## Charity number: 1180494
COSMIC
## Financial Statements
For the year to 31 January 2022
## COSMIC CONTENTS
||Page|
|---|---|
|Reference and administrative details of the charity, its trustees and
advisers|1|
|Trustees' report|2 - 7|
|Independent auditors' report|8 - 11|
|Statement of financial activities|12|
|Balance sheet|13|
|Notes to the financial statements|14 - 26|
## COSMIC
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
|Trustees|Jeremy Mills, Chair|
|---|---|
||Angela Birkin, Vice-Chair|
||Paul Doyle|
||Eleanor Wolfson|
||Joshua Lawrence|
||Dr Parviz Habibi|
||Dr Lidia Tyszczuk|
||Dr Tom Lissauer|
||Dr Simon Nadel|
||Sara Wan|
|Charity number|1180494|
|Principal office|Ground floor|
||Acrow West Unit 20E|
||St. Marys Hospital|
||South Wharf Road|
||London|
||W2 1BL|
|Independent auditors|Moore Kingston Smith LLP|
||Devonshire House|
||60 Goswell Road|
||London|
||EC1M 7AD|
|Bankers|Lloyds Bank plc|
||25 Gresham Street|
||London|
||EC2V 7HN|
Page 1
## COSMIC
## TRUSTEES' REPORT
## FOR THE YEAR ENDED 31 JANUARY 2022
The Trustees present their report together with the financial statements of COSMIC (the Charity) for the year to 31 January 2022. The Trustees confirm that the Annual Report and the financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2015 and updated to 2019).
## Objectives and Activities
COSMIC is an independent charity that is dedicated to providing the best possible care for premature and sick babies and children, as well as their families and the frontline staff that care for them.
It supports the Neonatal and Paediatric Intensive Care Units within Imperial College Healthcare NHS Trust, London:
The Trust’s two Neonatal Intensive Care Units (“NICUs”) are located at St Mary’s Hospital, Paddington, and at Queen Charlotte’s & Chelsea Hospital, Hammersmith. Together they form the UK’s largest Neonatal Service providing specialist care for newborn babies across North and West London. The Trust also takes in babies from further afield where the transferring hospital does not have the specialist facilities to care for them.
The NICUs can support babies born up to 17 weeks prematurely – after only 5 months of pregnancy. These babies are extremely vulnerable to infection and may face difficult and stressful procedures during their time in intensive care.
Babies born at full term but experiencing complications such as oxygen deprivation at birth, infection, heart and lung problems, or genetic conditions are also treated in the Units. So too are babies facing serious difficulties because their mothers battled drug or alcohol addiction during pregnancy.
Depending on the severity of their condition, babies can spend anything from a few days to many months on the Unit.
The Trust’s Paediatric Intensive Care Unit (“PICU”) is based at St Mary’s Hospital, Paddington. It is the only Unit of its kind in West London – all children admitted here are critically ill and need life-support.
Around 20% of patients are admittedly directly through St Mary’s A&E department but they can also be transferred from much further afield, due to the Ward’s speciality status.
The Charity aims to:
- Help save the lives of more children
- Support parents to be with their children
- Help to give children the best long-term future
- Help to get children home sooner
We do this by:
- Purchasing leading-edge equipment
- Supporting research
- Funding staff training and information
- Funding support for parents
- Supporting the practice of developmental care and breastfeeding
- Helping to improve the environment of the NICU and PICU.
## Structure and governance
COSMIC's team of 4 employees is led by a Chief Executive who reports to the Board of Trustees.
