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 ￿lANAGE￿IENT
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 <lS follow'5:
Triislves
Natalie Meguerditchian (Chair)
Naonii DLlap
Simc)n Riley (Treasurer and Vic¢-Chair)
Beatrice Panduru
Jonathan QurLshi (appoint¢d l 8 MarLh 2025)
Kev iiicin(i&TL>iiic)nl
Daivn JaLOVOU (Chiet"Executive until 25 January 2025)
Joanna Laivrcnce (Director)
Dawn Br()wn (Director)
Tiinothy Roger50n (Finance Director)
Appointment of Trustees
A% set out in the Articles of Association, neiv Truslees are appoinled by a dccision of Ihc cxisting Trustees. The
minimiim nLimbLr of TrustLCS IS thrcc and the maximiim is tivclN'c. TrustLcs scrvL for a Icrnl ot"Ihrce yLars and
may seri'e a maximum of three conseculive terms bet-ore taking a break of at least one year unless the Trustees
dccidL tliat thLfL arL CKceptioiial Lircumstaiiccs ivhicli nican that it w'ould not bl in thL bcst intcrLSt of ih¥ Charity
for the Trustee to IL1ke a break Irom olfice. ThL Trustees may appoint a Chiiir, VicL-Chair and TrLasurcr from
among their number.

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 t1￿0 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, I￿171ClI 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 DEvELoP￿lE￿T 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 ad￿antage 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<il sl¢ltemenls. A further
dLs¢ription of our rLspoiisibilitlLS for tlie aiidit of 11lL tiiiaiicial statLnicnls is located on thc Financial Rcporting
CoiinLiI's ii'cbsilc al: [IN.I￿v.frc.org.iIkIalid1tUr￿rL8ponsIbIIilIL.$]. Tliis dLscfipiion fomis parl c)t our aiiditc)r's
report.
Eytenl to iTr'hich the audit il'as considered capable of detecting irregularities, including fraud
th¢ ¢ngag¢nient partner ensured Iliat the eiig7agemeni team Lollectively had the appropriate competenc¢,
capabilitlLS and skill.s to idLntif>' or rLcogni.SL non-coinpliancL Il'ith appliLablL laN&'s and regulations.
'e identified the laivs and regulations applicable to the company through discussion5 W'ith directors and
vther m<inagJemenl, and from our commercial knoii'ledge and experience of membership orgTani5alions
and supporl Siri'iics s¥it(Ir-
'e I"ocu.%ed on specitic laii'b and regulation% ivhich ive considered may have (i direct maleridl ettect on
Ihc finanLial statLiiiiiils or IhL opcrations of thc iompany.. inLluding7 ihc Companies ALt 2006, data
prolLLtion and OFSTED rL'giilations

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 DEVELOP￿lENT 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 sTATE￿IENT 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<ir the fees relate to.
Donlc tions ¢1rc rccogniscd ii-hln thc charity is Icgall J. entitled to the incomL.
Grant5, illLlu(ling grant.% tur fixed as5el%, are recognised ivilhin the accounts as tlie>' become reLeii'cible.
Grants rLCCIVLd iii Ilie acLountin& pcriod in rcspLLt of t"utLifL aLcountillO Piriods arc difcrrLd until those
PLriods.
OthLr Iradingr acti￿ltieS rclatL lo inLome dcrived frc)m thc subsidiary company and arL rcLogFnisLd at
fair valuL UPOII transfLr of goods or at the tim¥ of a sern'ice being provided.
Oiher income, includingy bank interest: is accoLint¢d t-or on an <iccfLial basis once the income becomes
rcLLlI'ablL and Ihal amouiil Laii bL mLasurcd rLliabl J. by thL charity.
Donated services and don(Itecl lacililies are recoLJlli5ed as income i￿hen the charily has control over the
it¢ni: any conditions associaled with the donated item have been met, the reLeipi of eLonomiL benefit
froni the use bv Ihc cliarity of thL itciii is probablL and that QLonomii bLn¥fil can b¢ mLasured reliably.
On receipt: donated seTr'iLes and dondled f<lLilities are reLcig7nisLd on ihe basis of the valiie of the gy jft
to the charity iiihich is Ilie amount Ihe charily ivould hai'¢ been ivillin(p to pay lo obtain seTh'ices or
facilitlLS of eLiuii'alciit LconomiL bLnefit on the OPLn InarkLt; a L()rrLSPI)ndincF am()Iinl is thcn
recognised in expenditure in the period of receipt.
14

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 actuari￿1
'alualions are obtained at le1< St Iriennially <1nd are updated al each balance sheet date. The amoiints charged
to OPLralingF Surplus arL thL cli￿ent 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
Cli￿ent 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