Charity Registration No. 1050779
Company Registration No. 03123142 (England and Wales)
CARERS FEDERATION LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CARERS FEDERATION LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Charity number
1050779
Company number
03123142
Trustees
Patricia Cargill
Chair
Christine Thomas
Vice Chair
Cheryle Berry
Katherine Moore
Samantha Billington
Secretary
Jayne Bell
Senior officers
Jayne Bell
Chief Executive Officer
Registered office
Christopher Cargill House
21-23 Pelham Road
Nottingham
NG5 1AP
Independent examiner
Rogers Spencer
Newstead House
Pelham Road
Nottingham
NG5 1AP
Bankers
Barclays Bank plc
Nottingham High Street Branch
2 High Street
Nottingham
NG1 2EN
Solicitors
Massers
15 Victoria Street
Nottingham
NG1 2JZ
CARERS FEDERATION LTD
CONTENTS
Page
Trustees' report
1 - 6
Independent examiner's report
7
Statement of financial activities
8 - 9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
CARERS FEDERATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as issued in October 2019)".

Objectives and activities

 

Charitable Purpose

 

The objectives of Carers Federation Limited as set out in the company’s memorandum of association are to:

 

Promote the benefit of persons who are acting as unpaid carers of people with physical or sensory disability, mental health difficulty, learning disability, ill health or by the ageing process, their cared for and the community, in particular to relieve the stresses experienced by such persons through the provision of support services, in order to protect health, relieve poverty, distress or sickness.

 

Carers Federation is an organisation dedicated and passionate about providing high quality care, support and training. We have specific expertise in supporting unpaid carers and delivering accredited Advocacy training. Our reputation for excellence stems from our commitment to innovative and flexible approach to service design and delivery and well-trained staff.

Carers Federation’s Vision, Mission and Values Statements

 

Our Vision:

Everyone we serve receives individually tailored care, support or training.

 

Our Mission:

To become a centre of excellence in provision of carers support and training.

 

Our Core Values:

 

We believe in welcoming everyone with warmth and kindness. We want people to feel individually value

 

We believe in equality and strive to be respectful in everything we do. We listen to the needs of others and put them at the heart of our work.

 

Discrimination will have no place in anything we do.

 

We are accountable to people and partners we serve and will transparently share our results, stories and lessons.

 

We actively seek collaboration and partnerships with other organisations to make our vision a reality.  

 

We actively strive through innovation and hard work to be a centre of excellence.

CARERS FEDERATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Main Activities undertaken by Carers Federation Limited 2023-2024

 

 

 

 

 

 

 

The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

Achievements and performance

Our main focus and achievement has been continually adapting the delivery of our services to meet the needs of our service users and satisfy the expectations of our commissioners and funders. This has resulted not only in the retention of our Prison Advocacy and ICA services that were re tendered during the year but additionally the award of two new contracts; firstly the new Carers Hub Contract to support Carers across Nottingham and Nottinghamshire and secondly the new three year contract through the Learning and Work Institute to deliver our Quality Standard in Carer Support to 30 colleges across the UK. All of the charity’s services have continued to perform well during 2023/24 not only meeting the needs of our stakeholders and receiving excellent feedback but also performing well financially against budgets.

 

Training

 

The Training Department continued to operate a flexible approach to the delivery of Advocacy courses. Providing learners with a choice of either online or face to face training. In addition a number of bespoke workshops were developed and delivered to meet the needs of our learners.

 

The department continues to meet all City & Guilds requirements and remains an approved centre of accreditation.

 

The VLE was also further developed to update and improve content and improve user experience. The development of the VLE is a continuous process. Courses available during 2023 -2024 included:

 

 

 

 

 

 

 

CARERS FEDERATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Action for Young Carers

 

Our Action for Young Carers Service (AYC) continued to support young carers until October 2023 when the contract sadly came to an end.

 

Action for Young Carers service also delivered the New Works for You (NW4Y) programme. The programme provided support for Young Carers identified as Not in Employment, Education or Training (NEET) in overcoming barriers to moving into employment, education or training. Both these contracts ended in October 2023.

 

The Carers Hub

 

A new contract to deliver support to all up paid carers across Nottinghamshire and Nottingham City. The Hub provides a free and confidential service, providing information advice, sign posting and support to carers and provides an opportunity to meet other carers through groups helping to reduce isolation and loneliness.

