Extracare
Charitsble Trust
ANNUAL REPORT AND ACCOUNTS
31 March 2021

|Key facts||||||
|---|---|---|---|---|---|
|Foreword<br>by the Chief||Executive||||
|Legal and administrative||information||||
|Report ofthe Board||||||
|Strategic report|||||18|
|The Board's responsibilities<br>in preparation|||ofaccounts||42|
|Independent<br>auditor's<br>Charitable<br>Trust||report to the members||of The ExtraCare|43|
|Consolidate<br>statement||ofcomprehensive|income||47|
|Statement offinancial||position|||48|
|Statement ofchanges|in reserves||||49|
|Consolidated<br>statement||ofcash flows|||50|
|Notes tothe financial|statements||||51|





|||||'|
|---|---|---|---|---|
|||||I<br>I|
|Homes for older people|||4,238|3,917|
|New homes completed|||321|230|
|Villages in Development||||1plus 1extension|
|New homes in development||||321|
|Our Residents|||4,404|4,416|
|Average age ofour residents||is|80|80|
|Villages|||16||
|Schemes|||||
|Charity Retail Shops|||44|52|
|Volunteers<br>supporting|our Charity||2 231|2,169|
|Staff working to a shared goal|||1,293|1,307|
|Turnover|||f41.7M|f44.2M|
|Reserves|||f265.7M|f247.3M|
|Total comprehensive|income||f18.4M|f47.3M|
|Awards include:|||Investors|in People Gold Award|





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|Charity Name|||The ExtraCare Charitable<br>Trust|The ExtraCare Charitable<br>Trust|The ExtraCare Charitable<br>Trust|The ExtraCare Charitable<br>Trust|The ExtraCare Charitable<br>Trust||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Governing<br>Instrument|||The<br>Charity|||is a company<br>limited|||by|guarantee||and||not|
||||having|a|share||capital.<br>As|such|it|is|governed||by|its|
||||Memorandum|||and Articles of||Association,|||which were last||||
||||amended||by special resolution|||on 13|November 2019.Itwas||||||
||||incorporated|||on|11December|1987.|||||||
|Registered<br>Charity|Number||327816||||||||||||
|Registered<br>Social|Landlord||4706||||||||||||
|Company<br>Registered||Number|2205136||||||||||||
|Members|||The Directors|||ofthe Charity from time totime and such|||||||other||
||||persons|admitted to membership<br>ofthe||||||company under||||the|
||||Articles.|The||number ofmembers<br>is unlimited.|||||||||
|Board ofTrustees|(also referred to as a||||||Formally appointed|||Retired/Resigned|||||
|Directors ofthe Company for the purpose|||||of||||||||||
|Company<br>law):|||||||||||||||
|Nicholas<br>Baldwin|CBE (Chair)||||||11November|2020|||||||
|Paul Jennings<br>(Chair)|||||||11November|2010||11November|||2020||
|Mary Martin<br>(Vice Chair)|||||||15November|2017||21June 2021|||||
|Richard<br>Clarke (Senior Independent<br>Director)|||||||14November|2018|||||||
|Professor Guy Daly|||||||18March 2019||||||||
|Rebekah<br>Eden|||||||15November|2017||11November|||2020||
|Adrian<br>Eggington*|||||||1March 2020||||||||
|Margaret<br>Gardner|||||||13November|2019||15January||2021|||
|Karen Helliwell*|||||||1March 2020|||13July 2021|||||
|Susan Lock*|||||||1March 2020||||||||
|David Mell|||||||14November|2018|||||||
|Philip Riman|||||||24 April 2019||||||||
|Susan Whelan Tracy|||||||13November|2019|||||||
|Harpal Baines**|||||||21June 2021||||||||
|Richard Byrne**|||||||21June 2021||||||||
|Andy Hardy**|||||||21June 2021||||||||
|"Interim appointment||1March 2020, elected|||at||||||||||
|AGM 11November|2020.||||||||||||||
|**Currently interim|appointment,||pending||||||||||||
|election at the next|AGM||||||||||||||





|nnual<br>Report &Accounts: 2020/21|nnual<br>Report &Accounts: 2020/21|nnual<br>Report &Accounts: 2020/21|||||||<br>Cha 'table T Ust|
|---|---|---|---|---|---|---|---|---|---|
|Development<br>Committee:|||||Operations<br>Committee:|||||
|Philip Riman (Chair), Nicholas<br>Baldwin,|||||David Mell (Chair),|Harpal Baines,|||Nicholas|
|Richard Byrne, Adrian||Eggington,<br>Andy Hardy,|||Baldwin,<br>Richard Clarke, Karen Helliwell,|||||
|Karen Helliwell,<br>Paul Jennings,<br>Mary Martin,|||||Paul Jennings,<br>Susan||Lock, Susan Whelan|||
||||||Tracy,|||||
|Includes all Trustee|members<br>(current and||||Includes all Trustee|members||(current and||
|previous)|||||previous)|||||
|Fundraising,<br>Research||and Advocacy|||Audit and Assurance||Committee:|||
|Committee:||||||||||
|Professor Guy Daly|(Chair), Richard<br>Clarke,||||Richard Clarke (Chair), Harpal|||Baines,||
|Margaret<br>Gardner|David Mell, Susan Whelan||||Adrian<br>Eggington,|Andy Hardy, Susan Lock,||||
|Tracy,|||||Mary Martin,<br>David||Mell,|||
|Includes all Trustee|members<br>(current and||||Includes all Trustee||members|(current and||
|previous)|||||previous)|||||
|Nomination<br>and Remuneration<br>Committee:||||||||||
|Susan Whelan Tracy (Chair), Nicholas Baldwin,|||||Richard Clarke, Rebekah<br>Eden,|||Paul||
|Jennings,<br>Mary Martin||||||||||
|Includes all Trustee|members<br>(current and|||previous)||||||
|Company Secretary||Angela Carpenter||(from 15March 2021)||||||
|||Gemma<br>Duggan||(until|15March 2021)|||||
|Executive Leadership||Mick Laverty|||Chief Executive|||||
|Team (principal||Joanna Grainger|||Executive Director|Operations||(from||
|members ofstaff)|||||01/09/2021)|||||
|||Angela<br>Harding|||Executive Director|Operations||(until||
||||||16/07/2021)|||||
|||Henriette<br>Lyttle-|||Executive Director|Marketing||and||
|||Breukelaar|||Innovation<br>(until 30/04/2021)|||||
|||Chris Skelton|||Executive Director|Corporate||Resources||
|||Kevin Willetts|||Executive Director|Development,|||Sales|
||||||and Procurement|||||
|Registered<br>and||7 Harry Weston||Road||||||
|principal<br>office||Binley Business|Park|||||||
|||Coventry||||||||
|||CV3 2SN||||||||
|Principal<br>Bankers||Lloyds Banking|Group Pic|||||||
|Primary Solicitors||Shakespeare<br>Martineau,<br>Pinsent Masons||||||||
|Auditors||RSM UK Audit|LLP|||||||





