2009_annual_accounts

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					ANNUAL ACCOUNTS 2007 / 2008
                       ...because Nugent Cares
CONTENTS

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        7

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        9

      10




      NUGENT CARE
    11-19



                                                 DIRECTOR OF OPERATIONS



                                                 DIRECTOR OF BUSINESS SUPPORT



                                                 BANKERS
      PRESIDENT AND CHAIRMAN OF TRUSTEES
                  LEGAL & ADMINISTRATIVE INFORMATION




                                                 SOLICITORS
                  TRUSTEE’S REPORT




      TRUSTEES
                  REPORT OF THE INDEPENDENT AUDITORS




                                                 INVESTMENT ADVISORS
                  STATEMENT OF FINANCIAL ACCOUNTS

                  BALANCE SHEET

                  CASH FLOW STATEMENT




      CENTRAL GOVERNING BODY
                  NOTES ON THE ACCOUNTS




                                                 INSURANCE BROKERS
                                                 Ms. E. Byrne MBA, BA, RGN, DPSN
      LEGAL & ADMINISTRATIVE




                                                 AUDITORS
      INFORMATION
                                                 Mr. M Roche FCMA (appointed August 2007)
      REGISTERED CHARITY NUMBER 222930

                                                 HSBC Bank plc, 4 Dale Street, Liverpool L69 2BZ




2
                                                 HEAD OFFICE
      CHIEF EXECUTIVE
      Most Rev. P. Kelly KCHS, STL, PhL
      Archbishop of Liverpool
                                                 Hill Dickinson
                                                 Pearl Assurance House, 2 Derby Square, Liverpool L2 9XX
      Ms. E. Dodds,
      Most Rev. P. Kelly,
                                                 Martin Currie Investment Management Limited
      Mr. K. McAdam,
                                                 Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES
      Major M. Drew,
      Ms. R. Murdoch
                                                 BlackRock Investment Managers
                                                 33 King William Street, London EC4R 9AS
      Mr. A. Akingbehin,
      Mr. M. Boardman,
                                                 Catholic Church Insurance Association
      Monsignor P. Cookson,
                                                 2 Prebendal Court, Oxford Road, Aylesbury,
      Mr. K. Cawdron ,
                                                 Bucks. HP19 6EY
      Ms. E. Dodds,
      Ms. K. Dodson,
      Major M. Drew,
                                                 Malthouse & Company, Chartered Accountants
      Most Rev. P. Kelly,
                                                 and Registered Auditors,
      Mr. K. McAdam,
                                                 America House, Rumford Court, Rumford Place,
      Ms. R. Murdoch,
                                                 Liverpool L3 9DD
      Bishop T. Williams


                                                 99 Edge Lane, Liverpool L7 2PE
      Ms. K. Pitt MBA, DMS, CQSW, DASS
NUGENT CARE



                                                               OBJECTIVES AND ACTIVITIES




STRUCTURE GOVERNANCE AND MANAGEMENT
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2008




TRUSTEES’ REPORT FOR THE YEAR
ENDED 31 MARCH 2008

The Trustees submit their annual report and audited
financial statements of the Charity for the year ended         The objectives of the Charity are to provide for the:
31 March 2008. The financial statements have been
prepared in accordance with the accounting policies set out    • Relief and care of children through the provision of an
on page 11 and comply with the Charity’s Trust Deed and          adoption service;
the provisions of the Statement of Recommended Practice
(SORP) “Accounting and Reporting by Charities” issued in       • Provision of residential establishments and/or supportive
2005.                                                            community services for families, parents and children;

                                                               • Advancement of education and religion (in accordance
Nugent Care is a registered, unincorporated charity founded      with the Roman Catholic Foundation of the Charity)
in 1881 and constituted under an original Trust Deed dated       through its specialist schools, residential establishments
1889 and revised in May 1906, April 1924, September 1976,        and community based provision;
March 2002 and December 2005. The 2005 Trust Deed
incorporated the appropriate amendments to enable the          • Support and improvement of the quality of life of people
Charity to change its name to ‘Nugent Care’ from ‘The            with physical and/or learning disabilities through the
Nugent Care Society’.                                            provision of residential establishments and supportive
                                                                 community services, including day provision and listening
The Trustees direct the work of the Charity through the          and advocacy services;
Governing Body.
                                                               • Provision of residential establishments and supportive
The Governing Body advises the Trustees on all matters           community services for older people; and
relating to the charitable functions and service provision




                                                                                                                               3
activities of Nugent Care. Within policies determined by the   • Support of such other charitable purposes for the
Trustees, the Governing Body has delegated powers to             furtherance of education or the relief of poverty or
oversee the management of the Charity, including                 suffering of those in need as the Trustees from time to
professional issues relating to operation of services,           time think fit.
staffing, training and financial management and control.
                                                               The Trustees are satisfied that the objectives of the Charity
The names of the Trustees and Governors are shown on           are being met in the range of activities that it undertakes.
page 2.                                                        The Trustees believe that the Charity’s well founded
                                                               reputation for excellence in the services it provides in the
The Archbishop of Liverpool, in accordance with the powers     North West will enable it to meet any emerging needs in the
vested in him by the Trust Deed, appoints all Trustees.        future in continuing advancement of its objectives.

The Trustees, in accordance with the powers vested in them
by the Trust Deed, appoint all members of the Governing
Body. Governing Body members are recruited via an Equal
Opportunities recruitment process to ensure a balance of
skills and experience to oversee strategic and operational
objectives.

All new Trustees and Governors undergo an induction
process, and ongoing training is provided.

Nugent Care is intrinsically linked with the Roman Catholic
Archdiocese of Liverpool and has the incumbent Archbishop
serving as a Trustee. This link is a major influence on the
ethos, culture and objectives of the Charity. Within this
relationship, the Archdiocese has also conveyed properties
for use by the Charity in providing residential schools and
homes.