Page 2
## COSMIC
## TRUSTEES' REPORT (continued)
## FOR THE YEAR ENDED 31 JANUARY 2022
## Trustees
The Trustees who served the Charity were as follows:
Jeremy Mills, Chair Angela Birkin, Vice-Chair Katie Simmons (resigned 29 October 2021) Paul Doyle Eleanor Wolfson Joshua Lawrence Dr Parviz Habibi Dr Lidia Tyszczuk Dr Tom Lissauer Dr Simon Nadel Sara Wan (appointed 24 May 2021)
The combined Board includes parents of children whose lives have been saved by Imperial’s Neonatal or Paediatric Intensive Care Units. They bring experience from their own professional and personal lives. In addition, it includes Clinical Representatives from both Units as well as other strategic Directors within the NHS. They help to consider the current and longer-term priorities of the Neonatal and Paediatric Intensive Care Services to ensure the most effective use of donations. All Trustees support the effective management of the Charity and its funds on a voluntary, non-executive basis. The Board of Trustees meets 3-4 times a year.
The power of appointing new Trustees is vested in the Trustees who will vote at a Trustee meeting. For this accounting period, the Trust Deed provided for a maximum of 12 and prior to signing this Report and Accounts there were 10 Trustees.
Before appointment, new Trustees meet with the Chair and the Chief Executive and at least one other Trustee, in order to understand expectations from both sides as well as the Charity’s aims. They are also given a role description as well as a copy of the Charity Commission’s document CC3 – The Essential Trustee.
Trustees are appointed for fixed, renewable terms of three years.
## Management
The global Coronavirus pandemic fundamentally changed the way we live and work. It meant that Charity staff worked remotely from home during the government-imposed lockdowns. Whilst their physical presence on the Units was missed, they worked even more closely with the medical teams remaining onsite in order to deliver support to patients and their families. They now work from home on a flexible basis, ensuring at least half the team are always on-site. This model has been successful in delivering our objectives and attracting and retaining staff.
The Charity has benefitted from the UK Government’s furlough scheme helping us safeguard the Charity’s long-term stability whilst balancing operational activity.
In carrying out this review and in planning future activities the Trustees have considered the Charity Commission’s guidance on the public benefit.
Page 3
COSMIC
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2022
## Risks
The Trustees review the major risks facing the Charity on a regular basis, monitoring reserves and reviewing key financial systems to ensure that sufficient resources are available to meet our obligations.
The Trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to manage significant risks. Key risks to the Charity are documented in the Charity’s Risk Register, which is monitored regularly and updated at least annually.
The main risks in this financial year have related to the impact of the Covid-19 Pandemic on the Charity’s ability to deliver on its objectives. Social distancing restrictions have limited the opportunities for Community and Events-based fundraising, as well as the opportunity to connect with patients and their families on the Units, impacting income levels in this financial year and beyond. In addition, staff wellbeing has been impacted by consistently high workload, in the context of significant external uncertainty.
The systems of control and activities to minimise risk include:
- An annual operational plan/budget approved by Trustees;
- Regular review of progress against this plan/budget;
- Regular reviews of the Risk Register
- Legal, HR and Financial input from external advisers, where appropriate.
The Trustees ensure that the management of risk is ongoing and embedded in management and operational procedures.
## Environmental, Social, Governance
The Charity promotes a conscious awareness of environmental, social and governance factors, particularly of the areas related to our Charity and its operation. As a small charity, our impact on the environment is less than that of larger organisations. However, we still aim to improve our operations and impact in this area.
We use environmentally friendly products as much as possible, including recyclable material and products. We support initiatives that help to reduce our carbon footprint, such as working from home. The Trustees may also refuse donations should they not fit with the Charity’s social or environmental values.
The Charity has no investments funds, but would consider the environmental and social implications of any investments it may make in the future.
Page 4
## COSMIC
## TRUSTEES' REPORT (continued)
## FOR THE YEAR ENDED 31 JANUARY 2022
## Equality, Diversity and Inclusion
The Charity is committed to promoting equality of opportunity for all our staff and those who apply to join our team. We do not discriminate against staff or job applicants on the basis of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation.
The charity aims to create an environment where everyone is able to make best use of their skills, free from discrimination or harassment, in which all decisions are based on merit and their contributions as a diverse workforce are valued.
