Company Registratlon No: 10156361 (Wales) Regist8r&d Charlty No. 1168892 THE FERN PARTNERSHIP ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Williams Ross Limit8d Chartered Accountants CARDIFF
THE FERN PARTNERSHIP INDEX TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Page Legal and Admlnlstratlve Infomatlon Trust88s' Annual Report Independent Ex8minefs Report statement of Financial Activili8S Balance Sheet Notes fomilng part of the financial statements 10-17
THE FERN PARTNERSHIP LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDED 31 MARCH 2024 Reglstered Office F8mdale Community School Rear of Excelsior Terrace Femdale CF43 4AR Managing Trustees Roy Maddox (Chair) Cerl J Jones Howard Burge Nalhan Prygodzlcz D8vid O Dean Micha81 Davies Kelvln Jones (re8lgn8d S November 2024) (appolnted 22 F8bruary 2024) Company Secretary Mich811e Coburn-Hughe8 Bankers Unity Trust Bank plc. Nine Brlndley P18ce Birmingham B12HB Accountants & Ind8pendent Ex8mlner8 Williams Ross Limlted 4 Ynys Brldge Court Gwaelod y Garth Cardiff CF15 9SS Charity Reglstration No. 1188892 Company Registration No. 010156361
THE FERN PARTNERSHIP TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial slat8ments for th8 yaar 8nded 31 Mar¢h 2024 which are prepared to mèat thè rèquirements for a direclors. report and accounts for Companies Act purpos8s and th8 trust deed. The flnanclal stat8ments comply with the Charities Act 2011, the Companies Act 2006, the Mernorandum and Articles of Association, and Accountlng and Reportlng by Charities: Statement of Recommended Practic8 applicable to charities preparing thelr accounts in 8¢rdanCe wlth the Flnanclal Reportlng Standard appllcable In the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). structurej governance and managament Govarnlng Document The Fern Partnership {TFP) Is a charitabl8 company limlted by guarantee. It was incorporated on 29 April 2016 and reglslered as a chadty on 24th August 2016. The company was establlshed under 8 Memorandum of Assoclatlon whlch establlshed Its objects and powers and is governed under its Articles of Association. Organlsallonal Structuro The Trustees, who ere directors for Companles Act purposes, are re$ponslbla for the general control and man8gement of the charity together wlth the Company SeGretary. The Tru8tee8 glve thelr tlme freely and recalve no flnancial benefits other than the payment of expenses. Recrultment and appolntment of dlrector8 Trusteg vacancies had previously been filled via members of the School Govemors / School Management Team. In more r8C8nl y8ars th8 ch8rity has appointed new directors with specifiG skills, i.e. leg81 and HR, in order to complement the skill 88t of th8 Board with th8ir exp8rtisè. Inductlon and tralnlng of tru8t88s New Trustees are introduced to th6ir nèw rolè, given copies of approprlate documents and mat8rlal from the Charity Commission and hav8 th8 OPPOrtunlty to attend tralnlng that Is relevant to on their role aB 8 truBtee. Prlnclpal actlvlty and publlc bonèflt statamènt The Twstees believe that the Chadty provldes benefft to th6 public by helping to 8dvanc8 th8 education of puplls of Ferndal8 Community School by working to partneT5hip vAth staff, governors and th8 local community to raise funds for items and actlvitles over and above those whlch the local educatlon authorlty provldes. Flnanclal Revlew There was an operating surplus for the year under review of £4,077,1.e. an exce55 of income over expendlture (2023 - surplu5 of £5,538). R8vlew of the Year and Plans for Futurè Pèrlods Our management team has conslstently strengthened its capabllities, both In driving the organisation fornard and In managlng dally operatlons. The team ConnueS to demonstrate the skills and qualltles needed to navigate challenges eff&Gtlvely, ensurfng smooth operatlons even In these demanding times. Thelr dedlcation and leadership have been instrum8ntal to our contlnued success and growth. In March 2022, wo initiated dlscusslons wlth our landlord at Fuze regarding the potential purchase of the building. Over the course of 2023-2024, our Chief Executive and the Directors of Operations & Development worked diligently lo secur8 over £1 million in extemal funding for the purchase. The sale was successfully comp18ted on 9th February 2024. This project pres&nted significant challenges. but the successful acquisition of grant funding has resulted in an annual saving of over £40,000 in rent. Additionally. owning the propety 8nabl8S US to future-proof our organisation, wlth thè support of external funding for necessary improvernents.
