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2023-12-31-accounts

Charity registration number 702308

Company registration number 02357123 (England and Wales)

THE GREENFIELDS CENTRE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GREENFIELDS CENTRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Management Committee

Management Committee J Burn S Roberts J Tate A Pickard Charity number 702308 Company number 02357123 Registered office 139 Russell Road Forest Fields Nottingham NG7 6GX Independent examiner Rogers Spencer Newstead House Pelham Road Nottingham NG5 1AP Bankers Unity Trust Bank Plc Nine Brindley Place 4 Oozells Square Birmingham B1 2HB Senior management team Judy Tate Project Director Helen Fletcher Childcare Director Cindy Raymond HR & Training

THE GREENFIELDS CENTRE LIMITED

CONTENTS

Page
Management Committees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 11
Statement of cash flows 10
Notes to the financial statements 12 - 26

THE GREENFIELDS CENTRE LIMITED

MANAGEMENT COMMITTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The Management Committee present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The principal activity of the charity is the provision of child care and training facilities. The charity is also known as Greenfield’s.

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

Financial review

The detailed results for the year are set out on the SoFA.

Charitable income from childcare services was reduced by 4.85% during the year from £847K to £806K. This was as a direct result of the lack of availability of suitably qualified and experienced staff which is a sector wide issue, even though there were enough children on the waiting list to have increased the income by a similar amount to the previous year, had there been the capacity to admit them. This is an ongoing issue which may affect the centres income for another one to two years as alternative projects and structures are considered. Meanwhile the rates of funding from the local authority for two year olds has increased by a higher percentage than usual so it is hoped that this will offset some of the expected loss in the coming year. In addition, interest rates have increased so overall amount of interest received during 2023 went up by more than 400%. The number of children varied across the three nurseries so income was higher in some settings and age groups and lower in others, but in all three it was directly related to staffing capacity.

As expected, charitable expenditure increased but by a much higher margin than predicted. This was due to the need to use agency staff for the whole year as a direct result of the ongoing challenges to recruitment and selection. The total spent on agency staff was £39K. Combined with the loss in income, this created an operating loss. In addition, charitable expenditure on other costs rose due to the cost of living increase such as food and drink which increased by more than £1K despite there being less children, and utilities/rates which increased by more than £5K. Cost saving exercises are being implemented for the coming year. Budgets for non essential expenditure have been reduced significantly and alternative suppliers have been found for some services (such as insurance) which will reduce costs further.

THE GREENFIELDS CENTRE LIMITED

MANAGEMENT COMMITTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The overall management of The Greenfield’s Centre is by a voluntary management committee. Committee members may request to join at any time and will be invited to a committee meeting to meet other members and find out about the role. Details of new directors are submitted to the registrar of Companies. A specialist advisor from Nottingham Community Voluntary Service (NCVS) will provide training to new members and the wider committee to inform them of their duties and responsibilities and to provide support to them in carrying out their role.

The committee meet quarterly either in person or using online team meeting software and need at least four voting members for a meeting to be quorate. Senior members of staff may also attend the management committee meeting and are required to provide finance, funding and service delivery reports for the committee. They are also required to report the details of any issues arising. Policy decisions, approval of changes in practice and agreement on new projects are decided at these meetings. Minutes of all meetings are circulated, and copies retained at the centre.

The management committee employ a team of paid workers to carry out the day-to-day management and operation of the centre. These members of staff are appointed using an equal opportunities recruitment and selection basis and panels include members of the committee, line manager and outside representation (either from a funder or an organisation with technical expertise).

Financial management is governed by the centre’s policy on finance. Decisions regarding expenditure under £1,000 which are pre-approved within the budget may be made without management committee approval, however all invoices are presented for inspection by the treasurer each month. Any expenditure over £1,000 or expenditure not approved within the budget is tabled at the management committee meeting.

