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 2024
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Directors and Trustees. Report 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 17-29
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 2024 Trustees F Cross-sudworth T Boyes, Chair P J Hunt, Treasurer C L Minchin A Roper-Hall Rev T Thomas H C Greenwood GLHMoss Yasser Khan Mark Zakers (resigned 1.8.23) (appointed 3.6.24) (apponted 3.6.24) Company registered number 06582318 Charity registered number 1134977 Registered office The Springfield Centre Springfield Road Moseley Birmingham B13 9NY Independent auditors Thomas and Young Limited 266-268 Stratford Road Shirley, Solihull West Midlands B90 3AD Page 1
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE} THE DIRECTORS AND TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2023 to 31 March 2024. The Annual report seNes the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm thal 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 StatementofRecommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (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 Who we are and what we did this year The Springfield Project was established by St Christopherfs Church to help show God's love in our community through practical service and action in Birmingham. Our area stretches beyond the church parish and now covers a much wider area within the Hall Green district of Birmingham. In addition to our main site al The Springfield Centre. we run a Nursery on nearby Park Road and deliver a range of activities in outreach venues. In 2023124 we had an income over £1.4m. employed an average of 59 people. and were supported by over 84 volunteers. The monetary value for this was close to £34,560. 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. ante- natal care and infant feeding. speech and language development, stay and play and much more. Our Children's Centre 15 now a Family Hub site for the Hall Green district, allowing us to expand our offer to families with children 5-19 through close working with other organisations supporting children and families in our area. This year the total number of parents and children who were seen and benefited from Sprtngfield's Children's Centre was 1.984 (866 adult5 and 1.118 children). Our nursery provision continues to provide early education to the children of Springfield. 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. Mini-springers Nursery provided early education for 91 children during the school year and Park Road Nursery welcomed 74 children. Both nurseries receive an Ofsted grading of Good in 2022. Thanks to funding from the Holiday Activity Fund we ran Holiday Play activilies three times during the year. 115 children aged 5 -11 accessed sessions of our fun, stimulating play provision at The Springfield Centre and the Park Road site. Our Communily SeNices provision for adults includes English language classes, Springfield Food Pantry and Place of Welcome, with 2,518 attendances across the year. Following financial pressures, we negotiated Ihe transfer of the Food Pantry management to the charitable organisation Narthex. enabling those who rely on the Pantry to continue to benefit. The Seedlings Stay and Play group, runs in partnership with St Christopherfs Church, regularly sees 60-70 families per week. Due to building work at St Christophers, Seedlings relocated to a nearby venue for six months and continued to welcome 35-40 families per week. Butterflies, a new stay and play group for children with additional needs was launch in Autumn 2023 and has supported 15 children and their families. Page 2
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) THE DIRECTORS AND TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 We continue to chair the Birmingham Early Years Music Consortium and to act as lead organisation for the Youth Music-funded Sounds of Play Project, building a sustainable network of Early Years music practice between Early Years services and music organisations to support children's musical entitlernent across Bimiingham. We welcomed back the Creative Families festival which took place over days and saw 365 people attending. This year was the second year of our National Lottery Reaching Communities Funded 'Child Friendly Neighbourhood, initiative. During the year we have started a range of after school clubs, broadened our youth offer. improved our existing holiday playscheme and put on recuring events and activities. We also held a Family Fun Day and a Garden Party for the Kings Coronation, with 993 people in attendance over Ihe two events. Our Founder st Christopherfs 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, and prayer for our work and those we work with. Governance The Springfield Project is an award-winning charitable company limited by guarantee, incorporated on1 May 2008 and registered as a charity on 16 March 2010. The company was established under a Memorandum ofAssociation that established the objects and powers ofthe charitable company and is governed under its Articles of Association. These were revised in 2018 to provide for increased clarity. Objectives and aims The charitable aims of the company a5 set out in our founding documents state.. The objects of the charily are to provide care and sUPPOrt to people nalionally 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, setvices 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. Vision, mission, roots and values Our objectives are reflected in our vision, mission, roots and values slatemenl. This is set out below.. Who we are The Springfield Project is a registered charity and company limited by guarantee set up by St Christopherfs Church to help show God's love in our community through practical service and action. Our vision is to show God's love in our communlty This means improving the conditions of life for all our local residents in the former 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 wellbeing services. Page 3