THE FERN PARTNERSHIP TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Revlew of the Year and Plans for Future Perlods (continued) The Fem Partnership successfully secured two new Flying Start contracts for childcare settlngs In Tylorstown and Penrhys. During th8 t8nd8r process, the senior management team raised concerns about the viability of the Penrhys provision, prompling several Clarification letters and meetings. Despite Ihese concems, RCTCBC detennined that the tender could only be subrnitted as a package Includlng both Penrhys and Tylorstown. The contract was successfully secured and ComMend in September 2023. Both sites operated for several months, but attendance at Penrhys remained Consistenlly low. To address this, an aGtlon plan was implernented. whlch included transporting childr8n by bus from P8nrhys to Tylorstown. how8v8r. uptak8 r8maln8d mlnlmal. Consequently. the Flylng Start provlslon at Penrhys was susp8nd8d In May 2024, with a rev18w planned for September 2025. Dovelopmentsl Project In April 2024, Senior Managers initiated negotiations to acquire a propety In Treorchy. The proposal alms to secure fundlng to advance our transformallonal strategy, whlch focuses on developlng a high-end dlsability inclusiv8 bistro with versatile, accessible training functions and spaces. Planning permission has b88n grant8d for change of us8 and a first-floor extension. The property is siluated on the High Strggt, which won the UK'S best high street in 2020. Collaboration with experiancgd architads and 8urveyors posltlons thls project as a k8y Gontrlbutor to the ongolng regeneratlon of Treorchys Hlgh Street. Treorchy is recognised for its cornrnunlty-led regeneratlon efforts, whlch revltallsed Its hlgh street and made It a vibrant centre for local commerce and social interaction, bul it is evident that this particular building is on the outskirts of th8 r8g8n8rated 8r8a coupl8d with thls arnbllious project would help Improve the flrst lrnpression and reg8n8ration of visitors to Treorchy town centr8, enhancing the overall 8ntry 8XP8ri8nc8 and contribuling to tha ongolng revltallsatlon of the ar8a. Our Chief Executive and the Dlrectors of Operations & Development have Inltlated dlscusslons wlth several funders, all of whom hav8 expressed strong support for the project. Cllmate Actlon In Septembor, our Dlreotor of Oper8tSons & Development was Invlted to Joln the Steerlng oroup of the RCT Cllmate Actlon Network. As a result, the organlsation embarked on Its NET ZERO journey with the support of EGIN peer mentors. Energy Efficiency Audits have been conducted on several properties, and an Action Plan is currently being developed to enhance the sustainability of our buildings by Improving their energy efficlency, whlch wlll help reduce costs. Fuzo Play & Cllmblng Centro Our c&ntre contlnues to thrlv8, reachlng unprecedented levels of actlvlty. We have expanded our offerings beyond the soft play area to include a wide range of programs, such as an After SGhool Club, Play Schemes, Baby & Toddler Groups, and themed aclivities. The online booking system ha5 been a significant success. streamlining worfrforce management. We recently upgraded to a faster. morg intuitive, and user-friendly system, which staff can now manage in-house. This upgrad8 has greatly improv8d èfficiency and 8nh8n¢ed our ability to deliver a more seamless service. The remalnlng reslllence govemment grants have been utlllsed to strengthen our buslness and establlsh a sustalnable Soclal Enterprlse. These funés have supporied the Development Officer role, which has become vital as the centre contlnues to grow. We malntsln strong partnershlps wlth local schools. particulaty Ysgol Henfelin. a special school for students aged >19 wlth dlverse needs. Through a current project. we offer voluntsry work experients to pupils aged 16 and over.
