Reglstered number: 03671965 Charfty number: 1087447 The Supported Fostering Services Charitable Trust -.. (A company limitsd by guarantee) Trustees. reiiort and financial statéments for the year ended 31 March 2024
The Supported Fostering Services Charitable Trust (A company Ilmlted by guarantee) Contents Page Reference and administrative details of the charity. its Trustees and advisers Trustees. report Trustees, responsibilities statement Independent auditors, report on the financial statements Statement of fjnancial activities 10 Balance sheet Statement of cash flows 12 Notes to the financial statements 13-23
The Supported Fosterlng Services Charltable Trust (A company limited by guarantee) Reference and administratlve detalls of the charfty, its Trustees and advlsers for the year ended 31 March 2024 Trustees Derek Clode Dr Michael Davies Jane Waterhouse Jamie Braddock (appointed 16 April 2024) Company registered number 03671965 Charity registered number 1087447 Registered office 12 Conqueror Court Sittingbourne England ME10 5BH Principal operating office 4 Richmond Road Cardiff Wales CF24 3AS Independent auditors Xeinadin Audit Limited Chartered Accountants -" "" ststutory Auditor 12 Conqueror Court Sittingboume Kent ME10 5BH Bankers National Westrninster Bank PIC 3 High Street Maidstone Kent ME14 1XU Page 1
The Supported Fostering Services Charltable Trust (A company limited by guarantee) Trustees, report for the year ended 31 March 2024 The Trustees present their annual report together with the audited financial statements of the charity for the year 1 April 2023 to 31 March 2024. The annual report seNes the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the annual report and financial statements of the charitable company comply wtth the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) "applicable to charities préparing thèir accounts in accordance with the Financial Reporfing Standard applicab-le in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Ad 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. The charity also trades under the names SFS Charitable TrusL Objectives and activtties a. Policjes and objectives The charitable company's objects are to provide support services to those companies working within the independent fostering industry. This would include seNices such as foster support services, educational seNices, therapy services. social work seNices and administration serviS, although the charity may offer olher support services on an adhoc basis rf requested by their customers. In setting objectives and planning for actNities. the Trustees have gNen due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running charity (PB2)'. Achievements and perfomiance a. Charitable activities The charity recruits, supports and trains foster carérs in Wales matching the derent needs of children in care. referred by local authorities. to the different skills and abilities of those carers. b. Key perfonnance indicators The company has seen a 220/0 increase (2023 - 8.8% increase) in incoming funds with costs increasing by 21 OA, {2023 _ 9.00/0 increase) resulting in a surplus in the year. We consider the two key perfonnan¢e indicators are tumover and the surplus or deficit for the year, and given the nature of the business we consider more detailed analysis not necessary for the understanding the performance of the business. The charty continues to have significant resepiés to create a buffer against further reductions in income. Page 2
The Supported Fostering Services Charitable Trust (A company limlted by guarantee) Trustees. report (continued) for the year ended 31 March 2024 Achievements and performance (continued) ¢. Review of activities ..A.massive thank you.to all our families. And we really mean the whole family as there- are marly birth children,. growing up in households who foster. They are an important part of the fostering experience for children and young people. .,-. Also, a thank you to all the staff who have continued to offer the best support to everyone. . Our children looked after have made significant progress during the year. Well done. Welsh Govemmenl have set out a timetable for their programme to eliminate prof5t from the care of children looked after. By 2027 for profit organisations will not be permitted to operate in Wales. However, we are waiting for detail on exactly how this will be implemented. Decisions regarding the specific types of organisation that will be acceptably to provide fostering services have yet to be announced. In any event as a register charity, we are exactly the type of provider they want. The demand for plaments remains very high. Some children and young people who have been assesses as having their needs met within a fostering environment are being placed by local authorities in residential due to lack of placement availability. Recruitment of foster carers remains challenging. This is an issue across the UK with the net number of carers reducing. Despite millions of pounds being invested by Welsh Govemment in Foster Wales to recruit Ioc81 authorty carers this has not reversed the trend. There have been no CIW inspections during the last year as they have focused their efforts on safeguarding issues elsewhere and monitoring unregulated Servi$. The trustees are considering expanding the number of trustees on the board in order to broaden the range of skills and experience available to SFS. We believe a small board can be effective and is proportionate to the size of the organisation, however. at least one additional member should assist organisational development The Board are very grateful for the unstinting commitment and dedication from everyone. It is you that makes SFS the organisation it is and the organisation that is able to make a positive impact on the lives of so many children and young people. Financial review a. Gotng ¢oncem After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going contsrn basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 3
