Company number.. 4749158 Charit), Nurnber.. 1109711 QUAGGY DEVELOPMENT TRUST (A Charitable Company Limited by Guarantee) ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 QUAGGY DEVELOPMENT TRUST Improving thè lives ol loeal ¢hlldren andlamilles
QUAGGY DEVELOPMENT TRUST CONTENTS Page Legal & administrative infomiation Report of tlie Trustees Independent Auditor's report 8- 10 Accounts comprising: Consolidated Statement of financial activities Consolidated Balance sl)eet 12 Consolidated Statement of cashfloivs 13 Notes to the accounts 14-26
QUAGGY DEVELOPL%IENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees Natalie M¢gu¢rditchian (Chair) Naomi Delap Simon Riley (Treasurer and Vice-chair) B¢atric¢ Panduru Jonathan Qureshi Ke}, Management Joanna Lawrencc (Dir¢ctor) Dawn Brown (Director) Timotliy RogLrson (Financc Director) Registered office Quaggy Childrens Centre Orchard Hill London SE13 7QZ Company Secretary Timothy Rogcrson FCA Bankers National Westminster Bank PIC 143 Higli Street Bromlcy BRI IJH Auditor Simpson WrLford LLP Wellesley Hoiise Duke ofwelling7ton Avenue Royal Arscnal London SE186SS Company number 04749158 Charitv number 1109711
QUAGGY DEVELOPNIENT TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The trustees (who are also the directors of the charitable company for the purposcs of company law) are pleased
to present their report together ivith the consolidated financial statements of the Charity for the year ended 31
March 2025 which are also prepared to meet the requirements for a direclors. report and accounts for Companies
Act puryoscs. The infom)ation show'n on page I fomis part of this rcporl.
The financial statements comply with the Charities Act 201 I, the Companies Act 2006, the Memorandum and
Articlcs of Association. and 'Accounting and Reporting by Cliarilics: Statcmcnl of RLcommcndLd Practicc
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable
in the UK and Republic of Ireland (FRS 102) (effective l January 2019)"
STRUCTURE, GOVERNANCE AND lANAGEIENT
Governing Docun)ent
Quaggy Development Trust (QDT) is a company limited by gu&rantee, governed by its Memorandum and
ArticlLs of AssoLiation datcd 30 April 2003 (company numbcr 4749158). Revised Articles of Association wcrc
adopted on l D¢cember 20? l. The Charily was registered as a charity With tlie Charity Commission on 26 May
2()1)5. Since l December 2021 the only members of the company have been ils Trustees. M¢mbers have agreed
to contributc £ l in ihc cvcnt of thc charity bcing ivound up.
The principal operating ddresS is Quaggy Childrens Cenlre, Orchard Hill, London SE13 7QZ.
Charltv governance
The Charity is governed by its board comprising Trubtees and Key Management. This groiip is responsible for
Ihe Charity's operations. If a vote is required, only those who arc Trustees have the po,er to register a vote.
The Board Members of the charitable company throughout the year and to ihe date of signing of this report,
except ii'here indiLated, itre
QUAGGY DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Trustees, Induction and Training Neiv Trustees and Key Maiiagement undergo an orientation meeting to brief them on their legal obligations under charity and con)pany laiv, the content of the Memorandum and Articles of Association, the Committee and decision-making processes, business plans and recent tinancial perfomiance of the Charity. During the induction process, tlie}' meet k"e>' employees and oiher Trustees and are given a Trustees, information pack containing comprehensive guidance notes relating to their role. Internal training sessions are lield for Triistees on an annual basis after their initial induction and Trustees are encouraged to attend appropriate external training events ivhere these ivill facililate the undertaking of their role. Organisation The Board of Triistees delegates day to day management of the charity to the nianagement team. The Board's regular meetings are quarterly folloiving meetings of the Human Resources and Finance siib-committees. The responsibilities of these siib-committees are set out in their ternis of reference. It nieets at other times to transact specific business as required. Related Parties The charit). oivns IOOO/o of the share capilal in Quaggy Cafe at Parkside Limited, Ivhich ceased trading7 at 31 March 2023. The trading conipclny's accounts have been consolidated into these accounts. Apart from the subsidiary the only other related parties are the Triistees and Key Management. The charity maintains a close ivorkingi relationship ivith the Ro>'al Borougli of Greenivich. Risk Management A comprehensive risk assessment revieiv, in line iN'iih Charity Commission gjiiidance, Ivas iindertak.en bj, the senior leadership teaiii <1nd Trustees in tlie first qiiarter of ?O?O. The areas of risk coiisidered il'ere governance, exlernal, regulatory, and compliance, financial and operational. The Triistees support the need for risks to be kept under regular revieiv. The Risk Register is revieived at least every six months and more regyularly ir appropriate. The folloiving g?eneral principles underpin the risk management processes: Evaluatioi) ot" risk forii)s part of stratebyic and bLisiiiess planiiiiigv, aiid investment and project appraisal; Risk manaLFement enslires tliat the application of internal controls is proportionate to the risk the controls are desigined to manag?e' Maiiagers and staff at all levels liave a responsibility to identif),, evalLiale and managye or report risks. OIN nersliip of risk- is al located to individiials best placed to manage the risk - i.e. they have the authority. and necessary. resoLirces to mana(ye the risk; QDT foslers <2 Lulture ii,hich spreads best practice, lessons learned and expertise acquired from risk tnaiiagJemei)t a¢tiN'ities across the Trust.
QUAGGY DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Since l December 2021. the objects of the Charity have been ihe promotion for the public benefit of urban regeneratioii in areas of social and economic deprivation (and in particular the area ot" benefit) by all or any of the folloiving means.. The advancement of education, training and retraining, particularly among unemployed people. and providin(F employed people ivith w'ork experience; The relief of poverty in siich ivays as may be thought fit; The developinent of the capacity and skills of members of the area of benefit in such a ivay that they are better able to identify and help meet their needs, and to participate more fully in society. The relief of unemployment in such ivays as may be thougylit 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 andlor those ivlio by reasons of tl)eir youth, age, infirinity or disability, poverty or social and economic circumstances have need of such facilities. The area of benefit is the West Ward of the Ro)'al Boroiigli of Greenivich, and ihe immediate surrounding area. The TrLlStees have considered the Charity Comtnission's g7eneral gFiiidance on piiblic beiiefit ivhen revieiving the ainis and objectives. Diiringy the year the Charity's activities N¥ere prinLiPcilly fociised oii: Contii)Iiingi tlie consolidation of oiir ii'ork providing, supportingy and developingy community services on the Coldbath and Orchard Estate and siirrounding7 areas. Mainlainingy tlie development of the longy_terni strate&iic plan in order to identify and embrace neiv and exislingy ivays in ivhich our ivork ivill benefit the local area. Implenienting the proposals niade in the successful bid for the Start Well Greenivich contract, Ivhich commeiiced on l April 2020 and maintaining our close relationship ivith the Royal Boroiigph of Greenwich Council. FINANCIAL REVIEW The Statement of Fiiianci2c l Activities shoii's a surplus for the J'ear of £340,874 (20?4.. £611,112) Ivith the prinLipal fundingF soiirces of the Charity, being the contraLi for the provision of Cliildren's Ceiitres, Niirsery. incoiiie, Crèclie aiid Coiinsellingv services. Duringy the J'ear, Ihe Charit), also receI.ed Fainilj. HLib fiindingy from the Royal Boroubyli of Greenii'icli. The Balance Sheet at the J'ear-end shoivs lotal funds of £3,786,628 (2024- £3,445,754) of ivhich £1 10,498 (2024: £96,912) is restricted and £1,078,877 (2024: £1,747,118) is designated. The Trustees acknoivledge the following funders during the year: Roi'al Borougli of Greenivich (Startii'ell Greenivich West) - £1,328,966; Roj'al Borou(Fh of Greenivich (Perinatal - hN'o aivards) - £76,461 Roj'al Borough of Greenivich (Family Hub)- £52:782 In November 2019 the Roi'al Borough of GreeniN'ich aiN'arded QiiaggN' Development Trust a Contract to manage Greeni¥'ich West Childrens Centres (""Startiiell Greenii'ich West""). This is a )-)'ear contract ii'hich commenced in April ?O?O, IN'ith the possibilit). ot. up to four further N'ears runnin¥F to Mc1fLlI 2029. Tlie Triist has alread). been advised that the contract ivill continue for the N'ears to 31 March 20?7, althoiiLyh at a rediiced level of funding.
