Reglstered number: Q2209114 Charity number: 298603 FREEWAYS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ishop Fleming
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI CONTENTS Page Reference and Administrative Details ol the Company. Its Trusteos and Advisers Trust•e6' Report Independent Audttors. Report on the Financlal Statements 9-12 Consolidated Statamgnt of Flnanclal Actlvltlos 13 Consolidated Balan¢a Sheet 14-15 Company Balancé Shget 16-17 Consolldated Statement of Cash Flows Notes to the Financlal Statements 19-34
FREEWAYS IA COMPANY LIMITED B Y GUARANTEE) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees M S 8amett C C Britton C A Browne lappointed 22 March 20231 A M Healon F S Morton D Y Pincott B E Sawyer Company reglst•red number 02209114 Charity registered number 298603 R•glstered offlce Leh Court Day Centre Pill Road Abbots Leigh Bristol BS8 3RA Company Sgcrgtary Rachel Burkinshaw Chlef executive offlcer Claire Hayward Independent audltor8 Bishop Fleming LLP Chartered Accounlanls 10 Temple Back Bristol BS1 6FL Banker8 Barclays Bank plc 86 Queens Road Clifton Bristol BS8 1RB National Westrninstsr Bank plc 13 High Street Westbury-on-Trym Bristol 8S9 3BF Sollcltors Burges Salmon LLP One Glass Wharf Bristol BS2 OZX Page 1
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report together with the audited financial ststements of the Company for the year 1 April 2022 10 31 March 2023. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current slalulory requirements, the requirements of the eharilable company's governing document and the provisions of the Statement of Recommended Pra¢ts"ce ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leffeclive 1 January 20191. sin the group and the Company qualify as small under sedion 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and DirecloTS' Report) Regulations 2013 has been omilled. Objectives and activities The objects ol the charity, set out in the Memorandum ol Association, can be SL*mmarised as.. To support adults with a learning disability for the public benefft. Freeways undertakes this by supporting indwiduals in residential homes, in supported living services, day services, the community and In the hydrotherapy pool. The following paragraphs outline the activities and achievements that deliver those objects. The Freeways. Vision Ststemenl Is "A Provider of Choice" this is the defining statement which oullines.rts intent, and ils Mission Slalemenl, "Quality, Wellbeing and Evolution., indicates the methodology by which il chooses to conduct 11s business. Underpinning these ststements are six or9anisational values.. Putting People First Having Great Stsff Being Active in the Community Planning for the future Making Every Penny Count Ensuring Effective Governance and Compliance A¢hlevementB and performance W8llboing In the 58St year we have seen the need for wellbeing inilialives continue lo be paramount. Although we have had fewer Incidents of Covid-19, there have still been a couple of outbreaks across the charlty. All were happy when the regulations in regards lo the wearing of PPE were reduced as this had been difficult for both the staff and the people we support. Due lo the staffing crisis that impacted all social care organisations including Freeways, it was noted that many employees were working hard lo cover shifts and ensure the quality of care remained al a high standard. In response to this and the increased cost of living, the Trustees agreed to ensure the frontline workers were remunerated well for the work they undertook and offered iwo pay awards in the year. Al frontline workers are now paid above the real living wage for the UK with a starting rale of al least £11 per hour for an inexperienced and untiained support worker. Vvellbeing is far greater though than a financial reward and to this end Freeways have completed a Wellbeing strategy which is part of a suite of People Strategies but also includes the wellbeing of the people we supporL Page 2
FREEWAYS IA COMPANY LIMED 8Y GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 The key aim$ of the strategy are.. The people we support and stsff are glven the infomiation lo make the best decisions for their heaf(h and wellbeing This looks lo empower staff and the people we support lo make the best decisions for them al the time they need to make the decision. Difference is letsra1ed Showing the people we support and staff that all are wekome and entitled lo the sam8 rights as everyone else. This aligns lo our Equality, Diversity and Indusion Strategy. Build Resilience To support people lo be able lo deal with the issues that a fulfilling life brings and ensure the nurturing environment ftir individual$ to learn from their experiences. New Technology is embraced lo enhance health and wellbeing As we implement a new digital system we look to lebrate how the digital age has enhand the health and wellbeing of the people we support and staff. Staff are trained to monitor and support the health and wgllbeing of the people we support and their w- workers The organisation, along with the Wellbeing group. have continued with a number of wellbeing actions and worked hard lo communicate these with stsff. These include". Information leaflets at key dates in the year Employee Assistsnce Programme IEAPI., 24 hour confidential helpline (including access lo counselling, finanaal and legal advice) and online health portal. Health Assured IEAPI Newsletters shared with services Mental Health resources (available on management infomialionl Wellbeing Group (with a member in each servi) Staff Representative Group Occupational Health Able Fuluies Access to Wo Mental Health Awareness Training for all stsff Manual Handling training First Aid Training Access to the Hydrotherapy Pool al designated times Supervisions Team Meetings Organisalional Sick Pay Employers Neork for Equality & Indusion Disability Confident Employer Financial Support Organisalions l.e. Mind The Equality, Diversity and Inclusion Strategy has also been introduced as another of the suite of People Strategies. Freeways works with ENEI to measure our achievements in this area. The charity refX)gnises il has a long way to go bul is pleased to report the progress achieved in just one year. Page 3
