Spurgeons ANNUAL REPORT 2022- 2023 Compony No. 3990460 Charity No. 1081182 TOGETHER WITH FAMILIES
TA Welcome Strategic report Our mission CEO update Impact report Ourfuture plan8 Our 8ervice8 Our Impact Client 8torle8 Our people Our financia18 12 Going concern 17 Fundraising and income generation 18 Risk management 20 Ourcommitment to good governance 22 Statement of Trustees. responsibiliti88 25 Independant auditor's report 27 Financial statements 32 Specific acknowledgements 51
WELCOME When renowned Boptist preocher Chorl&s Hoddon Spurgeon founded this precious chority over 150 yeors ogo, his heort was for all children to flourish regardless of their bockground. To this doy, we continue this vision of tronsformotion ond support by establishing Fomily Hubs where ws are needed most. We portner with local councils, churches ond commvnities to care for every family, putting children and young people first in everything we do. moximise the chority's assets, whilst olso ovgmenting our fundroising team, increosing our digitol well-being support, and establishing more community partners to help us meet the ever-increasing need for fa mily well-being support in the UK. l om immensely proud of serving o Christian charity connecting locol government and the faith sector to undertoke complex work with vulnerable families ond believe we can make a real difference to the lives of many more in need. l am new in past, taking over from interim Choir of the Board, Sarah Powley, in October 2022 ond I would like to thonk Sorah for her excellent job of keeping o steady ship through o time of exceptionol chonge. There hove been new members join the Senior Leadership teom ond the goord, amidst the bockdrop of a cost- of-living crisis and significant funding cuts to services, yet by God s groce, we have managed to navigate thege intarnol and external f luxes with impressive commitmsnt and agility whilst continuing to gupport over 30,000 children in need. I would also like to give thonks foroll the work that this report reflects ond express my gratitude for the colleogues, volunte8r$, supporters and portners that hove helped us ond who share our belief ond hope in the tronsformotion we can oll bring when wo work together. Lastly, and most importontly, I wont to give thanks for the co-operation ond perseverance of the children, young people and families we have the privilege of working alongside,. your courage in the foce of odverglty never fails to inspire me to work harder to servo this impactful chority. Spurgeons, colleagues have embedded the new strotegy of delivoring Fomily Hubs through a comprehensive, holistic business plon across the entire orgonisotion, ensuring thot eoch of our 534 colleagues ond volunteers have o port to ploy in the core of children and families in need. Our recent rebrand succegsf ully raf lects this new strategic direction, along with the energy of the executive team and our more diverse services resulting from the acquisition of Fegans charity in July 2021. This fresh new look ond feel to Spurgeons positions us os o chority thot works with the entire fomily, providing core thot meets their unique needs and will help us diversify our income to meet the needs of even more children ond families in years to come. God bless, MIKE REBEIRO Chair of Spurgeons Boord of Trustees Spurgeons has a big year ahead with several locol authority contracts being retendered,. however, with our centrol ond fomily proctitioner teams continuing to work in unity towords o shared purpose, living out our values of being compossionate, foir, ond committed, we are conlident of the future of Spurgeons. We are undertaking a linanciol review to
STRATEGIC REPORT OUR MISSION Our mission Together, we creote Family Hubs where we're needed most, with counsellir)g, early years andfamily support. We portner with local councils, churches and communities to care for every family, putting children and youn9 people first in everything we do. Our charitable object8 To advance in life ond help children and young people, their families and carers, who need care and protection, in porticular but not exclusively, by the provision of edycation, support services, social care, maintenance, vocotional training and financial ossistonce. Ourvalu88 and behaviours mpaulonat• ¢¥ommltt•d To oct justly Ifairnessl and to love mercy Icompossionl ond to wolk humbly with your God Icommitmentl." Micah 6..8 Put children and young people first in everything. Respect and value every individual. Listen to understond, without judging. Be open ond honest, with kindness. Persevere to be our obsolute best and do whatwe say wè will do. Bring out the best in eoch other os we work together for the right result. Our vision Spurgeons transforms the nation, one child ot o time by ensuring every family has the support needed to flourish. Who wa are here to serve Children ond young people10-18, or 25 for those in Core or SENDI with an oim to reoch across the four notions of the UK. For over 150 years Spurgeons has committed to enobling every child to f ullil their f ull potential even when life's challenges become overwhelming. Families and corers - Spurgeons empowers families to become self-sustaining through family support, parenting and SEND provision so that every child has a safe environment irn which to flourish. The truste0¥ confirm thotthey have referred to the Charity Commi88ion public benefit guidance in compiling this report, and that what Spurgeons doe8 contributes to it8 charitable object8 in this re ard.
CEO UPDATE Last year wo$ my first full year a9 CEO following Spurgeons, acquisition of Fegons. Working closely with the Trustees we have spent the lost yeor developi ng ond rolling out our Family Hub strategy ond recruiting a senior team to lead it Much of the core thot Spurgeorns provides for families is delivered through our Locol Authority Commissioned Childrèn's Centres, but increasingly we are reoching mony families where they a re in the comniunity, in churches, prisons, schools or reached through our counsellors working in GP practices. At the heort of Spurgeons is the obility to meet the needs of families wherever they are, with whotever they need,. o self-harming teenager, a fomily torn opart by imprisonment, a mum suffering from domestic obuse or o child with suicidol ideotion. We wont to be there for all fomilies in need and turn no one awoy. Our strategy is to partner with churches of oll denominations to equip and support them to meet the needs of families, so thot every community hos the chonce to receive the care needed to flourish. We do thi8 With sofeguording ond quolity os our upmost priority. We lev8rage the expertise of our commissioned controcts ond partner with stotutory partners ond other chorities wherever possible to en8ure childrèn ond families receivg tho most holistic care possible. To facilitote this opproach, we have spent the lost year crystallisirng the strotegy into o publicly ovoiloble document, ond developing o new brond ond new website to accurately reflect it, as well 08 establishing o new senior leadership teom to write and implement the business plan negded to deliver the strategy effectively over the coming two years. We have also reviewed ond streamlined our policies, improving our sofeguarding processes and procedures to better equip us to portner with locol communities. 111 We are currently building relationships with senior church frgur8s, locol authority commissioners and Directors of Servic& to establish o common undorstonding of how we moy partn&r together to core for communities facing complex adversities, The new Fomi ly Hub strategy does not replace the work we currently do, but, rather, drows it togethor, providing our many services o common theme of occessible, holistic core for families. To that end our focus for the coming year is to.. Consolidate the new strategy into our communication, culture ond growth plons Re-win our current contracts and secure new to help us serve more families Develop and establish our church Fomily Hub model ready for wider rollovt Continue to augment our operotion8 to enoble continued ogility in a changing environment. Underpinning this stratagy is furthor development of our digitol delivery. We hav8 quolilied counsellors and trained parenting practitioners providing 1-1 support vio Teoms to children ond porents i n distress. Spurgeons ore producing OCN-accredited online training programs to equip local communities with our expertise. We currently deliver free, occessible digital courses coveri ng a ronge of topics, from sepo roted parenting through to disordered eating, and have plans to creote many more os we listen to the needs of local communities arid what they would lind most helpful. IAN SOARS Chief Executive Oflicer
IMPACTREPORT
OUR FUTURE PLANS Overtho lastyear w& have established a wider leodership teom ISLTI ond rebranded and releosed our strategy for the coming season. All of these were coordinated to a Single purpose of being oble to focus the organisation on delivering our promise of transforming this nation on& child at a time. The coming year embeds these different aspects to enable Spurgeons to move forward effectively in a very chongeoble environment. Some of our contracts ore ending, with a view to being retendered for throughout fi'nancial year 2023-24. We remain hopeful of the positive outcomes of these processes but at the same time are focvsing on delivering Family Hubs in ways that ore not dependent on stotutory support. We do this because of local authorities, decreosed ability to fully fund th6 extensive support that some children ond families need, os well os the increasingly few alternatives for fomilies to turn to. Spvrgwn• av• •lqnlfl¢antly Inv•Jtlng In ovr lundral•ln•. ¢J•mmunl¢atloh*•Thd dlgltal oqpqblllty. all•wlng lJ•toMu¢h m•r• f•mlll••. partl¢ularly Ih¢M• unobl•to oontrlbut•flnan•lally To enoble this, we are significantly investing in our fundraising, communicotions and digitol capability, allowing us to reach more families, porticula rly those unable to poy for services. We ore increasing our church engagement with a view to announcing partnerships with churches of oll denominotion8. Over tho coming $eoson we intend to harness the competence, reach and rèsourcos of the local church in portnorship with the responsibilities and governance requirements of the stote to grow our capocity to respond to thoso in need. To ochieve this, our strategic gools for 2023-26 ore Ralmaur prafil• to bs known os specialist. forth motivated provider of high- qvolity delivery ond proctice to children ond fomilies. Workwlth th• •tat• and churoh in partnership, we deliver export ond locally integrated Fomily Hubs. D•v•lap ovr Ilnanolal •u•talnablllty Diversify our voluntory ond stotutory income base. Rmpow•rour p••pl• Be a place of inclusivity and welcome, inspiring colleagues to serve children and families to their full potentiol. In•plrlng •xc•ll•no• In op•ratl•n• Integrote our woys of working. Combining these gives vs great confidence that we are ready ond equipped to face our sector's chollenges whilst at the same time increasing ovr copocity to see every fomily who needs our support, wherever they live ond regardless of their capacity to contribute.
OUR SERVICE FAMILYSUPPORT Providing s(Jpport and evidence informed interventions for children and adults affected by domestic abuse and troining for professionals. CHILDREN'SCENTRES now known a•'Famlly Hvb•' Earlyy•ar•. h•alth and W•11n9 atlonwld• Evidence-informed progrommes ond interventions aimed at reducing heolth inequolities ond promoting sofe, hoppy, heolthy lifestyles. Blrmlngham. Wllt•hlro DAD.Into and •oclal m•dla DAD.info celebrates the role of dods with helpful reso(Jrces and content for dods to bvild.strong and healthy relationships with their children. We have a community of active and involved dads in our moderoted forum, providing peer-to-peer support. Pr••ohool• School or church-bosed pre- schools with on-site therapeutic and fomily support predominontly located in areos of intense need offering holistic fomily core. Pnlln• Cgunmlllng Natlonwld• Support for children, young people, parents and carers provided through one-to-one counselling either foce to foce or remotely with qva1iligd ond experienced psychotheropists. YOUNG CARERS atlonwld• Young C4r•r• Par•ntlng advlo• and •upport Providing cose work, group work, respite, residential trips, transition support for children ond young people and awareness raising amongst professionols, Supporting children's sociol, emotional and intellectual well-being, with additional support for families and children with special educotionol needs. Blrnilngham, Wolv•rhampton Blrmlngham, Elmbrldgo, Wlltghlr•. K•nt, Ea•tSv•w and W••t SuM•x CHILDREN &YOUNG PEOPLEAFFECTED BY IMPRISONMENT Prlwn•rlamlty •vpp•rt Supporting families to maintoin contoct, preporing families for releose ond reintegration, prevention of inter-gonerotional criminolity. n¢h••t•r. F•ltham
OUR IMPACT$ Spurgeons is o notionol chority ond during 2022123 we have helped Iamlllw•hlldr•n.ungp•oP1•Und adult•, and two million people heard our voice through online, medio ond other streoms outside our physical services. We deliver services in a post- pandemic londscape where children have missed out on opportunities to flourish and th8 cost of living crisis now impacts our most vulnerable families even more. this doeg not include 8orvic88 closed during th yeor. 30.500 98% Our visitor centre at HMP Winchester hod 4,810 odults and 939 children come through the doors in 2022-23 and we had 136 men and fomilies att&nding our family doys where 80 children were able to enjoy time together with their dads including hoving o family meal. r pre-schools mode ogress so thot 60% ere school ready mporgd to 60% ing behind when the of service users In 2022-23 wovld rècommend u$ to frignd$ and fomily. twry•tsTrold• in Birmlngham completing thoir early yeors review,. this is more thon 9*•dtwtry•ar-•ld• in our Birminghom We delivered 149 loving baby-bundles giving fomilies clothes ond essentiols for their newborn babies. 2 million people heord our voice online through digitol offerings and forum8. 70% of our 500 raforrals for young car9r8 $&rvice8 come from 80cial core and $chool8. In Birminghom alone, we work with 780 young carer8. nsuring our teoms re well trained to upport children ond amilies is critical ond 1% of colleagues said the lost year they od opportunities to arn ond grow. We ore currently working intensively with 220 prIn•r• to improve relationships with their fomilies ond children. 66 The nur•ory ha8 been fanta8tlc from the moment Olivia 8tortgd. de8plte her difficulti08. Ollvlo ha8 really developed and mado lot8 of improvement8 in her lèorning ond physical 8klll•. Buttons ABC team have been amazing. 95%+ of families accossing our services tell us that things have improved from working with us. 98% of our colleagu8s are provd to work for Spurgeons. 99 100% W• work•d to Uard Aal of children $oythgy made progress when being supported byovr services ond 86% hov8 made headway with their feelings and behaviovr. 694childre 97% keeping them Safe from domestic abu8e, neglect and tho offo¢t¥ of poor montal hfjQl of fomilie8 make progress o¢ro88 their lives when working olongside us and 63% of families hove improved well-being. 66 The Ofsted in8pector was really interested in our joint working and felt that we had enabled families to ucee$$ Support thot they might hove previously been reluctant to engage in. 99
CLIENTSTORIES 66 I have more understanding lofl my child's needs and how to under8tond him better when he is feeling angry than before, thanks to parenting Iteaml. 66 Prison con be a very dork ond horrible and lonely place. And then you've got someone like Spurgeons. It's like on angel comes out of nowhere and just literolly picks you up ond puts you with your family ond takes you out of that dark place. Even if it's just for one hour, two hours at o time. It just gives you a chance to recharge your botteries and focus on what is important. 99 99 The face-to-face counselling this year Ihasl been great. They have supported a bereaved child incredibly intuitively enobling her to fully oc- cess the curriculum once agoin. As a school we feel we hove benefitted greotly. 99 I was welcomed into the children's centre. Everyone wos friendly and supportive, landl really helped to eose my anxiety. I felt comfortable to listen and toke onboard whot was being discussed. My child was hoppy in another room ond away from me IFive to Thrive childcare group). This is the first time he has been left and l am pleosed he settled well in o room ond oway from me IFive to Thrive childcare groupl.
