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2024-06-30-accounts

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Charity registration number 1195059

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ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

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LEGAL AND ADMINISTRATIVE INFORMATION

Trustees L Joy OBE
G Gordon OBE
M Davies
Dr J Grenier CBE
B Levinson OBE
E Stanton
L Holst (Resigned 30 November 2024)
T Scott (Appointed 24 March 2025)
Charity number 1195059
Independent Auditors Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
Bankers CAF Bank
Kings Hill
West Malling
Kent
ME19 4JQ
Registered office 73 Cornhill
London
EC3V 3QQ
Legal advisors Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR

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CONTENTS

Page
CEO Statement 1 - 3
Trustees report 4 - 13
Statement of Trustees responsibilities 14
Independent auditor's report 15 - 17
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21 - 31

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CEO STATEMENT

FOR THE YEAR ENDED 30 JUNE 2024

We are delighted to share with you our annual report for the year ended 30 June 2024.

Thrive at Five’s vision is a society where every child can thrive and achieve their potential.

Our mission is to help children develop strong foundations for life and learning, in and alongside communities where families face the most challenges.

There has never been a more important time to focus on improving early childhood outcomes, particularly in areas of high deprivation and disadvantage. More than one million of the four million plus children living in poverty in the UK are babies and children under the age of five, and poverty has risen faster in the last decade for children in these families than for those with older children. The pressure this is putting on families with young children is enormous, and when parents cannot access services and support, they find themselves isolated, alone, and less able to provide their children with the nurturing care and experiences they need to thrive.

Our place-based teams work in partnership with these communities – those experiencing the highest levels of disadvantage. We seek to act at the earliest stage possible to lay strong foundations and prevent problems arising later in life. To do this, we focus on specific outcomes which are critical to children’s development. We are guided by the communities we work in; families, services, voluntary organisations and many others who play a supporting role. Our activities are guided by data and evidence of what works as we test, learn and refine our approach in different areas. The Thrive at Five Playbook captures our learnings of what works best, to enable us, over the coming years, to have the greatest impact in the areas that need it most.

There have been many highlights from the past year, but a few stand out. Working alongside our many partners, hundreds of parents and carers in Stoke-on-Trent who had nowhere to go with their babies and toddlers have been welcomed into play spaces in their communities, taking up opportunities to connect to each other as well as access services and professional support. Children who were the most behind with their speech and language in nurseries and reception classes have had support that was not available before, resulting in significant improvements in their skills and confidence. We are thrilled that this year’s data shows that, in the schools we have been partnering with, the percentage of children achieving the expected level of development in communication and language has increased compared to the two previous years. This includes those whose development was of most cause for concern.

The progress we have made since the charity was established in the summer of 2021 has been recognised by the Local Authority in Stoke-on-Trent extending their original funding agreement with Thrive at Five for an additional 2 years. This demonstration of their support is particularly significant in a year when Local Authorities, including Stokeon-Trent, have faced significant financial challenges, and the political uncertainty of a General Election.

“For a relatively small investment you get a massive bang for your buck. It's one of the best value investments that I've made in my time here in terms of the return that we gained, one of the best decisions I've made.” Jon Rouse, City Director, Stoke-on-Trent City Council

This year have also expanded, launching our second programme in Redcar & Cleveland, giving us the opportunity to test and refine our learnings from Stoke-on-Trent. Our six-month, deep dive discovery gave us a rich understanding of the issues, needs, local assets and views of the local parents, carers and professionals. With this knowledge, we are working alongside our new partners to co-design the most impactful solutions for the community and create strong and trusted relationships that we know are vital to make a difference to children’s futures.

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CEO STATEMENT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

As we move into our fourth year as a charity, ready for new partnerships in new places, we are proud of our growth and learning. We have produced our first impact report which is available on the Thrive at Five website Our Impact 23-24 - Thrive At Five. Our progress reflects the joint efforts of so many local partners – families, local faith and community organisations, early years practitioners and health visitors, nurseries and schools. The impact we have seen is a testament to what is possible when communities work together in a more joined- up way and shows that it takes a village to raise a child. It is also thanks to all those who have supported this work, their generosity and shared vision. We are so grateful for them joining us on this journey, enabling our work in Stoke-on-Trent and Redcar and Cleveland, and paving the way for Thrive at Five to expand to more places in 2025.

