Charlty reglstratlon number 702308 (England and Wales) Company rnglstratlon numbor Q2357123 THE GREENFIELDS CENTRE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE GREENFIELDS CENTRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Manag•ment Commltt•o JBUM S ROTts J Tate A Pickard D Preston J Robinson (Appointed 24 February 2025) (Appointed 24 February 2025) Charlty number 702308 Company number 02357123 Ro918terod office 139 Russell Road Forest Fields Nottingham NG7 6GX Independent examiner Roger5 Spencer Newstead House Pelham Road Nottingham NG5 1AP Bankers Unity Trust Bank PIC Nine Brindley Plac8 4 Oozells Square Binningham B12HB Sgnlor management taam Judy Tate Helen Fletcher Clndy Raymond Projecl Dlrector Childcar8 Dir8Ctor HR & Training
THE GREENFIELDS CENTRE LIMITED CONTENTS Pag• Managernent Committees, report Independent examIneS report Statsment of financlal actlvlti85 9-10 Balance sheet 11 Statement of cash flows 12 Notes to the financial ststements 13-26
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMirrEES' REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Managem8nt Committee pr858nt their annual report and financial statements for th8 year erKl8d 31 December 2024. The finandal statements have been prepared in accordance with the accountlng policies set out in note 1 to the financial statements and comply wlth Charitys governing docum8nt, the Companies Act 2006 and "AcGountlng and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts In accordance wlth the Flnancial Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" ObJectlve3 and a¢tlvltle8 To support the regeneration of the local economy through the provision of quality childcare servrces. To support parents and carers In Improving th8 quality of Ilfe for themselves and thelr families by enabling them to make infomied choices about tralning and employment. To provlde support to parents and carers in employment and traSnlng. To provlde quality childcare tralnlng to members of the comrnunity and to raise the proflle of childcare To work in partnership with other organisations and relevant public authorities towards a strateglc approach to communlty based childcare. To support local and national govemment initiatives towards quality, affordable, acc8ssible childcare. The prfncipal activity of the charity is the provlslon of child care and training faciliti88. The charityls also known a8 Greenfield's. The Management Commltte8 have paid due regard to guidance Issued by th8 Chartty Commission In deciding what actfvltles the Charfty should undertake. Flnanclal revlew The detalled results for the year are set out on th8 SOFA. Charitabl8 income from childGare servlces was reduced by Just 1.2% during the year from £806K to £796K, even though we applied a price incr8a8e, hourty rates for funded chlldren increased and the number of farnilles applying for places was hlgher than 2023. Thls is because of the lack of availablllty of suitably qualrfied and experienced staff which is a sector wide issu8 and has prevented us from admitting mor8 chlldren to the settlng. Thls is an ongolng Issue and will confjnue to affect the centres capaGity to Sncrease its income to meet the challenges arising from increased business expenses and the cost of living. In addition, interest rates have decreased so overall amount of interesl rec8iv8d durlng 2024 was lower (especially as wa had a lower level of reserve8 due to losses in the Iwo prevlous years). Th8 number of children varied across the three nurseries, so income was hlgher in some settings and aga groups and lower In others. but in all three It was directly related to staffing capacity. Charitable expenditure increased more than pr8dictsd, partly due to the need to employ agency staff for most of the year as a direct result of the ongoing challenges to r8crultment and selection. Further increase In expenditure was due to increased cost of Ilvlng even though there were less children. Consequenlly, the loss is greater than the prevlous two years, Co¥t saving exercises are being implemented for the coming year. Budgets for nortr essential will be reduced agaln and expenditure have been cut down. further savings are being sought by revlewlng op8rational proc8dure8. The committee will give s8rious conslderation to the sustalnability of the oroanisation in the coming months. In additlon to increased operating costs, the increase in wages. employer NIC and pension presents an ongoing challenge. Finding ways to overcome the sector wlde recruitment crisis will b8 the key to returnlng to a sustainable posltlon, so looking for way8 lo recruit and retain staff will be a prlorlty for future planning.
