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2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1169083

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 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 2024

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Cash Flow Statement 7
Notes to the Cash Flow Statement 8
Notes to the Financial Statements 9 to 14
Detailed Statement of Financial Activities 15 to 16

St Thomas' Children's Centre

Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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:

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.

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 22 members of staff.

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 2024 the number staff employed by the Centre is 22.

The National Living Wage levels were met and paid as from the 1st April 2023 and will also do so 1st April 2024. 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.

There are plans to decorate the building internally, improve a ground area outside, upgrade the kitchen and potentially have a meeting room placed at the front of the building.

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 been completed.

Page 1

St Thomas' Children's Centre

Report of the Trustees for the Year Ended 31 March 2024

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 2022/2023 for comparison purposes.

Cash and Bank income and expenditure. The Children's Centre had excess income over expenditure for the year of £52,753 (£7,588).

Our four main streams of income brought in £447,157 (£382,686) and other income £52,285 (£30,064), = total income of £499,442 (£412,750).

Wages costs and employer pension contributions for the year were £358,234 (£331,669). This constitutes 80.1% of our costs against our four main streams of income. This is within our target range of 80-85% of wages cost against our four main income streams.

All other costs amounted to £89,295 (£73,668). Total costs for the year £447,529 (£405,337).

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 2024 to set the wage rates to be paid to staff as at 1st April 2024 and to agree the fees charged to parents, to rise six months later, as from the 1st September 2024.

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.

The growth in demand for our services this year : the Breakfast Club, Pre-school and after school Kid's Club has been phenomenal. These services have very nearly reached full capacity, meaning there is little room for further growth in numbers of children we can take for the coming year 2024/25. The Holiday Club has, at the moment, spaces available to take more children, although this has already also seen a significant rise in the number of children attending. The consequence of the growth seen, has resulted in an unexpected exceptional increase in income and, excess of income over expenditure.

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. Reserves are also held in the event of having to wind down and/or close the Centre, for example redundancy payments and the cost, in a practical sense, of quitting the premises. 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.

The 'contingency reserve fund' held with St James' Place, has now recovered in value to above our investment of £80,000, having initially been hit by service costs and by national political and international events. It is considered there is likely to be a more stable rise in the value of the fund from now on. The committee will constantly monitor how much money is in the HSBC deposit account and may, after receiving independent financial advice, transfer further funds to the St James Place fund when it is deemed prudent and in the best long-term interests of the Centre.

FUTURE PLANS

Initial indications of attendance numbers across the four 'departments' of the Children's Centre activities are good and subject to our capacity, numbers will rise for the coming year 2024/25.

The fact we are reaching full capacity in the number of children we can take, will mean we cannot rely on rising numbers to cover the growing costs of running the Centre. It is unlikely will see, or indeed be able to cope with such a massive increase in business in the coming years. There is a limit.

All of this has been considered in our budgeting for the year. We have had to slightly increase our fees for the services we provide to our parents and carers in order to ensure the sustainability of the Centre.

The biggest impact on costs is the rise in the National Living Wage. We budget the increase in wage rates for the year 2024/25 will push our wages and pensions costs up a further £70,000, to around £430,000.

The increase in fees to parents will come into effect on the 1st September 2024.

Monthly monitoring of income and expenditure will take place to ensure the long-term financial well-being of the Centre.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Page 2

St Thomas' Children's Centre

Report of the Trustees for the Year Ended 31 March 2024

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 2024/25.

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 Mrs K L Wilkinson Mrs E L Martin E J Larkin

Independent Examiner

James Sewell BA (Hons) FCA CTA Wright Vigar Limited Chartered Accountants & Business Advisers Northgate House Northgate Sleaford Lincolnshire NG34 7BZ

18/07/2024

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Stephen Brown ........................................................................ Stephen Brown (Jul 18, 2024 15:15 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 2024.

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

  2. 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: ............................................. 18/07/2024

Page 4

St Thomas' Children's Centre

Statement of Financial Activities for the Year Ended 31 March 2024

2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
499,442
Investment income
3
840
Total
500,282
EXPENDITURE ON
Raising funds
4
-
Charitable activities
5
Charitable activities
440,555
Other
6,974
Total
447,529
Net gains/(losses) on investments
8,003
NET INCOME
60,756
RECONCILIATION OF FUNDS
Total funds brought forward
188,410
TOTAL FUNDS CARRIED FORWARD
249,166
2023
Total
funds
£
412,750
175
412,925
1,500
396,899
6,938
405,337
(1,930)
5,658
182,752
188,410

The notes form part of these financial statements

Page 5

St Thomas' Children's Centre

Balance Sheet

31 March 2024

2024
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
10
39,591
Investments
11
82,207
121,798
CURRENT ASSETS
Debtors
12
12,301
Cash at bank and in hand
134,113
146,414
CREDITORS
Amounts falling due within one year
13
(19,046)
NET CURRENT ASSETS
127,368
TOTAL ASSETS LESS CURRENT LIABILITIES
249,166
NET ASSETS
249,166
FUNDS
14
Unrestricted funds
249,166
TOTAL FUNDS
249,166
2023
Total
funds
£
39,527
74,204
113,731
8,815
77,768
86,583
(11,904)
74,679
188,410
188,410
188,410
188,410

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 18/07/2024

Stephen Brown Stephen Brown (Jul 18, 2024 15:15 GMT+1) ............................................. S L Brown - Trustee

