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2021-03-31-accounts

Registered number 3743191 Charity number 1078984

Lifetimes Charity

Report and Financial Statements

31 March 2021

Auditors Brookfield & Co 18 Concanon Road London SW2 5TA

Lifetimes Charity Report and Financial Statements Contents

Page
Company information 1
Directors' report 2
Statement of directors' responsibilities 7
Independent auditors' report 8
Consolidated Statement of financial Activities 9
Balance sheet 11
Notes to the accounts 12

Lifetimes Charity Company Information

Status The organisation is a company limited by guarantee
Incorporated on 30thMarch 1999 and registered as a charity on 17th
January 2000
Memorandum and articles of association reviewed and adopted
Governing document April 2011
Company Number 3743191
Charity Number 1078984
Registered office 100 Wandsworth High Street, London SW18 4LA
Company Number 3743191
Charity Number 1078984
Trustees/Directors N Gibson-Wilson Chair
V Clark
M Lane
I O'Reilly (Appointed 18 December 2020)
Company Secretary P Champion
Chief Executive P Champion
Bankers CAF Bank
PO Box 289
West Malling
Kent
ME19 4TA
HSBC
73 Wandsworth High Street
London
SW18 2PT
Auditors Brookfield & CO
18 Concanon Road
London
SW2 5TA
Solicitors Russell- Cooke
2 Putney Hill
London
SW15 6AB

1

Lifetimes Charity

REPORT OF TRUSTEES YEAR ENDED 31 MARCH 2021

INTRODUCTION

The Trustees, who are also Directors for the purposes of the Companies Act, present their report and the financial statement of the charity for the year ended 31 March 2021.

Lifetimes Charity is a company limited by guarantee, incorporated on 30th March 1999 and registered as a charity on 17 January 2000.

Lifetimes Charity was formerly known as Wandsworth Voluntary Sector Development Agency (WVSDA) and prior to that as the Wandsworth Volunteer Bureau. Established in 1978 and registered as a charity in January 2000 it has delivered many projects benefitting the voluntary sector in Wandsworth and individual residents.

PUBLIC BENEFIT

The Trustees have paid due regard to the activities and projects delivered by the charity to ensure that the aims of the organisation are for the public benefit.

The Charitable aims fulfilled by the organisations activities are:

2

GOVERNANCE STRUCTURE & MANAGEMENT

In order to ensure that Trustees of Lifetimes are able to meet their full commitment by giving priority to the charity, we appoint to the Board on a skills merit basis according to the direction of our business plan. Our constitution allows for a maximum of 12 trustees. Trustees need to be wholly independent and able to prioritise Lifetimes Charity and it's associated companies when making decisions.

The selection programme for Trustees includes an initial interview with the Chair of the Trustee Board and Chief Executive, to explain the strategic and operational position and to set out the contribution expected from the prospective trustee. The Trustees then consider the applicants for membership to the Board.

Trustees are inducted by the CEO and supplied with a copy of the current Memorandum and Articles of Association, the five year strategic plan, the most recent financial accounts, code of conduct and relevant trustee task descriptions

Regular reporting and achievements of the Charity's operations identified no major threats to the long term viability of the charity in terms of threats to independence, resources etc. The strategic review carried out in April 2016 reflected the positive position that the Charity has worked towards in past years and the endorsement from a third party financial institution was welcomed. The work and financial results of the group during 2020-21 have added to this continued success.

The current year business plan and budgets (as a result of our strategic review) have been adopted by the Charity and have been rolled out. The CEO reports against this business plan to the Trustees. This business plan reflects our ongoing independence both financially and politically, allowing us to develop our projects in terms of genuine need rather than funding available. This strategy also reflects the organisation's 40 plus year old legacy of innovative work. Lifetimes is proud of the independence we have gained under the new business plan, allowing us to adapt our services where others are tied to funding bodies.

The Trustees delegate day to day responsibility for the operations of the Charity and trading company to the Chief Executive.

The Charity is governed by a Board of Trustees. The trustees held three virtual board meetings during the financial year.

The Chief Executive, who also acts as Company Secretary, is responsible for the day to day management of the Charity, the Trading Company and Chances Charity and grant program. She is supported daily by a small charity team,and nursery management team.