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICOIfflNUEDI FOR THE YEAR ENDED 31 MARCH 2023 The diagram below shows where we were at the beginning of the year.. A••lh• si¢•t•fft & pl•n L••d•v•hlp & •ca¥uni•blKYv A•¢iullrn•nt & Tr•lnkne & dw•lopm•nt Oth•t •mplgvrnI Pi•¢lk•¥ Procur•m•nl Compared to the end of the finanaal year. Quallty Freeways continues lo provide oulslanding outcomes for the people we support in many of our services. The organisation has invested sunificanlly in a new digital care records system via Access and the charity is in the process of creating a besFX)ke system to enable staff lo clock in and out of shifts, report on activities undertaken in temis of direct support and home management. Due to the breadth of services offered, a number of different pathways have been created lo ensure a person- cenlred surte of processes are in pla according to need. The system will ensure that both the client journey from appli¢alion to leaver and that of new staff recruits are managed to a high standard. P89e 4
FREEWAYS IA COMPANY LIMITED B Y GUARANTEE TRUSTEES, REPORT ICONllNUED) FOR THE YEAR ENDED 31 MARCH 2023 The charity started Irialling the system in 2022 with the implementation phase due to be completed by the end of August 2023 with the embedding phase continuing from there. The reports from the system will give individuals and groups access lo real lime infomiation allowng for a much improved decision-making process. One of our ngwesl types of sarvices, specialist Positive Behaviour Support IP8SI Servi$ which support individuals at risk of needing a hospital plament due to the frequency, intensty and longevity of their behaviours which can challenge others, has continued to be a real SUC$$ this year. The review completed in Mareh 2022 showed we had areas where we could improve but that the values of the organisation shone through. An action plan wa5 created to ensure that these improvements We made and the new PBS Lead completed her qualification in order to provide perSonntred training lo our staff and complete behavioural functt'onal assessments lo be able lo support the individuals to a high standard. In the last year the seryice has doubled in size with Freeways taking over the management of the service for one individual living In North Somerset and the stsff also transferring over to Freeways in September 2022. Freeways were also asked by Bristol. North Somerset and South Gloucestershire Integrated Care Board IBNSSG ICBI lo support an individual who was at)out to be made homeless. Freeways worked with Freeways Trust lo use a vacant propety on an interim basis whilst a more pemianenl property coukl sourced. This emergency placement has been a real success and Freeways continues lo support her. As noted the sector has fad a number of issue5 over the year, with continued Covid-19 outbreaks and stsff shortages, bul these have not stopped servi5 producing some wonderful achievements With the people we support. Below is a selection of those outMe$.. People we support have attended a number of events through the year including Elton John's farewell concert at Ashton Gate, the Queen's Platinum Jubilee events, Bristol City football matches 8nd numerou5 holidays including to Lanzarole and Benidomi. One individual went to the Hippodrome for the first time ever as previously this was perceived as too great 8 risk due to his behaviours. Individuals were supported to retum lo work or re-learn bus routes when opportunities Te-started after Covid- 19, and others saw their families who live a significant distsnce for the first time in over 3 years. Individuals have been supported to make decislons where they are able. These have included.. havlng the confidence to complain about familbal relationships pul their case lo a judge in 8 hearing regarding their tenancy complain about healthcare professionals where services were not al the standard others would expect have greater understanding lo make decisions about their own health including what tests lo have and chose not lo have lo remain in their home for as long as possible with temiinal cancer diagnoses staff have supported individua15 to achieve many financial outcomes which have led to an improved quality of living. Some key examples are below.. Client 1 was living alone in his family home after his mother had moved into a Ca home. The tenancy had not been updated in to Client 1's narne and he was facing eviction. Client 1's house was in disrepair as he had no carpels, no whf(e goods, furniture piled up in the living room, black bags of rubbish in the kitchen and he was sleeping on a mattress in the living room. Client 1 had renvbedroom lax arrears. council tax arrears, water arrears and was not on the correct benefits. He was supported lo appty for wetfare support lo clear the council lax debt and lo apply for a cooker. fridge Page 5