The notes form part of these financial statements

Page 6

St Thomas' Children's Centre

Cash Flow Statement

for the Year Ended 31 March 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 62,542 18,825
Net cash provided by operating activities 62,542 18,825
Cash flows from investing activities
Purchase of tangible fixed assets (7,037) (924)
Purchase of fixed asset investments - (26,570)
Sale of fixed asset investments - (1,930)
Interest received 840 175
Net cash used in investing activities (6,197) (29,249)
Change in cash and cash equivalents in
the reporting period 56,345 (10,424)
Cash and cash equivalents at the
beginning of the reporting period 77,768 88,192
Cash and cash equivalents at the end of
the reporting period 134,113 77,768

The notes form part of these financial statements

Page 7

St Thomas' Children's Centre

Notes to the Cash Flow Statement for the Year Ended 31 March 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 60,756 5,658
Adjustments for:
Depreciation charges 6,974 6,938
(Gain)/losses on investments (8,003) 1,930
Interest received (840) (175)
(Increase)/decrease in debtors (3,486) 1,180
Increase in creditors 7,141 3,294
Net cash provided by operations 62,542 18,825

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£ £ £
Net cash
Cash at bank and in hand 77,768 56,345 134,113
77,768 56,345 134,113
Total 77,768 56,345 134,113

The notes form part of these financial statements

Page 8

St Thomas' Children's Centre

Notes to the Financial Statements for the Year Ended 31 March 2024

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. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Pre-school fees
Pre-school funding
Out of school fees
Hot dinners
Other income
2024
£
40,948
319,500
83,246
3,463
52,285
499,442
2023
£
46,925
263,404
68,411
3,946
30,064
412,750

Page 9

continued...

St Thomas' Children's Centre

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

3. INVESTMENT INCOME

3.
INVESTMENT INCOME
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Support costs
5.
CHARITABLE ACTIVITIES COSTS
Charitable activities
6.
SUPPORT COSTS
Charitable activities
7.
TRUSTEES' REMUNERATION AND BENEFITS
2024
£
840
2024
£
-
Support
Direct
costs (see
Costs
note 6)
£
£
437,736
2,819
Governance
Finance
costs
£
£
462
2,357
2023
£
175
2023
£
1,500
Totals
£
440,555
Totals
£
2,819

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

8. STAFF COSTS

STAFF COSTS
Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
2024
£
342,710
15,524
358,234
2024
2023
£
317,763
13,906
331,669
2023

No employees received emoluments in excess of £60,000.

Page 10

continued...

St Thomas' Children's Centre

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

10.

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 412,750
Investment income 175
Total 412,925
EXPENDITURE ON
Raising funds 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
TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£ £ £ £
COST
At 1 April 2023 42,747 9,374 5,062 57,183
Additions - 3,717 3,320 7,037
At 31 March 2024 42,747 13,091 8,382 64,220
DEPRECIATION
At 1 April 2023 7,711 5,839 4,106 17,656
Charge for year 4,274 1,291 1,408 6,973
At 31 March 2024 11,985 7,130 5,514 24,629
NET BOOK VALUE
At 31 March 2024 30,762 5,961 2,868 39,591
At 31 March 2023 35,036 3,535 956 39,527

Page 11

continued...

St Thomas' Children's Centre

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2023
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors
14.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Unlisted
investments
£
74,204
8,003
82,207
82,207
74,204
Unlisted
investments
£
134
(1,930)
8,003
76,000
82,207
2024
2023
£
£
12,301
8,815
2024
2023
£
£
4,346
4,681
14,700
7,223
19,046
11,904
Net
movement
At
At 1.4.23
in funds
31.3.24
£
£
£
188,410
60,756
249,166
188,410
60,756
249,166

Page 12

continued...

St Thomas' Children's Centre

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS
Incoming
Resources
resources
expended
£
£
500,282
(447,529)
500,282
(447,529)
Gains and
Movement
losses
in funds
£
£
8,003
60,756
8,003
60,756

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Net
movement
At 1.4.22
in funds
£
£
182,752
5,658
182,752
5,658
At
31.3.23
£
188,410
188,410

Comparative 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 412,925 (405,337) (1,930) 5,658
TOTAL FUNDS 412,925 (405,337) (1,930) 5,658

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS
Net
movement
At 1.4.22
in funds
£
£
182,752
66,414
182,752
66,414
At
31.3.24
£
249,166
249,166

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 913,207 (852,866) 6,073 66,414
TOTAL FUNDS 913,207 (852,866) 6,073 66,414

Page 13

continued...

St Thomas' Children's Centre

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

Page 14

St Thomas' Children's Centre

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

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
2024
£
40,948
319,500
83,246
3,463
52,285
499,442
840
500,282
342,710
15,524
6,000
563
2,047
8,546
901
3,069
3,159
-
11,899
718
1,104
11,850
3,985
7,298
2,679
8,904
6,780
437,736
4,275
1,291
1,408
6,974
140
322
-
462
-
-
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

This page does not form part of the statutory financial statements

Page 15

St Thomas' Children's Centre

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
Governance costs
Brought forward
Accountancy and payroll services
Total resources expended
Net income
2024
£
-
2,357
2,357
447,529
52,753
2023
£
1,183
2,310
3,493
405,337
7,588

This page does not form part of the statutory financial statements

Page 16