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2021-03-31-accounts

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

Registered Charity No: 307889 Registered Company No: 00419256 (England and Wales)

THE CALDECOTT FOUNDATION LIMITED

CONTENTS

CONTENTS

CONTENTS
Page No
Legal and Administrative Details 1
Chair of Trustees' Report 2 - 3
Trustees' Report 4 - 9
Independent Auditors' Report 10 - 13
Statement of Financial Activities 14
Balance Sheet 16
Cashflow Statement 18
Notes to the Accounts 19 - 37

THE CALDECOTT FOUNDATION LIMITED

LEGAL AND ADMINISTRATIVE DETAILS

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Trustees Mr Charles Lister (Chair)
Mrs Susan Appleby
Mrs Angela Collins
Mr Jerome Flechais
Mr John Fletcher (Treasurer)
Mr Colin Green (Vice Chair)
Mrs Maria Sullivan
Mrs Maree Thorn
Mr Simon Wakeman
Secretary Mr Steve Anderson
Key Management Personnel Nicholas Barnett
Karen Norman
Steve Anderson
Damion Napier
Tim Allison
Kevin Gore
Charity Number 307889
Company Number 00419256
Registered office Caldecott House
Hythe Road
Smeeth
Ashford
Kent TN25 6SP
Independent Auditors Azets Audit Services
Greytown House
221-227 High Street
Orpington
Kent BR6 0NZ
Bankers Barclays Bank Plc National Westminster Bank Plc
66 High Street PO Box No. 4NU
Ashford London
Kent TN24 8TL W1A 4NU
Santander UK Plc
Bridle Road
Bootle
Merseyside
L30 4GB
Solicitors Kingsfords
2 Elwick Road
Ashford
Kent. TN23 1PD
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THE CALDECOTT FOUNDATION LIMITED

CHAIR OF TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The strength and resilience of an organisation can be seen in the way it responds to a crisis. At the start of the year, no one could foresee the full impact of the Covid-19 pandemic or how long restrictions would last. Thanks to prompt early action by Nick Barnett, Managing Director, the senior management team and the dedication and hard work of all our staff, Caldecott’s services continued uninterrupted throughout the year. This was a significant achievement and ensured that our children and young people continued to receive the exceptional quality of care and education they deserve.

That is impressive enough but, as the Trustees Report shows, the services we provide for our children and young people have also grown and improved during this period. I believe that Caldecott has ended the year in a much stronger position and with a real sense of everyone pulling together. All of this demonstrates that we are an organisation to be proud of.

Looking back at our response to the pandemic, as the news around Covid-19 became increasingly concerning, we took the decision on 16th March 2020 to activate our Business Continuity Plan with the following three aims:

Nick Barnett, Managing Director brought together a core group of leaders from across the organisation, who initially met daily, to review government guidance and advice (which changed constantly), and then to communicate actions to stakeholders. The first actions taken were to address the immediate safety of young people and staff. These included securing adequate supplies of hand sanitiser and PPE, implementing ‘bubbles’ and social distancing, and supporting staff to ‘shield’ and work from home where possible. We were particularly mindful to protect those who were at higher risk from the virus but continued to work by completing individual risk assessments and putting in place additional safety measures.

Another early action by the Managing Director and Senior Management Team was to secure a reliable supply of food for our children’s homes at a time when supermarket shelves were running very low and there were restrictions on the quantity of items available. Thanks to our commercial partners we were able to maintain supplies and we also put in place contingencies to protect our food stocks against the possibility of power outages which was a concern early in the first lockdown.

As face-to-face contact was reduced to a minimum, we utilised technology to maintain regular contact and ensure good communication. As an organisation that places relationships at the centre of everything we do, the creation of ‘bubbles’ was a particularly difficult, albeit entirely necessary, decision to take.

Although it was critical to protect the physical health of our children and young people from the risks of contracting Covid19, we also took a range of actions to address the impact of the crisis on their mental health. Our in-house therapists worked with our care workers to identify young people who were showing early signs of anxiety and provide additional tailored support to address their needs. Our care and education teams worked side by side to ensure that the best education package was available regardless of whether students attended Caldecott School or remained at home. Initially, contact visits with family were supported through video conferencing. However we later created a space where families could have contact in a Covid safe manner on our own site.

As a result of the outstanding efforts of our staff teams, most of our children and young people reported feeling safer during lockdown than before. Although Ofsted have not undertaken their usual schedule of inspections, we did receive two visits during the year. It was pleasing that Ofsted acknowledged the hard work of our staff who succeeded in keeping our children safe and continuing their access to education.

“During the COVID-19 pandemic, children continued with their education in the home. Staff worked in partnership with schools to provide fun, hands-on learning”, Ofsted Report October 2020.

THE CALDECOTT FOUNDATION LIMITED

CHAIR OF TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

As a result of the actions taken I’m proud to say that all our services continued to operate throughout the crisis. Our teams in residential care and our foster carers did an exceptional job in keeping our young people safe. Caldecott School remained open throughout the crisis to support our students and their families and where parents took the difficult decision to keep their children at home, we continued to provide a rich curriculum and deliver lessons remotely via video conferencing. Some of our teachers also visited students at their homes (in line with government restrictions at the time and maintaining social distance) to provide resources and support their engagement.

I would like to take this opportunity to thank all the individuals, companies, community groups and charitable Trusts who have donated their time and money during what was an especially challenging year for everyone. In particular, the Swiss Re Foundation who awarded us two grants specifically to help fund the many additional costs that we had to incur in responding to the crisis.

Finally, on behalf of the Board I would like to acknowledge the outstanding leadership from Nick Barnett, Managing Director, and the Senior Management Team. But, in particular, I would like to give very special thanks to our dedicated staff teams whose commitment to the young people over the last year has been truly inspirational.

……………………………

Mr Charles Lister, Chairman

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present herewith their report and the financial statements for the year ended 31 March 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts 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 published on 16 July 2014 as amended by Bulletin 1 and Bulletin 2.

Objectives and activities

The principal objects for which the Foundation was established as a Company Limited by Guarantee and not having a share capital are:-

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

Public benefit statement

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aim’s and objectives and in planning future activities.

Strategic Report

Review of the year

During the year we supported 102 children and young people across our three core services of residential care, education and fostering. Despite the many challenges posed by the Covid-19 pandemic we have continued to see them make exceptional progress in both heir social and emotional development as well as their educational attainment.

We saw eight young people make positive and planned transitions out of our residential service. Of these, three moved in with a new foster family, three to a provision that was closer to their home and two returned to live with family members.

Our ‘Step Across’ service, which supports our children who make the transition from residential to foster care, continues to go from strength to strength. Since it started operating eighteen young people have benefited from our integrated approach, with a further four currently in the process with a move planned within the next six months.