                                                                                     ...because Nugent Cares
    STAFF AND VOLUNTEERS                                             NEW SERVICES




                                                                     • Branching Out Nursery, Skelmersdale, Lancashire


    ACHIEVEMENTS AND PERFORMANCE

                                                                     • Knowsley Supported Volunteering Project

    CHILDREN AND YOUNG PEOPLE




                                                                     • The Lichfield Project – a supported living project for
    TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2008




                                                                     • Nugent Community Choices – enables Nugent Care to


                                                                     EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF
                                                                     DISABLED PERSONS
    ADULTS RESIDENTIAL CARE
    The Trustees wish to record their appreciation to all staff      In addition, the following new and innovative services
    and volunteers for their expertise, and unstinting efforts and   became firmly established in the Nugent Care portfolio:
    dedication. Through this dedication, Nugent Care is able to
    reach out and meet the needs of so many people in our
    community and make a real difference to their lives.               – This project was set up in partnership with Lancashire
                                                                       SureStart and Early Years service to provide a 52 place day




    COMMUNITY
                                                                       nursery for children up to the age of 5.
    During 2007-08 Nugent Care achieved the following in
    relation to its core activity:
                                                                       – This project is set up in conjunction with Knowsley
                                                                       Council day services providing volunteering opportunities
    • Special education each term for 98 children and young            for adults with a learning disability. This is a time limited
      people with behavioural difficulties.                            project funded through Knowsley Council.
    • 24-hour residential care and support for 154 children and
      young people, which includes respite services and short
      term placements.                                                 individuals with learning difficulties. This is a contracted
                                                                       service through Sefton Council
    • Adoption placements for 2 children, 20 home study
      assessments for inter-country adoptions, 2 assessments
      for domestic adoptions, and support to 94 enquiries from
                                                                       offer domiciliary care in Sefton and Liverpool
      adopted adults and birth relatives.
    • Nursery placements for 170 children

                                                                     Employees are consulted and informed on issues of concern
    • 24-hour residential care and support for 66 older people.      to them by means of regular staff meetings, team briefing
    • 24-hour residential care and support for over 86               newsletters and senior management team member visits to
      individuals with mental health and physical difficulties.      projects. The Charity carries out an exit interview for all
                                                                     staff leaving the organisation.




4
    • 24-hour residential care and support for 25 individuals
      with learning difficulties.
                                                                     The Charity has a positive approach to the employment of
                                                                     disabled persons. It ensures that all people with disabilities
    • Horticultural programmes for 17 individuals with learning      have proper access to their right to Equal Opportunities, not
      disabilities.                                                  only to enter employment with the Charity but also to
                                                                     progress their career and achieve their individual potential.
    • Supporting up to 500 volunteers and their community
      activities.
                                                                     The Charity’s systems are effective and rigorous in their
    • Providing a welfare and material aid service to over 1,306     compliance with statutory requirements and clearly defined
      individuals in need (including people who are homeless).       procedures are in place to ensure fair and equitable
    • Providing a community support service to over 446              consideration in the selection process for disabled
      individuals with learning difficulties and their carers.       applicants.
    • Providing a community support service to over 1,100 older
      people.                                                        The Charity is committed to maintaining equality of
                                                                     opportunity for the training and career development needs
    • Providing a community support service to 1,197 Deaf and
                                                                     of disabled persons. For those colleagues in-service who
      hearing impaired people.
                                                                     become disabled every effort is made, including re-training
    • Providing housing related support to 328 people.               and other reasonable adjustments where appropriate, to
    • Providing a service offering advice and grant aid on           facilitate their continued employment as members of the
      affordable warmth to 2,866 people.                             Charity’s staff.
    • Providing housing support to 12 people with learning
      disabilities.
    • Providing individualised community and day service
      support to 83 people with learning disabilities.
    • Providing support and accommodation to 77 people on the
      Drug Intervention Project
FINANCIAL REVIEW




RESERVES POLICY
                                                                 INVESTMENTS
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2008




                                                                 EXPENDITURE
                                                                 numbers of children being referred for residential care in
Nugent Care is a charitable trust with activities dependent      favour of foster placement, income from this source has




                                                                 SURPLUS/DEFICIT
on donations, legacies and other charitable gifts. It also       increased this year from £6,230,000 to £6,643,000.
functions as a service provider, managing fees and grants
from statutory bodies for specific activities, projects and      The income from Donations decreased by 14% to £120,000
services.                                                        in 2008 (£139,000 was raised in 2007). Legacies also
                                                                 reduced from £28,000 in 2007 to £4,000 in 2008.

Reserves are held to enable Nugent Care to meet its legal
and moral commitments to the people it serves and its            Our investment portfolio decreased in value by 6% to
obligations as a good employer. The specific purposes of the     £9,928,000 (2007 – £10,577,000) this was due to poor
reserves held are to enable the Trustees to:                     worldwide market conditions, and as a comparison the
• Cover the financial risks involved in providing the level of   FTSE 100 dropped circa 10% over the same period.
  services and activities already approved.                      Although the investment capital value has reduced, the
• Provide for the development of existing and new services       portfolio still managed to produce a healthy income stream
  appropriate for the Charity.                                   of £459,000, which was above plan, to support our charitable
                                                                 activities.
• Meet the shortfall between expected levels of fundraising
  and the economic cost of activities wholly or partially
  dependent on voluntary funds.
                                                                 Total resources expended during the year increased slightly
                                                                 from £20,572,000 to £20,593,000. There was an increase in
The Trustees consider and review the appropriate
                                                                 expenditure of 7% on the Special Schools. Expenditure on
requirements for free reserves (being those unrestricted
                                                                 Residential Homes and Individual Day Services however
funds not expended on fixed assets, designated for specific
                                                                 reduced by 3% with the revenue remaining flat year over
purposes or otherwise committed).




INCOME
                                                                 year.
Disregarding the pension-funding deficit calculated under
FRS17 (see note 20), and after deducting designated funds
                                                                 The statement of financial activities shows an operational
(see note 13), uncommitted reserves freely available for
                                                                 deficit of £253,000 compared to a deficit of £486,000 in 2007.




                                                                                                                                  5
current activities decreased by £473,000 this year to
                                                                 The main reason for this result is commented on above,
increase the accumulated deficit to £1,796,000.
                                                                 being the continued weakness in placements by Local
                                                                 Authorities in our children’s homes and the lack of an
The Trustees have assessed the attendant risks and are
                                                                 inflationary fee increase from some local authorities.
satisfied that, given that the Charity’s operations are
substantially funded from statutory sources, the level of
                                                                 The operational deficit represents a drop in performance
resources is sufficient to meet them.
                                                                 compared to budgeted projections for the year. Nugent Care
                                                                 continues to operate within a difficult financial environment
Total Unrestricted Funds as shown in the accounts include a
                                                                 as a result of the financial constraints placed on Local
funding deficit of £5,785,000 (2007 – £2,260,000) calculated
                                                                 Authorities with regard to the funding of adult homes and
under FRS17 in respect of the Charity’s Merseyside Defined
                                                                 within children’s homes, with the continued reduction in
Benefit Pension Scheme for non-teaching staff. The
                                                                 children referred for residential placement.
Trustees believe that this funding calculation, which can
vary considerably between surplus and deficit according to
                                                                 The Trustees regularly review operations to ensure that
the assumptions made at each year- end, has no material
                                                                 there is no jeopardy to the Charity’s objectives and that the
effect on the Charity’s cashflows in the short term, and that
                                                                 level of approved deficit funding of some services provided is
in the longer term its effects are sustainable out of future
                                                                 consistent with the longer term objective stated in the
income. For this reason they consider that it should be
                                                                 reserves policy.
disregarded for reserves policy purposes.


