Income/Expenditure |Income|2022-23| |---|---| |Fees & Nursery
Vouchers|121,234| |Grants Received|319,071| |Bank Interest|16| |TOTAL|£440,321| |Expenditure|2022-23| |---|---| |Charitable actvites
Provision of nurserycare|£495,096| |TOTAL|£495.096| ## OUR ## ETHOS **----- Start of picture text -----**
We believe Children learn best through.
active engagement with the world around.
Them and through meaningful
and relevant experience
THE UNDER 5’S PROJECT
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ST MARY’S CHURCH, GREENLAW ST,
WOOLWICH, SE18 5AR
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0208 316 0061
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UNDER5SPROJECT@HOTMAIL.COM
•••
UNDER5SPROJECT.ORG
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2022-2023
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## **Annual Report** Introduct Management Report on Managers Report W h h d t l b f ll f I J The Under 5's Project St Marys & Woolwich Common Nurseries st Mary's Church, Greenlaw Street Woolwich, SE18 SAR Charity No- 1026486 Tel.. 0208 316 0061 Fax". 0208 855 8259 E-mail: under5s ro ect hotmail.com Azets Audit Services River House l Maidstone Road Sidcup Kent DA14 5RH Your ref: CjC￿l 27 February 2024 Dear Sirs Under 5's Proje¢t The following representations are made on the basis of ¢nquiries of management and staff with relevant knowlcdge and experience such as we consider necessary in connection with your independent examination of the charity's financial staten]ents for the year ended 31 March 2023. 'Ibese enquiries have included inspection of .supporting documentation wheTe appropriate. All Tepresentations are made to the best of our knowledge and belief. General I We have fulfilled our responsibilities as tsustees as set out in the tern￿ of your engagement letter dated 25 September 2020 under the Chatities Act 2011 for preparing financial statements in accordallce with applicable law and Unltcd Kingdom Accounting Stsudards (United Kingdom Generally Accepted Accounting Practice), for being satisficd that they give a true and fair ￿eW and for making accurate Tq)resentation5 to you. 2 All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. 3 All the accounting records have been made available to you for tkn purpose of your iJJd¢pendent examination. We have provided you with unrestricted access to 811 appropriate persons within th¢ charity, and with all otheT records and related infom￿tiOll requestsl iucluding minutes of all management and trustee me¢tings and co￿espOndence wÈth The Ch￿lty ComTnission. The fllW]¢ial statements are free of material misstatem¢nts, including omissions. W*re t4 up CD thc Royal GretnWi(h Equality and Equity Charter Subsequent events 16 All events sllbsequent to the date of the financial ststements which require adjustrnent or disclosure have be¢n properly accounted for and disclose Going concern 17 We believe that the charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for tkne Ch￿Ity'S needs. We have consider¢d a period of twelve months from the date of approval of the fll]ancial statements. We believe that no further disclosures relating to the charity's ability to continue as a going concern need to be made in the financial statements. Grants and donations 18 All graJ]ts, donations and other income, the receipt of which is subject to specific ternis or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. We acknowledge our legal responsibtlities Tegarding disclosure of infDrn]ation to you as independent examiners and confirn that so far as we are aware, there is no relevant infomiation needed by you in connection with pryaring your independent examiner's report of w]]ich you are unaware. Each director has taken all the 8teps that helshe ought to havc taken as a director in order to make themself aware of any relevant independent examination inforniation and to establish tbat you arc awarc of that ]nfOrn￿tiOll. Yours faithfully Trnstee Signed on behaIf of the board of trustees Sarah Carr Executive Manager St Marys Church & Woolwich Common W¢F¢ prpud upw lh¢ Equality and Equity Charter UNDER FtVES PROJECT REPORT AND FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 RegistÈrÈd Charity No. 1026486 Azots Audit Services Limited Accountants First Floor River house 1 Maidstone Road