REGISTERED COMPANY NUMBER: NI047633 (Northern Ireland) REGISTERED CHARITY NUMBER: 100855
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
FOR
ACCEPT CARE LTD
Sumer Auditco Limited The Beehive Building Beehive Ring Road Crawley Gatwick RH6 0PA
ACCEPT CARE LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Report of the Independent Auditors | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 23 |
ACCEPT CARE LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Care Services Other trading activities 3 Investment income 4 Total EXPENDITURE ON Charitable activities 6 Care Services NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 122 3,627,665 782 32,416 3,660,985 3,728,801 (67,816) 1,085,794 1,017,978 |
Restricted fund £ - - - - - - - - - |
2024 Total funds £ 122 3,627,665 782 32,416 3,660,985 3,728,801 (67,816) 1,085,794 1,017,978 |
2023 Total funds £ 12,100 3,277,962 - 13,211 3,303,273 3,405,126 (101,853) 1,187,647 1,085,794 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
ACCEPT CARE LTD (REGISTERED NUMBER: NI047633)
BALANCE SHEET 29 FEBRUARY 2024
| Notes FIXED ASSETS Tangible assets 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
Unrestricted funds £ 246,861 323,578 939,589 1,263,167 (492,050) 771,117 1,017,978 1,017,978 |
Restricted fund £ - - - - - - - - |
2024 Total funds £ 246,861 323,578 939,589 1,263,167 (492,050) 771,117 1,017,978 1,017,978 1,017,978 1,017,978 |
2023 Total funds £ 280,018 301,965 1,015,050 1,317,015 (511,239) 805,776 1,085,794 1,085,794 1,085,794 1,085,794 |
|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
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.............................................
P Smith - Trustee
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The notes form part of these financial statements
Page 11
ACCEPT CARE LTD
CASH FLOW STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Interest received Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (106,256) (106,256) (1,621) 32,416 30,795 (75,461) 1,015,050 939,589 |
2023 £ (74,206) (74,206) (22,022) 13,211 (8,811) (83,017) 1,098,067 1,015,050 |
|---|---|---|
The notes form part of these financial statements
Page 12
ACCEPT CARE LTD
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM ACTIVITIES |
OPERATING | |
|---|---|---|
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Increase in debtors (Decrease)/increase in creditors Net cash used in operations |
2024 £ (67,816) 34,778 (32,416) (21,613) (19,189) (106,256) |
2023 £ (101,853) 37,540 (13,211) (52,143) 55,461 |
| (74,206) |
2.
ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank and in hand Total |
At 1.3.23 £ 1,015,050 1,015,050 1,015,050 |
Cash flow £ (75,461) (75,461) (75,461) |
At 29.2.24 £ 939,589 |
|---|---|---|---|
| 939,589 | |||
| 939,589 |
The notes form part of these financial statements
Page 13
ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income is generated from contracts with the local government and/or NHS Trust to provide health and social care to a number of individuals for an agreed number of hours per a week. Any hours over the contracted amount for a specified purpose (e.g. emergency hospital visits) are invoiced on top of the contracted amount.
Grants are recognised once the charity becomes entitled to the funding and the amount can be measured reliably.
Where there are terms or conditions attached to incoming resources, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 2% on cost |
|---|---|
| Improvements to property | - 10% on cost |
| Plant and machinery | - 25% on cost |
| Fixtures and fittings | - 15% on cost |
| Motor vehicles | - 25% on reducing balance |
| Computer equipment | - 25% on cost |
Items over £250 which have an estimated useful life of 2 years or greater are capitalised within the balance sheet and depreciated.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
1. ACCOUNTING POLICIES - continued
Going concern
The board recognises that the impact of inflation will influence the charity's ability to achieve a surplus in the coming year. The increase in overheads and cost of employment, with changes to taxation and labour rates, will lead to an adverse impact on results. The management team have worked hard to ensure overheads remain controlled to give employees a competitive salary and to offer investment and training opportunities to ensure the best care is given to clients. Overall, the trustees feel that the charity has adequate reserves to absorb the impact and can continue as a going concern.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial Instruments
The company 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 company's balance sheet when the company 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 debtors and cash and bank balances, are initially 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 present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans, and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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continued...
ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
| 2. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: COVID - 19 Support Grants 3. OTHER TRADING ACTIVITIES Fundraising events Sundry income 4. INVESTMENT INCOME Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Client care fees Care Services Client contributions Care Services Workforce development fund Care Services Grants Care Services |
2024 £ 122 - 122 2024 £ - 2024 £ 192 590 782 2024 £ 32,416 2024 £ 3,448,088 154,279 12,321 12,977 3,627,665 |
2023 £ 100 12,000 12,100 2023 £ 12,000 2023 £ - - - 2023 £ 13,211 2023 £ 3,101,474 165,314 11,174 - |
2023 £ 100 12,000 |
|---|---|---|---|
| 12,100 | |||
| 2023 £ 12,000 |
|||
| 2023 £ - - - 2023 £ 13,211 |
|||
| 3,277,962 |
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continued...
ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
6. CHARITABLE ACTIVITIES COSTS
| Direct Costs £ Care Services 3,548,033 7. SUPPORT COSTS Finance Other £ £ Care Services 2,124 167,463 Support costs, included in the above, are as follows: Governance costs Auditors' remuneration Auditors' remuneration for non audit work 8. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets 9. AUDITORS' REMUNERATION Fees payable to the charity's auditors for the audit of the charity's financial statements Other non-audit services |
Support costs (see note 7) £ 180,768 Governance costs £ 11,181 2024 Care Services £ 7,738 3,443 11,181 2024 £ 34,778 2024 £ 7,738 3,443 |
Totals £ 3,728,801 |
Totals £ 3,728,801 |
Totals £ 3,728,801 |
|---|---|---|---|---|
| Totals £ 180,768 |
||||
| 2023 Total activities £ 5,720 3,567 9,287 2023 £ 37,540 2023 £ 5,720 3,567 |
||||
| 9,287 | ||||
| 2023 £ 37,540 |
||||
| 2023 £ 5,720 3,567 |
continued...
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ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.
11. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 2,991,178 234,081 56,097 3,281,356 |
2023 £ 2,766,471 226,441 50,292 |
|---|---|---|
| 3,043,204 |
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Employees | 143 | 136 |
No employees received emoluments in excess of £60,000.
All Key Management personnel are paid through Inspire Insight CIC. Please refer to the Related Party Disclosures note in these financial statements for more information. The total fees paid to Inspire Insight CIC this financial year was £130,863 (2023: £119,467).
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Care Services Investment income Total EXPENDITURE ON Charitable activities Care Services NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted funds £ 12,100 3,277,962 13,211 3,303,273 3,397,152 (93,879) 1,179,673 |
Restricted fund £ - - - - 7,974 (7,974) 7,974 |
Total funds £ 12,100 3,277,962 13,211 3,303,273 3,405,126 (101,853) 1,187,647 |
|---|---|---|---|
continued...
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ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
| 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL TOTAL FUNDS CARRIED FORWARD 13. TANGIBLE FIXED ASSETS COST At 1 March 2023 Additions At 29 February 2024 DEPRECIATION At 1 March 2023 Charge for year At 29 February 2024 NET BOOK VALUE At 29 February 2024 At 28 February 2023 Fixtures and fittings £ COST At 1 March 2023 7,402 Additions 998 At 29 February 2024 8,400 DEPRECIATION At 1 March 2023 1,212 Charge for year 1,211 At 29 February 2024 2,423 NET BOOK VALUE At 29 February 2024 5,977 At 28 February 2023 6,190 |
ACTIVITIES - continued Unrestricted Restricted funds fund £ £ 1,085,794 - Improvements Freehold to property property £ £ 158,748 145,243 - - 158,748 145,243 22,468 54,081 3,175 13,259 25,643 67,340 133,105 77,903 136,280 91,162 Motor Computer vehicles equipment £ £ 50,015 31,858 - 444 50,015 32,302 26,315 16,082 5,925 6,941 32,240 23,023 17,775 9,279 23,700 15,776 |
Total funds £ |
|
|---|---|---|---|
| 1,085,794 | |||
| Plant and machinery £ 29,146 179 29,325 22,236 4,267 26,503 2,822 6,910 Totals £ 422,412 1,621 424,033 142,394 34,778 177,172 246,861 280,018 |
continued...
