Extra Care for Elderly People Limited Company Lim ited by Guarantee Statsment of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endovfflients Donations and legacies Charitable activities Other trading activities Investment income Other income 165,641 3,778.553 189.922 1.066 300 165,641 3,820.472 189.922 1.066 300 264,288 4,284.666 191.790 3,118 2IXI 41.919 Total income 4,135,482 41,919 4.177,401 4,744,062 Expenditure Expenditure on charitable activities Total expenditure 10 (4,334,75n {4,334,75n (32.824) (4,367,581) {4,719,542) {32.824) (4.367,581) (4,719,542) Net losses on investments 12 (303,536) (303,536) (750,393) Net expenditure {502.811) 9.095 (493.716) (725,873) Transfers btheen funds 9,095 (9.095) Net movement in funds (493.716) (493,716) (725,873) Reconciliation of funds Total funds brought forward Total funds carried forward 797.875 797.875 1,523,748 304.159 304,159 797,875 The statement of financial activities includes all gains and k)sses recognised in the year. All income and expenditure derive from continuing activities. The notss on pages 21 to 35 fom) part of these financlal slatements.
Extra Care for Elderly People Limited Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 17 87,424 18 1,500,000 1.587,424 135,851 1.944,282 2.080,133 Current assets Stocks Debtors Cash at bank and in hand 19 20 43.076 230,842 247,346 123.762 268.810 50,374 521.264 442,946 Creditors". amounts falling due within one year Net current liabilities 21 1.687.149 1,569,183 1,165.885 1,126,237 Total assets less current liabilities 421,539 953,8 Creditors: amounts falling due after more than one year Net assets 22 117,380 156,021 304,159 797,875 Funds of the charity Unrestricted funds 304.159 797.875 Total charity funds 25 304,159 797,875 These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on 25th January 2024. and are signed on behalf of the board by.. A Bing Trustee The notes on pagos 21 to 35 forni part of these financlal statements.
Extra Care for Elderly People Limited Cornpany Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating activities Net expenditure (493,716) 1725,873) Adjustments for. Depreciation of tangible fixed assets Net losses on investments Dividends, interest and rents from investrnents Other interest receivable and similar income Interest payable and similar charges Gains on disposal of tangible fixed assets Accrued inc¢)me 48,427 303.536 (1.066) 60,149 747,258 (2,991) (127) 43,526 {200) (52,050) 60.844 (300) (18,704) Changes in.. Stocks Trade and other debtors Trade and olher creditors 80.686 37,968 116.153 {52.228) 208,134 20.977 Cash generated from operations 133,828 246,575 Interest paid Interest received {60,844) {43,526) 127 Net cash from oFerating activities 72,984 203,178 Cash flows from Investing activities Dividends, interest and rents from investments Purchase of tangible assets Proceeds from sale of tangible assets Purchases of other investments Proceeds from sale of other investments 1.[6 2,991 127,9131 4,789 (1.338) (252.032) 138,179 33,690 Net cash froml{used inl investing activities 138,207 (238,475> Cash flows from financing actlvitles Repayments of borrowings Net cash used in financing activthes (14.219) (14,219) (99,610) {99,610) Net increasel{decreasel in cash and cash equivalents Cash and tash equivalents at beginning of year Cash and cash equivalents at end of year 196.972 50.374 {134,909) 185.283 247,346 50,374 The nolgs on paggs 21 to 35 forni part of th8$9 financial statomènts.