- We provide support to members of staff through learning and development opportunities so that they can participate fully in the workforce.
- Our staff are also given appropriate access to training to enable them to progress within the organisation and all promotion decisions are made on the basis of merit.
- Many of our roles are flexible and we review job descriptions and criteria to ensure there are no unnecessary barriers to access, including whether roles can be flexible, remote, and the qualifications needed to be considered.
We also apply the principles of non-discrimination and equality of opportunity to the way in which staff treat patients and their families, visitors, clients, suppliers, and the public. In particular, we aim to create an inclusive environment for families that benefit from our services including the parents’ accommodation and have a range of elements to facilitate this, including multiple language documents, awareness and celebration of different religions, and disability access and support.
## Achievements and performance
The Trustees would like to thank the parents, families, friends, staff, corporate partners and members of the public who have supported the Charity and have helped to raise £374,030 in this financial period. Their kindness and generosity enabled the Charity to continue to grant a number of funding requests to support both families and staff across both the NICU and PICU in line with our Activities above. Examples of this support includes:
- assistance with travel costs for families who may otherwise struggle to visit their child in hospital;
- information packs and emergency toiletries for parents who suddenly find their child admitted into hospital;
- the maintenance of a parents’ room on each Unit, with refreshments, so that parents may have a moment of respite from the wards;
- the maintenance of on-site accommodation so that parents may stay in hospital with their children;
- the purchase of cutting-edge clinical equipment which would not otherwise be available to the NHS;
- the purchase of sensory toys for the Play Team who support children staying in hospital;
- bereavement support and counselling;
- additional training for staff;
- hot meals for staff who were working harder than ever during the pandemic
Page 5
## COSMIC
## TRUSTEES' REPORT (continued)
## FOR THE YEAR ENDED 31 JANUARY 2022
## Financial review
The Chief Executive reviewed, with the Trustees, the risks to the Charity, in particular the impact of the global Coronavirus pandemic on fund-raising activities. Whilst corporate sponsorship was down on previous years, donations from individuals increased, partly in response to our Appeals. In addition, whilst some of our fundraising events were cancelled, some of our supporters raised significant sums through their own challenge events. Most notable of these were the COSMIC Rays - a cross-Channel swim team, and Adam Salt, who climbed Everest in memory of his daughter, Sadie. Our income arises principally from donations from the families who benefit from PICU and NICU services. We continue to build strong relationships with the medical teams on-site and our staff now also have a physical presence on the Units once again. As we look forwards, we are placing greater emphasis on our social media reach and on other, more innovative ways to fundraise that do not necessarily require our donors to attend events in person.
It is the Charity's policy to maintain restricted funds for the specific projects and equipment for which they were donated. It holds reserves of 12 months running costs, including the provision of core services to both Units. Major projects – either fundraising or charitable expenditure – are not committed to without funds being available.
Total funds at the year-end were £925,796 of which £368,077 relates to restricted funds, and £557,719 to unrestricted funds. The Charity has no investments, although the Chief Executive and the Treasurer review the banking arrangements annually.
The Charity funds projects undertaken by the Neonatal service and NHS Trust so that all staff providing specialist support and expertise are operating under NHS contracts and child protection policies. Purchased equipment is gifted to the NHS Trust which is then responsible for maintenance.
As permitted by the Charity’s governance document, Indemnity Insurance is held by the Charity as a precaution. The premium for the year under review was £6,933. No claims have been made either in the year under review or since the year end.
There were no serious incidents relating to the Charity and therefore no reports made to the Charity Commission.
## Managing Restricted Funds
The Charity holds some restricted funds on behalf of the Neonatal teams, allowing them to be awarded grants and funding from other sources for use in the NICU and PICU. These cover such things as staff education and training and equipment.
Each fund outlines the purpose of the grant as well as the nominated Neonatal staff who may access the funds under set criteria.