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMITTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Slructur•. governanco and managgmgnt The overall management of Tha Graenfield's Cantra is by a voluntary management committee. Committee members may request to Joln at any tlme and wlll be Invited to a commlttee meetlng to meet other members and find out about the role. Detsils of new director3 are submitted to the registrar of Cornpanies. A sp8ciall8t advisor from Nottlngham Communlty Voluntary SeNSce (NCVS) wlll provlde tralnlng to new members and the wider committee to infomi them of their duties and responsibilities and to provide support to them in carylng out thelr role. The committee meet biannually either in person or using online team meeting software and need at least four votlng members for a meetlng to be quorate. Senlor members of staff may also attend the management commlttee meetlng and are requlred to provlde finance, fundlng and 8enAc8 dellvery reports for the commlttee. They are also required to report the details of any issues arising. PoliGy decisions, approval of changes in practice and agr8em8nt on new prajects are decided at these meetings. Minutes of all meetings are circulated, and coples retalned at the centre. The management committee employ a team of paid workers to cary out th8 day-to-day management and operation of the centre. Thes8 members of staff are appointed using an equal opportunities recruitment and selectlon basss and panels Include members of the commlttee, Ilne manager and outslde represenlatlon (elther from a funder or an organisation with technical expertise). FSnanclal management Is governed by the centre's pollcy on finance. DeclsSons regardlng expendlture 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 wlthln the budget Is tabled at the management committee meetlng. The Management Committee. who are also the director8 for the purp08e of company law, and who served during the year and up to the date of slgnature of the flnanclal Statements were: JBurn S Roberts J Tate A Pickard
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMirrEES' REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Managemont Commlttea rnvlow 2024 has been a year of chang8 for the childcare sector with signifKant challenges to the reGnJitrnent of suitsble practitioners. updates to the EYFS, support needed for children and families who are still recovering from Covid and changes to the way tha government provides funds for childcar8 Sa[Ces. Greenfields, alms and objectives and the services provided continue to be the prov15ion 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 2024, there was an increase in the numbers of both non-working parents wishing to take up funded places and in the number of parents requesting plac*s using the new 15 hours for working famili8s. Unfortunately. we have b8gn unabla to offer places to all those who require them as we hav8 been unable to recrnit sufficient suitably qualified and experienced staff to bulld our team. Accounts show that the ontre has made a loss during the year. The loss will be covered by the centre's reSeThS. This Is the third consecutive year that the organisation has made a significant loss. Any subsequent loss of a similar amount would leave the organisation unsustainable. so it is appropriate to now consider the future of the organisation and whether it Is able to continue to operate under the current business model. No core funding or grant aid is currenlly received by the organisation, so it is essentlal that the income from fees and funded places cover the cost of operating the centre. lIst maintaining some reseNes for exceptional clrcumstances. This alm has not been achieved in recent years, so we now must consider whether the service provided by the organisatlon ffts with the current local and natlonal prlorftles and requlred outputs for children's 3eplces. Initial review of these requirements would indicate that sinc8 local and national government have invested heavily In free childcare places and their range of initiatlves such as tax-fr88 thildcara, that they are unlik81y to provid8 financial support to organisations offering childcare or family support. In addlOn, govemment and local authorlties have Invested h8avlly In their 'Famlly Hub Model, and are therefore encouraglng and 3UPPOrting partnershlp working whlch doesn't attract additional funding. Yhe Family Hubs and Start for Life pmgramme 18 8 significant national initlatlve designed to improve outcomes for chlldren and famili8s by pmviding Integrated, accewble. and communlty-based support. Family Hubs opernte as integrated SeceS, Simpling the process for famllles to access n8C88sary wpport. Instead of eng8.ng with mul&ple agencies separately, families can find 811 the alSnCe they require in one locali0whether thmugh physical hubs. outr88ch seThices, or digital platromp8. This appmach enhances serrice coordination. reduces redundancy. and ensures a more effiaent response to family needs, pathul8rty for those faclng disadvantages or vulnerabilities" To remaln sustainable while we consider the future of the organlsatlon, we have reviewed charges and are Implernenting a fee increase in May 2025 and will continue to work to keep costs low and make savings where possible without compromising quality. Meanwhile. we will consider and discuss options in relation lo the futur8 and will create a redundancy reserve to meet th8 requirements of the terms of the centres redundancy pollcy should the need arise. Effective and meaningful working partnerships have always baen a key driver for Greenfields to support th8 d8V8lopment of the organisation and ensure familias have access to all the services they need. Our working partnership with Nottingham Cty 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 Ctty Council has reviewed Its offer in terms of children's servicas and has dosed those children's ¢8ntres that will not becom8 family hubs. Our setting at Bilborough is one such setting and ha5 b88n offered to us on a long18ase at a '¢lose to market reny thIch would also includ6 us taking on the running and maintenance costs of the building. AS the organisation is already in a kjss-maklng situation, we are unable to )MmIt to those terms and have therefore decided to withdraw from the centre in the spring temi of 2025. We have negotiated with a local communty childcare organisation who are williNJ to take on the operation of the centre and keep the nursery Tunning while transferring some of their other services into the building to help cover the costs. Thèy 111 be retaining GenfieldS staff team under a TUPE agreement. This Is a very positive step for us as VR have developed and managed a very good setting there which has an excellent reputatlon in the area and this move means the nursery will remain open and the staff will retsln their employment. Our partnership wlth local schools Is also strong and the numbers attending th8 After-SchrK)I Club which we operate on behalf of four of th8 schools in the communlty has continu8d to steadlly Increase,
