Company registration number.. 06481146 Charity registration number.. 1124492 Carefree-Fostering Independence Cornwall (A company limited by guarantee) Annual Report and Financlal Statements for the Year Ended 31 December 2024
Carefree-Fostering Independence Cornwall Contents Reference and Administrative Details Trustees. Report 2to7 statement of Trustees, Respon5ibilitles Independent Auditors, Report 9t0 12 statement of Financial ActlvSties 13 Balance Sheet 14 Statement of Cash Flows 15 Note5 to the Financial Ststements 16to32
Carefree-Fostering Independence Cornwall Reference and Administrative Details Trustees Ms J B Hampton Mr M C Ellis Mr A Earle Ms N D Johnson Mr R Grant Mr L Lloyd (resigned 13 November 2024) Mx S Griffiths (appointed 13 November 2024) Company Secretary Ms S M Eggins Charity Registration Number 1124492 Company Reglstratlon Number 06481146 Reglstered Offlce Carefree Clinton Passage Redruth Cornwall TR15 2AY Audltor BK Plus Audit Limlted 3 Chapel Street Redruth Comwall TR15 2BY Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Page I
Carefree-Fostering Independence Cornwall Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors. report of the charitable company for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial Statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and "Accounting and Reporting by Charities- Statement of Recornmended Practice applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable In the LtK and Republlc of Ireland (FRS 102)" (as amended for accounting periods commencing from l January 2019), Objectives and actlvities Objects and aims The objects of the Charity are.. To act as a resource for young people up to the age of 25 with particular focus on those aged 13 to 17 IlvSng In Cornwall and who have been, are or at risk of being in care by provldlng advlce and assistance and organising programmes of physical, educational and other activitie5 as a means of: a) Advanclng In life and helping them by developing their skills, capacities and capabilities to enable them to partlcipate In soclety as independent, mature and responsible individuals- b) Advanclng education and training i c) Relievlng unemployment. d) Providing recrebtlonal and lelsure time actlvity in the interests of social welfare for young people living In the area of beneflt who have need by reason of their youth, age, infirmity or disability, poverty or Social and economlc clrcumstances wlth a vlew to improving the conditions of life of such persons. The prlncipal activity of the charity is to help young people who are care experienced have a good life, through POSltive relationship5, through support with transitions and through enabling young people to have a voice. Publlc benefft The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commlssion for England ènd Wales. Page 2
Carefree-Fostering Independence Cornwall Trustees, Report Achievements and performance Our Target Outcomes for 2024 are set out below, followed by an infographic of how we achieved them. S i•br4 Page 3
Carefree-Fostering Independence Cornwall Trustees. Report c 4 Carefree A14NUAL REVIEW 2024 I1 l• to h•lp •xporfon¢•d younl p•opl• h• a iood Ilh. 05 THe BREAKDOWP4: 351 Ji Amongst the achlevements of 2024, Trustees want to hlghllght some key areas. 53 young people engaged In local partlclpatlon In 2024, young people continued to influence and lead the work for Cornwall's Corporate Parenting Board, working on these three top priorities; l. Increasing relationship based, trauma informed services which offer young people in and leaving care conslstencyi a sense of permanence and help to understsnd their own Ilved experien and enable them to learn, grow and be healthy 2. Better housing options for young people in and leaving care 3. Cornwall Council treating Care Experience as a protected Characteristic These areas are all long term pieces of work but examples across 2024 included yOLsng people helping to recruit and train social workers and foster carers, advice to Health Professionals about the experience and wishes of young people in and leaving care and a significant Housing campaign, leading directly to improved tenancy support for care leavers. In January 2025 Carefree has been working with Comwall Council and Ocean Houslng to open Cornwall's first Care leaver Housing Project. Page 4
Carefree-Fostering Independence Cornwall Trustees, Report 20 - 30 Young people aged 14-24 volunteering to support others Kn 2024, 31 young people were trained ancj enabled to support their peers. Young people's leadership and their support of others has been central to our work since Cèrefree's beginning, when six young people became our first ever Peer Montors. Young people who are care experienced are a very powerful role model to their peers. EngagSng young people and connecting with them to enable them to take part in activity that builds positive relationships offers young people lifelong skills in building positive relationship5, engaging with communities and havlng a network to rely on. 30 Asylum Seeklng and Refugee chlldren welcomed and supported In our thlrd year of helplng young people who came In to the care of Comwall Council because they were Separated Children Seeking Asylum, we supported 73 young people. The young people received a range of services. They were supported on arrival by a Speaalist Support Worker, enabled to settle in accommodation and engage with Cornish culture as well as sharing the culture of their country of origin. Young people who came to us as SCSA young people engaged in leaming how to support others, including becornlng peer mentors for young people across Carefree. 