The Management Committee, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J Burn

S Roberts

J Tate

A Pickard

THE GREENFIELDS CENTRE LIMITED

MANAGEMENT COMMITTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Management Committee review

Greenfields aims and objectives and the services provided during 2023 have remained to be the provision of accessible, affordable, quality childcare and the support of the families we work with. Our focus is on the safety and wellbeing of children and on meeting their individual needs. During 2023, local authority funding for those children who were entitled to it was provided but the numbers of non-working parents wishing to take up places was lower than usual. The number of working parents requiring day care is still lower than pre-covid, however, this is gradually building up and with the government initiative to support working parents with free childcare hours being introduced in 2024, is expected to gain momentum.

The Centre has made a significant loss during the year which will be covered by the centre’s reserves and although it can be sustained this year, it wouldn’t be sustainable long term. Ongoing cover of losses would eventually deplete the centres reserves and result in it no longer being viable. As no core funding or grant aid is currently received by the organisation, it is essential that the income from fees and funded places cover the cost of operating the centre, whilst maintaining some reserves for exceptional circumstances or future investment. We have reviewed charges and are implanting a fee increase in May 2024 and we are undertaking a review of all costs with the aim of making considerable savings. We will also continue to look for opportunities to deliver alternative projects which may qualify for grants to contribute to the costs of running the centre as well as support the local community. However, we feel it is prudent to create a redundancy reserve to meet the requirements of the terms of the centres redundancy policy should the need arise.

Effective and meaningful working partnerships continue to be important to Greenfields to support the development of the organisation whilst meeting the needs of our families. Our working partnership with Nottingham City Children’s services remains very important to the success of Greenfields and as such, we are supporting the changes within Children’s Centres in the city to become Family Hubs. Nottingham City Council has reviewed its offer in terms of children’s services and has closed some of its children’s centres to reduce costs. One of the settings where we operate has closed as a children’s centre, and our negotiations with the authority to take over the running of the centre on a lease basis are continuing. We expect the cost of operating in the setting will increase and therefore we are considering how to maximise income and looking at other potential uses for the space, including hiring rooms out to other organisations. Our partnership with local schools is also strong and the numbers attending the After-School Club which we operate on behalf of four of the schools in the community has continued to steadily increase.

There have been many changes to the way Early Years organisations operate in recent years including changes to the EYFS which is the statutory framework that underpins the sector. We continue to review and update our policies and procedures to ensure that they are in line with the changes and sufficiently robust to keep staff, children and families safe. Our vision remains to continue to manage Greenfields in a way which ensures that it is remains sustainable but is still underpinned by the social values on which the organisation was built.

Greenfields most significant challenge at present is the recruitment and retention of suitably qualified and experienced staff. This is a sector wide issue, and we have tried a range of different approaches to help overcome that challenge. We are working with other organisations to consider a range of ways that we can attract workers into the sector. There is no doubt however, that any improvement to the current situation is going to take time and the results of any new initiative will not be apparent for some years. As such, we have had to make more use of agency staff than we have done in previous years which, in addition to being a short-term solution, is also expensive and therefore unsustainable long term.

We aim to maintain the amount of charitable work carried out at the centre and will therefore continue to offer respite care to children in need as well as support families to access a range of support services and advocate on behalf of them where necessary. We will also continue to offer affordable space for training and meetings to non-profit making organisations.

THE GREENFIELDS CENTRE LIMITED

MANAGEMENT COMMITTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Greenfields continues to work within the guidelines laid down within its policy on equality and diversity which ensures its services are targeted at those in greatest need and aims to be inclusive to all members of the community regardless of their ethnicity, ability, religion, cultural differences or employment status. Greenfields actively encourages inclusive practice and welcomes children with disabilities and additional needs. The inclusion of all members of society results in a rewarding and positive experience for staff, volunteers and users of the centre. Greenfields is committed to providing public benefit and to developing inclusive practice. Greenfields is committed to complying with its duties in relation to the Governments PREVENT strategy and to the health, safety, welfare and safeguarding of children as well as meeting all statutory requirements in relation to employment.

