2021-03-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

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Ormiston Families

Consolidated Statement of Financial Activities (incorporating Income and Expenditure Account) for the year ended 31 March 2021

2021 Unrestricted Funds Restricted Funds Total Unrestricted Funds Restricted Funds Total Note £000 £000 £000 £000 £000 £000 Income from: Donations and Legacies 2 92 19 111 606 5 611 Charitable activities 3 Families 2,680 3,014 5,694 2,279 1,552 3,831 Justice 974 268 1,242 1,169 278 1,447 2020	2021 Unrestricted Funds Restricted Funds Total Unrestricted Funds Restricted Funds Total Note £000 £000 £000 £000 £000 £000 Income from: Donations and Legacies 2 92 19 111 606 5 611 Charitable activities 3 Families 2,680 3,014 5,694 2,279 1,552 3,831 Justice 974 268 1,242 1,169 278 1,447 2020
Charitable activities sub total	3,654 3,282 6,936 3,448 1,830 5,278
Other trading activities 4 Investments 6	1,039 - 1,039 1,208 2 1,210 - - - 7 - 7
Other income 6	238 - 238 40 - 40
Total Expenditure on: Raising funds 7,8 Charitable activities 7,8 Families Justice	5,023 3,301 8,324 5,309 1,837 7,146 1,461 - 1,461 1,578 - 1,578 2,416 2,057 4,473 2,596 1,502 4,098 1,227 265 1,492 1,286 177 1,463
Charitable activities sub total	3,643 2,322 5,965 3,882 1,679 5,561
Total Net income for the year Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19	5,104 2,322 7,426 5,460 1,679 7,139 (81) 979 898 (151) 158 7 (81) 979 898 (151) 158 7 1,745 838 2,583 1,896 680 2,576 1,664 1,817 3,481 1,745 838 2,583

All activities relate to continuing operations. All gains and losses recognised in the year are included in the Consolidated Statement of Financial Activities (SOFA).

The notes on pages 28-41 form part of these financial statements.

Page 25

Ormiston Families

Group and Company Balance Sheets as at 31 March 2021

Group and Company Balance Sheets
Notes Fixed assets Intangible assets 12 Tangible assets 13 Investments 14 Current assets Stock 15 Debtors 16 Cash at bank and in hand Liabilities Creditors: Amounts falling due within one year 17 Net current assets Total assets less current liabilities as at 31 March 2021	2020 2020 £000 £000 £000 £000 28 46 - - 1,120 1,201 1,120 1,201 114 114 110 110 4 10 4 10 1,528 671 1,520 679 1,499 1,093 1,339 1,051 3,031 1,774 2,863 1,740 (722) (552) (576) (424) 2,309 1,222 2,287 1,316 3,571 2,583 3,517 2,627 Company Number 02769307 2021 2021 Group Company
Creditors: Amounts falling due after more than one year 18	(90) -	- -
Net assets Funds of the Charity: Restricted funds 19 Unrestricted funds 19 Total funds	3,481 2,583 1,817 838 1,664 1,745 3,481 2,583	3,517 2,627 1,817 838 1,700 1,789 3,517 2,627

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the trustees, and authorised for issue on 17th September 2021 and are signed on their behalf by:

HCatch ool p ~~Robert Parkinson~~ Robert Parkinson (Sep 17, 2021, 1:08pm) Hannah CatchpoolHannah Catchpool (Sep 17, 2021, Chair Trustee12:31pm)

The notes on pages 28-41 form part of these financial statements.

