Registered number: 06582318 Charity number: 1134977
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' Report | 2 - 9 |
| Independent Auditors' Report on the financial statements | 10 - 13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Statement of Cash Flows | 16 |
| Notes to the financial statements | 17 - 30 |
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | F Cross-Sudworth |
|---|---|
| Tim Boyes, Chair (appointed 4 December 2020) | |
| Y C Gordon (resigned 12 May 2020) | |
| P J Hunt, Treasurer | |
| Dr A M Melchior | |
| C L Minchin | |
| G L H Moss | |
| A Roper-Hall | |
| Rev T Thomas | |
| H C Greenwood (appointed 4 December 2020) | |
| Company registered number 06582318 Charity registered number 1134977 Registered office The Springfield Centre Springfield Road Moseley Birmingham B13 9NY Independent auditors Bishop Fleming LLP Chartered Accountants 1-3 College Yard Worcester WR1 2LB |
Page 1
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Who We Are
The Springfield Project was established by St Christopher’s Church to help show Gods love in our community through practical service and action in Birmingham. Our area stretches beyond the church parish and now covers all of the Hall Green area, including Greet where we rent another centre to deliver services, Tyseley where we use St Edmunds Hall, and two other outreach venues in Hall Green and Gospel Oak. We also deliver a nursery provision from the former Park Rd Nursery site on Park Rd. We relocated our business team there in the summer.
The pandemic severely impacted our ability to deliver services in our usual way, but our committed and professional staff found other ways to engage with our service users. Although we benefitted from the flexible furlough scheme for a short while, we did not close our doors.
In 2020/21 we had an income over a £1m, employed an average of 60 people, and were supported by over 100 volunteers. Even during a pandemic volunteers added value, especially in befriending and keeping in touch with service users. The monetary value for this was close to £20,000 this year. Together we helped just over 10,000 people from 5,000 families who spoke 16 different languages. We achieved this through a range of services.
Our Children’s Centre service includes support for families with children from pregnancy to the age of 5. This includes targeted family support and group and 1-1 support packages around: parenting, healthy families, antenatal care and infant feeding, speech and language development, employment and training, debt advice, stay and play and much more. During lockdowns we continued to provide the vast majority of these services online. In some cases online delivery has proved a real success and as we move towards more face-to-face work, we will retain some elements of a remote offer to families.
This year there were 7062 support contacts made to parents and children in the period Apr 20-Mar21, comprising 5698 parents/carers and 1364 children. We engaged with a total of 10106 parents and children (9758 parents/carers and 348 children).
We continue to run Mini-Springers Nursery which provided early education for 95 children during the school year. The subsequent academic year we welcomed 83 children prior to lockdown.
Park Road Nursery had its first full year of offering quality education and childcare. We welcomed 64 children.
All of our nursery children attend for 15 hours per week, term-time only, with funding from Early Education Entitlement grants. Both nurseries provide tailored support to a number of children with complex special needs and disabilities.
Both nurseries closed in line with lockdown requirements during March 2020, but staff continued to engage with children and parents remotely, providing home-based learning activities as well as access to emergency support for food and financial crisis. The nurseries re-opened to children in June 2020, although attendance and demand for nursery places was initially low due to parental concern about the pandemic, and those with older children at home often preferred to keep their family isolated at home. Numbers increased in the new academic year.
Page 2
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
Thanks to funding from Children in Need we ran two Holiday Playschemes during the Summer Holidays 2020. 34 children aged 5 -11 accessed 17 sessions of our fun, stimulating play provision at The Springfield Centre which included regular trips to our Forest School site. Due to lockdown this playscheme was targeted specifically at vulnerable children identified by our neighbour school Springfield Primary School.
A Holiday Playscheme was piloted at Park Road Nursery for the first time in Summer 2020. Due to lockdown, the playscheme was provided specifically for children from the neighbouring school St Johns Primary School, with children identified to attend by the school’s pastoral care team. 19 children each attended on 3 occasions and had a great time being able to play freely after several months without school or social contact. At both sites children and staff were in bubbles and followed a clear COVID security plan.
Community Services changed the way Creative Wednesday and Place of Welcome were delivered. Creative sessions continued through the doorstep delivery of letterbox activities; each letterbox package comprising materials to be crafted at home, photographed, and shared on WhastApp. Cooking Group provided ingredients for a meal with a recipe and again the dish shared via photos on WhatsApp. Each WhatsApp group then generating shared conversations and providing a lifeline during lockdown.
