Company registration number: 083J9436 Charity registrdtion number.. 1151146 Sebastian's Action Trust {A company limited by guarantee) Annual Report and Financial Statements for the Year Ended J l March 2024 Stewart & Co Accountants LLP Knoll House Knoll Road Camberley SUeY GU15 3SY
Sebastian's Action Trust Contents Reference and Administrative Details Trustees, Report 2to 14 Independent Auditor's Report 15to 18 Statement of Financial Activities 19to20 Balance Sheet 21 Statement of Cash Flows 22 Notes to the Financial Statements 23to41
Sebastian's Action Trust Reference and Administrative Details Charity Registration Number Company Registration Iyumber Registered Office 1151146 08)J94i6 The Bluebells Popham Lane North Waltham Basingstoke Hampshire RG25 2BB Alldilor Stewart & Co Accountants LLP Knoll House Knoll Road Camberley Surrey GU15 JSY Page I
Sebastian's Action Trust Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Objectives and activities Objects and aims Sebastian's Action Trust is a registered charity (Number 1151146) and a charitable company limited by guarantee {Number 8339436), incorporated on 21st December 2012. having registered previously as an unincorporated charity on 9th August 2004. The company was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of Association. The charity's purpose, as Set out in the objects contained in the company's memorandun] olassociation, is.. To relieve the needs of children with life - limiting or life - threatening tnedical conditions, and their families, by: (a) The provision of respite holidays and day visits. (b) The provision of emotional, social and practical support with the aim of assisting families in need at critical times, in particular, but not exclusively. emergency transport, wellbeing therapy, psycho-social care, sibling support, help at home and bereavement care, (c) Raising awareness of the need to improve services and provisions for families of life-llmited children. Sebastian's Action Trust provides a model of care designed to offer emotional, social, and practical support aimed at reducing isolation, providing meaningful assisiance, and fostering resilience for familles facing uncertain futures. The charity's comprehensive range of services addresses the needs of both the family unit and individual members, including parents, the ill child, siblings, grandparents, and caregivers. Support is delivered across various settings.. at home, in hospitals, within communities, and through dedicated facilities located in Hampshire and Berkshire. The charity employs a strategy centred on experienced service delivery staff, complemented by volunteers ivho assist in delivering outreach services, bereavetnent care, and financial and welfare support. Currently, staff members are assigned to families based on geographical proximity, ensuring localised support within defined area5. Additionally, the charity offer5 short restorative breaks at its purp05e-built facility, The Bluebells in North Waltham, Hampshire, a5 well as day visits at both The Bluebells and The Woodland5 in Crowthorne, Berkshire. Sebastian's Action Trust actively seek5 feedback from sUPPOrted familie5 through a service user forurn facilitated by staff and regular surveys. This feedback is integral to shaping and improving the charity's services. The organisation strives to accommodate demands for its services wherever feasible, subject to available funding. Objeclives, slralegies and aclivilie5 This year, the Board of Trustees set a single, critical strategic priority.. stabilising the charity's finances by balancing income and expenditure to ensure the organisation can continue providing essential services to families. While achieving this balance in full may take more than one year. the focus remains on securing a sustainable financial footing. In 2022, the charity's founder retired, and this resulted in changes in the Board of Trustees and in the senior leadership team. In 2023, a new CEO was appointed, following a period of interim leadership, and this resulted in significant changes to the charity's plans and direction. Page 2
Sebastian's Action Trust Trustees, Report Following this appointment, a considerable amount of time ivas spent exploring the charity's flnances and understanding sources of income and where funds were held. This deep dive revealed a picture that showed the charity has substantial funds restricted to specific projects and capital investment, but the free or unrestricted fund5 were limited and a risk to the charity's tle at a time when fundraising income is reducing for many charities. It was decided not to proceed with developing the charity's second site, The Woodlands in Crowthorne Berkshire. Several grants were re-purposed, added to unrestricted fund5 and some were returned to the original donor. This work ensured that the senior management had a clear picture of the charity's perforniance and viability, and the result 'aS that the charily s auditors concluded in December 202), that material uncertainty existed as to the Charity's ability to continue as a going concern. As a response to the auditor's opinion, the Board of Trustees have worked to establish solid foundations from which to develop Sebastian's Action Trust and ensure the charity continues to provide services to families with seriously ill children. The following six measures have been implemenled: The site at The Woodlands in Crowthorne was put up for sale, to release funds for developing services and income generation. An option to buy the site is in place ivith an interested party and runs for twelve months. The charity retains the title. and the prospective purchaser leases the site until they pay the balance of the agreed purchase price. Consulted with staff, families who use the Services and other provider5 of 5itnilar services to ascertain where Sebastian's Action Trust fits into the family support landscape. A progran]me of change has been itnplemented to reduce the charity's atmual operating costs by £300k per annum. Regrettably, this included reducing services tempordrily and scaling back the size of the senior team. All capital investments have been delayed and managing cash flow has been the priority. Processes have been established to ensure costs are managed tightly, unbudgeted expenditure is reviewed before authorisation and income forecasts are completed monthly. The income generation funclion has been reviewed, the charity has a new fundraising strategy, is recruiting a new team, and investmenl is being sought to fimd growth in areas identified as providing opportunities. In addition to these six strategic pillars of recovery implemented in the last twelve months, Sebastian's Action Trust also continued to deliver services to families with seriously ill children. The work to build a new fundraising team is underway and by the end of the financial year 2024-2025, we will have a new team in place to drive sustainable income growth and diversify our incorne portfolio. This will ensure we have the capability to switch our focus depending on fluctuations in the income generating landscape.