We are always looking for opportunities to bring our services closer together to support improved working for the benefit of our young people. That is why we were so pleased to welcome our team at Caldecott Fostering as they moved their main offices from Whitstable back to Caldecott House in Ashford, Kent. Although working remotely for part of the year due to Covid-19, the fostering team have settled into their new offices with socially distanced events held at Caldecott House for both existing and new foster families.

We always strive to ensure that young people placed in our care can access a school that will best meet their educational and social needs. For some children this will mean a placement at our own school, however, we are very proud of the hard work that has gone into supporting 80% to access a mainstream school.

At Caldecott School we saw another cohort of Year 11s complete their exams and move on to the next stage of their education. We are extremely proud of all 4 students who achieved recognised qualifications and secured placements in post 16 college courses.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Review of the year

We also continued with our plans to invest in our facilities and grounds. Most significantly the creation of two new outdoor Multi-Use Games Areas, funded by a generous grant from The Band Trust, for our young people to play a range of sports in all weathers. In order to support the growing number of 5-7 year olds being placed with us, we created a new Key Stage 1 classroom with its own outdoor play area. We have also made improvements to the courtyard at Caldecott School which now has several large wooden seating areas with landscaping work bringing plants and trees into the heart of the school.

Last year we reported that we had completed the development of our Forest School and new thematic approach to the curriculum. Both have continued to be a huge success throughout the current academic year. Building on these developments we were inspected by the National Autistic Society who awarded us ‘accredited’ status. Autism accreditation is an internationally recognised standard and achieving accreditation underlines our commitment to providing the very best education and boarding services for students with Autism.

As part of our commitment to maintain the highest standards within our children’s homes we also made a range of improvements to the environment such as new kitchens, bathrooms, carpets, garden furniture, windows, doors and communal areas.

Our services have continued to go from strength to strength with a high level of investment improving our facilities, and young people making huge leaps in progress across their care and education. These fantastic outcomes could not have been achieved without the dedicated group of individuals who work across the Caldecott Foundation – as always, they have our heart-felt gratitude.

Financial review

Group income for the year was £8,720,822 (2020: £8,823,841) which included income from Caldecott Fostering Limited of £1,111,214 (2020: £953,616), following the acquisition of the remaining 50% of shares on 29 June 2018. Group expenditure amounted to £8,112,458 (2020: £8,454,751). The resulting surplus before adjustments to the Pension Scheme was £608,364 compared to a surplus of £369,090 in 2020. This was substantially in line with expectation following the introduction of a comprehensive reorganisation of the structure of the Caldecott Foundation, its cost base, and its expansion into the East Midlands. This restructuring has continued through 2019. Residential numbers have stabilised, and costs have been reduced to a level which enables the Foundation to operate at a surplus.

The Group Balance Sheet shows a positive position of £57,689 (2020: £762,707), whereas the Balance Sheet for Caldecott Foundation has decreased from £991,597 to £215,337.

Cash Flow:

The Bank overdraft peaked in 2015 at close to £1m. Since then we have moved into credit with the Bank and expect future cash flows to further enhance our liquidity position. This improvement reflects the changes referred to above in the operational structure at Caldecott, together with the planned disposal of assets. The comprehensive improvement in our financial operating results makes the attainment of one of our primary financial goals (a liquid reserve of 3 months of operating costs) a realistic objective in the foreseeable future. There will be demands on our cash reserve periodically as we complete our reorganisation. We do not expect these to impact negatively on our ability to maintain improvements in our liquidity.

Pension Scheme:

The Pension Scheme deficit has increased in the year by £1,313k to £7.106m (2020: increase by £166k to £5.793m). This remains a major issue for the Foundation to manage. The Board and Finance Committee have taken professional advice and keep the issue under constant appraisal. We have appropriate plans in place. It is a particularly difficult time for Pension Schemes. Actuarial factors, Interest rates, and Bond Yields have, for some time, behaved in ways which are unusual in the long term. The Caldecott Scheme deficit is a long term deficit which allows us many years to resolve it. Contributions continue to be paid in line with the Actuary’s advice.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

Outlook:

The Trustees are very conscious of the need to maintain the improvements which have been made in the last 3 years. The reorganisation of Caldecott has, so far, progressed in line with expectation. Some outcomes have outperformed our hopes. However there remains the need to consolidate what has so far been achieved with further improvements and expansion. Plans are in hand to achieve this. We are greatly encouraged by the outstanding improvements in the Ofsted ratings of our Residential Houses and the school. This lays the foundation not only for financial improvement, but also celebrates the wonderful service we provide to the children who come into our care.

Investment policy

Any cash deemed to be surplus by the Trustees, other than for the day-to-day running of the charity, is held in assets which are available to the Foundation at short to medium term notice. The Trustees regularly review the requirements of the Foundation through cash flow forecasting to ensure that sufficient funds are readily available at short notice to meet day-to-day needs, and that returns are maximised on the remaining funds through longer term investment. To minimise the risk to the charity and its funds, surplus cash is held with a number of UK financial institutions with a good credit rating.

Reserves policy

The Foundation's target is to achieve and maintain unrestricted, undesignated reserves to cover a minimum of 3 months' committed running costs. This equates to approximately £2.2million based on budgeted running costs for the next 12 months. At the year end, the Foundation had total reserves of £7.16 million before the pension fund provision, much of which is tied up in property which cannot be easily realised. At the year end the Foundation had unrestricted reserves of £1,057,703 (2020: £460,374). It remains our intention to build free reserves towards the target.

Funds position

At 31 March 2021, restricted funds amounted to £121,590 (2020: £170,803) and further details can be found in note 20 to the financial statements.

At 31 March 2021 designated funds amounted to negative £914,373 (2020: positive £360,420) and further details can be found in note 21 to the financial statements. The main elements of the designated funds are the fixed asset reserve, amounting to £6,040,216 (2020: £6,009,612) and the LGPS deficit amounting to £7,106,000 (2020: £5,793,000).

As detailed above, the unrestricted fund has a positive balance of £1,057,703 at 31 March 2021 (2020: £460,374). The Foundation has taken a series of steps to reduce costs and improve financial performance. This progress is expected to continue through the coming year and will be enhanced by the growth in our primary education and boarding provisions.

Going Concern

The Foundation continues to be supported by the company’s bankers and meets its day to day working capital requirements through its cash reserves. The overdraft facility has not been required during the year and this trend is expected to continue.

On this basis, the Trustees consider it appropriate to prepare the accounts on the going concern basis.

Principal risks and uncertainties

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable the charity to lessen or mitigate those risks.

The key controls used by the Foundation include:

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Principal risks and uncertainties

Fundraising

The Foundation does not employ any professional fundraisers to fundraise on its behalf but all staff members and any volunteers involved in fundraising activities are trained in accordance with recognised standards so as to ensure that the public, including vulnerable people, are protected from unreasonable or intrusive approaches. The Foundation has not received any complaints about its fund raising activities.

