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2024-03-31-accounts

Charity Registration No. 801967

Company Registration No. 02359751 (England and Wales)

PRAMACARE (LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND AUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs N Lee
Mr N C Johnson
Mr R K Allam
Mr R J Pringle
Mr E T O Adamson (appointed 28 November 2023)
Mr D L F Cawdery (appointed 28 November 2023)
Ms J Rock (appointed 28 November 2023)
Mrs S E Powell (appointed 21 May 2024)
Secretary Miss F C Tasdelen
Chief Executive Mr S M Robinson (left 7 April 2023)
Charity number 801967
Company number 02359751
Registered office Moran House
1 Holes Bay Park
Sterte Avenue West
Poole
Dorset
BH15 2AA
Auditors Saffery LLP
Midland House
2 Poole Road
Bournemouth
BH2 5QY
Solicitors Lester Aldridge
Russell House
Oxford Road
Bournemouth
BH8 8EX
Investment advisors Evelyn Partners
25 Moorgate
London
EC2R 6AY
Bankers Barclays
Barclays House
1 Wimborne Road
Poole
BH15 2FQ
Santander
Charities Aid Foundation
CCLA Investment Management

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

CONTENTS

Page
Trustees report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11-14
Statement of financial activities 15
Statement of financial position 16
Statement of cash flows 17
Notes to the accounts 18 - 35

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The directors and trustees present their annual report and the financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective January 2015).

Legal Status

PramaCare is a charity and a company limited by guarantee. It is a wholly owned subsidiary of the Prama Foundation which appoints or removes the Trustees. The Chair of PramaCare must be a Prama Foundation Trustee. The work of PramaCare is core to the Christian mission of the Prama Foundation which has the objective of supporting people, primarily across Bournemouth, Christchurch and Poole, to live with dignity as they age.

Objectives and activities

The objects clause in the Company's Memorandum of Association states:

The relief of:

a) persons suffering from a physical or physiological infirmity or disability

b) older persons suffering financial hardship, sickness, poor health or social exclusion by reason of their age or ill health.

in ways that express Christian love and compassion in a practical way.

The company as a provider of personal care is subject to the Health and Social Care Act 2008 and is regulated by the Care Quality Commission (CQC).

Achievements and performance

PramaCare is defined by our mission statement: “To support our community by delivering trusted services that reflect our values of respect, compassion and faith”

PramaCare’s ethos follows the example of Jesus Christ, who showed care and love in a practical way. As a non-denominational Christian charity, PramaCare is committed to helping people, regardless of creed, culture, or beliefs. We understand that each person we support is an individual and we seek to provide compassionate support, giving dignity and respect.

During 2023/24 PramaCare supported 334 clients in total (2022/23: 889) with quality domiciliary care. In achieving this we employed 106 much valued care staff (2022/23: 127). PramaCare also supported 1,361 clients with their nail care (2022/23: 1,152).

In addition to ensuring that the people PramaCare support can continue to enjoy an independent and fulfilling life living at home, we also continued to subsidise (at £8,380) some of our clients so that they could continue to benefit from our support (2022/23: £10,571).

We know that our care workers and support staff make a profound impact on the people they are caring for and support, following is feedback from a daughter of a lady who PramaCare has been caring for. It is representative of a lot of the feedback we receive and what we are seeking to achieve as a charity:

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (Continued)

I wanted to praise your support worker. The past three months have been extremely hard going for me. I have been really poorly, but your support worker has got me through and supported me. Her support is second to none. She is a true diamond and my port in the storm.

However, we also know there is a lot we must do, despite the quality care we have been providing over the years we have seen a reduction in the number of people we are supporting, for example in 2022/23 we were providing 1,640 hours of care on average each week; by 2023/24 the figure was 1,357. Some of this is due to issues which PramaCare has little or no influence on including:

This being said, we would not be the charity and care provider we aspire PramaCare to be if we said that we did not strive to continuously improving the service we offer.

Following are the key developments we implemented during 2023/24:

Recruiting more clients: We have reviewed the way in which we promote the quality services of PramaCare to potential new clients and how we carry out the initial and ongoing assessments of their care needs so that we can ensure we are meeting our clients’ needs.

Recruiting to our staff team: We have further improved this process, specifically how we initially induct, train and support colleagues. This is so we can ensure that we have a well-supported workforce delivering excellent services to our clients.

Enhancing the way in which we collect feedback from PramaCare’s clients and respond to their needs: We know we must undertake annual surveys of the clients we support and this year we collected feedback that demonstrates that we are fulfilling the criteria the Care Quality Commission has outlined for care providers; it is an effective framework for PramaCare to work to.

Strengthening the additional support we provide to clients, either for no charge or at a reduced cost:

We provide a variety of additional support to help clients, from picking up prescriptions to supporting clients to attend community activities or take special journeys e.g., for their birthdays. We know that this enhances their health and well-being, and we aim to do more in partnership with PramaLife and ensure that this support is accessible to all our clients.

Developing the skills and resilience of the staff team: A care worker is a unique role, they are working alone for a lot of the week, adapting to different clients and their needs throughout their busy days. They must ensure that a variety of tasks are delivered to exacting standards whilst also remembering that they are working in someone else’s home and that they must remain focused on the people they are supporting. A care worker must be a good “people” person as well as having a good level of technical skills.

