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2023-03-31-accounts

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

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

THE CALDECOTT FOUNDATION LIMITED

CONTENTS

CONTENTS
Page No
Legal and Administrative Details 1
Chair of Trustees' Report 2 - 3
Trustees' Report 4 - 10
Independent Auditors' Report 11 - 14
Statement of Financial Activities 15 - 16
Balance Sheet 17 - 18
Cashflow Statement 19
Notes to the Accounts 20 - 38

THE CALDECOTT FOUNDATION LIMITED

LEGAL AND ADMINISTRATIVE DETAILS

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Trustees Charles Lister (Chairman)
Susan Appleby
Jerome Flechais
Folasade Phillips (Treasurer)
Colin Green (Vice Chair)
Maree Thorn
Simon Wakeman
Caroline Whillans
Secretary Steve Anderson
Key Management Personnel Nicholas Barnett
Stacey McShane
Steve Anderson
Damion Napier
Tim Allison
Kevin Gore
Helen Lee
Charity Number 307889
Company Number 00419256
Registered office Caldecott House
Hythe Road
Smeeth
Ashford
Kent TN25 6SP
Independent Auditors Azets Audit Services
First Floor, River House
1 Maidstone Road
Sidcup
DA14 5RH
Bankers Barclays Bank Plc
66 High Street
Ashford
Kent TN24 8TL
National Westminster Bank Plc
PO Box No. 4NU
London
W1A 4NU
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 2023

The end of the financial year 2022/23 has coincided with the end of our 5 year strategic planning cycle. This has offered me the opportunity to spend time with Nick Barnett, CEO, fellow Trustees and members of the executive team reflecting on the significant achievements of the organisation over this period. This resulted in an extremely long list, but I wanted to give a little detail on those achievements of which we are most proud.

Each year has seen an increase in the number of children and young people who have been supported by our services - residential care, fostering, education and therapy. During the financial year 2022/23 this reached 120 which is the highest number since 2014/15.

This growth in our services has been supported through an annual programme of investment which has both added capacity and improved the quality of the environment and facilities available for all our children and young people. This investment has covered a vast range of projects from the refurbishment of two existing properties into a dedicated primary school and boarding provision, to new kitchens, bathrooms and bedroom makeovers. The decision taken in 2018 to bring Caldecott Fostering back under our full control and move their offices to Caldecott House has also proved to be hugely successful with our team of staff, foster carers and young people all seeing the benefits.

We have also invested in new training opportunities for our staff supporting them to develop into new roles and careers such as qualified teachers, social workers and therapists. Support for the mental health of our staff has also been bolstered through the introduction of an employee assistance programme, health cash back scheme as well as enhanced support following distressing incidents which of course do occasionally occur.

Following the identification of dry rot in an area of flooring at Caldecott House we took the decision to completely refurbish our two large multipurpose rooms where many of our meetings and internal training take place. After treating the dry rot and replacing the flooring the rooms were redecorated giving them a new lease of life. They were officially reopened in September 2022 by Simon Rodway, Chairman of the Caldecott Association, and renamed the Rendel Rooms in recognition and celebration of The Caldecott Foundation’s founder Leila Rendel who died in 1969.

It felt very appropriate that the first event held in the Rendel rooms was a reunion meeting of the Caldecott Association, a group of Caldecott Alumni, many of whom knew Leila Rendel as well as holding fond memories of Caldecott House.

A few months later the Rendel Rooms were the venue for an evening celebrating the fantastic achievements of our young people and the dedication of our staff teams. This event was made particularly special by a very moving presentation from a former resident of Caldecott from the 1980s who described his experience of Caldecott and how his life had been shaped by the love and support that he received whilst in our care. This was a fantastic reminder to everyone working at Caldecott of the lifelong impact of what we do.

At the end of 2023 the Rendel Rooms, and indeed the whole of Caldecott House, took on a new role as Santa’s Grotto. Everyone from across our community was invited to join our Christmas celebrations and of course Father Christmas paid a special visit to hand out presents to all of our children and young people.

You will be able to read more about the positive outcomes our young people are achieving in the ‘Review of the Year’ section but, suffice to say, we are extremely proud of our young people who are all making huge strides. This is not just our opinion but also the opinion expressed time and again by Ofsted who have judged Caldecott to be an ‘Outstanding’ provider on 28 occasions since 2017. This year was no different and, at the time of writing, all of our registered services were rated ‘Good’ or ‘Outstanding’ by Ofsted. I would like to share with you just a few of the many positive comments from the inspectors but perhaps most importantly, comments made to inspectors from our young people, their parents and social workers:

“Children make exceptional progress. They experience skilled care and stable, positive relationships with staff, which they value. Some children have lived in this home for several years, and they consider it to be their home. Children benefit from consistent, structured boundaries and established routines. One child said: ‘Everything is fair, things are explained to us, we have our say and staff listen. It is my home.’”.

Ofsted Inspection Report, October 2022

THE CALDECOTT FOUNDATION LIMITED

CHAIR OF TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Children with a range of complex histories and needs make and sustain exceptional progress as a result of the stable and secure care they receive in this home. One social worker reported: ‘The child has made excellent progress since coming to live in the home. Staff have supported him through lots of significant changes in his life. I have more confidence for his plans for the future.’”.

Ofsted Inspection Report, January 2023

“The children benefit from receiving high standards of care in a nurturing environment. They form trusting relationships with the staff, who understand their individual needs and their complex behaviours… There is a strong commitment to hearing the children’s views of the residential provision… When reflecting on the unsafe situations her child might have placed himself in, before becoming a residential pupil, one parent commented, ‘He is a changed boy. It’s amazing how the staff have contained him so well.’”.

