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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 07917857 (England and Wales) REGISTERED CHARITY NUMBER: 1171123

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

(A COMPANY LIMITED BY GUARANTEE)

Baker Knoyle Chartered Accountants Orbit Business Centre Merthyr Tydfil CF48 1DL

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 1 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Notes to the Financial Statements 15 to 27
Detailed Statement of Financial Activities 28

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, 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).

The annual report includes the directors' report as required by company law.

Page 1

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES Objectives and Activities

The company's Memorandum and Articles of Association state:

The object of the charity is the provision and maintenance of a community hub for the use of the inhabitants of Aberfan and its neighbouring community which includes those that are deemed 'vulnerable' or disadvantaged without distinction of political, religious or other opinions to provide;

Vision:

A vibrant and stimulating environment for the development of children and families in the lower Merthyr Valley and beyond.

Mission:

To provide high quality, affordable and inclusive education, childcare, family support and health services that enhance the welfare and life opportunities of children in our communities.

Context:

Trinity Childcare and Family Centre Ltd is situated in the village of Aberfan, approximately 4 miles from the centre of Merthyr Tydfil in the Aberfan & Merthyr Vale ward.

Trinity Childcare & Family Centre moved from a smaller venue into an empty local authority, purpose-built nursery school in October 2011 under a 25-year lease. The move enabled the team to: enhance existing services, develop additional services and ensure the delivery of a quality service within the Aberfan and Merthyr Vale Ward and surrounding areas - making Trinity Childcare and Family Centre the hub of the community.

Although the Centre was originally registered as a Community Interest Company in February 2011, it did not start trading as Trinity Childcare and Family Centre until April 1st, 2013, and it wasn't until December 21st 2016, that the Centre formally changed its name to Trinity Childcare & Family Centre Ltd; it became a registered charity as of January 13th 2017.

Operating a fully-funded childcare provision is demanding in any economic climate but with on-going scrutiny of public spending both locally and nationally, the team at Trinity are faced with the constant challenge of providing comprehensive childcare services for children ranging from 7 weeks to 12 years old, plus offering additional services to support the families of those children, while also having to ensure that sufficient funding is sourced and applied for to make sure the operation runs within existing service level agreements and within the bounds of current regulatory controls.

The management team is supported by a small but active Board of four trustees. It is hoped that in the future the Board will be extended to five or more people to further extend the current skill set and spread the considerable workload. This governance change was planned for May 2020 (still work in progress due to Covid-19) and will be approved by the charity's members at a future AGM. The Centre has earned an excellent reputation, so much so that it is often used as an exemplar for other sites and the Manager, Tania Stephens, along with Cara Edwards the Deputy Manager.

Trinity is registered and comes under the regulatory control of Care Standards Wales. As such, it adheres to the CIW regulated staff to child ratio; it also delivers learning programmes in line with Welsh Government initiatives. The staff at Trinity take a collaborative approach to childcare that creates a safe and secure environment that parents trust.

Page 2

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

Public benefit

The Trustees are aware that the Charity has a responsibility under the Charities Act to demonstrate that it has charitable aims that meet the public benefit requirement and are therefore charitable. The Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit and comply with s17 Charities Act 2011 in respect of having due regard to public benefit when considering, planning and implementing the activities of the charity.

Volunteers

Trinity continues to play a key part in the Ynysowen Events and Socials (YES) group, as well as the Wellbeing and Health in Ynysowen (WHY).

We are extremely fortunate that we continue to have the support of volunteers. Our volunteers support with, funding, events, general maintenance, donations all of which we are extremely grateful for.

This aligns with the charity's core objectives.

Page 3

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Financial position

Historical financial performance is detailed as follows:

Financial Year end Income Spending
31 Mar 2022 466,678 425,644
31 Mar 2021 379,552 365,900
31 Mar 2020 402,099 369,261
31 Mar 2019 386,644 385,210
31 Mar 2018 363,088 382,493
31 Mar 2017 359,029 352,585
31 Mar 2016 324,424 310,525
31 Mar 2015 343,049 383,921
31 Mar 2014 288,951 272,650

The financial performance for year ending 31st March 2023 as shown in this set of accounts demonstrates the continuing challenges that Trinity, like most day care nurseries, faces today. Financial pressures are increased by staff to child ratios and by restrictions in the number of children the centre can hold at any one time together with rapidly chang-ing legislation.