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|||~<br>~|~|0||
|---|---|---|---|---|---|
|Nicholas<br>Baldwin<br>CBE (Chair)<br>Paul Jennings<br>(retired Chair) '||2of2<br>5of5||3of3<br>3of5|1of1<br>1of1|
|Richard Clarke||7of7||10of10|1of1|
|Guy Daly||Sof7||2of3|1of1|
|Rebekah<br>Eden'||4of5||4 of4|0of1|
|Adri<br>an Eggington'||7of7||7of8|OofO|
|Margaret Gardner'||6of6||1of2|0of1|
|Karen Helliwell'||4of6||Oof4|Oof0|
|Susan Lock'||6of 7||7of8|Oof0|
|Mary Martin'||6of6||8of9|10f1|





||||~<br>~|~|||
|---|---|---|---|---|---|---|
|David|Mell||7of7||7of7|1of1|
|Philip|Riman||7of7||3of3|Oof1|
|Susan|Whelan|Tracy|6of7||6of6|1of1|



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|Complete|the construction|the construction|of Solihull|village|village|and the|and the||||Achieved|Achieved|Achieved||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Earlsdon|Park 2village extension||||||||||||||||
|Achieve|CQC good<br>or|outstanding||for|all|locations|||||Achieved||||||
|inspected|during the year||||||||||||||||
|Achieve|resident experience||ratings of:||||||||Achieved||||||
|~<br>80%|in villages; and||||||||||||||||
|~<br>90%|in schemes||||||||||||||||
|Achieve|staff satisfaction|scores of:|||||||||Achieved||||||
|~<br>75%|- satisfied with ExtraCare as an employer;||||||and||||||||||
|~<br>90%|- fully committed|to|the vision||||||||||||||
|Achieve|a total surplus<br>in excess of f15M||||and|limit the|||||||||||
|underlying<br>operational||loss|(i.e. excluding||resales) to||||||||||||
|f2M.||||||||~|Revised||target||following||Covid-19||
|*Targets are measured<br>here on||the|previous basis ofaccounting||||||to|E10M||surplus||and||E2M|
||||||||||operating||loss||limit —Achieved||||
|Ensure|we<br>meet<br>the|Regulator<br>of||Social||Housing's||||Not||inspected|||||
|expectations|||||||||||||||||





|||||'||
|---|---|---|---|---|---|
|||||I<br>I||
|Operating|deficit||(E3.1M)|(K3.3M)|(E7.3M)|
|Total Comprehensive||Income|f18.4M|f47.3M|f46.3M|
|Turnover|||f41.7M|f44.2M|f38.2M|
|Reserves|||f265.7M|f247.3M|f200.0M|



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|1.Reinvestment|1.Reinvestment|6.1%|14.5%|15.0%|||0.4%|
|---|---|---|---|---|---|---|---|
|2. New Supply||||||||
|—Social Housing||1.3%|6.6%|6.9%|||0.0%|
|—Non-Social<br>Housing||0.0%|7.9%|6.7%|||0.0%|
|3.Gearing||33.8%|26.2%|25.0%|||20.0%|
|4.EBITDA MRI*||196.1%|-6.0%|0.0%|'=4.IK|'|70.0%|
||||||, L|||
|5.Headline<br>Social Housing Cost per||E4,023|E6,905|E6,775|||E6,000|
|unit||||||||
|6.Operating|Margin|||||||
|- Overall||21.5%|-7.5%|-6.5%|'-'7'.5%'||-3.0%|
|-Social||23.6%|25.0%|26.0%|265i9n<br>W'7||20.0%|
|7.Return on|Capital Employed|2.8%|-0.8%|-0.7%|||0.0%|
|(ROCE)||||||||
|*Earnings<br>before|interest, taxation, depreciation,|amortisation,<br>major repairs included,||interest cover %||||



|~|~|||||||
|---|---|---|---|---|---|---|---|
|1.Arrears||(reduce value of payments||due)|3.18%|2.75%|2.50%|
|2.|Rental|Voids (reduce average|period for||10.8weeks|8weeks|8weeks|
|re-let)||||||||
|3.|Operations<br>Surplus||||E4.7M|E1to3M|E1.1M|
|4.|Loan to|Value|||55.3%|50%|55%|





|nnual<br>Report &Accounts: 2020/21|nnual<br>Report &Accounts: 2020/21||||||||Cha lableTust|
|---|---|---|---|---|---|---|---|---|---|
|5.CQC rating Good or Outstanding||95%|100%|—',;,::,950/o.||',|,||100% —21/21|
||||||||||locations|
|6.Resident satisfaction|rating at villages|84.5%|80%Vi I Iages||o ' .l I|||'s|80%|
|||Villages|90%|9- 2~.|||||Villages|
|||91.7%|Schemes||||||90%|
|||Schemes|||||||Schemes|
|7.Reduce energy usage||n/a|n/a|3.45tnes|||||-5%|
|||||resident/year|||||3.28tnes|
||||||||||resident/year|



