Extra Care for Elderly People Limited Company Litnited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted nds Total funds Total funds 2023 Incorne and endowments Donations and legacies Charitable actimties Other trading activities Inveslment income Other income 751 3.276.460 89,444 272 751 3.276,460 89,444 272 165,641 3.820.472 189,922 1,066 300 Total incorne 3.366.927 3.366,927 4.177,401 Exponditure Expenditure t)n charitsble activities Total expendlture 10 (3.666,257) (3,666,257) (4.367,581) (3,666.257) (3,666.257) (4,367,581) Net losses on investments 12 (164.832) (164.832) (303.536) Not expenditure and net movement in funds (464.1621 (464.162) (493.716) Reconciliation of funds Total funds brought forward Total fvnds carrled foThYard 304,159 (160,003) 1160.003) 304.159 797,875 304,159 The ststement of financial activilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The noles on page$ 24 to 39 forni part of these flnanclal statements. 21
Extra Care for Elderly People Limited Company Llmited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Tangible fixed assets Investrnents 17 54,106 18 1.430,000 1.484,106 87.424 1,500.000 1,587.424 Current assets Stocks Debtors Cash at bank and in hand 19 20 578 200.414 43.076 230.842 247.346 200,992 521.264 Credltors: amounts falling due within one year Net current liabilities 22 1.659.291 1,687.149 1.458.299 1.165.885 Totsl assets less current Ilabilities 25,807 421,539 Credftors: amounts falllng due after more than one year Net Ilabllltles 23 185.810 117,380 {160.0031 304,159 Funds of the charty Unrestricted funds {160.003) {160.0031 304,159 Totsl charity funds 304,159 These financial statements have been prepared in accordance with the Fyovisions apFlicable to companies subject to the small companies. regime. These financial statements were approved by ttE board of trustees and authorised for issue on 14 January 2025. and signed on behaLf of the board by.. A Bing (Chairperson) Trustee The notes on page$ 24 10 39 form part of th•se finan¢lal statemènts. 22
Extra Care for Elderly People Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operallng actlvltles Net expenditure 1464.1621 {493.716} Adjustments for Depreciation of tangible fixed assets Nel losses on investrnents Dividends. interest and rents from ieSIments Other interest receivable and similar incorr Interest payable and similar charges Gains on diswsal of tsngible fixed assets Accn*d income 34.288 164,832 1120) 1152) 97,032 48,427 303.536 11,0661 60,844 {3001 (18,704) (4.718) Ch8nges in.. Stocks Trade and other debtors Trade and other creditors 42.498 30.428 {48.358) 1148,4321 80.686 37.968 116,153 133,828 Cash generated from operations Interest paid Interest received (97,0321 152 (60.8441 Net cash (used inyfrom operating athvities (245,312) 72.984 Cash flows from Investlng a¢tivitles DivKlends, interest and rents from inveslmerts Purchase of taroible assels Proceeds from sale of tangible assets Purchases of other investments Proceeds from sale of other investrnents 120 (9701 1.066 300 11,3381 138,179 Net cash (used inyfrom investing activities {850) 138,207 Cash flows from financlng actlvlties Repayments of borrowings Net cash used in financThig activities (14.4901 (14,49J) (14.219) {14,2191 Net {decrease)fin¢roase In cash and cash oqulvalents Cash and cash equlvalents at beginning of year Cash and cash equivalents at end of year (260.652) 247.346 196.972 50,374 247,346 21 (13,3061 Th• notes on pag¢$ 24 to 39 foTh part of financial statements. 23
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Flnancial Statements Year ended 31 March 2024 General infonnation The charity ts a put1¢ benefft entity and a private company limtled by guarantee. registered in Northern Ireland and a registered charty in Northern Ireland. The address of the registered office is 1st Floor. Unit 11b Fenaghy Road. Galgorm, BlyMena. BT42 1HW. Statement of compllancè These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicatAe to charities preparing their accounts in aco)rdance with the Financial Reporttng StarKlard appIable in the UK and Republic of Ireland IFRS 102) {Charities SORP (FRS 10211 and the Companies Act 2006. Accountlng poll¢les Basls of preparation The financial statemerrts have been prepared on the historical cost basis. as mojified by the revaluation of certain financial assets and liabilitS and investment properties measured at fair value through income or expenditure. Thg financial statements are prepared in sterting, which is the fiJncti?nal GUTrency of Ihe entity. Golng concern The financial statements have been prepared on a Ing concem basis. The Trustees have considered their posi1n and have provided further infomiation at note 28 of Ihese financial statements. Judgèmènts and key sources of estlmatlon uncèrtalnty The principal accounting policies adopted, judgements arKI key of estimation uertaInty in the preparation of the financk41 statements are as follows.. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the chariws purposes. Designated fijnds are unrestri¢led fvnds earmarked by the trustees fcf parti¢ular fvture proie¢l commitment. Re51ricled funds are subjected to restricttons on their exF¢ndilure dedared by Ihe donor or through the tem)s of an appeal. aThJ fall into one of Ihvo sub-classes: restricted iOrne funds or endowment fund$. 24