Sebastian's Action Trust Trustees, Report 2024-2025 is an important financial year for Sebastian's Action Trust. Having navigated an uncertain landscape, the charity needs to shape and deterniine its future. Using the Theory of Change as a guide, we intend to clearly articulate our mission, and measure outputs, outcomes and the lasting change we make in the lives of those who use our services - both for family and bereavement support. A new Service delivery model will be developed, and a temporary specialist P05t ha5 been created to lead this work. This will include tnapping the healthcare landscape, revising our eligibility criteria to ensure our beneficiaries are clearly defined and specific, and integrating our services with other providers who deliver services that are like those we provide. We intend lo develop a new strategic plan, ¢o-create a new vision, mission and organisational values, and lay out our ambilions for our services for the nexl three years. The year in numbers During the year to 3 1st March 2024 the charity provided: 91 short restorative breaks to 310 individuals or 75 families. 3,765 interactions of care, in-person or virtual support 5ession5. 14,227 hours of support was given to familie5. 138 bereaved families with fv15 5UPPOrt sessions for parents and siblings. Sadly in 2023-24.13 children who access our support died. 6) online and face-to-face events, activities and workshops with 4158 participants attending, helping to keep families connected. Fundroising disclosures By reference to the principles of responsibilities of the Trustees with regard to charity fundraising below, we have met the requirements of the Act. l.Planning effectively - The charity's approach to monitoring of all activities undertaken by the charity or by any person on behalf of the charity for fundraising. The Trust's respon5e- In December 2023, the Board ol Trustees, acting on the recotnmendation of the CEO, appointed an interirn funthai5ing leader to asse55 our fundraising strategy, quantify return on investment, review resource5 and identify opportunities for income growth. Following a significant organisational restructure, a ien-month operations plan has been developed to implement the primary recommendations arising from this review. The day-to-day operations of our streamlined team are overseen by the CEO, Head of Family Services, Head of Finance, and Executive Assistant. The interim leader focuses on menloring the team, establishing behavioural sLqndards, and reinforcing fimdraising fundamentals to ensure compliance with regulatory sLdards. All fundraising activities are conducted by our in-house fimdraisers. supported by interim and short-tenn contracted slaff. We do not engage any addilional exiernal paid fundraisers or commercial partners. Volunteer-led fundraising is supervised and supported by in-house staff who make recommendations on budget management, ticket price where appropriate, marketing and promotion, and health and safety. In-house staff also ensure that funds raised in the charity's name and owed to the charity, are returned. Page 4
Sebastian's Action Trust Trustees, Report 2. Supervising fundraisers - How Trustees have systems in place to oversee the fundraising Th'hich others carry out on behalf of the charity. It includes responsible delegation so that staff and volunteers know what is expected of them. The Trust's response: A5 a Boar(L we delegate the day-to-day tnanagement of fundraising to our Head of Fundraising, (currently an interim), who in turn delegates responsibilities to members of the fundraising Staff. Our fundraising team operates under a fundraising strategy revised in 202) and an annual operations plan co-created with input from other departments. Each team member is accountable for ihe budget they sel through annual objectives. They collaborate with our finance team to report on the phasing of income and any changes to the budget monthly. The team members undersiand the organisational structure and the proper channels for escalating issues or concerns. We adopt a "test and learn" approach, encourdging team members to take ownership of their learning and development, network extensively, and learn from peers and the activities of others. We have established clear processes for the recruitment and engagement of volunteers. We intend to invest in our volunteer capacity and will ensure all slaff are trdined in volunteer management. Volunteers will be given defined and specialist roles, with a clear induction process to ensure shared and embedded expectations between staff and volunteers. 3. Protecting our eharity's reputation. money and other assets - Having effective systems in place to identify reputational risks and to plan for their management, planning for the charity resources used to fundrdise, managing (and justifying) fundraising costs and protecting money raised in the charity's name. The Trust's response- We have a streamlined leadership team tasked ivith managing reputational i55ues within their respective areas of expert15e. Each Head of Department is responsible for identifying and addre55ing concerns within their functional specialism and cotnmunicating these issues to the CEO and the Board of Trustee5. Additionally, we have established a service user panel, iyhich we consult on matters that might lead to negative perceptions. This helps us gauge the potential impaci of our actions and make inforn]ed decisions. We maintain close working relaiionships with our major funders, partners, and key volunteers, regularly seeking their counsel and discussing pertinent issues with them to ensure we address any concerns proactively and collaboratively. 4. Identifying and ensuring compliance Ensuring the charity has suificient information and appropriate advice to ensure fundraising complie5 Wlth all relevant legal rules. The Trust's response: We ensure ihat all our fundraising staff and volunteers are fully aware of their obligations and comply with all relevant legislation and regulations. Our activilies are governed by two key bodies: the Charity Commission for England and Wales, a non-ministerial governmeni department that regulates registered charities and maintains the Ceniral Register ol Charities, and the Fundiaising Regulator, an independent, non-statutory body that regulates fundraising across the charitable sector in England, Wales. and Northem Ireland. The Fundraising Regulator sets and promotes slandards for fundraising and handles complaints. We make every effort to ensure our activities comply with the sLdardS set out in the Fundraising Regulator's Code of Fundraising Practice, which are based on legal requirements. We also adhere to The Gambling Act 2005 and the Data Protection Act 2018, which implemenls the General Data Protection Regulation (GDPR) in the UK. Page 5
Sebastian's Action Trust Trustees, Report In addition, we comply Nvith employnent laws, including those related to contracts, minimum ivage, working hours, and anti-discrimination legislation. Our volunteer management practices meet legal requirements, ensuring clarity regarding the status and rights of volunteers. To protect our Staff, volunteers, and beneficiartes, we invest in Health and Safety training to ensure compliance with relevant legislation. We conduct risk assessments and itnplement appropriate safety measures for our activitie5 and building5. Our Health and Salety compliance is audited annually. We are particularly mindful of activities involving children and vulnerable individuals. ensuring their safety and well-being in all our undertakings. S. Identifying and following recognised standard5 Fundraising Practice. Having gard to the Fundraising Regulator's Code of The Trust's response: We comply with the standards as sel out in the Fundraising Regulators Code of Fundraising Practice. As such we are committed to ensuring our fimdraising is legal. open, honest, and respectful. In line with the Fundraising Promise, we commit to upholding the highest sLqndards in all our fundraising activities. We adhere to the standards outlined in the code and WAII acl promptly when we are made aware that we have deviated from them. To demonstrate our commitment to good practice, we display the Fundraising Regulator badge on all fundraising materials. We pledge to be clear, honest, and open in all our communications. We will tell the truth and not exaggerate. We are transparent about how we spend donations and the impact they make. We strive to explain our funthai5ing costs and show how they serve the best interests of our cause. OUT complaints process is straightforward and accessible, and we provide clear, evidence-based reason5 for any decisions made regarding complaints. Respect is fundamental to our approach. We respect the rights and privacy of our stakeholders, never pressuring anyone to make a gift, and we honour donor5, decisions to stop supporting us. We take extra care with individuals in vulnerable circumstances. Where required by law, w'e obtain consent before contacting supporters and respect iheir individual preferences regarding communication. We work with the Telephone, Mail, and Fundraising Preference Services to honour individuals wishes. Fairness and reasonableness guide our actions. We treat everyone equitably, showing sensitivity and adapting our approach to meet individual needs. We avoid using images or words that intentionally cause distress or anxiety and ensure our activities do not cause nuisance or disruption to the public. Accountability and responsibility are al the core of our operations. We manage resources responsibly and consider the impact of our fundraising efforts. If we receive complaints, we listen respectfully and respond appropriately. If our response is found to be unsalisfactory, we will direct people to the Fundraising Regulator. We monitor and record the number of complaints we receive each year and make this information available to the Fundraising Regulator upon request. We recognise that the code includes standards that reflect the law, but it is not a legal handbook. We acknowledge that fundraising law is complex. comes from many sources, is dynamic, and can change over time. Should an incidence occur where further guidance is required, we are committed to seeking external legal advice. We acknowledge and accept that ivhere there is a difference between the code and the relevant legislation or regulation, we follow the law rather than the code. We have not received any complaints about tundraising activitie5 carried out by the charity or anyone on its behalf in the period. Page 6