Sid¢up DA14 5RH UNDER FIVES PROJECT CONTENTS Page Charity Inforrnation Report of fh8 Management Committee Ind•pend8nt Examlnerfs Rewrt Ststement of FinanGi¥l Activities Balancè Sh8et Notès to the Financial Ststèm8nts UNDER FNES PROJECT REFERENCE AND ADMINISTRATIVE DETAILS Trustees Edel Redmond Jenny Thompson Helen Ca Management Committee Jenny Thompson Ichairl Edel Rèdmond ITrea5uIErl Jesmilla Sanoon Chk)e Camtrron Charlie May Emma Cameron Charlty Registration Number 1026486 Principal Offi¢e st. Marys Church G￿enlaW Street Lendon SE18 SAR Independent Examiner C. Cooper FCCA Azets Audit Setvices Lttnited Acctsuntants Fi￿t Floor RivÈr house 1 MaidstDne Road Sidcup DA14 5RH Banker Santandèr Boot Merseyside GIR OAA UNDER FIVES PROJECT REPORT OF THE MANAGEMENT COMMITTEE Tre Mon8gement CotNmittee present their ￿port and fin8ncial staternents for the year ended 31 Mareh 2023. The financtal ststements have been prepared in accordanTr wth the accDunting policies set out in ngte 1 to the accounts and compty wth the charity's trust deed, thé Ch8rities Act 2011 and AcwuntiThJ and ReportirwJ by Charities.. Ststement of Recommended Practice applicable to charitiès preparing thoir accounts in accordan¢e with thè Financial Reporting Stsnd8rd applicable in thè UK and Republic of Ireland IFRS1021 leff&ctNe 1 January 20191. OBJECTIVES The objesttves ofth8 charty are.. To protect and presewè th6 physi&g1 and mental heatth of childrèn and their parents in the London Borough of G￿ell￿-h by the provision of an cjutstsnding Ofsted nursery and dayca￿ provision for b8biès and children ag8d 2￿ years who are in need and therèby relieving the stress of thelr parents who are Similarly in need by virtue of thèir social or ￿OnOmIC circumstan￿$. REVIEW OF THE YEAR This year h8s been one of gro%*th for the Under 5.5 prtsje¢t, we have at last managed to secure and open se(x)nd site in the borough. The sitè is man89ed by Roy31 Greenwl¢h ¢oun¢il who we have a's8rvic8 providerf lease with. We have invested heavily In the sitè as it was hug&ty run dDwn. we did not get a￿1 loan5, butwg did occur some arrears wrfh our rents throughout the year. We opened the nursery room by room until we were able tD oper2te by the end of the year. this included opèning our first ever'baby room,. Opening the second site has meant we have more than doubled our capacity to reach even rnore families in the borough. We have stuck true to our ethos and macle a cOn￿rted effort that inclusion is at the heart of t41$ development. Recènly opÈning'ThÈ Burrow. on site, a separate area where we focus on inclusion worrf with our SEN children. Sarah h35 8lso Successful￿ acquired grant funding to run a SEN support group for parents who attend th6 nursery, but also for families in need throughout the borough, this is due to launch in SÈptènj.￿r 23. We finish this year on a high, Kqth wonderful devetopments and a beautlful second site. STATEMENT ON PUBLIC BENEFir ThE objectives and revigw of the year sections of this report clearly set out the atttmties whitth thè charity undertakes for the public beneft. The trustees confirm that they have complied witi the duty in section 4 of th8 Charities Act 2006 to have due regard to public ￿nefit guidance published by the Commission in detemiining the activibe5 undertaken by fhe charty. FINANCIAL REVIEW Total incorne for year was £440.321 12022". £227.3331. Total expenditure for the year was £495,096 12021. £240,455). This resultad In a d$ficit for the year of £54,77512022'. £13,122). The ftEnds at 31 March 2023 were £41,102 in defic￿l2022.. £13,6Y31, of whlch none12022: £nlll ar6 restrirtètt. RESERVES POLICY The balance of Un￿strICtele for the prèpardtion cFf the ar£ounts in awordance wth tr,e requirements of the Charities A¢t 2011 I'thg A¢YI. I rÈport in ￿SpeCt of my examination of thp charity's accouFIts carriEd OLrt undEr section 145 of the Act and in carrying out my examination I have followed all appluble Direct*ons givèn by the Charity Comrnission under section 14515llbl of thè Act. Indepèndent oxamintfs statement I have CDmpleted Fny exarnination. l (x)rffitm that nu material rnatters have (x)rn& to rny attention in conn8ctiors Wi the 8xamination giving me Cause to bgligve that in any tnaterial r8SP8Ct.. accounting records were not kept in respect of charity as requiTed by