 

Independent Complaints Advocacy

 

Our NHS Independent Complaints Advocacy service continues to perform very strongly across the Northeast of England. Five individual Local Authority contracts were retained for delivery throughout 2023/24. The service holds the Quality Performance Mark (QPM) in advocacy.

 

Quality Standard in Carer Support (QSCS)

 

Successful award of new funding to deliver Carers Federation QSCS to 30 colleges across the country was secured in December 2023 and delivery commenced in March 2024. The accreditation aims to improve and evidence the support carers in education can access to enable carers to continue with their studies. . In addition, the standard has been delivered to numerous other organisations throughout the whole year.

 

The standard has a broad criteria covering areas such as having a Carers Lead, staff training, providing information and signposting, offering flexible working or making reasonable adjustments for carers and ensuring the organisation has established and consistent policies and processes to support carers, employees or learners. Further development of the standard is an ongoing process to ensure new legislation is included and fully up to date.

Financial review

2023 – 2024 was another challenging but positive year for Carers Federation Limited where reducing the operating deficit was a key priority.

 

Opportunities to generate new income streams in line with the organisations Income Generation strategy have remained limited due to funding bodies changing the parameters of service delivery, reducing contract values and delays in releasing larger scale contracts. The main financial aim of the organisation has continued to be addressing and reducing the operating deficit.

 

The Carers Federation Limited reported an operating loss for the year ended 31st March 2024 of £100,453 (2023: £515,891)

 

Also recognised during the period were actuarial gains on the Nottinghamshire County Council defined benefit pension scheme of £766,000 (2023: £6,229,000)

 

Net assets of Carers Federation Limited at the 31st March 2024 were £1,811,188 (2023: Net assets of £1,145,640)

 

CARERS FEDERATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Principal funding sources and how these resources support the key objectives

 

The principal funding sources for Carers Federation Ltd are currently by way of grant and contract income from multiple local authorities, Lottery and local academies. The contractual income and grant funding received from these sources is used by Carers Federation Limited to provide Carers support, Advocacy and Training services that match the objectives of Carers Federation Limited.

 

 

Funding sources secured during the year

 

During the period ended 31st March 2024 Carers Federation Limited was able to negotiate contract funding as follows:

 

 

 

 

 

Small amounts of new restricted funding were secured from various sources to support the delivery of the services to Carers, these included, The National Grid, Nottinghamshire Digital Fund, The National Lottery and freemasons to name just a few.

Reserves

 

At 31st March 2024 Carers Federation Limited held restricted funds totaling £9,771 (2023: £6,025). This amount is made up of funds provided to Carers Federation Limited for use by specific services to deliver specific time-bound outcomes. These funds are not available to the Board of Trustees for fulfilment of general charitable objectives.

 

The level of unrestricted reserves held by Carers Federation Limited at the 31st March 2024 was £1,801,417 (2023: £1,139,616). Unrestricted funds not invested in tangible fixed assets were £1,237,662 (2023: £575,361).

 

Unrestricted reserves are held by Carers Federation Limited in order to mitigate against future expected reductions in contract/grant income and to provide continuity in the central business functions of the organisation.The charity’s Reserves Policy is to hold at least six months’ expenditure within the balance of Net Current Assets attributable to Unrestricted Funds, which amounts to £684,662 in 2023/24 (ref. Note 18 on p.23). Total (12 months) unrestricted expenditure in 2023/24 amounted to £865,673. Therefore, the Trustees consider that they have fulfilled the charity’s Reserves Policy requirements at the current time, and have sufficient reserves to cover expected increases in expenditure over the next few years.

 

 

Currently, general reserves are impacted by the NCC pension liability; however to a far lesser degree than they have been in recent years. The priority is to further reduce and eliminate the ongoing operating deficit and start generating surpluses and restoring the charity’s unrestricted reserves to appropriate levels.

CARERS FEDERATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

Financial effect of significant events

 

There have been no significant financial events that have negatively impacted the organisations’ reserves.

 

Winning the Nottinghamshire County and Nottingham City Carers Hub Contract has positively impacted the future sustainability of the organization.