Sebastian's Action Trust Trustees, Report 6. Open and accountable Complying M'ith relevant statutory accounting and reporting requirements on fundraising and using reporting to demonstrate the charity is well run and effective. The Trust's response: We have effective sy5tetns in place 50 that our tundrdising is explained clearly and openly, fully complies with accounting and reporting obligations and is appropriately open to challenge by complainants. Last year we received no complaints relating to our fundraising activity or undertakings. Public benefit The Trustees have adhered to the requirements sel out in Seciion 17 of the Charities Act 2011, paying close attention to the public benefit guidance provided by the Charity Commission for England and Wales. This section mandates that charities operale in a ivay thai serves the public good and aligns with their stated charitable purposes. Sebastian's Action Trust is currently undergoing significant transformational changes. Despite these changes, the needs of the service users remain central to all decisions and considerations. Over the past year, adjustments have been made to the services to ensure the charity's sustainability for the future. The ongoing service redesign efforts aim to guarantee that the charity continues to offer essential support to families in need. Additionally, these efforts will establish clear measures and outcomes to demonstrate the public benefit provided by the charity. Use of volunleers Volunteers play a crucial role in the work of Sebastian's Action Trust and many of our volunteers have supported the charity for more than a decade. Volunteers are deployed at our fundraising events, for slreet and private site collections, at our family activity days and events, and in our two charity shops. Volunteer-led fundraising is a gromtth area for the charity and we are building the processes and resources needed to deliver this well. In 2023124 we have scaled back our volunteering offer lo businesses who in the past have mostly worked on the maintenance of our facilities. We intend to revise our offer so that we establish strategic, sustainable, and mutually beneficial relationships that are not only focused on fundraising or volunteering. In 2023124 our volunteers generously gave 5,912.25 hours of volunteering. Currently, we have 241 registered volunteers who donate their time to support the charity's work. We recruited volunteers to support our central adtnin and ivill be developing specialist volunteering roles to support all areas of our operation, including providing support to families, Supervised by our paid team. Financial review Financial Performance 2023124 was a challenging year for Sebastian's Action Trust. This was anticipated as the impact of the cost-of-living crisis was felt across all sources of income. Income is down by 440/0 and expenditure has increased by 2 %. Expenditure has been carefully managed, and a recruitment freeze and CoStuttlg measures, have kept thi5 increase at 20/0. Page 7
Sebastian's Action Trust Trustees, Report Unfortunately, this picture is reflected across the third sector with many charities reporting losses and cost reduction measures. Many charities, particularly small organisations, are experiencing difficulties in the post-pandemic era and a number have ceased operations entirely in the current period. Having finished the previou5 financial year (2022-2023) with a very small uplift on the previous year (+£1,600), at the end of March 2024 we are showing a deficit of £782,566 - anticipated b), our forecasting. The change progranulle initiated in May 2024 designed to make further cost 5aving5 to reverse this situation, is currently in implementation and whilsi we anticipaie ending the financial year 2024-2025 with a deficit, it will be substantially less than ihe outturn in 202)-2024. We have followed Charity Commission Guidance on what io do if your charity is facing financial difficulties. We have reduced costs where possible, including not replacing staff who have left. suspending the production of glossy publicaiions and impact reports, and limiting cosily events and activities. Staff have been reallocaled to different roles, we have met with other charities in our catchment area who deliver services Ilke ours to ensure beneficiaries have access to services, albeil not provided by us, and we have reduced our services whilst retaining an element of everything we do and ensuring there is room to rebuild when fimds allow. We have also spoken to our key funders regarding de-restricting the funds we already hold. The Board of Trustees are confident that we have sufficient cash flow to meet our obligatlons and that we are a going concern. Policy on reserves At the year end the Trust held reserves of £2,250,658 (2023 £3,03),224) and cash balances of £1,353,825 {2023 £2,056,941). Reserves are held to enable the Trust to continue to help beneficiaries and to secure the future of the charity even in years where income is less than expenditure. The Trustees regularly reviewed ihe charily s reserves policy and agreed that the policy of holding at least four month's operating costs should be maintained. On ) I st March 2024. the level of reserves, exclusive of restricted reserves for future capital projects, is in line with this policy. Going concern Trustees monitor the financial position of the charity monthly and given the challenging environment for fundraising, the Board has re-instated the lapsed Finance Cotnmittee which meets bi-monthly, to track incorne performance and cash flow very closely. A5 reported last year there is a freeze on capital projects and the Trust will not underwTite any capital projects until ihe fimds are available. Forecast A prudent financial forecast to end March 2025 has been completed and shows a defjcit (at end March 2025) of £412k. Parallel workstreams, which have been underway since March 2024, are in progress exploring cost-saving measures, refinancing, and disposal of The Woodlands to enable the Trust to meet the current challenges presented by the current financial climate. The charity has sufficient assets and reserves to meet cuent and future liabilities and as such the Trustees are confident that the charity continues to be a going concern. Page 8
Sebastian's Action Trust Trustees, Report Referenee and Administrative Details Charity Registration Number". 1151146 Company Registration Number.. 08339436 Registered Office- The Bluebells Pophatn Lane North Waltham Basingstoke Hampshire RG25 2BB Auditor.. Stewart & Co Accountants LLP Knoll House Knoll Road Camberley Surrey GU15 JSY Bankers: Handelsbanken Ascot 2 Queen5 Square, Ascot Business Park A5COt Berkshire SL) 9FE Trustees and officers The trustees and officers serving during the year and since the year end were as follows: Trustees" Brendan Dean Fiona Wright Vicky Westbrook Julian Hodder (appointed 18 April 202)) Vanessa V Avlonitis (appointed 5 June 2024) Mark Parsons (resigned 25th January 202)) Fiona Parsons (resigned I Ith April 2023) Chief Executive OfFicer- Hazel Bedford (appointed 15 May 2023) Page 9
Sebastian's Action Trust Trustees, Report Senior Management l Leadership Team: Hazel BedfoTIL Chief Executive Officer (appointed 15 May 2023) Gary Muddyman, Interim Chief Executive Officer (resigned 15 May 2023) Caroline Hall, Finance Manager (Maternity Leave October 2024) Ros Avery, Finance Manager {appoinled I September 2024) (matenlity leave cover) Ruth Paley. Trusts and Foundations Manager {resigned 29 August 2024) Alison Evans, Head of Fundraising (resigned 26 April 2024) Nick Mann, Facilities Manager Assunta Soldovieri. Head of Family Services Lorraine Mace, Head of Family Services (Maternity Leave Cover ended 2510812023) Amy Samuel. Executive Assistant Strueture, governanee and management alure ofgoverning documenl Sebastian's Action Trust is a registered charity (Number 1151146) and a charitable company limited by guarantee {Number 8339436), incorporated on 21st December 2012. having registered previously as an unincorporated charity on 9th August 2004. The company was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of A550ciation. Reeruilmenl and appoinlmenl oflrus¢ees The recruiimeni and appointment of new trustees follow two main methods: recommendation by existing trustees, who identify individuals wilh ihe skills and experience needed to strengthen the Boarrt and exten)al advertisement of open positions. Prospective trustees are interviewed by the Chair and CEO. then inviled to meet other Trustees and senior staff to ask questions and gain insight inlo the charity's operations. Fonnal approval of the appointment is provided by the Board of Trustees. New Iruslees must confinn acceptance of their responsibilities in line with the charity's requirements. New trustees receive an introductory pack with all necessary documentation to understand their responsibilities and duties, along w'ith updates from the Charity Commission to ensure ongoing compliance and good governance. The Board of Trustees and the Senior Management Team meet at least quarterly to discuss strategic matters requiring Board decisions in accordance with the charity's Constitution. The charity has two sub0[nn1Ittees.' the Finance Committee and the Fatnily Service Committee. Each sub-con]mittee is chaired by a trustee and attended by relevant members of the senior manager's team. These committees meet quarterly to make iyell-informed recommendations and give assurance to the Board. Page 10