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|nergy|use|and global green|house<br>gas emissio|ns for pe|riod|1April 2020|to 31March|
|---|---|---|---|---|---|---|---|
|||Item|Current|Reporting|Year||2019/20|
||||Amount|Unit||Emissions|Emissions|
|||||||(CO2e)|(COze)|
|Scope <br>Scope <br>Scope|1<br> 2<br> 3|Gas<br>Electricity<br>Water<br>Waste —liquid|42,813,389<br>18,378,224<br>235,128<br>227,179|kwh<br>I&wh<br>m'||7,872<br>4,285<br>81<br>161|7,306<br>4,075<br>84<br>168|
|||Waste —solid|83|tnes||||
|||Travel|225,083|miles||58|138|





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|Forthe year ended|31March|2021||||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
||||||Note|c 000|E.'000|
|Turnover||||||41,678|44,170|
|Operating<br>expenditure||||||(44,821)|(47,484)|
|Operating<br>deficit||||||(3,143)|(3,314)|
|Interest receivable||||||6|18|
|Interest and financing <br>Increase<br>in fair value|costs<br> of investment|properties|||5<br>11|(4,560)<br>31,729|(4,174)<br>47,886|
|Surplus before tax||||||24,032|40,416|
|Taxation|||||27||(45)|
|Surplus for the year||||||24,032|40,371|
|Other comprehensive<br>pension expenditure<br>Defined benefit pension costs recognised|||in other comprehensive|income|22<br>22|(5,649)|6,942|
|Total comprehensive|income for|the year||||18,383|47,313|





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|As at 31March|202|1||||Char|itable<br>Trust|
|---|---|---|---|---|---|---|---|
|||||Group||Charity||
|||||202j|2020|2021|2020|
||||Note|E'000|E'000|E'000|f'000|
|Fixed assets||||||||
|Intangible<br>assets|||9|83|125|83|125|
|Tangible fixed assets|||10,12|126,328|178,581|126,328|178,581|
|Investment<br>properties|||11|744,450|650,603|744,450|650,603|
|||||870,861|829,309|870,861|829,309|
|Current assets||||||||
|Stocks and assets held for disposal|||14|138|132|||
|Trade and other debtors|||15|3,332|3,378|3,431|3,342|
|Cash and cash equivalents||||3,804|5,202|3,788|5,189|
|||||7,274|8,712|7,219|8,531|
|Creditors: Amounts|falling due within one year||16|(436,587)|(403,407)|(436,493)|(403,243)|
|Net current<br>liabilities||||(429,313)|(394,695)|(429,274)|(394,712)|
|Total assets less current||liabilities||441,548|434,614|441,587|434,597|
|Creditors: Amounts|falling due after more than one year||17|(166,629)|(182,514)|(166,629)|(182,514)|
|Defined benefit pension||liability|22|(9,203)|(4,759)|(9,203)|(4,759)|
|Other provisions|||23|(42)|(50)|(42)|(50)|
|Total net assets||||265,674|247,291|265,713|247,274|
|Capital &reserves:||||||||
|Restricted reserves|||21|6,602|6,606|6,602|6,606|
|Revenue<br>reserves||||259,072|240,685|259,111|240,668|
|||||265,674|247,291|265,713|247,274|





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|As at 31Marc|h 2021||||||
|---|---|---|---|---|---|---|
||||Group||Charity||
|||||Incomo and||Income<br>anci|
||||R strictecl|expenditure|Restrict<br>ci|expenditure|
||||reserve|f'esei've|reserve|reserve|
||||E'000|E'000|E'000|f'000|
|At 1April 2019<br>Surplus for the year<br>Transfer to/from<br>restricted||reserves|6,671<br>(65)|193,307<br>47,313<br>65|6,671<br>(65)|193,290<br>47,313<br>65|
|As at 31March|2020||6,606|240,685|6,606|240,668|
|At 1April 2020<br>Surplus for the year<br>Transfer to/from<br>restricted||reserves|6,606<br>(4)|240,685<br>18,383<br>4|6,606<br>(4)|240,668<br>18,439<br>4|
|As at 31March|2021||6,602|259,072|6,602|259,111|





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|Consolidated<br>statement<br>ofca<br>|Consolidated<br>statement<br>ofca<br>|sh flows<br>||||Extr|aCare|
|---|---|---|---|---|---|---|---|
|For the year ended 31March||2021|||||Charr'table<br>Trust|
|||||||2021|2020|
||||||Note|E'000|f.'000|
|Net Cash generated<br>from operating||activities||||(4,771)|(5,623)|
|Cash flow from investing<br>activities||||||||
||Purchase oftangible fixed assets|||||(14,325)|(39,279)|
||Grants received|||||640|644|
||Interest received|||||6|18|
|Net cash used in investing<br>activities||||||(13,679)|(38,617)|
|Cash flow from financing<br>activities||||||||
||Interest<br>paid|||||(6,046)|(5,911)|
||New secured<br>loans|||||28,000|10,500|
||Repayments<br>of borrowings|||||(44,086)|(19,776)|
||Payments<br>received on|property|leases|||64,943|85,082|
||Settlement of property|repurchase||liability||(25,759)|(23,168)|
|Net cash used in financing<br>activities||||||17,052|46,727|
|Net change|in cash and cash equivalents|||||(1,398)|2,487|
|Cash &cash|equivalents<br>at beginning|ofthe year||||5,202|2,715|
|Cash &cash|equivalents<br>at end ofthe year|||||3,804|5,202|





