2021-03-31-accounts - Quaggy Development Trust

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		Page
Legal &administrative	information
Report ofthe Trustees		2 —9
Independent Auditor's	report	IO —12
Accounts comprising:
Consolidated Statement offinancial activities		13
Consolidated Balance	sheet	14
Consolidated Statement ofcashflows		15
Notes to the accounts		16-29

Trustees		Susan McKee (Chair)	Susan McKee (Chair)	Susan McKee (Chair)
		Naomi Delap
		Simon Riley (Treasurer				and Vice-Chair)
		Natalie Meguerditchian
		Emma Brady
Key Management		Dawn Jacovou (Chief			Executive)
		Joanna Lawrence	(Deputy Executive)
Registered	ofBce	Quaggy Childrens		Centre
		Orchard Hill
		London
		SE137QZ
Bankers		National Westminster			Bank Pic
		143High Street
		Bromley
		BR1 1JH
Auditor		Simpson Wreford	LLP
		Wellesley House
		Duke ofWellington		Avenue
		Royal Arsenal
		London
		SE186SS
Company	number	04749158
Charity number		1109711

				2021	2021	2021	2020
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
		Notes			8
Income
ona ions an legacies				98	4T000	47,098	47,790
Charitable activities				959,519	2,210,675	3,170,194	2,161,571
Investment income				21,661		21,661	16,547
Other trading activities				24,966		24,966	55,326
Other income				2 046		2 046	3 069
Total income
Expenditure
Raising funds				39,101		39,101	65,350
Charitable activities				1 108 150	1 925 399	3 033 549	2 032 418
Total expenditure
Net (expenditure)/income				(138,961)	332776	193,315	186,535
Transfer between funds			16	243 828	~243 828
Net income before other
recognised gains and losses
Other recognised gains	and	losses
Gains on investment assets							45,000
Actuarial (losses)/gains	on
Defined benefit pension	scheme		17	~101090		~101090	42487
Net movement in funds				3,777	88,448	92,225	274,022
Reconciliation offunds
Total funds brought forward				1 875 574	256 838	2 132412	1 858390
Total funds carried forward			16				~224 2

							Group	Group	Charity	Charity
						Notes	2021	2020	2021	2020
Fixed assets
Tangible assets						11	256,612	279,431	256,423	278,702
Investments						12	966038	475 000	966039	475 001
							1 222 65n	75d, d31	1,222,462	753 7A3
Current assets
Stock						13	188	188
Debtors						14	46,755	652,448	122,215	751,579
Cash at bank		and in	hand				1529477	1507210	1525637	1544374
							1,576,420	2,239,916	1,647,852	2,295,953
Creditors:	amounts		falling		due within
one year						15	3383354)	~79II381)	~379203	~792 4311
Net current		assets					I 193066	I 441 535	I 268 649	I 503 523
Total assets		less current		liabilities			2,415,716	2,195,966	2,491,111	2,257,226
D ll 0 0		010	I		0	17	JI911179)	~63 554	~191079)	363 554)
Total assets		less liabilities
Funds
Unrestricted		general	funds				1,677,766	1,610,435	1,753,161	1,671,695
Designated	fund							63,554		63,554
Unrestricted		revaluation		reserve			201,585	201,585	201,585	201,585
Restricted funds Total funds						16	345286 ~	256830 ~24	345 286	256 838

						Notes	2021	2020
							f
Cash generated by	operating	activities				21
C~H 6 =	6
Interest income							1,663	1,275
Purchase ofinvestment property Purchase oftangible fixed assets							(491,038) ~15266	~36447
Cash used in investing activities							&~49
(Decrease)/increase	in cash and		cash equivalents		in the year		~57 363	253 594
Cash and cash equivalents at the			beginning	ofthe	year		1 587 280	1 333 685
Total cash and cash	equivalents		at the end	ofthe	year

							2021	2020
							f	f
	Income						3,240,999	2,228,977
	Expenditure						i3~033 349	~2032418
							207,450	196,559
	Gains/(losses)			on investment		assets		45,000
	Actuarial (losses)/gains				on defined benefit pension scheme		~101090	42482
	Net income						106,360	284,046
	Funds brought			forward			2 193672	I 909626
	Total funds	carried forward
	Represented		by:
	Restricted	funds					345,286	256,838
	Unrestricted		funds				I 954 746	I 936834
3.	Donations	income
							2021	2020
	Notional rent		-	restricted			47,000	47,000
	Other donations			-unrestricted			98	790

			Unrestricted	Restricted
			Funds	Funds	Total	Total
			2021 E	2021 8	2021f	2020
Nur			8374068		8374068	I.3.46366
Start Well Greenwich		West connact		2,162,641	2,162,641	879,431
Other grant income			69,381	48,034	117,415	49,340
Catering income			182		182	1,115
Other community	work income		22,042		22,042	64,009
Other Children's	Centre income		36 346		30 846	21 131

Investment	income
			2021	2020
			E
Rental income			19,998	15,272
Bank interest			1 663	1 275
All amounts	relate to unrestricted	funds.