As a result, PramaCare must invest in the staff team, and we are doing so in the following ways:

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (Continued)

We have a Pastoral Lead Worker, their role is to work alongside colleagues, helping to develop their individual skills, and ensuring that they have a good level of health and well-being, including that they are achieving a good work life balance. A lot of our colleagues have other responsibilities including their children, other caring responsibilities, and other part time work. Above all the role is to be an effective listening ear, responsive to the needs of colleagues who are delivering the essential support offered by PramaCare.

Enhancing the training care workers receive: In 2023/24 we invested in a programme of training to support our management team and non-care staff. The training included topics such as developing people, leading excellence, and effective recruitment. Our belief is that if all our staff feel supported and receive appropriate development this will be reflected in the care we deliver.

Plans for the future

In order to keep the momentum of our drive for continuous improvement we will be developing the following areas next year.

Expanding our client base: we are working with the local authority to find ways to provide care to different types of clients. There are more younger people with care needs in the community and PramaCare can support those people to live full and rewarding lives.

Partnership working: we are forging partnerships with the wider health and social care community. By working together, we can provide better care for all those we serve.

Day Care Services: many people can live independently but would benefit from accessing day care services where they can enjoy social activities, be helped with any therapy needs and receive a good meal. By combining the skills of PramaCare and PramaLife we can deliver such a service in our community.

Gold Standards Framework: The Gold Standards Framework (GSF) is a registered charity and has been the UK’s leading training provider for generalist frontline staff in caring for people in the last years of life for over 25 years. GSF is a practical and evidence-based end of life care service improvement programme.

Domiciliary care has a very important role to play in care for people living at home, and particularly for those who may be in the final year of life. Domiciliary Care workers are vital in helping people to live well and to remain at home right to the end if they wish to, thereby decreasing avoidable crisis hospital admissions. We are aiming to be successful in achieving the Quality Hallmark Award which recognises excellent end of life care.

Prama’s Charity Shops

2023/24 saw another strong performance from our shops team, we generated income from sales of £1,218,145 (2022/23: £784,961) producing a net surplus of £305,326 or 25% (2022/23: £185,916 or 24%) of our income. The Charity retail association advised in 2019 that the aim for a charity shop should be a 15% surplus after all costs

We now have shops in the following areas: Ashley Cross, Boscombe, Blandford, Kinson, Parkstone, Nuffield Estate (Poole) Warehouse, Tuckton, West Moors and our superstore at the Westover Retail Park, Bournemouth. Our newest shop in Westbourne shop was opened in July 2023.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Prama’s Charity Shops (Continued)

Feedback from our customers who shop at Prama's charity shops:

I almost don't want to write this review and just keep this treasure trove a secret. But I said I'd leave a review so here it is......

This is now my all-time favourite charity shop. It's clean, it's tidy, the staff are amazing, happy and so helpful, there's always a turnover of available items, the atmosphere and vibe are ambient and bewitching. On top of that it's so reasonable on prices of top-quality goodies and that money goes to Prama. I brought all this for £44.50, what an absolute bargain. I don't often share a treasure so this one's on me.

What a shop for a bargain. Good quality furniture at very fair prices. You need to become a regular visitor as the stock turns over very quickly. The staff are most helpful and ready to receive your donations and inquiries for house clearance and furniture collection. A local charity well worth your support.

Had a really great selection for me and my daughter and the prices are amazing. Was shocked that all the kids’ clothes are as good as they are for just £1 each. The staff in the shop are really friendly and helpful too. If you're in the area definitely worth a browse.

Exactly how a charity shop should be. Everything priced sensibly. Very clean and tidy (even smells clean and fresh!) Very friendly staff. Window displays make you want to look inside. If only other charity shops were run so well, the fair pricing encourages you to spend!

This feedback (a google review) encapsulates what we are trying to achieve at our shops, we do not see them solely as a source of income, it is about quality customer care and the sale of quality items at a fair price.

We cannot thank enough our 106 charity shop volunteers, it is their commitment and customer care and retail skills which make the Prama shops such a success.

Financial review

The total income for the charity was £3,959,191 (2022/23: £3,348,829). The provision of care and support is the primary activity producing this income. Demand remains strong for Prama's services. however the competition within the domiciliary care market and challenges of recruiting new staff in difficult economic conditions has meant that PramaCare delivered far fewer care hours in 2023/24, 70,997 compared to 84,893 in 2022/23.

While delivering fewer care hours has had a significant impact on PramaCare’s income, work has been undertaken to reduce the cost base of the charity. This work, together with legacies in 2023/24 of £114,478 (2022/23: £13,982) has resulted in an overall surplus for the year of £297,296 (2022/23: deficit of £168,849).

The trustees are committed to sustaining a position where income from domiciliary care covers all related costs, and other income from fundraising and trading enables us to supplement care if the need arises for those who find themselves in financial hardship. As a result, the process which commenced in March 2023 of ensuring that PramaCare’s cost structure is as efficient will continue during the 2024/25 financial year.

The charity shops generate vital income to fund our non-care activities and support the expansion of the Prama Group. The development of new charity shops and the move into online sales and the continued generosity of supporters and former care clients through donations and legacies provided a welcome boost to our income.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

Financial review (Continued)

The results for the year, the state of the charity's affairs and transfers between the restricted and unrestricted funds are shown in the attached financial statements.

Fundraising

In the year the Company received or was notified of legacies amounting to £114,478 (2022/23: £13,982) and donations of £5,566 (2022/23: £12,420).

