Registered number: 03179785 Charity number: 1054129 We Are Beams (A Gompany limited by guarantee) Trustees, report and flnancial statements For the year ended 31 March 2024
We Are Beams (A company limited by guatea1 Contents Page Refèrenc• and admlnlstratlve detalls of the Chartty. Its Trustees and advlsers Trustees. report Independént auditorfs report on the financial sL1tements Consolidated statement of flnanclal activlties 10-14 15 Consolldated balance sheet 16 Charlty balance sheet Consolidatèd statement of cash flows 17 18 Notes to the flnanclal statements 19-39
We Are Beams (A company Ilmited by guarantee) Reference and administrative details of the Charity. its Trusteos and advisers For the year ended 31 March 2024 Trustees Mrs R Neale. Vice Chair Mr A J Garrett. Treasurer Mr N H Johnston Mr J H Jarvis, Chair Mrs T Cox Mr D J Mote {resigned 18 January 2024) Mr A Thorne (resLqned 15 June 2023) Mrs J Challis Mrs S Crocker Mrs J Wells (appointed 4 May 2024) Mr M Walker (appointed 20 June 2024) Mx M Clinch (appointed 29 August 2024) Company roglsterad number 03179785 Charity reglstered number 1054129 Reglstered office Allsworth Court 40 St David's Road Hextable Kent 8R8 7RJ Company secretary Mrs K Adams Head of Charity Mrs K Adams Independent audltor Kreston Reeves LLP Chartered Accountants statutory Audrtor Mcntague Place Quayside Chatham Maritime Chatham Kent ME4 4QU Page 1
We Are Bearns (A company Ilmlted by guarantee) Trustees, report For the year ended 31 March 2024 The Twstees present their annual report togelher with the audited financial statements of the group for theyear énded 31 March 2024. The Trustees confimi that the annual report and financial statemenls of the Charity comply with the currenl statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended PractlC8 (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019). The annual report seNes the purposes of both a Trustee report and a Directors report under company law. Since the company qualifies as small under section 382 ofthe Companies Act 2006, the strategic report required of medium and large companiès under the Companies Act 20Q6 (strategic Repcrt and Directorfs Report) Regulations 2013 is not required. Objectlves and actlvltl•$ a. Pollcles and objective8 Our vision is that Beams will be a leader In transfomilng the Ilves of disabled children and young people and their families, enabling greater independence and control of their lives and futures, setting a path for others to follow. Values that underpin the work of Beams are: Service Excellence Parent driven People focused Responsive to needs Promoting an inclusive agenda Cllent involvement In the development of seNic88 Regular and systematic monitoring and evaluation Increasing social awareness of disability Collaborative working Our Aims We aim to provida comprehensive support services and related projects that directly benefit and assisl families dealing with the challenges of raisTng a disabled child. Beams supports families of children with any form of physical, leaming or sensory impairment living primarily in the Dartford, Gravesham or Sevenoaks area. The charity did nct make any changes to its mlssion or core aims during Ihe year, and in reviewing its business Objectives and activities was very mindful of the need to maintain as besl as possible our current services and activilies. The financial climate and uncertainty has given cause for alarm across all sectors and Ihe Truslees recognised that caution will continue to offer a far more strategic approach in achieving the ongoing sustainability and vibrancy of the charity into the fulure. Page 2
We Are Beams (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Objectives and activities (contlnuedl b. Strategies for achieving objectives Strategic Objectives 1. To provide the whole family with a bespL*e menu of advi. information. support. leisure and education senfices including: Family Advice Serwce Short Break Activity Servi Dragons Retreat Short Break Unit Support services for Kent families in receipt of Direct Pa5fjnents for disabled child and young people through Direct Payment Service Support Brokeiage sen11 providing families and young people with additional opportunities .to direct their lives and futures Payroll service for families ernploying their own slaff To provide and develop in partnership with other organisations or statutory bodies a range of inc5usive and specialist services that meet the needs of all disabled children & young people and their families 2. To ensure that marketing and fundraising activty effectively delivers income and raises our profile including: a focus on donor acquisition and m4or donor income building our profile developing supporter relationships to promote. marke( raise aNareness and secure a range of funding streams in order to ensure the future of Beams 3. To rvrfiew the structure of Beams in order to minimise risk and maximi5e opportunittes 4. To attain the Trusted Charity qualty mark arKI continue to maintain qualty assured services in all areas of Beams 5. To develop and secure opportunities to rfwersify and generate sustainable income SoUrS using our existing services and products whilst maintaining our values. 6. To continue to invest in the professional develowient of all staff, with a continued focus on leadership and management skills. 7. To meet the ongoing and future needs of the charity to secure ownership of a property that will meet the needs of Beams for the near future. In setting objectives and planning for activities the Trustees have given due consideration to guidance from the Charity Commission relaling to public benefft. The charity substantially relies on grants and contracts with local authorities and to a lesser extent fees and charges to cover its operating costs. In setting the level of fees, charges and cOnsSiOns, the trustees consider the accessibility of its adivities for those on low incomes. Page 3
We Are Beams IA company Ilmlted by guarantee) Trustees, r•port (continued) For the year ended 31 March 2024 Objectives and activities (continued) c. Main actlvltles undertaken to further the charlty's purposes for the public benefit and achieve objectives Family Advice Servtce The Family Advice Service is the principal frontline Servi for our membership. The service continues to offer support to families a¢ioss a wide lange of issues that affect a family with a disabled child. The effect of dealing with the wide range of issues and providing adll, guidance and support is what the Family Advice SeNlce is all about. It remains that much of the wort( is led by the needs of famili?s who ai8 dealing with despair, battles, depression and exhaustion. The Family Advi team has continued their work with all families thal contact us. Face lo face, work has continued and a full range of opportunities has been used. Our weekly advice clinics have continued in each area, alongside support via telephone and the use of Video conferencing. ensuring parents could acce8s 1 to 1 attention. Support Group meetings and Cygnet Training courses have been running and in excess of 3000 contacts were recerrfed by the service during the year. Key activities include: A telephone helplinè and drop-ln center. Educational Advice Weekly Advice Clinlcs Monthly Support Group5 in each area Delivering ADHD Parent Training. Dellvery of the Cygnet parenting Programme Partnership working including: Early Help Homestart Fathers Club ADHD Pathway For us too Include5 Us 2 spa2beme KENT Pact Short Break Servlces The Short Break Services 5UPPOrt disabled children and young people and their families. The principle work of the Servi is to enablè disabled children to have enjoyable experiences, which help them become more Independent and form friendships outside the farTNly. We also support families by providing respite services, offering events, and Day trips that the family can attend together. Our normal programme of Short Breaks ran during the year. It was a great delight to see how happy the children were lo be able to attend. Playschemes operated in all school holidays and a range of event, activtties and outings were arranged. Page 4