The Seedlings Stay and Play group is run in partnership with St Christopher’s Church and this year saw 366 families taking part through remote activities with the Seedlings Coordinator and volunteers. We continued to coordinate the Birmingham Early Years Music Consortium and to lead the ‘Sounds of Play’ project funded through Youth Music. The comprehensive professional development programme which brings together the Early Years workforce with professional musicians across Birmingham continued online, and a range of online music resources were provided for families.
b. Our Founder
St Christopher’s Church was the founder of the Springfield Project and operated many of the activities prior to transferring them to a charitable company in 2008. The Church continues to provide a range of support for the charity, such as trustees, buildings for the charity to operate out of, volunteers and helpers for regular activities such as ‘Seedlings’ play and stay, and prayer for our work and those we work with.
c. Governance
The Springfield Project is an award-winning charitable company limited by guarantee, incorporated on May 1st 2008 and registered as charity on March 16th 2010. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. These revised in 2018 to provide for increased clarity.
d. Objectives and aims
The charitable aims of the company as set out in our founding documents state:
The objects of the charity are to provide care and support to people nationally and internationally, and in particular to children, young people and families in the ward of Springfield, Birmingham in accordance with the tenets of the Christian faith as understood by the Church of England, in particular but not exclusively by the provision of spiritual and other support, advice, services and facilities in the interests of social welfare for education and recreation with the objective of improving the conditions of life for the residents.
Provided that the objects of the Charity shall be delivered without distinction of age, sex, sexual orientation, mental capacity, race, creed or colour or of political, religious or other opinion; that the freedom of people of all faiths or none to hold and to express their beliefs and convictions respectfully and freely, within the limits of the UK law, is acknowledged; and that our Christian faith or belief shall not be imposed on others.
Page 3
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
e. Vision, mission, roots and values
Our objectives are reflected in our vision, mission, roots and values statement. This is set out below:
f. Who we are
The Springfield Project is a registered charity and company limited by guarantee set up by St Christopher’s Church to help show God’s love in our community through practical service and action.
g. Our vision is to show God's love in our community
This means improving the conditions of life for all our local residents in the Springfield ward and surrounding area. We do this by focusing on children, young people, families and individuals by providing a range of accessible educational, social welfare, recreation, and spiritual services.
Our mission is help others live life to the full
Our mission is to strive for every child, every young person, every parent and every adult in our community having the opportunity to reach their full potential in life. This also extends to every member of staff and every volunteer who helps out in any of our services.
Our roots are Christian
As an expression of the church’s mission, all aspects of our activities should reflect the love, compassion and forgiveness which Christians believe are most perfectly displayed through Jesus Christ.
We seek to live out the example of Jesus, who welcomed everyone, listened, and served others and wanted us all to grow to experience life in all its fullness. He says, in the Bible, “I have come in order that you might have life, and have it to the full” (John 10:10). “I tell you the truth, anything you did for even the least of my people here, you also did for me” (Matthew 25:40). “For I came to serve not to be served…” (Mark 10:45). In Acts 6, Jesus’ early followers made it a priority to organise care for others. This continues to be our mandate.
Our partners are those who can help our community
Our values, rooted in our faith, may be shared by others too and we work in partnership with others to achieve our aims. We celebrate that Christians are not the only people motivated to work for the good of the community. As a place of practical compassion where many people gather, we are glad to learn together with others how they live out their values and faith.
h. Our Values
Our values define how we deliver our services. There are regularly highlighted with staff, volunteers and service users and now clearly form part of the induction procedure for new staff and volunteers. In seeking to show God's love in the community and living life to the full, we expect all who represent the Springfield Project to share our values:
-
Welcoming and inclusive: We seek to provide a safe space for our community where all are welcome. We embrace diversity, celebrating the way in which people of different faiths or no faith can work together to bring about positive change in the lives of individuals and the community. We treat all who come to the Project with respect and warmth and recognise each person as an individual.
-
Listening: We recognise and value the unique insights and experiences of members of our community. We seek to ensure that the views of all those who have an interest in the Project inform the continuous development of our services.
Page 4
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
-
Serving: We seek to contribute to the transformation of the lives of individuals, families and the wider community. We show compassion in our work, and strive to meet people at their point of need. We seek to get alongside people to share their stories, and offer support.
-
Professional: Our community deserves the best we can give them; therefore we recruit professionally qualified staff on the basis of their skills, knowledge and experience. We welcome and value the contribution of our trained volunteers who greatly enhance our services. We have policies and procedures and place to help us achieve our aims and objectives.
-
Growing: We look for the best in people and seek to empower them to use their strengths to take charge of their own lives and to support others. We are all on a journey of life-long learning. We learn through our daily life and work, as well as through discussion, reflection, practice and education. We accept mistakes and apologies, and encourage others by showing change and growth in ourselves.
Our impact model of change - The Springfield Pathway: “Empower, Enable, Enrich”
The Springfield EEE Pathway provides a vehicle for explaining, monitoring, recording and evidencing milestones on an individual’s journey through the centre and measuring our impact as people have opportunity to live life in all its fullness.