Recruitment and induction of Management Committee

At Greenfields, we value the contribution to the organisation of a voluntary management committee made up of users and other interested parties.

Greenfields Management Committee is committed to ensuring that new Trustees are given the necessary information to understand the role and responsibility of the committee member and the support required to enable them to carry out their role.

Membership:

The following persons may be voting members of Greenfields Management Committee:

The following persons may be voting members of Greenfields Management Committee:

Recruitment:

Members will be recruited in the following ways:

Induction:

Induction for members takes place in the following ways:

THE GREENFIELDS CENTRE LIMITED

MANAGEMENT COMMITTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Committee meetings:

Sub groups:

In order to fully play a role in the centre’s operation, committee members may join a sub group of the committee which relates specifically to the area in which they have an interest in the organisation. Sub groups meet separately at times to suit the sub group members and report to the full committee at their next meeting. Sub groups are as follows:

Reserves policy

It is the policy of the charity to maintain unrestricted free reserves at a sufficient level to finance three months trading and allow essential buildings repairs to be carried out for which the charity estimate to be £20,000. The charity satisfies this, as it currently has free reserves amounting to £415,000.

Risk management

The management Committee has examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Policy on remuneration of staff and review of rates of pay

Greenfields Centre Limited aims to recruit and retain employees with the skills and experience to perform their role competently and to contribute to the achievement of the charity’s aims and objectives, and who understand and support the ethos and culture of the organisation. Greenfields aims to provide a remuneration package and working environment that is attractive and comparable to other similar organisations.

The trustees of Greenfields Centre have responsibility for setting salary levels for staff and will conform with the Equality Act 2010; They are committed to maintaining an appropriate balance between paying employees fairly in order to attract and retain the best people for the job, whilst ensuring careful management of the organisation’s funds. Greenfields management review salaries annually and present recommendations to trustees, although there is no guarantee that any changes to salaries are made as a result of the review.

In deciding the levels of salary and benefits, the management and trustees of Greenfields consider:

Staff are informed annually of changes to their salary. Greenfields aims to be transparent at all times and employees have access to full details of the pay structure.

THE GREENFIELDS CENTRE LIMITED

MANAGEMENT COMMITTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The report, was approved by the Management Committee and signed on their behalf by

J Tate Director Dated: 3 July 2024

THE GREENFIELDS CENTRE LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE MANAGEMENT COMMITTEE OF THE GREENFIELDS CENTRE LIMITED

I report to the Management Committee on my examination of the financial statements of The Greenfields Centre Limited (the Charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Management Committee of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity’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 ACCA, 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 that in any material respect:

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 financial statements to be reached.

Melvin Bailey FCCA DChA for and on behalf of

Rogers Spencer

Newstead House Pelham Road Nottingham NG5 1AP

Dated: 5 July 2024

THE GREENFIELDS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Charitable activities
3
794,464
-
Investments
4
11,833
-
Other income
5
-
-
Total income
806,297
-
Expenditure on:
Raising funds
6
5,950
-
Charitable activities
7
894,662
3,696
Total resources expended
900,612
3,696
Net expenditure for the year/
Net movement in funds
(94,315)
(3,696)
Fund balances at 1 January 2023
624,832
253,388
Fund balances at 31 December 2023
530,517
249,692		 Total
2023
£
794,464
11,833
-
806,297
5,950
898,358
904,308
(98,011)
878,220
780,209		 Total
2022
£
818,853
2,672
25,867
847,392
11,941
854,413
866,354
(18,962)
897,182
878,220

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE GREENFIELDS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Charitable activities
3
818,853
-
Investments
4
2,672
-
Other income
5
-
25,867
Total income
821,525
25,867
Expenditure on:
Raising funds
6
11,941
-
Charitable activities
7
824,850
29,563
Total resources expended
836,791
29,563
Net expenditure for the year/
Net movement in funds
(15,266)
(3,696)
Fund balances at 1 January 2022
640,098
257,084
Fund balances at 31 December 2022
624,832
253,388		 Total
2022
£
818,853
2,672
25,867
847,392
11,941
854,413
866,354
(18,962)
897,182
878,220