Plans for the future

In response to the steady increase in the number of pupils attending Caldecott School we will be adding new capacity through the construction of two new classrooms. These will be sited in the grounds of our Primary School and will be ready for the start of the new school year in September 2021. We are lucky enough to have a large group of volunteers from our supporters at Swiss Re coming to our site in the summer holiday to help build a covered walkway to link these new classrooms to the main building. They will also be creating some fun areas around the school grounds for our young people to enjoy during their breaks and lunchtime.

Another key focus for us will be on reducing our impact on the environment. There will be a number of initiatives over the next few years but the first will be the installation of solar panels on the rooves of some of our buildings. This project alone is estimated to avoid 660 tons of CO2 from entering the atmosphere over the next 30 years. We will also be looking to reduce the amount of paper and plastic that we use, as well as improving our recycling facilities.

Structure, governance and management

The Foundation is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The Council shall consist of the officers of the company, namely the Chair, Deputy Chair and Treasurer; not less than 6 and not more than 25 (including the officers of the company) members of the company. At every Annual General Meeting, one third of the members, excluding the Chair, Deputy Chair and Treasurer, shall retire by rotation. Any retiring member is eligible for immediate re-election. With respect to the Chair, Deputy Chair and Treasurer, at every third Annual General meeting they shall retire from office. They may stand for re-election. However if the Chair and Deputy Chair have completed more than five years in office and the Treasurer has completed more than eight years in office they may not stand for re-election.

Structure, governance and management (continued)

The Trustees, who are also the directors for the purpose of company law, and who served during the year were: Mr Charles Lister (Chairman) Mrs Joanne Porter (resigned 28 January 2021) Mrs Susan Appleby Mrs Catherine Smith (appointed 14 May 2020 and resigned 29 July 2021) Mrs Angela Collins (appointed 14 May 2020) Mrs Maria Sullivan Mr Jerome Flechais Mrs Maree Thorn (appointed 14 May 2020) Mr John Fletcher (Treasurer) Mr Simon Wakeman Mr Colin Green (Vice Chair)

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Appointment and recruitment of Trustees

A recruitment and appointment procedure for Trustees has been adopted. When a Trustee vacancy occurs the Nominations Committee conducts a skills audit and seeks out, by a variety of means including open advertisement, prospective Trustees with the requisite skills and experience. Candidates are invited to meet with the Managing Director and senior managers prior to being interviewed by members of the Nominations Committee. A recommendation is then made to the Board for approval.

Committee structure, induction and training

The Trustees' responsibilities in respect of accounting records, safeguarding of assets and the prevention and detection of fraud and other irregularities are set out in the Statement of Trustees' Responsibilities. Trustee induction and training have been developed. As part of the process of satisfying these obligations, the Foundation has reviewed its present system of internal control to ensure that the controls are appropriate to the Foundation's activities. The Internal Control Manual has been further developed.

During the year the Board of Trustees meets at least 4 times and a number of committees also meet. These include as a minimum:-

Each committee has defined Terms of Reference which have been agreed by the Board of Trustees. Occasionally a task focused group will be convened and disbanded once the task has been achieved.

Day to day management

The day to day management of the charity is delegated to the Senior Management Team consisting of:

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||| |---|---| |Managing Director|Nicholas Barnett| |Head of Education|Karen Norman| |Head of Finance|Steve Anderson| |Referrals and Commissioning Manager|Damion Napier| |Business Manager|Tim Allison| |Operations Manager|Kevin Gore|

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Annually, in September, all Trustees and officers of the organisation will declare any relevant pecuniary information which may affect their independence or ability to discharge their duties.

Pay policy for key management personnel

The Trustees consider the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Foundation on a day to day basis. All Trustees give of their time freely and no trustee received remuneration in the year. The pay of the senior staff is reviewed annually and normally increased in accordance with market rates.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Trustees responsibilities

The Trustees (who are also directors of The Caldecott Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Disclosure of information to auditors

Each of the Trustees have confirmed that there is no information of which they are aware which 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 auditors are aware of such information.

A resolution proposing that Azets Audit Services be reappointed as auditor of the charitable company will be put to the members.

On 7 September 2020 Group Audit Services Limited, trading as Wilkins Kennedy Audit Services, changed it's name to Azets Audit Services Limited. The name they practice under is Azets Audit Services and accordingly they have signed their report in their new name.

By Order of the Board of Trustees Date: 28 October 2021

Mr Charles Lister, Chairman

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CALDECOTT FOUNDATION LIMITED

Opinion

We have audited the financial statements of The Caldecott Foundation Limited (the parent charitable company) and its subsidiaries (the group) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Cash Flow Statement and the related notes. 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of 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 group and charitable company 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 charitable company'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 Trustees 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, except to the extent otherwise explicitly stated in our report, 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CALDECOTT FOUNDATION LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 8, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 group's and charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CALDECOTT FOUNDATION LIMITED

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

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CALDECOTT FOUNDATION LIMITED

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Wilkes FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor Date: 9 December 2021

Greytown House 221-227 High Street Orpington Kent BR6 0NZ

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
2
3
Investment income
Income from investments
Interest receivable
Other
4
Total Income
Expenditure on:
Raising funds
5
Charitable activities
5
Corporation tax - trading
Total expenditure
5
Transfers between funds
21
Other recognised gains / (losses):
14
18
Reconciliation of funds:
Fund balances at 31 March 2021
Charitable activities
Net income/(expenditure) before
transfers
Net income/(expenditure) after
transfers
Fund balances at 1 April 2020
Net movement in funds
Revaluation
gains/(losses) on fixed
asset investment
Remeasurement gain on defined
benefit pension scheme		 Unrestricted
Designated
Restricted
2021
Funds
Funds
Funds
Total
£
£
£
£
-
9,883
67,478
77,361
8,007,756
-
565,575
8,573,331
2
-
-
2
45
-
-
45
70,083
-
-
70,083
8,077,886
9,883
633,053
8,720,822
-
482
-
482
7,516,198
1,798
590,834
8,108,830
3,146
-
-
3,146
7,519,344
2,280
590,834
8,112,458
558,542
7,603
42,219
608,364
90,645
787
(91,432)
-
649,187
8,390
(49,213)
608,364
-
(383)
-
(383)
-
(1,313,000)
-
(1,313,000)
649,187
(1,304,993)
(49,213)
(705,019)
509,219
82,685
170,803
762,707
1,158,406
(1,222,308)
121,590
57,688		 2020
Total
£
168,613
8,647,869
113
1,597
5,649
8,823,841
700
8,454,051
-
8,454,751
369,090
-
369,090
-
(166,000)
203,090
559,617
762,707

All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

THE CALDECOTT FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Comparative information only