Investments

The company has an investment portfolio held by Evelyn Partners. As at 31 March 2024 the investment portfolio was valued at £170,262 (2022/23: £152,652). The trustees' policy is to invest as much cash as is not needed for current working requirements with Evelyn Partners and allow the fund managers to choose investments for a balanced return with medium risk. There is no specific limitation for social, environmental or ethical investment purposes however the trustees have confirmed during 2023/24 that the nature of the investments held is consistent with the nature and purpose of PramaCare.

Reserves policy

The charity's unrestricted and undesignated funds amount to £703,599 (2022/23: £376,856). The trustees monitor the level of reserves on a regular basis throughout the year and set a target level, appropriate to the charity's current position and future plans. The ongoing requirement for reserves is to provide for the long term need for working capital, caused mainly by the monthly cycle of collecting invoiced charges for care after the staff have been paid for its delivery, and also to provide for short term fluctuations in income from trading, investments and other donations and grants. Following a full review of the reserves policy during 2020/21 the trustees considered it prudent to maintain a minimum reserve of £475,000 in this respect.

The Reserves Policy was further reviewed by the trustees on 17 July 2024 where it was agreed that the minimum level of reserves should remain at £475,000.

Unrestricted general funds stood at £703,599 on 31 March 2024 (31 March 2023: £376,856). The difference between reserves held and the level of reserves as set out in the policy has been noted by the trustees and after consideration of the challenging conditions facing PramaCare it was determined that retaining a higher level of reserves in the short term was appropriate mitigation for this . risk

Note 25 to the accounts identifies those funds that can only be realised through the sale of tangible fixed assets and investments.

Fixed assets

Full details of movements in tangible fixed assets are set out in note 17 to the financial statements.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Financial review (Continued)

Sources of funding

As mentioned above, the bulk of income for the charity is produced from its charitable activity of providing care and support as part of meeting its objectives. This income is derived primarily from private clients using their own funds or allocated Direct Payments from Local Authority support. We also have a small proportion of workcontracted directly by Local Authorities and Clinical Commissioning groups.

Voluntary income includes those funds generated from general charitable donations and legacies as mentioned above. The shops also produce an income for the charity as part of their fundraising activities.

Fundraising

PramaCare undertakes its own fundraising activities and does not use the services of a professional fundraiser or commercial participator. In doing so it provides information to individuals who express an interest in donating to the charity or leaving a legacy but it does not directly canvass individuals for fundraising purposes. The charity has not at this time signed up to a voluntary fundraising regulation scheme or standard.

During 2023/24, no complaints were received in respect of the charity's fundraising activities.

Expenditure

The majority of expenditure incurred is wages and travel costs for the care team and the care support workers in connection with the charity's objectives and its charitable activity of providing care and support.

Governance and administrative costs are incurred in support of the charity's primary role including the management team, finance and HR departments for example and for the charity to adhere to relevant laws and regulations.

Remuneration policy

None of the trustees receives any remuneration. The remuneration of the senior management team is set by the trustees, having regard to market rates, experience needed and the degree of responsibility held.

The total remuneration and benefits of the senior management team amounted to £130,651 (2022/23: £361,482).

Employee involvement

Employee engagement measures the psychological state concerning a person’s work or organisation. Whereas employee satisfaction measures how content someone is with their job. PramaCare ran an employee engagement survey to gauge the culture of the organisation and transactions between managers and their staff. The survey measured staffs’ responses over a six-point scale. The results showed that care support workers level of engagement can be improved.

To address these findings, quarterly meetings are held with the CSW’s with an agenda to share corporate news, listen to their feedback and enable staff to meet each other.

The charity has also developed an Engagement Strategy which sets out how we will engage with clients, staff and stakeholders going forward.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Risk Assessment

The Trustees commissioned an external consultant to review the overall governance of the charity. The findings of this work resulted in an updated risk register supported by a Board Assurance Framework for the Boards of Trustees enabling them to focus on the strategic risks which could prevent the charity from achieving its objectives.

The principal risks to the business relate to;

  1. Inability to deliver care to new clients which is being mitigated by focussed recruitment and regular reviews of staffing levels.

  2. Reduction in care hours to below budgeted levels which is being mitigated by a marketing campaign, engagement with the local authorities, developing partnerships and developing the care offer to more clients such as those with bariatric needs.

  3. To have effective Trustee succession planning in place which is being mitigated by forward planning and working with Trustees to identify potential replacements.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 10th March 1989. It was registered as a charity with the Charity Commission on 20 December 1989. The company was formed under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under the terms of the Memorandum of Association each member of the company guarantees to contribute £1 towards the assets of the company in the event of it being wound up while he/she is a member, and towards the costs, charges and expenses of winding up.

None of the trustees have any beneficial interest in the company.

The trustees, who are also directors for the purpose of company law, and who served during the year were: Mrs N Lee

Mr N C Johnson Mr R K Allam Mr R J Pringle Mr E T O Adamson (appointed 28 November 2023) Mr D L F Cawdery (appointed 28 November 2023) Ms J Rock (appointed 28 November 2023) Mrs S E Powell (appointed 21 May 2024)

The Prama Foundation is the ultimate parent undertaking of PramaCare and has a board of directors which receives recommendations and information from three sub-committees focussing on:

The chair of each committee is held by a director of Prama Foundation and these make recommendations to the full Board of the Prama Foundation. The directors, who are also charity trustees, establish policies that are then implemented by the senior leadership team who are responsible for the employment of staff that carry out the objectives of the company.