Sebastian's Action Trust Trustees, Report Induclion and Iruining of truslees New Trustees are inducted through briefings by the Chair and executive managetnent, together with the provision of a Trustee starter pack. The induction process includes visiting both Trusts, sites, meeting key personnel and shadowing staff who are delivering frontline support to beneficiaries. On?oing training and updates are provided, with attendance at service delivery events encouraged to establish a greater understanding of the challenges faced by our beneficiaries and ihe charity. Arrangemenlsfor selling key managemenlper50Mnel remuneralion The CEO salary is set and agreed by the Board of Trustees in line with the Scheme of Delegation. Organi5olional 51ruclure The Board of Trustees is Vltal in overseeing and guiding the charity- Their primary purpose is to ensure that the charity fulfils its purpose, adheres to legal and regulatory requirements and uses its resource5 effectively and responsibly. Though not involved in day-to-day operations, the Tnjstees work closely with the CEO and other members of the senior management team, providing support, expertise, advice and oversight. The senior management team comprise the CEO. Head of Finance, Head of Fundraising and Engagement (vacant) and Head of Family Services. Relationships with related parties Conflicts of interest, if any, are declared at Board meetings. There were no conflicts of interest reported during the year. If any such conflict arises, the Trustee is excluded from any decision related to it. Major risks & managetnent of those risks Sebastian's Action Trust encourages staff to focus on risk management at an operations level, and the CEO and Board have strategic oversight. We are working to improve our systems and processes to ensure risk management is embedded and ownership is devolved to members of the team at all levels. A hIl-level risk register identifies the tnajor risks to the organisation and the monitoring of the measure5 to mitigate against these risk5, is delegated to senior staff, who in turn delegate to member5 of their team. Ultimate responsibility for managing risk 51ts with the Board of Trustee5 and they review the risk register twice a year. Our goal is to embed risk management as an essential part of our planning proce55. On the master risk register, four major risks are in focus= Organisational.. We fail to protect a vulnerable person or prevent injury to our beneficiaries, staff, or volunteers due to negligence. Income Generation.. Funding declines and we do not raise enough money to meet our obligations now and save some extra in case our income drops further. Page 11
Sebastian's Action Trust Trustees, Report Technology.. If electronic communications fail, data and continuity could be temporarily lost, causing interruptions or gaps in the flow of inforniation. People.. We can't deliver service5 or generate income because we fail to recruit and keep talented staff. In the last sixteen months, the focu5 has been on our ability to generate sufficient income to remain a viable charity. Our financial position remains tighi, and we are closely monitoring cash flow and free reserves. Whilst the budget deficit ai the end of March 2024 is considerable, and we anticipate a deficit at the end of this current financial year (March 2025), the measures we have taken documented in ihis report, have resulted in a much-improved position. Early indications from discussions with our auditors, coTJfirni we have dealt with the issues that 'ere causing uncertainly. The objective for income genera(ion for the remainder of this financial year (2024-2025), is to deliver the forecasted budget within a reduced cosi base. Strdiegic developmenl of fimdraising, made possible by funding from a highly valued grant-giving body, is enabling us to draw on external and short-tenn talent in a planned and coordinated way. Not only does this mean we are benefitting from the expertise of fLmdrdisers with proven experience, but we are also mitlgating against the risks of not achieving our income objectives due to vacancies in the team. Whilst income generation has been of primary concern to the organisation's survival, we have also focused on risk mitigation concerning our operations. To keep people safe, we have reviewed how we manage risk at our residential site. Risk assessments and audits have been updated, and we will be training staff appropriately and ensuring risk management is a dvnamic process. Over the past year: we have taken steps to modemi5e and secure our IT infrastructure, ensuring that we continue to operate effectively in a fast-paced digital ivorld. As part of our ongoing con]mitment to risk management and resilience, we have transitioned our IT system5 from an on-pretnises Server located at The Woodlands, to a cloud-ba5ed platform. This strategic development addresses three key busine55 needs: enhancing data security, supporting remote working and itnproving overall eificiency. Data security.. Cloud providers offer robust security, including data encryption, regular security updates and advanced threat detection, beyond our previous capability with an in-house server. Remote working: The past few years have shown us how crucial business continuity plans are. To attract talent and support a family-friendly, work-life balance, our team needs to work efficiently from different locations, whether at home or in the field. The cloud plaifonn enables secure access to critical systems and data from anywhere with an internel connection. Etyiciency.. We no longer need io maintain our server. which lets us use our resources more efficiently, and the cloud's scalability allows us to adjust our IT capacity to meet changing needs without Incurring significant costs. Plansfor iliefulure In summary, the strategic focus areas for the Board of Trustees in the next twelve months are: Re-designing the services the charity provides, including reviewing referral criteri4 identifying needs and appropriate support packages, associated outcome measures, and the resources and accreditation needed. Income growth including diversifying income sources, making the tnost of identified opportunitie5, focusing on driving net income and ensuring the team is well-trained, equipped and capable. Page 12
Sebastian's Action Trust Trustees, Report Developing our volunteering capacity and building on solid foundations Wlth appropriate safeguards and processes in place. Investing in our flagship 51te. The Bluebells in North Waltham, Hampshire. From consulting with families, we know thi5 51te is highly valued and we want to invest in it to allow us to accominodate more families. Disclosure ofinformation lo audilor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit infornlation and to establish that the charity's auditor is aware of that inforn)ation. The trustees confinn that there is no relevant inforniation ihai they know of and of which they know the auditor is unaware. Statement of trustees, responsibilities The trustees (who are also the directors of Sebastian's Action Trust for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable lam, and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law requires the trustees to prepare flnancial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are Satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources aTJd application of resources, including its income and expenditure. of the charitable company for that period. In preparing these financial statements, the irusiees are required io= select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounling standards. comprlsing FRS 102 have been followed, subject to any material departures disclosed and explained in the fmancial statements. and 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 that can 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. The trustees are responsible lor the tnaintenance and integrity of the corporate and financial information included on the ¢harithble company's website. Legislation governing the preparation and disseinination of financial statements may differ from legislation in oiher jurisdictions. Page IJ
Sebastian's Action Trust Trustees, Report The annual report was approved by the trustees of the charity on 28 (ktober 2024 and signed on its behalf by.. SIGNED SECURELY 2811012024 at 1..54..18 PM UT Fiona Wright Trustee Page 14