Depending on people’s starting point we offer a range of activities that empower, enable, or enrich their lives. We meet individuals at their point of need and work with them to identify a pathway.
All of our activities are designed with this in mind. All of our activities fit into an outcomes framework which clearly demonstrates how the pathway empowers, enables and enriches.
We also want to empower, enable and enrich Springfield as a community and provide events which bring our community together with this aim. We all need the right environment to flourish; this includes children, adults, families, our staff and volunteers.
To empower is to help people to understand they have a personal choice, power and authority, or remind them of their personal choice, power and authority and help them learn to use it. We do this by coming alongside people and walking with them on their journey through the EEE Pathway offering encouragement and emotional support.
To enable is defined as “to provide someone with the resources, authority, or opportunity to do something; to make something possible or feasible.” We do this by providing services / activities for people to join.
To enrich is to improve or enhance the quality of life for people. We do this through the pathway but also through offering social activities and events for the wider community.
Our aims and strategy
The charity seeks to deliver the vision, mission, values, and our impact model through the following aims in our 3-year strategy (April 2018-2021):
-
We will provide a wide range of supportive activities for children, adults and families in the Springfield and wider area.
-
We will increase our impact of our activities in terms of social, physical, emotional wellbeing, and a more inclusive and integrated community.
-
As a mission partner for St Christopher’s Church - we will strength our joint working with those partners who can help our community and share our intention to work for the common good.
-
We will strengthen our capacity to secure a range of diverse funding streams to help deliver our services and those of our partners
This is delivered in an annual business plan.
Page 5
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
Our Board of Trustees
The Springfield Project is overseen by a board of trustees. The Board of Trustees consists of a minimum of 3 people. Board members are approved by the 3 members of the charity, the Diocesan Registrar of Birmingham, the Vicar of St Christopher’s Church, and the Parochial Church Council of St Christopher’s Church.
All trustees are selected according to their skill set and the requirements of the organisation and business plan, and who contribute to the overall aims, values and charitable objects of the Springfield project.
While recruitment was underway for a new Chair, Gregor Moss continued in the role of Acting Chair, together with Vice-Chair Rev Tom Thomas. Peter Hunt chairs our Finance Committee, Alison Roper-Hall our Staffing Committee, Dr Andreas Melchior our Performance and Impact Committee. In terms of partnership work, Rev Tom Thomas chairs a joint building redevelopment task group with the Church. Work is under way to recruit additional trustees to the Board who will bring both a commitment of time, and complementary skills, and more capacity to develop a future Chair designate. Following a successful recruitment campaign, Mr Tim Boyes was elected as the new Chair of Trustees the AGM in November 2020. Greg Moss was thanked for his commitment of time and energy during the vacancy.
The Board of Trustees met four times during the year. There are currently three committees, which oversee daytoday issues within the Springfield Project: Finance, Staffing, and the Performance and Impact Committee. These meet once a quarter or more frequently as required.
The Trustees also seek advice from other local community organisations either through presentations to the Board or involvement on sub-groups, and feedback from annual staff and stakeholder surveys and user groups.
During the year trustees reviewed and agreed the next Three-year Strategic Plan and agreed the first year action plan.
Management
Whilst the day-to-day management of The Springfield Project is delegated to the Chief Executive Officer and staff, the Board of Trustees retains the responsibility (legal and financial) for the affairs of the Project and for activities carried out in its name. The CEO receives support from trustees and reports directly to the Trustees every quarter.
The Executive and Senior Leadership Team continued to be focused on reporting and delivering against the new business plan objectives and to developing new projects to meet the needs of the community and to safeguard levels of income.
Risk Management
The Board of Trustees has conducted a risk assessment, which is reviewed annually and systems put in place to mitigate risks identified. Internal risks are minimised by the implementation of effective internal control procedures and good supervision of all activities of The Springfield Project. Our Reserves Policy forms part of our risk management strategy.
The Project is diligent in ensuring its safeguarding policy and procedures are followed and the policy is reviewed annually by the trustees. A trustee has been appointed as Safeguarding Trustee. Criminal records checks are carried out for all staff and volunteers, including trustees, through the Disclosure and Barring Service at the beginning of their service and repeated every three years.
During the year the risk register and the business continuity plan have been reviewed and revised. At the end of the year the business continuity plan was activated in response to the COVID pandemic.