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE GREENFIELDS CENTRE LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
24
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(105,664)
(7,777)
11,833
4,056
-
(101,608)
583,265
481,657		 2022
£
(2,991)
2,672		 £
10,366
(319)
-
10,047
573,218
583,265

THE GREENFIELDS CENTRE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds		 2023
£
2,092
481,657
483,749
(68,590)		 £
365,050
415,159
780,209
249,692
530,517
780,209		 2022
£
1,315
583,265
584,580
(81,184)		 £
374,824
503,396
878,220
253,388
624,832
878,220

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Management Committee on 3 July 2024 and signed on their behalf by

J Tate

Director

Company Registration No. 02357123

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Greenfields Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 139 Russell Road, Forest Fields, Nottingham, NG7 6GX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Management Committee have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Management Committee continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds represent grants, donations and legacies received which are allocated by the donor for specific purposes.

1.4 Income

All income is included in the SOFA when the charity is legally entitled to the income, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue grants’, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Gifts in kind donated are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

All capital grants received in respect of any depreciated assets are credited to deferred income and amortised to the profit and loss account over the useful economic life of the assets to which they relate.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 100 years Property improvements between 5 years and 100 years Fixtures and fittings between 2 and 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Any bank overdrafts are shown within borrowing in current liabilities.

1.9 Taxation

The organisation is a registered Charity and is exempt from taxation.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.10 Defined contribution pension scheme

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The charity operates a defined contribution pension scheme for certain of its employees. The costs incurred are charged to the Statement of Financial Activities as they accrue.

1.11 Defined benefit pension scheme

The charity is an admitted body of the Nottinghamshire County Council Pension Scheme which is independently administered. This is a defined benefit scheme and is used for certain of the charity’s employees.

It is a multi-employer scheme with pooled assets which cannot be allocated to individual employers. As a consequence no share of the underlying assets and liabilities can be directly attributed to the charity. In these circumstances contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid during the year.

1.12 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Management Committee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3
Charitable Activities - Income
Fees receivable
Offsite community childcare income
Training and other income
4
Investments
Interest receivable
5
Other income
Government grant income
6
Raising funds
Wages and salaries		 2023
2022
£
£
374,355
351,310
418,598
466,009
1,511
1,534
794,464
818,853
2023
2022
£
£
11,833
2,672
Total
Restricted
funds
2023
2022
£
£
-
25,867
2023
2022
£
£
5,950
11,941		 2022
£
351,310
466,009
1,534
818,853
2022
£
2,672
2022
£
11,941

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

7 Charitable Activities - Expenditure

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Wages and salaries
541,535
-
Depreciation and
impairment
13,854
3,696
Staff training and
recruitment
5,059
-
Staff healthcare costs
3,871
-
Rent and rates
3,165
-
Insurance
5,677
-
Nursery costs
28,665
-
Light and heat
15,520
-
Cleaning supplies
2,595
-
Repairs and maintenance
9,503
-
Printing, postage and
stationery
4,360
-
Telephone
4,753
-
Computer costs
4,830
-
Staff travel costs
135
-
Legal and professional
3,072
-
Bank charges and interest
1,146
-
Bad and doubtful debts
-
-
General expenses
9,426
-
Subscriptions
819
-
661,393
3,696
Share of support costs
(see note 9)
226,394
-
Share of governance costs
(see note 9)
6,875
-
894,662
3,696
Analysis by fund
Unrestricted funds
894,662
-
Restricted funds
-
3,696
894,662
3,696		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
541,535
495,412
25,867
17,550
19,616
3,696
5,059
5,648
-
3,871
2,385
-
3,165
976
-
5,677
5,144
-
28,665
29,353
-
15,520
11,994
-
2,595
3,442
-
9,503
11,645
-
4,360
6,761
-
4,753
4,312
-
4,830
2,952
-
135
134
-
3,072
227
-
1,146
1,435
-
-
(46)
-
9,426
14,712
-
819
1,942
-
665,089
615,141
29,563
226,394
203,325
-
6,875
6,384
-
898,358
824,850
29,563
894,662
824,850
-
3,696
-
29,563
898,358
824,850
29,563		 Total
2022
£
521,279
23,312
5,648
2,385
976
5,144
29,353
11,994
3,442
11,645
6,761
4,312
2,952
134
227
1,435
(46)
14,712
1,942
644,704
203,325
6,384
854,413
824,850
29,563
854,413