The Supported Fostering Services Charltable Trust {A company Ilmited by guarantee) Trustees. report {¢ontlnuedj for the year ended 31 March 2024 b. Reserves policy The Reserves Policy sets out for stakeholders why vie are holding a particular level of reserves. Resérves arè necessary to ensure the organisation is properly managed and provide resilience to meet foreseeable and unforeseeable circumstances. We monitor reserves during the year as part of our budgetary process and financial monitoring. These reserves are higher than they might be as we make financial decisions ahead of the financial year based on estimates. Local Authority fee settlements are frequently not made until the middle of the financial year therefore we must bridge potential gaps. We also need working capitsl to provide sufficient liquidity. The level of reserves is infomed by our forecasts of income for the current and future years alongside forecasts of expenditure on the basis of planned activity. Analysis of future needs, opportunities, commitments and risk. where future income alone is likely to fall short of the amount of the anticipated costs. Assessments if the likelihood of a shortfall arising which means that reserves are necessary. The Trustees consider it prudent lo maintsin reseNes of at leasl six months operating expenditure in line with many organisations. In addition, a designated reserve fund is being estsblished to allow for future improvement and expansion of setvices for children. young people and foster parents. Structure, governance and management a. Constitutlon The Supported Fostering Services Charitable Trust is registered as a charitable wmpany limited by guarantee and was sel up by a Trust deed. b. Methods of appointment or election of Trustees The directors of the company are atso charity trustees for the purposes of charity law. When considering co-opting new trustees. the board has regard to the requirement for any specialist skills needed. c. Policies adopted for the induction and training of Trustees Most trustees are already familiar with the workings of the chanty having relevant experience. New trustees are invited and encouraged lo attend a series of Iraining services to familiarise themselves with the charity. These are led by the company secretary and senior management and cover.. Ih@ obligations of the trustees as directors and trustees. the main documents governing the operation of the charity. the current and future plans and objectives. d. Financial risk management The Trustees have assessed the major risks to which the charity is exposed, particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigale exposure to the major risks. Page 4
The Supported Fostering Services Charitable Trust (A company limited by guarantee) Trustees, report (continued) for the year ended 31 March 2024 Structure) governance and management (continued) e. Organlsational structure and decision making The board of trustees-meets on a regular basis to administer the charity. The day to day management is delegated to senior management who reports to the board on operational issues. f. Board changes The Board welcomed a new Trustee. Jamie Braddock. on 16 April 2024. Plans for future perlods The Board of Trustees are ever watchful regarding developments in the fostering sector. The intention is the continue to provide a good or indeed outstanding service to the young people that the charity looks after and to the local authorities who place these young people. Auditors The auditors. Xeinadin Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of TTUStees and signed on their behalf by: Derek Clode Trustee Date.. Page 5
The Supported Fostering Services Charitable Trust (A company limited by guarantee) Statement of Trustees. responsibilities for the year ended 31 March 2024 The Trustees (who are also the directors of the charty for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the chawity and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disdosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The TTUStees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charty and enable them to ensure that the financial statements comply WFth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by: Derek Clode Trustee Date. loi Page 6
