Company registration number: 00905037 Charity registration number: 313182
The National Association for Gifted Children
known as
Potential Plus UK
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 30 April 2024
The National Association for Gifted Children
known as Potential Plus UK
Contents
| Reference and Administrative Details | 1 to 2 |
|---|---|
| Trustees' Report | 3 to 8 |
| Statement of Trustees' Responsibilities | 9 |
| Independent Examiner's Report | 10 |
| Statement of Financial Activities | 11 to 12 |
| Balance Sheet | 13 |
| Notes to the Financial Statements | 14 to 24 |
The National Association for Gifted Children
known as Potential Plus UK
Reference and Administrative Details
Trustees
Ms J Morgan Mr S A J Ramsden Ms M Hungerford (resigned June 2024) Mrs L Fellows Mrs B Young Mr D Dipper Mr A Joshi Ms W S Salim (resigned October 2023) Mr R Jones (appointed October 2023)
Secretary
Miss T L Morsbach
Senior Management / Leadership Team
Mrs J Taplin, Chief Executive
Charity Registration Number
313182
Company Registration Number
00905037
Registered Office
The Open University Vaughan Harley Building Ground Floor Walton Hall Milton Keynes MK7 6AA
1
Independent Examiner
KRW Accountants Ltd The Mill Pury Hill Business Park Alderton Road Towcester NN12 7LS
Solicitors:
Woodfines Solicitors 16 St Cuthbert's Street Bedford Bedfordshire MK40 3JG
2
The National Association for Gifted Children
known as Potential Plus UK
Trustees’ Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 April 2024.
Chair’s report
The past year has continued to be financially challenging as the cost-of-living crisis impacts families who need our assistance. Almost 20% of our members now rely on our heavily subsidised concessionary rate for membership and likewise 15% of our assessments are subsidised through our scholarship programme, and we are all too aware that there are families for whom more support is needed.
Thankfully, with the support of our donors we have been able to continue to provide some free services in the form of enquiry responses to phone calls, advice and guidance through our website and newsletter and the Facebook groups we moderate. However, increasingly it is clear that to have a positive impact on high potential learners from disadvantaged backgrounds, who would benefit greatly from our help, we need to communicate clearly with our donors about the importance of early years support for children with high learning potential so they can develop the resilience they need to succeed in life and fulfil their potential.
Our objectives remain to discover young people’s potential, nurture their gifts and talents, and support them to succeed and thrive with confidence; but often for these young people this is only achieved by enabling appropriate levels of challenge and encouragement at critical stages of their development.
As always, I am grateful for the dedication and professionalism of all our staff (including our casual workers), volunteers and trustees, and in particular to Julie Taplin and Olivia Smith, our CEO and Deputy CEO, for the enormous contribution they make to our small charity.
There have been a couple of changes to Board membership in the last year and whilst we were sorry to see Wafaa Salim leaving us at our last AGM, we thank her for her contribution as a trustee, and we are glad to welcome Rhys Jones onto the Board as a replacement. Rhys joins us with experience of working with a sister charity in New Zealand and he has already been able to make a significant impact.
......................................... Mr S A J Ramsden Chair of the Board of Trustees
3
The National Association for Gifted Children
known as Potential Plus UK
Trustees’ Report
The work we do
Potential Plus UK is the only UK organisation that works with families and schools for the benefit of neurodivergent young people with high learning potential, including those from disadvantaged backgrounds and those with additional needs.
Our vision is for every young person with high learning potential to receive appropriate support and challenge to secure wellbeing and high attainment with the skills, resilience, and confidence to succeed at every stage of their development. Without appropriate support and challenge they are frequently unable to develop essential life skills and can experience poor motivation, social isolation, and, in some cases, poor mental health. A lack of understanding and appropriate provision can result in a high and increasing number of these young people being excluded or self-excluding from school.
