Company number 07239641
Charity number 1138204
Sure and Firm Foundations
Report and Financial Statements
31 December 2021
Sure and Firm Foundations Report and accounts Contents
| Page | |
|---|---|
| Charitable Company Information | 1 |
| Trustees' report | 2 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
| Detailed income and expenditure account | 14 |
| Detailed statement of financial activities | 15 |
Sure and Firm Foundations Charitable Company Information
Trustees
Wayne Bent Marcia Jones
Independent examiners
Jacksons Chartered Accountants First Floor, Albion House Albion Street Hull HU1 3TE
Registered office
New Life Assembly Church Hall 55a Upland Road, East Dulwich London SE22 0DA
Company number
07239641
Charity number 1138204
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Sure and Firm Foundations Registered number: 07239641 Trustees' Report
The Trustees, who are also directors for the purposes of company law, present their report and financial statement for the charitable company for the year ended 31 December 2021.
This report is a combined annual report that also contains a directors’ report as required by company law.
Principal activities and objectives
The Trustees confirm that they have regarded the Charity Commission’s guidance on public benefit; (SORP 1.18).
The charitable company's principal activity during the year continued to be:
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the advancement of education of children below compulsory school age; and
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the provision of facilities for recreation for such children in the interest of social welfare and with their conditions of life by providing for all children without discrimination a safe and satisfying preschool environment.
These objectives find tangible expression in our core service “My Favourite Nursery” which operates as a nursery for children aged 0 to 5 years, offering a range of activities in our Upland Road premises.
Our principal partner is the New Life Assembly Church which shares with us the determination to produce and maintain an effective programme of nursery services for pre-school children in the borough.
Achievements and performance
In the year to 31 December 2021, ‘My Favourite Nursery’ was pretty much back to normal compared to the disruption to routine of 2020 due to the COVID-19 pandemic. The number of enrolments to the nursery steadily increased throughout the year and services remained robust enough to accommodate the demand.
During the year, as well as continuing to provide day-care services, we held our annual graduation and reinstated a sports day that the children thoroughly enjoyed. We hope to go on to re-establish other special events/days next year.
We also continued to issue and offer grants to other charities who fund education related activities or run educational programmes.
Financial review
Principal sources of funding
Nursery fees paid by clients provide the main source of income for the charity.
Financial review
The charitable company achieved a surplus of £32,866 for the financial year. At 31 December 2021, the Charity held £175,577 in restricted and unrestricted funds which is considered to be an appropriate level of funds to enable the charitable company to pursue its objectives.
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Sure and Firm Foundations Registered number: 07239641 Trustees' Report
Reserves policy
The Trustees have forecast the level of free reserves, (that is, those funds not tied up in fixed assets or restricted funds); the charity will require to sustain its contracted operations to completion. It has established a policy whereby funds not committed or invested in tangible fixed assets held by the charity should be between 6 and 9 months of the expenditure.
Investment policy
The Trustees have adopted a strong socially responsible investment policy for the reserves of the charity. This policy, in tandem with the need to fulfil our statutory obligations, has the objective of investing in such a way that the principles of socially responsible investment are promoted. A further factor is the need to have ready access to our reserves, as long-term funding cannot be guaranteed, so for the current period, we have utilised the treasury service provided by our bankers.
Risk management
As Trustees, we have a duty to identify and review the risks to which the charitable company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees conduct a review of the major risks to which the charitable company is exposed. A risk register has been established and is updated periodically. Where appropriate, systems or procedures have been established to mitigate the risks the charitable company faces. Significant external risks to funding have led to the development of a strategic plan, which will allow for the diversification of funding and activities.
Internal control risks are minimised by authorisation procedures for all financial transactions. Policies and procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors.
Structure, governance and management
Governing document
Sure and Firm Foundations is a charitable organisation limited by guarantee, incorporated in April 2010 and registered as a charity on 28th September 2010. The company was established under a memorandum of association which established the objects and powers of the company and is governed under its articles of association. In the event of the company being wound up, members are required to contribute an amount not exceeding £10.
Organisational structure
At their regular meetings, the board members agree the broad strategy and areas of activity for the charitable company, including consideration of grant making, investment, reserves and risk management policies and performance.
The operation of the nursery is delegated to managers who are overseen by the directors. The managers have responsibility for the day to day operational management of the resource centres, supervision of the staff teams and for ensuring that teams continue to develop their skills and working practices in line with good practice.
Volunteers
There was an average of 2 volunteers throughout the year who aided in the daily running of ‘My Favourite Nursery’.