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMirrEES' REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 There have been many changes to the way Early Year5 organi5ations op8rat8 in rent years Including several updates to the EYFS whiGh Is the statutory framework that underplns the sector. A r8cent Ofsted inspectlon conffrms that we have been successful at Implementlng the EYFS appropriately they hava rated us as 'Good'. We continue to review and update our polici88 and procedure8 to ensure that they are In Ilne with the changes and sufficienly robust to keep staff. chlldren and families safe. We aim to malntaln the amount of charitable work carried oul at the c8ntr8 and wlll therefore continue to offer respite care to children in need as well as support families to access a range of support service5 and advwate on behalf of them where necessary. We will also continue to offer affordable space for trainlng and meetings to non-profit making organisations. Greenfields continues to work within tha guid81ines lald down within its policy on equality and div8rsity which ensures its Services are targeted at those in greatest need and aims to be Indusive to all members of the communty regardless of their ethnicity, ability. religion. cultural difference5 or employment status. Greenfields actively ancourages inclusive practice and welcomas children with disabilities and additional n88ds. The indusion of all mernbers of society results in a revRrding and positive experience for staff, volunteers and users of th8 Contre. Greenfields Is commltted to providing public benefit and to developlng Incluslve practice. Greenfields is committed to complylng wlth tts dutles In relatlon to the health, safety, welfare and safeguarding of chlldren as well as moetlng all Ststutory requirements in relatlon to employment.
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMIThEES' REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Rocruitment and Inductlon of Management Commltteo At Greenfields. we value the contribution to the organisation of a voluntsry management committee made up of Users and other interested parties. Greenfi8lds Manag8ment Committee is cx)mmitted to ensuring that new Trustees a given the necessary infomiation to understand the role and responsibility of the committe8 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: Parents of chlldren uslng Greenfields chlldcare services Adutt learners enrolled on a course run by Greenfields centre Residents of Hyson Green. New Basford and Forest Fields Repres8ntatives of local wmrnunlty based organisations Representstives from other children's Serv1 organlsatlons The following pernons may be voting members of Greenfields Management Committee: Staff r8pr888ntatlve Prof&sslonals coPted on to the committee to offer 8dvicelsupport In a specific area e.g. fmance Oth8r int8rested parties R•cruitment: Members wlll be recruited In the following Nyays: Users will be told about the management committee when loinlng the centre. Information is in the Gentre's literature and in regular newslettèrs. AII us8rs are invited to att8nd the Annual General Meeting and to nominate themselves or others to the committee. Member5 may volunteer whllsl at the AGM where an election tskes place. Members may be COwOPted to the committee b8tween AGM'S by completing a nominats'on forni which will be taken to the following committ88 meeting. Induction: Induction for rnembers takes place in the following ways: A folder providing infomiation about the centre's aims and objectives. th8 work of the organisation and the n)les and responsibilitres of the trustees is provided for new members. Election of offrArs takes place at the first committee meeting after an AGM. Roles of each officer are discussed in the meeting with the Chair and senior staff. Training needs are analysed and appropriat8 training arranged. Tralnlng wlll take place at a time appropriate to th8 n88ds of the members. Further tralnlng for Individual members may be arranged to meet spedfic need. Members are invited to a staff meetlng to meet the staff team and leam more about their role In the centre.
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMirrEES' REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Commltt•o Meetings: There Is a regular agenda item at meetings to discuss Issues relating to the management committee and its operation. This will include di5CUs5ions about the focus of the committ88, and speofic rcle which members may und8rtake and any other support they can offer to the centre. child¢2. refreshments and expenses ar8 off8r8d to committee members lo enable them to attend meetlngs. Minutes of meetlngs are emailed to members with any relevant documentation within two weeks of meetings taking place. Sub group5: In or(ler to fully play a role in the centre's operatlon. commlttee members may loln a sub group of the committee whlch relates specifically to the area in which they have an interest in the organisation. Sub groups m88t separately at tirnes to suit the sub group members and report to th8 full committee at their next meeting. Sub groups are as follows: Flnance Employment & Personnel Equality and Inclusion RalveS pollcy It Is the policy of the charfty to maintain unregtricted free reserves at a sufficient level to finance three months trading and allow essential buildings repalrs to be carried out for which the charity estimat8 to b8 £20.000. The charity satisfies this. as it currently has free reserves amounting to £293,404. Rlsk manaymonl The management Committee has exarnlned the major strategk, bu81ne&8 and operatlonal rlsks which the charity faces and confirm that systems have been estsblished to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Pollcy on remuneration of staff and revlew of rates of pay Greenfields Centre Limited aims to recruit and retsin employees with the skills and experience to perfomi their role competently and lo contribLrte to the achievement of the charity's aims and objectives. and who understand and SUPPDrt the ethos and culture of the organisation. Greenfields aims to provide a remun8ration package and worklng emilronment that is attrdctive arKI comparable to other similar organisations. The trustees of Greenfields Centre have responslblllty for selllng 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 (Yder to attrad and relain the best peopl8 for the job, whilst ensuring careful management of the organisation's funds. Greanfields managament review salaries annually and present recommendations to trustees, although there is no guarnntee that any charvJes to 3alaries are made as a result of the review. In deciding the levels of salary and benefits. the management and trustees of Greenfields consider. The purpose aim and values of the organisation. statutory requirements in relation to ratio of staff required to meet the needs of users. The skills, experiences and ability that each role requires. The level of responsibility and the scope of staff roles The financial position of the )MpanY and its capacity to maintain salary levels, IncludirYJ glvlng regard to potential inGrea5e5 in salary. Overall contribution and performance of an individual and the extent. rf any, to which their role has changed and may require an adjustrnent to salary General inflation rates; minimum and living wage and salaries paid in similar organisations. The imFX)rtanc8 to the organisation of attracting and retaining committed, competsnt and sultably qualffle(l employees. Staff are infonned annually of changes to their salary. Greenfield8 aims to be transparent at all tlmes and ernployees have access to full details of th8 pay structure.