 

 

Impact of a pension liability arising from the defined benefit pension scheme

 

The surplus presented as at 31 March 2024 of £553,000 (2023: deficit £204,000) has been calculated to meet the requirements of FRS102. FRS102 requires the use of a prescribed discount rate based on corporate bond yields, which can be very volatile.

 

Contributions to the Nottinghamshire County Council LGPS Fund are set at each triennial valuation of the Fund, based on a discount rate derived from assumptions about future returns from the Fund’s investment strategy, which results in a much lower valuation of liabilities than a discount rate based on corporate bond yields and consequently a smaller deficit. Therefore, the FRS102 deficit has no direct bearing on the contributions paid to the Nottinghamshire Local Government Pension Scheme.

Plans for future periods

In response to the complex financial landscape the Board of Trustees developed a robust 5 year strategy in 2021, which has been reviewed annually to reflect the market position and funding landscape. The 2023 review enabled a revised Income Generation strategy to be developed taking into account the successes within the year and a continued proactive approach to take the organisation forward into a strong financial position over the next 3 years.

 

The strategy has been developed to stabilise and stop the current annual operating loss. It also identifies key priority areas of intended service delivery and provides a clear direction for new initiatives within Carers Federation Limited.

 

In addition the strategy has (and will continue) to:

 

 

 

 

 

 

 

 

The company is built on a solid foundation of significant cash and property assets and is continuing to develop sustainable commercial income streams. This combined with an ongoing process of efficiency measures should ensure that the organisation and its services will flourish, evolve and grow.

 

Structure, Governance and Management

CARERS FEDERATION LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

Governing Document

 

The organisation is a charitable company limited by guarantee and is governed by a memorandum and articles of association. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Appointment of Trustees

 

The Board of Trustees is appointed by the charity members with trustees serving for no set period and retiring in rotation. The Articles provide for a maximum of sixteen members, including Honorary Members. At the end of each Annual General Meeting all the members of the Board of Trustees whose period of service is due to end during the calendar year in which that annual general meeting is to be held, shall retire from office but they may be re-elected or re-appointed.

 

The chair of the Board is elected by the trustee membership.

 

The Board of Trustees may delegate any of its powers or the implementation of its resolutions to committees to facilitate effective operations.

 

 

Trustee Induction and Training

 

New members of the Board of Trustees undergo an induction to brief them on their legal responsibilities under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, and recent financial performance of the charity. During the induction they meet key employees and other members of the Board of Trustees. Members are encouraged to attend appropriate training events where these will assist them in discharging their duties as trustees.

 

Organisation

 

The Board of Trustees holds monthly meetings and at least two ordinary meetings each year at which its members agree strategy and areas of activity for the charity including consideration of service delivery, investment, reserves and risk management policies.

 

The charity trustees work in partnership with and oversee the Chief Executive who is responsible for successful implementation of strategies set by the board and for ensuring that the charity and trading operations perform as directed by the Board of Trustees.

 

 

 

The trustees' report was approved by the Board of Trustees.

Patricia Cargill
Chair of Trustees
Dated: 9 October 2024
CARERS FEDERATION LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CARERS FEDERATION LTD
- 7 -

I report to the trustees on my examination of the financial statements of Carers Federation Ltd (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Melvin Bailey FCCA DChA
for and on behalf of
Rogers Spencer
Newstead House
Pelham Road
Nottingham
NG5 1AP
Dated: 9 October 2024
CARERS FEDERATION LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
Notes
£
£
£
£
Income from:
Donations
146
14,578
14,724
9,057
Charitable activities
3
626,627
24,000
650,627
476,199
Other trading activities
4
68,792
-
68,792
89,480
Investments
14,058
-
14,058
3,112
Other income
5
51,851
-
51,851
38,607
Total income
761,474
38,578
800,052
616,455
Expenditure on:
Charitable activities
6
796,881
34,832
831,713
980,246
Other trading activities
68,792
-
68,792
152,100
Total expenditure
865,673
34,832
900,505
1,132,346
Net (expenditure)/income for the year
(104,199)
3,746
(100,453)
(515,891)
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes
766,000
-
766,000
6,229,000
Net movement in funds
661,801
3,746
665,547
5,713,109
Fund balances at 1 April 2023
1,139,616
6,025
1,145,641
(4,567,469)
Fund balances at 31 March 2024
1,801,417
9,771
1,811,188
1,145,640