160 - 180 young people recelvln9 a PA serlee In 2024, Carefree celebrated elght years of delivering part of Cornwall Councll's Personal Advisor service to young people leaving care. Thls was the biggest change that Carefe has had to date, and the change has had huge impact on our work. Trustees are aware that the move into co-dellvering some statutory services alongside the Local Authority has helped Carefree mature as an organisatton. Our very skilled and experienced PA'S work on a one to one bas15 Wlth care leavers, belng persistent In thelr support of young people, enabling those young people to know thot there is a consistent adult to 5UPPOrt them In thelr transitSon between being a child in care and an adult particlpating Independently wlthin soclety. PA'S are also the route through whlch many young people are enabled to benefit from wider Carefree servlces, Including our Careers servlce whlch helped 119 young people obtain, or get c105er to. Education Employment or Tralnlng in 2024. Worklng In Partnershlp Throughout 2024, Carefree has worked closely wlth local and natlonal partners who include,. Comwall Council - the soclal worker5, foster carers and PA'S who work dlrectly wSth the young people we serve but also the wider Local Authority as it continues to develop its ability to be a good Corporate Parent Health, particularly the designoted nurse team for children in care Schools and colleges, and Awena, the Vlrtual School for Children in Care Voluntary and Community sector partners that Carefree has grown up wlth, and learnt so much from along the way - including WILD, BF Adventure, Young People Cornwall, Barnardos, A Band of Brothers and the CAB Our Buslness delivery partners, including Out of the box IT and Sapience HR Financial revlew The results for the year are shown In the statement of financial activities on page 13 and show net ncoming/(oulgoing) resource5 for the year of £68,676 {2023: £26,004), a surplus of £39,177 was generated in respect of unrestricted funds {2023.' £6,187). Note 21 of the financial statements details the Fund balanS held by the charity. Policy on reserves The charity holds three months running costs plus closure costs at year-end in line with its reserves policy. This Is monitored monthly. The balance in unrestricted reserves as at 31 December 2024 is E313,300, comprising designated closure costs of £209,073 and general reserves is £104,227, which is assessed as adequate to support the organisatlDn'5 financial stability going forwards. Investment pollcy and objectives The trustees have considered the most appropriate policy for investing funds and flnd that the current arrangement with short term bank deposits meets the requirement to generate a reasonable return on capital whilst maintaining access to funds for operational purposes. Page 5
Carefree-Fostering Independence Cornwall Trustees. Report Plans for future perlods Actlvltles planned to achleve aims Our plans focus on continuing to ensure that care experienced young people have a better life through promoting positive relationships, supporting at time5 of transition and glving young people a voice. 2025's work wlll bulld on our group work for young people from age 11, our one to one advice and guidance and support in leaving care. We will continue to develop our strategic influence in terms of enabling care eavers to flnd good home5. We will be developing more strategie5 to offer skilled, Intensive support to young people who are finding social engagement more challenging. Trustees and officers The trustees and officers serving during the year and since the year end were as follows.. Trustees: Ms J B Hampton Mr M C Ellls Mr A Earle Ms N D Johnson Mr R Grant Mr L Uoyd (resigned 13 November 20241 Mx S Grlfflths (appointed 13 November 2024) Company Secretary: Ms S M Eggins Structurei governance and management Governlng document Carefree-Fosterin9 llndepende Cornwall Is a company limited by Guarantee governed by Its Nemorandum and Articles of Association dated 23 January 2008 and amended 23 May 2008. It became a registered charity with the Charity Commission on 12 June 2008. In the event that the charity Ss wound up, the members agree to contribute an amount of not more than E 10 to the assets of the charity. Recruitment and Induction of trustees The directors of the company are also charity trustees for the purposes of charity law, The trustees may appoint a person who Ss willing to act to be a trustee. Potential truslees meet the trustees and management prior to the proposal as a trustee. Once aPPOiAted, trustees undcrtake an Induction into the working of the charity including observing operational activity, discussions with staff and reading Informatlon such as accounts and other evaluation documents. Arrangements for setting key management personnel remuneratlon The trustees conslder the Chief Executive Officer, Finance Manager and HR Manager to comprise the key management personnel of the charity. The pay of the senlor staff is reviewed annually and normally increased In accordance with average earnings. In view of the nature of the charity, the Trustees benchmark against pay levels in other similar organisations. Oryanlsatlon The trustees are legally responsible for the overall control and management of the charity. The Chief Executive Officer Is responsible for the day-to-day management and administration of the charity and reports to the trustees. Page 6
Carefree-Fostering Independence Cornwall Trustees. Report Rlsk management The trustees have examined the major strategic risks to which the charity Is exposed and are satisfied that systems are in place to minimise or mitigate these. The trustees will continue to revlew potential r15ks on regular basis and wlll take further action to mlnlmise or mltigate these risks as requlred. Disclosure of informatlon to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of ny relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevènt information that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on . and slgned on its behalf by: Mr M C Ellls Trustee Page 7
Carefree-Fostering Independence Cornwall Statement of Trustees. Responsibilities The trustees (who are also the directo of Carefree-Fostering Independence Cornwall for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with app5icable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial 5taternents for each financial year. 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 affalrs of the charitable company and of the incoming resources and appllcatton of resources, inclLfding its income and expenditure, of the chèritsble company for that period. In preparlng these financial statements, the trustees are required to- select suitable accounting policies and apply them consistently observe the method5 and principles in the Charities SORP; make judgements and estlmate5 that are reasonable and prudent: state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any materlal departures disclosed and explained in the financial statements; and prepare the flnanclal statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responslble for keeplng proper accounting records that can disclose with reasonable accuracy at any tlme the financSal posltion of the charitsble company and enable them to ensure that the flnanclal statements comply wSth the Companies Act 2006. They are also responsible for safeguardlng the assets of the charStable company and hence for taking reasonable steps for the prevention ènd detectlon of fraud and other irregularlties. Approved by the trustees of the charlty on and slgned on its behalf by: Mr M C Ellis Trustee Page 8
