigns and communications. We are register8d wtth the Fundraising Regulator and adhere to its Cod8 of Fundraising Practice which covers the requiremenls Gharities must follow as set out in the Charities Act ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 2011. We do not CUrren￿Y raise funds through telephone fundraising or work with an agency to do so. We are clear on our website and in fundraising communications how to advise us If ourdonors no longer wish to receive our mailings or communications from us. We have a clear omplaints policy which is accessible from our website and we plan to deal with them quickly and appropriately. We had no fundraising ¢ornplainls from donors in the year ended March 2023. We are signed up to the Fundraising Preference Service to allow people to opt out of receiving fundraising communications from us and, this year. we actioned one request. Last year we improved and updated our fundraising pages on the website which will improve the user experience, celebrate our wonderful supporters and donors and maké il easier for people to support us. St Christopher's Cu￿entlY have a team of 4 {3.2 full time equivalent) comprising a Head of Fundraising and direct reports employed directly by the charity, and a longstanding fundraising consultanL As a housing association, our accounts are prepared under the Housing Statement of Recommend Practice (SORP). These differ slighuy from the Charities SORP with one of the differences relating to the treatment of Restricted Grants. Under the Charities SORP income received and not yet spent would be credited to the Restricted Reserve. This is held as deferred income within Creditors Due within One Year under the Housing SORP. At St Chrislopherfs. we want lo break down the barriers that our young p8opl8 ¢an fa￿ that can prevent them from following their dreams and aspirations and trying 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 al the heart ofst Christopher's 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, potential and ability to shin8. As many of our young people have lived through significant Irauma and deprivation, they have missed out on ordinary childhood opportunities to try new experiences and, as a result, can struggle to see thair unique value and potential. By involving them in a range of different shared activities, our staff create opportunities to discover and share th8ir diamonds, learn n8w skills, build posilive relalionships and develop self-esteem and emotional resilience. We raise funds to ensure we can continue to deliver the following initiatives in line with our strategic aims of creating more excellent homes, fostering and support for children & young people- improving emotional wellbeing, and promoting lifelong learning and thriving. LIFE SKILLS Through promoting young people's own self efficacy our Life Skills Team supports them to build their own self-esteem and resilien￿, critical to success in their first tenancy or job. W8 focus on certlfication of key skills such as cooking healthy meals on a budget or writing a CV. Young people build a portfolio of AQA award body certificates that support them to remember what they have 5eamt and increase their confidence to engage with organised fomal and further education. OUR PARTICIPATION AND CO-PRODUCTION WORK St Christopher's our Participation Team embed young peopl&'s voices Ihroughout our work. We use a variety of activities to engage young people of all ages and abilities to feedback on ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 and influence the development of their serVi￿s. This means tsking our time and exploring new platfomis and methods to ensure that participation is for all young people regardless of background. It is important to us that we recognise our young people's contributions and as such we lake tim8 to let them know the impact of change their suggestions have. Our young people support re¢ruitment through designing of activities for prospective staff and tTUStees, give feedback on our documentslion, policies and procedur8s and are currently supporting the fomation of our strategy for 2024-2029. EDUCATION Our Learning Support Service (or PULSE service lo our young people). has continued to deliver one-to-one tuition and bespoke help for those returning to mainstream education or catching up. The Servi￿ works with our teams to develop and In¢rease their links to local schools and virlual schools to ensure that we are the best possible advocates for young p8ople's education and learning rights. Working with the professional ne￿Ork and young people themselves we enable the adaptation of support to improve accessibility for care experienced reamers. This year has seen the service expand with more leaming mentors recruited and through a partnership with Quaker Social Action recruited our first Finan¢ial Learning Mentor to improve young people's money education and confidence. SUPPORT INTO EMPLOYMENT Our experiencod Support into Employment Team has continued to enable care leavers Dn the Isle of Man to learn the right Skills they need for the workplace and to find jobs doing something they enjoy and that they can suslain. What makes this sch8me different is that the team also support the employers so that they are more understanding of Ihe issues care leavers experience and show them how to help the young person learn, develop and thrive at work, without feeling overwhelmed by any setbacks or ¢hallenges that ¢rop up. This means the work placement is less likely to break down because there is an advocale working with both sides to make it a Suc￿ss. The team already have some businesses on board and are r8aching out to others so that they will sign up to the scheme and start offering opportunities to young people. This is a great way to help achieve our strategic aim of lifelong learning and thriving for young people, particularly during the prooss of leaving care and working towards full independence. GET INTO WORK Our new UK based Get Into Work Programme is now underway and delivering corporate partnerships to create opportunities and employment for young people. We have recently connected with food brand Wagamama, teaming up wilh thè organisation to ¢ollaborate and support our young people in providing choice and options in employment across the Wagamama estate and their associated partners within the hospitality industry. The restaurant giant has appr8nticeships and vacancies across London and we are working on a mentoring programme to provide extra support to serve up employability and confidence to our young people giving them meaningful career opportunities. This is a key step in the ambitions for the Get Into Work role here in the UK to attract more axternal employers to support our young people. THE DIAMOND FUND The Diamond Fund exists to help create brighter futures for young people by easing their access to education, training and work and enabling th8m to participate in enjoyable, creative ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 activities with th8ir peers and staff, building relationships and resilien￿ through positive shared experiences. Through this initiative, our young people have been able to buy laptops, art materials for a design course, cooking equipment for a catering business and a printer for school work. WELCOME VOUCHERS Most young people who arrive at St Christopheffs have found themselves in care for reasons beyond their control. For these young peop18, a safe and established home environment is crucial to help them progress. When these young people come to one of St Christopherts Fellowship's residential homes, we work hard to help them feel welcome and ensure they hav6 a sense of control over an element of their lrfe and luture. One of the first ways we do this is through welcome vouchers. Through feedback gathered from young people, we idgntified the mosl affective way to help them feel welcomed and al hom& when they join us is by allowing them to purchase a small i18m they want for themselves. Welcome vouch8rs 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 services and gives them a sense of control over their environment. When they leave our care. we don't just want young people to have the skills to survtve - we want them lo thriva and enjoy happy, fulfilling lives. VALUE FOR MONEY METRICS The Regulator of Social Housing issued the new Value for Money {'VfM') Standard on 9 March 2018 together with a Cod8 of Practice. Value for Money metrics were introduced for reporting periods up to 31 March 2018 and aims to provide an agreed set of metrics for housing associations which compare performance and provide a value for money check. Social housing is one small facet of the work that St Christopherfs does, with social housing lettings making up just 1.1 % of our Group turnover in the year over 68 owned bed spaces. We are therefore impacted by the smaller margins for supported housing as opposed to general needs as w611 as not having the economies of scale aC￿Ssible. 2023 Group 2023 Parent 2022 Group 2022 Parent Business Health Operating Margin (social housing lèttings), (17%) oo/. 0% 0% Operating Margin (overall) (3Yo) {1%) 0% (60AI EBITDA MRI Interest Cover3 4,829Yo 4,409% 5.3900h (18,217%) 1 &Kial Housyi l¢tbrywod althe eThJ of the fin8n¢¥l >ear S T￿t￿ ￿Tr$O￿al urnts developed 0rnevlybulnd￿ldvj bytotal r*JTrsrK￿I ho￿￿1n9 Vniis al theend of thfrfin•rtial year 6 Shortand lonu-letrD loans. cash and ¢ash eqUI￿￿nt* arT*untsos¥qd to group ￿￿Orta￿Tr￿S aThafingnGe l¢ase oblig8tions (livided by tswlblefix•d a8$8t kvJ5iig prcperU•8 81 tOSL A new property was purchased towards the end of the previous year. No properties have been purchased in the current financial year. The gearing per￿ntage is negative as St Christopherfs Group and Parent currently has no long or short-temi debt and the Parent holds more in cash than is owed to its subsidiary undertakings. 11 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 2023 Group 2023 Parent 2022 Group 2022 Parent Effective Asset Management Relum on Capital Employed o¥ (10kn) 0% {7V.) Operating Efficiencies Headline Social Housing Cost Per Unit8 £3,368 £3,368 £2,900 £2,900 Investment Reinvestment efficiency percentage 30 22% 7 O4¢r•ll•wr•￿nJ SU￿lU￿(defficrt) plv$wirf(bts51 on dbwsal olfthl wt prOp￿leS dI￿ded tytQWl diMdBd by rutrBM 11gbllW. 8 s￿la1 hwslrfj c05Ls Imana9èmèni¢haw. S￿e@ chor9e. malntenanc¢. ￿Anned ￿1Th*r￿￿te, 0xp￿di￿jre. l••st¢osts. c¥tol*ed malwfewirs C05tsforthe p¢r1¢dId￿l￿$O ty soual hOL￿r0 Athrm*nwJed. 9 o￿e￿pmernt ol r• gropth. r￿W properdes 8¢quir&. wths to ￿$tIn9 wopertits¥ ￿1P11￿1 Inte￿5t￿l￿ded by tar¥JI￿O fix•d A￿1 hcusiroJ woperues ai¢osL The Group ratum on capital employed is in line with the prior year. The improv8ment of the Parent return on capital employed from a deficit of 7.fi to a deficit of 1 % is caused by the impaimienl of the investsnenl of Future Families in the prior year. The headline social housing cost P8r unit is slightiy ahead of the prior year and reflects the increase in costs as a r8suII of inflation. A naw property was purchased towards the end of the previous financial year creating the increas8 in the reinvestment efficiency percentage. No properties have b88n purchased in the current financial year. The Value for Money metrics were reviewed against budgeted targets. as well as an average of the 2021122 restjlts for peers. The 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 wer6 Centrepoint Soho, Look Ahead Care and Support Limited, St Mungo's Cornmunity Housing Association and YMCA- St Paul's Group for similarity of breadth of work. 2023 2023 Budget targ8t 2022 Average of peers Group Business Health Operating Margin (social housing lettings) (17%) (2¥0) Operating Margin (overall) {30/.) (30h) EBITDA MRI Interest Cover 4,829% NIA 171% 12 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Operaling Margin for social housing letlings is a smaller deficit than budgeted as less planned maint8nance took place than planned. The average of peers is also a dèficit. however this was due to one of the organisalion making a substantial loss in this area of 42%. The overall opèrating margin is in line with the budgeted18vel. It is a worse position than that of the average of peers who all achieved a surplus. St Chrislophe¢s has no long or short-temi debt, therefore has no interest accruing other than the interest on the recycl&d capital grant fund and is a negative due to the deficit position for the year. 2023 2023 Budget target 2022 Average of peers Group Development - Capacity & Supply New Supply Delivered (Supported Housing) New Supply Delivered {Non- Supported Housing) OYO Gearing (48%) (38°hl 19% New supply was in line with budget. Two of the peers had not increased their supply in 2022. wilh small in¢reases in the others. All peers have a greater overall number of bed spaces than St Christopherfs. The gearing perGentage is n6galive as St Christophels currently has no long or short-temi debt. 2023 2023 Budget target 2022 Average of peers Group Effective Asset Management Return on Capital Employed 0% {3%1 6% Operating Efficiencies Headlin8 Social Housing Cost Per Unit £3.368 £4,064 £8034 Investment Reinvestment efficiency percentage 3% 1Vo 10Yo St Christopherfs return on capital employed is better than the budgeted target due to a large profit on the sale of a property that was not included within the budget. This figure is however 13 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 lower than the average of peers due lo poor Performan￿ of occupancy in UK spot purchase servlces. The headline social housing cost per unit is lower than budgeted due to lower expenditure on planned maintenance costs than planned. The actual cost is also lower than the average of peers. However the average is greatly affected by the peers who can achieve a more e]Ticient cost per unit based on their greater scale offset by one peer whose major works programme increased their headlin8 social housing cost per unit to £25k. 2. OPERATING ENVIRONMENT The current fiscal environrnent remains such that local aLrthorities in England as well as the govemments of the United Kingdom and the Isle of Man continue to face financial constraints and a need to reduce expenditur8', Ihis had been expected to continue for the foreseeable future and has grown progressively worse with the cost of living crisis, situation in Ukraine and ever increasing infiation. Whilst many of the services that we provyde fulfill Statutory obligations of local authorities and the Isle of Man Govemment, this does not exempt them from requirement to demonstrate value for money. We are committed to working with our commissioning partners to ensure thal services remain relevant to both their needs and those of children and young people. We recognise that the constrained financial r8gime can lead local authorities to be cautious about ￿MMItt1ng to medium and longer-temi commissioning arrangements, where they hav8 uncertainty about their fvture level of demand for servI￿s. Consequently, we continue to review our servic8 offer to inciude services, which can be accessed and paid for as and when required. Within fostering some commissioners aim to increase the amount of fostering services that they directly provide. This has had the effect of increasing the competition in a market where local authorities are simultaneously. a commissioner of, and a competitor with. St Christopher's. Other local authorities have soughl to respond by increasing partnership working and we have been proactive developing such partnerships. RISK MANAGEMENT We have a risk management policy and an ongoing process for identifying, evaluating and managing the significant risks that we face. These are recorded in our stralegi¢ risk register. Risks are assessed for their likelihood and polential impact and Council focuses its work on those risks which are identified as most significant. Disaster recovery scenarios have been considered and contingency plans are in place. For all significant risks the polential to mitigate risk is considered and proportionat& action is taken. A wide variety of strategies are used to mitigate risk. These include- seeking to mitigate risk through appropriale policies, prO￿dureS and controls, spreading risk through ensuring sufficient diversity of activity and comrnissioning partngrs, seeking io lay off risk through Contract negotiation or insuran￿. Council has considered the risk of fraud and has adopted an anti-fraud policy. In evalualing new projects, Council assesses risk and will not proceed with projects where the risks are disproportionate to the benefits offered lo our children and young people or our organisation as a whole. 