Pagye [1 FLAT SPACES FOUNDATION (LIMITED BY GUARANTEE) REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 COMPANY REGISTRATION NUMBER 09098286 REGISTERED CHARITY NUMBER 1159903
Pag¢ 12 FLAT SPACES FOUNDATION (UMITED BY GUARArEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Contents REPORT OF THE MANAGEMENT COMMirrEE.. INDEPENDENT AUDITOR'S REPORT...... STATEMENT OF FINANCIAL ACTIVITIES.. 10 BALANCE SHEET........ 11 STATEMENT OF CASH FLOWS............... .12 NOTES TO THE CASH FLOW STATEMENT........... 13 NOTES TO THE FINANCIAL STATEMENTS......... 14
Page13 FLAT SPACES FOUNDATION (LIMITED BY GUARANTEE) REPORT OF THE MANAGEMENT COMMirrEE FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Management Committee is pleased lo present its annual report and audited Financial Statements for ihe year ended 30 September 2024 which are also prepared to meet the requirements for a D1ClOrs. Report and Financial Statements for Companies Act purposes. The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charilies: Statement of Recommended Practi¢e applicable to charities preparing their Financial Slalements in accordance vth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015) including early adoption as amended January 2016. REFERENCE AND ADMINISTRATIVE INFORMATION Charity Name: Charity Registration Number. Flat Spaces Foundation 11513 Company Registralion Number: Registered Office.. OW98286 1 Paynes Road Southampton S015 3DL The Management Committee a the directors of the chariiable company lor the purpose of company law and are rts trustees for the purpose of charity law. The officers who served durin9 the period and SI the period erKI are as follows: Management Commlttoo: T Yeridell- resigned 23 April 2024 S Ai- resigned 23 Apn"12024 E Hickman - Chair D Ball R Dftes v app)inted 12 March 2025 Our Advisors: Independent Auditor. Saffery LLP Midland House 2 Pode Road 8oumemouth 8H2 Say Bankers: Lloyds Bank 30 Commercial Road Totton S040 3TH
Page14 REPORT OF THE MANAGEMENT COMMirrEE (Conlinued) For the year ended 30 September 2024 OBJECTIVES AND ACTIVITIES The charitable Company s objectives are: The relief of those suffering with physical. mental or sensory impaimient as W11 as those Caring for them. by providing specially adapted respite and holiday accommodation in the UK and Wortdvde. The main objectives of the charitable company for the period We to develop and pr(xnote its seNices whilst continuing to provide high quality. user-friendly services to its traditional dnt group. Public Baneflt Statement Our main activities are described above. All our activities are undertaken to further our charitable purposes for the public benefit. In shaping our objecbves and planning our acb'vities. the Management Committee has considered the Charity Commission's guidance on public benefrt u)cluding the guidance 'Public Benefit.. Running a Chartty (PB2)'. ACHIEVEMENTS AND PERFORMANCES Thè past financial year has seen the foundation continue to fvlfil ts mission of provmjing accessible holiday accommodations fcy individuals with bysical and c(xnplex heatth quIrements. dedi¢ation to SeIng Ihis ommunity has resulted in a consistent high18vel of occupancy in our hdiday tyjngalow. Throughout Ihe year, the foundation maintained consistent lyjoking levels within our holiday bungal¢)w. highlighting the ongoing demand for accessible holiday Options. The positive treThJ in future bookings indicates strong interest in our services. 1¢h we atiribute in part to our increased social media engagemenL This year, we focused on promoting our offerings through various online plaffoms, sucsS[VI raising avrnreness and generating a signrficant number of inquiries from polents'al guests. Feedback from our guests has been ovknhelmingly positive, reflects'ng the impact our bungalow has on their holiday experiences. Looking ahead, the foundation is wnsidering expanding its seNices by erecting an additional flat spaces bungalow. However. this growlh will be pursued vilh careful consideration of location and an understanding of current demand. We recognise the importance of strategic planning to ensure that any new developments align vith the needs of our community and enhance our service offerings. In reVI41n9 our financial perf0mnCe lor the year, the I81(Jener8ted an incon of £26.904. While this is commendable achievement, rt fell short of our anliapaled budgetary tsrget of £30,tJ)O, resulting in an adverse variance of £3.096 We had initially projecied a conlribution lo our chantable actNities of £11,983. However, unforeseen additsonal costs arKI the necessity for equipment renewal signfficantty impacted Our financial outcomes, leading to a ffinal contribution of £3.784. Despite the financial shortfall, the foundation remans committed to its missK>n and is actively seeklrKJ ways to enhance its servlces and increase its capacity lo serve individuals viith physical limilations. The positive response from the community and the growing interest in our bungalow provides a solid foundation for fvture groNth. The management ommittee will continue to explore opportunities lor furKtraising and partnerships to bolster our financial posib'on, ensuring thal we can expand our offerings and maintain the quality