3

RELATED PARTIES

The Charity, by grant funding, assists necessitous parents of children under 13 years of age. Premises owned by the charity form part of an Endowment Fund together with some small investments. The premises are the subject of a commercial lease to Lifetimes Trading Limited.

REVIEW OF ACHIEVEMENTS - public benefit

Lifetimes delivers its services for public benefit. Our beneficiaries are members of the voluntary sector,statutory bodies and private individuals interested in gaining knowledge on our training subjects, beneficiaries of our grant funding schemes i.e. homeless persons, necessitous parents with children under 13 years of age. The effect of Covid has meant that some of our projects have had to be adapted or reduced during the year. However because of our strategy of final independence the charity and associated companies have been able to maintain total control of its assets and operations.

FUTURE PLANS

Lifetimes Group has worked towards greater self-stainability in the past few years. The results of the group over the past 5 years have reflected this success and the Charity will continue to develop the group via an updated plan to ensure lasting sustainability.

EMPLOYEES

The Charity is striving to be an equal opportunities employer and applies objective criteria to assess merit. It aims to ensure that no job applicant or employee received less favourable treatment on the grounds of age, race, colour, nationality, religion, ehtnic or national origin, gender, marital status, sexual orientation or disability.

FINANCIAL CONTROLS

Lifetimes has written financial controls. Newer policies reviewed and adopted in the year were a Fraud Policy and Fraud Response Plan, together with an updated Business Continuity Plan . Delegated authority is given by the Board of Trustees to the Chief Executive to operate within the agreed annual budget.

Financial information for all the operations of the Charity are regularly reported and monitored by the Directors and Trustees.

4

INVESTMENT POLICY

The investment policy is to maximise income whilst ensuring that funds remain readily available. Effectively this means that any surplus funds are placed in high interest accounts or in money market accounts until required. Surplus funds represent the reserves held (in accordance with the Charity's reserves policy) which are not required immediately to fund working capital requirements.

Lifetimes subsidiary charity, Chances, holds an investment property and investment funds as part of its endowment funds. As corporate trustee of Chances, Lifetimes is satisfied that these remain an appropriate deployment of the Chances endowment.

During the year, the Charity made investments with several new financial institutions to safeguard its cash reserves and to maximise income. The increase in revenue is reflected in the accounts. These investments will continue for all companies owned or under the directive of Lifetimes Charity. This new direction is overseen by the Board of Trustees via regular reporting and management accounts but day to day responsibility is given to the Chief Executive.

RESERVES POLICY

As part of our business plan and objective for financial independence and stability, the Trustees carefully monitor its investment program amid its operational financial expenditure and they consider it prudent to hold unrestricted free reserves of approximately 9 months running costs for the whole group.

For the financial year ending 31st March 2021, nine months unrestricted running costs amounted to £563,133 (March 2020 £734,966). Unrestricted and undesignated reserves held at 31st March 2021 were £1,133,359 (March 2020; £1,129,379)

RESULTS

The results of the year to 31 March 2021 recorded an overall surplus of the group of £113511

5

AUDIT INFORMATION

Having made enquiries of fellow trustees and the auditors, each of the Trustees, listed above, in office at the time of approving the trustees’ report confirms that: To the best of each trustee’s knowledge and belief, there is no information relevant to the preparation of their report of which the company’s auditors are unaware; and Each trustee has taken all steps a trustee might reasonably be expected to have to be aware of relevant audit information and to establish that the company’s auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of the Companies Act 2006.

AUDITORS

Brookfield & Co. were re-appointed as auditors at the annual general meeting in accordance with the Companies Act 2006.

Registered office: 100 Wandsworth High Street London SW18 4LA

Signed by order of the Trustees

P CHAMPION

Company Secretary

6

Lifetimes Charity Statement of Directors' Responsibilities

The trustees are responsible for preparing the report and accounts in accordance with applicable law and regulations.

Company law requires the trustees to prepare accounts for each financial year. Under that law the trusteess have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

7

Lifetimes Charity Independent auditors' report to the shareholders of Lifetimes Trading limited

We have audited the consolidated accounts of Lifetimes Charity for the year ended 31 March 2021 which comprise the This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

In accordance with the exemption provided by APB Ethical Standard - Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.

Scope of the audit opinion

An audit involves obtaining evidence about the amounts and disclosures in the accounts sufficient to give reasonable assurance that the accounts are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the accounts.