Total incoming resources for the year increased from
£20,086,000 to £20,340,000. Once again, our special schools
generated increased income – an increase of £413,000 this
year compared with an increase of £102,000 in 2007.
Although we continue to experience difficulties in our
children’s homes as a result of further reduction in the




                                                                                       ...because Nugent Cares
    INVESTMENT POLICY




                                                                      EXISTING SERVICES – MAJOR CAPITAL WORKS




                                                                      NEW SERVICES
    TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2008




                                                                      LAND DISPOSAL




                                                                      TRUSTEES AND THEIR STATUTORY RESPONSIBILITIES

    RISK ASSESSMENT AND MANAGEMENT
                                                                      In making applications for new services, the service will be
    The Trust Deed gives the Trustees unrestricted powers to          assessed for its adherence to Nugent Care’s philosophies,
    determine investment policy.                                      strategic direction and objectives.

    The Trustees appoint investment managers and have agreed
    arrangements for reviewing and assessing their                    • St Thomas More Site – Plans for this site became
    performance and portfolio selection. All investment                 disrupted at the end of the financial year and research is
    decisions are delegated to the appointed investment                 ongoing about its future. There is planning permission on
    managers, but must comply with Nugent Care’s ethical                the site for a residential development.
    considerations.                                                   • Kelton Grange – The redevelopment of Kelton Grange to
                                                                        continue to provide a current service for the residents at
    Nugent Care’s ethical investment policy states that no              St. Joseph’s will be completed by September 2008. The St.
    investments are knowingly to be made in any company                 Joseph’s building will be returned to the Sisters of Nazareth.
    which generates more than 10% of turnover from military
    activity, the production of anything which threatens the
    sanctity of life or the production of pornography.                • Nugent Care plans to develop 2 new services in the




    PLANS FOR THE FUTURE
                                                                        coming financial year.
    The investment objective of the Trustees is to limit the risks
    to which the Charity is exposed through its stockholdings,
    whilst maintaining the portfolio’s capital valuation in real      • Nugent Care intends to dispose of the property at 10 and 12
    terms, and to provide an income stream to support                   Holly Road, Liverpool, which will bring a capital receipt.
    charitable objectives. The instructions to the investment
    managers reflect this objective.
                                                                      The Trustees of Nugent Care are responsible for the
                                                                      preparation of financial statements for each financial year,
    The Trustees examine and review the significant strategic,        which give a true and fair view of the Charity’s financial
    financial and operational risks that the Charity faces. They      activities during the year and of its financial position at the end
    have established systems and structures for ongoing               of the year. In preparing financial statements giving a true and
    identification and monitoring of risks, and have provided for     fair view, the Trustees should follow best practice and:




6
    regular written reports relating to the operations and            • Select suitable accounting policies and then apply them
    finances of the Charity in all relevant respects.                   consistently;
                                                                      • Make judgements and estimates that are reasonable and
    The Trustees have regard to the recommendations contained
                                                                        prudent;
    in ‘Internal Control – Guidance for Directors on the Combined
    Code’ published by the Internal Control Working Party of the      • State whether applicable accounting standards and
    Institute of Chartered Accountants in England and Wales (the        Statements of Recommended Practice have been
    Turnbull report) in pursuit of sound Corporate Governance.          followed, subject to any departures disclosed and
    The Trustees are satisfied that all reasonable steps are being      explained in the financial statements;
    taken to manage all identified risks.                             • Prepare the financial statements on the going concern
                                                                        basis unless it is inappropriate to presume that the
                                                                        Charity will continue in operation.
    Nugent Care aims to continue to serve the needs of its
    community through the provision and adaptation of existing        The Trustees are responsible for keeping accounting records
    services and the development of new services. Some major          which disclose with reasonable accuracy the financial
    capital development works to improve existing services will       position of the Charity and which enable them to ensure
    be completed or started in the 2008-09 financial year, as set     compliance with the Charity’s Trust Deed and applicable law.
    out below.
                                                                      The Trustees are also responsible for safeguarding the
    The Trustees, however, acknowledge that in relation to            assets of the Charity and hence for taking reasonable steps
    existing services difficult decisions may have to be made in      for the prevention and detection of fraud and other
    relation to services that cannot attract sufficient income to     irregularities.
    be economically viable.
                                                                      Approved by the Trustees and signed on their behalf by:
    All new services will be fully self-funded through a variety of
    income streams such as grants, fees and tender bids. All
    new services will be fully self-funded through a variety of
    income streams such as grants, fees and tender bids. Also,        MOST REV. PATRICK KELLY KCHS, STL, PhL
    all new services will be of a community or supported living       ARCHBISHOP OF LIVERPOOL, CHAIRMAN
    nature, or be highly specialist residential services.             3rd September 2008
TO THE TRUSTEES OF NUGENT CARE                                   BASIS OF AUDIT OPINION
REPORT OF THE INDEPENDENT AUDITORS



REPORT OF THE INDEPENDENT
AUDITORS




                                                                 OPINION
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND
AUDITORS
We have audited the financial statements of Nugent Care for      We conducted our audit in accordance with International
the year ended 31 March 2008, which comprise the                 Standards on Auditing (UK and Ireland) issued by the
Statement of Financial Activities, Balance Sheet, Cash Flow      Auditing Practices Board. An audit includes examination,
Statement and the related notes. These financial                 on a test basis, of evidence relevant to the amounts and
statements have been prepared under the historical cost          disclosures in the financial statements. It also includes an
convention as modified by the revaluation of certain fixed       assessment of the significant estimates and judgements
assets and in accordance with the accounting policies            made by the Trustees in the preparation of the financial
                                                                 statements, and of whether the accounting policies are




                                                                 MALTHOUSE & COMPANY
set out therein.
                                                                 appropriate to the Charity's circumstances, consistently
This report is made solely to the Trustees in accordance         applied and adequately disclosed.
with Section 44 of the Charities Act 1993. Our audit work
has been undertaken so that we might state to the Trustees       We planned and performed our audit so as to obtain all the
those matters we are required to state to them in an             information and explanations which we considered
auditors’ report and for no other purpose. To the fullest        necessary in order to provide us with sufficient evidence to
extent permitted by law, we do not accept or assume              give reasonable assurance that the financial statements are
responsibility to anyone, other than the Charity and its         free from material misstatement, whether caused by fraud
Trustees, for our audit work, for this report or for the         or other irregularity or error.
opinions we have formed.
                                                                 In forming our opinion we also evaluated the overall
We have audited the financial statements on pages 11 to 28,      adequacy of the presentation of information in the financial
which have been prepared in accordance with the                  statements.
accounting policies set out on pages 14 to 16.

