Coram Annual Report and Accounts 2019-20

Annual Report and Consolidated Accounts 31 March 2020

(l-r) young stars perform in a production with Coram Shakespeare’s Schools Foundation; a fabric token from Coram’s archives which are being preserved for future generations; Club Peloton fundraisers.

Contents

Reports Reference and administrative details of the charity, its Trustees and its advisers

1

Chairman’s report

2

Trustees’ report

3

Independent auditor’s report

22

Accounts Consolidated statement of financial activities

24

Charity statement of financial activities

26

Balance sheets

28

Consolidated statement of cash flows

29

Principal accounting policies

30

Notes to the accounts

36

Appendix Comparative statement of financial activities

72

Comparative notes to the financial statements

76

Coram

(l-r) Coram worked directly with 144,000 children and young people in the last year; 95% of schools who worked with Coram Beanstalk reported improvements in reading confidence and self-esteem for pupils; Olivia, age 11, a Voices 2019 winner (pictured here at the 2019 awards with host Peter Capaldi) hoped to inspire others when she became a competition judge for Voices 2020

Reports Reference and administrative details President and Chairman

Sir David Bell

General Committee (Charity Trustees)

Paul Curran – Vice Chairman Ade Adetosoye Geoff Berridge - Honorary Treasurer Yogesh Chauhan Jenny Coles Her Honour Judge Celia Dawson James Dray Kim Johnson Dr Pui-Ling Li Jill Pay Kerry Smith Dr Judith Trowell

Chief Executive (CEO)

Dr Carol Homden CBE

Chief Finance Officer

Velou Singara

Managing Director of Human Resources

Christine Kelly

Commercial Director

Rachel Backshall

Principal office

Coram Community Campus 41 Brunswick Square London WC1N 1AZ

Telephone Facsimile Website E-mail

020 7520 0300 020 7520 0301 www.coram.org.uk chances@coram.org.uk

Charity registration number

312278

Auditor

Buzzacott LLP, 130 Wood Street, London EC2V 6DL

Investment managers

Veritas Asset Management LLP, 90 Long Acre, London WC2E 9RA Ruffer LLP, 80 Victoria Street, London SW1E 5JL Rathbone Investment Management Limited, 1 Curzon Street, London W1J 5FB Aberdeen SVG Private Equity Advisers Limited Bow Bells House, 1 Bread Street, London EC4M 9HH

Bankers

National Westminster Bank plc, Chancery Lane and Holborn Branch, 332 High Holborn, London, WC1V 7PS

Solicitors

Charles Russell Speechlys LLP, 5 Fleet Place, London EC4M 7RD

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Chairman’s Report 31 March 2020 In March 2020, Coram marked the 30th anniversary of the UK’s signatory to the United Nations Convention on the Rights of the Child by publishing our Call for Change and display on the many areas in which children’s rights still need protection.

As CoramBAAF celebrated its 40th anniversary, we have reviewed the learning of its first four decades to inform the fifth. With pressure upon statutory agencies rising and the economic impacts of the pandemic likely to continue for a significant period, Coram has taken steps to ensure sustainability and to rise to the challenge, whatever it takes, with a new Innovation Incubator to bring cross sectoral skills to bear on the challenges children face.

Within days, the measures required to manage the Covid-19 pandemic had led to the closure of schools and a level of loss of learning and increased risk for children unseen since the Second World War. As the weeks and months have passed, these risks – to safety, learning, emotional wellbeing, and social development have become ever more evident and, despite the loss of fundraising income, we have risen to the challenge.

It is a tribute to Coram’s staff and so many supporters who have stood by us that so much has been achieved for so many and I thank you all. Like Thomas Coram, we shall not rest until every child has the security, love and education they need to thrive.

In 2019-20, the Coram Group of charities helped more children, parents and professionals than ever before.

We worked directly with 144,000 children and reached some 3.4 million beneficiaries in the UK through digital services. We welcomed additional local authorities to our Coram Ambitious for Adoption regional arrangements, increased the number of adopters and, following the national lockdown, pioneered socially distanced activity days to find matches for children as national waiting times worsened. We made a powerful contribution to national policy discussion around childcare sufficiency, the future of care and concern that children are not getting resolution of their status in time under the EU Settlement Scheme.

Sir David Bell, Chairman

The demand for advice and for services was already pressing with increasing numbers in care proceedings even before the pandemic. Through national lockdown, the Coram Group maintained services, moving to remote working and digital first support across therapy and family support as well as advocacy and advice, home reading resources for children and a Back to School teacher toolkit to support children when lockdown measures eased.

Government measures have been essential in preserving the infrastructure of our education services so we can stand ready to respond as schools are able to welcome our reading volunteers and specialist educators back to the classroom. We continue to put young people’s voices centre stage in considering What Makes Life Good for those in and leaving the care system to inform the forthcoming Care Review and we started work on our Story of Care: Voices through Time programme, digitising our historic archive to inform the future.

It is because of the importance of social, emotional and cultural equity for children that – even in the face of the pandemic – we welcomed Shakespeare Schools Foundation to the Coram Group and virtually celebrated One Night of Shakespeare for Universal Children’s Day in November 2020 with hundreds of schools up and down the country, determined to put children’s interests first.

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Trustees’ report 31 March 2020 The Trustees present their statutory report together with the audited accounts of The Thomas Coram Foundation for Children (known as Coram) and its subsidiary undertakings for the year ended 31 March 2020.

2.

Coram Life Education is the sole member of Coram Life Education Trading Limited (company number 09146751 (England and Wales)) (incorporated on 24 July 2014 and trading from 1 September 2014).

The accounts have been prepared in accordance with the accounting policies set out on pages 30 to 35 of the attached accounts and comply with the charity’s founding documents (Royal Charter and Acts of Parliament), the Charities Act 2011 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 United Kingdom and Republic of Ireland (FRS 102).

On 1 April 2020, Coram became sole member of Coram Shakespeare Schools Foundation (formerly Shakespeare Schools Foundation) charity registration number 1164676.

In 1998, Coram established The Foundling Museum (charity registration number 1071167), to display the Coram Collection in the Coram premises of 40 Brunswick Square under long term agreements.

Further details are provided in note 35 to the accounts.

Scope of consolidation

Our Mission and Vision

The Group accounts include the accounts of Coram together with those of its seven subsidiaries.

The Coram Group has a vision that all children should have the best possible start in life. Our mission is to develop, deliver and promote best practice in the rights and welfare of children and young people. We achieve this by: direct delivery of children’s services including adoption and fostering; promoting access to justice; advocacy for children dependent upon state support; championing and enabling entitlement in the early years; by supporting schools to develop children’s skills for life; by advancing national systems, practice development and membership services; and by informing public policy and understanding.

Coram is the sole member of: • Coram Trading Limited (company number 07034159 (England and Wales)) (incorporated on 29 September 2009) trading as Coram-i.

• Coram Children’s Legal Centre (CCLC) (charity registration number 281222) (from 1 September 2011).

• Coram Voice (formerly Voice for the Child in Care) (charity registration number 1046207) [from 1 October 2013).

Corporate strategy

• Coram Cambridgeshire Adoption Limited (CCAL) (charity registration number 1159830) (from 1 April 2014).

As part of our strategy to become a national centre of excellence for children, the business plan for 2019-20 delivered the following objectives in the final phase of a 10 year programme:

• Coram Academy Limited (company number 09697712 (England and Wales)) (incorporated on 29 July 2015) trading as CoramBAAF.

1. To help more children, young people and families through a diverse range of support and intervention services; 2. To help children more by championing what matters most for children;

• Coram Family and Childcare (formerly Family and Childcare Trust) (charity registration number 1077444) (from 25 July 2018).

3. To increase public understanding and support;

• Coram Beanstalk (formerly Volunteer Reading Help T/A Beanstalk) (charity registration number 296454) (from 1 February 2019).

4. To ensure operational sustainability through the development of the Coram Group; and 5. To advance the plans for the development of the Coram campus to further our aims.

In addition: 1.

Coram is the 75% majority member of Coram Life Education (charity registration number 800727) (from 1 July 2009.)

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Trustees’ report 31 March 2020

Coram Adoption and Children’s Services

Operational overview In 2019-20, the Coram Group provided support to at least 3.4 million individuals and users. The number of direct beneficiaries increased by 7% to 144,720 children and parents/carers. A further 431,263 benefitted from education programmes across at least 3,362 schools, with 3,431,881 unique users accessing our specialist digital-first advice services. 12,067 professionals in the UK were trained and additional services were extended to 27 countries.

Though the year, Coram was instrumental in the delivery of adoption agency functions, national grant programmes and the delivery of national services to support prospective adopters, the matching of children with adopters and adoption support.

100 children found new loving homes with Coram adopters in 2019-20, with 100 more being matched with adopters nationally through Coram’s Adoption Activity Days, and more than 900 links generated through our Be My Family Exchange Days, which enable adopters to explore the profiles of children with social workers from other agencies across the country.

The reach and impact of our work was further extended with the amalgamation into the Group on 1 April 2020 of the Shakespeare Schools Foundation. Its 2019 festival saw more than 16,000 children and young people from 750 schools across the country develop their social, emotional and cultural capital through the performance of the works of William Shakespeare.

Coram completed the contracted work for Cambridgeshire County Council (CCA) which transferred back to the local authority in July 2019.

CCA was the first dedicated voluntary adoption agency to deliver local authority services; it won national grant funding to advance sibling placement, was found Good in all categories by two Ofsted inspections and was recognised for Best Practice in the National Adoption Awards for achieving early infant placement. Over five years, CCA enabled 222 children in care to find the loving homes they need over the five years of the partnership, 20% ahead of the required level.

The year was characterised by the publication of the Call for Change, our “manifesto” for policy makers, marking the 30th anniversary of Britain signing the United Nations Convention on the Rights of the Child (UNRCR), and the launch of the only charity-led regional adoption agency, Coram Ambitious for Adoption, with a visit by the Secretary of State for National Adoption Week 2019.

Renuka Jeyarajah-Dent, Director of Operations for Coram for 12 years, received the award of OBE for services to children and families in the 2020 New Year’s Honours.

In National Adoption Week 2019, Coram Ambitious for Adoption was launched at a showcase addressed by the Secretary of State for Education Gavin Williamson.

He met adopted young people from the Coram Adoptables group and heard directly from them about the challenges they faced telling their life stories, which inspired them to produce the educational film Telling My Story.

The operational financial plan was delivered in line with approved deficit budget, reflecting the costs of closure for the Coram Adoption East Midlands branch activities, completion of the East Wing extension at Coram’s main London campus to house our expanded and integrated fundraising team, and restructure to secure sustainability as the global Covid-19 Pandemic took hold.

“The most important lesson for adoptees is that it isn’t what the past did to you, it’s what the future can offer. Being adopted carries its challenges, but ultimately it is hugely positive and has changed my life for the better.”

Coram also moved efficiently to remote working during the full scale national lock down and reinforced its digital capacity and assurance with re-accreditation of Cyber-essentials Plus, in addition to the Investors in People Gold award and relevant operational accreditations.

Jake, a member of The Adoptables

We began a major new project to digitise Coram’s archives during it’s time as the Foundling Hospital and the Story of Care: Voices through Time programme, which is planned to form part of a new Story Centre with the redevelopment of the Gregory House building on the Coram Campus for which a planning application was prepared.

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Trustees’ report 31 March 2020 Coram is the first and only voluntary adoption agency to be leading the delivery of a regional adoption agency. This is done with and on behalf of the London Borough of Harrow, City of London, Redbridge, Kensington and Chelsea, Westminster, Bromley, Hillingdon and Waltham Forest.

Creative therapy and family support Our Creative Therapies and Parenting team supported adoptive and special guardianship families with case formulation and direct therapy through its London Gateway, and also supported school children in the borough of Camden who have complex or traumatic backgrounds.

“Through this initiative we’ll be in a stronger position to find prospective family homes for vulnerable children in our borough. A regional agency will widen the net of potential adopters, share expertise and ideas and ensure children and adopters get a consistent level of support.”

The team provides a wide range of therapeutic approaches. A new approach to supporting migrant young people to regulate their sleep, and a pioneering approach working with the community around Grenfell Tower to address school exclusion, are amongst the ground-breaking community clinical programmes for the coming year. This builds on the work supported by Sheila’s Fund to address loss and build hope for the future.

Cllr Elaine Norman, Cabinet Member for Children & Young People for Redbridge Coram’s outstanding voluntary adoption agency was awarded the national quality mark in early permanence and successfully adapted its assessment and support programmes to virtual delivery, seeing a 24% increase in enquiries from potential adopters despite the impact of the pandemic.

Since 2010, Coram has been the social work provider and partner to the Tavistock and Portman NHS Foundation Trust in the development of the London Family Drug and Alcohol Court (FDAC). The service relocated from the Coram Campus last year to better serve the participating eight local authorities in South London and supported 66 families.

In the coming year, we plan to welcome the Royal Borough of Greenwich and the Borough of Slough, which will make us the agency with most local authority partners. We aim to play a significant role as the national recruitment campaign seeks to support agencies in addressing the shortage of adopters and increasing delays for children in court and matching processes compounded by the impact of the pandemic.

Coram will work with the Nuffield Family Justice Observatory and other partners in the development of court directed and family support services using digital as well as direct delivery models.

This complements Coram’s extensive parenting programmes in Thurrock where the recommissioned service supported parents to improve their parenting approach, with 86% of participants in the Strengthening Families, Strengthening Communities programmes indicating improvement in their parenting capacity and confidence.

“In London, there is a particular need to find homes for children described as “hard to place”. This includes children from our diverse communities, in sibling groups of two or more, as well as children with disabilities or special needs. Giving these children a new start will not only enrich their lives .... it contributes to making society a better and more loving place.”

Insight and innovation Coram is an evaluation partner to the What Works Centre for Children’s Social Care, for which our Impact and Evaluation team is delivering the first randomised controlled trial of Family Group Conferencing across 20 areas. This has involved navigation of complex ethical and organisational issues and commenced after a delay as a result of the national lockdown.

David Lammy MP, Coram Adopter As a result of the financial pressures upon adoption agencies, Coram made the difficult decision to close its East Midlands adoption branch in February 2020 with ongoing local and virtual adoption support provided on an integrated basis with our national services.

Pioneering approaches to support include the development of a new ‘object-based’ approach to life story, the development of training and resources in sleep, diet and exercise for young people in/leaving care, and the needs of migrant young people in particular.

Our support for adoptive parents features specialist approaches for adoptive parents at different stages of a child’s development including the STOP programme for the teenage years, the Incredible Years programme for children aged five years and older and pioneering new Harmony Groups for the parents and carers of infants.

Our specialist consultancy, Coram-i, also worked to provide the sector’s decision makers with valuable

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Trustees’ report 31 March 2020 analysis and insight on national adoption and special guardianship data. Coram-i is also running a two year programme of capacity building in fostering for Croydon Council which will enable the service to return to the local authority next year.

Informing, educating and inspiring professionals CoramBAAF is a multi-disciplinary membership organisation leading the way in improving outcomes for children and young people in care by supporting the agencies and organisations that work with them.

Coram continued to maintain the First4Adoption resources under licence after the Department for Education discontinued its support to this national gateway for adoption in March 2017, enabling 250,000 unique visitors to find adoption information on our website and more than 17,000 prospective adopters to take part in e-learning.

This year CoramBAAF extensively trained professionals and saw an unprecedented increase in the number of article downloads of the specialist Adoption and Fostering Journal from 43.000 to 54,500 with a well received special edition on The Impact of Neurological Sciences on Family Placement Policy and Practice.

Adoption Activity Days held this year by Coram sustained a one in four success rate despite the national shortage of adopters. 482 children met 314 potential adopters resulting in 118 matches from the 20 events, providing children who have waited the longest with the chance of a loving home. This was one of the few areas in the Coram Group which had to be suspended in the first national lockdown but a new Connexions service was piloted enabling matching to continue for waiting children and adopters. The service resumed on a Covid-secure key service basis when national pandemic measures permitted.

More than 2,126 members attended training events across the country and we also delivered 75 customised training events. Popular topics including making good fostering assessments, an introduction to the Secure Base model, Life Story work and the role and responsibility of panel advisers.

More than 6,000 members received our Digest and CoramBAAF also published 22 papers and 30 good practice guides, including a major research review with Lancaster University on the benefits and issues of Special Guardianship orders.

“We knew it was going to be special from the minute we walked in and saw a little lad’s beaming smile asking if we’d play on his football team. After three hours of fun, games and a magic show, a fellow prospective adopter said, “You do know he’s chosen you. don’t you?” We’d found our son – or rather he’d found us. You just can’t get that feeling from a written profile and a photograph.”

The Annual Members Day in 2019 was addressed by Isabelle Trowler, Chief Social Worker for England and attracted more attendees than ever before. In our Members’ Survey, 97% of respondents told us they would recommend CoramBAAF membership to a fellow professional.

We gained extensive coverage on national TV and radio, including Sky News, BBC Radio 4 and Voice of Islam UK. CoramBAAF’s social media presence continued to expand with 15,150 Facebook users on average each month and more than 14,000 Twitter followers.

Paul and David, adopters Coram-i was awarded the contract by the Department for Education to act as the Secretariat to the national Stability Forum, supporting the Adoption and Special Guardianship Leadership Board, and collating national data returns.

CoramBAAF is proud to partner with AFA Cymru and AFA Scotland and to work with colleagues across Northern Ireland. We also developed extensive resources to support foster carers across Europe looking after unaccompanied migrant children as part of the Fostering Across Borders programme with partners in Austria, Belgium, Greece, Luxembourg and Poland. This included information on caring for the children from the five main countries of origin.

In the coming year, Coram-i will launch the Coram Innovation Incubator to build greater capacity and capability in children’s services and provide new service solutions in the digital era to address the emerging needs of children, families and professionals.

2,124 queries to the specialist advice line for adoption and fostering professionals were answered, with significant growth continuing with the onset of the pandemic. CoramBAAF responded swiftly creating a new section on our members’ website and providing authoritative guidance on adapting practice and such issues as virtual panels, before material was available Coram 6

Trustees’ report 31 March 2020 from the Department for Education. The programme of conferences, advisory groups and regional meetings has been delivered virtually reaching more professionals than ever before.

More than 80% of families who have contact with a Parent Champion go on to use a service they have not used before.

“I’m proud of setting up the weekly peer-topeer group at the local library ….. We aim to break barriers and reduce isolation. The biggest benefit for me is seeing people grow in themselves and become confident.”

In the coming year, CoramBAAF will celebrate its 40th anniversary as the UK-wide community of practice with a special edition of the journal examining the Past, Present and Future of Children’s Services, dedicated to Roana Roach our head of training who died after battling illness for many months.

Stella, Parent Champions volunteer

The 2020 Members’ Day will follow the same theme and will feature Jenny Coles, President of the Association of Directors of Children’s Services, focussed discussion on anti-discriminatory practice and the Minister of State for Children and Families will be invited to mark the occasion with a special reception.

Essential partner to schools in the preparation of children for life Readiness for school is a vital factor in children’s future learning success and for all too many children, a slow start in the development of language and reading skills requires particular support.