QUAGGY DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE 2024k2025 Early yea and Nurseries The Trust's Thvo nurseries (Qiiaggy Nursery and Margaret Bondfield Nursery) continued to operate successfully vith botli recording increased numbers of children on roll. At Margaret Bondfield tlie Uiider 2s room ivas re- opened, after some J'ears, and the nurser), also reverted to being open all year round, rather than lerni-time only. The Trust il'as again aiN'arded an Eco-schools Greeii FlagF Nl'ith distinclioj). Greeiiwicli we.sl Cliilclreii's Ceiitres & Faniily Hiibs Greenivich Wesl Children's Centres continued to del iver an outstandingj raiigpe of activities for fcllii ilies ivith hildren linder five. All sessioiis across oiir six ceiitres I.ere designed io support chi Id developnient, speech and language, and personal and eiiiotional development. Parents consistently report that attending) our Centres helps rediice isolation. build friendships and siipport ivith bonding ivith their child. In addition, Ive ofyered a variety of courses for parents. As a desigynated Family Hub. Ive also ran groups that strengtlien parent-infant relationships and one-to-one infant feeding siipport sessions. Volunteers We thaiik those of our voliinteers ivlio undertook voluntary ivork ivith us during7 the year. This included giving Breastfeeding7 one to one siipport, supporting the Older People's Lunch Club and Yoiith Club and offering counsellingy services. Lunch Club and Youth Club The older persons, liinch cliib Inet ii'eeklj, diiringi the year ivith occasional oiitings to otlier veiiues. Youth activities, ofyered ivith tlie siipport of ihe Wash House Youth Project, coiitiniied ivith Football sessions bein offered in conjLinclion iviili Cliarlion Atliletic Football Club. The Youth Club ivas disbanded during the year Ivith a vieiv to offering alteriiative activities. Counselling Service Demaiid for tlie Counsell iiigy service reiiiained higyh iv'ith referrals beiiigi received regularl J. from Greeniw'icli and Leiwishaiii N HS LOLiiiselliiig seTh'iLes (25 Ii'ell as self-referrals from ihe Triist's iiebsite. Tlie Triist conlinued to oper1( te til'o Perinatal Coiinselling7 services: fiinded b5, tlie Ro>'al Boroiigyh of Greenivich. The first ivas a traditiollcil speLialist Loiiiisel liiigi service, IN'liilst tlie second lakes tlie fomi of a COLirse. t.ociissiiigy oli Parent I nfiint Relationsliips. Both activities started iii tlie final quarter of the previous financial year and coiitii)ue into the ciirrent year. Staff The Tnistees are pleased to note that the level of staff turnover again decreased by around one third compared iTr'ith tlie previous t10 N'ears. The Trusl continues to be reg7lStered ivith the Living Wage Foundation as cin accredited Livinu Wage Einployer. Other actiTr'ities The Quagg) Carnival took place at the start of Julj. 20?4, attracting man). Ioc2( I residents and families, Ivho enjo)'ed a prouranime of enterlciinment as ii'ell as bungFee jumpin17 a bouncy. Castle, tombolas and other stalls. During the j'ear the Trust continued to operate a food pantry scheme to help residents on the Orchard and Coldbatli Estates suffering from food poverty.
QUAGCY DEVELOPMENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202) FUTURE PLANS The Trust ivas notified in Januar), 20?4 that the ftinding for the Greenivich West Childrens Centre contract 'ould be at a loiN'er level than previousl}, advised meaning that four of tl)e five existing Childrens Centres ivould Close. Although ihis reduction in fundinby did not take place until April 2025, the Tnist had already made arrangements to base some of its activities in Charlton Family Centre on the Cherry Orchard Estate, Ivhich opened in the first quarter of 2025 in time for the closure of the centres in March 2025. The Quaggy Carnival did not take place in 2025 as development of the green area outside Quagg), Childrens Centre, Nvhich provided a sigiiificant amount of the space for the event, started early in 2025. Plans are being made for an event in a neiv forniat in 2026. The Trustees have continued tlie strcltegic revieiN' tliat started in 20?4 ivitli an iiiitial focus on fonn ingy a set of organisational values, defining a visioii for the organisation and then building a strategy arouiid tliese. INVESTMENT POLICY The Charit), oii'ns tivo residential investment properties close to ils main offices, Ivhich are held to provide regiular income 11nd capilal apprecialion. It also liolds hvo tiirther iiivestnients, in Chcirii}' Investinent Funds, again ivith the purpose of providing regyul<ir income and modest capital appreciation. The TrLislees iise tlie income generated by these ii)vestments to siipport its community activities ivhich are not publicly funded, includingy the Lunch Club and Coiinselling Services. The Truslees are satisfied ii'ith the perforn]ance of all investmenls duringy the year despite the fall in value before March 2025. RESERVES POLICY After consideration of fundingy and coiitiiig)enLy requirements of the Cliarity, the Trustees believe that free reserl'es (as defiiied by the Cl)arity Coinm ission) eqiiivalent to betiveen eigyht and iiiiie months of expeiiditiire should be maiiilained, I171ClI they estimi1te as beingy betiveen £1.600.000 aiid £1,750,000. At 31 Marcli ?025, free reserves 1( Inoiinled to £1,444,603 i1nd so ivere sli&ylitl)' belo1. tlie targiet. The Triistees have laken steps to ensure that free reserves increase to the targ7et level ivithin the next couple ot. ve1¢ rs. TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Annual Report and the financial slatements in accordance ii'ith applicable laiv and United Kingdom Accounting Standards (United Kingdom Generall), Accepted AcLoiintinbi PrclCtice)- Conipan}' laiv requires tlie triistee.% to prepare financial 5tateiiients for each financial )'ecir. Under compilnN' 1£21I' tlie trustees must not approve the financial slalements iinless tliej. are S2( listied tl)at tlieN' g7ive a true aiid fair N'ieiv of the state of afyairs of tlie companN' and of the income and elpendiliire of the company for that period. In preparino these fiiianLial statenients. the tnistees are required to: seleLt siiitable ciccoiinting policies and tlien appl J, them consistentlj.; obseTre the methods and principles in the Charities SORP; mak-e judiyments and estimates that are reasonable and priident: state ivhether applicable UK Accounling Standards have been folloii'ed, subject to any. material departiires disc105ed and explained in tlie financial statements: and prepare the financial statements on the going concem basis unless It is inappropriate to presume that the charitable compan}, IN'ill continiie in biisiness.
