UNDER FIVES PROJECT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Reglstered Charlty No. 1026486 Azets Audrt Services Limited Ac¢ountants First Floor River house l Maidstone Road Sidcup DA14 SRH
UNDER FNES PROJECT CONTENTS Pago Ghafity Infoffnatson Report of th8 Management Commrtiee Independent Examinerfs Report St818ment of Financial Activi85 Balance She8t 10 St818ment of Cash Flows 11 Not68 to the Financi81 St81ements 12
UNDER FIVES PROJECT REFERENCE AND ADMINISTRATIVE DETAILS Trustees Edel Redmond Jenny Thompson Helen Ca Sarah Carr Management Committee Jenny TMpSon (Chair) Edel Redmond (freasurer) Ella Caff Charity R¢9i5tration Number 1026486 Princlpal Office SL Mary's Church Greenlaw Street London SE18 SAR Independent Examiner S. Holmes (FCA) Azets Audit ServIs Limited Accountsnls First Floor River house 1 Maidstone Road Sia¢up DA14 5RH Banker Santander Booue Merseyside GIR OAA
UNDER FIVES PROJECT REPORT OF THE MANAGEMENT COMMtrrEE The Manag8ment Committee present their report and finanual statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounts.ng policies set out in note 1 to the accounts and comply wth tha charity's trust deed, the Charitie5 Act 2011 and Accounting and Reporknng by Charities.. Statement of Recommended Practice applicable to charities preparÉng their accounts in accordance wlth thè Financial Reporting Stsndard applicable in the UK and Republic of Ireland published on 16 July 2014. OBJECTIVES The objectives of the ¢haTity are.. To protect and preserve the physlcal and mentsl health of children arKI their p8r8nls in Ihe London Borough of Greenwich by the provision of an Inclusive Ofsted registered nursery and daycare provision for children 8 months 5 years who are in need and Ihereby relvIng the stress of their parents who are similarly in need by vlrtue of th8ir social or economic circumstances. During the year the charlly conlinu8d lo w(Kk towards its charitable objeclives of supporting children and f8milies through the provision of safe, engaging and inclusive childcare servlces and activities. The charlty 8ucc8s$fully deliverèd over 120 childcare placemenls 8nd community activities which provid8d children with opportunitl8s for play, leaming and soci81 interaction. F8edbaGk from families and partner organl$ations has been positive, demon51rating that the charity is meeting a clear need within the community. W8 conb'nue to have families signposted by locel health visitors and extemal agencies which demonstratss a strong need for our provision. A key focus of the charity's worf< has been ensuring that children of all abilitses are able to access a nurturlng anvironmenl that supports their individual d8velopment. The settln9 continue¥ to provide in¢lusive opportunities for childr8n with additlonal need8, Including tha use of a dedicated sensory space deslgned to support children who benefit from calm. sensory-based learning environments. Work has begun to further expand and improve this sensory provision so that more children can benefit from il. Th8 charity has also continued to play an actlve role wlthin the local community by supporting sludents and young P80ple through short work placements and observational sessions. These opportunities are provided to sludenl$ from local coll6ges. schools and altemative education provisions. including young people who may struggle wlthin m8inslream education settings. These placements help students galn valuable experience and confidence within 8 SUPPOrtive envifonm8nt Another important priorlty durfng the year has bean staff wellbeing and professlonal development. The charity recognis6s that a well-supported and highly skilled tearn is essents.al lo delivering highquality ¢ar8 for children. As part of this commitment, the organlsation has placed a strong emphasis on promoting Staff wellbeing and creating positive and supportive working environment. The charity has also actively supported a number of staff member5 in WOTking towards their Level 3 early years qu81ificalions. And we has suc¢essfully trained 3 apprentices from local Coll8$ to gain qualificalions in the field. The management committee believes Ulat these activities demonstrate the ch8rity'$ ongoing commitrnent to delivering meaningful benefit to the children. families and der community11 supports