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charty is a public benefrt entty and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is Lucas Exchange, 1 Orchard Way. Greystone Road, Antrim, BT412RU. Statsmont of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Iland,. the 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) (Charities SORP {FRS 102)) and the COmpanS Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilitEs and investment properties measured at fair value through income or expenditure. The financial statements are ppared in sterling. which is the functional currency of the entity. Going concern The financial statements have been prepared on a gcmng concern basis. The Trustees have considered their posrf(ion and have provided further infomiation at rK)te 27 of these financial staternents. Judgements and key sources of estimatlon uncertainty The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the finan¢ial statements are as follows= Fund accounting Unrestred funds are available ts use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unreStred funds eamiarked by the trustees for particular future project or C¢Jnmitment. Restricted fijnds are subjected to restrictlS on their expenditure declared by the donor or through the terms of an appeal, arKI fall into one of two sub•classes: restricted income funds or endowment funds. 25
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements {¢ontiftvedJ Year ended 31 March 2023 Accounting pollcles (conth>uedJ Incoming resources All incoming resources are included in the statement of financial actwities when entttlernent has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliabty measured. The following specffic policies are appli to particukir categories of income.. income from donations or grants is recognised when there is eden of entrtlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated gcods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derive(l from the cost lo Ihe donor or the estimated resale value. Donated facilities and services are recognised in the accounts when reNed if the value can be reliably measured. No amounts are included for the contributpjn of general volunt*rs. income from contracts for the supply of services is recognised wrth the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expendilure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. arKJ is classified under headings of the statement of financial activities to which rt relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charrtable trading actiwties. and the Sa of donated goods. expenditure on chartlable activtties includes all costs incurred by a charity in undertaking activities that further rts charitable aims for the benefft of its beneficiaries. including those support costs and costs relating to the govemance of the charty apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charrty nor part of its expenditure on chariiable &tivities. All costs are allocated to expendtture categories reflecting the use of the resource. Direct cosls attributable to a single activty are allocated directly to that activity. Shared costs are apportioned between the a¢tivrties they contribute lo on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently staled at cost less any accumulated depreciation arKI impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 26
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (continuedl Year ended 31 March 2023 Accountlng policies (continu) Tangible assets {conth?uedJ An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and hJsses. unless it reverses a charge for impaimient that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of reValuatn. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case Ihe loss is shown within other recognised gains and Ioy3es on the statement of financial activities. Depreciation Depreciation is calculated so as to wrtte off the cost or valuation of an asset. less its r&sidual value. over the useful economic life of thal asset as follows.. Freehold property Motor vehicles Equipment User defined asset 2Yo Straight line 250A straight line 20% straight line 10% Straht line Investments Unlisted equty investments are initialty recorded at cost. and subsequentty measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impaiment. Listed investments are measured at fair value with changes in fair value being recognised in income or expendtture. Investment property Investment property is initialty recorded at cost. which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any Ghanges in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available wiihout undue cost or effort for an item of investment property. it shall be transfeed to tangib assets and treated as such until f( is expected that fair value will be reliably measurable on an on-going basis. Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date. wilh the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the assel is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Extra Care for Elderly People Limited Cornpany Lirnited by Guarantee Notes to the Financial Statements (conllniied) Year ended 31 March 2023 Accounting policies (eoiitinut4 Impairment of fixed assets (continuerf) For the purposes of Impalmnt testing, when it is not possible to estimate the recoverable amount of an indiwdual asset. an estimate is made of the recoverable amount of the cash- generating unit to whh the asset belongs. The Cashenerating unrt is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating unrts that are expected to benefit from the synergies of Ihe combination, iespectre of whether other assets or Itabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to rts present location and condrtion. Financial instruments A financial asset or a financial liabilty is recognised only when the charty becomes a party to the contractual prowsions of the instrument Basic financial instruments are initially rQgnised at the amount receivable or payable including any related transactFon costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and nol discounted. Debt instruments are subsequently measured at amortised cosL Iere investments in shares are publicly traded or their fair value can otherwise be measured reliab. the investment is subsequent]y measured at fair value wtth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derNatives. are initially recognised at fair value, unless payment for an asset is deferred beyond nomial business temis or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a Maet rate of interest for a similar debt instrument. Other financial instruments are subsequentty measured at fair value. with any changes recognised in the statement of financial activtties. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at ¢ost or arnrtised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impaimient. an impairment loss is recognised under the appropriate heading in the statement of financial activities in whi¢h the initial gain was re¢ognised. 28