With the Government having set out an ambitious target to ensure 75% of children are ready to learn by the age of five, there is much to be done. If we hope to achieve this, we must lean into and support the areas facing the most challenges. And our work is already showing that, by working closely with parents and strengthening the early years system, it is possible. And we aim to harness this – to use the learning and insight we are gathering to turn our placed-based model into one which can be scaled. This way we can support the many children across the country who need it most.

APPRECIATION AND THANKS

The journey to deliver long-term, sustainable impact is due to the generous support of our donors and collaboration with the many partners and other stakeholders that we work with

Donors

Auxilio Support Limited Denise Coates Foundation EPIC Housing Ethos Foundation KPMG Foundation MariaMarina Foundation Redcar & Cleveland Borough Council Segelman Trust Stoke-on-Trent City Council The Dulverton Trust The LEGO Group The Police and Crime Commissioner for Cleveland The Symondson Foundation Woodsmith Foundation

Collaborators

All Saints Catholic Collegiate (St Maria Goretti Catholic Academy), Alpha Academies Trust (Eaton Park Academy and Maple Court Academy), Bentilee Nursery School, Breathe New Life Church, Cleveland Unit for the Reduction of Violence (CURV), Cultural Zebra Ltd, Epic Empowering People Inspiring Communities Ltd, ERS Research, Family Action - South Tees Perinatal Support Service, Family Focus (Trading name of Children and Families Staffordshire CIO), Little Explorers Day Nursery, Middlesbrough Voluntary Development Agency, Midlands Partnership University NHS Foundation Trust, North Staffordshire Combined Healthcare NHS Trust, Office of the Commissioner for Staffordshire (Police, Fire and Rescue, Crime), Orchard Community Trust (Abbey Hulton Primary School), OxEd & Assessment Ltd (OxEd), Public Health South Tees, Redcar and Cleveland Borough Council, Rosy Cheeks Nursery School, Societas Trust (Carmountside Primary Academy), St Bart’s Multi-Academy Trust (Kingsland C.E. Academy), St John’s Church, St Stephen’s Church, Staffordshire and Stoke-on-Trent,

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CEO STATEMENT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Integrated Care System, Staffordshire and Stoke-on-Trent Integrated Care Board, Stoke City Football Club, Stoke City Music Service, Stoke-on-Trent College, Stoke-on-Trent City Council, Stoke-on-Trent City Council - Public Health, The Breastfeeding Network, The Newman Catholic Collegiate (Our Lady & St Benedict Catholic Academy), Tiny Toez @ Treehouse Day Nursery, University of Staffordshire, VAST, Woodsmith Foundation, YMCA North Staffordshire

Grant Gordon OBE Larissa Joy OBE Aida Cable

Co-Founder and Co- Chair Co-Founder and Co-Chair Chief Executive

Date: 4/14/2025

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TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024

The Trustees present their annual report and financial statements for the year ended 30 June 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Thrive at Five works in places where babies and children are most at risk of not achieving their potential by the end of their first year at school, committing to multi-year support to deliver sustainable and long-term change. The families we support live in some of the most deprived parts of the UK. In the academic year 2023/24 only 51.5% of children eligible for Free School Meals in England reached a Good Level of Development by the end of their first year at school, compared to the 72% of children who reached this goal and were not eligible for Free School Meals

Thrive at Five’s place-based teams work alongside communities:

At the heart of the Thrive at Five model is the belief in the positive power of parents and communities to create lasting change and positive impact on outcomes for children in their early years. Thrive at Five is developing a national model around parent and community participation that is being tested, evaluated and refined in pathfinder areas to inform a national replicable framework.

We came into the financial year 2023/24 with the first projects in implementation in our first pathfinder area, Stoke-on-Trent, and in a state of readiness to expand the charity’s horizons to a new place.

We have been working in Stoke-on-Trent since July 2021, focusing on communities in the electoral ward areas of Abbey Hulton and Bentilee, Ubberley and Townsend. This financial year we set out to:

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Achievements and performance 1. Testing, Learning and Refining in Stoke-on-Trent

Our approach in Stoke-on-Trent is guided by a framework for workstreams that collectively deliver improved outcomes for children now and long into the future

A framework of workstreams to improve outcomes, to reach parents and to strengthen and improve the early years system

This year we have continued to focus with our partners on workstreams co-designed to improve early, language and communication (using the Nuffield Early Language Intervention in schools) and expanded the focus to younger children, in nurseries (using Talking Time). We have continued to support transitions into nursery and school (Ready Steady Stoke), and we have brought in a new strand of work to improve the Home Learning Environment (using PEEP Learning Together). We work alongside dedicated and passionate early years professionals who often do not have the time or capacity to respond to the levels of need of children in their communities.