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|Depreciation||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Assets costing<br>more|than||E1,000 are||capitalised|at cost.|Assets<br>under||construction|for social|housing||are not depreciated||until|
|brought<br>into operational||use.||||||||||||||
|Depreciation<br>of fixed|assets is|||charged|by equal instalments||commencing||with the date of acquisition|||at|rates estimated|to write off||
|their cost or valuation|less any|||residual|value over|the expected useful||lives which are as follows:||||||||
|Freehold<br>land|||||||not depreciated|||||||||
|Freehold<br>buildings —Social|||housing|||||||||||||
|Main Fabric|||||||100years|||||||||
|Roof gt Covering|||||||70years|||||||||
|Electrics|||||||40years|||||||||
|Windows<br>gt External|Doors||||||30years|||||||||
|Bathroom<br>gt WC|||||||30years|||||||||
|Mechanical<br>Systems|||||||30years|||||||||
|Lift|||||||28years|||||||||
|Kitchen|||||||20years|||||||||
|Freehold<br>buildings —Investment||||properties|||not depreciated|||||||||
|Leasehold property|||||||over period||of lease|||||||
|Furniture<br>and equipment|||||||over 2to|6years||||||||
|Motor vehicles|||||||over 3years|||||||||





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|||2021|||2020||
|---|---|---|---|---|---|---|
||||Operating|||Operating|
|||Operating|Surplus<br>/||Ooerating|SUI'p us /|
||Turnov<br>r|Costs|(Deficit)|Turnover|Costs|(Deficit)|
||E'000|E'000|E'000|E'000|E'000|E'000|
|Social housing<br>lettings (Note 4)|7,796|(5,729)|2,067|7,511|(5,634)|1,877|
|Other social housing activities:|||||||
|Development<br>services<br>Housing<br>related support contract income<br>Management<br>services|948|(974)<br>(2)<br>(526)|(974)<br>(2)<br>422|56<br>909|(1,088)<br>(2)<br>(660)|(1,088)<br>54<br>249|
|Other social housing<br>activities|948|(1,502)|(554)|965|(1,750)|(785)|
|Non social housing<br>lettings<br>Residential<br>property<br>income<br>Other rent|14,425<br>310|(11,086)<br>(90)|3,339<br>220|14,066<br>357|(11,053)<br>(115)|3,013<br>242|
|Non Social Housing<br>lettings|14,735|(11,176)|3,559|14,423|(11,168)|3,255|
|Other non Social housing activities|||||||
|Development<br>services<br>Care and health services|10,233|(1,979)<br>(14,578)|(1,979)<br>(4,345)|10,448|(2,210)<br>(13,920)|(2,210)<br>(3,472)|
|Community<br>services<br>Other|2,000<br>3,005|(2,442)<br>(4,648)|(442)<br>(1,643)|1,944<br>4,182|(2,767)<br>(5,898)|(823)<br>(1,716)|
|Retail|2331|(2,370)|(39)|3,242|(2,968)|274|
|Donations|630|(397)|233|1,455|(1,169)|286|
|Other non social housing activities|18,199|(26,414)|(8,215)|21,271|(28,932)|(7,661)|
|Total|41,678|(44,821)|(3,143)|44,170|(47,484)|(3,314)|





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|4. Income and|exPen|diture|fro|m|s|ocial hous|ing<br>letti|ngs - Group||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2021||2020|
||||||||||Supported|Supported||
||||||||||I-lousing<br>and|Housing<br>and||
||||||||||Mousing<br>for|I-lousing for||
||||||||||Older People|Older|P ople|
||||||||||E'000||E'000|
|Rent receivable|and maintenance|||charge net of identifiable||||service charges|3,988||3,528|
|Service charge income|||||||||2,742||2,665|
|Amenity<br>income|||||||||664||753|
|Housing related|support||||||||||171|
|Amortised<br>government||grant|||||||402||394|
|Turnover<br>from Social Housing|||Lettings||||||7,796||7,511|
|Management|||||||||2,335||2,166|
|Service charge costs|||||||||1,562||1,650|
|Routine maintenance|||||||||368||404|
|Planned<br>maintenance|||||||||231||565|
|Depreciation<br>of|housing|properties|||||||1,233||849|
|Operating<br>Costs|on Social Housing|||Lettings|||||5,729||5,634|
|Operating<br>Surplus<br>on Social Housing|||||Lettings||||2,067||1,877|
|Void losses|||||||||482||167|
|5.Interest and|financing costs|||-|Group|||||||
||||||||||2021||2020|
||||||||||E'000||E'000|
|Bank loans|||||||||4,065||3,985|
|Otherloans|||||||||2,013||1,893|
|Defined benefit|pension|charge|||||||98||277|
|Interest payable|capitalised<br>on||housing|||properties|under construction||(1,616)||(1,981)|
||||||||||4,560||4,174|