Page 26

Ormiston Families

Consolidated Statement of Cash Flows for the year ended 31 March 2021

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Notes 2021 2020
£000 £000
Cash flows from operating activities
Net cash provided by operating activities 22 311 24
Cash flows from investing activities
Net interest received - 7
Purchase of tangible fixed assets (5) (11)
Net cash (used in)/provided by investing activities (5) (4)
Cash flows from financing activities
Receipts from new borrowings taken out during the year: bounce back loans 100 -
Net cash used in financing activities 100 -
Change in cash and cash equivalents in the reporting period 406 20
Cash and cash equivalents at 1 April 2020 1,093 1,073
Cash and cash equivalents at 31 March 2021 23 1,499 1,093
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Analysis of changes in net debt

Cash and cash equivalents Cash Borrowings Loans due within one year Loans due after one year Total	1st April 2020 Cash flows Other non-cash changes 31st March 2021 £000 £000 £000 £000 1,093 406 - 1,499 1,093 406 - 1,499 - (10) - (10) - (90) - (90) - (100) - (100) 1,093 306 - 1,399

The notes on pages 28-41 form part of these financial statements.

Page 27

Ormiston Families

Notes to Financial Statements for the year ended 31 March 2021

1 ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the company and group. Exemption under FRS 102 has been taken not to prepare a separate charity entity cashflow statement, these cashflows are included within the group cashflow statement on page 27.

Ormiston Families meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are rounded to the nearest £'000.

1.2 BASIS OF CONSOLIDATION

The financial statements consolidate the accounts of Ormiston Families and its subsidiary undertakings ('subsidiaries'), Ormiston Families Enterprises Limited and Blois Meadow Day Nursery Limited.

The charity has taken advantage of the exemption contained within 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

The income and expenditure account for the year dealt with in the accounts of the charity showed net income of £890,000 - (2020 £29,000).

1.3 COMPANY STATUS

The charity is a company limited by guarantee. The members of the charity are the Trustees named on page 42. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The number of members at 31st March 2021 was 12 (2020 - 12).

1.4 SIGNIFICANT JUDGEMENTS AND AREAS OF ESTIMATION DUE TO UNCERTAINTY

The most significant area of judgement and key assumptions are related to estimating the useful economic life of fixed assets. Depreciation is charged annually in accordance with the depreciation rates detailed below (note 1.9). Impairment of assets is considered annually and provided for as required. Goodwill is amortised over the relevant property lease period to which it relates, this is currently 6.5 years. Fixed Asset investments are reviewed and adjusted for impairment based upon a review of expected rates of return on investment and risk adjusted valuations of their future customer revenue. The Trustees judgement is that the company continues as a going concern (note 1.8). As part of this judgement they have considered the current reserves position and alongside this the plans implemented to spend down and restore free reserves within reasonable timescales including the effects of grants, loans and other support available resulting from the Covid-19 pandemic.

1.5 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.6 INCOME

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Grants and donations are only included when the charity has unconditional entitlement to the resources.

Page 28

Ormiston Families Notes to Financial Statements for the year ended 31 March 2021 (continued)

1 ACCOUNTING POLICIES (continued)

1.6 INCOME (continued)

Investment income is included on a receivable basis.

Trading income represents fees and management charges receivable by Ormiston Families Enterprises Limited trading as "Playout" and Blois Meadow Day Nursery Limited trading as "Playout Steeple Bumpstead" in respect of their provision of nursery services. Income is recognised in the period to which it relates.

1.7 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Trading expenditure represents costs incurred and the provision of nursery services by Ormiston Families Enterprises Limited and Blois Meadow Day Nursery Limited.

Support costs, including governance costs, are those costs incurred directly in support of expenditure on the objects of the charity. Support costs are allocated firstly in line with individual project income agreement provisions and the remaining balance by gross salary costs as a good approximation to the use made by projects. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

All expenditure is inclusive of irrecoverable VAT.

1.8 GOING CONCERN

The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Having reviewed the key risks facing Ormiston Families, as well as the cash flow forecast model, Government CBILS loan support and the expected level of reserves, the Trustees consider there are sufficient reserves held at 31 March 2021 to manage those risks and achieve the revised business plan. The Trustees believe that Ormiston Families and the Group have adequate resources to fund their activities for the foreseeable future. Accordingly, the Trustees are of the view that Ormiston Families and the Group are a going concern.