Early years’ impact

For those who have additional needs or live with risk, a whole school approach to wellbeing and to building social, emotional and cultural capital is essential. It is to these ends, that Coram’s education services are dedicated.

Coram Family and Childcare (CFC) undertakes its annual national Childcare Survey, the most comprehensive study of childcare sufficiency, to highlight the need for better quality, affordable childcare, and promotes best practice in local early years support, making recommendations for reform.

Coram Life Education (CLE) Coram Life Education has a network of 17 delivery partners and three branches across the United Kingdom, and international reach through its delivery partners in Barbados, Finland and Cyprus.

Children from struggling households are likely to face disadvantages in their development and readiness for school. Coram Family and Childcare research demonstrates that the challenges families face in finding affordable childcare is critical and the 20th Childcare Survey demonstrated that Britain’s families were paying 5% more year on year for childcare for the under twos, even before the devastating effect on providers of the Covid-19 pandemic.

The overall number of children reached by partners grew slightly this year to reach 420,500 and the network remains the largest provider of Personal Social and Health Education, working with more than 2,000 schools (one in nine primary schools in England and Scotland).

The survey also showed that – whilst support, subsidies and free entitlements are available to families that need them – the system is complicated and all too many children are at risk of missing out. The findings were widely covered including in The Times, The Independent and the BBC and have informed national policy development with strong ongoing dialogue with and beyond government.

CLE achieves a consistently high approval from schools with 100% of senior staff satisfied with the CLE sessions fulfilling Health Information Standard requirements, Lesson plans, videos with puppets, including our main character Harold the Giraffe, songs and stories prove highly engaging for children and enhance learning outcomes.

CFC works to support local authorities in reaching vulnerable families by supporting the National Association of Family Information Services, focussed discussion on anti-discriminatory practice, and expanding its national Parent Champions volunteer programme.

Dear Harold Thank you so much for coming to our school.

My favourite part was all of it. I cannot choose because it was all good. You participated in well-being week. I learned a lot about feelings. I love it.

Love from Kaci

With some 43 programmes across the country and a new partnership in Nottinghamshire volunteers are supported to increase equality of access, improve children’s outcomes, build community capacity and tackle isolation amongst parents of children under five.

Letter from a primary pupil in Lancashire, one of thousands sent by school children to Harold the Giraffe each year Coram 7

Trustees’ report 31 March 2020 Though national lockdown meant that CLE would not be able to visit schools in person in the summer term, Harold donned his face-mask and gave daily tips online to help children, parents and teachers to boost their wellbeing. A Back to School toolkit was developed to support the challenge of transition to learning in a new socially-distanced way after weeks and months of absence from school.

When schools closed their doors in March 2020 to reading helpers – many of whom faced risks associated with their age or situation – Coram Beanstalk worked to support children from afar. The weekly online Grow a Love of Reading resource for parents, carers and children suggested book reading activities and games with tips on reading aloud.

We have piloted Reading Remotely, striving to virtually secure face to face engagement for children and volunteers, and the Storytime sessions featuring brilliant books read aloud by celebrities and our reading helpers was launched on social media by our partner, the Very Group.

This forms part of the SCARF on-line resources, which already extended reach and benefit to 33,960 teachers and has grown substantially and rapidly as the closure of schools in the face of the Covid-19 pandemic led to a need and concern to support children in learning remotely.

These initiatives provide a significant platform for development in the coming year, alongside the new numeracy volunteer programme (in the first joint work with Coram Life Education), with support of ICAP which was delayed as a result of the Covid-19 pandemic.

Coram Life Education, like many small charities, has faced extraordinary challenges and risen to them, standing ready – with the support of Coram Group - to support schools in the months and years ahead, including the delayed implementation of statutory Relationship and Sex Education. This will be the key focus for the coming year, developing new content to address the concerns of schools in areas of safety, mental health and risk taking.

This will be complemented by the work of Coram Shakespeare Schools Foundation which was formed in the midst of lockdown to ensure that children can find their expressive voice and develop the skills, confidence and team work through drama.

This work will be complemented by the re-launch of master classes for Tomorrow’s Achievers designed to stimulate/engage attainment for upper primary pupils following the pilot this year of Coding with Purpose, for our children in care in partnership with South Bank University.

The staff moved to the Coram campus in August and have built a programme of digital workshops for teachers, in preparation for One Night of Shakespeare celebrating the voice of children and young people across the country for World Children’s Day on 20 November.

Coram Beanstalk Story of care

In 2019-20, Coram Beanstalk helped more than 10,000 children to develop a love of reading, through the support of a reading volunteer. 93% of schools confirm that such one to one support would not otherwise be possible and 95% saw improvements in reading confidence and self-esteem for their children.

‘Letters from Lockdown’ was the first creative project in the Coram Story of Care: Voices through Time programme. Support from the National Lottery Heritage Fund will enable Coram, as the continuing Foundling Hospital, to digitise a substantial part of our records as the longest established charity for children and work with partners and young people on creative projects to change the narrative of care for the future.

“The children’s reading skills have improved significantly and the children are now enjoying all aspects of school more. It is the one intervention I would not be without.”

The ‘Letters’ project was completed with young people working with the Royal Literary Fund fellow to examine the petition letters by mothers in the 18 th century and writing letters to the future, gaining insight into the practical skills of letter writing and the experiences of young people in care past and present.

Ian McDermott, Head Teacher of Sacred Heart RC Primary School, Manchester Coram Beanstalk was supported extensively by the I Newspaper appeal and the magical production of A Christmas Carol by the Old Vic, noting the special association with the charity, since Dickens – who lived in Bloomsbury – named a number of characters in resonance to the Foundling Hospital (as Coram was then known) and wrote petitions for the admission of children.

The precious historic records are being conserved and digitised by our partner, London Metropolitan Archive and will be transcribed by volunteers via the Zooniverse platform, creating a searchable database for young people, historians, academics and professionals.

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Trustees’ report 31 March 2020 In the coming year, we will launch the Coram Timeline of Care, with insight and contribution from Professor Harriet Ward and co-produced with young people, who will also launch a social media campaign to tackle the contemporary stigma of care. This is one of the ways in which young people work with Coram, gain skills for their own progress, and help others.

Getting young voices heard in decisions that matter Creating this additional capacity in the sector is one of the means by which the Coram Group is able to get young voices heard in the decisions that matter to children and young people dependent on the state.

In 2019-20, Coram Voice directly supported at least 12,257 young people in or leaving care, substantially exceeding the annual plan. This included a 25% increase in those helped through our homeless outreach programme, part of our specialist advocacy which aims to develop further to help those in/leaving mental health services, who have disabilities or are excluded from school. The involvement of young people extends from peer research and young communicators to the development and co-delivery of training, which this year reached 552 professionals.

Young people helping others In the past year, 996 young people were employed, contributed as volunteers or were involved in coproduction across the Coram group, with 5,670 beneficiaries reached overall.

The cross group HALO programme provides Help, Advice and Legal Opportunity. This model of coproduction is at the heart of Coram’s strategy and vision for the national centre of excellence for children and featured digital innovators, peer tutors, acting as young rights trainers, peer researchers, and providing telephone advice on topics including school exclusion on the Child Law Advice Line.

The contract with the Department for Education for the Always Heard service – the only national advocacy advice line and safety net – was renewed. There were 16,396 digital and direct engagements with 8,416 referrals to local services.

“The nomination from Coram for the Young Citizens group was totally inspiring. The focus, commitment, passion and success clearly shone through.”

To ensure reach and relevance Coram Voice also launched a new mobile first website and developed Advocat, an animated character to support children under 11 to access their entitlement to advocacy.

Judges of the Diana Award made to Young Citizens group for social action

In line with plan, Coram Voice extended further the network of contracted services across the country. Our Bright Spots programme, funded by The Hadley Trust and in conjunction with Professor Julie Selwyn, of the Rees Centre at the University of Oxford, continued to hear the voice of children in care and work with local authorities to make improvements.

A study conducted in the past year showed that in the case of those volunteers working on the Child Law Advice Line, £115 of social value was generated for every £1 spent, 90% of young people involved said they were likely to work or volunteer in the sector, adding capacity to Coram and beyond whilst benefitting participants directly and indirectly.

Our Lives, Our Care, has embraced the views of more than 10,000 looked-after children and young people over five years and, in the coming year, we will provide thematic reviews of the 10,000 Voices. The first of these to be published are recommendations for policy on What Makes Life Good for care leavers, based on the findings of Your Life Beyond Care, the survey for 16-25 year olds made possible through social care innovation funding via Coram-i.

This year there were 293 young people involved across the organisation as interns, staff, advisers, volunteers, trainees and in co-production programmes.

In the coming year, with diverse funders, the HALO programme will further advance the work of the Young Citizens in championing the voice of migrant young people, broaden the university partnerships for volunteer law students, and develop more co-training opportunities.

“If all social workers took time to ensure all young people understood what had happened to them and why, it would give those young people a better chance of reaching their full potential, which should be the goal for every care experienced person.”

Kerrie, a Creative at Coram Voice, whose blog featured in The Guardian

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Trustees’ report 31 March 2020 We launched the New Belongings programme to provide direct support to care leavers and local authorities in working together to improve local services. This is a key focus for the coming period along with the development of A National Voice as a national care council for young people, in and leaving care.

Isolation in Reality Days…weeks…pass Restless people Eager to go back outside Not me though My home, a safe place Somewhere I haven’t always had

The Covid-19 pandemic has had a significant impact on children’s services which support children and young people in and leaving care and has affected diverse communities and local charities disproportionately.

I will never take my safe place for granted.

A space to read A space to bake Healing my soul The person I have left, is me No matter how bad it gets.

Coram Voice aims to expand access its services in the coming year through digital and outreach approaches, especially in relation to homelessness and will work tirelessly – along with all parts of the Coram Group – to tackle discrimination in all its forms and build social equality so that all children have a fair chance in life.

I will never take my own company for granted.

Tiny hands pressing on mine Into soft salt dough We craft rainbows To hang in windows.

How could they leave me?

When I couldn’t ever leave you.

Creative expression and public engagement The Voices competition gives creative voice to children and young people from the care system and in 2019 attracted a 21% increase in applications as compared to the previous year. Hosted by corporate partner, Havas, and a host of celebrity judges, the awards demonstrated the fortitude, creativity and capability of young people:

I will never take my daughter for granted.

People struggling Hours…days…weeks Alone, my institutionalised reality A forever memory In my struggle to build Stable loving relationships.

The shortlist was being finalised for the awards 2020 when the lockdown intervened. As a result, an additional category was added to enable young people to convey their experiences in this national health emergency and more than 1,500 people joined the live stream on You Tube, 10 times the previous level. The extraordinarily poignant writing is demonstrated here.

I will never take relationships for granted.

I see the postman I feel anxious He doesn’t deliver much anymore No one knocks at my door This world grants me peace and quiet.

I will never take my peace and quiet for granted.

Days…weeks…pass.

Although now I see some light My future seems brighter The end of my solitude is in sight I will never take my future for granted.

by Saphron (21) the overall winner of the ‘Experiences of Covid-19’ category in Voices 2020

Coram 10

Trustees’ report 31 March 2020 settled status for children in care and care leavers and providing legal advice. Outreach remains a priority so that more children can take steps to obtain and maintain legal status and the entitlements and opportunities it brings with it.

Coram Children’s Legal Centre (CCLC) During 2019-20, Coram Children’s Legal Centre provided 2.4m digital downloads of assured legal information and gave advice to just over 18,000 telephone and email enquirers.

Most of those we advise are outside the scope of legal aid and, to meet this urgent need, we have developed a project to apply for exceptional case funding in cases where we consider a child or family’s human rights would be breached if they were to go without publically funded legal advice. We have made 44 applications with a remarkable 100% success rate.

Legal advice and representation The Child Law Advice Service (CLAS) fulfilled all its contractual requirements and moved seamlessly to remote working in March, with the contract extended in a timely way by the Department for Education to enable security of access.

The main areas of enquiry in the year remained contact, residence orders, and school admissions and exclusion and special educational needs. The closure of schools brought a swell of concerns about attendance and safety along with a very significant increase in calls relating to domestic abuse.

Legal Practice Immigration is one of four specialist areas of the Legal Practice Unit (LPU) alongside family, community care and education, being the only national charity provider.

It was successful in its LECEL reaccreditation, without any audit points under our new Head of Education Law Rosalyn Akar-Grams, whilst Qaisar Shaikh, also from our Education Law team, was ranked in Education Law category in the leading directory Chambers and Partners.

Evaluation of the CLAS has previously shown that 98% of users were satisfied with the service with many being able to resolve their issues as a result of the free legal advice. In the coming year it is a priority to retender to secure ongoing access for service users and to re-establish the engagement of university volunteers to deliver on-line training.

In the coming year, we will continue to expand the legal practice in all areas of operation and to bring strategic litigation cases to extend case law to the benefit of children.

The cases of hundreds of children and families were further supported in the UK through outreach, advice and representation, whilst millions more will benefit from the development of legal systems and provisions for children’s rights made possible by our research and capacity building support in 34 countries.

At the heart of the national adoption and fostering system, Coram Children’s Legal Centre also delivered the Independent Review Mechanism for England which completed the highest number of cases since it was established, with the contract extended by the Department for Education for a further year. Together with the piloting of virtual panels, this helped to ensure continuity of service during the pandemic.

The Migrant Children’s Programme works to protect and promote the rights of children and young people affected by UK immigration control by direct advice and outreach, the training of professionals and provision of guidance and resources, and policy and engagement.

Online resources were accessed by 446,910 unique users and 816 advice queries were answered, whilst 650 professionals were trained on the rights of children.

We supported 218 children, young people and parents/carers to apply to the EU Settlement Scheme, and helped 270 more to resolve their immigration issues.

Coram International The international basis of children’s rights is the focus of Coram International, our dedicated team of sociolegal researchers who this year worked on 27 projects across 34 countries and was awarded preferred status as Child Protection consultants to UNICEF Headquarters in New York.

The operation of the scheme was the subject of oral evidence to the House of Lords EU Sub-committee on Justice and key policy report of the year, published with 12 months to go before the deadline. The report attracted substantial media coverage including The Times, The Guardian and The Independent.

In 2019, the team completed the innovative publication Casting Light in the Shadows: Child and Youth Migration, exploitation and Trafficking in Vietnam which used cutting edge research to estimate the prevalence of labour exploitation and trafficking in Vietnam.

We continue to make frequent and substantial contribution at every level for practice and policy change so that priority is given and resources dedicated to resolving nationality and permanent

Coram 11

Trustees’ report 31 March 2020 “The research captures the reality of child trafficking in Vietnam – it will allow us to understand the scope of the problem, the underlying causes and who is at risk.

Coram’s approach helped us to expand the way we think about trafficking and it will help us come up with better solutions.”

Anita Hurrell co-chaired the Migrant and Refugee Children’s Consortium and Professor Dame Carolyn Hamilton serves on the board of Springboard UK.

Building understanding and support In the course of the year, Coram increased the number of supporters and level of support from individuals, companies and charitable foundations before experiencing significant challenge caused by the national fall in charitable donations in the face of the Covid-19 pandemic. This was mitigated in part by emergency funding from government for adoption, and from longstanding grant making organisations.

Institute of Labour Science and Social Affairs, Vietnam

Other key projects included the delivery of Quantitative and Qualitative Assessment of Residential Care Facilities in Myanmar providing evidence of the conditions for children living in institutions, including rights violations and experiences of significant abuse and harm.

There were three significant highlights of 2019-20. The selection of Coram Beanstalk as the benefitting charity for the Old Vic production of A Christmas Carol achieved a substantial direct contribution from audiences through box collecting. It also enhanced public understanding of Coram’s work and its association with Charles Dickens.

The team was responsible for supporting UNICEF in the drafting of a landmark report on Children in ASEAN: 30 years of the Convention on the Rights of the Child, which was released at the 2019 ASEAN Commemorative Event hosted by the Government of Thailand.

The Handel Birthday Concert celebrated the contribution of the Foundling Hospital pupils to the Army bands with a semi-staged sell-out production featuring the Band of the Scots Guards.

Coram International began 2020-21 with several contracts in place, including work with the support of the Chubb Rules of Law Fund to research the administrative detention of children for mental health purposes in the UK, which is expected to form a key platform for the 40th anniversary of the formation of CCLC in 2021.

Coram was selected as one of the beneficiaries of the 2019 ICAP Charity Day and won its first national Charity of the Year partnership with the Very Group, both of which continue into the coming year with a priority to develop further our volunteer programmes in numeracy and in literacy.

Leading public discourse for children Coram’s vision is to be recognised as the institute driving forward the discourse for children. This was advanced this year through key events publications and national policy representation.

The riders in our largest challenge event of the year, the Cycle to MIPIM 2020, were just about to leave for their 1,500km journey when the MIPIM event was cancelled. It is an immense tribute to the values and commitment of the Club Peloton community, our longest continuing supporters, that so many responded by completing their challenges in the UK to deliver upon their promise to the children of Coram. It is fitting that the 1,500km cycle around Regents’ Park featured on ITN News, as the 2020 London Marathon was cancelled.

Coram’s CEO Dr Carol Homden was interviewed for the Financial Times, a highlight of the significant media coverage achieved. Carol is also the Chair of the National Autistic Society, and on the board of the Association of Children and Adolescent Mental Health Services.

In April 2020, Coram responded with its own 2.6 Challenge – featuring everything from a staff marathon of 26 miles to baby Amalia’s 2.6 metre crawl. Fortitude and resilience has been shown throughout with regular discourse with Coram Charter Patrons being appreciated as the pandemic placed significant financial strain on the organisation.

Dr John Simmonds, Director of Research, policy and development at CoramBAAF served on the Adoption and Special Guardianship Leadership Board and chaired the Kinship Care Alliance.

Brigid Robinson, Managing Director of Coram Voice, chaired the Advocacy Consortium and Policy Head Linda Briheim-Crookall co-chaired the Alliance for Looked After Children and Care Leavers. Linda Briheim-Crookall was appointed to the Advisory Panel of the What Works Centre for children’s social care. Dr Sarah Taylor now serves on their Ethics Panel.

Coram 12

Trustees’ report 31 March 2020 It is the longstanding strategic support of the Hadley Trust which has enabled Coram Voice to champion the Bright Spots of care experience whilst the Paul Hamlyn Foundation and the Pears Foundation extended their support to the Migrant Children’s Project to enable them to support the sector in helping undocumented children and Comic Relief supported a new approach to the support of Infant carers.

Coram hosted its planned display on The Place for Children, telling the story of the development of its historic home, attracting more than 1,000 visitors.

We examined emerging trends and issues on knife crime, and gained extensive coverage with the Costs of Childcare survey. As the year ended, we recognised the 30th anniversary of the UK signing the UN Convention on the Rights of the Child with the Better Chances for Children display coinciding with the launch of our Call for Change, laying out key priorities for policy change.

We also record particular recognition to Martyn Smith and his family who have worked with Coram to create Sheila’s Fund following the loss of his mother in the Grenfell Tower tragedy and have match funded the 2.6 Challenge.

In the coming year, we will recognise key moments in the history of care with the launch of the Coram Timeline, and also the centenary of the release of Charlie Chaplin’s The Kid, by kind permission of the Chaplin Family. Our Handel Birthday Concert will be socially-distanced and the first to be live-streamed, reaching out to wider publics.