Sebastian's Action Trust Independent Auditor's Report to the Members of Sebastian's Action Trust Opinion We have audited the financial statements of Sebastian's Action Trust (the 'charity') for the year ended J l March 2024, which comprise the Statement of Financial Aciivities, Balance Sheet. Statement of Cash Flows, and Notes lo the Financial Statements, including a summary of significant accounting policies. The financial reporting framework ihat has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charity'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,. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audil in accordance with Inlernatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fillther described in the auditor responsibilities for the audit of the financial statements seciion of our reporl. We are independent of the charity in accordance with the ethical requirements thai are relevanl to our audit of ihe financial statements in the UK, Including the FRC"s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sulTicient and appropriate to provide a basis for our opinion. Other information The trustees are responsible lor the other infomiation. The other inforniation comprises ihe infomlalion included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statemenis does not cover the other informaiion an(L except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the fmancial slalements, our responsibility is to read the other infonnation and, in doing so, consider whether the other inforniation is materlally inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, Ive are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Page 15
Sebastian's Action Trust Independent Auditor's Report to the Members of Sebastian's Action Trust Opinion on other matter preseribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomlalion given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent ivith the financial statements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding olthe charity and its envirotllnent obtained in the course of the audit, we have not identified material misstatements in the Trustee5' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kept. or relums adequate for our audit have not been received from branches not visited by us; or the financial statements are nol in agreemenl wlth the accounting records and returns" or certain disclosures of truslee's remunerdtion speclfied by law are not made. or we have not received all the infomiation and explanations we require for our audit. Audilor responsibilities for the audit of the financial stalements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, wheiher due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance: but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered maierial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users iaken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the charity operates in. We determined that the most significant applicable legal and regulatory framework5 are those directly relevant to the reporting framework and preparation of the financial statetnent5 (FRS 102, Cotnpanies Act 2006 and UK tax legislation). We considered the extent to ivhich nonOP11ance tnight have a material effect on the financial statements. We detenllined the principal risk5 which could lead to tnaterial misstatement of the financial statements to be related to posting inappropriate journal entries and management bias in accounting estimates. We consider there lo be no significant risks in respect of accounting estimaies. Page 16
Sebastian's Action Trust Independent Auditor's Report to the Members of Sebastian's Action Trust Audit procedures perfonned by the engagement team included: Ldentifying those tnetnbers of the charity who have the primary responsibility for ensuring cotnpliance with laws and regulations- Enquiries with management, to understand managements, approach to ensuring cotnpliance with laws and regulations, and to obtain knowledge of any nOnOP11ance or potential non-compliance with law5 and regulations that could affect the financial statements. Evaluating managements, incentives and opponunities for manipulation of the financial statements (including management override of controls); Testing journal entries and perfonning analytical procedu$ to identify any unusual transactions, or those outside the nonnal course of business, which may indlcate risks of material misstatement due to fraud; Testing of balances and transactions that are subject to estimation uncertalnty by review of evidence supporting the assumptions and judgements used. and detennining whether those judgements used indicate potential bias- Reading minutes of meetings of those charged with governance" Review of legal expense accounts to identify spend which may be indicative of breaches of laws and regulations- Review'ing the financial statement disclosures and testing to 5UPPOrting documentation to asse55 compliance with the provisions of law5 and regulations described above. The engagement team also remained aiyare of the need for professional scepticism to identify any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedu$ described above and the further removed non-compliance with laws and regulations is from the evenis and transactions Teflected in the financial statements, the less likely we 'OUld become aware ol it. The risk of not deiecting a material missialement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate coTJcealmenl by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's web51te at- wwTrv.frc.org.uklauditorsresponsibilities. This description fortns part of our auditor's report. In identifying and assessing ihe risks of material missiatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that ihe charity operates in. We detern)ined thai the most significant applicable legal and regulatory frameworks are those directly relevant lo the reporting framework and preparation of the financial statements (FRS 102, Companies Act 2006 and UK LX legislation). We considered the exleni lo ivhich non-compliance might have a material effect on the financial sLqtements. We detennined the principal risks which could lead to material misstatement of the financial statements to be related to posting inappropriate joumal eniries and management bias in accounting estimates. We consider there to be no significant risks in respect of accounting estimates. Page 17
Sebastian's Action Trust
Independent Auditor's Report to the Members of Sebastian's Action Trust
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Lucy Evans BSc BFP FCA (Senior Statutory Auditor) For and on behalf of Stewart & Co Accountants LLP, Statutory Auditor
Knoll House Knoll Road Camberley Surrey GU15 3SY
28 October 2024
Page 18
Sebastian's Action Trust Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account) Unrestricted funds Restricled funds Totsl 2024 Note Ineome and Endowments from: Donations and legacies Other trading activities Investment income Other income 274.893 364.fv15 13,655 2,400 305,232 459 580,125 365,104 13,655 2,400 Total income 655,59) 305,691 961,2&1 Expenditure on: Raising funds Chariiable activities (588,06)) (768,897) (10,449) ()76,441) (598,512) (1,145,i)8) Total expenditure ( I,J56,960) (J86,890} (1,74J,850) Net expenditure Transfers between funds (701,J67) 418.856 (81,199) (418,856) (782,566) Net movement in funds (282,511) (500,055) (782,566) Reconciliation of funds Total funds brought forward .109.J88 1,92),8)6 J,OJ3,224 Total funds carried forward 18 826,877 1,42J,781 2,250,658 The note5 on page5 23 to 41 fonn an integral part olthe5e financial statement5. Page 19
Sebastian's Action Trust Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account) Prior Period Slatemenl of Financial Aclivilie5 unstrICted funds Restricted funds Tolal 2023 Note Ineome and Endowments from: Donations and legacies Other trading activities Investment income Other income 528,419 413,109 29 2,160 767,357 1,650 1,295,776 414,759 29 2,160 Total income 94J,717 769,007 1,712,724 Expenditure on: Raising funds Charitable activities (605,) l J) (517,064) (10,)08) (578,4J8) (615,621) (1,095,502) Total expenditure (1,122,J77) (588,746) (1,711,123) Net (expenditure)lincome Transfers between funds (178.660) 256,489 180.261 (256,489) 1,601 Net movement in funds 77,829 (76,228) 1,601 Reconciliation of funds Total funds brought forward .Oi1,559 2,000,064 J,OJ1,62J Total funds carried forward 18 1,109,J88 1,92J,8J6 3,OJ3,224 All of the charity's activities derive from continuing operdtions during the above two periods. The statement of fanCIal activities includes all gains and losses recognised in the year. The funds breakdown for 2024 and 2023 is shown in note 18. The note5 on page5 23 to 41 fonn an integral part olthe5e financial statement5. Page 20
Sebastian's Action Trust (Registration number: 08339436) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 2,170,789 81 2,350,914 15 2,170,870 2,350,995 Current assets Stocks Debtors Cash at bank and in hand 24 24,947 28 27 76,976 2,056,941 I,J5),825 1,409,9JO 2,169,752 Creditors: Amounts falling due within one vear 29 (958,622) (1,094,003) Net current assets 451,)08 1,075,749 Total assets less current liabilities 2,622,178 ),426,744 Creditors: Amount5 falling due after Njore than one year 22 (J71,520) (393,520) Net assets 2,250.658 3,033,224 Funds of the charity: Restricted 1,423,781 1,923,836 Unrestricted income funds Designated Funds General Funds 221,770 605,107 342,004 767,i84 Total unrestricted funds 826,877 1,109,J88 Total funds 18 2,250.658 3,033,224 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements on pages 19 to 41 were approved by the trustees, and authorised for issue on 28 October 2024 and signed on their behalf by: SIGNED SECURELY 2811012024 at 1'.54'.18 PM UTC Fiona Wright Trustee The note5 on page5 23 to 41 fonn an integral part olthe5e financial statement5. Page21
