Our commitment to Diversity Equity and Inclusion
For the year ended 30 September 2022
For the year ended 30 September 2022
In line with the Foundation’s commitment to promoting Diversity, Equity and Inclusion across all aspects of its work, the Foundation:
Following the previous year’s review of our DEI commitments, we have continued to work on ensuring that our use of imagery fully reflects the demographics of all of our audiences.
In line with the web accessibility guidelines produced by Purple, as part of the Foundation’s commitments to the Purple Tuesday initiative, the Foundation commissioned Destek Accessible Technology Solutions to undertake an accessibility audit of the website. All of the recommended changes have now been implemented across our website. We will shortly be releasing a refreshed site that we expect to exceed the site’s current accessibility.
Our fundraising and investment performance
Trustees remain grateful to the Board and shareholders of CareTech plc for the company’s generous contributions to the Foundation that account for the majority of its funds. Trustees welcomed the public confirmation during the acquisition of the company that the new private owners were committed to ongoing support of the Foundation.
Whilst the company has confirmed its ongoing support of the Foundation through its Donation Agreement, trustees recognise the importance of diversifying its income streams and in investing wisely for the long-term financial future of the Foundation’s work. Recognising this need for income diversification, trustees approved the earmarking of funds in order to build up an investment fund of £1 million; by the end of this year, £650,000 had been accumulated.
On 27 September 2022, CareTech Holdings Plc (‘CareTech’) was acquired by Amalfi Bidco Limited (a newly- formed company indirectly owned by joint offerors Sheikh Holdings Group (Investments) Limited, Belgravia Investments Limited and Kensington Capital Limited, and funds managed by THCS IV GP S.à r.l. and TH Management IV S.à r.l. and advised by THCP Advisory Limited). The offer was implemented through a court-sanctioned scheme of arrangement and shareholders received 750 pence in cash for each share. As an alternative, shareholders were also able to elect a partial alternative offer on lieu of all or part of the cash consideration. The partial alternative offer was oversubscribed which resulted in the Foundation received £5,727,091 in cash and £1,772,909 in Amalfi Topco Ltd shares which provides both a long-term sustainable and diversified portfolio.
Following delisting from the London Stock Exchange, both Farouq and Haroon Sheikh are controlling shareholders and remain fully involved in the management of CareTech Holdings Ltd and expect to do so along with the existing senior management team. Under the new ownership structure, it is intended that CareTech will continue its support for those with physical and learning disabilities, advancing skills development for the care sector, supporting local communities and commitment to grow the Foundation as a leading independent charity in the social care sector.
Non-conflicted trustees approved the Foundation’s vote in favour of the sale at a price of £7.50/share; they also approved the option to elect for a partial sale, with a proportion of the shares being rolled forward in to the new company. Trustees approved an investment approach, having sought independent advice, for the remaining proceeds of the shares sale, which will be actioned in FY2022/23, to provide for long-term income and asset growth. This significant opportunity will provide far greater income diversity moving forward for the Foundation.
In respect of other elements of the Foundation’s Income Diversification Strategy, the following points are worth noting:
As host of Championing Social Care cross-sector initiative, the Foundation received the following charitable donations and sponsorship:
The CareTech Foundation was established as an unincorporated body, registered with the Charity Commission. Following a review supported by the Foundation’s legal advisers, it was agreed that an incorporated structure is more suitable. Incorporated status and fresh registration with the Charity Commission was secured in March 2019. In May 2020, changes were made to the Foundation’s membership to enhance its independence still further with membership being transferred from CareTech plc as the sole corporate member to the four independent trustees.