In the coming year, Coram will be working to maintain and enhance individual giving and to launch a new major donor programme looking beyond the immediate impact of the pandemic, building further public engagement and support.

The Coram art collection continues to be displayed on loan to our sister organisation, the Foundling Museum, whose introductory gallery contextualises the collection as part of the early history of Coram. The Museum welcomed more than 36,000 visitors in the year providing access to the Coram heritage with loans from the Coram Archive also made to its special exhibitions on ‘Hogarth & The Art of Noise’, ‘Two Last Nights: Show Business in Georgian Britain’ and ‘Portraying Pregnancy: from Holbein to Social Media’.

This builds on and is amplified by extensive media coverage and social media presence with particularly notable coverage including: • Extended interview with our CEO Dr Carol Homden charting the growth of Coram in the Financial Times; • Nationwide coverage of Coram Family and Childcare’s annual childcare survey, including on the BBC • Coram Beanstalk’s work supporting children with the reading was the subject of ongoing coverage in The I newspaper as its charity of the year;

Goals for 2020-21 Coram is committed to ensuring that all children are respected and protected and has defined policy priorities and calls for change which drive our strategic goals and are informed and supported by our service delivery plans.

• Our call over Christmas and New Year 2019 for more potential parents to consider adoption was picked up by media nationwide, including ITV, and we were prominent in coverage of National Adoption Week;

These priorities underpin all of the work for Coram, whilst realising the redevelopment of the Coram Campus, with the overall goal of helping more children and helping children more through sustaining and developing a portfolio of four service themes. These are: Children’s Rights and Voice; Education and Early Years; Sector Insight, Capacity and Innovation; and Adoption and Permanent Families with cross group programmes advancing co-production with young people and solutions to emergent issues.

• We supported a special joint investigation by The Times and Channel 4 News into the exorbitant Home Office costs being charged to young people seeking to regularise their legal status in the UK • CCLC was a regular contributor to Children and Young People Now magazine throughout the year, providing regular legal updates on topical issues for the sector;

Coram moved efficiently to remote working during the full scale national lockdown, with the job retention programme supporting a challenging period for our schools-facing programmes in particular. The actions taken helped substantially to mitigate the worst impacts of the sector-wide reduction in fundraising as the major challenge events in the national calendar were cancelled.

• Coram Voice ambassador Kerrie Portman wrote a column for The Guardian describing her experience growing up in care.

Coram 13

Trustees’ report 31 March 2020 A forward-deficit budget was approved for 2020-21 to ensure maintenance of vital programmes in readiness to resume work to address the consequences to vulnerable children of the unprecedented break in their access to education.

Public benefit Coram has referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and future activities. Our achievements for the year are set out throughout this report and the Trustees have considered how Coram’s activities contribute to the aims and objectives they have set.

Trustees have reviewed the strategic goals for the period 2020-25, laying out a strong vision for Coram as a national centre of excellence for children, addressing the inconsistency, inequality and injustice which determines children’s chances in life at individual, sectoral and societal levels:

Governance, structure and management

• Help more children and help children more through sustained and sustainable delivery of direct and indirect services in our operational areas featuring cross group programmes addressed to educational exclusion, to connections and identity, and to young people’s social contribution.

Constitution The Hospital for the Maintenance and Education of Exposed and Deserted Young Children was incorporated in 1739 by Royal Charter as amended by subsequent Acts of Parliament. The charity is registered as The Thomas Coram Foundation for Children and is now known as Coram.

• Building sector insight and capacity through Coram as an Academy of practice and continuing professional development; and

Coram is led by a Board of Trustees which is chaired

by Sir David Bell, who was appointed as President and Chairman in September 2015 upon the retirement of Alderman Sir Michael Bear.

• Advancing Coram’s position as the Institute for the Future of Children featuring the Library of Care, Voices Collection, and Coram Innovation Incubator addressing all three levels of personal, professional and policy.

The charity operates in accordance with its Bye Laws which were last reviewed in June 2015.

This review combined the role of Chairman of Trustees with that of President of the Court of Governors, whose role is to provide advice and to build support for the purposes and values of the charity.

We will achieve this with a strong focus on the sufficiency and sustainability of local, regional and national delivery, by both cost management and advancement of further hybrid digital and direct delivery models and:

See “Scope of consolidation” on page 3 of this report for details of subsidiaries during the year.

• Extension of reach and approaches to build social, cultural equity with the amalgamation of Coram Shakespeare Schools Foundation and the creative programmes of the Story of Care: Voices through Time;

Each charity has its own Board of Trustees with representatives from the Coram Trustee board on each and vice versa.

• Sustaining delivery of national programmes, retendering where applicable to advance access to justice through advice, information, legal representation and review; • Diversification of income, efficiency and effectiveness through investment in key systems, in individual giving, and in innovation capacity; and • Securing planning consent for the extension of Gregory House as phase 4 of the campus development, creating a new home for these activities and for further partnerships.

Coram 14

Trustees’ report 31 March 2020 Governing bodies The governance structure of the charity is noted below:

Board of Trustees (Members in post) Coram Trading

Coram Life Education

Coram Family & Childcare

CLE Trading

Coram Children’s Legal Centre

Campaign Committee

Coram Cambridgeshire Adoption (CCAL)

Campus Development Committee

Coram Voice

Coram BAAF

Finance Committee

Coram Beanstalk

Investment Committee

Court of Governors

Coram Shakespeare Schools Foundation

Nominations & Governance Group

Audit Committee

Children’s Services Committee

Chief Executive

Managing Director of Coram Voice & Youth Programmes

Heads of Legal Practice Migrant Children and National Programmes (CCLC)

Chief Finance Officer

Managing Director of Human Resources & Compliance

Coram 15

Commercial Managing Directors of Coram-I, CoramBAAF Director and Coram International

Managing Director Coram Ambitious for Adoption

Managing Directors of Coram Life Education, Coram Shakespea re Schools Foundation and Coram Beanstalk

Trustees’ report 31 March 2020 The Board operates standing committees (indicated above) and ad hoc committees where required. The Honorary officers (with co-opted members where appropriate) convene for any additional specialist areas such as Remuneration.

Trustees who served during the year together with those who have been appointed since the year end, and their subcommittee responsibilities, are as follows:

a b

denotes membership of the Audit Committee denotes membership of the board of Coram Voice

c e f g i l

denotes membership of the Children’s Services Committee denotes membership of the Campus Development Committee denotes Coram appointee of the board of The Foundling Museum denotes members of the Nominations and Governance Group denotes membership of the Investment Committee denotes membership of the board of Coram Life Education

m n o p q r

denotes membership of the Campaign Committee denotes membership of the Finance Committee denotes membership of the board of Coram Children’s Legal Centre denotes membership of the board of Coram Trading Limited denotes membership of the board of Coram Cambridgeshire Adoption denotes membership of the board of CoramBAAF

s t u

denotes membership of the board of Coram Family and Childcare denotes membership of the board of Coram Shakespeare Schools Foundation denotes membership of the board of Coram Beanstalk

General Committee (The Trustees) Sir David Bell Paul Curran Geoff Berridge Ade Adetosoye Robert Aitken Yogesh Chauhan Jenny Coles Her Honour Judge Celia Dawson James Dray Tony Gamble William Gore Kim Johnson Dr Pui-Ling Li Jonathan Portes Kerry Smith Dr Judith Trowell Jill Pay

Changes/Role Chair Vice Chair/ Chair of Coram Family & Childcare/ Chair of CoramBAAF Honorary Treasurer Chair of Coram Cambridgeshire Adoption Term completed June 2020

Chair of Coram Children’s Legal Centre Appointed April 2020/ Chair of Coram Shakespeare Schools Foundation Term completed November 2019 Term completed January 2020 Chair of Coram Life Education Chair of Coram Voice Term completed January 2020 Appointed June 2020 Chair of Coram Beanstalk

Coram 16

Sub-committee g, n, m c, g, n, r, s a, , n, p c, q f c b, c o, q t, m l f l, u b c, o o, m c, g, s, r u, t

Trustees’ report 31 March 2020

Additional Governors

Changes

Sub-committee

Maureen Sutherland Smith Peter M Brown Guy de Froment Rob Watts Philippa Dodds John Asif Rangoonwala

Life Governor Life Governor

m i e m

Life Governor Vice President

James McCallum Steve Whyman Lord Russell of Liverpool Alison Lowton Jamie Pike Anthony Douglas

a, n m m g

Trustees of Group operating entities who served as members of the subcommittees were:

Sub-committee

John Jones Simon Greenhalgh Chris Brown

a, i, n a, I a

Kevin Venosi Philip Nelson Holly Robinson

Treasurer, CoramBAAF Treasurer, Coram Voice Treasurer, Coram Children’s Legal Centre Trustee, Coram Voice Trustee, Coram Beanstalk Treasurer, Coram Family and Childcare

Coram 17

c m a

Trustees’ report 31 March 2020 All new Trustees and Governors undergo an induction programme which incorporates a history of the charity, review of its work including the current challenges faced by the charity, its governance structure, and their individual roles and responsibilities.

accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the Royal Charter. They are also responsible for safeguarding the assets of the charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Decisions on the day to day running of the charity are made by the Chief Executive (CEO) in collaboration with other members of the Senior Management Team, consisting of the Chief Finance Officer, along with the Managing Director of Human Resources, the Commercial Director and the lead operational managers as appropriate.

The Trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

All strategic decisions relating to the running of the charity, including its finances and services, are evaluated first by the various sub-committees and their recommendations (unless they have delegated authority) are then submitted for approval by the Board of Trustees.

Risk management The Trustees, together with the management of the charity, have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and finances. The Trustees believe that, by monitoring reserve levels, by ensuring that controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks where possible.

Statement of Trustees’ responsibilities The Trustees are responsible for preparing the Trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and the Group and of the income and expenditure of the Group for that period. In preparing these accounts, the Trustees are required to:

The charity has taken the following actions to mitigate the major risks facing the charity in its role in the development of the Coram Group: • Volatility and unpredictability of demand for adopter services is mitigated by a diversified portfolio of direct placement, contractual delivery, membership services and management consultancy.

• select suitable accounting policies and then apply them consistently; • observe the methods and principles in the 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 United Kingdom and Republic of Ireland (FRS 102);

• Contraction of resources for local authority services are addressed through the wide range of services provided in the Group with different funding approaches and the assured quality of Coram’s work and innovation potential.

• make judgements and estimates that are reasonable and prudent;

• Dependency on fundraising and achievement of sustainable footprint for education-facing services in the context of the Covid-19 pandemic measures and risks to school operation are addressed by enhancement of digital delivery and diversification of income generating activity

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• Cash flow pressures as a result of loss of commercial and fundraised income during recession are addressed by negotiating payment terms for pension and loans and securing emergency funding and business continuity loan

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable Coram 18

Trustees’ report 31 March 2020

Key management personnel

Financial Review

Key management personnel are defined as the Trustees and four members of senior management who hold Group wide responsibilities as follows:

The consolidated statement of financial activities on pages 24 and 25 shows a consolidated deficit before investment and other recognised gains and losses of £391,738 (2019 – Surplus of £4,347,450). The Charity’s statement of financial activities on pages 26 and 27 shows a deficit of £738,038 (2019 – surplus of £3,636,224) before investment and other recognised gains and losses. The deficit for the year was in line with the approved budget for the year which reflects the costs of closure for the Coram Adoption East Midlands branch activities, completion of the East Wing extension to house our expanded and integrated fundraising function, and restructuring to secure financial sustainability. The previous year’s results included a one-off £4 million grant from the Paul Hamlyn Foundation to be held as permanent endowment to support children’s rights and voices.

This endowment was transferred from cash to investments during the 2019/20 financial year.

Dr Carol Homden CBE Chief Executive Officer Velou Singara Chief Finance Officer Christine Kelly Managing Director of Human Resources Rachel Backshall Commercial Director The remuneration of key management personnel is based on an internal assessment of the scope of the individual role and an individual’s performance against specific targets. Benchmarking is conducted to ensure that remuneration levels within the Coram Group are consistent for the level of responsibilities.

Investment losses during the year were £869,833 (2019 – gains of £494,773) and are mainly attributable to unrealised losses as a result of the deterioration in stock market valuations in the period to 31 March 2020.

Strategic development The Chief Executive, Dr Carol Homden CBE, and the Senior Management Team are charged with implementing the annual Management Plan and Budget and developing and taking forward the Corporate Strategy.

Foreign exchange gains on cash held for investment purposes during the year were £50,894 (2019 £10,881) and actuarial gains on defined benefit pension schemes were £197,000 (2019 – losses of £281,531). The pension scheme gains are an accounting movement based on actuarial assumptions and reduce the pension deficit on the balance sheet.

They do not impact on the funds available to the charity to spend.

Coram has a vision to create better chances for children and its aim is to develop as a national centre of excellence featuring services for: • Children who cannot remain safely in their birth family or are in care;

The consolidated net movement on funds after all recognised gains and losses was a deficit of £1,013,677 (2019 – surplus of £4,571,573).

• Children in need of access to justice; • Refugee, migrant and trafficked children;

Reserves policy Coram makes a long-term commitment to many of the children we support. We continue today to offer help to those who were with us in the Foundling Hospital as vulnerable children many decades ago. In line with many other charities, and to ensure our continued ability to achieve our mission for children, our Trustees consider it appropriate to seek to hold a minimum of six months operational expenditure in free reserves and expendable endowment funds (£4.4 million based on the Charity’s 2019/20 operational expenditure) to mitigate the risks of pension deficits, maintenance costs for our campus and variations in public sector income.

• Children and young people who have experienced trauma or whose behaviour and choices place them at risk; and • Emotionally vulnerable young people leaving care or in their transition to parenthood and independence.

Trustees remain committed to sustaining a wide range of activities across the Coram Group and developing services and partnerships which enhance public benefit in pursuit of the organisation’s charitable objectives.

Coram 19

Trustees’ report 31 March 2020 for the purpose of furthering the direct objects of the charity. The charity’s expendable endowment decreased to £5,652,951 (2019 - £5,688,634). See Note 28 for further details of the movement of free reserves in the year.

Reserves policy The Finance Committee reviews the reserves policy and the level of general reserves regularly. This review is undertaken in the light of current financial performance, projected results and working capital requirements. Account is taken of the risks and uncertainties facing the charity due to the nature of its reliance upon voluntary and contract based funding.

The Trustees believe that the charity has sufficient reserves (including expendable endowment funds and property assets) on current projections to mitigate identified risks, including the impact of the Covid-19 pandemic on the charity. Growth in free reserves will continue to be targeted to achieve the stated policy of six months operational expenditure. This will be achieved through proactive management of balanced operating budgets and increasing commercial income as well as strengthening donations and contractual income.

Funding and reserves The Fixed Asset Permanent Endowment Fund of £3,977,916 (2019 - £4,066,400) comprises those proceeds from the disposal of the Hospital at Bloomsbury and the Foundling Hospital School at Berkhamsted that have been used to purchase, build and equip Coram’s present premises. The movement in the year results from additions and disposals of tangible fixed assets. See Note 27 for further details of the movement of the fund in the year.

Fundraising Coram is the parent body for a group of registered charities for which all fundraising activities are undertaken and assured by the central fundraising department. Coram is registered with the Fundraising Regulator and adheres to the Fundraising Code of Practice. Our Privacy Policy can be found on our website at www.coram.org.uk/privacy.

The Pension Deficit Reduction Fund has a year-end balance of £1,638,000 (2019 - £2,093,000). The income and capital gains in the fund are accumulated in order to enable the charity to meet the long term liability in funding the deficit of the LGPS Camden Final Salary Pension Scheme. See Note 26 for further details of the movement of the fund in the year.

Coram promotes fundraising activity on our website and social media and at events including via raffles and auctions. We benefit from being the adopted charity of corporate supporters and have fundraising places in organised challenge events; we do not contract third parties to fundraise on our behalf.

Other endowment funds consist of an expendable endowment and a permanent endowment established from the grant of £4 million received from the Paul Hamlyn Foundation in 2019. The funds have a yearend balance of £5,652,951 (2019 - £5,688,634). See Note 26 for further details of the movement of the funds in the year.

We hold bucket collections and awareness raising events in public places where authorised and undertake door drops and media inserts. We have never and will never canvas face to face on the street or telephone calls to unconnected persons. We also internally monitor and regulate the amount of contact with direct donors to protect vulnerable people and the general public from unreasonable behaviour.

The Fixed Asset Fund comprises the value of the tangible and intangible fixed assets in use by the charity that are not part of the Fixed Asset Permanent Endowment. The fund increased in value by £19,579 to £11,672,388 (2019 - £11,691,967). See Note 30 for further details of the movement of the funds in the year.

At Coram, we greatly value the financial contribution made by our supporters and their personal data and privacy is extremely important to us.

Our Privacy Policy can be found on our website at www.coram.org.uk/privacy.

We have never and will never:

Other restricted funds are those funds held for expenditure for specific projects. The total funds for the Group at year-end stood at £1,099,655 (2019 £1,204,554). See Note 32 for further details of the movement of the funds in the year.

Free reserves, as measured in accordance with Charity Commission guidelines, which would exclude endowment, restricted and designated funds and fixed assets, decreased to £2,551,377 (2019 - £2,825,409).

Coram benefits from the financial stability afforded by its historic endowment. The endowment is expendable Coram 20

1.

Sell data to another organisation

2.

Share information with another organisation without specific and explicit consent

3.

Share or sell personal details to another organisation for their own use

Trustees’ report 31 March 2020

We will always: 4.

Work to keep personal details safe

5.

Listen to supporters, and ensure that we communicate in the way that individuals want

6.

Treat all fairly and reasonably

7.

Act with transparency and be accountable – if there are questions or concerns, we will answer them in an open and honest way

During the year the Coram Group received no complaints. Any comments or concerns can be raised to fundraising@coram.org.uk.

Chairman

Treasurer

Approved by the Trustees on: 20 January 2021

Coram 21

Independent Auditor’s Report to the members of Coram •

Opinion We have audited the accounts of Coram (the ‘parent charity’) and of Coram and its subsidiaries (the ‘group’) for the year ended 31 March 2020 which comprise the group and parent charity statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows, the principal accounting policies, the notes to the financial statements and the appendix containing the comparative group and parent charity statement of financial activities and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

Other information The Trustees are responsible for the other information.

The other information comprises the information included in the Annual Report and Consolidated Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

In our opinion, the accounts: •

give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 March 2020 and of their income and expenditure for the year then ended;

•

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

•

have been prepared in accordance with the requirements of the Charities Act 2011.

We have nothing to report in this regard.

Matters on which we are required to report by exception

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: •

the Trustees have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the group’s or the parent charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.

the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or

Coram 22

•

the information given in the Trustees’ annual report is inconsistent in any material respect with the accounts; or

•

sufficient accounting records have not been kept by the parent charity; or

•

the parent charity accounts are not in agreement with the accounting records and returns; or

•

we have not received all the information and explanations we require for our audit.