THE GREENFIELDS CENTRE LIMITED MANAGEMENT COMMirrEES' REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The report, was app Oocf d by the Manag8menl Commlttee and signed on thelr behalf by Director Dated: ! * loGI.lol-
THE GREENFIELDS CENTRE LIMITED INDEPENDENT EXAMINER'S REPORT TO THE MANAGEMENT COMMIThEE OF THE GREENFIELDS CENTRE LIMITED I report to the Management Committ8e on my examlnatlon of the financlal statements of The Greenfields Centre Llmlted (the Charity) for the year ended 31 December 2024. R•spon8ibllltles and ba818 of report As the Management Committee of the Charity (and also its directors for the purpos8s of company law). you are r8sponsible for the preparation of the financial statements in a(xordanGe with the requlrements of th8 Companies Act 2tKI6. Havlng satlsfied myself that the financial statements of th8 Charty are not requlred to be audited under Part 16 of th8 Companies Act 2006 and are 81iglbl8 for Independent examination, I report in respect of my axamination of the Charlty's financial statements carrled out under seGtion 145 of the Charities Act 2011. In carylng out my examlnatlon I have followed the Dlrectlons given by the Charity Commission under sectlon 145(5)(b) of the Charltles Act 2011. Indop•ndent oxamlnorfs slatsm•nt Since the Charitys gross Income exceeded £250,000, the Independent examlner must be a member of a body listed in section 145 of the Charities Ad 2011. 1 confirm that l am qualified to undertake the examination because I am a member of ACCA, which is one of the listsd bodies. I have completed my examinatlon. I confirm that no matters have come to my attentlon in conn8Ctlon wlth the examination givlng me cause to belteve that in any material respect: accounting records were not kept In respect of the Charity as required by sectlon 386 of the Companies Act 20. the financial statements do not accord with those records: or the financial statements do not comply with the accountlng requlrements of sedion 396 of the Companies Act 2006 other than any requlrement that the llnanclal statements give a true and falr vlew, which Is not a matter considered as part of an Indep8nd8nt examination; or the financial ststements have not been prepared In accordance wlth the methods and prlnciples of the Statement of Recommended Practlce for accounting and reporting by charities applicable to charities preparlng thelr financial stat8m8nts in accordance with the Financial Reporting Standard appllcable in th8 UK and Rèpublic of Ireland (FRS 102). We draw your attention to note 1.2 in tho Financial Statem8nts which discbses con(%ms regarding tho golng concem of the charity. I have no other concems and have come across no other matters in connection with the examination to which attentlon should be drawn in this report In der to enable a proper understanding of the financlal statements to be reached. Melvln Balley FCCA DChA for and on behalF of Rogers Spencer Newstead House Pelham Road Nottlngham NG5 1AP
THE GREENFIELDS CENTRE LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Curr•nt flnanclal year Unrestrlcted Restrlct•d funds nds 2024 2024 Total Total 2024 2023 N¢)tes Income from: Charitable activities Investments 786,217 10,338 786,217 10.338 794.464 11,833 T¢)tal Income 796.555 796.555 806.297 endlture on: Raising funds Charitable activities 5,950 898,358 932.094 3.696 935,790 Total resources expended 932,094 3,696 935,790 4.308 Net exponditure for the yearl Net movement In fund8 (135,539) (3.696) (139,235) (98.011) Fund balanc8s at 1 January 2024 530,517 249,692 780,209 878,22Q Fund balanc•8 at 31 Docember 2024 394.978 245,996 640,974 780,209 The statement of financlal actlvltles includes all galns and losses recognised in the year. The statement of financial activltles Includes all gains and losses recognised in the year. All income and expenditure derive from contlnulng activiti8S. The ststement of financial activities also complles wlth Ihe requirements for an incom8 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 2024 Prfor flnanclal yr Unrestrlctad Rostrlot•d funds funds 2023 2023 Total 2023 Notos Income from: Charitabla activities Investments 794,464 11.833 794,464 11,833 Total Incom• 806,297 806,297 Ex ndlturn on: Ralslng funds Charitable actlvities 5,950 894,662 5,950 898,358 3,696 Totsl rnsourco8 expendod 900,612 3.696 904.308 Net expendilure for Ihe yearl Net movement In funds (94.315) (3,696) (98.011) Fund balances at 1 January 2023 624,832 253,388 878.220 Fund balancos at 31 Docomber 2023 530,517 249,692 780.209 The statement of financi81 activit188 indudes all gains and losses recognised in the year. The staternent of financlal activities Indudes all gains and losses recognised in the year. All Income and expenditure derlve from continuing adivities. The statement of financial activities also complies wtth the requirements for an income and expenditure account under the Companies Act 2006. 10-