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CARERS FEDERATION LTD
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
-
9,057
9,057
Charitable activities
3
465,889
10,310
476,199
Other trading activities
4
89,480
-
89,480
Investments
3,112
-
3,112
Other income
5
38,607
-
38,607
Total income
597,088
19,367
616,455
Expenditure on:
Charitable activities
6
946,814
33,432
980,246

Material other expenditure

152,100
-
152,100
Total resources expended
1,098,914
33,432
1,132,346
Gross transfers between funds
1,209
(1,209)
-
Net (expenditure)/income for the year/
Net (outgoing)/incoming resources
(500,617)
(15,274)
(515,891)
Other recognised gains and losses
Actuarial gain on defined benefit pension schemes
6,229,000
-
6,229,000
Net movement in funds
5,728,383
(15,274)
5,713,109
Fund balances at 1 April 2022
(4,588,767)
21,298
(4,567,469)
Fund balances at 31 March 2023
1,139,616
6,024
1,145,640

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CARERS FEDERATION LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
563,755
564,254
Current assets
Debtors
13
123,711
38,630
Cash at bank and in hand
733,066
823,455
856,777
862,085
Creditors: amounts falling due within one year
14
(162,344)
(76,699)
Net current assets
694,433
785,386
Total assets less current liabilities
1,258,188
1,349,640
Defined benefit pension surplus/(deficit)
16
553,000
(204,000)
Net assets
1,811,188
1,145,640
Income funds
Restricted funds
15
9,771
6,024
Unrestricted funds
1,801,417
1,139,616
1,811,188
1,145,640

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 9 October 2024
Patricia Cargill
Chair of Trustees
Company Registration No. 03123142
CARERS FEDERATION LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(87,202)
(314,688)
Investing activities
Purchase of tangible fixed assets
(17,245)
(80,327)
Investment income received
14,058
3,112
Net cash used in investing activities
(3,187)
(77,215)
Net cash used in financing activities
-
-
Net decrease in cash and cash equivalents
20
(90,389)
(391,903)
Cash and cash equivalents at beginning of year
823,455
1,215,358
Cash and cash equivalents at end of year
733,066
823,455
CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Charity information

Carers Federation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Christopher Cargill House, 21-23 Pelham Road, Nottingham, NG5 1AP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the accounts and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.

 

The actuarial valuation of the defined benefit scheme at 31 March 2024 indicates a surplus of £553,000. This has a significant impact on unrestricted funds, however we draw your attention to the cash reserves held by the charity of £733,066.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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

1.4
Income

Grants for immediate expenditure are accounted for when they become receivable.

 

Grants received for specific purposes are treated as restricted funds.

 

Grants restricted to future accounting periods are deferred and recognised in those periods.

Donations and voluntary income are credited to the income and expenditure account when they are received.

CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Property:
Structure & roof
1% straight line
Windows & doors
4% straight line
Heating & boiler
7% staright line
Kitchen, toilets & lift
5% straight line
Fixtures & fittings
20% & 4% straight line
Office equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6
Impairment of fixed assets

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

1.7
Employee benefits

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

 

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

1.8
Retirement benefits

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.9
Leases

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

1.10

Pensions

The company participates in a multi employer defined benefit scheme administered by Nottinghamshire County Council (Nottinghamshire Admission Agreement ETC Pension Fund). The amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. The interest cost on the expected return on assets are shown as a net amount in other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in the statement of total recognised gains and losses.

 

The defined benefit scheme is funded, with the assets of the scheme held separately from those of the company. Pension scheme assets are measured at fair value and liability are measured on an actuarial basis using the projected unit method. Full actuarial valuations are obtained periodically and are updated at each balance sheet date. The most recent full actuarial valuation is dated 31 March 2024. This valuation has been rolled forward using financial assumptions that comply with FRS 102. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the balance sheet.

 

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to the scheme are charged as an expense as they fall due.