Structure, governance and management (Continued)

New director/trustees are appointed following a review of skills by a nominations sub-committee. Each trustee elected meets with the senior management team and then observes a board or sub-committee meeting before final decisions are taken on appointment. The nominations sub-committee report to the board. Persons considered to be able to offer particular expertise to the charity are given a Trustee Handbook and Strategic Plan and meet with the Chair to receive a full explanation of the purposes, ethos and practices of PramaCare before being invited to serve on the board.

From 1 April 2023 to 31 March 2024. the Chair of the Prama Foundation held the legal position of 'Nominated Individual', with a Registered Manager' taking responsibility for the delivery of care activities, as required by Care Quality Commission regulations. The nominated individual supervises the Registered Manager who, with her Locality Care Managers, are responsible for assessing the appropriate care and support required by the clients referred to the charity. They are also responsible for the management of Care Support Workers and ensuring that calls are scheduled and carried out appropriately.

A number of staff are also appointed to deliver non-regulated services. These include support to Carers, specific projects for people with dementia, and community based development work. These provide clear evidence of PramaCare's charitable benefit.

For the 2023/24 financial year, day to day management of the charity was delegated to the Senior Management Team.

Public Benefit

The trustees have given due regard to public Benefit when planning the charity's activities, in accordance with sections G2 and G3 of the Charity Commission's General Guidance on Public benefit (January 2010).

The paragraphs in this report set out our activities, achievements, and performance during the year, which are directly related to the objects and purposes for which the charity exists. The charity achieves its principal objects and purposes through care to any members of the public in the local community who have needs arising from a physical or psychological infirmity. These benefits are directly related to the aims of the charity and are fully compliant with Principles 1 and 2 of the Charity Commission Principles on Public Benefit.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Auditors

Saffery LLP are auditors to the charity and in accordance with Section 485 of the Companies Act 2006 the trustees will propose a motion re-appointing the auditors at their annual general meeting.

Disclosure of information to auditors

Each of the directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

On behalf of the board of trustees

Mrs N Lee, Chair

10th December 2024

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees, who are also directors of PramaCare (Charitable Company Limited by Guarantee) for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of PramaCare for the year ended 31 March 2024 which comprise Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report .

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 10, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

Use of our report

This report is made solely to the charitable company’s members and the trustees, 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Casidhe Baleri (Senior Statutory Auditor) for and on behalf of Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY

Statutory Auditors

Date: 12 December 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Unrestricted Restricted Total Total
Funds Funds Funds 2024 2023
general designated
Notes £ £ £ £ £
Income and Endowments from:
Donations and legacies 3 120,044 - - 120,044 36,996
Charitable activities 4 2,594,262 - - 2,594,262 2,494,617
Other trading activities 5 1,220,332 - - 1,220,332 802,461
Investments 6 5,584 - - 5,584 3,256
Other income 7 18,969 - - 18,969 11,499
-------------- -------------- -------------- -------------- --------------
Total income and endowments 3,959,191 - - 3,959,191 3,348,829
Expenditure on:
Raising funds 8 930,106 - - 930,106 613,783
Charitable activities 9 2,743,143 20,439 6,538 2,770,120 2,898,281
-------------- -------------- -------------- -------------- --------------
Total expenditure 3,673,249 20,439 6,538 3,700,226 3,512,064
-------------- -------------- -------------- -------------- --------------
Net income / (expenditure) from activities 285,942 (20,439) (6,538) 258,965 (163,235)
Net gains / (losses) on investments 14 16,706 - - 16,706 (5,614)
-------------- -------------- -------------- -------------- --------------
Net income / (expenditure) before transfers 302,648 (20,439) (6,538) 275,671 (168,849)
Transfers between funds 24,095 (17,919) (6,176) - -
-------------- -------------- -------------- -------------- --------------
Net movement in funds 326,743 (38,358) (12,714) 275,671 (168,849)
Fund balances at 1 April 376,856 552,664 26,180 955,700 1,124,549
-------------- -------------- -------------- -------------- --------------
Fund balances at 31 March 703,599 514,306 13,466 1,231,371 955,700
-------------- -------------- -------------- -------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed Assets
Property, Plant and Equipment 17 638,161 576,236
Investments 18 170,262 152,652
-------------- --------------
808,423 728,888
Current assets
Inventories 20 9,033 6,129
Trade and other receivables 21 598,355 510,874
Cash at bank and in hand 361,227 271,964
-------------- --------------
968,615 788,967
Current liabilities 23 (524,042) (562,155)
-------------- --------------
Net current assets 444,573 226,812
-------------- --------------
Total assets less current liabilities 1,252,996 955,700
Provision for liabilities 24 (21,625) -
-------------- --------------
Net assets 1,231,371 955,700
-------------- --------------
Income funds 26
Restricted funds 13,466 26,180
Unrestricted funds:
Designated funds 514,306 552,664
Other charitable funds 703,599 376,856
-------------- 1,217,905 -------------- 929,520
-------------- --------------
1,231,371 955,700
-------------- --------------

The accounts were approved by the Trustees on 10th December 2024

Mrs N Lee, Chair

Company Registration No. 02359751

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£ £ £ £
Cash flows from operating activities:
Cash generated / (absorbed) by operations (Note 31) 167,381 (77,649)
Cash flows from investing activities
Dividends and interest received 5,584 3,256
Proceeds from the sale of property, plant and equipment 3,500 -
Purchase of equipment (108,827) (38,999)
Proceeds from the sale of investments - 5,298
-------------- --------------
Net cash (used in) investing activities (99,743) (30,445)
-------------- --------------
Change in cash and cash equivalents in the reporting period 67,638 (108,094)
Cash and cash equivalents at 1st April 271,964 380,058
-------------- --------------
Cash and cash equivalents 31st March 339,602 271,964
-------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Company information

PramaCare (Charitable Company Limited by Guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is Moran House, 1 Holes Bay Park, Sterte Avenue West, Poole, Dorset BH15 2AA.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102'), 'Accounting and Reporting by Charities' the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The charity is a public benefit entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees having considered all known factors and have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties about the charity's ability to continue and thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds comprise funds which are retained for the benefit of the charity as a capital fund.

