THE CALDECOTT FOUNDATION LIMITED CONSOLIDATED FINANCIAL STATEMEMfs AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity No: 307889 Reglstered Company No: 00419256 (England and Wales)
THE CALDECOTh FOUNDATION LIMtrED CONTENTS CONTENTS Pay No Legal and Adminlstratlvo Detalls Chalr of Trusto•s' Report Trusto•9' Report Indopondont Auditors, Report 10-13 statem•nt of Flnan¢ial AGtivities 14-15 Balance Sheèt 16-17 Ca$hflow Statement 18 Notos to tho Accounts 19-37
THE CALDEcorr FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE DETAILS Trustses Charles Lister (Chair) Susan 4ipleby J8rome Flechais Richard Ford (appointed 19 October 2023) Andrew Ireland (appointed 2 May 2024) Folasade Phillips (Treasurer) Mar88 Thom Simon Wakeman Caroline Whillans S•cr@tary steve Ander80n Key Manag•ment Personnel Nicholas Barnett stacey Mcshane steve Anderson Damion Napier Tim Allison Kevin Gore Charity Number 307889 Company Numbor 00419256 Reglstered offlco Caldecott House Hythe Road Smeeth Ashford Kent TN25 6SP Independent Auditors Azets Audit Services FiTSt Floor, River House 1 Maidstone Road Sidcup DA14 5RH Bankers Bardays Bank PIC 66 High Street Ashford K8nt TN24 8TL Natlonal Westrninster Bank PIC PO Box No. 4NU London W1A4NU Solicllors Kingsfords 2 Eick Road Ashford Kent. TN23 1PD
THE CALDECOTh FOUNDATION LIMITED CHAIR OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Message from the Chair of Trusloos, The end of the previous financial year (2022123> coincided with the end of our 5 year strategy which had achieved so much since 2018. Thls Includ a substsnlal Increase in the number of Yng people supported by our seryl¢es and bringing Caldecott Fostering badt under our full control. The plan was bad(ed by annual inveslmenl Into our services and facilities vath éxisting propertles fully refvrbl8hed knto a dedicated Prfmary School and a hom8 for waekday LM)arders. We also provided training opportunities for our staff lo develop Into new role5 and careers such as qualthed teachers, social workers and thèrapists. The combination of all of this work was that oUtmeS for our children and young peoplé have b88n ex¢gPtional. This is not just our opinion but also Ihe opinion expressed time and again by Ofsted who judged Caldecott to b8 an 'Outstsnding' provider on 28 occaslons between 2017 and 2023. Below is a quote from one su¢h report: "Th• reglstered manoger is ambitious arKI has high aspirations for Children. Theloadorship team 15 deepty ¢ommltted to Improvlng ¢hlldren's Ilfe chances by ensuring that exeèll•nt standards of care are malntalned... One ¢hlld sald. '1 would not ¢hange a thlng. 'Another said. 'h is amazlng.. and a Ihlrd sald. 'We are all frl•nds. I didn't hav• Irlonds boftro.'" Otsted Inspèction Report, S•ptemb•r 2023 All of these achievements were made despite the many extemal global events which were so disruptive including Brexlt. petrol and food shortages, the COVID-19 pandemiG war in Europe and rampant infiation. On behalf of the Board of Trustees I wouhj like to express our thanks to everyono who works at caklets a¢ross our R8sid6ntlal Care, Fosterlng, Education and Support teams. Ultimately our success is rooted in the exceptional people WIK) work at Caldecott whose dedicatton to our collective vision to h8lp childr8n build a future continues to be a sour¢a of inspiration. A particular thank you gcs to our Chief Executive. Nick Barn•tt, who leads the organisalion wth such dedication always holding our chlldren and young people at the centre of evèrything we do. Finally. we are so gratefvl to everyone who donated, raised money for us and volunteered during the year. Every p¢)und that is donated goes dlrectly to support our children and young people and it really doas make a hug8 difference. A huge thank you on behalf of all staff and young people at Caklecott.
THE CALDECOTh FOUNDATION LIMITED TrUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024 The TnJste8s present herewith their report and the financlal ststements for the y8ar ended 31 Marth 2024. 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 ststements of the charity. The financial statements have been prepad in accordance with the accounting policte$ set out in notes to the accounts and o)mply with the Charity's goveming document. the Charities Act 2011 and Accounting and RerK)rting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland published in October 2019. Objectives and a¢tlvlties he principal object5 for which the Foundation was estatlished as a Company Limited by Guarantee and not having a share capital are'.- To provide residential car8, therapy. education and fostering placements for children and young p80ple who have faced deprivation. cnjelty or neglect, andlor who may hav8 emotional. behavioural or gducalional difficulties. To place children and young people at the centre of everylhing that we do. To provide a 'best value,. qualty service which meets and exceeds the requirements of our purchasers and OFSTED. To maximise the qualty of our staff through p8rsonal development and tralnlng. To evaluate the potential of providing other services to our Client group. To operale in surplus, enabling us to re-invest in servicès and fa¢lllties.' The Trustees have paid due regard to guidance issued by the Charity Commission in decidlng whal actmtles the Foundation should undertak8. Public benèfit statement The Trusteès confim that they have referred to the guidance contained In the Charity CommissM)n's general guidance on public benefit when reviewing the Foundati¢)n's alms and objedlves and in planning future aclivities. 8tralo9l¢ Report (4n¢orporatlng Achiov•m•ntg and Perforniance During the Yoar. Plans for tho Future" and Flnanclal Revlew) Achlovomonts and Perfornian¢e During tho Yèar During the year 114 children and young people beneffit from the exceptional care and education provided by our dedicated teams. We are incredible proud of those young people who have moved onto the next stage of their joumey including our Year 11s who have gone onto a further education or work placement and tsvo young people who moved into semi-independent living. They will always a part of our community and we look forward to hearing about their future succ8SS. For those young Fwple who remain with us and for those who will join us in the future, we have continu1 to invest in our facilities and Services to ensure that they receive the best possible care, education and support. Thi5 year we have foSe on improving our ouidoor play areas in both r schools and homes with new patios, dimbing frames and pFay equipment, sensory play zones and an impressive 'Grand-PrI track which wraps around our Primary Sthool building. We also took an opportunity to extend the garden of one of our homes giving the young people more spa¢0 to play and supportiry the constru¢tion of a new 'gard6n room. which will be finished in 2024. We have continued lo prioritise tho health and safety of our young people and staff vrith pro-active replacem8nt of fire doors across the organisation and new modern fire alarm systems in Several of our residential homes. Another substantial investment was made into fitting Solar Panels to another three of our properties. These new arrays, added to the three whiGh were installed the year befor8, have substan81 reduwl the amount the electricity that we tske from the nauonal grid. redu¢ing our cart)on footprint and our utlllty ¢osts at the same tlme.
THE CALDECOTT FOUNDATION UMITED TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This project has been enthusiasticalty driven forward by Caldecott School's Eco group made up of students who have a pa$slon for making a positive change lo ourenvwonm8nt. We are proud of them and, as a règular reminder of the impact of their ideas. intend to report on the equivalent number of trees whlch have been saved through this project once they have been in place for a full year. We have also been working hard to bulld and strengthen Ilnks with our community. To thls end wa held our first Christmas Craft Fay at Caldeoott House in November 2023. This event saw a 5tsady flow of old and new frlends findin9 unique handrnadg and homemade christmas gifts amongst a fantastic range of stall holders who filled our two large meeting rooms. We look forward to welcoming even more guests to our next event in November 2024 Whe we will have even more stalls available. Shortly after the craft fayre, Caldecott House was once again transformed into a Winter Wonderland with a four- meterthigh Christmas tree and Santa's Grotto ready for our officAal Christmas Party. All of our young people from residential care and foster f8milies came for the lood. music and fun and left vrith a speclal gtft delivered by F8ther Christmas himself who stopped in to visit us on his way home. Even better. h8 kindty agreed to come back th8 following weekend when it was our pleasure io IN)st a group of amazing children who had fled persecution in their home Countries and were seeking asylum in thè UK. It was a privilege lo be able to give them a positive experience for thelr first Chrfstmas In the UK and we intend to give even more thildren the same opportunity in 2024. Amongst all of the Chrlstmas events we also hekl our staff award evening with colleagues from across the organisation coming together and celebrating the fantastic vmrf( underway across all of our services. The keynote speech was d81iver8d by St8v8n MacCOmck, a Caldecott alumni who Iiv8d with us In the 1960s. Steven gave profoundly moving speech which18ft v8ry few dry Byes in the house deribIng his Childhood and how, after being placed at Caldecott and supported by the staff. he had gone on to hav8 a loving family lrfe and build a suc¢essftd business. We continue to ba 8xtr8m8ly grat8ful to our alurnnl and tl)ose from the C8kle¢ott Assoclation who continue to visit us each year. They represent the living hisw of The Caldecott Foundatlon and mInd us that the work we do realty does change lives. In addmon to the events W8 have hosted, we have also developed a fantastic Ilnk with BNI (Busine8s Neknvorklng Internath)nal) Ashford whose weekly meeting is now held at Caldecott H¢)us8 and whose members have been so genèrous in thelr support. M(wing back to the achlevements of ¢hlldren we ¢ouldn't hope to finish our report on a happier note Ihan our8nnual Sumrner Camp which is the highlight of the year for our youNJ people and staff alike. This y6ar was Caldecott'8 65th annual camp and after 4 days of fantastic outdoor activities, delicious food and campfire stories (which thi$ year included an aclual fi breathing dragon) our children and staff retumed exhausted but full of memories which they will treasure forever. Plans for the Future With these fantastic achievements behind us we have no plans to rest on Ipure15 but instead have finalised new 5 year strategic plan to drive forward more improvements for the benefit of our children and young people. Based on our three Strategic Pillars of Communty. Indusion and Sustainabilily, our new strategic plan seeks to embed long lem organisational success whilst reachlng rTr)re children and families. Pillar 1- Community Community is something that has always been, and continues to be. exiremely important to CaId9tt. Over this omir¥J year we wll be: continuing to bulld stronger relalionships With Ihe CaldecottA8sociation, a group of fonmer staff and youn9 people who used to Ilve wlth us. and our alumnl more generally. pursuing opportunities to forge stronger links with local clubs. socletles and busin85ses. reachlng out to support those children and young peopl8 who hav8 8XP8rienced trauma wherever they are1Svlng. eryaging in our new InternaOnal Programme where we have partnered up wlth a school in Ghana to share exp8rience, knowledge and resources. We antidpate thls being the first of many such partnerships.