We Are Beams (A company lirnited by guarantee) Trustees. report (Contlnued) For the year ended 31 March 2024 Objectives and actlvltles (continued) Residential Dragons Retreat short break unit continued to operate. During the year, we were able to increase occupancy. Young people attending enjoy planned activities and days out as well as working towards targets to increase their levels of independen. Parents benefrt from much needed respite from their caring roles. Direct Payment Service Th8 Direct PasTnent Team have now completed the Year 5 of the original contract which was an agreed exiension. We have now negotiated a further extension to make Year 6. Direct Payments offer a different way of arranging social care services for disabled children and young people and their families. Above all else, Direct Payments offers families and the child.. More control over how, when and where support services are arrang8d and: Greater flexibilily over how, when and where support services are arranged The Beams Direct Payment Service currently support parents of over 1220 young peopl8 across Kent so that they can take control of their disabled child or young person has assessed Care and Support needs. The Beams Direct Payment SeNice helps parents to understand the responsibilities of receiving Direct Payment money, and how to use this correctly. Each family is allocated lo a dediGated Beams Direct Payment Cas8 Worker for continuity. and we know the parents trust U5 to work with them. Fundraising & Marketing The Fundraising Team headed by Carolin8 Brinkman - has continued its outstanding work to highlight how We Are Beams is perceived in the local community and with local businesses. The team have held a number of events and challenges during the year highlighting the work of Beams and the impact it has on families. They have also been successful with a range of grants. Income generated by the fundraising team was over £624.000. Volunteers We are Beams, main activitTe5 are assisted by a small number of volunteers working within the different departments. They help with the supporl groups, assist in the main office, supporting the Admin teams including managing the library. Their role also extends to helping wilh social events, activity groups and fundraising events. They are supported and supervised by the respective department heads and receive training where appropriate. Thair contribution to the We are Beams is vital to Ihe charity's continued suGGess at all levels. Page 5
We Are Beams (A company Ilmlted by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Achlevement5 and performance a. Key fjnancial performance indicators The Charitable seclor continues to experience uncertainty regarding funding. The Trustees together with the Managem8nt team have continued to be proactive in their planning and service delivery alongside a robus1 approach to fundraising and procurement. In this reporting year the charity had a net accounting deficit of £S7,285 (2023: £103,306) which was in line with expected perfomiance. Total Income for the year £2,125,066 (2023: £2,027,694). Expenditure foT the year was £2.169,459 (2023: £2.131.000). b. Investment policy and performance The Charity ReseNes policy states.. 'The charity has a commitment to transform the lives of disabled children and young people and their families. To ensure that this commitment to families continues to be met, it is Ihe trustees, policy that th8 balanc8 of general funds should be maintained at six months. unrestricted expenditure. This policy is based on pasl experience and is reviewed annually by the trustees. Steps needed to establish or maintain reserves at the agreed level: the Finan Manager and Head of Charitywill together plan a reseNe budget amount the reserves budget amount will then be discussed at the full board meeting when annual budgets for the whole organisation are discussed in March of each year. Budgets to be agreed and then sent to the full Board Meeting for final approval. The arrangements for monitoring and reviewing the policy: the policy will be reviewed every year., Cash reserves al Ihe end of the year. after ramoving client funds, total £498.270. The charity aims to hold sufficient funds to continue operating for a short pèriod with no incom8 from major funding sources. The unr8Stricted balan represents 5 months operating costs (without commissioned services). The Charity operates a range of services that ensure that there is a 3 months, notice for the cessation of contract8d or commissioned work. The Trustees have with the senlor management team agr&8d that this 3- month period will be used lo wind up the service to finish work on these at the end of the notice period. In looking at the reserves level, the Trustees base the required levels on the potential winding up of the Charity after services have ceased. This figure is therefor8 considerably lower than 6 months full operating expenditure. As in pr8vious years, the charity continues to hold a proportion of funds in the Charities Deposit Fund {COIF), an account whose pooled assets are deposited in rigorously selected financial institutions approved by the COIF Irustees. For each counterparty, there are agreed individual deposit limits. thus ensuring a wide spread across a range of institutions, the credit status of each being monitored on a daily basis. Currently the COIF Fund's own creditworthiness stalus is AIIA. thus reflecting its high credit quality and low risk. This is in line with the Trustee's policy of safeguarding funds from financial risk. Page 6