section 130 of th& ABt-, or the awounts do not accord with those r&cords', gr the accounts do not comply wth the applicable requirements concerning the form and ￿ntrnt of accounts set out in the Charities (Accounts and Reporisl Regulations 2008 other than any reqÈsirÈmènt that the ae¢ounls give a 'true and fair ￿ew. which 15 nDt a matter considered as part of an independent ey.atninats"on. I have no concems a￿1 have come across no other matters in connection wtth the exam:nation to which att8ntion shoulcl be drawn In thls report in orderto enable a proper understanding of the aruunts t) be re8ch8d. C. Cooper IFCCAI For and on tsehalf of Azets Audit Service8 knrpited Accounknts First FIcK)r Rwèr house 1 Maidstone Road Sidcup DA14 5RH UNDER F]VES PROJEQT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unre5trictEd Funds Unr85tricted Total 2Q22 Notes Tot#1 2023 Income frorn.. Charitable activlties.. Feès and nursèry vtsuch6rs Grants receivable Bank interg$t 121,234 319,071 121,234 319,071 16 47,192 180,141 Total income 440,321 440.321 227,333 Expenditure on= Charitable actiV￿.eS.. Provision of nursèry tsre 495,096 495,096 240,455 Total expendhur 495,096 495,096 240,455 Net income 154,7751 {54.7751 113.1221 Rèconcillation of funds: Total funds broughtlorward 13,673 13,673 26.795 Totsi funds earrièd forward 141,1021 13.673 All transactlons are detfved from conttnulng a¢tivit*s. All recognis&d gains and70￿8S ar8 included in the Stat8rn•nt of Financial Actiwtias. UNDER FfvES PROJECT BALANCE SHEET AS AT 31 MARCH 2023 Notes 2023 2022 Frxed assets Tangible Ilxed zssets t,338 1,797 Current assets Cash at bank antj in hand 1.249 14.476 1249 14,476 Creditors: Amounts falling due within one year 143,6891 12,6001 Net Current assets 142,4401 11.876 Net assets 141,1021 13,673 FUNDS Unr8stricted Funds 141,102) 13,673 141,102} 13,673 The fiianclal slatements wefft approved on ...........................and signed on tehaff of thè Board by= Jenny Thomp$on Management Committèè Edel Redmond Mana9emertt Commiltee UNDER FIVES PROJECT NOTES TO THE FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of preparation Under FpiEs Project is a unincorporated chartty in the United Kingdom, govemed by a CDnstitubon dala April 1990 and 8mended on 16 September 1993 8nd 17 April 2011. The address o.. the wistered offi is given in 'the charity information Dn page 1 of these financial ststements. Tre natLtE of the ch2ritys operations and principal actiwties are detailed on page 2. The financial slatements have been pr8pared in accordanoe with the chariils gov8ming documènL the Charities Act 2011 and 'Accounting and Reporting by char￿e$.. Ststement of Recommended Practice applicable to Chari￿s preparmg their a(xounts in awordance with the tri1i8nci¥l Rèptsrting Stantiard appli¢able in the UK and Republi¢ of Ireknd IFRS 1021 issues in October 2019. TtrE charty 18 a Public Benèfit Entty as defined by FRS102. The financial ststernents are prepared on 8 going concern basis und8r the histoti(xl c05t convEntion, modrfred to inclLKle certain items at fair value. The financial stslements are prepared in sterlin9 which 1$ the funGtional Currency of Ihe chaTty. The signific2nt acctsuntin9 policies applied in the preparation of tt)?sè financial statements ar& set out below. These policiE5 have been consistenuy applied to all years presented unless othèrwisè stated. 12 Incom8 All income is included in the SlateTnent of Financial Activities ISOFA) whèn the charity is legally ￿nti￿ed to the Income after any performance conditions have been met. the amount can be measured reliably and tt probable that the incomè WI￿ be re￿Ived. For donations to be recogni5ed the charity wll have be2p. notthed of the atnounts and the settlement date in writing. If theTe are conditions attached to the dDnaton and Ihis requires a level of Ferfarmancè before entitlement can be obt£ined then incorne is deferred until those EondiioTrs are fully met or the fumlment of those conditions is wrthin the o)ntrol of the charity and rt is probable that they M411 be fulfilled. The tharity recèives govemfflent grants in rèspect of nursery fees. Income from government and other grants a￿ r￿gnised at fair value when the charity has entitlem￿t after any performaiice conditions have been met. it is probable that the in¢ome will be received