Carefree-Fostering Independence Cornwall Independent Auditor's Report to the Members of Carefree-Fostering Independence Cornwall Opinlon We have audited the financial statements of Carefree-Fostering Independen Cornwall (the 'chèrity'l for the year ended 31 December 2024, which comprise the Statement of Financial Activities, Balance Sheet, statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Treland, and applicable law Iunlted Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charty's affair5 as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accorclance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditlng (UK) (ISAS IUKII and applicable law. Our responslbillties under those standards are further descrlbed in the auditor re5ponsiblllties for the audit of the financial statements section of our report. We are independent of the charity 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 sumcient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have CODcluded 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 the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were uthorised for issue. Our responsibilities and the responsiblllties of the trustees with respect to golng concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other Information comprlses the information included in the annual report, other than the financiol ststements and our auditor's report thereon. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wilh the f inanclal statements or our knowledge obtained in the audit or othe•Se appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Page 9
Carefree-Fostering Independence Cornwall Independent Auditor's Report to the Members of Carefree-Fostering Independence Cornwall Opinion on other matter prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the Information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters where the Companie5 Act 2006 requires us to report to you if, In our opinion: adequate accountlng records have not been kept, or returns adequate for our audit have not been received from branches not vlsited by us; or the financlal statements are not in agreement with the accountlng records and returns. or certaln disclosures of trustees remuneration specified by law are not made; or we have not recelved all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial Statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbllitles of trustees As explained more fully In the Statement of Trustees, Responsibilities (set out on page 81, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for SLJch Internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materSal misstatement, whether due to frèud or error. In preparing the financial statements, the trustees are responsible for assessing the charlty'5 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountlng unless the trustees either intend to liquidate the chorlty or to cease operdtions, or have no reallstic alternatlve but to do so. Auditor responslbllltles for the audit of the flnancial statements Our objectives are to obtain reasonable assurance aboul 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 Snclude5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detecl a material misstatement when it exists. M isstatements can arlse from fraud or error and are considered material if, individually or in the aggregate, they coul(i reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. The extent to which our procedures are capable of deterting Irregularltles. including fraud is detailed below: Page 10
Carefree-Fostering Independence Cornwall Independent Auditor's Report to the Members of Carefree-Fostering Independence Cornwall We obtained an understanding of the legal and regulatory frnmeworks that are applicable to the charity at the planning stage of the audit. The charity is subject to laws and regulations that directly affect the Financial statements, specifically the Companies Act 2006. Charities Act 2011 and Charities Ststement of Recommended Practice. We assessed the extent of compliance with laws and regulations as part of our procedures on the related financial statement items. The charity is also subjert to laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or loss of the charity's ability to operate. In making this assessment we determined that the most significant elements of legislation Include those relating to employmenl laws and regulations, health and safety standards and soclal care. Basi5 on this understandlng we deslgned our audit procedures to identlfy non-compliance with such laws and regulallon5. Qur procedure5 Snvolved the following- Making enqulries of management regardlng their knowledge of any non-comp15ance wlth laws and regulatlons that could affect the financial statements. As part of these enquiries, we a150 discussed wlth management changes in risk assessment relating to frau(J. and whether there have been any known Instances, allegauons or suspicions of fraud, of which there were none. Considering the filings made at Companies House and any omissions thereon, of which none were identified. Discussing with management complIan wlth health and safety and social care legislation. Making enquiries of management and reviewing charity expenditure for any evidence of disputes, actual or potential litigations and claims, with regulators or any other such body. Audlted the risk of management override of controls, including through testing of journal entries and other adjustments for appropriateness, and evaluating the rationale for signiflcant transactions outside the normal course of charitable activltles, of which there were none. Revlewed the estimates and judgements made in the financial statements for any indication of bias and challenged assumptlons used by management in making the estimates. Reviewed Board minutes and correspondence with regulators to corroborate