THE CALDECOTh FOUNDATION LIMITED TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Plllar 2- Inclusion Ensurlng that every m8mb8r of our community feels valued as an individual is somethlng that we are passionate abouL Thls year our focus will be.. further emb8ddlng the voice of our young people and thosewlth Care experlence Into OUT decision maklng. improving incluslon through the refurtishment of our satellite dassroom$ In Ashford which VMII b8 our nèw 'stepping Stones, stream. consulting with our stakeholdgrs to identify and diminate barrlers to Inclusion. Plllar 3- Sustainability As a tharity supporting chlldren, we should rightly place a high significance on how Ihe choices that we make today will impact on thelr futur8 as w811 as our local, national and intematlonal community. Our sustainability projects for the year are: developing plans to improve th8 vital faGilittes at Caldecott School In order lo support th8 growlng demand for the $ervic8. The main focus Mll be on our Caterlng fadThtles at Primary School for which funding has been secured. finalising accreditation for our 'Therapeutic Workshop, course which aims to upskill staff working in chikjren's resldentlal care. In¢a$tng support for our staff teams through furth8r investment in training, induding our experiential 'Therapeutlc Workshop, course, and wellbeing programmes. seeking to Implement further lechnologles which V11 reduce our Impa¢t on the environment through increasing th8 offi¢len¢y of our energy usage. seeking to engag8 more with our 5UPPOrters through events and community 8ngagemenl in ord8r to fundraise for further improvement to ¢)ur fadlltles and more life changing opportunTties for our children and young pgople. Flnanclal Revlew Position at tho ond of the yoar Group income for the year was £11,153.25912023: £10,280,758). Group expenditure amounted to £10,856,502 12023: £10,326,425}. Th8 r8sulting surplus before adjustments lo the Penslon Scheme was £296.757 compared to a deficit of £45,487 in 2023. The Improvement in perfornan¢e was primarily du8 to hlgher numbers of childr8n in both our resklentlal Care and fostertng servEc88. The Group Balan¢& Sheet shows a posltlve position of £7,527,537 {2023.' £7,230,780), and the Balanc8 Sheet for The Caldecott Foundatlon hag improved from £7.514.057 to £7,715,967. The Trustees welcome Ihe great progr&ss made to th8 financial health of the Foundation over the past Several years. We remain consclous of the need to maintsin continuou5 improvement to ¢ombal the ever more sever8 financlal Constraints whlch all th08e engaged In the Care sector fa¢e. The excellent Standing of our care facilities refiected in our Ofsted ratlngs is testament lo our detemiination to be ranked with the very best in our fiebj. In Ihls lies our conflden¢e that wè wlll contlnue to offer outstanding care to the children in our care, whll$t also sustaining continued Improvement in our financlal strength alongslde further expanslon In our activities. Invostment pollcy Any ¢ash deemed to be surplus by the Twstees. other than for Ihe day-to-day runnlng of th8 charity, Is held in assets which are avallable to the Foundallon at short to medlum term notice. The trustees regularly revlew the requlrements of the Foundatic>n through cash fk>w forecasting trj ensure that sufficient fvnds arè readlly avallable at short noli¢e to mèet day-to4lay needs, and that retums are maximised on the remalning funds through longer term investrnent. To minimlse the risk to the Gharity and its funds. Surplus cash is held with UK financial instllulions with a good credit rating.
THE CALDECOTh FOUNDATION LIMITED TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Res•rv•s poll¢y The Foundatlon has been generating positive cash flow from its activitles for the past $8V8ral y8ars. These funds have been used in part to enable expansion and improvement of thè sermces we offer across a broad range of what we do. These improvement projects have been designed to raise our efflciencies and positive environmental impact, to invest in training and working conditions for those who work for us, and to improve the offering to the hildren vlho depend upon us. Remaining cash has been used for tsvo other primary purposes.. To build our free cash reserve5 towards the Foundation's target which is to achieve and maintain unrestricted. undesignated reserves to (x)ver a minimum of 3 months committed running costs. This equates to approximately £2.5 million based on budgeted running costs for the next 12 months. At the year end the Foundation had unrestricted reserves of £826,949 {2023.' £946,458). 2. To pay down our historic deficit within our KCC Local Authority Group Penslon Scheme (LGPS). It 18 noted that th& Pension Sd)eme deficit has remained at £Nil (2023: decreased by £5.624m to £Nil), based on the latest actuarial valuation. However. there remains a substantial long-term deficit lalso known a5 the cessation deficit). which we have many years to resolve, and continue to make additional voluntary contributions of £180,000 per annum starting 1st April 2021 in line with our Actuary's advice. This remains a major issue for the Foundation to manage. so the Board 8nd Finance Committ88 contlnue to tske professional advice and keep the issue under constant apwaisal. The total reserves of The Foundation was £7.715 million, much of 1¢h is tied up In proporty which cannot be easily realised. On 31 March 2024 designated funds arnounted to £6,687,133 {2023'. £6,427,928) and furth9r details can b8 found in note 20 to the financial Statements. Th8 main elements of the designated funds are the fixed asset rgsorve. amounlng to £6,449,433 (2023: £6.285,0401 and unr8Strict8d fundraising amounting to £237,700 (2023.. £142,888), which is allocated as the °Exlras Fund. to provide for spending ¢)utside our core requirements. On 31 March 2024, re$tii¢ted fiJnds arMwnt8d to £201,885 (2023: £139.671) and further detalls can be found in )te 19 to the flnanclal statements. Golng Concern The Foundation continués to b8 supported by the compan8 bankers and meets its day to day working capital requirements through its cash reserves. on th1$ basls, the Trustees consider it appropriate to prepare lh8 acUnts on the golng concern basis. Principal risks and uDcertalntie$ The Trustees have identified and evaluated the major strategic, finanal and operational Tisks which the charity faces. Processes are in place to implement and monttor control measures designed to eliminate or reduce the likelihood andlor impact of those risks. Below is a table of our highest risks and a description of the key controls in place to eliminala or reduce the risks posed. Highest Risks staff ReClIment and Retention. Key Controls Regular review of pay and benefits informed by market intelligence and consultation with staff. Focus on Health and Wellbelng. Provlslon of health Cash scheme. employee assistance programm8. health checks, wellbeing programmos. occupational health and in house mental hoalth support. Investment in tralnlng and recognltlon of length of semce through support to pursue a number of carèer paths. CrystalllsatSon of our KCC Pension resulting in the repayment of an unaffordable Cessation Déficlt. Number of active participants monitored monthty by Flnance Dlrector and quarterfy by the Board.
THE CALDECOTh FOUNDATION LIMrrED TRUSTEES, REPORT (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 Expert independent advicg obtained lo infomi Board dlscussion and d8¢ision making. This includ•s affordable repayment ¢)ptions whl¢h are evaluated periodically or In response to change. Additional voluntary ¢ontributions pald monthly to reduce the deficit over time. Alth¢)ugh Ihe schemè has been closed to new entrants, we retain the abllity to nominate new 8mployees to the scheme should this be r8qUITed. A high proFK)rtion of revenue relating to a small number of Local Authorities customers. Provision of a rang8 of services creates diversity in revenue sources residential care, fosterirvj, ucatiOn and therapy. 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 fundraksing strategy. Provi%ion of a weekday boarding service supports students atlending Caldecott Schcol from 8 greater number of Local Authorriies areas. Communication wilh Local Authorities to improve understanding of the high-qualty servi¢e$ which we deliver, and the exceptional outcomes achieved. We believe that one of our greatesl strengths as an organisation is the level and quality of resources that we make available to support our young people. Ensuring that we cnntinue to improve is essential lo best meet the needs of our children and young people and malntsining our exceptional reputation with Local Authorltles and Ofsted. The key controls we have in place are: An experion¢8d and dedicated team of Managers led by our CEO Nlck Bam8tt A strong qualty improvemenl team including highly qualif and experienced stsff supported by specialist external consultsnts A Model of Care that embeds our core values and ethos Into everything we do Clear intemal wlici8s and Predures, a thorough induction for new staff and a training programme that off•rs continual leaming opportunities and career developm8nt frrf all staff A robust governanc• stru¢ture includlng subacommittees providing overstght of Care & Therapy. Education, Finan and Audll & Rlsk. Fundralslng Praetl¢•s The Foundation does not employ any professional fundraisers to fvndraise on its béhalf, but all staff members any volunteers involved in fundraising activities are trained in accordance with recognised standards so as to ensure that the public. includin9 vulnerable people. are prottsd fr unreasonable or intrUVe approaches. The Foundation has not received any complaints about its fundraising activities. structure, Govemance and Managament The Foundation is a company limited by guarantee and is governed by its MemoranduTn and Ajltdes ofAssociation. The Council shall consist of the officers of the company. namety the Chair, Deputy Chair and Treasurer.. rK)t 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 memb8r5. excluding the Chair. Deputy Chair and Treasurer, shall retire by rotation. Any retiring member 15 eligible for immediate re-election. With respect to the Chair. Deputy Chair and Treasurer. at every third Annual General meeting they shall retire from offi. They may stand for re-election. However If the Chalr and Deputy Chair have completed more than five years in office and the Treasurer has completed more than eight years in office they may rt siand for re4ection.