## Fundraising
COSMIC’s approach is largely relationship led through individual donor giving and grants from Trusts and Foundations. COSMIC does not generally engage with commercial participators and professional fundraisers and does not carry out house to house fundraising or street collections. COSMIC did not receive any complaints associated with its fundraising practices during the year.
Page 6
COSMIC
TRUSTEES. REPORT (cqyrtinuodl
FOR THE YEAR ENDED 31 JANUARY 2022
Fundlng Polcy
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Page 7
## COSMIC INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF COSMIC FOR THE YEAR ENDED 31 JANUARY 2022
## Opinion
We have audited the financial statements of COSMIC for the period ended 31 January 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 January 2022, and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 8
## COSMIC
## INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF COSMIC FOR THE YEAR ENDED 31 JANUARY 2022
## Other information (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
## We have nothing to report in this regard.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the annual report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; and
- we have not received all the information and explanations we required for our audit.
## Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 9
## COSMIC INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF COSMIC FOR THE YEAR ENDED 31 JANUARY 2022
## Auditor’s responsibilities for the audit of the financial statements (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
## Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and charity.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the group and charity and considered that the most significant are the Charities Act 2011 and UK financial reporting standards as issued by the Financial Reporting Council.
- We obtained an understanding of how the group and charity complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
Page 10
## COSMIC INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF COSMIC FOR THE YEAR ENDED 31 JANUARY 2022
## Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
## Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.
Devonshire House 60 Goswell Road London EC1M 7AD
## Moore Kingston Smith LLP, Chartered Accountants and Statutory auditor Date: 14 November 2022
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
Page 11
## COSMIC
## STATEMENT OF FINANCIAL ACTIVITIES
## FOR THE PERIOD ENDED 31 JANUARY 2022
||Unrestricted
funds|Restricted
funds|Year to 31
January|Year to 31
January|
|---|---|---|---|---|
|Notes
Income from:
Donations and legacies
2
Other Trading activites
2
Investment income
2
Donations in services
2
JRS Grant
Total income
Expenditure on:
Costs of raising funds
3
Charitable activities
4
Total expenditure
Transfers
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
17
Total funds carried forward
Net movement in funds
before transfers|2022
£
277,959
507
50
3,000
16,718
298,234
86,876
276,808
363,684
(65,450)
(6,105)
(71,555)
629,274
557,719|2022
£
73,912
1,884
-
-
-
75,796
2,338
65,970
68,308
7,488
6,105
13,593
354,484
368,077|2022
£
351,871
2,391
50
3,000
16,718
374,030
89,214
342,778
431,992
(57,962)
-
(57,962)
983,758
925,796|2021
£
505,750
6,826
161
-
17,167
529,904
75,962
311,332
387,294
142,610
-
142,610
841,148
983,758|
* see note 17 for the comparative Statement of Financial Activities.
The notes on pages 13 to 26 form part of these financial statements.
Page 12
coswc
BALANCE SHEEr
AS AT 31 JANUARY 2022
31 nUary
31 U•ry
2021
Flxed Assets
Tangib assets
11951
16.294
DerrtOTS
Cash * •MI in hand
10
8.747
1.074.321
1,11J).Y20
1.107,X
1.083.CE8
Crodllorn: •maMrtf8llng
du8v*Tthin
11
1194.861)
(115.)4)
912,845
25,796
983,758
Clwlty Fund•
Restricted
Unrestrthj fund8
12
12
557,719
829.274
983.758
4 May.2022
r•Aes on w 13 to forn pwt ofth8se slatemert8.
P13
COSMIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 1 Accounting Policies
## 1.1 General Information
COSMIC is a registered charity. Its registered office and principal place of business is Ground floor, Acrow West Unit 20E, St. Mary's Hospital, South Wharf Road, London W2 1BL
## 1.2 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102) including Update Bulletin 2 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. The functional currency of the Charity is sterling and amounts in the financial statements are rounded to the nearest pound.
COSMIC constitutes a public benefit entity as defined by FRS 102.