Where the trustees have a power to convert endowed capital into income, these funds are expendable endowments.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known the legacy is treated as a contingent asset.

Gifts in kind and donated facilities are recognised as income, if a value can be reliably measured, at the value to the charity when received. In accordance with the Charities SORP (FRS 102), no amounts are included in the financial statements for services donated by volunteers, including professional services provided directly by volunteers.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.5 Resources expended

Expenditure is recognised on an accruals basis. Expenditure has been allocated according to the Statement of Recommended Practice 'Accounting and Reporting by Charities'.

Resources expended attributable to each of raising of funds and charitable activities are allocated to cost categories for each. Where expenses are attributable to more than one of these, the cost category is split on the basis of estimates by the charity's management. Wages are apportioned based on employees' roles and time spent.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost, and subsequently measured at cost, net of depreciation and any impairment losses.

Items are capitalised when their individual value is greater than £500.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land is not depreciated Freehold buildings Over 15 years straight line Leasehold property Over 50 years straight line, or if the term of lease or option to break is less, over the remaining term or period to the break date Shop fixtures and fittings 20% straight line basis Furniture and equipment 15% reducing balance basis Motor vehicles 25% reducing balance basis Computer equipment 33% straight line basis

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Accounting policies

(Continued)

1.7 Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Transaction costs are expensed as incurred. Investments in subsidiaries are valued at cost less provision for impairment.

1.8 Impairment of non-current assets

At each reporting end date the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.9 Inventories

Inventories are stated at the lower of cost, on a first in first out basis, and estimated selling price less costs to complete and sell.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classifies as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Accounting policies

(Continued)

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in net income/(expenditure) for the year.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Concessionary loans are initially recognised at the amount received. Subsequently the loans are adjusted for any applicable repayments or interest.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. On 23 June 2021, the trustees of the Prama Foundation considered the extant approach to capitalising assets. It was decided that the existing policy of a limit of £250 below which items are not capitalised should be revised to "Items are capitalised when their individual value is greater than £500". This change was applied to assets purchased during the 2020/21 year and all subsequent years.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Donations and legacies Unrestricted Total Total
Funds 2024 2023
£ £ £
Donations and gifts 5,566 5,566 12,420
Legacies receivable 114,478 114,478 13,982
Grants from Government - - 10,594
-------------- -------------- --------------
120,044 120,044 36,996
-------------- -------------- --------------
All of the income detailed above in both 2023/24 and the comparative year, 2022/23, was unrestricted
4 Charitable activities Unrestricted Total Total
Funds 2024 2023
£ £ £
Provision of private care 2,466,599 2,466,599 2,261,777
Local Authorities 127,663 127,663 232,840
-------------- -------------- --------------
2,594,262 2,594,262 2,494,617
-------------- -------------- --------------

All of the income detailed above in both 2023/24 and the comparative year, 2022/23, was unrestricted

5 Other trading activities Unrestricted Total Total
Funds 2024 2023
£ £ £
Charity shops income 1,220,332 1,220,332 802,461
Grants from Government in respect of shops - - -
-------------- -------------- --------------
1,220,332 1,220,332 802,461
-------------- -------------- --------------

All of the income detailed above in respect of 2023/24 was unrestricted. In the comparative year, 2022/23, £17,500 of the total income of £802,461 was restricted and £784,961 was unrestricted

6 Investments Unrestricted Total Total
funds 2024 2023
£ £ £
Income from listed investments 2,075 2,075 1,862
Interest receivable 3509 3,509 1,394
-------------- -------------- --------------
5,584 5,584 3,256
-------------- -------------- --------------
All of the income detailed above in both 2023/24 and the comparative year, 2022/23, was unrestricted
7 Other income Unrestricted Total Total
Funds 2024 2023
£ £ £
Other income 18,969 18,969 11,499
-------------- -------------- --------------

All of the income detailed above in both 2023/24 and the comparative year, 2022/23, was unrestricted

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Raising funds
2024 2023
£ £
Fundraising and publicity
Staff costs 17,172 18,493
Other fundraising costs 88 360
-------------- --------------
17,260 18,853
-------------- --------------
Fundraising trading: costs of goods sold and other costs
Operating charity shops 456,282 293,566
Staff costs 456,564 301,364
-------------- --------------
912,846 594,930
-------------- --------------
Total 930,106 613,783
-------------- --------------
All of the expenditure detailed above in both 2023/24 and the comparative year, 2022/23, was unrestricted
9 Charitable activities 2024 2023
£ £
Staff costs - care services 1,715,998 1,795,638
Staff travel and expenses - care services 151,176 161,008
Telephone - care services 37,590 34,464
Medical supplies and equipment 7,609 8,762
Bad debts (1,886) 2,362
Charitable client benefits - 245
Care subsidy scheme 8,380 10,571
Staff costs - outreach 52 2,621
Funds donated to group companies 87,396 89,865
-------------- --------------
2,006,315 2,105,536
Support costs (note 10) 745,844 780,283
Governance costs (note 11) 17,961 12,462
-------------- --------------
2,770,120 2,898,281
-------------- --------------
Analysis by fund
Unrestricted funds - general 2,743,143 2,898,281
Unrestricted funds - designated 20,439 -
Restricted funds 6,538 -
-------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