THE FERN PARTNERSHIP TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Fuz6 Play & Cllmblng Contro Icontlnuedl We were generously donated sensory room equlpm8nt, and we have slnce ralaunched thls provlslon. whlch has been a highly appreciated addition for our customers. Additionally, we have expanded our Additional L6aming Needs (ALN) provision, now offering more sessions for these children to fvrther support their devglopm8nt. F8rnda18 Communl Hwb Chlldcare 58rvlces Llttle Fems Ferndale continugs to grow and develop, wlth both of our chlldcare rooms conslstently busy and fvlly occupied. Our new Manager continu8s lo b& 8ffectiV8 and tha updated operation81 structure is working well in supportlng both staff and famllles. We secured the Spot Purchase Flying Start contract, whlch remalns a key element of our service offering. In additlon, we contlnue to provld8 Reglstered Education places, 30-hour chlldcar8, and sarve approxlmately 50 fee- paying children, ensuring a divgrse range of services that meet the needs of the local community. H¢)wever, we face ongolng Challenges due to changes In government fundlng for chlldcare, whlch remaln uncert8in, The potentlal impact on the fee-paylng 818m8nt of our provlslon Is yet to be fully understood. Additionally. the Increas8 In Natlonal Mlnimum Wage and National Insurance Contrlbutlons poses a concem for all chlldcare provld8rs, and w8 ar8 ¢ar8fully reviewing our financlal plannlng to manag8 these challenges effectlvely. Lolte Fundin and Su8t8inabilil We are incredibly grateful for the ongoing support provided by the Lottery Funding award of £350,000 ovgr five years. This funding ha5 bgen instrumental in helping us build a more resilient centre, enabling the employment of a Bu81ness Centre Manager and admlnlstrative support. These investments have contributed significantly to Improving the effici8ncy and sustainability of our operatlons. As the project Is sot to conclude In March 2026, our Chief Executive and Dlrector of Operatlons & D8velopm8nt hav8 Inits'at8d dlscussions with the Lott8ry and oth8r pot8ntlal funders to explore opportunities for continuation fijndlng. These conversatlons ar8 8SS8ntlal for ansurtng that we can contlnue to dellver hlgh-quallty seNices to th8 community b8yond the current fundlng cycle. ital Media Pro Our Digital Media prolect Is progressing well, with significant milestones achieved during the year. Sensory panels hav8 now b99n successfully Instslled in Ferndale. and the contraGt for the Installallon of a new interaclive board has b88n awarded. W8 antlClP8te receiving planning permission for the board by the end of December 2024. bringing us one step cIos8r to comp18tlng thls excltlng project. Govemm8nt Childcare Ex nsion Our Flying Start settings remaln busy whll8 upholding a high standard of service. Durtng r8c8nt CIW inspactions. all our settings were rated as excellent, refl8Ctlng the dedlcatlon and hard work of our Childcar8 Manager and staff. The Welsh Govemment's childcare expansion programme Includes the followlng: From Aprll 2024, working parents of 2-year-olds wlll be 8llglble for up to 15 hours per week of fre8 education and childcare. FroTn September 2024. working parents of chlldr8n aged 9 months to 3 years wlll be eliglble for up to 15 hours per week of free education and chlldcar8. This programrne is expected to further boost our numbers, whlch Is very positlve. How8vgr, the rlslng Natlonal Minimum Wage poses a significant challenge, and the upcomlng Increase In Natlonal Insurance Contrlbutlons (NIC) from April 2025 is likely to have a devastating impa(X on chlldcare providers.
THE FERN PARTNERSHIP TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Revlew of the Year and Plans for Future Perlods {continued) Our senior managers have proactively engaged with Assembly Members. local Counclllors. and other stskeholders to highlight the pot8nt181 effects of these govemm8nt changes. As a result of this local campaign. RCTCBC has agreed to revisit our grants and fees to accommodate thes9 challenges. We have already seen an Increase In our Flylng Start grant paymGnts thanks to these efforts. R18k8 and uncartalntle$ Our primary risk r8mains th8 ongoing incr8as8s in th8 National Minimum Wag8 (NMW) and National Insuranc8 Contrlbutlons {NIC). coupled wlth government fundlng that has not kept pace wlth rlslng costs. These flnancSal pressures are significantly imp8Ctlng childcare provlder8. forclng many communlty organlsatlons to close thelr operatlons. Additionally, Communities forwork funding will and on Aprtl 1, 2025, promptlng our Communlty Staff to seek alternatlve employrnent by Ihe summer of 2024. Desplte thls challenge, we contlnue to operate the popular Afler School Club at Maerdy Hub, funded by the Local Authority. Following a comprehensive options appraisal, it was decided that the Hub would transition to community managem8nt from Aprfl 2025, wlth Th8 Fem PartnershSp contlnulng to provld8 the After School Club. Whll8 fundlng for actlvltl8s remalns a rlsk, The Fem Partnershlp (fFP) has 8 strong track record of Securlng exlernal funding. We have robust controls in place to closely monitor costs and the term8 and conditionB of any grantfundlng. 8nsurfng wa maxlmlz8 811 avallable resoums. R888rvès Pollcy The Fern Partnershlp (TFPI currently relies on grant Income to sustslnlts 8Ctlvltle5, as earned Income alone would not be sufficient to continue op8rations. Therefore, If there were 8 reduction in grant funding, TFP would face the risk of closure. To mltigate thls rlsk, the Board of Trust88s has agr88d to malntsln a lev81 of flnanclal reserves to 8nsur8 that core operatlonB can contlnue for a perlod of thre8 months, should fundlng dlfflwltles ar18e. The board's prfmary Concerns are to ensure that.. Staff can contlnua worklng, wlth a focus on securfng new fundlng Servlce users are supported and transltloned to other servlce provld8rs ForeG8St8d spending 8nsur8S that funding is available until at least March 2025. How8V8r, In th8 @vent of fijnding difficulties, it has been calculated that reserves of £150.000 would be required to continue operations while altemative funding is pursued. Thesa reserves should b8 built up from unrastrlcted {88m8d} Income. Tha level of reserves will b8 calculated and monitored 8V8ry six months by th8 Board of Dir8Ctors. This policy will b8 r8V18w8d annually and wh8n8v8r th8re ar8 slgnlficant chang8s In staff hours or numb8rs Rasponslbllltlas of tho Trustees The charlty trustees (who are alsc the dSrectors of the charftable company for the purpo888 of company law) ar8 responsible for preparing a trustees, annual report and financial statements In accordance wlth applicable law and Unlted Kingdom Accountlng Standards (UnSted Klngdom Generally Accepted Accountlng Practlce). Company law requires the TrusteeB to prepare financial statements for each financial year which give a true and fair view of the slate of the affairs of the charitable company as at the balance sheet date and of its incoming resource5 and application of resources. including income and expenditure, for the financial year.