COMMUNITY ENGAGEMENT

Trinity is recognised as the 'hub' of the Community and engages not only with those registered to attend the Centre but community members and groups - we are often the first contact families make when moving into the area.

We engage through: -

Principal funding sources

Aside from the income generated through service delivery and grants, the main funding sources for the charity are currently MTCBC and fees for childcare services. Other funding sources are Flying Start, as well as a range of additional charitable fundraising activities. The charity has been successful in obtaining support funding/project funding from Invest Local Ynysowen and the Big Lottery. It runs a programme of regular fundraising events through its members and stakeholder networks.

Page 4

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW

Investment policy and objectives

Aside from retaining a prudent amount in reserves each year, most of the charity's funds are to be spent in the short term so there are few unallocated funds for long term investment. The trustees will operate a policy of keeping reserve funds in an interest-bearing deposit account and seek to achieve a rate of deposit interest which matches or exceeds inflation as measured by the Retail Price Index. This may be added to by private donations and project/fundraising events.

Reserves policy

The trustees have examined the company's requirements for reserves in light of the main risks to the organisation. The Board has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the company should be between 3 and 6 months of the expenditure.

6 months expenditure for the year ended 31st March 2023 was £238,442 (2022: £212,823). Free reserves at the 31st March 2023 was £68,963 (2022: £87,321). It is the aim of the charity to increase free reserves in forthcoming years. (See Financial Review and Future Developments for additional narrative).

Page 5

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FUTURE PLANS AND PARTNERSHIP REVIEW FUTURE PLANS

Subject to improving financial and economic conditions, Trinity intends to move forward with the following

Aims:

Key Objectives:

Page 6

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

PARTNERSHIP REVIEW

It is noted that Trinity CFC contributed significantly to the activities of the Invest Local Ynysowen programme and its Driving Change Plan, both as the fundholder and in the delivery of its Family Engagement project:

Trinity has an extensive knowledge and experience of working with multi-agencies and are a key partner in the local community. They work in partnership with Merthyr Tydfil County Borough Council and its various sections - Social Services, Disability Team, Early Years Team. It delivers a range of initiatives through service level agreements with Merthyr Tydfil County Borough Council: - Flying Start within preschool, Meithrin and day care.

Trinity represents the early years settings within the MTCBC Early Years Partnership and is often key to piloting initiatives.

It must be recognised that the commitment and dedication the team continuously give to the centre, its children, families and the community itself is recognised by many as outstanding.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Trinity Childcare and Family Centre is a private company limited by guarantee with no share capital, and incorporated in England and Wales. The organisation is governed by our Memorandum and Articles of Association (as incorporated on 2nd June 2016).

Prior to gaining charitable status by HMRC, the organisation was subject to Corporation Tax.

Page 7

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The trustees of the charity under the requirements of the Memorandum and Articles of Association are elected to serve a period of 1 year after which they must be re-elected at the next Annual General Meeting. The number of trustees should be no less than 4 but is not subject to any maximum. When co-opting trustees, the Board has regard to the requirement of any specialist skills needed. Existing trustees can recommend new members to become trustees. An application pack from the candidate should be submitted to the Board for their approval. If the Board are not all in agreement, a vote will take place under majority rules.

Organisational structure

Trinity Childcare and Family Centre is governed by a volunteer Board of Trustees with operational activities undertaken by a paid Management Team and employees. At present the charity has 3 trustees who meet with the Management Team approximately monthly and are responsible for ensuring that the aims and objectives of Trinity Childcare and Family Centre as a charity are achieved, and that the organisation is sustainable in the long term. Financial oversight is provided by the Board of Trustees, coordinated and supported by a dedicated Finance Officer employed by Trinity Childcare and Family Centre. Monthly financial reports (management accounts) are presented to and reviewed by the Board.