We Are Beam5 IA company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Flnanclal rèvl•w . Going concern After maklng approprfate enquiries. the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the near future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting policies. b. Principal fundlng Commissioned work for Kent County Council and other local authortties provides a significant level of income to the charty, however we continue to analyse the tenders for services and will only bid for those that ensure adequale funding for the level of service the children and fafftilie5 desep4e to have provided for them. The charity continues to seek income from other sources. The charity has 3 other main incomé genèrating sérvitss wlth Dragons Retreat, Beams Payroll Service and the Brokerage support serviGe Structure, govémanca and management Con5titutlon The company is registered a8 a charitable company limited by guarantee and VRS set up by a Memorandum of Association on 22 March 1996. Th8 company 19 constituted under a MemorarKlum of Assoa*ion dated 22 March 1996 and is a registèred charity number 1054129. The principal object of the company is to provide comprèhensive support seNices and related projects that directly benefit and assist families dealing with the challenges of raising a disabled child, Bearns supports families of children wilh any form of physical, learning or sensory impairmènt living primarily in the Dartford, Gravesham or Sevenoaks area b. Methods of appointhient or electlon of Trustees The management of the Group and the Charity is the responsibility of the Trustegs who are elected and co-opted under the terms of the Memorandum of Association. c. Policles adopted for the Inductton and tralnlng of Trustees The majority of Trustees, being parents of disabled children and users of our services, already have a good understanding of the charity's work and the needs of our members and their children. An introduction and welcome pack has been developed which includes Charity Commission pamphlets and guidance, and all new Trustees receive copies of the 'Good Trustees Guide,. New Trustees have th8 benefit of 'support through mentoring prograTnme' from one of the existirs trustees A skills audit questionnaire is in place to detemine th8 training and development needs of all new Trustees. Additionalty, board members can avail themselves of external training course relevant to their roles as required and agreed. Trustees hold an Annual review session to look at their work against the CcKJe of Governance and generate an aclion plan for improvement and implementation. Page 7
We Are Beams (A company Ilmited by guarante•) Trustees. report (continued For the year ended 31 March 2024 Structure¥ govemance and management (contlnued) d. Pay pollcy for senlor staff The Trustees are mindful of the guidan of the NCVO and the Charity Commission in setting Pay grades for all staff. The Charity currentty has a Pay structure and grading system based on an evaluation of each job description. There is a Pay Policy in place. e. Organlsational structure and decision4naking The Council of Management is responsible to members and other interested partie5 for the overall Govemance of the charity. As Ihe charity is both a cornpany limtted by guarantee and a registered charity. members of the Council of Management are both Directors and Chaity Trustees. They seek lo ensure that the charily operates to fulfil the objectives set out in the Memorandum and in the Articles of Association and that due attenlion is paid to charty law and other relavant leglslation. The role of the Council of Management is to 8Stablish the strategic direction of the charity, to provide leadership, and to ensure that charitable funds are properly utilised and safeguarded. The day-to-day operational management Df the charity is delegated to Ihe Head of Charty and through her to the staff team. Thè Ccuncil of Management however. retains formal responsibility for all policies, decisions and actions of the Charity. The Council of Management rthi meets 8 times per year with additional sub groups operating a8 required. In addition, the Council of Management held 2 Strategy meettngs and a Governance Code Review day. Beams Payroll SeNIc•8 LimSt•d During the year the Trustees along wilh advice from the Auditors ineorporated Bearns Payroll seices Limited as a separate Limited company which is wholly owned by We are Beams. This enables all trading activities to be undertaken completely seperalely lo the mabn charstibla activities, and all available profrts to be distributed undar gift aid to the parent charity. Informatlon on fundralsing practices Fundraising undertaken by the Charity is under the management of the Income Generation and Development Lead who is a member of the management team. Fundraising activities are monitored by the Head of Charity alongside scrutiny from the Council of Management. No complaints about fundraising activities have been received. f. Risk management The Trustees have assessed the major risks to which the company 18 exposed. in particular, those related to the operalions and finances of the company. and are satisfied that systems and procedures are in place to mitigate our 8xposure to the major risks. Plans for future periods a. Future dovelopments The Head of Charity has continued to look al opportunities to develop the Short Breaks Service to offer Resplte Services spectfically for 18-25 year olds. An evidence of need study has been completed. Premises in a suitable location are being researched in discussion with KCC and property development companies. Page 8
We Are Beams (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Plans for future perlods {contlnued) Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charty for the purposes of company law) are responsible for preparing the Trustees, reFX)rt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom General Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financTal year. Under company law, the Trustees must not approve the financial statements unless they are salisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including Iheir income and expenditure. for that period. In preparin9 these financial statements, the Trustees are required to: select suitable accounting p0cleS and then apply them consi8tenttr. observe the methods and principles of the Charilies SORP {FRS 102); make judgements and accounting estimates thal ale reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the fNancial statements" prepare the financial stalements on the gclng concem basis unless it is inappropriate to presume that th8 Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose wilh reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detedion of fraud other irregularities. Disclosure of infomiation to auditor Each of the persons who are Trustees at the time when Ihis Trust8es' report is approved has confinned that: so far as that Trustee is aware. thet8 is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that oughl to have been taken as a Trustee in order to be aware of any relevant audit infonnation and to establish that the charitable group's auditor is aware of that infomiation. Auditor The auditor. Kreston Reeves LLP. has indicated his willingness to continue in Dffice. The designated Trustees will propose a motion reapFM)inting the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: r Jason H Jarvls Chair of Trustees Dat8: Page 9
