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← 1st Place Children And Parents' Centre Ltd

2024-03-31-accounts

Company number: 05424738 Charity number: 1120124

1st Place Children and Parents’ Centre Ltd.

Report and financial statements For the year ended 31 March 2024

1st Place Children and Parents’ Centre Ltd.

Contents

For the year ended 31 March 2024

Reference and administrative information ...................................................................................... 1 Chair of Trustees’ report ................................................................................................................ 2 Trustees’ annual report .................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 16 Statement of financial activities (incorporating an income and expenditure account) ................... 20 Balance sheet ............................................................................................................................... 21 Statement of cash flows ................................................................................................................ 22 Notes to the financial statements ................................................................................................. 23

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

1st Place Children and Parents’ Centre Ltd. Reference and administrative information for the year ended 31 March 2024

Company number 05424738 Country of incorporation United Kingdom Charity number 1120124 Country of registration England & Wales Registered office and operational address 12 Chumleigh Street LONDON SE5 0RN

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Karen Walker Chair
Philip Wilkins Treasurer
Ben Asmah
Heba Ayoub
Symon Bacon – Resigned March 2024
Alan Dallas – appointed for second term March 2024
Ruth Francis
Lucy Grove – Resigned September 2023
Heather Munn
Wenli Tsai – Resigned January 2024
Lornette Pemberton – Resigned January 2024
Georgia Papacleovoulou
Kate Newman
Diederik Wintershoven - Resigned December 2023
Alice Little
Sue Tuttlebury
Key management Nicola Howard Director and Company Secretary
personnel
Bankers Barclays
1-3 Butterfly Walk
Camberwell
London, SE5 8RW
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
LONDON, EC1Y 0TG

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Chair’s Report

I am pleased to share with you the latest Annual report and audited accounts of 1st Place Children and Parent centre.

What an eventful year it has been. There have been some lovely highs, but some very difficult times also. Throughout the year we have been fortunate to have a very dedicated senior staff team, who ensured that all the difficult decisions were taken with children and their families first and foremost in their thoughts.

The closure of our nursery at Cambridge House was an emotional period for all those who experienced the upheaval and who dedicated themselves to making transitions for children and parents as smooth as possible. This period of change and renewal took a tough toll on staff across the organisation and they are to be congratulated for bearing all the change with fortitude and resilience.

These changes were occurring at a time of a difficult financial period for us all, so the fact that 1[st] Place have been able to weather the storm of the ‘cost of living’ crisis is testament to the careful husbandry of resources and the leadership of the senior team.

Our work within the Children and Family Centre continues to have many challenges, and the need for this ongoing important work is vital and the increasing cost of living makes it very difficult to ensure as many people are being offered the support they need. I, along with the Trustees, are so grateful for the continued hard work undertaken by the Family Services team, who never seem daunted by the task in hand and simply do their best every day and thank the whole team for their dedication and commitment to families in Southwark.

This year, as we make lots of transitions: to the Family Hub model, the first in Southwark and broadening our remit to bring services to older children; we are also entering our 20[th] year of operation and extending the offer of free early education, through the Government’s newest scheme. Sometimes Government have great ideas, but the delivery can be difficult to manage. What a bonus for us then that we have a team well-schooled in the vagaries of Government funding and who can call upon our Trustees to help with understanding some of the intricacies of policy.

I finish this year with a quote from one of the earliest Pedagogues, Friedrich Froebel, who was the first to recognise the importance of play in early childhood, something we must always remember when developing learning for children:

"Play is the highest expression of human development in childhood for it alone is the free expression of what is in a child's soul."

I give my heartfelt thanks to all the teams at 1[st] Place for such hard work during a tough year, they have never forgotten the importance of giving children the opportunity to express themselves through play.

Karen Walker Chair of Trustees

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

The Trustees (who act as directors of the Charity for the purposes of the Companies Act) submit their annual report and the financial statements of 1st Place Children and Parents’ Centre for the year ended 31 March 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a director’s report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure that the charity's aims, objectives and activities remained focused on its stated purposes. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

1st Place is comprised of a purpose-built Children and Parents’ Centre, with a number of additional sites providing early education and family support. It achieved charitable status in 2007 and has worked with the following aims:

1st Place shall be for the benefit of the residents in the London Borough of Southwark in particular families with young children, by:

  1. Advancing the education of the residents through the provision of training and childcare facilities;

  2. The provision of advice, support and guidance on issues relating to childcare, parenting, education, health and the environment;

  3. The provision and maintenance of a family centre;

  4. Encouraging the study of the needs of children and families in the (local area) and promoting public interest in and recognition of these needs; and

  5. The promotion of environmental education and awareness.

How we work to achieve these objectives

1st Place achieves these objectives through the provision of;

1st Place Children and Parents’ Centre also aims to nurture a community culture that celebrates diversity; a culture that models respect and support for young children and families as well as caring for the environment. 1st Place aims to support the ongoing growth and development of individuals and groups within the local community.

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Our Aims

Since our inception in 2005, the aims of 1st Place have focused on the locally identified needs of children and families. 1st Place objectives also support Southwark Children's & Adult Services to deliver services and support within the Families Matter agenda and the achievement of the corporate priorities for Southwark’s Children and Families’ Trust’s Children & Young People’s Plan.

The Board of Trustees, the Director and senior managers have continued to develop the strategic direction of 1st Place and to action priority areas identified at the start of the year.

Our areas of focus for this period are:

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Our partners during 2023-2024

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Achievements and Performance

General

As 1[st] Place completes its 19[th] year, we do so in a time of continued change. The early education sector is experiencing some of its biggest changes for a number of years, with the introduction of the first phase of the extension of the free early education offer, with all children aged two to three years eligible for 15 hours per week, for 38 weeks per year of funded childcare . 1[st] Place continues to support families to access this funding, including those who are accessing the support term time only.

In June 2023 1[st] Place was designated as the first Family Hub in Southwark, building on our work as a Sure Start Local Programme and Children & Family Centre. Our remit is now broader,bringing services to families with children and younger people up to the age of 19, or 25 if they have additional needs, widening our partnership further.

In the summer of 2023, we opened a new nursery at Elephant and Castle following the sale of Cambridge House, from where we had operated since 2011. Relocating to a different area presented opportunities as well as the challenge of effectively starting a new nursery from scratch. We launched with a successful ‘Image of the Child’ exhibition, bringing parents and professionals from across London.