## 1.3 Going concern
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the Charity's forecasts and have taken account of pressures on donation income and use of the government furlough scheme in light of the impact of COVID-19. After making enquiries the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in the preparation of the financial statements.
## 1.4 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Page 14
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 1 Accounting Policies (Continued)
For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donation and fundraising income is recognised at the point at which the pledge is made.
Grant income is recognised in line with the conditions specified in the grant contract. Where grant contracts specify the period the activities and the costs are to be undertaken, they are recognised as income over that period as the associated costs which give rise to the entitlement to the income are incurred.
Investment income is recognised on a receivable basis.
Following a review of income and expenditure a number of categories have been reanalysed into the area that more appropriately represents their activity, but there has been no change to the prior year surplus/deficit nor balance sheet reserves.
## 1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
## Grants Payable
Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
## Costs of raising funds
Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
## Allocation of support costs
Support costs are allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:
|Parent costs|20%|
|---|---|
|Care|20%|
|Equipment|20%|
|Staff training|20%|
|Neonatal project|20%|
Charitable activity costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Page 15
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## COSMIC
## 1 Accounting Policies (Continued)
## 1.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
## 1.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## 1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## 1.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## 1.10 Tangible fixed assets and depreciation
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office equipment 20% straight line basis Fixtures and fittings 25% straight line basis
Assets acquired under £250 are not capitalised in line with the Charity's policy.
## 1.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.
Trade and other creditors are recognised at the settlement amount after any trade discounts received. Accruals are value based on the estimated amount to be paid.
## 1.12 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 16
COSMIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 1 Accounting Policies (Continued)
## 1.13 Pensions
The Charity operated a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the period.
## 1.14 Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial period.
## 2 Income from donations and legacies
|2
Income from donations and legacies|||||
|---|---|---|---|---|
|Donations
Legacies
Individuals and Trust
Challenge events
Corporate and Club sponsors
Total donations and legacies
Total 2021|Unrestricted
funds
2022
£
42,371
460
125,447
89,870
19,811
277,959
433,051|Restricted
funds
2022
£
65,000
-
6,143
1,549
1,220
73,912
72,699|Total
2022
£
107,371
460
131,590
91,419
21,031
351,871
505,750|Total
2021
£
34,724
585
180,548
61,592
228,301|
|||||505,750|
||||||
|Income from other trading activities|||||
|Other
Total
Total 2021|Unrestricted
funds
2022
£
507
507
6,576|Restricted
funds
2022
£
1,884
1,884
250|Total
2022
£
2,391
2,391
6,826|Total
2021
£
6,826|
|||||6,826|
||||||
||||||
Page 17
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 2 (continued)
## Investment income
|Investment income|||||
|---|---|---|---|---|
|Bank interest receivable
Total
Total 2021|Unrestricted
funds
2022
£
50
50
161|Restricted
funds
2022
£
-
-
-|Total
2022
£
50
50
161|Total
2021
£
161|
|||||161|
||||||
## 3 Costs of raising funds
|Fundraising and marketing expenses
Challenge events
Other fundraising costs
Support costs- other
Support costs- wages
Total
Total 2021|Unrestricted
funds
2022
£
18,389
7,750
5,907
18,698
36,132
86,876
74,460|Restricted
funds
2022
£
933
-
163
-
1,242
2,338
1,502|Total
2022
£
19,322
7,750
6,070
18,698
37,374
89,214
75,962|Total
2021
£
14,131
7,475
3,130
16,522
34,704|
|---|---|---|---|---|
|||||75,962|
||||||
Page 18
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 4 Analysis of expenditure on charitiable activities
|4
Analysis of expenditure on charitiable|activities||||
|---|---|---|---|---|
||Unrestricted
funds|Restricted
funds|Total|Total|
|Equipment donated/Unit Support
Medical Research
Parents support
Accommodation
Total 2022
Total 2021
5
Analysis of expenditure by activities|2022
£
77,305
6,276
77,739
115,488
276,808
282,874|2022
£
19,487
35,547
10,315
621
65,970
28,458|2022
£
96,792
41,823
88,054
116,109
342,778
311,332|2021
£
102,158
13,556
80,286
115,332
311,332|
||Activities
undertaken
directly|Support costs|Total|Total|
|Equipment donated/Unit Support
Medical Research
Parents support
Accommodation
Total 2022
Total 2021|2022
£
17,975
35,547
9,237
84,600
147,359
131,182|2022
£
78,817
6,276
78,817
31,509
195,419
180,150|2022
£
96,792
41,823
88,054
116,109
342,778
311,332|2021
£
102,158
13,556
80,286
115,332
311,332|
Support costs for charitable activities have been allocated to charitable activities based on usage in the year.