1.9 TANGIBLE FIXED ASSETS AND DEPRECIATION

All assets costing more than £500 are capitalised.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets except freehold land, less their estimated residual value, over their expected useful lives on the following bases:

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Freehold property - Over 50 years
Leasehold Property - Over the lease term
-
Fixtures and fittings and office equipment 15% to 50% straight line
Assets under construction - No depreciation
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1.10 INTANGIBLE FIXED ASSETS AND DEPRECIATION

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. The current intangible assets are goodwill for which the useful life is estimated to be the lower of the minimum lease period for the business activity to which they relate or 10 years.

Page 29

Ormiston Families Notes to Financial Statements for the year ended 31 March 2021 (continued)

1 ACCOUNTING POLICIES (continued)

1.11 INVESTMENTS

Investments in subsidiaries are valued at cost less provision for impairment.

1.12 OPERATING LEASES

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

1.13 STOCKS

Purchased stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.14 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.15 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.16 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

1.17 FINANCIAL INSTRUMENTS

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Other specific measurements are as follows;

Tangible Fixed Assets - depreciated cost (note 13) Investments - open market value (note 14) Goodwill - amortised cost (note 12)

All assets are subject to annual impairment review and adjusted accordingly if necessary. All assets and liabilities are therefore stated in the accounts at their fair value.

1.18 PENSIONS

The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year, treated as an expense in the Consolidated Statement of Financial Activities.

1.19 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 30

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

2 Income from donations and legacies

Trust funding Ormiston Trust general grant Income from charitable activities Government funding Customer fees Trust funding Ormiston Trust project funding Other grant funding Donations	Unrestricted Funds £000 56 36 - 92 Unrestricted Funds £000 3,560 20 - 11 63 3,654	Restricted Funds £000 12 7 - 19 Restricted Funds £000 2,564 125 409 184 - 3,282 2021 2021	Total £000 68 43 - 111 Total £000 6,124 145 409 195 63 6,936	Unrestricted Funds £000 43 13 550 606 Unrestricted Funds £000 3,080 340 - 2 26 3,448	Restricted Funds £000 5 - - 5 Restricted Funds £000 1,307 63 461 - (1) 1,830 2020 2020	Total £000 48 13 550 611 Total £000 4,387 403 461 2 25 5,278

3 Income from charitable activities

There are no unfulfilled conditions at the year end relating to Government funding.

4 Income from other trading activities

Unrestricted Funds Restricted Funds £000 £000 Fundraising events 3 - Trading subsidiary activities (note 5) Ormiston Families Enterprises Ltd 746 - Blois Meadow Day Nursery Ltd 250 - Rent 40 - 1,039 - Nursery income Other income - furlough grants Trading expenses Direct costs Wages and salaries Net income from trading activities excluding intercompany charges Trading subsidiary activities Trading income 2021	Total £000 3 746 250 40 1,039	Unrestricted Funds £000 43 840 280 45 1,208	Restricted Funds £000 1 - - 1 2 2021 Unrestricted Funds £000 891 105 996 213 775 988 8 2020	Total £000 44 840 280 46 1,210 2020 Unrestricted Funds £000 1,120 - 1,120 265 806 1,071 49

5 Trading subsidiary activities

Included within government furlough grants is £3,800 received after the year end, none of this income has been subject to clawback by HMRC.

Page 31

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

6 Investment income

Government furlough grants Other income Other Short term deposits	Unrestricted Funds £000 - - Unrestricted Funds £000 233 5 238	Restricted Funds £000 - - Restricted Funds £000 - - - 2021 2021	Total £000 - - Total £000 233 5 238	Unrestricted Funds £000 7 7 Unrestricted Funds £000 - 40 40	Restricted Funds £000 - - Restricted Funds £000 - - - 2020 2020	Total £000 7 7 Total £000 - 40 40

Included within government furlough grants is £25,833 received after the year end, none of this income has been subject to clawback by HMRC.