10 Support costs
2024 2023
£ £
Staff costs - management and administration 280,818 369,429
Travel costs - management and administration 482 1,711
Rent 13,477 13,477
Heat, light & water 12,393 9,480
Property repairs and maintenance 26,924 17,021
Equipment repairs and maintenance 8,225 5,284
Insurance 24,898 24,753
Miscellaneous expenses 10,301 5,293
Computer expenses 68,747 58,245
Printing, postage and stationery 33,258 31,191
Advertising 68,129 77,362
Archive storage 2,055 3,104
Telephone 12,530 11,488
Professional fees 16,266 21,405
Staff - other costs 21,024 23,813
Expenses - training 5,267 4,902
Training Services 90,697 67,143
Bank charges and interest 4,764 4,527
Depreciation 45,589 30,655
-------------- --------------
745,844 780,283
-------------- --------------
11 Governance costs
2024 2023
£ £
Audit fees - current year 10,800 10,300
Audit fees - prior year 2,210 1,250
Legal and professional 4,951 912
-------------- --------------
17,961 12,462
-------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits. No trustees received any expenses during the year (2021/22: £0).

13 Employees

The average weekly number of employees during the year was:

2024 2023 2024 2023
Headcount Headcount Full time Full time
equivalent equivalent
Direct charitable activities 106 127 38 45
Charity shops 27 20 20 13
Management & administration 29 32 25 28
-------------- -------------- -------------- --------------
162 179 83 86
-------------- -------------- -------------- --------------
Employment costs
2024 2023
£ £
Wages and salaries 2,261,226 2,297,796
Social security costs 145,018 138,821
Pension costs 42,736 45,040
-------------- --------------
2,448,980 2,481,657
-------------- --------------
The number of employees whose annual remuneration was
£60,000 or more were: 2024 2023
number number
£60,000 to £69,999 - 1
£70,000 to £79,999 1 -
£170,000 to £179,999 - 1
-------------- --------------

Contributions totalling £4,264 (2022/23: £5,272) were made to defined contribution pension schemes on behalf of employees whose emoluments exceeded £60,000.

The total remuneration and benefits of the Senior Management Team amounted to £130,651 (2022/23: £361,482).

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Net loss / gains on investments Net loss / gains on investments
Unrestricted Total Total
funds 2024 2023
general
£ £ £
Net gains / (loss) on investments 16,706 16,706 (5,614)
-------------- -------------- --------------
16,706 16,706 (5,614)
-------------- -------------- --------------
15 Net income from activities
2024 2023
£ £
Net income from activities is stated after charging:
Depreciation 45,589 30,655
Auditors remuneration - audit (current year) 10,800 9,050
- audit (prior years) 2,210 1,250
-------------- --------------
16 Taxation

The company is exempt from taxation due to its charitable status.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Property, Plant and Equipment

Freehold Computer Leasehold Leasehold Shop Furniture Motor Total
property equipment property property fixtures & and vehicles
and & software long term short term fittings equipment
£ £ £ £ £ £
Cost
At 1 April 2023 775,989 29,562 62,043 40,069 22,458 42,805 8,615 981,541
Additions 4,650 40,540 - 13,530 15,325 18,768 16,014 108,827
Disposals - (21,293) - - (17,698) - (8,615) (47,606)
-------------- -------------- -------------- -------------- -------------- ---------------------------- --------------
At 31 March 780,639 48,809 62,043 53,599 20,085 61,573 16,014 1,042,762
2024 -------------- -------------- -------------- -------------- -------------- ---------------------------- --------------
Depreciation
At 1 April 2023 280,454 28,614 25,353 8,858 22,458 32,655 6,913 405,305
Charged 21,328 1,604 1,241 14,828 3,065 2,799 724 45,589
Disposals - (21,293) - - (17,698) - (7,302) (46,293)
-------------- -------------- -------------- -------------- ------------- -------------- ------------- --------------
At 31 March 301,782 8,925 26,594 23,686 7,825 35,454 335 404,601
2024 -------------- -------------- -------------- -------------- -------------- ---------------------------- --------------
Net book value
31 March 2023 495,535 948 36,690 31,211 - 10,150 1,702 576,236
-------------- -------------- -------------- -------------- -------------- ---------------------------- --------------
31 March 2024 478,857 39,884 35,449 29,913 12,260 26,119 15,679 638,161
-------------- -------------- -------------- -------------- -------------- ---------------------------- --------------

The carrying value of land included in freehold property at 31 March 2024 and 31 March 2023 was £258,941

The trustees have assessed the value in use of the property to the charity as being the carrying value.

Commitments:

There were no capital commitments at 31st March 2024 (2022/23: £nil).

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Investments
2024 2023
£ £
Unit Trusts and Bonds 135,845 101,492
Listed Securities 22,966 30,651
Cash 11,073 20,131
Santander shares 377 377
Investments in subsidiaries 1 1
-------------- --------------
170,262 152,652
-------------- --------------

Fixed asset investments revalued

All investments are carried at fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in unit trusts are at bid price.

The investments are held to provide a medium risk return for the charity whilst maintaining capital value. The portfolio is managed by specialists and covers a spread of sectors in order to minimise the impact of fluctuations in markets globally.