OUR PEOPLE Our achievements ore bosed on the dedicotion, exp&rtise and passion of our entire team, made up of employees, volunteers ond foithful supporters. On 31 March 2023 Spurgeons employed a total The nature of our work and the sector we work in, as well as our colleagues, personal circumstances, means thot mony of thesè colleagues work part- time126.8%1 or term time only (19.0%}. 418 employee81429 in 2022-211. This yeor-on- yeor reduction is due to Spvrgeons no longer operating o number of the prison contracts. A further 3.7% of the workforce ar8 on cosval contracts. This meons that half of our workforce IrJO%I work full-time, which is slightly higher than lost yeor. 97% •ay tholr work glvol thom a ••n8• of Purp0. 915% of our workforce stated their gender as femole, declored their ethnicity os White and 61Yh cited their religion os Christian. However os on organisotion oiming to be welcoming and inclusive to all, we ore proud to hove o diverse range of ethnic backgrounds and religions in our workforce including 15%Asion/ Asian British ond 13%Muslims. Existing data ot time of pvblishinfj
VOLUNTEERS Volunteers ore on essentiol and important part of OLJr workforce. As of 31 March 2023 we had 116 v•lvnt••M across our services supporting our work with children, families and vulnerable odults. Over the coming two years we intend to review f urther the role that volunteers could have in our workforce. We hove positive examples of service users who have benefi'ted f rom our services, becoming valuable volunteers with lived experience, now supporting other parents and families. OURVALUES. LEARNIN Building on the leorning, This hos included We osked colloagves for their work in 2021 to widening occess foroll views dvring Jonuory ond lounch our colleogugs to the Community Fobruory 2023 ond roceived ref reshed Core Inform plotform ond 260 responses, eqvol to value8 ond continued development of our of our workforce, Flesults hove integrate Communities of Practice. Our improved since the lost full Fegons ond Nentol Health community of survey in 2020, which, given Spurgeons practice hos been instrumentol the level of orgonisotionol as one in collating cost of living and external chong@, is very organisation, resources thot have been positive, with 90%of •dl•qgv all colleagues Shored across the orgonisation pr•ud t• work f•r spurg*. It hod a values vio our learning platform is pleosing to see thot areos objèctive in 2022, to support both colleagues of most notable improvement focusing on our and service users during thi8 are where we have been six core behaviours. challenging year. We also focusing, such as supporting In oddition we lounched an launched the Spvrgeons co51eagues through change ethos ond volues workshop Savings platform enabling and uneertainty189% overall for all new storters to help colleagues to get discounts ogreel, being conscious of the embed these from day one from a range of retailers. In values in my work198%1, seeing and encouroged teoms to use terms offormal training we the impact of our Christian a values team ogreemont for hove increased the number of ethos on the organisation186%1 how they work together. monogers with Nentol Health ond my line manager helps ond First Aid training and continue supports me197%1. 81% have to vpskill our managers with had opportunities to learn ond monoging people well ond grow in the lost 12 months. approisol troining,. these hove olso now been rolled out to those monoggrs thot joined us from Fegans. We have continued to develop a learning culture across the orgonisation with a focus on leorning on the job ond learning from each other, rather than just formal Co11eogue voice remoins on integrol port of our culture ond in 2022 we engoged o new 10
speciolist Div&rsity, Equity and Inclusion partner. The fi'rst step has been to run three webinars with our coll&ogv&s in March to educate, gather feedbock ond develop personol ownership on how together we cr&ote o culture of inclusion. In April we will be undertaking leadership training enabling all leaders to weave o focus on inclusion into their objectives and day-to-day activities. key chonnels for ensuring this is our monthly newsletter called Together that goes out to all employees and contoins informotion, reminders, requests and good news stories. This often includes a direct message from the CEO which is olso supplemented by CEO &mails and video updates. We hove continued with our CEO foce-to-foce live updote every other month vio Microsoft Teoms that is also recorded ond ottended by other ssnior managers. Messages thot ore relevont only to porticular teams or individuals are managed through different chonnels. Ensuring our workforce is kept up to date with developments and provided information in on appropriate and timely woy is an importont elgmont of engoging our employees. One of our PR4Q,TICE DEVELOPMENTt Over the last y&ar we have continued to focus on culture of reflective practice, we have continued d&veloping quality of practice with o formotive to develop Communities of Practice on areos mindset, building on strengths and including domestic abuse, mentol heolthl empowering stofF members and inclusive practice, the child's teoms. We hove continued voice/liv&d 8xperionce, ond to monitor ond occurotely administration. evaluate the effectiveness of our services ond to oct on fi'ndings using feedbock from service users, commissioners and colleogves os part of monitoring ond evaluation. We have developed o Practice Handbook encompassing oll we do to set tho bor high in terms of proctice standords ond ensure that we remain focused on the impoct of all we do forchildren ond families. Communities of Practice enables practitioners in oll roles, and subject speciolists, from ocross the orgonisation to take collective responsibility for managing the knowledge they ne8d, recognising that given the right framework, they are in the best position to do this. Members hove a responsibility to bring their experience, roseorch, ond oreas of focus to eoch session ond to drive any leorning bock into their areos of work to ensure thot the cycle of learning continues. We have continued to develop our Team Around the Child/Resident and Family ITAC/TARFI audit. This is a collakiorative 'live audit, that includes all members of teoms who hove worked with the childlrenl/ family/ resident and those who have hod monogement oversight of the cose, These oudits have been incredibly voluoble for opening up ref lections and discussions on practice. Our Sofeguording Policy ond Child Protection Procedures hove been comprehensively updated to ensure that they'reflect the latest guidance and best practice and support us in our collectively responsibility of keeping children safe. In addition, as part of eveloping a learning
OUR FINANCIALS 12
AN OVERVIEWOFOUR FINANCIAL PERFORMANCE Advantages in the property morket, investment gains and increased unrestricted income from the ocquisition of Fegans saw linancial yeor 2021-22 end with on increase in total funds of £2.5m. By contrast, in 2022-23 we contended with inflation, subs&qu&nt cost of living increases., high employ- ment cost increoses linked to the Notionol Joint Council for Local Government services pay reviews, as well as minor investment losses. This, along with purposed growth and divorsilicotion aligned with the strategy, resulted in o decreose of f unds of £1.9m. Our linoncials continue to ref lect stability through our large government-funded contracts, contribut- ing 769k of the onnuol turnov&r in 2022-23. Most of these contracts will reoch end of term in 2024. We are in the process of retendering for these contracts, but to ensure sufficient liquidity, we kept £2.Sm from the sale of properties and £1.6m from our investment funds in cash to mitigate potential cosh- flow risks during this uncertain period, especially given our growth strotegy. We have since rginvested £1.6m cash in short-term treasury bills to copitolise on strong interest rate returns. We transitioned our stocks and shares portfolio from Epworths to Rothbone Greenbank Investments in 2022. Rathbone Greenbank specialise in Ethicol, Sustoinoble ond Impact investment monogement and our investment portfolio torgets o return of CPI + 3Qk ov8r the long term. Despite vnprecedented externol economic foctors, our financials continue to reflect stability ond resilience with reserves positioned ot £20,9m12027-22.. £22.9ml. Similar to 2022-23, we onticipote fur- ther reduction in reserves os we continue to implement our growth strategy. OUR INCOME RESULTS FOR 2022-23 In comparison to 2021-22, this financial year reflects a lower overall income of £12.Sm 12027-22., £14.2ml. This outcome is primorily duo to higher one-off income recoived1£1.Oml f rom the acquisition of Fegons in the previous yeor. 2% | Legocie8 3% | Investmenty 10% | Donotion$ 85% | Support of ehildren. young peop19 ond fomilies We have reclo89ified a proportion of our unrestricted income to restricted, to more accurately reflect the terms governing our contracts, which meany all income related to o controct is now ref lected under one heading. Income f rom donotions (including legociesl accounted for £1.4m12027-22. £7.7ml reflecting lower legacy income thon last year. Income in support of children, young people and families amounted to £10.6m12027-22.. £77ml, mainly due to lower income supporting children affected by imprisonment. Dtsn4tiorbS Higher interest income I£0.1ml in 2022- 23, olong with the reduction in dividends 1£0.1ml, reflects the higher liquidity cosh f low strotegies deployed in 2022 ond the transition of our stocks and shores portfolio. L¢9o¢leg Inv•tstment8 Support of children. youny peoplo & familie5 13
OUR EXPENDITURE RESULTS FOR2022-23 Finonciol year 2022-23 saw exp&nditure amovnt to £14.3m12027-22.. £12.8ml. Activities to support children, young people ond fomilies accounted for 96Wo1£13.7ml of total expenditure, with fundraising and investment cost comprising the remaining 4Vo I£0.6ml. Fundraising costs ore expected to increose in 2023-24, in relation to fundraising income, os the strategy focuses on growth and diversilication of income sources to fund o greater impact and influence in support of vulneroble families ornd children. 3% | Fundroisino, marketirig & promotion 1% | Investmént osts 90% | Support of childran, young people & fomili8$ Our children's centre work occounts for 830k or £11.4m12027-22.. £9.4ml and our fomily support work is 5Vo or £0.7m12021- 22.. £1ml of our total spend of £13.7m. Working with children and young people offected by imprisonment accounts for 8% or £1m12021-22.. £1.2ml and our youth, community and young corers work accounts for 4% or £0.6m of the total spend. Fundrol•lng, mork•tlng. and promotlon Inv••tm•nt• £O.Sm £0.1m Supportof ¢hSldr•rn young p•opl• &fr4mlll•• £13.7m A notable portion of overoll exponditvrg, £10.7m12027-22, £9.gml, is ottributed to employment costs, representing 750k of our total expenditure12021-22,. 78%), with most of this omount expended on personnel directly involved in delivering essential support services. Chlldrenj cgntr¢$ Famlly$uppr*rt Chlldr•n and young poopl•off•ot•d by Imprlffsonmont Youth community and yovng car¢r8 OUR RESERVES Our reserves reduced by £2.Om to £20.gm12021-22.. £22.9ml, reflecting the annual operationol deficit of1£1.8ml. Our investment focuses on augmenting fundraising, communication, and digital copobilities, alongside invastment in our own initiatives to support children and fomilies affected by imprisonment, enabling growth in vital services delivered to vulnerable children and families. Of our total funds, £8.5m12027-22.. £9.2ml were restricted or endowed. The designoted funds of £8.2m12027-22.. £8.5ml are those set aside by the Trustees for a particular purpose and comprise the Strotegic Investment Fund £2.6m, the Service Development Fund £3.5m 12021-22.. £3.7ml ond the Property Investment Fund £2.2m12027-22.. £2.2ml. The Central Office Development Fund was repositioned as the Strotegic Investment Fund1£2.6ml in 2022-2312027- 22.. £2.6ml. The Central Oflice Development Fund no longer served a feasible purpose, given the charity's decision to implement remote working from January 2023. General unrestricted funds were £4.2m12027-22.. £5,1.ml. The balance sheet ond liquidity of the chority at yeor-end remain strong and positioned to mitigate the potentiol impoct of contracts ending in finonciol yeor 2023-24, 14