Through 2023-2024 we have been able to bring the empowering of young people to the forefront of our work by engaging them in two co-creation projects. We empower parents by equipping them with the knowledge, skills and tools to improve the opportunities, achievement and well-being of their children, and we foster safe, supportive communities where families can share their successes, experiences and challenges. We aim to strengthen our social advocacy by collaborating with other user-led organisations to raise awareness and campaign for the needs and rights of young people with high learning potential.
Governance and objectives
Potential Plus UK is the operating name of The National Association for Gifted Children, a registered charity and company limited by guarantee, which was established in 1967. The principle object of the charity is to promote and support children with exceptional intellectual ability and creativity, which we describe as high learning potential. Trustees take account of guidance issued by the Charity Commission on public benefit, which charities must demonstrate.
The charity was established as a membership organisation under a Memorandum and Articles of Association, which state that a Board of Trustees will lead and manage the organisation, with Trustees proposed by the existing Board and elected by members at the Annual General Meeting. The Board meets regularly using technology such as Teams and Zoom meeting, currently 4 times each year, but more often if circumstances require it.
For the good governance of the charity and to make it as accessible as possible to as many members as possible trustees agreed to hold the Annual General Meeting online on Zoom on Saturday 28[th] October 2023.
The CEO is the senior member of staff responsible for implementing the strategic plan developed by the trustees. She attends all Board meetings.
Our achievements over the last year
Advice Service
Demand from parents/carers and from teachers for information, advice and guidance continued via telephone, email and through our closed Facebook communities, Parenting High Potential and Parenting Gifted Children UK.
Throughout the year 2,401 callers were guided to important information for their children; 1,143 email enquiries were directed to supportive information and services; and 441 parents gained in-depth advice through our telephone advice consultations. To increase capacity in the new financial year we have trained and supported a small group of volunteers to take some of the initial calls.
Pre-recorded webinars were developed and enhanced in the latter part of the year and 100 hours of guidance have already been provided to parents and carers.
4
The National Association for Gifted Children
known as Potential Plus UK
Trustees’ Report
Assessment Service
As both a key support service for families and income generator for the charity, the assessment service remained in high demand. Across two geographical locations, as well as online, 161 families received bespoke recommendations through our comprehensive assessments. Plans are in place to further enhance the assessment service through the provision of a range of screeners to build on our support for families.
- Young People Co creation Projects
We commissioned two co-creation projects to explore the needs of young people with high learning potential, their ideas about the kind of support they require and how that support could be delivered. The information gathered so far highlights the complex needs of many in our community, as well as their challenges in education and society and how that impacts their wellbeing. End of project information will be available during the coming months.
Events
Over the year 250 families have socialised and enjoyed activities at a variety of our in-person events. We are delighted to have again hosted the Big Adventure Weekend at Condover Hall in July 2023. The local Surrey Explorers group continued to provide a varied mix of opportunities from poetry to space odyssey and the magic of maths. Responding to the requests from family members we introduced regional events, starting with GameOn in Manchester, London and Bristol. The ever successful Be Curious Weekend is planned for the start of May.
To support our member community 296 parents and carers shared their experiences of parenting a child with high learning potential in safe online spaces. These discussion groups were frequently facilitated by the charity’s Trustees.
Membership
As a membership charity this remains the backbone of our community. We have noted a gradual decline in the number of family members, which has prompted a review of membership early in the new financial year. The increase in the need for concessionary (subsidised) memberships, that we witnessed over the last two years, has continued with 19% of families benefitting from concessionary memberships to ensure on-going support.
The number of school members has also decreased, which will need to be reviewed. Schools are an essential partner in helping the charity to reach out to the most disadvantaged children and families.
The Potential Plus UK Scholarship Fund
We work hard to remove barriers to young people maximising their potential. A significant barrier for many families is financial; some would struggle to access our membership and assessment services without support. We do not have the income to subsidise these services directly and, without additional funding, we would not be able to provide them at all. The model we have adopted since 2014 is to offer the services at market rates and then fundraise to offer financial support to young people and their families in need. This year we have continued with diverse income streams for the scholarship fund, so that funding for scholarships comes from:
-
Donations from families and individuals
-
Funding from charitable trusts and foundations
In this financial year 15% of assessments have been funded through the Scholarship Fund, enabling families enabling them to benefit from much needed support.