We learned at the end of 2023 that we were to be commissioned for a further year to transition from a Children & Family Centre to a Family Hub. The latter months of the year have seen a significant increase in the number of services seeking to establish themselves and their services at our two sites at Chumleigh Gardens and Victory School. This has included sessions linked to the Healthy Start First 1001 Days strand of Family Hubs, Infant Feeding support and Healthy Minds Thrive practitioners who support infant and parental mental health.

We also welcomed back our long-standing partners from University College of Osteopathy in November 2023. The year ended with more change, as we took the decision to combine our Lorrimore Square site with Elephant and Castle, due to the level of investment needed to make the improvements to the outside space. 1[st] Place at Lorrimore Square will close in July 2024, with the majority of families making the move to 1[st] Place at the Elephant.

1st Place at the Heart of the Community

Early Education

In addition to the changes to our nursery spaces this year, 1[st] Place had significant changes in the leadership of our Early Education teams. In June 2023, Bunmi Adams, Early Education Manager at Chumleigh Gardens left after almost 18 years of service. She was followed in March 2024 by the retirement of her colleague Marie Skelton, Head of Early Education who along with Bunmi had been members of the team that established the Children & Parents’ Centre in 2005. Their skills and commitment during their tenure had played a significant part in developing our approach to early education as well as ensuring hundreds of children experienced a wonderful learning environment which gave them best start to their early education.

The importance of having skilled staff to support children with special educational needs is crucial to ensuring our early education provision is accessible to all children and families. Our support for children with additional needs continued to develop with the appointment of colleagues to work with children with social and communication as well as complex needs, During the year we supported 44 children across three sites, with 5 receiving input from the Southwark SENDIF team. 6 children secured Education and Health Plans in readiness for having additional support when they started school. Speech, language and communication needs continue to be the main need of support.

Our links with the Southwark Hearing Support team are well established and they continue to run a weekly session at 1[st] Place. The sessions provide parents with the opportunity to meet others who have children with a hearing loss, and they can share their experiences in a safe place. With an average of five families attending each session, parents see it as place to make contact with other parents with similar experiences. The session is led by Teachers of the Deaf along with input from a specialist Speech and Language therapist.

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

We have continued to be involved in the Southwark ‘Short Breaks’ initiative’ which supports families of children with Special Educational Needs and Disabilities (SEND) though an offer of play learning sessions and holiday clubs for children and young adults 0-25. This year 34 children attended our monthly Saturday session. Our weekly Monday Sensational stay and play with SEND has also grown in popularity, with 57 children attending this year.

Nursery capacity has been at a premium particularly at our Chumleigh Gardens site following an intake of children as the Cambridge House site closed. This impacted our waiting list, and we have been unable to take any new children on roll until September 2024. We were able offer flexibility to families through short term placements at Lorrimore Square and from July 2023 at Elephant and Castle. We undertook extensive publicity as the new site came on stream, including campaigns on London Transport as well as targeted social media. However, word of mouth – personal recommendation from families who are already using our nurseries remains the most effective. This year 273 children attended our full day care.

The accessibility of our nursery services to all in our community remains key to our mission. This year 183 families accessed their Free Early Education Entitlement at 1[st] Place, 95 children used places that were funded solely through the Free Early Education Offer and Free early Education Entitlement, at no cost to their families. While affordability of early years education remains a significant issue for parents, providers and the government, we remain committed to fees that are in line with similar providers, and in 2022-23 they were increased below the level of inflation. Over the next year Trustees will be monitoring the diversity of our nursery intake, to ensure that it reflects the community we serve, and to take action where this is not the case, through widening our community outreach, which is supported by our work as a Family Hub.

The research project on Adventurous Play initiated by our Erasmus visits to Italy, Sweden and Poland was completed in summer 2023, with plans to publish a journal article in 2024, further strengthening our links with the University of Greenwich.

As part of the Family Hubs Best Start for Life programme the Early Words Together (EYT) programme was extended to children aged 3-4 years. 1[st] Place had previously delivered EYT at our Cambridge House nursery in 2022, with the Lorrimore Square team offering the programme this year. The team received positive feedback from Southwark Council

"It was clearly evident from the parents comments, seeing the joy on the children’s faces when they received their certificates and the feedback the staff shared regarding their children’s and families participation, that the dedication, enthusiasm and creativity it must have taken to deliver and enrich this programme, that it will have a lasting impact on their Home Learning Environment and the children’s developmental outcomes in speech, language and communication.”

Second Image of the Child exhibition

In June 2023, we launched our new site at Elephant and Castle with our second ‘Image of the Child’ exhibition. This brought together a wealth of creative projects which the children had worked on over the previous year. Families and early education professionals from across the borough attended the exhibition over a week.

Supporting our Families through Children and Family Centre Services

At the end of March 2024, our contract with Southwark council to deliver Children & Family Centre services was extended again to the March 2025, and we await an update on the recommissioning of the service. This extension has enabled us to retain a range of universal and targeted sessions for families in 2023-25. During the 2023-24 period a total of 720 new children were registered with the Children & Family Centres in the Borough, Bankside & Walworth area of Southwark, exceeding our annual target.

As we began to develop as a Family Hub, we saw a return to our centres of a number of partners who had been absent since the pandemic. It has been encouraging to see our buildings even busier than before, with our physical space operating at capacity.

Our aim to expand our community partnerships this year was met through both making new relationships and growing existing ones. We welcomed back University College of Osteopathy, who have run a Paediatric clinic

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Trustees’ annual report

For the year ended 31 March 2024

with links to 1[st] Place since before our building was completed in 2005. Free at the point of access this weekly clinic sees an average of 9 children each week, with over 26 children being seen at the clinic since it started in November 2023. Running alongside the Infant Feeding support session, parents are able to access consultations which help with early childhood issues such as sleep and colic.

In August 2023, we began to work in partnership with the charity ‘Get Rid of and Donate’ (GROAD), who are an environmental non-profit organisation focusing on reducing domestic and commercial waste to landfill by recycling and preventing poverty in communities. Running weekly sessions, they provided families with access to clothes, resources for the home and toys and games for free. Their ‘pop-up’ also ran during half term holidays, and we look forward to welcoming Andrea and her team back in summer 2024.

In early 2023 we were approached by the Learning and Participation team from Kew Gardens to be involved in an early years outreach programme. In March they delivered four play learning sessions with families using our open access services. They were then invited to a day out at Kew Gardens to take part in a session there, with lunch and the chance to explore the garden. Later in the year a group of Early Education staff attended a days training on outdoor learning.