REVIEW OF THE YEAR We have had an extremely lyjsy yearfull of exiibng changes and the expansion to our second site. Our new second site is larger than St MaS nursery and means for thg first time ever we have been able to expand our provision to babies. We have managed to extsnd a very run4own building into a wonderful nurturing environrnent for our clièntele. The new site is large and holds lots of possibilty for future developments. This year we have been ntinUIng to lean into being an indusive and nature lead nursery, this has meant working wth natural materials and $Our and making the most of the new large outside space we have acquired. We continue to pride oursdves on being an irluSive settrng and have worked hard to incorporats this into our new site, we have seen a large increase in the number of SEND thildren accessin9 our provtslon and we have been re-structuring our speaalist team to incorporats the rise in access. We have been able lo re-develop and open an onsite sensory room and inteTvention space named the burrow The team have worked incredibly h8rd thrc44h the many changes and -structures we have had and Continue to have. They should all be incredibty proud of what we have achieved together. STATEMENT ON PUBLIC BEI4EFrr The objectives and actiVFtFes, and athievement and performano sections of thls pport clearly set out lh• aclÈvities which the charity undertakes for the public benefft. The trustses nfirn that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefft guidance published by the Commission in determining the activities undertaken by the charity. FINANCIAL REVIEW Total income for the year was £863,16812024.. £648.545). Totsi expenditure for the year was £781,680 (2024: £603,424). This resulted in a surplus for the year of £81,488 (2024. surplus of £45.121). The funds at 31 March 2025 We £85,507 in surplus (2024: £4,019 in surplus). of whith none (2024: £nil) a restricted. RESERVES POLICY The balance of unrestricted funds al year end was £85.507 in surpfus (2024: £4,019 in SUTplus). The Trustees, policy on reseNes is to have a minimum of two mcmlhs cover of budgeted operating costs approxirnalely £80,000 (2024: £80,000). The current level of Seo$ is below the Trustee's policy. but due to the current ctimale, and the second sile opening we have unfortunatety not been able to build the reserves back up, we are hoping this is something we can start to prioritisa in the coming years.
UNDER FIVES PROJECT REPORT OF THE MANAGEMENT COMMrrrEE GOING CONCERN The organisation is in the process of carrying out a review of all of its incoming slreams and prO1t cosls. We have had 8 year full of charge and rapid growth, this has inevitsbly meant Ihat investment had to happen for the project to take placè, we are now looking to Ihe future year to regain financial stsbllity- The times that we are in are very challenging, and there is a national crisis of undèrfunding in earfy years, we are hoping the fijture brtngs posltive changes to government pollcy at Ihe very heart of how earty years in valued. We continue to remain positive and hope that thè second site will offer us more security and financial safaty than we have had previously. we are a long-standing charity that is looking to move forward and upwards. On the basls the Trustees consider Ihe going concern basis for the preparation of the accounts to be appropriate. RISK MANAGEMENT The trustees have revi8wed Ihe malor and financlal risks that impact on the work of th8 charty. They systems that have been establlshed enable the trustees to review and take necessary 8teps to lessen these flsks. The trustees consider the following to be the principal risks that Ihe charity faces.. Loss of income from the London Borough of Greenwich risk mitigated by 8ffectiv8 monitorlng of flnances and 8Ctively seeking 8llematNe forms of funding. Children's Safety risk miligated by ensunng all current hgalth and safety requirements are met or excee¢ed. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Ch8rfty is 8n unincorporated entty, govemed by a constitution daled April 1990 and amended on 16 September 1993 ond 17 April 2008. It is a registered charity, number 1026486. Trusté•# The following have served as Truste86 dudng the year lo dote.. Edel Redmond Jenny Thompson Helen Ca Sarah Ca Management Commlttee The followlng have seNed on the Management Committee during the year to dale.. Jenny Thompson (Chair) Edel Redmond {Trèasurerl Ella Carr The Management Committee shall consist of at least 6 members and rlot more than 12 members. The Management Committee 5h811 be elecfrd at the Annual General Meeting each yèar. The Management Committee shall meet at16ast 3 times a year.