Page 6
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
PROGRESS AND IMPACT IN 2020-21
a. Progress and impact
During the year the trustees produced the second Social Impact Report of the charity and the third is underway for 2020/21.
b. Progress against the annual business plan
The year 2020/21 was a year of consolidation for the Project as we continued to make progress with the third year of our business plan which covered the following areas:
-
Delivery of the Nursery services
-
Delivery of Children’s Centre Services
-
Delivery of Community Services – children and adults
-
Offering volunteering opportunities
-
Developing new services to meet the needs of the community
-
Develop building and grounds to meet our needs
-
Developing our Governance, People and Finances to support our aims
-
Profile and Partnerships
FINANCIAL REVIEW
a. Financial Review
The Springfield Project started operating as a separate charity on 1st August 2010 so these accounts show the eighth full year’s activity. Total income for the year was £1,337,142 (2020: £1,304,437) and total expenditure was £1,302,911 (2020: £1,236,130). The Project showed a surplus for the year of £34,231 (2020: £68,307). A breakdown between unrestricted and restricted is shown in the accounts.
b. Reserves policy
It is the policy of the charity to maintain free reserves equivalent to at least 3 months expenditure in the situation that Springfield has lost one or more contracts. £125,000 is an estimate of the costs in either keeping the charity operational pending new contracts or the cost of closing Springfield.
c. Principal Funding Sources
The principal source of funding continues to be the Children’s Centre grants, total £657,226 plus Nursery Education Funding of £359,569.
In addition to a number of grants were received in the year for delivery of Community Services.
Page 7
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
d. Future financial plans
The funding for our Children’s Centre service is in place until January 2023. The trajectory of Park Rd Nursery indicates financial stability by the end of the next academic year. A delay in achieving stability is the impact of the pandemic. The Springfield Project would like to thank Birmingham City Council for their support during this period.
The Trustees have committed use of reserves to sustain our community services offer for a period of three years if alternative funding is not found. This period will end in September 2021.
It is the practice of the trustees to designate some of their free reserves for specific costs outside of normal budget provision. For the year ending 31st March 2022 these amount to £250,000 provided there are sufficient reserves. They are to allow for three months running costs should funding no longer be available, emergency repairs and provision for tribunals should it be necessary, and other small areas of development.
PLANS FOR FUTURE PERIODS
Our vision for our charity
Our 3-year strategy and business plan ran until March 2021. Our priorities for 20-21 were:
-
Review of our supervision and appraisal process to ensure staff are well supported in their continued professional development.
-
To support managers to develop in their roles, to provide strong leadership across the organisation.
-
To ensure that a culture of continuous learning and development is embedded across the organisation.
-
• To review our impact and learning from the COVID pandemic.
-
To review our stakeholder engagement strategy in light of the COVID pandemic
-
To ensure the financial security of our new nursery.
-
To make good use of the new nursery as a site for wider community engagement.
-
A clear understanding of our ‘pathway of change’ for the individuals and community we seek to help will inform all our activities.
-
We will have sold our remaining house and have in place a strategic plan for the use of our reserves.
Our new strategy for the next three years until March 2024 has been agreed and the focus for the first year are:
-
To develop and embed our new Children and Young People strategy ‘Sparkhill - A Child-Friendly Neighbourhood’. The strategy focuses on developing an increased offer to children and young people from 0 – 18, offering a rich diet of play opportunities, with the children and young people of Sparkhill cocreating new provision and activities across the ward.
-
To continue to support managers to develop in their roles and to provide strong leadership across the organisation.
-
To continue to ensure a culture of continuous learning and development is embedded across the organisation
-
To ensure stability of Park Rd Nursery
-
To be well-positioned for the end of the Birmingham Forward Steps contract and agree a way forward.
-
To encourage agile working building on skills learned during the pandemic.
Page 8