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 and freezer which he was awarded. Sadty Client 1's Mum passed away and he needed his support to focus on apptying for fiinding for the funeral and arranging rt, receiving over £11,000 lo dear utility debts, rent arrears and contribute lo the funeral costs. When the team slarted lo support Client 2 he was trying lo live on £3 per rnonlh from his benefits, was in ill health and was aayS overdrawn with the bank. He had no sofa, chairs or vacuum cleaner, his bed needed replacing and his clDlhes were loo small. He had applied for PIP with other support bul had been refused. He was SLJPPOrted lo reapply for PIP and to ensure DWP pul reasonable adjustments in Pla lo ensure his needs were met. Client 2 was finally award enhanced rate daity living allowan and mobility and had a back payment of neady £7,000. Whilst he was wath'ng lo hear from his benefits applicatson he was supported lo access a grant for clothes and furniture. Client 3 was supported to claim Universal Credit {UCI and Personal Independence Payment IPIP). Client 3 was awarded UC bul his application for PIP was refused. He was supported lo appeal which was also rejected and therefore we look his case to tribunal to argue and submil evidence lo support the application. He won the tribunal and was awarded enhanced rate daily living and enhanced rate of mobility. Client 3 also had a back payment of £5,000. Freeways continues lo support wider inilialives to ensure quality across the region including." Member of South Gloucestershire Safeguarding Adults Board Member of Keeping Bristol Safe Partnership Member of the Slop Adu5t Abuse Week Group arranging events across the Avon and Somersel Police Area including mulli-ageney staff conference CChaIr of the Working Age Provider Forum in Bristol Provider Representslive on the Learning Disability ProvKler Forum in Bristol Evolution Freeways have worked ciosely with their main landlord, Freeway5 TTUSt and specialists from the local authorits, including occupational therapists, lo design properties to meet the needs of current and future individuals who we may support. Freeways Trust are in the process of applying for planning permission lo build an eight bed supported living unit with some communal Spa for individuals living in one of our services and another single person units lo further expand the PBS servi. Freeways and Trust have worked together lo lake the learning from our past PBS experiences lo ensure the highest quality for the people who will make the houses their home and the safest environment for stsff lo work with monitoring and safe exits. The charity has completed a PBS Strategy and work has been undertaken to understand how we can increase OUT capacity in this area. As 8 charity we have the needs of the people we sUPPOrt at the tre of our evolution and although we understand thi5 to be an area where services are lacking, our strategy is clear that we Can only scale up if we are certain of our ability to provide a quality setvice. The charity is also aiming lo look al diverse funding streams and partnerships lo be able lo sourcg high qualrty housing stock for this group. Freeways Trust are also in the process of applying lor planning permission lo convert an old residential care home in Weston Super Mare into 12 one bedroom flats with some communal space. This building also benefits from an elevator which will allow our client group, who is aging, to remain in the propety and be independent as long as possible. Page 6
FREEWAYS (A COMPANY LIMED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 With these two new builds, Freeways will be working closety with our current cohort. their farnilies and fijnding authorities to ensure people make the best cholS for them and any transition is smooth. Due lo the length of bulk1 lime these projects will not be completed before 2024-25. Freeways and Freeways Trust have linked together to work with Fulur&leap lo undertake an exercise measuring our baseline carbon footprint. The diagram below shows the key results. Wld5ry Triv•I Woll•• Suppli $•rvlc•• The in4eplh data will allow us to complete a combined environmental strategy and work towards energy saving and reduction of our environmental impact through the transport policy and usage. In addition our new properties are looking al enhanced use of air-source heat pumps and solar t)owe¥ to support this str81egy. Finally Freeways are working towards a procurement strategy lo allow us lo use our buying power to shape tho market, requiring organisab'ons with which we work to share their equality, diversity and inclusion policies and environmental statements. Page 7
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 P•lARCH 2023 Dlsclosure of infomialion to auditors Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that.. so far as that Tru51ee is aware, there is no relevant audit information of which the charitable group's avdilors are unaware. and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group'5 auditors are aware of that infr)rmation. Audltors The auditor5, Bishop Fleming LLP, have indi¢ated their w¢llingness to continue in office. The designated Trustees will propose a motion reappginting the auditors al a meeting ol the Trustees. prov by order of the members of the board of Trustees and signed on their behalf by.. C C Britton Trustee hair Dale.. Page 8
FREEWAYS IA COMPANY LIMITED BY GUARANTEE} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FREEWAYS Oplnlon We have audited the financial statements of Freeways (the 'parent charitable Gompany'l and ils subsidiaries (the '9roup'i for the year ended 31 MaTch 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Slalemenl of Cash Flows and the related notes. including a summary of significant accounting policies. The financial reporbng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republlc of Ireland, (United Kingdom Generally Acceptsd Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable cornp8ny's affairs as at 31 March 2023 and of the Group's incoming resources and application of resources. including its Income and expenditure for the year then ended., have been property prepared in aOrdanCe with United kn'ngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requlrements of the charie$ Act 2011. Basls for oplnlon We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS {UKII and applicab5e law. Our responsibilities under those