**REGISTERED CHARITY NUMBER: 1169083**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31 March 2023 for St Thomas' Children's Centre**
Wright Vigar Limited Chartered Accountants & Business Advisers Northgate House Northgate Sleaford Lincolnshire NG34 7BZ
**St Thomas' Children's Centre**
## **Contents of the Financial Statements for the Year Ended 31 March 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|11|
|**Detailed Statement of Financial Activities**|12|to|13|
**St Thomas' Children's Centre**
## **Report of the Trustees for the Year Ended 31 March 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 Objectives and aims**
The objectives of the charity are:
The charity works for the public benefit having as its objectives the development and education of children and young people in particular by:
- 1) Promoting their care and safety;
- 2) Promoting their education and promoting parental involvement;
- 3) Promoting their health and wellbeing;
- 4) Providing services to support them and their families and carers;
- 5) Providing services to individuals holding membership of the CIO;
- 6) To advance and develop the education and training of the staff and management team who provide the care, education and recreational facilities.
It is our duty to ensure all that we do works towards achieving these objectives by using the powers the constitution affords us.
## **Public benefit**
When reviewing the charity's objective's and aims in planning future activities the trustees have considered the Charity Commission's general guidance on public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The charity's activities are to provide a breakfast club, pre school and kids' club for children in the local area.
Demand for our services across the three sections was good and steadily increasing.
The Pre-school is registered by Ofsted to take 68 children per session.
We are pleased to report attendance for the holiday clubs is steadily increasing.
## **Employment**
As at 31st March 2023 the number staff employed by the Centre is 21.
The National Living Wage levels were met and paid as from the 1st April 2022 and will also do so 1st April 2023. Auto enrolment pensions regulations are being complied with.
Staff ratios per child have been legally adhered to. When possible, the Centre Managers have reduced levels of staffing per session when possible to do so, in order to keep wages costs to a minimum.
## **Buildings**
There have only been the expected routine maintenance costs incurred. All required inspections have been made (fire, etc.).
A thorough analysis of Health and Safety and Risk Assessments has been completed via our human resources consultants. This is an important aspect of the trustees legal obligations to ensure the safety and well-being of all of the children, parents and staff who use our building and as such will continue forever more.
We have 'Possessory title' of the 'car park land' across the road from the Centre land and in 12 years' time (i.e. 2033) should apply for 'Absolute title'. The land can only be used as a car park and cannot be built upon.
We lease the building from Lincolnshire County Council on a ten-year lease. The lease has recently been successfully renewed to the 29th February 2032. The process of registering the lease with the Land Registry has yet to be completed (by the Land Registry).
Page 1
**St Thomas' Children's Centre**
**Report of the Trustees for the Year Ended 31 March 2023**
## **FINANCIAL REVIEW**
## **Financial position**
For detailed figures, please refer to the Financial report prepared by our auditors - Wright Vigar. Figures in brackets are for the previous year 2021/2022 for comparison purposes.
Cash and Bank income and expenditure. The Children's Centre had excess income over expenditure for the year of £7,588 (£8,964).
Our four main streams of income brought in £382,686 (£348,118) and other income £30,064, (£17,043) = total income of £412,750 (£365,161).
Wages costs and employer pension contributions for the year were £331,669. (£291,508). This constitutes 86.7% of our costs against our four main streams of income. This is just outside our target range of 80-85% of wages cost against our four main income streams.
All other costs amounted to £73,668 (£64,700). Total costs for the year £405,337. (£356,208)
Detailed financial monitoring has been taking place over the year to ensure the long-term financial viability of the Centre. Happily, this has been achieved.
The Fees, Wages and Finance Committee met in January 2023 to agree the fees charged to parents as of April 2023 and set the wage rates to be paid to staff as at 1st April 2023.
The current method of short-termly financial monitoring of the income and expenses of the Centre will continue by the Chairman, Managers and Committee in the coming year. Any necessary action to ensure the long-term financial well-being of the Centre will be taken.