the findings from the above, Due to the inherent limitations of on audit, there remains a risk that we rnay not have detected sorne material misstatements in the financial statements or non-compliance with law5 and regulations. This is despite the fact that we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed irregularities are from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures reqvired by auditing standards would identify it. As with any audit, there remained a high risk of non-detection of irregularities, as these may involve collusion, forgery, Intentional omissions, misrepresentstions, or the override of internal controls. This risk was reduced by a thorough revlew of all controls in place that monitor items and transactlons affecting the financial statements. The prlmary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity. All relevant laws, regulation5 and significant risk5 of Fraud identlfied have been clearly communicated to each member of the audit engagement team. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 11
Carefree~Fostering Independence Cornwall Independent Auditor's Report to the Members of Carefree-Fostering Independence Cornwall Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been ¢Jndertaken so that we might state to the charity's trustees those matter5 we are required to state to them In an auditor's report and for no other purpose, To the fullesi extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. David Plastings FMAAT ACA (Senior Statutory Auditor) For and on behalf of BK Wus Audit Limited, Statutory Auditor 3 Chapel Street Redruth Cornwall TR15 2BY Page 12
Carefree-Fostering Independence Cornwall Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrirted funds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 11,370 55.151 11,370 1.470,533 12,517 1,360,822 1.415,382 Total income 1 415 382 1 490 337 1 377 5S6 Expenditure on: Charitable activities 1 385 883 1 422 070 1 351 223 Total expenditure Gains/losses on investment assets (36,187) (1,385,883) (1,422,070) (1,351,223) 409 409 329 Net income Transfers between funds 39,177 29,499 68,676 26,004 Net movement in funds 35,299 33,377 68,676 26,004 Reconclllatlon of funds Total funds brought forward 278 001 208 201 486 202 460 198 Total funds carried forward 21 313 300 241 578 554 878 486 202 All of the charity's activitles derive from continuing operations during the above two periods. The statement of financial activities includes all gains and losses reco9nised in the year. The fund5 breakdown for 2023 is shown in note 21. The notes on pages 16 to 32 fomi an integral part of these ffinanaal statements. Page 13
Carefree-Fostering Independence Cornwall (Registration number: 06481146) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed asset5 Tangible assets Investments 13 5,119 463 14 Current assets Debtors Cash at bank and In hand 15 100,349 597 378 163,591 412 361 697,727 575,952 Creditors: Amounts falling due within one year 16 150 852 Net current assets 546 875 480 697 Net assets 554 878 486 202 Funds of the charlty: Restricted Income funds Restricted funds 21 241,578 208,201 Unrestrlcted Income funds Unrestrlcted funds 313 300 278 001 Total funds 21 554 878 486 202 The financial statements on pages 13 to 32 were approved by the trustees, and author15ed for 155ue on 74/+13.C . nd slgned on their behalf by: Mr M C Ellis Trustee The notes on pages 16 to 32 fomi an integral part of these finanaal statements. Page 14
Carefree-Fostering Independence Cornwall statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operatlng act5vlties Net cash income 68,676 26,004 Adlustments to cash flows from non-cash items Depreciatlon Investment income Revaluation of Investments 1,464 (8,434) 409 66 (4,217) 329 61,297 22,182 Working capital adjustments Decreasel(increase) in debtors (Decrease)lincrease In credltors Increase in deferred income 15 16 63,242 (6,256) 114,524) 20,705 Net cash flows from operating activities 180 136 Cash tlows from Investing activities Interest receivable and similar income Purchase of tangible fixed assets Purchase of Investments Sale of investments 8,434 (6,120> (5,359) 4,217 (529) 13 14 852 Net cash flows from investing activities Net Increase In cash and cash equivalents 185,017 67,644 Cash and cash equivalents at l January 412 361 344 717 Cash and cash equivalents at 31 Dernber 597 378 412 361 All of the Cash flows ère derlved from continulng operations during the above periods. The notes on pages 16 to 32 form an integral part of these financial statements. P3ge 15
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capitsl. Each of the trustees is lièble to contribute an amount not exceeding £10 towards the assets of the charlty in the event of liquldation. The address of its registered office is: Carefree Cllnton Passage Redruth Cornwall TR15 2AY 2 Accountlng pollcles Summary of slgnlflcant accountlng pollcles Jnd key accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These pollcies have been cons1Stently applied to all the years presented, unless otherwise stated. Statement of compllance The financial statements have been prepared in accordance with the charlty's Memorandum and Articles of Assoclation, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. Basls of preparatlon The charity Is a Public 8enefit Entlty as defined by FRS 102. The financlal statements are prepared In sterling, which is the functional currency of the charlty. Monetary amounts in these flnanclal ststements are rounded to the nearest £. The flnancial statements have been prepared under the hlstorlcal cost convention. The princlpal accounting policies adopted are sel out below. Golng concern The financial statements have been prepared on a going conrn basis. At the time of approving the finanoal staternents, the trustees have a reasonable expectation that the charity has adequate resoLtrces to continue In operational existence for the foreseeable future. Thus the trustees conLlnue to adopt the golng concern basis of accounting in preparing the financlal statements. Page 16