standards are furtheT described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical resp)nsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provKJe a basis for our opinion. Concluslons rglatlng lo golng conc9rn In auditing the financial stslemenls, we have concluded that the Tnjstees, use of the going concern basis of accountr'ng in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomied, we have not identified any material uneertainties relab'ng to events or conditions that, individually Of collectively. may cast significant doubl on the Group's or the parent charitable company's ability lo continue as a going concern for a period of at least lylelve months from when ihe financial statements are authorised for issue. Our respon5ibililies and the responsibilities ol the Trustees with respect to going concern are descTibed in the relevant sections of this report. Other Informatlon The other infomiation comprises the information included in the Annual Report other than the financial ststemenls and our Auditors. Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial StaterrnIS doe5 not cover the other information and, except lo the extent othetwise explicitly stated in our report, we do not express any form of assuran conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materialfy inconsistent with the financial slalemenls or our knowledge obtained in Ihg course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsislen¢ies or apparent material misslalemenls, we are requiTed lo determine whether this gives rise lo a material misstalernent in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 9
FREEWAYS IA COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FREEWAYS (CONTINUED) Mattefs on which we are requirtrd to report by excgptlon We have nothing to pOrt in respect of the following matters where the Charities IAccoun15 and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with the financial slalernents., or the parent charitable company has not kept suffiuenl accounting records,. or the parent chaTitsble company financial slalemenls are not in agreement with the accounting records and returns., or we have not received all the infomalion and explanats.ons we Tequire for our audiL Re5ponslbllltles of Irustee8 As gxplained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl ale responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustèes determine is necessary to en8ble the preparation of financial statements that are free from matetial misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the Group's and the parent charitable company's abi11ty lo continue as a going Concern, disclosing, as applicable, rnallers related to going concern and using the going concern basis of accounting uniess the Trustees either intend lo liquidate the Group or the parent charitable company or to cease operations. or have no realistic altemative but to do so. Page 10
FREEWAYS (A COMPANY LIMtTED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FREEWAYS ICONTINUEDI Audltors. rgsponslbllhles for the audlt of the flnanelal 8tatoments We have been appointed as auditor under section 152 of the Charities Act 2011 and report in accordan¢e with the Act and felevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance wth ISAS IUKI will always detect a material miss181ement when il exists. Misstatements can arise from fraud or error and are considerecl material if, indivKfually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irrogularilies, including fraud. are instances of nonwCOTnpliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect ol Irregularits"es, including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed be.. We have considered the nature of the sector, control environment and financial procedures., We have considered the results of enquiries with management and trustees in reTratioTh to their own identsfication and assessment of the risk or irregularities within the entity., We have reviewgd the documgntalion of key processes and controls and performed walkthrough5 of transactions lo confim that the systems are operating in line wrth documentation. As a result of these procedures, we have considered the opportuntties and inc&ntives that may exist within the organisalion for fraud and identified the highest area of risk lo be in relation to revenue recognition, with a particular sk in relation to yearénd eut off. In common with all audits under ISAS IUKI we are also required to perform specific procedures lo respond t¢ the risk of management override. We have also obtained underslanding of the legal and regulatory frarneworks that the company operates in, focusing on provisigns of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK lax legislation. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamenlal to the Company's abilrty lo operate or avoid a material penalty. Our procedure5 to respond to the identfied risks included the lollowing-. Reviewing the financial statement disclosures and testing to supporting documentation lo asses5 compliance wrth provisions of relevant laws and regulations described as having a direct effect on the financial stslements". Perfoming analytical procedures to identify unusual or unexpected relationships Ihal may indicate risk of material mistatement due to fraud-, Reviewing board meeting minutes., Enquiring of management in relation lo actual and potential claims or liligalions,. Perfomiing detailed Iransadional lesling in relats.on lo the recognition of revenue wth a particular focus around yearnd cut ofF. and In addressing the fisk of fraud through management override of controls, lesllng the appropriateness of ioumal entries and other adjustments, assessing whether the judgements made In accounting estimates are indicative of potential bias,. and evaluating the business rationale of signfficanl transacts'ons that are unusual or outside the normal course of business. We also communicated identifi'ed laws and regulations and potential fraud risks lo all members gf the engagement team and remained alert to possible indicators ol fraud or nOnmplIanCe with laws and regulations throughout the audit. Becayse of the inherent limitstions of an audit, there is a risk that we will not detect all irregularities. including those leading to a material mistalemenl in the financial ststemenls or nonpcompliance with regulation. This risk Page11