Shares in group Listed
Movements in non-current investments undertakings investments
Market value at 1 April 2023 1 152,652
Change in value in the year - 26,668
Net movement in cash - (9,058)
-------------- --------------
Market value at 31 March 2024 1 170,262
-------------- --------------
Carrying amount
At 31 March 2023 1 152,652
At 31 March 2024 1 170,262
-------------- --------------
Historical cost
At 31 March 2023 1 105,493
At 31 March 2024 1 124,504
-------------- --------------

Net cash released from investments in the year was £nil (2022/23: £nil)

The significance of financial instruments to the ongoing sustainability of the charity is considered in the trustees' report.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

19 Financial instruments 2024 2023
£ £
Carrying amount of financial assets
Instruments carried at fair value through profit and loss 170,262 152,652
-------------- --------------
20 Inventories 2023 2022
£ £
Finished goods and goods for resale 9,033 6,129
-------------- --------------
21 Trade and other receivables 2024 2023
£ £
Amounts falling due within one year:
Trade receivables 211,643 228,032
Provision for trade receivables (4,157) (8,798)
Other receivables 50,019 40,239
Prepayments and accrued income 315,752 214,104
Amounts owed by group undertakings 25,098 37,297
-------------- --------------
598,355 510,874
-------------- --------------
22 Borrowings 2024 2023
£ £
Concessionary loan payable within one year 250,000 250,000
-------------- --------------

The loan of £250,000 from the Valentine Charitable Trust has no set repayment date. There is no interest payable during the term of the loan and there are no instalments due. Repayment will be the greater of £250,000 or 41.67% of the value of the property at the time of repayment. The concessionary loan is secured against the freehold property.

23 Current liabilities 2024 2023
£ £
Borrowings (Note 22) 250,000 250,000
Trade payables 80,569 79,906
Taxes and Social Security costs 35,489 34,088
Other payables 21,937 107,620
Accruals 111,255 89,516
Amounts owed to group undertakings 24,792 1,025
-------------- --------------
524,042 562,155
-------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

24 Provisions 2024 2023
£ £
Provision for liabilities 21,625 -
-------------- --------------
25 Pension
The company operates a defined contribution scheme. 2024 2023
£ £
Contributions paid in year 42,736 45,040
-------------- --------------

The contributions are all attributed to the main activity, being the provision of care, and are allocated to unrestricted funds.

26 Analysis of funds

2023/24 - Current Year

Movement in funds Movement in funds
Balance at Income in Expenditure Gain on Transfers Balance at
1.4.2023 year in year investments 31.3.2024
£ £ £ £ £ £
Income Funds
Designated funds
Fixed asset fund 282,225 - - - (17,919) 264,306
Mortgage repayment fund 250,000 - - - - 250,000
Digitisation of Care fund 20,439 - (20,439) - - -
-------------- -------------- -------------- -------------- -------------- --------------
552,664 - (20,439) - (17,919) 514,306
-------------- -------------- -------------- -------------- -------------- --------------
General funds
Unrestricted funds 376,856 3,959,191 (3,673,249) 16,706 24,095 703,599
-------------- -------------- -------------- -------------- -------------- --------------
Restricted funds
End of life 8,485 - (5,828) - - 2,657
Registered Managers Network 710 - (710) - - -
Superstore Development Grant 16,985 - - - (6,176) 10,809
-------------- -------------- -------------- -------------- -------------- --------------
26,180 - (6,538) - (6,176) 13,466
-------------- -------------- -------------- -------------- -------------- --------------
Total funds 955,700 3,959,191 (3,700,226) 16,706 - 1,231,371
-------------- -------------- -------------- -------------- -------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

26 (Continued)

2022/23 - Prior Year Comparative

Movement in funds
Balance at Income in Expenditure Gain on Transfers Balance at
1.4.2022 year in year investments 31.3.2023
Income Funds
Designated funds
Fixed asset fund 296,170 - - - (13,945) 282,225
Mortgage repayment fund 250,000 - - - - 250,000
Digitisation of Care fund 20,439 - - - - 20,439
-------------- -------------- -------------- -------------- -------------- --------------
566,609 - - - (13,945) 552,664
-------------- -------------- -------------- -------------- -------------- --------------
Unrestricted funds 548,745 3,331,329 (3,512,064) (5,614) 14,460 376,856
-------------- -------------- -------------- -------------- -------------- --------------
Restricted funds
End of life 8,485 - - - - 8,485
Registered Managers Network 710 - - - - 710
Superstore Development Grant - 17,500 - - (515) 16,985
-------------- -------------- -------------- -------------- ------------- --------------
9,195 17,500 - - (515) 26,180
-------------- -------------- -------------- -------------- -------------- --------------
Total funds 1,124,549 3,348,829 (3,512,064) (5,614) - 955,700
-------------- -------------- -------------- -------------- -------------- --------------

Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees to ensure that the charity has adequate funding for future requirements: a) Fixed Asset Fund

An amount equal to the net book value of freehold and long term leasehold assets less the long term funding of PramaCare's freehold property. The transfer from general funds during the year accounts for the net additions to fixed assets less the depreciation charged.

b) Mortgage repayment fund

An amount set aside to provide the funds necessary to repay the long term funding of the charity's freehold property. An amount has been transferred from general funds each year to build up a fund of £250,000. c) Digitisation of Care Fund

An amount set aside to provide the funds necessary to cover the set up costs of the Digitisation of Care project.