Note
Income from:
Donations
2
3
Investment income
Income from listed investments
Interest receivable
Other
4
Total Income
Expenditure on:
Raising funds
5
Charitable activities
5
Total expenditure
5
Transfers between funds
21
Other recognised gains / (losses):
18
Reconciliation of funds:
Fund balances at 31 March 2020
Remeasurement gain/(loss) on defined benefit
pension scheme
Net movement in funds
Fund balances at 1 April 2019
Net income/(expenditure) before transfers
Charitable activities
Net income/(expenditure) after transfers		 Unrestricted
Designated
Restricted
2020
Funds
Funds
Funds
Total
£
£
£
£
-
10,697
157,916
168,613
8,151,727
-
496,142
8,647,869
113
-
-
113
1,597
-
-
1,597
5,649
-
-
5,649
8,159,086
10,697
654,058
8,823,841
-
700
-
700
7,890,820
6,760
556,471
8,454,051
7,890,820
7,460
556,471
8,454,751
268,266
3,237
97,587
369,090
40,718
(40,718)
-
-
308,984
(37,481)
97,587
369,090
-
(166,000)
-
(166,000)
308,984
(203,481)
97,587
203,090
201,235
285,166
73,216
559,617
510,219
81,685
170,803
762,707

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

----- Start of picture text -----
Note 2021 2020
£ £ £ £
Fixed assets
Intangible assets 12 91,063 121,263
Tangible assets 13 5,879,188 5,924,864
Investments 14 2,459 2,842
5,972,710 6,048,969
Current assets
Debtors 15 432,343 342,362
Cash at bank and in hand 1,492,774 1,045,458
1,925,117 1,387,820
Creditors: amounts falling due within
one year 16 (572,428) (639,664)
Net current assets 1,352,689 748,156
Total assets less current liabilities 7,325,399 6,797,125
Creditors: amounts falling due after
more than one year 17 (161,711) (241,418)
7,163,688 6,555,707
Defined benefit pension liability 18 (7,106,000) (5,793,000)
Net funds 57,688 762,707
Funds
Restricted funds 20 121,590 170,803
Unrestricted funds:
Designated funds: 21
Fixed asset reserve 5,732,281 5,731,877
Pension Liability (7,106,000) (5,793,000)
Extras' fund 151,411 143,808
(1,222,308) 82,685
Other charitable funds 1,061,119 460,374
Non-charitable funds 97,287 48,845
22 57,688 762,707
The accounts were approved by the Board on 28 October 2021
Mr Charles Lister (Chair) Name
Trustee Trustee
Company Number: 00419256
----- End of picture text -----

THE CALDECOTT FOUNDATION LIMITED

CHARITY BALANCE SHEET AS AT 31 MARCH 2021

----- Start of picture text -----
Note 2021 2020
£ £ £ £
Fixed assets
Tangible assets 13 5,879,188 5,924,864
Investments 14 403,459 403,842
6,282,647 6,328,706
Current assets
Debtors 15 352,556 355,574
Cash at bank and in hand 1,379,001 978,899
1,731,557 1,334,473
Creditors: amounts falling due within
one year 16 (478,157) (637,164)
Net current assets 1,253,400 697,309
Total assets less current liabilities 7,536,047 7,026,015
Creditors: amounts falling due after
more than one year 17 (161,711) (241,418)
7,374,336 6,784,597
Defined benefit pension liability 18 (7,106,000) (5,793,000)
Net funds 268,336 991,597
Funds
Restricted funds 20 121,590 170,803
Unrestricted funds:
Designated funds: 21
Fixed asset reserve 6,040,216 6,009,612
Pension Liability (7,106,000) (5,793,000)
Extras' fund 151,411 143,808
(914,373) 360,420
Other charitable funds 1,061,119 460,374
22 268,336 991,597
The accounts were approved by the Board on 28 October 2021.
Mr Charles Lister (Chair) Name
Trustee Trustee
Company Number: 00419256
----- End of picture text -----

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
Note 2021 2020
£ £
Net cash flow from operating activities 23 822,268 943,299
Cash flow from investing activities
Payments to acquire tangible fixed assets (301,513) (222,463)
Proceeds on disposal of tangible fixed assets 3,177 3,920
Interest and investment income received 47 1,710
Net cash flow from investing activities (298,289) (216,833)
Cash flow from financing activities
Repayments of borrowing (76,663) (73,701)
(76,663) (73,701)
Net increase in cash and cash equivalents 447,316 652,765
Cash and cash equivalents at 1 April 2020 1,045,458 392,693
Cash and cash equivalents at 31 March 2021 1,492,774 1,045,458
Cash and cash equivalents consists of:
Cash at bank and in hand 1,492,774 1,045,458
Cash and cash equivalents at 31 March 2021 1,492,774 1,045,458
----- End of picture text -----

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies (a) Basis of accounting

The Caldecott Foundation Limited is a registered charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities is to provide residential care, therapy and education for children and young people who have faced deprivation, cruelty or neglect, and who may have emotional, behavioural or educational difficulties.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 as amended by Bulletin 1 and Bulletin 2 and the Financial Reporting Standard applicable in the United Kingdom (FRS 102) and the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Consolidation

In the opinion of the member of the committee, the charitable company and its subsidiary undertakings comprise a small group.

The consolidated financial statements incorporate the results of the charity and its trading subsidiary, Caldecott Fostering Limited, for the year ended 31 March 2021. As a consolidated Statement of Financial Activities is published, a separate Statement of Financial Activities for the parent company is omitted from the group statements by virtue of Section 408 of the Companies Act 2006.

(c) Fund accounting

Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charitable company. Restriction arises when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds represent funds invested in fixed assets. The designated fund balance has been represented to ensure that the fund balance accurately reflects the designation policy adopted by the trustees.

(d) Income recognition

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Foundation 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.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies (continued)

(d) Income recognition

Voluntary income, including donations, gifts and grants that provide core funding or are of a general nature, is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Care services and fees are included in the Statement of Financial Activities when receivable;

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

(e) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Costs of raising funds includes all expenditure incurred by the Foundation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.; and

• Expenditure on charitable activities comprises those costs incurred by the Foundation in the delivery of its activities and services for beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.

(f) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Other costs have been allocated on the basis of staff time spent.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 6.

(g) Intangible fixed assets

Goodwill on consolidation is amortised over a period of 5 years following year of acquisition.

(h) Tangible fixed assets and depreciation

With the exception of freehold property, tangible fixed assets are stated at cost less accumulated depreciation and any recognised impairment losses. Freehold property is stated in the balance sheet at deemed cost being the fair value on the date of transition to FRS102 less any subsequent depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Fixed assets below £1,000 are not capitalised.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life, as follows:

Freehold land Not depreciated Freehold buildings & improvements 2% or 5% straight line Fixtures, fittings & equipment 10%, 20% or 33% straight line Motor Vehicles 20% straight line

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies (continued)

(i) Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in joint ventures are measured at cost less impairment.

(j) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(k) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

(l) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Retirement benefits to employees of the Foundation are provided by the Teachers’ Pension Scheme (‘TPS’) and the Local Government Pension Scheme (‘LGPS’). These are defined benefit schemes. The charity also operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the Foundation in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 18, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.

