Company number: 4749158 ChaTity Number: 1109711 QUAGGY DEVELOPMENT TRUST (A Charitable Company Limited by Guarantee) ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 GUAGGY DEVELOPMENTTRUST Ifftpmving the li¥es of I0chdren aftd fami7i8s
QUAGGY DEvELoPET TRUST coTrriEIITS Page Legal & administrative infomation Report of the Trustees Independent Auditor's report 8-10 Accounts comprising: Consolidated Statement of financial activities Consolidated Balance sh¢et 12 Consolidated Statement of cashfiows 13 Notes to the accounts 14-28
QUAGGY DEVELoPT TRUST REPORT OF THE TRUSTEES FOR THE YEAR EIIDED 31 MARCH 2024 Trustees Natalte Meguerditchian (Chair) Naomi Delap Simon Riley (Treasurer and Vice-chair) Beatrice Panduru Key Management Dawn Jacovou (Chief Executive) Joanna Lawrence (Deputy Executive) Registered office Quaggy Childrens Centre Orchard Hill London SE13 7QZ Company Secretary Timothy Rogcrson FCA Bankers National Westminster Bank PIC 143 High Street Bromley BRI IJH Auditor Simpson Wreford LLP Wellesley House Duke of Wellington Avenue Royal Arsenal London SE18 6SS Company number 04749158 Charity number 1109711
QUAGGY DEVELOPl%T TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees (who are also the directors of the charitable company for the purposes of company law) are pleased to pr¢s¢nt their report together with the consolidatcd fmancial stat¢ments of tbe Charity for the year end 31 March 2024 which are also prepared to meet the requirements foi a directors, report and accounts for Companies Act purposes. The inforniation shown on page I forn]s part of this report. The financial statem¢nts comply with the Ch&riti¢s Act 201 I, the Companies Act 2006, the Memorandutn and Articles of Associalion, and "Accounting and Reporting by Charities: Statement of Recommended Practice appIicable to clrItieS preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (etyective l January 2019)" STRUCTURE. GOVERNANCE AND MANAGEMEIYT Governing Document Quaggy D¢v¢lopm¢nt TnLSt (QDT) is a company limit¢d by guarantee, governed by its Memorandum and Articles of Association dated 30 April 2003 (company number 4749158). Revised Articles of A&sociation were adopted on l December 2021. The Charity was registered as a charity with the Charity Commission on 26 May 2005. Since l December 2021 the only members of the company have been its Trustees. Members have agreed to contribute £1 in the event of the charity being wound up. The principal opcrating address is Quaggy ChildrS C¢ntr¢, Orchard Hill, London SEI 3 7QZ. Charity governance The Charity is governed by its board comprising Trustees and Key Management, This combined board is responsible for the ChaTity's operations. Where a vote is required, only those on the Board who arc Trustees have the power to register a vote. The Board Members of the charitabl¢ company throughout the year and to the date of signing of this report, except where indicated, are as follows: Tntee$ Natalie Megu¢rditcbian (Chair) Naomi D¢lap Simon Riley (Treasurer and Vice-chair) Beatrice Panduru Celestine Anderson (appointed 9 January 2024, resigned 22 April 2024) Key management Dawn Jacovou (Chief Executive) Joanna Lawrence (Deputy Chief Exccutive) Appointment of Trustees As set OLIt in the Articles of Association. new Trustees are appointed by a decision of the existing Tnlees. The minimum number of Tnist¢¢s is three and the maximum is twelve. Trustees serve for a tern] of three years and may serve a maximum of three cons¢cutivc tenns before taking a break of at least one year unl¢ss the Trust¢es decide that there are exceptional circumstances which mean that it would not be in the best interest of the Charity for the Trnstee to take a break from office. The Trustees may appoint a Chair, Vice-chair and TTeasurer from among their number.
QL'AGGY DEVELOPMEN'T TRUST REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 IIARCH 2024 STRL'CTURE, GOVERNLNCE AND MANAGEMEwf (continued) Trustees, Induction and Training New TteeS and Key Management undergo an orientation meeting to brief them on their legal obligations under charity and company law, the content of the M¢morandum and Articles of Association, the Committee and decision-making process¢s, business plans and TeLent financial perforniancc of thc Charity. During the induction process, th¢y meet key employees and other Trustees and are given a Trustees, inforniation pack containing compreh¢nsiv¢ guidance notes relittin¥ to their role. Inlernal training scssions are held for TTUStKs on an annual bagis after their initial induction and Trustees are encouraged to attend appropriate external training ¢vents wh¢re these will facilitate the undertaking of their role. Organfisatlon The Board of Trustees delegates day to day management of th¢ charity to the Chief Ex¢cutive, Dawn Jacovou, and her tcam. Sinc¢ April 2023 th¢ Board has met quarterly pr¢ceded by meetings of the Human RoU[c¢S and Finance sub-conunittces. The responsibilities of these sub-committees are set out in their ternis of r¢fer¢ncc. Related Parties The charity owns IOOO/o of the sbare capital in Quaggy Café at Parkside Limited, which ceased trading at 31 March 2023, The trading company's accounts have been consolidated into these accounts. Apart from th¢ subsidiary the only other Telatcd parties arc the Trustecs and Key Management. The Chlty maintains a close working relationship with the Royal Borough of Greenwich and, to a lesser extent, the London Borough of Lewisham. Risk Management A comprehcnsivL risk assessmcnt rcvicw, in linc wtth c.harity Commission guidance, was undcrtaken by the senior leadership team and Tnistees in the fst quarter of 2020. The areas of risk considered were governance, extemal. regulatory and compliance. financial and operational. The Trustees support the need for risks to be kq)t under r¢gular review. The Risk R¢gist¢r Is Teviewed at least atmually and more regularly if appropriate. The fvllowing general principles underpin thc risk management processcs.. Evaluatiun of risk fortns part of stratcgic and busincss planning, and inveqtmcnt and project appraisal. Risk managcmcnt cnsurcs that the application of internal controls is proportionate to the risk thc conlrols are designed to manage. Managers and staff at all levels have a responsibility to id¢ntify, evaluate and manage or report risks. Ownership of risk is allocated to individuals b¢st placed to manage the risk- i.e. they have the authority and necessary resources to manage the risk. QDT fosters a culture which spreads best practice, lessons learned and expertise acquired from risk management activities across the Trust.