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 twice a year. The major risks that we face are recorded in the strategi¢ risk register.. 14 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 staff Recmitment and Retention.. Almost all of our services are for the provision of social care and as such. the qualification and dedication of the front-line staff delivering the serVi￿S has a real impaGt 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 limits the pool of potenlial staff. The limited availability of eXperIen￿d and qualified staff and managers and increased rise in salaries has the potential to be a risk to the organisation. We seek to mitigate this risk with robust recruitment prO￿dureS that are honest about the nature of the work and through investment in training and development. This enables those with aptitude, but without ne￿SSary fomial qualifications to obtain them and through investment in diploma qualifications and a trainea program for managers. Safeguarding= As we work with children and young people, safeguarding is Gentral to both the organisation and the delivery of serviGes. We seek to mitigate this risk with a many- layered approach. This includes appropriate recruitrnent and checking of staff, training. organisational policies and procedures, ensuring our children and young people know how to raise any concerns, invesb'gating all concerns thoroughly and in full co-operation with Ofsted and relevant local and national authorities, and creating an open culture towards whistleblowing if staff hav8 concerns. We also have a Safeguarding Committee which has expanded the Trustee and management oversight of this area. Financial Sustainability.. Risks of financial pressures ar8 not only theoretically project8d. but are currently being experienced. The rise in costs are not nec8ssarily being matched by rise in incom8. Challenges to recruit and retain staff results with an over reliance on high-cost agency staff, and occupancy based services pose an ongoing potential risk. The award of a block contract to provide supported accommodation services in London will strengthen our portfolio of work and bring some added financial security. however the project has suffered severe delays due to maintenanc& works on the properlies prior to them bèing handed over to St Christopher's to open the services_ Governance and Compliance.. We operate within a highly regulated environment. At an organisational level the lead regulator is the Regulator of Social Housing although many of our activities fall under the remit of the Charity Cornmission, Ofsted and the Registration and Inspection Unit on the Isle of Man. The majority of our activities are not social housing. We therefore, recognise that there are risks that the Regulator of Social Housing, in developing regulation designed to protect social housing. may legitimately develop rules and standards which create restrictions upon our activities. We seek to manage this risk by keeping up lo date with proposed regulatory changes. assessing their potential impact and evaluating our options within and outside this Regulatory regime. We keep innovation under review, engage in open discussion with key stakeholders and take appropriate specialist advice to mitigate this risk. Health & Safety.. We have reviewed and renewed our Health & Safety policy over the past five years. A Heallh and Safety Committee educates the management and Trustees on the severity of non-compliance and updates Council quarterly. There is good transparency around Cornplian￿ with safety checks and controls in place and better correlation be￿een risk assessment and actions that need to be taken. In addition Health & Safety is reviewed by the Safeguarding Committee as part of Iheir remit. Service Failures (including Central ServI￿s).. As with all businesses, we have an increasing number of IT systems that are used to aid and streamline the recording and monitoring of infomation that needs to b6 collected and processed. The failure of any or 15 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 all of these syslems, whether acGidental or malicious. would seriously impact on our ability to provide our services. We seek to mitigat8 the risk by using external èxpertise where needed to r8Vl8w 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 Servi￿ failur&. EMPLOYEE ENGAGEMENT We recognise the importanca of good, appropriate relationships bettveen staff and our children and young people. Stable relationships contribute significantly to positive outcomes. As such. 8 well-motivated. stable and skilled workforce is central in enabling brighter futures for our children and young people. We communicate with employees through Chief Executive blogs and vlogs, ChrisNat (our intranell and cascading information following manager meetings. Throughout the pandemic, we déveloped our ability to communicate remotely through Trustee calls to managers, moving all maetings lo Microsoft Teams and Irialing alt8rnate Gommunication methods. These meth¢xls are now used in ￿nIunction with onsite visits to services. Pay and benefits rèmain under constant review. Our Council of Trusta8s agreed an annual cosl of living increase of 2¥0 for all staff for the financial year. The cost of living in¢reas8 of 2% is a rninimum as all St Christopherfs salaries and Carebank hourly rates are at the living wage or above for their respectlV8 regions. Further the majority of our operational staff, below management level, will progress up a scale point on their operational pay scale each year based on performance as monitored through the annual appraisal process. In response lo the increasing levels of inflation, the increasing energy pri￿ cap and the early announcement of the Living Wage Foundations 2023 Living Wage rates, our Council of Trustees agreed a further cost of living increase of 7% from 1st October 2022 for all staff below senior managernent level. The COVID-19 pandemic, followed by the cost of living crisis has seen additional strain and anxiety on all of our lives and these have made running our services even more challenging at times. In recognition of the stress and trauma 8xperienced by staff, online therapy has been made available as well as regular group therapeutic reflection sessions lo understand and process incidents as a team. Our Race Matters Group was created following the brutal murd8r of George Floyd in 2020. It consisted of members from across all levels of the organisalion, including the Senior Leadership Team and the Board. The group advised and guided the Senior Lead8rship Team in introducing meaningful change so that we can eliminat6 racism al St Christopherts. The group is now part of a wider Equality, Diversity and Inclusion focus group which meets on a monthly basis. 11 is open to all members of staff across the organisation lo come together to explore EDI them8s, concerns and actions. We have a Shout Oul Board which provides a supportive and safe plafform for anyone to voice their thoughts, ideas and lived experiencès. The Shout Out Board also provides various learning materials around the protected Characteristics identffied within the Equality Acl 2010 (UK) & 2017 {IOM). The Shout Out Board included a suggestion that we adopt the Halo Code. Race based hair discrimination is still happening in this county despite it being illegal in the UK since the 16 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 Equalities Act became law in 2010. Sadly, Black people are still being told that their hair textur85 and hairstylas are inappropriate. unattractive and unprof8ssional. Young people hav8 been suspendad from school for fades, locs, braids and natural afros and according lo the Halo Code 58% of Black young people have reported negative eXperien￿S al school related to their hair. Equally, many Black adults experience being held back in their caraers andlor are pressur8d to conform to certain hairstylès,. while 1 in 5 Black women report feeling societal pr8ssure to straighten their hair for work. Although overt discrimination is not legal, there are oftan powerful unspoken rul8s and dress codes in organis81ions, which can make it uncomfortable or imp)ssible to be your true setf at work. At St Christopher's we believe that no one should havé to change their natural or protective hairstyle in order to thrive. To make our commitment to this clear we have adopted the Halo Code and are proud lo be part of the Halo Collective - an alliance of organisations working towards a future without hair discrimination. Our Brightar Futures Groups are a result of an Appreciative Inquiry method used to complete feedback on positiva experiences working at Sl Christopherfs and the faclors in place to make those experiences work. The Groups are made up of representatives from across the organisalion. Representatives from each team take the views and id6as from their colleagues about what we could do better to quarterly regional Brighler Futures Group meetings. Groups are non-hierarchical and provide opportunities for collaborating on activities across services ané regions. The Brighter Fulures Groups continues lo be instrumental in instigating positive change across tho organisation, and ensuring the employe8 voice is heard. Without dedicated, skilled and passionate staff and fostar carers, there would be no St Christopheffs. We are only able to make a étff8rence to the lives of children and young people because of th8 love. the skills, the knowledg8, the professionalism and the commitment that our staff provide. We continue lo review how we provide staff wilh the best experien￿, so that they can be engaged and effective in supporting our vision. 3. ORGANISATIONAL PERFORMANCE ACHIEVEMENTS AND PERFORMANCE The overall financial results for the year ar8 below budgeted expectation. Income is in line with th8 2021122 results but. as in prior years. is impacted with occupancy levels being below projections. This was exacerbated in the current year by the need to temporarily close one of our children's homes when we were unable to secure a suitably qualified registered manager for maternity cover. We were able to transition successfully thè one child in placement at this home to another one of our homes. This year though has also seen significant increases in expenditure due to inflation and stsff shortages. Tha ongoing cost to run our homes incr8ased significantly, in particular utility and food costs. The second six months of the year also Included a further 7 /0 Cost of living increase for all slaff up to senior management level in response lo inflation and lo align with the new Living Wage Foundation rates eady. Despite this we continue to struggle to retain frontline staff and have also seen a drop in the number of applicants to vacancies. This has crèated a further need lo use agency staff. which is significantly more expensive. 17 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 In this financial year the effect of the underperformance on income and the rising expenditure cost has been offset by the profit made on the sale of a property that was no longer suitable for any of our operalional needs and a numb&r of legaci8S. We have a number of spot purchase homes, which require an adequate level of plac8ments throughout the year to cover the running costs of the home, inclusive of the staff team. The majority of these costs a￿ fixed. in the short temi, and therefore it is difficult lo make savings in expenditure when there is a drop in occupancy. Ensuring new young people moving in are 'matched" to the current residents of the home is also vitsl lo ensure safety and stability but adds another layer of complexity to the task of ensuring Ihat targel levels of occupancy are achieved. Our efforts are rewarded by p18cement stability above the national average, which in turn reduces instability for young people and hélps them to enjoy happy childhoods, rather than constantly experiencing big life changes. Ensuring that we safely maintsin occupancy levels in these homes to provide sufficienl income to Cover the wsts of the home remains a Signifi￿nt financial risk to the organisalion .A sales strategy and placement protocol were rolled out in the previous financial year to help increase our leaming as to what support, training and knowledge is required to 8quip our managers, on an ongoing basis, to succeed both in tems of the quality of the service and the care and support given to young people, but also the financial performance. A Placements and Referrals Working Group explored how to streamline the referrals supply chain and improved efficiency of the prO￿sS through development of a new placement protocol. The Group's adopted aim was: 'Our aim is to achieve our occupancy targets in a safe way and one which removes the barriers to admission and ensures placgment stability,. We continue to explore our supply chain issues in lerms of having the correct resources in the right Pla￿ to expedite decision-making and our ability to compete with other organisations. We have expanded our Placements Team with a new position of Placement Teams Manager to provide more support in this busin8ss critical area. MORE EXCELLENT HOMES, FOSTERING AND SUPPORT Our Is18 of Man Wraparound Therapeutic se￿1￿ have launched a new Edge of Care provision. The team are leading the way in recognising the need for earfy intervention and syslemic practice, collaborating with key departments and agencies to provide improved intervention and support for the islands children, young Feople and families. Due to the crisis driven context of working in the area of Edg8 of Care a different way of working is required that allows for immediate rt*sponse times, intense focus and intervention, and a systemic approach focusing on relational and conflict resolution. The project ensures continued assessment of risk and monitoring of safeguarding and will have a strengths based approach to difficulties, which aims to build resilience within Ihe young person, parentslcarers and family as a whole. The Edge of Car8 Intensive support provision will support young people aged 7 to 17 years and their parenl{sycarerfs). The Edge of Care Intensive support provision's definition of'edge of care, is as follows: 18 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 The young person will need to enter care within days or weeks if current levels of support are insufficient to safeguard them, due to family ralationships or family breakdown escalating andlor other issues are worsening. The young person may not be able to remain in their family home, if an altemative intervention or support package is not swiftly put in pla￿. The young person has been accommodated in an emergency bul where the aim for them is to be reunited with Iheir family quickly with appropriate support. As a r8suM of this new provision, we have been developing a Transition service which will use the AMBIT model. AMBIT is a framework, not a stand-alone therapy. 