The LGPS is a funded scheme and the assets are held separately from those of the Foundation in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.

Actuarial gains and losses are recognised immediately in other recognised gains and losses.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies (continued)

(m) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(n) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 1(h) for the useful economic lives for each class of assets.

LGPS

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 March 2021. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

Bad debt provision

The value of trade debtors is sensitive to the recoverability in full of any invoices issued to each customer. Once the debt becomes overdue it is chased and periodically reviewed to ensure it is recoverable in full. If a provision is deemed necessary this is included on an annual basis. No provision for bad and doubtful debts is currently included in the accounts.

(o) Going concern

The Foundation continues to be supported by the company’s bankers and meets its day to day working capital requirements through its cash reserves. The overdraft facility has not been required during the year and this trend is expected to continue. The nature of the Foundation’s activities are such that there can be considerable unpredictable variation in the timing of cash inflows. The trustees have prepared projected cash flow information for the period ending 31 March 2022 and beyond. On the basis of this cash flow information and discussions with the Foundation’s bankers, the trustees consider that the Foundation will continue to operate within the facility currently agreed.

On this basis, the trustees consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from a withdrawal of the overdraft facility by the Foundation’s bankers.

(p) Government grants

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.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

2
DONATIONS
Designated funds		 funds
£		 2021
2020
£
£
9,883
10,697
9,883
10,697
Restricted funds:
Other restricted donations and gifts
Swiss RE
The Band Trust
Morrisons Foundation		 6,478
21,687
61,000
4,000
-
120,000
-
12,229
67,478
157,916
Total 77,361
168,613
3
CHARITABLE ACTIVITIES
Local Authority Contract
Fostering
Statutory Funding		 Unrestricted
Restricted
funds
funds
£
£
6,896,542 -
1,111,214 -
-
565,575		 Total
Total
2021
2020
£
£
6,896,542
7,198,111
1,111,214
953,616
565,575
496,142
8,007,756 565,575 8,573,331
8,647,869
4
OTHER INCOME
Other income
Job retention scheme grants
Profit on sale of fixed asset		 2021
2020
£
£
928
1,729
65,978
-
3,177
3,920
70,083
5,649
5
EXPENDITURE
Costs of raising funds
Fundraising		 Staff
Costs
£
-		 Direct costs Support costs
£
£
482
-		 Total
2021
Total
2020
£
£
482
700
- 482
-		 482
700
Charitable activities
Residential care
School
Fostering
Taxation		 2,723,201
1,525,980
179,431
-		 1,221,869
792,253
769,117
198,063
576,421
122,495
-
3,146		 4,737,323
5,372,987
2,493,160
2,182,331
878,347
898,733
3,146
-
Total charitable activities 4,428,612 2,567,407
1,115,957		 8,111,976
8,454,051
Total expenditure 4,428,612 2,567,889
1,115,957		 8,112,458
8,454,751

Included in direct costs and support costs are staff costs of £450,891 (2020: £402,978) which are allocated above.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

6
SUPPORT COSTS
Management
Finance
IT
Human resources and training
7
GOVERNANCE COSTS
Staff costs
Travel and subsistence
Auditors' remuneration
Legal fees		 Residential
care
School
Fostering
Total
2021
Total
2020
£
£
£
£
£
592,221
148,055
83,520
823,796
688,410
109,539
27,385
6,216
143,140
145,441
46,640
11,660
20,172
78,472
93,453
43,853
10,963
12,587
67,403
77,251
792,253
198,063
122,495
1,112,811
1,004,555
2021
2020
£
£
68,100
87,000
252
4,964
24,636
24,436
4,494
10,414
97,482
126,814

Governance costs are included within support costs detailed above and have been allocated on the basis of time spent in respect of staff costs and direct apportionment basis for other costs.

8 SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR CHARITABLE ACTIVITIES

This table shows the cost of the main charitable activities and the sources of income directly to support those activities.

Costs
Direct Income
Net cost funded from other income
9
NET MOVEMENT IN FUNDS
This is stated after charging
Depreciation of tangible fixed assets
Amortisation
Auditors' remuneration (including subsidiary)
Profit on disposal of tangible assets		 Residential
care
School
Fostering
Total
£
£
£
£
(4,737,323)
(2,493,160)
(878,347)
(8,108,830)
4,424,315
3,037,801
1,111,214
8,573,330
(313,008)
544,641
232,867
464,500
2021
2020
£
£
347,189
306,264
30,200
30,200
24,636
24,436
(3,177)
(3,920)

10 TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES

None of the trustees (or any persons connected with them) received any remuneration during the year, but 1 were reimbursed a total of £252 travelling expenses (2020: 3 were reimbursed £755).

11 EMPLOYEES

Number of employees

The number of employees, by headcount, during the year was:
Senior management team
School
Residential care
Fostering
Administration
Support services		 2021
2020
Number
Number
6
6
46
45
86
108
5
7
11
8
8
10
162
184

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

11
EMPLOYEES
Employment costs
Wages and salary costs
Social Security costs
Apprenticeship levy
Pension costs - defined benefit
Pension costs - other
The number of employees whose annual emoluments were £60,000 or more were:
£60,001 - £70,000
£80,001 - £90,000
£90,001 - £100,000		 2021
2020
£
£
4,146,344
4,437,554
357,123
390,739
4,472
6,850
250,418
207,324
121,146
133,953
4,879,503
5,176,420
2021
2020
2
2
-
1
1
-

Of the employees whose emoluments exceed £60,000, 1 (2020: 1) has retirement benefits accruing under defined benefit pension schemes and 2 (2020: 2) have retirement benefits accruing under defined contribution schemes.

The senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Foundation on a day to day basis and are detailed on page 1. The aggregate remuneration paid to the key management personnel totalled £455,848 (2020: £407,667).

12
INTANGIBLE ASSETS
Group
Cost / deemed cost
As at 1 April 2020 and at 31 March 2021
Amortisation
As at 1 April 2020
Charge for period
At 31 March 2021
Net book values
At 31 March 2021
At 31 March 2020		 Goodwill
Total
£
£
151,463
151,463
30,200
30,200
30,200
30,200
60,400
60,400
91,063
91,063
121,263
121,263

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

13
TANGIBLE ASSETS
Group and Charity
Cost / deemed cost
As at 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
As at 1 April 2020
Charge for period
On disposals
At 31 March 2021
Net book values
At 31 March 2021
At 31 March 2020		 Land and
buildings
Improvements
to buildings
Fixtures,
fittings and
equipment
Motor
Vehicles
Total
£
£
£
£
£
7,652,623
466,758
1,155,409
171,177
9,445,967
-
-
280,888
20,625
301,513
-
-
(15,022)
(15,330)
(30,352)
7,652,623
466,758
1,421,275
176,472
9,717,128
2,364,940
223,245
809,346
123,572
3,521,103
152,078
46,676
129,851
18,584
347,189
-
-
(15,022)
(15,330)
(30,352)
2,517,018
269,921
924,175
126,826
3,837,940
5,135,605
196,837
497,100
49,646
5,879,188
5,287,683
243,513
346,063
47,605
5,924,864

Certain freehold properties were revalued in July 2004 and this valuation was incorporated into the financial statements for the year ended 31 March 2005.