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 Critlcal accounting estimates and jud9ernents In application of the charity's accounting policies. the tru5tee5 are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that re considered to be relevant. Artual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estlmates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future perlods. Income Income Is recognised when the charity is legally entitled to It after any performance conditlons have been met, the amounts can be measured reliably, and It is probable that income will be received. Cash donation5 are recognised on receipt. other donations are recognlsed once the charlty has been notlfied af the donation, unless performance conditions require deferral of the amount, Income tax recoverable In relatlon to donations received under Gift Aid or deeds of covenant is reco9nised at the time of the donatlon. Legacies are recognised on receipt or otherwise if the charity has been notified of an impendlng dlstrlbution, the amount Is known, and receipt is expected. If the amount Is not known, the legacy Is treated as a contingent a55et. Investment income is recognised on a receivable basis. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any condltlons Ilnked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the Income Is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred inc¢)me Deferred income represents amounts received for future periods and is released to incoming reSoUrS in the period for which, It ha5 been received. Such income is only deferred when: The donor specifles that the grant or donatlon must only be used In future accounting period5. or The donor has imp05ed condilion5 whith must be met before the charity has uncondltional entitlement. Expendlture All expendlture is recognised once there is a legal or constructive obligation to that expenditure, it Is probable settlement 15 required and the amount can be measured reliably. All costs are allocated tu the appllcable expendlture heading that aggregate similar costs to that ote90ry. Charltable artlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its actlvlties and servlces for its beneficiaries. It includes both costs that can be allocated direcily to such actlvlties and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basi5 consistent with the use of resources, for example, allocating stsff costs by the time spent and other costs by thelr usage. Governance costs Governance costs include costs of the preparation and examination of the statutory accounts, the c05t5 of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. Page 17
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 Taxatlon The chèrlty Is considered to pas5 the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meet5 the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categorles covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Galns Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble flxed assets Tangible fixed assets costing £500 or more are capitalised and are initia15y measured at cost and subsequently measured at cost or voluatlon, net of depreciatlon and any impaimient 1055es. The galn or loss arlslng on the disposal of an asset is determlned as the difference between the sale proceeds and the ¢arrylng value of the asset, and Is recognised in the statement of financial activities. Depreclation and amortisation Depreciation Is provided on tangible fixed assets so as to write off the cost or valuation, less any estlmated residual value, over their expected useful economic life as follows: Asset class Fixtures and fittlngs Depreclatlon method and rate 25010 Straight line basls Impairment of fixed assets At each reporting date, the charlty reviews the carrylng amounts of Its tangible a$5ets to determine whether there is any indication that those assets have suffered an impairment loss. If ony such Indlcation exlsts, tt*e recoverable amount of the asset is estimated In order to determine the extent of the Impairment loss (if any). Flxed asset Investments Fixed asset investment5 are Inltially measured at transartlon price excluding transactlon costs, and are subsequently measured at fair value at each reporting date. Changes In falr value are recognised in net incomel(expenditure) for the year. Transèttion costs ère expensed ès Incurred. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrawings in current liabilities. Fund structure Unrestricted funds are available for use at the dlscretion of the trustees In furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment fund5 are Subject to specific conditions by donor5 that the capital must be maintained by the charlty. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services ère received. Termination benefits are recognised immediatety a5 an expense when the charity is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. Page 18
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 Pensions and other post retlrement obligations Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Financial instruments The charity has elected to apply the prov5sion5 of Section 11 'Baslc Financial Instruments. and Section 12 'other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contraclual provision5 of the instrument. Financlal assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforccable right to Set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simaltaneously. asic financial assets Baslc flnancial a55ets, whlch Include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subsequently carrled at amortised cost using the effective interest method unle55 the arrangement con5kntutes a financing transaction, where the transaction is measured at the present value of the fulure receipts discounted al a market rate of interest. Financial a55ets classified as receivable within one year are not amortised. Baslc flnanclal liabllitles Baslc flnanclal Ilablllties, Including credltors and bank loans are Inltially recognlsed at transactlon prlce unless the arrangement constitutes a financing transaction, where the debt instwment Is measured èt the present value of the future payments discounted at a market rate of interest. Financlal liablllties classifled as payable within one year are not amortised. Debt Instruments are subsequently carrled at amortised cost, uslng the effective Interest rate method, Trade credltors are obligatlons to pay for goods or servlces that have been acquired in the ordinary course of operations from suppller5. Amounts payable a classified as current liabilitles If payment Is due wlthin one year or less. If not, they are presented as non-current liabilities. Trade creditors ère recognised Initially at transaction price and subsequently measured at arnortlsed cost using the effective interest method. Financial Ilabllitles are derecognised when the charity's contractual obligations expire or are dlscharged or cancelled. 3 Income from donatlons and legacles Unrestricted funds General Total 2024 Total 2023 Donations and legacies; Donation5 and gifts Page 19