of sepite thal our guests expect and deserve. We appreciate the support of our sk*eholders and l¢))k forbyard b another year of making a difference in the lives of those we serye. FINANCIAL REVIEW The charitable company achieved a surplus of £3,784 its actimties in the year lo 30 September 2024. compared to defi¢it of (£6,372) in Ihe prewous 12 month period. InrAme increased to £26.904 in thè year compared to £12,415 in the prewous 12 month period. Expenditu increased to £23.120 in the year compared to £18,787 in the previous 12 month period. The charitable company's reserves we £209.898 as al 30 September 2024 ccffipared to £206.114 as a130 September 2023. The Management C¢Jnmittee are pleased with the perfmance hIeVed for the period and IP financÉal stability of the charitable company. Prlnclpal FurKling Sourrns The prinapal fundiry sources of the tharilable comp are by way of donalions prinarity from Flat SpaGes (Ropley) Ltd. Invostrnent Policy The Management Committee considers the most appropriate FY for investir)g ffiJnds is to keep the fvnds in liquid fom via investing in bank and building so(xety deposit accounts. [lICY is continUouY under remew.
Page15 REPORT OF THE MANAGEMENT COMMirrEE (Continued) For the year ended 30 September 2024 ReseNes Pollcy and Golng Concem The Management Comrnittee detemined IhaL in ordw to provide for fluctuations in income and expenditure: ensure continuity of seNices,' and save for the fijture risks to Flal Spaces Foundation and its staff it would work towards holding a sum of money equivalent to three months of resLxJrces expended. As at 30 September 2024 that would equate to a maximum of £5,780. The actual free reserves held at that date was £209,898 (2023: £206,114). The Management Committee is of a view that the charitsble company is a going conGem. PLANS FOR FUTURE PERIODS We are actively looking for more sites county-wde Up1 we can buikl more fully accessible holiday bungalows in the style of Flat Spaces Ropley. STRUCTURE. GOVERNANCE AND MANAGEMENT Govèrning Document The organisalion is a charitable company limited by guarantee. ircorporated tx 23 June 2014 and registered as a chanty on 12 January 2015. The charitable company was eslablished under a Memorandum 0fAssociati. sthich estatlished the objects and powers of the charitsble company and is govemed under its tiCleS of Ass¢xiation. In the event of the company being VK)und up. the member is required to ¢tribUte an amount n( exceeding £10. Recrultment and Appointrnent of Management Committeo The directo of the charitable company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of Ihe Management Committee. Under the requirements of Ihe Memorandum and Articles of AssociatM)n, the members of the Management Committee are electèd to serv8 for a period of three years, after which they must be rLYlected al Ihe next knnual Genwal Meeting. AJI trustees give Iheir time voluntarily arKJ receive rK) benefit from the charitable company. Trustee Inductlon and Trainlng Trustees are familiar with the work of the charitable company. New trustees meet with the chair ofthe trustee board who provides a briefing on thè charitable company. its aims arKI obje¢tsves indLMJing: The obligation of board members. The main documents, %hich set out the operatK)nal framthth ts the charitable company including the Memorandum of Artides. The financial position of the organisation including the Jast set of audited Financial Slatements and funding streams. Future pfans and objectives. All trustees a provided wth a copy of CC3, "The Essential Trustee Guide. and CC60'Halknarks of an Eff1[Ye Charrty". Trustees also attend the charitable company's user feedback IUrheS and teas. Organlsational Structure The organisalional structure comprises a board of two trustees who meet at least four times a year arKI sit under the Social ca in Action board. The current Management Committee come from a variety of backgrounds relevant to the work of the charitable company Including health and social care. mental health, third sector, human resources. financial and business communities. The Social Care in Action board are responsible for the strategic direcbon and policy of all the charitable companies. The day-to-day operats'on and responsibility is delegated to the Chief Executive of Social Care in Action who is responsible for ensuring Ihe companies deliver the seNices specified. meet the key performance targets and stay within agreed budgeL The Chief Executive delegates the responsibility for the day-t04Jay management of Flat Spaces Foundation to its Executive Officer who oversees delivery at the sile. There is an Audit and Remuneration Committee comprising Social Care in Action's Treasurer. Trustees, Chief Executive. and Head of Finance, whith reviews expenditure against budgets and the general financial health and ntrol systems of the charitable companies. Related Parties The other members of the group are Social Care in ktton, SCA Care, SCA Transport Services. Southampton Healthy Living, Options Wellbeing Trust, The Steven James Practice and Rat Spaces (Ropley) Limited. Social Care in Action. Options Wellbeing Trust and The Steven Jarnes Practice are Companies limited by guarantee and registed Charities.