QUAGGY DEVELOPIIIENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 ORJECTIVES LND ACTIVITIES Since l December 2021, the objects of the Charity have been the promotion for tbe public benefit of urban regeneration in areas of social alld economic deprivation (and in particular the area of benefit) by all or any of the following means: The advancement of education, training and rettaining, particuEarly among unemployed people. and providing employed people with work experience. The relief of poverty in such ways as may be thought fit. The development of the capacity and skills of members of the area of benefit in such a way that they are better able to identify and belp meet their needs, and to participate more fully in society" The relief of unemployment in such ways as may be thought fit. The provision of public health facilities and childcare. The provision of public safety and the prevention of crime. The provision of recreational facilities for the public at large anor those who by reasons of their youth, age, infinrjity or disability, poverty or social and economic circumstances have need of such facilities. The area of benefit is th¢ West Ward of the Royal Borough of Greenwich, and thc in]mcdiatc surrounding area. The Trustees have considered the Charity Commission's general guidance on public benefit when reviewing the aims and objectives. During the year the Charity's activities wer¢ principally focused on.. Continuing the consolidation of our work providing. supporting and developing Community se)CeS on the Coldbath and Orclwd Estale and surrounding areas, Maintaining the development of the long-terni 8trat¢gi¢ plan in order to identify and embrace new and existing ways in which our work will benefit the local ar¢a' Implem¢nting th¢ proposals made in the su¢c¢ssful bid for th¢ Start W¢ll Grecnwich contract, which commenced on l April 2020 and maintaining our close relationship with the Royal Borough of Greenwich Council. FILYANCIAL REVIEW The Statement of Financial Activities shows a suTpli for the year of £611,112 (2023: £400,785) with the principal funding sources of the Charity being the contract for the provision of Children's Centres, Nursery income, CTè¢he and Counselling services. During the year, the Charity also received Family Hub lld)ng from the Royal Boroiigh of Greenwich. The Balance Sheet at the year-end shows total funds of £3,445,754 (2023: £2,834,642) of which £96,912 (2023: £45,834) is restrict¢d and £1,747,118 (2023: £1,176,751) is d¢signat¢d. The Trustees acknowledge the following nderS duling the year.. Royal Borough of Greenwich (Greenwich West Childrens Centres) - £1,340,151. Royal Borough of GT¢¢nwich (Perinatsl - two awards) - £76,46 I Royal Borough of GTeenwich (Family Hub) - £390,000 In November 2019 tbe Royal Borough of Greenwich awarded Quaggy Development Trust a Contract to manage Greenwich West Childrens Centres. This is a 5-year contract which commenced in April 2020, with th¢ possibility of up to four further years running to March 2029.
QUAGGY DEVELOPMENT TRliST REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 MARCH 2024 ACHIEVE1NTs AND PERFORMANCE 2023-2024 Early Years and Nurseries As decided during the previous year. Quaggy Nursery @ Parkside was Closed at the end of ihe Summer Tern] 2023. Any children not moving on to school were welcomed to Quaggy Nursery, whilst the staff moved to work at either Quaggy Nursery or Margaret Bondfield Nursery. The number of children attending Margaret Bondfield and Quaggy Nurserics incr¢as¢d during the year. The Trust was again awarded an Eco-S¢hools Grccn Flag with distinction. Greenwich West Children's Centres & Fqmily Hubs The Children's Centres Team continued to offer a wide range of activities for families which support child development, parenting, and speech and languag¢ skills from six ¢entr¢s across the West Greenwich area. The Trnst also became one of four Family Hubs in the Royal Borough of GTc¢nwich and now offcrs weekly storytelling activities, a cookery club, an art club and monthly weekend stay and play activities. The team bas also b¢cn abl¢ to provide a variety of donaled items including toys, bicycles, scooters and clothing to families in need. Volunteers We thank those of our volunteers who undertook voluntary work with us during the year. This included giving Br¢astfe¢ding one to one support, supporting the Older People's Lunch Club and Youth Club and offering counselling services. Luneh Clllb and Youth Club The older persons, lunch club met weekly during the year and enjoyed a pre-christmas outing to Ruxley Garden Centre with a Christmas dinner being offered a week lat¢r. Thwc was also a summcT Outing to Hastings. Youth a¢tiviti¢s, offered with the support of the Wash House Youth Project, continued with Football sessions being offered in conjunction witb Charlton Athletic Football Club and Youth Club activities running for much of the year. Counselling Service Demand for the Counsclling service rcmained high with referrals being received regularly from Gr¢¢nwich and Lewisham NHS counselling services as well as self-refeffals from the Trust, s Thebsite. The Tnist continued to provide art therapists to the t14TO Invicta Primary School sites until March 2024. The Trust was successful in two applications to the Royal Borough of Greenwich for funding to operate two Perinatal Counselling services. The first was a traditional specialist counselling service, whilst the second takcs the forn] of a course, focussing on Parent Infant Relationships. Both activiti¢s start¢d in the final quarter of the fmancial year and continue into the current year. Staff As in the previous year, the Trustecs again commission¢d a staff siirvcy diiring th¢ year, th¢ results of which indicated an overall improvement in th¢ l¢v¢l of satisfaction among staff th the employmellt proposition off¢r¢d by the Trust. The Trustees are pleased to note that the level of staff turnover decreased by around one third compared with the previous ttvo years. The Trust is now registered with the Living Wage Foundation as an accredited Living Wage Employer.
QUAGGY DEVELOPME TRL'ST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMEYI TS ANL D PERFORMANCE 2023-2024 (continued) Other aetivities The {aggY Carnival took place at the start of Jiily 2023, attracting many local residents and families, wbo enjoyed a programme of entertainment as well as bungee jumping, bouncy castle, tombolas and other stalls. DIng the ycar th¢ Trust started Opwdting a food panty scheme to help residents on the Orchard and Coldbath Estat¢s suffering from food poverty. FUTURE PLANS AND OBJECTIVES FOR 20242025 The Trustees commissioncd an extwnal consultant to undertake an organisational and struciural rcvicw of thc Charity including Staff Culture and Job Satisfaction, Financial Sustainability. Governance. Risk Management and Monitoring Evaluation and Learning. Following rcceipt of th¢ report on the review, they will be developing a futu strategy for the CEwity. The decision was taken with ¢ff¢ct from September 2024 to offer a provision for children ag¢d under two at Margaret Bondfield Nursery and to open the nursery all year round rather than in tern]-time only. The Trust has planned a reconfiguration and refurbisbmenÉ of thc fomer Quaggy Nursery at Parksid¢ spac¢ to enable the d¢livery of various services lo be consolidated from that building rather than from a variety of different locations and to relievc pressure on the Quaggy Childrens Centse building. INVESTMENT POLICY Th¢ Charity owns two residential investment properties closc to its nrain offices, which are held to provide regular income and capital appreciation. It also holds two ftuther investments, in Charity Investment Fund8, again with the purpose of providing regular income and modest capital appreciation. The Trustees use the kncome generated by these investments to 7ppOrt some of its con]munity dLtivities whiLh are not publicly funded. including the Quaggy Carnival, Lunch Club and Counselling Services. The Trnstees are satisfled with the pcrfonnance of all investments during the year. KLSbRVES POLICY After consideration of nding and contingcncy requiremellts of Ihc Charity. thc Truslees believe th free reserves (as defined by the Charity Commission) equivalent to between eight and nine months of expenditure should be miiintained, which thLy estimatc as bcing approximately £1,600.000. At 31 March 2024. free reserves amounted to £724,057 and so were some way below th¢ target. It is the intention of the Tru5t¢¢s to incr¢as¢ frcc rcscrves to the target level in the m¢dium term. TRUSTEES, REsPOSIBlLITIEs The trustees are responsible for preparing the Trust¢es' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accept¢d Acc¢Junting Practice).