Volunteer contributions The chaiity does not rely on regular volunteers to deliver its Servi$. However, the organisation regularty supports students 8nd young people from lo1 colleges. sthoois and aliemative education provisions who undertake work placements within the seth'ng. These placements provide students with valuable experien of working children and early years environments. The Gharity also supports youn9 peopl& who are unable to access mainstream edu¢xtion by offering shorL supervised sessions to help develop confidence, social sktlls and an understanding of Workpla environments. While these placements are primarily educational, they contribute p0SVe1Y to the sett(ng and reflect the charity's commitment to supporting the wider cx)mmunty and providing leaming opportunities for young people. Plans for the future Looking ahead, the charity plans to continue developing its facilities and expanding the support it provrdes to chlldren. families and staff. At the St Ma$ site. the chartty intends to improve the outdoor leaming environment through the installation of inclusive play equipment designed to support thildren of all abiliti&s. In addition, plans are in place to enhance outdoor provision through the creation of two permanent wooden 'potion kitchens. and the installation of structured wooden gazebos within Ihe garden afea. These developments will provide addrtional opportunities for crealive, sensory and outdoor leaming experiences. Al the Woolw¢h Common site, approval has been granted for Ihe construction of an extemal building in the fonn of a summer house. This space wll provide a dedicated area for meetings With parents and carers, as well as a space for staff use and management discussions. The charity currenuy has limited indoor space for these purposes, and the additional building will help improve both stsff wellbeing and communication with families. The charity will also continue lo develop and enhan its sensory room provision so that more children. particularly those with additional needs, benefit from a calm and supportive sensory envFronmenL In the longer tem. the charity hopes to introduce a SEND parent drop4n group. These sessions will alm to provide a supportive space there parents and ¢arers can acctss infonnatlon. share experiences and connect with others wlthin the community Fundraising dlsclo$ure During the year the charity undertook limited fvndraising activities. The organisation applied for a number of grant funding opportunities and was successfijl in securing onè grant to support frJture expansion plans. At the time of r8PQrting, final confimats'on and authorisation for this fvnding is still in progress. The charity also carried out small-scale intemal fundraising adivities for families wr(hin the setiing. Thls included organising seasonal photo sessiork%, such as Easter and Christmas themed photogrdphs, which were offered to parents and carers at a low cost. These artivtties were designed to be a¢¢essible for families while also raising modest funds for additional experiences for Ihe children. Funds ratsed through these activrties were used to provide enrichment opportunrties for all tha children. induding special activity days such as a visiting animal experience and a Christmas lebration event. The charity ensures that all fvndraising activities are carried out in a transparent and ethic81 manner and are approprlate to the size and nature of the organisation. Detalls of method of re¢ruitment and appolntnwnt of trustees Trustees are recruited through the charivs management committee structure in a¢¢ordance with the goveming documenL When vacancies arise, the charity seeks to recnjit new trustees from within the lo(1 communty and frtsm parents and carers connected to the setttThJ. OpportunFties to join the management committee are communicated to parents and carers Ihrough letters and internal communications explaining the role and responsibilities of trustees. The charFty aims lo enurage individuals with an Interest in supporting children and families within Ihe communty to become involved in the govemancÈ of the organisaton. New trustees are fomially appoirrted by the existing management cfjmmittee in line with ihe charitys goveming document. Where 2ppropriate. trustees are offered access to relevant training and guidance to help them understand their responsibilities and contribute effectively to the management of the chartty. While intet in trustee roles can sometimes be limited due to the time commilments involved for working families, U)6 chaiity continues to promote these opportunities and weScornes new membeTr who wsh to support its work.