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (¢MtIfti* Year ended 31 March 2023 Accounting policies fconllnued) Financial instruments (continuÈdJ For all equity instruments regardless of significance, and other financial assets that are individually signrficant. these are assessed individually for impairment. Other finanual assets are either assessed Individual or grouped on the basis of similar credit risk characteristics. Any reversals of impaimient are recognised immediatety. to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carying amount would have been had the impairment not previously been reccgnised. Defined contribution plans Contributions to defined contribution plans are reco3nised as an expense in the pemd in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of Ihe end of th6 reporting date in which the employees render the related seN1. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which tt arises. Limited by guarantee Each of the members of the company has guaranteed to contribute to the assets of the company in the event ofthe same being VKJuld up to the extent of£1. Donations and legacies Unrestricted Total Funds Unrestricted Total Fynds Funds 2023 Funds 2022 Donations Donations 75,519 75.519 264,051 264,051 Legacles Legacies 90,122 165.641 .122 237 237 165.641 264,288 264,288 Charitsble activities Unrestricted Funds Restred Total Funds Funds 2023 Service income- Care Other Income 3.775.609 2,944 3,775.609 44,863 41.919 3.778.553 41,919 3.820.472
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (cont( Year ended 31 March 2023 Charitable activitie5 (coniinuedj Unrestricted Funds Restricted Total Funds Funds 2022 SeNice income- Care Other Income 4.185.280 4,185.280 99.388 99.386 4.185,280 99,386 4,284,666 Other tradlng actlvlties Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rental Income 189.922 189.922 191.790 191,790 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Income from listed inveslmenls Bank interest receivable 1.066 1,066 2,991 127 2,991 127 1.066 1,066 3,118 3,118 Other income Unrestricted Total Funds Unrestricted Tolal Funds Funds 2023 Funds 2022 Gain on disposal of tangible fixed assets held for charty's own use 300 300 2 200 10. Expenditure on charitable activities by activity typè Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Provision of Care Govemance Costs 3,415,845 930,968 20.768 4,346.813 20.768 4,701,388 18.154 3,415,845 951.736 4.367.581 4,719,542
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (contIno? Year ended 31 March 2023 11. Analysis of support costs Analysis of support costs Total 2023 T¢)ts12022 staff costs Premises General office Human resources Govemance costs 539,105 323,599 51.412 16.852 20.768 539.105 323,599 51,412 16.852 20.768 653.777 331,749 58.445 25.246 18,154 951,736 951.736 1,087.371 12. Net losses on investments Unreslrided Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gainsl{losses) on investment property Gainsl{lossesl on listed investments Actuarial Gainl(loss} on Pension (300,OW) (300.0) (7.4411 17.4411 3,905 3.905 (750,100) (750,100) 3.135 3.135 (3.4281 {3,428) (303.536} (303,5361 (750.393) (750.393) 13. Net expenditure Net expenditure is stated after chargingl(crediting)- 2023 2022 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 48.427 {300) 60,149 (200) 14. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 11,731 7.932 15. Staff costs The total staff costs and employee benefrts for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social security Costs Employer contributions to pension plans Other employee beneffts 3.230,180 247.048 52.096 64.410 3.768.026 258.037 64,030 3.593.734 4,090,093 31
Extra Care for Elderly People Limited Company Llmlted by Guarantee Notes to the Financial Statements (¢onl1{o) Year ended 31 March 2023 15. Staff costs (contlnued) Redundancy payments totalling £64.410 were made during the year to four staff. Redundancy payments were made to four staff during the year. totalling £64,410 which included ex-gratia payments of £12,000. The redundancies arose from the restructuring of management structure in the charity. The average head count of employees during the year was 188 (2022: 240). The average number of full-time equivalent employees during the year is analysed as follows.. 2023 No. 167 21 2022 No. 212 28 Care Workers Office Staff 188 240 The number of employees whose remuneration for the year fell within the following bands, were.. 2023 2022 No. £80.000 to £89.999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activrties of the charty- The total compensation paid lo key management personnel frjr services provided to the charity was £219,616 {2022.'£217,5911. 16. Trustee remuneration and expenses The charty trustees were not paid or received any other benefits from employment with the Charity in the year {2022.' £nil). They were not reimbursed any travel expenses during the yearl2022.' £nil}. No charity trustee received payment for professional or other services supplies to the charty (2022.. £nill. 32
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (cont#iuedJ Year ended 31 March 2023 17. Tangible fixed assets Freehold Property Improvemen Office Motor Computer Equipment vehicles equipment and F&F Total Cost At 1 April 2022 Disposals At 31 March 2023 157.918 122.360 {8,995) 113,365 130,750 122.274 533.302 (8,995) 524,307 157.918 130,750 122.274 Depreciation At 1 April 2022 Charge for the year Disposals At 31 March 2023 151.421 72,939 20.454 18.995) 84,398 92.656 16.797 80.435 10,368 397,451 48.427 18,995) 436,883 152,229 109.453 90.803 Carrying amount At 31 March 2023 5,689 28.967 21.297 31,471 87,424 135,851 At 31 March 2022 6.497 49,421 38,094 41.839 18. Investments Listed Investment investments properties Total Cost orvaluation At 1 April 2022 Addrtions Disposals Fair value mvements 144,282 1.338 (138.179) 17.441) 1.800.000 1,944,282 1,338 (138,1791 1300,000) (307.441) 1,500.000 1,500.000 At 31 Mah 2023 Impalrment At 1 April 2022 and 31 March 2023 Carrying amount At 31 March 2023 1,500.000 1,500,000 At 31 March 2022 144.282 1,800,000 1,944,282 All investments shown above are held at valuation. Inveslment properties The investment propety is included at fair value at 31st March 2023. Gains and losses are recognised in the Statement of Financial ActivrtEs. The property was listed for sale during the year and sale was agreed in November 2023 with sale price of £1.5 million and this forms the basis for determining fair value of the property.