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF FREEWAYS (CONTINUED) increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of nondcompliance. The risk is also greater regarding irregularities occuring due lo fraud rather than error. as fraud involves inlentsonal concealment. forgery, collusion, omission Dr misrepresentation. A fvrther description of our responsibilities for the audit of the financial statements is located on the Firiancial Reporting Counryl's websrte at.. vNM.frc.or .ukJaudrtorsres ies. This descr+plion fomis part of our Auditors, Report. U80 of our roport This report is made solely to the charitable company's members, as a body, in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the chanlable company's members those matters we are required to stale to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members. as a body, for our audit work, for this pOrt, or for the opinion5 we have formed. David Butler FCA DChA Bishop Flemlng LLP Chartered Accountan15 ststulory Auditors 10 Temple Back Bristol BS16FL Date.. 6 December 2023 Bishop Fleming LLP are eli9ible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 12
FREEWAYS IA COMPANY LIMrrED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTnimES (INCORPORATING INCOME AND EXPENDITIJRE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds 2023 £000 Restrided funds 2023 £000 Total funds 2023 £000 Total funds 2022 £000 Note Income from: Donations and legaeies Charitable activits.es 10 7,733 62 15 358 6,942 77 7.733 62 Other trading activities Investrmenls 15 Total income 7.814 7,820 7,377 Expanditurg on.. Raising funds Charitable activities 30 7,798 {1) 7,797 6,914 Total expenditUT• 7,828 {1) 7,827 6,914 Not movement In funds beforg OthoT recognlsed galnslllossos) (141 (7} Other Tecognlsed galnsl{1O8s). Actuanal Ilossesllgains on defined benefit pension schemes 20 15861 15861 577 Net movement In fund8 16001 15931 1,040 Reconclllatlon of funds: Total funds brought forward Net movement in fut)ds 2.526 {600} 1231 2,503 {5931 1.463 1.040 Totsl funds rried forward 1.926 116} 1.910 2,503 The Consolidated Statement of Financial Activit$ includes all gains and losses r]gniSed in the year. The notes on pages 19 to 34 forni part of these financial statements. Page 13
FREEWAYS IA COMPANY LIMrrED BY GUARANTEEI REGISTERED NUMBER:02209114 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 £000 2022 £000 Nole Flxed assets Tangible assets 10 100 53 100 53 Current assets 594 1,935 Debtors Cash al bank and in hand 12 973 1,591 2,564 2,529 Creditors". amounts falling due within one year {561) 13 $4> Net current assets 1,810 1,968 Tolal assets less currant liabilities Defined benefit pension scheme asset 1.910 2,021 20 482 Total net assets 1,910 2,503 Charlty funds Reslricled funds Unrestricted funds. 14 {161 {231 Designated funds General funds 14 22 22 2,022 14 1,904 Unrestricted funds exduding pension asset i 14 1,926 2.044 482 Pension serve 14 Total unrestricted fund5 14 1.926 2,526 2,503 Totsl funds 1.910 The Trustees acknowledge their responsibilities lor comptying with the requirements of the Act with Tespecl to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the TTUStees and signed on their behalf by.. Page 14
FREEWAYS IA COMPANY LIMITED 8Y GUARANTEE REGISTERED NUMBER..02209114 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 PJIARCH 2023 Rftz F S Morton Chair C C Brltton Trustee Date". The notes o ges 19 to 34 form part of these financial statements. Page 15
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER.'02209114 COMPANY STATEMENT OF FINANCIAL posrrioN FOR THE YEAR ENDED 31 MARCH 2023 2023 £000 2022 £ooa Note Flxed assets Tangible assets 10 100 53 100 53 Current assets Debtors Cash al bank and in hand 12 965 1,560 587 1,892 2,525 2,479 Creditors.. amounts f811ing due within one 13 {7501 15561 Ngt current assets 1.775 1,923 Net assets excluding pènsion asset Defined benefit pension scheme asset 1,875 1,976 20 482 Total net assets 1,875 2.458 Charity funds Restricted funds 14 123) 1231 Designated bjnds General funds unre5tn.cted funds excluding pension asset 14 22 22 14 1,876 1.898 2,459 2,481 14 Total unrestricted funds 14 1.898 2,481 Total funds 1,875 2,458 The Charitys net movement in funds for the year was £1583kl12022.' £1,017kl. The Trustees acknowledge their responsibilities for complwng with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accofdance wrth the provisions applicablè lo entitses subject lo the small companies regime. Thg financial ststements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Page 16
FREEWAYS A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02209114 COMPANY STATEMENT OF FINANCIAL POSITION ICONTINUEDI AS AT 31 MARCH 2023 F S Morton Chair C C Britton Trustee Date.. Thg notes on pages 19 10 34 form part of these financial statements. Page 17
FREEWAYS IA COMPANY LIMITED BY GUARANTEE} CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 £000 2022 £000 Cash flows from operatlng actlvltles Net cash used in operating aclNilies 12761 432 Cash flomry from investlng activities Purchase of tangible fixed assets {68} Net Cash used In Investing a¢llvltie8 1S81 1111 Ci$h IIow8 from financlng activities Net cash provlded by Ilnancing actlvitles Change in cash and cash equlvalents in the year Cash and cash equivalents al the beginning of the year 1344} 1,935 321 1,614 Cash and cash equlvalents at the end of the year 1.591 1,935 The notes on pages 19 to 34 form part of these financial slalements Page 18