Page 19
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 6 Support costs
|Audit and accountancy
Legal and Professional
Office Costs
Depreciation
Salaries, NIC and pension costs
Stationery & consumables
Communication costs
Staff costs
Other|31 January
2022
£
20,104
9,024
14,759
6,849
186,870
1,770
3,000
6,815
2,300|31 January
2021
£
24,438
7,027
12,665
5,701
173,518
2,363
805
3,230
1,629|
|---|---|---|
||251,491|231,376|
- 7 Net income/(expenditure)
This is stated after charging:
|This is stated after charging:|||
|---|---|---|
|Depreciation of tangible fixed assets
Auditor's remuneration - audit|31 January
2022
£
6,849
14,700|31 January
2021
£
5,701
13,690|
|Auditor's remuneration - other|5,404|4,318|
||||
Page 20
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 8 Staff costs
|Staff costs|||
|---|---|---|
||31 January|31 January|
||2022|2021|
||£|£|
|Wages and salaries|160,367
|151,849|
|Social security costs|12,512
|15,983|
|Other pension costs|6,583
|5,686|
||179,462
|173,518|
|The average number of persons employed by the Charity during the period was as follows:|||
||2022|2021|
||No.|No.|
|Average number of employees|5
|3|
No employee received remuneration amounting to more than £60,000 in either period.
During the period key management personnel received a remuneration of £52,500 (2021: £50,966).
No trustees received any remuneration, benefits in kind or reimbursement of expenses in the current or prior period.
## 9 Tangible fixed assets
|Cost
At 1 February 2021
Additions
At 31 January 2022
Depreciation
At 1 February 2021
Charge for the period
At 31 January 2022
Net book value
At 31 January 2022
At 31 January 2021|Fixtures and
Fittings
£
21,873
642
22,515
8,891
4,887
13,778
8,737
12,982|Office
Equipment
£
7,411
2,864|
|---|---|---|
|||10,275|
|||4,099
1,962|
|||6,061|
|||4,214|
|||3,312|
Page 21
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 10 Debtors
|10
Debtors|||
|---|---|---|
||31 January
2022|31 January
2021|
|Prepayments and accrued income
11
Creditors: Amounts falling due within one year|£
6,586
6,586
31 January
2022|£
8,747
8,747
31 January
2021|
||||
|Trade creditors
Acrruals and deferred income
Taxation and social security|£
6,061
185,231
3,369
194,661|£
4,816
99,623
11,165
115,604|
- 12 Analysis of net assets between funds
Analysis of net assets between funds - current period
|Tangible fixed assets
Current assets
Creditors due within one year
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year|Unrestricted
funds
2022
£
12,951
739,429
(194,661)
557,719
Unrestricted
funds
2021
£
16,294
728,584
(115,604)
629,274|Restricted
funds
2022
£
-
368,077
-
368,077
Restricted
funds
2021
£
-
354,484
-
354,484|Total funds
2022
£
12,951
1,107,506
(194,661)|
|---|---|---|---|
||||925,796|
||||Total funds
2021
£
16,294
1,083,068
(115,604)|
||||983,758|
Page 22
COSMIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 14 Statement of funds
Statement of funds - current period
|Unrestricted funds
General funds
Restricted funds
Funds held for Neonatal Unit / Doctor
education material
Developmental care and breastfeeding
Bereavement Study day
COVID-19