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Net movement in funds
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets
Support costs
Support
costs
Governance
costs
2023
£
£
£
Staff costs
226,394
2,975
229,369
Accountancy fees
-
3,900
3,900
226,394
6,875
233,269
Analysed between
Charitable activities
226,394
6,875
233,269		 2023
£
3,900
17,550
Support
costs
Governance
costs
£
£
203,325
2,985
-
3,399
203,325
6,384
203,325
6,384		 2022
£
3,399
23,311
2022
£
206,310
3,399
209,709
209,709

9 Support costs

10 Employees

The average monthly number of employees during the year was:

Full time
Part time
Total
By function:
Direct charitable
Management and administration
Government-funded employment		 2023
Number
20
23
43
37
6
-
43		 2022
Number
22
27
49
36
7
6
47

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was £60,000 or more.		 (Continued)
2023
2022
£
£
687,404
674,099
38,734
37,937
50,716
27,494
776,854
739,530		 (Continued)
2023
2022
£
£
687,404
674,099
38,734
37,937
50,716
27,494
776,854
739,530
739,530

Remuneration by key personnel

The remuneration of key management personnel is as follows:

2023 2022
£ £
Aggregate compensation 146,876 130,599

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Management Committee

Membership of the Management Committee is voluntary.

During the year Judy Tate, a trustee of the charity received remuneration of £53,388 (2022: £53,283). No trustee was paid any expenses during the period (2022: £nil). A Trustee may be employed by the Charity under circumstances which are laid out in the Memorandum & Articles.

The Charity has a combined liability insurance policy for both the fixed assets and indemnity insurance. The cost of this insurance for the year was £5,677 (2022: £5,144).

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13
Tangible fixed assets
Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 January 2023
769,164
292,820
Additions
-
7,777
Disposals
-
(41,052)
At 31 December 2023
769,164
259,545
Depreciation and impairment
At 1 January 2023
404,081
283,080
Depreciation charged in the year
11,995
5,555
Eliminated in respect of disposals
-
(41,052)
At 31 December 2023
416,076
247,583
Carrying amount
At 31 December 2023
353,088
11,962
At 31 December 2022
365,083
9,741
14
Debtors
2023
Amounts falling due within one year:
£
Prepayments and accrued income
2,092		 Total
£
1,061,984
7,777
(41,052)
1,028,709
687,161
17,550
(41,052)
663,659
365,050
374,824
2022
£
1,315

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
Deferred income
Income received in respect of activities to be undertaken in the
following year
16
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
8,830
10,215
7,654
41,891
68,590
2022
Movement
£
£
46,380
(5,189)
2023
£
50,716		 2022
£
8,635
14,815
7,498
50,236
81,184
2023
£
41,191
2022
£
27,494