11 is a method that can be applied by teams to promote the wellbeing of and self-help techniques for young people through enabling workers to feel more Confident in managing the complex behaviours of young people, as well as effectlV81y supporting other staff with Ihe impact of dealing with these behaviours. AMBIT is a flexible and adaptable approach that has been created for use wth young people that are complex, vulnerable with multifaceted needs, including mental health, social exclusion. substsnce misuse etG. and aims to develop an environment that allows the young person to build their resilience and develop self-help strategies and coping mechanisms that ultimately lead to a brighter, more secure future. Whilst it is still a team-based approach. AMBIT can be delivered and managed by an individual representative or keyworker that is ab18 to engage not only the young person, bul others involved in the young person's care, which includes, where appropriate, the family, community and services users themselves. AIABIT stands for: Adaptive Mentalisation Based Int8gration Treatment AMBITS key focus is Mentalisation- in essence, this is an understanding of your own mental state and that of others and how this affects and impacts behaviours. Ultimately this improves your understanding of both yourself and other people. As part of the support we pn)vide our f051er carers and our therapeutic team have developed, presented, and continue to present, a series of trauma informed therap8UtiC Workshops. We will be working closely with th8 tèam to review our training package, introducing therapeutic parenting from recruitment and assessment through to support, lif81ong ￿latIOnShipS and transitions. Our fos18ring team have also developed training for foster carers to become specialist parent and child carers. This has successfully developed during the financial yearand w8 have gone from 1 parent and child placement at Ihe start of the year lo 6 placements at the end of the year. Recruitment and retention of operalional staff, particularly residential staff, within the UK continues to be a challenge. Staff tumover, which historically has been prevalent in London children's homes, remained high in Common with th8 sector generally but had been experienced more widely in our Midlands and Isle of Man regions too in the previous financial year. We have seen ongoing improvements in recruitment and retention in our Isle of Man homes. However, our London and Midlands regions have rernained incredibly challenging. We have closed one home in the Midlands due to being unable lo staff safely the home and have Glosed one home in London on a temporary basis due to staff shortages and not being 19 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 able to provide maternity cover at a management level. This is something that is occurring in a wide number of sectors. with health and social care again on8 of th8 $8¢tors hardest hit. We obtain f8edback from 18avers and use it to improve the axparien￿ of working at St Christopher's. The St Christopherfs Academy enables staff to continually develop in their children's social are career. It is made up of six pathways, which staff can tailor for th8ir ¢areer development. For example, there is an enty pathway, practitioner pathway and leadership passport. Staff aren't expected to follow a straight line and tick off all of the options. Instead, they can choos8 which route they'd like to take through the Academy. Our Residential Pathway Coordinator supports new employees in their first 6 to 12 months by providing a single contact for the induction, training and mentoring support to new staff. Our stsff in the Is18 of Man ar8 supported by our Practitioner induction and training coordinator. We continue 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 central to discussions at t)oth Senior Leadership meetings and Wider Senior Leadership Team meetings, as well as with tha Board of Trustees. A new Carebank Manager post has been created and recruited lo help co-ordinate, manage and support our Carebank workers and the managers ne8ding to bc()k their time. During the year, our chikjren's homes were inspected by Ofsted. We are delighted that our SP8cialist home for girls at risk of child sexual exploitation relained its rating as outstanding. Two 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 three homes being rated as Requires Improvement to be Good. We continue to support all our homes. particularly around the issue with staffing and have detailed People Stralegy to rnonitor, review and respond lo the ever changing and increasingly difficult employment market. We need to ensure we have the right qualifications and experience in our operational teams to safeguard children and young people to our expectations. Our homes also need to b8 safe working environments for our staff, which we need to provide by ensuring new stsff with less experience are properfy supported and trained. UK semi-independent homes are not ¢uffently regulated and therefore do not require an inspection visit. St Christopher's have always believed strongly that measures should be introduced to ensure there is monitoring in this area of support and accommodation for young people so that high standards are expected and therefore providers are accountsble for unsafe provisions. We welcome the changes that a￿ coming into effe¢t in 2024 to regulate organisations that provide semi-independent homes. During the year, as in previous years. we used an external inspector lo review our semi-independent homes in the UK. The findings are reported to Council and then used as a basis for recomrnendations for homes going forward and sharing leaming of bast practi￿. The Isle of Man children s homes are inspectad by the IOM Registration and Inspections Unit within the Isle of Man Government and at their last inspection 83°h achieved 'substantially compliant. or °complianV'. The semi-independent homes are also inspected by th8 Registration and Inspections unit and are 'complianf. Cronk Sollysh. our secure unit, is inspecled by the Government Registration and Inspections Unit and is als0 'compliant'. 20 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Senior Leadership Tearn allocate time to ffleet on a quarterly basis to r8fle¢t on all Ofsted, Inspection Unit and semi-independent homes reports, positive and negative to increase the learning that can be taken and applied across all our Servi￿$. We are delighled to have successfully tendered for a new service project that is a joint venture be￿een London Councils, part funded by the Ministry of Justice to provide an innovative alternative 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 wmmunity and mental health wellbeing services to offer intensive holistic support for young males completing their orders, and supporting them to progress to their next placemenvreunification with their families. Typically this will include support to attend courl and offending prevention appointments, education and independeni living skills. Set up work and recruitment of the teams for the first iwo homes is almost complete and we l¢)ok forward to welcoming the first young people into the home in the coming weeks. IMPROVED EMOTIONAL WELLBEING Our staff work directly with children and young people who have experienced significant trauma, abuse and chaos in their lives. Whilst this work can be extrem81y rewarding, staff need support dealing with this vicarious trauma. We have an established Wfaparound team in the Isle of Man, who are led by a Therapeutic Manager. The Isle of Man Wraparound team provides invaluable therapeutic input for the children and young people. staff teams and employees on an individual 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 Employe8 Assistance Programm& which staff can access throughout personal and professional challenges. LIFELONG LEARNING AND THRIVING We continue to develop our apprenticeships offerfor young people leaving care at a controlled pace to ensure that we are able to implement our learning from the cuffenl and previous cohorts. Young people stsrt on a three-rnonlh traineeship, which can subsequently transfer to a full apprenliceship post. The leaming from providing apprentI￿Ships. traineeships and work experienc8 all fed into the Support into Employment scheme on the Isle of Man. Dedicated support workers are available to support care leavers on the Isle of Man to learn the right 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 get to know their interests and career plans. Then, through partnerships they have built with local businesses and government departments, the team set up shadowing days and work experience so thal young people can try out different areas of work that they are interested in. These opportunities can lead to mor8 formal work placements, volunteering, apprenliceships. or even paid work. What makes this scheme different is that the team also support th8 employers so that they are more understanding ofthe issues care leavers experience and show them how to help the young person leam, develop and thrive al work, without feeling overwhelmed by any setbacks or challenges thal crop up. This means the work pla￿rnent is less likely to break down because there is an advocate working with both sides to make it a success. 21 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 We recruited a fixed term Get Into Work co-ordinator post during the year, linked to funding from the Winston Churchill Foundation, to lead on creating a programme of opportunities for young people to experience the work place and develop skills and confidence to help them succeed on their ¢hosen career pathway. This role was new for the UK and has subsequently been successful in gaining further funding support from Sisters of the Holy Cross to extend the timeline of the project. Our Staying Close initiative successfully bid for further funding, up to March 2024. It began as a Department for Education (DfEI Innovation Programme pilot in 2017. The team work within our UK children's homes providing life sknlls support, staying Close plans. move-on accommodation within the local community and advocating for what young people n*d as they transition from resid8ntial care to independents. In the Isle of Man we have purchased bNO leaving care flats to support the increasing demand for social, sustainable independent accommodation for young people post 16. This supports our posltion as the leader in after care provisions for care experienced young people and our ontinued focus on raising stsndards of accommodation for car8 leavers on the Isle of Man. The Plsrchase of the flats enables young peopleneeding bridging accomrnodation with socially conscious housing management and support, greatly reducing their risk of homelessness be￿een the ages of 16 and 21 whilst affording them a stsble base to sustain employment and their positive supportive networks with us and within the community. FINANCIAL REVIEW The resulls for the year have been prepared in accordance with the Statement of Recommended Practice for registered housing prowders= Housing SORP 2018. On this basis and comparing to 2022 figures. tumover has reduced slightly to £18.1 million (2022.. £18.2 million). No separale Statement of Comprehensive Income for the parent company has b8en presented, as perfflilled by section 408 of the Companies Act 2006. The result for the year of the parent companywas a deficit of£8.000 (2022.. deficit £696,000). The prior year result was inclusiv8 of £347,000 impaimient of the investment inlo Future Families (Wesl Midlands) Ltd. The Statement of Financial Position remains stable. Cash has de¢reased slightly from £4.Om to £3.9m. Reserves have remained stable at £8.8m. The principal sources of funding are re￿iVed from statutory authortties for services delivered under contracts, either in respect of children's services or for Supporting People. Other services such as fostering. sorne children's residential placements. and some services for young people aged 16 plus are paid for by local aulhorities and national govemments as th8y ar6 commissioned. We also re￿1ve income from rents and service charges payable by indivldual tenants. often out of Housing Benefit. Over th8 last few years we have expanded our rasidential services to include homes that can be ac￿ssed and paid for as and when r8quired, in response to the financial Constraints that local authorities are under in medium tem commissioning arrangemenls. These spot purchase residential ServI￿S provide a greater number of local authorities access to place children and young people with us. However, we bear the risk if occupancy levels fall below a financially sustainable18vel. Occupancy levels are recorded and monitored on a weekly basis so that remedial action tsn be taken in a timely manner. 