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Gonoral Information Freeways is a private charitable company limrted by guarantee, registered in England & Wales, company registered number 02209114 and registered with the Charty Commission, charity number 298603. Its registered office is Leigh Court Day Cenlre, Pill Road, Bristol, BS8 3RA. Accounting policies 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charib'es SORP IFRS 1021- ounb.ng and Reportsng by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accofdance with the Financial Reporting Standaid applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 20191, the Financial Reportin9 Standard applicable in the UK aThJ Republic of Ireland IFRS 1021 and the Companies Act 2006. Freeways meets the definItn of a public benefit entity under FRS 102. Assets and liabilitS are initially recognised at histor¢cal cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial slalements of the Company and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Acb"vib"es in these financial slalemenls. 2.2 INCOME All income is recognised once the Company has enlillement lo the income, it is probable that the income will be received and the amount of income CeIVable can be measured reliably. Grants are included in the Consolidated Stalement of Flnancial Activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period 15 shown in the relevant funds on the Balance She@t. Where income is reiVed in advance of entitlement of receipt, ils recognition is deferred and included in creditofs as deferred income. Where entiuement occurs before ineome is ceIved, the income is arued. 2.3 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation lo transfer economic beneff( to a third paty, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by acts'vity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each acb'vity. Direct costs attributable lo a single activity are allocated directly to that ath"vity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single acts.vity are apporb.oned between those activities on a basis consistent with the use ol resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion ol the asset's use. Expenditure on charitable activities is incurred on d1CttY undertaking the aclivib'es vthich further the Group's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 19
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies l¢ontinuedl 2A GOVERNMENT GRANTS Government grants Telating lo tangible fixed assets are treated as defeffed income and released to the Consolidated Statement ol Financial A¢livilie5 over the expected useful lives of the assets conceined. Other grants are credited lo the Con501idated Statement of Financial Activities as the Telated expenditure is incurred. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £NIL or MO a capilalised and recogni5ed when fiJture economic benefits are probable and the cost or value of the asset can be measured lIablY. Tangible fixed assets are initially recognised at C05t. After recognrtion, under the cost model, tsngible fixed assets are measured at Cost less aumUlated deprgciation and any accumulated Impairment losses. All cos15 incurred lo bring a tangible fixed asset into ils intended working conditi)n should be included in the measurement of cost. Depreualion is chaTged so as to allocate the cost of tangitrAe fixed assets less their residual value over their estimated useful lives. Depreciation is piovided on the following bases.. Motor vehicles Fixtures and fittings 10 330A straight line 20 330k straight line 2.6 INVESTMENTS Fixed asset Investments are a fomi of financial in51rurnenl and are Initially recognised at their Iransaelion cost and subsequently measured al fair value al the Balance Sheet date, unless the value cannot be measured reliably in which case il Is rneasured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Slalemenl of Financial Activits. Investments in subsidiaries are valued at cost less provision for impairment 2.7 DEBTORS Trade and other debtOT5 are recognised at the settlement amount after any trade discount offered. Prepayrnents are valued al the amount prepaid nel of any trade discounts due. 2.8 CASH AT BANK AND IN HAND Cash at bank and in hand indudes cash and short-lerm highly liquid investments with a short maturity ol three months or less from the dale of acquisition or opening of the deposit or similar account. Page 20
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Icontinuadl 2.9 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, it Is probable that a transfer of economic benefit will be required in selllemenl, and the amount of th& settlement can be estimated reliabty. Liabilities are recognised al the amount that the Company anlicipales it will pay to settle the debt or the amount il has received as advanced payments for the goods or services It must provide. Provisions are measured at the best e51irnale of the amounts required lo sellle the obligation. Where the effect of the lime value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discoL¢nl is rewgnised in the Consolidated Statement of Financial Activities as a finance cost. 2.10 FINANCIAL INSTRUMENTS The Group onty has financial assets and financial liabilitles of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are sUbseqUenY measured at amortised cost using the effective interest method. 2.11 PENSIONS The Group operates a defined contribution pension scheme and the pensbn char9e represents the amounts payable by the Group to the fund in respect of the year. 2.12 FUND ACCOUNTING General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specific restrIctnS imposed by onors or which have been raised by the Group for parb'cular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund 15 set out in the notes lo the financial statements. Page 21