ANNUAL NET ASSETS As projected in the Annuol Accovnts for fi'nancial year 2021-22, the value of the net assets has reduced to £20.gm12021-22.. £22.9ml ref lecting intentional budget deficits and investment to allow for growth in the vital services we deliver. However, Spurg&ons remains strong as a 'going concern,. INVESTMENT MANAGEMENT Spurgeons seeks to steward its assets well ond applies th& ethical standards thot oro bosed on our Christion foith in the context of our responsibility to manage investments in lino with the Trustee Act 2000. Income from investments is an important part of our funding ond how we bolance good returns with on ethical investment policy can be found on our website Iwww.spurgeons.orgl. Trustees review our investment policy onnually, ond invostment performancg every quarter. Our inv8Stment manag8rs are Rathbonos Grgenbonk who specialise in ethical, sustainable ond impact InV8Stment management. The Trusteos olso employed Crowe Financial Planning UK Ltd to support the transfer of funds from Epworths Investment Monagement Ltd to Rathbonos Greenbank and to provide investment odvice during the yeor. Ovr investment portfolio torgets o return of CPI+ 3Vo over th& long term and follows the ethical investment policy of the 8optist Union. From 12 October 2022, the incoption dote of investing with Rothbones Greenbank, the Spurgeons, investment portfolio delivered o return of 3.9% net of f&es. The Charity's non-property investments generoted an unrealised loss of £82k12021-22.. £92k gain) on year-end valuation. At 31 March 2023, the total decrease in the voluotion of oll investments (Note 91 was £371k for UK Common invèstment funds, compored to o total decrease of £62k in 2021-22. The volue of these investments has docreasod by a further £42k between 31 March and 31 fqoy 2023. Our portfolio performance can be compored to o peer group composite, the ARC Charity Steody Growth Index, which returned -0.4°/o over this time period. The greoter part of our investment volue is held in a property portfolio, which is represented by assets thot hove been gifted to us over many years. The property volves ond strategy of directly holding and managing investment properties is reviewed onnuolly by the Trustees. At the start of the yeor two properties were sold with proceèds of £2.5m. The remaining property portfolio showed o revolvation increase of £0.1m12027-22.. £0.9ml. The Trustees continue to monitor the bolonce of the poFtfolio and how the assets can be best used in the interests of our charitable purposes. The Trustees opproved the sole of o further two investment properties with o combined sales value of £715,000 in 2022-23 and these properties were marketed with one being in the process of sale. Since we anticipote the sale of both properties imminently these properties will be reclassified from Fixed Asset Investments to Current Assets Held for Sale. 15
RESERVES POLICY Like mony other chorities, Spurgeons relies on a Funds as our strategic trajectory focuses on smoll number of income sources. It is important developing Church Fomily Hubs as well os our that, however unlikely it moy be that these sources continued initiative of working with children ond oll suddenly cease, we plan to hold suflicient families affected by imprisonment. reserves to meet our obligotions and needs. In this respect Spurgeons reserves ore strong ond healthy. The Trustees have token into occovnt the level of free reserves necessary to cover the following risks.. Our reserves policy is reviewed onnually by the Finance Committee ond approved by the 8oard of Trustees. The Trustees have corefully considered the requirement for us to maintoin an oppropriote level of free reserv8s, being those unrestricted funds not invested in fi'xed assets, designated for specific purposes or otherwise committed. L08s of restricted income as o result of the closure of major pieces of work or failure to retain commissioned work on re-tender. Working capitol requireme'nts. Potential redundoncy ond other costs ossocioted with the closure of o sig- nificont port of the orgonisotion. t)uring 2022-23, the designated f und held for the potential developmont of a Central Office, wos repurposed os o strotegic investment f und, designoting f unds for investment in strategic orowth, following monogement ond Trusteos, decision to implement remoto working controcts In January 2023. As of 31st Morch 2023, the volue of the Strategic Investment Fund wos £2.6m. The 2023-24 budget includes circa £0.4m cost earmarked as investment from the Strotegic Investment Fund, alongside circa £0.5m property development cost, as we continue to invest in growth and focus on maximizing our ossets in light of sustoinoble f uture activities, Failure to hit fundraising targets. Volatility and uncertainty in the inv88t- ment markets. An gvent having o mojor nogotivg roputotional etfect on the charity. Bosed on the above assessment, the Trustees hove estimoted thot the level of free reserves required to mitigate ogainst the identifiable ri8k8 is approximately £2.1m12027-22.. £1.8ml. With the opproval of the new strotegy that will begin to be implemented in 2022-23, Trustees estimate that unrestricted defi'cit8 in the region of £2.5m are likely to be incurred over the next three years as we invest in the new strategy and establish new strands of work to support vulnerablè childr8n and families. We also had a designated Property Investment Fund thot was established in 2016 to use the sums invested in property to provide income for choritoble purposes. This f und was increased in 2020-21 to £1.7m and os of 31st March 2023 has a volue of £2.2m, rgflecting the unrealised gain on the underlying ossets. This gives an estimated total requirement for free reserves of £4.6m. At the end of 2017, the Trustees agreed that a Service Development Fund of £1.5m of reserves should be designated to directly develop ond enhance our work with vulneroble children and families. In the yeor to 31st March 2021 a further transfer of funds from the Property Investment Fund increased the balance of the Service Development Fund to £3.7m. The Service Development Fund hos since seen o reduction of £0.2m in 2022-23 as these f unds ore being utilized to support vulnerable children and families, in line with our new strategy. We anticipate a further decrease in designated Servic& Devèlopment The level of free reserves is represented by tho General Fund which, ot ygar-end, totalled £4.2m 12027-22.. £5.Iml, representing approximotely 13 weeks12021-22.. 14 weeks) of plonned operoting expenditure. Given the obove foctors, the Trustees onticipote thot the current level of free reserves will be suffi'cient to cover the identifioble risk8 and expected f uture deficits.
GOING CONCERN With ongoing tensions ot ploy in the macro environment, energy costs, supply chain difficulties ond inf lation are all factors impocting charity viability in terms of sustainable fi'nances to ensure charitable objectives ore met. While Spurgeons, reserves ur& strong, we are mindful of the constraints we work in, 0$ well as the disruptive mocro-environmental trends. As such, Spurgeons ore investing in the ability to diversify income sources to avgment sustoinability over the long term os we look to brooden our vitol servic&s. The year ahead will see Spurgeons segment our fundroising into multiple income streams with a clear focus on key occount monogement at every18vel. These segmented groups include church, corporote, mojor ond mid- level donors. Our guiding principles for our fundraising will be relotionally led whilst being informed to maximise our potential. The Trustèes havè reviewed th6 balance of liquidity Versus fixed asset8, os well as a rolling two-yeor cashflow alongside the free reserves required to mitigote potentiol risk, and the investment reqvired to implement our long-term plans for diversification. As o result of our work, and the strength of our reserves and value of our assets, we Confidently ossert thot we ore in a good linanciol position ond that the charity s accounts con be prepared on the going concern bosis. 17
FU RATION Most of our income comes from contracts with the public sector. Funding from Socal government remoins our main source of funding. Our strategy of engaging with state and church in delivering services will allow us cost etliciencies which, coupled with our focus on strong outcomes from our delivery, we believe will see our fundraising potential increase in 2023-24. Voluntory income is vital to our identity os the UK'S leoding Christion fomily charity supporting vulnfjroble children and fomilieswho n&ed our help, regordles8 of bockground or situation. Partnering with supporters and lo¢ol communities is extrem81y important to us and we seek to grow in this area. Fundraising has been difficult due to the cost of living crisis, and 2021 ond 2022 hoving been challenging periods for donation income. In 2023, new appointments in our Heod of fundraising, Philanthropy leod ond reseorch & engogement leod roles resulted in the speciolism, and expertise required to underwrite the new fundroising strategy. SPURGEONS'ACTIVITIES Spurgeons, fundraising team is recreotional activities and grateful for the opportunities the Young Carers Festivol to work with funders, churches, project, The Behind the Walls and Communities who shore and Beyond the Gates prison our vision to care for children project supporting families was ond fomilies. Family Hubs ore funded by Colyer Fergusson, o key focus for us, and we and The Lewes Prison Art appreciate the investment Project wos mode possible from Colyer Fergusson for o with funding from The Crucible Family Hub in Whitstable. We're Foundation, Invisible Wolls alreody seeing on impact as we received continued support counsel children and support from The Notionol Lottery families. Sove the Children Community Fund and OPCC funded a porenting project in for Hompshire. Jerusalem Trust Margate with o focus on early and Benefoct invested in our yeors for fomilies where English journey to moke our support is on additionol longuage, while avoilable digitolly, with the Surrey Active Communities latter generously funding new supported the Elmbridge digital resources for our Family School Holidoys project. Kent Hubs. County Council's Early Help ond Reconnect funding supported parenting and counselling in key districts across F<ent, with both stote ond church together ond demanding a hi9her level of infrastructure from local churche8. We're thankful for the fvnders who supported Spurgeons, services in 2022-23 ond look forward to sharing our new strategies, impact stories, and ovtcomes in the coming year. We are journeying alongside the Cinnamon Network to create new scalable and replicable ways of growing our church ond school Family Hubs model. This woy of working will ollow us to grow, at pace, using o low-cost model to partner BBC Children in Need ond Awords for All supported our work with young carers, providing respite and 18
APPEALS We received positive responses from o wid& range of supporters throughovt the yeor, porticularly in our direct moll oppeals that highlighted different aspects of our work. Ourchristmas campaign focused on supporting famili8S dealing with additional needs and cost-of-living pressures in Our 12 dChrl•tma• our Children's Centres, while our ¢arnpqlgn wos a notable summer campaign highlighted success, with over 1,500 people our work in the West N idlonds signing up to receive our emoil helping families who hove fled seri8s of parenting tips to help domestic violence. Over Easter, families navigate Christmos we shared the work of our on o tight budget and monage Young Carers teom. behovioral challenges and expectations. FUNDRAISING REGULATOR Spurgeons is registered with the f undraising regulator ond odheres to thg Code of Fvndroising Practice in all ovr policies and procedures. We ore committed to best proctice8 ond excellent donor We prioritise the safety and core and regularly review responsible use of personol our Donotions Policy and data and provide cléar and Fundraising Promise, tronsparent communicotion which are published about how we use it. We offer on our w&bsite. Our individuols o choice in what Complaints Policy is they roceive from vs, through available on our website ond we received no comploints related to our f undroising octivity in the year ending Morch 2023. which chann&ls, and how often. W& olso provide eosy ond ¢18ar ways for people to stop rec8iving communicotions from vs. Our GDPR Policy, which is ovoiloble on our website, is intended to ensvre complionce with all porsonal dota regulotions. 19
RISK MANAGEMENT Identifying ond octively managing risk is an important part of ensuring that Spurgeons remains o heolthy ond impoctful charity and ensures that Trustees remain focused on the appropriate issues os they lead the organisation. This continues to be done at a Board ond senior staff level by maintaining a Risk Register that identifies the key organisotionol risks. The Risk Register is co-owned by our Board of Trustees and the Chief Executive. It follows the good practice format set out by the Charity Commission, which includes clority regording current mitigations, key actions, who these octions ore ossigned to, ond o risk score thot is reloted to a RAG-roting (Red, Amb@r, Greenl. Eoch of our Board's committees hos responsibility for monitoring how we are monoging risks relevont to their remit. Their considerotion is then reported to the full Boord. Summaryof kay rl8k$ forthe¢horltyar•'. Risk Mitigations R•dv¢tl•n In Inv•m• If r•blddlng l•r o•mmlMlon•d o•ntra•t• l•vn•u¢¢•••fvl, Rgvi•w Sorvico dalivary modol to on•vrg ¢o•t •ff•otlv•n•••, •ffi¢l•n¢y and Impact. Work c1080ly with commi88ion•r• and portn•r8, an$urlng w• dolivor th? high•ot quality of 8orvl¢o• to children and famlllo8. En8ura wa oro proporod and have th• ¢opa¢lty to prlorlt180 roblddlng Sn the organlsatlon. Dovolopgd o ¢1gor 8tratogl¢ road map (th• organi•otional bu•lne•$ plan), Doilgn•d an organl•otlonal $¢¢ro¢ard of our key target•. Aligned the organisational 8tructure to •upport th 8trategy. Prepared a financial budgatand foroca$tto support th• 8trat•gy. Set asido d08ignat•d r•8•rv•• and 08g•t$ r•ody to fund the Strategy. Standards ond Outcom•• Commltt•• to r•vSow safeguarding and Hoalth & Safaty porforman¢• o¢ro•• all glt•$ gvgryquartgr. Poor rovlgw of 8afaguardlng Incldant8 and laarnlng review8 where oppropriate. Rigorou8 safeguarding policie8 and practic& In ploca acr08S the whole organi8ation including ossential training for all staff on Safeguarding vuln•rable adults and children. Fall¥r•l• Impl•m•nt•ur n•w•trat•gy o•mpr•h•n•lv•ly. Br•a•h 0¥r•al•quardlnq or H•alth & $4f•ty •tand•rd•and proe•dur•• pvttlng th••hlldY•n and fqmlll••w• w•rkwlth at rl•lL Proctico Improvemont Manager who support8 8afeguarding good practice acro88 project• and services. Work with a Health & Safoty externtsl eon8ultant to improve our pro¢edure8 and policieB. En$uroall new arèa8 of workand n•w8ltO8 meettho roqulr¢d Hoalth & Sufaty Jtandard$. 20