Thrive at Five provides the additional capacity and access to expert advice that allows practitioners, from across the early years system, to think and innovate, adapting evidence-based programmes to suit a challenging local context. We provide resources to ensure programmes are well implemented and are more likely to deliver improved outcomes. We enable professionals to come together to collaborate and share learning and we work with managers and senior leaders to ensure that changes are made at a systems-level to secure long-term improvements.

This last year we have:

At the end of the academic year 2023/24, 70% of our schools saw more children on free school meals achieving the expected level of development in early language and communication than other, comparable schools in Stoke-on-Trent.

There was also a reduction in the number of children who were assessed with significant language delays from 39% at the beginning of the academic year to 19% at the end of the academic year .

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

This year we provided extra training and professional support for 54 practitioners and volunteer students, who work with the 2500 under 5-year-olds in Abbey Hulton and Bentilee.

Parents and carers play a critical role in providing the solid foundations for life and learning through the bonds and interactive relationships they have with their babies and toddlers. When we started work in Stoke-on-Trent parents told us about their struggles living with poverty, the isolation they experienced and their feelings of anxiety and depression. They told us also about the judgement and the lack of information that were barriers to accessing help. Practitioners told us about the difficulties they were experiencing in engaging with the community.

We have continued in this past year to work alongside our communities to support their co-creation of many more parent, baby and toddler groups.

A five-fold increase in spaces and places for families to go – with capacity now for 200 attendees per week - means many more connections between parents and carers and opportunities for them to receive help from professionals and voluntary organisations.

We have also employed more local parents as “Parent Connectors” recognising their value in building bridges between parents who are struggling alone and their communities. Our Parent Connectors provide information and signpost to support and create human relationships that can make the difference between parents and carers finding the help they need or not.

The Centre for Evidence and Implementation’s first interim report of our external evaluators captures some of the positive impact of this work:

“I suffer with anxiety massively, so for me it can be really intimidating to go into a room full of mums, but here I don't feel that and it's really lovely here …. You can just talk to them [other parents], and if you say you're struggling as well, no one looks at you like you're a bad parent because you're struggling.” Parent

“I didn't know any of the other parents who were attending, and now we all stay in touch on Facebook, and we try and make time outside of [the group] to meet up with the children, go to soft play, or we're trying at the minute to arrange just a mums’ night.” Parent

“They are then building their own social network, which is absolutely fantastic.... These friendship networks are really, really, building.” Practitioner

Extension of support from Stoke-on-Trent City Council

Recognizing Thrive at Five’s progress the Local Authority has this year extended its financial support for an additional 2 years. A good working relationship has been cemented by the secondment, one day a week, of Thrive at Five’s Partnership and Programme Lead to the Local Authority

2. Replicating in Redcar and Cleveland

Discovery, Local Authority support, and working with senior leaders

In September 2023 Redcar and Cleveland Council approved their support for Thrive at Five to establish a local programme focused initially on five of the most deprived electoral wards, (Grangetown, Southbank, Eston, Dormanstown and Kirkleatham). As in Stoke-on-Trent the Local Authority is co-funding our work, underscoring the power of a collective impact model backed by philanthropic and public sector funding.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Replicating the approach in Redcar and Cleveland (and using tools from our Playbook), we spent 6 months on an intensive discovery exercise designed to develop an understanding of the needs and opportunities in the early years in our 5 communities. Working with the Director of Children’s Services, the Director of Public Health and the Office of the Cleveland Police and Crime Commissioner, we established a joint working group to oversee and facilitate the discovery process and to introduce Thrive at Five’s approach to a wider group of stakeholders from across the public, voluntary and private sector. As with Stoke-on-Trent this stage of our work is essential in building trust and provides the foundations for a collaborative working relationship, having carefully identified with our partners the gaps in support and the assets that can be built upon.

