Charty registration number 1155305 Company registration number 08460624 (England and Wales) ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) CONTENTS Page Trustees, report Independent auditorfs report 17-20 Statement of financial activities 21-22 Balance sheet 23 Statement of cash flows 24 Notes to the financial statements 25-46 ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C Price MrCJFRay Mr C Welsh Mrs J Hunt Charity number 1155305 Company number 08460624 Registered office Gardners Lane Childrens Centre Gardners Lane Cheltenham GIoU￿sterShIre United Kingdom GL51 9JW Auditor Azets Audit servI￿s Epsilon House The Square Gloucester Business Park Gloucester United Kingdom GL3 4AD Bankers Barclays Bank PLC Rutherford way Swindon Village Cheltenham Gloucestershire United Kingdom GL51 9TS Solicitors Harrison Clark Rickerbys LLP clo Harrison Clark Rickert)ys Limited Ellenborough House Wellington Street Cheltenham GIOU￿$ter$hIre United Kingdom GL50 1YD Senior management team Mr C Welsh (retl￿d September 2023) Executive Head Mr T Larner (appointed September 2023) Executive Head Mrs M Welsh (retired July 2023) Operational Lead Mrs M McLoughlin Children's Services Manager MrsA Campbell (resigned March 2024) Children's Services Manager Mrs R Nelson (retired May 2024) Early Years Manager Mrs S Derbyshire (appointed August 2024) Early Years Manager Mr J Davies (retired July 2024) Business Manager Mrs M Hill (appointed June 2024) Business Manager ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply wth the charity's goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and activities The charity's purpose is set out in the Articles ofAssociation, and Temis of Reference= to promote and enhance the development and education of children. in particular those below statutory school age to advance education to relieve poverty, sickness and distress to provide leisure time facilities in the interest of social welfare The aim of the charity is to provide good quality pre-school education. family support services, targeted support services and some universal provision and to work in partnership with other providers, partners and stake holders to deliver holistic community support through our vision of"Aspire andAchieve" What we do and why With partners, we offer a range of services across Cheltenham, Tewkesbury, and the Cotswolds. Some of these are accessible to all families with children whilst some are in place to support those with specific needs. Our overall aim is to help the children and families we work with to achieve their potential together through the provision of support, learning and play opportunities. How we set our priorities In 2023124 our organisation is split into the following three main business areas and our priorities are developed to reflect the distinct needs of each business area,. As of April 2017, we were contracted by Gloucestershire County Council (GCC) to deliver a Targeted Family Support Service to the Cheltenham and Tewkesbury Localities. This contract was due to end on 1st April 2022, but was extended and will now end on 1stApril 2024. This contract details a number of specrfic perfornian￿ indicators we are required to meet and report on. We work to a quarterly monitoring timetable set by GCC and our performance is reviewed by GCC at a performance monitoring review meeting once a quarter. During the summer we submitted a tender to GIoU￿sterShIre County Council for the new Children and Family Centre contract for Cheltenham and Tewkesbury localty and Stroud and the Cotswolds locality which replaces the current Targeted Family servI￿s contract. In January 2024 we were advised that our bid for the Cheltenham and Tewkesbury locality contract was successful and we will commence this new contract on the 1st April 2024 for an initial &year period with an option to exlend for a further 2 plus 2 further years. ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Pr vi We currently operate 6 early years ￿ntreS with an additional scheduled to come on stream later in 2024125. Our early years centres are= Gardners Lane- Cheltenham Hesters Way - Cheltenham Oakwood - Chellenham Noah's Ark- Tewkesbury Parliament- Stroud (openingAutumn 2024) Rowanfield - Cheltenham Treetops - Dursley (opened ALrtumn 2024) All our early years centres operate under the following guidelines I regulations= Early Years Foundation Stage Statutory Framework Early Years Register (Otsted) The above guidance I regulations set out very dearly the "Eady Years Curriculum" which sets the priorities I working practices all our settings follow to ensure a high quality of early years education is delivered at all times. All our settings are inspected by Ofsted which assesses the perfonnance of our earfy years settings against the above frameworks. All our settings with the ex￿ptIOn of (Parliament and Treetops) which are yet to be inspected are rated "good". Pro ects and Grants During 2023124 we delivered the specifi¢ projects I grant funding projects detailed below: HAF 2023124 As part of the HAF initiative coordinated by GCC we delivered aclivilies during the Easter I Summer I Christmas holidays to children aged be￿een 5 and 12 years of age. The sessions included a wide range of activities and a healthy lunch option and provided access to much need support to children and families during school holiday periods. We received approximately £24.000 from GCC to provide these activities. Household Support Fund As part of the Government initiative to support families because of the °cost of living crisis. we delivered funding via applications from professionals to families in the Tewkesbury and Cheltenham areas. In Tewkesbury, we were allocated £13.000 to support this initiative and provided grants to families across a broad range of support which included, food vouchers, supermarket vouchers, household white goods and fumiture. In Cheltenham, we were allocated £36,000 to support this initiative and provided grants to families across a broad range of support which included, food vouchers, supermarket vouchers, household while goods and furniture and essential household products. In Cheltenham we received a contribution of £2,000 to support our costs in relation to administering the funding programme. ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Thriving Communities We received £7,370 Thriving Communities ftjnding for 2023 which was used to continue to run Young Parents Group at Gardners Lane. The group aims to bring together young parents under the age of 21 in order for them to gain support, make relationships and have quality time with their child. We applied for and were awarded a further £7,500 for 2024 in Cheltenham to continue Young Parents and £5,265 for Tewkesbury which included a joint bid )Mth Dad Matters. Consultation Our quality monitoring system includes service user feedback. This feedback enables us to monitor quality standards across Targeted Family Support and address any concems that may arise and implement and service improvements that may be required. In the run up to the tender process for the new Children and Family Centre contract we ran a number of staff 'focus° groups and 'consultation° events to ensure all staff were able to be involved in the tender preparation process. This process included agreeing a new set of Organisational Values which are- Respect - 'We value, accept. listen and support everyone. Integrity - "We are honest, dependable and accountable for our actions. Collaboration - 'We believe in the power of working togetherf Excellence - We strive to do our best through innovation & learning. Within Early Years we have undertaken ongoing consultations viith parents as part of our commitment to develop the provision. This has included- Demand for access lo 30-hour provision Requirement for additional services such as lunch and breakfast dubs. We have also held parent I carers evenings which provides opportunities for parents and carers to meet our Early Years team and discuss their child's progress and any speafic issues. We have commenced a review of Eady Years, staffing and infrastructure and engaged wth our staff to seek their views on a number of issues including., Staff pay and remuneration Training Priorities for investment to improve provision. This engagement resulted in outdoor areas being identified as a priority and Directors have agreed to invest £50.000 from reserves in 2024125 to improve the outdoor environment. Data and Monitoring Data is a vital tool for us and enables us to monitor our service provision, review quality and PLrt in place management actions to address any areas that have been highlighted as causing concem as well as evaluate potential new business opportunities. Where possible we have compared specific centre performance data against the locality as a whole against the county. We have throughout 2023124 used some of the following data sources.. Our own performance data which includes.. number of users attending the centres, caseload numbers, case closure statistics, nursery attendance numbers. The Chellenham & Tewkesbury Health Profiles, District Profiles, Demographic information, Economic data by area. Referral data via the "Front Doorf as part of the family referral process tracked by the GCC EHM l Liquid Logic IT system. This has included using direct reports prodU￿d by GCC from the EHM system. ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 How we deliver our aims and public benefit Following the repositioning of GCC'S Targeted Family Services contract from the 1 st April 2017 there has been a significant shift in the type of Servi￿ provision offered by the Foundation. Aspire Foundation is no longer funded to deliver universal provision and we estimate that we now deliver approximately 850/0 of targeted SeNi￿S and 15 % universal services. Our services in 2023124 included.. Early Years Education provision Family drop ins Parenting Support as part of Targeted Family Support Targeted Family Support work Safeguarding Facilitate Health Visitor and Midwifery ServI￿S Facilitate advice services Volunteering opportunities Counselling if identified as part of Targeted Family Support Facility hire.. rooms I training I contact venue Community Family Worker Project-Thriving Communities Distribution of Household Support Funds Aspire Foundation has continued to develop strong working relationships V￿th our partners some of whom are based in our ￿ntres. These indude.. Health visitors Midwives Speech therapists Early years advisors Community social workers Social Care Colleagues GDASS Homestart Trailblazers ccp Glouceslershire Young Carers Tewkesbury Borough Counal Gloucestershire County Council Cheltenham Borough Council Gloucester Gateway Trust We also support the delivery of some of the services listed below via our ￿ntre$.. Globes l Baps (breastfeeding support) which is a peer-led group vthere mothers can, for example, meet and share experiences with other breastfeeding mothers and trained peer supporters. A Counselling Service which supports parents alongside some of our parenting programmes as well as specific support for those who need this one•tO-one work. Speech and language therapy. Rainbows which is a parent led autism support group Dad Matters Group which is a support group for Dads based at Brockworth and Gardners Lane The trustees have paid due regard to guidan￿ issued by the Charity Commission in deciding what activities the charity should undertake and support. We have referred to the guidance contained in the Charity Commission's general guidan￿ on public benefit in our aims and objectives and in planning for our future sen11￿ provision. ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundraising standards The Trustees confimi that all fund raising activities are compliant with the recognised stsndards of fundraising code of practice and those set out under Charity law. Trustees have signed up to the Fundraising Regulators voluntary regime to underpin their commitment to ensuring all fundraising activities are Compliant. Achievements and performance Making a difference During 2023124 our staff teams continued to be flexible and proactive in their approach to delivering services to ensure that provision reflected users, needs and where possible delivery methods changed to meet increasing demand. Being able to react quickly to changing needs and requirements is a strength the organisati(m has developed, particularly as a result of the way adapted to meet the demands that the recent pandemic placed on all organisations. Our achievements have been broken down into speafic areas and are highlighted below: Targeted Family Support contract As part of the Targeted Family Support contract. we have during 202312024 achieved the following.. Successfully delivered the Year 7 requirements of the Targeted Family Support Contract commissioned by Gloucestershire County Council 2017-2021. (Now extended to 31103124) Number of Families Open, Closed and Refe￿ed across all Reach Areas by Financial Year 2￿ ID) 201￿20 202￿21 2021-22 2022-23 2023-24 Finan£ialYear N￿ni￿ ￿ Famil￿Sw{￿kL￿I wrth In the v Nuntff c*farnflie5ck6edwthntheye • Ntrnter d Referrals ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Number of Families Open, Closed and Referred across all Reach Areas by Financial Year IrA) 201￿20 202fr21 2021-22 2022-23 202>24 Financial Year Farnilieswthed with in ts ye NLvnter ￿ famlies clcsaJ wthn theye Numte ￿ Referrals Total Number of RefeThals for each Reach Area IFA) 120 Iix) 20 2019-20 202fr21 2021-22 2022-23 2023-24 Financialyear Chetenham •Teé4ke5 ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 During the year our Family Support Team provided one-t￿one support, home visits, group work, centre based discussions and support. telephone calls and attended professional meetings such as Child Protection Conferences and Core Group meetings, with a number continuing to be °virtual". The Team also had to cope with significant increases in demand for servi￿S and manage waiting lists in a safe and effective way during the year. Evidenced Based Programmes Aspire Foundation ran the following Evidenced Based Courses during 202312024.. Healthy Relationship Healthy Family Groupl Solihull via 1=1 and Groupworld Adult ACE'SI Bump Start- 1=11 Best start- 1..1 Number of people starting a group or I:1 course across all reach areas 20 io 201￿20 2021F21 2021-22 2022-23 2023-24 Financialyear LN ¥YCEranme • ParenEifE Note: Due to Covid Restrictions in 2021122 a number of courses were held 1.1 or virtually. Early Years As part of the Early Years provision, we have had the followng numbers on our roll during the acajemic years shown below. 2021-22 2022-23 2023-24 Programme 2 Year Olds 34 Year Olds 2 Year Olds 34 Year Olds 2 Year Olds 34 Year Olds Gardners Lane 19 49 51 23 37 Hestels Way 25 35 33 29 42 Noah'sArk 24 25 15 41 Oakwood 16 48 14 55 24 40 Rowanfield 69 23 91 28 68 Total 81 224 86 255 119 228 ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 During 2023124 we have also achieved the followng.. Worked with a high number of children with Special Educational Needs and Development (SEND) to ensure they received the necessary support to enable them to achieve. Aspire Foundation Early Years SEND May 2023 Nursery SaLT y Plan My Plan+ EHCP Area of Need. 8xC&I lx SIP Total on Total SEND 10 'A SEN GL 59 170 pending HW 17 10 16xC&I 2xSEMH 1xSIP 7xC&I lx SIP 67 19 28% pending NA 32 lx pending ow 14 10 14xC&I 1xSEMH 68 13 pending RF 13xC&I 2xC&L 5xSEMH 85 20 24% 1 x pending Totals 45 38 28 20 58xC&I 2xC&L 8xSEMH 2xSIP 311 70 22.59/0 'Areas of Need C& l -communication and Interaction C&L- Cognition and Leaning SEMH- Social, Emotional and Mental Health SIP - Senory andlor Physical needs Communication and Interaction continues to be the greatest Area of Need, wth 58 children being identified across the settings. This represents 83Yo of the total children SEND and 190kn of the totsl of children on roll. AII SENDCOS and EY staff liaise with the Reception teachers and SENDCOS of re￿Iving schools to support transition for all pre-school children, including those with SEND. This includes opportunities for observation, information sharing and invitations to attend TAC and Review meetings. We have also during 2023124 achieved the followng: Vmnners of the Early Years category at the No Child Left Behind awards in February 2024, recognising the work that the foundation does in eady years to reduce the impact and trauma of poverty on families, working hand in hand with the families wth compassion and empathy. Continued to develop the use of"Tapestry° to track children's progress and support the smooth transition to school. Refurbished and equipped Parliament (Stroud) and Treetops (Dursley) early years seth-ngs and undertaken staff recruitment and local awareness raising wth a view to open these 2 new sites during Autumn 2024. ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OtherAchievements Continued to explore other business and funding opportunities to expand the Foundations business interests. This included.. Suc￿sSfUllY bid for the Children and Family Centre contract for the Cheltenham and Tewkesbury Localities. Fomed a partnership wth Gloucestershire Gateway Trust and agreed to deliver the Family Support element of their bid to Gloucestershire County Council for the Children and Family Centre contract in the Gloucester City and Forest of Dean locality. The outcome will be known in July 2024. Successfully bid and delivered the HAF playschemes during Easter I Summer and Winter 2023 on behalf of GCC at Gardners Lane and Oakwood. Continued to support our Young Parents initiative with fvnding provided by Thriving Communities. Worked with Cheltenham and Tewkesbury Borough Councils to successfvlly deliver in excess of £30,000 financial support to families as part of the Household Support Funding initiative. Successfully worked in partnership wth "Dads Matters. to support the group in delivering sessions in Brockworth and Gardners Lane. Our Impact In addition to the Targeted Family Support Work, Early Years provision and other work areas we also achieved the following footfall I visits shown below across the Foundation sites by adults and children accessing universal or targeted provision I services. The figures for 2023124 continue to show an improvement as more groups and services are delivered from our centres. The breakdown is shown by centre below: Footfall at Children and Family Centres- Total Number of Adults and Children (incl Professionals) 121 2019-20 2020-21 2021-22 2022-23 2023-24 Financial Year • G￿l￿S L￿e • F*stus Oakw￿l • BrLrkw(rth • Ncth'sArk ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 These visits were achieved by adults or children attending the following Se￿iCeS1prOVISlons'. Universal provision Mothers in Mind Antenatal support Development checks Baby weighlBaby hub Stay and Play