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEE) THE DIRECTORS AND TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 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 lo 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 Jesu5 Chrisl. 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, .1 have come in order that you might have life, and have it to the full" (John 10=10). '1 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 value5. rooted in our faith, may be shared by others too and we work in partnership with others lo achieve our aims. We celebrate that Christians are not Ihe only people motivated to work for the good of the community. As a place of practical compassion where many people galher, we are glad to learn together with others how they live out their values and faith. Our values Our values define how we deliver our services. They 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 diveisity, celebrating the way in which people of different faiths or no faith Can WO 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 waimlh and recognise each person as an individual. Listening: We recognise and value the unique insights and experiences of members of our community. We seek lo ensure that the views of all those who have an interest in the Project inform the Continuous development of our services. 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 in 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. Wo 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. Page 4
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) THE DIRECTORS AND TRUSTEES. REPORT {Continued} FOR THE YEAR ENDED 31 MARCH 2024 Our impact model of change - The Springfield Pathway: "Empower, Enable, Enrich" The Springfield Empower, Enable and Enrich 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 al their point of need and work with them to identify a pathway. All of our activities are designed with this in mind. 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 theirjourney 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 l activrties 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 Our objectives for 2023-2026 Business as usual: We will provide a wide range of supportive activities for children and their families in Sparkhill and the wider area. focussing on families experiencing poverty and disadvantage. We will retain our expertise and focus on Early Years provision. We will ensure that all of our services and activities are delivered to a high standard within our Quality Assurance Framework. We will ensure that the Project resources are managed effectively. We will invest in and make the most of our assets, people and buildings. Priorities Vision We will strengthen our shared sense of purpose with St Christopher's Church, living out God's love for Springfield. In the project we will do this by further engaging all staff in what this means. Page 5
THE SPRINGFIELD PROJECT IA COMPANY LIMITED BY GUARANTEEI THE DIRECTORS AND TRUSTEES. REPORT (Continued} FOR THE YEAR ENDED 31 MARCH 2024 Direction We will be well prepared for the end of the current BFS contract in order to make strategic decisions and respond to any changes We will horizon scan, fund raise, decide what to initiate and what to stop led by our vision I mission AND the desire for sustsinability in challenging times. We will build on our approach to community relationships, supporting a more inclusive and integrated community. We will further work with strategic partners to deliver shared aims and develop new strategic and operational relationships to further the aims of the charity. We develop our sense of purpose in nurturing volunteers and opening pathways to employment as an extension of empowering, enabling and enriching. Governance We will improve our specificity in measuring and evaluating what we do. We will find better ways of giving value to the diverse voices of front line staff and Ihose the project serves (of all ages). Our Board of Trustees The Springfield Project is overseen by a board of trustees. All trustees are selected according to their skill set and the requirements of the organisation and business plan, and according to their shared commitment to the overall aims. values and charitable objects of the Springfield project. Our Chair, Tim Boyes, is supported by Vice-chair, Rev Tom Thomas. Peter Hunt chairs our Finance Committee, Alison Roper-Hall our HR and Organisational Development Committee, and Tom Thomas our Performance and Impact Committees. The Board of Trustees met four times during the year. Each Committee also meets four times during the year. One member of the Board of Trustees resigned during the year. Trustees have made a commitment to diversity at Board level and are actively recruiting board members who represent our community both in terms of ethnicity and age. 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 it5 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 business plan objectives and to developing new projects to meet the needs of the community and to safeguard leve15 of income. Page 6