“The discovery phase that Thrive went through actually brought community into the programme and listened to the community in the co-construction of what services would be most impactful and beneficial to them .... It was a very strong piece of work that I think gave value.” Systems Leader reporting to the Centre for Evidence and Implementation

Establishing the local team

The Partnership and Programme Lead for Redcar & Cleveland, Allan Brownrigg, took up post in February 2024 bringing a wealth of knowledge and experience.

Since coming into post Allan has established a local team of 9, replicating the team structure in Stoke-on-Trent:

With discovery completed Parent Connectors went out into the community forging early connections with parents, carers, Family Hubs and local voluntary organisations. The team is also underway with co-designing first workstreams to support early language and communication, the home learning environment, transitions into nurseries and schools and parent and infant relationships.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

3. Strengthening the organisation

Coming into this year with the legacy of multi-year grants from our early supporters, we have been able to invest time in exploring and laying the groundwork for a pipeline of funding for the next 3-5 years. Continuing to secure this level of support is challenging in a competitive market, when philanthropic funding is responding to a high volume of unmet need exacerbated by the increased cost of living. Thrive at Five also seek co-funding from Local Authorities, some of which have been under considerable financial pressure themselves, connected often to the cost of social care. We have nonetheless, in this past year, secured a new contract with Redcar & Cleveland Borough Council, renewed funding not just from Stoke-on-Trent City Council, but also from one of our first, cornerstone funders and a 7-year grant from another, early backer.

The Charity’s staff team has grown overall from 8 to 17 people. In addition to expanding the team in Stoke-onTrent and recruiting the team in Redcar & Cleveland, Thrive at Five has built essential capacity within the central team, with a Finance Officer and a Director of Design and Planning. In the past year these new roles have allowed us to:

Outlook – embedding Thrive at Five in Stoke-on-Trent, rolling out a programme in Redcar & Cleveland, and growth to two new places

Thrive at Five work in communities that have seen too many initiatives come and go with the consequences that trust with communities has been damaged, and investment has not resulted in long-term change. Thrive at Five set out to make a sustainable difference to children’s outcomes in early childhood and we are delighted that our first partners share this vision and have extended their investment in Stoke-on-Trent. Over the coming year, we plan to develop on the existing programme in Abbey Hulton and Bentilee, to support outcomes all through from pregnancy to the end of reception year. We will start scoping ways to scale the programme to other parts of the city, and to embed it in the local early years system.

In Redcar & Cleveland we will shift our focus from co-design to implementation of initial workstreams, using the experience and learning from Stoke-on-Trent to guide the approach. The cycle of testing, learning and refining will support the development of our Playbook.

In addition, we will continue negotiations to finalise a contract with Middlesbrough Council, with a view to commencing discovery there towards the end of the next financial year and will recruit a Director for Scotland.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Financial review

Income

Total grant income for the financial year ended 30 June 2024 was £1,743,117 (2023: £1,581,418), of which £535,484 was restricted to activities in our first pathfinder site, Stoke-on-Trent, £350,000 was restricted to activities in our second pathfinder site Redcar & Cleveland, with the balance of £857,633 being unrestricted income. Our grant income has been raised from a combination of major donors, trusts and foundations (including corporate foundations) and local authorities.

Our investments in interest bearing accounts yielded £33,994 during our financial year (2023: £11,616).

Expenditure

Total expenditure amounted to £1,338,514 (2023: £824,167) and is analysed below.

Staff and support costs :

Staff costs, including recruitment fees, amounted to £726,814 (2023: £479,013) which represents 54.3% of total expenditure. Recruiting and investing in the right staff is critical to the success of Thrive at Five, which builds capacity in communities, and enables collaboration across the public, private and voluntary sector. Our place-based teams are recruited locally and include staff with expertise in early childhood development, community engagement and communications. These local “backbone” teams are supported by a central team which supports the strategic development of our programmes to deliver sustainable change in early years outcomes and to inform the shaping of a model that can be rolled out nationally.

We continued our investment in paid parent champions, their costs are included in the staff and support costs above.

Fundraising Activities:

The cost of fundraising increased to £49,582 from £37,090 in 2023, reflecting additional investments in securing new donors and leveraging partnerships to support the planned growth of the charitable programmes.

Discovery & Co-design costs :

During the year we engaged Economic Research Services Ltd as community researchers to inform our understanding of parents and carers experience of the early years in our second pathfinder site of Redcar & Cleveland. The research cost £10,800 (2023: £12,300).