Details of organisatlonal structure The overall govemance and strateglc direction of the chaiity is the responsibility of the management commlttee (truslees}, who meet periodically to review the charity's activities. finanS and future planning. Due to the fast-P8ced nature of the nursery environment, day-to-day operational decisions are dekgated trj the 8xeculive manager and the appointed nursery manager5 and deputy managers. This enables decisions relating to the Tunning of the selling. staffing and the immediate needs of ¢hildren to be made effitsently and appropriately. All safeguarding concems are h8ndl8d by trained DSL'S The Gharty operates robust recruitrnent and vetting procedures lo ensure that indlvlduals appointed to manag8m8nt and leadership roles have the appropriate qualifications, experience and competence required to cary out these responsibilities. Beeen fomal meetings, the management CMmIt1ee maintains communication through digital channels to allow timely consultation where nécessary. This enables trust88S to rémaln infomied and provide Input on matters that may arise between scheduled meetings Clear reporting procedures are in place so that staff can raise any concems or operational issues. Matters that reqLJlre strategic ¢onsid8ration. recru¢tment or policy deci&ons are r&ferrad to the managelnent committee foT review and approval Inductlon and tralnlng of TrustOè8 New Iruslees are provided with an infomal induction lo help them understand thelr rola and responsibilltles. This includes attanding their first management committee meeling, being Introduced lo the charity's objectives, activities and governance framework, and receivtng guidance on their legal dulles a$ trustees. As part of the recruitment pro¢8ss, appropriate checks are carried out, including a Disclosur& and Barring Servlce (DBSI ¢heck. TTUStees are also provided with tho opportunity to ask question5 and familiarise themselves with the QP8ratlons of the chanty. While tha charity does not CUrndY have a fomial tfustee induction and training policy in place, it is committed to supporting new Iruslees to become effeclive members of the management Committee. This year, Ihe charity is in the process of inducting 8 new trustee and will continuè to prowde guidance and support as they take on Ihelr rol8. Arrangom•nt8 tor sattlng pay of Key Management Por•onnel (KMP} The cttarity operates a structured and transparent approach to setting pay for its key management p&r8onnèl (KMPI and staff. Salaries are determined in lin8 wilh the responsibilities of Ihe role, the level of experience requlred, and the funding available to the charity. includir¥J statutory funding allocations and Ioc81 authority guldanco. Pay rises a tyCallY reviewed annu8lly In April, and are informed by chsnges in s18tulory fvndlng and the Nats'onal Minimum Wage. The chafily aims lo provide fair and comp8tilivè salanes for the local area while maintaining financial sustainability. Salaries are stwctured according to a tier system, re11ectlng the hi8rahy of roles wilhln th8 organisation, ranging from apprentices and nLtrsery praclstioners, through room leaders and deputy managers. up to manag6rs and the exeGutive manager. Staff wlhin the Special Educalional Needs ISENI team are remunerated at a higher pay Sle to reflect the specialised skills required. Atl roles 8re advertised openly with dear pay scales and responsiblllties, and recruitrienl proc8sses involv8 at least to three interviewers to ensure faimess and transparenw. Pay rates are s8t within a guidance framework to ensure conslslency and to avoid arbitrary Increases. Any prop0581s to exceed set guidance are subject lo dlscussion wilh the management cnmmittee. The trustees are satisfied that this approach 8nsures salaries are reasonable. fair and in line with the charity's resources, while supportlng the r8cruitment and retention of suitably qual'th'ed and experienced staff.
UNDER FIVES PROJECT REPOFrr OF THE MANAGEMENT COMMrrrEE STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United lfjngdom Accountr"ng Stsndards (United lfjngdom Generally Acceptsd Accountin9 Practice). The law applicable to charities in England & Wales requires the trustees to prepare finanaal ststements for each financial year which give a true and fair view of the state of affairs of the tharity and of the incoming resources and application of resources of the charity for that period. In preparing thèse financial statements, the trustees are required to: select suitable accounting policies and then apply them consistentty,. observe the methods and principles in the Charities SORP 2015 {FRS 102),. make judgèments and estimates that are reasonable and prudentr state whether applicable accounting stsndards have been firOwed, subject to any matsrial departures dis¢losed and explained in the financial statements; prepare the financial statements on the going concem basts unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financtal position of the charity and enable them to ensure that the financial stslements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safèguarding the assets ol the charity and hence for tsking Teasonable steps for the prevenlion and detection of fraud and other irregularities Approved by the Trustses and signed on their behalfr. Jenry Thompson Management Committee Dato 14.