22 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 Reserves Policy In the event that all income for St Chrislopherfs cease. our reserves policy requires us to have 2 months of operating cost in reseNes in order to meet our short tem obligations. The reserves policy is reviewed on an annual basis to ensure that it remains r81evant to us and the environment we operate in. The total cash reserves held as at 31" March 2023 was £3,960k (2022: £4,016) of which £764k is restrict8d12022- £Ok). PLANS FOR FUTURE PERIODS We have been continuing to work on detailed plans for bringing the three strategiG aims of the Vision & Strategy to life. Th8 plans indude.. Operations We are continuously exploring ways lo improve our operations and positively impact the children and young people that ar8 most in need. To that end, w8 have reviewed our UK children's home staffing model to increase the number of more experienced stsff on each shift line. We have recruited a Carebank manager to h81p ¢¢Trordinate. manage and support our Carebank workers and the managers needing to book theirtime Consolidation The pandemic forced us to reconsider how we work - across sites. at home and in the office. We have taken our learnings 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 systems lo the Cloud and designing a new inlranet. Staff retention. stability. culture and values Our staff affj ￿ntral to our mission of securing brighter futures for children and young people. We know that sustainable and stable teams, reduced staff turnover and developing managers all contribute to this. We will therefore continue to review how we might improve our ability to recruit and retain tal8nl opportunities. through targeted advertising, benefits and development Inwme and Development & Finance The social care sector has very low margins. which have been impacted further by inflation. We therefore need to optimise our revenue. We will do this by Continuing to shift the culture towards a more business minded way of operating, seeking to retain 1 OOYO of existing, already proven, Contracts" and making appropriate cosl rgjuctions. Strategy and Vision Social pedagogy is centr81 to the philosophy and workings of St Christopherfs. In the run up to the 2024 Strategic Plan, we will be assessing the impact and suitability of this for the fLrture. Quality Assurance, Practice D6velopment and sector influence We have continued to build closers ties with our sector peers through the continuing establishment of the Voluntary Sector Children's Home Ne￿Ork to share and hon8 organisational best practice Ihrough th8 exchang8 of ideas shared between corresponding Chief Executives. The group aspires to progress in influence to amplrfy the Vol￿ of Charitable residential children's services providers to govemm8nt. 23 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 4. STRUCTURE. GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT St Christopherfs Fellowship is a company limited by guarantee and is govemed by its Artides of Association. It is a Registered Charty and also a Registered Provider, with the R8gulator of Social Housing. RECRUITMENT AND APPOINTMENT OF TRUSTEES Our trustees, who are the legal directors of the ¢ornpany. are collectively temied the Council and arg elected by the members ofthe company. They serve for a three-year temi, after which they are eligible for reryele¢tion. Trustees can normally serve for a maximum of three such temis. Council elects the Chair, the Vice-chair and the Honorary Treasurer from amongst its members.. these posts are referred lo ¢ollectively as the Honorary OfFi¢ers. Anne Stoneham, took over the position of Chair in September 2022, whilst Angela Dakin was elect8d lo the position of Vice Chair in September 2018. Joe Anichebe took over the position of Honorary Treasurer in September 2020. A number of trustees. including our Chair, cam8 to the end of the third tetm and stepped down from the Council from 7 September 2022. Three new Iruslees joined the Council during the financial year. including Anne Stoneharn, initially as Chair Designale and now Chair. All three were recruited using the services of a sector specialist recruitment ¢onsultsncy based on the findings of the skills audit undertaken by the Council's Nominalion Committee which identified the need for greater experience of social work, ￿)usIng, fundraising and communications on the Council. In making new Irustee appointments, Council is committed to ensuring that it is representative of Ihe communities and individuals it seNes and for this reason the Nomination Committee agreed to carry out a diversity audil ofTrustees during the nextfinancial year. New trustees are provided with an induction programme and training opportunities are available to trustees to help them meet their responsibililies, most notable saf8guarding training. SUc￿sSion planning for trustees Is consider8d regularfy by the Nomination Committee. During the year we undertook a recruitment campaign to r8cruit up to 6 new Isle of Man bas8d trustees. whose appoinlment will tske plac8 during the next financial year. In July 2017. a new Charity Govemance Code was issu8d to provide a ciear sat of governance standards which ¢harits'es and their trustoes can aspire to and work toward. The Council of Trustees adopted the Charity Code of Governan￿ endorsed by the Charity Commission in 2018. Confirmation of the adoption of the Charity Codè of Governanc8 and an updated gap analysis are comple18d on an annual basis. The Council of Trustees confirmed adoption and compliance to the Charity Code of Govemance for the currènt financial y8ar after consideration of an updaled gap analysis during at the Septembor 2023 Counal. ORGANISATIONAL STRUCTURE AND DECISION MAKING Council met seven times in the last year and held an addilional strategic away day. Council is responsible for- strategic direction and policy. approving the business plan and relaled budgets., moniloring perfO￿nanCe against plan and budget. approving of projects or contracls with an annual value of more than £100,OOO" and 24 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 overseeing the principal risks we fac8 and has given consideration to the major risks and has satisfied itself that there are appropriate strategies in place to manage those risks. Matters not res8rved for decision by Council are delegated either lo one of the committees which report to Council or to the Chief Executive and Senior Leadership Team. The principal Committees which report lo Council are as follows: The Audit & Risk Committee which review5 the annual accounts bèfore submission to Council, considers matters related to the extemal audit, r8POrts from the Internal Auditors and reviews the strategic risk register in detail. The Remuneration and People Committee has responsibility for detemining the remuneration of the Chief Executive ané Senior Leadership Tearn, considering all aspects of the people strategy including talent development, employee relations, staff recruitment. staff lumover and the organisation's approach to Equality, Diversity and Inclusion. The Cornmittee also recommends the annual compensation budg6t to Council. The Nomination and Governance Committee is responsible for maknng recommendations on the appointment of the Chief Executive and Trusto&s to the Council and for r8vi8wing succession planning for senior roles, including that of new trustees and also considering the organisalion's governance arrangements including compliance with the Charity Code of Govemance and our annual board effectiveness review. The Safeguarding Committ8e 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 peopl8. High Risk High Value Committee is called when a decision needs lo be tak8n urgently which either is of high value lup to £250k but this was increased to £500k in July 2023) or considered high risk. The comrnittee is called when needed and in 2022123 it met on¢e. The collective attendan¢e rate for Trustees during thg financial year was 76Yo (2022: 88¥.). This do8s not include bNO trustees who took leaves of absences starting in January 2023 and March 2023. At the end of the financial year, our group Council was made up of 7 members {exduding those on leave of absen￿). 430kn identified as male and 57./0 identif￿d as fernale. 860 identified as white and 14% identified as Mixed or Multiple Ethnicities. Our medium averag8 age of Trustees is 55-59. Sexual orientation representation included heterosexual or Gay I Lesbian. PARTICIPATION Our established team of Participation and Life Skills workers have continued to promote young people's advocacy and vol￿$ across our work. A Suc￿$$fUl joint bid with City of Wolvarhampton Council means that St Christophe¢s will ba expanding its Slaying Close independent living skills training for professional ne￿orkS supporting young people post 18 in the West Midlands. As the recommendations of the Independent R8view of Children's Social Care (England} are adopted we will be supporting the extension of Staying Clos8 provision to all young people in our Supported Accommodation ensuring a Choi￿ led structure for them to establish their first homes and jobs. We are launching in the UK our Young People's Advisory Panel. This will be a group made up of representatives from each of our homes and ServI￿S who will discuss their experience of 25 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 living with St Christopherfs and what can be improved about it. Thi5 will then inform decision- makers to ensure that young people's voices are being heard at each level of the organisation. The Young People's Advisory Panel will be an opportunity for young people to have their vol￿S heard, to influence the way things are done within St Christopherfs, to impfove the experien¢e of other young people, to develop decision-making and discussion skills. and to meet other young people. In-person meetings of the panel will take pla￿ in thè school holidays. The team will continue to enable young people lo support recruilment through designing of activities for prospective staff and trustees, give feedback on our documentation. policies and Ihe fomation of our strategy for 202￿2029. Philosophy of Care The previous financial year saw staff and young people engaged in revisiting and re-visioning our philosophy of care. Leaders from across the organisalion met with colleagues across all services in open dialogue to discuss the ￿ntral values and beliefs that join us in purpose to provide brighter futures for children and young people. The prO￿s$ of devising the philosophy of care drew across five thematic areas., 'What do we as an organisation believe about children and young people?,. 'What aspirations do we have for Ihem?,. 'What do we want them to experience?P. and 'What do we believe about society and anti-racist practi￿?, Colleagues inpul was distilled into foundational statements that encompassed the sentiments expressed through their responses. Young people were engaged through participation activities to examine each of Ih8se foundations. whether it resonated with them, what it meant to them and how it would look and feel in lived experien￿ day to day. The philosophy of care tskes us back to that Gore function and what we all believe in, our values and beliefs and the best outcomes for young people. We are a child centred organisation and the philosophy of care is built upon this beli8f. It is the shared resolution that gets us all out of bed on a morning 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 people and meet Iheir diverse needs. Our philosophy encompasses all of the passion, drive, enthusiasm and Commitment within the organisation and gives a very clear message about what we believe in. It is a compass for the ¢ulture of the organisation a co-produ¢ed foundation of the organisation expanding upon and giving greater direction to our main values and mission. Our Philosophy of Care is: Providing safety, security and consistency for our children. young people and each other We beliève in the potential of all to grow and dev&lop within a safe and nurturing environment. We believe the most powerful way of doing this is through creating warm, authentic, patient, and reliable relattonships within which people feel safe. seen and accepted for all that they are. We are curious about people and their inner wodds. We seek to avoid actions or respons8s that frighten 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 foster trust. Our actions and decisions ar8 always made with the people who they affecl in mind. We try to involve people in decisions, and when that is not possible wa seek lo help everyone underslané what is expected of them, what is going to happen and why. 26 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 Offering good quality of life, meaningful and respectful human connections We believe all humans are unique. We build relationships that help us to understand a person's potential. qualities, needs. st￿ngthS and interests. We create opportunities for leaming and fun, in which individuals can experien￿ their resourcefulness and develop new abilities. WB help people to learn through doing things together. We neilher try lo do everything for Ihem nor to them. We remain alongside people as a guide, through the process oftheirown growth and take tim8 to Celebrate moments along the way. We are honest when we have got something wrong. We will reconnect and repair, say sorry, leam frorn our mistakes and move forward. Sharing responsibility to build relationships and nelworks with the extemal professional ne￿Ork and wider community of support We see people nol a5 isolated individuals bul as existing in a rich web of relationships. all of which contribute to who they are and how they see themselv8s. We help people to access the resources within their network, being an advocate, partner and guide 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 wilh the entire relational community. We want to create a sense of 'we are all in this together!, 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 that society's systems do not work for an increasing numb8r of pèople who desptte their talent and potential fa￿ challeng8S that make il harder for them to thrive. We will partner with people to challenge the wodd 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 fighl racism, discrimination and promote equity in all that we Recognising the unique worth and contribution of every indimdual All people deserve to be treated with dignity and respect. We are committed to equality. human rights and participation. We value people's rich vartety of knowledge, abilities, perspectives and backgrounds, knowing they give us a richer understanding of the world and one another. We listen to and accept others, and we are open to their view of us. We are flexible in our interactions with each person, recognising that there is no one approach which fits for all, at all times. We see individuals as competent and resourceful. We seek out the strengths of peopla in whatever context they are encountered to help them and others experien￿ themselves in this way too. We se8 the diamond in all and help them to see it in themselves too. We make efforts to share power and giv8 people a strong voice in decision making that impacts them. 27 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 A belief that individuals are experts in Ihemselves and their experience5 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 reflecl on and improve our own practice and that of the organisalion and wider system as a whole. When we have a problem to solve we ask for help from people who have lived experience of it. We recognise the importance of empowement for ensuring that people feel a s8nse of control over their life. We seek to support people to empower themselves to makè decisions, Ghoices. set their own goals and to be supported in achieving them. We were pleased to be able lo maintain our participation work over the last year. following funding from The City Bridge Trust and The Peacock TrusL SUBSIDIARIES During the year St Christopherfs Fellowship (the parent) had one active subsidiary, St Christopher's (Isle of Manl and non-trading subsidiary, SCF Services Limited and Future Families (West Midlands) Ltd. Both non-trading subsidiaries were dormant in the year. with Future Families dissolved on 20 June 2023. These three companies collectively fom the St. Christopher's Fellowship group. The goveming body of both of these subsidiaries includes trustees of Sl Christopherfs F&llowship (plus others). The trustees of St Christopherfs (Isle of Man) include Manx residents. 