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEE) THE DIRECTORS AND TRUSTEES. REPORT {Continuedl FOR THE YEAR ENDED 31 MARCH 2024 Risk Management The Board of Trustees maintains a risk register, which is reviewed regularly 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 al the beginning of their service and repeated every three years. FINANCIAL REVIEW Total income forthe year was £1,453,208 and total expenditure was £1,444,320. The Project showed a surplus for the year of £8,888. 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 the Project. Principal Funding Sources The principal source offunding continues to be the Children's Centre grants. total £693.874 plus Nursery Education Funding of £466,555. In addition, a number of grants were received in the year. Future financial plans The funding for our Children's Centre service is now in place until February 2027. A review of the Children's Centre model has been undertaken to ensure the service can be delivered sustainably. The running costs of all our services continues to be higher than previous years due to the ongoing high inflation levels. We continually review the services to ensure they are running as efficiently as possible. It is the practice of the trustees to designate some of their free reserves for specific costs outside of normal budget provision. 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 We will continue to pursue our strategic plan until March 2026 whilst remaining flexible and adapting to new opportunities and the external environment. Key areas for the year 24-25 are.. To further develop our work with children over 5 and their families, including increased support for children with special needs and disabilities. Develop a youth offer co-created by local young people through a Youth Advisory Board. Page 7
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEE) THE DIRECTORS AND TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment of new Board members from the local community, diversifying our board in terms of ethnicity and age. To further develop our strategic approach to communications, stakeholder engagement and quality assurance. To develop our approach to environmental sustainability both internally and through our work with the local community. STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees (who are also the directors ofthe Springfield Project for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied thal they give a true and fair view of the financial situation of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period_ In preparing those financial statements, the trustees are required to-. Select suitable accounting policies and then apply them Gonsistently ObseNe the methods and principles in the Charity SORP Makejudgements and estimates that are reasonable and prudent Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time Ihe financial posilion of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable company's auditors are unaware,. and The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The trustees are grateful to Thomas + Young for the audit and production of the annual accounts. The report has been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies A resolution proposing Thomas & Young to be re-appointed as auditors of the Charity will be put to the Trustees at the meeting to agree the statutory accounts. Page 8
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEEI THE DIRECTORS AND TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024 CUSTODIANS OF FUNDS FOR OTHERS The charity has not held any funds during the year on behalf of others. Approved by order of the members of the board of Direclors and Trustees and signed on their behalf by.. PJ N,_-4 Tim Boyes- Chair of Trustees Date Peter Hunt- Treasurer Dale JoiiilL4 0111114 Page 9
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SPRINGFIELD PROJECT OPINION We have audited the financial statements of The Springfield Project (the 'charily') for the year ended 31 March 2024 which comprise the Statement offinanGial activities, Ihe Balance sheet, the Statement of cash flows and the related notes. including 3 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 stalements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 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 accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements ofthe Companies Acl 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial slalements 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 wilh 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 statement5, 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 lo 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 te1ve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the Truslees 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 informalion 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 Ihereon. 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 othejwise 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 Dir6rtor5 rewt induded wrthin thetrustees, report has been prepared in accordance with applicable legal requirements. MArrERS 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 directors report included within the trustees, report. We have nothing to report in respect ofthe 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, exempiions 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 lawl 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 offinancial 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 conlinue 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. Page11