Page16 REPORT OF THE MANAGEMENT COMMITTEE (Continued) For the year ended 30 September 2024 Related Parttes (continued) Southampton Healthy Living is a cornpany limited by guarantee. Flat Spaces {Ropley) Limited is a company limited by Shares. SCA Care and SCA Transport Services are all Registered Societies under the Co-operative and Community Benefit Societies Act 2014. The charitable company and registered societies are all operated and managed on a unified basis with Social ca in Action acting as the parent body. Key Management and Personnel Remuneration The Management Committee consider the Management Committee and the Chief Executive Officer comprise the kay management personnel of the charitable company in Charge of directing and controlling the charitable Company and running and operating the charitable company on a day-today basis. All Management Committee members give their time freely and no remuneralion to members of the Management Committee was paid in the period. The pay of ihe Chief Executive Officer is reviewed by the Managemenl Committee periodically on the basis of the performance of the individual concerned and the charilable company as a whole. RESPONSIBILITIES OF THE MANAGEMENT COMMrrrEE The charitable company's Management Committee (who are Trustees for the purposes of charity law and dir8Ctors for the purposes of company law) are responsible for preparing an annual report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Management Committee to prepare Financial Statements for eath financial period, which give a true and fair view of the state of the affairs of the ¢haritable company as at the Balance Sheet date and of its incoming resources and application of resources. including income and expenditure. for the financial period. In preparing those Financial Statements. the Management Committee is required to- select suitable accounting policies and then apply them ¢onsislentty: observe the methods and principles in the Charities SORP (FRS 102)., make judgments 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 concern bass unless it is inappropriate to presume that the charitable company will continue on that basis. The Management Committee is responsible for keeping proper accounting recd5 that disdose. with reasonable accuracy at any time. the financial position of the charitable company and to enable them to ensure that the Financial Slalements comply with the Companies Act 2006. The Management Committee is also responsible for safeguarding the assets of the Ghantable company and. hence. for taking reasonable steps for the prevention and delecb'on of fraud and other irregularities. The Managefflent Committee is responsible for the mainlenance and inle9rity of the corporate and financial information included on the charitable company's website. Legislation in the United 'ngdorn governing the preparation and dissernination of the Financial Statements may th'ffer from legislation in olherjurisdictions. Approved by th• Managemont Commlttoe on 4 April 2025 and sign•d on Its behalf by: E Hickman Chalr
Pag¢17 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FLAT SPACES FOUNDATION (LIMITED BY GUARANTEE) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Oplnlon We have audiled the financial ststements of Flat Spaces Foundation for the year erKled 30th September 2024 which comprise the Statement of Financial Activities. Ihe Balance Sheet. the Stalemenl of Cash Flows and notès to the financial statements, including significant accounting pdicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102. the Financial Reporting Slandard applicable in the UK and Republic of Ireland {United Kingdom Generally A¢¢epted Accounting Pra¢ti¢e). In our opinion the financial statements: give a true and fair view of the charitable company's slate of affairs as at 30th September 2024 and of ils incoming resources and application of resourGes, including its income and expenditure. for the yeaf then ended: have been properly ppared in accordance wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance V•ith Ihe Companies Act 2006. B•si$ for opinion We conducted our audit In accordance with Inlemational Standards on Auditing {UKI {ISAs {UK}) 8nd applicable law. Our responsibilitie5 under Ih05e standards are further desciibed in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wth the ethical requirements that are relevant to our audrt ol the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilib'es in accordance with these requirements. We believe that the audit evidence we have obtained is Sufflent and appropriate to provide a basis for our opinion. Con¢lu8lons ralaling to golng concwn In audfting the financial staternenls. we have concluded that the tru$tee$' use of the going concern basis of accounting in the preparation of the financial ststements 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 charitable company's ability lo continu8 as 8 going concem for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsobilities of the trustees v*lh sPeCt to going cM¢em are described in the relevant seclions of this report. Other Infomiation The other infomation comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other inforrnation and. excepl to the extent othewse explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the ffinancial statements or our knowledge obtained in the Course of the audit or otherwise appears to be malerialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to 8 material misstatement in the financial staternents themselve5. If, based on ihe work we have perforrned, we condude that there Is a material misstatement of this other infomiation we a quired to report that fact. We have nothing to report in this regard.