Maintaining and developing our adult learning offer has been a focus this year, with our partnership with Ripe Learning adding Digital & IT Skills training to the two established ESOL courses. We have continued our parent development offer, through training and advice services. The weekly Family Advice and Guidance session joined forces with the new Adolescent Sure Start team, enabling us to reach families with older children, with appointments with Job Centre Plus also on offer.

We were pleased to host the Southwark Parenting team again this year. Empowering Parents, Empowering Communities ran for three terms with 37 parents enrolling and 25 completing the course. The Fathers Group ran from 1[st] Place for the fifth year. The course aims to support fathers and male caregivers to improve their relationships with their children. This year 77 men enrolled on the course and 61 graduated.

In our sixth funded year, the Southwark Rose Vouchers Project for Fruit and Veg continued to go from strength to strength, supported by 4 dedicated Rose Voucher volunteers. Over the year, a total of 1070 families collected and spent Rose Vouchers, with 1755 eligible children supported. In March we gave out our one millionth Rose Voucher - that means £1 million pounds going into the Southwark community via street markets.

As well as providing families with vouchers to buy fruit and veg in the local market, we continued to give other practical help, through referrals and signposting to services, activities and resources to support their wellbeing. These included foodbanks, advice and guidance, health and wellbeing workshops, and specialised groups for young children with additional needs (to name just a few!). We also further focussed on supporting Rose Voucher families with children under 4 to register for Healthy Start, meaning that 399 eligible families accessed an additional £4.25 income to spend on fruit, vegetables, milk and beans / pulses. And we continued our informal mission to support families to save money in any ways possible, including enabling a majority of families responsible for paying their water bills to receive a 50% discount annually.

In November, we were pleased to be selected as a Community Referral Pathway partner for Southwark Council's Cost of Living Fund. This was a £100 discretionary payment which Southwark Council made available for residents experiencing financial hardship, including refugees and asylum seekers. Over the course of the scheme, we successfully referred 55 Rose Voucher families to receive at least one (and, in some cases, two) payments towards their bills over the winter period.

We were delighted to receive funding for an additional post for the project, meaning that in the year ahead we can do even more to support families' health and wellbeing, and better understand the significant difference Rose Vouchers are making for local families.

The Family Services team received an average of two allocations each week for one-to-one support from family early help, with the Community Family Workers carrying an average caseload of 15 families each. Cases continue to be complex, with housing, domestic abuse and mental health being the main presenting issues. There has been an increase in volume of allocations, which are step down or step across from social care. This year due to the

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

complexity of the cases allocated to our service the number of cases suitable to stepped down to the early years team has reduced.

We are working closely with the Healthy Minds Thrive team to put in place support as soon as mental health needs are established. We also additional funding at the end of the financial year to create outreach capacity within the Family Hub. These posts will support the Healthy Minds Thrive team with outreach to families who are not using our services and will include a Fathers worker.

Our work with Fathers and male carers has continued to grow and consolidate. The Saturday group, led by Community Family Worker Phil Robson, is in its second year and regularly attracts over 20 dads and their children to the sessions. An event to mark International Men’s Day was held in November, bringing together and number of services including men's health checks.

Bede House delivered two further cycles of the Freedom programme at 1[st] Place. 29 women joined their IDVA-led group programme this year. They have continued to run these group sessions in person, to support participants’ ability to support and learn from each other as much as from the course leaders. Feedback is consistently positive:

I feel like I’ve grown and changed a lot in a short time.

I wouldn’t have made the positive changes in my life without this group

The course was an eye opener. Learned about the hidden ways I experienced abuse that I was not aware of and normalised.

In February 2023, Bede began a programme of art therapy for children aged 5-10 who have witnessed Domestic Abuse in the home. 13 children have completed to date. Feedback from parents has been overwhelmingly positive, and Bede’s ability to work with both parent and child has enabled them to pick up and support families in dealing with issues quickly from multiple angles.

High Performing Teams

While as an organisation we have experienced another difficult year, losing one of our nurseries, starting from scratch at a new site, while operating in a sector under significant change, our team have again risen to the challenge, giving their very best for children and families. To continue to demonstrate our commitment to our staff and ensuring our retention levels are above average, Trustees took the decision to offer a pay increase above the sector average. This was achieved while keeping nursery fee increases below cost of living, supplementing the cost from reserves. As a result, we have good staff retention and colleagues have supported us by recommending new prospective candidates, incentivised by the staff recruitment bonus, along with increased external marketing have seen our retention rates improve by 12% since 2022. Over 30% of staff have worked for 1[st] Place for over 5 years.

1[st] Place is committed to staff development and progression, and we have maintained links with accredited training providers, with whom 1[st] Place staff can continue their professional development. This year five members of staff completed NVQ L3 and one completed L2.

The wellbeing of our employees is a primary focus, also contributing to staff retention. Uptake of benefits offered by 1[st] Place was positive, including access to an online GP service, with 36 staff using the app for a consultation, when they have been unable to book a face-to-face appointment with their own doctor. We were also able to improve our online counselling service with the number of sessions offered increasing from 4 to 8, enabling timely help to those who need it. Four staff completed their training as Mental Health 1[st] Aiders, who provide local signposting support to colleagues in all our teams.

In 2023 in response to the staff survey, we introduced a termly budget allocation to staff to enable them to spend time together socialising outside work, and this has proved really popular across all departments.

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Serious Incident Reporting

None to report

Safeguarding Duties

As an organisation 1[st] Place acknowledge and act on our duty of care to staff and service users. Trustees recognise that being safe and free of abuse is central to ensuring the continued promotion of a person’s wellbeing. 1[st] Place has policies and procedures in place to enable us to respond to all concerns of abuse appropriately, operating in line with the Southwark Safeguarding Children’s Partnership Board guidance and Pan London Multi-Agency Safeguarding Policy. Our policies and procedures for children and adults at risk are reviewed annually. Our trustee safeguarding lead is Alan Dallas for 2023-24.

All Trustees are required to undertake Safeguarding for Trustees training. The Director is the Named Person, supported by eight Designated Safeguarding leads. All staff have Safeguarding Children training on appointment and every two years, appropriate to their level of responsibility. Senior Managers undertake Safer recruitment training every three years.