THE CALDECOTT FOUNDATION LIMITED TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors for the pu0$8 of company law. and who seNed durlng the yaar were.. Charles Lister (Chairl Susan )PlebY Jerome Flechais John Fletcher ITreasurèr, resigned 27 July 2023) Richard Ford {appointed 19 October 20231 Colin Green {ViGe Chair. resigned 2 May 2024) Andrew Ireland (appointed 2 May 2024) Folasade Phillips {Treasurer} Maree Thom Simon Wakaman Caroline Whillans Appoinlment and r•crultsnent of Trustees A recruitment and appointment procedure for Trustees has been adopted. When a Trustee vacancy o¢curs the Nominations Committee cx)nducts a skills auditand s88ks ouc by a variety ofmeans including open advertisement. prospects've Trustees with the requisite skills and experience. Candidates are invited to meet with the Managing Director and senior managers prior lo belng interviewed by members of the Nominatlons Commlttee. A recommendation is thén made to the Board for approval. None of the Trustees has any bonefi¢lal Interest In the company. All of th8 Trust888 are members ofthe company and guarantee to contrSbute £1 In the event of a windirvj up. Commlttèo structure, Indu¢tlon and tralnlng Th8 Trustees, re$pon$lbllities in respect of accounting records. safeguardlng of assets and the prevention and dele¢tion of fraud and other Irregularltles are Set out In the Statem8nt of Trustees, Responslbllle$. Truslee induction and traSnlng have been developed. As part of the process of satisfying thése obligations. the Foundation has revlewed its present system of intemal control to ensure Ihal the controls are appropriate to the Foundation's activities. The Internal Control Manual has been further developed. Dudng the year the Board of Trustees meets at lèast 4 Ilmès and a number of committees also meet. Thes8 Include as a minimum:_ - Audit and Risk Committee (3 times a year) - Sch(1 Govemors {3 times a year) - Finance Committee13 time5 a year) - Nominations committee {adhoc basis) - Care and Therapy Committee13 times a year) - Remunerauons committeg (annually) Each committee has defined Terms of Referen which have been agreed by the Board of Trustees. Occasionalty a task foujsed group will be convened and disbanded once the task has been achieved. Day to day management The day-ttrday management of the charity is delegatod to the Senior Management Team consisting ot. Chief Executive OIfic8r Head of Educat Head of Finance Referrals and Cornmls$Sonlng Manager Business Manager Op•rations Manager Nicholas Bamett Stacey Mcshane Steve Anderson Damion Napier Tim Allison Kevin Gore Amnually, In September. all Trustees and Offi[$ of the or9anisation wlll dedare any relevant pecuniary information which may affect their Independen or abilty to discharge their duties.
THE CALDECO FOUNDATION LIMITED TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Pay pollcy for kèy management personnel The Trustees consider the senior management team comprise the key management personnel of the charity in ¢harge of directing and controlling, running and operating the Foundation on a day4041ay basis. All Trustees give of their time freely and no trustee received remuneration in the year. The pay ofthe senior staff is reviewed annually and nomiaNy increased in ac(x)rdance viith market rates. Trustees. responsibilltles The Trustees (who are also directors of The Caldecott Foundation for the purpose of Company Law) a 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 Apted Accounting Practice). Company law requlres the Trustees to prepare financial statements for each finandal year. which give a true and fair view of the stste of affairs of tha charitabla company and of Ihe inGoming resources and applicati¢)n of resources, including the income and expenditure. of the charitsble company for that period. In preparing these financial ststements. the Trustees are required to: select sultable accounting polici8$ and then apply them ¢onsislently', observe the methods and prln¢iples in the Charities SORP 2015 {FRS 102),. make judgem8nts and estimates that are reasonable and prudent; state wh8ther applicable accounting stsndards have been followed. subject lo any disdosed and explained in the financial stst8ments' prepare the financial stalements on the golng concem basis unless it is inappropriale lo presume the charitable company will contlnue in business. material departures The Trustees are responslble for keeping ad8quate accounting records that disck*se wlth reasonable accuracy at any time the flnancial position of the charitable company and enable them to ensure that the financial statements compty with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for Ihe prevention and deteclion of fraud and other iwularities. Dlsclosuro of Inforniation to auditors Each of the Trustees have confimied that there 15 no information of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have fvrther confimied that they h8ve taken appropriate steps to identify such levant information and to establish that the auditors are aware of suth infonnation. A resolution proposing that Azets Audit SeNices be reappointed as auditor of the chafitable company will be put to the members. By Order of the Board of Trustees Date= Mr Charles Lister, Chair
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CALDEcorr FOUNDATION LIMITED Opinion We havé auditod the financial statements of The Caldecott Foundation Limited (the parent charitable company) and Its subsidiaries (the group) for the year ondwj 31 March 2024 thich comprise the Consolidated Statemont of Financial Aclivities. the Consolidated Balance Sheet. the Charitable Company Balanc8 Sheet. the Consolidated Cash Fk)w Staternent and the related notes. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards. in¢ludiThJ Financial Reporting Standard 102 Thé Financial Reporting Standand appIlble in the UK (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements: give a true and fair view of the state of the group and parent charitable company's affairs as at 31 March 2024. and of the group's incoming resources and application of resources, includiThJ its income and expenditure. for the year then ended., have been propeTiy prepared in accordance with United Kingdom Generally Accepted Ac(x)unb'ng Praclice: and have been prepared in accordance with the requiremonts of the Gompanie5 Act 2006. Basls of oplnlon We corKlucted our audit in accordance w6th Intemational Standards on Auditing (UK) {ISAs (UK)) and applkable law. Our responsibilitias under those standards are fijrther descrlbod In the Audllorfs responslblllties for the audit of the financial statements s8Ction of our report. We are independent of the group and tharitable company in ac¢ordan¢• wrth the ethical requirements that are r8levant to our audit of the finala1 Ststements in the UK, including th8 FRC'S Ethlcal Standard. and we have fulfilled our other ethical responslbllltles In accordance th th8S8 r8quir8m8nts. We believe that the audlt evidence we hav8 obtained is sufficient and approprlat8 to provlde a basis for our opinion. Concluslons relating to golng ¢oncom In audiling the financial statements. we have concluded that Ihe Trustees, use of the golng CL•n¢em basls of accounting in the preparation of the financlal statements Is approprlats. Based on Ihe work we have perfomed, we have not identified any rnaterial uncertainties relating to events or ¢onditlon$ tha( individually or collectively, may cast significant doubt on the charitable mPan$ abillty to continu8 as a golng concem for a period of at ast tw8lv8 months from when the flnanclal ststements ar8 authorised for issue. Our responsibilities and the 'responsibilities of the Trustees with respect lo golng concern are described in the retevant sections of this reF)Ort. Other inforniation The other information comprises the information included in the Trustees Annual ReporL other than the financial statements and our aUditr'S report thereon. The Trustees are responsible for the other inf0mtiOn contsined Vthin the annual report. Our opinion the financial statements does t cover the other infomialion and. excepl to the extent otheThvise explicitly stated in our report. we do not express any fomi of assurance cclUSion thereon. Our responsibility is to read th8 other infonnation and, in doing so. consider whether the other infonnation is materially InnsIstenI with the financial statements or our kTh)wledge obtained in the course of the audit or otherwise appears to be Material misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determina whether this gives rise to a material rnisstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misststement of Ihi$ other Inf0MtIOn. Wo are rgquired to report that fact. We hav8 nothing to rewrt in this regard. 10-
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CALDEcorr FOUNDATION LIMITED Oplnions on other matters prescribod by tho Companles Act 2006 In our opinion, basèd on the work undertaken in the course of the audit-. the informallon given in the Trustees, report (incorporating the strategi¢ report and the directors, report) for the financial year tor bthich the financlal ststements arè prepared Is consistent with the financial statements., and the strategic report and the directors, reFort have been prepared in accorda* with applicable legal reqU1MentS. 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 Ihe following matters vthere the Companies Act 2006 requires us to report to you, in our opinion.. adequate accounting records have not been kep( or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with tho accounting records and relums. or certaln dls¢lo$ures of directors, romuneration specified by law are not made,. or we have not r&celved 811 the information and explanations we requlre for our audit. RpOnsIbIlItIeS of trustee$ A5 explalned more fully in the Trustees, responsibilitles statement set out on page 8, the Trustees (who are also the directors of the charit8ble company for the purposes of company lawl are r8sponsible for the preparation of the financial statements and for b8ing satisfierj Ihat they give a true and fair view, and for such Inlemal control as the Trustees determin8 is necessary to enablè the preparatlon of financial statements that are free from material misstatoment, vthether due to fraud or error. In preparing the flnancial statements, the trustees are responsible for assessing the group's and charitable company's ability to conllnue as a going con¢em. disdosing, as applicable, matters related to going con¢em and uslng the going concern basis of accounting unless Ihe trustees either intend to liquidat8 the group or charitable company or lo cease opèratlons. or have no realistic altemalive but to do so. AudIt08 re8ponslbllltles for the audlt of the flnanclal statsmonts Our objectives are lo oblain reasonable assurancè about whether th8 financial statements as a whole are free from material misstatement. whelher due to fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in CordanCe 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 considerod ¢apable of detectlng irregularities. Including fraud Irregulaiities, including fraud, arè instances of non-compliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above and on the Financial Reportlng Council's website, to detect material misstatements in Spect of irragularities. including fraud. We obtain and update our understanding of the entity, it5 activities, ils control envlronment, and likely future dèvèlopments, including in relation to the legal and regulatory framework applicable and how th8 entity is complylng with that framework. Based on this understanding. we identify and assess the risk8 of material misstalem8nt of the financial statements, whether due to fraud or error, design and pgrform audit procedures responsive lo those risks. and obtain audit evldence that is Sufficient and approprlate to provide a basis for our oplnion. This includes consideration of the risk of acts by the 8ntity that were contrary to applicable laws and regulations, Including fraud.
INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE CALDEcorr FOUNDATION LIMITED Extont to whlch tho audit was considorod ¢apabh ol delKtlng Irrogularftles, Includlng fraud In response to the risk of irregularities and non-compliance with laws and r8gulations, including fraud. we designed procedures which included: Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual, suspected and alled fraud" Reviewing minutes of meetings of those Gharged with govemance: Assessing the extent of cornplianee with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the cc*npany through enquiry and inspection,. Reviewing financial ststement disclosures and testlng to supporting documentalion to assess compliance ryth applicabl8 la5 and regulations- Perfomiing audit Vrk over Ihe risk of rnanagement bias and override of controls. induding tssting of joumal entries and other adjustments for appropriateness. evaluating the business ralK)nale of significant transactions outside the nonnal course of business and reviewing accounting estimates for indicators of potential bias. Buse of the inherent limitations of an audit, there is a risk that we will not detect all irregularitiès. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the rn0 that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will b8 less likoly to become aware of instances of non-compliance. The risk of not detsctlng a material misstatement resultlng from fraud Is hlgher than for one resultlng from error, as fraud may involve collusion, forgery, Intentional omissions, mi$representatiorts, or the override of intemal control. As part of an audit in accordanc8 with 1&4s (UK). we exercise professional judgment and maintain professional sc8ptkl$m throughout the audit. We also: Identify and asséss thè risks of mat8rEal mlsstatement of the financial siatements, vthether due to fraud or error. design and perform audil prooedures rèsponsive to those rlsks. and obtain audit 8videnGe that is suffici8nt and approprlate to provide a basis for our opinion. The risk of not detscting a material misststement resulting from fraud is higher than for one results'ng fr¢)m error. as fraud may involve collusion, forgery. Intentlonal omissions. misrepresentations. or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumsiances. but not for the purpose of expressing an opinion on the effectiveness of the charitable company s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accountiNJ estirnates and related discbjsures mad8 by the trustee5. Conclude on the apF>rlalenesS of the trustees. use of the going ¢oncem basis of accounting and. based on the audit eviden obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubl on the tharitable company's ability to conb'nue as a wing concern. If condude that a material uncertainty exists. we a requlred to draw attention in our auditorfs report to the related disdosures in the financial ststements or. rf such disclosures are inadequate. to modify our opinion. Our conclusions arg based on the audit evidence obtained up to the date of our auditorfs report. However. futur8 8venis or conditions may cause the charitable cornpany to cease to continue as a going concem. Evaluate the overall presentation. structure and content of the finan¢ial ststements, Including the disc105ures. and ether thg financi81 statements repres•nl tho undorlylng transactions and ovents in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate with those charged with governanco regarding, among other matters, thè planned scope and Ilmlng of the audit and significant audit findings, including any significant deflciencles in internal control that we identify durlng our audit. 12-
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CALDEcorr FOUNDATION LIMITED Uso of our rèport This report is made Solely to tho charllable compan5 memb8rs. 88 a body, in accordance th Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slat8 to th8 charitable company's members those matters we are required to state to them in an auditorfs report and for no other purposo. To the fvllest exlent pemitt8d by law, we do not accept or assume responslblllty 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 th6 oplnlons we hav8 formed. 46 AaJfv- Catherin8 Cooper FCCA (Senior Statutory Auditor) for and on behalf ofAzets Audit Sorvice$ Statutory Auditor Dats: .i.O.De¢ethr 2024 First Floor, River House 1 Maidstone Road SidGup Kent DA14 5RH 13-
THE CALDECOTT FOUNDATION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Noto Unreglrlcted Deslgnated Roslrictod Funds Funds Funds 2024 Total 2023 Income from: Donations and legacie5 111,600 76,896 188.496 71,945 Charitable actwities 10.165.305 746,152 10,911,457 10,196,367 Investment incomg Income from investm8nt5 Interest r8ceivabl8. 102 36,092 102 36,092 78 11,467 Other 17,112 17,112 Total Income 10.218,611 111,600 823,048 11,153,259 10,280,758 Expendltur• on: Raising funds 1.764 1.764 Chwitable activitles 10,078.880 15,024 760.834 10,854.738 10.325.277 Corporatic tax- trading Total expenditure 10.078,880 16.788 760.834 10,856,502 10.326.245 Net incomel{expgndltur&l and not 139.731 94,812 62.214 296,757 {45,487) Remeasuremenl gain oh ¢urront 14 Net In¢omel(exponditura} b•foro transfor8 139,731 94,812 62,214 ,757 (45.487) Transfern b•lwe¢n fund8 {134.193} 134,193 N•1 Incomel(expenditural aftor transfors 5.538 229,005 62,214 296,757 (45,48n Other recognlsed gains I Ilosses): Revaluation gainsl{losses) on fixed asset investmwt Remeasurement gain on defined benefit pension scheme Net m0ment in funds 13 17 5.624.OL)D 5.578.513 5.538 229.004 62,214 296.757 Re¢onclliation of funds: Fund balan¢•s at 1 April 2023 1.031,518 6.059,591 139,671 7.230,780 1.652.267 Fund balan¢o$ at 31 March 2024 1,037.056 6,288.596 201,885 7,527,537 7.230.780 All transactions are derSve(l from continuing activities. AU recognisad gains and losses are Included In the Ststement of Financial Activities. 14-
THE CALDECOTh FOUNDATION LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 Comparatlve information only Nots Unr•$tri¢t•d Deslgnat•d Restri¢tsd Funds Fund$ Funds 2023 Total In¢ome from: t)onaUons and legacies 10,767 61,178 71,945 Charitable actlvltles 9.541.878 654.489 10.196.367 Investment income Income from investm&nts Interest receivable 78 11,467 78 11,467 Other 901 901 Total In¢om• 9,554,324 10,767 715,667 10,280.758 Expenditure on: Raising funds 968 968 Charitable activities 9,622.014 15,872 687,391 10,325,277 Corporation tax - trading Total expenditure 9,622,014 16.840 687,391 10,326,245 Net Incomel{exp0ndlturel beforo tran$f•rs (87,6901 (6,073) 28,276 {45,4871 Transfers b¢tween fund$ 20 141.320) 39.994 1,326 Net Incomo1(expenditure} after transferg 1109,010) 33,921 29,602 145.4871 Other r•¢ogniged gain51 {lo$$esl: Revaluation gainsl(loss8$1 on flx8d 8558t investment R8m8asurement gain on defined benefrt pension scheme N•t mov*ment In funds 13 17 5,624,000 (109.0101 5,657,921 5,624,000 5,578,513 29,602 Reconciliallon of funds: Fund balances at 1 Aprll 2022 1.140.528 401.670 110,069 1.652,267 Fund b¥lan¢•s at 31 March 2023 1.031.518 6,059,591 139,671 7,230.780 All transadons are d8rived from continuing actiwties. Al recognised gains and losse$ ar& included In the Statement of Financial Activities. 15-
THE CALDECOTh FOUNDATION LIMITED CONSOLIDATED BALANCE SHEET ASAT31 MARCH2024 Noto 2024 2023 Flxod ass•ts Intsngible assets Tangible assets Inveslments 11 12 13 463 6.046.974 2.459 6,049,896 30,863 5.961,328 2.459 5,994.450 Current a•sets Debtors Cash at bank and in hand 14 527,488 1.667,597 2.195.086 646.342 1,231,866 1.878,208 Cradiiors: amounts falllng due withln one year 15 717.445 641.877 Net current assots 1.477.641 1,236,331 Total assèts less cuThent Ilabilities 7,527,537 7,230.780 Crodllors: amounts falllng due after more than one ar 7,527.537 7,230,780 Defined benefit ponslon Ilablllty 17 Net funds 7.527.537 7,230,780 Funds Restricted funds 19 201.885 139,671 Unrestricted funds: Designated funds.. Fixed asset reserve Pension Liabilty Extras. fund 20 6.050.896 5.916.703 237,7 142.888 6.288,596 826,949 210.107 7,527,537 6,059,591 946,458 85,060 7.230,780 other charltable fiJnds NonharItabI& fvnds 13 21 The accounts were approved by Board on .. Mr Charles Lisler (Chair) Trustee Company Number. 00419256 16
THE CALDECOTT FOUNDATION LIMITED CHARITY BALANCE SHEET AS A T 31 MARCH 2024 Not• 2024 2023 Fixed as80ts Tangible ass8ts Investments 12 13 6,046,974 403,459 6,450,433 5,961.328 403.459 6,364,787 Curront assets Debtors Cash at bank and in hand 14 406,723 1,463.826 1,870.550 553,833 1,140,139 1.693.971 Credltors: amounts falllng due wlthin one year 15 {605.016 544.701 } Not curront assets 1,265,534 1,149,270 Total assot$1oss current Ilablllllos 7.715,967 7.514.057 Crodltors: amounts falling due after more than ono yoar 16 7,715,987 7.514,057 D•finod benefft penslon liability 17 Net funds 7,715.967 7,514,057 Funds Restrlcted funds 19 201,885 139,671 Unrestricted fijnds.. Designated funds: Fixed asset reserye Pension Liability Extras. fund 20 8.449.433 6.285,040 237,700 142,888 6,687,133 826,949 7.715.967 6,427,928 946,458 7,514,057 Other charitable funds 21 The accounts were approved by the Board on ... Mr Charles Lister {Chair> Truslee Company Number: 00419256 17
THE CALDECOTT FOUNDATION UMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Nèt ¢a$h flow from op8ratlng activities 22 1.111,721 295.325 Cash flow from investlng activitie5 Payments to acquire tangible fixed assets Proceeds on disposal of tangible fixed assets Interest and inveslm8nt income received Net cash flow fr¢xn Inv¢stlng activities {633.438) {488.341) 36,194 {597,244) 11,545 (476.796) Cash ilow from financing a¢tivltles Rèpayments of borrowing {78,747) 178,747) (82,278) {82.278 Net increa$¢ In cash and cash equivalents 435,731 1263.749} Cash and cash equlvalonts at 1 Aprll 2023 1.231.866 1.495,615 Cash and cash equlvalents at 31 March 2024 1.667.597 1,231,886 Cash and cash equlvalents consists of: Cash at bank and in hand 1,867,597 1,231,866 Cash and cash oqulvalonts at 31 March 2024 1.667,597 1,231.866 18
THE CALDECOTT FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting poll¢les {a) of accountlng The Caldecott Foundalion Limited is a registered charitable company in the United Kin10m. In the event of the charity being wound up. the liabilty 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 infomation on page 1 of these financFal statements. The nature of the charity's operations and principal activities is to provide residential care. therapy and education for children antj young peopl8 vtho have faced deprivation, cruelty or neglecL and who may have emotional. behavioural or educational difficulties. The charity constitutes a public benefit entity as definod by FRS 102. The financial statemenis have been prepared in accordance Aw)unting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan yth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial RepOrt1J Stsndard applicable in the United KiNJdom and Republic of Ireland IFRS 1021, the Charities Act 2011. the Companies Act 2006. and UK Generally Accepted Accounting Practice. Tho financial statements ar8 prepared on a going concom bas1$ under the historical cost ¢onvontion, mc*Jifled to include rArtaln Items at fair value. flnancial statements are prepared In sterling thich is the fvnctlonal Currency of the charity. The significant accounting polici85 appfied in Ihe preparation of tho$8 financlal statements are set out below. These policies have baen conslstently applied to all years presented unless othgrwise slaled. (b) Consolldation In the opinion of the mèmber of the committee, thé ¢haritabl& company and its subsidiary undertakings ¢omprise a small group. The consolidated finan¢tal statements Incorporate the results of the charity and its trading subsidiary, Caldecott Fostering Limit8d, for Ihe year ended 31 Mar¢h 2024. As a consolldated Statement of Financial Activiti8S 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. Ie) Fund accounting Unrestrictod general funds are fvnds which can be used in accordance hth the Charitable objects at the discretlon of the trustees. Regtricted ndS are funds that can only be used for particular restricted PUTPOSgS Within the objects of the charitable company. Restriction arises when specified by the donor or when funds are raised for particular reslricled purposes. Designated fijnds represent fiAnds invested in fixed assets. The dosignated fuThJ balance has been represented to ensure that the fund balance acujrately refiects the designation policy adopted by the trustees. (d) Incom• rècognition 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 arnount Can be measured reliably and it is probable that the incom8 wll be received. Cash donalions are re¢ognised on receipt. Othgr donations are recognised onrE the Foundatlon has been notified of the donatb?n, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Glft Aid or d88ds of covenant is recognlsed at the time of the donation. 19-