Page18 INDEPENDENT AUDITOR'S REPORT (Continued) For the year ended 30 September 2024 Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report which includes the Diredors, Report for the financial year for which the financial statements are prepared is Consistent with the financial statements,. and the Trustees. Annual Report whith includes the Directors. Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and undersianding of the Charitable company and its environrnenl obtained in the cours8 of the audit, we have not identified material misstalemenls in the Trustees. Annual Report. We have nothing lo report in respect of ihe followng matters where the Companies Act 2LK)6 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 agreernent with the accounting records and retums,. or certain disclosures of trustees. remuneration spectfied by law are not made.. or we have not received all the infomation and explanations we require for our audit. Rosponslbllltl¢s of trust•es As explained more fully in the Trustees, Responsibilities Statement set out on page 6, the trustees (who are also directors of the charitable company for the Pufposes of company law) are responsible for the preparatson of the financial statements and for being satisfied that they give a true and fair wew. and for such inlemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misslalement, vthether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable companys ability ta continue as a going concem, disclosing, as applicable. matters related to going concem and using the going con¢em basis of accounting unless the trustees either inlend to liquidate the charilable company or to cease operations, or have no realistic altemalive io do so. Audltor's responsibllttles for the audlt of the flnanclal statements We have been appointed as auditors under the Companies Act 2006 and report in aCcordae with regulations made under Ihat Act. Our objectives are to obtsin reas(Thble assurarth a)ut vthether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audrf(orfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audtt conducted in accordance ¥Mth ISAS (UK) will always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in ihe aggregate. they could reasonably be expected to influence the economic decisions ol users tsken on Ihe basis of these financial statements. Irregularities. including fraud. are instan¢es of noncOmpliance wih laws and regulations. We design procedures in lin& with our responsibilities. oulined above, to detecl material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these a Capable of detecting irregularities. including fraud are detailed below.