Independent Auditor’s Report to the members of Coram Responsibilities of Trustees As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

1 February 2021

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Auditor’s responsibilities for the audit of the accounts Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report This report is made solely to the charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Coram 23

Accounts

Coram Group Consolidated statement of financial activities Year to 31 March 2020

General funds £

Notes Income from: Donations and legacies 1 1,955,037 Interest receivable and investment income 2 166,533 Other trading activities 9,10,11 2,583,403 Charitable activities . Promoting the care and welfare of children 3 6,917,487 . Health education programmes 5 216,779 . Provision of legal advice, training and research 6 2,137,527 . Advocacy 7, 13 2,041,013 . Adoption partnerships 8 585,304 Other sources 4,6,7,13 874,954 Total income 17,478,037 Expenditure on: Raising funds . Costs of raising funds 14 1,326,999 . Trading activities 9,10,11 2,267,815 Charitable activities . Promoting the care and welfare of children 15 9,186,470 . Health education programmes 5 287,741 . Provision of legal advice, training and research 6 2,556,849 . Advocacy 7, 13 1,961,170 . Adoption partnerships 8 290,574 Total expenditure 17,877,618 Net (expenditure) income before transfers and investment (losses) gains (399,581)

Designated Fixed asset funds fund £ £

Campus appeal fund £

Other restricted funds £

Fixed asset permanent endowment fund £

Other endowment funds £

Total 2020 £

Total 2019 £

— — —

— — —

110,000 — —

880,687 — —

— — —

35,000 73,300 —

2,980,724 239,833 2,583,403

7,538,945 165,086 3,794,622

— —

— —

— —

857,253 —

— —

— —

7,774,740 216,779

4,994,806 182,852

— — — — —

— — — — —

—

— 110,000

495,807 337,373 160,484 — 2,731,604

— — — — —

— — — — 108,300

2,633,334 2,378,386 745,788 874,954 20,427,941

2,782,624 2,298,021 2,068,022 230,983 24,055,961

— —

— —

55,652 —

70,389 —

— —

— —

1,453,040 2,267,815

1,163,863 3,498,359

— —

— —

— —

1,530,302 6,897

— —

— —

10,716,772 294,638

8,642,736 302,072

— — — —

— — — —

— — — 55,652

550,795 427,087 300,940 2,886,410

— — — —

— — — —

3,107,644 2,388,257 591,514 20,819,680

3,066,487 2,089,658 945,336 19,708,511

—

—

54,348

—

108,300

(391,739)

4,347,450

Coram 24

(154,806)

Accounts

Coram Group Consolidated statement of financial activities Year to 31 March 2020

Notes Net (expenditure) income before transfers and investment (losses) gains Net (losses) gains on investment assets

22

Net (expenditure) income before transfers Transfers between funds Net (expenditure) income before other recognised gains and losses

26-32 17

General funds £

Designated Fixed asset funds fund £ £

Campus appeal fund £

Other restricted funds £

Fixed asset permanent endowment fund £

Other endowment funds £

Total 2020 £

Total 2019 £

(399,581)

—

—

54,348

(154,806)

—

108,300

(391,739)

4,347,450

(24,005)

—

—

—

—

—

(845,828)

(869,833)

494,773

(423,586)

—

—

54,348

(154,806)

—

(737,528) (1,261,572)

4,842,223

149,554

—

(19,579)

13,906

(88,484)

—

—

(274,032)

—

(19,579)

—

(140,900)

(88,484)

(738,577) (1,261,572)

4,842,223

(54,348)

(1,049)

Other recognised gains and losses . Foreign exchange gains on cash held for reinvestment . Actuarial gains (losses) on defined benefit pension schemes

19

Net movement in funds

—

—

—

—

—

—

50,894

50,894

10,881

—

—

—

—

—

—

197,000

197,000

(281,531)

—

(140,900)

(88,484)

(490,683) (1,013,678)

4,571,573

4,066,400

7,781,634 28,371,165

23,691,572

(274,032)

—

(19,579)

Group reconciliation of funds: Total funds brought forward at 1 April 2019 Funds introduced on amalgamation

2,825,409 12, 13

—

—

1,240,555

—

—

—

—

765,200 11,672,388

—

1,099,655

3,977,916

765,200 11,691,967 —

—

—

108,020

Total funds carried forward at 31 March 2020

2,551,377

Intra-group transactions have been eliminated from the above figures. A comparative consolidated statement of financial activities for the previous year is included in the appendix to these accounts.

Coram 25

7,290,951 27,357,487 28,371,165

Charity (The Thomas Coram Foundation for Children) statement of financial activities Year to 31 March 2020

Income from: Donations and legacies Interest receivable and investment income Charitable activities . Promoting the care and welfare of children Other sources

Expenditure on: Raising funds . Costs of raising funds Charitable activities Promoting the care and welfare of children Total expenditure Net (expenditure) income before transfers and investment (losses) gains

Other restricted funds £

Fixed asset Other permanent endowment endowment fund funds £ £

Pension deficit reduction fund £

Total 2020 £

Total 2019 £

Notes

General funds £

1

1,579,194

—

—

110,000

343,747

—

35,000

—

2,067,941

7,525,356

2

158,946

—

—

—

—

—

1,725

71,575

232,246

160,197

3 4

4,815,711 291,601

— —

—

—

669,562

—

—

—

5,485,273

4,643,753

— 110,000

— 1,013,309

— —

— 36,725

— 71,575

107,588

—

— —

291,601

6,845,452

8,077,061

12,436,894

14

1,109,806

—

—

55,652

62

—

—

—

1,165,520

1,149,845

15

6,687,086 7,796,892

— —

— —

— 55,652

962,493 962,555

— —

— —

— —

7,649,579

7,650,825

8,815,099

8,800,670

—

—

54,348

50,754

—

36,725

71,575

(738,038)

3,636,224

Total income

(951,440)

Designated Fixed asset funds fund £ £

Campus appeal fund £

Coram 26

Charity (The Thomas Coram Foundation for Children) statement of financial activities Year to 31 March 2020

Notes Net (expenditure) income before transfers and investment gains Net (losses) gains on investments

Net (expenditure) income before other recognised gains and losses

26-32

17

Designated Fixed asset funds fund £ £

Campus appeal fund £

Other restricted funds £

Total 2020 £

Total 2019 £

—

—

54,348

50,754

—

36,725

71,575

(738,038)

3,636,224

—

—

—

—

—

(991,906)

146,078

(845,828)

492,742

(951,440)

—

—

54,348

50,754

—

(955,181)

217,653

(1,583,866)

4,128,966

149,554

—

(19,579)

(54,348)

13,906

(88,484)

868,604

(869,653)

—

—

(801,886)

—

(19,579)

—

64,660

(88,484)

(86,577)

(652,000)

(1,583,866)

4,128,966

—

—

—

—

50,894

10,881

— —

— 64,660

— (88,484)

197,000 (455,000)

197,000 (1,335,972)

(181,000) 3,958,847

(951,440) 22

Net (expenditure) income before transfers Transfers between funds

General funds £

Endowment funds Fixed asset Pension Other permanent deficit endowment endowment reduction fund funds fund £ £ £

—

Other recognised gains and losses —

. Net foreign exchange gains . Actuarial gains (losses) on defined benefit pension schemes Net movement in funds

19

— (801,886)

— — —

— — (19,579)

50,894 — (35,683)

Reconciliation of funds: Total funds brought forward at 1 April 2019 Total funds carried forward at 31 March 2020

1,595,406

760,200

11,691,967

—

647,828

4,066,400

5,688,634

2,093,000

26,543,435

22,584,588

793,520

760,200

11,672,388

—

712,488

3,977,916

5,652,951

1,638,000

25,207,463

26,543,435

All activities derived from continuing operations during the above two financial years.

The charity has no recognised gains and losses other than those shown above.

A comparative statement of financial activities for the previous year is included in the appendix to these accounts.

Coram 27

Balance sheets 31 March 2020

Charity (Coram)

Group

Notes Fixed assets: Tangible assets Intangible assets Investments Total fixed assets

20 21 22

Current assets Stocks Debtors Cash at bank and in hand Total current assets

23

Liabilities Creditors: amounts falling due within one year Net current assets

Pension liability Total net assets including pension liability

The funds of the charity: Capital funds: Other endowment funds Pension deficit reduction fund Fixed asset permanent endowment fund Income funds Free reserves Pension reserve Designated funds Fixed asset fund Campus appeal restricted fund Other restricted funds

15,633,268 155,944 12,104,263 27,893,475

2020 £

2019 £

15,696,364 15,554,359 208,806 95,944 8,651,935 11,800,522 24,557,105 27,450,825

15,628,560 129,806 8,476,664 24,235,030

2019 £

188,570 4,264,021 3,435,822 7,888,413

179,234 5,483,561 8,085,152 13,747,947

— 3,177,270 451,024 3,628,294

— 3,393,468 5,536,668 8,930,136

(4,191,264) 3,697,149

(4,639,082) 9,108,865

(1,638,519) 1,989,775

(1,826,443) 7,103,693

31,590,624

33,665,970 29,440,600

31,338,723

(2,595,137)

(2,832,805) (2,595,137)

(2,702,288)

28,995,487

30,833,165 26,845,463

28,636,435

(1,638,000)

(2,462,000)

(1,638,000)

(2,093,000)

27,357,487

28,371,165 25,207,463

26,543,435

26 26 27

5,652,951 1,638,000 3,977,916 11,268,867

5,688,634 5,652,951 2,093,000 1,638,000 4,066,400 3,977,916 11,848,034 11,268,867

5,688,634 2,093,000 4,066,400 11,848,034

28 19,28 29 30 31 32

2,551,377 — 765,200 11,672,388 — 1,099,655 27,357,487

3,194,409 793,520 (369,000) — 765,200 760,200 11,691,967 11,672,388 — — 1,240,555 712,488 28,371,165 25,207,463

1,595,406 — 760,200 11,691,967 — 647,828 26,543,435

24

Total assets less current liabilities Creditors: amounts falling due after one year Total net assets excluding pension liability

2020 £

24

25

Approved by the Trustees and signed on their behalf by: Chairman

Treasurer

Approved on: 20 January 2021

Coram 28

Consolidated statement of cash flows Year to 31 March 2020

Notes Cash flows from operating activities: Net cash (used in) provided by operating activities

A

2020 £

2019 £

(160,618)

6,960,282

Cash flows from investing activities: Investment income and interest received Purchase of tangible fixed assets Proceeds from the disposal of tangible fixed assets Proceeds from the disposal of investments Purchase of investments Net cash used in investing activities

239,833 (1,111,317) 652,474 5,198,775 (8,396,437) (3,416,672)

484,990 (4,707,218) — 2,327,136 (966,631) (2,861,723)

Change in cash and cash equivalents in the year

(3,577,290)

4,098,559

9,321,639

5,212,199

50,894

10,881

5,795,243

9,321,639

Cash and cash equivalents at 1 April 2019

B

Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at 31 March 2020

B

Notes to the statement of cash flows for the year to 31 March 2020 A

Reconciliation of net movement in funds to net cash provided by operating activities 2020 £ Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation/amortisation charge Losses (gains) on investments Investment income Pension actuarial adjustment (Decrease) increase in pension liability Gain on disposal of tangible fixed assets (Increase) decrease in stocks Decrease (increase) in debtors (Decrease) increase in creditors Net cash (used in) provided by operating activities

B

2019 £

(1,013,678)

4,679,592

574,801 817,374 (239,833) (197,000) (627,000) — (9,336) 1,219,540 (685,486) (160,618)

393,226 (513,422) (484,990) 74,000 51,000 (946) 1,323 (1,648,177) 4,408,676 6,960,282

2020 £

2019 £

3,435,822 2,359,421 5,795,243

8,085,152 1,236,487 9,321,639

Analysis of cash and cash equivalents

Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents

Coram 29

Notes to the accounts 31 March 2020 • assessing the appropriateness of the underlying assumptions of the actuarial valuation of the pension scheme;

Principle accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

• determining the basis for allocating support costs across expenditure categories; and

Basis of preparation

• estimating future income and expenditure flows for the purposes of assessing going concern (see below).

These accounts have been prepared for the year to 31 March 2020 with comparative information given in respect to the year to 31 March 2019.

Assessment of going concern The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trustees acknowledge and recognise the potential impact of the Covid-19 pandemic on the charity, its stakeholders and on wider society. In the next financial year, the charity intends to continue to diversify its income streams as part of a sustainable model. Whilst there will be challenges due to Covid19, especially in respect to fundraising, the Trustees do not believe there will be any significant impact on the work of the charity or on its income and expenditure flows following the actions of the past year or two to make the charity’s finances more sustainable. However, the Trustees will continue to keep both income and expenditure under review.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

With regard to the next accounting period, the year ending 31 March 2021, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets; the volatility and demand for adoption services; and the level of local authority funding and resources (see the investment policy and the risk management sections of the Trustees’ report for more information).

Critical accounting estimates and areas of judgement Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include: • assessing the probability of receiving legacies of which the group and/or charity has been notified; • estimating the useful economic life of tangible and intangible fixed assets for the purposes of determining the annual depreciation or amortisation charge; • assessing the appropriateness of any provision for slow moving or obsolete stock;

Basis of consolidation

• assessing the appropriateness of any provision needed against doubtful and bad debts;

The statement of financial activities consolidates the accounts of the charity and its group undertakings, Coram Life Education and Coram Life Education

• assessing the recoverability of work in progress; Coram 30

Notes to the accounts 31 March 2020 Trading Limited, Coram Children’s Legal Centre, Coram Voice, Coram Cambridgeshire Adoption Limited, Coram Trading Limited, Coram Academy Limited, Coram Family and Childcare Limited (from 1 August 2018) and Coram Beanstalk (from 1 February 2019). Intragroup transactions are eliminated in full.

The balance sheet consolidates the accounts of the charity and its group undertakings, as at the balance sheet date.

measured reliably and the group and/or charity has been notified of the executor’s intention to make a distribution.

Fee and contractual income represent the amounts receivable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Incomplete contracts at the balance sheet date are accounted for by reference to the fair value of the work performed and amounts due but not received at the balance sheet date are described in the financial statements as contractual income debtors.

Income recognition Income is recognised in the period in which the group and/or charity is entitled to the income and the amount can be measured reliably and it is probable the income will be received. Income is deferred only when the group and/or charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income from Coram Trading Limited comprises the sales of goods and fees from the provision of consultancy and other services at invoiced value excluding VAT. This income is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income for the group and/or charity comprises donations; legacies; investment income and interest receivable; income from charitable activities comprising grants, fees and contractual income; and income from other sources.

Income from Coram Life Education comprises donations, grants, fees and contractual income, merchandising income, and interest receivable.

Merchandising income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured.

Donations and grants are recognised when the group and/or charity has confirmation of both the amount and settlement date. In the event of donations and grants pledged but not received, the amount is accrued for where the receipt is considered probable.

In the event that a donation or grant is subject to conditions that require a level of performance before the group and/or charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the group and/or charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the group and/or charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the group and/or charity.

Income from Coram Life Education Trading Limited comprises fees from the provision of consultancy and other services, project income and income from the sale of mobile classrooms. Income is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding VAT. Income from Coram Children’s Legal Centre comprises donations, bank interest, grants, fee and contractual income, income from publications and other sundry income. Income from publications and other sundry income is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be measured reliably. It is measured at fair value being the amount invoiced and considered receivable after allowing for any doubtful or bad debts.

Entitlement is taken as the earlier of the date on which either: the group and/or charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the group and/or charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be

Income from Coram Voice comprises donations, grants, interest receivable and investment income, Coram 31

Notes to the accounts 31 March 2020 income from fundraising, contractual income, and miscellaneous income. Income from fundraising and miscellaneous income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. Income from Coram Cambridgeshire Adoption Limited comprises donations, grants, contract and fee income, and interest receivable.

Income from Coram Academy Limited comprises income from policy and research work, sales of publications, membership subscriptions, income from training and workshops, gifts in kind and donations.

Income from both the sale of publications and from the provision of training and workshops is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income from Coram Beanstalk comprises donations, grants, interest receivable and contributions from Schools. Schools income is credited to the statement of financial activities when receivable and amounts received in advance are treated as deferred income within creditors.

All other fee and contractual income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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.

Income from Coram Family and Childcare comprises donations and legacies, grants, interest receivable and investment income, income from fundraising, contractual income, and miscellaneous income.

Income from fundraising and miscellaneous income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured.

Volunteers and donated services and facilities The value of services provided by volunteers is not incorporated into these financial statements.

Where services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements as both income and expenditure at its estimated fair value based on the value of the contribution to the charity.

Coram 32

Notes to the accounts 31 March 2020

Expenditure recognition

Tangible fixed assets

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised. Assets are retired at the end of their useful economic life.

• Freehold land and buildings Freehold land and buildings acquired prior to 31 March 2001 are included in these accounts at a valuation determined by the Trustees, with professional assistance, as at 31 March 2001, based on existing use. Under the transitional arrangements set out in FRS 102, such values are now assumed to be deemed cost.

All expenditure is accounted for on an accruals basis.

Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Freehold land and buildings acquired since 1 April 2001 are included in these accounts at cost or, in the case of donated assets, at a valuation determined by the Trustees based on cost or book value.

• Expenditure on raising funds includes all expenditure associated with generating donations and the fees charged by investment managers in connection with the management of the charity’s listed investments. It includes costs that can be attributed directly to such activities and an allocation of those indirect costs necessary to support them (see below). It also comprises the costs associated with non-charitable trading activities.

Freehold buildings are depreciated at an annual rate of 2% per annum.

No depreciation is charged on freehold land.

• Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the group and charity through the provision of their charitable activities. Such costs include direct and indirect expenditure on the various charitable activities as described in the statement of financial activities.

• Freehold building components Freehold building components are capitalised and depreciated over a ten-year period on a straightline basis.

• Leasehold buildings Leasehold improvements are capitalised and depreciated over the term of the lease.

All expenditure is stated inclusive of irrecoverable VAT.

• Classroom programmes Classroom programmes are capitalised and depreciated over a four-year period on a straight line basis.

Allocation of support and governance costs Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the group and charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

• Fixtures, fittings, furniture and equipment Expenditure on the purchase and replacement of fixtures, fittings, furniture and equipment is capitalised and depreciated over a four-year period on a straight line basis.

• Database Expenditure on database is depreciated at the rate of 10% straight line for initial capitalisation and 25% straight line for subsequent upgrades.

Governance costs comprise the costs involving the public accountability of the group and/or charity (including audit costs) and costs in respect to compliance with regulation and good practice.

Governance costs are included as a specific category within support costs.

• Paintings and other works of art Paintings and other works of art are not capitalised for reasons explained in note 18 to the accounts.

Support costs are allocated to expenditure on charitable activities in the same proportion as the direct costs for each activity.

Coram 33

Notes to the accounts 31 March 2020

Intangible fixed assets

Debtors

Intangible fixed assets comprise internally developed software and database. Costs that are directly associated with the production of identifiable software products controlled by the group are recognised as intangible assets. Direct costs include software development staff costs and directly attributable overheads.

Debtors are recognised at their settlement amount, less any provision for non-recoverability.

Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand Internally developed intangible asset is recognised only if all of the following conditions are met:

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

• an asset is created that can be separately identified; • it is probable that the asset created will generate future economic benefits; and • the development cost of the asset can be measured reliably.