The trustees have not commissioned a full external valuation as after having consulted with an independent property valuer they have been advised that any increase or decrease in the value of freehold land and buildings would not be material in the charity’s financial statements. This valuation amount was brought into the accounts as part of the transition to FRS102.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Cost
Accumulated depreciation
At 31 March 2021		 2021
2020
£
£
1,578,982
1,578,982
(561,707)
(530,128)
1,017,275
1,048,854

Land and buildings additions includes land valued at its probate value, being £150,000.

All other tangible fixed assets are stated at historical cost.

Taxation

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

14
FIXED ASSET INVESTMENTS
Group
Change in value in the year
Market value at 31 March 2021
Historical cost:
At 31 March 2021
At 31 March 2020
Charity
Change in value in the year
Market value at 31 March 2021
Historical cost:
At 31 March 2021
At 31 March 2020
Market value at 1 April 2020
Market value at 1 April 2020		 Listed
investments
Shares in
subsidiary
undertaking
Total
£
£
£
2,842
-
2,842
(383)
-
(383)
2,459
-
2,459
1,008
-
1,008
1,008
-
1,008
£
£
£
2,842 401,000
403,842
(383)
-
(383)
2,459
401,000
403,459
1,008
401,000
402,008
1,008
401,000
402,008

The fair value of the listed investments is determined by reference to the mid-market value of shares at the Balance Sheet date and represents the shareholding in Santander plc.

Shares in subsidiary undertaking

The Caldecott Foundation Limited and The Stone Soup Project CIC entered into a joint venture agreement to set up Caldecott Fostering Limited, where each party owns 50% of the issued ordinary shares. On 29 June 2018 The Caldecott Foundation Limited acquired shares held by The Stone Soup Project CIC for £400,000. Accordingly, Caldecott Fostering Limited is now a wholly owned subsididary.

Surplus on ordinary activities before taxation Taxation

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

THE CALDECOTT FOUNDATION LIMITED

14 FIXED ASSET INVESTMENTS Holdings of more than 20%

The charity holds more than 20% of the share capital of the following company:

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||||| |---|---|---|---| |Proportion of voting rights| |Country of registration or|and ordinary share capital| |Subsidiary undertaking|incorporation|held|Principal activity| |Caldecott Fostering Limited|England and Wales|100%|Fostering agency|

----- End of picture text -----

The principal activity of Caldecott Fostering Limited is the provision of the foster care for children on behalf of local authorities. The investment is measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.

The trading results of Caldecott Fostering Limited for the year ended 31 March 2021 are as follows:

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |Turnover|1,101,214|953,616| |Bank interest|-|12| |-| |Other operating income|10,000| |Cost of sales|(576,421)|(531,360)| |Administration costs|(333,205)|(405,711)| |Operating deficit for the period|201,588|16,557| |-| |Corporation tax|(3,146)| |-| |Distributions to parent charity under gift aid|(150,000)| |Retained surplus for the period|48,442|16,557| |The assets and liabilities of the subsidiary at 31 March 2021 were:| |Current assets|204,904|134,398| |Current liabilities|(102,200)|(83,553)| |Aggregate share capital and reserves|102,704|50,845| |Share capital|2,000|2,000| |Profit and loss reserve|100,704|48,845| |102,704|50,845|

----- End of picture text -----

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

15
DEBTORS
Trade debtors
Other debtors
Amounts due from subsidiary undertaking
Prepayments and accrued income		 2021
2020
2021
2020
£
£
£
£
345,818
290,449
282,755
319,272
43,103
27,567
23,261
21,781
-
-
3,118
3,700
43,422
24,346
43,422
10,821
Group
Charity
432,343
342,362
352,556
355,574
Amounts falling due after more than one year and included in the debtors above are:
2021
2020
2021
2020
£
£
£
£
Other debtors
6,917
14,494
6,917
14,494
16
Bank loans
Trade creditors
Taxes and social security costs
Other creditors
Accruals
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR		 2021
2020
2021
2020
£
£
£
£
79,718
76,674
79,718
76,674
125,360
170,851
88,630
189,847
97,178
99,358
93,118
95,495
187,298
185,806
139,816
214,173
82,874
106,975
76,875
60,975
Group
Charity
572,428
639,664
478,157
637,164
17
2021
2020
2021
2020
£
£
£
£
Bank loans
161,711
241,418
161,711
241,418
CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Group
The bank loan and overdraft are secured over Caldecott House.
Charity
Analysis of loans
Wholly repayable within five years
Included in current liabilities		 241,429
318,092
241,429
318,092
(79,718)
(76,674)
(79,718)
(76,674)
161,711
241,418
161,711
241,418

The bank loan is secured over Caldecott House.

The loan financing is in the form of a secured loan with a fixed interest rate of 3.9% and is due for repayment in February 2024. The loan has financial covenants which may require the loan to be repaid in full. During the year these covenants were met.

Loan maturity analysis
Debt due in one year or less
In more than one year but not more than two years
In more than two years but not more than five		 2021
2020
2021
2020
£
£
£
£
79,718
76,674
79,718
76,674
82,883
79,718
82,883
79,718
78,828
161,700
78,828
161,700
Charity
Group
241,429
318,092
241,429
318,092

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

18 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS

The Foundation's employees belong to the following pension schemes,: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for nonteaching staff, which is managed by Kent County Council. Both are multi-employer defined benefit schemes. In addition, the Foundation operate a defined contribution stakeholder scheme and contribute into personal pension schemes.

The latest actuarial valuation of the TPS related to the period ended 31 March 2016 and of the LGPS 31 March 2019.

Pension contributions amounting to £20,833 (2020: £18,886) were unpaid at 31 March 2021.

Teachers' Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department

The next valuation result is due to be implemented from 1 April 2023.

The employer’s pension costs paid to TPS in the period amounted to £167,170 (2020: £124,501).

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. TheFoundation has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Foundation has set out above the information available on the scheme.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

THE CALDECOTT FOUNDATION LIMITED

18 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS

(Continued)

Kent County Council Pension Fund

The LGPS is a funded defined benefit pension scheme, with the assets held in separate trustee-administered funds. The total contribution made for the year ended 31 March 2021 was £101,448 (2020: £112,231), of which employer’s contributions totalled £75,034 (2020: £82,823) and employees’ contributions totalled £26,414 (2020: £29,408). The minimum contribution rates for future years are 19.0% for employers and 5.5% to 12.5% for employees.