Risk Mitigations Inqblllty to d•llv•r hlgh quallty or k•y r¥1$ d¥•t••taff attrltl•n Mt• Implement staff devolopmont programmos With internal promotion opportuniti¢$ and enhanced training opportunities. Develop contingency plan8 for bujinl ¢ontinulty. Revl•w flexiblo working opportunitie8 and gtaff wellbeing package8. Ongoing poy ond r•ward8 rovlows to ensure pay ond roword8 are ¢ompetitive. Look for opportuniti08 to diver8ify our incom•. D?v•lop partnor8hlp8 and n•twork8 that align to ovr •trat•gy. Launch u n•w brand •tratogy wlth u cloor USP. Inv08t In a cl•or fundral$lng $tratogy wSth a MPO111ng a8k. Un•qtl•factoryfundral•lng r•turn• •ornpar•d t••uv tqry•ts. D•velop clearfundraiging KPl$ and impacttarg•t• a• partof ourorgani8ational 8coro¢ord. Rocrult a Head of Fundraising to driv• a now •trat•9y. Revlow our CRM Sy•tom and 8VPPOrter •ngaggm•nt and rotontion approach. Appointment of new Chalr and Tru8t••• wlth IMprod onboarding and training. Govornonc• r•vl•w to be Impl•m•nt•d, In¢ludlng r•viewing Term8 of Referonc•, Tru•t•• •klll• and rolo• and sub-committee 8tructur•. Fallvr•t• m••t ourobllgatlon• In r••p•rt •f ¢•mpllanM. r•gul4t•ry r•qulr•m•nt •rg)•d gOV•rnan. R•gvlotory r•qvirement8 r•9ularly rovlgwod In all our •èrvico8. Flnan¢l41 and data Int•grltyfr•m èyb•Mrlm•. Hold Cyber E88ontlal8 Accroditotlon. MandatoryGDPR and data proto¢tion tralnlng. R•gulor roviow of IT 8yBtemB, control• and fir•wall8. Annual rovlew of cyber In8uranc?.
OUR COMMITMENTTO GOOD GOVERNANC Spurgeons is a registered charity (registered number 10811821 and a company limited by guarantee registered in England (registered number 39904601. Spurgeons is governed by a Board of Trustees who ore also oppointed as company members for their term of offi'ce. The Board has a maximum of 12 members who must oll profess a Christian faith as set out in Spurgeons, statement of faith, In October 2022, the Board of Trust&es passed a resolution to increase the maximum number of Trustees from 12 to 13 to ensure robust governance during a time of growth and change, as the organisation implements its new strategy. Our Articles of Association, lost reviewed and updoted in 2017, set out how we org governed. We are committed to meeting the stondords set out in the Chority Governonce Code os port of our commitment to maintoining high stondords of leadership ond work. Trustèes ara appointed for a three-year term of offi'ce and can be re-elected for one further three- year term. Reeruitment of Trustees follows our Safer Recruitment Policy and our Equality and Diversity Policy, and, where oppropriate, we are cleor about any speciolist skills or experience we ore seeking to lill. New Trustees receive on induction that includes an overview of Spurgeons, work and activities. All Trustees receive training to enable them to fullill their rol8, including the completion of five essentiol courses to ensure they are ¢ompliant. The Boord of Trustees meets four times a yeor bosed on o quorterly cycle, including one two-day residential meeting towords the end of the calendor yeor. Additional meetings of the Trustees can occur when there is o need to considor a specific item of business thot hos orisen between meetings. Trustees will olso recoive regulor vpdotes from the Chief Executive ond ore sent key documents thot moy not be included in Boord meetings but moy contain helpfvl or importont information that allows them to carry out their work effectively. Flnan¢• C•mmltt•• Over8ee6 011 financial aspects. including sotting and managing th• Internal financial control8, budgot 80tting, managomant against budget, and investment policy oppraisal. R•mun•ratlon and Tru8t•e R•vl•w8 th• romun•rutlon packag• of tho Chlof Exocutlv• and Sonlor R•crultm•nt Commlttoe Executlvo8 and18 re8pon$lblo for trust0• focfultmont. Standard• & Outcom CommlttO0 Examlno and revlewlng all •y•tem8 and method8 of Safoguardlng. Knowlodg? ond Sklll8 {tralnlng}. and Houlth and Safety managomont.. en8urlng th• ¢horlty18 Compliant with all 08p•¢t8 of the low. r•levont regvlation$ and good practice In relation to service beneficiorie8. Thè Chief Executive Officer acts as the Company Secretary. Spurgeons prioritises the safety of it8 Stoff and clients we have a Health and Safety panel and a Sofeguarding panel which meet every three months with all senior operational leaders, and their outcomes and actions are reviewed by the Stondards and Outcomes Committee. 22
The Board is responsible for Spurgeons, governonce and it shapes and ogrees our vision, mission, val(Jes ond strotegy. Trustees ore encovroged to pray and reflect deeply on the spiritual os well as sociol ond economic aspects of their work. The Boord has committed to benchmorking its own performance against the Chority Governonce Code that is widely r6cognised as the sector best practice standard. External reviews of our governance orrongem&nts ond practice ar& carried out at regular intervals, the last being in November ond December 2020. Day-to-day managem&nt of ths charity is delegated to the Chief Executive, who in turn delegates management of specific projects to members of the Senior Leodership Teom ISLTI and their r&porting lines who heod different departments. Strotegy is drofted by the Chief Executive with the wider leadership team, after consultation and resgorch with gpecilic gtokeholders and the Trvstees. The Board approves the strategy and delegotes responsibility for implementing it to the Chief Execvtive ond his teom. Each year the Board reviews and approves a Delegoted Authority Fromework that sets out key oreos of decision-moking ond where occountobility and responsibility for it rests. This is set within a biblicol fromework of principles obout how ond why we delegat& lor why we do not, in some cosesl authority and responsibility to different grade8 Wlthin our stafrling structures. During the year, membership of the Senior Leadership ISLTI consisted of the Chief Executive, Director of Commissioned Services, Director of Non-commissioned Services, Director of Finonce, IT ond Corporote Services ond o Director of Fundraising ond on extended SLT team including the roles of Head of People ond Culture, Head of Communications and Digital, and Head of Strotegic Progrommes ond Governonce. We also recruited a new Chair of Trustees and welcomed three new Trustees in December 2022, further strengthening our Board. 23
Members of the SLT hav& their remuneration reviewed onnually by the Remuneration Committee who make a pay recommendotion to the Boord for opprovol. Solories of oll other employees are subject to on annual incremental increase up to the top of o solory bond for eoch role, and on odditionol discretionary cost of living increose bosed on the local government Notionol Joint Council INJCI poy award that requir&s Board approval. Given the cost of living pressuros in 2022, we brought forward part of the cost of living poy award, in odvonce of the NJC decision to help support staff. Our Remunerotion Policy is published on our website. It includes a torget that no employee is paid less thon the reol living wage and the principle that the Chief Executivs's salary is no more than live times the median full-time equivalent within the charity. The Remuneration Policy is published alongside our annuol Gender Pay Gop Report. We are encourag8d that our gender pay gap has r&duced between 2021 to 2022 ond thot our 2022 gender pay gop is below tho 2022 national m&dian gender pay gop. Trustees do not receive any remuneration for,their service but ore compensated for any expenses incurred in undertaking Spurgeons, business, The Truste8 Indemnity policy covers the legol liability of frvstees in relation to claims ogainst them for ony octuol or alleged act, error or omission committed or ottempted by thfjm orising from the performonce of thot person's duties Solely in their capacity as a Trustee. ARFQWPFPAIRTJN In harmony with our dedicotion to legislative compliance and upholding our Christian values, we mointain o steadfast commitmgnt to ochieving moximum energy fjfliciency and reducing our environmental impact. This unwavering dedicotion is evident in our doily operotional choices, ranging from the implementation of energy-efficient lighting to thg utilisation of foirtrade products. We have successfully gothered doto on electricity ond gos consumption across 12 sites, comprising nine Children's Centreg, one Young Corer Service, on office setting in Kent and our heod ofli¢e in Rushden. The toble below outlines our total usage ocross the aforementioned sites. It reprgsents o notable increose Compared to the previous year which can be attributed to the resumption of oll services lexcluding Rushden Head Office) operating at normal capacity, five days a week. Additionally, the ovoilobility of more comprehensive information this year, compored to lost yeor's doto, hos contributed to the increased consumption analysis. It is noteworthy that the previous yeor's doto was bosed on 11 sites, with gas information only accessibl& for 9 sites, whereas this yeor we hove expanded our doto Collection to encomposs 12 sites. Energy consumption April 2022 - March 2023 Ikwhl Electricity 472204 kwh Gos 212152 kwh Total Energy Consumption 684356 kwh 24
To provide a comprehensive breakdown, electricity usoge occovnted for 472204 kWh1472.204 Mwhl across 12 sites, while gas consumption reached 212152 kWh1212.152 Mwhl. Unsurprisingly, the energy consumption is primarily concentrated within the lorge children's centr& which operates daily ond attracts a high footfall. Conversely, our head oflice exhibits o relotively modest &nsrgy usage, with an onticipated total electricity charge of 12837 kwh bosed on previovs quorterly fi'gures and 20631 of gas. The average electricity consumption for the children's centre is 21,723 kwh and in relation to gas is 48,716 kwh. Currently, we are unoble to provide energy Usage reports in 17 sites. These sites consist of seven children centres, three fomily centres, one young carers office, two prison services bas8d within prison sites (where utilities ore monaged by the prison so usoge information is not provided and we are not rechorged for the costs), two pre-schools where we ore recharged by the landlord, one shared office building where the utility usage information is not accessible to us and lastly a specialist service in Faringdon where the utility information is managed by the landlord and not shored or rechorged to us. The remaining site not yet mentioned is our head oflice orchive and storage focility where the utilities are included in the rent. We recognise the progress mode in our commitment to environmentol rosponsibility and it is our eornest objective to continue monitoring and optimising our energy consvmption ocross all sites. By aligning with our core principles and adhering to legislative requirements, we oim to make f urther strides in reducing our environmental impact and through collective efforts we will ensure sustoinable practic&s ore ingroined within Spurgeons. Spurgeons is governed by o Boord of Trustees who ore also directors of the chority for the purposes of company low. The Trugtees are respongible for preparing the annuol report ond the linonciol statements in accordance with applicoble law and United Kingdom Accounting Stondards (UK Gen&rolly Accepted Accounting Practice). Company law requires the trvstee8 to prepare h'nan¢ial statements for each finonciol yeor that give a true ond foir view of the state of affairs of the charitable company and of the incoming resources ond opplicotion of resources, including the income ond expenditure, of the charitablg compony for that period. In preparing those fi'nonciol stotements, the Trustees ore required to.. Select suitable accounting policies ond then apply them consistently. Observe the methods ond principles in the Chorities, SORP. Make judgements and estimates thot are reasonablg and prudent, Stote whether opplicoble UK occounting sta ndards, subject to any materiol dfjportures. Disclos&d and 8xplain&d in the financial statements, havg been followed. Prepore the financial statements on the going concern bosis unles8 It's inappropriate to presume that the choritable company will continue in business. The trustees ore responsible for keeping proper accounting records that disclose, with reasonoble occurocy ot ony time, the fi'nonciol position of the charitable company and to enable them to ensure the linancial statements comply with the Companies Act 2006. They are olso responsible for sofeguording the ossets of the choritoble company and hence for taking reasonable steps for the prev&ntion ond detection of f raud ond other irregularities. So for as each of the trustees is aware at the time the report is opproved.. There is no relevant audit informotion of which the choritable company's Auditors are 25