Opinion on the accounts

In our opinion the accounts:

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

J A Brookfield (Senior Statutory Auditor) for and on behalf of Brookfield & Co LONDON Accountants and Statutory Auditors 30 September 2021 SW2 5TA

18 Concanon Rd

8

Lifetimes Charity
Consolidated Statement of financial Activities
for the year ended 31 March 2021 **Unrestricted ** **Restricted ** Endowment Total Total
Notes 2021 2021 2021 2021 2020
£ £ £ £ £
INCOMING RESOURCES
Incoming Resources from Generated Funds
Other income and donations 120,511 63,000 - 183,511 63,512
Activities for generating funds
Commercial trading operations 721,806 - - 721,806 1,113,048
Investment income 10,732 1,988 - 12,720 14,716
Incoming resources from charitable activities
Grants and contracts 16,000 - - 16,000 26,600
TOTAL INCOMING RESOURCES 869,049 64,988 - 934,037 1,217,876
RESOURCES EXPENDED - Costs of generating funds
Costs of generating voluntary income fundraising 6,500 - - 6,500 6,500
Costs of generating funds of commercial operations 600,421 - - 600,421 892,639
Charitable expenditure:
Charitable activities 135,478 27,110 - 162,588 106,890
Governance 8,445 5,361 - 13,806 4,631
TOTAL RESOURCES EXPENDED 750,844 32,471 - 783,315 1,010,660
NET INCOMING RESOURCES BEFORE TRANSFERS 118,205 32,517 - 150,722 207,216
Transfers - - - -
Unrealised Gains/(Losses) on Investment assets - - 2,829 2,829 (445)
Revaluation of Investment property - - (40,000) (40,000) 90,000
Net movement in funds 118,205 32,517 (37,171) 113,551 296,771
Reconciliation of funds
Balances brought forward 1,439,126 374,011 1,268,666 3,081,803 2,785,032
Total funds carried forward £ 1,557,331 406,528 1,231,495 3,195,354 3,081,803

9

Lifetimes Charity
Consolidated Statement of financial Activities
for the year ended 31 March 2021 **Unrestricted ** **Restricted ** Endowment Total Total
Notes 2021 2021 2021 2021 2020
Lifetimes Charity
Statement of financial Activities ( Charity only) **Unrestricted ** **Restricted ** Endowment Total Total
2021 2021 2021 2021 2020
INCOMING RESOURCES
Incoming Resources from Generated Funds
Other income and donations 237,915 63,000 - 300,915 283,511
Investment income 9,199 1,988 11,187 12,546
Incoming resources from charitable activities
Grants and contratcs 16,000 - 16,000 26,600
TOTAL INCOMING RESOURCES 263,114 64,988 - 328,102 322,657
RESOURCES EXPENDED - Costs of generating funds
Costs of generating voluntary income fundraising 6,500 - 6,500 6,500
Charitable expenditure:
Charitable activities 135,478 27,110 162,588 106,890
Governance 4,685 5,361 10,046 2,170
TOTAL RESOURCES EXPENDED 146,663 32,471 - 179,134 115,560
NET INCOMING RESOURCES BEFORE TRANSFERS 116,451 32,517 - 148,968 207,097
Transfers - - -
Unrealised Gains/(Losses) on Investment assets 2,829 2,829 (445)
Revaluation of Investment property - - (40,000) (40,000) 90,000
Net movement in funds 116,451 32,517 (37,171) 111,797 296,652
Reconciliation of funds
Balances brought forward 1,436,900 374,011 1,268,666 3,079,577 2,782,926
Total funds carried forward £ 1,553,351 406,528 1,231,495 3,191,374 3,079,578

10

Lifetimes Charity Consolidated Balance Sheet as at 31 March 2021

Notes
£
£
Fixed assets
Tangible assets
11
-
Fixed asset investments
12
1,231,496
1,231,496
Current assets
Debtors
13
41,518
Cash at bank and in hand
2,022,522
2,064,040
Creditors: amounts falling
due within one year
14
(100,182)
Net current assets
1,963,858
Total net assets
£
3,195,354
FUNDS
16
Endowment Capital Funds
1,231,495
Restricted Income
406,528
Unrestricted
Designated funds
423,972
General Funds
1,133,359
Total funds
£
3,195,354
Group
2021
£
£
-
1,256,496
1,256,496
147,346
1,803,897
1,951,243
(16,365)
1,934,878
£
3,191,374
1,231,495
406,528
423,972
1,129,379
£
3,191,374
Charity
2021		 Group
2020