QUAGGY DEVELOPLIIENT TRUST REPORT OF THE TRUSTEES FOR THE I'EAR ENDED 31 MARCH 2025 TRUSTEES, RESPONSIBILITIES {continued) The trustees are responsible for k¢¢ping proper accounting records ihat disclose iN'ith reasonable accuracy at any limL Ilic financial position of Ihc charitable company and cnablc thcm to ensurL that th¥ financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitabl¢ coinpanj. and the group and hence for taking reasonable steps t.or the prevention and detection of fraud and other irrcgularilics. In so far as the tTUSt¢es are aware.. therL is no rLlci'ant audit infoniiaiion of which Ilic charitable conipany's auditor is un<2W¢1fL' and the IrLlStees hai'e taken all Steps that they ought to have taken to make themselves aware of any relevant audit infornialion and lo Lstablish that the auditor is awarL of that infonnalion. The Irustees are rebponsible for the maintenance and integrity of Ihe corporate and financial inlorn]ation included on the ch1( ritable Lompany's ivebsite. LegTislatiun in the United King7dom gToverningy the prepardlion aiid disseiniiiation of finaiicial staienieiits may differ froin ILgislalioii iii other jurisdiclions. AUDITORS Simp50n wret.ord LLP have expressed their ivillingness to continue as auditors and their reappointment ivill be propo%Ld at the AIiiiLial GLnLral MLLlin&'. The above report has bcLn preparLd in accordance with the spccial provisions of Scction 419(2) of ihc Companics ALI 2006 rLlaling io sinall coinpaniLS. Approved by the Board ot"Tru4tees on 9 December 21)25 aiid signed on its behalt"by'. leguerditchian (C
ILYDEPENDENT AUDITOR'S REPORT TO THE NIEMBERS OF QUAGGY DEvELoPlET TRUST FOR THE YEAR ENDED 31 LIIARCH 2025 Opinion Wc hal'e audited the financial slatemLnls of Quaogy Dei'elopment Trust (the 'Charily') for thc year endLd 31 March 20?) Ivhich comprise the Consolidated Statement of Financial Aclivilies, Consolidated BalanL¢ Sheet, Consolidated Cash Floiv Statement and the related notes tv tlie tinancial statements, including a sumniary of significant accounting poliLiLS. The financial rL'POrting framLivork Ihat has been applied in their prL'paration is applicable laiv and United Kingdom Accounting Standards. including Financial Reporting Standard 102-. The Financial Reporting Standard appliLable in the UK and RepubliL of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalem¢nts- gil'e a true and fair ViLiV of the stale of the Charit) s affairs as at 31 March 2025 and of its incoming resourLes and application of resource5 for the year Ilien ended. Iiave bccn properly prepared in acLordance with United Kin&7dom Generally ALceptcd Accounting Practice. have been prepared in accordance ivith the requirements of ihe Companies Act 2006. Basis for opinion Wc conduclcd Olir aiidil in accordancc iviih International Siandards on Auditing (UK) (ISAS (UK)) and applicable law. Our rLsponsibil itiLS undLr tliosL staiidards ar¢ furtliLr dLscribcd in thL Auditor's r¢sponsibilitiLs for the aiidit of Ihe financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are releN'anl to our audit of the finclncial stalements in ihe UK, including the FRC,'s Eihical Siaiidard. aiid ive liaTr'L fulfillLd our oiliLr ciliical respoiisibililics in aLcordancc ivitli these reqLiiremen15. We b¢lievc thal ihe audit evidence we have obtained is sut7icienl Lind Éippropriiile lo provide a basi5 tor our opinion. Conclusions relating to going concern We hai'e nothing to reporl in respect ot. the follo.ing mallers in relation to which the ISAS (UK) require u% to rcporl to you ivhcre: the trustees, use ot. the goin&F concern bllbis of accounting in the preparation of the tinancial statements is not appropriate,. or the trustee5 hav¢ not disclosed in Ihe financial slalcments any identified material iin¢ertainlies thai niay ca%t significant doubt about the Charily'S ability to conlinue to Jdopt the going concern ba%1.4 vr ,2Lcoiinting fc)r a PLriod of at ILast ti¥LIN'c months froin IhL dalc Kvhcn thc tinaiiLial slalLmLnts arc autlioriscd for is5UL. Other information The trustees are responsible for tl)e other inlomialion. The oilier int.orination coniprises the information incliided in th¢ annual rcport othLr than thL finaiicial slalLinLntS cind oiir auditor s rcport tliLrLon. Oiir opinion on tlic financial statemeiits does not COVLr tlie other iiifornialioii and, except lo tlie extent oilieThi'ise explicitly staled iii our report, Ive do nol express any lorm ot assurance LonLILlSion thereon. In LonAieLtion Th'itli our audit ot" the tiiiancial slaleineiit%, our respoiisibility i.s lo rLad thL oilier infomialioii and, in doing so. considLr ivhLih¥r thc i)IlILr infoniiation is InatLfiL111)' inLonsislLnt i¥'ith the finanLial slalLlliLnts or oiir knoivledgFe obiained in the audit or othernvise appears to be materially ini5Stated. I f Kve idenlily suLlI material inLonsi5tencie% or <iPPcirent ni<iierial mi5st<ilements, li'e Lire reqiiired lu determine ivhether tliere is a milterial mi%8tatenient in the financial stal¥mcnts or a niat¢rial misslat¢m¥nt of Ihc oihcr infornialion. If, based on the 'ork li'e liave perfornied. IN'e conclude that there is a niaterial niAsStatement ot. this Other int"ormation: we are required to report thal fact. We have nothing lo report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
QUAGGY DEVELOPLNIEIIT TRUST FOR TFIE YEAR ENDED 31 IIIARCH 2025
Opinions on other matters prescribed bj the Companies Act 2006
In our opinion, based on Ihe ivork iindenaken in the course of the audit..
tlic infomiatioii given in tlie Irustecs, report (incorporaliiig IliL strategic report and the dircctors, r¥port)
for the financial ye£ir for ivhich the fin<incial st(itemenls are prepared is Lonbisienl ivith the financial
slat¢m¢nt.q' and
the trustees. repon (incorporating the strat¢gic report and the directors, report) have been prepared in
accord¢ince w'ith applicable legal requirements.
latters on Ii'hich M'e are required to report by exception
In Ihc light of the kni)Ivledgic and undLrslanding of thL Charity and its cn&'ironmcnl obiaincd in the course of the
audit, we haN'c not identified material misstatements in the Trustees. Annual RLport.
Wc haN'c nothing to rLport in rLspccI of thc folloKvin(y mallcrs in rclation lo ivhich ihc Companies Act 2006
requires us to report to you if, in our opinion..
adequate aLcounting records have noi been kept or retums adeqiiate for our aiidit have nol been received
from braiiche.s iiot visitcd by us,.
tlie linanci<il statements are not in agreement with the accounting records and retiirns.
-e hai'c not oblaincd all the infomalion and cxplaiiations ncccssary t.or thc purposes of our audit,.
the directors ii'ere not entitled to prepare the financial statements in accordance ivith ihe small
ompanics, rcgime and take adantage of the small compaiiics, exLmption in prLparing thc dirLCtor.q'
rLPOrt and lake advantagc of Ihc small companics. cxcmplion fiom th¥ rcquiremcnt to prLparL a strategic
report.
Responsibilities of the trustees
As Lxplaincd morc t.ully in thc trustecs, respoiisibililies siaicmcnt sct out on pagc 7. thc trustccs arc rcsponsiblc
for IhL prLparalii)ii of thL finanLial slalLniLntS <ind f(Ir bLiI)gY S<ltisfiLd thal thLy gyji'c a truL 7¢ nd fair viciv, aiid for
siich internal conlrol as they delemiine is necessflry to enable the preparation ot" tinancial statements Iliat are free
froni material mi5%tatement, whether due to fraud or error.
In prL'Pi2ring thc financiiil statLmLnts, thc trustccs arc rcsponsiblL for asscssing tlic Charity's ability lo continuL
as a &yoingJ Loncern, clisclosinb7. as appl icable, niallers related lo &ioin&J concern and Lising) the L)oingy coniern basis
01. Ic ccounting LinlLss Ilic IruslcLS Litlicr inlcnd lo liquidalc th¥ Cliarity or to ccasc opL'rations. or Iiavc no rLalistic
alicriiatlVL but l() do so.