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Sure and Firm Foundations Registered number: 07239641 Trustees' Report
Recruitment and appointment of Trustees
The company directors are also charity Trustees for the purposes of charity law and under the company's Articles are members of the Trustee Board which is its primary management body. Under the requirements of the Memorandum and Articles of Association the members of the Board are elected by the members to serve for a period of five years after which they must be re-elected at the next Annual General Meeting.
Much of the charity's work inevitably focuses upon the operation and maintenance of the children's nursery which operates under the name of “My Favourite Nursery”.
The Trustee Board seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of directors, the charity has, through selective advertising and networking with voluntary organizations active in the sector, sought to identify those who would be willing to become members of the charity and use their own experience to assist the charity.
Trustee induction and training
Many Trustees are already familiar with the practical work of the charitable company having been involved in other capacities or because of experience gained in their own churches or other organisations.
New Trustees are invited and encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates. These cover:
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the obligations of Trustee Board members;
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the operational framework for the charity;
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the current financial position and revenue generation; and
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future plans and objectives.
Reference and administrative information
Name of charity Sure and Firm Foundations Charity registration number 1138204 Company registration number 07239641 Principal address New Life Assembly Church Hall 55a Upland Road, East Dulwich, London, SE22 0DA
Independent examiners
Jacksons Chartered Accountants First Floor, Albion House Albion Street Hull HU1 3TE
Trustees
The following persons served as Trustees during the year:
Wayne Bent Marcia Jones
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Sure and Firm Foundations Registered number: 07239641 Trustees' Report
Trustees' responsibilities
The trustees as directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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● state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to independent examiners
Each person who was a director at the time this report was approved confirms that:
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so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
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he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 27 September 2022 and signed on its behalf.
Wayne Bent Trustee
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Sure and Firm Foundations Independent examiner's report to the members of Sure and Firm Foundations
I report to the trustees on my examination of the accounts of the above charitable company ('the Company') for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
The charitable company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants of England and Wales.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Jackson, BA FCA (Senior Statutory Auditor)
for and on behalf of Jacksons Chartered Accountants
First Floor, Albion House Albion Street Hull HU1 3TE
27 September 2022
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Sure and Firm Foundations Statement of Financial Activities for the year ended 31 December 2021
| Notes Income and endowments from: Charitable activities 2 Other operating income Interest receivable Total Expenditure on: Charitable activities Administrative expenses Total Movement in funds: Net income/(expenditure) 3 Reconciliation of funds Net movement in funds Total funds brought forward Total funds carried forward |
2021 £ 659,037 - - 659,037 (37,495) (588,676) (626,171) 32,866 32,866 142,711 175,577 |
2020 £ 564,867 27,957 89 592,913 (16,131) (545,611) (561,742) 31,171 31,171 111,540 142,711 |
|---|---|---|
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Sure and Firm Foundations Statement of Financial Position as at 31 December 2021
| Notes Fixed assets Tangible assets 5 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Net assets The charity's funds Unrestricted income funds 7 Total funds |
2021 £ 18,131 223,760 (66,314) 157,446 175,577 175,577 175,577 |
2020 £ 24,175 181,880 (63,344) 118,536 142,711 142,711 142,711 |
|---|---|---|
For the year ended 31 December 2021 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accountingrecords and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Wayne Bent Director Approved by the board on 27 September 2022
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Sure and Firm Foundations Statement of Cash Flows for the year ended 31 December 2021
| Notes Operating activities Surplus for the financial year Adjustments for: Interest receivable Depreciation Increase in creditors Interest received Cash generated by operating activities Net cash generated Cash generated by operating activities Net cash generated Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Cash and cash equivalents comprise: Cash at bank |
2021 £ 32,866 - 6,044 2,970 41,880 - 41,880 41,880 41,880 181,880 223,760 223,760 |
2020 £ 31,171 (89) 8,058 957 40,097 89 40,186 40,186 40,186 141,694 181,880 181,880 |
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Sure and Firm Foundations Notes to the Accounts for the year ended 31 December 2021
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Income
Income is measured at the fair value of the consideration received or receivable and net of discounts. The charity's income is revenue earned from the rendering of nursery services for pre-school children at its Upland Road premises, in London.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer and equipment
25%, reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
The charitable company is exempt from taxation under sections 521 to 536 of the Income Tax Act 2007 (ITA 2007).
Fund accounting: restricted and unrestricted funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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Sure and Firm Foundations Notes to the Accounts for the year ended 31 December 2021
Going concern
The accounts have been prepared on the going concern basis, which implies that the Trustees believe the Charity will be in operational existence twelve months from the date of approval of these accounts.