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ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments Accrued income |
2024 £ 83,254 17,276 23,631 199,417 323,578 |
2023 £ 53,186 1,953 32,922 213,904 |
|---|---|---|
| 301,965 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
2024 £ 3,106 93,795 361,177 33,972 492,050 |
2023 £ 1,738 89,325 383,720 36,456 |
|---|---|---|
| 511,239 |
16. MOVEMENT IN FUNDS
| Unrestricted funds General fund Building fund Development Centre refurbishment fund Minibus replacement fund Activity Equipment Sustainability fund Emergency fund TOTAL FUNDS |
At 1.3.23 £ 433,619 227,832 30,000 80,000 36,743 127,600 150,000 1,085,794 1,085,794 |
Net movement in funds £ (51,382) (16,434) - - - - - (67,816) (67,816) |
Transfers between funds £ (39,611) (389) 20,000 20,000 - - - - - |
At 29.2.24 £ 342,626 211,009 50,000 100,000 36,743 127,600 150,000 |
|---|---|---|---|---|
| 1,017,978 | ||||
| 1,017,978 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Building fund TOTAL FUNDS |
Incoming resources £ 3,660,985 - 3,660,985 3,660,985 |
Resources expended £ (3,712,367 ) (16,434) (3,728,801 ) (3,728,801 ) |
Movemen in funds £ (51,382 (16,434 |
|---|---|---|---|
| (67,816 | |||
| (67,816 |
continued...
Page 20
ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Building fund Development Centre refurbishment fund Minibus replacement fund Activity Equipment Sustainability fund Emergency fund Restricted funds Staff Wage uplift grant TOTAL FUNDS |
At 1.3.22 £ 537,942 232,783 35,815 70,000 37,133 116,000 150,000 1,179,673 7,974 1,187,647 |
Net movement in funds £ (77,269) (16,610) - - - - - (93,879) (7,974) (101,853) |
Transfers between funds £ (27,054) 11,659 (5,815) 10,000 (390) 11,600 - - - - |
At 28.2.23 £ 433,619 227,832 30,000 80,000 36,743 127,600 150,000 |
|---|---|---|---|---|
| 1,085,794 - |
||||
| 1,085,794 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Building fund Restricted funds Staff Wage uplift grant TOTAL FUNDS |
Incoming resources £ 3,303,273 - 3,303,273 - 3,303,273 |
Resources expended £ (3,380,542 ) (16,610) (3,397,152 ) (7,974) (3,405,126 ) |
Movement in funds £ (77,269) (16,610) |
|---|---|---|---|
| (93,879) (7,974) |
|||
| (101,853) |
continued...
Page 21
ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Building fund Development Centre refurbishment fund Minibus replacement fund Activity Equipment Sustainability fund Emergency fund Restricted funds Staff Wage uplift grant TOTAL FUNDS |
At 1.3.22 £ 537,942 232,783 35,815 70,000 37,133 116,000 150,000 1,179,673 7,974 1,187,647 |
Net movement in funds £ (128,651) (33,044) - - - - - (161,695) (7,974) (169,669) |
Transfers between funds £ (66,665) 11,270 14,185 30,000 (390) 11,600 - - - - |
At 29.2.24 £ 342,626 211,009 50,000 100,000 36,743 127,600 150,000 |
|---|---|---|---|---|
| 1,017,978 - |
||||
| 1,017,978 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Building fund Restricted funds Staff Wage uplift grant TOTAL FUNDS |
Incoming resources £ 6,964,258 - 6,964,258 - 6,964,258 |
Resources expended £ (7,092,909 ) (33,044) (7,125,953 ) (7,974) (7,133,927 ) |
Movement in funds £ (128,651) (33,044) |
|---|---|---|---|
| (161,695) (7,974) |
|||
| (169,669) |
As well as the general fund, the charity currently maintains six further designated funds, all of these funds are unrestricted:
Building Fund
It is the charity's policy that the development centre, along with any improvements made, are carried in a capital fund to reflect that these funds would only be released if the property was ever sold.
Minibus Fund
The Trustees ringfenced £80,000 to replace the current minibuses with electric minibuses in the coming years. At the balance sheet date £80,000 remains unspent.
Development Centre Refurbishment Fund
The Trustees designated £137,899 to invest in the continued refurbishment of the development centre. At the balance sheet date £30,000 remains unspent.
continued...
Page 22
ACCEPT CARE LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
16. MOVEMENT IN FUNDS - continued
Activity Equipment
The Trustees designated £40,000 to acquire activity equipment for the development centre to be used by the beneficiaries. At the balance sheet date £36,743 remains unspent.
Sustainability Fund
The Trustees earmarked £127,600 to the sustainability fund to help reduce the cost of overheads and to help improve our environmental In footprint. At the balance sheet date £127,600 remains unspent.
Emergency Fund
The Trustees had earmarked £150,000 to the Emergency Fund to support the organisation if another pandemic happens. At the balance sheet date £150,000 remains unspent.
17. RELATED PARTY DISCLOSURES
During the year the company paid consultancy fees totalling £130,863 (2023: £119,467) to Inspire Insight CIC, a company controlled by a Trustee of the charity and his spouse. This remuneration was paid in respect of services provided to the charity not in connection with the role of Trustee.
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