It has been decided that due to the low interest investment rates and high inflation, the money deposited in the HSBC deposit account was not providing a sufficient return in investment in the best long-term interests of the Childrens Centre. Therefore, upon receiving independent financial advice, during February 2022 and October 2022 a total of £80,000 was invested in a Balanced Portfolio Wealth account, with St James's Place. The latest figures available as at 18th May 2023, show the fund is worth £74,635. The 'loss' is due to the normal initial management fees, approximately 5% (£4,000), but unfortunately 1½% (£1,500) is due to the war in Ukraine / President Putin. Under normal World circumstances it is anticipated the fund would have clawed back its initial capital investment value of £80k by now (May 2023). The fund is however performing as well as can be expected against all other indicators and funds and will grow at a greater rate when more normal times are upon us.
## **Reserves policy**
The reserves policy of the charity is to maintain unrestricted funds at a sufficient level which enables the charity to be able to plan, organise and operate future activities. The reserves at the year-end date are at a level which the trustees consider to be an adequate level. The trustees will continue to monitor the reserves held by the charity.
## **FUTURE PLANS**
Demand for our services has returned after the Covid-19 pandemic. Numbers are up.
We are pleased to report attendance for the Holiday clubs is particularly healthy.
Initial indications of attendance numbers across the four 'departments' of the Children's Centre activities are good and rising for the coming year 2023/24.
Last year (2021/2022) we reported financially, that 2022/23 was going to be a challenging year. Due to current economic and world events nothing has particularly changed for the year 2023 - 2024. We are still facing three significant cost increases this coming year:
a) wage increase due to the increase in National Living Wage regulations. b) energy costs, - we have been advised potentially rising by 175%.
c) lease payment - doubling.
All of this has been considered in our budgeting for the year and has meant we have had to increase our fees for the services we provide to our parents and carers in order to ensure the sustainability of the Centre. Monthly monitoring of income and expenditure will take place to ensure the long-term financial well-being of the Centre.
We are very aware of our importance in the community for providing good quality care for children, to parents who need to go out to work and our status as an employer of 21 members of staff.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
Page 2
**St Thomas' Children's Centre**
## **Report of the Trustees for the Year Ended 31 March 2023**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The charity is a Charitable Incorporated Organisation (CIO) governed according to its constitution and its registered number is 1169083. It was established on 8 September 2016 to take forward the work of the unincorporated charity which had the charity registered charity number of 1081559.
## **Recruitment and appointment of new trustees**
Trustees are recruited from parents and Carers who express an interest in wanting to 'put something back into the community' by volunteering to be on the trustees committee.
Persons or organisations from the wider community not directly involved with the Children's centre are also considered for membership.
1. Prospective trustees are interviewed by the Chairman and existing committee.
2. If both parties are willing to proceed, then the induction process is started.
## **Organisational structure**
The members of the committee shall meet not less than five times per year.
## **Conclusion**
In the day-to-day work of the Centre, providing quality care, education and recreation for all of the children who use the Centre, we can no doubt look forward to another successful year 2023/24.