£
-
1,268,667
1,268,667
9,496
1,861,339
1,870,835
(57,699)
1,813,136
3,081,803
1,268,666
374,011
432,003
1,007,123
3,081,803

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

N Gibson Wilson Chair Approved by the board on

11

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

1 Accounting policies

Basis of accounting

The financial statements have been prepared as consolidated accounts under the historical cost convention, as modified by the valuation of investments at market value, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2005) and the Companies Act 2006 and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 Janaury 2015. The company and group constitutes a public benefit entity as defined by FRS 102.

Basis of preparation

The financial statements consolidate the results of the charity and its wholly owned subsidiary Lifetimes Trading Limited on a line by line basis. A separate statement of financial activities and income and expenditure account for the charity itself are not presented because the charity has taken advantage of the exemptions afforded by the Companies Act 2006 and paragraph 397 of the SORP.

Cash flow statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

Investment Property

Investment property is included at trustee’s estimate of market value as advised by J.C.Francis & Partners Limited, chartered surveyors, who valued the property in October 2018.

Donations

Donations and other voluntary income are accounted for when received.

Grants

Grant income is recognised in the period to which the grant relates. Grants for the purchase of fixed assets are included as income in the Statement of Financial Activities. Depreciation on the fixed assets purchased with such grants is charged against the appropriate fund.

Depreciation

Depreciation is calculated to write off the cost of an asset over the useful economic life of that asset as follow Computer equipment and furniture - depreciation over three years

A full year’s depreciation is made in the financial year of purchase. Items of equipment and furniture are capitalised where the costs exceed £1000.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight line basis over the period of the lease.

Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes all VAT which cannot be recovered.

Fundraising costs comprise a proportion of the salary costs of the members of staff involved. Plus direct expenditure costs of engaging a fundraising consultant.

Governance costs include direct costs relating to external audit, legal fees, and a proportion of direct salary costs of staff involved in the governance of the charity. The salary item represents the cost of the Chief Executive preparing, attending and following up on issues surrounding the Charity’s Board of Trustee meetings, annual strategic review production and the Annual General Meeting.

Salary costs are allocated to activities on the basis of time spent and original funding conditions. All other costs are allocated between the categories of project expenditure on a basis designed to reflect and comply with the original funding conditions.

Pension

The company contributes to personal pension money purchase schemes held by Standard Life and Now Pensions. The assets and liabilities of the scheme are held separately from those of the company in independently administered funds.

Fund accounting

Lifetimes operates a number of restricted and unrestricted funds. Restricted funds can only be used for a particular restricted purposes as specified by the donor. Funding received to deliver the main objectives of the charity is unrestricted. Details and movement of funds are shown in note 16.

12

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

2 OTHER INCOME AND DONATIONS

Other income including donations
Training fees
Accommodation income
Charity sub total
Training funding commercial
Total consolidated		 £
120,511
-
-
120,511
721,806
842,317
Unrestricted
Funds		 £
-
-
63,000
63,000
-
63,000
Restricted
Funds		 £
120,511
-
63,000
183,511
721,806
905,317
Total Funds
2021		 £
725
62,787
63,512
1,113,048
1,176,560
Total Funds
2020
Contracts and Projects
Other Income - Exec
TOTAL		 £
16,000
-
16,000
Unrestricted
Funds		 £
-
-
-
Restricted
Funds		 £
16,000
-
16,000
Total Funds
2021		 £
20,914
5,686
26,600
Total Funds
2020
£
Staff costs
6,500
6,500
CHARITABLE ACTIVITIES (GROUP AND CHARITY)
£
Provision of charitable services:
87,247
Support costs:
Support costs net of management fees
48,231
135,478
Staff costs and depreciation
Unrestricted
Funds
Unrestricted
Funds		 £
-
-
£
20,215
6,895
27,110
Restricted
Funds
Restricted
Funds		 £
6,500
6,500
£
107,462
55,126
162,588
Total Funds
2021
Total Funds
2021		 £
6,500
6,500
£
123,640
(16,750)
106,890
Total Funds
2020
Total Funds
2020

