Charity registration number 208607 Company registration number 00398875 IEngland and Wales) THE CHILDREN'S FAMILY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE CHILDREN'S FAMILY TRUST CONTENTS Page Trustees report 1- 13 Independent auditofs report 14-15 Statement of finanaal activities 16-17 Balance sheet 18 Statement of ¢8sh flow$ 19 Notes to the finanrAal slalements 20-31
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The TrusteÈg present their annual report and financ4al 51alements for the year ended 31 December 2024. The Trustees, who are also Directors of the charity for the purposes of the Compknies Act, submit their annual report and the audited financial stalernenls for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the MemoTandum and Articles of Association, and Accounts'ng and Reporting by Charities.. Statement of Recommended Practice applicable to ch8rities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Objectives and actlvitiès Our objectives: Established as a Registered Charity in 1945 and operating as a company limited by guarantee, our 51ated objectives, as set out in our goveming Memorandum of AssocAation. ale.. The relief of children and young persons in rseed. and in particular those in the care of, OT accommodatèd by, a Local Authority, by Providing them wrth, or otheTrwse assisting in the prowsion of. a placement or placernent5 in suitable accotnmo¢Jation and providing them with or a551Sting in the provision of. appropiiate Carers, with the aim of providing thern with a stable family life. Providing for their educ31ion and establishment in life. 2. The relief of poverty and in partiujlar the asssstan¢e of adults who have as children been in Local Authority care. Our a¢tivitie¥'. Our operational work in England is classified 85 an independent fostering agency. The standards applied by Ofstad are the primary rne3sures of our SUC$5 and are in the public domain. a5 are their Inspection Reports ev8luating the quality of our work. Overall. our purpose remains to prowde 8 Stable and successful farnily lrfe for children in the care system with the aim of preparing them for successful adulthood. The Trust's guiding philosophy is that all children have the right to live 'a natur81 family life,. Predominantly we do this through the prowsion of foster care. M05t ol our income derive5 from the fees we charge foi this service. Traditionally, but not now exdusively, we have experience in providing for sibling groups and permanent placernents reflected in our core values around a 'family for life.. However, sncreasingly. we also provide for children needing shtsrt-terni care where we apply the same prinÈ$ as if those children were plad on a 'tsmily forlife, basi5. It follows that we continue in the Trust's tradrtion of putting the Interests of our children first. closely followed by those of our Carers and staff.
THE CHILDREN'S FAMILY TRUST REPORT {INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Public benefit statement: Local Authorities have a statutory obligation to provide foster plaMentS for those children brought into the State Care system and noeding to live away from home. Our work, as a Registered Chartty, is to provide such placement opportunities on a transparently not-ror-profit basis, lo do so to the highest professional standards, and to deliver the best outcomes to those plaeed in our ehaige. Our placements are open to all Local Authorities, irrespeetive of location, and our mat¢hing process meets all professional best practices in endeavouring to provide an enduring placèment lor each Individual child. As our fèes are met by Local Authorities, and we are prowding care lor any child that they may present and for whom we are able to affect a suitable match, we work on an entirely inclusive and non.discTiminatory basis lor the public benefit. Further, we use OUT charitable resour5 to extend and enhance our service5, and to meet individu81 needs, particularly where these are for children no longer supported by the public purse. This is demonstrated by the Trust's continuing 5UPPOrt of individuals, now adult5. who have been in the care of the Trust bul who need, frorn time to time. the support of the Trust throu9h its Lifetime Carers. This inlelvenbon has, in the past, hèlped prevent the involvement of the Slate in the lives of f8milies. The Trustees confirni that they have referred to the gijidance contained in the Chanty Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future actiwtses.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Our stNctur•: As an organisalion. the Trust is govemed by the Board of Trustees. We employ lull-time executive, adminislrative and professional resources, as well as retaining professional advisers such as legal and audit fimis. As a Registered Charity. the Trust is not a profit-making organisation and no benefrt may be derivfrd by its Trustees, who are also Members of the Trust. Accordingly, we are c13ssified as a 'voluntary organisation, within the temis of the Children's Act 1989, section 105. As 8 charity 8nd as a company limited by guarantee. the TfUStees' Report and Financial Statement5. and the Memorandum and Articles uf Association ar8 publidy availablè. We 8150 make thern available lo appropriate and interested partte5. e.g. Local Aulhorilies, ex4s1inglprospective Foster C3rers, children in p13ceménl or on request. The Artides of Asso¢iation set out the regulations that govem the company's internal affairs. Apart from thè Trustèe body being reqLJired tci meet the appropriate qualifications to act 3$ Trusteés and Directors. they and the staff of the Trust, and the retained Foster Carer5. Foster Caie15' own children over the age c>f 5iXtÈ8n, baby-5ittets, règular visrtors to the Fostei Carers, homes, any domestsc staff, and the mèmbers of thè Fostering Panel are all subject to the Disclosure and Barring Service IDBSI checks. formally refened to as Criminal Records Bureau ICRBI ehed(s. We extènd this process to othèr key workers within supporting organi5ations e.g. human rè50urces and illformatttsn technology. Further, Foster Carers ale subject tts additional checks as part of their BAAF Fom F-based selection proces3. All our profession81 sl3ff are qu8ltfied variously holding CQSWIDiploma in Social Work. Practice Teaching Awards, and P05t-Graduate Diploma5 in Soryal Work 85 well as relevant first and p05t graduate degrees. In addition, the Trust has engaged. on a sessional basis, further lully qualified and highly skilled professionals to deliver trainin9 on such topics as safeguarding. therapeutic approaches. first aid and de-escalation tethnioues for both OLJr staff and fostering familie5. All our professional Social Work staff are registered with Soclal Work En9land. the regulatory body. SeveTal also have experience in working within the private and voluntary sector8. The Sorial Work teams are supported by OLJr Head Office staff, which includes Administration. HR, Marketing and Media and Finance. All Foster Carers have passed the TOS induction standards. Throughout the year they are expected lo attend 8 minimum of six mandatory trsining courses. In order lo remain wrrent in matters affecting the work of the Trust. it has for many years been 8 membei of the National Council for Voluntary Organisation5 INCVO), Children England, The Fostering Nely40rk, Foster talk and Coiam BAAF (British As50Clation for Adoption and Fostering). We have a150 added our vtsice to FFP (Fairer Fostering Partnership) which campaigns within the fostering sector on behalf of 'not for profit, fostering agencies as well as our most recent mernbership of the National Association of F05tering Prowders INAFPI. Through membership of these organizations the Trust looks both to learn from developments in good practice rfrlating both to governance and child-care, and to influence the development and irnplernentation of social policy geneTaUy and ehildcarè policy and provision specifically. Th8 Trust +s not a member of any larger organyzation nor has affiliate Organvtl0n5. The Trust has a po15cy and procedure to deal with any complaints and aims to secure earty resolution of any such matters. The Trust rè¢eived no lomial mplaIntS in 2024. Trustees l Reyistered Office and Charity & Company Details: These details can be found in the 'Relerence and Administrative Detai5$ of The Charit¢ on page 11.