THE GREENFIELDS CENTRE LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Current assets Debtor5 Cash at bank and in hand 13 351,310 365,050 12 2,573 358,375 2,092 481,657 360,948 483,749 Credltors: amounts falling due wlthln one year 14 (71,284) (68,590) N8t current assets 289.664 415,159 Total assots1855 current liablllties 640,974 780,209 Income funds Restrlcted funds Unrestrfcted funds 16 246.996 394,978 249,692 530,517 640.974 780,209 Th8 company is entitled to th8 8X8mption from the audit requirement contalned In section 477 of the Companies Act 2006. for the year ended 31 December 2024. The directors acknowledge their r8sponsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of finan(ial statements. The members hav8 not r8quired the company to obtain an audlt of its financial statsments for th8 year in question in accordance wlth section 476. These financial statements have been prepar8d in a¢CA)rdan with the provisions applicable to companies subject to the small companies regime. The flnandal statements w behalf ty ed by the Managernent Commlttee on signed on their Company Reglstratlon No. 023S7123 11
THE GREENFIELDS CENTRE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from oporatlng actlvltles Cash absorbed by operations (132,127) (105,664) InVting activiti Purchase of tangible fixed assets Investment income received (1,493) 10,338 (7.777) 11,833 Net Cash genoratod from invosting aGtlvltle5 8,845 4,056 Net decrnas• In cash and cash oqulvalents (123.282) (101,608) Cash and cash equivalents at beginning of year 481,657 583,265 Cash and cash equlvalents at end of year 358,375 481,657 12-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle$ Charlty Informatlon The Greenfields Centre Limited is a private company limited by guarantee incorporated in England and Wales. The register8d office is 139 Russell Road. Forest Fields, Nottingham, NG7 6GX. 1.1 Accountlng conventlon The financial statements have been wepared in ardance with the Charitys governing document. the Companies Act 2006 and "Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in a(xordanca with th8 Financial Reporting Standard applicabl8 in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity 15 a Publr Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currenw of the Charity. Monatary 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 propertles and to include inve6tm8nt properties and certain financial instrurnents at fair value. The prlncipal accounting policies adopted are set out below. 1.2 Golng concorn At the tlme of approving the financial statements, the Management Committ88 have some cOnm8 regarding financial stabllity. The organlsatlon has made a108s for the last three years and is expected to do so in 2025. However, there are indications that the loss may be reduced slightly, and the commlttee have reasonable expectation that there are adequate resources to sustain the loss for the year whilst consideration is glven to a plan regarding tha future of the organlsatlon. Advice will be taken and 8 range of Options explored. The Management Committee conllnue to adopt the going concern basis of acca)unting in preparing the financial statements. 1.3 Charftabla funds General funds are unrestricted fvnds which are available for use at the dlscretlon of the Trust88s in fUrtherar of the general objectives of the charity and which have not be8n designated for other purposes. Restrictgj funds represent grants, donations and legacies r1Ved which are allocated by the donor for spetific purposes. 1.4 Income All Income 15 included In the SOFA when the charlty is legally entitled to the income, any perfornianc8 conditions attached to the items of income have been met. it is probable that the income will be CeNed and the amount can be measured lIablY. Income from government and other grants. whether 'capital' grants or 'Tevenu8 grants,, is r8c(yJnised when the charity has entitlement to the funds, any perf0mnCe 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 inujme when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donate(I facilities are induded at the value to the charity Whe 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 ar8 credited to deferred income and amortised to the profit and loss account over the useful economlc lifa of the assets to which they relat8. Interest on funds held on deposit is induded when r8celv8ble and the amount Can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank 13-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢ntIng policios (Continu•d) 1.5 Expenditurn Expendlturo 18 recognlsad oncg thara Is a legal or constructlve obllgatlon to transfer economlc benefit to third paty, It Is probable that a