Our responsibililies for the audit of the financial 5tatementS
Our objcLtiVL'S <TrrL ti) obi<iin rcilS()nabli assiirancc abolit ivhcthcr Ihc fiiiancial %laleinenl% as a iiyholc arc frec
from Iiiat¢rial niisstat¢ni¢iit, ii'li¢ther due to Iraud or errol., aiid to issue an aiiditor's report Ihal incliides oiir
opini(Jii. Re<isoiiable as%uraiice 1% a high level of as%iiraiice but is iiol a guaruiitee that ai) aLidit coiiducted in
a¢cord¢1nc¢ w ith ISAS (UK) will alivays detect a niaterial misstatement iN'hen it cxists. Misstatcmcnls can arisc
from fraud ()r err()r and ar¢ considered material if, individuc111y or in the aggregate, tliey could reasonably be
expected to influence the economic decisions of iisers taken on the basis of thes¢ financi
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUACGY DEVELOPIllENT TRUST FOR THE YEAR E,DED 31 IIIARCH 2025 we assessed Ihe extent of compliance with the laivs and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laivs and regulations were communicated i¥'iihin the audit team regularly and the teani remained alert to instanc¢s of non-complianc¢ throughout the audit. Audit response to risks identified Ive asse.ssed Ihe susceptibility of the Charity's financial statements to material misstatement, including obtaining an undLrstanding of hoiv fraud mi&Thi occur, bj,: making enqiiiries of management to where ihey ¢onsidered there was susceptibility to fraud, their kiioivlLdoc of actual, suspccted and allLgcd fraud; aiid considering the internal controls in place to mitigate risks of fraud and non-compliance ii'ith laii's and regulations. To address the risk of fraud through management bias and oiierride of controls, we.. perfornied analytical procedures lo identify any Linusual or unexpecled relationships. lestcd journal entries to identify iiniisiial transactions. asscsscd i¥,hcthcr jlidgcmcnts and assumptions madc in dctLnnining the a¢countiiig¥ cstiinatcs sct out in Nolc I wcrc indicativc of potential bias; and iiii'estigated the rationale behiiid significaiit or unusual transactions. In response lo ihe risk of irr¢giilarities and non-compliance with laws and re&7ulations, we de5igyned procediires .hich included. but ivere not limited to.. agrcLing financial slalcnicni disclosurLs to iindcrlying siipporting doLLim¢ntation' cnquiring of inanaucincnt as to actual and polLnlial litigation and claims. and reN'ieiving Lorrespondence with OFSTED. Thcrc arc inhLrent limitations in our audit proLcdurcs dLscribLd abovc. The morc rcmoN'cd Ihat laws and regiilalions ar¢ froii) finantyial transactions. the less lik'ely it is that .¢ would become aivare of non- complianLe. Auditingy standards also limit the audit procedures reqiiired to identit.y non-Loniplianie ivitli laivs and regulations to eiiquiry of tlie directors and other Inaiiagement and the inspeLtion of regulatory and legal corrcspondciiLc, if anj.. Materi<il mis%tatenienls I11<lt arise due lo fri)iid can be harder to detect than those that arise from error as they niay In.0].¥ dLlib¥ralc conc¢alniLnl or collu.sion. Use of our report This report is made solely to Ihc Charity's mcmber.s, as a body, in accordanLC Ivith Chapicr 3 of Parl 16 of ihc Companics Act ?006. Our <iiidit work has bcLn iindcrtak'cn si) that WL mi&ilit statc lo the Charity's mcmbLrs IhosL matters ive ¢ir¢ reqiiir¢d to stale to them in an auditur's report and for nu other Plirpuse. To the tiillesl extent pennittcd bj. laiv, do nol acccpt or assiimc rcsponsibilily lo anyoiiL other than Ilie Charity's Incinblrs a bc)dy. for our audit ivork, for Ihis rLPOrt. or for the opinions wc haN'L fL)nncd. lichael Broder Bsc FCA (Senior Statutorv Auditor) for and on behalf of Sin)pson Il'reford LLP, Statuton. Auditor WL'IILSILY HoiisL, Duke of Wcllingtoii AiwenuL, Ruyal Arscii()l. London SEI 8 6SS Simpson Wreford LLP is eligible to act as an auditor in ternis of section l ?] ? of the Companies Act 2006 10
QUAGGY DEVELOPIMENT TRUST COIYSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE I'EAR ENDED 31 MARCH 2025 (including consolidated income and eipenditure account) 2025 Unrestricted Restricted funds funds 2025 Total funds 2024 Total funds Notes Income Donation8 and legacies Charitable aclivilics Investment income Other trading activities Oihcr inconiL 2,229 2,430,606 125,601 89,956 87.67? 86,075 2,516,681 2,679,888 125,601 87,444 1,214 Total inconie 2,565,34L Expenditure Charitable activities 2 ?05 365 16?445 2367810 ? 3287?1 Total eipenditure 32 2,205,365 . 16?,445 IIfiUL_Q U721 Net income before gains & losses on Investments 359,976 Nct gains &. losses on invcstmL'nts (LossL'S), gFciins on invLStinL'nl ¢15SL'Is Net income 13,586 -17.1,562 5.34,563 327,288 13.586 340,874 594,548 Othcr rccogniscd gains & losscs ALtuari4Tr1 g?Ic ins on dLfincd b¢n¥fit pension scheiiie Net moi'ement in funds 15 327,288 13,586 3411,874 611,112 Reconciliation of funds - Total I'Linds broiight lonk'ard Total funds carried forii'ard 3 348 84? 96 912 3 445 754 2 834 642 14 3_,676,130 110,4()8 3,786,628 3 445 75_4 The Statement of FinanLial ALtii'ities inLILides all gains and losses r¢cognised in the year. All amounts relalL to Ll)ntinuingy aLliviliLS Lxccpl f()r Incc)ni¥ from ntliL)i" Ti'ci(liiigi AL lii'iti¥.s (£nil, ?0?4: £1.214), Ki'liich r¢lales lo an aLtIl'Lly i&'hich iva5 disLontinLied on 31 March 2023. The resiili from this discontinue(l aLlivity ivas £nil {?n?4.' a surpliis uf £1:214). All other amounts relate to contiiiuing activities, bLing inLomL aniounlino lo £2,741,372 (20?4.. £2,862,070), ¥xpcndilurL oF£2.367,810 (?024.' £? 328,7?1), nLI inlomi b¢f(Irc gains and losscs on investments of £359,976 (2024: £533,349) and nct moi'LmLnl in fiinds of £327,288 (20?4: £609:898). ThL notcs on pag¥s 14 to 26 fonn part of thLse financial siatLillLnis.