Midwife Dads Matters Soft Playlsensory Breast Feeding Support Groups CCP Family Time Targeted Provision Early Start Incredible Years Speech and Language Counselling Targeted Family Time Steps Ahead Young Carers Rainbows - Autism Support Group Contact Attendance at meetings wth professionals e.g., Child Protection Conference Financial review Main Funding Streams The main sources of funding for the Foundation in 2023124 were.. Targeted Family Services Contract with Gloucestershire County Council which ended on 31st March 2024. Early Years Provision funding from govemment grant through Gloucestershire County Council for the provision of Earfy Years. (Not subject to specific time period) HAF l Other grants or ￿ndIng for specific projects from Gloucestershire County Council, Tewkesbury Borough Council and Cheltenham Borough Council. Local Government funding continues to be under significant pressure and with the increasing cost of living pressures, budgets will remain under strain for the foreseeable fulure, with difficult choices having to be made. Following the award of the Children and Family contract from the 1st April 2024 for an initial 5-year period with an option to extend for a further 2 plus 2 years, a significant funding stream has been secured which provides certainty for the organisation over the medium term. However, it is recognised that this contract is required to operate within a tight financial envelope and any inflationary increases will be agreed annually. Should inflationary increases not be awarded then the organisation 11 need to review how it delivers the contract and consider budget I service reductions to ensure that it is able to operate within the financial envelope available and is still able to tske a management fee of between 5 % 100/0 per year. If the Gloucestershire Gateway Trust partnership bid for the Children and Family Centre contract in Gloucester City and the Forest of Dean is successful then Aspire will receive an annual management fee of approximately £44,000 over the next 4 years. This addition to Aspire's income stream and geographical service delivery area 11 be a positive for the organisation and may lead to further opportunities to develop the portfolio of services delivered byAspire over the medium temi. 10- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Foundation has a good level of reserves to minimise any impact of a drop-in funding over the short term and 11 consider the use of some of its reserves to develop new business opportunities as a way to create a sustainable funding base and organisation moving forward. Directors continue to take a pri>active approach to supporting the business and its charitable aims and objectives and continue to use some reserves to support ongoing projects and initiatives. This includes Community Family workers and in 2024125 investment in the Eady Years Outdoor areas. Directors continued to subsidise some elements of the Targeted Family Support Contract during the year as the funding from GCC was insufficient to continue to meet existing expenditure levels and ensure that Aspire was able to pass on in full the agreed NJC pay award in 2023124. This ongoing support meant that were able to continue to deliver services that are much valued and needed in the communities we operate in and that Aspire was in as good a position as possible to submit a suc￿Ssful tender for the GCC Children and Family Centre contract. The support in 2023124 amounted to in excess of £250.000. which vrfas offset by Trot taking a management fee from the Targeted Family Services Contract and a reduction in LGPS contributions due to previous years overpayment. Income and expenditure 2023124 The Foundation's income was relatively stable during the year as our income from the Targeted Family Services contract and Eady Years provision was broadly as expected. The 'cost of living crisis" has impacted the organisation. both in terms of increased costs for gwds and services and a pay award for all staff in line the NJC award that was approved by Unions in 2023124. Directors agreed to implement this pay award in full, even though it resutted in a significant increase in staffing costs. The Foundation's staff are its key asset and Directors felt that the pay award should be awarded in full, to support staff through the current financial difficulties and keep our pay structure in line with Gloucestershire County Council or there was a risk we would lose staff to other organisations. Directors agreed to use reserves to fund these costs if required. Income and expenditure 2024125 Following the award of the new Children and Family Centre contract with effect from the 1 st April 2024 and our ongoing Early Years provision we are expecting our major streams of income to remain relatively stable over the next few years. There has been a small infiationary increase in the funding we receive via our Early Years provision and the new Children and Family Centre contract has had a 5.980A inflation increase applied. Further increases will be agreed on an annual basis. although there is no guarantee that we will re￿1ve any uplift. With these increases the Foundation has a degree of financial stability for the medium term, although this must be balanced against the continuing upward pressures placed on budgets by the current economic climate. In terms of expenditure, we are anticipating budgets to be signfficantly impacted by the ongoing "cost of living. crisis both in terms of increased costs for goods and services and further potential pay awards where we expect the trend of increases above 50/0 to continue this year. Directors are keen to implement pay awards to ensure staff are rewarded appropriately and that salaries keep in line with competitors and recognise the pressures on families, budgets although this ambition vrfill have to be balanced against affordability. In view of the stability of funding over the medium temi the Directors are of the view that the Foundation remains a going concem. Planning is Unde￿aY to review the business plan of the Foundation to confinn the Directors vision. for the organisation and to set the high level strategic objectives. The business plan will also include seNice specific objectives over the medium term along with some key organisational objectives that will position Aspire moving forward to ensure that it is in the best possible position to grow and develop and meet the high level strategic objectives set by the Board of Directors. 