FREEWAYS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donatlons and legacies Unrestrlcted fund$ 2023 £000 Restricted funds 2023 £000 Total funds 2023 £000 Donations Grants Government grar)ts 10 Unrestricted ftjnds 2022 £000 Restricted funds 2022 £000 Total fvnds 2022 £000 Donations Grants Government grants 14 14 341 341 355 358 Income from charltable activities Unrgstrictgd funds 2023 £000 Total funds 2023 £000 Residential and community care Hydrotherapy services 7,588 165 7.568 165 7,733 7,733 Page 22
FREEWAYS IA COMPANY LIMITED B Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from charitable actlvitles l¢ontlnued) Unreslricled funds 2022 £000 Total funds 2022 £000 Residential and community care Hydrotherapy services 6,785 157 6,785 157 6,942 6.942 Income from other tradlng actlvltles Income from non charltablè tradlng actlvltlo8 Unrestrlcted funds 2023 £000 Total funds 2023 £000 Commercial hydropool use 62 62 Unrestricted funds 2022 £000 Totsl funds 2022 £000 Commercial hydropool use 77 77 Anatysis 01 oxpondlture by activitias Activities undertaken dlrectty 2023 £000 Support costs 2023 £000 Total funds 2023 £000 Residential and Community Care Hydrotherapy services 6,328 230 1,207 32 7,535 262 6,558 1,239 7,797 Page 23
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analy51s of expendlture by actlvlties lcontlnued) Activities undertaken directly 2022 £000 Support costs 2022 £000 Total ftjnds 2022 £000 Residential and community care Hydrotherapy seNices 5,618 193 1,072 31 6,690 224 5,811 1,103 6,914 Auditors. remuneration 2023 £000 2022 £000 Fees payable lo the Group's auditor for the audit of the Group's annual accounts 14,500 12,000 Fees payable to the Company's auditor in rèspect ol". All non-audil services not included above 2,000 2.00 Staff costs Group 2023 £000 Group 2022 £000 Company 2023 £000 ComparTry 2022 £000 Wages and salaries Social secuTity costs Conlributlon to defined eonlributlon pension schemes 5,695 374 4,886 312 5.695 374 4,886 312 79 79 Operating costs of defined benefit pension schemes 39 39 6,192 5,277 6,192 5,277 The average number of persons employed by the Company during the year was as follows". Group 2023 No. Group 2022 No. Care of residents 225 25 213 19 Administration 250 232 Page 24
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Staff costs Icontlnuedl The number of employees whose employee benefits (excluding employer penSn costs) exceeded £60.000 was.. Group 2023 No. Group 2022 In the band £60,001- £70,000 In the band £70,L)01- £80,000 The key management personnel comprise the Chief Executive, the Finance Director, the Senior Managers and the HR Manager. The total employee benefits of the key management personnel of the charity was £339k12022: £340kl. Trustees. remuneration and expenses During the year, no Trustees reIVed any remuneration or other benefrts12022- £NILI. During the year ended 31 March 2023, no Trustee expenses have been incurred12022 - £NILI. 10. Tangible fixed assets GROUP AND COMPANY Motor Flxture$ and vehl¢lo$ flttlngs £000 £000 Total £000 COST OR VALUATION At 1 Apfil 2022 Additions 22 572 68 594 68 Al 31 March 2023 22 640 662 DEPRECIATION Al 1 April 2022 Charge for the year 535 17 541 21 Al 31 March 2023 10 552 562 NET BOOK VALUE At 31 March 2023 12 88 100 At 31 March 2022 16 37 53 Page 25
FREEWAYS {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. Flxed asset investments Principal subsidiaries The following was a subsidiary undertaking of the Company-. Name Company number Reglstered offlce or prlnclpal Princ5pal activity place of business Leigh Court Services Limited 06434021 Leigh Court Day Cenlre, Pill Road, Abbots Leigh. Bristol. BS8 3RA Trading activities on beha of Freeways Holding Included In consolidation 100V. Yes The financial results of the 5ub5idiary for the year were.. Name Income £000 Expenditur& Profftl{Lossl £000 for the year £000 Net assets £000 Leigh Court Services Limited 62 30 32 35 12. Debtors Group 2023 £000 Group 2022 £000 Company 2023 £000 Company 2022 £aoo DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 637 15 321 343 629 15 321 336 243 243 973 594 965 587 Page 26
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Credltors: Amounts falllng due wlthin one year Group 2023 £000 Group 2022 £000 Company 2023 £000 Company 2022 £000 Trade creditors other taxation and social securty Other creditors Accruals and deferred income 156 92 131 76 156 92 131 76 65 441 43 311 61 441 311 754 561 750 556 Page 27
FREEWAYS IA COMPANY LIMITED B Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement ot funds ststement of funds - current year Balance at 31 March 2023 £000 Balance at 1 April 2022 £000 Transfers inlout £000 Galnsl ILo$se81 £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS General funds Designated fund- Hardship fund Designated fund - Pension reserve 2.022 7.814 {7,932) 1,904 22 22 482 104 15861 2.526 7.814 17,8281 {$861 1.926 RESTRICTED FUNDS Working and learning opportunities Workforce Development Fund Covid-19 grants 1291 {221 {2) 123) 116) TOTAL OF FUNDS 2,503 7.820 17.82YI 1586) 1,910 Page 28
FREEWAYS {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statemènt of funds Icontinuedl statement of funds - prior year Balance at 31 March 2022 £000 Balance al 1 April 2021 £000 Transfers inloul £000 Gainsl (Losses) £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS General funds Designated fvnd - Hardship fund Designated fun Pension reserve 1,687 7,022 {6,5621 11251 2,022 22 22 12201 125 577 482 1,489 7,022 16,5621 577 2,526 RESTRICTED FUNDS Working and learning opportunities Workforce Development Fund Covid-19 Giant 132) 14 341 {111 {3411 129) 1261 355 13521 1231 TOTAL OF FUNDS 1,463 7.377 {6,9141 577 2,503 Page 29