transfer of economlc benefits Y11 be required In settlemenL and the amount of the obligation can be measured rellabty. ExpendFture is classified by activity. Th8 IX)sts of each activity are made up of the total of direct (x)sts and shared costs, Includlng support costs Involved In undertaklng each actlvlty. Dlrect costs attrfbutable to a slngle activity are allocated dlrectly to that actlvlty. Shared costs which contribute to more than one actlvlty and support costs which ar8 not attributable to 8 single activity are apportioned between those activitl8s on a basis conslstent wlth the use of resources. Central staff costs are allocated on the basls of tlme spenL and depreciation charges are allocatsd on the wtion of the assers use. All expendlture Is accounted for on an accruals basls and has been Glasslfled under headlngs that aggregate all costs related to the category. Where costs cannot be directly attrfbuted to partlcular headings they have been allocated to activities on a basi8 consislent with the use of the resources. Expenditure is r8tx)gnis8d once ther8 is a legal or constructive obligation to make a payment to a third party, it Is probable that s8ttlement will be required and the amount of the oblSgatlon can be measured rellably. Expenditure 18 classified under th8 follng activity headings: Costs of raising funds comprise th8 PMOtiOnal costs to the charity. Expanditure on charitable activities includes all costs und8rtaken to furth8r the purposes of the Ghartty and thelr assoclated support costs, Induding costs of governance. 1.6 Tanglble flxgd as59ts Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losse5. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values ovar their useful lives on the following bases: Freehold land and bulldlngs Prop8rty improv8m8nts Fixluros and fittlngg 100 year5 (Straight line method) belween 5 years and 100 years (Reduclng balance method) belween 2 and 5 years (Straight Ilne method) The galn or loss ar181ng on the dlsposal of an asset is detemiined as the difference between the sale proceeds and the carying value of the asset. and is r8cognised in the statement of financial activities. 1.7 Impaimient of fixed assets At eath reporting end date, the Charity reviews the carrying amounts of Its tanglbl8 assets lo detennln8 whether thara is any indication that thoge assets have suffered an impairment loss. If any such irKlication exists, the recoverable amount of th8 asset Is estlmated in order to deternine th8 extent of the impainnent loss (ff any). 1.8 Cash and Gash equlvalgnts Cash and cash equivalents are basic financlal assets and Include cash in hand, deposits held at call with banks. other short-tem liquid investments with original maturiti8s of thrao months or lass, and bank overdrafts. Any bank overdrafts are shown within borrowing in current Ilabllltles. 1.9 Taxatlon The organisation is a regiBtered Charity and is exempt from tsxation. 14-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollGles (Contlnued) 1.10 Defined contrlbullon pension schemg The cost of any unus8d holiday entitlement Is recognised In the period in which the employee's services are received. Terniinatlon benefits are recognised immediately as an expense the Charity is demonstrably committed to terminate the employmant of an employe8 or to provide termination b8nefits. The charlty operates a defined contribution pension scheme for rtaIn of its employees. The costs incurred are tharged to the Statement of Finanaal Activities as they accrue. 1.11 Deflnod boneflt ponslon schemo Th8 charity is an admitted body of the Nottinghamshire County Council P8n5i0n Scheme which is independenuy administered. This is a defined beneftt sch8m8 and is used for certain of the charity'8 employees. It Is a multl-employer scheme with pooled assets whlch cannot be allocated to Indlvidual employers. As a consequ8nce no share of the underlying assets and liabilities can be directly attbuted to the charity. In these circumstances contributions ar8 accounted for as If the scheme were a defined contribution scheme based on actual contrlbutions pald durlng the year. 1.12 Grnment grants Govemm8nt grants are recognlsed at the fair value of th8 asset received or receivable wh8n there is reasonable assurance that the grant conditions will be met and the grants will b8 received. A grant that specifies perfonnanc8 conditions is recognlsed in income when the perforniance Corlt10n5 ar8 met. Where a grant does not specity performance condltions 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 Critical accountlng estlmatos and judgements In the application of the Charity's accounting policies, the Management Committee are required to make judgements, estimat8s 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 historlcal experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The 8Stimates and underlylng assumptions are r8Vi8W8d on an ongolng basis. R8vlsions to acwunting estlmates are recognlsed in the period In which the estlmate is revlsed wh8r8 the revision affects only that perrod, or In the period of the revision and future periods where the revlslon affects both wrr8nt and future periods. 