THE SPRINGFIELD PROJECT IA COMPANY LIMITED BY GUARANTEEI 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. Misslalements 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. A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.ukjauditorsresponsibilities. This description fomis part ofour auditorfs report. 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 irregLrlarities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Assessment of the susceptibility of the charty's financial statements to material misstatement, including how fraud might occur. Assessment of the laws and regulations identified as being of significance in the context of the charity. We obtained an understanding of the legal and regulatory framework applicable to the charity and how the charily is complying with that framework. We obtained an understanding of the charity's policies and procedures on compliance with laws and regulations, including documentation of any instance5 of non-compliance. We obtained an understanding of the charity's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud. We ensured that our audit personnel have the experience and knowledge to identify or recognise non- Compliance with laws and regulations. We use appropriate audit resources and tools to guide us in selecting the right audit approach. As a result of these procedures, we have considered the opportunitie5 and incentives that may exist within the organisation for fraud and identified the highest area of risk lo be in relation to income recognition, with a particular risk in relation to year-end cut off. In common wrth all audits under ISAS (UK) we are also required to perform specific procedures to respond to the risk of management override. 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 lo identify unusual or unexpected relationships that may indicate risks of material misslatement due to fraud. Reviewing board meeting minutes. Enquiring of managemenl in relation to actual and potential Claim5 or litigalions. Performing detailed transactional testing in relation lo the recognition of income, with a particular focus around year-end cut off. In addressing the risk of fraud through management override of controls. testing the approprialèness of Page 12
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE SPRINGFIELD PROJECT (Continued) 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 nomial course of business. We Gommunicated 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. As a result of the inherent limitations of an audit, there is a rrsk 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 Ihe irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation. 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 lo 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 thi5 report, or for the opinions we have formed. Mark Mclean FCA TIKnEs & yng Limit ClErt Accountants & Regtst&edAudiicxs Ca1don House 26&268 Strth Rcaj ShiW,Solihull West MKILaThJs B9) 34D Page 13
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments 3,540 676,120 349 3,540 1,449,319 349 21,669 1.695.001 320 773, 199 Total income 773,199 680,009 1,453,208 1,716,990 Expenditure on: Charitable activities 891,138 553,182 1.444,320 1.512,020 Total expenditure 891,138 553,182 1,444,320 1,512,020 Net incomel(expenditure) Transfers beeen funds (117,939) 126,827 8,888 204,970 13 Net movement in funds (117,939) 126.827 8,888 204.970 Reconciliation of funds: Total funds brought forward Net movement in funds 339,248 (117,9391 320.888 126,827 660.136 8,888 455,166 204,970 Total funds carried fonvard 221,309 447,715 669.024 660.136 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 29 form part of these financial statements. Page 14
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:06582318 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Current assets Deblors Cash at bank and in hand 201,516 517,225 284,964 421,010 718,741 705,974 Creditors.. amounts falling due within one year 12 {49,7171 (45.838) Net current assets 669,024 660,136 Total assets less current liabilities 669.024 660,136 Net assets excluding pension asset 669,024 660,136 Total net assets 669,024 660.136 Charity funds Restricted funds Unrestricted funds Designated funds 13 221,309 189,161 258,554 339,248 61,065 259,823 13 Total funds 669,024 660,136 The entity was entitled to exemption from audit under section 477 ofthe Companies Act 2006. The members have not required the entty to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However. an audit is required in accordance with section 144 ofthe Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by Ihe Trustees and signed on their behalf by.. Tim Boyes Chair of Trustees Date -/,, IL* The notes on pages 17 to 29 form part of these financial statements. Page 15
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flov from operating activities Net cash used in operating activities 96.215 110,811) Cash flows from investing activities Net cash prov(ded by investing activities Cash flows from financing activities Cash flows from financing activilies Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning oflhe year 96,215 {10.811) 431,821 421,010 Cash and cash equivalents at the end of the year 517,225 421.010 The notes on pages 17 to 29 form part ofthese financial statements Page 16
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 MARCH 2024 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 Cenlre, Springfield Road, Moseley, Birmingham, B13 9NY. The principal activrty of the Charity is as disclosed in the Trustees, report starting on page 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 IFRS 102) (effective 1 January 20191, 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. The financial statements are presented in sterling, which is the functional currency of the charity. The amounts are rounded off to the nearest £1. 2.2 GOING CONCERN The trustees have reviewed budgets and forecasts for a period of 12 months from approval of the financial statements. From this, the trustees consider that the charity has adequate funds to continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 2.3 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. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where enlitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the arnount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up ofthe 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 conlribute 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. Page 17