unaware. Th& Trustees hove token all the steps thot they ought to have taken in order to make themselves aware of ony relevant audit information and to establish that the Auditors are aware of that informotion. The Trustees have considered the Chority Commission guidance on public benefit in deciding what activities to undertake. This report contoins on explanation of the significant activities undertaken during the year to carry out the Charity's aims for the public benelit, ond also the achievements meosured ogainst the objectives set by the Trustees. Hoysmacintyre was re-appointed os Auditors during the yeor ond hos expressed its willingness to continue in ofrFi¢e as Auditor. The Trustees, Annual R6port, including the Strotegic Report, has been signed on bgholf of the Boord of Trustees by Mike Rebeiro on 17 October 2023. Mlko R•b•lro Trustee 26
INDEPENDENT AUDITOR'S REPORT
OPINION We have audited the tinonciol stotements of Spurgeons for the year ended 31 March 2023 which comprise the Stotement of Finonciol Activities, Balonce Sheet, Stotement of Cosh Flows and notes to the financial stotements, including o summory of signifi.cont occovnting policies. The linancial reporting framework that has been applied in their preporation is applicable law ond United Kingdom Accounting Standords, including Financial Reporting Standard 102 The Financial Reporting Standord applicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give o trve ond fair view of the state of the charitable company's affairs as at 31 March 2023 ond of the choritable company's net mov8ment in funds, including the income and expenditure, for the year then ended., hove be6n properly prepared in accordance with United Kingdom G&n&rally Accepted Accounting Èroctice., ond hove been prepored in occordonce with the reqviromonts of thg Companies Act 2006. BASIS FOR OPINION We condvcted our oudit in accordance with International Standards on Auditing IUKI IISAS IUKII and opplicoble law, Qur responsibilities under those standards are further describsd in the Auditor's responsibilities for the oudit of the finoncial statements section of ovr report. We are independent of the charity in occordonce with the ethicol roquiroments thot are relgvant to our audit of the linancial stotements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethicol responsibilities in occordonce with these requirements. We believs that the audit evidence we have obtained is sufficient and oppropriate to provido o bosis for ovr opinion. CONCLUSIONS RELATINGTO GOING CONCERN In ouditing thg linaneial statements, we have concluded thot the Tru8tee8' Use of the going concern basis of accovnting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties reloting to events or conditions that, individually or collectively, may cast signilicant doubt on the charitable company's obility to continue as a going concern for a period of at least twelve months from when the linancial Stotements org outhorised for issue. Our responsibilities ond the responsibilities of the Trustees with respect to going concern are described in the'rolovont sections of this report.
OTHER INFORMATION The Trustees ore responsible for the other information. The other information comprises the informotion inclvded in the Trustees, Annuol Report and the Chair's statement. Our opinion on the h'nancial stotements does not cover the other information and, except to the extent otherwise explicitly stot&d in our report, we do not express any form of assuronce conclusion thereon. In connection with our audit of the linancial statements, our responsibility is to reod the other information and, in doing so, cornsider whether the other information is mot&rially inconsistent with the financial stotements or our knowledge obtained in the audit or otherwi8& appears to bo mot&rially misstoted. If we identify such material inconsistencies or opporent material misstotem8nts, we are required to determine whether there is o moteriol misstotem&nt in the financial statements or a material misstatement of the other informotion. If, based on the work we hava performed, w8 conclude that there is a material misstatement of this other information, we ore requir8d to report that fact. We have nothing to report in this regord. OPINIONS ON OTHER MArrERS PRESCRIBED BYTHE COMPANIESACT 2006 In our opinion, based on the work undertoken in the Course of the audit.. the informotion given in the Truste&s' Annuol Report (which includes the strotegic report and thg directors, report prepared for the purposos of compony lawl for the linancial year for which the financial statemènts are preparèd is consistgnt with the financial statements., and the strotegic réport and the directors, report inclvded within the Trustees, Annual Report hove been proparod in occordonce with opplicoble legal requirements. MArrERS ON WHICH WEARE REQUIREDTO REPORT BY EXCEPTION In the light of the knowledge ond vnderstondirng of the charitoble compony ond its environment obtained in the course of the audit, we have not identified materiol misstotements in the Trustees, Annual Report (which incorporates the strategic report and the directors, report). We hove nothing to report irn respect of the following motters in relation to which the Companies Act 2006 requires us to report to yov if, in ovr opinion.. adequote accounting records hove not been kept by tha charitable company,. or the choritoble compony linonciol stotements are not in ogreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration speeilied by law are not mode,. or we have not received all the information and explanations we require for our oudit.
RESPONSIBILITIES OFTRUSTEES FOR THE FINANCIAL STATEMENTS As explained more f ully in the Trustees, responsibilities statement set out on page 2S, the Trustees (who are also the directors of the Charitable compony for the purposes of company lawl are responsible for the preporation of the finonciol statements ond for being satisfied that they give o true and fair view, ond for such internol control os the Trustees determine is necessary to enoble the preporation of linancial statements thot are free from materiol misstatement, whether due to f roud or error, In preporing the frnancial statements, the Trustees are responsible for ossessing the choritoble compony's obility to continue os a going concern, disclosing, as applicable, motters reloted to going concern and using th& going concern bosis of accounting unless the Trustees either intend to liquidote the choritable company or to cease operations, or hove no rsalistic alternative but to do 80. AUDITOR'S RESPONSIBILITIES FOR THEAUDITOFTHE FINANCIALSTATEMENTS Our objectlV9s Qrfj to obtain raosonable ossuronce about whether the financial statements as a whole are free from moteriol misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of aysurance, but is not o guarantee thot on audit conducted in occordance with ISAS IUKI will always d8tect o material misstot&ment when it exists. Misstotements con orise f rom frovd or error and are consider8d moterial if, individually or in the oggregate, they could reosonobly be expected to inf Iven¢o the economic decisions of users token on thg bosis of thoso finonciol stotoments. Irregularities, including froud, ore instonces of non-complioncg with lows ond regulotions. We design procedvros in line with our responsibilities, outlined above, to detect moteriol misstatements in respect of irregulorities, inclvding froud. The oxtent to which our procedures are capoble of det8Cting irregularities, including fraud is detoilod below. Bosed on our understonding of the choritable compony and the environment in which it operotes, we idontified that the principal risks of non-compliance with laws and regulotions reloted to chority ond company law opplicabl& in England and Wales, and we considered the extent to which non- complionce might have a material eff ect on the h'nanciol statements. We also considered those laws and regvlotions that have a direct impact on the preporation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. We evoluoted monogement's inc8ntiv&s and opportunities for fraudulent manipulation of the financial stotements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition, in particular in relation to the risk of improper journals being posted to revenue, and management override of controls. Audit procedures performed by the engagement teom included.. 30
Inspectirng correspondence with regulators. Discussions with monogement including consideration of known or suspected instances of non- complianc& with lows and regulotion ond fraud,. Reviewing the controls and procedures of the charity relevant to the preparation of the financial stotements,. Evoluating monogemfjnt's controls designed to prevent and detect irregularities,. Identifying and testing journals, in particular journal entries posted with unusual account combinotions, postings by unusuol users or with unusuol d&scriptions, and Chollenging ossumptions ond judgements made by management in their critical occounting estimates. Because of the inherent limitations of an audit, there is o risk thot we will not detect 911 irregulorities, including those leading to a moterial misstatement in the linonciol statements or non-complianc8 with regulotion, This risk increoses the more thot compliance with o low or regulotion iy removed from the events and tronsoctions reflacted in the fi'noncial stotements, os we will be less likely to become aware of instances of non-complionco. The risk is olso greater regarding irregularities occvrring due to fraud rothgr thon error, os froud involves intentional concealment, forg&ry, collusion, omission or misrepresentation, A further description of our responsibilities for the audit of the linonciol statements is located on the Finoncial Reporting Council's website at,, www.frc.org.uk/auditorsr8sponsibilitios. This description forms part of our Auditor's report. USE OFOUR REPORT This report is made solely to the charitable compony's members, os o body, in occordance with Chopter 3 of Part 16 of the Componies Act 2006. Our oudit work hos been undertoken so that we might stote to the charitable compony's members those matters we ore required to stote to them in on Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or ossume rosponsibility to onyone other thon the charitable compony and the choritoble compony's members, os o body, for our oudit work, for this report, or for the opinions wa have formed. Lee Stokes (Senior Stotutory Auditor) For ond on beholf of.. Hoysmocintyre LLP, Statvtory Auditors 10 Queen Street Ploce, London EC4R 1AG Date.. 21 November 2023 31
FINANCIAL STATEMENTS STATEMENTOF FINANCIALACTIVITIES FOR THEYEAR ENDED 31 MARCH 2023 2023 2022 Uni•Btrkt•¢ A••trlet•d Fund Fund Totol Fund Unr•trlct•d FundD R•Btrlct•d Fundi Total Fundi roon.: rooo's roDn's F.DOa': Incomè fr(>m'. Donatlon8 & l•qacl•i Dtsnatloni L•9QCI•• JS4 232 795 1,147 232 20 47P P79 1245 Inv••tm•nt•'. R•ntgl Sn¢om• Int•r••t Divld•nd• Js 1S6 120 122 uo 27P 126 122 24J Charltobh actlvbti•B'. Amount r•c•lv•d toward• th•
upport vf ¢hlldr•n, youfig p•opI•
and fornlll•• 1,089 9.$46 10,655 IJOS Y4V75 Oth•r Incom• Fvnd r•¢•lv•d On o¢qultsltlan ot F•gan8 Fund• r•¢•lv•d on o¢qul•ltkon of DL Moody Trv•t Oth•r inGpm• Total Inoom• 18 470 24 502 18 42$ 40 10,414 46 11405 2,049 P24 YO,2J5 Exp•ndltvr• on.. Fvndral•lng, mork•tln15 & promotlon 450 In¥••tm•nt prop•rtyeo•t• 150 87 IJ4 Charltabl• octlvkl•• Svpport of ¢hIr•n, yuung p•opl• I 2.Sé6 13,707 9,207 IZ21J Total •xpendltUT• 3,166 14,307 J,48Y P,JY4 12,7PS N•t l•xp•ndltvr•lllncom• b•ltsr• n•t ooln¥llloi••l on Inv•itm•nt4 17271 11,8441 P21 N•t Ilo•M8119ain• en InstM•t 1821 985 PJ p70 Net Income oftor not Iks0•8llgainv
n inW•tm•nt
17271 11.9201 t420 P14 2,540 Tron•f•ri b•tw••n fund• 15 147 ft47J Gtsins oh r•valuOtion of flx•d ai••ti 203 20J N•t mov•mont In fund• (7281 11.9261 7,776 707 Total fund• brought forword ot 1st 1315 9,240 22,8S9 447P 20,JYO Total fundè crirrl•d torward ut 31st Morch 12,414 8.519 20.933 9.24 22.859 All of the obovo results relate to continuing octivities. Included within the restricted funds column are endowment funds with o balance as at 31st March 2023 of £511,000 12021-22.. £511,000). Movements on endowment funds ore shown in Note 13. The notes on pages 35 to 50 form port of these linancial statements. 32
BALANCE SHEET ASAT31 MARCH 2023 2023 £OOO's 2022 £ODO's Notes Fixed a888t8 Tangible fixed a16èts Intangible fixed osset8 Invo8tment8 Total fixed 0¥8èt$ 381 101 11,202 11,684 395 39 lJ.811 14.245 Currant a688t• Stock D8btor& Investment8 Ca8h ot bank and in hond Totol ¢urront 0•g•t• 10 12 763 71S 2,550 4921 9.521. 10,482 Liabili(188 Croditor8.. Amounts folling du8 Wlthin ono yoor 11 11,2331 {oosJ N•t current 068et8 9,249 8.610 Total net a88et& 22,859 Th• fund• of th• Charlty Endowmont fund8 Ra8tricted lund6 D.J. Thomo6 fund UK prolact8 fund Totol ra&tricttd fund& 13a 13 511 511 4.73S 3,273 8,519 4,7J5 4,000 P.240 D861gnotod funda Generol fund¥ Total unro8tricted fundB 130 13a 8,429 3,985 12,414 5,119 lJ,OlJ TOTAL FUNDS 20,933 22,859 The D.J. Thomas fund includes a revaluation reserve of £2,648,00012027-22.. £2,048,OOQI. Designated funds include o revaluation reserve of £1,795,00012027-22,. £4,795,000).