Programmatic Activities:

Our spending on programmatic activities is designed to ensure that we and our partners implement data and evidence informed workstreams to deliver improved early childhood outcomes, stronger early years practice and early years system.as set out in the Charity’s Theory of Change. During the financial year we spent £126,719 on these activities compared with £87,327 in 2023. These funds were deployed as below:

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Evaluation costs:

We are committed to capturing learning and to monitoring and evaluation so we can constantly test, learn and refine and demonstrate the impact of our work. As such we continued to work with Isos Partnership on the development of the Thrive at Five Playbook and with our external evaluators, the Centre for Evaluation and Implementation. Our costs relating to evaluation amounted to £116,748 (2023: £14,086).

Unrestricted Reserves

As part of our effective financial management, we will hold unrestricted reserves that support the organisation’s mission to deliver sustainable and long-term change in order that the charity will be able to continue its activities.

These reserves are required:

The Board of Trustees will review the above criteria annually with reference to Thrive at Five’s strategy and annual business plan and the level of reserves to meet these. Based on the evaluation of income and expenditure risks and working capital requirements, the trustees have agreed that reserves should be in the range of £1m to £1.75m. At 30 June 2024 unrestricted reserves amounted to £1.5m, which are within the reserves range.

The Trustees take a prudent approach regarding the investment of surplus funds. During the financial year, the trustees have considered the most appropriate policy for investing funds is within our savings bank account.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Restricted Funds

The charity holds restricted funds as detailed in note 17. The balance at 30 June 2024 was £714,468 (30 June 2023: £659,999).

Risk management practices

In line with governance best practice, the Trustees are committed to maintaining a strong risk management framework that supports Thrive at Five to proactively manage risks.

Thrive at Five has a risk register which is reviewed annually by the members of the Finance and Risk and the Board of Trustees. The risk register is used as a tool throughout the year to manage operational and strategic delivery. Risks are scored according to the likelihood and impact of the risk occurring, with the management of each risk assigned to a senior member of staff. The changes to the risks are reviewed alongside the actions being taken to mitigate the risks.

The table below highlights the strategic risks that have been identified and explains how these risks are being mitigated withing the Charity.

Prioritising The Charity accords the highest priority to managing safeguarding risk and all staff safeguarding undertake annual training for child protection as well as Prevent training to support children and people susceptible to radicalisation. The Charity has a comprehensive safeguarding vulnerable people policy, which is reviewed annually, and which is designed in conjunction with a safeguarding expert. Staff in contact with children must hold Level 2 safeguarding qualifications and are required to attend in-person paediatric first aid training. Our safeguarding leads are staff members (one national and one for each local programme) who are Level 3 qualified we have a Trustee with overall responsibility for safeguarding, and each of these individuals has professional experience in this critical area. We have designed a clear process for staff to follow should a safeguarding concern arise Protecting personal data The Charity has GDPR policies which are reviewed annually by the Finance and Risk committee and employees have training to ensure they understand the policies. The policy ensures that staff have access only to data required for the task in hand and where required sensitive documents are password protected. The Charity regularly reviews the personal data that is collected, used, processed and retained and has processes in place to ensure that personal data is appropriately protected across the organisation. Ensuring adequacy The Charity is committed to our long-term objectives of delivering systemic of funds improvement in the outcomes for children in the early years in our pathfinder sites. Each pathfinder is planned based on a seven-year investment horizon, with the exception of Stoke-on-Trent, our trailblazer site where we plan a ten-year investment. As such the ability to raise long-term multi-year funding arrangements to implement our vision is key to our success. The Charity’s growth plans are contingent on securing pledged funds and we continually review our funding pipeline and weigh the likelihood of securing these in our Finance and Risk committee meetings. To mitigate the risk of our income we have grant agreements in place for all our key donors. Gathering The Charity recognizes that the success of the Thrive at Five methodology is data to demonstrate contingent upon the ability to demonstrate the impact we are having in the impact community. The Charity has partnered with the Centre for Evidence and Implementation (CEI) to evaluate our programmes. The management and roll-out of our programmes are carefully designed and we are collaborating with credible partners who use the best practice methodology. Local Early Years Foundation Stage Profile (EYFSP) data is gathered and analysed on an annual basis. Our internal learning and impact team conduct pilot-year evaluation of workstreams drawing on quantitative and qualitative data. In Stoke-on-Trent, our first pathfinder, we are working with the public health team to strengthen their data gathering and measurement system which will support Thrive at Five’s evaluation to inform improvements in the local early years system.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Retaining key staff The organisation has developed succession plans for senior roles to include external and succession and internal development of staff. We have ensured that all files are saved on a planning central cloud-based site, which is accessed by key personnel. We ensure that the senior leadership team meet regularly and have oversight across the whole organisation and all key developments. Safeguarding staff The Charity recognizes that it is important to ensure that our staff feel safe while working in the community. We have policies in place to ensure that our staff are not placed in difficult situations and that we have the necessary escalation measures in place.