Pension contributions amounting to £5,550 (2020: £9,433 ) were unpaid at 31 March 2021.

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|||| |---|---|---| |Principal actuarial assumptions|2021|2020| |%|%| |Rate of increase in salaries|3.85|2.95| |Rate of increase in pension payment|2.85|1.95| |Discount rate|2.00|2.35| |Inflation assumption - RPI|3.20|2.75| |Inflation accumption - CPI|2.85|1.95|

----- End of picture text -----

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |Retiring today| |Males|21.6|21.8| |Females|23.6|23.7| |Retiring in 20 years| |Males|22.9|23.2| |Females|25.1|25.2|

----- End of picture text -----

Sensitivity analysis

Scheme liabilities would have been affected by changes in assumptions as follows:

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |Discount rate +0.1%|-591|-468| |Discount rate -0.1%|+605|+479| |Mortality assumption + 1 year|+1198|+828| |Mortality assumption - 1 year|-1148|-797| |Long term salary +0.1%|+29|+22| |Long term salary -0.1%|-29|-22| |Adjustment to pension increases +0.1%|+570|+458| |Adjustment to pension increases -0.1%|-558|-449|

----- End of picture text -----

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

THE CALDECOTT FOUNDATION LIMITED

18
PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS
The Foundation's share of the assets in the scheme were:
Equities
Bonds
Property
Gilts
Other assets
Absolute return fund
Total market value of assets		 (Continued)
2021
2020
£
£
13,430,000
10,108,000
2,605,000
2,142,000
2,159,000
2,236,000
124,000
128,000
1,034,000
430,000
1,505,000
1,388,000
20,857,000
16,432,000

For accounting years beginning on or after 1 January 2015, the expected return and the interest cost has been replaced with a single net interest cost, which will effectively set the expected return equal to the discount rate.

The actual return on scheme assets was £4,871,000 (2020: £1,351,000).

Amount recognised in the Statement of Financial Activities
Current service cost
Net interest cost
Administration expenses
Total operating charge
Changes in the present value of defined benefit obligations were as follows:
At 1 April 2020
Current service cost
Interest cost
Change in financial assumptions
Change in demographic assumptions
Experience loss on defined benefit obligation
Estimated benefits paid
Past service costs, including curtailments
Contributions by Scheme participants
At 31 March 2021
Changes in the fair value of charity’s share of scheme assets:
At 1 April 2020
Interest on assets
Return on assets less interest
Other actuarial losses
Administration expenses
Employer contributions
Contributions by Scheme participants
Estimated benefits paid
At 31 March 2021		 2021
2020
£
£
141,000
225,000
135,000
134,000
13,000
11,000
289,000
370,000
2021
2020
£
£
22,225,000
24,100,000
141,000
163,000
516,000
570,000
6,180,000
(2,058,000)
(245,000)
(353,000)
(342,000)
428,000
(540,000)
(716,000)
-
62,000
28,000
29,000
27,963,000
22,225,000
2021
2020
£
£
16,432,000
18,473,000
381,000
436,000
4,490,000
(1,787,000)
-
(75,000)
(13,000)
(11,000)
79,000
83,000
28,000
29,000
(540,000)
(716,000)
20,857,000
16,432,000

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |18|PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS|(Continued)| |Other defined contribution schemes| |The|company|operates|a|stakeholder|scheme|into|which|it|contributes|a|percentage|of|employees|salary.|In| |addition the company also contributes into certain employees own personal pension schemes.| |2021|2020| |£|£| |Contributions payable by the company for the year|117,378|130,617|

----- End of picture text -----

Pension contributions amounting to £17,201 (2020: £17,855) were unpaid at 31 March 2021.

19 COMPANY STATUS

The Foundation is a company limited by guarantee. In the event of a winding-up the liability of each member will not exceed £1.

20 RESTRICTED FUNDS

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Transfers| |Balance at 1|between|Balance at 31| |CURRENT YEAR|April 2020|Income|Expenditure|funds|March 2021| |£|£|£|£|£| |-| |Holidays / Camps / Trips|7,265|2,300|(3,188)|6,377| |-|-|-| |Independent Living fund|11,921|11,921| |Sponsor a book|2,474|-|(1,701)|-|773| |ESFA|31,848|542,458|(507,500)|(43,518)|23,288| |Other fundraised funds|12,461|6,178|(7,935)|-|10,704| |Pupil premium|15,563|23,117|(3,765)|(3,456)|31,459| |-|-|-| |Care leavers hardship fund|7,135|7,135| |Smeeth School Resources|721|-|-|-|721| |-|-|-| |Fledborough Therapy Centre|3,280|3,280| |Forest School|69,971|-|(3,084)|(44,458)|22,429| |Swiss RE|-|59,000|(58,661)|-|339| |Other|8,164|-|(5,000)|-|3,164| |170,803|633,053|(590,834)|(91,432)|121,590| |Transfers| |Balance at 1|between|Balance at 31| |COMPARATIVE YEAR|April 2019|Income|Expenditure|funds|March 2020| |£|£|£|£|£| |Homes (Improvement fund)|688|-|(688)|-|-| |-| |Holidays / Camps / Trips|9,775|7,900|(10,410)|7,265| |-| |Independent Living fund|12,891|7,914|(8,884)|11,921| |-|-| |Sponsor a book|2,659|(185)|2,474| |ESFA|4,895|485,650|(458,697)|-|31,848| |Other fundraised funds|19,520|3,864|(10,923)|-|12,461| |-| |Pupil premium|8,950|10,242|(3,629)|15,563| |-|-| |Care leavers hardship fund|2,150|4,985|7,135| |Smeeth School Resources|721|-|-|-|721| |-|-| |Fledborough Therapy Centre|2,256|1,024|3,280| |Forest School|-|132,229|(62,258)|-|69,971| |Other|8,711|250|(797)|-|8,164| |-| |73,216|654,058|(556,471)|170,803|

----- End of picture text -----

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |20|RESTRICTED FUNDS - CONTINUED| |Homes (Improvement fund)|For improvements to the physical environment within the house| |Holidays / Camps /Trips out|For annual holidays, camps and trips out to theatres etc| |Independent Living fund|To support former care leavers to achieve full independence| |Sponsor a book|For sponsorship of children's special interest books and other reading| |Forest School|Funds of £120,000 were received from The Band Trust and £12,229 from| |Morrisons Foundation to set up a forest school and provide outdoor sport and| |activity equipment.| |Other fundraised funds|To|fund|a|range|of|specific|small|items|including|leavers|packs,|art,|play|&| |music equipment, hardship|grants,|sport & challenge activities|and vocational| |education| |ESFA|To improve standards in the school and for capital expenditure in the school| |Pupil premium|Funds|received|from|Local|Authorities|which|are|provided|for|the|education| |needs of individual school pupils| |Care leavers hardship fund|A fund for care leavers to request support from.| |Smeeth School Resources|Funding towards resources for the Smeeth school.| |Fledborough Therapy Centre|Funding towards a new therapy centre at Fledborough.| |Swiss RE|Funding towards COVID-19 relief.| |Other restricted funds|Funds|received|from|Local|Authorities|and|statutory|bodies|which|are| |provided for individual children and care leavers| |Transfer between funds|Represents the purchase of fixed assets from restricted funds|