Creditors

The intangible assets are stated at cost less accumulated amortisation. Amortisation is charged over a five-year period on a straight-line basis, from the date the asset is available for use.

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Heritage assets No value has been attributed to heritage assets as described in note 20. Due to the specific condition attached to the items, any meaningful valuation is deemed impossible.

Fund accounting The fixed asset permanent endowment fund represents the proceeds from the disposal of the Hospital at Bloomsbury and the Foundling Hospital School at Berkhamsted. These proceeds have been applied to purchase, build and equip Coram’s present premises.

Investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

The charity does not acquire put options, derivatives or other complex financial instruments.

Other endowment funds comprise monies which are held as capital. The funds may be spent in certain circumstances as explained in note 26. Income generated by the expendable general and permanent endowment funds is credited to general funds and applied for general purposes, whereas income generated by those investments underlying the pension deficit reduction fund is added to that fund.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions. The campus appeal fund comprises monies raised for the campus development project.

Coram 34

Notes to the accounts 31 March 2020 Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

The fixed asset fund represents the net book value of the charity’s fixed assets that are not included within endowment or other designated funds.

The pension reserve represents the pension deficit inherited by Coram Cambridgeshire Adoption Limited.

General funds i.e. free reserves represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

Leased assets Rentals applicable to operating leases, where substantially all the benefits and risks of ownership remain with the lessor, are charged to the statement of financial activities as incurred.

Pension costs The charity contributes to a defined benefit pension scheme operated by the London Borough of Camden which was closed to new members in 2004 and provides benefits based on final pensionable salary.

The assets of the scheme are held and managed separately from those of the charity. Pension scheme assets are measured at fair value at each balance sheet date. Liabilities are measured on an actuarial basis using the projected unit method. The net of these two figures is recognised as an asset or liability on the balance sheet. Any change in the asset or liability between balance sheet dates is reflected in the statement of financial activities in recognised gains and losses for the period.

Contributions in respect of personal pension schemes and defined contribution schemes are recognised in the statement of financial activities in the year in which they are payable to the relevant scheme.

Coram 35

Notes to the accounts 31 March 2020

1.

1 2 3 4

Donations and legacies

Group Donations Legacies

Charity Donations Legacies

Unrestricted funds £

Restricted Endowment funds funds £ £

Total funds 2020 £

Total funds 2019 £ 6,739,710

1,831,587 123,450

990,687 —

35,000 —

2,857,274 123,450

1,955,037

990,687

35,000

2,980,724

799,235 7,538,945

Endowment funds £

Total funds 2020 £

Total funds 2019 £

Unrestricted funds £

Restricted funds £

1,455,744

453,747

35,000

1,944,491

6,726,121

123,450

—

—

123,450

799,235

1,579,194

453,747

35,000

2,067,941

7,525,356

A report on donors (excluding those who have requested anonymity) who have given significant amounts is included in the charity’s published annual digest.

Consolidated voluntary income includes £74,541 (2019 - £121,249) in respect to Coram Life Education (note 5), £50,394 (2019 - £17,053) in respect to Coram Children’s Legal Centre (note 6), £109,843 (2019 - £111,975) in respect to Coram Voice (note 7), £nil (2019 - £1,000) in respect to Coram Cambridgeshire Adoption Limited (note 8), £250 (2019 - £3,500) in respect to Coram Academy Limited (note 11), £1,299 (2019 - £4,052) in respect to Coram Family and Childcare Limited (note 12) and £1,317,445 (2019 £354,167) in respect to Coram Beanstalk (note 13).

Coram benefits greatly from the involvement and support of its many volunteers who help with our campaigning and direct support programmes as well as our advisors and trustees. In accordance with FRS102 and the Charities SORP (FRS 102), the economic contribution is not recognised in the accounts from the support of many volunteers. No monetary value has been placed on this support in these accounts.

Coram 36

Notes to the accounts 31 March 2020

2.

Investment income

Unrestricted Endowment funds funds £ £

Group Income from listed investments Interest receivable

Charity Income from listed investments Interest receivable

3.

112,702 53,831 166,533

72,891 409 73,300

Total funds 2020 £

Total funds 2019 £

185,593 54,240 239,833

159,720 5,366 165,086

Unrestricted funds £

Endowment funds £

Total funds 2020 £

Total funds 2019 £

108,948 49,998 158,946

72,891 409 73,300

181,839 50,407 232,246

156,492 3,705 160,197

Income from promoting the care and welfare of children

Group

Children services Adoption service Adoption Concurrent Planning Adoption related activities Parents Centre Family Support & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Income from property Other services

Unrestricted funds £

Restricted funds £

Total funds 2020 £

Total funds 2019 £

1,877,473 4,080 2,606,785 277,324 468,833 85,463 15,183 850,768 731,577 6,917,486

— — 486,972 82,008 — 122,774 2,764 — 162,736 857,254

1,877,473 4,080 3,093,757 359,332 468,833 208,237 17,947 850,768 894,313 7,774,740

2,259,766 563 1,252,132 232,486 500,605 46,851 21,349 285,611 395,443 4,994,806

The income from property derives from a number of charitable organisations with objectives consistent with those of Coram and which occupy parts of the Coram campus.

Coram 37

Notes to the accounts 31 March 2020

Charity

Children services Adoption service Adoption Concurrent Planning Adoption related activities Regional Adoption Agency Parents Centre Family Support & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Income from property Other services

4.

Unrestricted funds £

Restricted funds £

1,877,472 4,080 316,292 909,047 277,324 468,833 — 15,183 850,768 96,712 4,815,711

— — 30,000 302,549 82,008 — 89,506 2,764 — 162,735 669,562

Total funds 2020 £

Total funds 2019 £

1,877,472 4,080 346,292 1,211,596 359,332 468,833 89,506 17,947 850,768 259,447 5,485,273

2,259,766 563 901,079 — 232,486 500,605 46,851 21,349 285,611 395,443 4,643,753

Total funds 2020 £

Total funds 2019 £

Other income

Group Rental income Other sources

291,601 582,993 874,954

Total funds 2020 £

Charity Rental income Other sources

291,601 — 291,601

Coram 38

68,838 162,145 230,983

Total funds 2019 £ 68,838 38,750 107,588

Notes to the accounts 31 March 2020

5.

Coram Life Education (CLE)

Due to the integral nature of CLE’s activities to those of Coram’s, and the degree of control Coram has over CLE given that it is the majority member with 75% voting rights, the results of CLE have been consolidated with those of Coram. The remaining 25% of voting rights are held by various Local Operating Trusts.

Year to 31 March 2020 £ Income from: . Donations . Interest receivable . Other sources Charitable activities . Services for health education Merchandising Total income Expenditure on: Raising funds Charitable activities . Services for health education Total expenditure

Net expenditure and net movement in funds Net liabilities as at 31 March 2020

Year to 31 March 2020 £

74,541 163 263

Year to 31 March 2019 £

Year to 31 March 2019 £

121,249 94 2,037 74,967

123,380

216,779 3,378 295,124

182,852 8,721 314,953

4,108

6,492

294,638 298,746

332,072 338,564

(3,622)

(23,611)

(371,638)

(368,016)

CLE is a registered charity (Charity Registration No 800727) and is constituted as a company limited by guarantee (Company Registration No 02328941 (England and Wales)). In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of CLE will be filed with both the Charity Commission and Companies House. CLE’s fundraised income amounted to £74,541 (2019 - £121,249).

Income from CLE’s charitable activities amounted to £216,779 (2019 - £182,852) prior to an adjustment on consolidation of £1,883 (2019 - £3,610) in respect to transactions between Coram and CLE and £8,489 (2019 - £3,214) in respect to transactions between Coram Life Education Trading Limited and CLE. All health education programme income was unrestricted in 2020 and 2019. £5,000 of donation income was restricted in 2020 (2019 - £50,000).

Expenditure on CLE’s charitable activities was £294,638 (2019 - £332,072) prior to adjustments on consolidation of £34,642 (2019 - £9,663) in respect to transactions between Coram and CLE. £291,849 (2019 - £282,072) of health education programme expenditure was unrestricted, and £6,897 (2019 - £50,000) was restricted. All other expenditure was unrestricted.

Coram 39

Notes to the accounts 31 March 2020

6.

Coram Children’s Legal Centre (CCLC)

On 1 September 2011 Coram amalgamated with Coram Children’s Legal Centre (Company Registration Number 01520787 (England and Wales), Charity Registration Number 281222). The results of CCLC have been consolidated with those of Coram.

Year to 31 March 2020 £ Income from: . Donations

Year to 31 March 2020 £

50,394

Year to 31 March 2019 £

Year to 31 March 2019 £

17,053 50,394

17,053

Charitable activities . Grants, fee and contract income

3,139,141

2,799,874

Other sources Total income

516 3,190,051

60,286 2,877,213

Expenditure on: Charitable activities . Legal services and project costs Total expenditure

3,193,924 3,193,924

3,020,714 3,020,714

(3,873)

(143,501)

1,396,298

1,400,171

Net expenditure and movement in funds Net assets as at 31 March 2020

CCLC is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of CCLC will be filed with both the Charity Commission and Companies House.

Income from CCLC’s charitable activities amounted to £3,139,141 (2019 - £2,799,874) prior to adjustments on consolidation of £87,819 (2019 - £70,727) in respect to transactions between Coram and CCLC and £2,173 (2019 - £nil) between Voice and CCLC. In 2020, £2,694,244 (2019 - £2,143,852) was unrestricted, and £495,807 (2019 £656,022) was restricted.

Legal services and project costs amounted to £3,193,924 (2019 - £3,020,714) prior to an adjustment on consolidation of £215,851 (2019 - £71,548) in respect to transactions between Coram and CCLC and £1,827 (2019 - £1,919) in respect to transactions between Coram Academy and CCLC. Total expenditure of CCLC was £3,193,924 (2019 - £3,020,714). In 2020, £2,643,129 (2019 - £2,178,600) was unrestricted, and £550,795 (2019 - £842,114) was restricted.

Coram 40

Notes to the accounts 31 March 2020

7.

Coram Voice

On 1 October 2013 Coram amalgamated with Voice for the Child in Care to form Coram Voice (Company Registration Number 3050826 (England and Wales), Charity Registration Number 1046207).

Year to 31 March 2020 £ Income from: . Donations . Investment income and bank interest

Year to 31 March 2020 £

109,843 3,961

Year ended 31 March 2019 £

Year ended 31 March 2019 £

111,975 3,228 113,804

115,203

Charitable activities . Grants, fee and contract income

2,378,386

2,133,910

Other sources Total income

— 2,492,190

6,302 2,255,415

15,494

7,526

2,443,098 2,458,592

2,089,658 2,097,184

(24,005) 9,593 888,799

2,031 160,262 879,206

Expenditure on: Raising funds . Fundraising Charitable activities . Advocacy services and policy and campaigning Total expenditure

Net (losses) gains on investment Net income and net movement in funds Net assets as at 31 March 2020

Coram Voice is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of Coram Voice will be filed with both the Charity Commission and Companies House.

Total income of Coram Voice was £2,492,190 (2019 - £2,255,415) prior to adjustments on consolidation of £nil (2019 - £45,750) in respect to transactions between Coram Trading Limited and Coram Voice and £9,248 (2019 - £18,660) in respect to transactions between Coram and Coram Voice.

Voluntary income raised was £109,843 (2019 - £111,975). In 2020, £24,758 was unrestricted and £85,085 was restricted.

Total expenditure of Coram Voice was £2,458,592 (2019 - £2,097,184) prior to adjustments on consolidation of £2,173 (2019 - £nil) in respect to transactions between Coram Children’s Legal Centre and Coram Voice and £2,173 (2019 - £10,000) in respect of transactions between Coram and Coram Voice.

In 2020, total income of £422,458 was restricted (2019 - £265,704) and total expenditure of £441,752 (2019 - £234,084) was restricted.

Coram 41

Notes to the accounts 31 March 2020

8.

Coram Cambridgeshire Adoption Limited (CCAL)

CCAL was incorporated on 8 January 2014 (Company Registration Number 08836476 (England and Wales), Charity Registration Number 1159830). The results of CCAL have been consolidated with those of Coram.

Year to 31 March 2020 £ Income from: . Donations . Interest receivable

Year to 31 March 2020 £

— 236

Year to 31 March 2019 £

Year to 31 March 2019 £

1,000 414 236

1,414

Charitable activities . Adoption services Total income

745,788 746,024

2,048,022 2,049,436

Expenditure on: Charitable activities . Adoption services Total expenditure

844,627 844,627

2,098,236 2,098,236

(98,603)

(48,800)

(115,887)

1,164,855

369,000 —

— (51,000)

154,510

1,065,055

15,876

(138,634)

Net expenditure and net movement in funds Extraordinary item – write off/repayment of inter-entity balances Extraordinary item – transfer of pension scheme responsibility to Cambridgeshire County Council Actuarial losses Net movement in funds Net assets (liabilities) as at 31 March 2020

CCAL is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of CCAL will be filed with both the Charity Commission and Companies House.

Total adoption services income was £745,788 (2019 - £2,048,022) prior to adjustments on consolidation of £642 (2019 - £nil) in respect to transactions between Coram Academy Limited and CCAL. In 2020, £585,304 was unrestricted and £160,484 was restricted.

All of the charity’s activities derived from operations that continued until 31 July 2019. With effect from 31 July 2019, the charity’s contractual arrangements with Cambridgeshire County Council came to an end and as a consequence its activities ceased from that date. The going concern concept has therefore not been applied in the preparation of CCAL’s accounts.

Total adoption services income was £745,788 (2019 - £2,048,022).

Total expenditure of CCAL was £844,627 (2019 - £2,098,236) prior to adjustments on consolidation of £nil (2019 - £11,137) in respect to transactions between CCAL and Coram and £nil (2019 - £1,280) in respect to transactions between CCAL and Coram Academy Limited.

In 2020, £543,687 was unrestricted and £300,940 was restricted.

Coram 42

Notes to the accounts 31 March 2020

9.

Coram Trading Limited (CTL)

Coram Trading Limited (Company Registration Number 07034159 (England and Wales)) started trading in the year to 31 March 2011 and is a company limited by guarantee whose sole member is Coram. In the event of the company being wound up members are required to contribute an amount not exceeding £10. Audited financial statements of Coram Trading Limited will be filed with Companies House.The results of Coram Trading Limited have been consolidated with those of Coram.

Year to 31 Year to 31 March March 2020 2019 £ £ Income Looked After Children services (Coram-i) Family Drugs and Alcohol Court (FDAC) project income Merchandising income Total income

1,230,527 — 4,318 1,234,845

1,203,467 45,756 3,508 1,252,731

1,118,513

1,171,622

— 8,746 1,127,259

45,773 11,955 1,229,350

107,586

23,381

417

161

Surplus for the year before Gift Aid

108,003

23,542

Gift Aid to parent undertaking

(85,182)

—

22,821

23,542

—

—

22,821

23,542

(20,395)

(43,937)

2,426

(20,395)

Expenditure Looked After Children services (Coram-i) Family Drugs and Alcohol Court (FDAC) project Administration costs Total expenditure Operating surplus Interest income

Surplus for the year before taxation Taxation Final surplus for the year Accumulated deficit at 1 April 2019 Retained surplus (accumulated deficit) at 31 March 2020

31 March 2020 £

Funds and reserves Income and expenditure account

2,426

31 March 2019 £ (20,395)

Total income of Coram Trading Limited was £1,234,845 (2019 - £1,252,731). Total expenditure of Coram Trading Limited was £1,127,259 (2019 - £1,229,350) prior to adjustments on consolidation of £nil (2019 - £45,750) in respect to transactions with Coram Voice and £35,785 (2019 - £28,955) in respect to transactions with Coram.

Coram 43

Notes to the accounts 31 March 2020

10. Coram Life Education Trading Limited (CLET) CLET (Company Registration Number 09146751 (England and Wales)) was incorporated on 24 July 2014 and started trading on 1 September 2014 and is a company limited by guarantee whose sole member is Coram Life Education. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of CLET will be filed with Companies House. The results of CLET have been consolidated with those of Coram.

Year to 31 March 2020 £

Year to 31 March 2019 £

Income Educational fee income Total income

346,164 346,164

358,748 358,748

Expenditure Costs of educational activities Cost of projects Management and administration Total expenditure

299,143 94,436 — 393,579

334,982 21,165 6,057 362,204

Deficit for the year before interest

(47,415)

(3,456)

Interest received

—

Deficit for the year

—

(3,456)

31 March 2020 £

31 March 2019 £

Funds and reserves Income and expenditure account

(174,752)

—

(127,337)

Total income of Coram Life Education Trading Limited was £346,164 (2019 - £358,748).

Total expenditure of Coram Life Education Trading Limited was £393,579 (2019 £362,204) prior to an adjustment on consolidation of £8,489 (2019 - £32,149) in respect to transactions with CLE.

Coram 44

Notes to the accounts 31 March 2020

11. Coram Academy Limited Coram Academy Limited (Company Registration Number 09697712 (England and Wales)), trading as Coram BAAF, was incorporated on 22 July 2015. It is a company limited by guarantee and its sole member is The Thomas Coram Foundation for Children.

In the event of the company being wound up, the company’s member is required to contribute an amount not exceeding £10.

Audited financial statements of Coram Academy will be filed with Companies House. The results of Coram Academy have been consolidated with those of Coram.

Year to 31 March 2020 £

Year to 31 March 2019 £

Income from: Policy and research Publications Membership Training and workshops Donations Other sources Total income

45,898 795,202 1,169,637 213,806 250 5,000 2,229,793

72,368 713,471 1,173,609 214,974 3,500 — 2,177,922

Expenditure on: Policy and research Publications Membership services Training and workshops Administration costs Total expenditure

462,374 423,529 255,541 426,847 335,443 1,913,734

592,787 425,108 213,710 398,025 334,904 1,964,534

316,059

213,388

1,916

798

317,975

214,186

(317,975)

(214,186)

—

—

31 March 2020 £

31 March 2019 £

Surplus for the year Interest received Surplus for the year before Gift Aid Gift Aid Surplus (deficit) for the year

Funds and reserves

— — —

General reserves Restricted reserves

Coram 45

— — —

Notes to the accounts 31 March 2020 Total income from trading activities was £2,229,793 (2019 - £2,177,922) prior to an adjustment on consolidation of £17,109 (2019 - £3,746) in respect to transactions with Coram, £nil (2019 - £1,280) in respect to transactions with CCAL and £1,827 (2019 £1,919) in respect to transactions with CCLC. Total expenditure of Coram Academy Limited was £1,913,734 (2019 - £1,964,534) prior to an adjustment on consolidation of £17,109 (2019 - £11,906) in respect of transactions with Coram.

12. Coram Family and Childcare Limited On 1 August 2018 ‘Family and Childcare Trust’ became part of the Coram Group and changed its name to Coram Family and Childcare Limited (Company Registration Number 03753345 (England and Wales), Charity Registration Number 1077444).

Coram Family and Childcare Limited is constituted as a company limited by guarantee.

In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of Coram Family and Childcare Limited will be filed with both the Charity Commission and Companies House.