11 ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy At the end of financial year 202312024 the Foundation is holding unrestrided fvnds (reserves) of £1,567,336, of which £1,065,336 relates to general unrestricted funds, with the remaining £502,000 relats'ng to the LGPS pension surplus. The Directors consider a reseNe level of £1,000,000 to be appropriate for financial year 2024125, which would enable sufficient funds to be available to meet the identified risks l investment opportunities outlined below. The Directors have reviewed the charity's requirement for reserves in light of the main risks to the organisation. The reserves are required to meet the following.. Working capital requirements Provide insurance against any short-term financial shocks Invest in business improvement projects Provide guaranteeslbonds should they be required as part of any new contracts secured Meet the charity's LGPS liabilities Support any required transition to a new business model should the Foundation be unsuccess￿1 in tendering for the new Children and Family Centres contract. Directors will consider how the deployment of remaining reserves can be used to support growth and development opportunities as and when they may arise, to be discussed on a case-by-case basis. Risk Management On behalf of the Directors the Senior Leadership Team undertakes a Risk Management review on a reg ular basis and has developed a Business Recovery I Continuity Plan and Risk Register. The charity is aware of the vulnerability posed by reliance of a single fvnder (Gloucestershire County Council) and will after a period of consolidation explore new business opportunities to minimise this risk. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. PrO￿dureS are in place to ensure compliance with Health and Safety for staff, volunteers and visitors to the Centres. Safeguarding and Safer Recruitment procedures are fully adopted as outlined by Gloucestershire County Council and Gloucestershire Safeguarding Board policy statements. The financial management of the Targeted Family Services contract is reviewed by Gloucestershire County Council. Furthermore, the Foundation as a whole is subject to an annual audit under Charity SORP requirements by an independent firm of auditors, which provides an additional level of external scrutiny. 12- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Future plans and priorities The organisation has been through a significant period of change in the past 12-18 months and the development of an organisation business plan has been put on hold whilst a penod of consolidation takes place. In securing the tender for the provision of targeted family support in Cheltenham & Tewkesbury in 2024., undergoing a significant staff restructure,. recruiting to key posts in the senior leadership team and expanding our board of directors the organisation has looked to consolidate practice and review its infr&structure in order to be able to identify ils capacity to move forward and expand in the future. 2024 will see Directors shape the vision of the organisation for the next 5-10 years and identify the direction of travel., aspirations for expansion and review the current aims and vision. Aspire Foundation are still committed to its core functions of: Promoting and enhancing the development of education of Children, in particular those below statutory school age Advancing education Relieving povety, sickness and distress Providing leisure time facilities in the interests of social welfare These aims will continue to be met in 2024125 through its Children & Family Centres and Early Year's Settings. A full business plan will be developed through consultation with Directors and Senior leaders,. shared with staff across the Foundation and published for all stakeholders in 2025126. This wll outline the priorities in the short term to maintain high quality seNice in each of the areas of business- the development of infra-structure needed as the organisation enters a new phase of development and the long term aspirations of the organisation to meet the needs of the communities it serves. 13- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Governing document The organisation is a charitable company limited by guarantee. incorporated on 25 March 2013 and registered as a charity on 13 January 2014. The company was established under a Memorandum of Association which established the objectives and powers of a charitable company and is govemed under its Articles ofAssociation. In the event of the Company being wound up members are required to Contribute an amount not exceeding £10.00. The trustees, who are also the directors for the purpose of company law. and who sepied during the year and up to the date of signature of the financial statements were= Mrs C Price MrCJFRay Mr C Welsh Mrs J Hunt Recruitment and Appointment of Management Committee The directors of the company are also the charity trustees for the purpose of charity law and under the company's Articles are known as Members of the Management Committee. All Members of the Management Committee give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed are set out in the accounts. The Management Committee delegates the strategic planning and oversight of the charity to named members of the Senior Management Team. The Tnembership of the Board of Directors is broad with the skills. experience and understanding of education, social care, family education and partnership working. A skills matrix is used to support recruitment and ensure a balance of skills is maintained. An induction pack and induction training are provided on appointment. The Directors have produced a °recruitment" pack for new Directors and a recruitment drive will commence Summer 2024 to seek new Directors to broaden the skill base of the Board and hopefully increase the number of Directors to seven. The Board of Directors approves appointments. The Board of Directors ensures that the processes and systems are in place to enable the charity to deliver its objectives and acts as the decision-making body. The Board of