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|the senior management<br>team in the year totalle|d f762|(2020:E2,777|).||||||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
||||||||f'000|f'000|
|Aggregate<br>Emoluments<br>payable to Directors (including||pension contributions||and|benefits|in kind)|826|778|
|Emoluments<br>(including<br>benefits, but excluding<br>who was also the highest<br>paid Director|pension|contributions)|payable|to the Chief||Executive|233|215|
|The Chief Executive is a member ofthe defined|contribution<br>scheme.||No enhanced||or special terms apply to this or any other pension||||



|7.Employee<br>Inf|ormation<br>-|Group and Charity|||||
|---|---|---|---|---|---|---|
||||Group||Charity||
||||2021|2020|2021|2020|
||||Number|Number|Number|I'lumber|
|Average<br>number of employees<br>Executive directors|||5|5|5|5|
|Care services|||1,041|1,045|1,041|1,045|
|Administration,|fundraising|and publicity|247|257|139|147|
||||1,293|1,307|1,185|1,197|
|Full time equivalents<br>Executive directors|||5|5|5|5|
|Care services|||633|625|633|625|
|Administration,|fundraising|and publicity|206|222|126|138|
||||844|852|764|768|



|Staff Costs (Forthe above persons)|||||
|---|---|---|---|---|
||Group||Charity||
||2021|2020|2021|2020|
||f'000|f'000|f'000|f'000|
|Wages &Salaries<br>Social Security Costs<br>Other Pension Costs|24,494<br>1,903<br>803|24,466<br>1,911<br>868|22,823<br>1,802<br>745|22,603<br>1,776<br>807|
||27,200|27,245|25,370|25,186|





## 

||||Group||Charity||
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
||||f'000|f'000|E'000|E'000|
|Defined|benefit schemes||52|111|52|111|
|Defined|contribution|schemes|751|757|693|696|
||||803|868|745|807|



||2021|2020|
|---|---|---|
|Salary Range|Number|Number|
|f200,001tof210,000|||
|f190,001tof200,000|||
|f130,001tof140,000|||
|f120,001tof130,000|||
|f110,001tof120,000|||
|f100,001tof110,000|||
|f90,001tof100,000|||
|f80,001to f90,000|||
|f70,001tof80,000|||
|f60,001tof70,000|||
||24|27|





## 

|Notes to th|e financial statement|s|||Cha|ntabte<br>Trust|
|---|---|---|---|---|---|---|
|8.OPerating|defiCit - Group||||||
||||||2021|2020|
||||||E'000|E'000|
|The operating|deficit is arrived at after||charging/(crediting):||||
|Trustee indemnity<br>insurance|||||||
|External auditor's<br>remuneration:|||||||
|In respect of|the audit ofthe Charity's|Financial||Statements|60|49|
|In respect of|other services:<br>The audit ofthe charity's|subsidiary||Financial Statements|10|7|
||Taxation services||||56|44|
||Audit-related<br>assurance|services|||18|17|
||Other services||||3|23|
|Operating<br>leases<br>Rent payable on buildings|||||1,192|1,264|
||Other||||5|5|
|Depreciation<br>Amortisation|ofowned tangible fixed <br>ofintangible<br>fixed assets|assets|||3,582<br>78|3,401<br>103|
|Amortisation|of deferred<br>Social Housing||Grant||(465)|(457)|



## 

|9.Intangible<br>aSSetS - Group aod Charity||
|---|---|
||E'000|
|Cost:||
|At 1April 2020|1,099|
|Additions|36|
|At 31March 2021|1,135|
|Depreciation:<br>At 1April 2020|974|
|Charged<br>in the year|78|
|At 31March 2021|1,052|
|Net BookValue||
|At 31March 2021|83|
|At 31March 2020|125|





## 

## 

|10.Fixed|A|ssets - H|ousing Properties<br>-|Group and|charity|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Housing|Housing|||||
||||||properties<br>held||properties|under|Leasehold|land||
||||||for Iettings||construction||and buildings||Total|
|||||||f '000||E'000||E'000|f'000|
|Cost:||||||||||||
|At 1April|2020|||||124,765||59,652||417|184,834|
|Additions||||||21||12,530|||12,551|
|Schemes|completed|||||15,945|(71,662)||||(55,717)|
|Disposals||||||(3)|||||(3)|
|Change oftenure||||||(7,332)|||||(7,332)|
|At 31March||2021||||133,396||520||417|134,333|
|Depreciation:||||||||||||
|At 1April|2020|||||11,372||||77|11,449|
|Depreciation||charged|in the year|||1,955||||4|1,959|
|Eliminated|on disposal|||||(3)|||||(3)|
|At 31March||2021||||13,324||||81|13,405|
|Net Book|Value|||||||||||
|At 31March||2021||||120,072||520||336|120,928|
|At 31March||2020||||113,393||59,652||340|173,385|
|||||||||||2021|2020|
|||||||||||E'000|E'000|
|Expenditure||on works|to existing properties|||||||||
|Components||capitalised/improvements||||||||21|19|
|Amounts|charged tothe statement ofcomprehensive||||income|||||599|969|
|||||||||||620|988|
|Finance Costs||||||||||||
|Aggregate|amount of||finance costs included|in the cost of housing properties|||||4,022||3,385|
|Aggregate|amount of||finance costs included|in the cost of properties||under construction|||||1,959|
||||||||||4,022||5,344|





|The ExtraCare Charitable<br>Trust|
|---|
|For the year ended 31March 2021|
|Notes to the financial statements|



|||||||Investinant|
|---|---|---|---|---|---|---|
|||||||p r0 p 2 I't Ies|
|||||||E'000|
|Fair Value:|||||||
|At 1April 2020||||||650,603|
|Schemes completed||||||54,786|
|Change of|tenure|||||7,332|
|Movement|in fair value|||||31,729|
|At 31March 2021||||||744,450|
|Historic Cost|||||||
||||||2021|2020|
||||||E'000|E'000|
|Investment|properties|measured|under the historic|cost convention|397,670|335,552|
|Included<br>within the above isf12,862Kofcapitalised||||interest (2020:E9,924K).|||