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (condnued) Year ended 31 March 2024 Accounting policies (¢ontinuèd) Incoming rgsources All irming resources are included in the statement of financial activities when entitlement has passed to the charity: it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evIdere of enttllement to the gift, receipt is probable and its am¢wnt can be measured reliably. legaw income 15 recognised when receipt is probable and entitlement is estsblished. income from donated gcods is measured at the fair value of the g0ths unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are re¢ognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. incorne from contracts for the supply of semces is recognised with the delivery of the contra¢ted servi. This is c]assified as unr8Stricted ftjnds unless there is a contractual requirement for it to be spent on a particukr purFose and retumed if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an arual$ basis as a liability is incurred. Expenditure indudes any VAT which cannot be fully recovered, and is classified under headings of the ststement of financial activities to which it relates= expenditure on raising funds includes the costs of all fvndraising activities, evenls, non-charitable tradirMJ activities, and the sale of donated gcK)ds. expenditure on charitable activtties indudes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure indudes all expendilure that is neither relatsd to raising funds for the harity nor part of its expenditure on tharitable activttt8S. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activty are allocated direcdy to that activty. Shared costs are apportioned belween the activilies they contribute to on a reasonable, justifiable and consistenl basis. Tangible assets TangitAe assets are initially recorded at cost. and subsequenlly statsd at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried al revalued amounts are rerded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. 25
Extra Care for Elderly People Limited Company Llmlted by Guarantee Notes to the Financial Statements (¢ontthw4 Year ended 31 March 2024 Accounting policies (continued) Tangible assets (coftlinued) An increase in the carying amount of an asset as a result of a revaluation, is recognised in other reGc¥Jnised gains and losses. unless it reverses a charge for impairmenl that has previously been reccgnised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is rec(nISed in other rec(NJnised gains and losses, except to which it offsets any preVS revaluation gain. in which case the loss is shown within other recognised gains ar¥J losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic lrfe of that asset as follows: Freehold propety Motor vehicle9 Equipment User defined asset 2% straight line 25/0 Straight line 20% straight line 10% straight line Investments Unlisted equty investsnents are initially recorded at cosL and subsequently measured at fair value. If fair value cannot be reliably measured. assets a measured at cost less impairment. sted investments are measured at fair value with changes in fair value being recognised in income or expenditure. Invoslmont property Investment propety is initialFy recorded at cost. which indudes purchase price and any direcdy attribLrtable expenditure. Investment property is revaSued to its fair valL* at each rep)rting date and any changes in fair value are recognised in income or expenditure. If a liable measure of fair value is no longer available withoLrt undue cost or effort for an item of investment property, it shall be transferred to tangible assets aThl treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Impalmient of fixed assets A review for indicators of impairment is carried out at eath rerting date, with the recoverable amount being estimated where sh iThJicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. 26
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (contlnu Year ended 31 March 2024 Accounting policies (confrnued) Impairnient of fixed assets (¢onllnu8d) For the purposes of impairment testing. when it is not possible to estimate the recoverable nount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unil to which the asset telongs. The cash-generating unit is the smallest idenlifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflOV from olher assets or groups of assets. For impaimient testing of goodwill. the goodwill acquired in a business cornbination is, from the quisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the cornbination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated se15ing price less costs to compte and sell. Cost includes all costs of purchase. costs of nVerS1on and other costs incurred in bringing the stock to its present Ioc2tion arKJ coJ[lI0n. Flnanclal instruments A financial asset or a financial liabilty is re¢ognised onty vthen the charity becomes a paty to the contractual provisions of the instrurnent. Basic financial instruments are initialty recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are 5ubsequenty measured at amcKknsed $t. Where investments in shares are publicly traded or their fair value can othenNise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income aThJ expenditure. AJI other such investments are subsequently rnea5ured at cost less impairment. Olher financial instruments. irlUding dertvatives. are inthally recognised at fair value, unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate. in wthich case the asset is measured at the Fxesent value of the future payments discounted at a market rate of irrterest for a similar debt instrument. Other financial Instruments are subsequently measured at fair value. with any char¥Jes recognised in the statement of financia activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaiment at the end of each reporting date If there is obJ"ecttve eviden of impaiment. an impairment loss is recognised under the appropriate heading in the statement of financial aGtivities in which the initial gain was rwnised. 27