7 Expenditure by type Raising funds

8	Raising funds Unrestricted Funds £000 Cost of fundraising to generate voluntary income Wages and salaries 356 Events and other activity costs 117 Total fundraising costs 473 Cost of trading to generate funds Trading subsidiary activities (note 5) 988 1,461 Wages and salaries 1,746 Other direct costs 1,445 Support costs 452 3,643 5,104 Expenditure by activities Activities undertaken directly £000 Raising funds 1,378 Charitable activities Families 3,878 Justice 1,307 6,563 Expenditure on charitable activities	Restricted Funds £000 - - - - - 1,411 500 411 2,322 2,322 Support costs £000 83 595 185 863 2021 2021	Total £000 356 117 473 988 1,461 3,157 1,945 863 5,965 7,426 Total £000 1,461 4,473 1,492 7,426	Unrestricted Funds £000 315 192 507 1,071 1,578 1,507 1,837 538 3,882 5,460 Activities undertaken directly £000 1,507 3,602 1,247 6,356	Restricted Funds £000 - - - - - 1,081 424 174 1,679 1,679 Support costs £000 71 496 216 783 2020 2020	Total £000 315 192 507 1,071 1,578 2,588 2,261 712 5,561 7,139 Total £000 1,578 4,098 1,463 7,139

Support costs are allocated based upon staff costs incurred within services.

Page 32

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

9 Analysis of support costs

Governance £000 Expenditure by activities Wages & salaries 63 Recruitment, travel & other staff related 1 Property - IT & Communications - Insurance - Professional fees and memberships 17 Print, post, stationery & admin. 1 Depreciation - 82	Support Costs £000 441 58 91 122 33 15 19 2 781 2021	Total £000 504 59 91 122 33 32 20 2 863	Governance £000 48 3 - - - 18 - - 69	Support Costs £000 327 52 141 110 31 37 14 2 714 2020	Total £000 375 55 141 110 31 55 14 2 783

10 Net income / (expenditure)

Net income/(expenditure) for the period is stated after charging:

Net income/(expenditure) for the period is stated after charging:
Depreciation of tangible fixed assets - owned by the charity - owned by the subsidiary company Amortisation of intangible fixed assets Operating lease rentals - plant and machinery - other operating leases Fees payable to auditor for : - audit of the charity - audit of the subsidiary companies - other services 11 Staff a Staff costs Wages and salaries Social security costs Pension costs	2021 £000 86 - 18 5 113 10 7 3 2021 £000 4,346 291 154 4,791	2020 £000 122 1 18 13 122 10 7 2 2020 £000 3,654 267 138 4,059
Statutory redundancy payments upon project restructuring	1	25

Redundancy payments were authorised in circumstances when there was no suitable alternative role available for a member of the team following an organisational restructure. Redundancy payments are calculated based upon statutory rates.

b Staff numbers

b Staff numbers
The average number of employees during the year was as follows: Families Justice Operations Enterprise	2021 No. 99 57 7 45	2020 No. 87 59 5 51
Corporate	28	29
	236	231

Page 33

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

11 Staff

b Staff numbers (continued)

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The average full time equivalent number of employees during the year was as follows: 2021 2020
No. No.
Families 80 59
Justice 27 24
Operations 4 5
Enterprise 40 41
Corporate 23 20
174 149
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c Higher paid staff

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £90,001 - £100,000 In the band £100,001 - £110,000	2021 No. 1 3 - 1	2020 No. 3 - 1 -

The employer pension contributions relating to these staff amounted to £26,910 during the year (2020 - £29,879)

d Key management personnel

The key management personnel of the charity comprise the trustees and the senior leadership team as listed on page 42. The total amount of employee benefits (including employer pension contributions) received by key management personnel for their services to the charity was £469,381 (2020 - £412,277).