QUAGGY DEVELOPlENT TRUST CONSOLIDATED STATENIENT OF CASHFLONVS FOR THE YEAR ENDED 31 MARCH 2025 Group 2025 Charitv 2025 2024 Notes 2024 Fixed assets Tan&Tible as8Lts Investinenls 10 ?17.083 173,760 -784431 1817.119 ?17,083 173,760 1784432 1817 120 2,001.514 1.990,879 2.001,515 1,990,880 Current assets Debtors Cash at bank and in hand 12 61,690 96,8?9 1.959 354 1645 370 65,687 97,24? 1.955 624 1644 618 2.0?1,044 1.742,199 2,0?1.311 1,741,860 Creditors: amounts falliijg duc il'iihin one year 13 235 930) 287.3?4) ?34 897) 285 685) Net eurrent assets 1785 114 1454875 1786414 1456 175 Total assets less current liabilities 3,786,628 3,445,7i4 3,787,929 3,447,055 Defined benefit penslon scheme 15 Total assets less liabilities 3,786,628 3,445,754 3. 7.8.7,929 3 447, Funds Unrebtricted gener411 t.und UnrLslrictLd dLsiLpnaicd funds Unreslriclcd rLI'alualion r¥S¥rv¥ Restriil¢d fiindb 2.597 ?53 1,601,7?4 865,999 1.501,55? 21?,878 245,56() 110498 2,598,554 1,603,025 865.999 1,501,55? ?1? 878 245,566 Total funds 14 3,78_6,628 3.44_5,ZL4 The dirLCtors hai'c prcparcd group aLcounts in accordanLL Ii'iih SL'Ction 398 of the Conipanies Act 2006 and section 1314 of the Charities Act 2011. Tlie company is cnlitlcd to Ihc cxcmpiion from the audit requirLmL'nl cont1( ined in section 477 of Ilie Companies ALI 2006, for the year ended 31 Mar¢h 2025, iililioiigli an audit has been iarried OLIt under scLlion 144 of the Charilics Act ?0 I l. No niLmb¥r of Ihc company lias dLPOSitLd a noticL, pursuant lo scclion 476, requiring an audit of thcsc accounts under thc requiretnents of tlie Companics Act 2006. These financi£21 slc1tements have been prepared in accordance with the special provisions of Part 15 of IhL Companic% ALI 2006. Tli¢ tinanLial statements on pages I I to 2() Ivere approi'e(I by tlie Trustees on 9, December 202) <ind are signed on their behal f by: S C Rile)- (Treasurer and Vice-chair) TrustLL Company number.. 04749158 (England and Wales). Charity number.. 1109711. 12
QUAGGY DEVELOPIMENT TRUST COANSOLIDATED sTATEIENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025 Notes 2025 2024 Cash generated by operating activities 19 -270 605 _A4& Cash floii's from investing actii'ities Dii'idends, intLrcsl aiid rLnts t.rom invcstmLnts Purchase of tangible fixed assets 123,116 87.444 Cash generated by investing activities Increase'(decrease) in cash and cash eqiiiiyalents in the year 313984 511912 Cash and cash equivalents at the bcginning of ihc y¢ar 1645370 1 133458 Total cash und equiviilents at Ihe end ol. Ilie yedr .L,9S9.,3S4 IMJLO 13
QUAGGY DEVELOPMENT TRUST
NOTES TO THE ACCOUNTS FOR THE YE.4R ENDED 31 MARCH 20?5
l. Principal accounting policies
Coiiipan) ip?/()rR?iation
.gy DcvLlopiiicnl Trust is a Charitablc Company Liniit¢d by Guarant¢e incorporated in England and
Wales. regyistration number 04749158. The re&yistered i)ffice is QLiaggy Childrens Centre, Orchard Hill,
London. SEI3 7QZ.
Ba.gis of occoiii7ling
The financial statements have been prepared in accordance ivith "Accounting and Reporting by Charities..
Stalem¢nl of RccommcndLd Practice applicable to charities prcparin&F their accounts in accordancc w'ith tlic
Financi121 Reporting Standard applicable in the UK Lind RL'publiL of Ircland (FRS 102) (LffcctivL l Jclnuary
?{119}" (Charities SORP (FRS l O? }), Ilie FinanLial Reporting Standard applicable in the UK d Republic
of Ireland (FRS 102) Lind the Companie5 ALI ?006.
Quaggy Dcvclopmcnt Trust mc¥ls Ihc d¥finition of a public benefit entity under FRS 102. Asscts and
liabilities are initially recognised at hislorical cost or trans<qclion value unles5 Otherwise stated in the relevant
accounting policy.
The financial statements are prepared in sterling, Ivhich is the fiinctional currency of the charity. Monetary
amounts iii these financial statements are rounded to the nearest pound.
The financial statements h¢ll'e been prepared on the historical cosl convention: modified to inclLide certain
findnci(il inslrunienls at lair valLie or amorliseLI cost. Tlie princip<Trl accounlinu policie.s ddupted are .%et uut
bcloiv.
The linaii¢ial statemeiits ¢onsolidate the re%ults of the ch1< rity and its ivholly oii'ned subsidiclry, QIiLiggy Café
Al ParksidL LiiiiitLd, oii a liiic by lin¥ ba%is. A sLparatc Siat¢iii¥nl of FinaiiLial ALliN'ilies and IiicoinL and
ExpenditLire Account for the cliarily has not been presented because the Trust has taken adi'anlag?¢ of the
exemption atTorded by seLlion 408 ol'the CompJnies Act 2006.
liic'oiiie
Incume is recognis¢d dependent un the nuture ut.the income receivable:
Nurscry and Lr¢chc f¥Ls are accounted for on an aLLrual b<lSlS. Any fLLS fcLCiVLd in 1cdvancc ic rc
deterred and included in the Statenienl of Financial Activities in the ye
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 M.4RCH 2025 l. Principal Accounting Policies (continued) Expencliliir Expenditure is recognised once there is a legal or constructive obli(Talion to make a payment to a Ihird party, it is probablc Ihal seltleinent H'ill bc rcquircd and thc amount of thc obligation can be measured reliably. Expeiidilure is classified under the folloil'ing activily hLadings.' Costs of raisinL7 funds Comprise Ihe costs of commercial trading and includes 'age cosls of employees. tim¢ .qpenl and iheir associated support costs. Expenditure on charitable aclivities includes the costs of running community projects and ihe children's SLfi'iLLS, undLrtakcn to furthcr thL purposcs of the cliarity and thcir associatLd support costs. Grants payablL Lire aCLOLinlL'd for on an accrual basis and are acLounicd for in Lharilable aLlivitics and recogni5ed in the restricted funds to ivhich they relat¢ if applic<ible. Grants payable to ihird p(irties are Nvithin the charilable objeclives. Where iinconditional grants are offered, this is accrued as soon as the recipient is norificd of the grant, as this gives risc to a rcasonablL cxpcctalion that the recipicnt ivill receive the grant. Allncalioii ofsiipporl cnsls Support costs ivhich are attributable to more than one activity, are apportioned across cosl catLgorics on thc basis of an LstimatL of Ihc proportion of tinic spcnl by staff on thosL activitics. Thc apportionincnl is dcfinLd as either direct or indirect. Ipivetslppiepits Ini'ebtment property, w'hich 15 property held to earn renlals andlor for capital appreciation. is initially recogynised at cost, Ivhich includes the purchase Lost and any directly attributable expenditure. Subsequently il is mcasured at fair N'alu¢ at tlie rLporting cnd dalL. Fair valu¢ is dLtLmiinLd by Ihc TruslLc.% using frLcIy available int"omi<olion t'roiii internet Sites suLh as Righlinov¢ and Zoopla. Th¢ surplus or deli¢it on reiwdr lualion is reLognised in the Statement of FinanLial ALtivitieb. InN'esliiiLnts in cquity instruincnts arc mcasurLd initially at fair 'alUe, whiLh is Usuiilly thL transaclion pricc. Subsequent lo initial recognition, investn)enis that lan be valued reliably are Ineasured al tair value ivith chaiigye% in valiie recvgynised in the SIL11ement vf FinanL'ial Activitie%. Oilier inveslinents are measured at cost less an, inipainiienl (rLcogyiiiscd iii thL SialemLnt of Financial Activilics). TapisyiblL]ixe(l asJ'c)13 Indifv idual fixed assets iviili a cost of more than £1,500 are capitaliscd al cosl and dLprcLialLd ovcr tIiLir expLLted Liscful life, as follow's.. Plaiii and machincry, consisting ol.: Kitchen equipment Toys and play cquipiii¢nl Otfice equipment, consisting of: OffiLe eqiiipnient Compiiters Leasehul(l iniprvvements 200/0 Straighi line 250/0 Straight lin¢ 15 /0 slraigFht line /0 slraight line oK'er the period ol'the lease Siock- SioLks are valiicd al the loivcr ol. cost and net realisable value. Debiur.% Trade dnd other debtors are recognised at the settlement amount due <ifier trade discount ot't"ered. Prepayment5 are i-alued at the amount prepaid net of any trade discounts due.