QUAGGY DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ELSED 31 MARCH 2024 TRUSTEES, RESPOINSIBILITIES (continued) Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that tbey give a tru¢ and fair view of th¢ state of affairs of the company and of the income and expenditure of the ¢omp&ny for that pcriod. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP. make judgments and estimate5 that are reasonable and prudent. state whether applicabl¢ UK Accolinting Standards have bc¢n followed, subject to any material departures disclosed and explained in the financial stalements; and prepare the financial statements on the going concern basis unless it is inappropriate to presutne that the charitsble company will continue in business. The trustees are responsible for keeping proper accounting r¢¢ords that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the 0Up and hence for taking r¢asonabl¢ steps for th¢ prevcntion and detection of fraud and other irregularities. In so far as the trustees are aware: th¢re is no relevant audit inforn]ation of wbicb the charitable company's auditor is unawar¢' and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditor is aware of that inforniation. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AUDITORS Simpson Wr¢ford LLP have expressed their willingness to continue as auditors and th¢iT reappointment will be proposed at the Annual General Meeting. The above report has been prepar¢d in accordanc¢ with th¢ sp¢¢ial provisions of Seclion 419(2) of the Companies Act 2006 relating to small companies. Approved by the Board of Trnstees on 5 December 2024 and signed on its behalf by: N Meguerdltchlan hair)
¥DEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUAGGY DEVELOP.IVIENT TRUST FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audit¢d the financial stakments of Quaggy Dcv¢lopment Trust (the 'Charity'} for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activitkes, Consolidated Balance Sheet, Consolidated Cash Flow Statement and the related notes to the fmancial statements, including a summary of significant accounting policics. The financial reporting framework that has been appli¢d in their preparation is applicable law and United Kingdom Accounting Standards, including FKnancial Reporting Standard 102: The Fin4Cl£ll Rq)orting Standard applÉcabl¢ in th¢ UK and Republic of Ireland (United Kingdotll G¢n¢rally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlllg Practicc; hav¢ b¢¢n prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion W¢ conducted our audit in ac¢ordan¢e with International Standards on Auditing (UK) (ISAS (UK)) alld applicable law. OLW responsibilities under those standards are further d¢scrib¢d in the Auditor's r¢sponsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordan¢¢ with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical standar and we have lfilled our other ethical responsibilities in accordance with 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 going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of accounting in the preparation of the financial stat¢m¢nts is not appropriate. or the trustces have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern b&sis of accounting for a perAod of at least twelve months from thc date when the financial stafrments are authorised for issue. Other information The ttustees are responsibEc for the other iThfonnation. Th¢ other inforniation Comprises the infornlation included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the fancIal statcments does not cov¢r th¢ other inforniation and, except to thc extent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion ther¢on. In connection with our audit of the financial statements, our responsibility is to read the other inforniation an in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowl¢dg¢ obtain¢d in the audit or othcnvisc appcars to be materially n]isstdted. If we i(lentify lUCh mat¢rial inconsistencies or apparent material misstatan¢nts, we are required to determine whether there is a material rnisstalcmLnt in thc financial statcmciits or a matcrial misstatcment of the other information. If, based on thc work we have perfonne( we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report An this regard.
ITIDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUAGCY DEVELOPIMEr TRUST FOR THE YEAR ENDED 31 ,VIARCH 2024 Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in th¢ course of the audit: the infom]ation given in the trustees, report (incoTpofdting the strategic report and the dir¢¢tor8' rq)ort) for the financial year for which the financial statements arc prepared is ¢onsist¢nt with the financial statements" and th¢ trust¢¢s' report (incoTporating the strdtegic report and the directors, report) have been prepared in accordance wilh applicable legal requirements. Matters on which we are required to report by exception In the light of the knowlcdgc and undcrstanding of the Charity and its environment obtained in the course of thc audit. we have not identified matcrial misstat¢ments in the Trustees, Annual Report. We have nothing to report in respect of the following matt¢rs in relation to which the Companies Act 2(K16 rcquires us to report to you if, in our opinion: adequate accounting recoriLs have not been kept or returns adequate for our audit have not been received from branch¢s not visikd by us" the financial statements are not in agreem¢nt with the accounting r¢rords and r¢turns" we have not obtained all the ij]foTmation and explanations necessary for the purposes of our audit" the directors were not entitl¢d to prepare thc financial statements in accordance with the small companies, regime and take advantage of th¢ small Companies, exemption in preparing the dir¢ctors' report and take advalltage of the small companies, exemption from the requirement to prepare a strategic report. Responsibilities of the trustees As explained more fully in the trustees, responsibilities statement set out on pag¢ 7, the trustees are Tesponsible 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 they deterniine is necessary t() ¢nabl¢ the preparation of financial statem¢nts that ar¢ frec from material misstatement, whether due to fraud or Cr. In preparing the financial statements, th¢ trustecs are responsible for assessing the Charity's ability to continu¢ 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 th¢ Charity or to ceas¢ opcrations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whethw the financial statthlents as a whole are free from maÈ¢rial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable &uranCe is a high l¢v¢l of 8ssuranLe but 15 not &1 guaranfre thilt lin audit Londucted in accordance with ISAS (UK) will always detect a material misstat¢m¢nt when it exists. Misstatements can arise from fraiid or error and are considered llMILYial if, individually or in the aggregate, they could reasonably bc ¢xpect¢d to influence the economic decisions of users taken on the basis of these financial statements. A further dcscription of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. [www.frc.org.uklaiiditorsr¢sponsibilities]. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud the engagement partner ensur¢d that the engagement team collectively had the appropriate competence, capabilities and skills to identify or re¢ognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the company through discussions with directors and other manag¢m¢nt, and from our commeTcial knowledge and experience of membership organisations and support services sector. we focus¢d on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, data protection and OFSTED regulations