The Supported Fostering SeNices Charitable Trust (A company limited by guarantee) Independent auditors. report to the Members of The Supported Fosterlng Servlces Charitable Trust Opinion We have audited the financial statements of The Supported Fostering Services Charitable Trust (the '¢harity') for the year ended 31 Mèrch 2024 which MpriSe the statement of financial activities, the balance sheet, the -statement of cash flows and the related notes, including a suminary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of reSoUrs, including its income and expenditure for the year then have been properly prepared in accordance wth United Kingdom Generally ACpted Accounting Practi., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements. we have concluded that the Trustees, use of the going Gonrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficant doubt on the charitable company's ability to Continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this report. Page 7
The Supported Fosterlng Servlces Charltable Trust (A company limited by guarantee) Independent auditors. report to the Members of The Supported Fostering SeNices Charitable Trust (continued) Other information The other information comprises the information included in the annual report other than the financial ' slatements and our auditors, report thereon. The Trustees are responsible for the other information contained within the annual Teport. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assuran conclusion thereon. Our responsibility is to read the other infomjation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge oblained in the course of the audit, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent matertal misstatements. we are required to determine whether this gives rise to a material misstalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter5 prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the Trustees. report for the financial year for which the financial statements are prepared is consistent with the financial ststements. the Trustees, report has been prepared in accordance wilh applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identifd material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion-. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visiied by us. or the financial ststements are not in agreement with the accounting records and relums; or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charilable company's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realislic alternative but to do so. Page 8
The Supported Fosterlng Services Charitable Trust , (A company limited by guarantee) Independent auditors, report to the Members of The Supported Fostering Services Charitab18 Trust {Gontinued) Auditors, responslbilltles for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free 'from material misstatement, whether due to fraud or eor, and to issue an auditors, report that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are ¢onsidered material if. indtvidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularsties, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detsiled below: As part of an audit in accordance with ISAS (UK), exercise professional judgement and maintain professional.",: scepticism through the audit. We also: 1. Assessed the susceptibility of the entity's financial statements to material misstatement. including how fraud may occur. 2. Held discussions with the client regarding their policies and procedures on compliance with laws and regulations. 3. Held discussions with the client regarding their policies and procedures on fraud risks, including knowledge of any actual suspected or alleged fraud. We consider the entity's controls effective in identifying fraud. We do not consider there to be significant difficulty in detecting irregularities. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website aL www.frc or .uklauditorsres nsibilities. This description foms part of our auditors, report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemitted by law, V do not accept or assume responsibility to anyone other than the charitable company and its members. as a body, for our audtt work, for this report, or for the opinions we have fomed. Samuel Ketcher FCCA (senior statutory auditor) for and on behalf of Xelnadin Audit Limited Chartered Accountants Statutory Auditor 12 Conqueror Court Sittingbourne Kent ME10 5BH Date: o lol4 Page 9
The Supported Fostering Services Charttable Trust (A company limited by guarantee) Statement of flnancial actlvltles (incorporating Income and expenditure account> forthe year ended 31 March 2024 Unrestrlcted funds 2024 Total funds 2023 ' Income from: Charitable activities Investments Other income 1.934,209 8.199 5,921 1,934,209 8,199 5.921 1.577,871 732 14, 126 Total Income . 1,948,329 1,948,329 1,592, 729 Expenditure on: Charitable activities 1.628.638 1.628.638 1,491,631 Total expendlture 1,628,638 1,628,638 1,491,631 Net movement in funds 319,691 319,691 101,098 Reconciliation of funds: Total funds broughtforward Net movement in funds 892.201 319,691 892,201 319,691 791, 103 101,098 Total funds Carrled forward 1,211,892 1.211,892 892,201 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 13 to 23 form part of these financial ststements. Page 10