UNDER FIVES PROJECT INDEPENDENT EXAMINER'S REPORT TO THE MANAGEMENT COMMIThEE I report to the charity trustees on my 6xaminabon of thè accounts of the charity for the year endéd 31 March 2025 which are set out on pages 9 to16. Re$ponslbllltl&s and basls of roport As Ihe charivs trustees you are responsible for the preparation of the accounts In awordance wlth the requlrements of the Charitiès Act 2011 Ilhe Acl'l. I report in respecl of my èxamination of the charivs accounts carrled out under section 145 of the Act and in carrying out my examin8Uon I have followed all Ihe applicable Directions givon by the Charity Commission under section 145(5)(bl of the A. Indopendent èxamlner's Statomont sin the charity's gross income exceeded £250,000. your ex8mlner must be a memb8r of a body listed in section 145 of th6 2011 Act. I confirm that l am qualified to underlake the assessment bécause l am a member of ICAEW. which is one of the listed bodies. I have compléts¢J my examination. I confim Ihal no material mattern have come to my attenuon In connection wlth the examination giving me ¢aLtse to beliove that in any material respect: accounting records le rt kept in respect of the charity as requlred by section 130 of the Act; or the accounts do not accord wilh those records. or th8 a¢counts do nol comply with the appllcable requlrements conceming the fomi and content of a¢counts 58t out in the Charities (Accounts and Reports) Regulations 2008 other than any requiremenl that the acwunts glve a 'true and fair view, whlch Ss not a matter considered as part of an independenl examinauon. I hava no concerns and havè come across no othèr matters In conne¢Uon with tho examination to which attention should be drawn in Ihis report in order to enable a prop8r understsnding of the accounts to be reached. 19 March 2026 Dat8..... S.Holmg8 IFCA) For and on b8half of Azets Audit Services Limited Accountants First Floor River house 1 Maidstone Road Sidcup DA14 5RH
UNDER FIVES PROJECT STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2025 Notes Unrestricted Funds Unrestrlcted Total 2024 Totsl 2025 Income from: Charitable activities.. Fees and nursery vouchers Grants receivable Other grants & donations Untform income Bank interest 108.725 748,873 2,627 785 2.158 108.725 748.873 2,627 785 2,158 145,790 502,075 680 Totsl income 863,168 863,168 648,545 Expenditure on: Charitable activtbes.. Provision of nursery care T¢)tal expendlture 781,680 781,680 603.424 781,680 781,680 603,424 Net Income 81,488 81,488 45.121 Roconclllation of funds: Total funds broughtforward Total funds carried forward 4,019 4,019 (41.102) 85,507 85,507 4,019 Ail Iransactlons are derlved from conllnulng athe$. Al recognlsed gains and l¢)sses are inclu¢Jed in thè Ststernent of Finanoal Activilies. All income and expenditure in the uJrrent and prior year FS unrestricted.
UNDER FIVES PROJECT BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 Flxed assets Tangible fixed assets 9,493 3,154 Current assets Debtors - prepayments Cash at bank and in hand 4,744 100,317 3,648 30,237 114.554 36,039 Cr•dltors: Amounts falling du8 Wlthin one year 129.047) (33,020) Not Current a888ts 76,014 865 Nel ag•0ts 85,507 4.019 FUNDS Unrestricled Funds 85,507 4,019 85,507 4.019 The ff nancial stalements were approv8d on . 19 March 2026 . and signed on behalf of the Bo8rd by.. J¢nny Thompson Managemont Committeo Edal Redmgnd Management Cornmlttee 10
UNDER FIVES PROJECT STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025 2025 2024 Notes Cash flows from operating activttwes Cash generated from operations 78,431 31,726 78,431 31.726 Investing activities Purchase of tsngible fixed assets (8,351) {2,738) Net cash provided by investing activities (8,351) (2.738) Net increase in cash and cash equivalents In the reporting perlod Cash and cash equivalents at beginnin9 of the year 70,080 28,988 1,249 30.237 Cash and cash equivalents at end of the year 100,317 30.237