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Pay Policy for Senior Staff: The Trust needs lo operate in 8 ¢ompelilive environrnenl yet balance its responsibility to be prudent with charitable rnonies. The Trust has a Compensation Policy and uses Compensation Guidelines that are reviewed Teoularfy and set out how it will manage pay lor senior staff and all other employees. The over-arthtng prernise is that basic salary ranges should meet the Trust objectives of attracting. retaining and motivating staff. The Trust continues to commission the services of an external human resources prowdef to support our HR Manager. In setting salary ranges for all roles within the organization the TTUSt look5 at a range or relevant benchmaTk5 Such a5 location, cttarity sector, charity income and nurnber of employees. All proposed salary ranges 8Te 89reed by the Board of Trustees. We have reviewed our pay structure and appraisal prOsS during 2024 and aro confident that we rÈm8in competitive in ¥ very s¥tur*ed market. This review wa5 overseen and agree¢J by our board ol trustees. Currently, proposed salary changes by line managers, within the Salary range for the role, are 5igned-off by the Chief Executive. The Chair of Trustees authorizes changes to the Chief Ex¥cutive's pay. Achievements and performance Our achièv8mènts and pÈrforn)aneè In 2024: The Trust continued to operate highly effectively throughout the year and as a result now cares lor more children than ever before in Tls entire historyl The current economic climate within which we work has continued to be 'squeezed' and the rise in the number ol children coming into care continues to grow in demand. sadly. However, the number of children placed with our fostering farnilies ebbed and flowed throughout 2024, largely as a result of the ch311en9es we continue to lace in recnjiting new foster families to create greater r2pacrty. Several of our18rger contracts were due for ietender during 2024 and we suceè55fully rètained th8sè contracts as a result of keen priang and negotlation. A number of other contracts were once 3gain extended and through negotiation re5ulled in substantial uplifts in priryng. these uplifts have contributed signific3ntty to our income this past year. There is now an acute national shortage of Foster families which rne3ns recruittnent is our greatest challenge. However. greater locus on m8rkeling and media 51rategies alongside 'refreshing' elements of our website is providing some early promising results. Targeted reuuitment usin9 several social media platforms is prowng to be successful a5 11 has two purposes, the first to raise our profile and the second to target those indiwduals from background5 Wlth relevant experience, 5pÈce and who are geographically well positioned to rneel the needs of our current contracts_ We continue to recruit very high calibre Carers who choose lo foster on a vocational basis who have a rnix of ski115 and experien to prowde a varied and diverse range of placements to Local Authorities. Our Fostering Panels are held regionally, and our p8nel members live lorally lo our regional offices. As we move into 2025 we have 8 families currently In assessment with several enquiries awaiting feedback. The number of children we look after rernained consistently above 200 throughout 2024 rising and falling on oa$lon. It is noticeable that most of the referrals we ieceive across all regions are for children with considerable difficults'85 and who have experienced very traumatic earfy lives. FOT this reason alone, the calibre, quality and skills of the Foster Caref is extremely irnportant. 11 is important to note that during 2024 and moving into 2025 we have 16 young people who will tum 16 and have ¢hosÈn to remain with thèir fostering families on 8 'Stayin9 Pul. arrangemènt. And whilst this is absolutely what we are about 'a family lor life, this unusually high number of young people remaining with us also PresentS a 5ubslanlial1055 of income and a 'bed blocking, issue in some cases.
THE CHILDREN'S FAMILY TRUST REPORT {INCLUDING DIRECTORS. REPORTI ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Key operational events and rnilestones of the year included: Otsted.. All regions are registered with Ofsted and all Registered Managers appropriately experienc and qualified. ur North-East Re Our North-East region continued its highly valued work throughout 2024. Placement numbers increased reaching 67 by the year end (excluding Staying Put). This arrangement means that whilst the young person remains living with their Foster F8mily the Trust stops receNing a fostering fee lor the pl3cement. The local authority will, in most cases finanallY 5UPPOrt the youn9 porson in placement but will not provide the Carer OT TnJst with any finanaal support. This represents ihe Trust with some dilemmas given our ethos of 'Family for Life,. Many ol our Carers rernain comrnitted to the young pèrson thèy care foi, but this arrangement can potentially cause them some finanaal hardship, particulady if they do not have another spare bedroom or a second child in placement. Most ol the children placed in the North East are 'farnily for life, placements, which tend to be stable and therefore Provide a steady income source. which can be relied upon. The region was inspected by Ofsled in September 2024 8nd Teceived a much-deserved rating of'Good'. Our West yorkshi Re ion Our Wesl Yorkshire offi¢e is now well estsblished. The region continued its highly valued work throughout 2024. Placement ntsmbers increased throughout year end and averaged out at 40 with rnany placements remaining stable and on a family for lrfe basis. However. recruitrnent ol new Foster Garers continues lo prove challenging with local authorities in the region offering very competitive packages lo polenli?I CaTeTS as well as the promise of always hawng children available to place. The region is due a full Irispeth'on in 2025. Our West Midlands R ion: 2024 was 8 very su¢ces$ful year for the West Midlands olfice. The region continued ils highly valued work throughout the year and increased the number of children placed substantially, averaging out at over 79 throughout the year. The region is extremely well established and has 8 highly skilled staff team who provide excellent support lo a highly skilled and experienced group of Fosterin9 familiès. At the end of the year there were 46 approved Carers. By the end of the year there were another 4 prospective Carers in assessment who will be approved thToughout 2025. Referrals continue to rise in the region receI1ng an average of 2000 per month. The West Midlands team continues lo operate in a congested and highly competitive market. However, the region continues to be B major contributor to the placements available to Local Authorities across the region.