General funds include a revaluation reserve for investment property of £2,388,00012021-22.. £2,263.0001. Approved by the Board of Trustegs and authorised for issue on 17 October 2023 and signed on its behalf by.. Colin Jones Trustee 33
STATEMENTOFCASH FLOWSASAT 31 MARCH 2023 2023 £OOO'$ 2022 £OOO'$ Note8 CaBh flowN from oparoting octivities.. Not ¢u8h Iu8ad inllprovidod by operating u¢tiviti•• (Not• Al {1.5991 fto) Catsh flow$ from Inv88tSng octivitio•'. Rental income Intar88t and dividondB Ipvrchts#alldi8po801 of capital equipment Additions ot cost.. common inv•Btm•rtt fvnd• Di8p0901 proceed8.' common invg#tmant fund Di6PO8al of curr•nt o•$•t Invéitment IR•tain8dllca8h u80d in common lund• Net ca8h provided by invejting OCtivltla$ IS6 27¢ 248 1841 {3331 2,167 2,5&0 67 254 {21) 70) 1,540 Chonga In oa8h ond ca6h •quivalont$ In th• y•or Ca¥h tsnd eosh equivalant8 at beginning of tho yoar 3,083 5,921 PT/ 4,P44 Ca•h und ¢o•h •quSvalant8 at the and ot the y8or INot• Bl 9.004 S.P21 Not• A 2023 £OOO'$ 2022 £OOO'$ R•eonelllotSon of not Sncomo to not ca•hflow• Net calh luBed inllprovid•d by op•rotlng JetSvltS01 N•t Ineome In¢0m¢ from oequlsltion of Fegane In¢om¢ from acquisition of DL Moody 1,844 4J7 S02 425 18 18 Adju8tment8 for.. Inv•atm•nt8 tron6f•rred to Spvrgeon• Fixed a86ets tronsferred to Spurg•on8 Dopro¢lOtlon ¢hargats Dividend8, intorgBt & rent$ from inv8$tm•nta DecreaBfrllin¢r•o••1 in toek Decr8ts81lincrea8el in debtor8 Incrao8alldocr80881 in cr8df(or 1408) {97) 18 34 14041 (53JJ 280 328 (244) (204) N•t ¢oh lu$•d inl / provided by operating activitie8 1,S99 oo Not¥ B At 1 April 2022 £OOO's Non-cogh Chtsnge$ £ooo' Co8hllow eooo's At 1 April 2023 £OOO's Analysis of chon9è$ in nèt funds Cash at bank and in hand Notice deposit¥ Il•$ty th(Jn J Month81 4790 1,125 5, 927 4,208 1,125 3,083 9,004 9,004
NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1,ACCOUNTING POLICIES a) General information Spurgeons is a charitable company limited by guarontee incorporated in Englond ond Wales (Company number 39904601 and registered with the Charity Commission Icharity Registration number 10811821. The charity's registered office oddress is 74 Wellingborough Road, Rushden. Northamptonshire NN10 9TY. b) Ba818 of preparatlon The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fi'xed asset investments which are carried at fair value, and in accordonce with the Statement of Recommended Practice for Charities ISORP- Second Edition effective 1st January 20191, applicoble accounting standords IFRS 1021 and the Companios Act 2006. The charitable company meets the delinition of a pvblic benefit entity under FRSI02. c) Going concern The Trustees consider that there ore no materiol uncertointies regording the charitoble company's obility to continuo as a going concern. In making this ossessment, the Trustees have also considered the impoct of the new strategy and designated fund investments. Toking each of these factors into account the Trustees considor thot there are sufficient funds and clarity to our mission to ensure thot we will remoin o going concern for ot lea8t 12 months from the date of opproving these fi'nancial statements. d) Ineome Income is recognis&d when the charity has entitlement to tho funds, ony performance conditions ottoched to the itgmlsl of incomg have been met, it is proboble thot the income will be received, ond the amount can be measured reliably. Dividends, collections ond oppeols are crodited to the Stotement of Financial Activities as rgceived. Interest, rents ond omounts receivoble from local authoritie8 towards the support of the children, young people ond fomilies ore credited to the Statement of Financial Activities on an accruals basis. For legocies, entitlement is token as the &arlier of the date of notification thot o distribution will be made and when a distribution is received from an estat,e. Goods ond services donoted for the chority's own use ore recognised in th& Statement of Finonciol Activities ot the valve to the charity os both income ond expenditure. •) Expendituro Expenditure is accounted for on an accruals basis. Irrecoverable VAT is included within the expense items to which it relates. Direct expenditure on charitable activities includes oll costs directly reloting to delivering the chority's principal activities in supporting children, young peopl& and families. 35
Support costs consist of cèntral manogement, odministrotion and governonce costs ond are ollocated entirely to expenditur& on charitoble activities as d8toil8d in Note 5 to the occounts. We have reallocated unrestricted costs to restricted to more occurotely reflect the f ull cost of delivering our services. Governance Costs represent direct and indirect costs incurred in relation to strategic management ond compliance with constitutional and statutory requirements. fj Tanglble flxed a88et8 Tangible fixed ossets ore stoted at cost lor deemed costl less accvmuloted depreciation and accumulated impairment losses. The minimum omount for the capitalisation of ossets is £2,000. Assets purchosed for projects f unded by local authorities are expensed upon purchase rather than d8pr8ciating over the life of the project. Depreciotion is provided on oll tangible assets, other thon freehold land, to write off the cost, less estimotgd residuol vo1ue of eoch osset over its expectgd useful life on a straight-line bosil. The estimoted useful lives ore os follows.. Fr••hold bulldlng - 2% p•rannvmonco8t Flxtuv••and flttln9• Comput•r•qu5pm•nt - 12.S% p•ronnvmon¢o•t -35P•rannUrn on colt g) Intanglbl• flxed a88Ot• Intangible assets are held at cost less accurnuloted amortisation and occumulated impairment 10gse8. Amortisation is calculoted on a stroight-ling bosis to write off the cost ovor thoir 8XPeCtgd useful economic lives being five yeors. h) Fixed asset invo8trnont8 Quotad invastments or& valued ot market price ot the bolonce sheet date. Investment properties whose fair value con be meosured reliobly ore measured at fair volue, The svrplvs or delicit on rèvaluation is recognised in the Statement of Financiol Activities. The morkoting (Jnd sale of two residential prop&rtie8 is underwoy as at balance sheet date and has bgon updated to r&fl8Ct as Current Assets. Pension bonds are amounts required to be get aside under contractual arrangements in respect of locol government p8nsion schemes and ar& measured at cost. Goins ond lossos on disposal ond revaluation of investments are charged or credited to the Statement of Finonciol Activitiès. l) Current a$$et Inve8tment8 The morketing ond solo of two residential properties is under way and expected to be concluded and the proceeds reflgcted in the 2023-24 Annual Accounting Period. The Trustees have taken the decision to reclossify these properties to Current Assets Held for Sale in the Annual Accounts to 31 March 2023,. further disclosure is provided in Note 12. j) Stocks Stocks consist of goods held for resole, volued ot the lower of cost and net reolisoble volue.
k) Financial instrument8- assets and liabilitie8 Cash and cash eqvivalent8 Cash ond cash equivalents include cash in hand, deposits held ot bonks, other short-term highly liquid investments with original maturities of three months or less ond bonk overdrafts. Bank overdrafts, when applicable, ore shown within current liobilities. Debtors and creditors Debtors and creditors with no stated interest rates are recorded ot transaction price and subsequently meosured at amortised cost. Any losses orising from impairment are recognised in the Statement of Financial Activities. l} Employoo benefit8 The chority provides o rangg of benefits to employees including paid holiday orrongements and defined benefi't,and defined contribution pension plans. Short-term benefits Short-term b&n&h'ts, including holidays and other similar non-mongtary benefits, are recognised as on expense in the p&riod in which the s8rvice is received. D&finad contribvtion pan8ion plon8 The charity contribut8S to a Group Personol Pension Plon for employees. The employer contributions ronge between and 790 of gross pay dopgnding upon the level of employee contribution. Contributions are further enhanced by a solory socrifice arrongement through which the employer poys into the employee's pension fund 109¢> of the 13.8°/o employer's N I saving on the salary sacrificed. In complionce with the outo enrolment requirements, the charity contributes to a seporote section of the Group Personol Pension Plon for those employees not wishing to join the enhanced scheme, at an additional rate of 10/0. No 801ory 80crifrce option is available. The contributions are recognised os on expense when they fall due. The assets of the pension plans are held separately from the chority in independently odministerod funds. The chority's total Group Pèrsonol Pension Plan contribution for the yèar wos £442,5771£380,034 in 20221. Locol Government Pension Schemes (LGPS) The charity also has some stafF who have beon tronsferred into the organisotion via TUPE transfer ond ore members of local government pension schemes. Under th& terms of the associated contract orrongemgnts the chority is responsible for moking good any pension delicits thot arise during th& period of the controcts. As the contributions payoble are estimated on a fully funded bosis, contributions to the schemes ore included within the Statement of Financiol Activitlgs on on accruols basis as incurred. m) Fund8 Fund bolances yre split between unrestricted Igenerol ond designotgdl, restricted ond endowment funds. Permanent Endowmgnt Fundg, being composed of a fund which is treoted as being permonently endowed in occordonce with on agreement with the Charity Commission. Restri¢tod Fund$ ore to be used for specified purposes as laid down by the donor. Unrestricted General Fund¥ ore funds which can be used in accordance with the choritoble objects of the charity at the discretion of the Trustees. Unrestricted Designated Funds are funds which have been set aside for a purpose specified by the Trustees as explained in Note 13 to the fi.nancial stotements. 37