The staff, their dedication and quality of work are the most valuable asset of the Centre. The Centre's success is down to the hard work and dedication of the staff and management for which we are all incredibly grateful. The parents and children who use the Centre can be confident they are using one of the best child-care services in the area.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1169083
**Principal address** Wyberton Low Road Boston Lincolnshire PE21 7RZ **Trustees** Mrs A L Smith S L Brown A Bradley (resigned 7.10.22) Mrs K L Wilkinson Mrs E L Martin E J Larkin (appointed 3.10.22) **Independent Examiner** James Sewell BA (Hons) FCA CTA Wright Vigar Limited Chartered Accountants & Business Advisers Northgate House Northgate Sleaford Lincolnshire NG34 7BZ 22/07/2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Stephen Brown Stephen Brown (Jul 22, 2023 16:39 GMT+1) ........................................................................ S L Brown - Trustee
Page 3
**Independent Examiner's Report to the Trustees of St Thomas' Children's Centre**
## **Independent examiner's report to the trustees of St Thomas' Children's Centre**
I report to the charity trustees on my examination of the accounts of St Thomas' Children's Centre (the Trust) for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Sewell BA (Hons) FCA CTA The Institute of Chartered Accountants in England and Wales
Wright Vigar Limited Chartered Accountants & Business Advisers Northgate House Northgate Sleaford Lincolnshire NG34 7BZ Date: ............................................. 23/07/2023
Page 4
**St Thomas' Children's Centre**
## **Statement of Financial Activities for the Year Ended 31 March 2023**
|2023
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
412,750
Investment income
2
175
**Total**
412,925
**EXPENDITURE ON**
Raising funds
3
1,500
**Charitable activities**
Charitable activities
396,899
Other
6,938
**Total**
405,337
Net gains/(losses) on investments
(1,930)
**NET INCOME**
5,658
**RECONCILIATION OF FUNDS**
Total funds brought forward
182,752
**TOTAL FUNDS CARRIED FORWARD**
188,410|2022
Total
funds
£
365,161
11|
|---|---|
||365,172|
||2,500
348,236
5,472|
||356,208|
||134|
||9,098
173,654|
||182,752|
The notes form part of these financial statements
Page 5
**St Thomas' Children's Centre**
## **Balance Sheet**
## **31 March 2023**
|2023
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
6
39,527
Investments
7
74,204
113,731
**CURRENT ASSETS**
Debtors
8
8,815
Cash at bank and in hand
77,768
86,583
**CREDITORS**
Amounts falling due within one year
9
(11,904)
**NET CURRENT ASSETS**
74,679
**TOTAL ASSETS LESS CURRENT LIABILITIES**
188,410
**NET ASSETS**
188,410
**FUNDS**
10
Unrestricted funds
188,410
**TOTAL FUNDS**
188,410|2022
Total
funds
£
45,541
47,634|
|---|---|
||93,175
9,995
88,192|
||98,187
(8,610)|
||89,577|
||182,752|
||182,752|
||182,752|
||182,752|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 22/07/2023
> Stephen Brown (Jul 22, 2023 16:39 GMT+1) ............................................. Stephen Brown S L Brown - Trustee
The notes form part of these financial statements
Page 6
**St Thomas' Children's Centre**
**Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
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 basis and has been classified under headings that aggregate all cost related to the 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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||2023|2022|
||£|£|
|Deposit account interest|175|11|
Page 7
continued...
**St Thomas' Children's Centre**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2023**
## **3. RAISING FUNDS**
## **Investment management costs**
|**Investment management costs**|||
|---|---|---|
||2023|2022|
||£|£|
|Support costs|1,500|2,500|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|
|---|---|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|365,161|
|Investment income|11|
|**Total**|365,172|
|**EXPENDITURE ON**||
|Raising funds|2,500|
|**Charitable activities**||
|Charitable activities|348,236|
|Other|5,472|
|**Total**|356,208|
|Net gains on investments|134|
|**NET INCOME**|9,098|
|**RECONCILIATION OF FUNDS**||
|Total funds brought forward|173,654|
|**TOTAL FUNDS CARRIED FORWARD**|182,752|
Page 8
continued...