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ion: We now have a staff tèam of 8 in the Tegion including 3 Supervising Social Workers. 1 Principle Social Worker, a Support Worker and 2 Administrators and a Registered Manager. The region has continued to grow in a very 'organic' way with several Carers corning our way because ol 'word of rnouth,. The region now has 24 approved Carer5 Wrth another 1 in assessment and 26 children in place. The region continued its highly valued work IhToughout 2024 under some very challenging circumstances regarding recruitment of new foster families and retirement ol sever81 familie5 in the region. Placement numbers declined as a result of lack of capacity. The region receives an average of 500 referrals a month and the1r profile in the re9ion is well established with local authorities, this has resulted in local authority placement teams speufically requesting placemènts with several of our Carers in the region. It is vjorthy of note that this region operates in a fiercely competrtive market with ovar 110 IFA'S in Hampshire alone. This 15 more than a third of the IFA'5 in the United Kingdoml The region underwent a full inspection by Ofsted in January 2024 and was awardtrd a jLtdgement of 'Good'. Our East Midlands Rè lon.. OLJr East Midlands region 15 still very much in its infancy. However. toward the end of 2024 we have 10 approved Carets. The region h85 a part-time perm8nent administrator to cover the adrnin tasks as well as help with the recruitment for the region. Thè region also has 2 full time Soci31 Workers alongside 1 Principle Social Worker. During the past year the region has provide¢J invaluable support to our bigger regOn5 the fotrn (rf short bTeak care for large sibling 9roups, thv8 giving our Carers a mu¢h-needed break regularly. Summa Closing placement number5 at 31 December 2024 were at approximately 216 plus 6 further children placed on enhanced lee arrangements. Progress •lsÈwh•r• Our Head Office continues to provide a myriad of Services and support to all reoions. The learn Comprises of several highly skilled professionals induding OUT Head of SeThice, our HR Manager, our Head of FinaThce and a Marketing & Media Officer, these are all supported by several adminislratOTS. Our Markèting & Mèdia strategies proved invaluable throughout 2024. The acknowledgèment and recognition that Social media is wilhoLJt doubt enomiously important in order to attract the right type of applicant to fostering has never been more evident. Raising our profile with local authorities has been key to OLtr continued PUtatIon as a high-quality provider of placements which is Slowly p8ying off. Init131 enquiries trom potential applicants wa our website and Facebook page continues to increase. We have also made progress in the management of our contfacts and in our ability to respond to lender*ng opportunities, which ha5 been a collaborative effort beeen Head Offic£ and Social Work 5tsff. Skyrocket ha5 grown in reputstion aCTOSS the s8Cttsr and one day online courses were delivered during 2024 along with lace to face Registered Manager training courses. There are several more courses planned for 2025, Skyrocket is now 8ntirely operating under the urnbrella of the Trust following the resignation of its partners Communrty Foster Care in the sumrner of 2024.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Our full results are given in the financial statements, later in this report. The overall surplus for the year amounted to £241,19812023.' £73,589 surplus). Our income continues to come primarily from our chil&e2re provision to Local Authoritiès. Wrth an increase in the average nvrnber ol children pla¢Èd cornpared t() the pi&viou$ year our Local Authority income increased by £758,923 to £9,715,71312023'. £8,956,790101 8.5% when compared to 2023. The Trust also provided a mix of Over 18 1 Lifetime Carer support of £85.814 12023.. £82,852). whid) is met out of charilable donation5. investment inc0e and reserves. Our financial asset strength remains principally in property, induding ovmed b¢Jildings in Bromsgrove and Bishops Auckland. It is the policy of the Trust to hold sufficient assets in cash. or in easily converted forms. to meet ils forecast ¢a$41 requirements and in order to fijnd continuing growth. Close financial controls are in place to ensure that èxpenditurè is planned and monitored. Decisions on where, when and how to invest Internally te secure growth remain difficult judgements in our situation. where long lead- times a nee(Jed before results can be seen. Reserves policy: Free reservas, or unrestricted funds exduding design81¢d funds (which are held as fixed assets), amounted to £2,819,143 as ai 31 st December 202412023." £2,577,945). This represents 3.5 months12023". 3.5 months) of total annual unrestricted expenditure exduding designatèd and restricted expenditure. The ch8rity has a rèserves policy to accumulate reserves equal to six months of total annual Ljnreslricted expenditurg ex¢ludiny designated and restricted expènditure. As we come out ol the global pandemic, the charity is continuing to ensure that we continue to work wilh Local Authorities, submit morÈ lenders and increase the pjacernenl numbèrs. We are also continuing to devèlop a new region which will bring èxtra Incom6. This wll no doubl help us achi6ve the reserves th* we should havè. The designated funds of e1,145,S71 12023.. £1.145,5711 are lo meèt costs in relation lo our Support to Lifetime F051ef Carers. The Trust looks at cash and liquid inveslrnents available to meet ils known and planned requirements. As at 31st December 2024 the Trust had readily realisable cash reserve5 of £1,526,370 12023.. £1.505,9211 to cover known and planned rèquirements of £216.808 12023.. £222,808>. The known and planned requirements included, bul was not limitèd to, the following.. Workin9 capital. Dilapidations on leased offictss, Repairs, East Midl8nds office development. Restricted funds will be spent In line with funding restrictions. Investment policy and perfomiane•: The Trust 5plItS Its investments to prowde for pital growth and monthly incorne to 5UPPOrt Operations until the time when cash ft¢)w becomes reliably positive on a monthly bas&s. D$tsils of these investments are giv¢n in the Financial Statements. The Trust will explore options for Invtslrnènt advice in 2025. The Trust have assessed the rnajor risks to which it is exposed, and are satisfied that Systems are in place to mitigate exp05ure to thtr major risks.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk assessment.. The Trust undertakes a formal Risk Assessment on an anllual basis. The Risk Asse55menl and Risk Register is upd3led alongside the 5 Year Business Plan. The 5 Year Business Plan lakes account of risks identified in the Risk Assessment. Risks are colour coded Red is critical, Arnber is highly important or significant. and Green is minor. Risk5 are categorised as either Management and Governance. Operational. Financial or Extemal. Controls are in place to reduce or eliminate each identified risk. The mitigation ol risk is considered on an ongoing basis by key management. For example, before any operational changes or any developments in activities provided by the Trust, and. within Senior Management and Registered Management meetings. Any newly identified critical risks are flagged up to Trustees either before or al the next planned trustee meeting. At November 2022 thè prinLipal risks facing the Charity and the strategies to manage them were as follows.. Risk Controls he Trust is unable lo respond to placemen ieqLJests Communicate dosely with CDmmissioneTS. Explain ethos of the Trust