Trustees confirm that Internal processes concerning the conduct of members of the 1[st] Place team show there were no allegations made against a trustee, an employee, an intern, or a volunteer by a service user during 202324. There was one complaint raised to Ofsted in relation to care of a child in one of our nurseries, which was not upheld with no further action.

Financial Sustainability

We started this financial year losing our established site at Cambridge House and managing a complex transition to a new home at Elephant & Castle. Initially, this provided the opportunity to expand the number of nursery places offered across 1[st] Place nurseries by 32. This moved our operations to a new location further north of the borough, and we were faced with opening the nursery from a complete standing start. This impacted on our overall performance, with our numbers well below what had been budgeted, bearing in mind that when the Budget for 2023-24 had been approved by the Board, neither the closure of Cambridge House & Lorrimore Square nor the acquisition of Elephant & Castle had been, nor could have reasonably been, anticipated.

In December 2023, Trustees took the decision to cease running our nursery at St Pauls Church in Lorrimore Square. Over several years there had been significant investment made in planning for improvements to the exterior of the building and access for children to the outdoors. However, with increasing material and labour costs, the level of expenditure on a building with a short-term lease was not considered a good investment. The nursery will close in July 2024, with most families taking up the option to move their children to 1[st] Place at the Elephant. As we enter a new financial year, we are seeing the green shoots of the hard work of the team across all departments, with occupancy levels forecast to achieve planned levels by January 2025.

On a more positive note, performance at our Chumleigh Gardens site continued to be strong, and with numbers of places increased to accommodate children who had moved following the closure of Cambridge House. Occupancy levels exceeded budget, to a point mitigating some of the overall underperformance. Demand for places remains high and we began 2024-25 exploring how the extension of the Free early Education Entitlement will impact demand for places in our nurseries. With expansion to funding for children over 2 years of age in April 2024, the hourly rate funded by the Government has increased, while rates for children over 3 years remained static.

Funding from Southwark Council for Children & Family Centre services received no increase in 2023-24, and with the contract extended again for a further year, and with no increase since 2016, the majority of the funding is allocated to staffing and provision of facilities for services provided by our central team and a growing number of partner services. As we begin the 2024-25 financial year, our budget was cut by £40,000, and we were invited to submit an expression of interest to tender for a contract from April 2025.

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Our Facilities Team have had a busy year dealing with the structural changes in our operations and have refurbished our community kitchen at Chumleigh Gardens. 2024/25 will bring a focus on planned preventative maintenance

Principal funding

The continuing growth and success of 1st Place this year has been facilitated by consistent funding and we would particularly like to acknowledge Southwark Children and Adult Services for the allocation of Children and Family Centre funding, the Free Early Education Entitlement and Free Early Education Offer. As ever, the continued commitment of local parents to our nursery, and of local services and groups for our room hire, is crucial to the continuation of our services.

Investment policy and performance

1[st] Place current account continues to be held with Barclays Bank. We have moved our cash reserves into a number of bank accounts under the Charities Aid Foundation Platform. We took the decision that no single deposit should exceed the Financial Services Compensation Scheme limit of £85k. We have earned over £35k in deposit interest at well over 4% combined interest rate

Financial Review

After eight years of steady growth generating consistent financial Surplus, this year has proven to be very challenging. Even in the two years worst affected by Covid, we maintained strong residual Reserves. This was largely due to our successful insurance payout of £245K for loss of income during periods of enforced closure. As last year, 2022-23, drew to a close it was clear that we would have to vacate one of our two flagship nurseries, in Cambridge House. Whilst our legal challenge that resulted in compensation for termination of the licence, was successful, the legal costs of doing so eliminated the compensation.

The executive team demonstrated their best working practices and skill in reducing the impact of the Cambridge House closure by accommodating most of the displaced children in Chumleigh Gardens. In fact, by the year end, the operating surplus at Chumleigh Gardens nearly matched the combined budgets of Chumleigh & Cambridge House.

Nevertheless, this could not provide a long term solution and so we progressed to completion, our negotiations to take a 12 year lease on The Elephant & Castle Nursery. The lease was signed in July 2023 but we were not able to start to take in children until September of that year. The eventual capacity of Elephant & Castle will be nearly 100 places. However, whilst is had been an operating nursery prior to Covid, there were no existing clientele and so we started from scratch. Additionally, the demand for nursery places tends to peak at the start of school terms, e.g. September, January & April, September being by far the strongest. We had not established a “presence” in that area in time to attract children for September 2023 and so the build-up of occupancy has been slower that we would have hoped.

Further, whilst our third nursery in Lorrimore Square had, for a number of years, contributed to our surplus, more recently the local demographics had brought about a change in the balance between Parent Paid and FEEE funded places and a resultant loss of net revenue. Further the improvements to the facilities, identified as costing approx £200K, were not practical without the landlord also remedying significant infrastructure issues, It was with regret that in December 2023 we decided to withdraw from Lorrimore Square by mid-2024.

The combined effect of the above changes has been a significant depletion of our Reserves. These changes were neither planned nor foreseen prior to finalising the 2022-23 Annual Report.

The Board agreed a Recovery Strategy at their meeting in December 2023, which predicted the eventual Deficit of c£(350)K in 2023-24 and a further Deficit of c£(160)K in 2024-25 but returning to Surplus in 2025-26. Throughout this period, whilst the ratio of Operating Costs to Unrestricted reserved will at times be less than 3.0, we are confident that our Reserves will be sufficient at all times to meet our legal & moral obligations to our Staff, Suppliers & Landlords.

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1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Reserves Policy

The 1st Place Reserves Policy is to maintain total free reserves, excluding the element which relates to tangible fixed assets, at a level which is no less than approximately three month's operating costs. This policy provides the ability to cope with unforeseen expenditure of both a capital and an expenditure nature, and with interruptions in income flows. 1st Place has focussed on building adequate reserves over the last eleven years, while within the sector there had been a shift towards risk-based reserves policies. However, no one could have foreseen the impact of a global pandemic on both commercial as well as not for profit sectors, and never has the need to maintain adequate reserves been more apparent.

The Reserves Policy is reviewed and amended annually by the Board of Trustees.

Total free reserves at 31 March 2024 are £620k. The target level of reserves, representing three months of forecast operating costs in 2024/25, is £734k. Following this year of structural changes our reserves represent 2.5 months of operating costs at 31[st] March 2024. This is expected to reduce to a low of 2.4 months cover in 2024/25 and then improve in the following years.