INDEPENDENT AUDITOR'S REPORT TO THE.ME,MBERS OF QUAGGY DEVELOPl¥tENT TRUST FOR THE YEAR ENDED 31 MARCH 2024 we asscssed th¢ ¢xtent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. and identified laws and regulations were comtnunicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. Audlt response to rlsks Identified We assessed the susceptibility of the Charity's financlal statements to materiat misstaternent, including obtaining an understanding of how fraud might occur, by: making ¢nquiri¢s of management (IS to where thcy considcrcd there was susceptibility lo fraud, their knowledge of actual, Suspt¢d and alleged fraud. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and r¢gulations. To address the risk of fraud througb mallagement bias and override of controls, we: perforn]ed analytical procedures to identify any unusual or un¢xpect¢d r¢lationships' tested journal entries to identify unusual transactions. assessed whether judgements and assumptions madc in d¢tfflnining th¢ CoUntIng ¢stimat¢s set out in Note I were indicative of poieniial bias. and inv¢stigated the rationale behind signÈficant or unusual transactions. In response to the risk of irrearitieS and non-compliance with laws and regulations, we designed procedi which included, but were not limited to: agreeing financial statement disclosures to underlying siipporting documentation. enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with OFSTED. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to d¢t¢cl than those that arise from error as they may involve deliberate concealment or collusion. Use of our report This Teport is made solely to the Charity's m¢mbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our ld[t work has been undertaken t>0 th< wc might staic to the Charity's mcmbers those matters we quIred to state to them in an auditOT'S report and for no other puOSe. To the fullest extent penniiicd by law, we do not accept or assume responsibility to anyone other than the Charity's meinbers as a body. for our audit work. for this report, or for the opinions w¢ have fonncd. Michael Broder BS¢ FCA (Senior Statutory Auditor) for and on behalf of Simpson Wreford LLP, Statutory Auditor Wellesley House, Duke of Wellington Avenue, Royal Ars¢nal, London SEI 8 6SS Simpson Wreford LLP is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006 io
QUAGGY DEVELOPMENT TRUST CONSOLIDATED STATEMENL T OF FLNANCIAL ACTIvTfiES FOR THE YEAR ENDED31 MARCH 2024 (including consolidated income and expenditure account) 2024 2024 Unrestricted Restricted funds funds 2024 Total funds 2023 Total funds Notes Income Donations and legacies Charitable activities Investment income Oth¢r trading a1VitieS Oth¢r incom¢ 542 2,601,631 87.444 1.214 7.066 87,130 87,672 83,287 78,257 2,679,888 2,048,297 87,444 54,546 1,214 57,339 7.066 5.111 Total income 2 697 897 165 387 2 863 284 2 248 580 Expenditure Raising funds Charitable activities 88,411 110 386 2.328 721 1913 165 2.218 335 Total expenditsre 2 218 335 Iyet income before gains & losse5 oll investments 479,562 Net gains & losses on investments Gains/{loss¢s) on inv¢stment assets Net income 55,001 534,563 247,(X)4 59 985 539,547 3,923 55,001 (3,923) 594,548 231,(100 Transfers between funds Other recognised gains & losses Actuarial gains on defined benefit pensÉon scheme Net movement in funds 16 169 785 560,034 51,078 611.112 400,785 Reconeiliation of funds- Total funds brought fonvard as previously stated Prior Year Adjustm¢nt as restated 1,797,638 1,037,004 2.834,642 2,433,857 991 170 991.170 21 2,788,808 45,834 2,834,642 2,433,857 96 912 3.445 754 2.834.642 Total funds carried forward 15 The Statement of Financial Activities incliides all gains and losses recognised in the year. All amounts relate to continuing activities except for Income from Other Trading Activitiu (£1214, 2023: £57,339) and Expenditure on Raising Fiinds (£nil, 2023: £88,411), which r¢latc to an activity which was discontiniied on 31 March 2023. The result from this discontiniied activity was a siw)lus of £1,214 (2023- d defiLIt of £.11,072). All olhcr amounts relate to continuAng activities, being income amounting to £2.862,070 (2023.. £2,191,241), expenditure of £2,328,721 (2023: £1,913,165), net income before gains and losses on investments of £533,349 (2023: £278,076) and net movement in funds of £609,898 (2023: £431,857). Th¢ notes oll pages 14 to 28 fonn part of these financial statements.
QUAGGY DEVELOPIMENT TRUST CONSOLIDATED BALNCE SHEET AS AT 31 IL IARCH 2024 Group 2024 Charity 2024 2023 (as restated) Notes 2023 (A$ re$tated) Fixed #ssets Tangible assets Investments li 12 173.760 178,750 1817.119 1757 134 173,760 178,750 1817 120 1.757 135 1,990,879 1,935,884 1,990,880 1,935,885 Current assets Debtors Cash at bank and in hand 13 96,829 36,742 1.645 370 1 133.458 97,242 65,652 1.644.618 1104.387 1,742,199 1,170,200 1,741,860 1,170,039 Creditors: amounts faIling du¢ within on¢ year 14 287 324 285 685) 258.484 Net current assets 1.454 875 906 042 1456 175 91 l.555 Total assets less current liabilities 3,445,754 2,841,926 3,447,055 2.847,440 Defined benefit pension scheme Total assets less liabilities 16 7.284 Funds (as re$tated- note 21) Unrestricted general fiu]d Unrestricted designated funds Unrestricted r¢valiiation SerVe Restricted funds 1,601,724 1,612,057 1,501,552 991,170 245,566 185,581 1,603,025 1,617,571 1,501,552 991,170 245,566 185,581 96.912 45.834 Total funds 15 3,445.154 2 8 3.447 055 2 The directors have prepared group accounts Èn accordance with section 398 of the compani Act 2006 and section 138 of the Charities Act 2011. Th¢ company is entitled to the exemption from the audit requirement ¢ontain¢d in section 477 of the Companies Act 2006. for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 201 l. No m¢mb¢r of the ¢oJnpany has deposited a notice, pursuant to sertion 476, requiring an audit of these accounts under the ruIreMentS of th¢ Companies Act 2006. Thes¢ financial slatements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006. The fmancial statements on pag¢s I I to 28 wer¢ approved by t]]¢ Trustees on 26 November 2024 and are signed on their behalf by: S C Riley (Treasurer and Vice-chair) Truste Company number: 04749158 (England and Wales). Charity number: 1109711. 12
QUAGGY DEVELOPMENT TRUST COIYSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR Eh'DED 31 MARCH 2024 2024 2023 Cash generated by operating activities 20 445.098 174 750 Cash floivs from Invesdng acdvities Dividends, interest and rents from investments Purchas¢ of inv¢stm¢nts Purchase of tangible fixed assets 87,444 51,607 (800,000) 20.630 Cash generated by /(used in) investing activities Increase/(decrease) in cash and cash equivalents in the year 511912 573.643 Cash and cash cquivalents at th¢ begiLming of tbe year 1133 458 1707.101 Total cash and cash equivalents at th¢ end of the year 13