aid the amount can b8 ffleasur8d r8liably. entit￿ment is not met then these amounts are deferred. Expenditure All expenditurè is accounted for on an 8￿ru31$ basi5 and has been cla55thed under heading5 that aggieg3te 311 tx)sts related to the category. Expenditui? is re￿niSed where there ts a legal cr construotive obligation to make payments to third parties. it 15 probablp Ihal the setuament will be r￿￿Ere￿ and the arnount of the obligation tan bè measured reliably. tt is categorised under the following heading- Expenditurè on charitable acttvitiBs indudes those Costs incurred by the charity in thÈ delwery of its activibes a￿1 Services for its b6nefiaaries. It includes both costs allocated dlreetEy ta such activities and those costs of 2n indirect nattjrè nèeèssary to support them. Fund$ Unrestrlcted funds are availablg for usè at the dis¢￿tion of the trustees in furt￿3rar￿e of th8 g8n8r31 objectives of the charity and which have not beèn designated for other purposes. UNDER FiVES PROJECT NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Support Costs alloCat￿n Support Costs are those that assist the work of the ch2rty but do nDt diredy represent charitable activities and inctudè office costs, governance costs, administrativè payroll oosts. They are incurod ￿1￿ctlY in support of expenditure on the objacis of thè charity and include projed managetnent carried out at Headquarters. Wherè support costs ttannot be dire¢dy attributed tD particular hBadiftgs they have been allocated lo expenditure on charitable activities on a basis consistent wtth use of the resDurcès. Tangible fixed assets Tangible fixed assets 2re stated at cost lor 4JeernEd CDStI or valu31ion less accunulatsd depreclation and 8ccumulated impaim)ent losses. Cost includes Costs d(re¢tly attributable to making the &55et capsble of operating as intended. Depreciation is promded on 811 tangible fixed assets, at rates calculatèd to write off the cost, less eslmaled residual value, of each asset on a systematic basis ovèr its expected us&fvl life as follows.. Computers and equipment - 25% straight line Cash at bank and in hand Cash at bank and cash in hand includes eash ancl short tertn highty liquid iiivesiments wfth a short maturity of three month5 or IESS from th8 date of acquisthon gr opening of the deposlt or similar account. Deblors and credltors reoelvable I payable within on& year Debtors and credkors wkn no statsd interest rat& and receivablè or payable wfthin one ye¥r are record&d at transaction prfcè. Any ltsssès arising from impairment 8rè r8cognised in expendittjre. Corporation Ta The charrty is an èxempt Charity within the meaning of schedule 3 of the Charities Act 2D', 1 and is con5ideied to pass the tests s8t out in Paragraph 1 SGh8du19 6 FinanG8 W. 2010 and thereforg It megts the definition of a charitable cornpanylor UK corporation tsx purp05ES. 1.10 Goin9 ¢on¢ern As at 31 March 2023 thè ttharty had nèt liabilitiè5 ttttalling £41,102 12022.. N8t assers of £13.6731 this was due to the Tent in arrears which has been setued after the year end date. The level of funds held at the datè of the prèparation of thè financial statemènts is suffieiènt for thè trustèès to believe Ihat the charty is able to (x)ntinue irading for at kast 12 rnc)nths from the balar*ty sheet signing date, ther?fore the ffnancial statemènts have been p￿pared on a going concem basis. 1.11 Judgements and key source$ of estimation uncertainty Accounth"ng eSth"Mat￿ and judgements are continually evaluated and are based on historical experience and oth&r faGtors, inrjuding ex(￿￿tiONS of futuro pvents that ale bpli8ved to b8 rea50nable under the cir¢urnstsnces. The follDWing jL¥Jgempnts (apart from those involving estimates) have been made in the process of applying the above oecountin9 polieiès that h8vè had the most slgnlficant effèct on amounts r8cog*is• in the financial statements.. UNDER FNES PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1.11 Judgements and key source5 of pstimation uncertainty l¢ontinLEedl Us&fuJectwpomic likES of tsngiblé èssets The annual depreCIat￿n ch8rge for tangible assets is sensitive to changès in th8 esumated uselul econom2c Iwes and residual valuès of tr)e assets. The usèful economic Ipies and residual Valu￿ are Sssessed annually. Thèy are 8mendÈd when necessary to