THE SPRINGFIELO PROJECT IA COMPANY UIAITED BY GUARANTEEI TRUSTEES. RepoR T ICONTINVEDI FOR THE YEAR ENDED 31 PAARCM 2021 STATEIIEMT OF TRUSTEES. RESPOM8iwnES The Trusi••s (Wr •r• also Owect¢rn of Ch Ipr thg wrposes of cornpany are re¥pw¥blo for prep8nng the Trugloes. roporl b)• finanaal Sthlgfflents kn a¢twdBnc wth 8pphc4bbo Iww aFwJ Urul•J Kingdom Acojunbng (United rM Gweraly A¢c•pt8d ACCO1n0 Pr•). Cwip4ny l• r•wlr•s lh• Truth la KX•PWg fwnuwl sl¥lemwl$ fof •a¢+ . Und•r company Iw. lh• TnJstee$ musl not apwov? th• 11rnc81 statoments unl8ss they aTg lIsfIe(l Ih81 they give a truo and faK V{¥ of sl¥lv ol 8llwrs of the Chanty of Ks rtoming r•1¢e$ arKI applKatlon ¢1 ffjSOUfce6. irKhHhng aod experrflrture, ts Ihol peiiod, In pfepamg thes• finan(gal stal•m•nts, lh• Tntst•é$ • r•wved to." obwve Ihe melIKl •rl al th• Ch¥ths SORP (FRS 102): make ILtégemwits and 4ccounb"rwJ e¥ts'm¥les Ihal we rea8onablb and prU¢J1, •late ¥thèihof UK Ar4Juntsng SlaTrJard8 {FRS 102) tJo8n l0llow•d. siw to m•t•dal d•partur•s th"sdoMd and explatyd th¢ fm•n¢ial ¥lalerwrt•". pr¢pafe lh• financlal slaloments On goMvJ Goncom b•Bi8 uTrI• it18 knapwoprlal• to W•11• thil I Charity will c4)nlk)u• m t8. The Trustees are responslblfr lor k¢eplng •Y•quale a¢&nInI tècords Ihal arn suffiaonl lo show and exF4 lh• Charws ond ¢b)se wilh reaatIO accuracy at any Iffi• th• fin¢la1 posrtL¢n of the Chanty and thèm 10 tnwre thal the firwi(l stslern¢nls romF4y 1h Ihe Compan1•3 Act 20(. They ai• also ro¥POnJ¢t40 lor th• auèts ol the Chanty and t•kw)g rn•¥onJkn ¥t¢Ps lor th• pr•vwlM arrfl det¢¢kn of Iral and othw bT•gul8¢th8. Dl¥clourn ot Inlomwtlon 19 •udltorn Each ol perry0 who ar• Tnrnts•s at lh• when Trusl¢•s' rnptyt Is apprp¥pJ h•1 ¢wffi•d thot.. •0 tsT as that Tru• ts I•, Ihw• r•le¥ant tsitsmthn ol Tfthth lh• wdrt¢Xs are Lnawa. and Ih•l Trustee l¥k•n an ts sly Ihat ¢xffjM lo haw b•w t3k•n ¥ a ordw to b¢ Audtt•r• The #udrtrKg. Flwnhg LLP. kndlcat•d Ih•tr wllllngrnss lo cx)nUnw kn offKe. The deJbMl•d Trust woposé a mobon reappoinbrwj thg atJrtors •i o mmtsng the TnJst88t. Apwmd by ordor ol tho m•rnkn ofth• bo•nl ol TnJWW $W•d b¢W ty. P•l•r Hunt Treo¥uref Ch4Jf of Tnjslees 08le 22nd November 2021 Pag• 9
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPRINGFIELD PROJECT
OPINION
We have audited the financial statements of The Springfield Project (the 'charity') for the year ended 31 March 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 the charitable company'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.
OTHER INFORMATION
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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.
Page 10
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPRINGFIELD PROJECT (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED 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.
-
the Trustees' report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our 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' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees' remuneration specified by law are not made; or
-
we have not received 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.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees' responsibilities statement, 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 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.
Page 11
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPRINGFIELD PROJECT (CONTINUED)
AUDITORS' 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 Auditors' 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 is detailed below:
-
We have considered the nature of the sector, control environment and financial performance;
-
We have considered the results of enquiries with management and trustees in relation to their own identification and assessment of the risk of irregularities within the entity; and
-
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.
Our procedures to respond to risks identified included the following:
-
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
Reviewing board meeting minutes;
-
Enquiring of management in relation to actual and potential claims or litigations;
-
Performing detailed transactional testing in relation to the recognition of revenue, specifically grants, with a particular focus around year-end cut off; and
-
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
Page 12
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SPRINGFIELD PROJECT (CONTINUED)
As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Wood FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP Chartered Accountants Statutory Auditors 1-3 College Yard Worcester WR1 2LB
Date: 15th December 2021
Page 13
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income Transfers between funds 15 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ - 828,823 - 828,823 807,818 807,818 21,005 (19,107) 1,898 172,215 1,898 174,113 |
Unrestricted funds 2021 £ 5,774 457,804 44,741 508,319 495,093 495,093 13,226 19,107 32,333 442,098 32,333 474,431 |
Total funds 2021 £ 5,774 1,286,627 44,741 1,337,142 1,302,911 1,302,911 34,231 - 34,231 614,313 34,231 648,544 |
As restated Total funds 2020 £ 25,474 1,143,822 135,061 1,304,357 |
|---|---|---|---|---|
| 1,236,050 1,236,050 |
||||
| 68,307 - 68,307 |
||||
| 546,006 68,307 614,313 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 30 form part of these financial statements.