5. PUBLIC BENEFIT Since 1870 St Christopher's has been working with socially exduded people to help them achieve their full potential. In undertaking both new and existing activities. Coun¢il is always mindful of the objectives of St Christopher's to relieve poverty and assist people in need. particularly children and young people. Whilst the work of St Christopherfs 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 Ihe margins of society. is centred on their needs and is of ganuine public benefit. Where individuals benefit from the work of St Christopherfs, there is a clear link be￿een them and the aims of the organisation. Given the size of St Christopherfs, services are necessarily subject to some geographic restrictions, but otherwise access is based on need. Only accommodation-based Housing and Support services, which provide personal services, are subject to charges, all other services are free to young people. Wher8 charges are set, to ensure that those in povety will not be excluded from access to servI￿s, these are detemiined on the assumption that young people's income could be limited to state benefits. The work undertaken by St Christopher's is solèly for the benefit of our ¢hildren and young people and as such it is not considered that there are any private benefits provided by Ihe organisation. St Christopherfs has concluded Ihat there is no significant detrimentsl impact from its work. The Trustees confirm they have full regard for the Charity Commission guidance on publi¢ benefit where detemiining the Group's strategy and planned activities. As a public benefil entity St Christopher's has applied the publi¢ benefit entity "PBE" prefixed paragraphs of FRS 102. 28 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 VOLUNTARY DONATIONS In addition to statutory funds and rental income, we receive voluntary donations from both grant making trusts and individual donors. These funés enable the organisation to provide an extra dimension to the services and support we offer young people. Council is very grateful for the voluntary funding received through grants or donations that supports this work. 7. COMMITMENT TO EQUALITY AND DIVERSITY St Christopherfs recognises the breadth of contribution that can b8 achieved by employing a diverse work force and ensuring equality of opportunity. In addition. we understand the irnportance of equal access to services for all children and young people who are potentially in our Care. We comply with both the spirit and the requirements of the Equalities AGt 2010 {UK) and 2017 (IOM). St Christopherfs leadership r8¢0gnises that racism and lack of representstion at St Christopherfs needs addressing aGtively,and is committed to ensuring a positive experience for all at St Christopherfs. Our Race Matters Group identified ways our organisation can become anti-racist and more indusive. Equality diversity and inclusion is an organisational priority. At St Christopher's we wanl to ¢￿at8 and maintain an inclusive leaming and working environment. One where equality is promoted, diversity is valued and éiscriminal'on in any form is not tolerated. Working this way means Sl. Christopher's will be better at meeting everyone's needs. Everyone's - the young people. staff and volunteers. So we are inviting you to lake the Equality. Diversity and Inclusion IEDI) Pledge. The Pledge is based on Ihese three core principles.. Treat everyone with dignity and respect Speak out to improve the lives of those around us Exercise inclusive leadarship so everyone feels valued We pledge.. Everyone (adulls and young people) will feel comfortable when sharing experiences and insights. Discussions will be open and honest. Contact with staff. volunteers and young people will be respectful and courteous. To be caring. compassionate and w81¢oming members of our communty. Create safe accessibility for all our colleagues, volunteers and young people. We will ensure all information is accessible. Discrimination and bullying will be treated seriously. There will be zero tolerance. Individual differences will be respeded. We will seek ways to improve our understsnding of EDI issues. To look for ways lo improve EDI practice in our work 29 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 To make sure staff and young p80ple have chance to express their views and ways of working. To continue to promote equal opportunities. equality and faimess. To create an inclusive environment to help shape our EDI strategy. This Pledge supports our responsible organisalional values. It promotes equality, faimess. recognition and mutual respect. With this Pledge, we aim to move everyone forward logelher, with th8 common goal of making St Christopher's a better place to work. St Christopher's tskes this Pledge very seriously. We stand by this and ask you to Challenge any behaviours or practices that go againsl it. Everyone should be united by this Pledge. Together we can all support equality. diversity and inclusion in the workplace for everyone at St Chrislopherfs Regular monitoring of the profile ofour children and young people, employees and trustees is undertaken. Where any group is identified as under-represented, strategies are put in place, both al an organisational and at a local level, with Ihe objeclive of correcting any under representation. An annual review of perfomiance against targets is undertaken and reported to Council. Regular reviews of our recruitment and other staff related procedures take place to ensure compliance with the Equalities Act 2010. The UK became on6 of the first countries to require mandatory reporting on the gender pay gap as the govemment want to eliminate any disparity. In April 2018 private. public and voluntary sector employers with 250 or morè employees w8re required to publish Iheir gender pay gap and bonus pay gap information. Our most recent gender pay mean rate is 6.00 higherforwomen. {2022.' 7.1 % higher for women) We have also been working towards similar reporting on the ethnicity pay gap. 8. COUNCIL MEMBERS, RESPONSIBILITIES The Council is responsible for preparing the Strategic and Board Report as well as the financial statements in accordance with applicable law and regulations. The Companies 2006 and registered social housing legislalion require Council to prepare financial statements for each financial year which give a Irue and fair view of the state of affairs of the Group and Company and of the income and expenditure of the Group for that period. In preparing these financial statements Counal is required to: select suitable accounting policies and then apply them ¢onsist8ntly,- make judgments and estimates that are reasonab18 and prudent., state wh6ther applicable accounting slandards have been followed, subject to any material departur8s disclosed and explained in the financial statements. and prepar8 the financial statements on the going concem basis unless it is inappropriate to presum6 that the Group and Company will conlinue in business. The Council is responsible for keeping proper aGcounting records, which disdose with reasonable accuracy at any time the financial posilion of the Group and Company and enable it to ensure that the financial ststements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of 30 ST CHRISTOPHER'S FELLOWSHIP STRATEGIC AND BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2023 Social Housing 2019. It has general r8sponsibility for taking reasonable steps lo safeguard the ass8ts of the Group and Company and to prevent and detect fraud and other irregularities. 9. COMPLIANCE WITH GOVERNANCE AND FINANCIAL VIABILITY STANDARD The Council confirms that the Group and Company have met the Regulator of Social Housing's regulatory expectations in the governance and financial viability standard. 10. STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS We, the Council members, who are also the directors of the Company. who held Offi￿ at the date of approval ofthese Finan¢ial Stslements set out above, each confim. 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 W8 have tsken all the steps that we ought to have taken as directors in order to make ourselves aware of any ￿levant audit information and lo establish that the Group's and Cornpany's auditors are aware of that information. This confim)ation 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 Slrategic Report included therein, in our ¢apa¢ity as company directors. In line with best practise, a decision was taken to undertake a review of our audit provision. A tendering exercise was undertaken during 2021 and Mazars were chosen as the prefarred firm. This réport was approved by the Council of Trustees on 13 September 2023. A Stoneham (Chair) on behalf of the Council 31 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2023 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP Opinion We hav8 audited the financial statements of St Christopher's Fellowship (the 'parent charity.) and its subsidiaries (the 'Group') for the year ended 31 March 2023 which comprise the Consolidaled Statement of Comprehensive Income, the Consolidated and Parent Charity Statemènt of Financial Position, Ihe Consolidated and Parent Charity Statement of Changes in Reserves, the Consolidated Stal8ment of Cash Flows and the notes to the financial statements, including a summary of signific2nt accounting policies. The financial reporting framework that has been applied in Ihelr preparation is applicable law and United Kingdom Accounting Standards, including FRS 102'The Financial Reporting Standard applicable in the UK and Republic of I￿land, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statemenls- give a true and fair view of the state of the Group's and of the parent charitvs affairs as at 31 March 2023 and of the Group's income and expenditure for th& year ended: have been property prepared in a￿OrdanCe with United Krngdom Generally Accepted Accounting PracliGe" and have been prop9rly prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019. Basis for opinion We conducted our audFt in acwrdance with Intemational 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 stslements section of our report. We are independent of the Group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statem8nts in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordan￿ with th8se requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements. we have concluded that the Council's use of the going conc8rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material ￿n￿rtaIntIeS relating to events or conditions that, individually or colleclively, may Gast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of al least elve months from when the financial statements ar& authorised for issue. Our responsibilities and the responsibilities of tha Council with respect to going concern are described in the relevant sections of this reporL othèr information The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report Ihereon. The Council is responsible for the other 32 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2023 infomiation contained within the annual report. Our opinion on the financial stalements does not cover the other infom)ation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance ¢on¢lusion thereon. In conneclion with our audit of the financial slatements, our responsibility is to read the olher infomation and, in doing so, consider whether the other infomiation is materially inconsislent with the financial statements or our knowledge obtainèd in the course ofthe audit, or othe￿iSe appears to be materially misstated. If we identify such material inconsistencie5 Or apparent material misstatements, we are required to deterynine wheth&r this gives rise to a material misstatement in Ihe financial statements themselves. If, based on the work we have performed, we conclude that th8re is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of th8 audit: the infomation given in the Report of the Chair and the Slrategic and Board Report for the financial year for which th8 financial stat8ments are prepared is consistent with the financial statements. and the Report of the Chair and the Strategic and Board Report have been prapared in accordance with applicable legal requirements. Matters on which wo are required to report by excoptlon In the light of the knowledge and und8rstanding of the Group and the parènt charity and ils environment obtained in the course of the audit. we have not identified material misstatements in the Report of the Chair and the Strategic and Board Report. We have nothing to report in respect of Ihe following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charity, or r8turns adequate for our audit have not been received from branches not visited by us. or the parent charity financial statements are not in agreement wilh the accounting records and retums,. or certain disclosures of council members, remuneration specified by law are not made. or we have nol received all the infomialion and explanations we require for our audit. In addition, we have nothing to ￿port in respect of the following matter wher8 the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion.. a satisfactory system of conlrol over transactions has not been maintained. Responslbllftles of the Councll As explained more fully in the Council Members, Responsibilities Statement set OLrt on page 30. the Council is responsible for the preparation of th8 financial ststements and for being REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2023 satisfied that they give a true and fair view. and for such internal control as the Council determines is necessary to enable the preparation of financial statements that are free from material misstatement, whethar due to fraud or error. In preparing the financial statements, the Council is responsible for assessing the Group's and the parent charity's ability lo Continue as a going concern, disclosing, as applicable, matters related to going conc8m and using the going concem basis of accounting unless the Council either intends to liquidate the Group or the parant charity or to cease operations, or has no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objeGtives are to obtain reasonable assurance aboul whelher the financial statements as a whole are free from malerial misstalement, whether due to fraud or error, and to issue an audilor's report Ihat includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material misstalement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate. they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures a￿ capable of detecting irregularities. including fraud is detailed below. Irregularities, including fraud, are InStan￿S of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the charity and its activities. we considered that non- compliance with the following laws and regulations might have-a material effect on the financial statements. Charities Act. tax legislation, safeguarding, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud and money laundering. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non- compliance, our procedures included, but were not limited to: Inquiring of management and. where appropriate. those charged with govemance. as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations. Inspecting corresponden￿, if any. with relevant licensing or regulatory authorities,. Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit,. and Considering the risk of acts by the charity which were contrary to applicable laws and regulations. including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax, and the Companies Acts. 34 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ST CHRISTOPHER'S FELLOWSHIP FOR THE YEAR ENDED 31 MARCH 2023** In addition, we evaluated the Council and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to income recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. - Our audit procedures in relation to fraud included but were not limited to: - Making enquiries of the Council and management on whether they had knowledge of any actual, suspected or alleged fraud; - Gaining an understanding of the internal controls established to mitigate risks related to fraud; - Discussing amongst the engagement team the risks of fraud; and - Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 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.orq.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the Council's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Nicola Wakefield Senior Statutory Auditor **For and on behalf of Mazars** Statutory Auditor 2[nd ] Floor, 6 Sutton Plaza Sutton Surrey SM1 4FS Date: 28th September 2023 35 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2023 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Notes Group 2023 £'ooo Group 2022 £'ooo Tumover 2&3 18,093 18,215 Operating expenditure Gainl(Loss) on disposal of propety, plant and equipment (fixed assets) 2 & 3 (18,648) (18.178) (15) Operating {Defi¢it)ISurplus (12) 22 Interest receivable Interest and financing costs 18 (14) (3) Total comprohensive {lossyincomo for the year 19 All of the comprehensive income for th8 year is attributable to Ihe owners of the parent company. The consolidated group and parent results relate wholly to continuing activities and the notes on pages 40 to 63 fomi an integral part of these financial ststements. The financial statements on pages 36 to 63 were authorised for issue by the Council on 13 September 2023 and wer8 signed on its behalf by: A Stoneham - Chair J Anich&be- Honorary Treasurer 36 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED AND PARENT STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 CONSOLIDATED AND PARENT STATEMENT OF FINANCIAL POSITION Not8s Group 2023 £'ooo Parant 2023 £'ooo Group 2022 £'ooo Parent 2022 £'ooo Fixed Assets Intangible fixed assets & goodwill Tangible fixed assets Investrnents in subsidiaries 10 9,717 9.466 10,079 10,020 12 9,717 10,079 10,020 Current Assets Trade and other debtors Cash and cash equivalents 13 1,671 3,960 5.631 1.436 3,859 5,295 1.145 4,016 5,161 1,009 4,952 Less: Creditors". Amounts falling due within one year Net current assets 14 1,948 3,683 4.609 686 2,024 3.137 Total assets less current liabilities 13,400 10,152 13.216 10,029 Creditors: amounts falling due after more than one year 15 14,2P)9) <4,269) (4.029) (4.029) other provisions 18 (294) {142) (342) {184) Total net assets 8,837 5.741 8,845 5,816 Reserves Income and expenditure reserve Permanent endowment Total reserves 8,749 88 8,837 5,653 88 8,757 88 8.845 5.728 88 5,816 The notes on pages 40 to 63 fomi an integral part of these financial statemenls. The financial statements on pages 36 to 63 were approved and authorised for issue by the Council on 13 September 2023 and were signed on its behalf by= A Stoneham - Chair J Anichebe - Honorary TreaSU￿r Company Registration no. 321509 (England and Wales) 37 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED AND PARENT STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 MARCH 2023 CONSOLIDATED AND PARENT STATEMENT OF CHANGES IN RESERVES GROUP: Income and expenditure reserve Permanent endowment Total £'ooo £'ooo £'ooo Balance as at 31 March 2021 8,738 88 8.826 Surplus from Statement of Comprehensiv8 Income 19 19 Balance as at 31 March 2022 8,757 8.845 Deficit from Statement of Compréhensive Income {8) (8) Balance as at 31 March 2023 8,749 88 8.837 PARENT: Income and expenditure reserve Pomlanent Endowment Total £'ooo £'ooo £'ooo Balance as at 31 March 2021 6,426 88 6,514 Deficit from Statemenl of Compreh8nsive Income (698} (698) Balance as at 31 March 2022 5,728 88 Deficit from Ststement of Comprehensive Income (75) (75) Balance as at 31 Mar¢h 2023 5,653 88 5,741 The notes on pages 40 to 63 fom an inlegral part of thes8 financial statements. 38 ST CHRISTOPHER'S FELLOWSHIP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 CONSOLIDATED STATEMENT OF CASH FLOWS Year endod 31 March 2023 £'ooo Year ended 31 March 2022 £'ooo Net cash flow from operating activities (see Noto i) (994) 603 Cash flow from investing activities Acquisition and construction of prop@rties Purchase of tangible fixed assets Proc8ed5 from disposal of tangible fixed assets Interest received {2571 {149) 1,340 18 952 {1,934) 1184) 12,111) Cash flow from financing activities Interest paid (14) (3) Net change In cash and cash equivalents (56) {1,511) Cash and cash equlvalents at the beginnlng of the year 4,016 5.527 Cash and cash equivalents at the end of the year Note I Cash flow from operating activities 3,960 4.016 (Deficilllsurplus for tho year 08preciation of tangible fixed assets (IncreaseyDe¢rease in trade and other debtors IncreasellDecrease} in trade and other creditors IDe¢reaselllncr8ase in other provisions Carrying amount of tangible fixed asset disposals (8) 236 {526) 19 227 212 130 (48) 532 25 Adjustments for investing or flnancing actlvltles PrO￿ed$ from the sale of tangible fixed assels Government grants utilised in th8 year Inlerest payable Interest received (1,340) {47) 14 (18) (7) {46) Net cash (used in)Igenerated from operating activities {994) 603 The notes on pages 40 to 63 fom an in18gral part of these financial stslements. 39 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES Legal Status St Christopherfs Fellowship is a company limited by guarantee inwrporated 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 ofsocial Housing. Sl Christopheff s registered office is at1 Putney High Street. London, SW15 1SZ. In addition lo St Christopher's Fellowship as at 31 March 2023 the Group comprises the following entities, none of which are registered with th8 Regulator of Social Housing: SCF servI￿s Limited was incorporated on 28 June 1999. commenced trading on 1 Sepiember 1999 and ceased to trade in January 2014. It is incorporated in England as a private company limited by share capital. Its registered address is 1 Putney High Street, London. SW15 1SZ. The Parent holds 1 ordinary share of£1 in its subsidiary. SCF servI￿s Limited. This represents 1000h of the issued Sha￿ ¢8Pltal of that company and 10A of its authorised share capital. Dom)ant a¢¢ounts have been prepared for this financial year. St Christopherfs (Isle of Manl was incorporated 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 office is Fenella House. Fenella Avenue, Willaston. Douglas, IM2 6PD. Its prinoipal business activities are the provision of care, support, and accommodation for children and young people. Future Families (Wesl Midlands) Ltd was acquired via a share purchase agreement on 20 July 2018. 11 was incorporated in England as a private company limited by share capilal. Its registered addrass was 1 Putney High Street, London, SW15 1 SZ. The Parent h8ld 100 ordinary shares of £1 in its subsidiary, Future Families (West Midlands) Ltd. This represented 100% of the issued share capitsl ofthat company and 1000/0 of its aulhorised share capital. FLrture Families {We6t Midlands} Ltd was dissolved on 20 June 2023. 12 Basis of Accounting The Group'5 financial ststemenls have bèen prepared in accordance with applicable United Kingdom Generally Accepted Accounting Practice (UK GAAPI and the Housing SORP 2018.. Statement of Recommended Practi￿ for Registered Social Housing Providers. The Group is required under the Companies Act 2006 to prepare consolidated Group financial statements. The financial statements comply with the Housing and Regeneration Act 2008, the Companies Act 2006 and the Accounting Direction for Private Registered Providers of Social Housing 2019. The financial statements are prepared on the historicAI cost basis of accounting. The consolidated financial statements incorporate the results of St Christopher's Fellowship and all of its subsidiaries as at 31 March 2023 using the acquisition rnethod 40 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 of a¢counting as required. Where the acquisition method is used. the results of the subsidiary undertakings are included from the date of a¢quisition, being the date the Group obtains control. The Group's financial statements have béen prepared in compliance with FRS 102. As a public benefit 8ntity, St Christopherfs Fellowship has applied thè publi¢ benefit entity 'PBE' prefixed paragraphs of FRS 102. In p￿paring the separate financial statements of the parent company. advantage has been taken of the following disclosure exemptions available in FRS 102.. No Staternent of Cash Flows has been presented for the parent company, Dis¢losures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provid8d in respect of the group as a who18. and No disclosure has been given for the aggregate remuneration of the key management P8rsonnel 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 permrtted by S. 408 of the Companies Act 2006 for the non-disclosure of the Statement of Comprehensiv8 Income for the parent entity, St Christoph8ls Fellowship. Basis of Consolidation The Group's and Companls financial statements have been prepared in accordan¢e wilh Financial Reporting Standard 102 IFRS 102) issued by the Financial Reporting Council and the Housing SORP 2018.. Statement of Recommended Practi￿ for Registered Social Housing Providers. The Group is required under the Companies A 2006 to prepare consolidated Group financial statements. The Group's financial slalements are the result of the consolidation of the financial statements of St Christopherfs Fellowship and of its subsidiaries, SCF Servi￿$ Limited, St. Christopher's {Isle of Man) and Future Families (West Midlands} Ltd as at 31 March 2023. Future Families {West Midlands) Ltd was acquired via share purchase acquisition on 20 July 2018. All Future Families (West Midlands) Ltd foster carers and employees transferred to St Christopherfs Fellowship by 315t March 2019 and the subsidiary has not trad8d in the curr8nt year and was dissolved on 20 June 2023. 1.4 Going Concern The Council have Considered the impact of the increasing levels of inflation as a result of the cost of living crisis and have concluded thal there is a reasonable expeclation that the Group has adequale resources to continue in operational existen￿ for the foreseeable future. No olher significant concems have been noted in the business plan. Therefore, the Group's financial statements have been prepared on a going concem basis which assumes an ability to continue operating for the foreseeable future. 41 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Judgoments and key sources of estimation uncertainty The p￿paration of the financial stat8m8nts requires management to make judgements, estimates and assumptions that aff8¢t the amounts reported for assets and liabilities as at the date of the Statement of Financial Position and the amounts reported for revenues and expenses during the year. However, the nature of estimate means that actual outcome5 could differ from those estimates. The following judgements (apart from those involving estimates) that 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 detemining the intended use, the Group has considered whether the asset is held for social benefil or to eam commercial rentals. The Group has no inveslment properties. Impairment. The assessment of potential impairment requires the identification of assets into cash generating groups. For the purposes of the impairment rewew this has been undértaken at an individual scheme or project level as appropriate. Olher key sourcos of eslimation and assumptions are as follows.. Tangible fixed assets are depreciated ovér their useful live5 taking into aGcounl 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. faclors such as technological innovation. product life cydes and maintenance programmes a￿ tsken into account. Residual valu8 assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Pension and other post-employment benefits: TPT Growth Plan- defined beneflt structure Contributions payable under an agreement with SHPS to fund past dèfi¢its had been r8cognised as a liability in the Group's financial statements calculated by tha repaymenls known, discounted to the net present value at the year ended using a market rate discounl factor. The unwinding of th8 éis¢ount was recognised as a finance cost in the Slatement of Comprehensive Income in the period incurred. The market rate is equivalent to the single discount rates which, when used to discount the future recovery plan nlributions due, would give Ihe same results as using a full AA corporate bond yield curve. to discount the same rècovery plan contributions. Notice of cessation in the scheme has been given with a withdrawal date of 31 March 2019. Impairment of non-flnancial assets. Reviews for impairment of properties are carried out when a trigger has occurred and any impairment loss in a cash generab'ng unit is recognised by a change lo the Statement of Comprehensive Income. Impairment is recognised where the carrying value of a cash generating unit eX￿edS the higher of its net realisable value or its value in use. A cash generating unit is normally a group of properbes at a scherne