                                                                 In our opinion the financial statements give a true and fair




                                                                                                                                   7
                                                                 view in accordance with United Kingdom Generally Accepted
The Trustees’ responsibilities for preparing the Trustees’       Accounting Practice of the state of the Charity's affairs as at
Annual Report and the financial statements in accordance         31 March 2008 and of its incoming resources and
with applicable law and United Kingdom Accounting                application of resources in the year then ended and have
Standards (United Kingdom Generally Accepted Accounting          been properly prepared in accordance with the provisions of
Practice) are set out in the Statement of Trustees’              the Charities Act 1993.
Responsibilities on page 6.

We have been appointed as auditors under section 43 of the
Charities Act 1993 and report in accordance with regulations
made under section 44 of that Act. Our responsibility is to      Registered Auditors & Chartered Accountants,
audit the financial statements in accordance with relevant       America House,
legal and regulatory requirements and International              Rumford Court,
Standards on Auditing (UK and Ireland).                          Rumford Place,
                                                                 Liverpool. L3 9DD
We report to you our opinion as to whether the financial
statements give a true and fair view and are properly
prepared in accordance with the Charities Act 1993. We
also report to you if, in our opinion, the Trustees’ Annual
Report is not consistent with the financial statements, if the
Charity has not kept proper accounting records, or if we         3rd September 2008
have not received all the information and explanations we
require for our audit.

We read other information contained in the Trustees’ Annual
Report and consider whether it is consistent with the
audited financial statements. We consider the implications
for our report if we become aware of any apparent
misstatements or material inconsistencies with the
financial statements. Our responsibilities do not extend to
any other information.


                                                                                       ...because Nugent Cares
                      INCOMING RESOURCES
    STATEMENT OF FINANCIAL ACTIVITIES




                      TOTAL INCOMING RESOURCES
    FOR THE YEAR ENDED 31 MARCH 2008




                      RESOURCES EXPENDED
      As restated                                         Note   Unrestricted   Restricted    2008
             2007                                                     Funds        Funds      Total
                £                                                          £            £         £




                      TOTAL RESOURCES EXPENDED
             000s                                                       000s         000s      000s




                      NET INCOMING/(OUTGOING)
                      Incoming Resources from:




                      RESOURCES FOR THE YEAR
           19,565     Charitable Activities               (4)         19,595           32    19,627
                      Incoming Resources from




                      OTHER RECOGNISED GAINS
                      Generated Funds:




                      AND LOSSES
              167     Donations and Legacies              (2)            124             -      124
              299     Investment Income                   (3)            459             -      459
                      Net Finance Gain on defined
               55     Benefit Pension Scheme              (20)           130             -      130


           20,086                                                     20,308           32    20,340




                      NET MOVEMENT IN FUNDS
                      Costs of Generating Funds:
               97     Fundraising and Publicity                          107             -      107




                      FUND BALANCES BROUGHT
           20,402     Charitable Activities               (5)         20,392           70    20,462




                      FORWARD AT 1 APRIL 2007
               73     Governance Costs                    (6)             24             -       24




8
                      FUND BALANCES CARRIED
           20,572                                                     20,523           70    20,593




                      FORWARD AT 31 MARCH 2008
             (486)                                                      (215)         (38)    (253)




              152     Fund Balances                                         -           9         9
              973     Proceeds from Sale of Property                        -            -        -
                 -    Other Recognised Loss               (26)          (265)            -    (265)
              462     Investment Gains/(Losses)           (9)           (743)            -    (743)
                      Actuarial Gain/(Losses) on
            1,298     Defined Benefit Pension Scheme      (20)        (3,463)            -   (3,463)


            2,399                                                     (4,686)          29    (4,715)




           11,740                                                     13,840          299    14,139




           14,139                                         (15)         9,154          270     9,424


    The notes on pages 12 to 19 form part of these accounts.
                              FIXED ASSETS




                              CURRENT ASSETS




                              CREDITORS: Amounts falling due
BALANCE SHEET AT 31 MARCH 2008




                              NET CURRENT LIABILITIES


                              TOTAL ASSETS LESS CURRENT
                              LIABILITIES
         2007                                                  Note                             2008
         £            £                                                                    £             £
      000s         000s                                                                 000s           000s


     6,752                    Tangible Fixed Assets            (8)                                 6,710




                              UNRESTRICTED FUNDS
    10,577                    Investments                      (9)                                 9,928
    17,329                                                                                        16,638



                     30       Investments                      (10)                       61
                  1,639       Debtors                          (11)                    1,497




                              NET UNRESTRICTED FUNDS
                  1,669                                                                1,558



                 (2,599)      within one year                  (12)                   (2,987)


     (930)                                                                                        (1,429)



    16,399                                                                                        15,209
    (2,260)                   Defined Benefit Pension Scheme Deficit                              (5,785)




                                                                                                              9
    14,139                    NET ASSETS                       (16)                                9,424



    17,423                    Designated                       (13)                               16,735
    (1,323)                   General                          (15)                               (1,796)
    16,100                                                                                        14,939
    (2,260)                   Pension Reserve (Deficit)        (15)                               (5,785)


    13,840                                                                                         9,154


       299                    RESTRICTED FUNDS                 (14)                                    270
    14,139                    TOTAL FUNDS                      (15)                                9,424




MOST REV. PATRICK KELLY KCHS, STL, PhL CHAIRMAN




MS. K. PITT MBA, DMS, CQSW, DASS CHIEF EXECUTIVE


These financial statements were approved by the Trustees on 3rd September 2008.
The notes on pages 12 to 19 form part of these accounts.



                                                                                  ...because Nugent Cares
                                    NET CASH INFLOW/(OUTFLOW) FROM
                                    OPERATING ACTIVITIES, DONATIONS
                                    AND LEGACIES




                                    RETURNS ON INVESTMENT AND
                                    SERVICING OF FINANCE
     CASH FLOW STATEMENT
     FOR THE YEAR ENDED 31 MARCH 2008




                                    CAPITAL EXPENDITURE AND
                                    FINANCIAL INVESTMENT
                  2007                                                      Note           2008
              £             £                                                         £              £
           000s          000s                                                      000s           000s




                                    MANAGEMENT OF LIQUID RESOURCES
                         (983)      From Operating Activities                      (170)
                          167       From Donations and Legacies             (2)     124
                            -       Less Bequeathed Property                          -
          (816)                                                             (18)                   (46)




                                    INCREASE/(DECREASE) IN CASH IN THE YEAR


                                    CHANGE IN NET FUNDS
                          299       Dividends Received                      (3)     459




                                    NET FUNDS AT 31 MARCH 2007
            299                                                                                    459




                                    NET FUNDS AT 31 MARCH 2008
                          (58)      Investments During Year                 (9)     (27)
                                    Payments to Acquire Tangible
                         (278)      Fixed Assets                            (8)    (527)