QUAGGY DEVELOPMELYT TRUST NOTES TO THE ACCOUliTS FOR THE YEAR ENDED 31 MARCH 2024 l. Principal accounting policies Company information Quaggy Development Trust is a Charitable Company Limitcd by Guarantee incorporated in England and Wales, registration number 04749158. The r¢gistcrd oifice is Quaggy Childrens Centre, Orchard Hill, London, SEI 3 7QZ. Basis ofaccounting The financial statcments have bccn pr¢par¢d in accordance with "AcLounting and Reporting by CFJarities'. Statement of Recommended Practice applicable to charities praring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ircland (FRS 102) (Cffectivc l January 20 I9)" _ (Charities SORP (FRS 102)}, the Financial Rq)orting Standard applicable in the UK and Republi of Ireland IFRS 102) and the Companies Act 2006. Quaggy D¢v¢lopment 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 otherwise stated in th¢ relevant accounting policy. The financial statements are prepared in sterling, which is the functional GuenCY of th¢ charity. Mon¢tary amounts in th¢s¢ financial statements are round¢d to the nearest pound. The fmallcial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value or amortised cost. The principal accounting policies adopted are set out below. Groupfinancial statements The financial statements consolidate the results of the charity and its wholly owned subsidiary, Quaggy Café At Parkside Limited, on a line by lin¢ basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trnst taken advantage of the exemption afforded by section 408 of the Companies Act 2006. Income Income is recognised dependent on thc natu ofihe incom¢ receivable.. Nurscry and crcche Iccs arc accountcd for on an accrual basis. Any fees received in advance are deferred and included in the Statement of Financial Activities in th¢ year the fces relat¢ to. Donations are recognised when ihc charity is legally entitled to the income. Grants, including grants for fixed assets, are recognised within the accounts as they become reLeivable. Grants receÉved in the accounting period in respect of tll[e accounting periods are defeTTed until those periods. Other trading activitics relatc to incomc dcrivcd from the subsidiary company and are recognÈsed at fair value upon transfer of goods or at the time of a servic¢ being provided. Other income. including bank interest, is aCcolted for on an accrual basis once the income becomes receivable and that amount can be measured reliably by the charity. Donated services and donated facilities arc recognised as income when the charity has control over the it¢m, lilly Londitions a55ociat¥d with thL donalcd ilcm have b¢en met, the receipt Df economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and donated facilities are recognised on the basis of the valiie of the gift to the charity which is the amount the charity would hav¢ been willing to pay to obtain services or facilities of equivalent economic benefit on the open market, a coffesponding amount is then r¢cOlS¢d in ¢xpellditur¢ in the period of receipt. 14
QUAGGY DEVELOPIMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ELYDED 31 MARCH 2024 l. Prfincipal Accounting Poll¢les (continued) Expendilure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. ExpenditUTe is classlfied under the following activity headings: Costs of raising fidS comprise the costs of cotntnercial trading and includes wage costs of employees, time spent and their associated support costs. Expcnditure on charitabl¢ activities includes the costs of running community projects and the children's seThices, undertaken to further the purposes of the Charity and their associated support costs. Grants payabl¢ are account¢d for on an accrual basis and are accounted for in charitable activities and recognised in th¢ rcstrict¢d funds to which they relate if applicable. Grants payable to third parties ai¢ within thc charitable objectives. Where unconditional grants are offered, this is accrll as soon as the r¢cipicnt is notifi¢d of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Allocation ofsupport costs Support costs which are attributsble to more than one activity, are apportioned across cost categories on the basis of an estimate of th¢ proportion oftime spent by staff on those activities. The apportionment is defin¢d as either direct or indire¢t. Investments Investment property, which is propety held to earn rentals andjor for Capital appreciation, is initially recognised at cost, which includes the piwchase cost and any directly attributable expenditure. Subsequently it is measur¢d at fair value at the reporting end date. Fair value is deterniined by tbe Trustees using freely availabl¢ inf0mtion from intcrn¢t sites such as Rightmove and Zoopla. The SUTplus or d¢ficit on revaluation is recognised in the Statement of Financial A¢tiviti¢s. Investments in equity instnunents are m¢asur¢d initially at fair value. which ig usually the transaction price. Subsequent to initial recognition, investments that can be valued reliably are measured at fair value with changes in value recognised in the Statement of Financial Activiti¢s. Other investments are measured at Cost less any impairnient (ognIsed in the Statement of Financial Activities). Tangiblefixed assets Individual fixed assets with a cost of more than £800 are capitalised at cost and depreciated over their expected useful life. as follows: Plant and machinery, consisting of: Kitchen equipment I'oys and play ¢quipm¢nt Officc cquipment, consisting of: OfFice equipment Computers Leasehold improv¢ments 200/0 Straight line 25 /0 straight line 15 /0 straight line 250/0 straight line over the period of the lease Stock Stocks ar¢ valued at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at th¢ s¢ttl¢m¢Tht amount due aft¢r trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 15
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EllED 31 MARCH 2024 l. Princfipal Accountlng PoMcle$ (contlnued) Cash at bank and in kand Cash at bank alld cash iti hand includes cash and short te 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. Creditors andprovisions Creditors and provisions are recogniscd where the clwity has a present obligation r&sulting from a p&st ¢v¢nt that will probably result in the transfer of ftmds to a third paty and the amount due to settle the obligation can b¢ measur¢d or estimated reliably. Creditors and provisions norn]ally recognised at their settlement amount aftcr allowing for any trad¢ discount due. Operating lease conipnilments Rentals paid under operating leases are charged on a straight-line basis over the Icasc tcrni. Going concern At the tim¢ of approving th¢ financial statements, the trnstees have a reasonable expectstion that the charity has adequate resources to continue in opcrational existence for the foreseeabl¢ futhre. Thus, th¢ trustees continue to adopt the going oonG¢rn ba5É5 Qf accounting in prwaring thc financial statements. Pensions Retirement