n} Operating leases Rentols incvrred under operating18ases are charged to the Statement of Financiol Activities on a straight-line bosis over the period of the lease. 2.CRITICALACCOUNTING ESTIMATESANDJUDGEMENTS In preparing these financial stotements, management has madejudgements, estimates ond ossumptions thot affect the application of the charity's accounting policies and the reported as8ets, liabilities, income ond expenditure and the disclosures mode in the h'nanciol statements. Estimates ond judgements ore Continually evaluated ond ar& bas8d on historical experience and other factor8, including expectations of future events that are believed to be reasonable under the circumstances. Key areas subject to judgement and estimotion ore os fo11ows'. Donation8, grants and l•ga¢lo8 Donations and gronts are r8cogni8ed when the charity ha8 confirmotion of both the omovnt ond settlement date. In the event of donations pledged but not received, the omount is occrugd for where the receipt is considered proboble. Where the donation or grant is subject to conditions thot require o level of p8rformanc8 before the chority is entitled to the funds, the income is deferred ond not recognised until either those conditions ore fully met, or the fulfilment of th088 condition8 is wholly within th8 control of the charity and it 19 probable that thoge conditions will be fulfilled in the reporting period. Legocies ore included in the Stat8ment of Financial Activities when probate is granted, the charity is entitled to the legocy ond the executors have 8Stablish8d there ara surplus assets in the estate to pay the legacy, and ony conditions attached to the legacy are within the control of the charity. Local authorltyfundlng Local authority funding is recognised in occordonco with the invoicing schèdul6, specified in thè contract between Spurgeons and the locol outhority. Investment property The charity meosures its investment properties ot foir volve in occordonce with FRS 102. A full professional valuation of the investment property portfolio was commissioned in the yeor, resulting in on increasè in the overall property valuations of £140,00212027-22.. £885,000), Provl$lons for dllapidation work8 to l•a8•d proport108 Nonogement review and provid& for potential dilapidotions in respect of properties where th8 leose includes on obligation to restore the pr&mises to the condition they were in when the lease WOS ontored into. Management r&views such provisions on on annuol bosis ond updotes them in accordance with historical experience and events that might moteriolly impact on the potentiol costs to the chority. At the balance sheet date, the total amounts accrued within creditors was £95,64212027-22. £87,764). Investment in¢omo Interest on f unds held on deposit is included when receivable and the amount can be measured reliably by the chority. Dividends ore recognised once the dividend has been declared and notification hos been received of the dividend due. In occordance with th8 Chorities SORP FRS 102, volunteer time is not recognised. 38
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 3.ANALYSIS OFAMOUNTS RECEIVED TOWARDSTHE SUPPORT OFCHILDREN &YOUNG PEOPLE & FAMILIESYEAR ENDED 51 MARCH 2023 Unrestri¢ted Fund8 £000'8 Re¥tri¢tod Funds £OOO'i 2023 Total £OOO'a 2022 Totol £ooo'. Fees and oth•r prolaet Ineam• catèrlno Stotutory sector Local authorltlol 190 178 196 386 178 9J 721 B,847 9,568 NOMS Total 503 S03 802 1,089 9,546 10,63S 70,973 ANALYSIS OFAMOUNTS RECEIVEDTOWARDS THE SUPPORTOF CHILDREN &YOUNQ PEOPLE & FAMILIESYEAR ENDED 31 MARCH 2022 Unre9tricted Fund8 £000'8 Rostrictod Fvnd• £000'8 2022 Total £OOO'• 2021 Total £000'9 F•a& ond oth•r prolact Incom• Catering Statutory 86Ctor Local authorlt4•1 NOMS 501 93 258 5S9 93 J41 07 1,750 155 7,703 707 g.S49 B02 9.912 8Jg Totgl 2,305 8,668 10,973 39
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 4.ANALYSIS OFAMOUNTS EXPENDED IN THE SUPPORTOFCHILDREN.YOUNG PEOPLEAND FAMILIES YEAR ENDED 31 MARCH 2023 Unrestrlctod Fund8 £OOO's Re8trict*d Fund8 £OOO's 2023 Total £OOO's 2022 Total £000'5 Type of proje¢t ChildrenB ¢ontr•• Chlldren and younq poople afFectod by impriBonmont Family 8UPPOrt Youth communlty & yovnq cargr¥ Total 1,710 9,655 11,305 P,423 303 481 727 1,030 720 592 1,199 ppo 239 72 S20 2,560 11,141 13,707 12.213 ANALYSIS OFAMOUNTS EXPENDED IN THE SUPPORTOF CHILDREN, YOUNG PEOPLE AND FAMILIESYEAR ENDED 31 MARCH 2022 Unrestricted Fund$ £000'8 Restri¢ted Fund8 É000'6 2022 Total £OOO'B 2021 Total ÉOOO'• Typ• of proj•ct Childr8n8 C8ntr85 Chlldren & youno p•opl• aff•ct•d by Impribonmgnt Family $upport Youth community & young caror• Total 2,087 7,536 9.423 9.433 237 sos 117 2.946 962 491 478 9,267 1,199 996 595 12,213 1,085 873 598 11,989 5.TOTAL EXPENDITUREYEAR ENDED 31 MARCH 2023 Staff Co8t8 (Not¥ 61 £OOO's Other Cost8 £OOO's 2023 Total £OOO's D&pr¢clotlon £OOO's Expénditure on r0i8ing lund8 Fundraising, mork¥tlng & promotion Investment property ¢o$ts Charituble •xp¥ndituro Project costs Total 202 188 150 450 150 10,483 10,745 34 3,190 3,528 13,707 14,307 34
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 5. (Continued) TOTAL EXPENDITURE YEAR ENDED 31 MARCH 2022 Sttsff CoBt8 (Not¥ 61 ÉOOO'S Othar Co8t8 £000'5 2022 Totol £OOO's Dvprg¢ktSon £OOO's Exponditure on rai8ing fund• Fundrtsijing, markètlnè & pramotlan InveBtment proporty co$t8 Charitable expendituro Prol•et costs Total 290 158 448 134 134 9,640 9,930 2,565 2,857 12,214 12,79 NEf MOVEMENTIN FUNDS 2023 £ooo'. 34 pp 34 2022 £ooo'. Th• n•t mov•m•nt sn fund• l• •tat•d aft•r ¢horqlng'. Depreclot5on Op•ratlng loo•• r•ntol* bulldlno• Operotin9 l•aJ• rentalg Oth•r Aud5tor• r•mun•rotlon Iinoludin9 VATI- oudlt 98 4J SUPPORT COSTS 2023 £000'8 700 03 785 S72 2022 £000'8 529 120 70 Op•rational manag•m•nt Bu8in8&8 d8v8lopm•nt FSnonce, IT & ¢orporotg 9grvic8$ Human rg8ourc86 & peopla d8volopm8nt Govèrnance Oth•r c•ntral •upport and odmSnS•tratlon 288 157 OJ 51 1,721 195 2,472 Organisational support costs are charged in line with controct agreement and deliverables. Both recovered and unrecovered support costs ore included entirely within the onolysis of amounts ex- pended in the support of children, young people ond families detoiled in Note 4 above. GOVERNANCE COSTS 2023 £ooo' 2022 £OOO'$ Avdit Tru8ta88' 8Mpeng08 Other costs 35 73 Recruitmtrnt Prtsfèssionol indemnicy in8uronce 38 157 OJ 41
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 6. STAFF COSTS 2023 £OOO'& 2022 £OOO's Wooe• ond &altsri•8 Soclol sacurity CO8t8 Pension cost$ 9,117 787 559 283 8,727 opo siJ Oth•r 10.745 p.pJo EMPLOYEE EMOLUMENTS OVER £60,000 2023 £ooo's 2022 £ooo's Employe88 continuing In 8ervico'. £60.001 to £70,000 £70,001 to £BO,000 £80,001 to £90,000 £90,001 to £100,000 All of the employees belonged to the chority's group personal pension plon throughout the year. Employer contributions in accordonce with Note 1 to the occounts for the obove employees were £41,31112021-22.. £34,0951. The Key Nanogement personnel for the organisotion eonsists of the Trustees and six members of the senior leodership teom. The total emoluments in the year, including gross solary, employers pension contribution ond bonelits in kind, were £277,43612027-22.. £252,777). The averoge number of employees lincluding cosual workers) in the year was 40012027-22., 337). The average number of f ull-time equivalent employees (including cosuol workers) in the year was 290 12027-22 . 3061 The charity poid £37,828 in redundancy and terminotion payments during th& year 12027-22 .. £29,109). ANALYSIS OF FULL TIME EQUIVALENT EMPLOYEES 2023 FTE 2022 FTE Central deportments and regionol offi¢0 Projects and 88rvice8 52 238 290 37 269 J06 Avgrtsg• •ul¢ry ¢o•t £31,440 £28,520
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (Continued) 7. TANGIBLE FIXED ASSETS Comput¢r Equipment Fixtures & Fitting8 £OOO's Permanent Endowmont Freehold Property £ooo', Froèhold Pioperty £000'8 Total ÉOOO'S C08tlvoluotion At 1 April 2022 Disposal$ Rovolvotion8 A8 at 31 Mureh 2023 187 1191 185 300 672 1191 108 185 300 653 Aeeumulatod depreciation At l April 2022 Charge for the year Di8PO8al8 A8 at 31 Mgrch 2023 182 97 279 12 19 272 19 165 101 Net book value A8 o 31 March 2023 84 294 381 At 1 Aprll 2022 88 300 393 The carrying value of the f reehold property is deemed cost 08 previously adopted under Charities SORP FRS 102. All tangible lixed assets ore used for charitable purposes. 8. INTANGIBLE FIXEDASSETS ComputÈT Softwar* £000'8 Cost At 1 Aprll 2022 Addition? 135 84 A8 at 31 Mor¢h 2023 219 Accumulated dèpr8ciation At 1 April 2022 Chorge lor the year A8 Qt 31 March 2023 90 22 118 N8t book valvè At 31 March 2023 101 At 1 April 2022 39
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 9. FIXED ASSEfs INVESTMENTS 2023 É000'8 2022 £OOO's Anoly$l$ of Snvastments by cla8& UK Common Inv88tm8nt fund8 Investment PTOP¥rtie$ Noti¢• d8po8St8 IL868 than 3 Montho) Tètol inv&8tm&nt8 420J O,P45 0,370 11,202 13,811 2023 £OOO'B 2022 £ooo' Movement in morkat volutr ol Snv08tmant8 Markot valu• o• ot 1 April 2022 Addition8 at co¥t,' ¢ommon 5nve8tment fund& Addltlon• from tha acqul•ition of OL Moody Tru•t Di8PO8al proc•*d$.' cammon Investment fund& Cash r•toin¥d In ¢ommon funds ** Reclo8•lfi¢otlon to ¢urr8nt a8B•t 5nve•tmont8 * Rèvolvutlon Inv08tmant proporty Revaluation Common Inve•tment fund• Mork•t volu• o• ot 31 March 2023 13,811 333 15.SJ8 970 12,1671 67 17151 140 267 11.202 ft,540) R550) 885 91 13.811 Historic coet of comrnon inv•¥tm¢nt fund8 Historic coot of inv••tm•nt prop•rtlo• 3,539 389 5,539 J89 Valuotiong of investment properties were carried out by Paul Goodsir, 8Sc l Honsl MRICS os at 31st March 2023. IncSudes revaluation gain of £140,002 in 2022-23. In 2022-23, the morketing ond sole of two residentiol properties was undorway but had not reoched exchange of controcts by 31st March 2023, The Trvstees took the decision to reclassify these properties to Current Assets Held For Solg in the Annual Accounts to 31st march 2023. Further detoils are disclosed in Note 12 Current Asset Invostments. 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £000'5 2022 £OOO's Trade dobtor$ Pr•poymant8 & accrued Incom• Other debtor8 Total 132 631 222 817 763 1.043
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 11. CREDITORS: AMOUNTS FALLING DUEWITHIN ONEYEAR 2023 £000'8 2022 £ooo'. Trade crodltor8 Accruo18 and d•forr•d Sneom• Taxotion & 80cioI #*curity P•n8lon contributlon• Oth•r croditorB Total 243 679 505 171 749 116 IIIIWJ 217 24 18 1.233 pos io In 2022-23. the pension contribution included £284,000 related to the Elmbridge contract pen- sion. This wos poid to the Surrey County Council in 2023-24. 12. INVESTMENTS HELD FOR SALE 2023 È000'5 2022 £OOO's Inv••tm•nt prop•rty ns n5 2.550 In 2022-23, the Trustees took the decision to reclo88ify two additionol proporties to Current Assets Held For Sale. In 2021-22 two properties were reclassified to Current Assets Held For Sale and subse- qvently sold at the start of this linanciol year.