Induction and training of new trustees

All trustees are given the opportunity to attend relevant training and required to take an active role within the running of the organisation, "championing" a designated section. Priority is given to ensuring that trustees have an understanding of the following:

Related parties

Trinity has an extensive knowledge and experience of working with multi-agencies and are a key partner in the local community. They work in partnership with Merthyr Tydfil County Borough Council and its various sections - Social Services, Disability Team, Early Years Team. It delivers a range of initiatives through service level agreements with Merthyr Tydfil County Borough Council: - Flying Start within preschool, day care and Meithrin. The manager represents Early Years settings on the Early Years Partnership Board and is often instrumental in new initiatives and suggestions of change.

Trinity is fundholder for the Invest Local Ynysowen (ILY) programme, managed by Building Communities Trust (BCT), and therefore has financial responsibilities in line with its obligations as fundholder. All financial and project activities are managed separately although Trinity Childcare and Family Centre receives an agreed financial contribution to management overheads for this work.

Page 8

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have given consideration to the major risks which the charity is exposed and have satisfied themselves that systems or procedures are established in order to manage those risks.

The directors are aware that internal controls must be in place to monitor that procedures are in place for authorisation of all transactions and projects. A Risk Register has been established and is updated regularly, with Board 'deep dive' into specific risks rated high every 3 months. The risk management strategy comprises of the following:

Recognition: - It must be recognised that the commitment and dedication the team continuously give to the centre, its children, families and the community itself is recognised by many as outstanding.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07917857 (England and Wales)

Registered Charity number

1171123

Registered office

Former Ynysowen Nursery Aberfan Merthyr Tydfil CF48 4NT

Trustees

Mrs B Davies Ms E Morris Dr B T D'Cruz Ms R Harding (appointed 17.8.22)

Mrs T E Stephens - Day to day operations manager

Independent Examiner

R.I. Knoyle ACA FCCA Baker Knoyle Chartered Accountants Orbit Business Centre Merthyr Tydfil CF48 1DL

Bankers

NatWest Bank Plc.

Page 9

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT EXAMINER

A resolution to re-appoint the independent examiner, will be proposed at the Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 30 October 2023 and signed on its behalf by:

Ms E Morris - Trustee

Page 10

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TRINITY CHILDCARE AND FAMILY CENTRE LTD.

Independent examiner's report to the trustees of Trinity Childcare And Family Centre Ltd. ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 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 matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

R.I. Knoyle ACA FCCA

Baker Knoyle Chartered Accountants Orbit Business Centre Merthyr Tydfil CF48 1DL

30 October 2023

Page 11

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
214
Charitable activities
5
Childcare provision
244,483
Other trading activities
3
6,765
Investment income
4
587
Other income
6,885
Total
258,934
EXPENDITURE ON
Charitable activities
6
Childcare provision
286,901
NET INCOME/(EXPENDITURE)
(27,967)
Transfers between funds
16
10,610
Net movement in funds
(17,357)
RECONCILIATION OF FUNDS
Total funds brought forward
102,321
TOTAL FUNDS CARRIED FORWARD
84,964		 Restricted
funds
£
48,313
152,618
-
-
1,400
202,331
189,982
12,349
(10,610)
1,739
19,740
21,479		 2023
Total
funds
£
48,527
397,101
6,765
587
8,285
461,265
476,883
(15,618)
-
(15,618)
122,061
106,443		 2022
Total
funds
£
87,198
353,470
6,908
9
19,093
466,678
425,644
41,034
-
41,034
81,027
122,061

The notes form part of these financial statements

Page 12

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

BALANCE SHEET

31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2023
£
1,286
26,969
241,188
268,157
(163,000)
105,157
106,443
106,443
84,963
21,480
106,443		 2022
£
774
42,552
219,531
262,083
(140,796)
121,287
122,061
122,061
102,321
19,740
122,061

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 13

TRINITY CHILDCARE AND FAMILY CENTRE LTD. (REGISTERED NUMBER: 07917857)

BALANCE SHEET - continued 31 MARCH 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2023 and were signed on its behalf by:

E Morris - Trustee

The notes form part of these financial statements

Page 14

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

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 charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

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.

The following specific policies are applied:

Voluntary income received by way of grants, gifts or donation is included in full on receipt unless it is subject to a condition when it is treated as deferred income.

Government Grant Income is included in full on receipt unless it is subject to a condition when it is treated as deferred income.

Deferred income : Income or grants received in advance are held as deferred income and carried forward to future accounting periods to be released when the defined purposes of the work or project have been completed, approved or certified.