Sebastian's Action Trust Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash (expenditure)lincome (782,566) 1,601 Adjuslmentsfor." Depreciation Investment income Interest payable 110,628 (1),655) 32,769 114,534 (29) (652,824) lJ8,942 Working capilal adjuslments Decreasel(increase) in stocks Decrease in debtors Decrease in creditors (Decrease)lincrease in deferred income 24 10,888 45,818 (27,455) (105,199) (19,058) 76,702 (466) 909,468 28 29 29 Net cash flows from operating activities (728,772) 1,105,588 Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets 29 (118,739) 14 14 (62,646) 1)2,14) Net cash flows from investing activities (118,710) Cash flows from financing activities Interest payable and similar charges Repayment of loans and borrowings Repayment of capital element of fance leases and HP contracts (J2,769) (22,000) (2,727) (22,8)6) (22,000) (10,741) 29 25 Net cash flows from financing activities (57,496) (55,577) Net (decrea5e)/increase in cash and cash equivalents (70),116) 9Jl,301 Cash and cash equivalents at l April 2,056,941 1,125,640 Cash and cash equivalents al J l March I,J5J,825 2,056,941 All of the cash flows are derived from conlinuing operalions during the al)ove two periods. The note5 on page5 23 to 41 fonn an integral part olthe5e financial statement5. Page 22
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The charity is a Charity limited by guarantee, incorporated in England and Wales, and consequenily does not have share capital. Each of the irustees is liable to contiibute an amount not exceeding £Nil towards the assets of the charity in ihe event ol liquidation. The registered office is The W(K)dlands, Upper Broadmoor Road, Crowthorne, RG45 7FN. 2 Accounting policies Statement of compliance The financial statements have been prepared in accordance w'ith Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparalion Sebastian's Action Trust meets the definition of a public benefit entity under FRS 102. Assels and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accouniing policy notes. The financial statements are prepared in sterlin& which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. Summary of significant accounting policie5 and key accounting estimate5 The principal accounting policies applied in the preparation of these financial 5tatevnents are set out below. These policie5 have been consistently applied to all the years presented, unle55 Otherwise stated. Going concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast signifjcant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Page 2J
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounis reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expecthiions of future events that are believed to be reasonable under the circumsiances. It is ihe opinion of the trustees that due to the nature of the entity there are no assumptions or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Key sources of estimation uncertainty Useful economic live5 of tangible assets= The annual depreciation charge for tangible assets 15 sensitive to changes in the estimated useful economic lives and residual values of the assets. These are amended when necessary to reflect current estimates, based on economic utilisation and physical condition of the assets. Income and endowmenls 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 the income receivable can be measured reliably. Donulions and legacie5 Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is eniitled to the funds. the income is deferred and not CogniSed until either those conditions are fully met, or the fulfilmeni ol those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in wrlling both the amount and settlement date. In the event that the gifi is in the fonn of an assei oiher than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred io the charity. Grunts receivuble Grants are recognised when the charity has an entitletnent to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be inet, the income is recognised a5 a liability and included on the balance sheet as deferred incotne to be released. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when= The donor specifies that the grant or donation musl only be used in future accounting perlods. or The donor has imposed conditions which musi be met before the charity has unconditional entitlement. Page 24
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Gifts in kind Gifts in kind are recognised in different ways dependent on how they are used by the charity- (i) Those donated for resale produce income when they a sold. They are valued at the amount actually realised. (li) Those donated lor onward transmission to beneficiaries a included in the Statement of Financial Activities as incoming resources and resources expended when they a distributed. They are valued at the amount the charity would have had to pay to acquire them. (iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay lo acquire them. Otlier trading aclivities Income from other trading activities is recognised when received. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate sitnilar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff Costs allocated on the basis of titne spent: and depreciation charges allocated on the portion of the asset's use. Other 5UPPOrt cost5 are allocated based on the spread of staff costs. Raisingfunds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise fids. Cliorilable aclivities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support and governance cosls incurred are apportloned across the charitable activities based on the time support sLqff spend working on each one. Governance costs Governance costs include the costs attributable to the charity's compliance with constitIOnal and statutory requirements, including audit, strategic management and trustee meetings. Page 25
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definilion of a charitable companj for UK corporation lax purposes. Accordingly, the charity is potentially exempt from t&xaiion in respect of income or capithl gains received within categories covered by Chapter 3 Part I l of the Corporation T&x Aci 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £500.00 or more are initially recorded at cost. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows= A55et class Depreciation method and rate Beiween l and 50 years straight line on cost Freehold land and buildings Plant and equipment Between 2 and l O years straight line on cost Fixtures and fittings Computer equipment Motor vehicles 200/0 - J) /0 Straighi line on cost 250/0- 500/0 Straighi line on Cost 2 jQ/o reducing balance Depreciation to be recognised on receipt of planning perniission Building improvements Phases 4 & 5 Impairment of fixed assets At each reporting end date, the charity revieivs the carrying amounts of its Lqngible assets to detennine whether there is any indication that those assets have suffered an impainnent loss. If any such indication exlsts, the recoverable amount of the assel is estimaled in order to detemiine the extent of the impairnient loss (if any). Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Fixed asset investments Fixed assel investments, other than programme relaied investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference beiween sales proceeds and their market value at the sthrt of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in ihe period of disposal. Unrealised gains and losses represent the movemenl in markel values during the year and are credlted or charged to the Statement of Financial Aciivities based on the market value at the year end. Investmenl in subsidiaries Investment in subsidiaries is included at cost less impairfflent value at the balance sheet date. Page 26
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Stock Stock is valued at the lower of cost and estimaled selling price less costs lo complete and sell. after due regard for obsolete and slow moving stocks. Cost is detemlined using the first-in, first-out {FIFO}. Items donated to the Charity for resale are not included in the financial statements until they are sold or distributed. Items donated to the Charity for distribution lo beneficiaries are recognised as stock, with the corresponding income recognised within donations and measured ai fair value. Where it is impractlcal to assess the value of donated stock held for distribution lo beneficiaries at the time of receipt, the value to the Charity of the gift is recognised w'ithin donations when it is distributed, with an equivalent amount recognised as chariLqble expenditure. Cash and Cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tenn h]lY liquid investments that are readily convertible to a knoivn amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditor5 are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Borrowings Interest-bearing borrowings are inilially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowing5 are cla55ified a5 current liabilities unless the charity has an unconditional rigJ]t to defer settlement of the liability for at least twelve tnonths after the reporting date. Fund slructure Unrestricted income funds are general funds thal are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specifjc purposes, the use of which is restricted to that area or purpose. Page 27