Fundraising

1st Place Children and Parents’ Centre Ltd does not engage in large scale public fundraising and does not use professional fundraisers or commercial participators. Nevertheless, the charity observes and complies with the relevant fundraising regulations and codes. During the year, there was no non-compliance of these regulations and codes and the Centre received no complaints relating to its fundraising practice.

Plans for the future

Over the next year, working within our 2024-2027 Strategic Plan we will:

Structure, governance and management

1st Place Children and Parents’ Centre is a registered charity and company limited by guarantee with no share capital. The liability of Trustees in the event of insolvent liquidation is limited to £1 each. The members of the Board of Trustees are appointed by members of the Board. Day-to-day management of the Charity is delegated to the Director who is responsible for other staff. The Board of Trustees meet regularly, with five sub-committees (Early Education, Finance & General Purposes, Human Resources Community Services and Safeguarding) overseeing the operational activities of the organisation.

The Full Board meets quarterly to approve the business undertaken in the sub-committees. Additional working groups convene as and when required. Trustees are given appropriate induction, upon appointment, and ongoing training as required to assist them in fulfilling their role. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 5 of the accounts.

Remuneration Policy

We recognise the importance of being transparent and accountable in all aspects of our work, including how we reward and recognise our staff. We are working towards paying the London Living Wage (or becoming an accredited Living Wage Employer). The London Living Wage is an hourly rate set independently and updated

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Trustees’ annual report

For the year ended 31 March 2024

annually, based on the cost of living in London. 1st Place is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. In deciding on levels of pay, the following factors are taken into account:

  1. The mission, aims, objectives and values of 1st Place.

  2. How any decisions might impact on the overall pay policy for all staff.

  3. The type of skills, experience, competences etc. that our organisation needs.

  4. A significant increase in responsibilities for a member of staff, or major change in job description.

  5. Our current strategic business plan and how this might affect future needs.

  6. Our ability to pay. It is our aspiration to pay a cost of living increase each year to all staff.

  7. Regular benchmarking of salaries relative to pay levels in other charities in the sector of equivalent size, budgets and responsibilities, using independent external information.

  8. Our track record in recruiting and retaining high-performing staff.

  9. The impact of any decision on our public reputation, especially amongst our service users and stakeholders.

Performance Management

We have a performance management and appraisal policy that:

Risk Assessment

The Board of Trustees regularly review and assess the risks faced by 1st Place in all areas of its work, and plan for the management of those risks. The management ensure that all plans and decisions consider the possibility of negative outcomes. There is a Risk Register which is compiled and monitored quarterly by the Finance & General Purposes (F&GP) sub-committee, reported on quarterly at meetings of the Full Board and reviewed annually to ensure that the material risks to which the charity is exposed are evaluated and managed. The Director and senior management team implement appropriate mitigating actions to address the residual risks, mitigating them to a level the Trustees consider acceptable. The Board of Trustees recognises that, to achieve the objectives of the charity, the nature of some of 1st Place work requires acceptance of some risks that are outside our control, that is, risks which cannot be eliminated, so where this happens there is active and clear monitoring of the risk. The Facilities Manager will carry out a Health & Safety risk assessment when any risk is identified. The Risk Register working group reporting to F&GP sub-committee are working with the senior management to solidify the appropriate systems and controls to monitor, manage and mitigate exposure to risks. Principle risks and uncertainties are assessed for impact and likelihood.

Principal risks and uncertainties

The highest risk areas have been identified as follows:

13

1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

Statement of responsibilities of the trustees

The Board of Trustees is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees, who are also the charitable company’s directors, to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to:

The Board of Trustees has overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping adequate accounting records, which disclose with reasonable accuracy, are sufficient to show and explain the charity’s transactions and the financial position of the charity at any time and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps

14

1st Place Children and Parents’ Centre Ltd.

Trustees’ annual report

For the year ended 31 March 2024

for the detection and prevention of fraud and other irregularities. Statement of disclosure of information to auditors.

Statement of disclosure of information to auditors

We, as the directors of the charitable company who held office at the date of approval of these financial statements as set out on page one, each confirm, so far as we are aware, that:

Preparation of this report

This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.

Approved by the trustees on 11 September 2024 and signed on their behalf by

Karen Walker Chair

15

Independent auditor’s report

To the members of

1st Place Children and Parents’ Centre Ltd.

Opinion

We have audited the financial statements of 1st Place Children and Parents’ Centre Ltd (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on 1st Place Children and Parents’ Centre Ltd's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

16

Independent auditor’s report

To the members of

1st Place Children and Parents’ Centre Ltd.

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

17

Independent auditor’s report

To the members of

1st Place Children and Parents’ Centre Ltd.

concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

18

Independent auditor’s report

To the members of

1st Place Children and Parents’ Centre Ltd.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

Date: 16 October 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

19

1st Place Children and Parents' Centre Ltd.

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

For theyear ended 31 March 2024 For theyear ended 31 March 2024
General
Note
£
Income from:
2,187
2a
19,402
2a
1,372,258
2a
231,321
2a
697,676
2a
289,434
35,845
38,547
2,686,670
3
-
3
-
3
1,257,771
3
281,580
3
827,348
556,280
2,922,979
(236,309)
(65,922)
(302,231)
Reconciliation of funds:
998,490
696,259
Charitable activities
Children's Centre Services
Chumleigh Nursery
Raising funds
Lorrimore Nursery
Cambridge House Nursery
Investments
Other
Total income
Expenditure on:
The Elephant Nursery
Donations and legacies
Total expenditure
Charitable activities
Cambridge House Nursery
Lorrimore Nursery
Children's Centre Services
Chumleigh Nursery
The Elephant Nursery
Total funds brought forward
Net (expenditure)/ income for the
year
Total funds carried forward
Transfers between funds
Net movement in funds		 Designated
£
-
-
-
-
-
-
-
-		 Restricted
£
-
497,183
1,507
94
1,535
3,495
-
-		 2024
Total
£
2,187
516,585
1,373,765
231,415
699,211
292,929
35,845
38,547
3,190,484
-
532,893
1,282,846
286,179
859,356
568,852
3,530,126
(339,642)
-
(339,642)
1,159,321
819,679		 General
£
2,589
4,440
978,214
929,608
676,481
-
3,241
304		 Designated
£
-
-
-
-
-
-
-
-		 Restricted
£
3,073
467,274
6,623
2,591
7,964
-
-
-		 2023
Total
£
5,662
471,714
984,837
932,199
684,445
-
3,241
304
2,686,670 - 503,814 2,594,877 - 487,525 3,082,402
-
-
1,257,771
281,580
827,348
556,280		 -
-
-
-
4,284
-		 -
532,893
25,075
4,599
27,724
12,572		 16,969
-
911,375
900,692
733,437
-		 -
57
3,440
-
2,130
-		 -
504,077
35,208
18,651
31,874
-		 16,969
504,134
950,023
919,343
767,441
-
3,157,910
2,922,979 4,284 602,863 2,562,473 5,627 589,810
(236,309)
(65,922)		 (4,284)
-		 (99,049)
65,922		 32,404
(20,791)		 (5,627)
-		 (102,285)
20,791		 (75,508)
-
(302,231)
998,490		 (4,284)
50,440		 (33,127)
110,391		 11,613
986,877		 (5,627)
56,067		 (81,494)
191,885		 (75,508)
1,234,829
696,259 46,156 77,264 998,490 50,440 110,391 1,159,321