as a pem)anency provider, Use existing ¢apacity to best effect withou cotnpromising quality, Build placement capacity. ork with commissioners to understand their needs. Local Authorities stance on Staying Put placements Review potential impact over next 5 years, M8intsin dialogue with IOCAI authorities conrned, Lobby govemment via FFP group, Rewew Budget & 5 Year Plan to eamark potentia caTer support. Look at staff training to meet needs of Slaying Put Over 18 support. Rewew seNice provision, Remew 51aff utilisalion, Find ways of making savings in delivery, Reduce central c05t base. Governrnent l Local Aulhority cuts push down fees t n5usiain8ble levels Find value suppliers e.g. Insuranc8, IT, HR, etc., Review policy of limiting the number of placements i ach area inuease placement numbers at lowe ee, Co-operate with other smaller Pro7derS Iri the Sector, Support the development of FFP and develo influence in government I local authorities. Monitor changes to the number of agencie operating in the sector, Research possiblè mèrgerlpurchase targets. Get to critical mass and maintain pl8cemen numbers, Cornpet8 on fee rates and foster carer fees, Continue to build add on serwces, ector cK*nsolidalion hams small operators Monitor LA for tender op ortunities.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for fLrture periods Our plans for the fure.. The Aims and Objectives for 2025 continue lo be about recyuitment. retention and raising the profile of the Trust. ReciuilmÈnl of new Carers is vital if we are to increase our capacity lo provide new placements going forward. However, targeted recruitment in the right geographic31 areas and identrfying the right profile of Carers remains of paramount importance. As a resuft we have updatèd our website and plan to run 'targeted' campaigns. throughout the coming year. Retention of Carers continues to be anotheT one ol our key objectives going into 2025. A5 such we have alTe3dy made addits'onal 'one off payments to 311 of our foster families in recognition ol the very challenging economic dimate they are trying to operate in. We also increased the respite allowance from 2 weeks lo three week5 from January 2023 and infftased their mileagè allowan by an additional 20 rniles. All of these c+)anges have been enormously welcomed and appreciated by each of our fostering tiouseholds. FTOM April 2023 the mileage allowance for staff was increased from 15ppm to 25ppm in recognition of the costs involved in travelling. particularly our social work staff who often cover considerable distances to visit our fostering families. We took the decision at the start of autumn 2022 to close each of OLtr offiS one day per week lo try lo reduce our running costs throughout the winter and into 2023r2024. This plan will Temain in place given its success and the cost savings made. We also operate a *day week for all stèff which has proved to be very successful in providing a good workllife balance for all staff. This is now 8 permanènt change to all staff contracts as frorn May 2024. Wè are now moving toward 3 rnore 'Trauma Informed, based agency. A5 a iesull we have a &year Road Map in place taking us through lo 2029. The first year involved appointing our own Ikjll-time qualif5ed Psychotherapist. She was appointed in September 2024 and is currently collating a full assessment ol the Trust, establishing a baseline of where we eJJrrentty sit regarding htsw trauma infomed we are at present. Acknowledgements: This report is an opportunity for u5 to recognise those that help givè us our distinctive qLJalrty. This quality results partly from the knowledge th8t our work is not undertaken for profft bul to ensure that children gel the caTe and support they need to become well-adjusted and contributing adults later in life. Our tagline of a 'f8rfAily for life, underlines our comrnilmenl to those who neèd it that we will help them in their transition to independent adurt living wrth 5VPPOflive relationships beyond those provided within the state care system. Our key debt is to OUT Outstanding Foster Carer5 as It is they who provide the ¢afe to those children entrusted to us. Some of these individuals have provided deG3des of unflinching selfless service to their extended families, now often including grandchildren. and even great-grandchildren. Others are ret recruits who Intend to work as Foster CaFeis for a set period of their lives. To all of them. for all thèir skill and dedication, we remain eternally grateful. We additionally acknowled9e that it is our staff team who tsiganise and make thi5 P0$5ible. and we would lik$ to lake this opportunity to thank them all. In addition to our direct staff we would like lo recognise and thank our wider ¢oFnmunity of retained sessional Social Workers and other speoali5ts, our Fostering Panel. key support firm5 and consultants of all types who give us the professionalism we need to provide such an excèllent quality of care. Finally. as Chairman. I would like to thank the Trustee5 for their u)ntribution as well as our other finanaal sUPPOrter5 who fund our 9foffih and h•lp to mak@ thp wgrk of thtt Truat achiov•bl•.
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Tru5tse Training and Induction: Thè Trustees have chosen lo manage the governance of the Trust as a small but involved group with c4)mplementary skills covering our heritage and core values, our professional worf(, education, and corporate business skills. The Trustees periodically consider whether. and where and when, additional or replacement skills and experiences are required. Recruitment channels have indudèd national advertlsing, executive seaT¢h, the use ol nationally accepted dearing houses, as well as individual networking lo seek out Specific skills or expertise. Appointments are made after a process that allows candidates to explo the Trust's work and become familiar with the rnan3gernent team and the Trustees and then by the Trustee body in its entirety. Trustees undergo induction and training in their resptsnsibilthe5 and development affecting both their role and the work of the Trust. Related partles.. All related party tr3n$action$ be seen in nots 18 to the Finanaal Statements. Auditor In accordance with the comp8nls arti¢le$, a $OlUtIon proposing that Cognilor Accountancy Lirniled be reappointed as auditor of the company will be put at a General Meeting. 10-
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Rgferènce and admlnl$trative detalls of the charSty, trustèès and advlsèrs Charity name: The Children's Family Trust Company rÈglstrdtion number: 00398875 Charity re9istsr¢d numbgr. 208607 Trustees: Mr l Brazier MT5 A Oliver MT N Harri50n Dr V Wigfall MT D Vlfilliams Dr M Hine Mr T Gormley Mrs K Blackman Registered office.. Hanbury Court Harris Business Park Stoke Prior Bromsgrove Worcestershire B60 40J Chief ExecLrtive Officèr: Mrs M Mulholland Auditor5: CognitorAccountancy Limrted 12 The Courtyard Bunt5foTd Drive Bromsgrove Worce51eTShire B80 3DJ Solicitors: BPE Soli&tors LLP Sl James. House St James, Square Cheltenham GL50 3PR Bankers.. HSBC PIC 22 Abington Street Nonhampton NNI 2AN