benefits to two of the anploy¢es of the charity arc provided by the Local Government Pension Scheme ('LGPS'). This is a defined benefit scheme, the assets of which are held separately from those of the charity. The LGPS is a fimded scheme and the assets are held separately from those of th¢ charity in separate trustee administered fiinds. Pension scheme assets arc measured at fair value and the liabilities are measured on an actuarial basis using the projected unit method and discoullted at a rate equivalent to th¢ current rate of return on a high quality coOrate bond of equivalent terni and CUencY to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating SUTplus ar¢ the currcnt service costs and gains and losses on settlements and curtailn]ents. They are incILed as part of staff costs. Past service costs are recognised immediately if the benefits have vesteiL If the benefits have not vested imtnediately, the costs are recognised over the period until v¢sting occurs. The expected return on asseLs and the interest cost are shown as a nct financc amount of other finance cost or cr¢dits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses. The Charity also operates a defm¢d contribution pension scheme. Th¢ asscts of this scheme are also held separately from those of ihc Charily in an indcpcndcnily administered funiL Contributions ar¢ charg¢d to tbc Statement of Financial Activities as they become payable. Pension contiibutions allocated betwe r¢strict¢d and unrestricted llds based on the time spent by staff. rinancial insÉntments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic fllMicial instruments are initially recognised at transaction value and subsequently nicasured at their settlement value. Legal status of the Trust The Trnst is a company limited by guarantee and has no share capital. In th¢ ¢vent of th¢ charity being wound up, the liability iii respect of the guarantee is limited to £1 per member of the charity. 16
QUAGGY DEVELOPMENT TRUST OTES TO THE ACCOUNTS FOR THE YEAR EYI DED 31 MARCH 2024 l. Prlnclpal Accountlng Pollcles (continued) Fund accounling General fimds are unrestricted funds which are available for use at the discretion of the Trnstees in furtherance of the general objectiv¢s of the charity and which have not be¢n designated for oiher PUTposes. Restrict funds arc funds madc to the charity which are to be used in accordance with specific restrictions imposed by donors. Th¢ cost of raising and adfflinistering such funds are charged against the specifLC fulld. The aim and use of material restricted funds is set out in note 16 to the fancial statcmcnts. Designated fLmds are unrestricted funds which hav¢ b¢¢n designated by the Trustees for a specific Pu05e. 2. Financial performance of the Charity The consolidated statement of financial activity includes the resulLs of the Charity's wholly own¢d subsidiary, Quaggy Café at Parkside Limited. The SUMM financial perfonnance of the Cbarity alone is: 2024 2023 Incom¢ Exp¢nditur¢ Provision against loan to Quaggy café at Parkside Limited 2,862,069 2.191,241 (2,328,719) (1,913,166) 3.000 113.550) 530,350 164,525 Losses on investment assets Actuarial gains on defined benefit p¢nsion schem¢ Net income 59,985 (16,004) 169 785 606,899 318,306 Funds brought forward Total funds carried forward 2.840 156 2 521850 3414 055 284fj 156 Reprented by.. Restricted funds lJnrcstrictcd funds (as restated) 96.912 45.834 3.350.143 2.794 322 3 M7.QSS 2 840 156 3. Donations income 2024 202.3 Nolional rent - restTlCted Other donations - restricted 82,000 5.130 82,000 200 Total restricted 87,130 542 82,200 Other donations - unrestricted Total donations The local council provides the buildings, from which the Quaggy Children's Centre and Nursery and Margaret Bondfield Nursery are run, free of charge. Notional rent is an estimated conttibution of the cost to the Charity if the facilitics wer¢ to be provided by third party. 17
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 4. Charitsble activities income Unrestricted Restricted Funds Funds Total 2024 Nursery and crèche fees Start Well Cffeenwich West contract {designated) Family Hub income (d¢signat¢d) Other grant income Catering income Other community work income 810.825 1,340,151 390,000 810.825 1,340,151 390,000 78,257 196 78,257 196 2023 (as restated- see note 21) Nursery and crèche fees Start Well Greenwich West contract (designated) Other grant income Catering income Other community work income 670,940 1,311,817 670,940 1,311,817 19,277 83 19,277 83 46.180 2029020 5. Investment income 2024 2023 Rental income Dividends received Bank int¢T¢St 35,376 51,560 508 33,491 20,943 112 All amounts relate to unrestricted funds. 6. Commerclal trading operations Thc wholly owned subsidiary. Quaggy Café at Parkside Limite(L is incorporated in the United Kingdom (company number 10642622). Lntil 31 March 2023, the subsidiary company operated a community café located near to QLiaggy Childrens Centre. All amounts shown relate to discolltiniied activities. summary financial perfonnance of th¢ subsidiary alone is: 2024 2023 Turnover and other operating incom¢ Cost of sales and administrative ¢xp¢ns¢s Net profit/(loss) retained in subsidiary 1,214 57,339 Thc asscts and liabilities of the subsidiary were.. Ciirrent assets Current liabilities 752 118.601 30,161 (149.224 Total n¢t liabilities Aggregate share capital and reserves (ll7.842I 18
QUAGGY DEVELOPMENT TRUST ¥OTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 7. Operating profit 2024 2023 This is stated after ¢harging-. Depreciation of owned fixed assets AuditOT'S retnuneration Audit of tbe financial statcmcnts Other services 25,620 34,860 10,200 228 8,700 807 8. Ral$lng funds expenditure 2024 2023 Conrnercial trading operations- note 6 Fundraising expenditure 88,411 9. Charitable activities expenditure Unrestrlcted funds General Designated Restricted fllnds Total 2024 Staff costs including expenses (note 10) Grant paid to partner organisation Pr¢mis¢s, utiliti¢s and ¢quipm¢nt Community activities NuTsery and crèche Office, computers and communications Legal and professional Depreciation Sundry expenses Audit and accountancy fees 789,638 700,567 178,500 53,004 81,944 10,721 63,164 19,100 4,189 12,843 8.919 6,909 1,497,114 178,500 280,002 143,921 47,825 86,337 21,060 25,620 29,792 18.549 143,800 52,572 32,487 21,807 1,960 21,431 12,059 9.630 83,198 9,405 4,617 1,366 4,891 l.Q85. 84 721 2023 (as restated - note 21) Staff Costs including expenses (not¢ 10) Grant paid to partner organisation Premises, utilities and equipment Community activities Nursery and crèche Office, compiiters and con)mimications L¢gal and professional Depreciation Sundry expenses Audit and accountancy fees 715,503 657,226 1,372,729 99,786 41,789 27,446 16,001 5,324 22,292 12,071 54,765 81,437 13,376 27,870 22,697 12,568 3,745 82,590 237,141 123,226 40,822 43,871 28,021 34,860 18,978 13.517 3,162 Legal and professional fces and Aiidit and accountancy fees constitute Governance costs and relate wholly lo Charitable Activities so have been allocated in their entirety to Expenditure on Charitable Activities. 19