The Supported Fostering Services Charitable Trust (A company limited by guarantee) Registered number 03671965 . . Balance sheet as at 31 March 2024 2024 è 2023 Note Fixed assets ' Tangible assets Current assets ' 515,464 . •; 528,248 Debtors Cash at bank and in hand 70,282 1,032,236 137,569 624,679 1,102.518 762.248 Creditors". amounts falling due within one year 12 1223,190) (215,395) Net current assets 879,328 , 546,853 Total assets less current IlabllFtles 1.394.792 1,075, 101 Provisions for liabilities (182,900) (182,900) Total not assets 1.211.892 892,201 Charity funds Restricted funds.. Unrestricted funds 15 1,211,892 892,201 Total funds 1,211,892 892,201 The Trustees acknowledge their responsibilities for complying viith the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Derek Clode Trustee Date. IF Dece*Trkn IoL4 The notes on pages 13 to 23 fonn part of these financial statements. Page 11
The Supported Fostérlng Servlces Charitable Trust (A company limited by guarantee) Statement of cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net.cash used in.operating activities_ 132,7.85 Cash flows from Investlng activities Purchase of tangible fixed assets (433) Net cash provided byl(used in) investing activities (433) Change In cash and cash equSvalents In the year Cash and cash equNalents at the beginning of the year 407,557 132,352 624,679 492,327 Cash and cash equivalents at the end of tho year 1,032.236 624, 679 The notes on pages 13 to 23 form part of these financial ststements Page 12
The Supported Fostering SeNices Charitable Trust (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 General inforniation The Supported Fostering sers Charitable Trust is a charity incorporated in England and Wales. The trust's registered number and registered office can be found on the Administrative Details page. The company is a company limited by guarantee. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Supported Fostering seices Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. The financial statements are prepared in GBP and rounded to the nearest pound. 2.2 Income All income is recognised once the Charity has entrtlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 13
The Supported Fostering Services Charitsble Trust (A company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 Accounting policles (continued) 2A Interest receivable . Interest'on funds held on" deposit is induded when receivable and the amount can be measured, reliably by the charity. this is normally upon notification of the interest paid or payable by the instttution with whom Ihe funds are deposited. 2.5 Taxation The charity is exempt from corporation tax on its charitable activities. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1.000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially renised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible !Ixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tsngible fixed assets less their residual value over their estimated useful lives. on a reducing balance basis. Depreciation is provided on the following basis: Freehold propety Fixtures and fittings Computer equipment 20A straight line 250A on reducing balance. 330A on reducing balance 2.7 Debtor3 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-teTm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be ests'mated reliably. Liabilities are reo)gnised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is regnised in the ststement of financial activities as a finance cosL Page 14
The Supported Fostering SeThices Charitablè Trust (A company limited by guarantee) Notes to the financlal statements forthe year ended 31 March 2024 Accountlng policies {continued) 2.10 Flnancial instruments . Thè charity only has financial assets and financial liabilities of a kind that qualrfy as basic financial,. instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Penslons The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. 2.12 Fund a¢¢ounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other Purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Income from charitable actlvltles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 rolal funds 2023 Fostering income Other income 1,934.209 1.934,209 1,568, 713 9,758 Total 2024 1,934,209 1,934,209 1,577,871 Total 2023 1,568, 713 9,158 1,577,871 Page 15
The Supported Fostering Services Charitsble Trust . (A Company limited by guarantee) Notes to the financlal statements forthe year ended 31 March 2024 Investment income Unrestrlctsd funds 2024 Total funds 2024 Total funds 2023 Investment income 8,199 8,199 732 Total 2023 732 732 Other Sncoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other incoming resour$ 5.921 5,921 14, 126 Total 2023 14,126 14, 126 Analysis of expendlture on charftable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2023 2024 Fostering seniices 1,628,638 1,628,638 1,491,631 Total 2023 1,482,473 9.158 1,491.631 Page 16
The Supported Fostering Services Charitable Trust (A company Ilmlted by guarantee) Notes to the financial statements for the year ended 31 March 2024 Auditors, remuneration 2024 'Fees payable to the charity's auditotfor the audit of the Chari8 annual accounts 6.035 5, 750 Fees payable to the charItS auditor in respect of: All non-audit services not included above 1,890 1,800 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 328,448 31,916 29.000 338, 727 29,454 29,126 389,364 397.307 The average number of persons employed by the charity during the year was as follows..: 2024 No. Admin Finance Social workers 10 11 12 The number of employees whose employee benefits (exduding employer pension costs) exceeded £60.000 was: 2024 2023 In the band £60,001- £70,000 Key management personnel received remuneration totalling £49,838 (2023 - £47,370) during the year. Trustees. remuneration and expenses During the year, no Tnjstees received any remuneration or other benefits (2023- £NIL). During the year, no Trustees 1Ved any expenses (2023 - £Nil). Page 17