				2021	2020
Turnover and other operating		income		24,966	55,326
Cost ofsales and	administrative	expenses		~39 101	~65 350
Net loss retained	in subsidiary
The assets and liabilities ofthe subsidiary			were:
Fixed assets				189	729
Current assets				4,028	45,155
Current liabilities				~79 611	~107 143
Total net liabilities
Aggregate share	capital and reserves

7.	Operating profit
					2021	2020
	This is stated afier charging:
	Depreciation ofowned	fixed assets			38,085	36,203
	Auditor's remuneration
	Audit of	the financial statements			5,500	5,500
	Other services				1,748	1,748
8.	Raising funds expenditure
					2021	2020
	Commercial trading operations —note 6				39,101	65,350
	Fundraising expenditure
					39 101	65 350
9.	Charitable activities	expenditure
			Unrestricted	Restricted	Total	Total
			funds	funds	2021	2020
						f
	StafFcosts including expenses		862,086	577,439	1,439,525	1,437,962
	Subcontract costs			1,058,311	1,058,311
	Premises, utilities and equipment		122,050	122,070	244,120	207,817
	Community activities		13,903	68,811	82,714	172,560
	Nursery and crdche		23,169	686	23,855	53,886
	Office, computers and	communications	29,510	48,242	77,752	42,724
	Legal and professional			40,189	40,189	57,130
	Depreciation		37,545		37,545	36,205
	Sundry expenses		12,449	5,499	17,948	11,036
	Audit and accountancy	fees	7438	4 152	11590	13098

Staffwage costs wer	e as follows:
		2021	2020
		f	f
Salaries and wages		1,107,759	1,138,902
Key management remuneration		141,896	144,356
Social security costs		107,361	106,262
Defined contribution	pension costs	21,655	22,532
Pension service cost		25 516	22 013

The ave	rage	monthly	number ofemployees during the ye	ar was as follows:
				2021	2020
				No.	No.
Nursery	and	Children	Centre staff'	41	41
Management		and administration		14	14
Other support		services		4	4
Quaggy	Cafe	at Parkside		2	2

	Leasehold	Office	Plant gr	Kitchen
	improvements	equipment	machinery f	equipment f	Total f
Cost or valuation
At 1 April 2020	302,355	139,826	78,381	1,728	522,290
Additions		15,266			15,266
Disposals
At 31March 2021
Depreciation
At 1 April 2020	60,472	103,007	78,381	999	242,859
Charge for the year	20 156	17389		540	38085
At 31March 2021
Net book value
At 31March 2021	221 727	34696		189	256 612
At 31 March 2020	241 883	36819		729	279431

11.Tangible fix	ed assets —Charily
		Leasehold	Oflice	Plant &
		improvements	equipment	machinery	Total
			f
Cost or valuation
At 1 April 2020		302,355	139,826	78,381	520,562
tions			15,266		15,266
Disposals
At 31March	2021
Depreciation
At 1 April 2020		60,472	103,007	78,381	241,860
Charge for the year		20 156	17389		37 545
At 31March	2021
Net book value
At 31March	2021	221 727	34 696		256 423
At 31March 2020		241 883	36819		278 702
12. Investments	- Group
				Investment
				properties	Total
Valuation
At 1 April 2020				475,000	475,000
Additions				491 038	491 038
At 31March 2021
Charily
				Investment
		Investments		properties	Total
Valuation
At 1 April 2020				475,000	475,001
Additions				491 038	491 038
At 31March 2021

14.Debtors
							Group		Charity
							2021	2020f	2021 f	2020
Trade debtors							18,058 144811	607,162 167756	18,058 S43111	605,162 1.64%~
Amounts owed	by group			undertakings					75,460	101,193
Prepayments and accrued				income			13886	28 530	13886	28 530
								~4	~22
15.Creditors
							Group		Charity
							2021	2020	2021	2020
							f	f	f	f
Trade creditors							51,089	63,138	50,922	60,853
Accruals and deferred			income				291,258	69,955	287,274	66,289
Other creditors							41 007	665 288	41 007	665 288
16.Reserves
			At		beginning	Incoming	Resources	Gains &	At	31March
				ofperiod		resources	expended	losses f	Transfers	2021
Unrestricted funds
General funds (gross)					1,610,435	1,008,290	(1,147,251)	(101,090)	498,461	1,868,845
Pension liability									~191079	~191079
General funds (net)					1,610,435	1,008,290	(1,147,251)	(101,090)	307,382	1,677,766
Revaluation reserve					201,585					201,585
Designated fund					63 554				~63 554
7 t I \ 7 df			d		I 875 574	1008290	~1147251	~101090	243 828	I 879351
Restricted funds
Children-in-need						22,087	(13,532)			8,555
RBGPerinatal	grant				13,010	13,957	(420)			26,547
Notional rent -	QCC					22,250	(22,250)
Notional rent —MBN						24,750	(24,750)
Lewisham Council		grant				2,000	(2,000)
London Comm.	Foundation					9,990	(9,990)
RBGWest area	CC				243,828				(243,828)
RBGWest area	SWG					2 162 641	~1852457			310184
7 t I t t df		d			256 838	2 257 675	~1925 399		{2243828	345 286
Total funds						~2	(3,~62))	ll¹2$