Trustees are not remunerated for their services and are only reimbursed expenses representing travel, subsistence, postage and training in their official capacity. During the year 2 (2020 - 4) Trustees were reimbursed expenses totalling £248 (2020 - £2,221)

12 Intangible fixed assets

Group Amortisation Charged in year Carrying amount Cost At 1 April 2020 Additions At 31 March 2020 At 31 March 2021 At 1 April 2020 At 31 March 2021 At 31 March 2021	Goodwill £000 119 - 119 73 18 91 46 28	Total £000 119 - 119 73 18 91 46 28

This Goodwill was acquired by and is held by the charity's trading subsidiary, Ormiston Families Enterprises Limited in respect of trading nursery acquisitions. This goodwill includes items such as customer lists and trading names.

Page 34

Ormiston Families Notes to the Financial Statements for the year ended 31 March 2021 (continued)

13 Tangible Fixed Assets GROUP Depreciation Charged in year Disposals Net book values CHARITY Cost At 1 April 2020 Additions Disposals Disposals At 31 March 2021 At 31 March 2020 At 1 April 2020 At 31 March 2021 At 31 March 2021 Additions Cost At 1 April 2020	Freehold land and buildings £000 1,212 - - 1,212 216 22 - 238 996 974 Freehold land and buildings £000 1,212 - -	Leasehold land and buildings £000 412 - (5) 407 347 15 (5) 357 65 50 Leasehold land and buildings £000 412 - (5)	Fixtures, fittings and equipment £000 618 5 - 623 478 49 - 527 140 96 Fixtures, fittings and equipment £000 607 5 -	Total £000 2,242 5 (5) 2,242 1,041 86 (5) 1,122 1,201 1,120 Total £000 2,231 5 (5)
Depreciation At 31 March 2021	1,212	407	612	2,231

Charged in year Disposals Net book values At 31 March 2021 At 31 March 2020 At 1 April 2020 At 31 March 2021	216 22 - 238 996 974	347 15 (5) 357 65 50	467 49 - 516 140 96	1,030 86 (5) 1,111 1,201 1,120

Page 35

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

14 Fixed asset investments

Company name Percentage shareholding Ormiston Families Enterprises Limited 100

The principal activity of the subsidiary company is the provision of nursery services.

Within the charitable company balance sheet, the investment in the subsidiary is held at a cost of £110,001 (2020 - £110,001). In August 2017 Ormiston Families Enterprises Limited acquired the entire equity share capital of Blois Meadow Day Nursery Limited at a cost of £149,286, in 2018-19 this value reduced to £114,310 with an impairment charge of £34,976 during the year.

Subsidiary trading company investments by holding company Ormiston Families Enterprises Limited Blois Meadow Day Nursery Limited Total	2021 2020 £000 £000 110 110 - - 110 110 Ormiston Families	2021 2020 £000 £000 - - 114 114 114 114 Ormiston Families Enterprises Ltd

A summary of the results of the subsidiary companies is shown below:

Profit and Loss

Profit and Loss
Turnover Cost of sales Gross Profit Administrative expenses Other operating income Operating profit Interest payable and similar expenses Corporation tax charge Profit for the year	2021 2020 £000 £000 651 840 (641) (511) 10 329 (139) (300) 135 - 6 29 (1) - (4) (4) 1 25 Ormiston Families Enterprises Ltd		2021 2020 £000 £000 213 280 (193) (242) 20 38 (45) (60) 37 - 12 (22) (1) - - - 11 (22) Blois Meadow Day Nursery Ltd
Balance Sheet
	2021	2020	2021	2020
	£000	£000	£000	£000
Intangible fixed assets Tangible fixed assets Current assets Current liabilities Creditors falling due after more than one year Net assets Share capital and reserves	142 - 149 (136) (45) 110 110	160 - 63 (113) - 110 110	- - 66 (26) (45) (5) (5)	- - 19 (35) - (16) (16)

The Directors of Blois Meadow Day Nursery Limited recognised the technical insolvency of the company resulting from challenging trading conditions. Following implementation of a restructure the company's trading performance has improved. A letter of support was sought from and granted by Ormiston Families Enterprises Limited.

Additional nil value shareholding

The charity also holds 33 ordinary shares in The Quadrangle Centre Limited, title to these shares came with the freehold property acquisition of Unit 17, The Quadrangle Centre, Ipswich. The Quadrangle Centre Limited is a management company for the whole Quadrangle Centre of which Unit 17 is one part.