Gifts in Kind are included in the income and expenditure account where they are applied in carrying out charitable activities, where the company would otherwise have to purchase the donated facility and the benefit is both quantifiable and material. the quantifiable benefit is shown as both incoming and expended resources within the appropriate funds. Where the gift is an asset it is treated as income and taken to stock or fixed assets as appropriate. The value of services provided by volunteers is not quantified.

Investment income is included when receivable.

Trading income is recognised when earned.

Management fee income is recognised as unrestricted other income when received and in the period to which they relate.

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.

Costs of generating funds include the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

continued...

Page 15

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES - continued

Expenditure

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes the costs that can be attributed directly to those activities and those costs of an indirect nature necessary to support them.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on cost Fixtures and fittings - 25% on cost Motor vehicles - 25% on cost

Tangible fixed assets are included in the balance sheet at historic cost less accumulated depreciation. Grant receipts which fund fixed asset acquisitions are taken to restricted funds and the appropriate depreciation charge is made against those funds over the expected useful life of the asset.

Taxation

The charity is exempt from corporation 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.

Leased assets

Fixed assets acquired under finance leases are included in the balance sheet at historic cost less accumulated depreciation. The present value of future rentals is shown as a liability. Interest payable in each period is charged as an expended resource in proportion to the amount outstanding under the lease. Operating lease rentals are charged as expended resources as incurred.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Going concern

See Note 20 in the Notes to the Accounts.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 16

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2. DONATIONS AND LEGACIES

Gifts
Donations
Grants
Grants received, included in the above, are as follows:
MTCBC (Bungalow)
Ffos Y Fran
The Abervan Education Charity
Invest Local
Cymryd Rhan - Income
The National Lottery UK
HMRC - Coronavirus Job Retention Scheme Grant
MTCBC Small Grant Scheme
3.
OTHER TRADING ACTIVITIES
Fundraising events
4.
INVESTMENT INCOME
Deposit account interest		 2023
£
-
212
48,315
48,527
2023
£
15,212
-
-
13,441
-
-
-
19,662
48,315
2023
£
6,765
2023
£
587		 2022
£
25,000
1,339
60,859
87,198
2022
£
14,000
870
2,550
13,544
721
21,000
374
7,800
60,859
2022
£
6,908
2022
£
9

continued...

Page 17

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Childcare
Childcare provision
CHARITABLE ACTIVITIES COSTS
Childcare provision
SUPPORT COSTS
Management
£
Childcare provision
11,304		 2023
£
397,101
Support
Direct
costs (see
Costs
note 7)
£
£
457,580
19,303
Governance
Finance
costs
£
£
5,959
2,040		 2022
£
353,470
Totals
£
476,883
Totals
£
19,303

6. CHARITABLE ACTIVITIES COSTS

7. SUPPORT COSTS

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Independent 2023
2022
£
£
Examination
2,040
2,041
Depreciation - owned assets
688
388

9. 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.

continued...

Page 18

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

10. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Admin and Management
Child Supervision		 2023
£
362,928
362,928
2023
3
24
27		 2022
£
316,094
316,094
2022
3
22
25

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

Included with staff costs is Employers National Insurance Contributions of £12,095 (2022: £9,371).

Included within staff costs is Employer Pension Contributions of £4,735 (2022: £4,083).

There are no high paid staff.

The key management personnel of the charity comprise the Centre Manager and Deputy Manager .The total employee benefits of the key personnel of the charity were £57,633 (2022: £52,004).

11. TANGIBLE FIXED ASSETS

Plant and
machinery
£
COST
At 1 April 2022
1,000
Additions
-
Disposals
-
At 31 March 2023
1,000
DEPRECIATION
At 1 April 2022
1,000
Charge for year
-
Eliminated on disposal
-
At 31 March 2023
1,000
NET BOOK VALUE
At 31 March 2023
-
At 31 March 2022
-		 Fixtures
and
fittings
£
19,794
-
-
19,794
19,794
-
-
19,794
-
-		 Motor
vehicles
£
5,240
1,200
(3,690)
2,750
4,466
688
(3,690)
1,464
1,286
774		 Totals
£
26,034
1,200
(3,690)
23,544
25,260
688
(3,690)
22,258
1,286
774

continued...