New staff attend training courses designed to help keep them safe.

The Trustees are satisfied that the major risks identified have been reviewed and systems or procedures have been established to manage those risks. Trustees have reviewed the financial impact of the risks occurring and have used them to help inform the reserves required as above.

Structure, governance and management

The charity was established by a constitution dated 5 July 2021 and was formed as a Charitable Incorporated Organisation.

The charity is governed under its Constitution adopted on incorporation.

Governance

The Trustees consider the Board of Trustees to be the key organ of governance for the organisation in charge of directing and controlling how the charity achieves its mission while managing risk. All trustees gave their time freely and no trustees received remuneration in the year. Ms. L Holst’s three-year term with the Charity was completed on the 30[th of] November 2024 and the Charity is now in the process of assessing the skills required to take the Charity into its next evolution. The Trustees meet formally four times a year under the joint chair of Grant Gordon OBE and Larissa Joy OBE. The Board of Trustees bring a wealth of experience and knowledge to enhance the Charity’ governance and strategic planning.

The Trustees who served during the year and up to the date of signature of the financial statements were:

L Joy OBE G Gordon OBE M Davies L Holst (resigned 30th November 2024) Dr J Grenier CBE

B Levinson OBE E Stanton T Scott (appointed 24 March 2025)

The Board of Trustees as a body can appoint new members to act on behalf of the charity under the statutory power given to them. On our appointment, new Trustees are appraised of the constitution, financial and all other relevant matters appertaining to the charity. They are also advised as to the responsibilities placed upon them as Trustees pursuant to charity law and good practice. Where necessary appropriate training is provided both initially and on an ongoing basis.

Senior Management

The Trustees have delegated authority to the Chief Executive and the Senior Leadership Team for the day-today management of the Charity. The Leadership Team is led by the Chief Executive, Ms. Aida Cable, who has the delegated authority to deliver the strategy and business plans for the organisation, including income generation, and overseeing the work of pathfinder sites each with backbone teams.

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

Staff

At the end of June 2024, Thrive at Five had a staff contingent of seventeen employees, this is a significant increase compared to eight employees in June 2023. During the financial year, the national team has expanded to a contingent of eight, of which one employee was on maternity leave, eight staff were employed in Stoke-onTrent and we had our first employee in Redcar & Cleveland: the programme lead. A consultant finance director and two fundraising consultants support the Charity.

Public Benefit Statement

The Trustees confirm that in their opinion, they have complied with their duty to have due regards to the guidance on public benefit published issued by the Charity Commission, in the exercise of their powers and responsibilities as detailed in the trust deed and under charity law.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Board of Trustees approved the Trustee’s report.

.............................. Grant Gordon L Joy OBE Trustee 4/14/2025 Date: .............................................

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STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2024

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THRIVE AT FIVE

Opinion

We have audited the financial statements of Thrive at Five (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 the 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 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AT FIVE

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, 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 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 the Act and relevant regulations made or having effect thereunder.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the period ended 30 June 2024.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THRIVE AT FIVE

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Rowan Lindsay (Senior Statutory Auditor) for and on behalf of Gerald Edelman LLP

.........................