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 l. Principal Accounting Policies (continued) Casli at bank and in Iiand Cash al b¢lnk and cash in hand includes cash and short term highly liquid iniiestmcnts ivith a short maturtty of Ihree months or less from the date of aLqUlSition or opening of the deposit or siniilar account. Cp-editoi's aiidprovisioii. Creditors and provisions are recognised where the charity has a present obli&7ation resulting from a past event that ii'ill probably result in the transfer of fund5 to a third party and ihe <iniouni due to settle the obligation can bc measurcd or cstimatcd reliably. CrLditors and provisions arc nonnally recognised al thcir sctilcment amount after allowingy for any trade discount diic. Operaling leu.se coniiJiitiiienl.g Rentals paid under operating leases are charged on a straight-linc basis oN'cr Ihc Icasc tcm. GoEIi&y c'aiicL'I li At th¢ lin)¢ of approving the financial stJlcm¢nt.s, the tnistecs have a reasonable expectation that the charity has adequate resources to continue in opertstional existence for Ilie foreseeable futiire. TIILIS, the trustees continue 10 adopt the gyoingy Loncern basi5 of accountingF in preparingy the finanLial statements. Peii.si()11.5 Retirement benefits to two of the employees of the charity are provided by the Local Government Pension Scheme (' LCJPS.). This 1% a d¢fin¢d beiiefit SLh¢m¢, the as%ets ul" IN'IIiLh are lield 5epiifiitely from those of thc charity. The LGPS ]% fiiiided .%Lheme and the a%sets are held separately froni Iho%e of the charity in %eparale Irii.%tee diiiinistered fuiid.s. Pension .schLme asscls c1fL iiieasured at tair value and the liabilitlLS ore mea.siired on an clu11 rial basis using Ilie proj¢¢lcd unil incihod and di5countcd al a ratL LquivalLnl to thc currcnt ratc of return on a high qliality corporate bond of equivalent lerm and Clirrency to the lidbilitieb. The actuari1 'alualions are obtained at le1< St Iriennially <1nd are updated al each balance sheet date. The amoiints charged to OPLralingF Surplus arL thL client servicL C()st5 and gyains and lossLs oil sciilcmLnls and ciirlailnicnls. TIILY are included ab part ot statl. costs. Past service L05t5 are recog¥nised imniedi41tely if the benefitb have vested. I I. the beiietil% Iiave iiot i'e.%te(l immedi£ltely, the Lo%ts are reLo&vni.%ed oi'er the period until veslingF occurb. Thc cxp¢¢t¢d rcturn on assct5 and thc inlcrLst cost arc .shoiN'n as a net finance amount of oihcr financc cost or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gcTrins and losse5. Thc Chariiy also opLralLs a dLfincd Lonlribution pLnsion schLmL'. Thc asscts ofthis schem¥ ar¥ also h¥ld separately from those of the Charity in an independently administered fund. Cuntributions are charged to Ihc StatLinLnt of Financial Actii'ilics as ihcy b¥c()InL payabl¥. P¥nsion contributions are allocated between rLslriclLd and uiirLStriLtcd tiinds bascd on Ihc limc speni by staff. Tlie Lharity only has financial assets and liabilities of a kind Iliat qualifj. as basic tiiianLial inslruiiicnts. Basic finLlnLial inslrum¥nts arL initially rLcouni5cd at Iransaction N'1< luc aijd subsLqiiciiily mLasurLd at their beiilenient value. Legal statiij of ille Ti-115t The Trust is a conipany limited by guarantee and has no share capital. In the eN-ent ot the charity being ii'ound up, Ihe liabilitj. in respect of the guarantee is limited to £ I per member of the charity. 16
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 l. Principal Accounting Policies (continued) Fiiiid accoliiiling General funds are unrestricted funds which are ili'iiilable for use at the discretion ot- the Trustees in furtherance of the general objeclil'es ofthe charity and w'hich havL not beLn dLsignatcd for oihcr purposLs. Restricted funds are lunds made to the charity ivhich are to be used in accordance wiih specific restrictions imposed by donors. Tlie cost of raising and administering .such fiinds arc LhiqrgT¢d ag7ainst the specifiL fund. Thc aim and use of material restricted funds is set out iii note 16 to thc finanLial statcments. Designated funds are unrestricted funds ivhich haile been designated by the Trustees for a specific purpose. 2. Financial performance of the Charity The coiisulidaled .slalemeiit uf finiillLial activity IllLliides the re%iili% ot" the Charity's ivhollj. ow'ned subsidiary, Quaggy Catc al ParksidL' LiiiiitLd. Tlic suiiimc2ry financial pcrforniancc of Ihc Charity alonc is- 2025 2024 Income ExpciidilurL Provisi()n a&F11 inst loan to Qu¢1 ggy Ciqfc i& t P1¢rksidc Limitcd 2,741.372 2,862,069 (2,367,810) (?,328,719) 373,562 530,350 {Losscs)Igains on invcstmLnt asscts ActLIL1rial gains an dLfinLd bLllLfil pLnsion scheme Net incunie (32,688) 59,985 -140,874 606,899 Funds brougFhi foThvard Tolal tunds carried fornvard 3447055 2840 156 ¥711,929 3,447.,0_55 RcprcsLnlLd by.. RestriLted tunds UnrcslrictLd funds 110,498 96,912 3 677431 3 350 143 3.,7_87.929 3,447,055 3. Donations income 2025 2024 Notional rent - reslriLle(I ()ther donalion% - rLSlriLted 8?.000 82,000 Total rLstriLlid 89,956 87.130 other donations - unrestricted 542 Total donations The local council provides the buildinos, from ivhich the Qiiaggy Children'5 Centre and Nursery and Margar¥t BondfiLld NursLry arL run. frLC Ot. chargL. Notional rLnl is an cstimatld Lontribution ot the cost to the Charity if the facililics ii'Lrc to bc provided by third P2( rty.
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 4. Charitable actii'ities income Unrestricted Restricted Funds Funds Total 2025 Nursery and crèche fees Start WLII GrLcnivich West Lontract (designatcd) Family Hub income (designated) Other grant inLorne Caicring incomc Othcr cominunity work income ,016,237 1.3?8,966 52,782 1,016,237 1.328,966 52,782 81,461 533 81,461 533 2024 Nurscry and crcchc fccs Start Wcll Gr¢¢n'[ch Wc5t contract (dcsignatcd) F'imfftly Hub income {designated} Oihcr grant income CatLringy in¢oine Oilier comniunity work income 810,825 1.340.151 .190,000 810,825 1.340,151 390.000 78,257 196 60.459 78,?57 196 5. Investment income 2025 2024 Rental income Dividends receii'ed Bank interest 37,969 87.296 336 35,376 51,560 508 ,1?5,6_01 All amounts relate to unreslriLted funds. 6. Comniercial trading opergtlons The i%'holly oivned subsidiary, QLia¥gy Café at Piirk5ide Limited, is inLurpurated in Ilie United Kingdom (Lompany nuinbcr 1064?6?2). Until 31 March 2023, thi subsidiary ¢oiiipany oplratcd a community ¥atc located near lo QLiaggy Childrens Cenlre. All <lmoLints shoivn I'elale to disLontinLied aLtivilies. The sunimary. financial perfomianc¢ ol. Ihe SLib.sidiary alone ii.. 2025 2024 Tiirnoi'er and other operating incvme Cost ot sales and adtninistraliN'e expenses Net profit retained in subsidiary 1,214 Thc assLls and liabililics of thL subsidiary ii'Lr¢'. Currcnt asscts Client liabilities 3,730 1?1579 752 Total nct liabilitics 117 849 117849 Aggregate share capital and reserves 117849 117849