Ofsted Inspection Report, February 2023

This incredible record of development, growth and achievement is even more impressive when considered in the context of the unprecedented geo-political and economic changes faced over this period. From the Brexit referendum to Brexit itself, the Covid-19 pandemic, political instability and most recently the war in Ukraine which has had such farreaching economic impact all, contributing to the current high inflation and cost of living crisis.

We are now working hard to finalise our new strategy which will build on the success of the last five years and ensure that Caldecott will continue as the leader in therapeutic care and education. Our efforts are significantly strengthened by a close and effective working relationship between myself as Chair and Nick Barnett, CEO. Nick has done an incredible job in his role not least in building a highly skilled and experienced team of Executives, Registered Managers (across both residential care and fostering) and School Leaders. On behalf of the Board of Trustees, I would like to take this opportunity to thank Nick and all of the exceptional people who work at Caldecott whose steadfast dedication to helping our children and young people build a future is as impressive as it is inspiring.

…………………………… Mr Charles Lister, Chairman 19 October 2023

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present herewith their report and the financial statements for the year ended 31 March 2023. 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 and Republic of Ireland published in October 2019.

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 Foundation’s aims and objectives and in planning future activities.

Strategic Report (incorporating Review of the year; Financial review and outlook; and Plans for the future)

Review of the year

Our vision is to help children build a future and this year we have certainly seen more young people accessing our services and achieving incredible life changing outcomes than for many decades.

Out of all of our services, Caldecott School has seen the biggest increase in the number of students with school roll approaching our registered capacity of 64 at the end of the academic year. Due to the increasing demand for both our primary and secondary education we are pleased that the Department for Education has approved our application to increase our registered capacity to 85. This will enable us to reach more students directly with our specialist trauma informed support.

In support of this growth, we are continuing to invest in our facilities with two new classrooms being built and equipped this year at our Primary school. We also made a number of changes in our Secondary school including our reception area, office space and staff room. This has enabled us to create a new spacious classroom for our growing Key Stage 3 cohort as well as improving the environment for students, visitors and staff alike.

We are also very grateful to the team at Swiss Re (Folkestone based Insurance Company) who once again chose to support Caldecott through for their annual volunteer day. They completed a number of projects which have enhanced the environment for our students with a new outdoor seating area, a series of large wooden planters and swing seats providing another place for our younger students to enjoy some downtime during the school day.

We are so proud of all our students who completed their BTEC and GCSE courses this year which was the culmination of years of hard work and a monumental achievement. It was with a mixture of emotions that we said goodbye to six students who all moved onto their post 16 education placement at a new school, college or supported internship.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Review of the year

Our children’s homes have provided loving homes for 33 children and young people during the year. We saw 5 young people leave to start a new phase of their life and welcomed 7 children and young people into our community. The highlight of the year for staff and young people alike was our annual Summer Camp holiday where everyone had the opportunity for lots of outdoor adventures including climbing, kayaking and abseiling as well as enjoying each other’s company and delicious home cooked food around the campfire in the evening. This was the organisation’s 66th Annual Camp, which has run continuously since 1956 with only one year being cancelled due to Covid.

A major development this year was our move to a cloud-based administration system for our children’s homes. In the process of moving, we completed a full review of our paperwork with a particular focus on child centred language taking on board the views from the care experienced community. As part of this work we rolled out additional training for staff and although there is still some work to do in order to complete the project the benefits are already being seen.

We have also continued to invest in improving the environment across our children’s homes with new bathrooms, kitchens and a garden extension to name just some of the changes made. We have also completed a number of bedroom makeovers with our team creating dream bedrooms that have given our young people an incredibly special place to call their own.

It has also been a busy year at Caldecott Fostering with a number of special events held during the year which have brought everyone together to have fun and socialise. There were 24 children and young people supported during the year by our amazing foster carers with 7 moving onto the next stage of their lives including 3 young people who are now living with members of their family network.

We also commissioned a new bespoke package of therapeutic training for all of our foster carers and staff which has augmented existing training providing our foster carers with exceptional levels of support.

Training has been a key area of development across the organisation with the creation and accreditation of our own ‘Teaching Therapeutically’ course. This was initially delivered internally, however, as part of our commitment to sharing our experience and expertise we have also offered started to offer this course to local and national schools. We believe that all young people who have experienced trauma deserve the best care and education regardless of which school they attend.

This year saw the completion of the first phase investment into Solar Panels with the aim of reducing our impact on the environment as well as reducing the cost of our electricity bills. This is something which has of course become even more important as a result of the huge increase in the cost of electricity and inflation.

The Board of Trustees has continued to be proactive in identifying and tackling the key risks faced by the organisation and there is more detail on this with the ‘Principle Risks and Uncertainties’ section. However, it is important to note that professional advice has been sought in regards to the long term risk associated with our KCC pension scheme deficit. The Board’s position on this matter is regularly reviewed and we continue to make affordable additional voluntary contributions which will bring down the deficit over the long term.

Finally, we would like to take this opportunity to say a huge thank you to all our wonderful volunteers, donors and supporters whose continued support really does have such a positive impact on the lives of our children and young people.

Financial review

Group income for the year was £10,280,760 (2022: £9,452,058). Group expenditure amounted to £10,326,425 (2022: £9,339,479). The resulting deficit before adjustments to the Pension Scheme was £45,845 compared to a surplus of £112,579 in 2022.