Other shareholdings

The charity holds 100% of the issued share capital, being one £1 ordinary share in each company, of the following 7 dormant subsidiary companies; Playout Group Limited, Playout Childcare Limited, Playout Education Limited, Playout Childcare and Education Limited, Playout Nurseries Limited, Playout Holiday Clubs Limited, Playout Nurseries and Holiday Clubs Limited.

Page 36

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

15 Stock

Merchandise 16 Debtors Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	2021 £000 4 2021 £000 1,258 - 6 264 1,528	2020 £000 10 2020 £000 535 - 12 124 671 Group Group	2021 £000 4 2021 £000 1,258 44 6 212 1,520	2020 £000 10 2020 £000 554 20 11 94 679 Charity Charity

Contingent asset – legacy income

As at 31 March 2021 the charity had been notified of a £150,000 (2020: £nil) residuary legacy and £nil (2020: £nil) pecuniary legacies, however this legacy did not meet the charity’s recognition criteria and has therefore not been accrued.

17 Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
Loans - Bounce Back Trade creditors Corporation tax Other taxation and social security Amounts owed to group undertakings Other creditors Accruals Deferred income	2021 £000 10 248 4 299 2 6 146 7 722	2020 £000 - 203 4 157 - 6 174 8 - 552 Group	2021 £000 - 190 - 290 2 - 87 7 - 576	2020 £000 - 176 - 150 - - 93 5 - 424 Charity
Deferred income	2021	2020 Group	2021	2020 Charity
	£000	£000	£000	£000
Deferred income at 1 April 2020 Released from previous years Resources deferred in the year Deferred Income at 31 March 2021	8 (8) 7 7	108 (108) 8 8	5 (5) 7 7	20 (20) 5 5

Deferred income relates to performance related grants received in advance of the conditions having been met, fundraising event income and nursery fees received in advance for which entitlement has not been met.

18 Creditors: Amounts falling due after more than one year

£90,000 for Bounce Back loans provided to trading subsidiary companies under the Government Covid-19 support schemes (2020 - £nil). The loans are a UK Government backed scheme, repayable in 6 years and carrying a fixed interest rate of 2.5% per annum. The loans are repayable as follows;

per annum. The loans are repayable as follows;
Amounts due between one and two years Amounts due between two and five years Amounts due after five years	2021 £000 20 60 10	2020 £000 - - - Group	2021 £000 - - -	2020 £000 - - - Charity
	90	-	-	-

Page 37

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

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19 Statement of funds - Group
2020-21 Brought Transfers Carried
forward Income Expenditure in/(out) forward
£'000 £'000 £'000 £'000 £'000
Designated funds
- -
Tangible fixed assets 1,201 (81) 1,120
Unrestricted funds
General fund 422 3,987 (4,076) 109 442
Ormiston Families Enterprises
Limited 138 786 (789) (28) 107
Blois Meadow Day Nursery
Limited (16) 250 (239) - (5)
544 5,023 (5,104) 81 544
Total unrestricted funds 1,745 5,023 (5,104) - 1,664
Restricted funds
Families 646 3033 (2,057) - 1622
Justice 192 268 (265) - 195
838 3,301 (2,322) - 1,817
Total funds 2,583 8,324 (7,426) - 3,481
2019-20 Brought Transfers Carried
forward Income Expenditure in/(out) forward
£'000 £'000 £'000 £'000 £'000
Designated funds
- -
Tangible fixed assets 1,313 (112) 1,201
Unrestricted funds
General fund 468 4,189 (4,343) 108 422
Ormiston Families Enterprises
Limited 109 840 (815) 4 138
Blois Meadow Day Nursery
Limited 6 280 (302) - (16)
583 5,309 (5,460) 112 544
Total unrestricted funds 1,896 5,309 (5,460) - 1,745
Restricted funds
Families 589 1,559 (1,502) - 646
Justice 91 278 (177) - 192
680 1,837 (1,679) - 838
Total funds 2,576 7,146 (7,139) - 2,583
Designated funds
----- End of picture text -----

The fixed asset fund has been set up to reflect the element of the group's fixed assets not funded by restricted capital funds.

