Kids and Adults Together in Sighthill - Charities report - 20.2
Kids and Adults Together in Sighthill - Charities report - 20.2
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
| Kids and Adults Together in Sighthill |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2020 |
Kids and Adults Together in Sighthill |
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
Page |
Report of the Trustees | 1 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 |
Notes to the Financial Statements | 9 |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
Report of the Trustees |
for the Year Ended 31 March 2020 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2020. The trustees have adopted the provisions of 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 |
Objectives and aims |
| The objects of the charity are as follows: |
| - to advance education principally for the residents of Sighthill, Glasgow and environs ("the Operating Area"); |
| - to promote and/or provide training in skills of all kinds, particularly such skills as will assist residents of the Operating Area in obtaining paid employment; |
| - to provide facilities within the Operating Area for recreation and other leisure time occupations available to the public at large with a view to improving their conditions of life; |
| - to relieve poverty principally among the residents of the Operating Area; and |
| - to promote, establish, operate and/or support other schemes of a charitable nature for the benefit of the residents of the Operating Area. |
| The objects of the charity have not changed during the year under review. |
| The overall aim of KATS is to improve the quality of life for families in Sighthill by providing local residents with the opportunity to develop their skills and interests, improve their life-chances and increase their sense of belonging within the community. This aim centres on the facility at Sighthill and the development of: |
| - day nursery care services; |
| - extended out of school childcare services; |
| - the management and improvement of community and learning resources; |
| - the management of a lending library and IT suite; and |
| - the provision and maintenance of social and recreational spaces. |
| Taking account of this primary aim, the Trustees set the following objectives for the charity: |
| - to create a new wider community organisation and a new integrated community facility; |
| - to extend and expand current service provision in the area to include a new wrap around service; and |
| - to work in partnership with all sections of the community and Glasgow City Council to deliver a range of integrated services for children and adults in Sighthill. |
| Construction of the centre began in November 2005 and was completed in November 2006. Sighthill Out of School Care was successfully relocated from a local primary school to the new centre in early 2007. Since then the local library has moved onto the premises and the nursery care centre has also opened up. The hall and meeting rooms within the centre are now used regularly by local organisations for a wide range of purposes. The centre houses an IT suite and it is anticipated that training courses will be run using this suite in the near future. |
Public benefit |
| The charity meets the definition of a public benefit entity under FRS 102. |
Volunteers |
| In the year under review, the charity made limited use of volunteers. It is anticipated that as more of the services planned come on-line and the centre grows, the use of volunteers will also grow. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements. |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
Report of the Trustees |
for the Year Ended 31 March 2020 |
ACHIEVEMENT AND PERFORMANCE |
| Annual Review of Activities |
| The financial statements show the overall position of the charity as at 31 March 2020, its incoming resources and the application of these resources for the year ended that date. |
| The charity continues to receive grant assistance from its major funders. These grants are used to pay for childcare staff and to contribute to the running costs of the charity. All amounts received during the year were - Childcare Strategy Fund £85,426 and Glasgow North East Fund grant was £55,636. During the year to 31 March 2019, an Apprenticeship grant of £4,450 was awarded to the charity and included as a debtor. Due to changes in circumstances, the grant was not paid to the charity in full, with the payment received being £1,958 less than was included as a debtor in 2019. |
| Income from childcare activities, excluding grant income, totalled £69,839 compared to £65,651 for 2019. These activities include the provision of a nursery, out of school care and a crèche. The charity also rents out the hall within the centre to local organisations. Income from this activity was £17,799 for the year compared to £16,423 for the previous year. Catering services offered to parties renting out the premises generated income of £210 (2019 - £274). Investment income received was £299 of bank interest (2019 - £103). Other income includes allowances due. |