Chartered Accountants Statutory Auditor

73 Cornhill London EC3V 3QQ

Gerald Edelman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income
Donations and legacies
3
857,633
885,484
Investments
4
33,994
-
Total income
891,627
885,484
Expenditure on:
Raising funds
5
49,252
330
Charitable activities
6
458,247
830,685
Total expenditure
507,499
831,015
Net income for the year/
Net movement in funds
384,128
54,469
Fund balances at 1 July 2023
1,133,991
659,999
Fund balances at 30 June
2024
1,518,119
714,468		 Total Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
1,743,117
884,575
696,843
33,994
11,616
-
1,777,111
896,191
696,843
49,582
37,090
-
1,288,932
340,758
446,319
1,338,514
377,848
446,319
438,597
518,343
250,524
1,793,990
615,648
409,475
2,232,587
1,133,991
659,999		 Total
2023
£
1,581,418
11,616
1,593,034
37,090
787,077
824,167
768,867
1,025,123
1,793,990

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

BALANCE SHEET

AS AT 30 JUNE 2024

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
17
Unrestricted funds
18		 2024
£
£
11,090
1
11,091
271,229
2,087,257
2,358,486
(136,990)
2,221,496
2,232,587
714,468
1,518,119
2,232,587		 2023
£
£
3,919
1
3,920
200,000
1,703,179
1,903,179
(113,109)
1,790,070
1,793,990
659,999
1,133,991
1,793,990		 2023
£
£
3,919
1
3,920
200,000
1,703,179
1,903,179
(113,109)
1,790,070
1,793,990
659,999
1,133,991
1,793,990
3,920
1,790,070
1,793,990
659,999
1,133,991
1,793,990

4/14/2025

The financial statements were approved by the Trustees on .........................

..............................

Trustee

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
359,978
(9,894)
33,994
24,100
-
384,078
1,703,179
2,087,257		 2023
£
£
823,879
(1,772)
11,616
9,844
-
833,723
869,456
1,703,179		 2023
£
£
823,879
(1,772)
11,616
9,844
-
833,723
869,456
1,703,179
833,723
869,456
1,703,179

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

Charity information

Thrive at Five is a Charitable Incorporated Organisation incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

(Continued)

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 on charitable activities includes direct costs relating to the objectives of the charity as well as support costs in the form of administration expenses. Support costs include governance costs comprising expenditure involving the public accountability of the charity and its compliance with regulation and good practice. These costs include independent examination and legal fees and also those meeting its statutory obligations.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Grants receivable 857,633 885,484 1,743,117 884,575 696,843 1,581,418

As outlined by SORP FRS102, donated services are to be included in the accounts at the amount that the charity would have spent on similar services, should they not have been received as donations. Included in the above figures are in 2023 £35,742 of donated legal services from Allen & Overy.

4 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 33,994 11,616

5 Raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and publicity
Fundraising database
7,280
-
Fundraising consultants
37,769
-
Events and advertising
4,203
330
49,252
330		 Total Unrestricted
funds
2024
2023
£
£
7,280
7,280
37,769
29,810
4,533
-
49,582
37,090		 Total Unrestricted
funds
2024
2023
£
£
7,280
7,280
37,769
29,810
4,533
-
49,582
37,090
37,090

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

6 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Staff costs 726,814 479,013
Depreciation and impairment 2,722 1,468
Legal and professional 40,589 63,828
Evaluation costs 116,748 14,086
Staff recruitment 27,932 828
Staff training 7,973 8,847
Travel 19,165 15,440
Postage and stationery 2,551 1,743
General expenses 9,798 6,101
IT costs 10,869 6,779
Communication costs 75,262 10,184
Insurance 1,872 1,514
Premises expenses 21,809 19,998
Bank charges 68 69
Event costs - 1,478
Community champion stream (non-staff related) - 10,205
Programmatic activities 126,719 87,327
Finance and admin consultancy 48,166 24,669
Discovery & Co-design 10,800 12,300
Grant funding of activities (Cost of living) 25,875 11,600
Share of governance costs (see note 7) 13,200 9,600
1,288,932 787,077
Analysis by fund
Unrestricted funds 458,247 340,758
Restricted funds 830,685 446,319
1,288,932 787,077

Legal and professional include HR consultancy, data protection fees and fees for Xero the accounting platform. In 2023 it included pro-bono support.

7 Support costs

Governance costs includes payments to the auditors of £13,200 (2023: £9,600) for audit fees.

8 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 2,722 1,468

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Expenses totaling £423 (2023: £175) were refunded to a Trustee in the period under review.

10 Employees

The average monthly number of employees during the year was:

National & Stoke team
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
13
2024
£
619,645
64,720
14,575
698,940		 2023
Number
7
2023
£
362,834
37,778
9,999
410,611

Included within staff costs per the charitable activities note is secondment costs of £28,453 (2023: £68,103) and other ad hoc staff related costs.