THE FERN PARTNERSHIP TRUSTEES. ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Responsibiltti88 of thè Trust88s (cor)tinuad) In preparing those financial stalements. th8 management committee should follow best practice and.. select sultable accountlng pollcles and then apply them consistently., observe the method8 8nd principles in the Chartties SORP; make judgements and estimates that are mson8bl8 and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures dlsclosed and explalned In the financial statements; pr8par8 flnanclal statements on the golng concem basls unless It Is Inapproprlate to assume that the oharitable company will continue on that basis. The Trustees are responslble for keeplng adequate accountlng records that are sufficlent to show and explain the company's transactions and disclose with reasonable acGuracy at any tlme the flnanclal posltlon of the company and that enable theTn to ensure that the flnancial statements comply with the Companies Act 2006. The Trustees ar8 also r8sponsib18 for saf8guarding thè assats of tha charitable company and hence for taking r8asonable steps for the prevention and d6t8Ction of fraud and other irr8gulariti8S. 8mall compan188 provlslon $tat•mont This report has been prepared in accordance wth the sm811 compan188 reglme und8r Compan188 Act 2008. Signed on behalf of the Trustees A(.,Id¥c Roy Maddox Chalrp•rson ,/,,/2/P Date
THE FERN PARTNERSHIP INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES YEAR ENDED 31 MARCH 2024 I report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 8 to 17. Respective responslbllttles of trustees and 8xamlner The charity's tnjstees (who are also the directors for the purposes of company law) are responslble for the preparation of the accounts In accordance wlth the requirements of the Companl8s Act 2006 {the 2006 Act). The charity's Injstees consider that an audlt Is not required for this year (under section 145 of the Charftles Act 2011 (th6 2011 Act)) and that an ind8P8nd6nt 8xamination is n88d8d. It 18 our responsibility to: examlne the accounts (under section 145 of the 2011 Act): to follow th8 procedures181d down In the Ganer81 Dlrectlons given by the Charfty Commlssloners (und&r section 145(5){b) of the 2011 Act). and to state whether particular matters have com8 to our attention. Bas18 of Indopendent examlnef8 report My examinatlon was Carried out In accordance wlth the General D1CtIonS given by the Charlty Commlssloners. An examlnatlon Includes a revlew of the accountlng records kept by the charlty and a comperison of the accounts presented wlth those records. It also includes considor81ion of any unusual Items or disdosures In the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audlt, and consequently I do not express an audlt oplnlon on the vlew glven by the accounts. Your attention Is drawn to the fact that th8 charfty has prepared th8 8ccount8 In accordance wlth the Accountlng and Reportlng by Chartlles.. Statement of Recommended Practlce appllcable to charltles In the UK and Republlc of Ireland preparing their acwunts in 8¢cord8nce with the Financi81 Reporting St8ndard (FRS 102) Issued on 16 July 2014 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. 5 understand that thls has been done In order for the accounts to provlde a twe and falr vlew In accordance wlth the Generally Acoepted Accounllng Practlce effectlve for reportlng periods beglnnlng on or 8ft8r 1 January 2015. Independent examlner's statement In connecllon with our examination, no matter has come to my attention: (1) whlch glves me reasonable cause to belleve that In any materlal respect the requlrements to keep 8ccountlng records In accordance with section 386 of lh9 2006 Act, and section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2006 Act and 2011 Act have not been met- or (2) to whlch, In my oplnlon, attentlon should be drawn In order to enable a proper understandlng of th8 accounts to be reached. att8ll for and behalf of Wllllams Ross Llmlted Chartered Accountants 4 Ynys Bridg8 Court Gwaelod Y Garth Cardiff CF15 9SS Date