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EII'DED 31 IVIARCH 2024 10. Staff costs and numbers 2024 2023 Salaries and wages Key managcmcnt remuneration Social security costs Defined contribution pension costs P¢nsion servicc cost 1,141,125 1,080.545 154,549 151,227 118,298 109,749 24,509 21,341 13.122 451555 1375 One employee, who is included above within k¢y management. received emoluments of between £90.001 and £IOO,000 both in the current year and the comparative year. Another employee, also included within key nwmgement, I¢ceivcd emolumcnts of between £60,001 and £70,000 in the compaTative year only. No othcr cmployee received emoluments of more than £60,000 in either year. The average monthly number of employees during the year was as follows: 2024 2023 Nursery, Children Centre, Counselling and Community Staff Management and administration Other support services Quaggy Café at Parkside 40 10 38 10 No remuneration was paid to any of the Trnstees in the year and none of the Trustees were reimbursed any expenses in the year. I l. Tangible fixed assets - Group Leasehold Office Plant & Kitchen improvements equipment machinery equipment Total Cost or valuation At l April 2023 Additions Disposals At 3l Marcb 2024 302,355 13,21M) 157,225 7.430 78,38l 1,728 539,689 20,630 315 555 Depreciation At l April 2023 Charge for thc year Eliminated on disposals At 31 March 2024 130,518 20,220 150,312 5,400 78,381 1,728 360,939 25,620 384.831 Net book value At 31 March 2024 164 817 At 31 March 2023 171837 178 750 20
QUAGGY DEVELOPMENT TRUST -NOTES TO THE ACCOUIITS FOR THE YEAR E.NDED 31 MARCH 2024 11. Tangible fixed assets - Charity Leasehold OITice Plant & improvements equipment machinery Total Cost or valuatlon At l April 2023 Additions Disp)sals At 31 March 2024 302,355 13,200 157,225 7,430 78,381 537.961 20,630 Depreciation At l April 2023 Charge for the year At 31 March 2024 130,518 150,312 78,381 359,211 150..718 IL4 831 Net book value At 31 March 2024 164 817 173.760 At 31 March 2023 171837 178 750 12. Investments Investment Investments properties Total Group Valuation At l April 2023 Additions Revaluation 797,134 960,000 1,757,134 59.985 59.985 At 31 March 2024 857.119 960.000 1 Charity Valuation At l April 2023 Additions Revaliiation 797,135 960,000 1,757,135 59.985 At 3 l March 2024 7.120 1817 120 The investment in subsidiary relales to the entire ordinary share capital of Quaggy Café at Parkside Limited and the details of this company are provided in note 6 to these financial statements. Investments comprise: Group Charity 2024 2023 2024 2023 COIF Charities Investment Fund Cazenove Charity Responsible Multi-Asset Fund Investment in subsidiary Total funds 444,241 412,878 406,870 390.264 444,241 412.878 406,870 390,264 57.119 4 857 120 21
QUAGGY DEVELoPmET TRUST NOTES TO THE ACCOThYS FOR THE YEAR ENDED 31 MARCH 2024 13. Debtors Group 2024 2023 Charity 2024 2023 Tradc debtors Other debtors Amounts owed by group undertakings Prepayments and accrued income 44,337 12,787 3,485 13,936 44,337 12,787 413 3,485 12,846 30,000 14. Creditors Group 2024 2023 Charity 2024 2023 Trade creditors Accruals and deferred income Other creditors 98,674 23,653 118,543 200,642 98,433 117,145 70.L07 23,109 195,512 24 2 5685 4 15. Reserves At l April 2023 as restated Incomlng Resources Galns & (Note 21) resources expeJAded 105se$ At 31 March 2024 Transfers unrtrIctedfvrtds General funds (net) DesigHatedfynds RBG West area SWG RBG Family Hub RevaIltion reserve 1,612.057 967,746 (1,085,384) 107,305 1.601,724 991,170 1,340,151 (918,993} 16,564 390,000 (213.958) (96,188) 1,332,704 (7,194) 168,848 245.566 185,581 Tolal designatedfvnds Total unr¢strict¢d funds 1.176,571 1,730,151 (1,132,951) 76,549 (103,382} 1,747,118 2.788.808 2.697.897 2.218 335 3 923 3.348.842 Restricfedfunds Children-in-need grant RBG Perinatal grant (l) RBG Perinatal grant (2) RBG Perinatal grant (3) Notional rent - QCC Notional rent - MBN, RBG Food Panty fLU]d RBG Wann Spaces grant RBG Community fund grant Tree Fund Hardship grant Total restricted funds 5,197 21,970 5,197 21,970 35,989 22,180 40,258 36,203 39,000 43,000 1,045 (4,269) (14,023) (39.000) (43,000) (4,004) (1,032) (1,535) 10,200 1,032 6,169 {3,923) 3,318 751 130 5.000 5,385 130 2.743 45.834 165.387 110386 3.923 96.912 Totsl funds 34.642 2.263,284 I51.1 3 445 754 22
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EI¥DED 31 MARCH 2024 IS. Reserves (eontinued) UnTtrictedfvnd - The revaluation reserve relates to investments. RBG West area SWG and RBG Family Hub late to fimds received from the Royal Borough of Greenwich to delivcr the "Start W¢ll Greellwich" Childrcn's C¢ntr¢ Contract in the Greenwich West area for a period of five years from l April 2020 and Family Hub services, respectively. ResÉrictedfvndy Children-in-Need - Funding received from BBC Children-in-need for a project entitled "ThAnk aloud - Document your Pandemic" RBG Perinatal Services- Funding received from Royal Borough of Greenwich for Perinatal Services. Notional Rent QCC and MBN r¢pr¢sents estillmtcs of the rent that would be payable for the pr¢miscs from which Quaggy Children's Centr¢ and Margaret Bondfield Nurseries operate if they were not provided rent- free by the Royal Borough of Greenwich. The estimates are included as donations in note 3 and expenditure in note 9. RBG Food Pantry Fund relates to a grant received from Royal Borough of Greenwich for the ¢stablishm¢nt of a Food Panty Scheme. RBG Warni Spaces Grant relates to a grant received from Royal Borough of Grecnwich for th¢ ¢stablishment of Warm Spaces during early 2023. RBG Community Fund Grant relates to a grant received from the Royal Borough of Greenwich's Small Community Fund to help thos¢ in need with paying energy bills. Hardship Grant relates to funds rec¢iv¢d to PTovide financial support to families suffering hardship. 16. Pension commitments - group and charity During the year, the charity employed two (2023: two) members of staff who belonged to the Local Government Pension Scheme (LGPS), a defined benefit pension scheme managed by a local authority. The pension costs ar¢ assessed in accordance with the advice of independ¢nt qualifi¢d actuari¢s. The lat¢st actuarial valuation related to the year ¢nded 31 March 2024. ThcrL wcr¢ no outstanding or prcpaid contributÉons at either the beginning or the ¢nd of the fllwicial year. Local Government Pension Scheme (LGPS) The charity is one of the several employing bodies included within the Locdl Government Pension Scheme. The LGPS is a funded defmed-benefit schemL, wilh ihc assets held in separate trustee-administered funds. The total employer's contribiition foT the year ended 31 March 2024 was £13,074 (2023: £13,122) representing Li contribution rale of18.6 /. Principal Activity Asstimptions 2024 2023 Rate of increase in salaTies Rate of increase in pensions Discounted rate for liabilities Inflation rate The return on the Fimd is estimated to be 7.7 % 3.90 2.90 4.95 3.10 3.90 2.90 4.80 10.10 23