The Group Balance Sheet shows a positive position of £7,230,782 (2022: £1,652,267), and the Balance Sheet for The Caldecott Foundation has improved from £1,813,017 to £7,514,059.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Cash Flow

The Foundation has been generating significant positive cash flow from its activities for the past several years. These funds have been used in part to enable expansion and improvement of the services we offer across a broad range of what we do. These improvement projects have been designed to raise our efficiencies and positive environmental impact, to invest in training and working conditions for those who work for us, and to improve the offering to the children who depend upon us. Remaining cash has been used to build our free cash reserves towards our target of 3 months of operating costs and to pay down part of our pension scheme deficit in line with professional advice. We expect to see continued progress on all these fronts.

Pension Scheme

The Pension Scheme deficit has decreased in the year by £5.624m to £Nil (2022: decreased by £1.482m to £5.624m), based on the latest actuarial valuation. However, the Foundation does have a historic deficit on the KCC LGPS. 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.

We have taken specific professional advice on our actions to start paying down our pension scheme deficit with additional voluntary contributions of £180,000 per annum starting 1st April 2021. The advice received is that this is a timely action of a sensible amount, which taken in conjunction with other measures, is appropriate to the size of the challenge over the next several years.

Outlook

The Trustees welcome the great progress made to the financial health of the Foundation over the past several years. We remain conscious of the need to maintain continuous improvement to combat the ever more severe financial constraints which all those engaged in the Care sector face. The excellent standing of our care facilities reflected in our Ofsted ratings is testament to our determination to be ranked with the very best in our field. In this lies our confidence that we will continue to offer outstanding care to the children in our care, whilst also sustaining continued improvement in our financial strength alongside further expansion in our activities.

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 £2.4 million based on budgeted running costs for the next 12 months. At the year end, the Foundation had total reserves of £7.514 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 £946,040 (2022: £963,141). It remains our intention to build free reserves towards the target.

Funds position

At 31 March 2023, restricted funds amounted to £139,671 (2022: £110,069) and further details can be found in note 19 to the financial statements.

At 31 March 2023 designated funds amounted to £6,427,928 (2022: £739,807) and further details can be found in note 20 to the financial statements. The main elements of the designated funds are the fixed asset reserve, amounting to £6,285,040 (2022: £6,206,985) and the LGPS deficit amounting to £Nil (2022: £5,624,000).

As detailed above, the unrestricted fund has a positive balance of £946,460 at 31 March 2023 (2022: £963,141). 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.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

Principal risks and uncertainties

The Trustees have identified and evaluated the major strategic, financial and operational risks which the charity faces. Processes are in place to implement and monitor control measures designed to eliminate or reduce the likelihood and/or impact of those risks. Below is a table of our highest risks and a description of the key controls in place to eliminate or reduce the risks posed.

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Highest risks Key controls
Staff recruitment and retention Regular review of pay and benefits informed by market intelligence and
consultation with staff.
Focus on Health and Wellbeing. Provision of health cash scheme, employee
assistance programme, health checks, wellbeing programmes, occupational
health and in house mental health support.
Investment in training and recognition of length of service through support to
pursue a number of career paths.
Crystallisation of our KCC Pension Number of active participants monitored monthly by Finance Director and
resulting in the repayment of an quarterly by the Board.
unaffordable Cessation Deficit.
Expert independent advice obtained to inform Board discussion and decision
making. This includes affordable repayment options which are evaluated
periodically or in response to change.
Additional voluntary contributions paid monthly to reduce the deficit over time.
Although the scheme has been closed to new entrants, we retain the ability to
nominate new employees to the scheme should this be required.
High rate of inflation increasing costs. Clear communication with Local Authority consortium frameworks in regards to
cost increases.
Investment into technologies to reduce our electricity and energy costs.
Identification of efficiency savings without compromising on the quality of our
services.
A high proportion of revenue relating Provision of a range of services creates diversity in revenue sources –
to a small number of Local residential care, fostering, education and therapy.
Authorities customers.
Accepting young people into our children’s homes from all over the UK results
in a diverse customer base.
Expansion of our fundraising activity through our new fundraising strategy -
commencing April 2023.
Provision of a weekday boarding service supports students attending Caldecott
School from a greater number of Local Authorities areas.
Communication with Local Authorities to improve understanding of the high
quality services which we deliver and the exceptional outcomes achieved.
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THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties (continued)

We believe that one of our greatest strengths as an organisation is the level and quality of resources that we make available to support our young people to make progress. Ensuring that we continue to improve is essential to best meeting the needs of our children and young people and maintaining our exceptional reputation with Local Authorities and Ofsted. The key controls we have in place are:

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

We will be continuing to build stronger relationships with the Caldecott Association, a group of former staff and young people who used to live with us, and our alumni more generally. We are also looking to further embed the voice of our young people and those with care experience into our decision making. To this end we are very pleased to be recruiting Trustees with relevant experience to fill skills gaps.

Due to the continued high demand for places at Caldecott School we are developing plans to improve the vital facilities which will be needed to support future growth in student numbers. The main focus will be on our catering facilities in both Primary and Secondary School, but we will also be creating a Forest School area on our Smeeth site to improve inclusion for this really important part of our school’s alternative curriculum.

In order to fund this important investment, we have created a new fundraising strategy which will be implemented in 2023/24 with a target of raising £200,000 in the first year from charitable trusts & foundations, individual donors and events.

Investment will also continue at Caldecott House with our third large meeting and training room being renovated. This room will be named the ‘King’ room in recognition of the immense contribution to Caldecott made by James and Tessa King and indeed their whole family. James King was Director of Caldecott between 1967 and 1993 and sadly passed away in 2017. Throughout this time Tessa provided pastoral care, support and love to the children and young people at Caldecott.

We will be offering our ‘Teaching Therapeutically’ course to even more schools over the next year as well as seeking accreditation for our ‘Therapeutic Workshop’ course which aims to upskill staff working in children’s residential care.

