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2022-12-31-accounts

Registered number 07239641

Sure and Firm Foundations

Report and Financial Statements

31 December 2022

Sure and Firm Foundations Report and accounts Contents

Page
Charity Information 1
Trustees' Report 2
Independent Examiner's Report 6
Statement of Financial Activities 7
Statement of Financial Position 8
Statement of Changes in Charitable Funds 9
Statement of Cash Flows 10
Notes to the Financial Statements 11
Detailed Statement of Financial Activities 16
Detailed Income and Expenditure Account 17

Sure and Firm Foundations Charity 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

Governing document

Memorandum of Association dated April 2010

1

Sure and Firm Foundations Company number: 07239641 Trustees' Report for the year ended 31 December 2022

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 2022.

This report is a combined annual report that also contains a directors’ report as required by company law.

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

Principal activities

The charitable company's principal activity during the year continued to be the education of children below the compulsory school age.

Objectives and activities

The charitable company's principal objective is the provision of recreational facilities for children below the compulsory school age in the interest of their good social welfare, and doing so without discrimination and in a safe and satisfying pre-school environment.

This objective finds 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.

Public benefit

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. We exist to serve people in our community without discrimination. We strive to promote social welfare through the provision of facilities aimed at improving the social and physical wellbeing of those in our local community.

Activities during the year

Along with the general running of the nursery, the following activities took place during the year:

The Charity also donated to other charities, such as children homes, during the year. This in related in these financial statements as 'Missions and donations to other charities'.

2

Sure and Firm Foundations Company number: 07239641 Trustees' Report for the year ended 31 December 2022

Financial review

Principal sources of funding

Nursery fees paid by clients provide the main source of income for the Charity.

Financial review

The Charity incurred a deficit of £36,722 for the financial year. At 31 December 2022, the Charity held total funds of £138,855; £187,052 of which was cash at the bank and in hand. (The rest is the value of fixed assets, £13,598 less creditors of £61,795.) This, in all, is considered to be an appropriate level of funds to enable the Charity to pursue its objectives.

Reserves policy

The trustees have a forecast of the level of free reserves, (that is, those funds not tied up in fixed assets) that the Charity will require to sustain its day-to-day obligations. Whilst our actual free reserves may prove sufficient, it is the trustees’ view that it is prudent to maintain sufficient free reserves to allow for financial flexibility.

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 placed surplus funds in deposit accounts.

Risk management

The trustees actively review, on a regular basis, the major risks that the Charity faces in maintaining reserves at the levels stated above, in addition to an annual review of the controls over key financial systems carried out through an internal audit process.

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 regulations and this being for 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 28 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.

3

Sure and Firm Foundations Company number: 07239641 Trustees' Report for the year ended 31 December 2022

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 1 volunteer during the year who came in on a regular basis to help with breakfast each morning, and also would participate in group activities with the children such as reading, circle time, outings to the park etc; in addition, some parents volunteered to read stories, teach their native languages and sing and play instruments in group activities.

There was an average of 5 volunteers throughout the year who aided in the running of the Charity.

Remuneration policy

The Charity's remuneration policy is to set pay at or above the statutory minimum wage. Salary costs are consistent and static for permanent staff but additional, temporary staff will need to be employed as determined by the number of children attending the nursery in accordance with regulations regarding the staff to children ratio.

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 the Charity's 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 board of Trustees 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.

There were no new or additional trustees recruited in the year to 31 December 2022.

Trustee induction and training

Many trustees are already familiar with the practical work of the Charity being active members of the Charity themselves and from being involved in other charities, churches and/or organisations.

New trustees are encouraged to familiarise themselves with charity law, their responsibilities as trustees and with Charity's rules and practices. They 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:

4

Sure and Firm Foundations Company number: 07239641 Trustees' Report for the year ended 31 December 2022

Trustees

The following persons served as trustees during the year:

Wayne Bent Marcia Jones

Trustees' responsibilities

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and enable them to ascertain to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website as well as:

c) to keep proper accounting records.

Disclosure of information to independent examiners

Each person who was a trustee at the time this report was approved confirms that:

This report was approved by the board on 29 September 2023 and signed on its behalf.