## 

|12.Other Tangible<br>|Fixed Ass|ets<br>- Group and charity||||
|---|---|---|---|---|---|
|||||Furniture||
|||||and Other||
|||||Eq tl|I0rtlent|
||||||E'000|
|Cost:||||||
|At 1April 2020|||||10,548|
|Additions|||||896|
|Transfer from housing|properties|under construction|||931|
|Disposa Is|||||(240)|
|At 31March 2021|||||12,135|
|Depreciation:||||||
|At 1April 2020|||||5,352|
|Charged<br>in the year|||||1,623|
|Released on disposal|||||(240)|
|At 31March 2021|||||6,735|
|Net Book Value||||||
|At 31March 2021|||||5,400|
|At 31March 2020|||||5,196|
|13.Fixed Asset Investments||- Group and charity||||
||||2021||2020|
||||E||E|



|||Country of|||
|---|---|---|---|---|
|Name of subsidiary|undertaking|incorporation|Class ofshare|Nature of business|
|Extra Care Retail Limited||England|Ordinary|Charity retail operation|
|Extracare Nominee|1Limited|England|Ordinary|Dormant|
|Extracare Nominee|2 Limited|England|Ordinary|Dormant|



|Group||Charity||
|---|---|---|---|
|2021|2020|2021|2020|
|f'000|E'000|E'000|E'000|
|138|132|||





## 

## 

|15.Debtors||||||||
|---|---|---|---|---|---|---|---|
|||||Group||Charity||
|||||2021|2020|2021|2020|
|||||f'000|E'000|E'000|E'000|
|Rent and service charges receivable||||2,435|2,447|2,435|2,447|
|Less: provision|for bad and|doubtful|debts|(495)|(484)|(495)|(484)|
|Net rent arrears||||1,940|1,963|1,940|1,963|
|Valued Added|Tax|||126|163|126|163|
|Amount owed|by subsidiary|undertaking||||381|310|
|Prepayments|and accrued|income||1,240|1,081|961|803|
|Variable Service Charges||||20|100|20|100|
|Other debtors||||6|71|3|3|
|||||3,332|3,378|3,431|3,342|



## 

|16.Cred|itors: Amoun|ts<br>falling due within one year|||||
|---|---|---|---|---|---|---|
||||Group||Charity||
||||2021|2020|2021|2020|
||||f'000|f'000|f'000|f'000|
|Loans (note 18)|||1,086|776|1,086|776|
|Trade creditors|||600|651|599|646|
|Amounts|due to contractors for certified work||1,752|4,860|1,752|4,860|
|Rent and|Charges received<br>in advance||582|510|582|510|
|Other taxation and social security costs|||436|479|436|470|
|Corporation<br>Tax||||45|||
|Deferred|capital grant|(note 20)|487|462|487|462|
|Accruals|and deferred|income|6,246|6,349|6,153|6,244|
|Lease buyback<br>liability|||423,664|387,609|423,664|387,609|
|Variable|service charge|creditor|1,734|1,666|1,734|1,666|
||||436,587|403,407|436,493|403,243|



|17.Creditors: Amounts<br>falling due after more than one year -|Group and charity||
|---|---|---|
||2021|2020|
||E'000|E'000|
|Loans (note 18)|121,902|137,884|
|Deferred income (note 19)|144|197|
|Deferred capital grant (note 20)|44,583|44,433|
||166,629|182,514|





## 

|18.Loan Analysis<br>- Group and charity|||
|---|---|---|
||2021|2020|
||E'000|E'000|
|Due within one year|||
|Bankloans|1,086|776|
|Due after more than one year|||
|Otherloans|57,500|42,500|
|Bankloans|65,383|96,469|
||122,883|138,969|
|Less: Issue Costs|(981)|(1,085)|
||121,902|137,884|



## 

## 

|Based on the lender's<br>earliest repayment<br>date, borrowings<br>are repayable<br>as|follows:||
|---|---|---|
||2021|2020|
||E'000|E'000|
|Within one year or on demand|1,086|776|
|One year or more but less than two years|776|31,086|
|Two years or more but less than five years|3,258|2,948|
|Five years or more|118,849|104,935|
||123,969|139,745|





## 

|Deferred income will be credited|tothe Consolidated<br>St|atement of Comprehensive<br>Inc|ome:|||
|---|---|---|---|---|---|
|||||2021|2020|
|||||E'000|E'000|
|Within one year||||71|126|
|Between one and two years||||70|79|
|Between two and five years||||74|118|
|||||215|323|
|||||2021|2020|
|||||E'000|f'000|
|Lease premiums<br>receivable, credited to the Consolidated||Statement ofComprehensive|Income|||
|over the period ofthe lease (up|to twenty five years)|||85|113|
|Other Care income||||2|46|
|Care for Life income, amortised|over life expectancy of|plan holder||128|164|
|||||215|323|



## 

|20.Def|erred Capit|al|Grant Income - Group and charity|||
|---|---|---|---|---|---|
|||||2021|2020|
|||||E'000|f'000|
|Balance|at 1April|||44,895|44,708|
|Received|in the year|||640|644|
|Released|to income|in the year||(465)|(457)|
|Balance|at 31March|||45,070|44,895|
|||||2021|2020|
|||||E'000|f'000|
|Amounts|to be released||within one year|487|462|
|Amounts|to be released||in more than one year|44,583|44,433|
|||||45,070|44,895|