Page 19

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Trade debtors
13,528
Other debtors
13,441
26,969
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Trade creditors
1,988
Social security and other taxes
2,053
Invest Local Funders Account
138,975
Accrued expenses
19,984
163,000
14.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
2023
£
Within one year
557
Between one and five years
5,570
6,127
15.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023
Unrestricted
Restricted
funds
funds
Total funds
£
£
£
Fixed Assets
900
387
1,287
Net Current Assets
84,063
21,093
105,156
84,963
21,480
106,443		 2023
£
13,528
13,441
26,969
2023
£
1,988
2,053
138,975
19,984
163,000
2023
£
557
5,570
6,127		 2022
£
30,322
12,230
42,552
2022
£
2,595
2,434
119,602
16,165
140,796
2022
£
514
-
514
Unrestricted
funds
£
900
84,063
84,963		 Restricted
funds
£
387
21,093
21,480		 2023
Total funds
£
1,287
105,156
106,443		 2022
Total funds
£
775
121,286
122,061

continued...

Page 20

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS

At 1/4/22
£
Unrestricted funds
General fund
87,321
Designated Redundancy Provision
15,000
102,321
Restricted funds
Flying Start and 30 Hour Childcare
-
Bungalow (MTCBC)
6,514
Meithrin
-
Flying Start (Pre School)
-
Cymryd Rhan
221
Restricted Fixed Assets Fund
775
Invest Local Family Engagement
12,230
19,740
TOTAL FUNDS
122,061
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Flying Start and 30 Hour Childcare
Bungalow (MTCBC)
Meithrin
Flying Start (Pre School)
Restricted Fixed Assets Fund
Invest Local Family Engagement
MTCBC - Small Grant Scheme
TOTAL FUNDS		 Net
movement
in funds
£
(27,968)
-
(27,968)
5,030
11
227
5,353
-
(387)
2,116
12,350
(15,618)
Incoming
resources
£
258,934
67,690
15,711
29,842
55,985
1
13,440
19,662
202,331
461,265		 Transfers
between
At
funds
31/3/23
£
£
9,610
68,963
1,000
16,000
10,610
84,963
(5,030)
-
-
6,525
(227)
-
(5,353)
-
-
221
-
388
-
14,346
(10,610)
21,480
-
106,443
Resources
Movement
expended
in funds
£
£
(286,902)
(27,968)
(62,660)
5,030
(15,700)
11
(29,615)
227
(50,632)
5,353
(388)
(387)
(11,324)
2,116
(19,662)
-
(189,981)
12,350
(476,883)
(15,618)

continued...

Page 21

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1/4/21 in funds funds 31/3/22
£ £ £ £
Unrestricted funds
General fund 33,472 4,297 49,552 87,321
Designated Redundancy Provision 5,000 - 10,000 15,000
Restricted funds 38,472 4,297 59,552 102,321
Flying Start and 30 Hour Childcare 13,570 11,388 (24,958) -
Bungalow (MTCBC) 6,479 35 - 6,514
Meithrin 6,196 4,638 (10,834) -
Ffos Y Fran - (65) 65 -
Cemetery Fund - 21 (21) -
Flying Start (Pre School) 8,783 15,062 (23,845) -
Moondance - (93) 93 -
Cymryd Rhan - 221 - 221
The National Lottery UK 6,364 (6,362) (2) -
Restricted Fixed Assets Fund 1,163 (388) - 775
Invest Local Family Engagement - 12,230 - 12,230
Miscellaneous Small Grant - 50 (50) -
42,555 36,737 (59,552) 19,740
TOTAL FUNDS 81,027 41,034 - 122,061

continued...

Page 22

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Flying Start and 30 Hour Childcare
Bungalow (MTCBC)
Meithrin
Ffos Y Fran
Cemetery Fund
Flying Start (Pre School)
Moondance
Cymryd Rhan
The National Lottery UK
Restricted Fixed Assets Fund
Invest Local Family Engagement
Miscellaneous Small Grant
TOTAL FUNDS		 Incoming
resources
£
252,864
66,319
14,000
27,563
870
2,550
59,447
-
721
21,000
-
13,544
7,800
213,814
466,678		 Resources
Movement
expended
in funds
£
£
(248,567)
4,297
(54,931)
11,388
(13,965)
35
(22,925)
4,638
(935)
(65)
(2,529)
21
(44,385)
15,062
(93)
(93)
(500)
221
(27,362)
(6,362)
(388)
(388)
(1,314)
12,230
(7,750)
50
(177,077)
36,737
(425,644)
41,034

continued...