| Total expenditure in the year amounted to £285,651 (2019 - £260,668), comprising of support costs of £197,680 (2019 - £189,824), governance costs of £5,520 (2019 - £3,240) and direct charitable costs of £82,451 (2019 - £67,604). These support cost overheads are allocated 100% to charitable activities Overall expenditure reflects the growth of the charity's activities in the year and the additional expertise required to support this growth. |
| Taking the above into account, the charity recorded a deficit during the year of £47,732 (2019 - deficit of £22,765) which has been taken to reserves. The overall financial position at the end of the year remains satisfactory. The Trustees are satisfied with the performance for the year under review and consider that the objectives outlined above continue to be met. |
| In order to meet the long term objectives, the charity is reliant on ongoing grant assistance until sufficient income can be generated to become self sufficient. The centre sits at the heart of the Sighthill community and it is hoped that as the area is regenerated in the years ahead, it can take advantage of this position to grow and establish itself. |
FINANCIAL REVIEW |
Principal funding sources |
| The principal funding source of the charity has been grants awarded by a number of different agencies. This continues to be the case for the forthcoming year. |
Investment policy and objectives |
| The Memorandum and Articles of Association confer no investment powers on the Trustees and the charity holds no such assets. |
Reserves policy |
| The capital account represents accumulated funds arising from past operating results, namely the construction of the community centre. The Trustees are satisfied that the level held is sufficient to meet all anticipated liabilities. The balance of reserves as at the year end is noted in the Balance Sheet. |
| The charity's designated Childcare Fund reserve as at 31 March 2020 is £24,000 (2019 - £85,725). 70% of overhead costs are allocated to the Childcare Fund, and the reserves balance at 31 March 2020 represents approximately two months of these overhead costs, plus two months of childcare payroll costs, and an additional £5,000 reserve. The fund made a surplus in the year to 31 March 2020, and the additional balance in this reserve was transferred to the general fund as at 31 March 2020 to meet ongoing general costs of the charity. |
FUTURE PLANS |
The charity's plan for the future is to grow the business generating aspects of the operation to enable a secure long term financial footing whilst providing a valuable service and facility to the local community. |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
Report of the Trustees |
for the Year Ended 31 March 2020 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Kids and Adults Together in Sighthill (KATS) is a company limited by guarantee, incorporated on 17 December 2002 and registered as a charity on 8 January 2003. The charity was formed under a Memorandum of Association which established its objects and powers and is governed under its Articles of Association. |
Recruitment and appointment of new trustees |
| The number of Trustees is limited to a maximum of twelve Trustees, of whom no more than five shall be Individual Member Directors, no more than five shall be Co-opted Directors, no more than one shall be an Appointed Director and no more than one shall be an Executive Director. The minimum number shall be three Directors, of whom a majority must be of Individual Member Directors and/or Appointed Directors. |
| Individual Member Directors and Co-opted Directors shall vacate office on 31 March which falls closest to the third anniversary of the date of appointment. The Executive Director shall continue to hold office as long as that individual also holds the position of Centre Manager. Glasgow City Council has the right to nominate an elected officer to fulfil the position of Appointed Director. The Appointed Director can hold office until further instructed by Glasgow City Council. |
| Taking the above into account, specific methods for the recruitment and appointment of Trustees are only applicable to those Trustees co-opted. There have been no further Trustees appointed in this way since the formation of the charity and so such procedures do not exist. These procedures will be devised by the Trustees when it is necessary to co-opt an additional member. |
Organisational structure |
| The present Trustees are responsible for the development of policy and strategy of the charity. The day to day running of the centre is the duty of an employed Centre Manager being Caterina Suffredini. The Centre Manager will report directly to the Trustees and has a wide range of responsibilities covering the implementation of charity policy, recruitment and training of staff, financial management, and the marketing and promotion of the charity. |
Induction and training of new trustees |
| The procedures for the induction and training of new Trustees are tailored to suit the knowledge and experience of the appointee. |
Key management personnel |
Ms C Suffredini, the Executive Director the Charity, is considered to be the individual appointed as key management. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