Directors delegates strategic planning and oversight to the Executive Head and Senior Management Team. A system of delegaled powers is operated to enable the implementation of the overall strategy and day to day responsibility for the provision of the Se￿iceS rests wth the Executive Head Teacher and Senior Management Team. Aspire's Senior Management Team are responsible for ensuring that the charity delivers the seNices specified and that the key performance indicators are delivered. In 2023124 The Children Services Managers, Early Years Manager and Business Manager had the responsibility for the day to day operational management of the Centres, individual supetvision of the staff teams and also ensuring that the teams continue to devdop their skills and working practices in line with good practice. The organisations. slructure has undergone significant change during the first 6 months of 2024, and operational management arrangements will change to reflect the new structure and operational responsibilities. 14- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Induction and Training Directors are familiar wth the work undertaken by the Charity and are encouraged to regularly participate in training to.. Know and understand the obligation of being a Director. Monitor and evaluate the performance of the charity. Understand and know the impact of the charity. Respond to changes in legislation. Ensure safeguarding practices are followed and understood by all members and employees. Key Management Remuneration Foundation pay is in line with the support stsfflexecutive reward band grading structures. Members of staff receive an annual increment unless there are perfomiance issues or if they have reached the top of the pay scale. Staff Development Aspire Foundation is committed to support the continuous professional development of its staff and produces a 'training programme. annually that reflects the organisational needs and the professional development needs of staff. These needs are identified via annual perfomiance monitoring and then prioritised against available reSoUr￿S as part of the budget build pro￿sS. The training programme is also informed by the 'Wellbeing° strategy and the Staff Wellbeing Group to ensure that the Federation provides resources to meet the needs identified. Related Partnerships In so far as it is complimentary to the charity's objectives. the charity is guided by both national and local policies and arrangements. At a National level the guidance and outcomes are based on the Early Years Foundation Stage l Ofsted Statutory Framework. At a local level the guidan￿ and objectives are provided by Gloucestershire County Council Commissioners, Cheltenham Community Partnership, Local Health Authority and Community and Voluntary Associations. The representalion of local organisations and participation in local partnerships has proved invaluable to the charity in establishing improved links with in the community. 15- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees. responsibilities The trustees, who are also the directors of Aspire Foundation (fomierly known as Gardners Lane and Oakwood Federation) for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going COn￿M basis unless it is inappropriate to presu￿ that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose wth reasonable a¢¢uracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the trustees has confirmed that there is no infomiation of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomation and to establish that the auditor is aware of such information. The trustees. report was approved by the Board of Trustees. Mr C Welsh Trustee Dated: 19 December 2024 16- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) Opinion We have audited the financial statements of Aspire Foundation (formerly known as Gardners Lane and Oakwood Federation) Ilhe 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting frame￿￿rk that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 March 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 Practi￿. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs rEsponsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the 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 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information induded in the annual report other than the fina￿la1 statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our kno￿edge obtained in the course ofthe audit, or olhemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we ￿nClUde that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in Ihis regard. 17- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infomiation given in the trustees. report, which indudes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are reqUI￿d to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement vlith the accounting records and returns- or certain disdosures of trustees, remuneration specified by law are not made" or we have not received all the information and explanations V￿ require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going COn￿rn, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditors responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whether 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 material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report. 18- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities. including fraud. We obtain and update our understanding of the entity, its activities, rts control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying th that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of i￿egUlar1tieS and non-compliance with laws and regulations. including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged wth governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of managemenl bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit. there is a risk that we vrfill not detect all irregularities, including those leading to a material misstatement in the financial statements or norFcompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noTrcompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. 19- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006. Our audit work has been undertaken so that we might stste to the charitat4e company's members those matters we are required to state to them in an auditors, report and for no other purpc6e. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable Company s members as a body, for our audit work, for this report, or for the opinions we have formed. Katherine Parkin (Senior Statutory Auditor) for and on behalf of Azets Audit SeNices 20 December 2024 Chartered Accountants Statutory Auditor Epsilon House The Square Gloucester Business Park Gloucester United Kingdom GL3 4AD -20- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes Donations and legacies Charitsble activities Other trading activities Investments 24.146 2.621.675 14.454 3,873 69,070 93,216 2,621,675 14,454 3,873 99.291 2,698.746 12.626 3,176 Total income 2,664,148 69,070 2,733,218 2,813,839 Ex enditure on: Raising funds 4,064 9,758 Charitable activities 2,925.372 162,918 3,088,290 2,929,593 Total expenditure 2.929.436 162,918 3,092,354 2,939.351 Net expenditure for the yearl Net outgoing resources (265,288) (93,848) (359,136) {125,512) Other recognised gains and losses Actuarial {loss)Igain on defined benefit pension schemes (35.000) (35,000) 1,884.000 Net movement in funds (300.288) (93,848) (394,136) 1,758.488 Fund balances at 1 April 2023 1,867,624 134,677 2,002,301 243,813 Fund balances at 31 March 2024 1,567,336 40,829 1,608,165 2,002,301 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 21 ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted Restricted funds funds 2023 2023 Total 2023 Notes Donations and legacies Charitsble activities Other trading activities Investments 24,146 2.345,557 12,626 3,176 75,145 99.291 353,189 2,698.746 12.626 3,176 Total income 2,385,505 428,334 2,813,839 Ex enditure on: Raising funds 9,758 9,758 Charitable activities 2,607,746 321,847 2,929,593 Total expenditure 2.617,504 321,847 2,939.351 Net expenditure for the yearl Net outgoing resources (231,999) 106.487 (125.512) Other recognised gains and losses Actuarial {loss)Igain on defined benefit pension schemes 1,884,000 1,884,000 Net movement in funds 1,652,001 106,487 1,758,488 Fund balances at 1 April 2022 215,623 28,190 243,813 Fund balances at 31 March 2023 1,867,624 134,677 2,002.301 -22- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 14 Current assets Debtors Cash at bank and in hand 15 159.979 1,251,519 148,007 1,339,667 1,411,498 1,487,674 Creditors: amounts falling due within one year 16 (305.333) (81,373) Net current assets 1,106.165 1,406,301 Total assets less current liabilities 1,106.165 1,406.301 Net assets excluding pension surplu5 1,106.165 1,406.301 Defined benefit pension surplus 17 502,000 596,000 Net assets 1,608,165 2,002,301 Income funds Restricted funds Unrestricted funds General unrestricted fvnds Pension reserve 20 40.829 134,677 1.065,336 502.000 1,271,624 596.000 1,567.336 1,867.624 1,608,165 2,002,301 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 19 December 2024. Mr C Welsh Trustee Company Registration No. 08460624 -23- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed by)Igenerated from operations 25 (92,021) 266,160 Investing activities Investment income received 3,873 3,176 Net cash generated from investing activities 3.873 3.176 Net cash used in financing activities Net {decrease)lincrease in cash and cash equivalents (88,148) 269,336 Cash and cash equivalents at beginning of year 1,339.667 1,070.331 Cash and cash equivalents at end of year 1,251.519 1,339.667 -24- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Aspire Foundation (formedy known as Gardners Lane and Oakwood Federation) is a private company limited by guarantee incorporated in England and Wales. The registered office is Gardners Lane Childrens Centre, Gardners Lane, Cheltenham, Gloucestershire, GL519JW, United Kingdom. The charitable company's registered number can be found on the Legal and Administrative Information page. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £10 per member of the charity. 1.1 Accounting convention The financial statements have been prepared in accordan￿ with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepanng their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial ststements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the trustees continue to adopt the going COn￿M basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to speafic conditions by donors as to how they may be used. The purFx)ses and uses of the restricted funds are set out in the notes to the financial statements where required. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income from government and other grants, is recognised when the charity has entitlement to the funds, any perfomiance conditions attached to the grants have been met. it is probable that the income will be received and the amount can be measured reliably. Income from trading activities includes income earned from fvndraising events and trading activities to raise funds for the charity. Income is re￿iVed in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. -25- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon nokn'fication of the interest paid or payable by the Bank. No amount is included in the financial statements for volunteer time in line y￿th the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals ￿sIS and has been classified under headings that aggregate all cost related to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. I￿eCOVerable VAT is charged against the &*egory of reSoUr￿S expended for which it is incurred. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance. personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated be￿een cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set wt in the notes to the financial statements. 