Following the successful first phase of solar panel installation we will be investing in arrays on a further three of our properties. Although the business case for investing in air / ground source heat pumps does not currently produce a reasonable return on investment, we will be investigating other ways that we can reduce the amount of energy required to provide heating and hot water in our properties.

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.

THE CALDECOTT FOUNDATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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:

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||| |---|---| |Charles Lister (Chairman)|Folasade Phillips (appointed 20 October 2022) (Treasurer)| |Susan Appleby|Maria Sullivan (resigned 10 October 2022)| |Jerome Flechais|Maree Thorn| |John Fletcher (Treasurer) (resigned 27 July 2023)|Simon Wakeman| |Colin Green (Vice Chair)|Caroline Whillans (appointed 20 October 2022)|

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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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||| |---|---| |Chief Executive Officer|Nicholas Barnett| |Head of Education|Karen Norman (resigned 31 August 2022)| |Stacey McShane (from 1 September 2022)| |Head of Finance|Steve Anderson| |Referrals and Commissioning Manager|Damion Napier| |Business Manager|Tim Allison| |Operations Manager|Kevin Gore| |Quality Improvement Manager|Helen Lee|

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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 2023

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.

By Order of the Board of Trustees Date: 19 October 2023

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 2023 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 fraud 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: 16 November 2023

First Floor, River House 1 Maidstone Road Sidcup Kent DA14 5RH

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

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
20
Other recognised gains / (losses):
13
17
Reconciliation of funds:
Fund balances at 31 March 2023
Fund balances at 1 April 2022
Net movement in funds
Revaluation
gains/(losses)
on
fixed
asset investment
Remeasurement gain on defined
benefit pension scheme
Charitable activities
Net income/(expenditure) before
transfers
Net income/(expenditure) after
transfers		 Unrestricted
Designated
Restricted
2023
Funds
Funds
Funds
Total
£
£
£
£
-
10,767
61,178
71,945
9,541,878
-
654,489
10,196,367
78
-
-
78
11,467
-
-
11,467
901
-
-
901
9,554,324
10,767
715,667
10,280,758
-
968
-
968
9,622,014
15,872
687,391
10,325,277
-
-
-
-
9,622,014
16,840
687,391
10,326,245
(67,690)
(6,073)
28,276
(45,487)
(41,320)
39,994
1,326
-
(109,010)
33,921
29,602
(45,487)
-
-
-
-
-
5,624,000
-
5,624,000
(109,010)
5,657,920
29,602
5,578,513
1,140,528
401,670
110,069
1,652,267
1,031,518
6,059,591
139,671
7,230,780		 2022
Total
£
20,451
9,428,587
59
102
2,859
9,452,058
771
9,338,708
-
9,339,479
112,579
-
112,579
-
1,482,000
1,594,579
57,688
1,652,267

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 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Comparative information only

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
20
Other recognised gains / (losses):
13
17
Reconciliation of funds:
Fund balances at 31 March 2022
Net income/(expenditure) after
transfers
Revaluation
gains/(losses)
on
fixed
asset investment
Remeasurement gain on defined
benefit pension scheme
Net movement in funds
Fund balances at 1 April 2021
Charitable activities
Net income/(expenditure) before
transfers		 Unrestricted
Designated
Restricted
2022
Funds
Funds
Funds
Total
£
£
£
£
-
6,182
14,269
20,451
8,852,043
-
576,544
9,428,587
59
-
-
59
102
-
-
102
2,859
-
-
2,859
8,855,063
6,182
590,813
9,452,058
-
771
-
771
8,736,374
-
602,334
9,338,708
-
-
-
-
8,736,374
771
602,334
9,339,479
118,689
5,411
(11,521)
112,579
(136,567)
136,567
-
-
(17,878)
141,978
(11,521)
112,579
-
-
-
-
-
1,482,000
-
1,482,000
(17,878)
1,623,977
(11,521)
1,594,578
1,158,406
(1,222,308)
121,590
57,688
1,140,528
401,670
110,069
1,652,267		 2021
Total
£
77,361
8,573,331
2
45
70,083
8,720,822
482
8,108,830
3,146
8,112,458
608,364
-
608,364
(383)
(1,313,000)
(705,018)
762,707
57,688

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 2023

Note
£
£
Fixed assets
Intangible assets
11
30,663
Tangible assets
12
5,961,328
Investments
13
2,459
5,994,450
Current assets
Debtors
14
646,342
Cash at bank and in hand
1,231,866
1,878,208
15
(641,877)
Net current assets
1,236,331
Total assets less current liabilities
7,230,780
16
-
7,230,780
Defined benefit pension liability
17
-
Net funds
7,230,780
Funds
Restricted funds
19
139,671
20
Fixed asset reserve
5,916,703
Pension Liability
-
Extras' fund
142,888
6,059,591
Other charitable funds
946,458
Non-charitable funds
13
85,060
21
7,230,780
The accounts were approved by the Board on 19 October 2023
2023
Designated funds:
Unrestricted funds:
Creditors:
amounts
falling
due
after
more than one year
Creditors: amounts falling due within
one year		 £
£
60,863
5,965,551
2,459
6,028,873
496,473
1,495,615
1,992,089
(664,778)
1,327,311
7,356,184
(79,917)
7,276,267
(5,624,000)
1,652,267
110,069
5,868,848
(5,624,000)
156,822
401,670
963,141
177,387
1,652,267
2022