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 13. FUNDS a) MOVEMENT IN FUNDS FOR THE YEAR ENDED MARCH 2023 BolaD¢• In¢om Exynditur• Gainil TrtsnilpTk £QOOs Ac9vSilllon6 £00• ot31 Morch 2023 £001 2022 £oeo8 £ow' £QQO• R•#trlct•d fundi FovndatloTh tru8t- P•rman•nt •ndowm•nt 425 O Moody p•rman•nt •hdawm•nt 425 1421 UK proj•cti Oa, Thorn¥• 10,414 3,2n 47JS 4735 Acqulihlon of F•qani Ji P240 Unr•itrl#t•d fun4• D•ii9not•d furndi Strot•9iC Inv•itm•nt fvnd Prpp•rtylNv••tm•nt 2014 2,614 1180 196 2,J65 S•rv14• d•v•lopm•nt fvnd 250 260 8,429 G•n•ral fund• G•n•rol fvnd• 1049 1267] 260 3,98S A¢4ui*ititsn of F•gan• R•valuotlon r•i•N• Total uni•itriCt•d J,106 82 250 Totol lundi 2Z,8S¢ 12,401 14,30é 82 20,953
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) b) MOVEMENT IN FUNDS FOR THEYEAR ENDED MARCH 2022 lon¢tr In¥vtrn•nt Qo5n•l Balonc• ot 31 Mortth 2022 £OOO'i InGomo £0005 Exp•ndityr• £ooo' Tronof•rÈ £ooo' A¢qul#Stitsn• £OOO'o 2021 £OOO'i £000 R••irlctèd fvnd Fovndotlon tlult- P•¢manont •ndowrntrnt A¢4ul•ltlon Df DL Movdy wrman•nt •rtdowffl•nt 92 IB (Ji 18,9671 141 pi 426 413 UK pioj•¢ti 5.660 9.423 1147) 5,96• O.J Th¢)m4• A¢•uiBition of F•gtsni 4727 152 4735 223 24 449 D••ignot•d Ivndi C•ntrol Offl4• d•v•lopm•rtt Ivnd Prop•rty Inwitm•nt luhd S•rvic• Irv•itm•nt luhd 2.614 2,014 1.710 410 2,100 3,700 700 410 G•n•ro1 fuTrd• &•n•r¢l lynd• A¢qvl•ltlonol F•p¢n• R•¥oluatbn r•••r¥• &76S 2,7Pe ,7221 673 4.559 65B 47J 377 20 203 ,481 575 147 $¢1 Totol fundi 20.316 13.232 12.79S 1,730 22,8Gg 47
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 13. FUNDS (CONTINUED) il The foundotion trust is o permonent iv) The assets of the D.J. Thomas Fund can be endowment vested in the chority's registered used in occordance with the objects of the office freehold property in Rushden, which is held chority, to provide ond focilitate the provision in the unincorporated chority, Spurgeons Child of the edvcation, mointenance and support Core. A uniting direction approved by the Chority of children ond young odults, who hove not Commission in 2005 led to Spurgeons Child Core ottoined th6 oge of 25 years ond who, in the being incorporoted into Spurg&on8. opinion of the Trustees, are in need of fi"noncial 08SiStance. ill The chority, known os the D L Moody Trust, was administered by the trustee, Fegans, in vl The strategic investment fund replaced the accordonce with the Scheme of the Charity previously positioned Centrol Offi'ce Fund, Commissioners doted 27 August 1980. The originally designated by the Trustees in 2014- trustae, Fegons, wos ocqvired by Spurggons 15 for the developmant of o lorgar heod otlice Children's Charityon the 30 June 2021, As port space. Following the implementation of remote of the ocquisition, ond under guidance set out working, the fund is no longer necessory. The by the Charity Commission, Spurgeons has now Strategic Investment Fund is positioned to becom8 the trustee of the chority known os the meet the nogds of strategic growth in terms of DL Moody Trust. The capital of the trust is held voluntary incomo diversification and avgmonted in a permanent &ndowment fund. The trustee inf rostructure, The current fund valuo is con opply the clear income of the Trust for either £2,614,000. or both of the following purposes amongst the inhobitonts of the London Boroughs of Croydon, Lombeth, Morton, Sutton and Wandsworth.. vil The property investment f und wos designoted for the provision of income for the long-term benefit of children and young people from 8um8 invested in proporty. For tho odvoncement of the Christian faith. For the odvoncement of education. vill The service development fund is designated iiil UK Projects Funding hos been given for a for the provision of work thot is new to porticular project, and any reloted expenditure, Spurgeons that compliments existing projects or ho8 been recorded in restricted funds the year. develops partnerships in new areas of work. Tronsfers in the year represent the following viiil General funds represent the free funds of the Charity which are not designated for particular purposes. The meeting of net delicits from generol funds on restricted funded projects which are not receoverable from future funding. The movement of restricted fvndgd project surpluses to generol funds where either the projects hove &nded or no further contractuol liabilities exist.
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) c)ANALYSIS OFASSETS BETWEEN FUNDSAS 31 MARCH 2023 Tangible Fixèd ABEetg eooo. Intongibl Fixad A$eot$ £ooo'. Ngt Current A88et8 É000'5 Investment• Totol £OOO'¥ eooo,. Unro8tiictèd fund• Unr••trlet•d fund¥ from acqui¥ition cf F•gan R8vtslutslion of lix•d uts••t R••trict•d fund8- UK projects Re•trict•d fynd•- D.J, Th9ma8 295 6,509 6,711 12h14 5,275 3,273 4,470 10,779 205 9.249 4,735 20,422 293 101 Foundtstlon tru•t P•rmon•nt •ndowrn•nt Totol 88 381 423 11,202 101 9,249 20.933 d) ANALYSIS OFASSETS BETWEEN FUNDSAS 31 MARCH 2022 langiblo Flx•d •iotB £000'3 Intongitslo Fixed A¥MtB eooo, InvgBtniont• £ooo' N•t Cvrr•nt Total £000'4 ÉOOO' 1.496 280 Unrg•tri¢tod fund8 Unr•*trlct8d fund$ from g¢qu5$ltion of FooonB R•voluation of fix•d ts86Ot Ro•trict•d fund¥- UK prcj•ct• R6etri¢tod fvnd¥- D,J. Thcmag R•lltrict•d fvndl from o¢qui•ition of Fogan• 39 11,493 13.033 97 57F 203 205 3,969 3,969 4,470 26S 4,735 31 31 Jos 39 15,903 6,041 22,348 Fovndotion tru•t P•rrnanont •ndowm•nt Perrnanont •ndowm8nt DL Moody Total 88 88 598 25 423 393 39 16,361 6,066 22,859 49
NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 (Continued) 14. TRANSACTIONS WITH TRUSTEES During the year the charity reimbursed expenses of £2,83612027-22.. £1,267) incurred by four Trustees12021-22., five Trustees) in travelling to meetings and visiting projects. None of the Trustees hove bgen paid any remuneration or received any other benefits from employment with the chority or o related entity. 15. RELATED PARTY TRANSACTIONS There were no related party tronsoctions in the current or previous year. 16.TAXATION Spurg&ons is exempt from income tox and corporation tox on income and gains derived from its charitable activities os these octivities foll within various exemptions availoblg to register8d chorities. 17. OPERATING LEASE COMMITMENTS 2025 Property £OOO'$ 2023 Equipment £ooo' 2022 Prop&rty £ooo' 2022 Equipm•nt £000'8 Mlnlmum r•ntol• follln9 du•., Not Igt•r thgn on• y•or L(stor than on• year, nct lot•r thon S y•ori Lgtgr thon 5 y•ari 00 96 16 172 io 104 26 18 174 J2 2023 2025 Residentigl IT8non¢yl £000'5 2022 ommorciol 2022 Reoidontiol (Tononeyl È000'5 Cornmerciol ILeae81 eooo's ILeog•1 £OOO's Minirnum rental8 folling due.. Not later thtsn on• y•or Lotèr thon ono yaor, not later thon S y8ar• Lotor than S yoor8 26 100 33 48 J22 281 126 81 427 38P 18. ACQUISITION OF FEGANSAND DL MOODYTRUST In fvnancial year 2021-22, the 088ets ond liabilities of Fegons and DL Noody Trust were tronsferrgd to Spurgeons and ref lected as other income in the Statement of Financial Activities, as well as within each asset class in the Balance Sheet. 50
SPECIALACKNOWLEDGEMENTS We would like to ocknowledge the charitoble trusts, foundations and funders who have supported our work over this year, and of course those who wish to remain ononymous. Their contribution to our work is volued enormously ond we couldn't do what we do without it.. The Notionol Lottery Community Fund, Reaching Communities - Grant received for our Invisible Walls project.. £99,51012027-22.. £740,775). The Naurice and Hilda Charitable Trust - Grant received for our Invisible Wolls project.. £10,000 12021-22.. £10,000) Department of Health and Sociol Care,. VCSE Heolth ond Wellbeing Fund - Gront received for our Birmingham Forword Steps Perinatal Mental Health Project.. £8,141. BBC Children in Need Gront recoived for Birminghom and Wolverhampton Young Corers.. £10,000, OPCC for Hampshire - Funding towards Invisible Walls.. £15,000. National Lottery, Awards for All - Fvnding for Young Carers Festivol.. £9,720. Surrey Active Communities - Funding for Elmbridge Playschemes.. £12,150. Colyer Fergusson Charitable Trust - Grant towards o Family Hub in Whitstoble,. £15,00012027-22.. £15,000). Trusthouse Charitable Foundation £33,000). Funded Family Hvb svpport in Ramsgate,, £33,00012021-22.. Kent CoLJnty Council Aworded Reconnect gronts for counselling & parenting svpport in Swale, Sevenoaks, Tunbridge Wells and Maidstone districts totalling.. £23,500. Jerusalem Trust - Grant received for supporting church hubs.. £25,00012027-22,. £25,000). Benefoet - Grant roceiv&d through Brightgr Livos fund towards porenting support.. £10,000. Sove the Children Fvnding oworded for Our Space project in Margoto.. £24,000. Colyer Fergvsson Choritable Trust - Grant received from their Rehabilitotion fund to support Behind the Walls and 8eyond the Gate work in Kent,. £40.000. Benefact Grant received from their Transformotionol Gront programme towards Digitol Resources and Support for Family Hubs.. £130,000. Sevenooks Community Fund - Grant received towards Early Bird porenting awarded.. £2,500. Warren Meadows Trust - Grant received towards Eorly Yeors ond Early Bird resources.. £1,500. lueberry Wellbging - Grant oworded for porenting support work.. £15,000. 51
REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEESAND DIRECTORS Alison Collins ChristopherJomas Standards and Outcomes Committee Remvnerotion and Trustee Recruitment Committee Finance Committea Finance Committeo Colin Jonos David Buchan Elijah Kirby Jennifor Emery Appointed 13 July 2023 Appointed 6 October 2022 Ramuneration and Trustee Recruitmont Committee Remuneration and Trustee Recruitment Committee Linda Emery Appointed 6 October 2022 Mlchaol Rebeiro Chair of Trustee8 appointed 6 O¢tober 2022 Michelle Br188att Nlcola Raynor Philip Green Safron Ro8• Sarah Powley Finance Commlttee Standards and Outeomè8 Commlttèè Stondards and Outcomes Committee Resigned effective 6 October 2022 Interim Chair of Trustees untll 6 October 2022 Re8lgned effectiv013 July 2023 Appointed 6 October 2022 Flnance Commlttee Sian Wrang1è8 Timothy Elwell- Standard8 and Outcom88 Committèe 52
Bonktrs 80rc10 Bank PLC 4WotsrsideWoy, Bedford Road, Northomptonshirq NN4 7XD lon thrs- Chi8fExecutw8Officer Povl RiThJer- Deputychief Executive0ffirlSlgn ot 20April 20221 LorraineWhice- Directorofcommi8sionI Servi$ Annelize Mynhordt- Directorof FinanTr, ITarKI rote Services (from11 July20221 Caroline Greer- Directorof FundraisirKJ and Transforma- tion (from 25July2022 until 28 Febrwry20231 Don Esson- Directuof Partnershipsand Delopment (from 31 Cktober20221 Lloyds Bonk PLC 82 Movnt Pleasant Road, TunbridgeWellsTN11RP GocS1rcornMerCIa1 9-10 DoYningoStre< LckndcTh ECIYOTA Registered Office SPurgn$ 74well1ngrcYJgh Road Rushden Northomptonshirq NN109TY Anthony Cdlins &Jicitors LLP 134 Edmund Street Birmirofrtjm, 832ES Wilson Brow Kettering Porkwoy&xJth, Kettering, NN15 6WN H0mO¢1ntyre LLP 10 Queen Street Flaee, London, EC4R NG Rathton&Greènbank Investment f4amgement 8 FlbUryClrcuS Londcn EC2M 7A2 Crowe Financial F4annirrfJ UK Limited 55 Lgate Hill, London. EC4M 7JW 53