Report of the Trustees |
for the Year Ended 31 March 2020 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Alastair Stewart BA (Hons) CA |
Gillespie & Anderson |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
Bankers |
30 St Vincent Place |
Glasgow |
G21 1RR |
Solicitors |
Burness |
120 Bothwell Street |
Glasgow G2 7JL |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of Kids and Adults Together in Sighthill for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
(Incorporating an Income and Expenditure Account) |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
I report on the accounts for the year ended 31 March 2020 set out on pages six to nineteen. |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Alastair Stewart BA (Hons) CA |
Gillespie & Anderson |
Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
10 December 2020 |
Kids and Adults Together in Sighthill |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 March 2020 |
2020 | 2019 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Charitable activities
|
|
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
Charitable activities
|
|
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) | ( | ) |
Transfers between funds | 17 | (1,957 | ) | 1,957 | - | - |
Net movement in funds | ( | ) | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 826,288 |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
Balance Sheet |
31 March 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds: |
General Fund | 90,729 | 9,090 |
Childcare Fund | 24,000 | 85,725 |
114,729 | 94,815 |
Restricted funds: |
Centre Building Fund | 663,827 | 731,473 |
TOTAL FUNDS | 826,288 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Kids and Adults Together in Sighthill (Registered number: SC241244) |
Balance Sheet - continued |
31 March 2020 |
These financial statements have been prepared in accordance with and delivered in accordance with the special provisions applicable to small charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern |
The trustees are aware of the losses incurred over a number of years but still consider that there are no material uncertainties about the charity's ability to continue as a going concern. In accordance with accounting standards, the charity's leasehold premises are being written off on a straight line basis over the term of the lease. This creates an annual depreciation charge of £68,964. When this is added back, the charity made a surplus before depreciation of £21,232 for the year. Accordingly, the Trustees view the charity as a going concern. |
Presentation currency |
The financial statements are presented in sterling which is the functional currency of the company. |
Critical accounting judgements and key sources of estimation uncertainty |
| The Trustees have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Trustees estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes. |
Income |
All incoming resources are included within the Statement of Financial Activities when the charity is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: |
Donations and legacies are received by way of grants, donations, and gifts. Income from 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, the amount can be measured reliability and the income is not deferred. Donations and gifts are recognised when the charity is entitled to the income, receipt of the income is probable and the amount can be measured reliably. Legacy income is recognised when it is probable that it will be received. |
Charitable activities income includes income received from the letting of the charity's premises to other organisations in furtherance of the charity's objectives, along with all childcare income and income from the provision of catering. |
Investment income is included when receivable and consists solely of bank interest. |
Expenditure |
| Expenditure has been classified under the 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 on an accrual basis when a legal liability is incurred, payment of the liability is probable and the amount can be measured reliably. The amount includes any VAT which cannot be fully recovered. VAT is reported as part of the expenditure to which it relates. |
| Charitable activities comprise all resources expended undertaking work to meet the charity's objectives. Such costs include the direct cost of charitable activities approved by the Trustees and the support costs relating to charitable activities. Governance costs include direct and related support resources expended in the general running of the charity and are primarily associated with constitutional and statutory requirements. |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
1. | ACCOUNTING POLICIES - continued |
Expenditure |
| Volunteers |
| In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements due to inaccurate measurement bases. |
Allocation and apportionment of support costs |