Page 14
THE SPRI1FIELD PROJECT (A COMPANY UMITED 8Y GUARANTEE REGISTERED IIVPA8ER:I>W2311 BALAMCE SHEET AS AT 31 MARCH 2021 2021 Mot• Flx•d •M•l• Tangiblè asse 11 94.034 94.034 Cun•nt •sMts Doblors Cash al bank and h hand 12 211.744 625.868 $5.741 573.862 737.612 Credllors.. amowrts l•llng thje wlthin on• year 13 189.0681 (109.324) M•t cumnt •wts 520.279 Totsl ••••ts l•M currnnt l•bllld•• 814.313 N•t a•ts •xcludlnB wn•lon u•et 614,313 Total n•t M••ts 648.$44 614,313 Charity lumls Re5tricied fund$ UnrestrKted fund8 15 15 174.113 474A31 172.215 442,098 Totsl lund• 614,313 Tho Truslets acknowwge their TrspongSblltles for CoMp.a 7lh fv 1ewknms of Acl wiiti fespecl to 8c£ounitng records and preparattt ol finaD&al statements. The fin8rKa81 slat8m8nts hav• been prepared kn acrxvdance th41h the lo fjntil 8ubi•a lo Ihe smau rMyanies reglm8. Tho finanual th1oMts TMOr• •ppro¥•d WKI lor by Ihe Truslees and swJn¢d on I1 b8lwif by.. TIM Boy•• ChaiT of Trusts•s Dale 22 November 2021 Potsr Hunt Treawier Thè notos on pag•s 17 to 30 form part of fin•n(4 8t¥tern¢frt$. Pffj¢ 15
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from the sale of tangible fixed assets Gain on sale of tangible fixed assets Net cash provided by investing activities Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ (136,994) 130,000 (41,000) 89,000 (2,000) - (2,000) (49,994) 573,862 523,868 |
2020 £ 58,756 278,000 - 278,000 - (27,604) (27,604) 309,152 264,710 573,862 |
|---|---|---|
The notes on pages 17 to 30 form part of these financial statements
Page 16
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. GENERAL INFORMATION
The Springfield Project is a private company limited by guarantee, incorporated in the UK and registered in England and Wales. The registered office is The Springfield Centre, Springfield road, Moseley, Birmingham, B13 9NY.
The principal activity of the Charity is as disclosed in the Trustees' report starting on page 2.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Springfield Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 17
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (continued)
2.4 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property Not depreciated - Computer equipment 33% straight line
2.5 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 CASH AT BANK AND IN HAND
Cash at bank and 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.
2.7 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 PENSIONS
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 18
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (continued)
2.10 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. INCOME FROM DONATIONS AND LEGACIES
| As restated | ||||
|---|---|---|---|---|
| Restricted | Unrestricted | Total | Total | |
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Donations | - | 5,774 | 5,774 | 25,474 |
The prior year numbers have been reclassified from grant income to income from charitable activities to reflect the true nature of the income transactions.
4. INCOME FROM CHARITABLE ACTIVITIES
| Community Services Childrens Centre Services Mini Springers Park Road Other Grants Raising the Roof Furlough Income B'ham & Solihull Womens Aid Youth Music TOTAL 2021 |
Restricted funds 2021 Unrestricted funds 2021 £ £ 10,500 61,295 657,226 - - 272,984 - 101,838 13,536 13,950 - 7,737 28,943 - 60,000 - 58,618 - 828,823 457,804 |
Total funds 2021 £ 71,795 657,226 272,984 101,838 27,486 7,737 28,943 60,000 58,618 1,286,627 |
As restated Total funds 2020 £ 179,246 664,187 19,870 271,992 - 8,527 - - - 1,143,822 |
|---|---|---|---|
Page 19
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. INCOME FROM CHARITABLE ACTIVITIES (CONTINUED)
The prior year numbers have been reclassified from grant income to income from charitable activities to reflect the true nature of the income transactions.
The Charity received grant income totalling £28,943 in relation to the Coronavirus Job Retention Scheme (CJRS) where the Charity received government assistance of 80% of the cost of furlough staff. Income has been accounted for as a restricted grant.
5. INVESTMENT INCOME
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Raising the Roof | 44,741 | 44,741 | 135,061 |
6. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Charitable Activities Professional Fees |
Restricted funds 2021 Unrestricted funds 2021 £ £ 807,818 486,719 - 8,374 807,818 495,093 |
Total funds 2021 £ 1,294,537 8,374 1,302,911 |
Total funds 2020 £ 1,228,550 7,500 1,236,050 |
|---|---|---|---|
7. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable Activities Professional Fees |
Activities undertaken directly 2021 £ 853,703 - 853,703 |
Support costs 2021 £ 440,834 8,374 449,208 |
Total funds 2021 £ 1,294,537 8,374 1,302,911 |
Total funds 2020 £ 1,228,550 7,500 1,236,050 |
|---|---|---|---|---|
Page 20
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Staff costs Rent and outreach Resources Other costs ANALYSIS OF SUPPORT COSTS Staff costs Premises costs Legal and professional Office costs Mortgage interest Hospitality Recruitment and training Bad debts Loss on Disposal 8. AUDITORS' REMUNERATION Fees payable to the Charity's auditor for the audit of the Charity's annual accounts |
Total funds 2021 £ 744,620 38,247 67,702 3,134 853,703 Total funds 2021 £ 184,515 112,301 2,396 93,075 - 712 46,517 2,658 7,034 449,208 2021 £ 9,000 |
Total funds 2020 £ 706,952 38,214 69,182 399 814,747 |
|---|---|---|
| Total funds 2020 £ 127,578 133,668 9,271 91,947 177 1,702 48,009 8,951 - 421,303 |
||
| 2020 £ 7,500 |
Page 21
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. STAFF COSTS
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 824,300 79,172 25,663 929,135 |
2020 £ 760,289 53,881 20,360 |
|---|---|---|
| 834,530 |
The average number of persons employed by the Charity during the year was as follows:
| Support (Business Team) Seedlings Park Road Nursery Mini-Springers Nursery Community Services BFS Children's Centre |
2021 No. 10 1 6 16 2 27 62 |
2020 No. 7 - - 16 2 20 |
|---|---|---|
| 45 |
No employee received remuneration amounting to more than £60,000 in either year.
10. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 22
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. TANGIBLE FIXED ASSETS
| Freehold property £ At 1 April 2020 87,000 Disposals (87,000) At 31 March 2021 - NET BOOK VALUE At 31 March 2021 - At 31 March 2020 87,000 12. DEBTORS DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank overdrafts Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
Computer equipment £ 7,034 (7,034) - - 7,034 2021 £ 174,787 14,105 22,852 211,744 2021 £ 2,000 36,022 - - 51,046 89,068 |
Total £ 94,034 (94,034) - - 94,034 2020 £ 39,814 - 15,927 55,741 2020 £ - 59,602 12,613 225 36,884 109,324 |
|
|---|---|---|---|
Page 23
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. FINANCIAL INSTRUMENTS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| FINANCIAL ASSETS | ||
| Financial assets measured at fair value through income and expenditure | 525,868 | 573,862 |
Financial assets measured at fair value through income and expenditure comprise of cash at bank or in hand.
Page 24
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS BCH: Children's Centre Morrison's Awards for All Children in Need Happy Healthy Holidays Youth Music Grimmit Trust Barrow Cadbury Trust Neighbour Scheme B'ham & Solihull Women's Aid Roger and Douglas Turner William Cadbury Grantham York GH Collins Groundwork NNS Yardley Great Trust Coronavirus Job Retention Scheme TOTAL OF FUNDS |
Balance at 1 April 2020 £ 442,098 68,090 2,400 4,481 6,836 - 43,908 500 20,000 1,500 - 3,000 21,500 - - - - - - 172,215 614,313 |
Income £ 508,319 657,226 - - 7,720 1,000 58,618 - - - 60,000 3,000 - 1,500 1,500 500 1,330 7,486 28,943 828,823 1,337,142 |
Expenditure £ (495,093) (660,568) (2,400) - (7,955) (200) (58,680) (500) - (1,242) (20,000) (3,000) (20,000) (1,500) (1,500) - (1,330) - (28,943) (807,818) (1,302,911) |
Transfers in/out £ 19,107 - - - - - - - (20,000) 2,393 - - (1,500) - - - - - - (19,107) - |
Balance at 31 March 2021 £ 474,431 |
|---|---|---|---|---|---|
| 64,748 - 4,481 6,601 800 43,846 - - 2,651 40,000 3,000 - - - 500 - 7,486 - 174,113 |
|||||
| 648,544 |
Page 25
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. STATEMENT OF FUNDS (CONTINUED)
Utilisation of restricted funding
BCH: Children's Centre – contract to delivery a sure start children’s service. Includes brought forward amount. Contract runs until January 2023.
Morrison's - a grant received for mindful movement classes.
Awards for All:Creative Community - to support resources used in delivery
Children In Need:Playscheme – to support holiday playschemes during summer and Easter breaks for children of primary school age.
Happy Healthy Holidays (BCC) – a grant to provide food for children of families in food poverty and on free school meals during summer holidays. We augmented our playscheme offer to accommodate this.
Sounds of Play (Youth Music) – we are primarily fund holders for this. A grant awarded to Springfield as lead partner. This money is to support the development of musical teaching ability in Early Years frontline delivery staff so they can use music with children.
Grimmit Trust: After School Club – to support the development of an after-school club developing a new provision.
Norton - to support the neighbour scheme.
B'ham & Solihull Women's Aid - to support IDVA worker for women's aid work.
Neighbour Scheme - To support place of welcome.
Roger & Douglas Turner - Neighbour Scheme – delivery of neighbour scheme including salary support.
William Cadbury - to support the community services.
Grantham York - Diocesan support.
GH Collins - to support the community services.
Groundwork - Tesco money for Toy Library.
NNS - to support the community services.
Yardley Great Trust - Debt service from Narthex.