There are no material uncertaintiies.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
The accrual model (FRS 102 24.5C-G) was applied in producing these accounts; therefore grants were recognised as either relating to revenue (over the period in which the Charity recognises the related costs for which the grant was intended to compensate) or relating to assets (over the expected useful life of the asset).
| 2 Analysis of income Charitable activities 3 Surplus This is stated after charging: Depreciation of owned fixed assets 4 Staff costs Wages and salaries Social security costs Other pension costs Average number of employees during the year Administration and management Operational/Nursery Kitchen staff Maintenance |
2021 £ 659,037 2021 £ 6,044 2021 £ 336,186 25,845 4,969 367,000 Number 6 18 1 1 26 |
2020 £ 564,867 2020 £ 8,058 2020 £ 314,816 24,245 11,273 350,334 Number 6 18 1 1 26 |
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Sure and Firm Foundations Notes to the Accounts for the year ended 31 December 2021
5 Tangible fixed assets
| Cost or valuation At 1 January 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 6 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income 7 Unrestricted funds At 1 January Surplus for the financial year At 31 December |
2021 £ 3,000 63,314 66,314 2021 £ 142,711 32,866 175,577 |
Computer and equipment At cost £ 62,794 62,794 38,619 6,044 44,663 18,131 24,175 2020 £ 1,500 61,844 63,344 2020 £ 111,540 31,171 142,711 |
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8 Related party transactions
There are no related party transactions that require disclosure.
Trustee remuneration and benefits
None of the trustees were paid any remuneration or received any other benefits from an employment with their charitable company or a related entity.
Trustee expenses
No trustee expenses were incurred and no trustees claimed expenses or had their expenses met by the charity.
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Sure and Firm Foundations Notes to the Accounts for the year ended 31 December 2021
9 Presentation currency
The financial statements are presented in Sterling, rounded to the nearest pound (£).
10 Legal form of entity and country of incorporation
Sure and Firm Foundations is a charitable company limited by guarantee and incorporated in England.
11 Principal place of business
The address of the charitable company's principal place of business and registered office is: New Life Assembly Church Hall
55a Upland Road, East Dulwich London
12 Public benefit
Sure and Firm Foundations, a charible company, constitutes a public benefit entity as defined by FRS 102.
13 Taxation
Sure and Firm Foundations, a charible company, is a registered charity and so is not taxed on its income.
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Sure and Firm Foundations Detailed Income and Expenditure Account for the year ended 31 December 2021
This schedule does not form part of the statutory accounts
| Income Expenditure on charitable activities Gross surplus Administrative expenses Other operating income Operating surplus Interest receivable Surplus before tax |
2021 £ 659,037 (37,495) 621,542 (588,676) - 32,866 - 32,866 |
2020 £ 564,867 (16,131) 548,736 (545,611) 27,957 31,082 89 31,171 |
|---|---|---|
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Sure and Firm Foundations Detailed Statement of Financial Activities for the year ended 31 December 2021
| Income and endowments from charitable activities Nursery fees Expenditure on charitable activities Purchases (Food and drink) School activities and travel Swimming and external play Sponsorship and training Missions and donations to other charities Catering and hospitality Other direct costs Administrative expenses Support costs Employee costs: Wages and salaries Pensions Employer's NI Temporary staff and recruitment Staff training and welfare Travel and subsistence Premises costs: Rent Light and heat Cleaning General administrative expenses: Telephone and internet Postage Stationery and printing Subscriptions Bank charges Insurance Equipment expensed Computers and software Repairs and maintenance Depreciation Sundry expenses Support costs Governance costs Legal and professional costs: Independent examination fees Consultancy fees |
2021 £ 659,037 16,220 1,264 1,373 3,597 12,420 2,128 493 37,495 336,186 4,969 25,845 107,575 1,911 1,362 477,848 35,000 8,936 4,852 48,788 8,346 - 2,834 762 98 9,399 5,682 2,148 19,822 6,044 79 55,214 581,850 1,500 - |
2020 £ 564,867 11,174 2,567 190 - 2,200 - - 16,131 314,816 11,273 24,245 105,828 6,117 - 462,279 35,000 4,061 7,998 47,059 8,538 692 3,965 1,771 89 - - - 6,761 8,058 149 30,023 539,361 1,510 4,740 |
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Sure and Firm Foundations Detailed Statement of Financial Activities for the year ended 31 December 2021
| Other legal and professional fees Governance costs Administrative expenses Other operating income Government grants received Other operating income |
2021 £ 5,326 6,826 588,676 - - - |
2020 £ - 6,250 545,611 26,583 1,374 27,957 |
|---|---|---|
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