Pag¢ 19 INDEPENDENT AUDITOR'S REPORT (Continued) For the year ended 30 September 2024 Idenllfying and assessing risks related to Irregularities: We assessed the susceptibilty of the charitable company's financial statements to material misstatement and how fraud might occur. including through discussions with the trustees. discussions vthin our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial slalements. We identified laws and regulations that are of significance in the context of the charitable company by discussions trustees and updating our understanding of the seclor in which the charitable company operates. Laws and regulations of direct significance in the context of the tharitable company indude The Companies Act 2006, and 9uidance issued by the Charity Commission for England and Wales. Audit rasponse to risks idontified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related fi'nancial statement items including a review of financial statement disclosures. We reviewed the charitable company's records of breaches of laws and regulations, minutes of rneeb'ngs and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team. the engagement partner drew attention to the key areas which might involve non<ompliance with laws and regulations or fraud. We enquired of mana9ement whether Ihey were aware of any Instances of non-compliance with law and regulations or knowledge ol any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of c<)ntrols by testing the appropriateness of journal enlries and Identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether Judgements made in making accountin9 estimates gave rise to a possible indicats'on of management bias. At the completion stage of the audrt, Ihe engagemenl partnerfs review included ensuring that the team had approached their work with appropriate professional sceplicism and thus the capacity to identify non<ompliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non<ompllance with laws and regulations is from the events and transa¢lions flected in the financial staternents. the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detè¢ting one resulting from error, as Iraud May invotve deliberate concealment by, for exam e. forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Councifs website at.. or res This description lomis part of our auditorfs report. Use of our r•port This report is made solely to the chafrtable company's mernbets, 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 rnight state to the charitable company's members those matters we are required to state lo them in an audit¢5 report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume respongbility to anyone other than the charitsble company and the charitable company's members as a body. for our audit work, for this report. or for the opinions vle have formed. Date". Casidhe 8aleri (Senior Statutory Auditor) for and on behalf of Saffery LLP - Statutory Audilor5 Boumemouth office Midland House 2 Poole Road Bournemouth BH2 5QY Saffery LLP is eligible to act as an auditor in lemis ol section 1212 of the Companies Act 2(M)6
Page 110 FLAT SPACES FOUNDATION (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Funds year ended 30 Sept 2024 Total Funds year ended 30 Sept 2024 Total Funds year ended 30 Sept 2023 Notg INCOME Donations and grants Investments 26.500 404 26.500 404 12.200 215 TOTAL 26.904 26.904 12.415 EXPENDITURE Charitable activities (23.120) (23,120) (18,787) TOTAL (23,120) {23,120) (18,787) NET INCOME I {EXPENDITURE) 3,784 3.784 (6,372) NET MOVEMENT IN FUNOS FOR THE YEAR 3.784 3.784 (6,372} RECONCIUATION OF FUNDS Total funds broughl forvrdrd 2(,114 206,114 212.486 Total funds carried forward 209,898 209.898 206,114 The Ststement of Fina{al Activities iflUdeS all gains and losses in the period. All income and expenditure derive from continuing a1vitIes.
Paoe 111 FLAT SPACES FOUNDATION (UMITED BY GUARAKfEE) BALANCE SHEET AS AT 30 SEvfEMBER 2024 Sept 2023 2024 Not FIXED ASSErs Tangible fixed assets Investfflents 411,445 100 412,132 100 TOTAL FIXED ASSErs 411.545 412,232 CURREKf ASSETS Cash at bank and in hand 18,122 40,932 TOTAL CURRENT ASSErs LIABILITIES Credltors: Amounts falling due withln one year 18,122 40,932 10 (219,769) (247,050) NET CURRENT UA81LITIES (201,647) (206,118) TOTAL ASSETS LESS CURRENT LIAelLmES 209,898 206,114 NET ASSETS 209,898 206,114 THE FUNDS OFTHE CHARITABLE COMPANY Unrestricted Funds 12 - General Fund Strategic Fund valualion reserve 27,412 40,923 141563 23,628 40,923 141563 12 Total Unrestrided Income Funds 209,898 206,114 TOTAL CHARITABLE COMPANY FUNDS 209,898 206,114 The direclors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation ot financial stalernents. The Management Committee has prepared Financial Statements in accordance with the special provisions of Part 15 of Ihe Cornpanies Acl relating to small companies and constitute the annual Financial Slaternents required by the Companies Act 2006 and are for circulation to members of the charitable company. The notes on pages 14 10 19 form part of these Financial Statements. Approved by Ihe Management Committee on 4 Aprll 2024 and signed on lis behalf by: CknLA (( &_ E HICKMAN 0 BALL REGISTERED COMPANY NUMBER: 09098286
Page 112 FLAT SPACES FOUNDATION {LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Year Year ended ended 30 Sept 30 Sept 2024 2023 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used by operating activities (23.214) (7,701) CASH FLOWS FROM INVESTING ACTMTIES Interest reiVed Acquiring new assets 215 (1.245) NET CASH PROVIDED BY I (USED IN) INVESTING ACTMTIES 404 (1.030) Change in rAsh and cash equlvalents In the period (22,810) (8,731) Cash and cash equrvalents at the beginning of the period 40,932 49,663 Cash and cash equlvalent5 at the end of the period 18,122 40,932
Page113 FLAT SPACES FOUNDATION (LIMITED BY GUARANTEE) NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Year ended ' 30 Sept 2024 Year •nded 30 Sept 2023 Net {expenditure) I Income for th• perlod (as per th• Statement of Flnancial Acllvhles) 3.784 (6.372) Adjustrnent5 for: Interest Received Revaluation Depreciation charges Increasel{Decreasel in ueditors (4041 (215) 687 (27,281) 613 (1.727) Nel cash (usedy provlded by operatlng actlvltl•s (23,214) (7,7011 ANALYSIS OF CASH AND CASH EQUIVALeNTS Year ended 30 Sept 2024 Year ended 30 Sept 2023 Cash at bank and in hand 18,122 40.932 Total cash and cash equivahnts 18,122 40.932