Extra Care for Elderly People Limited Company Limlted by Guarantee Notes to the Financial Statements (conunuedj Year ended 31 March 2024 Accounting policies (continued) Financial instruments fcoJJtinu•dJ For all equity instruments regardless of significance. and other financial assets that are individually significanL these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk charactsristics. Any reversals of impairment are reccgnised immediately. to the extent that Ihe reversal does not result in a carrying amount of the ffinanaal asset that eXed$ what the carrying amount would have been had the impaimient not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the relaled seNice is provided. Prepaid contributions are recognised as an asset to the extent that the prepayrnent will lead to a reduction in fvture payrnents or a cash refund. When contributions are not expected to be settled wholly within 12 rnonths of the end of the reporting date in which the employees nder the related service, the liability is rneasured on a discounted present value basis. The unwinding of the discounl is recognised as an expense in the period in which it arises. Limlted by guarantee Each of the memb&rs of the company has guaranteed to contribute to the assets of the company in the event ofthe same teing would up to the extent of£1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations 751 751 75,519 75.519 Legacies Legacies 90,122 90,122 751 751 165.641 165.641 Charitsble activities Unrestricted Funds Restricted Total Funds Funds 2024 Service income - Care Other Income 3.275,963 497 3.275.963 497 3.276,460 3,276.460 28
Extra Care for Elderly People Limited Company Llmlted by Guarantee Notes to the Financial Statements (¢onllnued) Year ended 31 March 2024 Charitsble activlties (contlnued) Unrestricted Funds ReStrted Total Funds Funds 2023 Service income - Care Other Incorne 3.775.609 2,944 3.775.609 44,863 41.919 3.778,553 41.919 3,820,472 Other tradlng actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rental Income 89,444 89.444 189,922 189.922 Investmont income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Inc£Jme fr(¥n listed investments Bank interest receivable 120 152 120 152 1.066 1.066 272 272 1.066 1,066 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal of tangiLle fixed assets held for chartvs own use 300 300 10. Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fvrvj 2023 Provision of Care Governan costs 2.837.601 788,783 39.873 3.626.384 39.873 4,346,813 20,768 2.837.601 828,656 3.666.257 4,367,581 29
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 11. Analysis of support costs Analysis of supp¢Nt costs Total 2024 Totsl 2023 Staff costs Premises General oifi Human resources Govemance costs 429,196 290,275 52,765 16,547 39,873 429.196 290.275 52.765 16.547 39.873 539.105 323.599 51.412 16.852 20,768 828.656 828.656 951.736 12. Net losses on invoslmonts Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses} on investment property Gainsl(losses} on listed investsments ActLJarial Gainl(loss} on Pension (70,OIXI) {70,OW) (300.000) (300.000) (7.441) 17,441) 3.905 3.905 (94,832) (94,832) (164.832) (164,832) (303,536) (303,536) 13. Nel expendlture Net expenditure is stated after tharg1{credItIng).' 2024 2023 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 34.288 48.427 (300) 14. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 12.500 11.731 15. Staff costs The total staff costs and employee beneffts for the reports'ng peric*J are analysed as fo]lows'. 2024 2023 Wages and salaries Social security costs Employer Contributions to pension plan5 Olher employee benefits 2,754.028 192.378 62.560 3.230,180 247,048 52.096 64,410 3.008.966 3.593.734 30
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements {nI1uedJ Year ended 31 March 2024 15. Staff costs (conllnuod) Redundancy payments totalling £nil (2023". £64,410) were made during the year. The redundancies arose from the restructuring of management structure in the charity. The average head count of employees during the year was 164 (2023.. 188). The average number of fijll-time equivalent employees during the year is analysed as follows- 2024 2023 No. 167 21 Care Worker5 Office Stsff 151 13 164 188 The number of employees whose rernuneration for the year fell within the following bands. were: 2024 2023 No. No. £80.000 to £89.999 Key Management Personnel Key rnanagement personnel include all persons that have authority and responsibilty for planning. directing and controlling the activities of the charity- The tolal compensation paid to key management personnel for servi$ provided to the charity was £126,71612023.'£219.616). 16. Trustee remuneratlon and expenses The ¢harity trustees were not paid or reiVed any other beneffts from ernployment with the Charity in the year (2023: £nil). They were not reimbursed any travel expenses during the yearl2023: £nil). No charity trustee reIved paent f(* professional or other services supplies to the charity (2023: £nil). 31