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 4 Xncome from charltable actlvltie5 Unrestrlcted funds General Restrlrted funds Total 2024 Total 2023 Big Lottery BBC Children In Need Bleu 8lanc Rouge Foundation Esmee Fairbairn Cornwall Council Leaving Care Service Cornwall Council Engagement & Participation Service CHK Foundation Cornwall Community Foundatlon ICBMHW Cornwall Council - Broadening Horizons Duke of Cornwall Benevolent Fund Cornwall Council Pre tenancy Award Cornwall Council - Levelling Up Cornwall Community Foundation Publlc Transport Challenge other Income 49,908 34,390 75,000 50.000 49,908 34,390 75,000 50,000 51,097 33,534 78,750 69,562 334,112 334,112 285,665 112,591 112,591 112,584 89,250 10,000 25,000 25,000 21,250 70,000 9,199 37,500 37,500 37,500 5,000 25,247 3,469 309,193 55,151 500 3,330 270,821 55,651 3,330 270,821 DWP Access to Work Cornwall Councll Other D of E Family Finding Befriending and Mentorlng Learnlng Partnershlp - Skills Your Way Cornwall Community Foundation People In Mind Careers Soulh West - Youth Engagement Project Awards 4 All N HS Unlversal Famlly Project Cornwall Voluntary Sector Forum Cornwall Community Foundation Welcome Project Cornwall Community Foundation Careleavers Fund Cornwall Council - People Hub EKB Fund - Health & Wellbeing Cornwall Council - SPF Capacity Building other Grants and contracts 121,623 121,623 13,140 53,722 12,500 12,500 72,781 20,000 28,300 1,150 72,781 20,000 28,300 1,150 5.000 5,000 70,000 22,876 20,000 70,000 22,870 20,000 18,000 18,000 1 415 382 1 470 533 1 360 822 Page 20
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 Other Cornwall Council grants and contracts of £270.821 have enabled the charity to deliver speciallst 5UPPOrt to prevent Care Leavers becoming homeless, work with the Multiply initiative to enable care leavers who do not yet hold a level 2 qualiflcatlon in maths, dellver specialist support to help Separated Children Seeking Asylurn ènd offer careers guldance and support including through the Compass programme. The amounts included in other grants and contracts for this year include the following for specific purposes.. £30,000 - Segelman Trust 5 Investment Income Unrestrlrted funds General Total 2024 Total 2023 Interest receivable and slmilar Income; Bank Interest recelvable 6 Expenditure on charltable actlvltles Unrestrlcted funds General Restricted funds Total 2024 Total 2023 Note Staff costs Depreciation and Impairment Activity venue hire Project resources Young peoples travel Other projert costs Funds 4 care purchases Household Grants Allocated support costs Governance costs 30,951 1,036,534 1,067,485 1,047,145 1,464 2,277 14,637 43,531 25,122 1,464 2,277 14,637 45,365 25,122 66 4,796 15,527 39,545 22,412 1,834 37,090 28,000 37,090 28,000 39,855 13,314 3,402 186,320 189,722 157,717 1 385 883 1 422 070 1 351 223 Page 21
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 7 Analysis of governance and support costs Support costs Unrestrlcted funds General Restricted funds Total 2024 Total 2023 staff cost5 Rent. rates and insurance Repalrs and malntenance Telephone and fax Computer software and maSntenance costs Printlng, postage and stationery Sundry expenses Cleanlng 8ank charges 2,035 1,050 S2 90,357 L9,518 41,374 15,993 92,392 20,568 41,426 15,993 57,036 23,533 41,433 15,551 3,830 4,671 7,382 3,027 168 3,830 4,671 7,647 3,027 168 5,501 5,501 6,288 2,754 120 265 186 320 189 722 157 717 Governance costs Restrlcted funds Total 2024 Total 2023 Aud it of the financial statements Accountancy Legal & Professional fees 5,940 4,920 48 5,940 4,920 48 5,940 4,858 48 8 Government grants Government grants recognised In the financial statements are made up of funds from Cornwall Council, funded by the govemment. The amount of grants recogrilsed In the flnanclal statements was £820,900 (2023 - £775,391). 9 Net incoming/outgoin9 resources Net incomlng resources for the year include: 2024 2023 Audit fees Depreciation of fixed assets 5,940 5,940 66 Page 22
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 10 Trustees remuneratlon and expense5 During the year the charity made the following transactions with tru5tees'. Mr L Lloyd £296 (2023: £24) was reimbursed to Mr L Uoyd dur¢ng the year in respect of travel expenses. Mr L Uoyd was also paid a total sum of £357 (2023., £274) for sesslonal work undertaken, carried Dut in accordance with the charity's own Memorandum of Association. Mr L Lloyd, as an eligible beneficiary of the chadty, was a150 In receipt of £154 (2023: £282) in respect of grant payments In the year. Ms J 8 Hampton £20 (2023.. £19) was relmbursed to Ms l B Hampton during the year in respect of travel expenses. 11 staff costs The aggregète payroll costs were as follows., 2024 2023 Staff costs durlng the year were: Wages and salaries Social security costs Penslon costs 942,407 81,891 900,820 75,434 1 065 548 1 016 221 The monthly average number of persons (including senlor management / leadership tearn) employed by the charlly durlng the year expressed as full time equivalents was as follow5.. 2024 No 2023 No Charitable activitles 36 35 No employee received emoluments of more than £60,000 during the year. Page 23
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 12 Taxation The charlty is a registered charity and is therefore exempt from taxation. 13 Tangible fixed assets Fixtures and fittings Total Cost At l January 2024 Additions 4,985 4,985 At 31 December 2024 Depreciation At l January 2024 Charge for the year 4,522 4,522 At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 463 463 Page 24
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 14 Flxed asset investments Llsted Investments Total Cost or Valuatlon At l January 2024 Revaluatlon Additions Disposals 5,042 409 5,042 409 5,359 5,359 Al 31 December 2024 2,884 2,884 Net bcok value At 31 December 2024 At 31 December 2023 15 Debtors 2024 2Q23 Trade debtors Prepayments Accrued income other debtors 36,988 8,760 115,639 5,733 88,474 100 349 163 591 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social securlty other creditor5 Accruals Deferred income 14,682 21.131 388 18,057 5,098 55,41.6 150 852 Page 25