THE FERN PARTNERSHIP STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 2024 Note Unrestrlcted Restricted 2023 Total Tolal INCOME Grants Income from charftable actlvltles Incom& from trading activities 0th8r Income Total Income 3a 3b 34,121 183,761 220,255 401,018 819 153 176,017 210.138 163.761 220,255 401,016 995.170 279,155 207.448 194,857 279,517 960,977 3d 176,017 EXPENDITURE Expenditure on charitable activities Expendlture on tradlng 8Ctlvities Total 8xpandllur8 578,520 237,733 816.253 174,840 753,360 237,733 991,093 720,920 234,519 955,439 174,840 Not Incomol (oxpendlture) 2,900 1,177 4,077 5,538 Transfer between funds Not movement In funds 3,376 (476) 4,553 4,077 5,538 Totsl funds brought forward 156,933 5,357 162,290 156,752 Total funds carrlod forward 156,457 9,910 166,367 162,290 Th8 8tat8m8nt of flnancl81 actlvltl88 includes all gains and lossas racognised in the poriod. All Income and expendlture d8rlv8 from contlnulng actlvitles.
THE FERN PARTNERSHIP BALANCE SHEET YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Flxod as88t8 169.026 67,017 Current assets stock Debtors and prepayments Cash at bank and In hand 4,441 263,560 89.603 357.604 4,238 70.143 162,697 237.078 La88: Curranl Ilabllltlè8 67,809 39.403 Nat ¢urr8nt a880ts 289,795 197,675 458,821 264,692 Long torm Ilabllltlas (292,454) {102,402) Total net assets 166 367 162290 Representlng: Fund8 Unrestrtcted funds Restricted funds 13 13 156,457 9,910 156,933 5,357 Total fund8 168.387 162,290 The company w88 entitled to exemption from audtt under $477 of the Cornpanles Act 2006 relating to 5mBII companles. The members have not required the company to obtain an audlt In accordance wlth sectlon 476 of tha Companies Act 2006. The directors acknowledge thelr responslbllities for complylng wlth th8 requlrem8nts of the Companies Act wlth respect to accountlng records and preparatlon of accounts. These account8 hav8 b8en prepared in accordanc8 with the provisions appllcab58 to small companles subj8Ct to the small companies r8gime and in accordanc8 wlth FRS102 SORP. Approved by the managing trustees on ....... . .and slgned on thelr behalf by: Roy Maddox Chairporson COMPANY REGISTRATION NUMBER: 10156361
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 1. Accountlng Pollci08 a) Basls of preparatlon Th8 financial stat8m8nts hav8 been prepared in accordance with Accounting and Reportlng by Charltles: statement of Recommended Pracllce appllcable to charltles preparlng thelr accounts In accordance with the Flnanclal Reporting Standard appliG8ble in th8 UK and Republic of Ireland (FRS 102) (effective 1 January 20151- (Charities SORP <FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Th8y also comply with the Companies Act 2006 and Charitle5 Act 2011. The Fem Partnership meets the definitlon of a publlc beneflt entty und8r FRS 102. Assets and liabilities are initlally recognlsed at hIst0Cal cost or transaction value unless otherwise stated in the relevant accounting Frfjlicy notes. b) Incomo Income Is r8cognis8d in th8 Statement of financial activities when the charlty Is entltled to the Income 8nd the amount can be quantlfled wlth reasonable accuracy. The following specific policies Bf8 applied to partlcular categories of income.. Voluntary income is received by way of donatlons and glfts and Is Includ8d in full in the Statement of Flnanclal Acllvltl8s wh8n rec8ivabl8. Th8 valu8 of services provided by voluntgers has not been included. Grants, Includlng grants for the purchase of fixed assets, are recognlsed In full In th8 Statement of FlnBnoial Activities In th8 year In whlch th8y are recelvable. c) Golng concern The accounts have been prepared on a golng concern basls as th8r8 ar8 no materlal unc8rt8inties over the charlty's contlnulng operatlon. d) Fund accountlng i) Unrestricted funds ara donatlons and oth8r Income r8C8iV8bl8 or g8n8rat8d for th8 objects of th8 charlty wtthout furth8r sp8cifi8d purpose and ar8 avallable as general funds. li} Restrtct8d funds are donatlons whlch the donor has speclfi8d are to be solely used for partlcular areas of the chartty's work or for specific projects being undertaken by the charity. 