15-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitabl• Activitles - Income 2024 2023 Fees rec4lvabla Offsite communlty childcare Incom6 Training and other Income 339,571 444,901 1,745 374,355 418,598 1,511 786,217 794,464 Investments 2024 2023 Interest receivable 10,338 11,833 Ralslng funds 2024 2023 Wages and salaries 5,950 16-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable Activities - Expendituro Unrnstrlctsd R•strlct•d fund8 funds 2024 2024 Totsl UnrestrlGled Restrlcted funds funds 2023 2023 Total 2024 2023 Wages and salarles Depreciation and impairment Stsff traSnlng and rpcruitment Staff healthcare costs Rent arKI rates Insurance Nursery costs Light and h88t Cleaning supplres Repairs and maintenanc8 Printing, postage and statlonery Telephone Computer costs staff travel costs Legal and professional Bank charges and interest General expenses Subscriptions 578.574 578,574 541,535 541,535 11,539 3,696 1S,235 13,854 3,696 17.550 3,599 4.781 3.244 4,727 28,613 10,565 2,027 6,724 3.599 4,781 3.244 4,727 28,613 10,565 2,027 6,724 5,059 3,871 3.165 5.677 28,665 15.520 2,595 9,503 5.059 3,871 3.165 5,677 28,665 15,520 2,595 9,503 3,000 5,311 4,941 61 3,036 (448) 10,627 4,360 4,753 4,830 135 3,072 1,146 13,568 85 4,360 4,753 4,830 135 3,072 1.146 13,568 85 5,311 4,941 61 3.036 (446) 10,627 680,931 3,696 684,627 661,393 3.696 665,089 Share of support costs (see note 8) Share of govemance costs (see note 8) 236,831 236,831 226,394 226,394 14,332 14.332 6,875 6.875 932.094 3,696 935.790 894.662 3.696 898,358 Analysls by fund Unrestricted funds Restrlcted funds 932.094 932.094 3,696 894.662 894,662 3.696 3,696 3.696 932.094 3.696 935.790 894.662 3.696 898,358 17-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement In funds 2024 2023 Th8 net movement In funds is stated after chargingl(credlting)." Fees payabl8 for the Independent examlnation of the thariils financial Btat8ments Depreciatlon of owned tsngible fix811 assets 2.100 17,550 15,234 Support costs 8upport Governance costs 2024 Support Governan costs C05ts 2023 Staff costs 238,831 6,092 242,923 226,394 2,975 229,369 AcntanCY fees 8,240 8,240 3,900 3,900 236.831 14,332 251.163 226.394 6,875 233.269 Analysed between Charitable activities 236.831 14,332 251,163 226,394 6,875 233,269 Employee8 The averaga monthly number of employees during the year was: 2024 Numbor 2023 Number Full titne Part time 23 12 20 23 Total 43 By funGtion: Direct charltab18 Management and adminlstratlon 30 37 35 43 18-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employoes (Continuod) Employm•nt costs 2024 2023 Wages and salaries Social security costs Other pension costs 744,590 46,418 30,489 687,404 38.734 50.716 821,497 776,854 There were no employees byhose annual remuneration vms £60.000 or more. Remuneration by key pernonnel The remun8ration of k8y manag8rn8nt parsonnel is as follows: 2024 2023 Aggregat8 cornpensation 149,001 146,876 10 Taxatlon The Charlty Is exempt from taxatlon on Its athltles because all Its incA)me Is applled for Gharltable purposes. 11 Managomont Commlttee Membership of th8 Managem8nt Committee is voluntary. During the year Judy Tate, a trustee of the charity rec8iv8d remunèration of £54,636 (2023.. £53.388). No trustee was paid any expenses during th8 period (2023". £nil). A Trustee may be employed by the Charity under clrcumstances whlch are lald out in the Memorandum & ArtiGles. Th8 Charity has a combin8d liability insurance pollcy for both the fixed assets and indemnity insuranc8. Th8 cost of thls Insurance for the year was £4,720 (2023: £5,677) 12 Debtor4 2024 2023 Amounts falllng due within one year: PrEpayments and accrued income 2,573 2,092 19-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tanglble fix•d as80ts Freehold land Flxtures and •nd bylldlng• fittlngs Tolal At 1 January 2024 Additions 769.164 259.545 1,493 1,028,709 1.493 At 31 December 2024 769,164 261,038 1,030,202 Depreclallon and Impalrniont At 1 January 2024 Depreciation charged In the year 416,076 11,491 247.582 3,743 663,658 15,234 At 31 December 2024 427.567 251,325 678.892 Carrying amount At 31 December 2024 341.597 9,713 351,310 At 31 December 2023 353,088 11,962 365,050 14 Credltors: amounts falllng duo wlthln one year 2024 2023 other taxation and sodal S8rity Trade creditors Other credltors Accruals and d8ferred income 11,643 10,706 7,072 41.863 8,830 10,215 7,654 41,891 71,284 68,590 Dof•rrnd income 2023 Movement 2024 Income recelved In respect of activities to be undertaken in the following year 41,191 (3,828) 37,363 15 Rotirom•nt benorrt Schemes 2024 2023 Dofinod contrlbutlon ¥chemgs Charge to profit or10&8 in res of defined contribution schemes 30,489 50,716 -20-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Retlrnmant bonefit sch•m•s (Continued The Charity operates a defined (xjntribution penslon schem8 for all quallfylng employees. The aBsets of th8 scheme are héld separately from those of the Charity in an Independently administered fund. -21
