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 i￿eSIments
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 put￿1¢ 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, B￿lyMena. 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 appI￿able 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 liabilit￿S 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 posi1￿n 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 u￿ertaInty
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 i￿Orne 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 ir￿ming 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 evIder￿e 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 g0th￿s 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 a￿rual$ 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 re￿rded 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 preV￿￿S 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 re￿rting date, with the recoverable
amount being estimated where s￿h 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 comp￿te and
sell. Cost includes all costs of purchase. costs of ￿nVerS1on and other costs incurred in bringing
the stock to its present Ioc2tion arKJ co￿J[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. ir￿lUding 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 eX￿ed$ 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
ReStr￿ted 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 {￿nI1￿uedJ
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 re￿iVed 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 re￿Ived pa￿ent 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 Ma￿h 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 defe￿ed 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
unrèstri￿ed 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 re￿rted 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 b￿k 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[t￿n. 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 red￿tIOn in key management personnel.
Although it is not certain that these efforts V￿11 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 COn￿M basis.
29. Taxation
The Company is a registered charity. and as such is entitled to tsx eXempt￿nS 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
p￿0d
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 C￿tingent liability also exists to repay grants and Trust monies re￿iVed 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 pr￿ured print serVi￿S 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