THE CALDECO FOUNDATION UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 Aecounting pollclos (contlnued) (d) Income recognilion Voluntary income, including donations. glfts and grants that provlde core funding or are of a general nature. 13 recognised where there is enliuement, Certainty of re¢eipt and the amount can measured th sufficient reliability. Care services and fee$ are included in the Statemerrt of Finan81 Activities when recelvable,. 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} Expendliurè recognition All expenditure is accounted on an accruals basis and has be8n classified under headings that aggregate all costs relate(I to the category. Expenditure is recogni5ed where there is a legal or wnstructive cbligation to make payments to third parties. it is probable that the settlement wtll be required and the amount of the obligatiC can be measured reliabty. It is categoris8d under th6 folk)wing headings: . Costs of rSIng funds Includes all eypendilure incurred by tha Foundatlon to rals8 funds for its charitable wrposes and includes cost5 of all fundraising actlvilles events and non4haritable trading.. and Expenditure on charitable acttvities compri5e5 those costs Incurred by the Foundallon in the delivery of its activitiés and serylc£s for beneficlaries. It includes both costs allocat•d directy to such activities and those costs of an indirect nature necessary to support them. (fj Support Costs allocallon Support costs are those that assist the wofk of the charity but do not dlrectly represent charitable activities and include office costs, govemance Costs, administrative payroll costs. They are inCued directly in $upport of expenditure on th8 objects of th8 charlty and slUde project management carried out at Headquarters. Where support ¢osts c8nrK)t be directly attributéd to particular h8adlngs they have been allocated to cost of raising funds and expenditure on charitsble a1VIlle$ on a basis eonsistént th use of the resourc8s. Othw costs have been allocated on the basls of staff time spent. Fund4aising costs are t50 incurred in seeking vc4untary contributions and do not include the costs of dlsseminatlng inf0mtIOn in support of thè charitable activitie5. The analysis of these costs is includgd in nots 6. (g) Intangible fixed assets Goodwill on consolidation is amortised over a period of 5 years foilowing year of acquisilion. Ih) Tangible fixed assets and depreciation With the exception of freehold property, tangible fixed assets are stated at cost less accumulated depreciation and any rocognised impaimient losses. Freehold property Is stated in the balance sheet at deemed cost belng the fair value on the dats of transition to FRS102 less any subsequent depreciation and impaimient losses. Cost includes costs dir• attributable to making the asset capable of operating as inlended. Assets costing £1,000 or more are capitalised as tangible fixed assets at the discretion of the Heaj of Finance and are carried at cost. net of depreciation and any provision for impairm•nt. Depreciation is provided on all tangible assets, at rates lCulated to writ8 off the Cost. less estlmated rosldual value. of each asset on a systematlc bas1$ over Its expected useful life. a$ follows: Freehold land Not d8preciated Freehold buildings & Improvements or 5% stralght line Fixturos, fittlngs & equlpment 10%, 200/9 or 33Yo straigm Ilne Motor Vehicles 20% straight line -20-
THE CALDECOTT FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 A¢¢ountlng pollcles {contlnuod) 11) Flx•d asset invèstmonts Investments ar@ reoognised inltlally at fair value vthich is normally the transaGtlon prf¢e excludlng transaction costs. Subsequently, they are measured 8t fair value with Changes recognised in 'net gains l {Ios8esl on investments, in the SOFA If the shares ar8 publlcly traded or their fair value can otherwise be measured rellably. Other investments are measured at cosl less impairment. Investments in joint ventures a measured at cost less impairnient. U) Debtors and ¢rodltors recelvable I payable wfthln one year Debtors and creditors Wlth no stated interest rate and receivable or payable wthin one year are recorded at transacllon prfce. Any108s8s arising from impairment are recognised in expandlture. (k) Loans and borrowlngs Loans and borrowngs are Initially recognised at the transaction price including Ir8n5action costs. Subsequenlly. thèy a measur8d at amortlS8d cost using the effective Interest rate mathod, less Impainnent. If an arrangem8nt constitutes a finance transaction It Is measured at pres8nt value. (l) Employe• bonoflts When employees have rendered service to the charity, short-temi employee benefits lo which the employees are entitled are recoonised at the undlscounted amount expected to be paid in exchange for that service. Retiremenl benefits to employ88s of the Foundation are provided by the Teachers. Pension Scherne {'TPS') and the Local Govemment Pension Scheme ('LGPS'). Thes8 are defined benefit schemes. The charity also operates a defined contribution plan for the benefft of its employees. Contrfbutlons are expens8d as Ihey become payabl8. The TPS is an unfunded Scheme and contrlbutions are Calculated so as to sprèad the cost of pensions over employees, working lives wlth the Foundatlon in such a way that Ihe pension cost Is a Substantlally level percentag8 of current and future pensionable payroll. The contributSon$ are determined by the Govemment A¢iuary's Dopartment on the basis of quadrennial valuallons uslng a projected unlt credlt method. As stated In note 18, the TPS is a multl*mployer scheme and there is insufficient infomation available to use defined beneffit accountlng. The TPS is Iherefore treated as a defined contributlon schema for accounling purposes and the contributions recognised in the perfod to which they relate. The LGPS 1$ 8 fvnded 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 Ilabilitl8s are mèasured on an actuarial basis using the proje¢led unit credll method and discounted at 8 rate equivalent to the current rate of retum on a hlgh quality corporat8 bond of equival&nt term and curr8n¢y to the liabilitiès. The actuarial v81uations are obtalned at least trlennlally gnd are updated at each balan sheet date. The amounts charged to operating surplus are the current service costs and the costs of s¢heme introductlons. benefit changes, settlements and ¢urtailmgnts. They are included as part of $laff costs as Incurred. Net interest on the net deflned benefit liabilitylasset is also recognis&d in the Statement of Financial ActSvStles and comprises Ihe interest cost on the defined benafit obllgatlon and inlerèst Income on tho schome assets. calculated by muitiplylng the fair valu8 of the scheme assets at the beginning of the perfod by the rate used to discount the benefit obligations. The difference beeen the interesl InMe on the sch8me 88sets and the actual return on the scheme assets 18 recognised in other recognised gains and losses. Actuarial losses are recognlsed Immediately in other recogni5ed gains and losses. Actuarial gain5 ar8 recognlsed up to a maximum of the previously recognised b)sses In other recognised gain5 and losses. 21
THE CALDEcorr FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 Accountlng poll¢lo$ l¢ontlnuèd) {m) Tax The carity is an exempt charity thin the meanlng of schedule 3 of the Charities Act 2011 and is consldered to pass the tests set out In Paragraph 1 Schedule 6 Finance Act 2010 and therefo il meets the definition of a charitable company for UK corporation lax purpo$e8. (n) Judg•m•nts and koy sour¢•$ of estlmatlon uncortalnty A¢¢ounting esllmal&s and judgements are continually evaluated arKI are based on hi$lori¢al experienrR and olher facknrs, including expe¢tation$ of fubjre events that are believed to be reasonable under the circumstances. The Foundallon makes estimates and assumplion$ con¢emiNJ the future. The resulting accounting estlmates and assumptions wlll. by definition, Seldom equal the related actual resulls. The e$llmates and assumptlons that have a significant risk of Gausing a material adjustment to the canying amounts of assets and liabilitios within th8 next financlal year are discussed below. Useful economic liv&s of tangible assels The annual depreGiation tsharg¢ for lan9ible assets is sensitive to ¢hanges in the estimated usaful e¢orrf)mic lives and resKlual valuos of the assets. The useful e¢onomlc Ilves and residual values ar8 reassessed annually. They are amended vthen necessary lo reflect curr8nt eslimat85, based on technologlcal advancement, future inveslment$, economic utill$8tlon and the physlcal cOnditic of the assets. See nolg 13 for the Garrying amount of property plant and equipm8nt, and nots 1 Ihl for Iho useful economi¢ lives for each dass of assets. LGPS Th& present value of the Local Govemmont Pension S¢hem defined b8n8fit liabiltty depends on a number of fa¢lors that are determined on an actuarial basis using a variety of as5umptlon$. The 8$$umpUons used in determiniThJ the net cost (income) for pensions Include the discount rate. Any changes in these assumptions, whi¢h are disclosed in note 19, wll impact the Cang amount of tha panslon Ilablty. Furthermore a roll forward approach which projects results from the la18sl full actuarial valuation perfornEd at 31 March 2023 h88 b&8n used by the actuary In valulng the pensions Ilablllty at 31 March 2024. Any differences btheen the figur&$ derivod from th8 ioll fLYward approach and a full actuarial valuation would impad on th8 carrybng amount of the pension liability. Bad debtprovi8ion The valu8 of trade dobtors is sensitive to the recoverablllty In full of any invoices issued to each customer. Once the debt b&¢omes overdue It Is chased and periodicalty reviewed to •n5ur& it 1$ r•¢ov•rablo in fvll. If a provision is deemed necessary Ihis 1$ induded on an annual ba818. No provision for bad an¢J doubfful debts is cuTh8ntty induded In the a(unts. {0) Golng concern The Foundation contlnue8 to be supported by the company's bankers and m80ts its day to day working capital requlrem8nts through its cash ServeS. The nature of the Foundation's activiti88 are such th8t there can be con$lderable unpredlctable varlatSon In Ihe timing of cash inflows. The trustees have prepared projected cash flow information for the period endlng 31 March 2024 and beyond. On the basis of this $h flow infomiation, th8 trustees consider that the Foundation wll continue lo meet Its obltgations from its cash res8rve8. On this b8Si$. the trustees consider it approprf8te to prepare the accounts on the 90ing conGem basis. (pl Governmont grants Government grants are recogni88d at the fair valug of the asset received or reGeivable when there is reasonable assurance that the grant Gondition$ will be met aThJ tho grants will be receivéd. A grant that specifies perfonnanca condlJons is re¢ognised In Inoome when the perfomnce condltlon8 are m81. Where a grant does not spedfy performanc6 conditions it is r8cognis8d in in¢ome th the proceeds are recelved or receivable. A giant re¢eived before the recognlllon crlterfa are 88tlsfied Is recognised as a liability.