**St Thomas' Children's Centre**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2023**
## **6. TANGIBLE FIXED ASSETS**
|Improvements
to
property
£
**COST**
At 1 April 2022
42,747
Additions
-
At 31 March 2023
42,747
**DEPRECIATION**
At 1 April 2022
3,436
Charge for year
4,275
At 31 March 2023
7,711
**NET BOOK VALUE**
At 31 March 2023
35,036
At 31 March 2022
39,311
**7.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 April 2022
Additions
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022
There were no investment assets outside the UK.|Fixtures
and
Computer
fittings
equipment
Totals
£
£
£
8,679
4,833
56,259
695
229
924
9,374
5,062
57,183
3,993
3,289
10,718
1,846
817
6,938
5,839
4,106
17,656
3,535
956
39,527
4,686
1,544
45,541
Unlisted
investments
£
47,634
26,570
74,204
74,204
47,634|
|---|---|
Cost or valuation at 31 March 2023 is represented by:
|||Unlisted|
|---|---|---|
|||investments|
|||£|
|Valuation in|2022|134|
|Valuation in|2023|(1,930)|
|Cost||76,000|
|||74,204|
Page 9
continued...
**St Thomas' Children's Centre**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2023**
## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other debtors
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN**
Taxation and social security
Other creditors
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|**ONE YEAR**
as follows:
Incoming
resources
£
412,925
412,925|At 1.4.22
£
182,752
182,752
Resources
expended
£
(405,337)
(405,337)
At 1.4.21
£
173,654
173,654|2023
2022
£
£
8,815
9,995
2023
2022
£
£
4,681
4,445
7,223
4,165
11,904
8,610
Net
movement
At
in funds
31.3.23
£
£
5,658
188,410
5,658
188,410
Gains and
Movement
losses
in funds
£
£
(1,930)
5,658
(1,930)
5,658
Net
movement
At
in funds
31.3.22
£
£
9,098
182,752
9,098
182,752|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
365,172
365,172|Resources
expended
£
(356,208)
(356,208)|Gains and
Movement
losses
in funds
£
£
134
9,098
134
9,098|
|---|---|---|---|
Page 10
continued...
**St Thomas' Children's Centre**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 March 2023**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.21
£
173,654
173,654|Net
movement
At
in funds
31.3.23
£
£
14,756
188,410
14,756
188,410|
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|778,097|(761,545)|(1,796)|14,756|
|**TOTAL FUNDS**|778,097|(761,545)|(1,796)|14,756|
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2023.
Page 11
**St Thomas' Children's Centre**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2023**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Pre-school fees
Pre-school funding
Out of school fees
Hot dinners
Other income
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Pensions
Rent
Water
Insurance
Light and heat
Telephone
Stationery
Sundries
Equipment
Activity items
Children's gifts
Staff uniform
Premises expenses
Cleaning
Subscriptions
Training costs
Refreshments
Hot dinners
**Other**
Improvements to property
Fixtures and fittings
Computer equipment
**Support costs**
**Finance**
Bank charges
Card charges
Investment costs
**Governance costs**
Legal fees
Carried forward|2023
£
46,925
263,404
68,411
3,946
30,064
412,750
175
412,925
317,763
13,906
6,500
2,295
1,832
4,277
728
2,039
2,040
103
5,674
1,352
1,132
5,872
4,309
6,521
2,169
7,793
6,599
392,904
4,275
1,846
817
6,938
138
364
1,500
2,002
1,183
1,183|2022
£
33,649
229,890
78,816
5,763
17,043|
|---|---|---|
|||365,161
11|
|||365,172
279,204
12,304
3,016
1,445
1,591
3,149
780
2,298
2,199
-
4,956
487
226
9,984
4,438
6,147
3,339
5,908
4,090|
|||345,561
3,436
1,257
779|
|||5,472
164
371
2,500|
|||3,035
-
-|
This page does not form part of the statutory financial statements
Page 12
**St Thomas' Children's Centre**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2023**
|**Detailed Statement of Financial Activities**
**for the Year Ended 31 March 2023**|||
|---|---|---|
|**Governance costs**
Brought forward
Accountancy and payroll services
Total resources expended
**Net income**|2023
£
1,183
2,310
3,493
405,337
7,588|2022
£
-
2,140|
|||2,140|
|||356,208|
|||8,964|
This page does not form part of the statutory financial statements
Page 13