5
The National Association for Gifted Children
known as Potential Plus UK
Trustees’ Report
The Scholarship Fund forms an integral and essential part of our work, and we thank all those who have contributed to it; Tracy Morsbach, our Senior Finance Officer who administered it and those few organisations that provided funds, despite their own difficult situations, to support these young people. The fund is key to enabling us to carry out our mission to support young people’s high learning potential, regardless of their background or circumstance.
Website and social media
We continue to review and enhance the membership database together with the events calendar. This year we have enabled parents to book advice service calls online. This simplifies the process for families and makes registration accessible at all times.
We are acutely aware that the main website requires review to aid easier navigation and clarity of message. This is a project that the Trustees will be considering shortly.
Our Facebook page continues to grow with 4,600 followers, highlighting the importance of this platform in our messaging. Our presence on Twitter has held steady at 2,960 followers and Instagram is increasing in importance where we have 2,004 followers.
Our partnerships
It is pragmatic for us to work in collaboration with other user-led organisations that are aligned with our vision. We believe that working together will help us to drive the change we all want for our young people and lead to improvements in policy and practice both in education and in society. We recognise that we cannot do this on our own and that we all benefit from working together.
NACE, the Potential Trust, nasen, British Mensa: We are working collaboratively with these organisations on the initiative ‘Removing Barriers to Wasted Potential’, which will continue beyond the General Election.
Skills Builder: Our ongoing partnership with the Skills Builder initiative informs and supports our work to help young people develop essential skills and resilience.
European Council for High Ability: Our CEO sits on the Advisory Board of the ECHA Special Interest Group ‘Empowering Families’ with the aim of sharing best practice and raising awareness about the importance of parental engagement in the support of young people with high learning potential.
Our income
Income Generation
Income from services continued to be essential for the sustainability of the charity. However, the on-going cost-ofliving crisis also impacted the demand for financial assistance from families in desperate need of our support.
Grants and donations
Donations and grants were received from the following organisations: The Comino Foundation, The Potential Trust, Joseph Strong Fraser Trust and Gilbert Edgar Trust.
6
The National Association for Gifted Children
known as Potential Plus UK
Trustees’ Report
Financial review
The net incoming resources amounted to a loss of £214,650 (2023: surplus of £374,793). As at the 30 April 2024 the charity had total reserves of £277,614 (2023: £492,264); being a surplus on restricted reserves of £868 (2023: £805) and a surplus on unrestricted reserves of £276,746 (2023: £491,459). The restricted reserves are used solely for the purpose stated in the award.
Reserves policy
The reserves statement in our Finance Policy requires that the charity aims to hold unrestricted reserves to cover its closure costs plus 3 months’ operating costs. These costs are calculated every 1 to 2 years. This amount is currently £170,000.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 23 September 2024 and signed on its behalf by:
.........................................
Mr S A J Ramsden Chair of the Board of Trustees
7
The National Association for Gifted Children
known as Potential Plus UK
Trustees’ Report
Chief Executive’s Report
2023-2024 has been a year in which the charity has been able to lay the foundations of sustainability and longer-term support of our community of young people, their families and educators.
The significant donation received in 2022 has enabled us to finance important co-creation projects working directly with the young people; work we have wanted to do for many years but were limited by our capacity to fund it.
The donation also gave Trustees the confidence to invest in the charity’s core structure and expertise within the team, aiding the enhancement our services and simplifying many of our processes.
Throughout this year of laying the foundations for growth I have experienced the support of a dedicated, resourceful and creative team of staff (including our casual workers), who go out of their way to ensure we are helping our community of young people.
I feel honoured to have a board of Trustees, who have lived experience of the concerns our families are facing, and who go above and beyond their remit of the charity’s governance to help us deliver that much needed support.
Like any charity, we rely on a wide range of volunteer help: not only from our Trustees, but also from the administrators on the Facebook groups, the volunteers at the Explorers clubs and the recent addition of volunteers answering initial calls.