Page 26
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS General Funds RESTRICTED FUNDS BCH: Children's Centre Freedom Programme Yardley Great Trust Sundry Restricted Funds Morrison's Ageing Better Awards For All Children in Need Happy Healthy Holidays Mosque England Youth Music NHS Ageing Better 2 Grimmit Trust Price Waterhouse Barrow Cadbury Trust Neighbour Scheme Roger Douglas Turner William Cadbury NEF Funding TOTAL OF FUNDS |
Balance at 1 April 2019 £ 476,699 58,345 2,314 97 212 2,400 5,939 - - - - - - - - - - - - - - 69,307 546,006 |
Income £ 171,510 664,187 - - - - - 9,901 7,496 8,660 1,950 83,387 18,615 25,500 500 250 20,000 1,500 3,000 21,500 266,481 1,132,927 1,132,927 |
Expenditure £ (206,111) (654,442) (2,314) (97) (212) - (5,939) (5,420) (660) (8,660) (1,950) (39,479) (18,615) (25,500) - (250) - - - - (266,481) (1,030,019) (1,236,130) |
Balance at 31 March 2020 £ 442,098 |
|---|---|---|---|---|
| 68,090 - - - 2,400 - 4,481 6,836 - - 43,908 - - 500 - 20,000 1,500 3,000 21,500 - 172,215 |
||||
| 614,313 |
Page 27
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
16. SUMMARY OF FUNDS
SUMMARY OF FUNDS - CURRENT YEAR
| General funds Restricted funds |
Balance at 1 April 2020 £ 442,098 172,215 614,313 |
Income £ 508,319 828,823 1,337,142 |
Expenditure £ (495,093) (807,818) (1,302,911) |
Transfers in/out £ 19,107 (19,107) - |
Balance at 31 March 2021 £ 474,431 174,113 648,544 |
|---|---|---|---|---|---|
SUMMARY OF FUNDS - PRIOR YEAR
| General funds Restricted funds |
Balance at 1 April 2019 £ 476,699 69,307 546,006 |
Income £ 171,510 1,132,927 1,304,437 |
Expenditure £ (206,111) (1,030,019) (1,236,130) |
Balance at 31 March 2020 £ 442,098 172,215 614,313 |
|---|---|---|---|---|
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Current assets Creditors due within one year TOTAL |
Restricted funds 2021 Unrestricted funds 2021 £ £ 180,104 557,508 (5,991) (83,077) 174,113 474,431 |
Total funds 2021 £ 737,612 (89,068) 648,544 |
|---|---|---|
Page 28
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Restricted funds 2020 £ Tangible fixed assets 94,034 Current assets 187,505 Creditors due within one year (109,324) TOTAL 172,215 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW ACTIVITIES Net income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Loss on the sale of fixed assets Increase in debtors Increase/(decrease) in creditors NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES 19. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Overdraft facility repayable on demand TOTAL CASH AND CASH EQUIVALENTS |
Unrestricted funds 2020 Total funds 2020 £ £ - 94,034 442,098 629,603 - (109,324) 442,098 614,313 FROM OPERATING 2021 2020 £ £ 34,231 68,307 7,034 - (156,003) (18,722) (22,256) 30,673 (136,994) 80,258 2021 2020 £ £ 525,868 573,862 (2,000) - 523,868 573,862 |
|---|---|
Page 29
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
20. ANALYSIS OF CHANGES IN NET DEBT
| Cash at bank and in hand Bank overdrafts repayable on demand |
At 1 April 2020 £ 573,862 - 573,862 |
Cash flows £ (47,994) (2,000) (49,994) |
At 31 March 2021 £ 525,868 (2,000) 523,868 |
|---|---|---|---|
21. PENSION COMMITMENTS
The Charity operates a defined contributions pension scheme for all employees, the cost of which amounted to £25,663 (2020: £20,360). The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund. Contributions (employee and employer) totalling £NIL (2020: £NIL) were payable to the fund at the Balance sheet date.
22. OPERATING LEASE COMMITMENTS
At 31 March 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2021 £ 8,459 14,818 23,277 |
2020 £ 5,093 10,330 |
|---|---|---|
| 15,423 |
23. RELATED PARTY TRANSACTIONS
The Charity has a close relationship with St. Christopher's Church by reason of a number of Trustees (Y Gordon, A Roper-Hall and T Thomas) who serve on both Boards and are therefore able to influence the way in which both charities operate. There are a number of transactions involving the Church either way, by contributions from the Church towards specific project costs, or for shared occupancy and administration costs. In addition the Charity makes payments to the Church in respect of use of premises.
During the year total contributions received from St. Christopher's Church totalled £13,964 (2020: £12,431); and total payments made to the Church were £9,100 (2020: £10,410). At the year-end there were total balances of £11,056 (2020: £2,150).
Page 30