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14 to the financial statements.

20

1st Place Children and Parents' Centre Ltd.

Company no. 05424738

Balance sheet

As at 31 March 2024

As at 31 March 2024
Note
Fixed assets:
9
Current assets:
10
Liabilities:
11
13
14
Cash at bank and in hand
Tangible assets
Debtors
The funds of the charity:
General funds
Total unrestricted funds
Total charity funds
Net current assets
Total net assets
Restricted income funds
Unrestricted income funds:
Designated funds
Creditors: amounts falling due within one year		 £
153,373
1,039,519		 2024
£
77,474		 £
48,487
1,376,359		 2023
£
56,767
77,474
742,205		 56,767
1,102,554
1,192,892
450,687		 1,424,846
322,292
46,156
696,259		 50,440
998,490
819,679 1,159,321
77,264
742,415		 110,391
1,048,930
819,679 1,159,321

Approved by the trustees on 11 September 2024 and signed on their behalf by

Karen Walker Chair

21

1st Place Children and Parents' Centre Ltd.

Statement of cash flows

For the year ended 31 March 2024

For the year ended 31 March 2024 For the year ended 31 March 2024
Note
£
15
35,845
(60,723)
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash flows from operating activities
Net cash used in investing activities
Net cash (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets		 £
(311,962)
(24,878)
2024		 £
£
(60,241)
3,241
(28,726)
(25,485)
(85,726)
1,462,085
1,376,359
2023
(336,840)
1,376,359		 (85,726)
1,462,085
1,039,519 1,376,359

22

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

a) Statutory information

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

23

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

The Support costs allocation to cost of raising funds represents an apportionment of our Marketing Manager's salary & marketing spend related to that function. We intend to employ a Fundraiser and will therefore have directly attributable costs in the future

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

24

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

 Office equipment 25% straight line

 Fixtures & Fittings 25% straight line

 Computer equipment 33% straight line

 Computer software 33% straight line

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

p) Pensions

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

25

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

the year ended 31 March 2024
Income from charitable activities
Early Years Pupil Premium (EYPP) Grant
EYPP Grant
Sub-total for Lorrimore Nursery
Total income from charitable activities
LB of Southwark - free education entitlement
Nursery Fees
LB Southwark: Special Education Needs (SEN)
LB Southwark: Deprivation fund
EYPP Grant
Sub-total for The Elephant Nursery
LB of Southwark: Children's Centre
Alexandra Rose Charity Grant
External Bookings
LB Southwark: Deprevation fund
EYPP Grant
LB Southwark: Deprivation fund
Sub-total for Children's Centre Services
LB of Southwark - free education entitlement
Nursery Fees
Sub-total for Chumleigh Nursery
LB of Southwark - free education entitlement
LB Southwark: Special Education Needs (SEN)
Nursery Fees
LB Southwark: Special Education Needs (SEN)
LB Southwark: Deprivation fund
Sub-total for Cambridge House Nursery
LB of Southwark - free education entitlement
LB Southwark: Special Education Needs (SEN)
Nursery Fees		 Unrestricted
£
-
-
19,402
19,402
248,815
1,099,620
-
23,823
-
1,372,258
34,538
193,730
-
3,053
-
231,321
151,198
530,365
-
16,113
-
697,676
86,500
192,960
-
9,974
-
289,434
2,320,657		 £
442,075
55,108
-
497,183
-
-
1,012
495
1,507
-
-
-
-
94
94
-
-
-
-
1,535
1,535
-
-
3,036
-
459
3,495
503,814
Restricted		 2024
Total
£
442,075
55,108
19,402
516,585
248,815
1,099,620
1,012
23,823
495
1,373,765
34,538
193,730
-
3,053
94
231,415
151,198
530,365
-
16,113
1,535
699,211
86,500
192,960
3,036
9,974
459
292,929
3,113,905		 2023
Total
£
420,464
46,810
4,440
471,714
182,160
771,635
5,480
24,419
1,143
984,837
117,720
798,341
2,024
13,547
567
932,199
76,560
581,186
7,084
18,735
880
684,445
-
-
-
-
-
-
3,073,195

26

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

Income from charitable activities (prior year)
Total income from charitable activities
Nursery Fees
LB Southwark: Special Education Needs (SEN)
LB Southwark: Deprivation fund
EYPP Grant
Sub-total for Lorrimore Nursery
Nursery Fees
LB Southwark: Special Education Needs (SEN)
LB Southwark: Deprivation fund
Sub-total for Cambridge House Nursery
LB of Southwark - free education entitlement
Sub-total for Chumleigh Nursery
LB of Southwark - free education entitlement
Alexandra Rose Charity Grant
Early Years Pupil Premium (EYPP) Grant
EYPP Grant
LB of Southwark: Children's Centre
External Bookings
Sub-total for Children's Centre Services
LB of Southwark - free education entitlement
Nursery Fees
LB Southwark: Special Education Needs (SEN)
LB Southwark: Deprivation fund		 Unrestricted
£
-
-
4,440
4,440
182,160
771,635
-
24,419
-
978,214
117,720
798,341
-
13,547
-
929,608
76,560
581,186
-
18,735
-
676,481
2,588,743		 £
420,464
46,810
-
467,274
-
-
5,480
-
1,143
6,623
-
-
2,024
-
567
2,591
-
-
7,084
-
880
7,964
484,452
Restricted		 2023
Total
£
420,464
46,810
4,440
471,714
182,160
771,635
5,480
24,419
1,143
984,837
117,720
798,341
2,024
13,547
567
932,199
76,560
581,186
7,084
18,735
880
684,445
3,073,195		 2022
Total
£
421,717
34,095
5,514
461,326
150,207
758,895
10,120
25,697
906
945,825
91,646
765,838
2,420
14,956
604
875,464
186,410
398,032
3,432
29,526
1,677
619,077
2,901,692