None of this would be possible without our community of family and school members. Many join the charity seeking help and support from us, but then stay to share with new families what they have learnt on their own journey.
With warmest wishes
Julie Taplin
Chief Executive
8
The National Association for Gifted Children
known as Potential Plus UK
Statement of Trustees' Responsibilities
The trustees (who are also the directors of The National Association for Gifted Children for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.
Approved by the trustees of the charity on 23 September 2024 and signed on its behalf by:
......................................... Mr S A J Ramsden Chair of the Board of Trustees
9
The National Association for Gifted Children
known as Potential Plus UK
Independent Examiner's Report to the trustees of The National Association for Gifted Children ("the Company")
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of The National Association for Gifted Children are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of The National Association for Gifted Children as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
ajbeattie
......................................
Mr A J Beattie ICAEW KRW Accountants The Mill Pury Hill Business Park Alderton Road Towcester NN12 7LS
- 23 September 2024
10
The National Association for Gifted Children
known as Potential Plus UK
Statement of Financial Activities for the Year Ended 30 April 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted Total |
|
|---|---|
| funds Restricted funds 2024 |
|
| Note | £ £ £ |
| Income and Endowments from: | |
| Donations and legacies 3 |
13,766 23,525 37,291 |
| Charitable activities 4 |
167,970 - 167,970 |
| Investment income 5 |
10,053 - 10,053 |
| Other income 6 |
4,445 - 4,445 |
| Total income | |
| 196,234 23,525 219,759 |
|
| Expenditure on: | |
| Charitable activities 7 |
(410,947) (23,462) (434,409) |
| Total expenditure | |
| Net income | |
| (214,713) 63 (214,650) |
|
| Net movement in funds | |
| (214,713) 63 (214,650) |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 491,459 805 492,264 |
|
| Total funds carried forward 19 |
|
| 276,746 868 277,614 |
The notes on pages 14 to 24 form an integral part of these financial statements.
11
The National Association for Gifted Children
known as Potential Plus UK
Statement of Financial Activities for the Year Ended 30 April 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted Total |
|
|---|---|
| funds Restricted funds 2023 |
|
| Note | £ £ £ |
| Income and Endowments from: | |
| Donations and legacies 3 |
435,346 33,930 469,276 |
| Charitable activities 4 |
169,263 - 169,263 |
| Investment income 5 |
2,610 - 2,610 |
| Other income 6 |
47,312 - 47,312 |
| Total income | |
| 654,531 33,930 688,461 |
|
| Expenditure on: | |
| Charitable activities 7 |
(280,174) (33,494) (313,668) |
| Total expenditure | |
| (280,174) (33,494) (313,668) |
|
| Net expenditure | |
| 374,357 436 374,793 |
|
| Net movement in funds | |
| 374,357 436 374,793 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 117,102 369 117,471 |
|
| Total funds carried forward 19 |
|
| 491,459 805 492,264 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for both years is shown in note 19.
The notes on pages 14 to 24 form an integral part of these financial statements.
12
The National Association for Gifted Children
known as Potential Plus UK
(Registration number: 00905037) Balance Sheet as at 30 April 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible assets | 14 | 3,580 | 3,409 |
| Current assets | |||
| Debtors | 15 | 13,243 | 6,405 |
| Cash at bank and in hand | 16 | 327,064 | 552,279 |
| 340,307 | 558,684 | ||
| Creditors: Amounts falling due within oneyear | 17 | (66,273) | (69,829) |
| Net current assets | 274,034 | 488,855 | |
| Net assets | 277,614 | 492,264 | |
| Funds of the charity: | |||
| Restricted income funds | |||
| Restricted funds | 868 | 805 | |
| Unrestricted income funds | |||
| Unrestricted funds | 276,746 | 491,459 | |
| Total funds | 19 | 277,614 | 492,264 |
For the financial year ending 30 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 11 to 24 were approved by the trustees, and authorised for issue on 23 September 2024 and signed on their behalf by:
.........................................