10
                                    Receipts from Sales of Tangible
                          973       Fixed Assets                                      -
            637                                                                                   (554)



                                    Increase/(Reduction) in Current Asset
                            7       Investments                                     (31)
              7                                                                                    (31)
            127                                                                                   (172)


            127                                                             (19)                  (172)


          (963)                                                                                   (836)


          (836)                                                                               (1,008)




     The notes on pages 12 to 19 form part of these accounts.
1. ACCOUNTING POLICIES
       NOTES ON THE ACCOUNTS AT 31 MARCH 2008



                                                                          (f) Fundraising Costs
                                                                              Fundraising expenses include the salaries and overhead costs
  (a) Accounting Convention
                                                                              of the staff that undertake fundraising activities.
      The accounts have been prepared under the historical cost
      convention, as modified by the inclusion of investments at          (g) Funds
      market value, and in compliance with applicable accounting              Restricted Funds are funds which are to be used in
      standards. The accounts have also been prepared in                      accordance with specific restrictions as laid down by the
      accordance with the Statement of Recommended Practice:                  donor. Expenditure that meets the criteria is identified to the
      SORP 2005 “Accounting and Reporting by Charities” (2005),               fund.
      and in accordance with the Charities Act 1993.
                                                                             Unrestricted Funds are incoming resources received or
  (b) Incoming Resources                                                     generated which the Trustees are free to use for any purpose
      Income is recognised gross in the period in which the Charity          in furtherance of the charitable objectives.
      is entitled to the receipt and where the amount can be
                                                                             Designated Funds are unrestricted funds earmarked by the
      measured with reasonable certainty. Donations are included
                                                                             Trustees for particular purposes.
      as income in the Statement of Financial Activities when
      received. Legacies are included in the Statement of Financial          The Repairs/Equipment Renewals Fund represents funds set
      Activities when receivable.                                            aside out of unrestricted funds by the Trustees to meet future
                                                                             costs of providing specialised equipment and vehicles at two
  (c) Resources Expended
                                                                             of the Charity’s nursing homes. Transfers are made to and
      Expenditure is accounted for as it is incurred. It is included
                                                                             from the fund as and when required.
      gross, including Value Added Tax where applicable, in respect of
      all known items at the accounting date. All expenditure is             The Tangible Fixed Asset Fund represents the net book value
      accounted for on an accruals basis and has been classified             of tangible fixed assets. Each year an amount is transferred to
      under headings that aggregate all costs related to the category.       or from the fund representing the movement in the net book
                                                                             value of tangible fixed assets in the year.
     The relevant Statement of Recommended Practice, covering
     accounting by charities, requires that costs be identified where        The Investment Fund relates to the investments detailed in note
     appropriate in respect of direct charitable expenditure,                9. The unrealised loss is the result of the downturn in global
     governance costs and fund raising expenditure. Overheads                financial markets. Legacies and any proceeds from the sale of
     and other costs not directly attributable to particular                 land or property are added to the fund subject to there being no
     functional activity categories are included within direct               short-term cash requirement to meet the cost of approved




                                                                                                                                              11
     charitable expenditure as support costs (disclosed as salaries          capital projects.
     and office costs in note 5).
                                                                          (h) Pensions
     Governance costs comprise all costs involving the public                 The Charity contributes to the Teachers’ Pension Defined
     accountability of the charity including the costs of internal and        Benefits Scheme at rates set by the Scheme Actuary and
     external audit and legal advice for the Charity.                         advised to the Board by the Scheme Administrator. The
                                                                              scheme is a multi-employer pension scheme and it is not
  (d) Fixed Assets
                                                                              possible to identify the assets and liabilities of the scheme
      All capital assets are included at cost and are depreciated
                                                                              which are attributable to the Charity. In accordance with
      over their useful economic lives. Depreciation is calculated to
                                                                              FRS17 therefore, the scheme is accounted for as a defined
      write off the cost of fixed assets (other than a small number of
                                                                              contribution scheme.
      freehold buildings where the cost value is negligible) over the
      following maximum periods:
                                                                             The Charity also contributes to the Merseyside Defined
     Land and Building               66 years                                Benefits pension scheme for non- teaching staff. Rates are
     Building Adaptations            20 years                                set by the Scheme Actuary and advised to the Charity by the
     Motor Vehicles                  3 years                                 Scheme Administrator.
     Fixed Assets are subject to an impairment review if                     This scheme is being accounted for under FRS17, with the
     circumstances or events change to indicate that the carrying            annually calculated notional surplus or deficit on the funding
     value may not be fully recoverable. This is usually carried out         of the Scheme shown in the accounts as a designated fund
     once every 2 – 3 years.                                                 entitled “Pension Reserve”, which is deducted from
                                                                             Unrestricted Funds in the balance sheet. A third scheme, The
  (e) Investments
                                                                             Tameside Scheme, is a fully funded defined benefits scheme.
      Investments are included in the Financial Statements at middle
                                                                             The scheme is a multi-employer pension scheme and it is not
      market value on the Balance Sheet Date. All gains and losses
                                                                             possible to identify the assets and liabilities of the scheme
      are taken to the Statement of Financial Activities as they arise.
                                                                             which are attributable to the Charity. In accordance with
      Realised gains and losses on investments are calculated as the
                                                                             FRS17 therefore, the scheme is accounted for as a defined
      difference between sales proceeds and open market value
                                                                             contribution scheme.
      (purchase date if later). Unrealised gains and losses are
      calculated as the difference between the market value at the        (i) Exceptional items which are considered to be material are
      year end and the opening market value (or purchase date if              disclosed on a separate row on the face of the Statement of
      later). Realised and unrealised gains are not separated in the          Financial Activities within the activity to which they relate.
      Statement of Financial Activities.



                                                                                             ...because Nugent Cares
     2. DONATIONS AND LEGACIES




     3. INVESTMENT INCOME



     4. INCOME FROM CHARITABLE ACTIVITIES
     NOTES ON THE ACCOUNTS AT 31 MARCH 2008



                                                                      2008             2007
                                                                         £                £
                                                                      000s             000s
       Donations and Gifts                                             120              139
       Legacies                                                          4               28




     5. DIRECT CHARITABLE EXPENDITURE
                                                                       124              167



        Dividends from Investments held                                459              299



        This takes the form of Resources from Government and other Public Authorities.
                                                                     2008              2007
                                                                        £                  £
                                                                     000s               000s
        (i) Unrestricted Funds
            Children’s, Adults’ and Community Services                663                755
            Special Schools                                         6,643              6,230
            Residential Homes and Individualised Day
            Support Projects                                       12,264            12,308
            Miscellaneous                                              25                  7
                                                                    19,595           19,300

       (ii) Restricted Funds
            Children’s, Adults’ and Community Services                  32              265