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Pensions and other post retirement obligations Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid Contributions are recognised as an asset to the extent ihat the prepayment ivill lead lo a reduction in future payments or a cash refund. When contributions are not expected io be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the Ilability is measured on a discounted present value basis. The unwinding of the discounl is recoyised as an expense in the period in which it arises. Pension contributions are allocated to activities by reference to the activity sLqff members are employed to carry out. Pension contributions paid for staff funded by a restrlcted grant are allocated as a restrlcted expense. 3 Income from donations and legacies Unrestricted Totsl 2024 Totsl 2023 General Restricted Donations and legacies; Donations and gifts Legacies 194,)76 2,825 23,736 218,112 2,825 375,215 Grants receivable Donated goods and services 27,450 50,242 281,496 J08,946 50,242 754,072 166,489 274.89J )05,2J2 580,125 1,295,776 Donated goods and Services include food donated for emergency packs and toys & gifts for distribution to beneficiaries. Unrestri¢led funds Designated General Restricted funds Total 2024 Total 2023 Grants received in the year St James Place Charitable Foundation Edward Gostling Foundation - Facilities The Henry Smith Charity - Bereavement Care Rothschild Foundation - Bereavement care BBC Children in Need- Youth Support Workers National Lottery Cotnmunity Fund - Outreach Services Berkshire Community Foundation Outreach services Awards for All - Youth support. art & gardening Edward Gostling Foundation - Other Heart of Bucks - Outreach / Respite for Bucks loo,000 loo,000 150,000 loo,000 loo,000 66,667 57,308 57,308 39,042 8,000 8,000 8,667 3,800 3,800 41,798 153,628 13.521 9.950 i 00,000 Page 28
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Hospital Saturday Fund - Respite breaks Other grants 2,000 164.435 754,072 27,450 27,450 281.496 )08.946 Grants received from sotne donors have perforniance condition5 attached and as such incotne 15 recognised in the period the perfortnance conditions are met. 4 Income from other trading aetivities Unrestricted Total 2024 Totsl 2023 General Restricted Income from fundraising events Other income from other trading activities 182,91) 320 183,233 244,708 181,7)2 li9 181,871 170,051 459 J65,104 414,759 Income from BAS Books amounted to £34,686 (2023: £29,796). Income from BAS Books and Home amounted to £121,789 (2023.. £133,479). 5 Inveslment income Unrestricted Total 2024 Tolal 2023 General Interest receivable 29 6 Other income Unrestricted Total 2024 Total 2023 General Rental income 2,400 2,400 2,160 Page 29
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 7 Expenditure on raising funds a) C05t5 of generating donatlons and legacies Unrestricted Total 2024 Total 2023 General Restricted Note Other fidraISing costs Staff costs Depreciation, amortisation and other similar costs Allocated support costs lJ7.279 J09.779 137,279 Jll,029 184,797 288,897 1,250 7,161 7,161 14J,04J 6,952 134,975 9,199 588,06) 10.449 598.512 615,621 8 Expenditure on charitable aetivities Anoly515 byfund Unrestrieted funds General Restricted funds Total 2024 Total 2023 Service delivery Facilities Raising awareness 521,087 228.571 228,602 147,515 749,689 376,086 19,56) 773,3&1 268,287 768,897 )76.441 1,145,)J8 1,095,502 ££768,897 (2023 ££517,064) of total expenditure on charitable activities was attributable to unrestricted and £376,441 (2023 - ££578,4J8} to restricted. Anolysis by type Aclivily undertaken directly Activity support costs 2024 2023 Service delivery Facilities Raising awareness 610,927 288,922 15,596 138,762 87,164 3,967 749.689 376.086 19,563 773,384 268,287 53,831 915,445 229,89J 1,145,)38 1,095,502 Page JO
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Analysis olcosts of oclivilies undertaA"en dirertly Service delivery Raising aiTr'arene55 Total 2024 Tolal 2023 Facilitie5 Staff costs including contractors 42J,685 5,066 428,751 2JO,244 56,531 465,J50 104,516 38,914 52,614 14,199 28,865 149,407 2,387 Depreciation and impairnient Rent and utililies Repairs and maintenance Insurance Travel and subsistence Direct costs Training 181,89J 17.099 17,099 26,659 121,460 1,302 26,659 110,9JO 1,302 610,927 288,922 15,596 915,445 856,252 9 Analysis of sUPPOrt Costs Expenditure on Charitable Activities Expenditure on Raising Funds Service delii'ery Raising aw'areness Total 2024 Total 2023 Facilities Support costs Staff costs Rent and utilities Repairs and maintenance Printing, postage and stationery Subscriptions Training Sundry Interest and charges Computer costs Depreciation Legal and professional fees 102,102 76.455 2,522 84 269,262 295,718 2,944 1,191 965 252 34 2,442 2,731 1,495 1,024 94 1,845 1,264 116 391 53 3,784 2,592 572 5,156 2,330 304 268 36 359 1,376 13,923 4,552 1,172 1,698 17,188 5,619 1,447 25 48 3,147 35,243 11,522 2,966 1,942 26,088 8,368 3,068 3,fv10 1.190 306 492 41 7,266 8,970 1,900 257 11,127 lJ6.)54 lJO.465 85,409 3,731 355,959 360,085 Governance costs Audit fees Trustees, meeting expenses 6,658 8.219 .741 14,130 78 14 124 10 6,689 8,297 1,755 16,977 14,140 143,04J li8,762 87.1fv1 3.967 372,936 374,225 PageJl
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 10 Trustees remuneration and expenses During the year the charity made the following transactions with trustees.. Trustee meetings incurred expenses for food and drink of £14 (202) £1 O} and £ I l O for training fees {202J.' £nil} No trustees, nor any persons connected with them, have received any remunerdtion from the charity during the year. No trustees have received any other benefils from the charity during the year. Donations made by the trustees without any conditions attached totalled £1,350 for the year (2023 - £5,632). I I Staff eosts The aggregate payroll costs were as follows= 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension cost5 828,218 67,057 75,987 776,485 70,655 86,202 971,262 9Ji,i42 The monthly average number of persons (including senior management team) employed by the charity during the year was as follows.. 2024 2023 Fundraising Charitable Activities Raising Awareness Support Services 12 16 14 28 Contributions to the employee pension schemes for the year totalled £75.987 (2023 - £86,202). The number of employees whose etnoluments fell within the following bands was: 2024 No £60,001- £70,000 The total employee benefits of the key management personnel of the charity were £J66,504 (2023 - £J59,017). The services of volunteers amount to 5.912 hours of unpaid work (202J 9,117 hours). Volunteers work in the Trust's bookshop, assist at fundraising events and befriend our familles. Page J2
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 12 Auditors, remuneration 2024 2023 Accountancy fee Audit of the financial statements 5,056 11,797 4,239 9,891 16,85) 13 Taxation The charity is a registered charity and is therefore exempt from taxation. 14 Tangible fixed assets Land Plant and and buildings equipment Fiitures and rittings Buildings Computer improi'ements equipment Phase 4 & 5 Motor vehicles Total Cost At l April 2023 2,514,881 J)7,121 62,646 167,760 57,162 lJ2,14J J,290,680 62,646 (lJ2,143) (132,143) Additions Disposals At31 March 2024 2,514,881 399,767 167,760 81,613 57,162 3,221,183 Depreciation At l April 202i Charge for the year 508,580 158,161 159,272 42,418 939,766 59,957 4,269 2,570 9,684 110,628 Atil March 2024 568,5J7 192,)09 16),541 52.102 1,050,394 Net book value At31 March 2024 1,946.344 207.458 4,219 7,708 5.060 2,170,789 At31 March 2023 2,006,iOI 178.960 8,488 10,278 14.744 1)2.14J 2,J50,914 Assets held under finance leases and hire purchase ¢onlra¢ts The net carrying amount of tangible a55ets includes the following atnount5 in respect of assets held under finance leases and hire purchase contracts= 2024 2023 Plant and equipment 26,933 Page JJ
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 15 Fixed asset investments 2024 2023 Shares in group undertakings and participating interests Other investments 80 80 81 Shares in group undertakings and participating interests Subsidiary undertaking5 Total Cost At l April 2023 At 31 March 2024 Net book value At 31 March 2024 At J l March 2023 Other investments Listed investments Total C05t or Valuation At l April 202) 80 80 At J l March 2024 80 80 Net book value At 31 March 2024 80 80 At 31 March 202) 80 80 Page J4
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Details of undertakings Details of the investments in which the charity holds 2/0 or more of the nominal value of any class of share capital are as follows.. Country of incorporation Proporlion of voting rights Principal and shares held activity Undertaking Holding 2024 2023 Subsidiary undertakings Clover & Thistle Limited UK Ordinary IOOO/o IOOO/o Dormant Company The registered office of the subsidiary company is the same as the Charity. 16 Pension and other 5cheme5 Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cosls charge for the year represents contributions payable by the charity to the scheme and amounted to £75,987 (202).. £86,202). 17 Commitments Capital commitments Capital commitments not provided for in the financial statements include contracts for future capital expenditure of property, plant and equipment. As at 31 March 2024 the charity had contracted to purchase garden playground equipment. The total amount contracted for but not provided in the financial statements was £54,694 (202) - £Nil). Page J5