Mr S A J Ramsden Chair of the Board of Trustees
The notes on pages 14 to 24 form an integral part of these financial statements.
13
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
1 Charity status
The charity is limited by guarantee, incorporated in, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation
The address of its registered office is: The Open University Vaughan Harley Building Ground Floor Walton Hall Milton Keynes MK7 6AA
These financial statements were authorised for issue by the trustees on 23 September 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The National Association for Gifted Children meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably.
14
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
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The donor specifies that the grant or donation must only be used in future accounting periods; or
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The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading those aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.
15
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Office equipment 25% straight line basis
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
16
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
3 Income from donations and legacies
| Unrestricted | |||
|---|---|---|---|
| funds | Restricted | Total | |
| General | funds | funds | |
| £ | £ | £ | |
| Donations and legacies; | |||
| Donations from individuals | 13,766 | - |
13,766 |
| Grants, including capital grants; | |||
| Grants from other charities | - | 23,525 |
23,525 |
| Total for 2024 | 13,766 | 23,525 |
37,291 |
| Total for 2023 | 435,346 | 33,930 |
469,276 |
4 Income from charitable activities
| 4 Income from charitable activities |
||
|---|---|---|
| Unrestricted | ||
| funds | Total | |
| General | funds | |
| £ | £ | |
| Charitable activities | 167,970 | 167,970 |
| Total for 2024 | 167,970 | 167,970 |
| Total for 2023 | 169,263 | 169,263 |
5 Investment income
| Unrestricted | |
|---|---|
| funds Total |
|
| General funds |
|
| £ £ |
|
| Interest receivable and similar income; | |
| Interest receivable on bank deposits | 10,053 10,053 |
| Total for 2024 | |
| 10,053 10,053 |
|
| Total for 2023 | |
| 2,610 2,610 |
17
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
6 Other income
| 6 Other income |
||||
|---|---|---|---|---|
| Unrestricted | ||||
| Total | Total | |||
| General | 2024 | 2023 | ||
| £ | £ | £ | ||
| Other income | 4,445 | 4,445 | 47,312 |
7 Expenditure on charitable activities
| 7 Expenditure on charitable activities |
|
|---|---|
| Unrestricted | |
| funds Restricted Total |
|
| General funds funds |
|
| Note | £ £ £ |
| Staff Expenses | 298,177 19,740 317,917 |
| Premises costs | 9,107 267 9,374 |
| Cost of sales | 21,696 2,147 23,843 |
| Technology costs | 5,263 388 5,651 |
| General expenses | 59,928 920 60,848 |
| Governance costs 8 |
16,776 - 16,776 |
| Total for 2024 | |
| 410,947 23,462 434,409 |
|
| Total for 2023 | |
| 280,174 33,494 313,668 |
For further details of the governance costs of £16,776 (2023 - £14,496) which relate directly to charitable activities, please see note 8.
18
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
8 Analysis of governance and support costs
Governance costs
| Governance costs | ||
|---|---|---|
| Unrestricted | ||
| funds | Total | |
| General | funds | |
| £ | £ | |
| Staff costs | ||
| Wages and salaries | 5,195 | 5,195 |
| Independent examiner fees | ||
| Examination of the financial statements | 2,388 | 2,388 |
| Legal fees | 4,451 | 4,451 |
| Othergovernance costs | 4,742 | 4,742 |
| Total for 2024 | 16,776 | 16,776 |
| Total for 2023 | 14,496 | 14,496 |
9 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
| Net incoming/(outgoing) resources for the year include: | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Operating leases - other assets | 10,145 | 8,889 | ||
| Depreciation of fixed assets | 1,259 | 1,014 |
10 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
Trustees have received reimbursed expenses to the value of £277 (2023: Nil) No other benefits from the charity during the year.