6 GOVERNANCE

Audit fees charity
Audit commercial
Trustees expenses
Legal and Professional		 £
3,000
3,760
-
1,685
8,445
Unrestricted
Funds		 £
750
-
4,611
5,361
Restricted
Funds		 £
3,750
3,760
-
6,296
13,806
Total Funds
2021		 £
2,100
2,461
70
-
4,631
Total Funds
2020

13

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

7 Incoming resources from activities for generating funds

The wholly owned trading subsidiary Lifetimes Trading Ltd is incorporated in the United Kingdom and pays all of its profits to the charity by gift aid. Lifetimes Trading Ltd operates a children’s daycare nursery. The Charity owns the entire share capital of 25,000 ordinary shares of £1 each. The trading company had a net loss after taxation and Gift Aid of £210.

8 TOTAL RESOURCES EXPENDED

£
£
£
Direct charitable expenditure
107,462
-
55,126
Governance
13,806
Cost of generating Funds
6,500
-
Commercial trading
339,303
-
261,118
453,265
-
330,050
The aggregate payroll costs were:
Social security costs
Staff costs
Depreciation
Grants paid
and other
costs
Other staff costs including pension costs
Wages and salaries ( Including agency staff)		 162,588
106,890
13,806
4,631
6,500
6,500
600,421
892,639
783,315
1,010,660
2021
2020
£
£
384,512
594,015
35,940
30,597
32,813
33,304
453,265
657,916
Total Funds
2021
Total Funds
2020

9 TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS

No Trustee received any remuneration.

Particulars of employees:

The average number of staff employed by the group during the financial year amounted to

Chief Executive
Project staff
Administrative staff
Totals		 2021
£
1
22
1
24		 2020
£
1
23
1
25

14

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

10 OPERATING SURPLUS/(DEFICIT)

Operating surplus/(deficit) is stated after charging
Depreciation
Auditors’ remuneration (Brookfield & Co)
Staff pension contributions		 2021
2020
£
£
10,024
10,976
-
839
7,510
4,561

11 Tangible fixed assets

Cost
At 1 April 2020
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
On disposals
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
FIXED ASSET INVESTMENTS
Investment Premises
COIF investment
Share capital in trading
company
TOTAL AT 31 MARCH 2020		 Group Land
and Buildings
43,845
-
43,845
43,845
43,845
-
-
Group
2021
£
1,215,000
16,496
-
1,231,496		 Group
Equipment
29,560
29,560
29,560
29,560
-
-
Charity
2021
£
1,215,000
16,496
25,000
1,256,496		 Group Total
£
73,405
-
73,405
73,405
-
-
73,405
-
-
Group
2020
£
1,255,000
13,667
-
1,268,667		 Charity
Equipment
£
-
-
-
-
-
-
-
-
-
Charity
2020
£
1,255,000
13,667
25,000
1,293,667

12 FIXED ASSET INVESTMENTS

Revaluation of Premises at market rates was carried out by Christie & Co, chartered surveyors, who valued the property on 25 September 2020, adjusted for the known disposal proceeds obtained after the year end. Market value of COIF investment is shown at rate confirmed by CCLA investments at 31[st] March 2021. The charity purchased 25,000 £1 share capital in the trading company of Lifetimes(formerly WVSDA) in 2010. This company was incorporated in November 2009 and commenced trading in March 2010.

Post balance Sheet event - The trading company and investment premises were sold in April 2021, with the proceeds less related costs of that disposal to be accounted for in the financial Statements to 31 March 2021, once all associated costs have been realised.

Group
13 DEBTORS
2021
£
Trade debtors
23,756
-
Other debtors
17,762
41,518
Group
14 CREDITORS: amounts falling due within one ye
2021
£
Trade creditors
75,566
Other creditors
24,616
100,182
Amounts owed by group undertakings and
undertakings in which the company has a
participating interest		 Group
2020
£
-
-
9,496
9,496
Group
2020
£
27,954
29,745
57,699		 Company
2021
£
12,000
126,665
8,681
147,346
Company
2021
£
4,133
12,232
16,365		 Company
2020
£
-
-
304,040
304,040
Company
2020
£
19,815
19,815

15

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

15 COMMITMENTS UNDER OPERATING LEASES

At 31 March 2019 the charity had annual commitments under non-cancellable operating leases as set out below