----- End of picture text -----

21 DESIGNATED FUNDS

The income funds of the group include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance at|New|Designations|Transfers/|Balance at 31| |GROUP - CURRENT YEAR|1 April 2020|designations|released|Gains|March 2021| |£|£|£|£|£| |Fixed asset reserve|5,731,877|-|404|5,732,281| |Pension reserve|(5,793,000)|-|-|(1,313,000)|(7,106,000)| |Extras' fund|143,808 9,883|(2,280)|-|151,411| |82,685 9,883 (2,280)|(1,312,596)|(1,222,308)| |Balance at 1|New|Designations|Transfers/|Balance at 31| |GROUP - COMPARATIVE YEAR|April 2019|designations|released|Gains|March 2020| |£|£|£|£|£| |Fixed asset reserve|5,771,595 -|-|(39,718)|5,731,877| |Pension reserve|(5,627,000)|-|-|(166,000)|(5,793,000)| |Extras' fund|140,571 10,697|(7,460)|-|143,808| |285,166 10,697 (7,460)|(205,718)|82,685|

----- End of picture text -----

The fixed asset reserve - represents the net book value of fixed assets held net of any associated borrowings. The pension reserve - represents the pension scheme liability at the year end.

The Extras fund - to be used for additional activities over and above those funded by core funding.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

THE CALDECOTT FOUNDATION LIMITED

21 DESIGNATED FUNDS

The income funds of the group include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

CHARITY - CURRENT YEAR
Fixed asset reserve
Pension reserve
Extras' fund
CHARITY - COMPARATIVE YEAR
Fixed asset reserve
Pension reserve
Extras' fund		 Balance at 1
April 2020
New
designations
Designations
released
£
£
£
6,009,612
-
-
(5,793,000) -
-
143,808
9,883 (2,280)
360,420 9,883 (2,280)
Balance at 1
April 2019
New
designations
Designations
released
£
£
£
6,019,714
-
-
(5,627,000) -
-
140,571
10,697 (7,460)
533,285 10,697 (7,460)		 Transfers/
Gains
Balance at
31 March
2021
£
£
30,604
6,040,216
(1,313,000)
(7,106,000)
-
151,411
(1,282,396) (914,373)
Transfers/
Gains
Balance at
31 March
2020
£
£
(10,102)
6,009,612
(166,000)
(5,793,000)
-
143,808
(176,102) 360,420

The fixed asset reserve - represents the net book value of fixed assets held net of any associated borrowings. The pension reserve - represents the pension scheme liability at the year end.

The Extras fund - to be used for additional activities over and above those funded by core funding.

22
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Intangible fixed assets
Tangible fixed assets
Investments
Current assets
Creditors: amount falling due after more than one year
Defined benefit pension
Creditors: amount falling due within one year
Defined benefit pension
Creditors: amount falling due after more than one year
COMPARATIVE YEAR
Fund balances at 31 March 2020 are represented by:
Creditors: amount falling due within one year
CURRENT YEAR
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 March 2021 are represented by:		 Unrestricted
Designated
funds
funds
£
£
-
91,063
-
5,879,188
-
2,459
1,652,116
151,411
(492,711) (79,718)
-
(161,711)
-
(7,106,000)
1,159,406
(1,223,308)
Unrestricted
Designated
funds
funds
£
£
-
121,263
-
5,924,864
-
2,842
1,073,209
143,808
(562,990) (76,674)
-
(241,418)
-
(5,793,000)
510,219 81,685		 Restricted
Total
funds
£
£
- 91,063
- 5,879,188
- 2,459
121,590
1,925,117
- (572,428)
- (161,711)
- (7,106,000)
121,590
57,688
Restricted
Total
funds
£
£
- 121,263
- 5,924,864
- 2,842
170,803
1,387,820
- (639,664)
- (241,418)
- (5,793,000)
170,803
762,707

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

23
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASHFLOW FROM
Net income for year
Interest and investment income receivable
Amortisation of goodwill
(Profit) on disposal of fixed assets
Decrease in debtors
Increase/(decrease) in creditors
Depreciation of tangible fixed assets		 23
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASHFLOW FROM
Net income for year
Interest and investment income receivable
Amortisation of goodwill
(Profit) on disposal of fixed assets
Decrease in debtors
Increase/(decrease) in creditors
Depreciation of tangible fixed assets		 OPERATING ACTIVITIES
2021
2020
£
£
608,364
369,090
(47)
(1,710)
347,189
306,264
30,200
30,200
(3,177)
(3,920)
(89,981)
238,066
(70,280)
5,309
Net cash flow from operating activities 822,268
943,299
24
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand
Bank overdrafts		 At 1 April 2020
Cash flow
£
£
1,045,458
447,316
-
-		 Non-cash
changes
At 31 March
2021
£
£
-
1,492,774
-
-
1,045,458
447,316		 -
1,492,774
Debt due within one year
Debt due after one year		 (76,674)
76,663
(241,418)
-		 (79,707)
(79,718)
79,707
(161,711)
(318,092)
76,663		 -
(241,429)
727,366
523,979		 -
1,251,345
25
FUTURE COMMITMENTS
Operating leases
Total future minimum lease payments under non-cancellable operating leases are as follows:
Group
2021
2020
2021
2020
£
£
£
£
Within one year
45,400
60,596
6,882
10,066
Between two and five years
181,600
181,600
8,616
15,498
In over five years
488,049
533,450
-
-
Land and buildings
Other
715,049
775,646		 15,498
25,564
Charity
Within one year
Between two and five years
In over five years		 2021
2020
£
£
45,400
45,400
181,600
181,600
488,049
533,450
Land and buildings		 2021
2020
£
£
6,114
9,298
8,040
14,154
-
-
Other
715,049
760,450		 14,154
23,452

Pension commitments

During the year, the Trustees agreed to pay additional pension contributions in respect of the Kent County Council Local Government Pension Scheme with effect from 1 April 2021. The monthly additional contribution is a minimum payment of £15,000, or £180,000 annually until the deficit is cleared.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

26 RELATED PARTIES Mr N Barnett

Mr N Barnett is the Managing Director of Caldecott Foundation and a member of the key management team. During the year ended 31 March 2020 he received a loan of £12,000 which is repayable over 5 years. At 31 March 2021, he owed Caldecott Foundation £9,000 (2020: £11,400).

27 CAPITAL COMMITMENTS

The charity has had capital commitments at the year end as follows: 2021 2020 £ £ Timber treatment - 12,729