Mr Charles Lister (Chair) Trustee Company Number: 00419256

THE CALDECOTT FOUNDATION LIMITED

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
15
Net current assets
Total assets less current liabilities
16
Defined benefit pension liability
17
Net funds
Funds
Restricted funds
19
20
Pension Liability
Extras' fund
Other charitable funds
21
Creditors: amounts falling due within
one year
Creditors:
amounts
falling
due
after
more than one year
Unrestricted funds:
Designated funds:		 £
£
5,961,328
403,459
6,364,787
553,833
1,140,139
1,693,971
(544,701)
1,149,270
7,514,057
-
7,514,057
-
7,514,057
139,671
6,285,040
-
142,888
6,427,928
946,458
7,514,057
2023		 £
£
5,965,551
403,459
6,369,010
432,183
1,275,931
1,708,115
(560,190)
1,147,925
7,516,935
(79,917)
7,437,017
(5,624,000)
1,813,017
110,069
6,206,985
(5,624,000)
156,822
739,807
963,141
1,813,017
2022

The accounts were approved by the Board on 19 October 2023

Mr Charles Lister (Chair) Trustee Company Number: 00419256

THE CALDECOTT FOUNDATION LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Note 2023 2022
£ £
Net cash flow from operating activities 22 295,325 574,153
Cash flow from investing activities
Payments to acquire tangible fixed assets (488,341) (491,069)
- -
Proceeds on disposal of tangible fixed assets
Interest and investment income received 11,545 161
Net cash flow from investing activities (476,796) (490,908)
Cash flow from financing activities
Repayments of borrowing (82,278) (80,404)
(82,278) (80,404)
Net increase in cash and cash equivalents (263,749) 2,841
Cash and cash equivalents at 1 April 2022 1,495,615 1,492,774
Cash and cash equivalents at 31 March 2023 1,231,866 1,495,615
Cash and cash equivalents consists of:
Cash at bank and in hand 1,231,866 1,495,615
Cash and cash equivalents at 31 March 2023 1,231,866 1,495,615
----- End of picture text -----

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

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 in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006* and UK Generally Accepted Accounting Practice.

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 2022. 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 2023

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. Assets costing £1,000 or more are capitalised as tangible fixed assets at the discretion of the Head of Finance and are carried at cost, net of depreciation and any provision for impairment.

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 2023

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's Department on the basis of quadrennial valuations using a projected 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 losses are recognised immediately in other recognised gains and losses. Actuarial gains are recognised up to a maximum of the previously recognised losses in other recognised gains and losses.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

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 2022 has been used by the actuary in valuing the pensions liability at 31 March 2023. 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 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 2023 and beyond. On the basis of this cash flow information, the trustees consider that the Foundation will continue to meet its obligations from its cash reserves. On this basis, the trustees consider it appropriate to prepare the accounts on the going concern basis.

(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 2023

2
DONATIONS AND LEGACIES
Designated funds		 funds
£		 2023
2022
£
£
10,767
6,182
10,767
6,182
Restricted funds:
Other restricted donations and
Swiss RE Foundation
Legacy
Kent Community Foundation		 gifts 28,178
7,269
13,000
7,000
10,000
-
10,000
-
61,178
14,269
Total 71,945
20,451
3
CHARITABLE ACTIVITIES
Local Authority Contract
Local Authority Contract
Local Authority Contract
Statutory Funding		 Residential care
School
Fostering		 Unrestricted
Restricted
funds
funds
£
£
4,567,694 -
3,866,453 -
1,107,733 -
-
654,489		 Total
Total
2023
2022
£
£
4,567,694
4,440,421
3,866,453
3,162,514
1,107,733
1,249,108
654,489
576,544
9,541,880 654,489 10,196,369
9,428,587
4
OTHER INCOME
Other income		 2023
2022
£
£
901
2,859
901
2,859
5
EXPENDITURE
Costs of raising funds
Fundraising		 Staff Costs
£
-		 Direct costs Support costs
£
£
968
-		 Total
2023
Total
2022
£
£
968
771
- 968
-		 968
771
Charitable activities
Residential care
School
Fostering
Taxation		 2,920,156
1,719,071
380,918
-		 1,552,759
996,209
1,634,057
426,947
606,501
88,659
-
-		 5,469,124
5,009,477
3,780,075
3,165,107
1,076,078
1,164,124
-
-
Total charitable activities 5,020,145 3,793,317
1,511,815		 10,325,277
9,338,708
Total expenditure 5,020,145 3,794,285
1,511,815		 10,326,245
9,339,479

Included in direct costs and support costs are staff costs of £532,630 (2022: £472,015) which are allocated above.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

6
SUPPORT COSTS
Residential
care
School
Fostering
£
£
£
Management
794,311
340,420
41,554
Finance
110,801
47,486
6,051
IT
47,463
20,341
28,801
Human resources and training
43,634
18,700
12,253		 Total
2022
Total
2022
£
£
1,176,285
1,009,845
164,338
153,179
96,605
89,753
74,587
65,224
996,209
426,947
88,659		 1,511,815
1,318,001
7
GOVERNANCE COSTS
Staff costs
Travel and subsistence
Independent reports and trustee recruitment
Auditors' remuneration
Auditors' remuneration - prior year under provision
Auditors' remuneration - subsidiary
Legal fees		 2023
2022
£
£
81,131
71,900
337
-
8,200
3,110
25,020
19,800
1,020
2,840
10,050
7,140
10,771
2,297
136,529
107,087

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
NET MOVEMENT IN FUNDS
This is stated after charging
Depreciation of tangible fixed assets
Amortisation
Auditors' remuneration (including subsidiary)		 2023
2022
£
£
492,566
404,708
30,200
30,200
36,090
29,780
9
TRUSTEES' REMUNERATION AND REIMBURSED EXPENSES
10
EMPLOYEES
Number of employees
The number of employees, by headcount, during the year was:
2023
2022
Number
Number
Senior management team
6
6
School
51
50
Residential care
70
75
Fostering
9
8
Administration
12
11
Support services
6
7
One of the trustees (or any persons connected with them) received remuneration during the year, or were
reimbursed expenses for a total of £337 (2022:nil).
154
157