1.11

Government grants

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

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2
Critical accounting estimates and judgements

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Charitable activities

 

 

2024
2023
£
£

Contract income - local authority

557,646
424,049

Contract income - Other

92,981
52,150
650,627
476,199
Analysis by fund
Unrestricted funds
626,627
465,889
Restricted funds
24,000
10,310
650,627
476,199
4
Other trading activities
2024
2023
£
£

Training income

68,792
89,480
5
Other income
2024
2023
£
£
Electricity generation
5,073
3,675
Room hire
-
3,000
Office rental
45,356
28,129
Other
1,422
3,803
51,851
38,607
CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
6
Charitable activities
2024
2023
£
£
Staff costs
602,618
619,858
Premises costs
50,708
49,076
Administrative costs
149,028
284,401
802,354
953,335
Share of governance costs (see note 7)
29,359
26,911
831,713
980,246
Analysis by fund
Unrestricted funds
796,881
946,814
Restricted funds
34,832
33,432
831,713
980,246
7
Governance costs
2024
2023
£
£
Staff costs
22,407
21,497
Audit and accountancy fees
6,592
4,692
Board costs
360
722
29,359
26,911
8
Expenditure on other trading activities
2024
2023
£
£
Training costs
68,792
152,100
68,792
152,100
CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
9
Employees
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
18
19
Employment costs
2024
2023
£
£
Wages and salaries
537,033
592,479
Social security costs
38,863
45,124
Other pension costs
61,064
85,966
636,960
723,569
Remuneration of key management personnel
The remuneration of key management personnel is as follows:
Aggregate compensation
68,503
66,603
The number of employees whose annual remuneration was £60,000 or more were:
2024
2023
Number
Number
£60,001 to £70,000
1
1
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11
Trustee remuneration and expenditure

The members of the Board of Trustees received £nil remuneration during the year (2023: £nil).

 

During the year, expenses in relation to communications, subscriptions, subsistence and travel were reimbursed to 5 trustees (2023: 5 trustees) or paid directly to third parties totalling £360 (2023: £722)

CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
12
Tangible fixed assets
Freehold property
Fixtures & fittings
Office equipment
Total
£
£
£
£
Cost
At 1 April 2023
929,881
99,733
55,440
1,085,054
Additions
13,918
3,327
-
17,245
At 31 March 2024
943,799
103,060
55,440
1,102,299
Depreciation and impairment
At 1 April 2023
392,136
80,932
47,732
520,800
Depreciation charged in the year
12,381
1,509
3,854
17,744
At 31 March 2024
404,517
82,441
51,586
538,544
Carrying amount
At 31 March 2024
539,282
20,619
3,854
563,755
At 31 March 2023
537,745
18,801
7,708
564,254

On 5 June 2018, the freehold property at Christopher Cargill House, 21-23 Pelham Road, Nottingham, NG5 1AP was valued at £525,000. The valuation was on an open market basis and was made by Steve Holland MRICS of Innes England.

 

The trustees are of the opinion that the net book value of freehold property as stated in the accounts is an accurate valuation as at 31 March 2024.

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
113,604
23,668
Other debtors
2,361
492
Prepayments and accrued income
7,746
14,470
123,711
38,630
CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
10,710
10,613
Deferred income
117,735
47,938
Trade creditors
18,046
3,740
Other creditors
7,976
9,135
Accruals
7,877
5,273
162,344
76,699

Deferred income is in relation to training courses paid for in advance.

CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
15
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
1 April 2023
Incoming resources
Resources expended
Balance at
31 March 2024
£
£
£
£
£
£
£
£
Carers' Hub Service Donations
5,074
8,057
(7,826)
-
5,305
2,897
(5,953)
2,249
Awards for All
-
-
-
-
-
7,430
(5,174)
2,256
Masonics
4,266
5,000
(7,418)
(1,128)
720
-
(720)
-
Carers Hub
-
-
-
-
-
10,500
(10,000)
500
Western Power
3,633
-
(3,553)
(80)
-
-
-
-
Young Carers Employment Support
8,325
-
(8,325)
-
-
-
-
-
Cost of living fund
-
-
-
-
-
1,070
(1,070)
-
F&CL Fund
-
5,310
(5,310)
-
-
-
-
-
Other Fund
-
1,000
(1,000)
-
-
-
-
-
Digital Notts
-
-
-
-
-
5,000
(4,060)
940
Gedling Community Group
-
-
-
-
-
1,691
-
1,691
Carers' Hub National Grid Fund
-
-
-
-
-
9,990
(7,855)
2,135
21,298
19,367
(33,432)
(1,208)
6,025
38,578
(34,832)
9,771

The Carers' Hub Service Donations was established to provide enhanced support to young carers over and above what is possible under the contract with Nottingham City Council.  The fund balance consists of restricted donations provided for this purpose.