8) Expondlturo Expenditure is Included In the accounts on th8 accruals basis. It is r8cognis8d onc8 th8re is a legal or con61ructive obligation to mak8 a paym8nt to a third party, it is probab18 that settlement will be required and th8 amount of th8 obligation can b8 m8asur8d reliably. R880urces exp8nd8d ar8 allocated to th8 partlcular 8Ctlvlty where the cost relates dlrectly to that actlvEty. fj Intangible flxed assets Goodwill represents the excess of the cost of acqutsltton of unincorporated businesses over the fair value of net assets acqulred. It Is Inltlally recognlsed as an asset at cost and is subsequently measured at cost less accumulated amortlsatlon and accumulated impairment losses. Goodwlll is consldered to have a finite useful Itfe and has been amortised over Its expected useful Ilfe whlch Is 1 year. g) Tanglblg flxod assots All assets ar8 included in the accounts at original cost and are depreciated 86 detailed below. Individual assets costing under £5,000 are nol capi181ised. Depreclation is recognised so as to write off the cost or valuation of asBgts16ss their rasidual values ov8r thelr exp8Ct8d useful Ilves on the following bases:. Leas8hold improvements Furniture and fittings Motor vehicles 10% straight line 20% straight line 20Qh straight line 10-
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Ac¢ountlng Pollcles {¢ontlnued) h) Debtors Trade and othar d8btors are r8cognis&d at th8 setU8ment amount due after any rel8vant discount off8red. Prepayments are valu8d at the amount prepaid net of any trade discounts due. l) Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid Investments wlth a short maturity of thre8 months or less from the date of acquisition or opening of the deposlt or slmllar account. J) Credltors and provlslons Creditors and provision5 are recognised Whe the charity has a present obllgatlon resultlng from a past event that wlll probably r8suIt In the transfer of fijnds to a thlrd paty and the amount due to settle the obligation can be measured or estlmated rellably. Credltors and provlsions are normally recognised at their settlement amount after allovAng for any relevant d15¢0unts du8. k) Taxatlon Tha charity is 8x8mpt from Corporatlon Tax on Its charltable activltl8s. Its tradlng activiti8s ar8 taxabl8 but curr8ntly no trading surplus8s hav8 b88n 98nerated so that no Corporatlon Tax Is due to date. The posttlon on th18 wlll be k8Pt under revlew. l) Flnanclal Instrumont8 The charity only ha8 finencial assets 8nd financi81 liabllities of a kind that quallfy as ba8lc financlal Inslrumenls. Baslc financlal instruments are initially recognised at transadion valu8 and subs8qU8ntty m8asur8d at th81r s8tt18m8nt value. Lggal Status ol the Gharlty The charity Is a company limited by guarantee and has no share capltal. In the evgnt of the charity being wound up, the Ilablllty in respect of the guarantee is limited to £1 per member of the charlty. Income UnrMttht•d Funds Ro¥trl¢tod Funds 2024 Total 2023 Tot•1 a) Grants racèlvablg Awards for All COF Coop CommunitSes for Work Henry Smith Interlink Lottary Other Play RCT RCT COL RCT FS RCT Gardenlng REP RCT REP COL RCTSPF WCVA RF Winter H8rd5hlp WG 30hrs Income (carried forward to next page) 10,000 50,000 50,000 142 43,678 40,491 40,491 950 1,000 77.906 800 6.050 12,546 950 1,000 77,906 68.794 800 6,050 9,926 27.182 6,609 1,000 17,857 360 21.022 3,000 11.067 41.834 690 25.920 279.155 2,620 2,000 2.000 2,000 2,000 16,395 210,138 16,395 34,121 176,017
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Income (contlnued) Unre8trlcted Funds Re8trfcted Funds 2024 Total 2023 Total a) Grants rocolvable (contlnued) Brought forward to prevlous page 34,121 176,017 210,138 279,155 bl Income from charltable actlvltles F888 r8C8ivabl8 Other operatlonal Income 163.761 163.761 195,085 12,363 207,448 163,761 163,761 c) Income from tradlng actlvltles Tradlng Income 220.255 220.255 194,857 d) Other Incomo Contracts Other 397.447 3.569 401.016 397,447 3,669 401.018 279,517 279,517 819.153 176,017 995.170 960,977 EXpendIre on charltablo actlvltle 2024 Tot•1 2023 Totsl Ba818 of allocatlon Dlrect Dlr8Ct Direct DI¢t Direct Dlrect Direct Dlrect DI¢t Dlrect Dir6ct Direct Dir8ct P8rsonn81 costs Running costs In8uranc6 Rent Utiliti8s Repairs and renewals Advertlslng Computer, lel&phone and Int8rnet Motor and travelllng expenses Bank charges Interest charg8S Miscellaneous expenses Depreciatlon 691,945 134,063 9,594 77,946 10,839 627,476 165,904 8,352 75,042 13,119 1,495 148 7,975 1.801 3.840 2,436 4,252 16,755 928.595 164 13,864 1.851 3.720 1,530 1,289 16,754 963.558 Governance c08ts Accountancy and Independent examlner fees Dlrect 27,535 991,093 26.844 955,439 12-