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 18 Funds Balance at l April 2023 Balance at 31 March 2024 Incoming Resources resources expended Transfers Unrestricted Generul Unrestricted funds 767,i84 65J,428 (1.)54,795) 5J9,090 605,107 Designaled Charitable activity costs (120,2J4) 221,770 Total Unrestricted 1,109,388 653,428 (1,354,795) 418,856 826,877 Restricted Accessible play area Bereavement care Bluebells running costs Other Christmas in July Respite break5 Cedars roof repairs Hoists & equipment Outreach nmning costs Youth Support Woodland Trails Vehicle Outreach salaries The Woodlands- Running Costs The Woodlands Play Equipment The Woodlands Phases 4 & 5 The Bluebells 11,276 (1,848) (78,6J8) (15,434) (57,890) (3,000) (27,028) (5,987) (23,495) (28,104) (1,)22) (1,627) (40,52)) (17,11)) (1,571) (1,14)) (25,000) (49,110) {10,)27) (14i,000) (88)) 9,509 (268,942) 9,428 18,194 57,890 18,100 10,918 28,104 22,474 7,909 858 1,000 4,998 12,800 25,827 4,571 li.750 24,256 6,428 13,750 25,000 49,110 J56,985 203,658 100,J59 250,500 755,049 629,674 776,i17 (110,2J2) (21,268) Total restricted 1,92J,8J6 J05.691 (J86,890) (418,856) 1,423,781 Total funds J,OJ).224 959,119 (1,741,685) 2,250,658 The balance in designated funds at 31 st March 2024 is to fund the following= - Service delivery salaries at the end of the grant tern]s ivhich are not grant funded To acquire and install play equipment in tnen]ory of Lola Clatworthy Provision of redundancy paynents The transfer in year ending 31 March 2024 between restricted funds and general funds include5 £134,199 made to reallocate funds that were previously donated to fund the now cancelled Phase 415 work5. The transfer of £143,000 from the woodlands centre to unrestricted fund5 is to reallocate a prior year balance that was previously misallocated. The balance of the transfer £18.488 lateS to other unused funds thal the donors have agreed may be allocated to general fun(ts. Page J6
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Balance al l April Incoming Resources 2022 resource5 expended Transfer5 Balance at 31 March 2023 Unrestricted General Unrestricted funds 786,542 936,714 (1,042,377) 86,505 767,384 De5ignaled Charitable activity costs 245,017 7.003 (80,000) 169,9&1 342,004 Total unrestricted I,OJ1.559 94).717 (1,122,)77) 256,489 1,109,i88 Restricted Accessible play area Activity days Bereavement care Bluebells running costs Other Respite breaks Cedars roof repairs House managers salary Hoists & equipment Outreach running costs Youth Support Woodland Trails Vehicle Outreach salaries The Woodlands - Running costs The Woodlands The Woodlands Phases 4 & 5 The Bluebe115 18,485 (1,849) (20,954) (71,525) (44,029) (87,J95) (20,250) (I,J22) (22,270) (3,600) (39,697) (48,104) (1,571) (1,524) (161,205) (31,500) (39,665) (10,683) (190,461) 280,967 (21,268) (264, I) (5,360) 11,276 22,949 242 37,958 46,787 54,518 18,500 62,141 1,750 26,500 22270 19,780 5.972 (J,4Jl) 25,833 (1,382) 9,430 34,725 52,417 (16,074) 9,536 1,000 4,313 25,827 4,571 13,750 31,420 36,293 20,893 2,500 558,132 91.151 1.061,749 (4.022) (30,198) 154,062 68,665 356,985 629,674 776,317 257,556 Total restricted 2,000,064 769,007 (588,746} (256,489) 1,92),8)6 Total funds 3,OJ1,623 1,712.724 (1,711.123) 3,033,224 The balance in designated funds at J I st March 202J IS to fimd the following: Service delivery salaries at the end of the grant tenns Service delivery salaries which are not grant funded - Service delivery salaries which are not fully grant fLmded - Salary and recruitment of a Chief Executive Officer Boiler works and fencing for the Bluebells Fencing for The Woodlands The transfers between designated funds and general funds were made to ensure a suifjcient balance was held within designated reserves to fund the costs as described above. Page J7
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 De5criplion of re51ricledfunds Accessible play area Playground at Cedars Activity days Funding for Activity Days for benefjciaries Bereavement Care Funding for Bereavetnent Care Bluebells running costs Rutming costs olThe Bluebells Cedars roof repairs Funding for the repair of the roof al Cedars, part of The Woodlands Hoists & Equipment Provision of hoists & other specialist equipment Salary and ongoing costs of employing a House Manager to support beneficiaries on respile breaks and other activities ai ihe Bluebells House Managers Salary Outreach running costs Running costs of providing outreach services Outreach salaries Salaries and ongoing costs of support workers Respite breaks Provision of respjte breaks for families The Bluebells Building & extension of The Bluebells The Woodlands Building & extension of The Woodlands The Woodlands - Running costs Rutming costs olThe Woodlands The Woodlands - Phases 4 & 5 Building of The Woodlands - Phase5 4 & 5 Vehicle Purchase of vehicle and running costs thereof Woodland Trails Development of woodland trails in the grounds of The Woodlands Salary and ongoing costs of employing specialist staff to support siblings of beneficiaries. Youth Support Other Combined other smaller donations and related expenses Page JS
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 19 Analysis of net assets betiveen funds Total funds at 31 March 2024 Unrestricted funds General Designated Restrieled funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over l year 919,527 81 1,251,262 2,170,789 1,015,611 (958,622) ()71,520) 221,770 172,519 1,409,930 {958,622) {371,520) Total net assets 605,107 221,770 1,42),781 2,250,658 Total fund5 at 31 March 2023 Unrestricted funds General Designated Restricled funds Tangible fixed assets Fixed asset investments 472.417 81 1,878,497 2,350,914 81 Current assets 1,782,409 (1,094,OOJ) (393,520) 2,169,752 (1,094,003) (393,520) Current liabilities Creditors over l year Total net assets 1,923,836 J,033,224 20 Financial instruments Categorisation of financial inslruments 2024 2023 Financial liabilities measured at amortised cost 448.441 503,374 21 Related party transactions There were no related party transactions in the year. During the year the charity made the following related party transactions: (Other than disclosed in notes 10 and I I there were no other related party transactions in the year.) At the balance sheet date the amount due tolfrom was £Nil (202J - £Nil). 22 Creditors: amounts falling due after one year 2024 2023 Bank loans 371,520 393,520 Page J9
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 23 Loans and overdrafts 2024 2023 Bank loans 393.520 415,520 Payable within one year Payable after one year 22,000 371,520 22,000 393,520 )9),520 415,520 The long-term loans are secured by fixed charges over The Bluebells and The Woodlands as well as floating charges over the assets of the Charity. The loans are repayable over l O years by monthly instalments, a break clause is in place after 5 years and at an interest rate oli /0 over LIBOR. 24 Stock 2024 2023 Stocks 24,947 25 Obligalions under leases and hire purchase contracts The total value of future finance lease payments are as follows: 2024 2023 Within one year At the end of the finance lease terni the equipment becomes the property of Sebastian's Action Trust. The lease contains no onerous or unusual ternis. 2,776 Assets held under finanee leases The finance lease relates to a telephone system installed at The Woodlands premises. Total fance charges for the year amounted to £35 (2023.. £810). 26 Going Concern Despite the difficult financial landscape that all charities are having to currently navigate, the Trustees are of the opinion that the Charity is a going concem and will coniinue for the next 12 months. This is due to investment in the fimdraising team to drive sustainable diversified income. The implementation of a new strategic plan and service delivery model will ensure beneficiaries are receiving the right care and we can contlnue to deliver our services over the forthcoming years. The Woodlands sale option, w'hich expires during the )'ear ended March 2026 will release funds for the development of servlces and income generdtion, if accepted. The Board of Trustees are confident that we have sufficient cash flow to meet our obligations and that we are a going concern. 27 Cash and cash equivalents 2024 2023 Cash at bank 1,353.825 2,056,941 Page 40
Sebastian's Action Trust Notes to the Financial Statements for the Year Ended 31 March 2024 28 Debtors 2024 2023 Prepayments Accrued income 25,058 6,100 22,255 54,721 31,158 76,976 29 Creditors: amounts falling due wiihin one vear 2024 2023 Bank loans Trade creditors Hire purchase and finance leases Other taxation and social security Other creditors Accruals Deferred income 22,000 24,656 22,000 59,986 2,727 14,620 5,668 19,473 969,529 17,371 6,155 24,110 864,JJO 958.622 1,094,003 Deferred income 2024 2023 Deferred income at l April 202J Resources deferred in the period Amounts released from previous periods 969,529 60,061 909,468 (105,199) Deferred income at year end 864,JJO 969,529 Deferred income arises where grants are subject to a perforniance condition related to the timing of their use. These grants are released to income in accordance ivith the relevant time period. 30 Analysis of changes in net debt Asatl April 2023 Asat31 March 2024 Cash flows Cash and cash equivalents Cash Overdrafts 2,056,941 (703,116) 1,353,825 2,056,941 (70),116) 1,35),825 Borrowings Short terni borrowings Hire purchase and finance leases Long terni borrowings (22.000) {2.727) {39),520) (22,000) 2,727 22.000 {371,520) (418,247) 24.727 (393,520) (1,6)8,694) 678,)89 {960,305) Page41