Page 38

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

19 Statement of funds - Group (continued)

Restricted funds

The restricted income funds represent specific funding for individual services and these have been summarised by strategic service area. There are no services where the restricted funds are in deficit.

Families

Our services for families work within local communities to address the emotional, physical and social wellbeing of children and families across the East of England; bridging the gap between home and school helping to improve educational outcomes and life chances for young people. Work with under 5's through children's centres in Cambridgeshire and Norfolk.

Justice

The Unite Programme encompasses our work both within prisons and the community to minimise the impact of imprisonment on the children and families.

Purpose of transfers

The transfer to the fixed asset fund represents net additions, disposals and depreciation of fixed assets during the year.

20 Analysis of Net Assets between Funds

Fund balances at 31 March 2021 are represented by:

----- Start of picture text -----
Unrestricted Restricted
Funds Funds Total Funds
2021 2021 2021
£'000 £'000 £'000
Intangible fixed assets 28 - 28
Investments 114 - 114
Tangible fixed assets 1,120 - 1,120
Current assets 1,214 1,817 3,031
Current liabilities (722) - (722)
-
Creditors due after one year (90) (90)
Total net assets 1,664 1,817 3,481
----- End of picture text -----

Fund balances at 31 March 2020 are represented by:

----- Start of picture text -----
Unrestricted Restricted
Funds Funds Total Funds
2020 2020 2020
£'000 £'000 £'000
----- End of picture text -----

Intangible fixed assets Investments Tangible fixed assets Current assets Current liabilities Total net assets	46 114 1,201 936 (552) 1,745	- - - 838 - 838	46 114 1,201 1,774 (552) 2,583

Page 39

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

21 Commitments under operating leases

At 31 March 2021 the total of the charity's future minimum lease payments under non-cancellable operating leases was:

Group Amounts due within one year Amounts due between one and five years Amounts due after five years Total net assets Charity Amounts due within one year Amounts due between one and five years Amounts due after five years Total net assets	2021 2020 £'000 £'000 117 101 280 171 - - 397 272 2021 2020 £'000 £'000 49 37 184 - - - 233 37 Land and Buildings Land and Buildings	2021 £'000 3 13 - 16 2021 £'000 3 13 - 16	2020 £'000 2 4 - 6 2020 £'000 2 4 - 6 Other Other

22 Reconciliation of Net income to Net Cash Flow from Operating Activities

Net income for the reporting period (as per the statement of financial activities) Adjusted for: Amortisation (note 12) Depreciation charges (note 13) Interest receivable (note 6) (Increase)/Decrease in stocks (Increase) in debtors Increase/(decrease) in creditors due within one year (Increase) in borrowings due within one year Net cash provided by Operating Activities Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents	2021 £'000 898 18 86 - 6 (857) 170 (10) 311 At 31 March 2021 £'000 1,499 1,499	2020 £'000 7 19 123 (7) (4) (37) (77) - 24 At 31 March 2020 £'000 1,093 1,093

23 Analysis of cash and cash equivalents

24 Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group, in independently administered funds.

On 1st April 2016 the charity took a new contract from Norfolk County Council providing services until 30th September 2019. Under TUPE arrangements, the employees transferred to the charity and continue to participate in its defined benefit contribution scheme, LGPS. Any pension deficit arising before the transfer of contract remains the liability of Norfolk County Council. During the 3 year period of the contract, the charity is responsible for any deficit arising. The annual contribution level has been set at a level which should ensure there is no liability arising at the end of the three year period. Should there be a deficit after three years, the charity is liable for the deficit. No additional contributions have been required to date.

The pension cost charge represents contributions payable by the group to those funds and amounted to £154,000 (2020 - £138,000). There were contributions payable of £31,629 (2020 - £24,545) to the funds at the balance sheet date.