27

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

3a Analysis of expenditure (current year)

Staff costs (Note 5)
Other staff costs
Direct costs
Premises costs
Rental equipment
Utilities
Office costs
Legal and professional fees
Promotion
Depreciation
Bad debt
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Cost of
raising
funds
£
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities Charitable activities

The Elephant
Nursery
312,080
11,563
27,840
87,697
1,058
39,377
10,993
2,763
25
5,129
11		 Governance
costs
£
-
-
-
-
-
-
1,904
12,449
-
-
-		 Support
costs
£
402,282
18,535
10,181
21,194
1,450
73,669
91,514
49,952
12,786
15,799
(894)
2024
Total
£
2,599,703
87,610
123,597
214,035
8,345
228,497
147,685
68,710
12,811
40,016
(883)
2023
Total
£
2,360,959
187,327
119,770
139,034
9,222
134,704
103,658
69,176
7,031
29,454
(2,425)


Children's
Centre
Services
£
384,922
8,042
10,514
4,361
1,946
10,676
5,897
-
-
486
-

Chumleigh
Nursery
£
765,164
23,999
42,786
37,942
2,345
71,681
10,947
1,503
-
11,828
-

Cambridge
House
Nursery
£
174,603
6,264
11,738
21,039
281
4,963
3,358
540
-
5,429
-


Lorrimore
Nursery
£
560,652
19,207
20,538
41,802
1,265
28,131
23,072
1,503
-
1,345
-
-
-
-		 426,844
104,470
1,579		 968,195
310,393
4,258		 228,215
53,826
4,138		 697,515
160,262
1,579		 498,536
67,517
2,799		 14,353
-
(14,353)		 696,468
(696,468)
-		 3,530,126
-
-		 3,157,910
-
-
- 532,893 1,282,846 286,179 859,356 568,852 - - 3,530,126 3,157,910
16,969 504,134 950,023 919,343 767,441 - - - 3,157,910

Of the total expenditure, £2,927,263 was unrestricted (2023: £2,568,100) and £602,863 was restricted (2023: £589,810).

28

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

3b Analysis of expenditure (prior year)

Staff costs (Note 5)
Other staff costs
Direct costs
Premises costs
Rental equipment
Utilities
Office costs
Legal and professional fees
Promotion
Depreciation
Bad debt
Support costs
Governance costs
Total expenditure 2023		 Cost of
raising
funds
£
-
-
-
-
-
-
-
5,400
-
-
-		 Charitable activities Charitable activities

Governance
costs
£
-
-
-
-
-
-
936
12,300
-
-
-
Support
costs
2023
Total
£
£
341,336
2,360,959
23,391
187,327
7,650
119,770
16,217
139,034
2,947
9,222
56,416
134,704
62,185
103,658
21,680
69,176
6,680
7,031
9,548
29,454
(2,712)
(2,425)


Children's
Centre
Services
£
389,072
3,391
9,464
2,615
2,444
3,829
4,783
984
-
4,229
66

Chumleigh
Nursery
£
620,850
30,027
46,740
28,801
2,017
46,971
10,455
1,710
117
11,167
221

Cambridge
House
Nursery
£
525,811
94,453
32,103
46,642
985
5,107
9,147
23,113
117
3,651
-


Lorrimore
Nursery
£
483,890
36,065
23,813
44,759
829
22,381
16,152
3,989
117
859
-
5,400
10,907
662		 420,877
81,801
1,456		 799,076
147,241
3,706		 741,129
174,508
3,706		 632,854
130,881
3,706		 13,236
-
(13,236)		 545,338
3,157,910
(545,338)
-
-
-
16,969 504,134 950,023 919,343 767,441 - -
3,157,910

29

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

4 Net expenditure for the year

This is stated after charging:

This is stated after charging:
2024 2023
£ £
Depreciation 40,016 29,454
Operating lease rentals:
Property 155,768 108,815
Other 8,345 9,222
Auditor's remuneration (excluding VAT):
Audit 10,950 10,250
Other services 3,375 2,150

5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2024
£
2,341,836
185,290
72,577		 2023
£
2,136,640
161,503
62,816
2,599,703 2,360,959

One employee earned between £60,000 ad £69,999 during the year (2023: 1). No other employees earned over £60,000 in the year.

The total employee benefits including pension contributions of the key management personnel were £520,336 (2023: £518,308).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

There were £137 of trustee expenses representing the payment or reimbursement of travel and subsistence costs (2023: £nil).

Pay ratio: The remuneration ratio for 1st Place is considered alongside external market conditions for the specific roles. The ratio of our highest salary (£69,776) to our lowest salary (£20,236) was 3.4 in 2024 (2023: 3.6).

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:


follows:
Governance
Raising funds
Children's Centre Services
Chumleigh Nursery
Lorrimore Nursery
Support
Cambridge House Nursery/ The Elephant Nursery		 2024
No.
-
13.6
43.5
36.4
40.6
14.3
-		 2023
No.
-
17.4
35.7
44.2
33.2
14.8
-
148.3 145.3

30

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

7 Related party transactions

There are no related party transactions to disclose for 2024 (2023: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

8 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Tangible fixed assets

Tangible fixed assets
Net book value
Disposals in year
At the start of the year
At the start of the year
Cost or valuation
Eliminated on disposal
At the end of the year
At the end of the year
Depreciation
At the start of the year
At the end of the year
Additions in year
Charge for the year		 Office
Equipment
£
23,610
4,677
(1,214)
Computer
Equipment
£
55,300
20,488
-
Fixtures and
Fittings
£
195,176
22,948
-
Computer
Software
£
10,393
12,610
(10,393)
Total
£
284,479
60,723
(11,607)
27,073 75,788 218,124 12,610 333,595
13,514
3,276
(1,214)		 27,297
20,157
-		 176,508
14,153
-		 10,393
2,430
(10,393)		 227,712
40,016
(11,607)
15,576 47,454 190,661 2,430 256,121
11,497 28,334 27,463 10,180 77,474
10,096 28,003 18,668 - 56,767

All of the above assets are used for charitable purposes.