Page 114 FLAT SPACES FOUNDATION (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 ACCOUNTING POLICIES Charity Infomiation Flat Spaces Foundation is a charitable company established under its Memorandum and Artides of Association and registered with the Charity Commission and Companies House in England and Wales. The principal address is.. 1 Paynes Road. Souihamplon S015 3DL. The charitable company is a public benefit entity. The principal accounting policies adopted. judgments and key sources of estsmation uncertainty in the preparation of the Financial Statements are as follows.. (a) Basis of Preparatlon The Finanual Statements have been prepared in accordance Vth Accounting and Reporting by Charities.. Statement of Recomrnended Praclice applicable to charits'es preparing their Financial Slaternents in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20151- (Charities SORP {FRS 1021 induding early adoption as amended January 2016>, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies A¢l 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless othernvise slated in the relevant a¢¢ounting policy nole{s). The Financial Statements are prepared in sterfing. which is the functional currency of the charitable ompany. Monetary amounts are rounded to the nearest £. (b) Income All income is included in the Slalement of Financial Activities vthen the charitable company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are appli8d lo particular calegories of income: Donations and legacies are received by bvay of donations and gifts and are included in full in the Statement of Finanaal Activities when the charitable company becomes unconditionally enlilled to the donation. Donated seNices and facilities are included at the value to the charitable Company where this can be quantified. The value of services provided by volunteers has not been included in these Financial Statements. Investment income is included en receivable. Grants, whether 'capital" grants or "revenue" grants. are recognise(l len the charity has entitfement to the funds. any performance conditions attached lo the grants have b88n met, it is probable that the income will be recwved and the amount can be measured reliably and is not deferred. {c} Expendiluro Expenditure is recognised on an accruals basis as a liability Is Incurred. Expenditure includes VAT, a5 the charitsble company is not VAT registered and is reported as part of the expenditure to which it relates. Expenditu on charitsble a¢bvilies comprises those Costs incurred by the charitable company in the delivery of its activities and services for ils beneficiaries. It includes both costs that Can allocated direcuy to such activities and their associated support costs. Support costs are those functsons that assist the work of the charitable company but do not direclty undertake the charitable activities. These costs have been allocated betr*veen the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource and are apportioned on time. usage or govemance. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and indude the audil fees and costs linked to the strate9i¢ managemenl of the charitable company. (d) Tangible Flxed Assets Tangible assets are measured at cost less accumulaled deprecialion and any accumulated impaimenl losses. Freehold pertIeS are subsequenlly measured at iheir fair value and are to be revalued every 5 years. Fixed assets costing rn0 than £1,000 we capitalised at cost. Depreciation is provided at the folSowrng annual rates in order to WTlteff each assel over its estimated useful economic life: Fixtures and fittings 20Yo Straight Line Computer equipment 25Yo Straight Line Freehold OpertY (buildings)
Page 115 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 30 September 2024 ACCOUNTING POLICIES (Continued) (e) Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued al the amount prepaid net of any trade discounts due. (fj Cash al Bank and In Hand Cash al bank and in hand includes Gash and short term highly liquid investments wth a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. (g) Creditors and Provlslons Creditors and provisions are recognised where the tharitable company has a presenl obligation resulting from a past event that wll probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or esb'mated reliably. Creditors and provisions a rnrmally recognised at their settlement amount after allowing lor any trade discounts due. (h) Taxation The charitable company is exempt frorn Corporation Tax ils d)aritable activities. Fund Accountlng Unrestricted funds Conslsl of the general purposes fijnd and destgnated funds. Designated funds are funds established by the Management Committee from time to time for specific Projects or purposes, are not in any way r8slricted and any surplus or deficit will be transferred tolfrom the general purposes fund when the designaled fijnd is closed. Restricted Funds are funds subjecl lo specific restrictions imposed by donots or by the purpose of the appeal. The purpose and use of designated and restricted funds is set out in the notes to trie Financial Statements. ') Flnanclal Instrurnents The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. BasiG financial instruments are initially recognised at transaction value and subsequently measured at their settlement value the exception of bank loans which are subsequenyy measured at amorbsed cost using the effective interest method. (k> Signifi¢ant Judgm•nts and Estlmales Preparation of the Flnancial Statements may require management to make signifant judgments and estimates. There are no items in the Financial Statements where judgments and estimates would have a significant effe¢1 on amounts recognised in the Financial Statements. Inveslrnent Property Investment properties are initially measured at cost and subSeqUenY al fair value at trie reporttng date, with the change regnised in Ihe statement of financial activities. DONATIONS AND GRANTS Year Yéar ended ended 30 Sept 30 Sept 2024 2023 Donations 26,500 12,200 Total 28,5 12,200 Income froffl donations was unrestitted in toth the Current arHd prior year.