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 17 Obligations under leases and hlre purchase contracts Operating lease commitments Total future minlmum lease payments under non-cancellable operating leases are as follows: 2024 2023 Land and bulldlngs Within one year other Within one year Between one and five years 614 511 614 18 Penslon and other schemes Deflned contrlbutlon penslon scheme The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The penslon cost charge for the year represents contributions payable by the charity to the scheme and amounted to £41,250 (2023 - £39,967). Contrlbutions totalllng £388 (2023 £nil) were payable to the scheme at the end of the year and are included in crediior5. 19 Commltments other flnaftclal commltments The charity was cornmitted to bulldlng refurblshment works as at the prior year-end. These were funded in full as part of the Community Levelling Up programme. The total amount of other financial commitments not provided in the financial statements was £Nil (2023 £37,500). Page 26
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 20 Contlngent assets The BBC Children In Need grant is a multi-year grant that provides for the expenditure of the grant to be for ftjture periods. The income in respect of future period5 has therefore not been included in the current year accounts. The grant is a 3-year grant to August 2026 to receive the following per year - £35,950, £36,662, £37,388. The Blg Lottery Keeplng In Touch grant 15 a multl-year grant that provides expendlture of the grant to be for future perlods. The Income in respect of future periods has therefore not been included in the current year accounts. The grant is a 5-year grant to September 2026 to recelve a total of £209,463 over the length of the agreement. The Esmeé Fairboirn grant is a multi-year grant that provides for the expenditure of the grant to be for future periods. The income in respect of future periods has therefore not been included in the current year accounts. The grant Is a 5-year grant to September 2025 to receive £50,000 per year. The Separated Children Seeking Asylum contract is covered by a multi-year award that provides expenditure of the grant to be for future periods. The income in respect of future periods has therefore not been included in the current year accounts, The contract is a year-on-year award to receive around £97,472 per year, The PA & Homelessness project is covered by a multi-year award that provides expenditure of the grant to be for future periods, The income In respert of future perlods has therefore not been Included in the current year accounts. The contract is a year-on-year award. The Multlply Inlllative Programme is cove1 by a multi-year grant that provldes expendlture of the grant to be for future perlods. The Income In respect of future periods has therefore not been Included In the current year ccounts, The grant is a 3-year grant to March 2025 to receive the followlng per year £70,000, £67,774, £69,887. The 16+ Leavlng Care Servlces project Is covered by a multi-year grant that provldes expendlture of the grant to be for future perlods. The Sncome In respect of future perlods has therefore not been included in the current year accounts. The grant 15 a 5-year grant to June 2026 to receive £285,668 per year. The Engagement & Participation Servlce project is covered by a multi-year grant that provides expendlture of the grant to be for future periods. The income In respect of future perlods has therefore not been included In the current year accounts. The grant 15 a 5-year grant to June 2026 to receive £112,588 per year. The Family finding, Befriending and Mentoring Programme is covered by a multi-year grant that provldes expenditure of the grant to be for future periods. The income in respect of future periods has therefore not been included in the current year accounts. This a grant to March 2025 to receive a totèl of £168,887 over the length of the agreement. The Careers South West Youth Engagement Project is covered by a multi-year grant that provides expenditure of the grant to be for future periods. The income in respect of future periods has therefore not been included in Ihe current year accounts. The grant is a 2-year grant to March 2025 to receive a total of £90,998 over the length of the agreement. The NHS Unlversal Famlly Project is covered by a grant that provldes expenditure of the grant to be for future periods. The income in respect of future periods has therefore not been included in the current year accounts. The grant is a l-year grant to March 2025 to receive a total of £36,900 over the length of the agreement. The Comwall and the 151es of Scllly People Hub Is covered a 6-month grant that provides expenditure of the grant to be for future period5. The income in respect of future periods has therefore not been included in the current year accounts. The grant is to March 2025 to receive a totsl of £43,811 over the length of the agreement. Page 27
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 21 Funds Balance at Balance at l January 2024 Incoming resources Resources expended December 2024 Transfers Unrestrlcted funds General Unrestrlcted funds 115,158 75,364 <36,187) (50,108) 104,227 Deslgnated Closure costs 162 843 209 073 Total unrestrlcted funds 278 001 313 300 Restricted funds Big Lottery Keeping In Touch BBC Children In Need Bleu Blanc Rouge Foundation Esmeé Fairbalrn Foundatlon Cornwall Council - 16+ Careleaver Servi Cornwall Council Participation and Engagement Services Cornwall Council Other Listening Fund (Blagrave Trust) CHK Foundation Learning Partnership - Skills Your Way Segelman Trust Cornwall Council Broadening Horizons Duke of Cornwall Benevolent Fund Cornwall Council - Pre tenancy Award Cornwall Council Community Levelling Up Cornwall Community Foundation - People in Mind DWP Access to Work DofE Famlly Flndlng Befrlendlng and Nentoring Careers South West - Youth Engagement Project EKB Fund - Health & Wellbeing Awards 4 All 11,334 1,836 49,908 34,390 (48,329) (36,128) 12.913 98 1,321 37,496 75,000 50,000 (75,429) (41,415) 892 46,081 (15,808) 334,112 (272,598) 45,706 15,472 62,249 112,591 270,822 (100,573) (322,004) 27,490 13,149 2,082 6,252 22,868 (6,252) (22,8681 5,447 (5,240) (22,410) 207 7,590 30,000 1,228 25,000 (25,455) 773 51,440 (31,928) 19,512 6,981 (6,606) 375 37,500 (37,500) 12,500 3,330 {12,500) {3.330) 121,623 (121.623) 72,781 (72,8 10) 29 20,000 20,000 Page 28 (20,000) (5,248} 14,752