THE CALDECOTh FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 2 DONATIONS AND LEGACIES 2024 2023 Designated fijnds 111,600 111,600 10,767 10,767 R¢$lrl¢ted funds: Other r6stried donations and gift5 Swiss RE Foundallon Legacy Lady Klngsdown Donation John Swire Charitable Twst Kent Community Foundation 12,896 4,000 28,178 13.000 10,000 10,000 50,000 10.000 61.178 76,896 Total 188,496 71.945 3 CHARITABLE ACTIVITIES Unrestricted funds Restri¢tod funds Total 2024 Totsl 2023 Local Authority Contract Local Authority Contract Local Authority Contract Statutory Funding Residential ca School Fostering 5.005.133 3.861.690 1.298,484 5.005.133 3,861.690 1,298.484 746.152 746,152 746,152 10,911,459 4.567,694 3.866,453 1.107.733 654,489 10,196.369 10,165.307 4 OTHER INCOME 2024 2023 Other income 17,112 17,112 901 901 5 EXPENDrruRE Staff Costs Dlré¢t costs Support costs Total 2024 Totsl 2023 Costs of ralslng fund$ Fundraising 1,764 1,764 1,764 1,764 Charltable actlvitlo9 Residenlial care SchcN)I Fosterlng Taxation Total charitable activitles 2,987.475 2,139.621 285.785 1,662,323 1,383.864 720,477 1.123.485 481,894 69,814 5,773,283 4,005,379 1,076,076 5.469.124 3,780,075 1,076,078 5,412.881 3,766,664 1,675,193 10,854,738 10,325,277 Total expenditure 5,412,881 3,768,428 1,675,193 10.856,502 10,326,245 Included in direct Costs and support Costs are staff costs of £602,338 {2023: £532.630) which a allocated above. -23-
THE CALDECOTT FOUNDATION LiiiirrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 6 SUPPORT COSTS Rosidentlal care Total 2024 Total 2023 School Fosterlng Management Finance 892,643 113,060 49,873 67,909 1.123.485 382.962 48.4S4 21.374 29.104 481,894 32,722 4,765 22,679 9.648 69.814 1.308,327 166,279 93,926 106,661 1,675.193 1.176.285 164,338 96.605 74.587 1,511.815 IT Human resources and training 7 GOVERNANCE COSTS 2024 2023 staff costs Travel and subsistence Independent reports and trustee recruitment Auditor5. remuneration Auditors. remuneration - prior year under provision Auditors. remuneraiion - non-audil servic05 Audttors. remuneration - subsidiary Legal fees 82.988 81.131 337 8,200 25.020 1,020 2.074 25,020 690 1,020 9,840 28.270 149.902 10,050 10.771 136.529 Govemance costs are Included within support ¢o$ts detalbj above and have been allocated on the basis of time $p8nt In respect of stsff costs and dire¢t apportionm8nt basis for other Gosts. 8 NET MOVEMENT IN FUNDS 2024 2023 Thi$ Is stated after charging Depreciation of langlble flxed assets Amortisation Audiiors. remuneration {including subsidiary) 547.793 30,200 35.550 492.566 30,200 36.090 9 TRUSTEES. REMUNERATION AND REIMBURSED EXPENSES None {2023.' one) of the truslees (or any persons connected with them) received remuneration during the ar. or weré reimbursed 8xpenses in the year {2023.. £337). 10 EMPLOYEES Number of employees The number of employees, by headcounl, during the year was: 2024 Number 2023 Numb•r Senior management team School Residenlal care Fo$terfjng Adminislratlon Support s8rvices 51 70 11 12 164 154 -24-
THE CALDEcorr FOUNDATION LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 10 EMPLOYEES EmPyMONI Costs 2024 2023 Wages and salary costs Social Security costs Apprenticeshiplgvy Pension costs - defined benefrt Pension costs - defined contribution 5,080,C66 501.842 8,5 262.968 161,438 6,015,219 4,676.196 480,902 6,696 241.963 147.018 5,552,775 The number of employees whose annual emoluments were £60.000 or more were: 2024 2023 £60,001- £70,000 £70,001- £80.000 £100,001- £110,000 Of tho employees whose emoluments exceed £60.000, 1 (2023: 1) has retirement ben8fits aGtrulng undor defined benefit pension schemes and S (2023: 6) have retirement benefits accruing under defined contribution schemes. The senior management team cornprise the key management personnel of the charity in charge of directing and controlling, njnning and operating the F(xJndation on a day to day basis and are detailed on page 1. The aggregate remuneration paid to Ihe key management personnel totalled £619,65912023: £617,317)- 11 INTANGIBLE AS8ETS Group Goodwill Total Cost I deemed c05t As at 1 April 2023 and at 31 Mar¢h 2024 151,463 151.463 Amortlsation As at 1 Aprll 2023 Charp for period At 31 March 2024 120.800 30,200 151,000 120,800 30,200 151.000 Net book values At 31 March 2024 463 463 At 31 March 2023 30,663 30.663 -25-
THE CALDECOTT FOUNDATION LIMITED NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12 TANGIBLE ASS8 Land and Improvom¢nts bulldlng$ lo buildings Flxluros. ffttlngs and equipm•nt Motor Vehl¢les TOL Group and Charity Cost I deemed cost As at 1 April 2023 Additions Disposals At 31 March 2024 7,652.623 713.434 1.873.134 604.738 (65,483) 2,412.389 184.876 28.7(K) (27,220) 186.357 10.424,068 633,438 {92,703} 10.964.803 7,652.623 713.434 Depreciation As at 1 April 2023 Charge for period On disposals At 31 March 2024 2.821,173 152,078 381.458 60,883 1.117.187 313.713 {65.483) 1,365.416 142.922 21.119 (27.220) 136,821 4.462,740 547,793 (92.7031 4.917,829 2,973,250 442,341 N•t bo•)k values At 31 March 2024 4,679.372 271,093 1,046.973 49,536 6,046,974 At 31 March 2023 4,831.451 331.976 755.947 41.954 5.961.328 Certain fr8ehold propertles were revalued in July 2004 and this valuation was Incorporated intrj the financial statements for th8 y&ar erKled 31 March 2005. The trustees have not commissioned a full extemal valuation as after having consulted yth an independent propety valuer they have been advised that any increase or decrease in the value of freehold land and buildings would not be material in the chariVs financial statements. This valu8tion amount Was brougm 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 lotsl amounts included would have been as follows: 2024 2023 Cost Accumulatsd depreclatlon At 31 March 2024 1,578,982 656,444 922,538 1,578,982 624,865 954,117 All oth8r tangible fixed assets are 8tsted at historical cost. -26-
THE CALDECOTT FOUNDATION LIMITED NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13 FIXED ASSET INVESTMENTS Shares in Listed $ubsldlary investments und•rtaklng Total Group Market value at 1 April 2023 and at 31 Mar¢h 2024 2,459 2.459 Historl¢al ¢ost'. At 31 March 2024 1,008 1,008 At 31 March 2023 1.008 1,1)08 Charlty Market value at 1 April 2022 and St 31 March 2024 2,459 401,000 403,459 Hislorlcal cost: At 31 March 2024 1,008 401,000 402,008 At 31 March 2023 1,008 401,000 402,008 The fair value of the Ilsted investments is detemined by reference to the mld-markel value of shares at the Balance Sheet date and represents the shareholdlng in Santander plc. Shares In subsldlary undertaking Caldecott Fostèring Limited is now a wholly owned subsldldary. -27-
THE CALDECOTh FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13 FIXED ASSET INVESTMENTS Holdlngs of moro than 20Y. The charity holds more than 209A of the share capitsl of the following ¢ompany'. Proportlon of votlng rlghts and ordlnary share capital held 100/ Country of reglstratlon or Incorporatlon England and Wal8S Subsidiary undortaklng Caldecott Fost8rlng Llmlted Principal a¢tlvlty Fostering ag8ncy The prlnclpal activity of Caldecott Fostsring Limlted is the provision of the foster care for children on behalf of IcKal authoritles. The Investment is measured al cost loss impaiment on the basis that they represent shares in entllles that are not publldy iraded and the fair value cannot otherwise b8 measured reliably. The trading results of Caldecott Fostering Limited for the y8ar ended 31 March 2024 are as follows.. 2024 2023 Turnover Cost of sales Administration costs Op8rating surplus for the perfod Corporatlon tax Dlstributions to parent charlty under gift aid Retainéd {deficitysurplus for the period 1,302,072 1720,477) 417.187 164,408 1.176,825 (606,501) 530,963) 39.361 39,361 125,047 131,688 (92,327) The assets and liabilities of the subsidiary at 31 March 2024 were: Current assots Current Ilabiliti¢s Aggregate share capital and reserves 329,299 117,192 212,107 184,390 97,330 87,060 Share capiial Profft and loss reserve 2,000 210,107 212,107 2,¢XIQ 85,060 87.060 -28-
THE CALDECOTh FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 14 DEBTORS Group 2024 Charlty 2024 2023 2023 Trade debtors Other debtors AmntS due from subsidiary undertaking Prepayments and accrued income 350,920 46.878 478,225 41.743 267,031 5.240 4,762 129,690 406.723 416.064 11.242 153 126.373 553.833 129,690 527.488 126,373 646,342 Amounts falling due after more than one year and included in the debtors above are: 2024 2023 2024 2023 Olhor debtors 4,500 4.500 15 CREDrroRS: AMOUNTS FALLING DUE wrrHIN ONE YEAR Group 2024 Charity 2024 2023 2023 Bank loans Trade creditors Taxes and social security costs Other creditors Accruals 78,747 226,161 113,963 177.986 45,019 641,876 78,747 193.840 105,378 121.715 45,020 544.700 327,010 131,203 212.711 46.519 717,445 272,252 124,939 161,303 46,520 605.016 The bank loan and overdraft are secured over Cald8cott House. 16 CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAtrI ONE YEAR Group 2024 Charlty 2024 2023 2023 Bank loans Analysis of loans Wholly repayable within five years Included in current Ilabllities 78,747 78.747 78,747 78,747) The bank loan is secured over Caldecott House. Th8 loan flnancing is in the fom of a secured loan a fixed interest rate of 3.9Yo and is due for repayment in Febwary 2024. The h)an has financial covenants 1¢h may requlre the h)an to b8 repaid in full. During the year these covenants were met. Loan maturlty anatysl$ Group 2024 Charity 2024 2023 2023 Debt due in one year or less In more than one year but not more than yeap. 78.747 78.747 78.747 78,747 -29-