 

Awards For All is working in partnership with three primary schools in deprived areas of Nottingham City to identify and support hidden young carers (5-11 years). The project’s aims to reduce, or improve, the caring role of the young carer, lessen isolation, and increase possibilities to link with other young carers. Outcomes include improved school attendance, educational attainment, and support with key life transitions.

 

Masonics aims to deliver online cookery courses during lockdown for the Young Carers.

 

Carers Hub is an opportunity for carers and various organisations to apply for funding toward setting up Carers Groups in and around Nottingham and Nottinghamshire.

CARERS FEDERATION LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Restricted funds
(Continued)
- 21 -

Western Power was established to support families that are experiencing Fuel Poverty by buying  them essentials to keep warm, such as quilts , hot water bottles etc and to purchase light bulbs.

 

Young Carers employment Support was established to give Young Carers access to Laptop use in the training room whilst looking for employment / apprenticeships etc.

 

Cost of living fund - to work with YC’s in Nottinghamshire to facilitate and provide Nutrition and cookery workshops both face to face and online.

 

New restricted funding were secured from F&CL Fund and other sources (that wanted to stay anonymous) to support the delivery of the services to Young Carers.

 

Digital Notts - to support carers who are digitally excluded to become trained by digital champions around being able to access Health APPS and the NHS APP to improve their own wellbeing, alongside upskilling around job searches applications etc.

 

Gedling Community Group - To support the Gedling group of Carers in having a break from their caring role by organising various trips out and access to health and wellbeing activities.

 

Carers' Hub National Grid Fund - was awarded to reduce fuel poverty and provide warm packs (which include energy bulbs, draft insulations, radiator keys, warm blanket, hand warmer and radiator reflector foil) to carers in preparation for cold weather (winter months) alongside providing professional advice and information sessions for carers on how to reduce energy costs and changing energy providers (much the same as Western power).

CARERS FEDERATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
16
Retirement benefit schemes
Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the statement of financial activities in respect of defined contribution schemes was £14,730 (2023: £15,552).

Defined benefit schemes

The company operates a defined benefit statutory scheme. The most recent comprehensive rolled on actuarial valuation report was carried out on 31 March 2024 by Barnett Waddingham.

Value of scheme assets and liabilities:
2024
2023
£
£
Market value of assets
8,179,000
7,460,000
Present value of scheme liabilities
(7,626,000)
(7,664,000)
Surplus / deficit in scheme
553,000
(204,000)
Net pension asset / (liability)
553,000
(204,000)
Interest recognised as an expense:
9,000
190,000
Actuarial gains/(losses):
766,000
6,229,000
Principal actuarial assumptions:
Discount rates
4.95%
4.80%
Pension increases
2.85%
2.90%
Salary increases
3.85%
3.90%
CARERS FEDERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
17
Operating lease commitments

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

2024
2023
£
£
Within one year
5,174
1,670
Between two and five years
1,512
-
6,686
1,670

 

18
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
563,755
-
563,755
564,254
-
564,254
Current assets/(liabilities)
684,662
9,771
694,433
779,361
6,025
785,386
Provisions and pensions
553,000
-
553,000
(204,000)
-
(204,000)
1,801,417
9,771
1,811,188
1,139,615
6,025
1,145,640
19
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

CARERS FEDERATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
20
Cash generated from operations
2024
2023
£
£
Surplus for the year
(100,453)
(515,891)
Adjustments for:
Investment income recognised in statement of financial activities
(14,058)
(3,112)
Depreciation and impairment of tangible fixed assets
17,744
24,654
Difference between pension charge and cash contributions
766,000
6,229,000
Movements in working capital:
(Increase)/decrease in debtors
(85,081)
33,397
Increase/(decrease) in creditors
15,848
(1,182,769)
Increase/(decrease) in deferred income
69,797
(17,434)
Cash generated from operations
669,797
4,567,845
21
Analysis of changes in net funds
At 1 April 2023
Cash flows
At 31 March 2024
£
£
£
Cash at bank and in hand
823,455
(90,389)
733,066
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