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 Balance at 31 December Balance at l January 2024 Incoming resources Resources expended Transfers 2024 Cornwall Community Foundation - Welcome Fund NHS Universal Familv Project Cornwall Voluntary Sector Forum Cornwall Council - SPF Better Homes for Careleavers Cornwall Community Foundation - CCL4 Careleaver Fund Cornwall Council - SPF People Hub Stsff glft contrlbutlons 5.000 (4,226) 774 28,300 (21,955) 6,345 1.150 (1. 150) 18,000 (18,000) 70,000 {28.573) 41,427 22,876 (21,149) 585 1,767 3,494 85 Total restricted funds 208,201 1 415 383 1 385 884 241 578 Total funds 486 202 1 422 071 554 878 Balance at 31 December 2023 Balance Jt l January 2023 Incomlng resources Resources expended Transfers Unrestrlcted funds General Unrestricted funds 131,814 41,261 (35,070) (22,847) 115,158 Deslgnated Closure costs 140 000 162 843 Total unrestrlrted funds 271 814 278 001 Restricted Big Lottery Keeping In Touch BBC Children In Need Bleu Blanc Rouge Foundation Esmee Fairbairn Foundation Cornwall Cour5ciI - 16+ Careleaver Service Cornwall Council Participation and Engagement Servlces Cornwall Council Other 13,372 5,702 51,097 33,534 {53,135) (37,400) 11,334 1,836 78,750 69,562 (77,429) (76,002) 1,321 37,496 43,936 {2,299) 285,665 {299, 174) (15,808) 19,072 73,163 112,584 309,193 (116.184) (320,107) 15,472 62,249 Cornwall Community FoLtndation - Cost of Living Listening Fund (Blagrave Trusti 3,383 (3.384) 4,286 25,000 Page 29 (23,034) 6,252
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 BalaTr at 31 December 2023 Balance at l January 2023 Incoming resources Resources expended Transfers CHK Foundation other Grants Learning Partnershlp Skills Your Wav Segelman Trust Cornwall Community Foundation - ECBMHW Cornwall Councll Broadening Horlzon5 Duke of Cornwall Benevolent Fund 14,303 14,190 89.250 27,660 {80,685) {41,850) 22,868 (724} 53,722 30.000 (47,55 1) (30,000) 5,447 10,000 (io,ooi) 21.250 (20,022) 1,228 70,000 {18,560) 51,440 Cornwall Council - Pre tenancy Award Cornwall Communlty Foundation - Publlc Transport Challenge Cornwall Council Community Levelling Up DWP Access to Work DofE Family Flndlng Befriending and Mentoring staff gift contributlon5 9,199 (2,218) 6,981 5,000 (S,002) 37,500 3,469 (37,500) (3,469) 13,140 (13,140) 305 85 Total restricted funds 188 384 1 335 965 1 316 152 208 201 Total funds 460 198 1 351 222 486 202 Page 30
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 The specific purpose5 for which the funds are to be applied are as follows- Unrestricted funds: These are funds that can be spent freely. The purposes of the designated reserves, as set by the Trustee5, 15 as follows: The Closure costs fund is to be utlllsed Should the charity cease to operate to ensure that all closure costs can be funded. Restricted funds: Big Lottery Keeping In Touch Group work, Social and emotional support, resilience building positive activities to young people aged over 16 who are care experienced. BBC Children In Need Peer mentor development. 81eu Blanc Rouge Foundation Core funding to enable us to help care experienced young people have better lives. Esmeé Falrbalrn Foundation Core fundlng to promote better emotional and mental health, Improve local services and influence national servlces for young people In and leaving care. Cornwall Council - 16+ Careleaver Service For provlsion of a Personal Advisor servlce for young people leaving care. Comwall Council - Participation and Engagement Services Enabling young people in and leaving care to associate with their peers and influence the services they recelve. Cornwall Council - Other •Support to care experienced year I I's with careers advi and guidance. •Contain Outbreak Management Fund piloting work with adopted young people. •Funding to help us get care experienced young people into education, employment and/or training. Cornwall Community Foundation CCLA fund to improve outcomes for care leavers aged 18 and above including with Housing and emotional well belng. People In Mlnd being, Welcome Fund - to 5UPPOrt work wlth young people who ère Separated Chlldren Seeking Asylum enabllng care experienced young people to build social connection to improve emotional well CSW Group Youth Engagement Project (Yepl) promoting better education and employment engagement, Department of Education Family Finding, Befriending and Mentoring fund enabling in depth support to young people to enable them to engage with positive activities. Segelman Trust Core funding to enable us to help care experienced young people have better Ilves. Page 31
Carefree-Fostering Independence Cornwall Notes to the Financial Statements for the Year Ended 31 December 2024 22 Analysls of net assets between funds Unrestricted funds General Total funds at 31 December 2024 Restrlcted funds Tangible fixed assets Fixed asset investments Current assets 5,119 5,119 2,884 697,727 J50 8S2 2,884 316,971 380,756 144 297 Current liabilities Total net assets 313 300 241 578 554 878 Unrestrlcted funds General Total funds at 31 December 2023 Restricted funds Tangible fixed assets Fixed asset investments Current assets 463 463 5,042 575,952 5,042 279,147 296,805 Current Ilabllltles Total net assets 278 001 208 201 486 202 23 Flnanclal Instruments Categorlsatlon of flnan¢lal Instruments 2024 2023 Flnancial assets measured at falr value through proft or loss 24 Related party transactions Key managemenf personnel in 2024 conslsted of 3 rnembers of staff (2023.. 3). The remuneratbon of key management personnel was £ 133,387 {2023- £128.807), being aggregate compensation for their servlces. Transactions totalling £67 (2023: £nil) relating to casual employment of a close family member of one of the key management personnel took place during the year. There were Enll amounts outstanding as at 31 December 2024 {2023- £nil). rhe individual'5 details have been omitted for the protettlon of the persons concerned in accordance with paragraph 1.29 of the SORP. The aggregate amount of donations received without conditions from the trustee5 was £100 {2023,. £nil). The charlty is controlled by the trustees who are all director5 of the company. Page 32