refiect current èstimates, based on technoSogical advanTrment, future InYe5trnents, economic utilisation 2nd the physical condition of th6 assets. See note 6 for the rarying amclunt of the tangible fixeLI assets,and notè 1.6 for th8 useful economlc Ilvès for 88ch ¢las5 of assets. Bad debts Debtors are regulady reviewed for re(ovèrability. any debts which in thp opinion ol menagement are not iecovefdble are provided for as a spècthc bad d8bL There are no key a5suniptions wnceming the futurè and othèr key sources of estimalion uncertainty at the Teporting date that have a svJnificant risk ol causing a material adjustment to the carying amounts of assets and IlabS1its"es wthin the next financi81 year. INCOM# FROM CHARITABLE ACTIVITIES 2023 2D22 London Borough af Greenwa¢h 319.071 180.141 319,011 180.141 STAFF COST5 AND TRUSTEE, REMUNERATION 2023 2022 Wages a￿1 salafi6S Social Securty costs ReNuibnent 310,157 4,180 152,018 4,180 3D3 314,652 156,501 Thè avèr8ge numb8r of empbyees Ilnduding casual and part time staff) durin9 the financial year was 19 12022: 81 Ther8 W8r8 no 8mploye8s eamlng more than £60,DOO during the year12022'. none). None of the Trustsès t8C8iV8d any r8mun8r8tion or reimbursed expenses during the year12022.' none). 10 UNOER FIVES PROJECT NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CREDITORS: Amounts falling clue due within onè year 2D23 2D22 Trade Creditors Accruals Other ¢redilors 3,034 35,304 2,D39 561 43.689 2,600 RELATED PARTY TRANSACTIONS Ther8 were no related paty transactions during the year12022: None). 12 Azets Audit Services River House 1 Maidstone Road Sidcup Kent DA14 5RH Your ref: CJC/HH 27 February 2024 Dear Sirs ## **Under 5’s Project** The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charity’s financial statements for the year ended 31 March 2023. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief. ## **General** - 1 We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 25 September 2020 under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you. - 2 All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. - 3 All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission. - 4 The financial statements are free of material misstatements, including omissions. ## **Internal control and fraud** - 5 We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. - 6 We have disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements. - 7 We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others. ## **Assets and liabilities** - 8 The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed in the notes to the financial statements. - 9 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate. - 10 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements. ## **Accounting estimates** - 11 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. ## **Loans and arrangements** - 12 The charity has not granted any advances or credits to, or made guarantees on behalf of, the trustees. ## **Legal claims** - 13 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements. ## **Law and regulations** - 14 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements. ## **Related parties** - 15 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements. ## **Subsequent events** - 16 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed. ## **Going concern** - 17 We believe that the charity’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity’s ability to continue as a going concern need to be made in the financial statements. ## **Grants and donations** - 18 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. We acknowledge our legal responsibilities regarding disclosure of information to you as independent examiners and confirm that so far as we are aware, there is no relevant information needed by you in connection with preparing your independent examiner’s report of which you are unaware. Each director has taken all the steps that he/she ought to have taken as a director in order to make themself aware of any relevant independent examination information and to establish that you are aware of that information. Yours faithfully .............................................................................................................................. ## Trustee Signed on behalf of the board of trustees