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

be used.
Movement in funds
Balance at Incoming Resources Balance at Resources Balance at
1 January 2022 resources expended
1		 January 2023 expended 31 December
2023
£ £ £ £ £ £
Capital grant: Land and buildings 179,366 - (2,545) 176,821 (2,545) 174,276
City of Nottingham: SRB Buildings 14,851 - (215) 14,636 (215) 14,421
Early Years: Property Improvement 3,098 - (75) 3,023 (75) 2,948
City of Nottingham – SRB Buildings: Repairs and Equipment 4,687 - (80) 4,607 (80) 4,527
Nottingham City Council: Building Extension Grant 28,785 - (400) 28,385 (400) 27,985
New Opportunities Fund – Baby Unit: Buildings and Equipment 26,297 - (381) 25,916 (381) 25,535
Kickstart Income - 25,867 (25,867) - - -
257,084 25,867 (29,563) 253,388 (3,696) 249,692

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

17 Restricted funds

(Continued)

Both grants relate to capital expenditure and are being written off in line with the depreciation policy.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
624,832
806,297
(900,612)
530,517
January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
640,098
821,525
(836,791)
624,832

19 Share capital

The company is limited by guarantee and does not have share capital. The liability of each member is limited to £1.

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
December 2023 are
represented by:
Tangible assets
115,358
249,692
Current
assets/(liabilities)
415,159
-
530,517
249,692		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
365,050
121,436
253,388
415,159
503,396
-
780,209
624,832
253,388		 Total
2022
£
374,824
503,396
878,220

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Operating lease commitments

At 31st December 2023 the Charity had no committments under non-cancellable operating leases, the lease ended in March 2023. Please see below:

Non property Non property
leases leases
2023 2022
£ £
Within one year - 2,435
Within two to five years - 1,218
- 3,653

22 Related party transactions

The Greenfields Centre Limited had £nil (2022: £nil) in respect of related party transactions.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

23 Pensions: Defined benefit scheme

The charitable company participates in the Nottinghamshire County Council Pension Fund (the Fund), which is part of the Local Government Pension Scheme (LGPS) This is a multi-employer defined statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 (the Regulations) as amended, and the share of assets and liabilities applicable to each employer is not identifiable.

The results and assumptions of the most recent valuation of the scheme are as follows:

· Valuation Date 31 March 2022
· Valuation Method Present value of future cashflows
· Value of Assets £6,498 million
· Value of Liabilities £6,489 million
· Funding level (assets/liabilities) 100%
· Funding level (change since previous valuation) +7%
· Salary scale increase per annum 3.9%
· Pension increases per annum 2.9%
· Rate of price inflation (CPI) 2.9%
· Discount rate 4.7%

The valuers report that there are a few important regulatory uncertainties surrounding the 2022 valuation and that, although it is unclear what impact these will have on the future benefits of individual members, they have considered these issues in the assumption used to set the contribution rates for employers.

The scheme as a whole is in surplus at 31 March 2022 by £9m. As mentioned above, the charitable companies share of this cannot be identified and therefore the surplus is not included in these financial statements.

If the charitable company left the scheme the regulations require that a cessation valuation be carried out to determine the assets and liabilities at closure. If there was a deficit then this would result in an exit charge.

Post valuation events:

Since the valuation date, there has been some significant market turbulence including material increases in short-term inflation and gilt yields. There is an ongoing cost of living crisis, as well as political turmoil. However, the funding model is designed to help withstand short-term volatility in markets as it is a longer-term model and the use of smoothed assumptions over a six-month period ultimately aims to set stable contributions for employers.

Defined contribution scheme:

The charity also operates a defined contribution scheme in respect of some staff. The scheme and its assets are held by independent managers.

THE GREENFIELDS CENTRE LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

24 Cash generated from operations 2023 2022
£ £
Deficit for the year (98,011) (18,962)
Adjustments for:
Investment income recognised in statement of financial activities (11,833) (2,672)
Depreciation and impairment of tangible fixed assets 17,550 23,312
Movements in working capital:
(Increase) in debtors (777) (116)
(Decrease)/increase in creditors (12,593) 8,804
Cash (absorbed by)/generated from operations (105,664) 10,366
25 Analysis of changes in net funds
At 1 January Cash flows At 31 December
2023 2023
£ £ £
Cash at bank and in hand 583,265 (101,608) 481,657