10 EMPLOYEES

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

10
EMPLOYEES
Employment costs
Wages and salary costs
Social Security costs
Apprenticeship levy
Pension costs - defined benefit
The number of employees whose annual emoluments were £60,000 or more were:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000
Pension costs - defined contribution		 2023
2022
£
£
4,676,196
4,332,887
480,902
419,591
6,696
5,951
241,963
244,928
147,018
124,811
5,552,775
5,128,168
2023
2022
5
2
1
1
-
1
1
1

Of the employees whose emoluments exceed £60,000, 1 (2022: 1) has retirement benefits accruing under defined benefit pension schemes and 6 (2022: 4) 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 £617,317 (2022: £474,741).

11
INTANGIBLE ASSETS
Group
Cost / deemed cost
As at 1 April 2022 and at 31 March 2023
Amortisation
As at 1 April 2022
Charge for period
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Goodwill
Total
£
£
151,463
151,463
90,600
90,600
30,200
30,200
120,800
120,800
30,663
30,663
60,863
60,863

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

12
TANGIBLE ASSETS
Group and Charity
Cost / deemed cost
As at 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
As at 1 April 2022
Charge for period
On disposals
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Land and
buildings
Improvements
to buildings
Fixtures,
fittings and
equipment
Motor
Vehicles
Total
£
£
£
£
£
7,652,623
600,539
1,751,969
178,340
10,183,471
-
112,895
368,911
6,535
488,341
-
-
(247,746)
-
(247,746)
7,652,623
713,434
1,873,134
184,876
10,424,068
2,669,095
316,597
1,109,104
123,124
4,217,921
152,078
64,861
255,829
19,798
492,566
-
-
(247,746)
-
(247,746)
2,821,173
381,458
1,117,187
142,922
4,462,740
4,831,450
331,976
755,947
41,955
5,961,328
4,983,528
283,942
642,865
55,216
5,965,551

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 2023		 2023
2022
£
£
1,578,982
1,578,982
(624,865)
(593,286)
954,117
985,696

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 2023

13
FIXED ASSET INVESTMENTS
Group
Historical cost:
At 31 March 2023
At 31 March 2022
Charity
Market value at 1 April 2022 and at 31 March 2023
Historical cost:
At 31 March 2023
At 31 March 2022
Market value at 1 April 2022 and at 31 March
2023		 Listed
investments
Shares in
subsidiary
undertaking
Total
£
£
£
2,459
-
2,459
1,008
-
1,008
1,008
-
1,008
£
£
£
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

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 2023

THE CALDECOTT FOUNDATION LIMITED

13 FIXED ASSET INVESTMENTS Holdings of more than 20%

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

----- Start of picture text -----
||||| |---|---|---|---| |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 2023 are as follows:

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Turnover|1,176,825|1,249,108| |Cost of sales|(606,501)|(662,772)| |Administration costs|(530,963)|(454,648)| |Operating surplus for the period|39,361|131,688| |-|-| |Corporation tax| |Distributions to parent charity under gift aid|(131,688)|(51,588)| |Retained (deficit)/surplus for the period|(92,327)|80,100| |The assets and liabilities of the subsidiary at 31 March 2023 were:| |Current assets|184,390|288,597| |Current liabilities|(97,330)|(109,210)| |Aggregate share capital and reserves|87,060|179,387| |Share capital|2,000|2,000| |Profit and loss reserve|85,060|177,387| |87,060|179,387|

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

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

14
DEBTORS
Trade debtors
Other debtors
Amounts due from subsidiary undertaking
Prepayments and accrued income		 2023
2022
2023
2022
£
£
£
£
478,225
373,742
416,064
304,833
41,743
17,405
11,242
17,405
0
-
153
4,619
126,373
105,326
126,373
105,326
Group
Charity
646,342
496,473
553,833
432,183
Amounts falling due after more than one year and included in the debtors above are:
2023
2022
2023
2022
£
£
£
£
Other debtors
4,500
6,368
4,500
6,368
15
Bank loans
Trade creditors
Taxes and social security costs
Other creditors
Accruals
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR		 2023
2022
2023
2022
£
£
£
£
78,747
81,107
78,747
81,107
226,161
199,737
193,840
160,610
113,963
115,934
105,378
106,449
177,986
195,445
121,715
139,468
45,019
72,555
45,020
72,555
Group
Charity
641,877
664,778
544,701
560,190
16
2023
2022
2023
2022
£
£
£
£
Bank loans
-
79,917
-
79,917
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		 78,747
161,025
78,747
161,025
(78,747)
(81,107)
(78,747)
(81,107)
-
79,917
-
79,917

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		 2023
2022
2023
2022
£
£
£
£
78,747
81,107
78,747
81,107
-
79,917
-
79,917
Charity
Group
78,747
161,025
78,747
161,025

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

THE CALDECOTT FOUNDATION LIMITED

17 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 pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS related to the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2019.

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's Department, 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 on 5 March 2019. The key elements of the valuation and subsequent consultation are:

The next valuation result is due to be implemented from 1 April 2024.

The employer’s pension costs paid to TPS in the period amounted to £176,786 (2022: £178,895).

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. The Foundation 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.