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Net income l (expenditure) for the year This is stated after charying:. 2024 2023 Depredation Independent examiners fee 16,754 1,650 16.755 1.650 Salary costs staff c08ts Includlng apportioned amounts (excludlng oxpons05) woro: 2024 2023 Salarfes and wages Social security costs Employer pension contrtbutlons 652,423 18,784 20,738 691.945 599,024 15,138 13,314 627.476 The averag8 weekly number of dir8Ct employees during the year was as follows.. Management Admlnlstratlon and support Dlrèct $8rvlce delivery ApPrences1p1aceMents 51 49 83 60 No employee received emoluments of more than £60,000 durlng the year. Intanglblo a8sets Goodwlll Totsl Cost At 1 )rI1 2023 At 31 March 2024 20.000 20,000 20.oc 20,000 Amortlsatlon At 1 Aprfl 2023 At 31 March 2024 20,000 20,000 20,000 20,000 Net book value At 31 March 2024 At 31 March 2023 Tanglblo flxed assets Fr•ehold proporty L•as•hold Improv•m0nts Flxturns & flttln£8 Motor vehlcl•8 Total Cost At 1 April 2023 Additions Capitsl grants recelv8d At 31 March 2024 167,546 67,258 67,258 167,546 30,840 18,522 216,908 841,021 722,258 335,671 773.763 655,000 118,763 30,840 18,522 Depreciatlon At 1 Aprll 2023 Charge for the year At 31 Marth 2024 100.529 16.754 117,283 30,840 18.522 149.891 16.754 166.645 30,840 18,522 Net book value At 31 March 2024 118.763 50.263 169.028 At 31 March 2023 67.017 67.017 13-
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Debtors 2024 2023 Trade debtors Funding receivable Tax and social security Pr8paym8nts Deferred expendlture other debtors 37,787 21,633 147,348 6,041 43.000 7,750 263,560 30,276 26,317 13,550 70,143 10. Credltor8 - amounts falllng du8 wlthln one year 2024 Trade credltors Grants pald In advance Tax and soci81 security Olher cr8diior8 27,621 25,000 10,105 5,083 67,809 20,494 4,997 13,912 39,403 11. Credltorn- amounts due after more than ono year 2024 2023 Loan Daferred income 275,352 17,102 292,454 90,841 11,561 102,402 The loan above has 4 elements The first element 15 the repayable grant (£57.000) In respect of lobs cr88t8d In Fuze. The b818nce on th18 loan Is £34,004, Thls loan Is Interest frea and wlll be repaid by 31 March 2028 The second element Is the repayable part of the grant (£100,000) we received during COVID. Of thls loan, 80% Is repayable over 5 years with a low interest rate. The balance on thls loan at 31 March 2024 is £21,665 and wlll b8 repald by 31 March 2032. The third elBment Is our second loan In respect of Jobs created in Femdale Hwb. Wg exceeded our original target and the amount repayable was reduced from £88.000 to £18,669 We started repaying thls loan in 2023-24 and will be fully repaid by 31 March 2029 The final element is £200,000 In respect of propety purchase. The repaym8nts start8d in March 2024 and is a 20 year loan. The deferred income account compri8e8 of funding recelved from WCVA towards r8furblshm8nt and s8t up sts for the Fuze play centre. Durlng the year under review, there was a reallocatlon of resources beeen the loan and deferred Income elements resulllng from a review (xl the overall tenns of the flnanclng. 12. Analysls of not assets between funds NOt¢wr¢nt a•s¢ts1 {labl]Ki•&} T•ngtbl•fflx•d Long torm IlabtllllF• Unrestrlcted - General Restrfcted 189,026 279,885 9,910 289,795 (292,454) 156,457 9.910 166.367 169,026 292,454 14-