Page 116 NOTES TO THE FINANCIAL STATEMENTS {Continued) For the year ended 30 September 2024 INVESTMENTS Year ended 30 Sept 2024 Year ended 30 Sept 2023 Bank interest 404 215 Income from donations vrds UnreStted in Ix)th the current and prior year. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Year ended 30 Sept 2024 AccommodationTotal Year ended 30 Sept 2023 Total Provislon Sub Contractors Grants Made Support costs Govemance costs 15.840 1,500 3.780 2,000 15,840 1.500 3,780 2,000 15.720 600 2,467 Total 23.120 23.120 18.787 The expenditure on tharitae actj'vities was unreslricled In both Ihe current and byior year. See note 7 for details of the donations made. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The charitable company identyfies the costs of ils support functions. 11 then identifies those costs that relate to the govemance function. Having identified ils govemance costs, Ihe remaining support costs tO9ether with the govemance costs a apportioned between the key chafttable actsvities undertaken (see note 4) in the period. Refer to the table below for the basis for aPp¢)rnfflenl and ihe analysis of support and governance Costs. Year ended 30 Sept 2024 Total Funds Year ended 30 Sept 2023 Total Funds General Support Basis of Apportionmant Gov•mance Travel and subsislence Office costs Advertising and promotions Websile development Legal and professional fees Audit Bank charges and interest Depreciation 679 Usage 800 Usage 58 Usage Usage 155 Usage Governance 162 Transactions 613 Usage 1,498 1,498 1,377 1,377 2.1)00 218 218 Total 3,780 2.000 5,780 2,467
Page 117 NOTES TO THE FINANCIAL STATEMENTS (Continued) For Ihe year ended 30 September 2024 NET INCOME I (EXPENDITURE) FOR THE YEAR ThFs is stated after tharging.. Year ended 30 Sept 2024 Year ended 30 Sept 2023 Depreciats'on Audrtorfs remuneralts)n- Audit fee 613 2.000 ANALYSIS OF STAFF COSTS. TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL No employee received emoluments of more than £60.000 during the period (2023 - nil). .The average number of employees during the peri¢Jd was nil (2023- nil) During the year £3.213 was donated to Flat Spas {Ropley) Ltd {2023.. £eth) lo prowde dlscounted holidays. Flat Spaces (Ropley) Ltd Is a MpanY that until Au9USt 2022 was ovmed by Mr T Yendell. a Trustee. TANGIBLE FIXED ASSETS Freehold Flxtureg Property & Flttings Tolal Cost At 1 October 2023 Additions 410,0(X) 29,991 439.991 At 30 September 2024 410.000 29.991 439.991 D•praclatlon At 1 October 2023 Charge for the period 27,859 27.859 At 30 Sopt•mber 2024 28,546 28,546 Net Book Values At 30 September 2024 410,ory) 1.445 411.445 At 30 September 2023 410,000 2.132 412.132 In Ihe accounts for the pericK4 ended 30 September 2022. the charitable company revalued the freehold property to fle¢t its fair value. The ValuationS for the propety were based on valuations carried out by Vospers (chartered surveyors) in August 2021. The Trustees have rewewed this for the year ended 30 September 2024 and do not feel there has been any material change in the valuation of Ihe propety. INVESTMENTS 2024 2023 Cost At 1 Cktober 2023 and At 30 S¢ptember 2024 11x1 100 The invesknent represents the Sha Capital at par of Flat Spaces (Ropley) Ltd