Multiple Births Programme|Balance at 1
February 2021
£
629,274
26,497
(2,258)
5,000
24,754
1,030|Income
£
298,234
-
-
-
2,248
-|Expenditure
£
(363,684)
-
-
-
(3,301)
-|Transfers
£
(6,105)
-
2,258
-
-
-|Balance at 31
January 2022
£
557,719|
|---|---|---|---|---|---|
||||||26,497
-
5,000
23,701
1,030|
|Neonatal projects|4,963|-|-|-|4,963|
|Sound Ear Units
Vital Sound Monitors
Family Support Fund
Family Liaison Support
Winnicott discharge nurse
ARNI
Incubator purchases
Rebecca Harwood Memorial
Impact
Accommodation
COSMIC House
SMART
More Smiles Appeals
Kawasaki Research
Sleep Study
Play Specialist Team
Egyptian Education Bureau
Jimmy St George's Nurses Fund
Other restricted funds
Total restricted funds
Total of funds|13,596
9,000
30,620
-
38,771
420
(1,188)
8,093
53,027
-
-
(1,649)
30,244
22,717
38,967
8,325
9,224
8,315
26,016
354,484
983,758|-
-
600
1,278
-
-
51,220
-
-
1,912
3,038
-
-
15,500
-
-
-
-
-
75,796
374,030|-
-
(1,448)
(3,476)
-
-
(14,709)
(3,000)
-
(44)
-
-
(6,782)
-
(35,548)
-
-
-
-
(68,308)
(431,992)|-
-
-
2,198
-
-
-
-
-
-
-
1,649
-
-
-
-
-
-
-
6,105
-|13,596
9,000
29,772
-
38,771
420
35,323
5,093
53,027
1,868
3,038
-
23,462
38,217
3,419
8,325
9,224
8,315
26,016|
||||||368,077|
||||||925,796|
Page 23
COSMIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 14 Statement of funds (continued) Statement of funds - prior period
|Unrestricted
General funds
Restricted funds
Funds held for Neonatal Unit / Doctor
education material
Developmental care and breastfeeding
Bereavement Study day
COVID-19
Multiple Births Programme
Neonatal projects
Sound Ear Units
Vital Sound Monitors
Family Support Fund
Family Liaison Support
Winnicott discharge nurse
ARNI
Incubator purchases
Rebecca Harwood Memorial
Impact
SMART
More Smiles Appeals
Kawasaki Research
Sleep Study
Play Specialist Team
Egyptian Education Bureau
Jimmy St George's Nurses Fund
Other restricted funds
Total restricted funds
Total of funds|Balance at 1
February 2020
£
546,074
26,491
5,262
5,000
-
1,030
4,963
8,000
9,000
2,001
6,761
38,771
420
(4,526)
7,790
53,027
(1,649)
37,021
22,717
38,967
8,325
9,371
8,315
8,017
295,074
841,148|Income
£
456,955
6
1,151
-
36,813
-
5,899
-
-
23,811
-
-
-
4,769
-
-
-
-
-
-
-
-
-
500
72,949
529,904|Expenditure
£
(357,334)
-
(7,592)
-
(12,059)
-
(6,777)
-
-
(1,953)
-
-
-
(1,431)
-
-
-
-
-
-
-
(147)
-
(1)
(29,960)
(387,294)|Transfers
Balance at 31
January 2021
£
£
(16,421)
629,274
-
26,497
(1,079)
(2,258)
-
5,000
24,754
-
1,030
878
4,963
5,596
13,596
9,000
6,761
30,620
(6,761)
-
-
38,771
-
420
-
(1,188)
303
8,093
-
53,027
-
(1,649)
(6,777)
30,244
-
22,717
-
38,967
-
8,325
-
9,224
-
8,315
17,500
26,016
16,421
354,484
-
983,758|
|---|---|---|---|---|
COSMIC was created following the merger of two charities - The Winnicott Foundation and Children of St Mary's Intensive Care on the 31st January 2020. In the first accounting period of the combined charity, upon merging the charities, an exercise was taken out to align the restricted funds of both charities and ensure they are represented under the restrictions imposed by the repsective donor. The result of this exercise can be seen in the small transfers above.