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trusts•s Rèsponslblltti•$ The Tru51ee5 (who are a150 the Directors of the charity for purposes of company lawl are responsible for prepartng the Trustees, Annual Report and the financial staternents in accordance with the Charities Act 2011, the Cornpanies Act 2006, the Memorandurn and Artides of A550ciation. and Accounting and Report4ng by Charrties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fnaa81 Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. Cornpany law requires the Trustees to prepare financial statements for each finanaal year, which gtve a tnje and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, lor that period. In preparing those financtal statements, we are required to.. seled suitable accounting policie5 and then apply them consistently., obsÈrvè thè mèthods and prinuplès in thè Chariti8$ SORP., make judgernents and estimates that are reasonable and prudent., stale whèther applicable thè Charitiès Aa 2011, the Companies Act 2006, the Memorandum and Artides of Association, and AuntIng and Reportirlg by Charities. Si8tem&nt ot RÈcommended Practice applieAble lo charities preparing their 8ccount5 in accordance with the Finanual Rèporting Standard applie2ble in the UK and Republic of Irelalld IFRS1021 havo been followed. subject to any material departures disdosed and éxplained in thè financial statements., and Prepare the financial staternents on the going ¢oncem basis unless it is inappropriate to presume that the charity will continue in business. The Tnjstees are responsible for keeping proper accoLJnting records that disdose with reasonable accuracy at any time the financi81 position of the chaiity and enable them to ensure that the financial statements comply with the requirernents ol the Companies Act 2008. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Trustee Indemnity insurance is included within Management Liability insurance cover provided by Zurich Insurance with an overall limit of indemnity of £1million. The cost of the Trustee Indemnty insurance is not given as (t is not separately identifiable wrthin the tsverall insurance cover cost. ststement of Infomiation for Auditors: In so far as the Trustees are aware.. there is no relevant audit infomiation of which the charity'5 audittsr is unaware, and Thè Trnstees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish Ihal the auditor is aware of that infomation. Smau Company Provlslons.. The Trustees, report ha5 been prepared in accordance with the provisions appIlble to companies entitled to the small companies. exemption provided by seciion 408 and section 474B Ibl of the Companies Act 2006. Each of the Trustees has confirmed that there Is no Inftsmatlon ot whlch they are aware which Is relevani io me audit. but of which the aurtitor is unaware. They have further confirrned that they have taken appropriaie steps io identify such relevant information and to establish that the auditor is aware of suth infomiation. 12-
THE CHILDREN'S FAMILY TRUST REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 On behalf of the Board of Trustees lan Brazier Chaimian Hanbury Court Harris Business Pa Stoke Prior 8romsgrovè Worcèstershlre 860 4DJ Date.. 27 March 2025 13-
THE CHILDREN'S FAMILY TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CHILDREN'S FAMILY TRUST Opinlon We have audited the financAal statements of The Children's Family Trust (the 'TTUSt'I for the yeaf ended 31 December 2024 which comprise the statement of finanaal activities, the balance sheet. the Statement of cash flows and notes to the finanaal statements, induding significant accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standanl applicable in the UK and RepubliG of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the finanaal statements.. give a true and fair view of the Stale of the Charitable company's affairs as at 31 December 2024 and of its Incoming resourees and application of resources, induding its income and expenditure. for the year then ended., have been properfy prepared in accordance with United Kingdom Generalty Accepted Accounting Practs'ce.. and have been prepared in accordance with the requirements of the Ctsmp8nies Act 2008. Basls for oplnlon We conduded our audit in accofdance with International Standards on Auditing IUKI (ISA5 IUKII and applicable law. Our rèsponsibilities under those standards are further described in the Auditorfs tssponsibiliti&s for the audit of the financial statements section of our report. We are independent of the 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 othei ethical responsibilities in accordance with these requirements. We believe that th& audit emdence we have obtained is suffirjent and appiopftatÈ to prowde 3 basis for our opinion. Concluslons relating to going concern In auditing the financial stalemenls, we have concluded that the use of the gotng concem bxsis of aeeounting in the preparation of the financial statements is appropriate. Based on the work we have pertorniad, we have not identified any material uncertaintiès relating to events OT conditions that, individually or collectively, may cast significant doubt ofi thè's ability to continue as a going concem for a period of at least e1ve months from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the 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 8uditor's rèport thereon. The are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and. except to the e*Lent otherwise eXplilIY stated in our report. we do not express any lorrn of assurance conclusion theietsn. Our responsibility 15 10 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 apptars lo be materially misstated. If we identify such material inconsistencie5 or apparent material misstaternents, we are Tequired lo detemiine whether this gives rise to a material rnisstatemenl in the financial statements themselves. If. based on the work we have performed. we condude that there 15 a rnalerial misslalement ol this other infomiatson. we are required to report (hat fad. We have nothing to r&pon in this regard. OpinSons on other matters prescribed by the Compantes Act 2006 In our OPiniOF). based on the work undertaken in the course of our audit." the information given in the report for the finanal year for which the financial statements are prepared. whith includes the directors, report prep8red for the purposes of company law. is eonsistent with the finan&al statemerits.. and the diredors, report included within the report has been Prepared in accofdanGe with applicable legal requirement5. 14-
THE CHILDREN'S FAMILY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CHILDREN'S FAMILY TRUST Mottets on whlch we are required to report by exceptÉon In the light of the knowledge and understanding of the an¢5 its enwionmenl obtained in the course of the audit. we have not identified tnaterial misstatements in the directors, report included within the report. We have nothing lo report in respect of IhÈ following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or returns adèquate lor our audit have not been re¢eivÈd from branches not wsited by us., or the financial statements are not in agreement with the accounting records and retums,. or Certain di5dosures of trustees, remuneration specified by law are not made.. OT we have not rèceived all the information and explanations we requi for our audit., or the were not entitled lo prepare the finanaal statements in accordance wrth tl)e small companies re9ime and take advantsge of the small companies, exernption5 In prepanng the report and from the requirement to preparè a strategic report. Ro$ponslbllities of the Trugtees As explained more fully in the statement of responsibilities. the who are 3150 the directors of the for the purpose of company law. are responsible for the prepar81ign of the finanual statements and for being satisfied that they give true and fair view, and for such Inteinal control as the determine is necessary to enable the prep8r8tion of financial statements that are free from material misstaternent. whether due to fraud or error. In preparing the financial ststements. the are responsible for assessing the's ability to continue as a going concem, disdosing. as applicable. matters related to goino concem and using the g(>ing concern basis of accounting unless the either intend to liquidate the charitable company or to cease operations, or have no realistic altemative birt to do so. Auditorfs responsibilities for the audit of thè financial statements Our objectives are to obtain reasonable assurance about whèther the finan&al staternents as a whole are free from material misstatement, whether due to fraud or error, and to issue an audiiorfs report that indudes otjr opinion. Reasonable assuran is 8 high level of asskjranee but is not a guarantee that an audit conductèd in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise frorn fraud OT erroT and are considered material if, individua15y or in the aggregate. they could reasonably b8 èxpected to inlluence the economic decisions ol users taken on the basis of these finanual ststements. A further description of our responsibilitie5 1$ available on the Finanaal Reporting Council'5 web51tè at.. https.'Il VVw.