UNDER FIVES PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basls of preparatlon Under Fives Projed is a unincorporated charity in the Uniled Kingdom. governed by a Gonstitution data Aprll 1990 and amended on 16 September 1993 2nd 17 April 2011. The addres5 of the registered office is given in the charity infomation on page 1 of these financial statements. The rsalura of the charity's operatsons and principal activitiès are detailed on poge 2. The charlty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Roporung by Charities: Stat8ment of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Rèporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014. the Financial Reportin9 Standard applicable in th& Unitèd Kingdom and Republic of Ireland IFRS 102), the Charitles Act 2011 and UK Generally Accepted Pradlce as 11 applies from 1 January 2015. Updated by Bulletin 1 & 2. The financi81 statements are prepared on a going concem basis under Ihe historleal cost ConvenOn, modilled to include certain Items at fair valu8. The financial slatements are prep8red in slerllng which is the function81 currency of the charity. The slgnificant accounllng policies appli in Ihe preparation of thes8 financlal statements are set out below. These policlfjs have been ¢onslstenlly applied to all years presented unless othefwS$e slated. Incom• All incomg is Indud6d in the Stst8rn8nt of Financial Activilles (SOFA) when Èh8 charity is legally entitled to the inoome after any perfom8nce condilions hav• been mot, Ihe amount can be measured reliably and It is probable that the income will be received. For donations lo be r8cognised th8 charity wll have been nOtifd of the amounts and the settlement date in writing. If there are condllions attached to Ihe donation and this r8quires a level of perfonnance before entillemènt can be obtained then income is deferred until those conditions are fully m8t or the fvlfilment of those condilions is withln the control of the charity and it is probeble that they wll be fulfilled. The chanty recelves govemmenl granls in respect of nursery fees. Income from govemm8nt and other grants are recognis8d at fabr value when the charity has entiuement aft8r any performance conditlons have been rnet, it is probable thal the income will b& recaived and the arnount can be measured reliably. If entsuement is not met then these amounts are deferred. Expendlture All expendilure is aGcounted for on an accnjals basis and has been cl8sslfied under he8dlng8 that aggregate all costs related to the category. Expendlture is recognised where there 18 8 legal or construdive obligation to make payments to third partl8S, it is probable that the settlement will be requlrgd and the amount of lh• obligalion Gan measured roliably. It is categorised under the following heading.. Expenditure on chantable 8ctivities includes those costs incurred by Ihe charsty in the delivery of ils activities and seryices for its ben8ficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. Funds Unrestricted funds are available for use at the discreb.on of the trustees in furlherance of the general objectives of Ihe charity and which havo nat been designated for other purpos8S. 12
UNDER FIVES PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Tangible flxed assets Tangible fixed assets are stated at cost (or deemed cost} or valuation less accumulated depreciation and accumulated impairment losses. Cost indudes Gosts directy attributable lo making the asset capable of oparating as intènded. Depoualron is provided on all tangible fixed assets. at rates carlated to write off the cost less estimated residual value. of eath asset on a systematic basis over its expected useft(I life as follows: CompLrters and equipment - 25% straight line Cash at bank and in hand Cash at bank and tssh in hand indudes cash and short tenn highly liquid investrnents with a short maturity of three months or less from the date of acquisitson or opening of the dèposit or similar account Debtors and creditors recelvable I payable withln one year Debtors and credrtors with no ststed intsrest rate and erVable or payable vrithin one year are e0rded at transaction pr1. Any losses arising from impainnent are recognised in expenditure. Corporatlon Tax The chaiity is an exempl charity within the meaning of schedule 3 of the Charttles Act 2011 and is consldered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the deflnthon of a charilable company for UK corporation tax purposes. Golng ¢oncern The financial ststements have been ppared on a going concem basis as the trustees believ8 that no material uncertainties esL The trustees have conSered the level of funds held and the expected level of income and expenditure for 12 months from aLrthorTsing these financial statements. The budge16d income and expendlture is sufficient, after taknng into consideration the change in staff and using apPntice$ to save money an¢J cost reducts'ons, the level of reserves for the chartty to be able to continue as a going concem. Employm Bon•fits The costs of short-tem employee benefts are recognised as a liabilty and an exp8nse, unless those costs are required to be recognised as part of the fixed assets. 