Page 40

Ormiston Families

Notes to the Financial Statements for the year ended 31 March 2021 (continued)

25 Contingent liabilities

There are no contingent liabilities at 31 March 2021 (2020 - nil).

26 Related party transactions

During the year, the charity charged rent of £27,000 (2020 - £27,000) and a management fee of £16,290 (2020 - £22,835) to its wholly owned subsidiary company, Ormiston Families Enterprises Limited. In addition, expenses of £27,104 (2020 - £30,603) were recharged to Ormiston Families Enterprises Limited at cost. A gift aid distribution of £1,284 (2020 - £25,491) was made from Ormiston Families Enterprises Limited to the charity during the year. At the year end, a balance of £44,238 was owed by Ormiston Families Enterprises Limited (2020 - £19,075).

During the year expenses of £8,208 (2020 - £11,404) were recharged to Blois Meadow Day Nursery Limited by the charity. No gift aid distribution was received (2020 - £nil) from Blois Meadow Day Nursery Limited. At the year end, a balance of £1,765 was owed to (2020 - £958 was owed by) Blois Meadow Day Nursery Limited.

Duncan Turner is also a director of DBS at CAS Ltd which provides the charitable group with Disclosure & Barring Service checks for staff and volunteers. Total fees charged in the year by DBS at CAS Limited were £3,661 (2020 - £6,573) and the balance outstanding at the year end was £198 (2020 - £88).

Derrick Louis is an Essex County Councillor, the charity receives rental and recharge income from Essex County Council for one children's centre, income charged for the year was £21,003 (2020 - £21,902).

Trustees Peter Murray and Diana Murray are also trustees of the Ormiston Trust. During the year the Ormiston Trust provided general grant funding of £nil (2020 - £400,000) and specific project grant funding of £195,000 (2020 - £135,000), the balance outstanding at the year end was £65,530 (2020 - nil).

Trustees were paid expenses during the year, details of these payments are in note 11d.

There are no other related party transactions (2020 - nil).

27 Post balance sheet events

Since the end of the reporting period, Ormiston Families finalised and received a £550,000 loan under the Government Coronavirus Business Interruption Loan Scheme (CBILS). Ormiston Families Enterprises Limited and Blois Meadow Day Nursery Limited, having secured loan support in August 2020 via the Government Bounce Back loan support scheme, repaid their Bounce Back loans in May 2021 as part of the CBILS loan conditions and Ormiston Families Enterprises Limited has now received a £99,000 CBILS loan bringing the total for CBILS Loans across the group to £649,000.

Page 41

Ormiston Families Reference and administrative details for the year ended 31 March 2021

Trustees

Robert Parkinson, chair Simon Walker, vice chair Peter Murray OBE Stephen Bennett Hannah Catchpool, treasurer Rosemary Gutteridge MBE, JP, DL Catherine McLaughlin Miranda Kendall Diana Murray Julie Spence OBE, QPM, DL Gail Tolley Stephen West

President

Lady Tollemache

Vice Presidents

Lady Deben Wendy Drew Miranda Kendall Di Murray Trevor Pickett Lady de Ramsey Richard Townley

Patrons

Roger Graef OBE Saeed Atcha MBE DL

Chief executive and senior leadership team

Allan Myatt (Chief executive) Catherine Higgs (Income generation and marketing director) Derrick Louis (Commercial director)

Karen Moore (People and organisational development director) Mark Proctor (Operations director) Duncan Turner (Finance director and company secretary)

Statutory auditors

Price Bailey LLP Chartered Accountants Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Bankers

Barclays Bank plc 35 Market Hill Sudbury CO10 2EP

Solicitors

Ashton KCJ Beacon House Kempson Way Bury St Edmunds Suffolk IP32 7AR

Company secretary

Duncan Turner Company registration number 02769307 Charity registration number 01015716

Registered office

Unit 17 The Quadrangle Centre The Drift Nacton Road Ipswich Suffolk IP3 9QR

Page 42

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