Annual Report and Financial Statements 2022-2023 - Flipbook - Page 39
22PENSION SCHEMES
The Charity operates a defined contribution scheme for all qualifying employees. The assets of the schemes are held
in separate funds administered by independent pension providers.
The Charity participates in the CSP Alpha 2015 scheme, a multi-employer scheme which provides benefits to some
300 non-associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the Charity
to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it
accounts for the scheme as a defined contribution scheme.
The total cost of pensions for the year incurred by the Charity was £381k (2022: £232k). Included in other creditors is
£148k (2022: £37k) in respect of pension schemes.
Included in the above costs were backdated employer pension contributions of £97k, further to incorrect
contributions being made by the charity from April 2020 to March 2023. A report has been made to The Pensions
Regulator detailing the need for these additional contributions, which has also been sent to the Charity Commission
for their information.
23RELATED PARTY TRANSACTIONS
There are no related party transactions to declare.
24CONTINGENT LIABILITIES
If the Charity were to dispose of its freehold property on Mallard Way, Doncaster, prior to November 2025, Doncaster
MetropolitanBoroughCouncilwouldbeentitledto50gofthesaleproceedsfortheland.Thisclawbackentitlement
has been taken into account in the updated valuation of the property in re-classification from tangible fixed assets.
The property is currently leased until December 2027, beyond the date when the clawback would crystalise.
Certain of the grants received in the current and previous years from EU and other funders include rights to clawback
amounts paid to the Charity. The Charity takes all reasonable steps to ensure it complies with the terms attaching to
receipt of EU and other income and considers any repayments to be unlikely. However, the Trustees recognise that
this is a complex area and there is always a risk that some funding could become repayable following audits by the
funders’ verification teams.
25CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
Accounting for grants and contracts
The classification of income from charitable activities as either grant funding or contracts for provision of services
requires judgement as to the nature of the terms agreed with the funder. This classification affects both the
presentation and timing of income recognised in the Statement of Financial Activities.
Contracts are classified as unrestricted income, which is recognised in the periods in which the services are delivered.
Grants are classified as restricted income and are recognised when receivable provided that conditions for receipt
have been met, unless they specifically relate to a future period.
The recognition of grants related to the purchase or construction of tangible fixed assets involves a further
judgement as to the useful economic life of the assets to which they relate.
TCV Annual Report and Financial Statements 2022-2339
