TRUSTEES REPORT

Supporting our partners

For the year ended 30 September 2024

The CareTech Foundation continues to practice principles of openness and transparency in all our engagements
with partners. We believe that a conversational and collaborative approach is the key to successful programme
delivery.

We continue to see growth across the sector and our grant streams are generating higher than ever interest. Our
commitment remains to evolve our practices based on feedback from those interacting with our grants.

Our commitment to Diversity Equity and Inclusion

In line with the Foundation’s commitment to promoting Diversity, Equity and Inclusion across all aspects of its work, the Foundation:

  • recognises that people from different backgrounds bring fresh ideas and a different approach which makes the way we work and learn more fun, more creative, more efficient and more innovative, bringing benefits to the organisation.

  • actively seeks to recognise, value and take account of individuals’ different backgrounds, knowledge, skills and experience to create a more productive and effective organisation.

  • seeks to ensure that all who work for and deal with us feel valued and welcome.

  • strives to ensure that everyone has access to the same opportunities in their dealings with the Foundation but recognises that advantages and barriers exist for different individuals. The Foundation recognises that individuals have unequal starting places and that we must make efforts to correct and address such imbalance.

We continue to work on ensuring that our use of imagery fully reflects the demographics of all of our audiences.

Our Fundraising and investment performance

Trustees remain grateful to the Board and shareholders of CareTech Limited for the company’s generous contributions to the Foundation, which accounts for the majority of its funds. Whilst the company has confirmed its ongoing support of the Foundation through its Donation Agreement, trustees recognise the importance of
diversifying its income stream and investing wisely for the long-term financial future of the Foundation’s work.

Following CareTech Holding’s acquisition by Amalfi Topco Limited, the Foundation received £5,727,091 in cash and £1,772,909 in Amalfi Topco Ltd shares at the start of the previous financial year. Following this, Trustees approved an investment strategy for the shares proceeds to provide for long-term income and asset growth and to allow for a good mix of funds allocation for short, medium and long-term investments. In actioning this strategy, out of a total of £1,700,000 invested with Ruffer LLP in FY22/23, £200,000 was taken out this year (March 2024) to fund operational cashflow, leaving an investment balance of £1,500,000; this is a medium-term investment, expected to yield positive returns over three to five years. In FY22/23, Trustees approved and executed a ‘Sale and Lease Back’ property investment in White Cliffs Lodge; the Foundation completed this purchase at a total cost of £3.66M and continues to benefit from the rental income this generates. This year, a capital raise was initiated by CareTech Holdings Ltd. Amalfi Topco raised fresh equity and offered the Foundation the opportunity to buy additional shares so as not to dilute its current holding by 5%. To ensure the Foundation maintained its holding and to reduce the potential dilution impact arising from the rights issue, CareTech Ltd made a restricted donation of £109,257.

Regarding other elements of the Foundation’s Income Diversification Strategy, a total of £6,109 was raised within the year. Thanks to Jonathan’s amazing efforts, we received £1,360 through his Great British Care Cycle Relay. We also received a generous £4,014 donation from PayPal Charity Funds through our PayPal donations account.