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

26 (Continued)

Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes and are as follows:

a) End of life provides specialist training for staff supporting clients who are approaching their final days. b) Registered Managers network - this fund is used to provide coordination of a peer network amongst Registered Care Managers in Dorset.

c) Superstore Development Grant - A grant given by the Talbot Village Trust to enable the opening of the Prama Charity Superstore in February 2023. An amount equal to the annual depreciation charge is transferred to general funds to cover the cost of using the assets purchased by the fund for the year.

27 Analysis of net assets between funds

2023/24 - Current Year

2023/24 - Current Year
Unrestricted Designated Restricted Total Total
funds funds funds 2024 2023
£ £ £ £ £
Fund balances at 31 March 2024
are represented by:
Tangible fixed assets 123,855 514,306 - 638,161 576,236
Investments - 170,262 - 170,262 152,652
Current assets 875,411 79,738 13,466 968,615 788,967
Creditors (amounts falling due (295,667) (250,000) - (545,667) (562,155)
within one year)
-------------- -------------- -------------- -------------- --------------
703,599 514,306 13,466 1,231,371 955,700
-------------- -------------- -------------- -------------- --------------
2022/23 - Prior Year Comparative
Unrestricted Designated Restricted Total Total
funds funds funds 2023 2022
£ £ £ £ £
Fund balances at 31 March 2023
are represented by:
Tangible fixed assets 44,011 532,225 - 576,236 567,891
Investments - 152,652 - 152,652 157,165
Current assets 645,000 117,787 26,180 788,967 916,183
Creditors (amounts falling due (312,155) (250,000) - (562,155) (516,690)
within one year)
-------------- -------------- -------------- -------------- --------------
376,856 552,664 26,180 955,700 1,124,549
-------------- -------------- -------------- -------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

28 Contingent liabilities

The charity has an obligation to repay the loan from the Valentine Charitable Trust (note 22) at the higher of £250,000 or 41.67% of the value of the property, Moran House, 1 Holes Bay Park, Sterte Avenue West, Poole. In view of additional expenditure on the property by the charity, the trustees of the Valentine Charitable Trust have agreed to review the percentage payable in light of advice from professional valuers before repayment.

29 Commitments under operating leases

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Land and Other Total Total
buildings equipment 2024 2023
£ £
Within one year 118,683 35,381 154,064 148,098
Between two and five years 194,650 28,580 223,230 64,101
5 years + 8,650 - 8,650 5,700
-------------- -------------- -------------- --------------
321,983 63,961 385,944 217,899
Lease payments recognised as an expense in the accounts 236,426 163,516
-------------- --------------

30 Related parties

Control

Throughout the year, PramaCare was ultimately controlled by its sole member Prama Foundation who has power to appoint and remove its board of directors. The Board of Directors and Trustees appointed by the member governs the affairs of the charitable company between Annual General Meetings.

Prama Foundation is the ultimate parent undertaking of the largest and smallest group of undertakings for which the group accounts are presented, and has included the company in its group accounts, copies of which may be obtained from its registered office at Moran House, 1 Holes Bay Park, Sterte Avenue West, Poole BH15 2AA.

The principal purposes of Prama Foundation are the advancement of physical, mental and spiritual health through the provision of care, facilities, services, support and practical advice, to relieve financial hardship amongst older people and people of any age suffering from a physical or mental illness or disability.

Transactions

Mr E Adamson is a trustee of Pramacare and is also a designated member of Lester Aldridge. During the year Pramacare paid £4,208 for professional legal services provided by Lester Aldridge. Mr E Adamson was not involved in the transactions, and these were at arm’s length. (2022/23: £nil)

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

31 Subsidiaries

Details of the charity's subsidiaries at 31st March 2024 are as follows:

Name of
Registered		 Nature of Class of % held
undertaking
office		 business shares held
Abba Care Limited
Moran House		 Dormant Ordinary 100 Direct
1 Holes Bay Park
Sterte Avenue West
Poole Dorset
BH15 2AA
32 Cash (absorbed) / generated by operations 2024 2023
£ £
Net surplus for the year (as per the statement of financial activities) 275,671 (168,849)
Adjustments for:
Depreciation charges 45,589 30,655
Gain on disposal of property, plant and equipment (2,187) -
Gains on investments (26,668) 10,424
Dividends and interest (5,584) (3,256)
Movements in working capital:
(Increase) / Decrease in stock (2,904) 114
(Increase) / Decrease in debtors (87,481) 19,008
Decrease / (Increase) in cash with investment managers 9,058 (11,209)
(Decrease) / Increase in creditors (38,113) 45,465
-------------- --------------
Cash generated / (absorbed) by operations 167,381 (77,648)
-------------- --------------

33 Analysis of changes in net debt 2023/24 - Current Year

At At
1 April Other non- 31 March
2023 Cash flows cash changes 2024
£ £ £ £
Cash 271,964 67,638 - 339,602
Loans due within 1 year (250,000) - - (250,000)
-------------- -------------- -------------- --------------
21,964 67,638 - 89,602
-------------- -------------- -------------- --------------

PRAMACARE (CHARITABLE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

33 Analysis of changes in net debt (Continued)

2022/23 - Prior Year Comparative

2022/23 - Prior Year Comparative
At Other non-cash At
1 April 2022 Cash flows changes 31 March 2023
£ £ £ £
Cash 380,058 (108,094) - 271,964
Loans due within one year (250,000) - - (250,000)
-------------- -------------- -------------- --------------
130,058 (108,094) - 21,964
-------------- -------------- -------------- --------------