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YE.4R ENDED 31 MARCH 2025 7. Operating profit 2025 2024 This is statLd after chargTing'. Depreciation of own¢d fixed assets Auditor's remuneration Audit of the financial statcments OthLr scrviLLS 36,414 25,620 11,040 252 10.200 228 8. Charitable actii'ities expenditure Unrestricted funds General Designated Restricted runds Total 2025 Slaf't" costs (note l O), ieiiiporary slaft & expenses 901,239 Pr¥misLS, UtilitlLS Ic nd Lqiiipmcnt 62,666 Coiiimunity aLlivilics 5,763 Nursery and crèche 36,781 orfice, compiiter.% and communications 26,235 Lcgal and protLssional 94,160 D¢preLialion 30,363 Sundrv expen%es 10,964 Audit and accountancy fees 670,()52 149,801 105,283 7,648 54,477 25,355 6,051 3,100 19,520 1,591,411 294,590 163,081 46,703 81,538 19,515 36,414 14,731 52.035 826 667 1,1.79,23.4 1,0?6,13 I -16?,445 2,367,810 Total iiiirestricled fund e.xpenditure £2,?05,365 2024 Si4lt7' Losts (note l O), temporary sl6ltt" & expenses 78l),6311 Graiil paid to partncr orgyanisiilion Preniises, utilities and equipment CommLinily activities NursLry and LrcLhL Office, conipLil¢rs and Lommlinications Legyal and professional Depreciation Sundry expLllsLS Auclit and aLcoiinlanc>' fees 700,567 178,500 53,004 81 L)44 10,721 63,164 19,100 4,189 1?,843 6,909 1,497,114 178,500 280.00? 143,9?] 47,825 86,337 21,060 25,6?0 29,793 143,800 52,57? 32,487 21,807 1,960 21,431 12,059 83,198 9,4115 4,617 1.366 4,891 L,0_85,384 1,13? 951 110 386 ?.328,721 Total unreslrictLd fund cxp¢nditur¥ - £2,218.335 Leoal and profcssionul fecs and Audit and accountanc}' fees con%titute Governance costs and relate i¥'holly lo Charil<1blc ALliN'ilies so haN'L bcLn i¢11()¢alcd in thLir LntirL)ly tc) ExpLndilurL c)n Charilablc Acliv'itics. 19
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YE.4R ENDED 31 MARCH 2025 9. Staff costs and nullibers 2024 Salaries and wages Key managemenl remuneration Social .gecurity costs Defincd conlribulion pension costs Pension service cost 1.113,788 1,141,125 231,142 154,549 121,144 118,298 59.?46 24.509 OnL' employcL, who is includLd abovc witliin kcy managcmcnl, rLLLiI'Ld Lmolumenls of bet-een £lOO,001 and £ 110.000 (20?4: one employee received between £90.001 and £IOO,QOO}. No other employee received cmoluiTJLnls of mor¢ than £60.000 iii LitliLf yLar. The average monthly number ot"employees during the year was as folloivs: 2025 2024 Nursery. Children Centre, Coun%elling and Community staft. ManagLmcnt and adminislralion Other SLipporl serviLes 41 10 40 10 N() rcmiincrnlion was paid to any of th¢ TriistLCS in thc ycar and nonc of thL Triistccs wcrc r¥imbursed any expenses in the year. 10. Tangible flyed assets - gi-oiip niid ch(ii"in' Leasehold Office improi'ements equipnicnt Plant & machinery Total Cost or valuation At l April 20?4 Addilions DisPOSals At 31 March 2025 315,555 71,117 164,655 8,620 78,381 5f%,591 79,737 110046 141,610 Depreciation At l April ?024 Charge for Ilie ye<ir Eliiiiinated on disposals At 31 March 2025 150.738 31.452 155,712 4,96? 31 C)C)5 78,381 3 84,831 36.414 110 04() 90 129 009 'et book I'alue At 31 March 2025 204.48? 217.083 At 31 March 20?4 164.817 173.760 20
QUAGGY DEN'ELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 11. Ini'estments Investment ni'e5tments properties Total Groiip Valuation At l April 2024 Rck'aluation 857,119 32 688) 960,000 1,817,119 At 31 March 20?5 -9.60.,QOQ _1.7.84,41L Cliarity Valuation At l April 20?4 Revaliiation 857,120 32 688) 960,000 1,817,120 3? 688) At 31 March 20?5 The investment in subsi(liary relates to the entire ordinary share capital ot"Quaggy Café at Parkside Limited and thc dclails of ihis comp41ny ar¥ prol'idcd in noiL 6 10 thcsL finaiicial slatLmLnts. Iniieslmentb comprise.. Group Charity 2024 2025 2024 COIF Charities InvcslniLnt Fund C1L zcnovl C'harity RLsponsiblc Miilti-Assct Flind Ini.'eslment in subsidiary Total funds 423,544 400,887 444,241 412,878 4?3.544 400,887 444,241 412,878 124431 857,119 8?4,432 857,12Q 12. Debtors Croup 2025 2024 Charitv 2025 2024 Trade debtors OthLr dLbtors Ainuunt5 oil'ed by group undertakings PrLpaymcnls and accruLd iiicome 28,301 12,785 28.301 12,785 3,997 44,337 12,787 413 12,787 20 604 39 705 O A6. 8.29 13. Creditors Group 2024 Charit), 2024 Trade creditors Accriials Ilnd d¢ferr¢d income Taxation and SOLial security OthLr creditors 90,677 98,674 59.675 118,543 90,677 58,643 30,350 98.433 117.145 235,93_0 ?87,324 ?34,897 285,685 21
QUAGGY DEITELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 14. Reserves At l April Incoming Resources Gains & 2024 resources eipended losses At 31 Nlarch 2025 Transfers UnreslYicle(Ifiiii(l.% General funds (nel) Desigiialedfiiiids RBG West arLa SWG IiBG FIL mily Hub RLk'aliiation rcscrvc 1,601,724 1,183,593 (1,179.234) 991,170 2,597.253 1,332,704 1,328,966 {934,968) 168,848 52,78? (91.163) 245 566 (991,170) 735,532 130,467 212878 T(?lal (lesigiicile(Ifiiiicl. Total unrestricted funds I,747,118 1.381,748 {1,0?6,131) (32,688) (991,170) 1.078,877 3348842 2565341 2.?05 365 3 676 130 Resli'ictedfiiii(Is Childrcn-in-nLcd grant RBG Pcrinatal grant { l ) RBG Perinatal byrant (2) RBG Pcrinatal grant (3) Nc)tional rcnt - QCC Notional rent - MBN Food Panlry t.und FoniiLr ParLnls' Forum fund RBG Community fund &Frant Tree Fund Hardship grant Total rcstrictLJ fiinds 5,197 21,970 35,989 22.180 5,197 21,970 33,391 30,9119 36,203 40,258 39,000 43,000 10,3?] 7,249 (38,801) (31.449) (39,000) (41,000) (9,398) 3,318 4,241 7,249 5,385 5,385 130 {130) 176031 110498 Total fund 3 445 754 ? 741372 L2 .167,810) (32,688) DL.sigyii(IlLcl]LiizcI.5 ThL fLI'aluation rcsern'c relatLs to inN'cstniL'nts. RBG Wcsl arca SWG and RBG Family Flub relate to fiinds received trom the Royal Borougli of Greenivicli (RBG) lo deliver the 'Siart Wcll Grccnivicli, CliildrLn's Centrc Contract in Ihc CirLini¥'icli Ivcst arLa ¢11id Fainily Hub SLfvicLS, re%pcctivL'I)'. Re.vti'ic'ledfiiFids C'hildren-iii-INeed - Funding received t.rom BBC Children-in-need for a project entitled 'Yhink aloud Di)Luincnl your PandLilliL' RBG Perinatal Grant5 - Funding received from the Royal Borough ot'Greenii'ich for Perinatal S¢Th'ic¢s. Notional Relit QCC and MBN represents estiinales of the rent Ih1¢ l i¥ould be pa)'able for the preniise.8 from i-hich Quaggy Children s Centre and M1rgaret Bondfield NurseriLs opcralc if thLy Ii'ifL not providcd rLnt- frLL by thL Royal Boroiigih ofGrLLnKI'iknh. Thc Lsliinalis arL inclLid¢d as donations in iiote 3 and expenditure in note 8. Food Pantry Fiind r¢lcil¢s lo grants receii'ed froni Roycll Borough of Cjreenivich and others t.or Ihe Food Pantry SchLnie as IN'L'II as iiiLome ¥LnLralL'd by thc SLIIL'ML. Former Parents, Forum t-lind relates to tiinds receii'ed from the former Parents, Foruii), which ivas disbanded sume years agru. The funds have been transferred to Ihe Charily on condition Ih(It they are u.sed t.or providiiig additional activilics for childrcn using thc Trust's services. RBG Community Fund Grant relateb to a grant received from the Royal Boroiigh ot" Green-iCh,5 Small Community Fund to help Ihose in need ivith paying energy bills. TrLL Flind reprcsciils funds raisLd for tlic purLhasL of IreLS: Ivhich ivas aLlionLd during thc y¥ar. Hardship Grant relates to tund5 reLeii'ed to provide financial support to families sufterinu hardsliip. 22