10 Debtors

Debtors
Trade debtors
Prepayments
Other debtors		 2024
£
91,024
48,057
14,292		 2023
£
2,243
38,567
7,677
153,373 48,487

31

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals
Deferred income (note 12)
Trade creditors
Taxation and social security
Other creditors		 2024
£
39,284
43,723
165,159
57,822
144,699		 2023
£
44,110
33,182
139,479
23,826
81,695
450,687 322,292

12 Deferred income

Deferred income comprises of nursery fees and Children's Centre income received in the year which relates to the subsequent financial year.


subsequent financial year.
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2024
£
81,695
(81,695)
144,699		 2023
£
60,050
(60,050)
81,695
144,699 81,695

13a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Net current assets
Tangible fixed assets
Net assets at 31 March 2024		 General
unrestricted
£
76,489
619,770
£
-
46,156
Designated		 Restricted
£
985
76,279		 Total funds
£
77,474
742,205
696,259 46,156 77,264 819,679

13b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Tangible fixed assets
Net current assets
Net assets at 1 April 2023		 General
unrestricted
£
50,823
947,667
£
-
50,440
Designated		 Restricted
£
5,944
104,447		 Total funds
£
56,767
1,102,554
998,490 50,440 110,391 1,159,321

32

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

For the year ended 31 March 2024
14a
Total restricted funds
Total designated funds
General funds
14b
Total restricted funds
Total designated funds
General funds
Nursery Support Fund
Unrestricted funds:
Designated funds:
Nursery Support Fund
Total funds
Total funds
Total unrestricted funds
Total unrestricted funds
Movements in funds (prior year)
Special Education Needs
Family Support: Children's Centre
Family Support Fund
Restricted funds:
Movements in funds (current year)
EYPP
Alexandra Rose Charity Grant
Special Education Needs
EYPP
Erasmus EU funding
Designated funds:
Family Support Fund
Family Support: Children's Centre
Unrestricted funds:
Alexandra Rose Charity Grant
Restricted funds:		 At 1 April
2023
£
-
93,931
10,567
5,893
Income and
gains
£
4,048
442,075
2,583
55,108
Expenditure
and losses
£
(69,970)
(489,144)
-
(43,749)
Transfers
£
65,922
-
-
-		 At 31 March
2024
£
-
46,862
13,150
17,252
110,391 503,814 (602,863) 65,922 77,264
943
49,497		 -
-		 -
(4,284)		 -
-		 943
45,213
50,440
998,490		 -
2,686,670		 (4,284)
(2,922,979)		 -
(65,922)		 46,156
696,259
1,048,930 2,686,670 (2,927,263) (65,922) 742,415
1,159,321 3,190,484 (3,530,126) - 819,679
At 1 April
2022
£
3,423
136,149
7,977
17,341
26,995
Income and
gains
£
14,588
420,464
2,590
46,810
3,073
Expenditure
and losses
£
(62,737)
(462,682)
-
(41,395)
(22,996)
Transfers
£
44,726
-
-
(16,863)
(7,072)		 At 1 April
2023
£
-
93,931
10,567
5,893
-
191,885 487,525 (589,810) 20,791 110,391
1,000
55,067		 -
-		 (57)
(5,570)		 -
-		 943
49,497
56,067
986,877		 -
2,594,877		 (5,627)
(2,562,473)		 -
(20,791)		 50,440
998,490
1,042,944 2,594,877 (2,568,100) (20,791) 1,048,930
1,234,829 3,082,402 (3,157,910) - 1,159,321

33

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

14 Movements in funds (continued)

Purposes of restricted funds

Special Educational Needs

These funds are used to provide additional support for children in the Nursery with special education needs. The deficit in the year is funded from general reserves representing part of 1st Place’s charitable giving.

Family Support

The Family Support fund represents funds from the London Borough of Southwark to help run Family Support and Training services at 1st Place Children and Parents' Centre.

EYPP

These are funds received for the Early Years Pupil Premium (EYPP) to support disadvantaged children in the Nursery.

Alexandra Rose Grant

For distribution of Alexandra Rose Charity Fruit & Veg vouchers during the next year to local families in need. The transfer of costs from the Alexandra Rose Charity restricted reserve to general funds represents the costs for the administrative support needed to manage the Rose Voucher Project, plus the associated costs thereof.

Erasmus EU Funding

These funds are for educational visits to participating EU countries to aid development of future leaders and leadership skills among existing staff. Due to the Tory Party’s decision to implement a hard Brexit, further participation in this excellent programme is no longer possible. It has been agreed that the surplus from this programme can be used to fund 1st Place’s general charitable works.

Purposes of designated funds

The Family Support Fund is there to support families who encounter short term crises and do not have the available funds to address a short term need for example support to move home when being re-housed at short notice, or a family with no recourse to public funds whose main source of income is lost due to short term illness or hospitalisation.

The Nursery Support Fund has been created to support nursery families whose circumstances have changed, creating short-term financial pressure affecting their ability to maintain their child’s attendance at a 1st Place nursery, or that family income in the short term will not cover the amount of hours their child needs to attend in order for parents/carers to work or study.

34

1st Place Children and Parents' Centre Ltd.

Notes to the financial statements

For the year ended 31 March 2024

15 Reconciliation of net income to net cash flow from operating activities

Reconciliation of net income to net cash flow from operating activities
Net (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
(Increase)/ Decrease in debtors
Increase/ (Decrease) in creditors
Net cash (used in) operating activities		 2024
£
(339,642)
40,016
(35,845)
(104,886)
128,395		 2023
£
(75,508)
29,454
(3,241)
4,746
(15,692)
(311,962) (60,241)

16 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

The charity's total future minimum lease payments under non-cancellable operating
of the following periods		 leases is as follows for each leases is as follows for each
One to five years
Over five years
Less than one year		 2024
2023
£
£
136,000
36,819
205,750
64,000
42,667
42,667
Property
384,417 143,486

17 Post balance sheet events

It has now been agreed with St Paul's Church, Lorrimore Square that we will terminate our license to rent rooms for a nursery there. We are transferring the children who attend Lorrimore Nursery, in the main, to our Elephant & Castle site at Hampton Street with the agreement of parents.

18 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

35