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Tangible fixed assets Freehold Propety Improvements Office Motor Computer Equiprnent vehicles UIpMent and F&F Total Cost At 1 April 2023 Additions 157,918 113.365 130.750 970 122,274 524.307 970 At 31 March 2024 157.918 113.365 131,720 122.274 525.277 Depreciation At 1 Aprd 2023 Charge for the year At 31 March 2024 152,229 680 84,398 18.342 109,453 11.060 90,803 4.206 436,883 34,288 152,909 102,740 120,513 95,009 471.171 Carrying amount At 31 March 2024 5,009 10,625 11,207 27.265 54,106 87,424 At 31 March 2023 5,689 28.967 21.297 31,471 18. Investments Investment properties Cost or valuation At 1 April 2023 Additions Fair value movements 1,500.000 170.0001 1.430.000 At 31 March 2024 Impainnent At 1 April 2023 and 31 Mah 2024 Carrying amount At 31 March 2024 1,430,000 1,500.000 At 31 March 2023 All investments shown above are held at valuation. Investment properties The investsnent propety is included at fair value at 31st March 2024. Gains and 1055es are recognised in the Statement of Financial Activities. The propety was listed for sale in the prior financial year and sale was agreed in November 2023 with sale price of £1.5 million this was revised to £1.43 million in December 2023 and this fomis the basis for determining fair value of the property. 32
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (conlinu Year ended 31 March 2024 19. Stocks 2024 2023 Consumable stixk 578 43,076 20. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 54,485 6.378 139.551 75.317 26,232 129,293 200.414 230,842 21. Cash and cash equivalents Cash and cash equivalents comprise the foll¢)wing: 2024 2023 Cash at bank and in hand Bank overdrafts 247,346 (13.306) {13.306) 247.346 22. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 1,208,306 35,901 234.209 123.217 57,658 1,195,000 47,530 238,927 165.449 40,243 1,659,291 1.687,149 23. Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts Olher creditors 52,810 133.000 67,300 50,080 185.810 117,380 33
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Flnancial Statements (contlnuedj Year ended 31 March 2024 24. Deferred income 2024 2023 At 1 April 2023 Amount released to income Amount defeed in year At 31 March 2024 16.144 {16.144) 16,134 116,134} 16,144 16,144 25. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income Of experKJiture as an expense in relation to defined contritxjtion plans was £62.560 (2023: £52,096). 26. Analysis of charitable funds unrèstried funds Gains and At losses 31 Mar 2024 1 Apr 2023 Income Expenditure Transfers General funds 4,159 3,366.927 (3,666,257) (164,832) (160,0031 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers General funds 797,875 4.135,482 (4.334.757) 9.095 (303,536) 304,159 34
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements (wnthuedj Year ended 31 March 2024 27. Analysis of net assets between funds Unreslricted Totsl Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net liabilities 54.106 54,106 1,430.000 1,430,000 200.992 200,992 (1.659.291) (1,659.291) (185.810) 1185,8101 (160.003) 1160,003) Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net Ilabilities 87,424 87,424 1,500.000 1,500,000 521,264 521.264 11,687.149) 11,687.1491 (117.380) (117,380) 304,159 304,159 35
Extra Care for Elderly People Limited Company Llmlted by Guarantee Notes to the Financial Statements (conthJu8d) Year ended 31 March 2024 28. Golng concern The charity has found tt increasingly dfficult since the Covid 19 pandemic to rectuit care workers. As a result. the number of hours of care it has been able to deliver has dedined, placing increasing pressure on its cashflows. The Trusts annual uplift is repeatedly below wage increases causing an ever increasing subsidy of NHS services by Extra Care. The charity also a participates in a defined benefft pension scheme which has rerted an overall deficit of £3.2m as at the last valuation date 30 September 2022. These financial statements reccgnise a liabiltty in respect of agreed scheme deficit reduction payments. In June 2022 the charitys bk declined to renew the loan secured on the inve5trnent property Lucas Exchange 2. The propety was subsequently sc4d, the mortgage paid and surplus cash injected into the operational cashfiows. An annual forecast cashflow has been prepared based on approved assumptions which at present show a long term retum to a cash positive poS[tn. The current upltft and Govemment lax proposals increase thi5 uncertainty despite an improving business position. As a result of these matters, the trustees believe there is a mateiial uncertainty in relation to the going concem basis adopted in the preparation of the financial statements. In response to these matters, the trustees have taken the following acllons: We have completed on the sale of the Investment Property Lucas Exchange 2. We continue to work dosely with Danske Bank to ensure their ong)ing overdraft support. We have completed a strategic review and restructure of the business to address the reduction in the hours delivered. We have taken steps to actively reduo overhead costs such as main Offi downsizing, closure of regional offices and redtIOn in key management personnel. Although it is not certain that these efforts V11 be successful, the Trustees. having Garefvl consideration and VIeW of cashfflow and budget forecasts. have detemiined that the actions they have taken are reasonable and sufficient to mitigate the uncertainty and have therefore prepared these financial statements on a going COnM basis. 