Pension contributions amounting to £18,188 (2022: £21,504) were unpaid to the Teachers' Pension Scheme at 31 March 2023.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

THE CALDECOTT FOUNDATION LIMITED

17 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 2023 was £89,285 (2022: £89,421), of which employer’s contributions totalled £65,177 (2022: £66,034) and employees’ contributions totalled £24,108 (2022: £23,387). The minimum contribution rates for future years are 19.0% (from 1 April 2023) then increasing to 20% (from 1 April 2024) and 21% (from 1 April 2025) for employers and 5.5% to 12.5% for employees. In addition voluntary contributions totalling £180,000 (2022: £180,000) were made by the employer to pay down the pension scheme deficit.

Pension contributions amounting to £7,736 (2022: £7,031) were unpaid to the Kent County Council Pension Fund at 31 March 2022.

----- Start of picture text -----
|||| |---|---|---| |Principal actuarial assumptions|2023|2022| |%|%| |Rate of increase in salaries|3.90|4.20| |Rate of increase in pension payment|2.90|3.20| |Discount rate|4.80|2.60| |Inflation accumption - CPI|2.90|3.20|

----- 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 -----
|||| |---|---|---| |2023|2022| |Retiring today| |Males|21.1|21.6| |Females|23.5|23.7| |Retiring in 20 years| |Males|22.3|23.0| |Females|25.0|25.1|

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

Sensitivity analysis

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

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |Discount rate +0.5% (2022: +0.1%)|-1365|-562| |Discount rate -0.5% (2022: -0.1%)|+1547|+575| |Mortality assumption + 1 year|+622|+1106| |Mortality assumption - 1 year|-598|-1061| |Long term salary +0.5% (2022: +0.1%)|+62|+27| |Long term salary -0.5% (2022: -0.1%)|-59|-27| |Adjustment to pension increases +0.5% (2022: +0.1%)|+1588|+543| |Adjustment to pension increases -0.5% (2022: -0.1%)|-1334|-532|

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

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

THE CALDECOTT FOUNDATION LIMITED

17
PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS
The Foundation's share of the assets in the scheme were:
Equities
Bonds
Property
Gilts
Other assets
Infrastructure
Absolute return fund
Total market value of assets		 (Continued)
2023
2022
£
£
13,506,000
13,591,000
2,780,000
2,915,000
2,113,000
2,480,000
116,000
129,000
380,000
436,000
721,000
-
1,551,000
1,562,000
21,167,000
21,113,000

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.

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 2022
Current service cost
Interest cost
Change in financial assumptions
Change in demographic assumptions
Experience loss on defined benefit obligation
Estimated benefits paid
Contributions by Scheme participants
At 31 March 2023
Changes in the fair value of charity’s share of scheme assets:
At 1 April 2022
Interest on assets
Return on assets less interest
Other actuarial gains
Administration expenses
Employer contributions
Contributions by Scheme participants
Estimated benefits paid
Asset not recognised
At 31 March 2023		 2023
2022
£
£
152,000
173,000
144,000
140,000
13,000
12,000
309,000
325,000
2023
2022
£
£
26,737,000
27,963,000
152,000
173,000
689,000
555,000
(10,695,000)
(1,589,000)
(574,000)
-
1,794,000
63,000
(539,000)
(452,000)
25,000
24,000
17,589,000
26,737,000
2022
2021
£
£
21,113,000
20,857,000
545,000
415,000
(273,000)
19,000
62,000
-
(13,000)
(12,000)
247,000
262,000
25,000
24,000
(539,000)
(452,000)
(3,578,000)
-
17,589,000
21,113,000

At 31 March 2023, the proportion of the LGPS scheme attributed to the charity showed an asset. However, under FRS102 an asset on the pension scheme can only be recognised in certain circumstances and these criteria were not met at 31 March 2023. Therefore the asset has not been recognised on the balance sheet.

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |17|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.| |2023|2022| |£|£| |Contributions payable by the company for the year|136,453|118,634|

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

Pension contributions amounting to £21,290 (2022: £18,485) were unpaid to the stakeholder schemes at 31 March 2023.

18 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.

19 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 2022|Income|Expenditure|funds|March 2023| |£|£|£|£|£| |Holidays / Camps / Trips|2,663|500|(8,056)|-|(4,893)| |Independent Living fund|11,921|-|-|(11,921)|-| |Sponsor a book|773|-|(300)|-|473| |ESFA|26,752|616,224|(616,928)|-|26,048| |Other fundraised funds|9,499|5,165|(2,363)|(726)|11,575| |Pupil premium|18,056|38,265|(34,204)|-|22,117| |Care leavers hardship fund|7,135|-|-|-|7,135| |Fledborough Therapy Centre|3,280|-|-|-|3,280| |Forest School|22,429|-|-|-|22,429| |Swiss RE|129|13,000|(4,178)|-|8,951| |Secondary Food Tech|-|5,578|-|12,817|18,395| |SEC Sensory room|4,268|16,935|(21,362)|-|(159)| |Social Worker Training|-|10,000|-|-|10,000| |New Therapy Home|-|10,000|-|-|10,000| |Other|3,164|-|-|1,156|4,320| |110,069|715,667|(687,391)|1,326|139,671| |Transfers| |Balance at 1|between|Balance at 31| |COMPARATIVE YEAR|April 2021|Income|Expenditure|funds|March 2022| |£|£|£|£|£| |Holidays / Camps / Trips|6,377|3,000|(6,714)|-|2,663| |Independent Living fund|11,921|-|-|-|11,921| |Sponsor a book|773|-|-|-|773| |ESFA|23,288|538,948|(535,484)|-|26,752| |Other fundraised funds|10,704|-|(1,205)|-|9,499| |Pupil premium|31,459|37,596|(50,999)|-|18,056| |Care leavers hardship fund|7,135|-|-|-|7,135| |Smeeth School Resources|721|4,269|(722)|-|4,268| |Fledborough Therapy Centre|3,280|-|-|-|3,280| |Forest School|22,429|-|-|-|22,429| |Swiss RE|339|7,000|(7,210)|-|129| |Other|3,164|-|-|-|3,164| |121,590|590,813|(602,334)|-|110,069|