1.6 Tangible fixed assets Tangible fixed assets costing £1,000 or more are capitalised and are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the Cost or valuation of assets less their residual values over their useful lives on the following bases= Leasehold improvements ICT equipment 5 years 4 years The gain or loss arising on the disposal of an asset is detennined as the difference be￿een the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indution exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss {if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. -26- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.9 Financial instruments Financial instruments are recognised in the Charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, a￿ initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the presenl value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilits'es classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Provisions Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be ￿qUired to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding tIE obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. Mihen a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises. 1.11 Employee benefits The costs of short-temi employee beneffts are recognised as a liability and an expense. unless thc6e costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. -27- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes a￿ charged as an expense as they fall due. The cost of providing benefits under defined benefit plans is detemiined separately for each plan using the projected unit credit method, and is based on actuarial advice. The change in the net defined benefit liability arising from employee Se￿iCe during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred. The net interest element is detemiined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefft liability during the period as a result of contribution and benefit payments. The net interest is recognised in incomel{expenditureJ for the year. Remeasurement changes comprise actuarial gains and losses. the effect of the asset ceiling and the retum on the net defined benefit liability exduding amounts induded in net interest. These are recognised immediately in olher recognised gains and losses in the period in which they occur and are not reclassified to incomel(expenditure) in subsequent periods. The net defined benefit pension asset or liability in the balan￿ sheet comprises the total for each plan of the present value of the defined benefit obligation {using a discount rate based on high quality corporate bonds}, less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. 1.13 Taxation The charity is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects. Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cfflly that period, or in the period of the revision and future periods where the revision affects both current and fvture periods. -28- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements {Continued) Key sources of estimation uncertainty Defined benerrt pension scheme The present value of the Local Govemment Pension scheme defined benefit liability depends on a nunber of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income} for pensions include the discount rate. Any changes in these assumptions. which are disclosed in the Retirement benefit schemes note, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest ￿11 actuarial valuation perfomied at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 March 2024. Any dIfferen￿S be￿een the figures derived from the roll fotward approach and a full actuarial valuation would impact the carrying amount of the pension liability. The present value of the defined benefit obligation is less than the fair value of plan assets as at 31 March 2024 and therefore the defined benefit plan is in a surplus position. An entity can only recognise a plan surplus to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. The plan surplus has therefore been restricted as seen in the Retirement benefit scheme note. -29- O(YOtr￿00 OfDrOtr ID rfj 0￿0￿00 CO￿0¢￿￿0 coco￿(￿￿(D￿r ai (D ￿- tr- f Lri 7) th (• Joo t￿￿0 (Mo Tt o) o o¥J 00 fo￿0 -NO o ¢3) -NO OTr z% ¢4 u o E èCJL)c) eu tu JCgurJ LL J LL J 10 Lrj iJi ￿ Ir) f£J - (O O) Gi (o O(DN(O o) OL}IL)￿oLo ojoo (LW ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Current assetsl{liabilities) Provisions and pensions 1,065.336 40,829 1,1C6.165 1.271,624 134,677 1,406,301 502,000 502,000 596,000 596,000 1,567,336 40,829 1.608,165 1,867,624 134,677 2,002,301 22 Financial commitments, guarantees and contingent liabilities Other than operating lease commitments referred to below, the charitable company has no other financial commitments, guarantees or contingent liabilities (2023 - £nil). 23 Operating lease commitments At the reporting end dale the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows= 2024 2023 Within one year Be￿een two and five years 1,006 20 1,906 1,026 1.906 24 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 86,656 127,359 -45- ASPIRE FOUNDATION (FORMERLY KNOWN AS GARDNERS LANE AND OAKWOOD FEDERATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Related party transactions {Continued) Charles Welsh, a trustee of the charity, was also Executive Headleacher of Gardners Lane Primary School until August 2023. During the period, the chanty made a payment to Gardners Lane Primary School of £12,18512023 £27,006) in connection with reimbursement of part of his salary, given the services and time he provides to the charity. Further purchases totalling £17.235 (2023 - £29.892) were made from Gardners Lane Primary School in respect of IT services. The charity also recharged costs totalling £48,904 (2023 - £41,393) to Gardners Lane Primary School in respect of Business Team and other SeNi￿S provided. At the year end the balance owed by Gardners Lane Primary School to the charity totalled £Nil (2023 - £Nil). The charity recharged costs totalling £47,790 (2023 - £40,948) to Oakwood Primary School in respect of Business Team and other serVi￿S provided. Purchases totslling £4.323 (2023 £3,748) were made from Oakwood Primary School in respect of IT and other services. At the year end the balance owed by Oakwood Primary School to the charity totalled £Nil {2023- £Nil). 25 Cash generated from operations 2024 2023 (Deficit)Isurplus for the year 1359,136) {125,512) Adjustments for= Investment income recognised in statement of financial activities Difference be￿een pension charge and cash contributions (3,873) 59,000 {3,176) 156,000 Movements in working capital.. (Increase}Idecrease in debtors Increasel{decrease) in creditors (11,972) 223.960 257.207 {18.359) Cash labsorbed by)Igenerated from operations (92,021) 266,160 26 Analysis of changes in net funds The charity had no debt during the year.