Wayne Bent Trustee

5

Sure and Fimi Foundatlons Company number: 07239641 Trustees, Report for th8 yoar endod 31 Dècember 2022 TTUStees. The follo￿ng petsons seNed as knjstses durlng th6 year: Wayne Bent Mar¢la Jones Trust￿, ro$ponslbllltles The Trustees are responsible for keewng accounting records whth dis¢lose wAth reasonable a¢cura¢y the financial positlon of the Charity and enabl8 them to ascertain to ensur8 thal thg accounts comply ￿￿th Ihe Charities AGt 2011 and th8 provElons of the trust deed. They are also responsible for safeguarding the as5els of the Charity and hen￿ for taking reasonable steps for the prevantlon and deteGtion of fraud and other irrggulartbes. The Tnjslees are responsible for th6 Maintenan￿ and integrity of th& Charity and financial infonnation included on th8 Chartirf5 webstte as well as: a) lo prepare financial statements whith show a true and fair vlew., b) in ￿parIng financaal statements: lil to select sultabl6 accounting rKI￿e9 and appty thern on a o)nslstent basis" and 1111 lo make Judgements and estimates Ihat are prudent and reasonable.. as well as c) to keep proFrr a(xxHJnltng recordo.. Dlsclosurg of Infonnatlon to Indop•ndent examlngrs Each person who wag a tru8tee at lh8 time this report was Bppr(wed COnfi￿S thaL" so far as he b aware, th8r& is no relevant audit wrfonnation of which the Charftys ind8p8ndent ex8mlner Is unawaro- and he has taken all the step5 thal he ought to have taken a$ a trustee in order to make himseK aware of any relevant audfi Infomation and to establish that the Charivs Indep￿ent examiner Is aware of that inlonnalkjn. This report was 8pproved by th8 t￿ard C￿ 29 SepteM￿r 2023 and stgned on tts behaff. Wayne B TNSteè

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 Charity') for the year ended 31 December 2022 which are set out in pages 1 to 17.

Responsibilities and basis of report

As the Charity’s trustees and directors, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’) and 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 charity’s gross income exceeded £250,000 and I am qualified to undertake the examination as a qualified member of the Institute of Chartered Accountants of England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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

29 September 2023

6

Sure and Firm Foundations Statement of Financial Activities for the year ended 31 December 2022

Notes
Income from charitable activities
2
Expenditure on charitable activities
Net operating income
Administrative expenses
Operating (deficit)/surplus
3
Movement in funds: Net (expenditure)/income
Reconciliation of funds
Net movement in funds
Total funds brought forward
Net movement in funds		 2022
£
623,050
(40,271)
582,779
(619,501)
(36,722)
(36,722)
(36,722)
175,577
138,855		 2021
£
659,037
(37,495)
621,542
(588,676)
32,866
32,866
32,866
142,711
175,577

7

Sure and Firm Foundations Statement of Financial Position as at 31 December 2022

Notes
Fixed assets
Tangible assets
6
Current assets
Cash on deposit
Cash at bank
Creditors: amounts falling due
within one year
7
Net current assets
Net assets
Capital and reserves
Unrestricted funds
9
Total equity		 2022
£
13,598
160,145
26,907
187,052
(61,795)
125,257
138,855
138,855
138,855		 2021
£
18,131
198,019
25,741
223,760
(66,314)
157,446
175,577
175,577
175,577

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Wayne Bent Trustee

Approved by the board on 29 September 2023

8

Sure and Flrm Foundatlons statement of Flnancial Posltlon as at 31 Docember 2022 N¢)tss 2022 2021 Ftxed a$sgts Tangible 88sets 13.598 18.131 Current assets Cash on deposit Ca$h at bank 60,145 28,907 187,052 198.019 25.741 223.760 Cr8dlt¢ys.' amounts frdlllNg duo wlthln one year (61,795) {66.314) Net current as80ts 125.257 157.446 Not assots 138.855 175,577 Capltal and rgserves Unrestricted fvnds 138,855 175,577 Total gqulty 138.855 175.5TT Th8 directOTS are $ati3fied that the co￿panY k5 enti0￿1 to exemption from the requlrement to c+)taln an aLKlit under 3ectTron 477 of Ihe Companies Act 21JO6. The members have not required the Gompany to IA)tsin an audit in acc(Kdanc8 with sa¢tlon 476 of the ACL The directrfs acknowtedge their responsibilibes for complyng with th requirements of the Companies Aci 2006 vlth raspect lo aG(wnting r￿S and the praparathjn of accounts. Tho accounts have b8en prepared and delivered In a¢cordarKe with the special provisions applicable lo companies subleGt to tha small ￿Mpani&S regime. The profrt and loss a¢¢ount has not been delN8red to th8 Reglstrar of Companles. Wayne Bent Trustee oproved by the board on 29 September 2023

Sure and Firm Foundations Statement of Changes in Charitable Funds for the year ended 31 December 2022

This schedule does not form part of the statutory accounts

At 1 January 2021
Surplus for the financial year
At 31 December 2021
At 1 January 2022
Deficit for the financial year
At 31 December 2022		 Income and
Expenditure
account
£
142,711
32,866
175,577
175,577
(36,722)
138,855		 Total
£
142,711
32,866
175,577
175,577
(36,722)
138,855

9

Sure and Firm Foundations Statement of Cash Flows

for the year ended 31 December 2022

Notes
Operating activities
(Loss)/profit for the financial year
Adjustments for:
Depreciation
(Decrease)/increase in creditors
Cash (used in)/generated by operating activities
Net cash (used)/generated
Cash (used in)/generated by operating activities
Net cash (used)/generated
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents comprise:
Cash at bank		 2022
£
(36,722)
4,533
(4,519)
(36,708)
(36,708)
(36,708)
(36,708)
223,760
187,052
187,052		 2021
£
32,866
6,044
2,970
41,880
41,880
41,880
41,880
181,880
223,760
223,760

10

Sure and Firm Foundations Notes to the Financial Statements for the year ended 31 December 2022

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.