Year to 31 March 2020 £

Year to 31 March 2019 £

1,299 407 1,706

4,052 357 4,409

305,342 118,933 425,981

398,032 123,671 526,112

35,268

54,230

272,938 92,389 — 400,595

373,205 203,619 397,327 1,028,381

Net income (expenditure) before investment gains Net gains on investments

25,386 —

(502,269) 13,066

Net income (expenditure) and net movement in funds

25,386

(489,203)

274,387

249,001

Income from: . Donations . Interest receivable Charitable activities . Programme & Delivery . Research & Policy Total income Expenditure on: Raising funds Charitable activities . Programme & Delivery . Research & Policy Cost of restructuring Total expenditure

Net assets as at 31 March 2020

Total income was £425,981 (2019 - £526,112) prior to an adjustment on consolidation of £16,442 (2019 - £nil) in respect to transactions with Coram.

Total expenditure of Coram Family and Childcare Limited was £400,595 (2019 £1,028,381) prior to an adjustment on consolidation of £16,442 (2019 - £nil) in respect of transactions with Coram.

Coram 46

Notes to the accounts 31 March 2020

13. Coram Beanstalk On 1 February 2019 ‘Volunteer Reading Help’ became part of the Coram Group and changed its name to Coram Beanstalk (Company Registration Number 02101719 (England and Wales), Charity Registration Number 296454).

Coram Beanstalk is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.

Audited financial statements of Coram Beanstalk will be filed with both the Charity Commission and Companies House.

Year to 31 March 2020 £

7 months to 31 March 2019 £

1,317,445 285 1,317,730

354,167 1,013 355,180

895,803 2,213,533

747,835 1,103,015

232,650

222,393

1,654,989 1,887,639

1,672,668 1,895,061

Net income (expenditure) and net movement in funds

325,894

(792,046)

Net assets (liabilities) as at 31 March 2020

114,974

(210,920)

Income from: . Donations . Interest receivable Charitable activities . Schools contributions Total income Expenditure on: Fundraising activities Charitable activities . Advancing the education of children Total expenditure

Total income of Coram Beanstalk was £2,213,533 (2019 - £1,103,015) prior to an adjustment on consolidation of £57,886 (2019 - £nil) in respect to transactions with Coram.

Total expenditure of Coram Beanstalk was £1,887,639 (2019 - £1,895,061) prior to an adjustment on consolidation of £166,736 (2019 - £nil) in respect of transactions with Coram.

Coram 47

Notes to the accounts 31 March 2020

14. Costs of raising funds

Group Fundraising costs Staff costs Support costs (note 16) Other costs Investment managers’ fees

Charity Fundraising costs Staff costs Support costs (note 16) Other costs Investment managers’ fees

Unrestricted fund £

Campus appeal funds £

Other restricted funds £

Total funds 2020 £

Total funds 2019 £

680,889 210,344 409,464 1,300,697 26,302 1,326,999

44,439 9,587 1,626 55,652 — 55,652

— 55,724 14,665 70,389 — 70,389

725,328 275,655 425,755 1,426,738 26,302 1,453,040

489,315 318,356 331,406 1,139,077 24,786 1,163,863

Unrestricted funds £

Campus appeal funds £

Other restricted funds £

Total funds 2020 £

Total funds 2019 £

552,835 186,660 344,009 1,083,504 26,302 1,109,806

44,439 9,587 1,626 55,652 — 55,652

— — 62 62 — 62

597,274 196,247 345,697 1,139,218 26,302 1,165,520

494,504 256,121 374,434 1,125,059 24,786 1,149,845

Coram 48

Notes to the accounts 31 March 2020

15. Promoting the care and welfare of children The total expenditure on each of the group’s and charity’s activities, being the total of direct costs and allocated support costs (note 16), was as follows:

Group Adoption service Adoption Concurrent Planning Adoption related activities Parents Centre Coram Children’s Campus Family Support Services & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Advancing the education of children Other costs

Direct costs £ 1,908,797 64,587 2,805,709 402,156 635,340 392,780 509,247 61,702 1,078,383 887,885 8,746,586

Total Support funds costs 2020 £ £ , 397,251 2,306,048 13,442 78,029 360,350 3,166,059 83,695 485,851 132,224 767,564 81,744 474,524 112,341 621,588 12,841 74,543 576,606 1,654,989 199,692 1,872,577 1,970,186 10,716,772

Total funds 2019 £ 2,937,654 87,547 1,624,424 467,520 237,345 669,858 615,880 98,616 — 1,903,892 8,642,736

In 2020, £9,186,470 was unrestricted and £1,530,302 was restricted.

In 2019, £7,289,734 was unrestricted and £1,353,002 was restricted.

Charity Adoption service Adoption Concurrent Planning Regional Adoption Agency Adoption related activities Parents Centre Coram Children’s Campus Family Support Services & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Other costs

Direct costs £ 1,908,797 64,587 1,058,630 410,275 402,156 635,340 392,780 438,037 61,702 959,522 6,331,826

Support costs (note 16) £ , 397,251 13,442 220,318 85,385 83,695 132,224 81744 91,162 12,841 199,691 1,317,753

In 2020, £6,687,086 was unrestricted and £962,493 was restricted.

In 2019, £6,503,626 was unrestricted and £1,147,199 was restricted.

Coram 49

Total funds 2020 £

Total funds 2019 £

2,306,048 78,029 1,278,948 495,660 485,851 767,564 474,524 529,199 74,543 1,159,213 7,649,579

3,044,242 87,123 — 1,207,358 465,257 237,084 666,614 612,898 98,139 1,232,110 7,650,825

Notes to the accounts 31 March 2020

16. Allocated support costs

Group Central management and administration Governance costs Premises, legal and other support costs

Charity Central management and administration Governance costs Premises, legal and other support costs

Allocated to Allocated to charitable raising activities funds £ £

Total 2020 £

Total 2019 £

185,246 6,830 4,171 196,247

2,603,565 123,480 734,019 3,461,064

3,016,016 84,121 765,040 3,865,177

Allocated to Allocated to charitable raising activities funds £ £

Total 2020 £

Total 2019 £

1,429,129 52,696 32,175 1,514,000

1,987,469 26,835 35,113 2,049,417

2,418,319 116,650 729,848 3,264,817

1,243,883 45,866 28,004 1,317,753

185,246 6,830 4,171 196,247

Central management and administration costs are the support costs which enable fundraising and charitable work to be carried out. These costs include the relevant proportion of central finance, human resources, information systems and communications, and similar functions that support frontline services.

Premises costs are the costs which enable the buildings from which the group and charity operate to function efficiently and effectively.

Support costs are fully allocated in proportion to direct expenditure on raising funds and child care services.

17. Net (expenditure) income before other recognised gains and losses This is stated after charging:

Group Staff costs (note 18) Auditor’s remuneration (including VAT) — Statutory audit services — Other services: tax compliance and other services Depreciation and amortisation (note 20 and 21)

Charity Staff costs (note 18) Auditor’s remuneration (including VAT) — Statutory audit services Depreciation and amortisation (note 20 and 21)

Coram 50

Total 2020 £

Total 2019 £

14,230,851

13,556,313

81,575 19,109 574,801

82,656 4,530 393,226

Total 2020 £

Total 2019 £

7,131,776

6,632,318

29,900 521,942

29,900 294,359

Notes to the accounts 31 March 2020

18. Employee and staff costs Staff costs during the year were as follows:

Group Wages and salaries Social security costs Other pension costs (note 19) Payments to temporary and agency staff

Total 2020 £

Total 2019 £

11,157,019 1,089,515 860,508 13,107,042 1,123,809 14,230,851

10,975,737 1,060,219 644,312 12,680,268 876,045 13,556,313

The above costs include £225,291 (2019 - £37,856) relating to redundancy payments, which are recognised when the group is demonstrably committed to the redundancy.

All termination benefits were fully funded at the balance sheet date.

Charity Wages and salaries Social security costs Other pension costs (note 19) Payments to temporary and agency staff

2020 £

2019 £

4,989,115 539,527 588,663 6,117,305 1,014,471 7,131,776

4,860,808 526,244 387,578 5,774,630 857,688 6,632,318

The above costs include £181,122 (2019 - £33,606) relating to redundancy payments, which are recognised when the charity is demonstrably committed to the redundancy.

The average number of employees during the year, analysed by function, was as follows:

Group Generation of funds Charitable activities Support

Charity Generation of funds Charitable activities Support

Coram 51

2020 Number

2019 Number

23 362 78 463

15 409 61 485

2020 Number

2019 Number

18 117 61 196

15 126 48 189

Notes to the accounts 31 March 2020 The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer’s pension contributions) during the year was as follows:

Group £60,001 — £70,000 £70,001 — £80,000 £80,001 — £90,000 £90,001 — £100,000 £110,001 — £120,000

2020 Number

2019 Number

7 3 2 3 1

8 1 2 1 1

Of those employees who earned £60,000 or more during the year (as defined above), employer contributions are made to defined contribution schemes in respect of 15 (2019 12) of them, and contributions are made to defined benefit schemes in respect of 1 (2019 - 1) of them.

Charity £60,000 — £70,000 £70,001 — £80,000 £80,001 — £90,000 £90,001 — £100,000 £110,001 — £120,000

2020 Number

2019 Number

5 3 1 2 1

5 — 1 1 1

Of those employees who earned £60,000 or more during the year (as defined above), employer contributions are made to defined contribution schemes in respect of 11 (2019 7) of them, and contributions are made to defined benefit schemes in respect of 1 (2019 1) of them.

Key management personnel are defined as the Trustees and 4 (2019 - 4) members of senior management. The total employee benefits (including employer’s pension and national insurance contributions) of the key management personnel of the charity were £431,000 (2019 - £449,523).

The remuneration of key management personnel is based on an internal assessment of the scope of the individual role and an individual’s performance against specific targets.

Internal benchmarking is conducted to ensure that remuneration levels within the Coram group are consistent for the level of responsibilities.

No Trustees received any remuneration in respect of their services during the year (2019 - £nil).

During the year, expenses of £nil (2019 - £377) were reimbursed to (2019 - 2) Trustees of Coram in relation to out of pocket travelling expenses. In addition, total out of pocket travelling expenses of £472 (2019 - £1,862) were reimbursed to 5 (2019 - 5) Trustees during the year for Coram Life Education, 2 Trustees were reimbursed for travelling expenses for Coram Cambridgeshire Adoption Limited £63 (2019 - none) and no Trustees (2019 - one) were reimbursed for travelling expenses (2019 - £174) for Coram Voice.

Coram 52

Notes to the accounts 31 March 2020

19. Pensions Coram operated a Defined Contribution Pension Scheme operated by Aegon which has no accruing pension liability.

Coram is also an admitted body of the Local Government Superannuation Scheme (LGS) operated by the London Borough of Camden and members of staff were entitled to join this scheme until its closure to new entrants in 2004. The LGS Scheme is a funded, defined benefit scheme, requiring contributions from employers and employees.

The LGS Scheme is subject to triennial actuarial valuation. The last such valuation at 31 March 2016 indicated a funding level of 76.2%. Further details of the valuation and ongoing commitments are detailed below beneath the heading ‘LGS Scheme’ Coram also contributes to the personal pension arrangements of some employees, all of which are on a defined contribution basis to plans from providers such as Prudential, Aviva and Scottish Equitable.

Coram Cambridgeshire Adoption Limited contributed to the Local Government Superannuation Scheme operated by Cambridgeshire County Council (CCC) in respect of employees who transferred to Coram Cambridgeshire Adoption Limited from CCC until 31July 2019 when, on termination of the charity’s contract with CCC, all staff were transferred to CCC under the Transfer of Undertakings and Protection of Employment (TUPE) regulations, the liabilities of the scheme fell on Coram Cambridgeshire Adoption Limited. The scheme is a funded, defined benefit scheme, requiring contributions from employers and employees. Throughout the final four months period of the contract, CCC guaranteed to underwrite the pension deficit resulting from the FRS 102 valuation amounting to £369,000 at the point of transfer on 1 August 2019.

The total cost of employer pension contributions to the group and charity for the year ended 31 March 2020 was:

LGS Scheme LGS Scheme – CCC Scheme FRS 102 adjustment Other pension arrangements

Group 2020 £

Group 2019 £

Charity 2020 £

Charity 2019 £

— — — 860,508 860,508

— 17,000 — 644,312 661,312

158,288 — 177,000 253,375 588,663

342,175 — (132,000) 177,402 387,577

LGS Scheme The charity participates in a pension scheme with the London Borough of Camden providing benefits based on final pensionable pay. The assets of the scheme are held in separate trustee administered funds.

The contributions are determined on the basis of triennial valuations by a qualified actuary using the projected unit method. The most recent full valuation, at 31 March 2019 showed that the market value of the entire London Borough of Camden scheme’s assets was £1,522m and that the actuarial value of those assets represented 75.6% of the benefits that had accrued to members, after allowing for expected future increases in earnings. The principal assumptions in the triennial valuation were that investment returns would be 4.6% per annum and that salary increases would average 1.8% per annum in excess of price inflation (CPI) of 2.5%. No allowance was made for possible discretionary increases in pensions beyond those prescribed in the scheme rules.

Coram 53

Notes to the accounts 31 March 2020 Actuarial assumptions The full actuarial valuation carried out at 31 March 2019 has been updated to 31 March 2020 by a qualified independent actuary. The major assumptions used by the actuary were:

Pension increases Salary increases Expected return on assets Discount rate

2020

2019

2.0% 2.4% 2.4%

2.5% 3.1% 2.4%

2.3%

2.4%

2020 Years

2019 Years

21.8 23.9

22.0 24.1

23.9 25.9

23.9 26.1

The post retirement life expectancy assumptions used were as follows:

Current pensioners . Men . Women Future pensioners . Men . Women

The assets relating to Coram in the LGS Scheme and the expected rate of return.

Longterm rate of return expected 2020 % Equities Bonds Property Cash Total market value of assets Present value of funded scheme liabilities Present value of unfunded liabilities Deficit

2.3% 2.3% 2.3% 2.3%

Long-term Value rate of at 31 return March expected 2020 2019 £’000 % 7,463 1,080 1,178 99 9,820

2.4% 2.4% 2.4% 2.4%

Long-term Value rate of at 31 return March expected 2019 2018 £’000 %

Value at 31 March 2018 £’000

8,308 1,052 1,052 104 10,516

7,758 1,094 995 99 9,946

2.6% 2.6% 2.6% 2.6%

(11,421)

(12,567)

(11,945)

(37)

(42)

(45)

(1,638)

(2,093)

(2,044)

Coram 54

Notes to the accounts 31 March 2020 Total expenditure recognised within the statement of financial activities

Current service cost Interest cost Expected Return on Employer Assets Total

2020 £’000

2019 £’000

130 300 (253) 177

155 309 (258) 206

2020 £’000

2019 £’000

(992) 1,189 197

348 (529) (181)

Amounts recognised as other gains and losses

Actual return less expected return on pension scheme assets Experience gains and losses arising on the scheme liabilities Actuarial gain (loss) recognised

The cumulative amount of actuarial gains and losses recognised in the statement of financial activities since the adoption of FRS 102 is a loss of £1,771,000 (2019 £1,968,000).

Movement in deficit during the year Deficit at 1 April 2019 Current service cost Contributions Contributions in respect of unfunded benefits Expected return on assets Interest cost Actuarial gain (loss) Deficit at 31 March 2020

2020 £’000

2019 £’000

(2,093) (130) 431 4 253 (300) 197 (1,638)

(2,044) (155) 334 4 258 (309) (181) (2,093)

CCC Scheme Coram Cambridgeshire Adoption Limited contributes to the Local Government Superannuation Scheme operated by Cambridgeshire County Council (CCC) in respect of employees who transferred to Coram Cambridgeshire Adoption Limited from CCC. The liabilities of the scheme remain with CCC, and Coram Cambridgeshire Adoption Limited accounts for contributions as if it were a defined contribution scheme.

The total cost of employer pension contributions to the charity for the year ended 31 March 2020 was: CCAL 2020 £’000 — — —

LGS Scheme FRS 102 adjustment Loss

Coram 55

CCAL 2019 £’000 1,482 (1,581) (99)

Notes to the accounts 31 March 2020 Actuarial assumptions The full actuarial valuation carried out at 31 March 2020 by a qualified independent actuary. The major assumptions used by the actuary were:

Pension increases Salary increases Discount rate

2020

2019

— — —

2.40% 2.70% 2.50%

The post retirement life expectancy assumptions used were as follows:

2020 Years Current pensioners . Men . Women Future pensioners . Men . Women

— — — —

The assets relating to CCAL in the CCC Scheme and the expected rate of return

Long-term rate of Long-term return rate of return expected Value at 31 expected 2020 March 2020 2019 % £’000 % Equities Bonds Property Cash Total market value of assets Present value of funded scheme liabilities Present value of unfunded liabilities Deficit

— — — — — — — —

— — — — — — — —

76 12 11 1 — — — —

Value at 31 March 2019 £’000 1,126 178 163 15 1,482 (1,851) — (369)

Total expenditure recognised within the statement of financial activities

Current service cost Interest cost Expected Return on Employer Assets Total

2020 £’000

2019 £’000

— — — —

72 8 51 131

2020 £’000

2019 £’000

— — —

(129) 78 (51)

Amounts recognised as other gains and losses

Actual return less expected return on pension scheme assets Experience gains and losses arising on the scheme liabilities Actuarial gain recognised

Coram 56

Notes to the accounts 31 March 2020 Movement in deficit during the year:

Deficit at 1 April 2019 Current service cost Contributions Expected return on assets Interest cost Transfer to CCC Deficit at 31 March 2020

2020 £’000

2019 £’000

(369) — — — — 369 —

(293) (72) 55 (51) (8) — (369)

20. Tangible fixed assets

Group Cost or valuation At 1 April 2019 Additions Disposals Transfers At 31 March 2020 Cost Deemed cost based on 2001 valuation Depreciation At 1 April 2019 Charge for the year Disposals At 31 March 2020 Net book values At 31 March 2020 At 31 March 2019

Freehold land £

Freehold building Freehold under buildings construction £ £

Freehold building Leasehold components buildings £ £

Fixture, fittings, furniture and Database equipment £ £

Total £

18,261,050 458,843 (221,345) — 18,498,548

1,007,500 — — — 1,007,500

14,438,769 — — 652,474 15,091,243

497,309 372,139 — (652,474) 216,974

1,179,803 — — — 1,179,803

99,041 — (71,000) — 28,041

199,921 34,934 — — 234,855

838,707 51,770 (150,345) — 740,132

—

11,614,664

216,974

1,179,803

28,041

234,855

740,132

14,014,469

1,007,500 1,007,500

3,476,579 15,091,243

— 216,974

— 1,179,803

— 28,041

— 234,855

— 740,132

4,484,079 18,498,548

— — — —

1,683,039 296,388 — 1,979,427

— — — —

19,663 117,980 — 137,643

94,306 4,735 (71,000) 28,041

169,921 14,582 — 184,503

597,757 88,254 (150,345) 535,666

2,564,686 521,939 (221,345) 2,865,280

1,007,500 1,007,500

13,111,816 12,755,730

216,974 497,309

1,042,160 1,160,140

— 4,735

50,352 30,000

204,466 240,950

15,633,268 15,696,364

Coram 57

Notes to the accounts 31 March 2020

Charity

Freehold land £

Freehold Freehold building under buildings construction £ £

Freehold building components £

Furniture and equipment £

Total £

444,569

17,567,950

41,740 —

413,879 —

486,309

17,981,829 13,497,750

Cost or valuation At 1 April 2019 Additions Transfers At 31 March 2020 Cost Deemed cost based on 2001 valuation

1,179,803 —

1,007,500

14,438,769

497,309

— —

— 652,474

372,139 (652,474)

1,007,500

15,091,243

216,974

— 1,179,803

—

11,614,664

216,974

1,179,803

486,309

— 1,179,803

—

4,484,079

486,309

17,981,829

236,688 73,712

1,939,390 488,080

310,400

2,427,470

175,909 207,881

15,554,359 15,628,560

1,007,500

3,476,579

—

1,007,500

15,091,243

216,974

— —

1,683,039 296,388

— —

—

1,979,427

—

19,663 117,980 137,643

1,007,500 1,007,500

13,111,816 12,755,730

216,974 497,309

1,042,160 1,160,140

Depreciation At 1 April 2019 Charge for the year At 31 March 2020 Net book values At 31 March 2020 At 31 March 2019

At 31 March 2020 the charity owned an Art Collection comprising a number of historic works of art. As stated under principal accounting policies, the paintings and other artefacts making up the Collection are not valued for the purposes of these accounts. The Collection is managed by The Foundling Museum for a period of 25 years which commenced in June 2002. Whilst the charity is able to sell any item from the Collection to a third party during the period to June 2027, any such sale must be at full market value and the purchaser would have to accept that the item would be sold subject to the unexpired term of the agreement. In addition, the Museum has the automatic right to be given twelve months in which to raise the money to buy any item that the charity has indicated that it wishes to sell.