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 13. Movamènt on fund8 oth•r movom•nl4 At31 Mareh2024 At1 Apr2023 Expondituro Unrestrlcted - General Dèslgnated 126,933 30,000 156,933 819,153 (816,253) (3,376) 126,457 30,000 156,457 819,153 (816,253) (3,376) Restrictsd - Rev8nu8 Awards for All COF Communitl8s for Work Interlink Lottery ' RCT RCTSPF Wellbeing Wint8r Hardship wow 2,104 2,104 50,000 40.491 1,000 77.906 2.620 2,000 2,000 {50,000) {35,938) (1,000) (81,282) (2.620) {2.000) 12,000) 4,553 3,376 434 434 690 2,129 5,357 690 2,129 9,910 176,017 {174.840) 3.376 162 290 995 170 991093 166 367 Summary oftho abovo Unrestricted Restricted 156,933 5,357 162,290 819,153 176,017 995,170 (816,253) (174,840) 991093 (3,376) 3.376 156,457 9,910 166,367 Unrestricted general funds may b8 spent gener811y for the furtherlng tha charit8bl8 work of The Fem Partnership. The fund in this category is th8 G8ner81 Fund. The unrestrlcted de81gnated fund was WG Re8111ence fundlng has been secured to provid8 SUPPOrt io famili88 and young people who are suffering with mental health & well belng problems caused by Isolalion through COVID. Funding has b88n set aslde to work in partnership with Femdalg Communlty School to create a Wellbelng officer to support our families in th6 Communlty. Restrfcted funds :. Awards for All The Fem Partnershlp was awarded £10k in 2023-24 to deliver a number of Health & Wellbeing events across our communltles eg Jubllee events. Themed events , vislts to outslde attractlons. Communlty Ownershlp Fund (COF) The Fem Partn8rship was award8d £350,OCNJ. £250.000 capitsl and £50.000 revenue towards the purchase of Fuze Soft Play & Cllmbing C8ntr8. Communities for Work CFW is a governmont funded prol8Ct to help those adults furthest away from the labour into amploymént. It builds on our exlstlng programmes to tackle povety to help get people into work and helps engagem8nt wlth our communlty In Maerdy and Femdale. Interlink This grant was awarded by Interllnk to support famllles wlth food hampers etc through pressures caused by the cost of living crisis. 15-
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 13. Movement on funds (conlinued) Lottery People & Places funding was awarded to fund overhead costs of Ferndale Hwb. This funding has enabled us to 5tr8ngthen our back-offica support for tha whole organisation. Managing syst8ms such as f88 coll8Ctlon for chlldcar8 as w8118 booking system for Fuz@ Soft Play & Climbing Centre. RCT RCT funding (£1,000) for Neighbourhood NeIOrk project and £1,620 from th8 Communty Facilities RCTSPF The UK Shared Prosperlty Fund (UKSPF) Is a new fundlng stream for looal Snv8Stm8nt In accordance th the UK gov8mm8nt's Levelling up Ag8nda. This is a new funding programme for RCT and it Is antldpatsd that the third sector will benefit from thls funding up until March 2025, Winter Hardship Fund Thls grant was aw8rded by RCT to support families with food hampers etc through pressures caused by the cost of living crisis. Winter of W8llb8ing The F8m Partnershlp secured fundlng for a number of projects through RCT, Play schemés After School Clubs Baby & Toddler Groups, Summer of Fun and Winter of Wellbalng. All these funds help us provld8 actlvltigs for chSldren and young people. 14. Rolated partles No payment of salary or expgnses wa5 made to any direclors or the company secretary for the perlod under review. (2023- NII) 16-
THE FERN PARTNERSHIP NOTE TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 15. Comparatlve Statement of FlnanGlal Actlvltles - Year gndgd 31 March 2023 2022 Total Unrestrlctsd Restrlcted Total INCOME Grants Income from charitablg activities Income from tradlng actlvltles Other income 96,123 198,552 194,857 279.517 769,049 183,032 8.896 279,155 207,448 194,857 279,517 960,977 264,680 241,620 122,745 270,287 899,332 Total Incom8 191,928 EXPENDITURE Expenditure on charltable activities Expendituro on trading activities Total expendlture 534.349 234,519 768,888 186,571 720,920 234,519 955,439 753.495 127.745 881.240 186.571 Net Income l (axpondlturo) 181 5.357 5,538 18,092 Transfer between funds Not movement In funds 181 5,357 5,538 18,092 Totsl funds brought forward 156.752 156,752 138,660 Total funds carrlad forward 156,933 5,357 162.290 156 752 17-