## Restricted funds
Funds held for Neonatal Unit / Doctor education material: This fund is held for income generated by neonatal teams from grants and donations for staff education and items to improve the working environment.
Page 24
COSMIC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 14 Statement of funds (continued)
## Restricted funds (continued)
Developmental care and breastfeeding - This fund is for the purchase of items and the training of staff to support the developmental care of babies and to support mothers to express their milk and to breastfeed their babies.
Bereavement Study Day - This fund is used to organise a Bereavement Study Day at the Units.
COVID-19 - This is an emergency fund to provide both practical and emotional support for staff, families and patients on NICU and PICU.
Multiple Births Programme - This fund is used to develop a model of Neonatal care for multiple birth babies and their parents.
Neonatal projects - This fund is used to fund research projects to improve Neonatal care.
Family Support fund - This fund is used to provide practical, emotional and financial support to families and staff across all units.
Winnicott discharge nurse - Funds held for the position of a Discharge Nurse.
ARNI (Advanced Resuscitation of New Born Infants) - Funding for the ARNI resuscitation course.
Incubator purchases - This fund is used to fund the purchase of incubators.
Rebecca Harwood Memorial - This fund is used to fund the training of doctors and nurses on the Units.
Impact - This fund represents monies received towards simulation training and the purchase and upkeep of specialist equipment and materials to support in situ training.
SMART - The St. Mary's Allergy Research Team ("SMART") fund represents amounts received for the training of the allergy team doctors and nurses.
Family Liaison Support - This fund represents monies received to fund the work of our family liaison sisters.
More Smiles Appeals - This fund is used to support the refurbishment and expansion of the PICU from 8 to 15 beds and the provision of its services.
Kawasaki Research - This fund is used to support research into Kawasaki Disease.
Sleep Study - This fund is used to support research into sleep and sleep related medicine and respiratory disorders.
Accommodation - This fund relates to money raised for the development of parent accommodation.
Play Specialist Team - This fund relates to money raised to support the play specialist team.
Egyptian Education Bureau - This fund represents money donated for the joint supervision of a student and education activities for doctors and nurses.
Jimmy St George's Nurses' Fund - This fund relates to money raised for nurses' education, support and recognition.
Other restricted funds - These relate to a small number of other restricted funds.
## 15 Related party transactions
During the period reimbursements of £nil (2021: £nil) were made to Trustees for expenses paid on behalf of the charity. One trustee (2021: One trustee) made donations totalling £10,000 (2021: £6,000).
## 16 Trustee Indemnity
During the year to 31 January 2022, the Charity purchased Trustee indemnity insurance (as allowed under the Charity's constitution) for a price of £6,933 (2021: £6,482).
Page 25
COSMIC
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
## 17 Prior period Statement of Financial Activities
|Income from:
Donations and legacies
Other Trading Activities
Investment income
JRS Grant
Total income
Expendtiure on:
Costs of raising funds
Charitiable activities
Total expenditure
Transfers
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net movement in funds
before transfers|Unrestricted
funds
2021
£
433,051
6,576
161
17,167
456,955
74,460
282,874
357,334
99,621
(16,421)
83,200
546,074
629,274|Restricted
funds
2021
£
72,699
250
-
-
72,949
1,502
28,458
29,960
42,989
16,421
59,410
295,074
354,484|Total
2021
£
505,750
6,826
161
17,167|
|---|---|---|---|
||||529,904|
||||75,962
311,332|
||||387,294|
||||142,610
-|
||||142,610
841,148|
||||983,758|
Page 26