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
I0￿￿ch￿dren aftd fami7i8s

QUAGGY DEvELoP￿￿E￿T 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 DEVELoP￿￿￿T 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 cl￿rItieS 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 Childr￿S 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:
Tn￿tee$
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 Tn￿lees. 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 I￿IARCH 2024
STRL'CTURE, GOVERNLNCE AND MANAGEMEwf (continued)
Trustees, Induction and Training
New T￿￿teeS 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 R￿oU[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 Ch￿lty 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 f￿st 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 an￿or 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
ACHIEVE1￿NTs 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.
D￿Ing 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, REsPO￿SIBlLITIEs
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 ELS￿ED 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
Fin4￿Cl£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
f￿ancIal 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 DEVELOPIME￿r 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 C￿r.
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 maȢrial 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, Susp￿t¢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 irre￿￿aritieS 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&lt 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 pu￿OSe. 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 a￿1VitieS
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 BAL￿NCE 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 r￿uIreMentS 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 pr￿aring 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 Gu￿enCY 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 aCcol￿ted 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¢cO￿lS¢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 fi￿dS 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¢ inf0m￿tion 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 Ell￿ED 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 co￿Orate bond of equivalent terni and CU￿encY 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 incIL￿ed 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 f￿ancial statcmcnts.
Designated fLmds are unrestricted funds which hav¢ b¢¢n designated by the Trustees for a specific Pu￿05e.
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
Repre￿nted 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 DEVELoPmE￿T 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
unr￿trIctedfvrtds
General funds (net)
DesigHatedfynds
RBG West area SWG
RBG Family Hub
RevaIl￿tion 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)
UnT￿trictedfvnd￿ - 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 demo￿aphiC 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 E￿￿ED 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