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS {Continued} FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES {continued) 2.4 EXPENDITURE (CONTINUED) Expenditure on charitable activities is inCued 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. 2.5 INTEREST RECEIVABLE Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assels costing £2,500 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 impaimient losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 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. 2.7 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. 2.8 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments wilh a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 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 Chartty 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 al the best estimate of the amounts required lo settle the obligation. Where Ihe effect of the time value of money 15 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. Page 18
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 2.10 FINANCIAL INSTRUMENTS The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 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. 2.12 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 Charrty 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. INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 3.540 3,540 21,669 Page 19
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLEACTIVITIES Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Community Services Children's Centre Services Mini Springers Park Road Other Grants Furlough Income B'ham & Solihull Womens Aid Youth Music Children and Young People Beyond Birmingham Domestic Abuse 17,842 693.874 92,258 110,100 693,874 357,246 226,616 22,773 82,189 681,738 256,237 235.677 37.532 357,246 226,616 22,773 10,854 10,854 77.615 52.500 271.513 10,000 17,856 773.199 10,000 17,856 1,449.319 676,120 1,695,001 INVESTMENT INCOME Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank Interest Received 349 349 320 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Charitable Activities Governance Costs 891,138 530,249 22,933 1,421,387 22,933 1.479,442 32,578 891,138 553,182 1,444,320 1,512.020 Page 20
THE SPRINGFIELD PROJECT IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken Directly 2024 Support costs 2024 Total Funds 2024 Total Funds 2023 Charitable Activities Governance Costs 1,005,981 415,406 22,933 1,421,387 22,933 1,479,442 32,578 1,005.981 438,339 1,444,320 1,512,020 ANALYSIS OF DIRECT COSTS Total funds 2024 Total funds 2023 Staff costs Renl and outreach Resources 873,346 6,008 126,627 899,718 33,680 81.935 1,005,981 1.015.333 ANALYSIS OF SUPPORT COSTS Total funds 2024 Total funds 2023 Staff costs Premises costs Legal and professional Office costs Hospitality Recruitment and training Bad debts Birmingham & Solihull Womens's Aid Business team 248,799 42,222 14,000 93,242 186,185 68,227 17.674 112,325 1,795 40.866 9,239 77,824 38,055 2,021 438,339 514,135 Page21
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {Continuedl FOR THE YEAR ENDED 31 MARCH 2024 AUDITORS. REMUNERATION 2024 2023 Fees payable to the Charity's auditor for the audit of the Charily's annual accounts 14,000 13,200 STAFF COSTS 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,027,468 70.640 24,037 989,472 71.966 24.465 1.122,145 1.085.903 The average number of persons employed by the Charity during the yearwas as follows- 2024 2023 Support (Business Team) Seedlings Park Road Nursery Mini-springers Nursery Community Services BFS Children's Centre Play Scheme 12 10 14 12 19 24 59 58 No employee received remuneration amounting to more than £60,000 in either year. 10. TRUSTEES. REMUNERATION AND EXPENSES During the year. no Truslees received any remuneration or other benefits (2023- £NILI. During the year ended 31 March 2024, no Trustee expenses have been incurred {2023- £NILI. Page 22
THE SPRINGFIELD PROJECT IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 11. DEBTORS 2024 2023 DUE AFTER MORE THAN ONE YEAR Prepayments and accrued income 49,514 138,472 49,514 138,472 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 36,886 4,000 111,116 32,369 400 113,723 201,516 284.964 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Othertaxation and social security Accruals and deferred income 20,736 1,768 27,213 11,611 1,501 32,726 49,717 45.838 Page 23
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS (Continued FOR THE YEAR ENDED 31 MARCH 2024 13. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure UNRESTRICTED FUNDS General Funds- all funds 320,888 680.009 (553,182) 447,715 RESTRICTED FUNDS BCH= Children's Centre National Literacy Trust Awards for All Reaching Communities Youth Music B'ham City Council Focus Group Emergency Food Grant B'ham & Solihull Women's Aid Faith Action Stagecoach Group Yardley Great Trust Holiday Activity Fund Beyond Bham Blossom Project Sparkbrook Children Zone St Pauls Volunteering Support Childrens and Young Persons (incl domestic abuse} 656,220 1656,220) 623 3,248 258,706 49,925 623 2.083 179.427 20,791 (1165) 179,279) {29,134} (3,470} (15,571) (24,184} (4.195) 3,470 15,571 10,854 7.500 1.000 13,330 3.305 1,000 10,819 2,597 (10,819) {30,503) (10,000) {350) {1,867} (1,147) 30.687 10,000 350 1,867 1.147 2,781 35,698 (24,399) 11.299 339,248 773,199 (891,138) 221,309 TOTAL OF FUNDS 660,136 1,453,208 1,444,320 669,024 Included in unreslricted funds were designations of £258,554 made up of.. Youth I Special Educational Needs £10.893 Premises Repairs £20.000 Forest School £4.804 Human Resources £30,000 Children's Centre £47.707 SEN Training / Equipment £15.000 Place of Welcome £5,150 Three Months, Operational Costs £125,000 Total £258,554 Page 24