The combination of these terms to the agreement mean that any person or organisation, other than the Museum, that wishes to purchase an item from the Collection would have to pay full open market value at the time of the sale, notwithstanding the fact that they would not be able to take possession of the item until the 25-year lease had expired.

Given these terms, it is believed that the market for the Collection is extremely limited and therefore any reliable valuation of the Collection, at the present time, is deemed impossible.

Coram 58

Notes to the accounts 31 March 2020

21. Intangible fixed assets

Cost or valuation At 1 April 2019 and at 31 March 2020 Depreciation At 1 April 2019 Charge for the year At 31 March 2020 Net book values At 31 March 2020 At 31 March 2019

Charity Software £

Database £

Group Total £

169,312

95,000

264,312

39,506 33,862 73,368

16,000 19,000 35,000

55,506 52,862 108,368

95,944 129,806

60,000 79,000

155,944 208,806

Coram 59

Notes to the accounts 31 March 2020

22. Fixed asset investments Group Listed investments Market value as at 1 April 2019 Additions at cost Disposals (proceeds £5,198,775; realised losses £36,193) Unrealised (losses) gains Market value as at 31 March 2020 Cash held for re-investment at 31 March 2020 Total investments at 31 March 2020 Cost of listed investments (excluding cash) at 31 March 2020

Charity Listed investments Market value as at 1 April 2019 Additions at cost Disposals (proceeds £5,144,517; realised losses £36,193) Unrealised (losses) gains Market value as at 31 March 2020 Cash held for re-investment at 31 March 2020 Total investments at 31 March 2020 Cost of listed investments (excluding cash) at 31 March 2020

2020 £

2019 £

7,415,448 8,396,436 (5,234,968) (832,074) 9,744,842

8,273,809 966,632 (2,327,534) 502,541 7,415,448

2,359,421

1,236,487

12,104,263

8,651,935

8,730,802

5,611,632

2020 £

2019 £

7,253,685 8,215,802 (5,180,710) (809,635) 9,479,142

8,124,767 919,840 (2,291,432) 500,510 7,253,685

2,321,380

1,222,979

11,800,522

8,476,664

8,583,568

5,464,398

All listed investments are listed on a UK stock exchange except for £1,030,503 (2019 £1,251,749) invested in the Schroder Private Equity Fund of Funds programme which is managed by Schroder Investment Management Limited and Aberdeen SVG Limited. The funds are listed on the Irish Stock Exchange and invested in a portfolio of private equity funds mainly in the US and Europe.

At 31 March 2020 the following individual investment holdings each represented a material holding (i.e. greater than 5% of the value of the entire portfolio) when compared to the value of the listed investments held at that date: Market % of total value listed £ investments

Group and charity Veritas Global Equity Income Fund Schroder Private Equity 2 Class A shares Hermes Property Unit Trust

1,716,302 1,030,503 813,134

Coram 60

18% 11% 9%

Notes to the accounts 31 March 2020

23. Debtors

Fees, charges receivable and trade debtors Miscellaneous debtors Prepayments and accrued income Amount due from subsidiaries (see below)

Group 2020 £

Group 2019 £

Charity 2020 £

Charity 2019 £

3,192,899 113,020 958,102 — 4,264,021

4,205,970 109,893 1,167,698 — 5,483,561

435,446 11,353 777,234 1,953,237 3,177,270

857,306 30,228 843,344 1,662,590 3,393,468

Amount due from subsidiaries is stated after allowance for potential uncertainties in future continuity of contracts, and includes £40,000 in the nature of loan advanced by Coram to its charitable subsidiary Coram Life Education for application towards purposes consistent with both organisations’ charitable objectives. The loan is repayable on demand and is interest-free.

At 31 March 2020, Coram was owed £397,173 (2019 - £271,556) by Coram Life Education, £516,222 (2019 - £326,202) by Coram Academy Limited, £415,628 (2019 £355,860) by Coram Life Education Trading Limited, £124,052 (2019 - £227,559) by Coram Trading Limited, £387,555 (2019 - £259,460) by Coram Children's Legal Centre, £107,860 (2019 - £nil) by Coram Voice, £nil (2019 - £nil) by Coram Cambridgeshire Adoption Limited, £69,948 (2019 - £45,819) by Coram Family and Childcare Limited and £147,690 (2019 - £176,135) by Coram Beanstalk.

24. Creditors Group 2020 £

Group 2019 £

Charity 2020 £

Charity 2019 £

707,955 706,826

1,097,006 812,524

488,552 425,420

575,101 452,950

2,012,798 438,315 325,370 — 4,191,264

2,007,848 445,239 276,465 — 4,639,082

461,397 224,005 39,145 — 1,638,519

342,331 156,722 45,224 254,115 1,826,443

At 1 April 2019 £

Received in year £

Released At 31 March in year 2020 £ £

2,007,848

1,982,798

At 1 April 2019 £

Received in year £

Deferred income and fees in advance

342,331

461,397

(342,331)

461,397

Amounts falling due after one year

Group 2020 £

Group 2019 £ 2,500,000 332,805 2,832,805

Charity 2020 £

Charity 2019 £

2,500,000 95,137 2,595,137

2,500,000 202,288 2,702,288

Amounts falling due within one year Expense creditors Accruals and other creditors Deferred income and fees in advance (see below) Social security and taxation Miscellaneous creditors Amount due to subsidiaries

Deferred income and fees in advance Group Deferred income and fees in advance

Charity

Loans Other creditors

2,500,000 95,137 2,595,137

Coram 61

(1,977,848)

2,012,798

Released At 31 March in year 2020 £ £

Notes to the accounts 31 March 2020

25. Provision for liabilities

Provision for pension scheme deficit reduction payments (note 19)

Group 2020 £

Group 2019 £

Charity 2020 £

Charity 2019 £

1,638,000

2,462,000

1,638,000

2,093,000

26. Endowment funds Coram’s initial endowment fund (the expendable general endowment fund) is attributable to its origins as the Foundling Hospital and represents the proceeds of the sale of the Hospital at Bloomsbury and of the Foundling Hospital School at Berkhamsted. These proceeds were applied in part to purchase and build Coram’s present London premises (see note 27). The balance was invested with a view to generating a sustainable income and maintaining the real value of the endowment. Under the charity’s Charter, the endowment is deemed to be expendable.

A pension deficit reduction fund has been set up to fund the charity’s deficit on the defined benefit pension schemes in future years. The fund’s value at the year-end was £1,638,000 (2019 - £2,093,000).

During 2019, a new permanent endowment fund was established following the receipt of a £4,000,000 grant from the Paul Hamlyn Foundation. Coram will use the grant on furthering its charitable purposes. Coram is entitled to spend up to 4% of the value of the grant and consolidated returns to date as at the end of the previous financial year. If returns are insufficient to finance the 4% annual spend, the written permission of the donor is required.

Movements on the endowment funds during the year can be summarised as follows:

Group and charity Balance at 1 April 2019 New endowment Interest receivable and similar income Movement on pension liabilities Transfer to free reserves Net gains in the year Balance at 31 March 2020

Expendable endowment funds £ 5,688,634 35,000 1,725 — 868,604 (941,012) 5,652,951

Pension deficit Permanent reduction endowment fund fund £ £ 2,093,000 — 71,575 197,000 (869,653) 146,078 1,638,000

4,066,400 — — — (88,484) — 3,977,916

Investment income generated by the investments underlying the general endowment fund is treated as income of the general fund.

Coram 62

Total £ 11,848,034 35,000 73,300 197,000 (89,533) (794,934) 11,268,867

Notes to the accounts 31 March 2020

27. Fixed asset permanent endowment fund Total £

Group and charity Balance at 1 April 2019 Transfer to general funds in respect to net movements on tangible fixed assets (note 28) Balance at 31 March 2020

4,066,400 (88,484) 3,977,916

The fixed asset permanent endowment fund comprises those proceeds from the disposal of the Hospital at Bloomsbury and the Foundling Hospital School at Berkhamsted that have been applied to purchase, build and equip Coram’s present premises.

28. Free reserves

Total free reserves £

Group At 1 April 2019 Net expenditure for the year Transfer from restricted funds Transfer from general endowment fund (note 26) Transfer from fixed asset permanent endowment fund in respect to movements in tangible fixed assets (note 27) Transfer from Campus appeal fund (note 31) Transfer to fixed asset fund (note 30) Net gains on investments At 31 March 2020

2,825,409 (399,579) (13,906) 1,049 88,484 54,348 19,579 (24,007) 2,551,377

Total free reserves £

Charity At 1 April 2019 Net expenditure for the year Transfer from general endowment fund (note 26) Transfer from fixed asset permanent endowment fund in respect to movements in tangible fixed assets (note 27) Transfer from Campus appeal fund (note 31) Transfer from designated funds Transfer to restricted fund At 31 March 2020

Coram 63

1,595,406 (951,440) 1,049 88,484 54,348 19,580 (13,906) 793,521

Notes to the accounts 31 March 2020

29. Designated funds The funds of the group and charity include the following balance of unrestricted funds designated for future spending.

Group Post adoption fund Sheila’s fund Innovative projects fund Coram (Group) Total

At 1 April 2019 £

Transfers £

At 31 March 2020 £

200,000 27,935 532,265 5,000

— — — —

200,000 27,395 532,265 5,000

765,200

—

765,200

The post adoption fund comprises of assets earmarked for the post adoption work to be fulfilled by the Adoption and Permanent Families Service. The fund includes post adoption reserves transferred through East Midlands Adoption Project.

Sheila’s fund comprises of receipts earmarked for supporting children both individually and through schools, to overcome trauma and loss. The fund includes an initial contribution of £50,000 and additional contributions received in support of this cause and is designed to enable activity to be planned and sustained over three years.

The Coram Innovation Fund is a designated fund earmarked for strategic intervention intended to introduce a step change in the way children’s social care services are designed, delivered, evaluated and remunerated for across the system. The allocation from the fund will be specific and towards developing innovative ideas for the delivery and design of services to children.

30. Fixed asset fund Total £

Group and charity Balance at 1 April 2019 Transfers Balance at 31 March 2020

11,691,967 (19,579) 11,672,388

The fixed asset fund (previously the furniture and equipment fund) comprises all monies invested in tangible and intangible fixed assets used by the charity that are not permanent endowment or other designated funds.

Coram 64

Notes to the accounts 31 March 2020

31. Campus appeal restricted fund

Group and charity

At 1 April 2019 £ —

Campus appeal fund

Income Expenditure £ £ 110,000

(55,652)

Transfers £

At 31 March 2020 £

(54,348)

—

The campus appeal fund comprised monies donated for the campus development project (see note 36).

32.

Other restricted funds

The funds of the charity include the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

At 1 April 2019 £

Income £

Adoption Service Adoption-related activities Adoption Activity Days Friends of Adoption East Midlands Coram Parents’ Centre Coram Children’s Campus & Campus Development Policy, Research & Marketing Jellicoe Nursery School Trust Fund The Friends of Coram Nyman Funds Tomorrow’s Achievers Other funds Charity total

258,665 — 3,263 5,798 96,728

177,967 59,191 72,784 — 95,675

42,286 4,218 16,118 6,566 9,460 152,798 51,928 647,828

Coram Life Education restricted funds Coram Children’s Legal Centre restricted funds Coram Voice restricted funds Coram Cambridgeshire Adoption restricted funds Coram Family and Childcare Limited restricted funds Coram Beanstalk restricted funds Group total

Group and charity

Transfers £

At 31 March 2020 £

(177,967) — (51,118) — (76,950)

— — — — 1,049

258,665 59,191 24,929 5,798 116,502

— 188,756 — — — 12,843 406,093 1,013,309

— (188,756) — — (3,000) (46,520) (418,244) (962,555)

— — — — — — 12,857 13,906

42,286 4,218 16,118 6,566 6,460 119,121 52,634 712,488

14,245

5,000

(6,897)

—

12,348

160,926 119,329

495,807 422,458

(550,795) (441,752)

— —

105,938 100,035

140,455

160,484

(300,939)

—

—

6,036 151,736 1,240,555

187,691 446,855 2,731,604

(193,727) (429,745) (2,886,410)

— — 13,906

— 168,846 1,099,655

Expenditure £

The purposes for which the individual funds are held are as follows: Adoption Service Coram places and supports children with complex needs, who have been looked after by local authorities.

Adoption-related activities Adoption Activity Days (AAD) events are delivered across England and are particularly helpful for children who may have to wait much longer for permanence.

Coram 65

Notes to the accounts 31 March 2020 Friends of Adoption East Midlands The Friends of Adoption East Midlands is a group of volunteers and supporters who assist in raising funds and support for the service’s activities.

Coram Parents’ Centre Coram Parents’ Centre provides community based training programmes for children and parents, and other services particularly in creative therapy.

Coram Children’s Campus Development Coram Campus fund supports campus refurbishment costs to offer integrated and flexible services to parents, carers, children, and young people in the Kings Cross area of London, and the professionals supporting them.

Policy, Research and Marketing It is a key element of Coram’s mission to develop, and promote best practice in support of vulnerable children, young people and their families. Coram also provides consultancy to Local Authorities and other voluntary organisations in service improvement, needs assessment, research and evaluation.

Jellicoe Nursery School Trust Fund This fund is a separate trust under the trusteeship of the Governors of Coram. Its income is to be applied towards the establishment and maintenance of nurseries in or near the area of the former Borough of St Pancras.

The Friends of Coram The Friends is a group of volunteers and supporters who assist in raising funds and support for Coram’s activities.

Family Support and Vulnerable Children Coram’s Family Support Service provides parents with the skills to improve and strengthen skills and relationships with their children.

Nyman fund The Patricia Nyman fund was set up to support Coram’s music and arts therapy work.

Over a number of years, the fund has significantly benefitted children requiring music therapy support for their development and well—being.

Tomorrow’s Achievers Tomorrow’s Achievers Trust signed a memorandum of understanding with Coram with an intention to work together and manage the activity of the Trust. The Trust provides specialist day and residential master classes for gifted children in various parts of the country.

Other funds The Queen’s Trust provided funding for Coram to develop a platform for young people to help others like them through the Help Advice and Legal Opportunity (HALO) programme and promote transformative improvement through the Centre for Impact. The fund also comprises other receipts towards the furtherance of Coram’s charitable objects.

Coram Life Education Coram Life Education enables children to make responsible choices in life by providing well researched, evidence –based health education and life-skills development programmes.

Coram Children’s Legal Centre Coram Children’s Legal Centre works to promote children’s rights in the UK and internationally, and to provide children, their carers and professionals throughout the UK with legal information, advice and assistance on all matters of children’s law.

Coram 66

Notes to the accounts 31 March 2020 Coram Voice Coram Voice provides advice and support to children and young people with a reliance on the state or its agencies. It supports those children and young people where those in authority fail to fulfil their obligations to them.

Coram Cambridgeshire Adoption Coram Cambridgeshire Adoption is a voluntary adoption agency that works jointly with Cambridgeshire County Council to provide the Council’s adoption function.

Coram Academy Coram Academy, trading as CoramBAAF, is a successor to BAAF (British Association for Adoption and Fostering) and it is a member organisation dedicated to improving outcomes for children and young people in care by supporting the agencies and professionals who work with them, primarily in the UK. Coram Family and Childcare Limited Coram Family and Childcare Limited (formerly Family and Childcare Trust) works to make the UK a better place for families, focusing on childcare and the early years to make a difference to families’ lives now and in the long term (see note 12).

Coram Beanstalk Coram Beanstalk (formerly Volunteer Reading Help) is a charity focusing on national literacy (see note 13).

33. Analysis of total net assets between funds

Group

General Designated funds funds £ £

Fund balances at 31 March 2020 represented by: Tangible & intangible fixed assets Investments Current assets Creditors: amounts falling due within one year

(4,191,264)

—

Creditors: amounts falling due after one year

(2,595,137)

—

Total net assets excluding pension liability

138,909 3,175,311 6,023,558

2,551,377

Fixed asset funds £

— 11,672,388 — — 765,200 —

Restricted funds (including Campus Endowment appeal) funds £ £

Total £

— — 1,099,655

3,977,915 15,789,212 8,928,952 12,104,263 7,888,413

—

—

— (4,191,264)

—

—

— (2,595,137)

765,200 11,672,388

1,099,655

12,906,867 28,995,487

Coram 67

Notes to the accounts 31 March 2020

Charity Fund balances at 31 March 2020 represented by: Tangible & intangible fixed assets Investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets excluding pension liability

Fixed assets funds £

Restricted funds £

— 11,672,388 — — 760,200 —

— — 712,488

— — —

3,977,915 15,650,303 8,928,952 11,800,522 — 3,628,294

General Designated funds funds £ £

— 2,871,570 2,155,606

Campus appeal Endowment funds funds £ £

Total £

(1,638,519)

—

—

—

—

— (1,638,519)

(2,595,137)

—

—

—

—

— (2,595,137)

760,200 11,672,388

712,488

—

12,906,867 26,845,463

793,520

The total unrealised gains as at 31 March 2020 constitute movements on revaluation and are as follows:

Group

2020 £’000

2019 £’000

Unrealised gains included above: On investments On tangible fixed assets Total unrealised gains at 31 March 2020

1,014 3,232 4,246

1,804 3,302 5,106

5,106 (832)

5,092 502

42

(418)

70 4,246

(70) 5,106

Charity

2020 £000

2019 £000

Unrealised gains included above: On investments On tangible fixed assets Total unrealised gains at 31 March 2020

896 3,232 4,128

1,789 3,302 5,091

5,091 810 83

5,083 501 (423)

70 4,128

(70) 5,091

Reconciliation of movements in unrealised gains Unrealised gains at 1 April 2019 Add: net (losses) gains arising on revaluation arising in the year Cumulative unrealised (losses) gains on investments disposed of in the year Difference between depreciation charge and the actual depreciation charge calculated on the revalued amounts Total unrealised gains at 31 March 2020

Reconciliation of movements in unrealised gains Unrealised gains at 1 April 2019 Add: net (losses) gains arising on revaluation arising in the year Cumulative unrealised gains on investments disposed of in the year Difference between depreciation charge and the actual depreciation charge calculated on the revalued amounts Total unrealised gains at 31 March 2020

Coram 68

Notes to the accounts 31 March 2020

34. Endowment funds Expendable endowments

Group and Charity

Fixed asset permanent endowment fund £

Pension deficit Other reduction endowment fund funds £ £

Total £

Fund balances at 31 March 2020 represented by: Tangible fixed assets Investments Total net assets excluding pension liability

3,977,916 —

— 1,638,000

— 5,652,951

3,977,916

1,638,000

5,652,951 11,268,867

3,977,916 7,290,951

35. Operating leases At 31 March 2020 Coram had the following total future commitments in respect of non— cancellable operating leases relating to land and buildings: Land and buildings 2020 2019 £ £

Group Payable: Within one year Between one to two years Between two to five years

97,195 97,260 49,590 244,045

128,417 110,060 87,000 325,477

Land and buildings 2020 2019 £ £

Charity Payable Within one year Between two to five years Over five years

33,000 33,000 49,500 115,500

45,800 45,800 87,000 178,600

36. Campus development In 2012, Coram embarked upon the implementation of its approved plan to improve its 3.5-acre campus by a phased redevelopment of unmodernised buildings (which were dilapidating and driving increasing costs of maintenance) and to address the emerging needs of children and services especially for therapeutic and learning facilities.