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 IS. Pension conimitments- group and charity During the year: the charity employed tivo {?0?4- livo) members of staff ivho belonged to the Royal Borough of GrLenivich Pension Fund {LGPS), a dctincd bcnctit pcnsion sclicmL managLd by a IoLal aiithoril),. The pension costs are assesbed in accord<lnce iviih the il(li'ice i)t' independent qualified aclliaries. The latesl aclliarial valuation rclalLd to th¢ year ended 31 March ?025. There ivere no outstanding or prepaid contributions at eithcr thL bcginning or IIIL cnd of tlikn finiincial ycar. Local Government Pension Scheme (LGPS) The charity is one of the several employing bodies incliided iviihin the Local Governmeni Pension Scheme. The LGPS is a ftinded defined-benefil scheme, 'ith the assets held in separ1( le trustee-adminislered funds. Thc total LiiiployLr's contribution for thL year ended 31 March 2025 ivas £13,309 (2024= £13,074) repres¢nting a contribution rate of18.6O/0. Pi-incipcil Ac'lii'iiy Assilnipiioits 2025 2024 Rai¥ of incrcasc in salaries RalL of inLrcase in pcnsions DisLoiinted rale for liabilities Inflation ralc (RPI) Tl)c rcturn (In IhL Fund is estimated to bc 4.470/0 3.85 2.85 5.95 3.05 3.90 2.90 4.95 3.10 M()i't£ility' (1s.%iiipii?tioii.s The assumLd lit"L cxpectation.s on rcliremcnt 14 1 agF¢ 65 ar¢.. 2025 2024 Relii'iiig iodiii., Males FeinalLS 19.2 22.7 19.3 22.7 Rc)tiring iii 2(1 J'L'ai's Males Feinales 20.6 24.2 20.6 ?4.2 Aiiiilvsi.s uj'tiipioEinl.s i-LCO¥lll.fL'(l iii IIIL Si(IlL)iiieiil of Fiii(iiiL'ial Ac'lii'ilies 2025 2024 Ciirrenl seTh'iLc Lost Nel interest vn detined benetil {a.%%el}IliabilitJ' Administration expensLs Total expeiiditure to be recognised in the SOFA 11,935 40 126 172 23
QUAGGY DEN'ELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 15. Pension commitments- group and charity (continued) Value of scheme assets and liabilities Equities Bonds Property Ca.%h UK & Oi'crse<iS unit trusts 19,983 67,972 23,183 6,688 101,903 43,473 18,361 3,949 larket i'alue of assets 217,826 190,082 Present value of scheme li<ibilitics - funded 150930 180 80? Net pension asset in scheme In accord61Dce iviih the requirements of FRS 102, the Pension asset has not been recognised on the Balance ShcLI. The expected return on assetb, other Ihan bonds, is calculated using an economic scenario g¢neralor thilt Uses probability dislribuiioll.s to projLLt a rangL ()fpossiblL outconiL.s for thL fiiliirL bLhai'iour of a£sLt rLIurns and LconomiL vafi<ible. Expected returns on bond ass¥ls ar¥ d¥rived froni tlic yiLlds applicablL to tlie accounting date on siiilable bond indices. Aiiuly3i.Y o]'(iiii()iiiil clicii'siecible tu thg Sl(Ileilleiit uj'Fiiiuiic'iul Ac'livilies (SOFA) 2025 2024 RLlurn of fund assets in LXLCSS of inlLrcst Other aclliarial gain51{10sses) on assets Change in financi1L l assumptions C'hangc in dci)iogr¢qphic c2SSUIIIPlions Experience (10ss)Ib7<iin on delined benefit obli¥Fation Change in effect of asset ceiling RLincasurLincnl of Ihc nct assLlsl(dcfincd bLnifiÉ liability) (966) 4,868 55,48? 471 (91) 8,476 (97} lokcipii'iil.f iii pi'L'.%eiif i'ciliie c)J'dLJ]iiieil bL'iic'fit obligalic?ii.¥.' Liabilities al l April 20?4 180,80? 165,896 Ciiyrcnt sLri'iLC Cost C'oiitribiitions froiii scliL Tlle Iiicmbers C"hangFe in tinanui2L l assumptions Cliaiigye in deinugTrapliic a%SUlnPlion Liabilitics assumLd on .SLttlLniLnlS Experience gain on defined benetil oblioation Past service cost InlLfLSt Losl 11,202 5,699 (55,48?) (471) 11,935 5,598 (8,4761 (2,344} 91 97 8.096 Al 31 March 2025 l iO,930 180,802 24
QUAGGY DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 15. Pension commitments- group and charit!. (continued) Moi.'eiiieiits iii ihefaii- valiie oJ'Fiiiid assels Fair i'alue of assets at l April 2024 Inltyrcsl on as.%¥ls Retlirn on assets less inlerest Actuari<il loss Administration cxpcnscs Scttlemcnt priccs received / (paid) Conlributiuns by en)ployer Coiiiributions by scliLinL membLrs Fair value of assets at 31 Mareh 2025 190,082 9,874 (966) 158,612 8,056 4,868 (17?) (126) 217,8.?6 16. Other financial commitments At the year end the Charity haLI anniial comniitmenls Linder non-Ci)ncellable operatingy lease tn relation to thc Nurscry at Parksidc SqLlilrL, LLivi8h<)m, SE 10 8FN 8Ct oul bLIoiv.' 2025 2024 Falling duc within one ycar FallinbF cILie beliveen two and tii.'e year> F4illing7 due in more than five year ?8,000 112,000 28,000 I i?,000 154,OOQ IE?,O_OO All operaling lease paynients are chdrgyed lo the SOFA as they tall due. 17.Anal!'sis of group net assets beliTr'een funds Unrestricted Restricted funds funds Tolal 2025 Fixed assLts Casli at bank and in hand Other net Liirr¢nl liabilities Pension scheme proi'ision ?,001,514 1,848,856 (174,2411) ?,001,514 1,959,354 (174,2411) 110.498 3,676,130 110,498 L2&6,628 2024 Fixed asseis C asli al bai)k and in hand Other net ciirrent liabilitie Pen%ion sLheme proi'i.%iun ,990,87C) 1,548,458 {190,495) 1.990,879 1,645,370 (190.495} 96.912 3 348 842 3 445 754 25
QUAGGY DEN'ELOPMENT TRUST NOTES TO THE ACCOUINTS FOR THE YEAR ENDED 31 MARCH 2025 18. Related parties At 31 March ?0?5, the charity il'as oived £120,547 (20?4.. £116,9()4) by ils siibsidiary, Quaogy Café at Parkside Limited. The chitrily has previously made a provision of £116,550 against this balance leaving a recoverable aiiioiint of £3,997 (2024= £414). During Ihc ycar, thc charity rcLLiN'Ld inLonic amoLinting to £5,597 (?0?4.. £3,479) from ThL Wash Housc Youth Project, a charity of ivhich S C Riley. a Trustee, is also a Trustee. 19. Reconciliation of net movement in fuiids to net cas11 floii, from operating activities 2024 Nct moi'Lment in funds DcprLLialion charge Losses1{gains) on investments Dividends, inlere%t <iiid rents from investments DccrLa.sc iii dcfiiiLd benefit peiision liability D¢crease/(inLrease) in debiors {Decrease)lincrease in creditors Nct cash proi'ided by vpLraling activilics 340,874 611,112 36.414 25,6?0 32,688 (59,9X5} (1 ?5.601) (87,444) {16,564) (50,807) 37,624 513L)4) -270,605 26