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,000 - £70,000 1 1
£70,000 - £80,000 1 1
£80,000 - £90,000 - 1
£90,000 - £100,000 1 -

Remuneration of key management personnel

The remuneration of key management personnel was £385,771 (2023: £271,666).

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

12 Tangible fixed assets
Computers
£
Cost
At 1 July 2023 5,109
Additions 9,894
At 30 June 2024 15,003
Depreciation and impairment
At 1 July 2023 1,190
Depreciation charged in the year 2,722
At 30 June 2024 3,913
Carrying amount
At 30 June 2024 11,090
At 30 June 2023 3,919

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

13 Fixed asset investments

Unlisted
investments
£
Cost
At 1 July 2023 & 30 June 2024 1
Carrying amount
At 30 June 2024 1

The charity owns 100% of the issued share capital of Thrive at Five Trading Limited, a company registered in England & Wales. The subsidiary is dormant and is not consolidated into these financial statements.

14 Debtors

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
16
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
270,000
137
1,092
271,229
2024
£
21,384
35,819
2,774
77,013
136,990
2024
£
14,575		 2023
£
200,000
-
-
200,000
2023
£
12,365
19,068
1,065
80,611
113,109
2023
£
9,999

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

17 Restricted funds

Stoke
Redcar &
Cleveland		 Balance at
1 July 2022
£
409,475
-
409,475		 Movement in funds
Incoming
resources
Resources
expended
£
£
584,343
(428,748)
112,500
(17,571)
696,843
(446,319)		 Balance at
1 July 2023
£
565,070
94,929
659,999		 Movement in funds
Incoming
resources
Resources
expended
Balance at
30 June 2024
£
£
£
535,484
(685,915)
414,639
350,000
(145,100)
299,829
885,484
(831,015)
714,468		 Movement in funds
Incoming
resources
Resources
expended
Balance at
30 June 2024
£
£
£
535,484
(685,915)
414,639
350,000
(145,100)
299,829
885,484
(831,015)
714,468
714,468

Restricted funds of £714,468 (2023: £659,999) comprise of unspent funds to support the operations and activities of Thrive at Five in Abbey Hulton & Townsend and Bentilee & Ubberley, in Stoke-on-Trent to the value of £414,639 and £299,829 (2023: £565,070 and £94,929) of unspent funds to support operations in Redcar.

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.

At 1
General funds
Previous year:
At 1
General funds		 July 2023
Incoming
resources
Resources
expended
£
£
£
1,133,991
891,627
(507,499)
July 2022
Incoming
resources
Resources
expended
£
£
£
615,648
896,191
(377,848)		 Transfers
At 30 June
2024
£
£
-
1,518,119
Transfers
At 30 June
2023
£
£
-
1,133,991

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

19 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 30 June 2024:
Tangible assets
11,090
Investments
1
Current assets/(liabilities)
1,507,028
1,518,119
Unrestricted
funds
2023
£
At 30 June 2023:
Tangible assets
3,919
Investments
1
Current assets/(liabilities)
1,130,071
1,133,991		 Material
Restricted
Endowment
funds
funds
funds
Heading
#ac997
2024
2024
2024
£
£
£
-
-
-
-
-
-
-
714,468
-
-
714,468
-
Material
Restricted
Endowment
funds
funds
funds
Heading
#ac997
2023
2023
2023
£
£
£
-
-
-
-
-
-
-
659,999
-
-
659,999
-		 Total
2024
£
11,090
1
2,221,496
2,232,587
Total
2023
£
3,919
1
1,790,070
1,793,990

20 Related party transactions

During the previous period, the Charity received a balance of funds totaling £80,560, by virtue of a transfer agreement, from The Childhood Trust, a charity in which Mr. G Gordon is a Trustee.

Donations of £333,333 (2023: £333,333) were received from the Ethos Foundation, a charity related to Mr. G Gordon.

Docusign Envelope ID: 2EADFF56-97FD-4251-901F-8617996E862B

THRIVE AT FIVE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

21
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
Cash generated from operations		 2024
£
438,597
(33,994)
2,722
(71,229)
23,882
359,978		 2023
£
768,867
(11,616)
1,468
-
65,160
823,879

22 Analysis of changes in net funds

The charity had no material debt during the year.