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:
- Promoting any charitable purposes for the benefit of the community in the london Borough of Wandsworth and any part of Greater London (via Lifetimes Charity). In particular, the advancement of education, the protection of health and the relief of poverty, distress and sickness.
- Providing training and capacity building to the voluntary sector.
- Providing a self funded Grant Program to assist necessitous parents of children under 13 years of age.
- Providing care packs to homeless people and organisations who work with homeless people through its women 2 woman and men matter 2 projects
- Providing a multi lingual directory of services to the general public and contracted to Wandsworth Self Help Hub
- Grants to individuals/organisations under the Chances funding criteria
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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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:
- give a true and fair view of the state of the company's affairs and that of the goup as at 31 March 2021 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the accounts are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the accounts and the directors' report in accordance with the small companies regime.
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**|
|---|---|---|---|---|
- **3 GRANTS AND CONTRACTS RECEIVABLE (GROUP AND CHARITY)**
|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**|
|---|---|---|---|---|
- 4 **COST OF GENERATING FUNDS (GROUP AND CHARITY)**
|**£**
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**|
|---|---|---|---|
- **5 CHARITABLE ACTIVITIES (GROUP AND CHARITY)**
## **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