We Are Beams (A company limlted by guarantse) Independent audltorfs report to the Members of We Are Beams Opinion We hav8 audited the financial statements of We Are Beams (the >arent charitable companv) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balan shee( the Charity balance sheet, the Consolidated statement of cash flows and the related notes. including a summary of significant accounling policias. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, (United Kingdom Geneiauy Accepted Accounting Pradice). In our opinion the financiaI statements: give a true and fair view of the state of the Group's arKI of the parent charitable companys affairs as at 31 March 2024 and of Ihe Group's incoming resources and application of resources. including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice,. and have been prepared in cordanCe with the requirements of the Companies Act 2006 and the Charities Act2011. Basi5 for opinion We conducted our audit rn accordance with Intemational Standards on Auditing (UK) {ISAs (UK)} and applicable law. Our responsibiltties under those standards are further described in the Auditcrfs responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the United Kingdom. including thè Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for wr opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees. use of the going concem basis Df accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not Klentified any material uncertainlies relating lo events or conditions that. indivtdualjy or collectively. may cast significant doubt on the Group's or the parent charitable CoMpanS ability lo continue as a going concem for a period of at least IWee months from when the financial statements are authorised for issue. Our responsibilities and the responsibllities of the Trustees with respect to going concem a described in the relevant sedions of this report. Page 10
We Are Beams {A company limited by guarantee) Independent auditor's report to the Members of We Are Beams (continued) other Infomiatlon The other information comprises the infomation included in the Annual rq)ort other than the financial statements and our Audilorfs report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial ststements does not cover the olher infomiation and, except to the exlent otherwise explicttly stated in our report, we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit, or othewse appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detetrnine whether this gNes rise to a material misstatement in the financial statements themselves. If, based on the work we have perfonred, we conclude that there is a material misslatement of this other inf<)rmation. we are Tequired to report that facL We have nothing to report in Ihis regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the Trustees, report for the financial year for which the financial statsments are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and undelstsnding of the chafftable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters n relation to which Companies Ad 2008 requires US to report to you if. in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or r8tums adequate for our audit have not been received from branches not visited by us., or the parent chariiable company financial slateTh£nts are ncl in agreement wilh the accounting records and Tetums: or certain disclosures of Trustees. remuneration spectfied by law are not made: or we have not received all the infonnation and explanations we require for our audtt. or the Trustees were not enlitjed lo prepare the financial ststements in accordance wth the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, report and from the requirement lo prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsib11 ities slatement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a twe and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparalion of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable companys ability to continue as a going concem, disclosing, as applicable, matters related tc going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic allemative but to do so. Page11
We Are Beams IA company limited by guarantee) Independent auditorfs report to the Members of We Are Beams (contlnued) Auditorfs responsibilities for the audit of the financial statsments Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an Auditcrfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordan with ISAS (UK) wll aayS detect a material misstalement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably b8 expected lo infiuence the economic decisKJns of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of nonwcompliance with laws and regulations. We design prOdureS in line with our responsibiltties. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Capability of the audit in detecting iffegularibes, inclu(fing If3ud Based on our understanding of the Charity and the sector as a whole. and through discussion with the Trustees and other management {as required by auditing standards). we identrfied that the principal risks of non- compliance with laws and regulations related to Otsted compliance. and Safeguarding. We considered the extent to which non-compliance might have a material effect on the financial Statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP, (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charily legislation. We communicated identified la and regulations throughout our team and remained alert to any indications of non-compliance throughout Ihe audit. We evaluated Trustees. and managemenl's incentives and opportunities for fraudulent manipulation of the financial 'statements (including the risk of override of conlrols) and determined that the piincipal risks related to posting inappropriate joumal entries to increase revenue or duce expenditure. Audrt procedures performed by the engagement team included: Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations {including health and safety) and fraud; and Assessment of idenlified fraud risk factors; and Challenging assumption5 and judgements made by management in its significant accounting estimales; and Performing analytical procedures to identfy any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud" and Confirmation of related parties with management. and review of transactions throughout the period to identify any previously undisclosed transactions Vth related parties outside Ihe normal course of business., and Reading minutes of meetings of those charged wrth govemance; and Review of significant and unusual transactions; and Identifying and testing joumal entries, in particular any manual entries made at the year end for financial statement preparation. Page 12
We Are Beams (A Company limited by guarantee) Independent audltorfs report to the Members of We Are Beams {continued) As part of an audit in accordance with ISAS (UK). we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identrfy and assess the risks of material misstatement of the financial statements. whether due to fraud or error. design and perfom audit procedures responsNe to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of inlemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectNeness of the charitable companls intemal control. Evaluate Ihe appropriateness of accountiryq policies used and the reasonableness of accounting estimates and related disclosures made by the Trustee& Conclude on the appropriateness of the Trustees. use of the going conrn basis of accounting and, based on the audit evidence oblained, whether a material uncertainty ests related to events or conditions that may cast signrficant doubt on the charitable companys abilty to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in my Auditoffs report to the related disclosures in Ihe financial slatements or. rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit eviden obtained up to the date of my Auditorfs report. However. future events or Conditior may cause the charitsble ccmpany to cease to continue as a going concern. Evaluate the overall presentation, slnjcture and content of the financial statements, including Ihe disclosures, and whether financial statements repsent the underlying transactions and events in a manner that achieves fair presentalion. obtain sufficient appropriate audit eviden gardIng the financial infomiation of the entities or business activities within the Group to expre6s an opinion on the consolidated financial statements. We are responsible for the direction. supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with those charged wfth govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in intemal control that we identify during our audit. Page 13