1.10 The cost of 8ny unused holiday entitlement is recognised In the period in vhlich the employee's seNices are received, Temination benefits a recognised immediately as an expense when the company Is demonstrably committed to teminate the employment of an employee or to promde termination benefits. Paymerrts to defined contribution retirnent benefft schemes ao charged as an expense as they fall due. 1.11 Judgements and key sources of estimatlon uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, induding expectstions of future events that are believed to be reasonable under the circumstances. Th& following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most Slgnificant effect on amounts recognised in the financial ststements.. 13
UNDER FIVES PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.11 Judgemènts and key sources of e5timatlon uncertainty (continued) Us8ful 8conomAc {eS oft8ngible assets The annual depreaalion charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re- assessed annually. They are amended when necessary to reflect current estimates, based on technolcgical advanc8ment, fvture investments, economic utilisation and the physical condition of the assets. See note 6 for the carying amount of the tangible fixed assets and note 1.6 for the usefvl economic lives for each class of assets. Bad debts Debtors are regularfy reviewed for recoverabilty. any debts which in the oplnion of managèment are not recoverable are provided for as a specffic bad debt. There a no key assumptions conceming the future and other key source5 of estimation uncertainty al the reporting date that have a signffjicant risk of causing a mal8rial adjustment lo tho carying amounts of assets and Ilabilitres wilhin the next financial year. INCOME FROM CHARITABLE ACTIVITIES 2025 2024 London Borough of Gr8enwich 748,873 502,075 748,873 502,075 STAFF COSTS AND TRUSTEE, REMUNERATION 2025 2024 Wages and salades Social Secunty costs RecruStment 457,518 35,283 716 360,665 21,178 534 493,517 382,377 The average number of employgos (including casual and part time staffj dvrtng the financlal yéar was 23 12024: 20) There wer8 no employees eaming more than £60,000 during the year12024'. none}. The management committee as listed on page 1 are all voluntsry roles. During thg year, one of the trustee, received £1,068 {2024: none) for services included within dlract cost6, 14
UNDER FIVES PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CfrIARITA8LE EXPENOITURE 2025 2024 Stsff Costs Agency Staff Rent Nursery supplies FO¢ & refreshments Depreciation Telephone. ststionery & postsge Occupancy Costs Insuranc Payroll burèau Training New site set-up costs Charitsble donation Migellaneous Staff entertaining Subscriptions Govemance 493,517 63.219 37,061 6,305 18,995 2,012 24,395 46.016 2,019 2,792 1,132 63,635 152 698 3,500 5.605 10.627 382,377 60,303 25,310 4,945 16.316 922 17.322 53,958 1.922 3.932 1.902 21,124 1.897 1.415 2.533 7,246 781,680 603,424 GOVERNANCE COSTS 202S 2024 Independent examination 10,627 7,246 10,627 7,246 TANGIBLE FIXED ASSErs Computers and Equipment C05t As at 1 April 2024 Additions Disposals 35,150 8,351 As at 31 March 2025 43,501 Depreclation As at 1 April 2024 Charge for year Released on disposal 31,996 2,012 As at 31 Mareh 2025 34,008 Net Book Values At 31 March 2025 9.493 At 31 Mard) 2024 3.154 15
UNDER FIVES PROJECT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CREDITORS: Amounls falling due due withln one year 2025 2024 Trade Credilors Accruals other Creditors 9,348 10,718 8,981 17,270 10,354 5,396 29,047 33.020 CASH GENERATED FROM OPERATIONS 2025 2024 Surpluslld8ficit) for Ihe year 81,488 45,121 Adlu8th1onts for: Deprèciation of tan9ible assets 2,012 922 Movoment In capital: D6creasg1(Increasel in debto (Decreasellincreasè In credltors 11,0961 (3,973} {3,648) (10,669) 78,431 31,726 RELATED PARTY TRANSACTIONS During the year the charity wa8 Invoi¢ed £53.720 (2024.. £50,258) for agency staff services from Pots ol Fun Mobile Creche Limlled, a company owned by S Carr. No amounts were oulstandlng as at 31 March 2025. 16