level whose cash income can be separalely idents'fied. 42 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Following a trigger for impaiment, the Group perfomis impairment tests based on fair value less cost to sell or a value in use calculation. The fair value less cost to sell calculation is based on available dats from sales transactions in an ami's lenglh transaction on similar cash generating units (or properties). or observable market prices less incremental costs for disposing of thè properties. The value in use calculation is based on either a depreciated replacement cost or a discounted cashflow model. The depreciated replacement cost is based on available data of the cost of constructing or acquiring replacement properties to provide the sam8 lev81 of Servi￿ potential to the Group as the existing property. Following the assessment of impairment no impaimient losses were identified in the reporting period. Goodwlll and intangible assets. The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business ombinations. This 8Stimate is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar busin8SS8S. Provisions. Provisions are induded in the financial statements where there is a present legal or constructive obligation to transfer economic benefits and is based on expected liabilities and cosls associated with fulfilling the legal obligations of the service contracts. Turnover Tumover r6pr6sents rental in¢ome re￿(vable, amortised capital grant, revenue grants and fees from national govemments and local authorities, voluntary income, and other income. Rental income is recognised when the propety is available to let net of voids. Supporting People and all other grants and fees are re¢ogni5ed 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 forgeneral use under the heading 'voluntary income,, but are shown under the specific activity to which they relate. Supporting People Conlrads Supporting people contract income received from Administering Auihorities is accounted for as support ServI￿S income in the Tumover as per Note 2. The related support costs are matched against this income in the sam8 note. Service charges S8Ni¢e charge income and costs are recognised on an accruals basis. The group operates fixed Servi￿ charges on a scheme by scheme basis. 43 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Re¢ognition of Voluntary Incoma Voluntary income is re¢ognised in th8 Ststement of Comprehensive Income in the P8ri0d in which it is received unless it has been specified for use in a future accounting p8riod. In that case its recognition is deferred unlil that future period and it is treated as a ¢￿ditOr until th8n. Voluntary income restricted as to US8 by the donor and unexpended (i.e. unspent or spent on capital iterns) at th8 period and is transferred to Restricted Funds and credited to the Statement of Comprehensive Income, as a transfer from reserves in the period during which the expenditure is Incu￿ed, or in which tha capital item is deprecAated. Where voluntary income is received after the 8nd 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 income and gains falling within section 478 of the Corporation Tax Act 2010 to the extent that these are applied to its charitable objects. 1.11 VAT The Group completed d®isteration for VAT in October 2019, as there are no longer income streams in sufficient volume that are deemed VATable services. All amounts disclosed in the financial statements are inclusive of VAT, to the extent that it is suffered by the Group and not reGoverable. 1.12 Tangible fixed assèts and depreciation Tangible fixed assets are stated at cost, less a¢cumulated d8preciation. Freehold land is not depreciated. Where a property cornprises two or morè major components with substantially different useful economic lives, each component is accounted for separately and depreciated over its individual useful economic life. Expenditure relating to subsequenl repl8￿ment or renewal of components is capitalised as incurred. The Group depreciates freehold properties by component on a straight-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 lfjtchens Bathrooms Windows Roofs Structure The Group depreciates properties held on long lem leases in the same manner as freehold properties, ex￿pt where the unexpired term is shorter than the longest ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 component lrfe envisaged, in which case the unexpired temi of the lease is adopted as the useful economic life of the relevant component category. D8preciation is charged on olher tangible fixed assets on 8 straight-line basis, over the expected economic useful lives which are as follows: Year5 Fixtures, fittings and equipment- homes Fixtures, fittings and equipment- offices Motor vehicles Computer equipment - hardware Computer equipment - software 1.13 Property Managod or Leased by Agents Where the Group carries the majority of the financial risk on propety managed or leased by agents, income arising from the property is included in the Statement of Comprehensive Income Account. whe￿ the agent or18ssee carries the majority of the financial risk, income indud8s only that which relatès solely lo Ihe Group. Vvhere the Group carries tha majority of the financial risk. the assets and associated liabilities are included in the Group's Ststement of Financial Position. 1.14 Loased Assets Rentals paid under operating leases are Gharged to the Statement of Comprehensive Income as incurred. 1.15 Goodwill Goodwill arising on an acquisition of a subsidiary undertaking is the difference be￿een the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Subsequently goodwill is carried at cost less accumulated amortisation and impairnient losses. The acquired goodwill was fully amortised within the 2020121 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 domianl basis and lh8 investment was impaired in the Parent in Ihe prior financial y8ar. The subsidiary was dissolved on 20June 2023. 1.16 Short-term debtors and credftors D8btors and creditors with no stated interest rate and racaivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. 45 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1.17 Grants otherthan Social Housing Grants Grants other than Social Housing Grants are recognised under the performan model. If there are no specific performance requirements the grants are recognised when received or receivable. Whère a grant is received with specific p8rfomance requirem8nts, it is recognised as a liability until the conditions are met and thèn il is recognised as Turnover. Grants which have funded furniture and equipment ar8 credited to the Statement of Comprehensive Income to match the ￿lated expenditure. 1.18 Social Housing Grant Where properties have been financed wholly or partly by Social Housing Grants. the amount of the grant received has b88n in¢luded as deferred income and recognised in Tumover over the estimated useful life of the associated asset structure (not land), under the accruals model. Social Housing Grants must be recycled by the Group under certain conditions, if a property is 501d, or if 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 Circumstances the Social Housing Grant may be repayable and in that event it is a subordinated unsecur8d rapayable debt. 1.19 Recycling of Capital 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 properties or another purpose approved by the Greal8r London Authority. Where recycled granl 15 known to be repayable it is shown as a creditor within one year. 1.20 Pension Costs The cost of providing retirement pensions and related benefits is charged to expenses ov8r the periods benefiting from the employees, services. The disclosures in lh8 notes are either calculated according to Section 28 of FRS 102 on R8tirernent Benefits, or in the case of the Social Housing Pension Scheme Growth Plan defined benefit stru¢ture, in accordanc8 With the requirements of Section 28 of FRS 102 in relation to mulli-employer funded scheme, in which the Group has a participating interest. 1.21 Provisions The Group only provides for legal or contractual liabilities in line with service or property obligations. 1.22 Contingont Llabilities A contingent liability is recognised for a) a possible obligation, for which it is not yet confirmed that a present obligation exists that could lead to an oufflow of resources., or b) for a present obligation that does not meet the definitions of a provision or a liability as it is not probable that an oufflow of resources will be required to setue the obligation: or c) when a sufficiently reliable estimate of the amount cannot be made. 46 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 123 Intra group transactions Where members of staff employed by one group member work exclusively on the ontracts of another group member, all the employment Costs of these staff are recharged al cost and this is disclosed in the financial statements. Some other costs, which include Ihe ¢osts of some staff members, are incurred on behalf of all group mernbers and these costs are recharged on a proportionate basis. The pa￿nt manages the treasury function of all members of the group, full records of all inter- company balances are maintained and interest earned is allocated in proportion to the balances. Each group member saparately receives all contractual revenue to which it is antitled, as well as r8taining it5 own assets and liabilities. 1.24 Funds and Reserves The Pemianent Endowment is a capital fund whi¢h the Trustees of St Christopherfs have no power to ¢onvert 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 costs the entity may incur on sale or other disposal= Debt instruments that meet the conditions in paragraph 11.8(b) of FRS 102 are m8asur8d at amortised cost using the effective interest method, except wh8r8 the arrangemont constitutes a financing transaction. In this case the debt instrument Is measured at the present value of the future payments discounted at a market rale of interest for a sirnilar debl. Commitments to receive or make a loan to another entity which maet the conditions in paragraph 11.8{c} of FRS 102 are measured al cost less impairmenL Investments in non-convertible preferen￿ shares and non-puttable ordinary shares or preference shares are measured at fair value with changes in fair value re¢ognised in profit or loss if the shares are publicly traded or their value can otherwise be measured reliably and at cost less impairment for all other such investments. Financial instruments held by the Group are classified as follows: Financial assets such as cash is held at cost; and Financial assets such as current asset investments and receivables are classified as loans and receivables and helé 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 interest method- and 47 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Commitments to receiv8 or make a loan to another entity which meet the conditions above are held at cost less impairment: and An investmenl in another enlity's equity instruments other than non-convertible preference shares and non-puttable ordinary and Prefe￿n￿ shares a￿ held at fair valu8. ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2. TURNOVER, OPERATING EXPENDITURE AND OPERATING (DEFICIrySURPLUS (a) TURNOVER. OPERATING EXPENDITURE AND OPERATING (DEFICITySURPUS- GROUP FOR THE YEAR ENDED 31 MARCH 2023 Tumover Operating Expenditure Operating Surplusl (Deficit) £'ooo £'ooo £'ooo Social Housing Lottings (Note 3) Supported Housing Lettings 205 239 (34) Other Soclal Houslng Activities (Note 3a) Support services 2,220 2,294 <74) Activities other than social houslng Sixteen plus services Children's Services Fundraising 671 14.521 476 787 14,968 360 (116) (447) 116 Gain on disposal of propety, plant and equipment (fixed assets) 543 TOTAL 18,093 18.648 12 FOR THE YEAR ENDED 31 MARCH 2022 Turnover Operating Expenditure Operatlng Surplusl (Deficit) £'ooo £'ooo £'ooo Social Housing Lettings (Note 3) Supported Housing Lettings 299 300 (1) Other Soclal Housing Activities (Note 3a) Support serVI￿S 2.135 2,302 (1671 Activitiws other than social houslng Sixteen plus services Children's Services Fundraising Coronavirus Job Retention scheme 790 14,738 251 877 14,425 272 (87) 313 121) Profit on disposal of property, plant and equipment (fixed assets) 115) TOTAL 18,215 49 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Ib) TURNOVER, OPERATING EXPENDITURE AND OPERATING (DEFICITySURPLUS- PARENT FOR THE YEAR ENDED 31 MARCH 2023 Turnover Operating Expenditure Operatlng Surplusl (Deficit) £'ooo £'ooo £'ooo Soclal Housing L8ttlng$ (Noto 3) Supported Housing Lettings 205 239 (34) Other Social Housing Activitigs (Note 3b) Support services 2,220 2,294 (74) Activttios other than soclal housing Sixteen plus services Children's seN￿s Fundraising 671 8,273 365 787 8,772 250 (116) {499) 115 Gain on disposal of property, plant and 8quipment (fixed ass8ts) 545 TOTAL 11,734 12.342 63 FOR THE YEAR ENDED 31 MARCH 2022 Turnover Operating Expenditurè Oporatlng Surplusl {Deficit) £'ooo £'ooo £'ooo Social Housing Lettings (Note 3) Supported Housing Lettings 300 {1) Other Social Housing Activltles (Noto 3b) Support services 2,135 2,302 (167) Activitles other than social housing Sixteen plus services Children's Services Fundraising Coronavirus Job Retention Scheme 790 9,118 157 877 9,174 178 (87) (56> (21) Loss on disposal of property, plant and 8quipment Ifix8d assets) (14) Impairment loss on Investment (347) TOTAL 12,501 12,833 693 50 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 3. TURNOVER AND OPERATING EXPENDITURE- GROUP AND PARENT Supported Housing 2023 Supported Housing 2022 £'ooo £'ooo INCOME Rent receivable net of idenlifiable service charges Service charge income Amortised govemment grants Turnover from Social Housing Lettings 66 70 40 205 45 299 OPERATING EXPENDITURE Service charge costs Managem8nt Routine maintenance Planned maintenance Rent losses from bad debts Depreciation of housing properties TOTAL EXPENDITURE 104 20 18 25 14 58 239 131 21 18 50 26 300 OPERATING {LOSS)ISURPLUS ON SOCIAL HOUSING LETTINGS Void losses 42 3. (a) TURNOVER FROM ACTIVITIES OTHER THAN SOCIAL HOUSING- GROUP Group 2023 £'ooo Group 2022 £'ooo Sixteen plus servi￿$ Children's Services Fundraising Coronavirus Job Retention schom8 671 14,521 476 790 14,738 251 15,668 15,781 51 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 3. (b) TURNOVER FROM ACTIVITIES OTHER THAN SOCIAL HOUSING - PARENT Parent 2023 £'ooo Parent 2022 £'ooo Sixteen plus s8Mces Children's Services Fundraising Coronavirus Job Retention scheme 671 8,273 365 790 9,118 157 9,309 10,067 4. INTEREST RECEIVABLE Group 2023 £'ooo 18 18 Group 2022 £'ooo Interest re￿1vable 5. INTEREST AND FINANCING COSTS Group 2023 £'ooo Group 2022 £'ooo Other charg8S 14 14 6. DIRECTORS, AND SENIOR STAFF EMOLUMENTS Group 2023 £'ooo Group 2022 £'ooo The aggregate emoluments paid to or ￿￿1Vable by Directors including pension contributions 576 557 The emoluments paid to the highesi paid Director of St Christophe¢s excluding pension contributions 116 In total Council members received expenses of £637 (2022: £118) and no remuneration in the year {2022= £Nil). The Regulator of Social Housing in the Accounting Direction for Private Registered Providers of Social Housing 2019 extends the definition of "directors. for the purposes of this note to key management personnel. Members of tha Council, the Chief Executive. and any other person who is a member of the Senior Leadership Team, are considered to be Key Management Personnel. Their aggregate emoluments including pension were £576,000 (2022: £557.000). 