## 

## 

||At 1April|||At 31March|||At 31March|
|---|---|---|---|---|---|---|---|
||2019|Incom|Expenditure|2020|Income|Expenditure|2021|
||E'000|E'000|E'000|E'000|E'000|E'000|f'000|
|Fixed assets||||||||
|Hagley Road, Birmingham|1|||1|||1|
|Humber<br>Court, Coventry|208||(3)|205||(3)|202|
|Lark Hill Village, Nottingharn|2,893||(32)|2,861||(32)|2,829|
|New Oscott Village, Birmingham|1,204||(13)|1,191||(13)|1,178|
|Lovat Fields Village, Milton Keynes|945||(11)|934||(10)|924|
|Shenley Wood Village, Milton Keynes|169||(2)|167||(1)|166|
|Pannel Croft Village, Birmingham|529||(5)|524||(6)|518|
|St Oswalds<br>Village, Gloucester|2||(1)|1|||1|
|Rosewood Court, Wellingborough|235||(3)|232||(3)|229|
|Sunley Court, Kettering|227||(3)|224||(3)|221|
|Yates Court, Evesham|111||(1)|110||(1)|109|
||6,524||(74)|6,450||(72)|6,378|
|Special projects and other funds||||||||
|Other miscellaneous<br>funds|4|17|(2)|19|75|(10)|84|
|Other scheme restricted<br>funds|143|31|(37)|137|20|(17)|140|
||147|48|(39)|156||(27)|224|
|Total funds|6,671|48|(113)|6,606|95|(99)|6,602|





## 

## 

## 

## 

## 

## 

|Key assu|mptions||||
|---|---|---|---|---|
||||2021|2020|
||||E'000|E'000|
|Discount|Rate||2.15%|2.38%|
|Inflation|(RPI)||3.29%|2.63%|
|Inflation|(CPI)||2.86%|1.63%|
|Salary Growth|||3.86'Yo|2.63'Yo|
|Allowance for commutation||of pension for cash at retirement|75/ of|75%of|
||||maximum|maximum|
||||allowance|allowance|






## 

|Defined benefit costs reco|gnised<br>in Statement|of|Com|pre|hens|ive<br>Income||||
|---|---|---|---|---|---|---|---|---|---|
||||||||||2021|
||||||||||E'000|
|Current service cost|||||||||52|
|Expenses|||||||||43|
|Net interest expense|||||||||97|
||||||||||192|
|Defined benefit costs recognised<br>in Other Comprehensive|||||Income|||||
||||||||||2021|
||||||||||E'000|
|Experience on plan assets|(excluding<br>amounts|included||in|net|interest cost) - gain|||2,804|
|Experience gains and losses arising on the plan||liabilities||—gain|||||993|
|Effects ofchanges<br>in the demographic<br>assumptions|||underlying|||the present value ofthe defined benefit obligation||—loss|(191)|
|Effects ofchanges<br>in the financial<br>assumptions||underlying|||the|present value ofthe defined benefit obligation|-loss||(9,255)|
|Total actuarial gains|||||||||(5,649)|
|Present values of defined|benefit obligation, fair||value|ofassets and defined benefit liability||||||
|||||||||2021|2020|
|||||||||f'000|f'000|
|Fair value of plan assets||||||||42,083|38,300|
|Present value of defined benefit obligation|||||||(51,286)||(43,059)|
|Defined benefit liability to be recognised||||||||(9,203)|(4,759)|
|Reconciliation<br>of opening|and closing balances of||the defined|||benefit obligation||||
||||||||||2021|
||||||||||E'000|
|Defined benefit obligation|at start of period||||||||43,059|
|Current service cost|||||||||52|
|Expenses|||||||||43|
|Interest expense|||||||||1,009|
|Contributions<br>by members|||||||||122|
|Actuarial<br>gains due to scheme experience|||||||||(993)|
|Actuarial<br>losses due to changes<br>in demographic||assumptions|||||||191|
|Actuarial<br>losses due to changes<br>in financial assumptions|||||||||9,255|
|Benefits paid and expenses|||||||||(1,452)|
|Defined benefit obligation|at end of period||||||||51,286|





## 

## 

## 

|22. Retirement<br>benefits (continued)<br>- t-rou|p and cha|rity||
|---|---|---|---|
|Reconciliation<br>ofopening and closing balances|ofthe|fair value of plan assets|2021<br>6'000|
|Fair value of plan assets atstart of period|||38,300|
|Interest income|||912|
|Experience on plan assets (excluding amounts|included|in interest income)|2,804|
|Employer contributions|||1,397|
|Contributions<br>by members|||122|
|Benefits paid|||(1,452)|
|Fairvalueoflanassetsatendofperiod|||42,083|



|The analysis ofthe scheme assets at the reporting<br>date were as follow<br>Assets|s:||
|---|---|---|
||2021|2020|
||E'000|E.'000|
|6loba<br>I Equity|6,707|5,602|
|Absolute<br>Return|2,323|1,997|
|Distressed<br>Opportunities|1,215|738|
|Credit Relative Value|1,324|1,050|
|Alternative<br>Risk Premia|1,585|2,678|
|Fund of Hedge Funds|5|22|
|Emerging<br>Markets Debt|1,699|1,160|
|Risk Sharing|1,532|1,293|
|Insurance-Linked<br>Securities|1,011|1,176|
|Property|874|844|
|Infrastructure|2,806|2,850|
|Private Debt|1,004|772|
|Opportunistic<br>Illiquid credit|1,070|927|
|High Yield|1,260||
|Opportunistic<br>Credit|1,154||
|Corporate<br>Bond Fund|2,486|2,184|
|Liquid credit|502|16|
|Long Lease Property|825|663|
|Secured Income|1,750|1,453|
|Liability Driven Investment|10,695|12,711|
|Net Current Assets|256|164|
|Totalassets|42,083|38,300|