[r¢.org.uklaudrtQrSresp0n$ibiIitles. This description forms part of our auditor's report. Use of our report This report is rnade solely lo the company's members, 8$ 8 body, in accordance wth 5e¢lion 391 of the Companiès Act 2014. Our audit work has been undertaken so that we might state to the company s rnernbers those matter5 we are required to state to them in an auditols ieptsrt and for no othei purpose. To the fullest Èxtent permitted by law. we do not accept or assume responsibility to anyone other than the company and the company'5 members as a body. for our audit work, for this report, or for the opinlons we have formed. Mr Mark Wamian (Senior Statutory Auditor) ftsr and on behall of CoonitorAccountancy Llmited Chartered Certified Accountants statutory Auditor 12 The Courtyard Buntslord Drive Brom5grove 860 3DJ 15-
THE CHILDREN'S FAMILY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrf¢tsd Unrnstrieted R&striet funds funds funds Designated 2024 Total Total 2024 2024 2024 2023 Notes Income from: Don31ions and legacies Charitable activitie5 Foster care local authority fees and recharges Student lees Investments 22.512 22.512 67,735 9,715,713 14001 .786 9,715.713 14001 99,786 8,956,790 2.400 43.242 Totsl in¢ome 9,837,611 9,837,611 9,070.167 Ex enditure on: R8151ng funds Fundraising 8nd publicity Investrnenl managèment 336 63,320 336 63,320 301 58,257 63,656 83,656 58.558 Charitable activi Foster care Fosterino independencè Lrfelime carer costs 9,446,305 638 9,446,305 638 85,814 8,918,457 1,547 82,852 85,814 Total charftable expendlture 9,446,943 85.814 9,532.757 9,002,856 Total exp•nditur8 9,510,599 85.814 9.596,413 9,061,414 Net galnslllossesl on investments 64,83 Gross transfers between funds 185,814) 85,814 Net income for the yearl Net movement In funds 241.198 241,198 73,S89 Fund balances a11 January 2024 2,577,945 1,145,571 412 3.723,928 3,650.339 Fund balances at 31 Decembtrr 2024 2.819,143 1.145,571 412 3,965,126 3,723.928 Tha statement of financial activities includes all gains and1055es recognised in the year. The stalernent of financial activitses indudes all gains and losses recognised in the year. All income and expendilure denve from continuing activities. 16-
THE CHILDREN'S FAMILY TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 The statement of financjal 3¢lwilies 8150 complies with the requirements for an income and expenditure account under the Companies Act 200S. 17-
THE CHILDREN'S FAMILY TRUST BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Nots¥ Fixed assets Tangible assets Investments 10 11 1,949,987 6,093 1,537.530 6,093 1,956,080 1,543,623 Current assèts Debtors Cash al bank and in hand 12 883.119 1,52e.370 1,070,527 1,505,921 2,409,489 2,578,448 Crèdltors: amounts falling due withln one year 13 1354,4421 1350,1431 Nèt current assets 2,055,047 2.228,305 Totsl a$sats lègs eurrent liabilities 4.011,127 3.769,928 Creditots- amounts falllng due after more than one year 14 146,0001 146,0001 Net asspts 3,965,126 3,723.928 In¢ome funds Restricted funds Unrestricted fund5- designated General unrestricted fund5 15 412 1,145.571 2,819,143 412 1,145.571 2,577.945 3.965,126 3,723.928 These financial staternenls have been prepared in accordance with the provisions 3pplicèble to companies subject to the small companies rè9ime. The financial statem*)ts were approved by th¢ Trustees, authorised for i35ue and signed on its behaw., Mr l Brazier Trustee Company registration number 00398875 18-
THE CHILDREN'S FAMILY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notss Cash flows from opernting activiti05 Cash generated fromllabsorbed by) operations 23 379,329 1577,8421 Investing activities Purchase of tangible fixed assets Proceeds from disposal of langble fixed assets Proceeds from disposal of investments Investment income re¢eived 1458.6661 1300.0631 450.000 955.000 43.242 99,786 Net cash (used inllgenerated from investing acttvitF88 1358,8801 1,148,179 Financing activitie¥ Repayment of bank loans 167,24n Net ¢ash used In finan¢ing activitie¥ 167.2471 Nèt increase In cash and cash equivalènts 20.449 503,090 Cash and cash equivalents at beginning of year 1.505.922 1,002,832 Cash and cash èqLtlvalènts at end of yèar 1.526.371 1,505,922 19-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ounting policies Charity information The company 15 8 company lirnited by guarantee. The directors of the company are the trustees named in the "reference and adrninistration details" In the event of the company being wound up, the liabilities in respect ol the guarantee is limited to £5 per member of the company. 1,1 Accounting eonventlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Rècommended Practice applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021- (Charities SORP IFRS10211. the Financial Reporting Standard applieable in the UK and Republic ol Ireland IFRS1021 and the Companies Act 2006. The Children's Family Trusi meÈis ihe definition of a public benerrt entsty under FRS102. Assets and liabilities arè initially recognised at historic cost or transaction value unless Otherwise ststed in the rdevant accounting policy notes. 1.2 Going concem At the ts.me of approving the finanaal statements, the have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the continLte to adopt the going concem basis of accounting in prepanng the finanaal statements. The trustees have prepared detailed finanaal and trading performance projections for thè ensuing year. Those projections are prepared as far as possible by induding only known business that the cornpany 15 contraded lo. or extremely likely to contracl to, and cairy out during the year. Those projections are reviewed and rew5ed at the end of each reporting period within the company's financial year. On the basis of those projections, thè Irvslees have satisfied themselves, as far as they are reasonably able and unforeseen events aside. that the company is in a position whereby it may adopt a going concern basis of accounting in pr8paring tho annual financial 5taternents. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the in furtherance of their Charitable objectives. Restricted fund5 ale subject lo specific conditions by donors or grantors as lo how they may be used. Th8 purposes and uses of the restricted funds are set oul in the notes to the finanaal statements. 