Operating leases which expire:
Within 1 year
Within 2 to 5 years		 18,750
-
-
18,750
-
2021		 24,740
-
6,250
-
30,990
-
2020

16 MOVEMENTS IN FUNDS

ENDOWMENT FUNDS
Chances
Total Endowment Funds
RESTRICTED FUNDS
Chances
Chances Premises
Total restricted funds
UNRESTRICTED FUNDS
Designated funds
Office equipment for training
ICT
Staff fund
Lifetimes Premises
Project development
General free reserves
Total Unrestricted Funds
TOTAL FUNDS		 £
£
£
£
£
1,268,666
2,829
(40,000)
1,231,495
1,268,666
2,829
(40,000)
-
1,231,495
249,525
64,988
(29,693)
121,708
406,528
124,486
(2,778)
(121,708)
-
374,011
64,988
(32,471)
-
406,528
2,700
-
-
(2,700)
-
20,000
-
(5,350)
(7,500)
7,150
24,803
-
-
27,519
52,322
344,500
-
-
-
344,500
40,000
-
-
(20,000)
20,000
432,003
-
(5,350)
(2,681)
423,972
1,007,123
869,049
(745,494)
2,681
1,133,359
1,439,126
869,049
(750,844)
-
1,557,331
3,081,803
896,866
783,315
-
3,195,354
Movement in resources
Outgoing
Transfers
Balance at 31
March 2021
Balance at 1 April
2020
Incoming

16

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

17 NAME, NATURE AND PURPOSES OF FUNDS

PURPOSES OF ENDOWMENT FUNDS

Chances formerly known as Putney Creche This fund represents the revised valuation of property in June 2006 plus investments held at 31[st] March 2011 and purchased from the original capital endowment, which is held in perpetuity. Endowment funds are held in accordance with the original schedule of the charity dated 17[th] October 1958. Investment gains and losses are credited or debited to the endowment fund. Income may be applied for the general purposes of Chances charity and is shown as a restricted fund in these accounts

PURPOSES OF RESTRICTED FUNDS

Chances Income raised from rental income of the premises owned as part of the endowment fund is used for projects that assist necessitous parents with children under 7 years of age in the London Borough of Wandsworth. Lifetimes became corporate trustee of this charity on 1[st] March 2007.

PURPOSES OF DESIGNATED FUNDS

ICT This fund has been designated to be used for future purchase and refurbishment of ICT equipment to ensure that systems used by the charity are adequate to needs.

Staff fund Due to the funding uncertainties and employment legislation this fund has been set aside to cover possible future liabilites with regards to staff costs. Costs are calculated at 31[st] March each year and based on current staffing levels and length of employment.

Depreciation fund This fund will provide for the future depreciation of assets purchased during a financial year and where funding provision for their costs were received as capital.

Premises. Refurbishment of the group premises are ongoing and funds for dilapidations at the end of the lease will be required.

Project development. This fund is to develop future business projects in line with the 5 year business plan agreed April 2016

17

Lifetimes Charity Notes to the Accounts for the year ended 31 March 2021

18 ANALYSIS OF NET ASSETS (between restricted and unrestricted funds)

Endowment funds
Premises investment
COIF Investment
Total endowment funds
Restricted funds
Chances
Total restricted funds
Unrestricted funds
Designated funds:
ICT
Staff fund
Lifetimes Premises
Project development
General free reserves
Total unrestricted funds
Total Funds		 Group
Charity
£
£
£
£
£
£
1,215,000
1,215,000
1,215,000
1,215,000
16,496
16,496
16,496
16,496
-
1,231,496
-
1,231,496
1,231,496
-
1,231,496
406,528
406,528
406,528
406,528
-
406,528
406,528
-
406,528
406,528
7,150
7,150
7,150
7,150
52,322
52,322
52,322
52,322
344,500
344,500
344,500
344,500
20,000
20,000
20,000
20,000
-
423,972
423,972
-
423,972
423,972
-
1,133,358
1,133,359
25,000
1,104,378
1,129,378
-
1,557,330
1,557,331
25,000
1,528,350
1,977,322
1,231,496
1,963,858
3,195,354
1,256,496
1,934,878
3,191,374
Tangible fixed
assets
Other net
assets
Total
Total
Tangible
fixed assets
Other net
assets

18