Principal Activity Assumptions
		2021	2020
		0/	0/
Rate ofincrease in salaries		3.80	2.75
Rate ofincrease in pensions		2.80	1.75
Discounted rate for liabilities		2.05	2.35
Inflation rate		2.80	1.75
The return on the Fund is estimated	to be -7%

. Pension commitments —gro	. Pension commitments —gro	up	and chari	ty (continued)
Mortality assumptions
The assumed life expectations		on	retirement	at age 65 are:
					2021	2020
Retiring today
Males					20.9	20.8
ema es					23.6	23.5
Retiring in 20years
Males					22.4	22.3
Females					25.2	25.1
Analysis ofamounts	recognised	in	the Statement ofFinancial Activities
					2021	2020
Current service cost					40,891	22,013
Net interest on defined benefit		liability			1,664	2,077
Administration expenses					65	58
Total expenditure to	be recognised		in the SOFA		42 2	24 14
Value ofscheme assets and liabilities
					2021	2020
Equities					13,174	6,285
Bonds					23,812	13,041
Property					12,615	7,713
Cash					1,774	1,104
Unutilised insurance	policies				55,595	25,548
UK &Overseas unit	trusts				35400	15004
Market value ofassets					142,370	68,695
Present value ofscheme liabilities			—funded		~333449	~132249
Net pension deficit	in scheme

.Pension commitments —group and charity (continued)
Analysis ofamount chargeable to the Statement ofFinancial Activities	(SOFA)
	2021	2020
	f
ef~~lil exces& ox inieresb		(6355)
Other actuarial gains/(losses) on assets		(1,677)
Change in financial assumptions	(123,969)	26,169
Change in demographic assumptions		15,670
Experience gain on defined benefit obligation		8,660
Actuarial losses on scheme liabilities
Actuarial (loss)/gain recognised
Movements inpresent value ofdejined benejit obligations:
	2021	2020
		g
Liabilities at I April 2020	132,249	152,869
Current service cost	25,516	19,482
Contributions &om scheme members	6,536	4,071
Change in financial assumptions	123,969	(26,169)
Change in demographic assumptions		(15,670)
Liabilities assumed on settlements	41,034
Experience gain on defined benefit obligation		(8,660)
Past service cost		2,531
Interest cost	4 145	3 795
At 31March 2021		~22
Movements in thefair value ofFund assets
	2021	2020
	g
Fair value ofassets at 1 April 2020	68,695	65,229
Interest on assets	2,481	1,718
Return on assets less interest	22,879	(6,335)
Actuarial loss		(1,677)
Administration expenses	(65)	(58)
Settlement prices received / (paid)	25,659
Connibutions by employer	16,185	5,747
Contributions by scheme members	6536	4071
Fair value ofassets at 31March 2021

the Nur	sery	at Parkside Square, Lewisham, SE108FN as s	et out below:
			2021	2020
Falling	due	within one year	112,000	112,000
Falling	due	between two and five years	112000	224 000

.Analysis ofgroup net assets between fun	ds
	Unrestricted	Restricted
	funds	funds	Total
202I
Fixed assets	1,222,650		1,222,650
Cash at bank and in hand	1,184,191	345,286	1,529,477
Other net current liabilities	(336,411)		(336,411)
Pension scheme provision	~191079		~191079
2020
Fixed assets	754,431		754,431
Cash at bank and in hand	1,330,441	256,839	1,587,280
Other net current liabilities	(145,745)		(145,745)
Pension scheme provision	~63 554		~63 554

									2021	2020
Net movement in funds									92 225	274 022
Depreciation charge									38,085	36,446
Interest shown as investment		income			in SOFA				(1,663)	(1,275)
Revaluation gain										(45,000)
Increase/(decrease) in defined		benefit			pension	liability			127,525	(24,086)
Increase in stock
Decrease/(increase) in debtors									605,693	(553,865)
(Decrease)/increase in creditors									~475 027	602 524
Net cash generated by operating			activities
Comparative information
								Unrestricted	Restricted
								Funds	Funds	Total
Analysis ofIncome from charitable				activities		byfund (note 4)
Nursery and crbche fees								1,146,545		1,146,545
Greenwich West Children's	Centre			contract					879,431	879,431
Other grant income									49,340	49,340
Catering income								1,115		1,115
Other community work income								64,009		64,009
Other Children's Centre income								21 131		21 131
								M232~
Analysis ofExpenditure on	chantable				activities		by fund (note	6)
Staffcosts including expenses								790,177	647,785	1,437,962
Premises, utilities and equipment								98,054	109,763	207,817
Community activities								38,369	134,191	172,560
Nursery and creche								52,682	1,204	53,886
Office, computers and communications								30,666	12,058	42,724
Legal and professional								243	56,887	57,130
Depreciation								36,205		36,205
Sundry expenses								7,963	3,073	11,036
Audit and accountancy fees								7408	5 690	13098