The Supported Fostering SeNices Charitable Trust (A company limitsd by guarantee) Notes to the financial statements for the year ended 31 March 2024 IO. Tangible fixed assets Freehold land and FSxtures and Computer equipment~ 4%iS@*. ""buildings .- rittings'- Cost or valuatlon :_ At 1 April 2023 . 525.512 19,734 6,780 552,026 At 31 March 2024 525,512 19,734 6,780 552,026 Depreciation At 1 April 2023 Charge for the year 10.267 9.477 5,718 361 23,778 12,784 2,956 At 31 March 2024 19,744 10,749 6.069 36,562 Net book value At 31 March 2024 505.768 8,985 711 515,464 At 31 March 2023 515.245 11,941 1,062 528,248 Included in freehold land and buildings is freehold land at deemed cost of £51,677 (2023 £51,677), which is not depreciated. 11. Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued income 51,707 18,575 120,440 17,129 70,282 137,569 Page 18
The Supported Fosterlng Services Charitable Trust (A company Ilmited by guarantee) Notes to the financlal statements for the year ended 31 March 2024 12. Creditors: Amounts falling due within one year 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 5,198 6,722 160,037 51,233 3,962 6, 884 155,265 49,284 223,190 215,395 13. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 1.032,236 624, 679 2024 2023 Financlal Ilablllties Financial liabilities measured at amortised cost (243,354) (215,395) Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Financial liabilities measured at amortised cost comprise trade and other creditors. 14. Provisions Peoples Grants At 1 April 2023 182,900 At 31 March 2024 182,900 The Young Peoples Grant provision is in relation to leaving care costs, which is a grant given to young people who leave to find alternative accommodation. Page 19
The Supported Fosterlng Services Charitable Trust (A company Ilmlted by guarantee) Notes to the financial statements forthe year ended 31 March 2024 15. Statement of funds statement of funds - current year Balance.at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General funds 892,201 1,948,329 (1.628.638) 1,211,892 Statement of funds - prfor year Balance at 31 March 2023 Balance at 1 Apnl 2022 . Income Expenditure Unrestricted funds General funds 791, 103 1.583,571 (1,482,473) 892.201 Restricted funds BBC Children in Need 9, 158 (9. 158) Total of funds 791.103 1,592, 729 (1.491, 631) 892,201 Page 20
The Supported Fosterlng Services Charltable Trust {A company limited by guarantee) Notes to the financial statements for the year ended 31 Mah 2024 16. Summary of funds Summary of funds - current year Balanco..aC. 31 March 2024 Balance at 1 April 2023 Income Expenditure General funds 892,201 ,948.329 11,628,638) 1,211,892 Summary of funds - prior year Balance at 31 March 2023 Balance at l Apnl 2022 Income Expenditure General funds Restricted funds 791. 103 1.583.571 9,158 (1.482,473) (9, 158) 892,201 791, 103 1.592,729 (1,491,631) 892,201 Page 21
The Supported Fosterlng Services Charitsble Trust (A company Ilmited by guarantee) Notes to the financial statements forthe year ended 31 March 2024 17. Analysis of net assets between funds Analysls of net assets between funds - Current peri¢xl Unrestricted funds 2024 Total 2024 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 515,464 515,464 1.102,518 1,102,518 (223.190) (223,190) (182.900) 1182.900) Total 1,211,892 1,211.892 Analysis of net assets between funds - prior period . Unrestncted fiinds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 528.248 528,248 762,248 762,248 (215,395) (215,395) (182,900) (182,900) Total 892,201 892,201 18. Reconclllatlon of net movement in funds to net cash flow from operatlng activities 2024 2023 Net income for the period (as per Statement of Financial Activities) 319,691 101,098 Adjustments for: Depreciation charges Decreasel(incre£se} in debtors Increasel(decrease) in creditors Increasel(decrease) in provisions 12.784 67,287 7,795 13,933 (4, 755) (140,391) 162,900 Not cash provided by operatlng actlvltles 407,557 132, 785 Page 22
The Supported Fostering SeNices Charitab18 Trust (A company Ilmlted by guarantee) Notes to the financial statements for the year ended 31 March 2024 19. Analysls of cash and cash equlvalents 2023 .Cash ih-hand-" 1,032,236 .624,679 Total cash and cash equivalents 1,032,236 624, 679 20. Analysis of changes in net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand 624.679 407,557 1,032,236 624,679 407,557 1,032,238 21. Penslon commitments The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts of £5,453 (2023 £5.414) were payable to the fund at the balance sheet date and are included in creditors. 22. Related party transactions During the year D Clode, a truslee was paid £2,500 (2023 - £3,000) for social work services. No amounts were outstanding as at 31 March 2024 (2023- £Nil). All transactions were paid at market rates. Page 23