Extra Care for Elderly People Limited Company Llmlted by Guarantee Notes to the Flnancial Statements {conthiR Year ended 31 March 2023 18. Investments (conllnued) Financial assets held at fair value The fair value of the investment propety is based on valuation carried out by independent valuer. 19. Stocks 2023 2022 Consumable stock 43.076 123,762 20. Deblors 2023 2022 Trade debtOTS Prepayments and accrued income Other debtors 75.317 26.232 129.293 118,195 19,130 131.485 230,842 268,810 21. Creditors: amounts falling due within one year 2023 2022 Bank loans and overdrafts Trade creditors AcKruals and deferred income Social security and other taxes Other creditors 1.195,000 47,530 238,927 165.449 40,243 1,197,558 9,236 257,621 71.876 32,892 1.687.149 1.569,183 22. Credltors: amounts falling due after more than one year 2023 2022 Bank loans and overdrafts Other credrtors 67.300 50,080 82,866 73,155 117.380 156,021
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements {contkni* Year ended 31 March 2023 23. Deferred income 2023 2022 At 1 April 2022 Amount released to income Amount deferred in year At 31 March 2023 16,134 (16.1341 16,144 16,065 116.065) 16,134 16.144 16.134 24. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £52.096 {2022.' £64.030}. 25. Anatysls of charitable funds Unrostricted funds At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expendilure Transfers General funds 797,875 4,135,482 (4,334,757) 9,095 (303,536} 304,159 At 1 Apr 2021 Gains and At losses 31 Mar 2022 Income Expenditure Transfers General funds 1.523.748 4.644.676 (4.622.437) 2.281 (750,393) 797,875
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (conliftued) Year ended 31 March 2023 25. Analysis of charitable funds (contMJiiedJ Restricted funds At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers Special Recognition Payments 41.919 {32.824) (9.095) At 1 Apr 2021 Gains and At losses 31 Mar 2022 Income Expendtture Transfers Special Recognition Payments 99,386 (97.105) (2.281) 26. Analysis of net assets between funds Unrestricted Totsl Funds Funds 2023 Tangible red assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 87,424 87,424 1.500.000 1,500.000 521,264 521,264 (1.687,149) (1,687.149) (117,380) (117,380) 304.159 304.159 Unrestricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 135.851 135,851 1,944.282 1,944.282 442,946 442,946 (1.569.183) (1,569,183) (156,021) {156,021) 797,875 797.875 36
Extra Care for Elderly People Limited Company Limited by Guarantse Notes to the Financial Statements (contin1rf) Year ended 31 March 2023 27. Going concem The charity has found it increasingly difficult since the Covid 19 pandemic to recruit care workers. As a result. the number of hours of care il has been able to deliver has dedined, placing increasing pressure on its cashfiows. In June 2022 the charty's bank declined to renew the loan secured on the investment property Lucas Exchange 2. The debt of £1.2m is ¢UTrentty treated as an interest-only overdraft facility wrth the bank subject to nntY renewal. The charity has been unable lo secure an altemative lender and, in response. the Irustees have taken the necessary decision to sell the property. the prOed5 of which will be used to repay the outstanding debt to Danske Bank and strengthen cash reserves. The charity has engaged an agent to market and sell the investment propety on its behalf and has received an offer for an interested buyer and anticipates completion of sale before 31st March 2024. The trustees anticipate the ongoing supwt of Danske Bank until such times the property is sold. and the debt repaid. As a result of these matters. the trustees believe there is a material uncertainty in relation to the going concern basis adopted in the preparation of the financial statements. In response to these matters, the trustees have tsken the following actions.. We have received an offer to the sell the propety and solicrtors have been instructed to move to exchange contracts with the vendor. We continue to work closely with Danske Bank to ensure their ongoing overdraft support until such time5 as the building is sold. We have completed a strategic review and restructure of the business to address the reduction in the hours delivered. Alihough it is not certain that these efforts will be SUC$$fUl, the Trustees. having careful consideration and review of cashflow and budget forecasts. have determined that the actions they have taken are reasonable and sufficient to mitigate the uncertainty and have therefore prepared these financial statements on a going concern basis. 28. Analysis of changes in net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand Debt due within one year Debt due after one year 50,374 (1.197,558} (82.8661 (1.230.050) 196,972 247,348 2.558 (1,195.000) 15.566 (67,300) 215,096 (1,014,954) 37