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THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Unrestricted funds The unrestricted funds of the charity comprlse the unexpended balances of donatlons and grants which are not subject to specific conditlons by dorrS and grantors as to how tsy may b8 used. These include designated funds whlch have been set aside out of unrestricted fund8 by the truste8s for sp8dfic purposes. At 1 January 2024 InGomlng Resourcgs resource8 expended At31 December 2024 General funds 530,517 796.555 (932,094) 394,978 Previous year. At 1 January 2023 In¢omlng R080urces r•sources oxpended At31 December 2023 General funds 624,832 806,297 (900,612) 530,517 18 Share capltal The company Is limited by guarantse and does not have share capltsl. The Ilabllity of each member Is limited to £1. 19 Analysls of not assets betw•en funds Unrnstrlctsd Restrlctsd fund$ funds 2024 2024 Total Unrnstrfclad Restrfct•d funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are repres8nted by: Tangible assets Current assetsl{liabilities) 105,314 245,996 351,310 115,358 249,692 365,050 289,664 289.664 415.159 415.159 394.978 245,996 640,974 530,517 249,692 780,209 Related party transactlons The Gr88nfields Centre Limited had £nil (2023: £nil) in respect of related party transactions. -24-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Pgnslons: Definod benefit schgmo The tharltable company participates in the Nottlnghamshire County Council Pension Fund (the Fund), which is part of the Local Government Pension Scheme (LGPS) This is a multi-employer defined statutory scheme adrninistergd in accordance with the Local Govemment Pension Scheme Regulations 2013 (the Regulations) as amended, and the share of assets and liabillties applicable to each 8rnployer is not identifiable. The results and assumptions of the most recent valuation of the scheme are as follows.. 31 March 2022 Present value of future cashflows £6,498 mllllon £6,489 million 100Yo +7% 3.9% 2.9% Valuation Dat8 Valuation Method Value of Assets Value of Liabilities Funding level (assetslliabilities) Funding level (change Sin prevlous valuation) Salary scale increase per annum Penslon increases per annum Rate of price inflatlon (CPI) Discount rate 2.9% 4.7% The valuers report that there are a few important regulatory uncertainties Surrounding the 2022 valuallon and thac although It is unclear what Impact these will have on the future benefits of indivldual members, they have onsidered these issues in the assumption used to set the contribution rates for employers. The schem8 as a whole Is In surplus at 31 MarGh 2022 by £9m. As mentioned above, the Gharitsble companies Share of this cannot be Identified and therefore the surplus is not induded in thesa financial statements. If the charitable company left the scheme the regulations require that a cessation valuation be Carried out to ¢Jeterniin8 the assets and liabilities at closure. If there was a deficit than this would result in an exit charge. Post valuation events,. Since the valuation date, thera has been some significant market turbulence Including material increases in 5hwt-term inflation and gilt yield5. There is an ongoing cost of living crisis, as well as political turmoil. However. the funding model is designed to help withstand short-terni volatility in markets as it is a longer-t8mi model and the use of smoothed assumptions over a slx-month period ultimately aims to set stable contributions for employers. Deflned contributlon scheme: The charfty also op8rate$ a defined contribution scheme In respect of some staff. The Scheme and Its assets are held by Sndependenl managers. -25-
THE GREENFIELDS CENTRE LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Cash generated from oporatlo 2024 2023 Deficlt for the year {139,235) (98,011) Adjustrnents for: Investment income recognised in statement of finanaal activltles Depreclatlon and impairment of tanglble fixed assets (10,338) 15,235 (11.833) 17,550 Movements In working capmal: (Increase) in debtors Increase1(deca5e) in creditors {481) 2.695 (777) (12,594) Cash ab8orb•d by operatlons {132.124) (105.665) 23 Analysls of change8 in nat funds At 1 Januory 2024 Ca#h flows At 31 D•wnb•r 2024 Cash at bank and in hand 481,657 (123,282) 358,375 -26-