Page 23

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Designated Redundancy Provision
Restricted funds
Flying Start and 30 Hour Childcare
Bungalow (MTCBC)
Meithrin
Ffos Y Fran
Cemetery Fund
Flying Start (Pre School)
Moondance
Cymryd Rhan
The National Lottery UK
Restricted Fixed Assets Fund
Invest Local Family Engagement
Miscellaneous Small Grant
TOTAL FUNDS		 At 1/4/21
£
33,472
5,000
38,472
13,570
6,479
6,196
-
-
8,783
-
-
6,364
1,163
-
-
42,555
81,027		 Net
movement
in funds
£
(23,671)
-
(23,671)
16,418
46
4,865
(65)
21
20,415
(93)
221
(6,362)
(775)
14,346
50
49,087
25,416		 Transfers
between
funds
£
59,162
11,000
70,162
(29,988)
-
(11,061)
65
(21)
(29,198)
93
-
(2)
-
-
(50)
(70,162)
-		 At
31/3/23
£
68,963
16,000
84,963
-
6,525
-
-
-
-
-
221
-
388
14,346
-
21,480
106,443

continued...

Page 24

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Flying Start and 30 Hour Childcare
Bungalow (MTCBC)
Meithrin
Ffos Y Fran
Cemetery Fund
Flying Start (Pre School)
Moondance
Cymryd Rhan
The National Lottery UK
Restricted Fixed Assets Fund
Invest Local Family Engagement
Miscellaneous Small Grant
MTCBC - Small Grant Scheme
TOTAL FUNDS		 Incoming
resources
£
511,798
134,009
29,711
57,405
870
2,550
115,432
-
721
21,000
1
26,984
7,800
19,662
416,145
927,943		 Resources
Movement
expended
in funds
£
£
(535,469)
(23,671)
(117,591)
16,418
(29,665)
46
(52,540)
4,865
(935)
(65)
(2,529)
21
(95,017)
20,415
(93)
(93)
(500)
221
(27,362)
(6,362)
(776)
(775)
(12,638)
14,346
(7,750)
50
(19,662)
-
(367,058)
49,087
(902,527)
25,416

Transfers between funds

Restricted funds

Restricted funds represent balances held to fund future projects where the resources have been received and are required by the donors to fund a specific project.

Transfers between funds

Transfers between funds arise where unrestricted funds have been used to fund shortfalls in restricted projects. The free reserves are available to provide funds to cashflow projects funded on a retrospective basis and are available with the approval of the trustees to fund any expenditure on projects or expenses which fall within the organisations general aims and objectives. They are accumulated in accordance with the reserve policy as stated in the Trustee Report.

Designated funds

Designated fixed asset fund represent the amounts set aside to write down the remaining net book value of fixed assets held against unrestricted funds.

Designated Redundancy provision represents the amounts set aside for future unforeseen redundancy costs held against unrestricted funds.

Activities undertaken within each major restricted fund

The restricted funds of the charity have been applied during the year or are held for future expenditure in the following area:

continued...

Page 25

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

Flying Start

Flying Start is part of an early years programme for families with children under 4 years of age living in disadvantaged areas of Wales. Offering free preschool, enhanced health visiting, parenting support and Speech, language and communication. Within the Flying Start programme there are two possible funding routes to deliver the initiative - Approved supplier and Core supplier and we have both. The Core groups we access 40% of the finance upfront with additional fees being invoiced for at the end of each month. With the approved we invoice according to the children attending but do not receive any money upfront.

Bungalow - MTCBC

A building adjacent to Trinity Childcare and Family Centre that is managed by Trinity for the Flying Start initiative. Funded 100% by Flying Start in line with an agreed SLA. This building has been offered to Trinity as a Community Asset Transfer. Due to delays in agreeing the SLA and Lease the transfer agreement has not proceeded as yet. Further discussions are taking place and we are receiving support from Coalfields Regeneration Trust to conduct the transfer, fund any legal costs and offer guidance in developing a business plan. It is expected that the funding could gradually reduce from Flying Start over the next two years - this has yet to be agreed. This would require Trinity to identify an income stream to sustain the building.