We Are Beams (A company limlted by guarantee) Independent auditor's report to the Members of We Are Beams (continued) Use of our report This report is made solely to the charitable companvs members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. and to the charitable companys trustees, a5 a body, Part 4 of the Charities (Accounts and Report5) Regulations 2008. Our audii work has been undertaken so that we might state to the charitable company's members those matters we are required to state to Ihem in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not aCp1 or assume responsibility to anyone other than the charilable company and its members, as a body. for our audr( work, for this report, or for the opinions we have fornied. Il.,k LL Samantha Rouse FCCA DChA (Senior statutory auditor) for and on behalf of Kreston Reeves LLP Chartered Accountants Slatutory Auditor Chatham Maritime Date.. 8 November 2024 Page 14
We Are Beams (A company limited by guarantee) Consolldated Statement of financial activities (incorporating income and expenditure account) For the year ended 31 Mah 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activtties Investments 212,039 823,103 186,473 3.928 27.163 872,362 239,202 1.695,465 186,473 3,926 246.544 1,633.990 144.682 2,478 Total Income 1.225.541 899.525 2,125,066 2,027.694 Expenditure on: Raising funds Charitable activities 22,318 .250,495 22,318 2,147.14 896,646 2,131,000 Total expenditure 1,272.813 896.646 2,169,459 2,131,000 Net (expenditure)lincome before taxation Taxation (47,272) (22.892) 2,879 144.393) {22.892) (103,30S) 12 Net lexpendlture)Ilncome after taxation Transfers beeen funds {70.164} 18.605 2,879 (18,605) {67,285) (103,308) 18 Net movement In funds (51,5591 (15.726) {67,285) {103,306) Reconciliation of funds: Total funds brought fOard Net movement in funds 381,675 (51,559) 255.981 (15.726) 637,656 (67,285} 740.982 (103,306) Total funds carrled forward 330,116 240.255 670.371 637,656 Pag8 15
We Are Beatn5 (A company limited by guarantee) Registered number: 03179785 Consolidated balance sheet As at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 13 86.377 72.417 86.377 72.417 Current assets Debtors Cash at bank and in hand 15 22 142.901 2,530.919 102,846 2,342,274 2.673.820 2,445,120 Creditors: amounts falling due within one year 16 (2,180.843) (1,855,498) Net current assets 492,977 589,622 Total assets less current liabilities 579A54 662,039 Creditors: amounts falling due after more than one year 17 {8.983) (24,383) Total net assets 570.371 637,656 Charity funds Restrtcted funds Unrestricted funds 18 18 240,255 330.116 255.981 381.675 Total funds 570.371 637,656 The Trustees acknowledge theiT responsibilitie5 for complying with the requirements of the Act with respect to accounting records and preparatton of financial statements. The financial Statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr Jason Jarvis {Chair of Trus ee Date: l-(Uwkn aJa The notes on pages 19 to 39 fcffii part of these financial statements, Page 16
We Are Beams (A company limited by guarantee) Reglstered number: 03179785 Charity balance sheet As at 31 March 2024 2024 2023 Noté Fixed asséts Tangible assets Investments 13 14 86,377 100 72,417 86,477 72,417 Current assets Debtors Cash at bank and in hand 15 155,478 2,181,216 102,846 2,342,274 2,336.694 2,445,120 Credilors: amounts falling due within one year 16 {2,163,462) (1,855,498) Net current asset8 q73,232 589,822 Total assets less current liabilitleg 259.709 662,039 Creditors.. amounts falling due after more than one year 17 {8,983) (24,383) Total net assets 2SO,726 837,656 Charlty funds Restricled funds Unrestricled funds 18 18 240,255 10,471 255,981 381.675 Total funds 250,726 637,656 The Charitls net movement in funds for the year was £(386,930) (2023 - £(103,306)). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with re5pecl to accounting records and preparation of financial statements. The financial ststements hav8 been prepared in accordance with the provisions applicabl8 to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Tru8tees and signed on their behalf by.. Chair cf Truslees Date.. l- (Uc)Jkna)&Lft The notes on pages 19 to 39 form part of these financial statements. Page 17
We Are Beams (A company Ilmlted by guarantee) Consolldated statement of cash flows For the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net cash used in operating activiti&s 242.173 438,968 Cash flows from Investing activities Dividends, interests and rents from investment5 Proceeds from the sal8 oftangible fixed assets 3,926 (42,054) 2,479 (40.056) Net Ga5h used in investlng aGtlvities (38,128) (37,577} Cash flows from flnanclng aetivltlas Repayments of borrowing (15,400) (15,400) Net cash used In flnanclng actlvltles (15.400) (15,400) Change In cash and cash equlvalents In the year Cash and cash equlvalents at the beginning ofthe year 188,645 385,991 2,342,274 1,956,283 Cash and cash equlvalènts at the ènd of tho year 2,530,919 2,342,274 Thé notes on page8 19 lo 39 fonn part of these financial 8tatem8nts Page 18
We Are Beams IA company Ilmlted by guarante&) Notes to the financial statements For the year ended 31 March 2024 General information We Are Beams is a charity and company limited by guarantee incorporated in England. The company's registered ofFice is Allsworth Court, 40 St David's Road, Hextable, Kent, BR8 7RJ. The principal activty cf the company is tc provide comprehensive support services and projects thal will directly benefrt and assist families raising a disabled child. Accounting pollcles 2.1 Basis of preparation of financlal statements The financial ststements have been prepared in accordance with the Charities SORP {FRS 102) 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). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 20D6. We Are Beams meets the definition of a public benefil entty under FRS 102. Assets and liabilities are initially recognised at historical cosl or transaction value unless olheMise st8ted in the relevant accounting policy. The Consolidated statement of financial activitias (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary ar8 consolidaled on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Income All incorne 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 measur8d reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence thal a gift has been left to them (through knowledg8 of the existence of a valid will and the dealh of the benefactor) and the executor is salisfied thal the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recogni5ed when it is prcbable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliabty measured. Grants are included in the Consolidated slatement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Ba18nce sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the inccme is accrued. Where the donated good is a fixed assel. it is measured at fair value, unless it is impractical to measure this reliably. in which case the Gost of tha item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting Policies. Page 19