## 

|Analysis ofthe|sensitivity to|the principal<br>ass|umptions<br>ofthe present value ofthe defined|benefit obligation|
|---|---|---|---|---|
|||||Change<br>in|
|||Change|in assumption|liabilities|
|||||E'000|
|Discount rate||Increase|of0.1%p.a.|(934)|
|Rate of inflation|(CPI)|Increase|of0.1%p.a.|537|
|Rate of salary growth||Increase|of0.1%p.a.|10|





## 

## 


## 

## 



## 

## 

## 

|||||||2021|2020|2019|
|---|---|---|---|---|---|---|---|---|
|||||||E'000|f'000|f'000|
|Present value||ofprovision||||42|50|61|
|Reconciliation||of opening||and closing provisions|||||
||||||||2021|2020|
||||||||f'000|f'000|
|Provision|at start||of period||||50|61|
|Unwinding|of|the|discount|factor (interest|expense)||1||
|Deficit contribution|||paid||||(10)|(10)|
|Remeasurements|||-impact|ofany change|in assumptions||1|(1)|
|Provision|at end of period||||||42|50|
|Income and expenditure||||impact|||||
||||||||2021|2020|
||||||||f'000|E'000|



|Interest expense||||||||
|---|---|---|---|---|---|---|---|
|Remeasurements|—impact ofany change|in|assumptions|||||
|Costs recognised|in income and expenditure||account|||||
|Assumptions||||||||
|||||31-Mar-21|31-Mar-20||31-Mar-19|
|||||par annum|%per|annum|%pe; annum|
|Rate of discount||||0.66||2.53|1.39|



## 




## 

## 




## 

## 

## 

|||2021|2020|
|---|---|---|---|
|||f'000|E'000|
|Turnover||2331|3,242|
|Cost ofsales||(192)|(414)|
|Staff costs||(1,260)|(2,059)|
|Other costs||(1,321)|(1,531)|
|Other operating|income|403|1,036|
|Net profit||(39)|274|
|Taxation|||(45)|
|Retained<br>in subsidiary||(39)|229|
|Current assets||398|490|
|Current<br>liabilities||(437)|(244)|
|Retained<br>in subsidiary||(39)|246|





## 

## 

|||||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||E'000|E'000|
|Surplus for the year||||||||||24,032|40,371|
|Interest payable||||||||||4,560|4,174|
|Interest receivable||||||||||(6)|(18)|
|Operating<br>surplus for the|year|||||||||28,586|44,527|
|Adjustments<br>for non-cash|items:|||||||||||
|Change<br>in fair value of investment||properties||||||||(31,729)|(47,886)|
|Release of Buyback liability||||||||||(3,129)|(3,412)|
|Depreciation<br>oftangible<br>fixed assets||||||||||3,582|3,401|
|Amortisation<br>of intangible|assets|||||||||78|103|
|Amortisation<br>ofdeferred capita<br>I grants||||||||||(465)|(457)|
|Amortisation<br>offinance costs||||||||||104|107|
|Defined benefit pension schemes||||||||||(1,310)|(1,227)|
|Operating<br>cash flows before movements|||in|working|capital|||||(4,283)|(4,844)|
|Movements<br>in working<br>capital||||||||||||
|Increase<br>in stock||||||||||(6)|(12)|
|Decrease in rental and other debtors||||||||||46|539|
|(Decrease)/Increase<br>in trade and||other creditors||||||||(528)|(1,306)|
|Net cash generated/(used)|from|operating||activities||||||(4,771)|(5,623)|
|||||At|1 April|2020|Cash flows|N|vi finance|Other non|At 31March|
|Analysis of changes<br>in net|debt||||||||leases|cash|2021|
|||||||E'000|E'000||E'000|E'000|E'000|
|Cash and cash equivalents|||||5,202||(1,398)||||3,804|
|Bank loans due in less than|1year|||||(776)||||(310)|(1,086)|
|Bank loans due in more than 1year|||||(95,384)||30,776|||206|(64,402)|
|Other loans|||||(42,500)||(15,000)||||(57,500)|
|Lease buyback<br>liability|||||(387,609)||25,759||(64,943)|3,129|(423,664)|
|Total|||||(521,067)||40,137||(64,943)|3,025|(542,848)|





## 

## 

## 

|33.Numb|er<br>ofhomes|in m|ana|gement|and develo|pme|nt|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2021|2020|
|||||||||I'lomb<br>r|N u r11be,|
|Social housing<br>units<br>Owned<br>by the Charity<br>Managed<br>on behalf ofother organisations||||||||742<br>288|693<br>288|
|Non-Social <br>Leased or|housing units<br> part leased investment|||properties||||2,611|2,338|
|Other||||||||||
|Social housing<br>properties||managed||under|a partnership|arrangement||430|431|
|Non-Social|housing properties||managed||under a partnership||arrangemrnt|167|167|
|||||||||4,238|3,917|
|Homes in|development|at 31|March|||||||
|Supported<br>Leased or|housing<br> part leased investment|||properties|||||52<br>269|
||||||||||321|



## 

|||||||Group||Charity||
|---|---|---|---|---|---|---|---|---|---|
|||||||2021|2020|2021|2020|
|||||||f'000|F.'000|6'000|E'000|
|Financial|assets|||||||||
|Debt instruments||measured||at amortised|cost|||||
|Trade and other debtors||||||2,417|2.313|2,756|2,554|
|Cash||||||3,804|5,202|3,788|5,189|
|||||||6,221|7,515|6,544|7,743|
|Financial|liabilities|||||||||
|Measured|at amortised||cost|||||||
|Trade and other creditors||||||479,577|446,414|479,483|446,304|
|Loans||||||123,969|139,745|123,969|139,745|
|||||||603,546|586,159|603,452|586,049|