                                                                    19,627           19,565




     6. GOVERNANCE COSTS




12
                                                                 Activities
                                                               Undertaken           Support     Total    Total
                                                                  Directly            Costs     2008     2007
                                                                          £               £         £        £
                                                                      000s             000s     000s     000s
       (i) Unrestricted Funds
           Provision of Children’s, Adults’ and
           Community Services                                         1,156                -    1,156    1,209
           Special Schools                                            6,227                -    6,227    5,819
           Residential Homes and Individualised Day
           Support Projects                                         11,944                 -   11,944   12,231
           Net Service Cost on Defined Benefit
           Pension Scheme                                              192                -      192      129
           Salaries and Office Costs                                     -              873      873      884
                                                                    19,519              873    20,392   20,272
       (ii) Restricted Funds
            Provision of Children’s, Adults’ and
            Community Services                                          70                -        70      130
            Special Schools                                              -                -         -        -
                                                                    19,589              873    20,462   20,402

                                                                      2008             2007
                                                                         £                £
                                                                      000s             000s
       Auditors’ Fees for audit services                                20               20
       Auditors’ Fees for non audit services                             4                5
       Legal and Professional Fees                                       -               48
                                                                        24               73
7. STAFF COSTS




8. TANGIBLE FIXED ASSETS
NOTES ON THE ACCOUNTS AT 31 MARCH 2008



                                                                    2008              2007
                                                                       £                 £
                                                                    000s              000s
  Wages and Salaries                                              12,407            12,274
  Social Security Costs                                              931               935
  Pension Contributions                                              984               874
                                                                  14,322            14,083

  The number of employees whose emoluments in the year exceeded £60,000 was as follows:
  £70,000 - £80,000: 1 £80,000 - £90,000: 1
  Retirement benefits within a Defined Benefit Scheme are accruing to these individuals.
  The Charity paid £21,535 in respect of pension contributions on their behalf.
  The average number of paid employees for the year was 763 (2007 – 778).




9. FIXED ASSET INVESTMENTS
  In order to maintain a quality care service the Charity has utilised external agency staff when operational requirements
  demand.The total costs incurred by the Charity this year for use of such staff have amounted to £1,469,000 (2007–£1,560,900).

                                                          Freehold Land           Building            Motor
                                                           and Buildings        Adaptations,        Vehicles             Total
                                                                             Fixtures & Fittings
                                                                       £                 £                 £                £
                                                                    000s             000s               000s             000s
  Cost
    At 1 April 2007                                                 8,524            7,401               341            16,266
    Additions                                                           -              500                27               527
    Disposals                                                           -            (265)                 -             (265)
    At 31 March 2008                                                8,524            7,636               368            16,528

  Depreciation




                                                                                                                                  13
    At 1 April 2007                                                 2,583            6,611               320             9,514
    Charge for the year                                               160              115                29               304
    Disposals                                                           -                -                 -                 -
    At 31 March 2008                                                2,743            6,726               349             9,818
  Net Book Value
    At 31 March 2008                                                5,781              910                19             6,710

     At 1 April 2007                                                5,941              790                21             6,752
All fixed assets are used by the Charity.

                                                                       £
                                                                    000s
  Quoted Investments:
    Carrying Value (Market Value) at 1 April 2007                 10,577
    Disposals at Market Value                                     (5,492)
    Additions to Investments at Cost                                5,586
    Net Unrealised Investment Gain/(Loss) for the Year              (743)
     Market Value at 31 March 2008                                  9,928
     Historical Cost at 31 March 2008                               5,303
  The Investments are held in 2 portfolios managed by Martin Currie Investment Managers and
  BlackRock Investment Managers and are analysed as follows:
                                                                 2008            2007
                                                                     £              £
                                                                 000s            000s
     UK Equities                                                5,421           5,980
     Overseas Equities                                          1,718           1,816
     UK Bonds and Gilts                                         1,722           1,483
     UK Property – Unit Trust                                     799             924
     UK Cash held on Deposit                                      268             374
                                                                9,928          10,577


                                                                                      ...because Nugent Cares
     10. INVESTMENTS




     11. DEBTORS




     12. CREDITORS
     NOTES ON THE ACCOUNTS AT 31 MARCH 2008



                                                                       2008             2007
                                                                          £                £
                                                                       000s             000s
          UK Cash held on Deposit                                        61               30




     13. DESIGNATED FUNDS
                                                                         61               30



                                                                        2008            2007
                                                                           £                £
                                                                        000s             000s
          Prepayments - within one year                                  292              315
          Trade Debtors                                                1,158              999
          Other Debtors                                                   47              325
                                                                       1,497            1,639

                                                                       2008             2007
                                                                          £                £
                                                                       000s             000s
          Amounts Falling Due Within One Year:
          Bank Overdraft                                               1,008              836
          Trade Creditors                                                586              325
          Accruals                                                       429              330
          Other Creditors                                                964            1,108
                                                                       2,987            2,599

       The Bank Overdraft was secured on the Charity’s investments and represents 10% of the total
       value of the investment portfolio.




14
                                                                   Balance                            Balance
                                                                  31 March       Designated/         31 March
                                                                      2007        (Released)             2008
                                                                         £                 £                £
                                                                      000s              000s             000s

          Repairs/Equipment Renewals Fund                                94                 3               97
          Tangible Fixed Asset Fund                                   6,752              (42)            6,710
          Investment Fund                                            10,577             (649)            9,928
                                                                     17,423             (688)           16,735


       The Repairs/Equipment Renewals Fund represents funds set aside out of unrestricted funds by the Trustees to meet
       future costs of providing specialised equipment and vehicles at two of the Charity’s Nursing homes.

       The Tangible Fixed Asset Fund represents the net book value of tangible fixed assets. Each year an amount is transferred
       to or from the fund representing the movement in the net book value of tangible fixed assets in the year.

       The Investment Fund relates to the investments detailed in Note 9. Legacies and any proceeds from the sale of land or
       property are added to the fund subject to there being no short term cash requirement to meet the cost of approved capital
       projects.
14. RESTRICTED FUNDS
NOTES ON THE ACCOUNTS AT 31 MARCH 2008




15. TOTAL FUNDS
     Movement in Funds
                                                               Balance(including gains and losses)                    Balance
                                                              31 March         Incoming         Outgoing             31 March
                                                                  2007       Resources        Resources                  2008
                                                                     £                £                 £                   £
                                                                  000s             000s             000s                 000s
     Specific Donation                                              12                 -                -                  12
     Miss E. J. Dempster Legacy                                      3                 -                -                   3
     Drug Intervention                                             132               32              (70)                  94
     Home Fund                                                      90                8                 -                  98
     Children’s Fund                                                31                1                 -                  32
     General Benevolent Fund                                        31                 -                -                  31
                                                                   299               41              (70)                 270




16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
  Specific Donation was to support services aided by the Charity from voluntary sources of income.