QUAGGY DEVELOPME,)T TRUST NOTES TO THE ACCOUYTS FOR THE YEAR ENDED 31 MARCH 2024 16. Pension commitments - group and charity (Continued) Mortality assumptions The assumed life expectations on retirement at age 65 ar¢: 2024 2023 Retiring today Males Females 19.3 22.7 19.6 23.0 Retiring in 20years Males Females 20.6 24.2 21.0 24.5 Analysis ofamounts recognised in the Statement ofFinancial Activitias 2024 2023 Cutrent service cost Net interest on defined benefit liability Administration expenses Totsl expenditure to be recognised in the SOFA 11,935 40 126 31,478 4,349 iio Value of scheme assets and liabilities Equities Bonds Propety Cash UK & Overseas unit trusts 101,903 43,473 18,361 3,949 84,145 36,085 15,847 2,723 Market value of assets 190,082 158,612 Pr&qent value of scheme liabilities- funded 180.802 165 896 Nct pension assetl(deficit) in scheme 280 In accordanc¢ with the requirements of FRS 102, the Pension asset has not been recognised on the Balance Sh¢¢t. The expected return on assets, other than bonds, is calculated using an economic scenario generator that uses probability distributions to project a range of possible outcomes for the behaviour of asset returns and economic variable. Expected returns on bond assets are derived from the yields applicable to the accounting date on suitable bond indices. 24
QUAGGY DEVELOPMEINT TRUST NOTES TO THE ACCOLryTS FOR THE YEAR ENI)ED 31 MARCH 2024 16. Pension commltments - group and charity (continued) Analysis ofapnounÈ chargeable to the Statement ofFinancial Activities (SOFA) 2024 2023 Return of fund assets in excess of Interest Other aCtu(la1 gains/(losses) on assets Change in fmancial assumptions Change in demographic assumptions Experience (loss)/gain on defined benefit obligation Change in effect of asset ceiling Remeasiwement of the nct a5S¢tsl(defined liability) 4,868 (9,496) (28,846) 206,764 16,215 7,963 8,476 2,344 (97) 15 192 600 Movements inpresent value ofdefined benefit obligations." Liabilities at l April 2023 165,896 350,719 Current service cost Contributions from scheme members Change in financial assumptions Change in demoaphiC assumptions Liabilities assumed on settlements Experience gain on defmed benefit obligation Past scrvice Cost Interest cost 11,935 31,478 5,598 5,626 (8,476) (206,764) (2,344) (16,215) 97 (7,963) At 31 March 2024 180 802 165 Movements in thefair value ofFund (Lssels Fair value of assets at l April 2023 Int¢St on assets Return on &ssets less int¢r¢st Actuarial loss Administration expcnses Settlement prices r¢ceived l (paid) Contributions by employer Contributions by scherne members Fafir value of assets at 31 Marcb 2024 158,612 8,056 4,868 173,650 4,666 (9,496) (28,846) (iio) (126) l3,074 13,122 25
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17. Other fjnanclal commfitment$ At the year cnd thc Charity had annual commitments under non-callcellable operating lease in relation to the Nursery at Parksid¢ Squar¢, L£wisham, SEIO 8FN as set out below: 2024 2023 Falling due within one year Falling duc between two and fivc ycars Falling due in more than five y¢ars 28,000 112,000 28,000 112,000 All operating lease payments are charged to the SOFA as they fall due. 18.Analysis of group net assets behveen fund5 Unrestricted Restricted funds funds Total 2024 Fixed assets Cash at bank and in hand Other net current liabilities Pension sch¢m¢ provision 1,990,879 1,548,458 (190,495) 1,990,879 1,645,370 (190,495) 96,912 3.348.842 2023 (as restated- note 21) Fix¢d assets Cash at bank and in hand Other net cu¢llt liabilities Pension scheme provision 1,935,884 1,935,884 (22,829) 1,156,287 1,133,458 (115,417) (111,999) (227,416) 7.284 7.284 1797 638 1 Q31.Q04 2 834 642 19. Related parties At 31 March 2024, the charity was owed £116,964 (2023: £143,550) by ils subsidiary, Quaggy C(Ifé at Parkside Limited. During the year, the charity made a provision against this balance of £3,000 in addition to a provision of £113,550 made in the pr¢vioL year leaving a recoverabl¢ balance ot £414 (2023: £30,000). During the year, the charity re¢eiiied income amounting to £3,479 (2023.. £6,921) from The Wash House Youth Project, a charity of which S C RÉley* a Trustce, is also a Trustee. 26
QUAGGY DEVELOPMENT TRUST 'OTES TO THE ACCOLINTS FOR THE YEAR EED 31 MARCH 2024 20. ReconciliAtion of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in ndS Depreciation charge Losses on investments Dividends, interest and rents from investments Decrease in defmed benefit pension liability Decrease in stocks Uncrease)/decrease in debtors {Decrease} in creditors N¢t cash providcd by op¢rating activities 611,112 400,785 25,620 34,860 (59,985) 16,004 (87,444) (54,546) (16,564) (169,785) 188 (6,598) 46.158 (50,807) 23 166 174 750 21.Prior year adjustment During the year, and following the receipt of Family Hub funding, th¢ Trustees undertook a rcvi¢w of the treatment of income received including considering the treatment of income received under th¢ Greenwich Greenwich West Children's Centre contract from thc Royal Borough of Greenwich (RBG). The conclusion of this review, which was discussed with and agre by the Charity's auditors and which mirrors the approach adopted by other organisations which receive income from RBG und¢r Children's Centre contracts, was that the in¢ome is not restricted. The Trustees also agreed that theywould operate the contract as a designated fiind. As a result of this revi¢w, the balance brought forwards at l April 2023 was treated as Unrestricted and Designated with transwtions from the prior period being restated accordingly. This restatement bad no effect on the overall result for the year ended 31 March 2023 or on the total fijnds of the Charity as at 31 March 2023. A summary of the effect of this change on the Statement of Financial Activities for the year ended 31 March 2023 and the Balance Sheets as at 31 March 2023 is Set out b¢low: silmma Statenient ofFinancial Activitiesfor the year ended 31 March 2023 As orlglnally Prlor perlod stated adjustment As rcstated Income Unrcstrictcd incom¢ Restricted income 835,286 1.413.294 1,311,817 2,147,103 1311.817 101.477 Total income 2.248.580 2.248.580 Expenditure Unrestricted expellditure Restrict¢d expenditure Total exp¢nditur¢ Wet income/(expenditure) before gains & losses on investments Unrestricted (201,030) Restricted 448.034 1,036,316 965 260 879,508 1,915,824 879 508 85.752 2.001.576 2.001.576 432,309 432.309 231,279 15.725 Total 247.004 247.004 27
QUAGGY DEVELOPMENT TRUST OTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 21.Prior year adjustment (colltinued) Summary Statement ofFinan¢ialActivitiesfor theyear ended 31 March 2023 As originally Prior period stated adjustment reststed Net incomel(expenditure) Unrestricted R¢stricted (217,034) 448.034 432,309 432 309 215,275 15.725 Total 231000 231.000 Transfers betsyeen funds Unrestricted Restricted 151,400 151400) (151,400) Total Other recognised gains and losses Unrestricted RestrÈcted 177,069 (7,284) 169,785 Total 169 785 169.785 Net movement in funds Unr¢stricted Restricted 111,435 289 350 273,625 273.625 385,060 15.725 Total 400 785 Funds as at l Aprll 2022 Uniestricted Restricted 1,686,203 747.654 717,545 2,403,748 717.545 30.109 Total 2.433.857 2.433.857 Funds as at 31 March 2023 Unr¢stri¢ted Restricted 1,797,638 1037.004 717,545 2,515,183 717 545 319.459 Total 2 834 642 2 834.642 28