The charity constitutes a public benefit entity as defined by FRS 102.

Income

All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

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:

Plant and machinery at a rate of 25% on the net book value

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 charity 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.

11

Sure and Firm Foundations Notes to the Financial Statements for the year ended 31 December 2022

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 uncertainties.

Provisions

Provisions (i.e. 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

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 from charitable activities
Nursery fees
By geographical market:
UK
3
Operating (deficit)/surplus
This is stated after charging:
Depreciation of owned fixed assets
4
Staff costs
Wages and salaries
Social security costs
Other pension costs		 2022
£
623,050
623,050
2022
£
4,533
2022
£
362,837
30,491
12,954
406,282		 2021
£
659,037
659,037
2021
£
6,044
2021
£
336,186
25,845
4,969
367,000

No employees received emoluments (excluding employer pension costs) of more than £60,000.

12

Sure and Firm Foundations Notes to the Financial Statements for the year ended 31 December 2022

Average number of employees during the year
Administration and management
Operational/Nursery
Kitchen staff
Maintenance		 Number
6
18
1
1
26		 Number
6
18
1
1
26

5 Role played by general volunteers

Volunteers play a vital role in the running of the Charity and their contribution helps achieve the Charity its objectives.

6 Tangible fixed assets

Cost or valuation
At 1 January 2022
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
7
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2022
£
1,650
60,145
61,795		 Plant and
machinery
At cost
£
62,794
62,794
44,663
4,533
49,196
13,598
18,131
2021
£
3,000
63,314
66,314

13

Sure and Firm Foundations Notes to the Financial Statements for the year ended 31 December 2022

8
Deferred income
2022
£
At 1 January
63,314
Amounts added in current period
178,050
Amounts released to income from previous periods
(181,219)
At 31 December
60,145
9
Funds
2022
£
At 1 January
175,577
Net income for the financial year
(36,722)
At 31 December
138,855
Deferred income is deposits and advance receipts for Nursery fees.		 2021
£
61,844
58,831
(57,361)
63,314
2021
£
142,711
32,866
175,577

Unrestricted funds are available for use at the discretion of the trustees, in order to further the charity's objectives.

10 Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
13,598
187,052
(61,795)
138,855		 Restricted
funds
-
-
-
-		 2022
£
13,598
187,052
(61,795)
138,855		 2021
£
18,131
223,760
(66,314)
175,577

11 Related party transactions

No trustees were paid any remuneration (compensation) or received any other benefits from employment with the Charity or a related entity nor did any trustee claim expenses or had their expenses met by the Charity.

12 Presentation currency

The financial statements are presented in Sterling, rounded to the nearest pound (£).

14

Sure and Firm Foundations Notes to the Financial Statements for the year ended 31 December 2022

13 Legal form of entity and country of incorporation

Sure and Firm Foundations is an unincorporated charity and registered with the Charity Commission for England and Wales.

14 Principal place of business

The address of the charity's principal place of business and registered office is:

New Life Assembly Church Hall 55a Upland Road, East Dulwich London SE22 0DA

15

Sure and Firm Foundations Detailed Statement of Financial Activities

also Income and Expenditure Account for the year ended 31 December 2022

Notes
Income 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
Other direct costs
Net operating income
Support costs
Governance costs
Operating (deficit)/surplus
Movement in funds: (Deficit)/surplus		 2022
£
623,050
(20,670)
(252)
(1,356)
(3,489)
(10,774)
(3,730)
(40,271)
582,779
(613,798)
(5,703)
(36,722)
(36,722)		 2021
£
659,037
(16,220)
(1,264)
(1,373)
(3,597)
(14,548)
(493)
(37,495)
621,542
(581,850)
(6,826)
32,866
32,866

16

Sure and Firm Foundations Detailed Income and Expenditure Account for the year ended 31 December 2022

Income 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
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
Stationery and printing
Subscriptions
Bank charges
Insurance
Equipment expensed
Software
Repairs and maintenance
Depreciation
Sundry expenses
Support costs
Governance costs
Legal and professional costs:
Independent examination fees
Other legal and professional fees
Governance costs
Administrative expenses		 2022
£
623,050
20,670
252
1,356
3,489
10,774
3,730
40,271
362,837
12,954
30,491
124,362
3,370
3,474
537,488
31,680
3,641
4,957
40,278
8,452
4,151
2,612
246
1,237
8,618
3,707
1,722
4,533
754
36,032
613,798
1,650
4,053
5,703
619,501		 2021
£
659,037
16,220
1,264
1,373
3,597
14,548
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
5,326
6,826
588,676

17