  Miss E. J. Dempster Legacy was specifically to facilitate identified training needs at Nugent House School.

  Drug Intervention was set up in Partnership with Liverpool City Council, Merseyside Probation Service and Project 8.

  The Home Fund, Children’s Fund and General Benevolent Fund balances are in respect of amounts raised by individual
  projects and establishments. The balances are restricted, to be expended by the individual homes as and when required.




17. TRUSTEES’ REMUNERATION AND EXPENSES
                                                        At 1 April       Incoming      Outgoing          Gains/    At 31 March
                                                             2007                                      (Losses)           2008
                                                                £                £               £            £              £




                                                                                                                                  15
                                                             000s             000s            000s         000s           000s

  Unrestricted Funds:
    General                                                (1,323)           19,423      (19,896)              -        (1,796)
  Designated                                               17,423               625         (305)        (1,008)        16,735
  Pension Reserve                                          (2,260)              130         (192)        (3,463)        (5,785)
  Restricted Funds (Note 14)                                   299               32          (70)              9            270
                                                           14,139            20,210      (20,463)        (4,462)         9,424


                                                           Unrestricted          Restricted             Total
                                                                Funds               Funds      31 March 2008
                                                                      £                   £                 £
                                                                  000s                000s              000s

  Tangible Fixed Assets                                            6,710                 -              6,710
  Investments                                                      9,928                 -              9,928
  Current Assets                                                   1,288               270              1,558
  Creditors (including Pension Deficit)                          (8,772)                 -            (8,772)
                                                                     9,154             270             9,424




  None of the Trustees received or waived any remuneration during the year in respect of their services as
  Trustees (2007 – £Nil).
  Directly incurred travel expenses paid to one Trustee totalled £812 (2007 – £736).
  During the year the Charity held Trustees’ Indemnity Insurance, the cost of which was £1,575 (2007 – £1,575).




                                                                                      ...because Nugent Cares
     18. RECONCILIATION OF NET INCOMING/(OUTGOING) RESOURCES BEFORE REVALUATIONS TO NET CASH INFLOW FROM
         OPERATING ACTIVITIES,DONATIONS AND LEGACIES
     NOTES ON THE ACCOUNTS AT 31 MARCH 2008




     19. ANALYSIS OF CHANGES IN NET FUNDS
                                                                       2008            2007




     20. PENSIONS AND SIMILAR OBLIGATIONS
                                                                          £               £
                                                                       000s            000s

       Net Incoming/(Outgoing) Resources Before
           Revaluations                                               (311)            (334)
       Movement in Pension Fund Deficit Before Actuarial




       a) Teachers’ Pension Scheme
           Gains/(Losses)                                                62               74
       Investment Income                                              (459)            (299)
       Depreciation                                                     304              297
       Increase/(Decrease) in Creditors                                 216            (837)
       (Increase)/Decrease in Debtors                                   142              283
       Net Cash Inflow/(Outflow) from Operating Activities,
           Donations and Legacies                                       (46)           (816)




                                                                       2008            2007 Change in Year
                                                                          £               £              £
                                                                       000s            000s          000s

       Cash at Bank and In Hand                                            -               -                -
       Bank Overdraft                                                (1,008)           (836)            (172)
       Change in Net Funds                                           (1,008)           (836)            (172)




16
       The Charity’s employees belong to three principal pension schemes - the Teachers’ Pension Scheme (TPS),
       the Merseyside Pension Fund (MPF) and Tameside Pension Scheme. The total pension cost for the year was
       £984,385 (2007 – £853,370).


          The Teachers’ Pension Scheme is an unfunded multi-employer defined benefit scheme. Contributions on a ‘pay as you
          go’ basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972.

         The pension cost is assessed not less than every four years in accordance with the advice of an independent
         government actuary. The assumptions and other data that have the most significant effect on the determination of the
         contribution levels are as follows:

          Latest actuarial valuation                                                                            31 March 2004
          Actuarial method                                                                                Prospective Benefits
          Investment returns                                                                                  6.5% per annum
          Salary scale increases                                                                              4.5% per annum
          Market value of assets at date of last valuation                                                    £162,650 million
          Proportion of members’ accrued benefits covered by the actuarial
          value of the assets                                                                                            100%

          Following the implementation of Teachers’ Pensions (Employers’ Supplementary Contributions) Regulations 2000 the
          government actuary carried out a further review on the level of employers’ contributions. For the period from 1
          January 2007 the employer contribution was 14.1%.

          Under the definitions set out in Financial Reporting Standard 17 ‘Retirement Benefits’, the TPS is a multi-employer
          pension scheme. The Charity is unable to identify its share of the underlying assets and liabilities of the scheme.
          Accordingly, the Charity has taken advantage of the exemption in FRS17 and has accounted for its contributions to the
          scheme as if it were a defined contribution scheme.
b) Merseyside Pension Fund
NOTES ON THE ACCOUNTS AT 31 MARCH 2008



   The Merseyside Pension Fund is a funded multi-employer defined benefit scheme, with the assets held in separate
   trustee administered funds. The total contribution made for the year ended 31 March 2008 was £1,134,730 of which
   employer’s contributions totalled £841,455 and employees’ contributions totalled £293,275 (The contribution rates for
   the financial year were 17.3% for employers and 5/6% for employees.)
   The pension cost is assessed every three years in accordance with the advice of an independent qualified actuary using
   the projected unit method. The latest actuarial valuation of the scheme was at 31 March 2007. The assumptions that
   have the most significant effect on the valuation are as follows:
                                                                                                           For past service
                                                                                                               liabilities %
   Rate of return on investment                                                                                        6.24
   Rate of inflation                                                                                                   3.60
   Rate of increase in salaries                                                                                        4.85
   Rate of increase in pensions                                                                                        3.60
   Market value of assets at the date of the last valuation                                                £4,301 million

   The following information is based upon a full actuarial valuation of the Fund at 31 March 2007 updated to
   31 March 2008 by a qualified independent actuary using the following assumptions:
                                                                                                                          %
   Inflation                                                                                                          3.60
   Rate of increase in salaries                                                                                       4.85
   Rate of increase for pensions                                                                                      3.60
   Discount rate of liabilities                                                                                       6.10
   The Charity’s assets in the scheme and the expected rates of return were:

                                                             Long-term                       Long-term
                                                          rate of return                  rate of return




                                                                                                                               17
                                                            expected at       Value at      expected at          Value at
                                                              31 March       31 March         31 March          31 March
                                                                    2008         2008               2007            2007
                                                                                     £                                  £
                                                                      %          000s                 %             000s