We Aro Beams (A company limited by guarantee) Notes to the flnanclal statements For the year ended 31 March 2024 Accountlng pollcles {contlnued) 2.2 Incom8 (contlnued} On receipt, donated professional sèrvicès and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain seNices or facilities of equivalent economic benefit cn the open market- a correspDnding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the tlme the Investment income is receivable. other Income is recognlsed In the period In whlch it Is receivable and to the extent the goods have been provided or on completion of the service. 2.3 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 wlll be requlrèd In settlement and the amount of the obligation Gan be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the tctal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a singl& activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned beeen those activities on a basis consistent with the usè of resources. Central staff costs ara allocated on the basis of time spent, and depreciation charges allocated on the portlon of the asset's use. Expenditurè on charitable activitiès Is incurred on directly undertaking the activities which further the Group's objectives, as well 8s any associated support costs. All expenditure is inclugive of irrecoverable VAT. 2A Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by Ihe Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxatlon The Charity is considered to pass the tests set out In Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meel5 the definition of a charitable company for UK corporation tax purposes. Accordingly, thè Charity is potentially exempt from tsxation 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 Taxalion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable Purposes. Page 20
We Are Beams (A company limited by guarantee) Notes to the flnanclal statements For the year ended 31 March 2024 Accounting policie5 Icontinued> 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or MO are ¢aprtaSed and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. Afler recognition, under the cost model, tangible ftxed assets are measured at cost less accumulated depreciation and any accumulaled impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of c05t. At each pOrting date the Chaity assesses whether there is any indication of impaimient. If such indicalion exsts, th8 recoverable amount of the asset is delermined lo be the higher of its fair valu8 less costs to s811 and its value use. An impaimient loss is recognised where the carrying amount exceeds the recoverable amounL Depreciation is charged so as to allocate the cost of tangible ftxed assets less their rasidual valu8 over their estimated useful IEs. using the straight4ine method. Depreciation is provided on the following basis: Short-term leasehold property Motor vehicles Fixtures and filtings Equipment Computer equipment 25•A 25DA 33% 25% Gains and losses on disposals are detemiined by comparing the proceeds with the carrying amount and are recognised in Ihe Consolidated statement of financial activities. 2.7 Investments Fixed asset investments are a form of fnancial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliabW in which case li is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investrnents, in the Consolidated ststemenl of financial activities. Investments in subsidiaries are valued at cost less provision for impairrnent. 2.8 Debtors Trade and olher debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes Cash and short4enn 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. Page 21
We Are Beams (A company Ilmited by guarantee) Notes to the financlal ststements For the year ended 31 March 2024 Accounting policies (continued) 2.10 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 benefrt will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre-lax dtscount rate that reflects the risks specific to the liability. The unwnding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.11 Financial instruments The Group onty has financial assets and financial liabilities of a kind that qualify as basic financial instrument5. 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. 2.12 Operating leases Rentals paid under operatng leases are charged to the Consolidated statement of financial adivities on a straight4ine basis over the lease term. 2.13 Penslons The company 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. 2.14 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 Group and which have not been designated for other purposes. Designated funds comprise unrestricled funds that have been set aside by the Trustees for particular purpos85. The aim and use of each designated fund is sel oul in the notes to the financial statements. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or vthich have been raised by the Group 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. Investment income. garns and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. The Charity does nol currently have any significant accounting estimates or areas of judgement. Page 22
We Are Beams (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Income from donatlons and legacles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations GiftAid Legacie5 186,468 24,571 1,000 27,163 213.631 24,571 1,000 229,118 15,426 2,000 212,039 27,163 239,202 246.544 Total 2023 239.790 6.754 246.544 Income from charltable actlvltles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Support. advice and respite SeiceS - Children Trading actiifjties 803,349 19,754 872,3S2 1.675.711 19,754 1,618,321 15,669 823,103 872,362 1,695,465 1,633,990 Total 2023 688,503 945,487 1,633,990 Page 23
We Are Beams (A company Ilmlted by guarantee> Notes to the finan¢ial statements For the year ended 31 March 2024 Income from other tradlng actlvltles Income from non charitable trdding activities Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Managed payroll seN1$ other income Beam5 Payroll Services Limiled 147.950 7.341 31.182 147,950 7,341 31.182 144,682 186.473 186,473 144.682 Total 2023 144,682 144.682 Investment income Unrestrlcted funds 2024 Total funds 2024 Tctal funds 2023 Bank interest 3,926 3,926 2,478 Total 2023 2,478 2,478 Page 24
We Are Beams (A company limited by guarantee) Notes to the flnanclal statomènts For the year ended 31 March 2024 Analysls of expfrndlture by activities Actlvltles undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Support, advice and respite services - Children Trading activities 1,762,474 55,489 326.605 2.573 2.089,079 58,062 2.053.268 77,732 Totsl 2024 1,817,963 329,178 2,147,141 2,131,000 Analysls of dlrect costs Total funds 2024 Totsl funds 2023 Staff costs Aclivity and project Costs Training costs Motor and travel costs 1,698,706 89,158 9,491 20,608 1,525,030 279,278 8,395 18,316 Total 2024 1,817,963 1,831.019 Page 25