Meithrin

Preschool provision delivered through the medium of Welsh. Run independently at the Trinity Bungalow up until January 2018, where it was agreed by the Trustees, Mudiad, staff and parents that Trinity take over the setting and deliver in line with Trinity's policies and procedures. It became a registered Flying Start provision, we secured additional funding for the leader position and a development grant to develop the provision.

Aberfan Education Cemetery Fund

Supporting educational establishments that children from Aberfan and Merthyr Vale attend. The requirements are that the children are school aged children and resources / activities / projects must be of an 'educational' purpose. Grants / funding are dependent on the charities decisions in that particular year.

Invest Local Fund

As fund holders for the Invest Local Ynysowen (BCT fund) fund we administer the financial management of this grant on behalf of the steering group. As an organisation we have secured some funding and this has been accessed through applying to the steering group for a specific project, these are allocated separately for monitoring.

The National Lottery UK

This was funding for the People and Places 3 project over the Covid 19 pandemic period.

MTCBC Small Grant Scheme

Moondance Foundation

This is funding towards the the managers post for 3 months.

Restricted Fixed Assets Fund

This represents assets purchased using specific restricted funding which are used for the general operation of the organisation.

Ffos y Fran

This was to enable the purchase of music centres and speakers for community use, together with the replacement of internal security pads and storage boxes.

Cymryd Rhan

This funding was to enable the purchase of IT equipement, bookshelves and thumb locks for playrooms.

continued...

Page 26

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. MOVEMENT IN FUNDS - continued

Invest Local Family Engagement

This was funding to enable the centre to carry out specific community enagagement activities throughout the Merthyr Vale Ward, such as Parent and Toddler groups, Carnivals and Christmas Fayres.

MTCBC Small Grant Scheme

This was to fund new gates to the Centre together with tarmacing the play area and pathways.

17. RELATED PARTY DISCLOSURES

The Managers husband, daughter and sister are employed by the charity. They are paid at rates commensurate with their positions and in line with other members of staff. The appointment process was open and at arms length and the Trustees were fully informed of the relationship before the appointments.

The Manager and Brendan D'Cruz (Trustee) are members of the Invest Local Trust BCT Steering Group. During the year £138,975 was held in the Trinity bank account on behalf of the Invest Local Trust. This money has also been shown separately within creditors as clearly repayable to the Trust. The Charity also received grant income of £13,441 (2022: £13,544) from the Trust during the year.

The Manager and Belinda Davies (Trustee) are also Trustees of The Aberfan Education Charity. During the year Trinity received grant income of £Nil (2022: £2,550) from the charity.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of trustees.

19. GIFTS IN KIND

Volunteer time

The value of volunteer time is not quantified in terms of money but the time contributed by volunteers is an invaluable resource in terms of the outstanding contribution made by them. The number of hours contributed by volunteers in the year was 345 (2022: 321).

20. GOING CONCERN

At the year end, unrestricted reserves encouragingly remained in a healthy surplus position. The Trustee's remain aware of the precarious position and are continuing to take steps to increase future income and reduce all unnecessary costs. The Trustees are confident that the organisation will continue into the foreseeable future.

On this basis these accounts have been prepared on a going concern basis.

Page 27

TRINITY CHILDCARE AND FAMILY CENTRE LTD.

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

INCOME AND ENDOWMENTS
Donations and legacies
Gifts
Donations
Grants
Other trading activities
Fundraising events
Investment income
Deposit account interest
Charitable activities
Childcare
Other income
Miscellaneous income
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Other costs
Support costs
Management
Wages
Finance
Wages
Governance costs
Independent examiners' remuneration
Total resources expended
Net (expenditure)/income		 2023
£
-
212
48,315
48,527
6,765
587
397,101
8,285
461,265
345,665
111,915
457,580
11,304
5,959
2,040
476,883
(15,618)		 2022
£
25,000
1,339
60,859
87,198
6,908
9
353,470
19,093
466,678
300,448
107,509
407,957
10,127
5,519
2,041
425,644
41,034

This page does not form part of the statutory financial statements

Page 28