   Equities                                                         7.5         13,080              7.5            13,342
   Government bonds                                                 4.6          3,662              4.7             3,845
   Other bonds                                                      6.1          1,342              5.4             1,350
   Property                                                         6.5          1,979              6.6             2,243
   Cash/Liquidity                                                  5.25          1,024             5.25             1,236
   Other                                                            7.5          1,661              7.5               870

                                                                                  2008             2007
                                                                                      £                £
                                                                                   000s             000s
   Market value of Society’s asset share                                         22,748           22,886
   Present value of scheme liabilities                                         (28,533)         (25,146)
   Deficit in the scheme                                                        (5,785)          (2,260)

Balance Sheet Presentation
   Net assets excluding FRS 17 pension liability                                15,209           16,399
   Net pension liability (Note 15)                                              (5,785)          (2,260)
   Net assets including FRS 17 pension liability (Note 16)                       9,424           14,139

Reserves Note
  Unrestricted Fund excluding FRS 17 pension liability                          14,939           16,100

   Net Pension Liability                                                        (5,785)          (2,260)
   Unrestricted Fund including FRS 17 pension liability                          9,154           13,840



                                                                                 ...because Nugent Cares
     NOTES ON THE ACCOUNTS AT 31 MARCH 2008



        The amounts that have been charged or credited to the Statement of Financial Activities (SOFA) are as follows:
                                                                     2008              2007
                                                                        £                 £
                                                                     000s              000s
        Interest on pension scheme liabilities                       1,368             1,219
        Expected return on pension scheme assets                   (1,498)           (1,274)
        Net finance gain                                             (130)              (55)

        Current service cost                                          812               880
        Past service cost                                             224                 -
                                                                    1,036               880
        Total charge to the SOFA                                      906               825

     Analysis of the actuarial gains and losses that
        have been recognised in the SOFA under FRS17:
     Actual return less expected return on
        pension scheme assets                                      (2,200)               (6)
     Losses arising on the scheme liabilities                        (376)                 -




     c) Tameside Scheme
     Change in assumptions underlying the present value of
        scheme liabilities                                           (887)            1,304
     Total Actuarial (Loss)/Gain                                   (3,463)            1,298

     Actual return less expected return on pension
        scheme assets                                              (2,200)               (6)
     Percentage of scheme assets                                     9.7%             0.0%

     Gains/(losses) arising on the scheme liabilities                (376)               (0)




18
     Percentage of scheme liabilities                                1.3%             0.0%

     Change in Assumptions                                           (887)            1,304
     Percentage                                                      3.1%             5.2%

     Actuarial (loss)/gain on scheme liabilities                   (3,463)            1,298
     Percentage of scheme liabilities                               12.1%             5.2%

     Analysis of movement in deficit during year
       Deficit in scheme at 1 April 2007                           (2,260)           (3,484)
       Charge to SOFA                                                (906)             (825)
       Contributions                                                   844               751
       Actuarial (loss)/gain                                       (3,463)             1,298
        Deficit in scheme at 31 March 2008                         (5,785)           (2,260)


        This is a funded final salary defined benefit scheme and the assets of the scheme are pooled with similar institutions
        for actuarial valuation purposes. The total pension contribution made by the Charity to the Scheme for the year ended
        31 March 2008 was £3,575 of which employer’s contributions totalled £2,422 and employees’ contributions totalled
        £1,153. The agreed employee contribution rate for future years is currently 6%. The agreed employer contribution rate
        for the year ended 31 March 2008 was 13.9%.
        The pension cost is assessed every three years in accordance with the advice of an independent qualified actuary. The
        latest actuarial valuation of the scheme was at 31 March 2007. The assumptions and other data that have the most
        significant effect on the determination of the contribution levels are as follows:
        Actuarial method                                                                                Projected Unit Credit
        Rate of return on current investments                                                                          6.1%
        Rate of increase in salaries                                                                                   4.7%
        Rate of increase in pensions                                                                                   3.2%
        Market value of the assets at the date of the last valuation                                           £9,563 million
        Proportion of members’ accrued benefits covered by the Actuarial valuation                                     100%
c) Tameside Scheme (continued)




21. RELATED PARTIES




22. OPERATING LEASE COMMITMENTS
NOTES ON THE ACCOUNTS AT 31 MARCH 2008



     Under the definitions set out in Financial Reporting Standard 17 ‘Retirement Benefits’, the Tameside Scheme is a
     multi-employer pension scheme. The Charity is unable to identify its share of the underlying assets and liabilities of
     the scheme. Accordingly, the Charity has taken advantage of the exemption in FRS17 and has accounted for its
     contributions to the scheme as if it were a defined contribution scheme.




23. CAPITAL COMMITMENTS
  Nugent Care is intrinsically linked with the Roman Catholic Archdiocese of Liverpool and has the incumbent Archbishop
  serving as a Trustee. This link is a major influence on the ethos, culture and objectives of the Charity.




24. CONTINGENT LIABILITIES
  Within this relationship, the Archdiocese has also conveyed properties for use by the Charity in providing residential
  schools and homes.




25. POST BALANCE SHEET EVENTS
  A number of Nugent Care’s establishments and other assets are not owned by the Charity and are instead held under the
  terms of their respective individual leases. The details of future commitments are as follows:




26. EXCEPTIONAL ITEM
                                                                                          £
                                                                                      000s
     Total operating lease commitments as at 1 April 2007                              243
     Additions in year                                                                 113
     Paid and charged to the SOFA during the year                                      (82)
                                                                                       274

     Due within 1 year                                                                  82
     Due within 2 – 5 years                                                            192




27. PRIOR YEAR ADJUSTMENT




                                                                                                                              19
     Due after 5 years                                                                   -
     Total operating lease commitments as at 31 March 2008                             274




     There were no capital commitments contracted, but not provided for, at the year-end (2007 £nil).




     There were no material contingent liabilities in 2008.




     A property was sold for proceeds of approximately £935,000 after the year end.




     The Charity has incurred costs totalling £265,316 in connection with the planned sale and redevelopment of one of the
     sites owned. The costs relate to consultancy, planning and redevelopment that had been capitalised in the financial
     statements but not depreciated. It was intended that these costs would be offset against the proceeds from the
     eventual sale of the site. The sale has now fallen through and the development costs are considered to no longer have
     a value to the charity. An adjustment has been made to the financial statements resulting in a reduction in the Net
     Book Value of Fixed Assets of £265,316 and a charge in the Statement of Financial Activities of the same amount.




     A prior year adjustment was necessary to show the net finance gain on the defined pension benefit scheme within
     Incoming Resources rather than Resources Expended. This is a presentation change only, and there has been no
     change to the overall figures.




                                                                                     ...because Nugent Cares
            99 EDGE LANE, LIVERPOOL L7 2PE TEL: 0151 261 2000 FAX: 0151 261 2001
                        www.nugentcare.org email: info@nugentcare.org

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