29. Taxation The Company is a registered charity. and as such is entitled to tsx eXemptnS on income and proffts in furtherance of the charity's primary objectives. 30. Analysis of changes in net debt At At 1 Aw 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Bank overdrafts Debt due wilhin one year Debt due after one year 247,346 (247.346) 113.306) (13,306) (1,195.000) 11,195,000) 167,300) 152.810) (1,014,954) (246.162) 11.261,116) 14.490 36
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Flnanclal Statements (condnued) Year ended 31 March 2024 31. Pension commitments Northern Ireland Charltles Pension Scheme The cornpany participates in the scheme. a mulii-employer scheme which provides nefits to some 11 mn-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to oblain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore. it accounts for the scheme as a defined conlribution scheme. The scheme is subject to the fvnding gIslatiOn oullined in the Pensions Act 2CI)4 whith carne into for on 30 December 2005. Thts. together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council. set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is clas5tfied as a 'last-man standing arrangemenf. Therefor8. the company is potentially liable for other participating employers. obligations if those ernployers are unable lo meet their share of the scheme deficit following withdrawal from the sGheme. Participating employers are legally required to meet their share of the SL*em& defictt on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2022. This valualion showed assets of £22.8m. liabilities of £26.Om and a defictt of £3.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: Deficit Contributions Frorn 1 Awust 2020 to 29 February 2028: £1.280,605 in total {payable monthly) The recovery plan conlributions are allocated to each participating employer in line wth their eslimated share of the scheme liabilities. Where the scheme is in deficit and where Ihe company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The arnounl reco9nised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rdte detailed in Ihese disclosures. The unwinding of the discount rate is recognised as a finance cost. PRESENT VALUES OF PROVISION 31 Mar 24 31 Mar 23 31 Mar 22 Present value of provision 147,879 64.959 81,853 RECONCILIATION OF OPENING AND CLOSING PROVISIONS 37
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Financial Statements fconllnueo) Year ended 31 March 2024 p0d Period ending 31 ending 31 March 2024 March 2023 Provision at stsrt of pericwj Unwinding of the discount factor (interest 8xpense) Deficit contribution paid Remeasurements- impact of any Ghange in assumptions Remeasurements - amendments to the contribution sthedule Provision at end of period 64,959 2,967 (14,879) 3,604 91,228 147,879 81.853 1,890 (14,879) (3.905) 64,959 INCOME AND EXPENDITURE IMPACT Peric*J Period ending 31 ending 31 March 2024 March 2023 Interest expense Remeasurements- impact of any change in assumptions Remeasuremenls- amendments to the contribution schedule 2.967 3,604 91,228 1,890 (3.905) ASSUMPTIONS 31 March 31 March 31 March 2024 % per 2023 OA per 2022 0/0 per annum annum annum Rate of discount The discount rates shown above a the equivalent single discount rate5 which. when used to discount the fLrture recovery plan contributions due, would give the same resulls as usin9 a full AA corporate bond yield curve to discount the same recovery plan contributions. 32. Contingencies Penslon Scheme- Northem Ireland Charlties Penslon Scheme Extra Care for Elderfy People Limited partiapates in the Northem Ireland Charities Pension Scheme. The schefne has reported a total overall deficit of £3.2m as at the last valuation date of 30 September 2022. These financial ststements recognise a liability 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 charity's Withdrawal from the scheme or a winding up of the scheme however it is not possible to quantify this liability. The Gharity has no intention of wthdrawlng from the scheme and there are no plans we are aware of to wnd the scheme up. A Ctingent liability also exists to repay grants and Trust monies reiVed should certain conditions not be fi)Illed by the charity. In the opinion of the Trustees. the temis of the Letters of Offers have been. or will be. complied with and no liability is expected. 33. Related partles During the previous year, the charity prured print serViS from Imagis. a business owned by the spouse of a member of the key rnanagemenl personnel of the charity. The total value of transactions in the year was £nil (2023-. £114). There are no balances outstanding at 31 st March 2024. 38
Extra Care for Elderly People Limited Company Limited by Guarantee Notes to the Flnanclal Statements (¢onllnued) Year ended 31 March 2024 34. Ethical standards In common Trmth many other businesses of our size and nature we use our auditors to prepare and submit retums to the tax authorities and assist with the preparation of Ihe financial statements. 39