| The charity receives a restricted grant in respect of its support costs. The restricted grant covered 71% of the support costs during the year. The remaining balance of the support costs were allocated 70% to the Childcare Fund and 30% to the General Fund. Thereafter, support costs are allocated 100% towards charitable activities, which includes governance costs, across all funds. |
Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated |
| residual value (after impairment losses) of each asset over its estimated useful life or if held under a finance lease, over the lease term, whichever is the shorter. |
| Long leasehold - 4% on cost |
| Fixtures & fittings - 20% on cost |
| Computer equipment - 25% on cost |
| It is the policy of the charity not to consider items of expenditure less than £250 for capitalisation. |
Taxation |
| The charity has charitable status and is exempt from taxation. |
Fund accounting |
| Funds are classified as either unrestricted funds or restricted funds, defined as follows: |
| Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. The Childcare Fund is a designated fund. This designation has an administrative purpose only and does not legally restrict the Trustees discretion to apply the funds. |
| Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal process, but still within the wider objects of the charity. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Financial Instruments |
| The charity has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors. |
| Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. |
| Debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, debtors are stated at cost less losses for bad debts. |
| Creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, creditors are stated at cost. |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
1. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate. |
| Provision for liabilities |
| A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. |
2. | DONATIONS AND LEGACIES |
2020 | 2019 |
£ | £ |
Donations |
Grants |
Other income |
Grants received, included in the above, are as follows: |
2020 | 2019 |
£ | £ |
Childcare Strategy Fund | 85,425 | 85,426 |
Glasgow North East Fund | 55,636 | 55,636 |
Glasgow City Council | (1,958 | ) | 4,450 |
139,103 | 145,512 |
3. | INVESTMENT INCOME |
2020 | 2019 |
£ | £ |
Deposit account interest |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2020 | 2019 |
Activity | £ | £ |
Out of school care | Charitable activities |
45,162 | 40,178 |
Nursery | Charitable activities |
18,578 | 22,014 |
Crèche | Charitable activities |
6,099 | 3,459 |
Rental income | Charitable activities |
17,799 | 16,423 |
Catering | Charitable activities |
210 | 274 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 6) | note 7) | Totals |
£ | £ | £ |
Charitable activities |
82,451 | 203,200 | 285,651 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2020 | 2019 |
£ | £ |
Staff costs | 81,039 | 67,372 |
Play supplies | 489 | 596 |
Equipment | 912 | 175 |
Catering purchases | 11 | (539 | ) |
82,451 | 67,604 |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
7. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Charitable activities |
197,680 | 5,520 | 203,200 |
Support costs, included in the above, are as follows: |
Management |
2020 | 2019 |
Charitable | Total |
activities | activities |
£ | £ |
Trustees' salaries | 32,102 | 35,272 |
Trustees' social security | 3,239 | 3,705 |
Trustees' pension contributions | 963 | 706 |
Wages | 48,900 | 41,074 |
Social security | 2,551 | 2,181 |
Pensions | 867 | 546 |
Insurance | 5,776 | 7,877 |
Light and heat | 11,128 | 7,939 |
Telephone | 2,743 | 2,849 |
Postage and stationery | 3,343 | 222 |
Sundries | 504 | 713 |
Repairs | 9,013 | 12,251 |
Cleaning | 2,050 | 1,562 |
Subscriptions & memberships | 430 | 795 |
Payroll | 2,006 | 708 |
Bank charges | 120 | 102 |
Travelling | 347 | 424 |
Training | 680 | 400 |
Professional fees | 1,954 | 1,902 |
Depreciation of tangible and heritage assets | 68,964 | 68,596 |
197,680 | 189,824 |
Governance costs |
2020 | 2019 |
Charitable | Total |
activities | activities |
£ | £ |
Examination fee | 2,640 | 2,640 |
Accountancy | 2,880 | 600 |
5,520 | 3,240 |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2020 | 2019 |
£ | £ |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
2020 | 2019 |
£ | £ |
Trustees' salaries |
Trustees' social security |
Trustees' pension contributions to money purchase schemes |
Ms C Suffredini, the Executive Director of the charity, is entitled to remuneration under article 71 of the Memorandum and Articles of Association. This article also provides that no other Director or Trustee of the charity shall be entitled to any remuneration. |
Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2020 nor for the year ended 31 March 2019. |
10. | STAFF COSTS |
2020 | 2019 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
169,661 | 150,856 |
The average monthly number of employees during the year was as follows: |
2020 | 2019 |
Administrative Staff | 5 | 4 |
Childcare staff | 6 | 6 |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Charitable activities
|
|
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
Charitable activities
|
|
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 49,931 | 799,122 |
TOTAL FUNDS CARRIED FORWARD | 94,815 | 731,473 | 826,288 |
12. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Long | to | and | Computer |
leasehold | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
Additions |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Social security and other taxes |
Accrued expenses |
| Included within accruals as at 31 March 2020 is a figure of £641 owed to the charity's pension provider in respect of employee and employer contributions to the charity's defined contribution pension scheme. |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The charity has one operating lease commitment. The charity has entered into a 25 year lease with Glasgow City Council which expires in March 2032 for the ground at Fountainwell Square which the charity's community centre resides upon. |
16. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2020 | 2019 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Fixed assets | 2,748 | 663,827 | 666,575 | 733,104 |
Current assets |
Current liabilities | ( | ) | ( | ) | ( | ) |
114,729 | 663,827 | 778,556 | 826,288 |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
17. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.19 | in funds | funds | 31.3.20 |
£ | £ | £ | £ |
Unrestricted funds |
General Fund | 9,090 | (19,414 | ) | 101,053 | 90,729 |
Childcare Fund | 85,725 | 41,285 | (103,010 | ) | 24,000 |
94,815 | 21,871 | (1,957 | ) | 114,729 |
Restricted funds |
Centre Building Fund | 731,473 | (67,646 | ) | - | 663,827 |
Apprentice Fund | - | (1,957 | ) | 1,957 | - |
731,473 | (69,603 | ) | 1,957 | 663,827 |
TOTAL FUNDS | 826,288 | (47,732 | ) | - | 778,556 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 28,976 | (48,390 | ) | (19,414 | ) |
Childcare Fund | 69,840 | (28,555 | ) | 41,285 |
98,816 | (76,945 | ) | 21,871 |
Restricted funds |
Childcare Strategy Fund | 85,424 | (85,424 | ) | - |
Glasgow North East Fund | 55,636 | (55,636 | ) | - |
Centre Building Fund | - | (67,646 | ) | (67,646 | ) |
Apprentice Fund | (1,957 | ) | - | (1,957 | ) |
139,103 | (208,706 | ) | (69,603 | ) |
TOTAL FUNDS | 237,919 | (285,651 | ) | (47,732 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.18 | in funds | 31.3.19 |
£ | £ | £ |
Unrestricted funds |
General Fund | 2,839 | 6,251 | 9,090 |
Childcare Fund | 47,092 | 38,633 | 85,725 |
49,931 | 44,884 | 94,815 |
Restricted funds |
Centre Building Fund | 799,122 | (67,649 | ) | 731,473 |
TOTAL FUNDS | 849,053 | (22,765 | ) | 826,288 |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
17. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 26,741 | (20,490 | ) | 6,251 |
Childcare Fund | 65,650 | (27,017 | ) | 38,633 |
92,391 | (47,507 | ) | 44,884 |
Restricted funds |
Childcare Strategy Fund | 85,425 | (85,425 | ) | - |
Glasgow North East Fund | 55,637 | (55,637 | ) | - |
Centre Building Fund | - | (67,649 | ) | (67,649 | ) |
Apprentice Fund | 4,450 | (4,450 | ) | - |
145,512 | (213,161 | ) | (67,649 | ) |
TOTAL FUNDS | 237,903 | (260,668 | ) | (22,765 | ) |
Purposes of unrestricted funds |
General Fund - To receive the normal income and pay the normal running expenses of the charity. |
Designated Childcare Fund -To receive all non-grant childcare fee income, incur direct childcare costs and a proportion of indirect costs. |
Purposes of restricted funds |
Apprentice Fund - To receive all grant income and wages expenditure to support the employment of an apprentice. |
Childcare Strategy Fund - The merging of former Culture & Sport Family Fund and Culture & Sport Community Fund which is to receive all grant income from this funding source and record the corresponding expenditure. |
Glasgow North East Fund -To receive all grant income from this funder and record the corresponding expenditure. |
Centre Building Fund -This fund holds the fixed assets paid by grant funding for the construction and furnishing of the centre and is written down in accordance with the depreciation policies in place. |
Transfers between funds |
A transfer of £1,957 was made from the unrestricted general fund to the restricted Apprentice Fund to meet the deficit arising within the Apprentice Fund on the receipt of a lower grant income balance than was anticipated in the prior year. |
A transfer of £103,010 was made from the unrestricted designated Childcare Fund to the unrestricted general fund as at 31 March 2020, to meet the deficit arising in the general fund and transfer excess reserves above the Childcare Reserves policy to ensure the general fund can meet general expenditure in future years. |
Kids and Adults Together in Sighthill |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
18. | RELATED PARTY DISCLOSURES |
| The Executive Director of the charity, C Suffredini, is entitled to remuneration in accordance with the Memorandum and Articles of Association. During the year the total remuneration paid was £36,304. |
| There were no donations made by Trustees during the year. |
19. | SECURITY |
Glasgow City Council hold a Floating Charge over the undertakings and all property and assets, present and future, of the company including uncalled capital. The amount secured is up to a maximum of £728,933. This charge was granted in April 2005. |