1.4 In¢ome All incorning resources are induded in the Statement of Financial Activities when the company is legally entitled to the income and the amount can be quantffj8d with reasonable accuracy. For legacies, entitlement is the eartiest of the company being notified of an impending di5tributs.on or the legary being received. Gifts in kind for distribution are induded at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are indvded at the value to the company where this can be quantified, and a third party is beanng the cost. No amounis are induded in the finanoal Statements for seTrices (Jonated by volunteers. Income tax reeoverable in relation to donations r1Ved under aid or deèds of covenant Is recognised at the time of the donation. 20-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnuèdl l.S Expenditure All expenditure is accounted for on an accruals ba51s and has been induded under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly 8ttribuled to p8rtieular actiwties, they have been allocated on a basis consistent with the use of the reserves. Support costs are those costs incurred directly in support of expenditure on the object5 of the company and include project management carried out al he8dquarters. Governance Costs are those incurred in connection with administTalion ol the cornpany and compliance with constitutional and statutory requirements. Charitable expendituiè comprises those costs incurred by the charrty in the delivery of its 3d1vit$ and 5eFvices for its benefiaaries. It includes both costs that can be allocated directly 10 5u¢h activities and those C05t5 of an Indirect nature necessary to support them. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al c05t or valtjalion, net of depreciation and any impaiment losses. Depreciatitsn is recognised so as to write off Ihe cost Of valuation of assets less their residual values over their useful lives on the following bases.. Buildings OffiTr improvements Fixture5. fittings and equipment 2% straight line over lease term 330A straight line The gain or loss arising on the disposal of an a55et is deterrninèd gs the difference bets¥eèn the sale proceeds and the caTrying value of the asset, and is recognised in the statement of finan¢s81 activities. Only iterns over £1.000 are capitali5ed. 1.7 Fixed a55et inv•stments Investments Investment pmperties.. Investment properties are included in the balance sheet at their open rnarket value in accordance with the SORP. Gains and losses on disposal and revaluation are charged or credited lo the Statement of Financial Activities. Listed Investments Listed investrnents have been stated at mid-market value at the balance sheet dale. Realised gains or lossès are calculated as the difference betwèen sale pred5 and market value at the prewous balance sheet date. A]1 gains and losses whether realised or unTealised are taken lo the Ststement of Finanual Actiwties. Unlisted Inveslm8nts Unlisted investments are valued at COSt. Investments in subsidN8rigs 8nd joint ventuS Investments in sub5idiarie5 and joint ventures are rec4)gnised at cost less impaiTrnent. 1.8 Taxation The company is a registered charity and as stjch is not generally liable to tsxation. 21
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountiny policles (Continued) 1.9 Employee benefits The cost ol any unused htsliday entitlement Is recognised in the period in whith the employee's Se1¢5 are received. Termination b9nèfits are recognised irnmedialely as an expense when the 18 demtsnstrably committed to terminate the employment of an employee or to prowde termination benefits. 1.10 Pension costs The wmpany has a group pension plan in place with Royal London. Since InlrodLJelion uptake of the scheme has been very high with 52 employees in the scheme as at 31 st 0ecernbeT 202412023.. 481. The ernployee ¢ontribution rale is 5°/o. This is Standard for all employees. The tru51 malehes employees contribution r8lès up to 5% of salary. In addbtion. the company conlribules to 2 indiwdual person81 pension schemes which We In place before the company group pension plan. Again, the Irusl matches employee contribution rates up to 5QA of salary. The annual conth"butions payable are charged lo the Slalement of Finanryal Activities. 1.11 Fund accounting General funds are unreslri¢ted lunds which are available lor use at the discretion of the trustees in furtherance of the general objeGtive$ tsf the company and which have not been designaled for othèr purposes. Designated funds compromise unrestricted frJnds that have been sei aside by the tTUStees for particular purposes. The aim and use of each designated fund are set out in the notes to the financi81 statements, Restricted funds are funds which are to be used in accordance wf(h specific restrictions imposed by the donors whic* have bèen raised by the company for a particular purpose, The Cost of raising and administering Such funds are charged a9ainst the specific fund. The aim and use ol each restricted lund are Set out in the notes to the flnanrial Statements. Investment inMe, gains and Iusses are allocated lo the appropriate fund. Donatlons and lega¢los Unrestrlcted Unrestricted funds funds 2024 2023 Donations and legacie5 22,512 67,735 Income from Investments Unrestrl¢t8d Unrn5tMCt• funds funds 2024 2023 Rental income 99,786 43,242 -22-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraisin and ublici Seeking donations and le9aCIèS 336 301 198 272 Charitsble aetlvltles Foster care Fostering Lifetime Independènce carer costs 2024 2024 Totsl 2024 Totsl 2023 2024 Depreciation and impairment Families costs Foster panal and carers recruitrnent Salaries and related 25,072 6,223.285 30,363 1.719,124 18,008 43,080 34.305 S5,125 6,278.410 5.831.749 30.363 42,972 1,719,124 1,590,415 7,997,844 73.133 B.070,977 7,499,441 Sh8Te of support costs (see note 61 Shale of governance costs (see note 61 1,336,579 589 11,701 1,348.869 1.399,156 111,882 49 980 112,911 104,259 9,446,305 838 85,814 9.532,757 9.002.856 Analysis by fund Unrestricted funds Unrestricted funds- designated 9.446,305 638 9,446,943 8.920,004 85.814 82,852 85,814 9,446.305 638 85,814 9.532,757 9,002,856 -23-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support and governance costs Support Governanc• costs ¢osts 2024 2023 Basis of allo¢•tlon Stsff costs Depreaation General office costs 852,572 3,130 493,167 74,137 926,709 3.130 495.148 833.818 On lirne spent 5,636 Direct usage 628,925 Pro rata FTE Staff 1,981 Audlt ltr&$ Legal and professional 8ank charges Trustees exp8nsg8 reimbursed Tru$lo• board mtrelings 6,318 2S,777 3,088 8.318 25,777 3,088 8,128 Govomane• 18,637 Govemance 3,042 Governance Governance 895 735 695 735 1,820 5,411 Govem8n¢e 1,348,869 112,911 1,461,780 1.503,415 Afialysed between Charitabl• activttias 1,348.869 112,911 1,461,780 1.503,415 Employ•e• The average monthly numbei of employees during th• yoar wa$.. 2024 Number 2023 Numb•r Direct charitable purpose8 Management an¢J aémini8lratlon 45 45 Total 54 Employment co•ts 2024 2023 Wag•s and salaries Social security ¢o$ts Other pension ¢08ls 2,143.448 232.617 269,769 2,016.760 215,111 192,360 2,645,834 2,424,231 .24-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Employ• (Continued) The number of ttmployees whose annual rernuneration was more than £80.000 is as follows.. 