Page 118 NOTES TO THE FINANCIAL STATEMENTS {Continued) For the year ended 30 September 2024 10. CREDITORS: Amounts falling due within one year 2024 2023 Accruals Trade Creditors Amounts owed to related societies.. Flat Spaces (Ropley) Ltd - Social Care in Action 2.923 1.320 1,320 1.485 214.041 223 245.S)7 Tolal 219,769 247,050 FINANCIAL INSTRUMENTS Financial instruments measured al amortised cosl ¢(xnprise the following: 2024 2023 Finanoal liabilities that a debt.instruments 4,243 1.320 12. ANALYSIS OF CHARITABLE FUNDS At 01.10.23 Incomlng Outgolng At Resourrns Resources 30.09.24 Unrnstricted Fund$ General Fund Strategic Fund Revaluation Resep4e 23,628 40,923 141.563 26.904 (23.120) 27,412 40,923 141.563 Totsl Unrestricled Funds 206.114 26.904 (23,120) 209.898 Total Funds 206.114 26.904 (23,120) 209,898 Unrestrlcted Funds Unrestricted funds comprise Ihe following fvnds. General fund - to use in accordance with the chartsble objects and to fund the charilable company's net ffixed asset$. Strategi¢ fund - to use for maintaining Ihe propety al Ropley in good order. Revaluation reserve - arose as a resuh of the revaluation of the charitable c(Ynpany's freehobj properties. Al IncomlTra Trnrbsf•r Outgoing At 01.10.22 Resources of FurKl$ Resource$ 30.09.23 Prlor 12 month eriod Unrestricled Funds General Fund Strategic Fund Revaluation Reserve Tolal Unrestrlcted Funds 30,00) 40,923 141,563 212,486 12,415 {18.787) 23.628 40.923 141.563 {18.787} 206.114 12,415 Total Funds 212.486 12,415 (18,787) 206.114 13 CAPITAL COMMITMENTS As at 30 September 2024 there were no Cats1 Commitments (2023- £nil).
Page 119 NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 30 September 2024 14. RELATED PARTIES Flat Spaces Foundation is a member of the SCIA group of social enterprises. The other members of the group are Social Care in Action. SCA Care. SCA Transport Services. Southampton Healthy Lilng. Opti¢)ns Wellbeing Trust, The Steven James Practice and Flat Spaces {Ropley) Limited. Al charitable COMpanS and registered soueties of Ihe SCIA group of social enterprises are operated and managed on a unified basis. Flat Spaces Foundation undertt)ok transathons vAth other related societies in the normal course of activities £0 (2023.. £0). At 30 September 2024. Flat Spaces FOundan had outslanding balances wilh lated societies as disclosed in Note 10. 15. TAXATION As a registered charity. the wKome is generally exempt from Corporation Tax under Section 478 of the Corporation Taxes Act 2010 by reason of ils chwitable (*'ects and activits'es. 16. LEGAL STATUS OF THE CHARITABLE COMPANY The charitable company is limited by guarantee and has no share capital. The liability of the member, in the event of winding-up, is limited to £10. 17. ULTIMATE CONTROL Flat Spaces Foundation is a member of the SCIA group of social enterprises. Social Care in Action is deemed to ultimatdy be the parent body of the SCIA group of social enterprises as it can exercise dominant influe1e over the charitable company. Soctal C8re in Action is ntrled by the Trustees, actirvj as Directcys of the Charitsble Company. The Trustees of Social ca in Actson appoint and remove the Trustees lo the Management Committees of all subsrdiaries. Social Care In Actlon is a dwritable company established under its'memffindum and Arbcfes of Association and registered viilh the Charity Commission {10969031 and Companies House in England and Wales (04526806). Copies of the cmsolidated acwunts Can be obtsined frn ts Fxinapal address al 1 Paynes Road Southampton S015 3DL.