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

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

19 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 to provide enhancements to the physical environment Other restricted funds Funds received from Local Authorities and statutory bodies which are provided for individual children and care leavers Secondary Food Tech Fund to refurbish the Secondary food tech classroom SEC Sensory room Fund to refurbish the Secondary sensory rooms Social Worker Training Fund to provide training towards a social worker qualification New Therapy Home Fund to refurbish part of Caldecott House to provide a new area for children's therapy Transfer between funds Represents the transfer of unspent funds to other restricted funds and correction of the opening balance.

20 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:

GROUP - CURRENT YEAR
Fixed asset reserve
Pension reserve
Extras' fund
GROUP - COMPARATIVE YEAR
Fixed asset reserve
Pension reserve
Extras' fund		 Balance at
1 April 2022
New
designations
Designations
released
Transfers/
Gains
Balance at 31
March 2023
£
£
£
£
£
5,868,848
-
47,855
5,916,703
(5,624,000) - -
5,624,000
-
156,822
10,767 (16,840)
(7,860)
142,888
401,670 10,767 (16,840)
5,663,995 6,059,591
Balance at
1 April 2021
New
designations
Designations
released
Transfers/
Gains
Balance at 31
March 2022
£
£
£
£
£
5,732,281
-
136,567
5,868,848
(7,106,000) - -
1,482,000
(5,624,000)
151,411
6,182 (771)
-
156,822
(1,222,308) 6,182 (771)
1,618,567 401,670

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 2023

THE CALDECOTT FOUNDATION LIMITED

20 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 2022
New
designations
Designations
released
£
£
£
6,206,985
-
-
(5,624,000) -
-
156,822
10,767 (16,840)
739,807 10,767 (16,840)
Balance at 1
April 2021
New
designations
Designations
released
£
£
£
6,040,216
-
-
(7,106,000) -
-
151,411
6,182 (771)
(914,373) 6,182 (771)		 Transfers/
Gains
Balance at
31 March
2023
£
£
78,055
6,285,040
5,624,000
-
(7,860)
142,888
5,694,195 6,427,928
Transfers/
Gains
Balance at
31 March
2022
£
£
166,769
6,206,985
1,482,000
(5,624,000)
-
156,822
1,648,769 739,807

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.

21
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 2022 are represented by:
Creditors: amount falling due within one year
CURRENT YEAR
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund balances at 31 March 2023 are represented by:		 Unrestricted
Designated
funds
funds
£
£
-
30,663
-
5,961,328
-
2,459
1,594,648
143,888
(563,131) (78,747)
-
-
-
-
1,031,518
6,059,592
Unrestricted
Designated
funds
funds
£
£
-
60,863
-
5,965,551
-
2,459
1,724,198
157,822
(583,671) (81,107)
-
(79,917)
-
(5,624,000)
1,140,528
401,670		 Restricted
Total
funds
£
£
- 30,663
- 5,961,328
- 2,459
139,671
1,878,208
- (641,877)
- -
- -
139,671
7,230,780
Restricted
Total
funds
£
£
- 60,863
- 5,965,551
- 2,459
110,069
1,992,089
- (664,778)
- (79,917)
- (5,624,000)
110,069
1,652,267

THE CALDECOTT FOUNDATION LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

22
RECONCILIATION OF NET INCOME/(EXPENDITURE)
Net (expenditure)/income for year
Interest and investment income receivable
Amortisation of goodwill
(Profit) on disposal of fixed assets
(Increase) in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities
23
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand
Bank overdrafts
Debt due within one year
Debt due after one year
Depreciation of tangible fixed assets		 TO NET CASHFLOW FROM OPERATING ACTIVITIES
2023
2022
£
£
(45,487)
112,579
(11,545)
(161)
492,566
404,708
30,200
30,200
-
-
(149,866)
(64,130)
(20,542)
90,957
295,325
574,153
At 1 April 2022
Cash flow
Non-cash
changes
At 31 March
2023
£
£
£
£
1,495,615
(263,749)
-
1,231,866
-
-
-
-
1,495,615
(263,749)
-
1,231,866
(81,108)
82,278
(79,917)
(78,747)
(79,917)
-
79,917
-
(161,025)
82,278
-
(78,747)
1,334,590
(181,471)
-
1,153,119

24 FUTURE COMMITMENTS

Operating leases

Total future minimum lease payments under non-cancellable operating leases are as follows:

Group
Within one year
Between two and five years
In over five years
Charity
Within one year
Between two and five years
In over five years		 2023
2022
£
£
49,000
49,000
196,000
196,000
474,561
526,750
719,561
771,750
2023
2022
£
£
49,000
49,000
196,000
196,000
474,561
526,750
719,561
771,750
Land and buildings
Land and buildings		 2023
2022
£
£
5,034
4,770
5,062
3,845
-
-
10,096
8,615
2023
2022
£
£
5,034
4,195
5,062
3,845
-
-
10,096
8,040
Other
Other

Pension commitments

In the prior 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 2023

25 RELATED PARTIES

Mr N Barnett

Mr N Barnett is the Chief Executive Officer 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 2023, he owed Caldecott Foundation £4,200 (2022: £6,600).

26 CAPITAL COMMITMENTS

The charity had capital commitments at the year end as follows: 2023
2022
£
£
-
51,835