2024 Number 2023 Mumr In the band £60,001 - £70,000 In the band £70.001 £60,000 In the band £80,001 £90,000 In the band £100,001 £120,000 For th&sa 8mploy••g •mploy8rs p•nsion eontributions amountad lo £79,94312023.' £38,482). The ch3rY Iruslee8 wert not p81d 8nd dld not recelve any other benefits from employment wrth the ch8rlly In the year12023.' £nill. No charity trust0• r8c•iv•d paym•nt for profes8iong1 seNic•s 8uppli•d to th• charity 12023.. £nill. The kgy managgm8nl personnel of the ¢haTly compdse of th• trustges, the Chief Executive Offlcer and the Head of Service. Th8 tot81 &mploy8e bénefits of the koy rn8nag8m8nt personnol were £190.00812023 on th $Bmo bg$is £186,916). G•ln• and lo•s•• on InVlMont• Unro*trl¢t•d Unr••trfet•d fundg nd8 2024 2023 G8insllloJsfj$l arising on.. Sale of investments 84,8 Taxatlon The charity is exempl from taxation on its actiwties because all its Income is applied for chadtable purposos. -25-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Tanglble fixed as¥ets Bulldlngs Flxtur88, ffttlngs and e4ulpment Improvam•nt8 Cost At 1 J8nu8ry 2024 Additions 1,721,808 433,588 119,241 14,484 279,598 10,595 2.120,647 458,667 At 31 December 2024 2,155,396 133,725 290,193 2,579,314 Depreciation and impaimient At 1 January 2024 DepreLTation ch8Tged in ihe year 198,143 38,411 115,243 2,220 269,731 5,579 583,117 46,210 At 31 Dernber 2024 236,554 117,463 275,310 629,327 Carying amourrt At 31 December 2024 1,918,842 16,262 14,883 1,949,987 At 31 Dècembèr 2023 1.523,665 3.998 9,867 1,537.530 11 Fixed asset inve8lJnents Prograrnme Othar Relatsd Investmènts Total Cost or valuation At 1 January 2024 & 31 December 2024 6,091 6,Q93 Carying amount Al 31 Detember 2024 6,091 6,093 At 31 Decernber 2023 6,091 6.093 2024 2023 Other investments ¢omprise'. Notes Investments in subsidiaries -26-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Fixed asset investmEnts Icontlnuedl Unll$tsd s¢euriti•s Unlisted securities ar8 hèld at cost and relate to a National Sawngs Bond. Investment In sub51dlary Al 31 December 2024 the trust held 100% of the allottèd share Capital of CFT Trading Ltd, 3 company registered in England and Wales, which is a domianl company. Capital and re$8rves of the subsidiary undertaking at 31 Decernber 2024 and at 31 December 2023 were •$ follows.. Share capital Resetves £2 £2 All fi¥ed asset investments are held in the UK Programme R¢l#tsd Invésknents Investsnent In Skyrocket C05t 8S 811 Jgnuary 2024 and 31 December 2024 6.091 Net book value as at 31 December 2024 6,091 The trust owns a half share of the net sssetg of SkyrocJ¢et Partnership Limrted, a company incorporated in England. The joint venture prowdes training pro9r8mmes specifically aimed at training and mentoring registered managers in the fostering secior. The trust reeognises the 1nstrnent in the joint controlled entity at cost less and impairrnent to date. For the period ended 30 Junè 2024 the entity re(x)rded a loss of £2.021 12023.. Surplus tyf £3,190) and had a doficit on reserve5 of £16.03412023 £14.0131 al the balance sheet date. 12 Debtors 2024 2023 Amounts falllng due withln one year.. Trade debtor5 Other debtors Prepayments and accrued income 763,827 21.612 97,880 937,207 13,932 119,388 883.119 1,070,527 -27-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Creditors: amounts falling due wlthin one year 2024 2023 Other taxation and social securty Trade ueditors Other creditor5 Accruals and deferred income 54,700 34.701 21,465 243.578 59,726 44,928 245.487 354,442 350,143 14 Creditors: amounts falllng dué aftèr morè than one year 2024 2023 Di18pidation5 provision 46,000 46,000 The dilapidations provisTron relates to two properties. 15 Restricted funds The restricted funds of the charty comprise the unexpendtsd balanees of donations and grants held on trust subject to spe¢4fic conditions by donors as to how they may be used. At 1 January 2024 At31 Dèe•mbèr 2024 412 412 Previous year: At 1 January 2023 At31 December 2023 412 412 The rèstricted funds remaining at the year end were £412. Of this £300 related to a Big Lottery Fund grant received in 2016 of £8,760 to fvnd media work5hop¥ lo produce educational thdeos around the themes of being in foster care and as50(aated i5sue5. -28-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Designated funds The unrestn.cted funds of the charity ¢omprise the unexpended balancès of donations and grants which are not Subject to specific condiliuns by donoT5 and grantors as lo how they may be usèd. Thèse include designated funds which have been sel aside out of unrestricted lunds by the Iruslees for specific purposes. Movement in funds Incomlng Balance at rosoUr¥1 Jonuary 2024 Movement in funds Incornlny resources Resotsrce5 expended 8alance ai 31 December 2024 Lifetime carel costs 185.8141 85.814 185.8141 85,814 The designated fund provides funds lo meet costs in relation to our support to Lifètime Foster Carers. Thè d)arity does not receive any direct income to prowde the support. The timin9 of èxpenditure for these designated funds is likely to be spread over the next 25 to 30 year5. Th8 fund is represented by the fixed assets, which include houses owned by the ch8rity and Ljsed by carèrs. The transfer behveen designated and general funds equates to the value of the lifetiTne carer costs incurred in the year. 17 Analy518 of net 4¥sets been fund¥ urtriCted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 Restricted fijnds 2023 Total 2024 2023 Fund balances at 31 Dernber 2024 are represented by.. Tangible assets Investments Current assetsllliabilities) Long lem liabilities 1,949,987 6,093 2,054.632 146,0001 1,949.987 6.093 2,055,044 146,0001 1.537,530 6,093 2,225,894 146,0001 1,537,530 6.093 2.226.306 146,0001 412 412 3,984,712 412 3,965,124 3,723.517 412 3,723,929 The rnajority of thé tharity's income, and therefore expènditure, continues lo relate to foster Eare placements with l(Ical authorities. This is d8ssified as unrestricted InMe as it is felt that this best reflects the substance of ttte transactions. 29-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Trustèe Remuneration and Related Party TrnnsactionB The charity was under the control ol the Trustees (listed in reference and administrative details) during the eurrent and previous year. No Tnjslee received any remuneration during the year12023.' £nill. The Trustees were réimbursed £735 12023.. £1,820) for their travel and subsistence eosts, included in pursuance of the charity's objectives. The amount reimbursed during the year of £895 was in respect of Jaims received from 4 of the 7 trustees who Served during the year 12023.. £5,511 in rèspect of Glaims rèceived from S of the 7 trustees who served during 20231. The tTUStees and management have tsken stèp$ to ensure all related party transacb'ons are on nomal commercial terms. 19 Financial commitments. gu8nte&S and eontingent liabilities At 31 Decernber 2024 there were no new financial commitments, guarantees or contingent liabilftiès requiring disclosure12023.. £nill. 20 Capital commitments 2024 2023 Acquisition of property, plant and equipment 433,484 21 Events aftgr th8 reportlng date There a¥e no events requiring disdosure after Ihe balance sheèt date. 22 Operating lease commlknènts At the reporting end date the eharity had outstanding commitments for future minimum lease payments under n0CanCelIable operating lèases, which fall due as follows.. 2024 2023 Within one year Between two and five years 99.771 243.390 127,558 326.607 343,181 454,16S 30-
THE CHILDREN'S FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Cash generated from operations 2024 2023 Surplus for the yèar 241,198 73,589 Adjustments for.. Investment income recognised in statement of financial actiwties Gain on disposal of Investmen15 Depreaation and impairrnent of tangible fixed assets 199,7861 143,2421 164,8361 39,941 46.210 Movements in working capital.. Decxeasellin¢ie3sel In debtors Increaselldecreasel in creditors 187,408 4.299 1554,1831 129.1111 Cash generated fromllabsorbed by) operations 379,329 (577.8421 31