THE CALDECOTT FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST41ETIREMENT BENEFIT COMMITMENTS The Foundation's employees bekng to the following pension schemes,: the Teachers. Pension Scheme England and Wales {TPS) for academ1¢ and related staff; and the Local Govemmont Pansion Scheme ILGPS) for non- teaching stsff, vthich 1$ managed by Kent County Council. Both are mulli-employer defined benefit schemes. In addition. tho Foundation operate a defined oontribution stakehobJ8r h@Ma and contribute into TsOnal pension $¢hemes. The penslon costs are assessed in accordance with the advice of indep8nd8nt qualified actuaries. The latest actuarial valuation of the TPS related to the period ended 31 March 2016, and that of the LGPS related to the period ended 31 March 2019. T•a¢hers' Pen8lon Scheme Introdu¢tlon The Tead)8rs' Penslon Scheme (TPS) is a statutory, contributory, d8fin8d b8n8fil scheme. gov8med by the Teachers, Pension Scheme Regulations 2014. Membershlp 1$ automatic for teachers In academles. All leachers have the oplion to optvout of the TPS following enrolm6nt. The TPS 18 an unfvndèd stheme to vknl¢h both the member and employer makes contributions. as a percentage of salary - these contributions are credited to the ExGhoquer. Retirement and olher penslon benefits are paid by public funds provided by Parliament. Valuallon of the Teachers. Ponslon Schemo The Govemment Actuary's Departmenc using normal actuarial prln¢lple$. conducts a formal actuarial r8Vigw of the TPS in accordance the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treawry every 4 year5. The aim of the review is lo ensure scheme costs are recognised and managed approprlately and the review $pecifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future ¢osts. design of benefits and many other factors. The latest actuarial valuation of the TPS was ¢arried out as at 31 March 2020. The valuatlon report was published by the Department for Education on 27 O¢lober 2023, the SCAPE rate, set by HMT. applying a notional investment retum based on 1.79/0 above the rate of CPI. The key elements of thè valuation outcome are: employer contribution rat8S Set at 28.68% of pensionable pay (including a 0.080/0 admini8lralion levy). Thls is an Increase of 5•h in employer contributions and the cost contrd result Is such that no change in member benefrts is needed total scheme liabilitie$ {pen$ions currently in payThent and the estimated cost of future b8nefitsl for seNce to the effective date of £262.000 million and noti¢)nal assets (estimated future wntributions together wth the notional investments held at th8 valualion datel of £222,200 mllll¢)n, glvlng a notlonal past servlce deficit of £39.800 million The result of this valuatlon wlll be Implemented from 1 April 2024.The next valuation result 1$ due to be implemented from 1 ri1 2028. The employ8r's pension costs paid to TPS in the period amounted to £209.26212023: £176.786). A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Under the d6flnltlon$ set out In FRS 102. the TPS 18 8n unfunded multi-employer pension scheme. The Foundation is unablo to 1dénfy its share of the underfylng a$$ets and liabilitles of the plan. Accordlngly, th Foundalion has taken advantage of the exemption In FRS 102 and ha$ aUnted for Its ¢ontrfbutions to the Pension Contributions amounting to £25.548 {2023.' £18.188) were unpald to the Teachers, Penslon Scheme at 31 March 2024. -30-
THE CALDECOTT FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMrrMENTS {Continued) K•nt County Councll Pension Fund The LGPS is a funded defined benefit Fenslon scheme, with the assets held in separate trust88-admlnistered funds. The total contrtbutlon mad8 for the year ended 31 March 2024 was £73,048 (2023: £89,285), of whld) 8mployer'$ contributions totalled £53,706 {2023: £65.177} and employ88s' contributions tolalled £19,342 {2023: £24,108). The mlnimum contribution rat8$ for fLrture years are 19.001. (from 1 April 20231 then In¢reaslng to 2001 (from 1 April 2024} and 21010 (from 1 Aprll 2025) for employers and 5.5% to 12.5% for 8mployees. In addition voluntary contrlbutlons tolalling £180,000 {2023'. £180,000) were made by the employer to pay down the penslon s¢heme deficit. Pension contributions amounllng to £53.706 {2023: £65.177) were unpaid to Ihe Kent County Council Pension Fund at 31 March 2024. Prlnclpal actuarial assumptlons 2024 2023 Rate of increase in salaries Rate of increas8 in penslon payment Dls¢ount rate Infiation accumplion - CPI 3.95 2.95 4.90 2.95 3.90 2.90 4.80 2.90 The current mortality assumptlons include sufficlent allowance for future improvements in mortalty rates. The assumed Ilfe expectations on r8tlrement age 65 are.. 2024 2023 Retiring today Males Females 20.8 23.3 21.1 23.5 Retiring in 20 ye8rs Males Females 22.0 24.7 22.3 25.0 Sensitivity analysls Scheme liabiliti8s would have b88n affected by changes In assumptions as follows: 2024 -1357 +1541 +644 -620 +59 2023 -1365 +1547 +622 -598 +62 -59 +1588 -1334 Discount rale +0.5Yo (2023.. +0.5Yo Discount rate -0.5L¥/o12023'. -0.5°h) )rtality assumption + 1 year rtality assumption - 1 year Long term salary +0.50/012023: +0.5%) Long term salary -0.50h120223 -0.51•) Adjustsment to pènslon increases +0.5% {2023- +0.5%) Adjustment to pension In¢re8ses -0.5 10 (2023: .0.5%) +1505 -1332 31
THE CALDECOTT FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS {Contlnued) The Foundation's share of the assets In the •¢hom• w•re: 2024 2023 Equities Bonds Property Gilts Other assets Infrastruclure Absolute return fund Total marftat value of assets 12,586.000 3.115.000 1,941,000 1,585,000 344.000 970.000 1.093,000 21.634.000 13,506.000 2,780.000 2,113.000 116.000 380.000 721,000 1,551,000 21.167,000 For accounting years beginning on or after 1 January 2015. the expected return and the interest cost has been replaced with a single n8t interest ¢ost. which will effectively sel tho expected r8lum equal to Ihe discount rat8. Amount recognlsed In the Statemgnl of Financlal A¢tMtle$ 2024 2023 Current setViC8 Gost Net Interest cost Administratlon expen$e$ Totsl operating charge 56.000 (178.0001 19,000 (103,0001 152,000 144,000 13,000 309,IJOO Chang•8 in th8 pregent value of defined benefft obligations were as follows: 2024 2023 At 1 Aprll 2023 Current service cost Inte8t cost Change In financial assumptions Change in demographic assumplions Experienc8 loss on defined benefit obllgation Estimat8d benefits paid Contributions by Scheme participants At 31 March 2024 17.589,000 26,737,000 56,000 152,000 831,000 689.000 (154.000) (10,695,000) 1234,000) (574,000) 58,000 1,794.000 1559,000) <539.000) 20.000 25,000 17.607,000 17.589,000 Changos in tho falr value of charitys share of scheme assets: 2023 2022 At 1 April 2022 Interest on assets Retum on assets less interest other actuarial gains Admlnlslralion expenses Employer contributions Contributions by Scheme participants Estimated beneflts pald Asset not recognised At 31 Mar¢h 2023 21,167.000 1,009,000 1220,000) 21.113.000 545,0(10 (273.000) 62,000 119,000) {13.000) 236.000 247,000 20,000 25,000 1559,000) {539,000} {4,027,000} 13.578,000) 17,607,000 17.589,000 At 31 March 2024, the proportion of the LGPS scheme attril)uted to the charliy showéd an asset. However. under FR8102 an asset on the penslon scheme can only be recognised in c8rtain ¢ircumstances and these criterla were not met at 31 Merch 2024. Therefore the asset has not been recognised on the balance sheet. -32-