19
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
11 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | |
|---|---|
| 2024 2023 |
|
| £ £ |
|
| Staff costs during the year were: | |
| Wages and salaries | 259,771 245,744 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| year expressed as full time equivalents was as follows: | |
|---|---|
| 2024 2023 |
|
| No No |
|
| Charitable activities | 5 4 |
| Fundraising and administration | 1 1 |
| Management and administration | 1 1 |
| 7 6 |
No employee received emoluments of more than £60,000 during the year.
Salaries in the year ended 30 April 2024 include casual workers, whose payments are made via payroll, and are not included in payroll numbers.
12 Independent examiner's remuneration
| 12 Independent examiner's remuneration |
|
|---|---|
| 2024 2023 |
|
| £ £ |
|
| Examination of the financial statements | |
| 2,388 2,589 |
20
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
13 Taxation
The charity is a registered charity and is therefore exempt from taxation.
14 Tangible fixed assets
| Furniture and equipment £ Total £ 8,109 8,109 1,430 1,430 9,539 9,539 4,700 4,700 1,259 1,259 5,959 5,959 3,580 4,580 3,409 3,409 |
|
|---|---|
| Cost | |
| At 30 April 2023 | |
| Additions | |
| At 30 April 2024 | |
| Depreciation | |
| At 30 April 2023 | |
| Charge for theyear | |
| At 30 April 2024 | |
| Net book value | |
| At 30 April 2024 | |
| At 30 April 2023 | |
| 15 Debtors |
|
| 2024 £ 2023 £ 281 565 8,578 5,840 4,384 - 13,243 6,405 |
|
| Trade debtors | |
| Prepayments | |
| Other debtors | |
| 16 Cash and cash equivalents |
|
| 2024 £ 2023 £ 327,064 552,279 |
|
| Cash at bank |
21
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
| 17 Creditors: amounts falling due within one year |
|||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Trade creditors | 9,158 | 7,858 | |||
| Other taxation and social security | 2,456 | 2,252 | |||
| HMRC VAT Payable | 5,184 | 7,314 | |||
| Other creditors | 4,403 | 3,045 | |||
| Accruals & Deferred Income | 45,072 | 49,360 | |||
| 66,273 | 69,829 |
18 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £41,358 (2023 - £18,295)
Contributions totalling £4,403 (2023 - £3,045) were payable to the scheme at the end of the year and are included in creditors.
22
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
| 19 Funds |
|
|---|---|
| Balance at 1 May Incoming Resources Balance at 30 |
|
| 2023 resources expended April 2024 |
|
| £ £ £ £ |
|
| Unrestricted funds | |
| General | |
| 491,459 196,234 (410,947) 276,746 |
|
| Restricted funds | |
| 805 23,525 (23,462) 868 |
|
| Total funds | |
| 492,264 219,759 (434,409) 277,614 |
|
| Balance at 1 May Incoming Resources Balance at 30 |
|
| 2022 resources expended April 2023 |
|
| £ £ £ £ |
|
| Unrestricted funds | |
| General | |
| 117,102 654,531 (280,174) 491,459 |
|
| Restricted funds | |
| 369 33,930 (33,494) 805 |
|
| Total funds | |
| 117,471 688,461 (313,668) 492,264 |
23
The National Association for Gifted Children
known as Potential Plus UK
Notes to the Financial Statements for the Year Ended 30 April 2024
| 20 Analysis of net assets between funds |
|
|---|---|
| Total funds at 30 | |
| Unrestricted funds Restricted April |
|
| General funds 2024 |
|
| £ £ £ |
|
| Tangible fixed assets | 3,580 - 3,580 |
| Current assets | 340,307 - 340,307 |
| Current liabilities | (57,017) (9,256) (66,273) |
| Total net assets | |
| 286,870 (9,256) 277,614 |
|
| Total funds at 30 | |
| Unrestricted funds Restricted April |
|
| General funds 2023 |
|
| £ £ £ |
|
| Tangible fixed assets | 3,409 - 3,409 |
| Current assets | 558,684 - 558,684 |
| Current liabilities | (63,700) (6,129) (69,829) |
| Total net assets | |
| 498,393 (6,129) 492,264 |
24