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Summary of fund8 Summary of funds- current year Balance at 31 March 2023 £000 Balanc8 at 1 April 2022 £000 Galnsl {Lossesl £000 Income Exponditure £000 £000 General funds Restricted funds 2.526 123} 7.814 17.8281 15861 1,926 2,503 7,820 17,827) {5861 1,910 Summary ol funds- prioryear Balance at 31 March 2022 £000 Balance at 1 April 2021 £000 Transfers inlout £000 Gainsl (Lossesl £000 Income Expenditure £000 £000 General funds Reslri¢led funds 1,489 1261 7,022 355 16,5621 13521 577 2,526 1231 1,463 7,377 16,9141 577 2,503 16. Analysis of net assets between funds Analysi$ of net as$ot$ bgtwgen fund$ - current y8ar Unrestrlcted Restrlcted funds funds 2023 2023 Éooo £000 Total funds 2023 £000 Tangible fixed assets Current a55ets Creditors due within one year 100 2,564 1754> 2,564 17381 1161 TOTAL 1,926 1161 1,910 Page 30
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Analysls of nèt assets between funds Icontlnuedl Analysis of not assets betwgen funds- prior y8ar Unrestricted ftjnds 2022 £000 Restricted funds 2022 £000 Total funds 2022 £000 Tangible fixed assets Current assets Creditors du8 Wrthin year Provisions for liabilities and charges 53 53 2,529 15381 482 2,529 15611 482 (231 TOTAL 2.526 {231 2,503 17. Reconclllatlon of net movement In funds to not cash flow from olatIng activttles Group 2023 £000 Group 2022 £000 Nel incomelexpenditure for the year las per Statement ol FinanGal Adiviliesl (71 463 Depreciation chaiges Increase in debtors Increase in creditors Income on defined benefit pension sGherr 21 13791 193 97 177} 74 11251 11041 NET CASH PROVIDED BYI{USED INI OPERATING ACTIVITIES 1276} 432 18. Anatysis of cash and ¢ash aquivalonts Group 2023 £000 1,591 Group 2022 £000 1,935 Cash in hand TOTAL CASH AND CASH EQUIVALENTS 1,591 1,935 Page 31
FREEWAYS IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Analysls of changes ITr net debt At 1 April 2022 Cash flows £000 At 31 March 2023 £000 £000 1,935 Cash al bank and in hand 13441 1.591 Penslon commitmènts The Group operates a defined benefit pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contribulK)ns payable by the group to the fund and amounted lo £84k12022.' £79kl. The scheme is dosed lo future accrual. A schedule of contributions Is &ged between the Company and the trustee5 of the scheme after each comprehensive valuation. The most renI comprehensive actuarial valuation look place a5 al 31 March 2021. Under the ¢urrent schedule of conlribulions, the Company shall pay contributions of £128k per 8nnum until 31 December 2026. The Company shall also pay the expenses of administering the scheme. Independent consulting actuaries, Quantum Advisory, update the actuarial valuations al each balance sheet date. Principal actuarial assumptions al the Balance Sheet dale (expressed as weighted averages).. At 31 March Al 31 March 2023 2022 Discount rale Rate of price inflation IRPII Rale of increase for pensions in defemenl Rate of penslon increases." pensions from 6 April 1997 to 31 March 2001 Rate of pension increases. pensions accrued from a April 2001 4.70 3.30 2.70 3.70 2.80 4.10 3.10 3.90 3.50 3.20 At 31 March At 31 March 2023 2022 Years Years Mortality rate5 lin yeaTS) - lor a male aged 65 now - at 65 for a male aged 45 now for a female aged 65 now - at 65 for a female aged 45 now 21.9 22.8 21.8 22.8 24.2 25.3 24.2 2S.4 Page 32
FREEWAYS {A COMPANY LIMrrED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Pension commitments Icontinuodl The Group's share of the assets in the scheme was.. At 31 March Al 31 March 2023 2022 £000 £000 Equities Commodoties 3.097 191 3,550 176 924 239 67 Fixed interest Cash Annuities 1,034 363 37 TOTAL FAIR VALUE OF ASSETS 4,712 4,956 The actual return on Scheme as5els was £1255kl12022 - £113kll. The arnounts recognised in the Consolidated Statement of Financial Activities are as follows. 2023 £000 2022 £000 Past service cost Expected retum on scheme assets Interest on obligation TOTAL AMOUNT RECOGNISED IN THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 39 {1391 124 99 11021 24 131 Movements In the present value of the defined benefit obllgation were as follows.. 2023 £000 Opening defined benefit otAigation Interest cost Actuarial gains Benefits paid Past service costs 4,474 124 (1,062) 1117) 39 CLOSING DEFINED BENEFIT OBLIGATION 3,458 Page 33
FREEWAYS IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. Ponslon commltments Icontsnued) Movemen15 in the fair value of the Group's Share of scheme assels were as follows.. 2023 £000 Opening fair value of scheme assets Interest income Actuarial losses Contributions by employer Benefits paid 4,956 139 {1,6481 128 1117 CLOSING FAIR VALUE OF SCHEME ASSETS 3,458 The Group has an unrecognised SYTplus of £1,254,000 in respect of ils defined nefit pension 5eheme as il does not expect to recover the plan surplus either through reduced conlnbulions in the fvjture or through refunds from the plan. 21. Operating lease commltments Al 31 March 2023 the Group and the Company had commitments lo make future minimum lease payments under non-cancellable operating leases as follows". Group 2023 £000 Group 2022 £000 Company 2023 £000 Cornpany 2022 £000 Not later than 1 year Later than 1 year and not later than 5 years 22 27 22 13 13 27 17 49 17 49 22. Related party transactions The Trustees also represent the majority of Ihe Board of Trustees of Freeways Trust. a charitable company that provide5 iesidenb'al and day care services building facilities for persons with arnIng disabilities. FTeeways leased the charity's properties and paid £51 Ok12022.. £464kl lo Freeways Trust in the year ended 31 March 2023. FeWayS Trust paid £Nil 12022.. £11kl lo Freeways in respect of management charges and was paid £54k12022." £40kl by Freeways In respect of management charges. At the year end Freeways owed Freeways Trust £3k12022'. £3kl. Page 34