52 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 The Chief Executive is an ordinary member of the defined contribulion Aviva Pension Scherne and a contribution by the Group and Parent of £10,445 (2022.. £9.537) was made in addition to his personal contributions. No enhanced or special terms apply. The number of staff with emolum8nts, including pension contributions. in excess 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 £120,000- £130,000 2023 2022 7. EMPLOYEE INFORMATION Group 2023 Group 2022 The average number of full time equivalent stsff (including the Chief Executive) employed during the year= 268 The average number of staff {including the Chief Executive) employed during the year. 359 387 £'ooo £'ooo Staff costs (for the abovè persons): Wages and salaries Social Security Costs Pensions cosls 9,481 954 408 10,843 9.756 951 441 11,148 The full time equivalent is calculated using 40 hours per week for residential operational staff, who rec8ive a paid lunch break and 37.5 hours per week for all other staff. The pension cost charge represenls contributions payable by the Group for the appropriate year. An amount of £60,690 {2022: £60,050) was owing to pension providers at the end of the year in respect of employer and employee contributions. 53 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 8. OPERATING {DEFICITySURPLUS Group 2023 £'ooo Group 2022 £'ooo Operating (Deficit)ISurplus is statsd after chargingl{crediting): Auditor's remuneration (excluding VAT) in Iheir capacity as auditors - other services (Gainyloss on the sale of fixed assets Depreciation of owned assets Operating leases - propety other Pension costs defined contribution 29 25 (543) 236 268 20 408 15 227 301 16 441 9. PARENT COMPANY RESULT FOR THE YEAR The Company has taken advantsge of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Ststement of Comprehensive Income in these financial statements. The deficit after tax of the parent company for the year was £75k (2022 - {£698k)). 10. INTANGIBLE FIXED ASSETS The intangible fixed asset in prior financial years was goodwill resulting from the shar8 purchase acquisition of Future Families (West Midlands) Ltd on 20 July 2018. The goodwill has been fully amortised as all trading and employees have been transferred into the Parent. The investment was impaired in the Parent in the previous financial year. ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. TANGIBLE FIXED ASSETS 11 la) TANGIBLE FIXED ASSETS- GROUP Housing Propertiès Fixtures Fittings & Computers £'ooo TOTAL Care Properties £'ooo Offices £'ooo £'ooo £'ooo Cost At 1 April 2022 Additions Works to existing properties Disposals At 31 March 2023 6,913 3,148 195 1,753 1.154 148 12,968 343 62 768 6,207 62 1.000 12,373 126) 3,317 206 1,096 1,753 Doprociatlon At 1 April 2022 Charge for the year Disposals At 31 March 2023 1.100 58 243 915 414 34 26 422 501 18 874 126 200 800 2,889 236 1469 2.656 519 Net Book Value at 31 March 2023 5,292 2,895 296 Net Book Value at 31 March 2022 2,734 1,252 280 10,079 Property Costs compriso". Housing Properties Freeholds Short Leasehold 2023 £'ooo 5.292 2022 £'ooo 5.813 5.292 5.813 Care Propertle$ Freeholds Short Leasehold 2,894 2,734 2,734 Offices Long Leasehold (Over 50 Years) Short Leasehold (Under 50 Years) 1,234, 1.252 1,234 1.252 55 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11 (bl TANGIBLE FIXED ASSETS- PARENT Fixtures Fittings & Computers £'ooo Housing Properties £'ooo Caro Properties £'ooo TOTAL Offices £'ooo £'ooo C¢)st At 1 April 2022 Additions Works to existing properties Disposals At 31 March 2023 6,913 3.148 1.753 964 109 12,778 109 62 768 6,207 62 964 11,985 26 3,122 170 903 1,753 Depreciation At 1 April 2022 Charge forthe year Disposals At 31 March 2023 1.100 58 243 915 414 32 26 420 501 17 743 92 169 666 2,758 199 438 2,519 518 Net Book Value at 31 March 2023 5,292 2.702 1,235 237 9,466 Net Book Value at 31 Mar¢h 2022 5,813 2,734 1,252 221 10,020 Property Costs comprise: Housing Properties Freeholds Short Leasehold 2023 £'ooo 5,292 2022 £'ooo 5,813 5.292 Care Prop¢rtios Freeholds Short Leasehold 2,702 2,734 2,702 2,734 Offices Long Leasehold {Over 50 Y8arsl Short Leasehold (Under 50 Years) 1,235 1,252 1,252 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. FIXED ASSET INVESTMENTS The group comprises th8 following entities: Name Country of Incorporation incorporation and ownership Regulatsdl non- regulatsd Company- 100% Non-regulated Children's social care Nature of Business St Christopher's Ilsle of Isle of Man Man) SCF servI￿s Limited England Company - 1 OOQA Non-regulated Children's social care Future Familie5 Iwest England Midlands) Ltd Cornpany- 1000/0 Non-regulated Independenl Fostering Agency The parent held an investm8nt of £347k for Future Families (Wesl Midlands} Ltd. This is fully amortised in the Group and was impaired in the previous financial year. Future Families (West Midlands) Ltd was dissolved on 20 June 2023. 13. TRADE AND OTHER DEBTORS Group 2023 £'ooo Parent 2023 £'ooo Group 2022 £'ooo Parent 2022 £'ooo Amounts falling due within one year Rent affears Less= provision for bad debts Net rentsl debtors Other Debtors Amount5 owed from Group undertakings Prepayments and Accrued Inmme 64 49 15 1,003 64 228 142 86 514 228 142 15 882 462 653 1.671 539 1,436 545 1,145 1,009 Deblors are all due within one year. 14. CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 £'ooo Parent 2023 £'ooo Group 2022 £'ooo Parent 2022 £'ooo Trade Creditors Amounts owad to Group und&rtakings Taxation and Social Security payable Accruals and deferred income Deferred Capital Grant (Note 16) 391 315 3,186 193 870 45 4.609 555 3,433 199 776 53 4,943 296 1.216 45 1.948 281 1,135 53 2,024 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 8am8d. 57 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Included in deferred in¢ome is £58,424 {2022: £79.543) re￿iVed from The St Pancras Foundation. It has been specified for funding the setup and initial running costs of the UK based therapèutic team. £21,119 has been recognised in the Current year. 15. CREDITORS DUE AFfER MORE THAN ONE YEAR Group 2023 £'ooo Parent 2023 £'ooo Group 2022 £'ooo Parent 2022 £'ooo Deferred Capital Grant (Note 16) Recycled Capital Grant (Note 17) Growth Plan pension agreement plan {Note 25.2) 3,504 765 3.504 765 4.029 4,029 4,269 4,269 4,029 4.029 16. DEFERRED CAPITAL GRANT Group 2023 £'ooo Paront 2023 £'ooo Group 2022 £'ooo Parent 2022 £'ooo At the start of the year Released to income in the year Addition Transfer to R8cycled Capital Grant Amortisation on transfer to Recycled Capitsl Grant At the end of the year 4.082 {47) 4,082 (47) 3,403 146) 725 3,403 (46) 725 (751) (751) 285 3,549 265 3.549 4.082 4,082 Amount due to be released in less than one year (Note 14) 53 53 Amounl due to be released in more than one year (Note 15) 3.504 4,029 4.029 Total accumulated govemment grant and financial assistance received at 31 March 3,549 4.082 58 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. RECYCLED CAPITAL GRANT FUND Group £'ooo Parent £'ooo Balan￿ at the starl of the year Interest accrued Tffjnsferred to Deferred Capital Grant Addition Balance at th8 end of the year 14 14 751 765 751 765 All of this is due to the Greater London Aulhority 18. PROVISIONS FOR LIABILITIES AND CHARGES Group £'ooo Parent £'ooo Balance at the start of the year Additions in the year Released in the year against expenditure Unused amounts rev8rsed in the year Balance at the end of the year 342 184 48 294 42 142 The provision relates to the costs of meeting changed contractual requirements for the prowsion of services and contractual commitmenls under propety leases. which have already be8n incu￿ed, but which will not be paid until future accounting periods. 19. CAPITAL COMMITMENTS- GROUP AND PARENT 2023 £'ooo 2022 £'ooo Capital expenditure that has been contracted for but has not been provided for in the financial statements Capital expenditure that has been authorised by the Council but has not yet been contracted for 196 196 477 477 st Christopherfs expects these commitments to be financed by cash within the next year. 59 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. OPERATING LEASES The Group and Parent hold certain properties, vehicles and office equipment under non- cancellable operating leases. At the end of the year the future minimum lease payments were as follows= 2023 Othor 2022 Other £'ooo Property £'ooo Total £'ooo Property £'ooo Total £'ooo Group Leases expiring.. Within next year In second to fifth year In more than five years 159 170 160 166 159 16 175 200 206 Parent Leases expiring: Within next year In s8cond to frfth year In more than five years 31 38 30 25 25 31 10 42 55 59 21. CONTINGENT LIABILITIES St Christopher's have given notification of the cessation of the 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 interpret the rules, a5 IS best pra¢tiGe. This process is expected to lake at least two years. TPT been advised that $8Ction 75 debts should not be certified until after the court case has concluded. As the debt on withdrawal has been Iriggered acknowledgement has been received that the Section 75 debi payment will be treated as an "on acGounV' payment until the Scheme Actuary Is able to formally ￿rtify the payment after the Lourt ruling. Until the section 75 debt has been certified and paid in full a withdrawing employer is not discharged from its liabilities to the Scheme. 22. RELATED PARTIES Intra-group management faes are receivable by th8 parent from its subsidiaries to cover the running costs the association incurs on behalf of managing its subsidiaries and providing services. The management fee covers the services provided for the following functions., Human Resources, Information Technology, Finance, Business Development, Communications and Marketing and Executive. The management fees are prirnarily based on turnover but are adjusted lo reflect additional time or resources that some subsidiaries may require. The total payable by subsidiaries to the parent in the year ended 31 March 2023 was £600.391 (2022- £523,133). There are no related paty transactions with Council members (2022: None). 60 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 23. UNITSIBED SPACES Group 2023 Parent 2023 Group 2022 Parent 2022 SOCIAL HOUSING: Supported housing - owned and managed owned and managed by olhers managed for others 68 68 68 68 10 87 10 87 68 68 Opaning Additions Disp¢)sa15 Units Closlng Units SOCIAL HOUSING: Supported housing - owned and managed owned and managed by others managed for others 68 68 10 87 10 19 68 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 been included in the financial statements. 25. PENSIONS OBLIGATIONS- GROUP AND PARENT One group money purchase scheme with Aviva is available for UK staff and one group money purchase scheme with Awva is available for staff of St Christopherfs (Isle of Man). St Chri8topher'B was also a participating employer In the TPT Retirement Solutions 'Growth Plan, until notice of Cessation during the previous financial year. The scheme is described in Note 25.1. The total pension cost for St Christopher's for the year was £408,000 (2022: £441,000) Covering 318 employees12022.' 324). 25.1 TPT Retlrement Solutions, Growih Plan st Christophels participated in TPT Retirement Solutions, Growth Plan. The scheme is a multi- employer scheme which provides benefits to some 1,3CQ non-associated employers. The scheme is a defined benefit scheme in the UK. The cessation valuation of £15k was calculated based on the withdrawal date of 31 Marth 2019, which was paid October 2022 and was offset in the prior year consolidated statement of comprehensive incorne by the ralease of the £5k pres8nt value provision. The scheme is subject to funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, togetherwith documents issued bylhe Pensions Regulatorand Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. 61 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 The scheme is classified as a 'last-man standing arrangernenv. Therefore St Christophers was potentially liable for other participaling employers, obligations rf those employers were unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are18gally required to me81 th8ir share of the sch8me deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 Sepiember 2017. This valuation showed assets of £794.9m, liabililies of £926.4m and a deficit of £131.5m. To eliminate this funding shortrall Ihe Trustee has asked the participating amployers to pay additional contributions to the schame as follows.. 26. INCOME FROM VOLUNTARY AND DISCRETIONARY SOURCES St Christopher's is greatly apprecialive of the funding it receives from a number of sources, including.. Bemard Lewis Family Foundation Elizabeth Clucas Charitable Trust SUEZ Recycling and Recovery Uk Ltd The G D Herbart Charitable Trust Microgaming In addition, St Christopherfs has benefited from the gener¢)sity of individual donors, whose SUPPOrt is critical in enabling the Continuation of St Christopherfs work. Sl Christopherfs is most grateful to all of these individual donors. 27. GRANTS 2023 £'ooo 24 38 36 30 13 2022 £'ooo 24 13 Albert Gubay Barclays City Bridge Esmee Fairbairn Foundation Manx Lottery Charitable Trust Peacock Trust Sisters of the Holy Cross Social Investment Board Youth Endowment Fund The Churchill Foundation The Slory of Christmas 37 10 20 168 10 49 225 29 289 2023 £'ooo 2022 £'ooo Department for Education Income Exp8ndilure 255 255 321 321 62 ST CHRISTOPHER'S FELLOWSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 28. MEMBERS, LIABILITY St Christopher's Fellowship is a company limited by guarant88 and has no shar8 capital. Every Council m8mber, who are also members of the company undertake to contribute up to £1 in Ih event of the company being wound up. 29. FINANCIAL INSTRUMENTS 2023 £'ooo 2022 £'ooo Th8 Group's financial instruments may be analysed as follows.. Financial assets at cost: Cash and cash equivalents 3.960 4.016 Financlal assets measured at amortised cost: Trade and other debtors 1,322 5,282 918 4,934 Financial liabilities measured at amortised cost: Trade and other creditors 1.607 1,607 1,690 1,690 30. NET DEBT Asat1 April 2022 Cash Flows Othor non- cash changes £'ooo Asat31 March 2023 £'ooo Cash and cash equivalents Cash 4.016 4,016 56 (56) 3,960 3.960 Borrowlngs Debt due within one year Debt due after one year Total 4,016 3,960 63