We Are Beams (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Analysis of expendltur? by actlvities (continued) Analysis of support costs Total funds 2024 Tolal funds 2023 Depreciation Loan interest costs Computer costs Rent & rates Insurance costs .Light & heat costs Telephone costs Printing, postage & stationery costs Sundry costs Health & safety costs Subscription costs Minibus costs DBS checks Advertlsing costs 'Repalrs & renewals costs Equipment hlre Professional faes Charity Functions ,Governance costs 28,094 3.860 45.327 49,014 8.991 32,414 26,547 11,403 828 1,900 1,345 10,419 16,779 20,848 18,522 4,195 26,841 580 23,28 17,928 3,850 46,531 33,591 7,9S6 31,799 27,210 14,620 244 4,349 1,255 11,572 18,486 10,591 15,484 5,708 28,123 20,674 Total 2024 329,178 299,981 Auditor's remuneration 2024 2023 Fees payable to the company's auditor for the audit of the companys annual accounts 8,500 8,225 Page 26
We Are Beams (A company Ilmlted by guarantee} Notes to the financial statements For the year ended 31 March 2024 10. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contributron pension schemes 1.554,121 121,882 1.377.442 109.700 1,537,645 120,850 1,377,442 109,700 40.518 37.888 40.211 37,888 1.716,521 1,525.030 1,698,706 1,525,030 No ex-gratia payments were made with regards to redundancies made by the charity (2023: 1), totalling value of £nil (2023: £620). No balances were outstanding at the year end (2023= £nil). The average number of perSS employed by the Chanty during the year was as follows: Group 2024 No. Group 2023 No. Employees 107 101 The average headcount expressed as fulktime equivalents was: Group 2024 Group 2023 50 47 The number of employees whose empk)yee beneffts (excluding employer pension costs) exceeded £60.000 was: Group 2024 Group 2023 No. In the band £70.001- £80,000 The total amount of employee b8neffts (includirvJ emplrfS national insurance contributions and employerfs pension contributions) received by the key management personnel for Iheir services to the charity was £489,160 {2023: £458,054). 11. Trustees, remuneratlon and expenses During the year. no Trustees received any remuneratton or other benefrt5 (2023 - £NIL). During the year ended 31 March 2024. expenses totaifing £456 were reimbursed or paid directly to 8 Trustees {2023 - £71 to 1 Trustee). The balance outstanding at the year end totals £456 (2023: £nil). Page 27
We Are Beams (A company limited by guarantee) Notes to th8 financial statements For the year ended 31 March 2024 12. Taxation 2024 2023 Corporatlon tax Current tax on net (expenditur8)fincome for the year Adjustments in respect of previous periods 15,551 7,341 Taxation on net (oxpenditure)lincome 22.892 The tax assessèd for the year 15 lower than (2023 - the same as) the standard rate of corporation tax in the UK of 250A (2D23 - 19%). The differences are explain8d below: 2024 2023 Net Trading (expenditure)lincome before tsx 65,761 38.635 Net (8xpenditure)lincDme multiplied by the standard rate of corporation tax in the UK of 25QA12023- 190A). Effecls of: 16,440 Adjustments to lax charge in respect of prior periods Marglnal relief 7.341 (889) Total tax charge for the year 22,892 During the year the charity reported trading profits of £65.551 {2023: £38,635) which are chargeable to corporation tax, as shown in the note above. The chartys trading subsidiary, Beams Payroll Services Limited was incorporated on 20 December 2023 and from this date distributes, under Gift Aid, the available profits lo the parent charity. 13. Tangible fixed assets Group Short-term 18asehold property Equlpment and comput8rs Motor Flxtures and vehicles fittings Total Cost or valuation At 1 April 2023 Additions Disposals 6,250 107,623 26,322 174,398 42,064 314,593 42,054 (1,200) (1,200) At 31 March 2024 6,250 106,423 26,322 216.462 355,447 Page 28
We Are Beams (A company limited by guarantee) Notes to the Ilnanclal statements For the year ended 31 March 2024 13. Tangible fixed assets (continued) Group (contlnued) Short-teTm leasehold property Equipment and omputers Motor Fixtures and vehlcles rittings Total Depreclatlon At 1 April 2023 Charge for th6 year On disposals 6260 91,676 7.974 (1,200) 24,406 1N26 119,844 18,694 242.176 28,094 11.2001 At 31 March 2024 6,250 98,450 25,832 138,538 269,070 Net book value At 31 March 2024 7.973 490 77,914 86,377 At 31 March 2023 15,947 1,916 54,554 72,417 Page 29
We Are Beams (A Company limited by guarantee) Notes to the flnanclal statements For the year ended 31 March 2024 13. Tanglble fixed assets {continued) Charlty Short-temi leasehold property Motor Flxtures and Computer vehlcles ritt5ngs equlpment Total Cost or valuatlon At 1 April 2023 Additions Disposals 6.250 107.623 26.322 174.398 42.054 314,593 42,054 11,200) {1.200) At 31 March 2024 6.260 106.423 26.322 216,462 355,447 Depreclatjon At 1 April 2023 Charge for the year On disposals 6.250 91.676 7.974 {1,200) 24806 1N28 119,844 18.694 242.176 28,094 (1,200> At 31 March 2024 6,260 98.450 25,832 138,638 269,070 Net book value At 31 March 2024 7.973 490 77,914 86,377 At 31 March 2023 15.947 1,916 54,554 72.417 14. Flxed assat Inv•stm•nts Investments subsldlary companles Charlty Cost or valuation Additions 100 At 31 March 2024 100 Net book value At 31 March 2024 10D Page 30
We Are Beam5 (A company limited by guarantse) Notes to the financial statements For the year ended 31 March 2024 14. Flxed asset 5nvestments (continued) Principal subsidlaries The following vms a substdiary undertaking of the Charity. Name Company number Registered office or principal Principal acllvlty place of busines5 Beams Payroll Serices Ltd 15363977 Allsworth Court, 3840 St David's Managed payroll Road. Hexlable, Swanley. Kent services BR8 7RJ Class of Holdlng Shares Included in consolidation Ordlnary The financial results of the Subsidiary for the year were: Name Income ExpendltUTe ProflU(Loss) I Surplusl {Daflclt) for the year Net assets Beams Payroll Services Ltd 341.963 (22,318> 319,645 319.745 15. Debtors Group 2024 Group 2023 Charlty 2024 Charity 2023 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 105,360 72.278 85,510 39,985 11,846 18,137 72,278 19,240 8,301 10,009 20,559 10,009 20,559 142.901 102.846 155,478 102,846 Page 31
We Are Beam5 (A company limited by guarantee) Notss to the financial ststements For the year ended 31 March 2024 16. Credltors: Amounts falllng due withln one year Group 2024 Group 2023 Charlty 2024 Ch8rity 2023 other loans 15,400 12,432 15.551 33.673 2,IJ49,208 rA.579 15,400 16.956 15,400 12,078 15,561 27,575 2,049,208 43,660 15.400 16.956 Trade creditors Corporation tax Other tsxation and social pRcurity other creditors Accruals and deferred income 34.828 1,738.666 49,648 34,828 1,738.666 49,648 2,180,843 1.855.498 2,163,462 1.855.498 Within other creditors the company held £2.043.414 (2023 - £1,733.305) on behalf Of their clients as p8rt of the managed payroll service. 17. Creditor5: Amounts falllng due after more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Other loans 8,983 24,383 8,983 24.383 The above relates to a £77,000 loan from Kent Communily Foundation drawn down in November 2020 and repayable over a 5 year temi. with an interest Tate of 5% charged at th8 time of drawing down Iha loan. Page 32