THE CALDEcorr FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OThER POST-RETIREMENT BENEF COMMITMENTS Other definèd eontrlbutlon sch•m The company operates a stakeholder scheme into it contril)ules a percentage of èmployges salary. In additi¢)n thè C£mpany a150 contributes into certain employees own penal pension schemes. {Contlnu•dl 2024 21123 ContributiS payable by the company for the year 155,354 136.453 Pension contributions amounting lo £23,79612023= £21.2901 re unpaid to Ihè stakoholder schemes 8t 31 March 2024." 18 COMPANY STATUS The Foundation is a company limited by guarantee. In th6 event of a winding-up thg liabilty of oach member will not exceed £1. 19 RESTRICTED FUNDS The incom8 funds of the charity include r8slricknJ lund8 comprising ts following ungxp8nded balances of donations and grants held on Injst for specific purposes= Tr8n$fers betw&en Balancè at 31 fund$ March 2024 Balance at 1 Aprfl 2023 URRENT YEAR Income Expenditur• Holidays I Carnps l Trips Sponsor a btsok ESFA Other fundra188d funds Pupil premlum Care leavers hardship fiJnd Fledborough Th8rapy Centre Forest School Sss RE Secondary Food Toch SEC S8n50ry room Soaal Worker Training New Ther8py Home Primary kitchen, canteen & 8cho(A hall Treehouse Build Rocing horse fund Oiher 14.893 473 26,048 11.575 22.117 7,135 3.280 22,429 8.951 18.395 11591 10.000 10,000 5,677 {3,4931 12.7091 473 (375} 11,139 52,643 7,135 3,280 13,060 10,427 18.395 11591 10,000 10.000 50.000 10.000 3,748 691,238 1,774 54.914 1717.6611 12,2101 {24,3881 19,3691 12.5241 4,000 10,000 3,748 1.697 823,048 4.320 139,671 1,1891 760,834 201.885 Transters b•tween Balance at 31 funds March 2023 Balanc• at 1 April 2022 COMPARATIVE YEAR Income Expenditure Holidays I Camps l Trips Indepdent Living fund Sponsor 8 book ESFA Other fundraised funds Pupil pr8mium Care leavers hardshlp fund Fledb(IrtMJgh Therapy Centre For8st S¢1 Swiss RE Sgcondary Ft)od Tech SEC Sensory room S181 Worker TrainSng NewTherapy Home other 500 18,0561 (4.8931 11.921 773 26,752 9,499 18.056 7.135 3.280 22.429 129 {11.921) 13001 1616.9281 12,3631 (34.2041 473 26.048 11.575 22.117 7.135 3,280 22.429 8.951 18.395 11591 10,000 10,01)0 4,320 139,671 616.224 5.165 38.265 17261 13.000 5,578 16,935 10,000 10,000 14.1781 12,817 4,268 121,3621 3.164 110.069 1,156 1,326 715.667 687.391 -33-
THE CALDEcorr FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 19 RESTRICTED FUND8. CONTINUED Holidays I Camps rip8 out For annual holidays, camps pAxl trips out to theatres etc SFrf)nsor a book For sponsorship of children's spla1 interest books and other readiThJ Fcyest Sch¢X*l Funds of £120.000 were rèceived from The Band Trust and £12.229 from MOlson$ Foundation to set up a forèst school and provide i)utdoor SFQrt and activity equipment. To fvjnd a range of ScifiC small items including leavers packs. art, play & music equipment. hardshlp grdnts. sport & challenge activili8s and vocational education To improve standards in the school and for capital expenditLsre in Ihe school Other fundraised funds ESFA Pupil premium Funds recelved from Local Authoriti85 and the ESFA which are provided for the education needs of individual School pupils A fund for care leavers to request support from. Funding towards resourGes for the Sm8eth school. Funding towards a new therapy centre al Fledborough. Funding to provide enhanGemenls to the physical environment Funds recetved from LO Authorities and statijtory bodies thch are prwded for irKlividual thildren and carglgavers Fund lo furbISh the Secondary food te¢h Glassroom Fund to refurbish the Se¢Mdary sensw rooms Fund lo provvje training towardg a Soal worker qualificallon Fund to rgfvrt)ish part of Caldecott House to provide a new area for children'$ therapy Primary kitchen. Ganleen & sGhopl Fund lo exlgnd the dining area u8ing esting space wlthin the School and to hall upgrade the kitGhen to commerclal stsndard. Treeh(yJse Build Fund lo bulld a treehouse within the grounds. Rc¢klng horse fiJnd Fund to repair the SteFI)enson Brothers ro¢klng h¢YSe. Transfer btheen funds Represents the transfer of unspent fvnds to other restricted funds and rrection of the OnIng balance. Care leavers hardship fund Smeeth School Resource5 Fledborough Therapy Centre Swiss RE Other restrEcted funds Secondary Food Tech SEC Sen80ry room Social Workèr Tralnlng New Therapy Home 20 DESIGNATED FUNDS The inwme fijnds of the group Include tha following deslgnated fund8 which have b8en $91 aside out of unreslricled funds by tho trustees for specific purwses: Balanc• at N•w D•slgnatlon$ Trnnshrsl Balanca at 31 1 April 2023 designatlons rn1oa$ed Galn5 March 2024 GROUP- CURRENT YEAR Fixed asset reserve Pension reserve Extras, fvnd 5.916.703 134,193 6,050.896 142,888 6,059.591 111.6) 111.6CKI (16.7881 {16.7881 237.700 6.288,596 134.193 Balan at Now De8ignation$ 1 April 2022 doslgnatlon8 r•l•aud Transhrsl Balan¢0 at 31 Galns March 2023 GROUP- COMPARATIVE YEAR Fixed 8wI reserve Pension reserve Extra$, fund 5,868,848 15.624,000) 156.822 401.670 47,855 5.624.000 17.8601 5,663,995 5.916,703 10.767 10.767 116.8401 {16,8401 142.888 6.059.591 Th8 fixed asset reserve - represents the nel book value of fixed assets held net of any associated t#)rrowings. Th8 penslon reserve - represents the penslon scheme liability at the year end. Th8 Extras fund - lo ba u88d for addltlonal actlvities over and abovo those funded by wre funding.
THE CALDECOTT FOUNDATION LIMrrED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 20 DESIGNATED FUNDS The income funds of the group include the following designated fvnds vthich have been set aslde out of unrestr6cted funds by the trustees for sp8dfi¢ purposes.. Balan¢0 at 31 March 2024 Balance at 1 w Deslgnatlons Aprll 2023 deslgnations released Transf•rsl Galns CHARrrY. CURRENT YEAR Fixed asset reseNe Penslon reserve Extras. fund 6,285,040 164,393 6.449,433 142.888 6,427,928 111,600 111,600 116,788) 116,788) 237,700 164.393 6.687.133 Balance at 31 March 2022 Balance at 1 Now Deslgnatlons ri12022 deslgnatlons raleased Transforsl Galns CHARITY - COMPARATIVE YEAR Fixed a$set reseNe Penslon reserve Extras, fvnd 6,206,985 15,624,000) 156,822 739,807 78,055 5,624,000 17.860} 142,888 5,894,195 6.427.928 6,285,040 10,767 10,767 (16.840) (16,8401 The fixed assel reserve - represents the nel book value of fixed 8ssets held net of any associated borrowings. The penslon reserve- r8presenls the pension herne Ilabillty at the year end. The Exlras fund - to be used for 8ddilional actlvltles over and above those funded by core fijnding. 21 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Unrèstrlcted Deslgnat•d funds funds R•strlct•d funds Totsl CURRENT YEAR Fund balances at 31 March 2024 are represented ty. Intangible fixed assets Tanglble fixed assets Inveslmenls Currenl assets Credltors.. amount falllng due within one year Cradltors.. amount falling due after moTr Ihan one year Defined benefft pension 463 6.046.974 2,459 238,700 463 6,046,974 2.459 2.195.086 1717,445) 1,754,500 {717.4451 201.885 COMPARATIVE YEAR UnrestTi¢t¢d D•81gnatgd funds funds Restrlcted funds Total Fund balances at 31 March 2023 are represented by: Intangible fixed assets Tanglble fixed assets Investments Current assets Creditors- amount falling due within one y8ar Creditors: amount falling due after more than one r Defined benefit pension 30,663 5,961,328 2,459 143,888 {78,747) 30,663 5,961,328 2,459 1.878,207 (641.8771 1,594,648 {563,131) 139.671
THE CALDECOTT FOUNDATION UMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 22 RECONCIUATION OF NEf INCOMEIIEXPENDTniRE) TO NET CASHFLOW FROM OPERATING ACTNMES 2024 2023 Net lexpendlturellincorne ft)r year Interest and inve5trnent inGome r8¢85vable Depreciallon of tangiblg fixed •s$els Amortlsallon of goodwill (Ina$0) in debtor8 In¢re0selld&crea8el In cradltors Nel cash flow from operatlng advlles 296,757 138.194> 547,793 30,200 118,854 154,311 1,111,721 {45.4871 {11.545) 492.566 30.200 1149.8661 20,542) 295,325 Nonw¢ash At 31 March cng•s 2024 23 ANALYSIS OF CHANGES IN NET DEBT At 1 Awil 2023 Ca8h flow Cash ai bank and In hand Bank overdrafts 1.231.866 435.731 1.667.597 1,231.866 435,731 1.867.597 Debt due thIn one yaar Debt due after on8 year 178,7471 78,747 178,7471 78,747 1,153,119 514,478 1,667,597 24 FUTURE COMMITMENTS Op•ratlng loas•s Total futurg minimum lease payments under non-cancellable 0ratIng lea888 are as follows.. Group Land and bulldlngs 2024 2023 2024 2023 Within one year Belween tsvo and five year5 In over fivg years 49,000 196,000 424,666 669,666 49,000 196,000 474,561 719,561 5,034 5.034 5.062 5,034 10,096 Charity Land and bulldlngs 2024 2023 Othèr 2024 2023 within ong year B8tMfftn and fve years In over flve years 49,000 196,000 424,666 669,666 49,000 196,000 474.561 719,561 5,034 S.034 5.062 5,034 10,096 Penslon ¢ornmltm•nts The Trustees agreed to pay additlonal pension Gontributions in re8p¢cl of th8 K8nt County Coundl Lal Govemment Pensiw Scheme wSlh effect from 1 April 2021. The monthly addlllonal contdbutlon Is a mlnlmum payment of £15.000. or£180,000 annually until the deficit is deared. -36-
THE CALDECOTT FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 25 RELATED PARTIES Mr N Bamett Mr N Bamett is th8 Chlaf ExecLrtiV8 Officer of Caldecott Foundation and 8 member of the kgy management team. During the year ènded 31 March 2020 he recelved a loan of £12.000 whlth Is repayable over 5 years. At 31 Mgrch 2024, h8 owed Caldecott Foundation £1,80012023.. £4.200). 26 CAprrAL COMMITMENTS The charfty had Gapilal cornmilments at the year end a5 follows.. 2024 2023 19,290 -37-