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 13. STATEMENT OF FUNDS (CONTINUED) Utilisation of restricted fundin Children Centre contract runs to Feb 27. Awards for all - to support resources used in delivery Blham and Solihull Women's Aid- to support IDVA worker for Women's Aid Blham City Council Focus Group- Children Centre focus groups with women around physical and barriers to exercise to inform the BCC physical activity strategy. BCH Childrens Centre- BFS contract Beyond Brum - arts project as part of the creative families festival Blossom Project- arts project Emergency Food Grant- to purchase food for the Food Pantry Faith Action - to deliver creative English classes Holiday Activity Fund - to support holiday playschemes National Literacy Trust- funding via contract with ecoBirmingham to deliver the 'Building Greener. Fairer and Healthier Communities in Birmingham, National Lottery Community Fund - to deliver the Freedom programme for parents of over 5's Reaching Communities - to support the Child Friendly Neighbourhood Project. Sparkbrook Children Zone - Children Centre workshops in schools promoting physical activity and healthy eating St Pauls Volunteering Support- to support the running costs of volunteers. Stagecoach Group- donation to Place of Welcome Yardley Great Trust- debt seniice from Narthex Youth Music (Sounds of play) - 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. Page 25
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 MARCH 2024 13. STATEMENT OF FUNDS (Continued) STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure UNRESTRICTED FUNDS General Funds- all funds 390,218 566,922 (634,853) (1,399) 320,888 RESTRICTED FUNDS BCH.. Children's Centre National Literacy Trust Awards forAII Children in Need Reaching communities Youth Music Grimmil Trust Groundworks Emergency Food Grant B'ham & Solihull Women's Aid Celebrating Communities Grantham Yojk Souter William Cadbury Yardley Great Trust HolidayActivity Fund 14,909 671,048 623 (687,3561 1,399 623 3,248 3,$41 11,530 (393) {12.030} (12.807) (13,497) (2,000) (975) (2.400) (77,280) {9,932) (1,000} (3,000) <20,0001 (1.667) 132,830) 500 271,513 52.500 258.706 49.925 10,922 2.000 975 2.400 77,615 9.932 1,000 3,000 20.000 5,000 33,962 12,995 13.330 7,486 1,465 10.819 2,597 64.948 1,150,068 (877.167) 1,399 339,248 TOTAL OF FUNDS 455,166 1,716,990 {1,512,020> 660,136 Included in unrestricted funds were designations a5 follows.. Youth I Special Educational Needs £13,135 Premises Repairs £14,590 Human Resource5 £30.000 A Child Friendly Neighbourhood £50,546 Community Services £16,552 IT Support £10,000 Three Months, Operational Costs £125,000 TOTAL £259,823 Page 26
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 14. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Unrestricled funds Restricted funds 320,888 339,248 680,009 773,199 (553,182} (891,138) 447,715 221,309 660,136 1,453.208 (1,444,320) 669,024 SUMMARY OF FUNDS - PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure Unrestricted funds Restricted funds 390,218 64,948 566,922 1,150,068 (634.853) (877,167) 11,3991 1,399 320.888 339.248 455,166 1,716,990 (1,512.020) 660,136 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Debtors due after more than one year Current assets Creditors duewithin one year 49,514 171,795 49,514 669,228 (49,718) 497.433 (49,718) TOTAL 221,309 447,715 669,024 Page 27
THE SPRINGFIELD PROJECT (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS {Continued> FOR THE YEAR ENDED 31 MARCH 2024 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Restricted Unrestricted fund5 funds 2023 2023 Total funds 2023 Debtors due after more than one year Current assets Creditors due within one year 138,472 200,776 138,472 567,502 (45,388) 366,726 (45,838) TOTAL 339.248 320,888 660,136 16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomelexpenditure for the year (as per Statement of Financial Activities) 8,888 204.970 ADJUSTMENTS FOR: Decreasel(increasel in debtors Increasel(decreasel in creditors 83.448 3,879 (125.692) (90,089) NET CASH USED IN OPERATING ACTIVITIES 96,215 (10,811) 17. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand 517.225 421.010 TOTAL CASH AND CASH EQUIVALENTS 517,225 421,010 Page 28
THE SPRINGFIELD PROJECT {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {Continuedl FOR THE YEAR ENDED 31 MARCH 2024 18. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2023 Cashflov At 31 March 2024 Cash at bank and in hand 421,010 96,215 517,225 421,010 96,215 517,225 19. PENSION COMMITMENTS The Charity operates a defined contribution pension scheme for all employees, the cost ofwhich amounted to £24.037 (2023= £24,465) 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 £NIL12023'. £NIL) were payable to the fund at the Balance Sheet date. 20. OPERATING LEASE COMMITMENTS At 31 March 2024 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 9,783 24,249 10,197 33,333 34,032 43,530 21. RELATED PARTY TRANSACTIONS The Charity has a close relationship with St Christopher's Church by reason of Trustees IA Roper- Hall and T Thomas) who serve on both Boards. 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 totaled £10,464 {2023= £9.749), and total payments made to the Church totaled £3,722 {2023= £4,250). At the year-end there was a balance of £2,23812023.' £5,471) owed by the Church, and a balance of £Nil {2023.- £Nil} owed to the Church. The Charity has a relationship with Make11 Sustainable Ltd by reason of one trustee (H Greenwood) who serves on both Boards. During the year payments made to Make It Sustainable Ltd totaled £Nil12023'. £Nil). A family member of a trustee provided training services to the value of £200 {2023 £0). This was subject to normal procurement procedures and approved by the trustees after excluding the connected trustee. Page 29