We Are Beams (A company limited by guarantee) Notes to the financial statements Forthe year ended 31 March 2024 18. Ststement of fund5 Statement of funds - current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers inlout Income Expendlture Unrestricted funds Designated funds Beams family support Contingency Kidscarnp 750 750 124,207 124.207 34.709 39 134.7091 37 (T6) 124.957 34,748 176) (34,672) 124,957 General funds General Funds Legacy income Beams Payroll Services 242,300 14A18 1.158,611 1.000 31,182 11,273.311) 54277 {1.000) 181,877 14,418 8.864 121318) 256,718 1.190,793 (1,295.629) 205.159 Total Unrestricted funds 381,675 1.226.641 {1,295,705) 18.605 330,116 Restricted funds DP Main contract Beamers Restricted Fixed asset fund Family advi Indpiidual child grants Fundraising special projects Little buddies Support brokerage servi Garden Project After School Clubs Kidscamp Dragon's Projects Family Events Buzz Club 36.035 551.041 1527,353) (36,326} (19,723) 36,326 40,000 56,966 56,966 200 1,099 347,185 1227,434) (3.410) 227,234 2,311 (345,955 79,332 9,890 45,000 28,758 80,562 8,969 (921} 145.000) 28,758 (3.138) (61,311) (73 (18,87n (17,803) 3.138 86,311 73 18,877 17,803 25,000 255.981 899,525 (896.646) (18.605) 240,256 Page 33
We Are Beams (A company limited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 18. Statement of funds (continued) Total of fund5 637,656 2,125,066 12.192,351 570.371 DP maln contract is funding received from the Direct Payments contract with Kent County Council. Beamers funding relates to Beamers school holidays club for activty days. Family advice is income that has been received to run the family advice seNice. Fundraising special projects relates to large projects being undertaken where fundraising campaigns have been run. Little buddies is funding received for the Little Buddies support group. Garden project relates to the Plant a Smile campaign. th& balance of which will be used for ongoing maintenance of the new garden. Kidscamp is funding received relating to the Kidscamp holiday specialist playscheme. Family event5 is funding received to run various family events throughout the year. Buzz club is funding received for tha holiday club run for 18-25 year olds. Page 34
We Are Beams (A company limited by guarantse) Notes to the financial statements Forthe year ended 31 March 2024 Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2023 Balan at 1 April 2022 Transfer5 inlout Income Expenditure Unrestricted funds Beams family support Contingency Kidscarnp 1.359 63,205 20.122 609 (1,218) 21.452 (20,234) 750 124.207 42.845 112 (3.295) 84,686 43,566 (3,295) 124.957 General funds General Funds Legacy income 457,038 12.418 1.029.887 (1,244.625) 2.000 242,300 14,418 469,456 1,031,887 (1,244,625) 256,718 Total Unrestricted funds 554,142 1,075,453 {1,247,920) 381,675 Restricted funds DP Main contract Beamers Restricted Fixed asset fund Family advice Fundraising special projects Little buddies Support brokerage service Garden Project After School Clubs 20,000 454,627 2,000 (438,592) (25,272) (10,165) (209.848) 36.035 23,272 40,056 75,786 (170,332) 27,075 5S,966 134.062 220.808 1.323 45,0(K) 94,421 28.856 9,369 79,332 9.890 45,000 28.758 (802) 100,8CK) 720 (186,463) {11.938) 20.000 11,218 186,820 952,241 {883,080) 255.981 Totsl of funds 740.962 2.027,694 (2,131.OQO) 637,656 Page 35
We Are Beams (A company limited by guaThqntee) Notes to the financial statements For the year ended 31 March 2024 19. Summary offunds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expendlture Designated funds General funds Restricted funds 124.957 256,718 255,981 34,748 (761 1,190,793 (1,295,629) 899,525 (896,6461 (34.672) 53,277 {18,6051 124,957 205.159 240,265 637.656 2.125,068 (2,192.351) 570,371 Summary of funds- prlor year Balance at 31 March 2023 Balance at 1 April 2022 Transfèrs inlout Income Expenditure Deslgnated funds General funds Restricted funds 84,686 469.456 186,820 43,566 (3.295) 1.031,887 (1,244,625) 952,241 (883,080) 124,957 256,718 255,981 740,962 2,027,694 {2,131,000) 637,656 20. Analysls of net assets between funds Analysls of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 86,377 86,377 476,528 2.197,292 2,673,820 (137.429) (2.043,414) (2,180,843 (8,983) 18,983) Total 330,116 240,255 570,371 Page 36
We Ar8 Beams (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 20. Analysls of net assets between funds {continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangibl8 fixed assels Current assets 72,417 72.417 2.039,062 2,445,120 (1,855,498) (1,855.498) (24,383) 406.058 Creditors du8 within one year Creditors du8 in more than one year {24,383) Total 381,675 255,981 637.656 21. Reconciliation of net movement In funds to net cash flow from operatlng activities Group 2024 Group 2023 Net expenditure for the period {as per Statement of Financial Activities) (67,286) (103,306) Adjustments for: Depreciation charges Dividend5. interests and rents from investments Loss on the sal8 of fixed assets Corporation tax repayable Decreasel(increase) in debtors Increase in creditors 28.094 13,926) 17,929 (2,478) 994 15,551 (40,055) 309,794 3,315 522,514 Net cash provided by operating actlvltles 242,173 438,968 22. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 2.530,919 2.342,274 Total cash and cash equlvalents 2,530,919 2,342,274 Page 37
We Are Beams (A company limited by guarantee) Notes to the flnanclal statements For the year ended 31 March 2024 23. Analysis of changes In net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 2,342,274 115,400) 124,383) 188,645 2.530,919 (15,400) 18,9831 15,400 2,302,491 204,045 2.506,536 Penslon commitments The Charity operates a defined contribution pension scheme for its employees. The amount recognised as an expense in the year was £41,342 (2023- £37,888). There were no outstanding pension contributicns at the balanc8 sheet date (2023: £Nil)- This is recognised within unrestricted funds. 25. Operatlng lease commitments At 31 March 2024 the Group and the Charity had commitments to make future minimum le8se payments under non-cancellable operating leases as follows.. Charity 2024 Charity 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 45.913 179,256 223,807 41.976 180.854 268.569 448,976 491.399 The following lease payments hava been recognised as an expense in Ihe Statement of financial activities- Charity 2024 Charily 2023 Operating leas8 rentals 42,642 43,195 Page 38
We Are Beams (A company IlmSted by guarantee) Notes to the financlal statements For the year ended 31 March 2024 26. Related party transactlons During the year Mr R Adams, Mr D Adams, Mrs J Adams and Mr J Adams, family members of Mrs K Adams. Head of Charity of We Are Beams, were employed by the Charity. During the year P Hatcher. th8 Sister of T Woods. a member of kèy management personnel of th8 charity. was employed by the Charily. During the year A Brinkman, the daughter of C Brinkman, a, member of key management personnel of the charity. was employed by th8 Charity. All of these people were employed In roles to further the Charity's objectives and hav8 line managers separate from their family member. Pay reviews for these individuals ar8 conducted seperately from those that involv8 Mrs K Adams. ansuring that these are independent and free from bias. There were no trustee related parties. Page 39