Extra Care for Elderly People Limited Company Llmlted by Guarantee Notes to the Financial Statements (¢ontkn¢ Year ended 31 March 2023 29. Pension commltments Northern Ireland Charitie5 Pension Scheme The company participates in the scheme. a multi*mployer scheme which provides benefits to some 12 non-associated employers. The scheme is a defined benefrt scheme in the UK. It is not possible for the company to obtain SLfficient infomiation to enable Tt to accounl for the stheme as a defined benefit s¢heme. Therefore rt accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together wtth dctuments issued by the Pensions Regulator and Technical Actuarial Standards issued by Ihe Financial Reporting Council. set out the framework for funding defined benefft occupational pension schernes in the UK. The scheme is classified as a 'last-man standing arrangement.. Therefore the company is potentially liable for other participaling employers, oblNJations rf those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme defrt on an annurty purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2016. This actuarial valuation showed assets of £29.4m, liabilrties of £35.Sm and a deficit of £6.1m. A full actuarial valuatton for the scheme was carried out at 30 September 2019. This actuarial valuation showed assets of £35.4m, liabilities of £37.8m and a deficit of £2 4m. To eliminate this funding shortfall. the Trustee asked the participatiro employers to pay additional contributions to the scheme as follows.. Deficit contributions From 1 August 2020 to 29 February 2028.. £1.280,605 in total (payable nK)nthly) The recovery plan contributions are alhxated to each participating employer in line with Iheir estimated share of the herne liabilities. ere the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liabilty for this obligation. The amounl recognised is the net present value of the deficrt reduction contributions payable under the agreement that relates to the defKit. The present value is calculated using the discount rate detailed in these disc105ures. The unwinding of the discount rate is recognised as a finance cost. PRESENT VALUES OF PROVISION 31 March 2023 31 March 2022 31 March 2021 Present value of provision 64.959 81,853 99,459
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Ststements (¢onlinii Year ended 31 March 2023 RECONCILIATION OF OPENING AND CLOSING PROVISIONS Period Period endin9 31 ending 31 March 2023 March 2022 Provision at start of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeasurements - impact of any change in assumptions Provision at end of period 81.853 1,890 (14.879} (3.905) 64,959 99,459 923 114,879) (3,650) 81,853 INCOME AND EXPENDITURE IMPACT Period Period Ending 31 Ending 31 March 2023 March 2022 Interest expense Remeasurements- impact of any change in assumptions 1,890 {3.905) 923 (3,650) ASSUMPTIONS 31 March 31 March 31 March 2023 •A per 2022 % per 20219/0 per annum annum annum Rate of discount The discount rates shtyNn above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full corporate bond yield cuNe to dIunt the same recovery plan contributions. 30. Contlngencles Pension Scheme- Northem Ireland Charities Pension Scheme Extra Care for Elderly People Limited participates in the Northern Ireland Charities Pension Scheme. The scheme has reported a total overall deficit of £2.4m as at the last valuation date of 30 September 2019. These financial statements recognise a liabilty in respect of agreed deficit reduction payments. not the charity's share of the overall scheme deficit. An additional liability may crystalise in the event of the charty's Withdrawal from the scheme or a winding up of the scheme however it is not possible to quantify this liabilty. The charity has no intention of withdrawing from the scheme and there are no plans we are aware of to wind the scheme up. 31. Related parties During the year, the charity procured print services from Imagis. a business owned by the spouse of a member of the key management personnel of the charity. The total value of transactions in the year was £114. There are no balances outstanding at 31 st March 2023.