The second phase, the creation of the Pears Pavilion for creative therapy and adoption support, was opened in March 2015 when the lead gifts for phase three for the creation of the Queen Elizabeth II centre were also announced as the centrepiece of the vision for the creation of the national centre of excellence for children.

The freehold premises of 40 Brunswick Square which are also part of the Coram Campus continue to be occupied by the associated charity, The Foundling Museum, under lease.

Coram 69

Notes to the accounts 31 March 2020 Phase 3 was completed prior to 31 March 2019. The costs incurred on phase 3 to 31 March 2019 were £8,196,207 and of this £1,160,000 was funded by a drawdown from the general endowment fund.

Coram has a vision as a national centre of excellence for children and has progressively regenerated our campus to meet the needs of our group of specialist charities and partner organisations. At the heart of this, is the new Queen Elizabeth II Centre which houses the new dedicated Rangoonwala Conference and Learning Centre. This provides modern and flexible training facilities for our own use and for the development of revenue from use by a range of similar organisations which will help us continue and enhance our work with children. The Queen Elizabeth II Centre was opened on 5 December 2018.

In order to finance the development cost, Coram availed a 5-year loan facility from Rathbone Investment Management Limited in September 2017 for £2.5m at an interest rate of 1.75% per annum above the published base rate of Barclays Bank plc, against a charge on the portfolio of investments managed by them (valued at £3.5m at 31 March 2020). In line with the drawdown plan agreed with the Trustees, Coram withdrew £2.5m from the facility in 2018/19 towards the cost of the development.

Campus Development Phase 3a In developing the master plan for the campus, the potential to extend the East Wing by 120 square meters by a two storey extension was identified. The development was completed in April 2019. Coram had a capital commitment of £503,183 in respect of this project at 31 March 2019.

37. Connected charity The Foundling Hospital (subsequently the Thomas Coram Foundation and now known as Coram) was established in 1739 by the philanthropist Thomas Coram. Instrumental in helping Coram realise his vision were the artist, William Hogarth and the composer, George Frideric Handel. Hogarth initiated the donation of artworks and Handel gave fundraising performances of The Messiah in the Hospital’s Chapel. In the process, they created the UK’s first public art gallery and set the template for the way the arts could support philanthropy. In 1998 Coram created the Foundling Museum (a separate registered charitable company, Charity Registration No. 1071167 and Company Registration No. 03621861) to educate publicly through the display of art collections and to support the charitable purposes of Coram.

Coram is one of 13 company members of The Foundling Museum and nominates up to one third of the trustees of The Foundling Museum and holds retained powers to safeguard its founding principles.

Many of the paintings and other artefacts housed within The Foundling Museum Collection belong to the Foundling Hospital Collection which is owned by Coram but they are held and managed by The Foundling Museum in accordance with a legal agreement for a period of 25 years which commenced in June 2002. Whilst Coram is able to sell any item it owns from the Foundling Hospital Collection to a third party during the period to June 2027, any such sale must be at full market value and the purchaser would have to accept that the item would be sold subject to the unexpired term of the agreement. In addition, The Foundling Museum has the automatic right to be given twelve months in which to raise the money to buy any item that Coram has indicated that it wishes to sell.

During the year, excluding VAT, the Museum paid Coram £11,144 in respect of insurance (2019 - £7,830), £3,766 (2019 - £3,540) for rent and service charge and £1,260 (2019 £1,440) for waste collection.

Coram paid the Museum £798 (2019 - £567) in respect of admissions, £50 for printed invitations and also paid the Foundling Museum Trading Company £3,114 (2019 Coram 70

Notes to the accounts 31 March 2020 £3,762) for venue hire. Coram Children's Legal Centre paid £521 to the Trading Company in respect of venue hire.

At 31 March 2020, the Museum owed Coram £405 (2019 - £720). The Foundling Museum Trading Company was owed £1,470 by Coram.

38. Post balance sheet events On 1 April 2020, following a decision by the Board of Shakespeare Schools Foundation (Charity Registration Number 1164676, Company Registration Number 9883201), Coram became the sole member of Coram Shakespeare Schools Foundation (formerly Shakespeare Schools Foundation) – a charity focusing on giving young people across the UK the confidence to succeed in life, by transforming lives through the unique power of Shakespeare. The charity is expected to continue its work with children through tailored programmes, curriculum resources and standalone workshops. It will join the group with reserves in deficit by £2,000.

In May 2020, Coram was granted a £1.5 million loan by Nat West Bank plc to facilitate the cash flow position of the Coram Group as a result of the Covid-19 impact, in line with other businesses and the current financial climate. This was drawn down in September 2020.

At the recommendation of the Coram Group Audit Committee, the Trustees of Coram agreed in January 2021 to convert £200,000 of the amount due from Coram Life Education Trading Ltd to Coram to a formal loan agreement subject to a commercial rate of interest. The loan is unsecured and repayable over the eight year term of the agreement.

At the recommendation of the Coram Group Audit Committee, the Trustees of Coram agreed in January 2021 to convert £175,000 of the amount due from Coram Life Education to Coram to a grant on the basis that the charitable objectives of the two charities are consistent. The remaining amount due is subject to an interest free loan agreement which allows the loan to be paid when circumstances permit.

Coram 71

Appendix: Comparative Group consolidated statement of financial activities Year to 31 March 2019

General funds £

Notes Income from: Donations and legacies 1,2 2,096,140 Interest receivable and investment income 3 434,564 Other trading activities 9,10,11 3,794,622 Charitable activities . Promoting the care and welfare of children 4 4,150,912 . Health education programmes 5 182,852 . Provision of legal advice, training and research 6 2,146,602 . Advocacy 7 2,139,344 . Adoption partnerships 8 1,712,541 Other sources 5,6,7,13 196,690 Total income 16,854,267 Expenditure on: Raising funds . Costs of raising funds 14 1,093,221 . Trading activities 9,10,11 3,498,359 Charitable activities . Promoting the care and welfare of children 15 7,289,734 . Health education programmes 5 252,072 . Provision of legal advice, training and research 6 2,224,373 . Advocacy 7 1,862,884 . Adoption partnerships 8 634,192 Total expenditure 16,854,835 Net (expenditure) income before transfers and investment gains (losses)

(568)

Designated Fixed asset funds fund £ £

Campus appeal fund £

Other restricted funds £

Fixed asset permanent endowment fund £

Other endowments funds £

Total 2019 £

— — —

— — —

504,500 — —

938,305 — —

— — —

4,000,000 50,426 —

7,538,945 484,990 3,794,622

— —

— —

— —

558,283 —

— —

— —

4,709,195 182,852

— — — — —

— — — — —

— — — — 504,500

636,022 158,677 355,481 — 2,646,768

— — — — —

— — — — 4,050,426

2,782,624 2,298,021 2,068,022 196,690 24,055,961

— —

— —

55,275 —

15,367 —

— —

— —

1,163,863 3,498,359

— —

— —

— —

1,353,002 50,000

— —

— —

8,642,736 302,072

— — — —

— — — —

— — — 55,275

842,114 226,774 311,144 2,798,401

— — — —

— — — —

3,066,487 2,089,658 945,336 19,708,511

—

—

449,225

—

4,050,426

4,347,450

Coram 72

(151,633)

Appendix: Comparative Group consolidated statement of financial activities Year to 31 March 2019

Notes

General funds £

22

2,031 1,463

—

—-

26-32

1,233,130

502,052

4,462,526

17

1,234,593

502,052

4,462,526

—

—

Net (expenditure) income before transfers and investment gains (losses) Net gains (losses) on investment assets

Transfers between funds Net income (expenditure) before other recognised gains and losses

Other restricted funds £

Fixed asset permanent endowment fund £

Other endowment funds £

Total 2019 £

—

—

449,225

(151,633)

—

4,050,426

4,347,450

—

—

—

—

—

492,742

494,773

449,225

(151,633)

—-

4,543,168

4,842,223

—-

(88,483)

(5,660,000)

—

—-

(151,633)

(88,483)

(1,116,832)

4,842,223

—

—

—

—

10,881

10,881

—

—

—

—

—

(181,000)

(281,531)

1,134,062

502,052

4,462,526

—

(151,633)

(88,483)

(1,286,951)

4,571,573

1,740,063

258,148

7,229,441

—

1,240,452

4,154,883

5,000

—

—

151,736

—

765,200 11,691,967

—

1,240,555

4,066,400

(568)

Net income (expenditure) before transfers

Designated Fixed asset funds fund £ £

Campus appeal fund £

(449,225)

Other recognised gains and losses . Foreign exchange gains on cash held for reinvestment . Actuarial (losses) gains on defined benefit pension schemes

19

Net movement in funds

(100,531)

Group reconciliation of funds: Total funds brought forward at 1 April 2018 Funds introduced on amalgamation

12, 13

(48,716)

9,068,585 23,691,572 —

108,020

Total funds carried forward at 31 March 2019

2,825,409

Intra-group transactions have been eliminated from the above figures.

Coram 73

7,781,634 28,371,165

Appendix: Comparative Charity (The Thomas Coram Foundation for Children) statement of financial activities Year to 31 March 2019

Income from: Donations and legacies Interest receivable and investment income Charitable activities . Promoting the care and welfare of children Other sources

Expenditure on: Raising funds . Costs of raising funds Charitable activities Promoting the care and welfare of children Total expenditure Net (expenditure) income before transfers and investment (losses) gains

Campus appeal fund £

Other restricted funds £

Notes

General funds £

1,2

2,239,577

—

—

504,500

781,279

—

4,000,000

—

7,525,356

3

429,675

—

—

—

—

—

—

50,426

480,101

4

4,011,853 73,295

— —

—

—

346,289

—

—

—

4,358,142

6,754,400

—

— —

— 504,500

— 1,127,568

— —

— 4,000,000

— 50,426

12,436,894

14

1,086,667

—

—

55,275

7,903

—

—

—

1,149,845

15

6,503,626 7,590,293

— —

— —

— 55,275

1,147,199 1,155,102

— —

— —

— —

7,650,825

—

—

449,225

—

4,000,000

50,426

3,636,224

Total income

(835,893)

Designated Fixed asset funds fund £ £

Endowment funds Fixed asset Pension Other permanent deficit endowment endowment reduction fund funds fund £ £ £

Coram 74

(27,534)

Total 2019 £

73,295

8,800,670

Appendix: Comparative Charity (The Thomas Coram Foundation for Children) statement of financial activities Year to 31 March 2019

Notes Net (expenditure) income before transfers and investment gains Net gains (losses) on investments

(835,893) 22

Net (expenditure) income before transfers Transfers between funds Net income (expenditure) before other recognised gains and losses

General funds £

— (835,893)

Designated Fixed asset funds fund £ £

Campus appeal fund £

—

—

449,225

—

—

—

—

—

449,225

Other restricted funds £ (27,534) — (27,534) —

Endowment funds Fixed asset Pension Other permanent deficit endowment endowment reduction fund funds fund £ £ £

Total 2019 £

—

4,000,000

50,426

3,636,224

—

355,561

137,181

492,742

—

4,355,561

187,607

4,128,966

(88,483) (5,702,393)

42,393

—

(88,483) (1,346,832)

230,000

4,128,966

—

10,881

(181,000) 49,000

(181,000) 3,958,847

26-32

1,233,130

502,052

4,462,526

17

397,237

502,052

4,462,526

—

—

—

—

—

— 397,237

— 502,052

— 4,462,526

— —

— (27,534)

1,198,169

258,148

7,229,441

—

675,362

4,154,883

7,024,585

2,044,000

22,584,588

1,595,406

760,200

11,691,967

—

647,828

4,066,400

5,688,634

2,093,000

26,543,435

(449,225)

(27,534)

Other recognised gains and losses . Net foreign exchange gains . Actuarial gains on defined benefit pension schemes Net movement in funds Reconciliation of funds: Total funds brought forward at 1 April 2018 Total funds carried forward at 31 March 2019

19

—

—

10,881

— — (88,483) (1,335,951)

All activities derived from continuing operations during the above two financial years. The charity has no recognised gains and losses other than those shown above.

Coram 75

Comparative notes to the financial statements Year to 31 March 2019

1 5 6 7 8

Donations and legacies

Group Donations Legacies

Charity Donations Legacies

2

Unrestricted funds £

Restricted Endowment funds funds £ £

Total funds 2019 £

1,296,905 799,235

1,442,805 —

4,000,000 —

6,739,710 799,235

2,096,140

1,442,805

4,000,000

7,538,945

Unrestricted funds £

Restricted funds £

Endowment funds £

Total funds 2019 £

1,440,342

1,285,779

4,000,000

6,726,121

799,235 2,239,577

—

—

1,285,779

4,000,000

799,235 7,525,356

Investment income

3

Group Income from listed investments Interest receivable Income from property

Charity Income from listed investments Interest receivable Income from property

Unrestricted funds £

Endowment funds £

Total funds 2019 £

109,294 5,366 319,904 434,564

50,426 — — 50,426

159,720 5,366 319,904 484,990

Unrestricted funds £

Endowment funds £

Total funds 2019 £

106,066 3,705 319,904 429,675

50,426 — — 50,426

156,492 3,705 319,904 480,101

Coram 76

Comparative notes to the financial statements Year to 31 March 2019 3

Income from promoting the care and welfare of children

Group

Children services Adoption service Adoption Concurrent Planning Adoption related activities Housing and support service Parents Centre Family Support & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Other services

Charity

Children services Adoption service Adoption Concurrent Planning Adoption related activities Housing and support service Parents Centre Family Support & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Other services

Unrestricted funds £

Restricted funds £

Total funds 2019 £

2,259,691 563 1,014,883 — 232,486 500,605 19,876 21,349 101,459 4,150,912

75 — 237,249 — — — 26,975 — 293,984 558,283

2,259,766 563 1,252,132 — 232,486 500,605 46,851 21,349 395,443 4,709,195

Unrestricted funds £

Restricted funds £

Total funds 2019 £

2,259,691 563 875,824 — 232,486 500,605 19,876 21,349 101,459

75 — 25,255 — — — 26,975 — 293,984

2,259,766 563 901,079 — 232,486 500,605 46,851 21,349 395,443

4,011,853

346,289

4,358,142

Coram 77

Comparative notes to the financial statements Year to 31 March 2019 4

Costs of raising funds

5

Group Fundraising costs Staff costs Support costs (note 16) Other costs Investment managers’ fees

Charity Fundraising costs Staff costs Support costs (note 16) Other costs Investment managers’ fees

5

Unrestricted fund £

Campus appeal funds £

Other restricted funds £

Total funds 2019 £

446,347 307,827 314,415 1,068,589 24,786 1,093,375

42,968 9,212 3,095 55,275 — 55,275

— 1,317 13,896 15,213 — 15,213

489,315 318,356 331,406 1,139,077 24,786 1,163,863

Unrestricted funds £

Campus appeal funds £

Other restricted funds £

Total funds 2019 £

451,536 245,592 364,753 1,061,881 24,786 1,086,667

42,968 9,212 3,095 55,275 — 55,275

— 1,317 6,586 7,903 — 7,903

494,504 256,121 374,434 1,125,059 24,786 1,149,845

Promoting the care and welfare of children The total resources expended on each of the group’s and charity’s activities, being the total of direct costs and allocated support costs (note 16), was as follows:

Group Adoption service Adoption Concurrent Planning Adoption related activities Parents Centre Coram Children’s Campus Family Support Services & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Other costs

Direct costs £ 2,262,398 67,423 1,139,744 360,055 131,804 515,883 474,312 75,948 1,619,299 6,646,866

Coram 78

Support costs £ , 675,256 20,124 484,680 107,465 105,541 153,975 141,568 22,668 284,593 1,995,870

Total funds 2019 £ 2,937,654 87,547 1,624,424 467,520 237,345 669,858 615,880 98,616 1,903,892 8,642,736

Comparative notes to the financial statements Year to 31 March 2019 5

Promoting the care and welfare of children (continued)

Charity Adoption service Adoption Concurrent Planning Adoption related activities Parents Centre Coram Children’s Campus Family Support Services & Vulnerable Children Policy, research and marketing Tomorrow’s Achievers Other costs 2019 Total funds

6

Support costs (note 16) £ , 693,028 19,834 274,858 105,917 105,541 151,756 139,528 22,341 280,493 1,793,296

3,044,242 87,123 1,207,358 465,257 237,084 666,614 612,898 98,139 1,232,110 7,650,825

Allocated to Allocated to charitable raising activities funds £ £

Total 2019 £

Direct costs £ 2,351,214 67,289 932,500 359,340 131,543 514,858 473,370 75,798 951,617 5,857,529

Total funds 2019 £

Allocated support costs

Group Central management and administration Governance costs Premises, legal and other support costs

Charity Central management and administration Governance costs Premises, legal and other support costs

2,763,855 84,121 761,079 3,609,055

252,161 — 3,961 256,122

3,016,016 84,121 765,040 3,865,177

Allocated to Allocated to charitable raising activities funds £ £

Total 2019 £

1,735,308 26,835 31,153 1,793,296

Coram 79

252,161 — 3,960 256,121

1,987,469 26,835 35,113 2,049,417

Comparative notes to the financial statements Year to 31 March 2019 7

8

Expendable endowment funds

Group and charity

Expendable endowment funds £

Balance at 1 April 2018 New endowment Interest receivable and similar income Movement on pension liabilities Transfer to free reserves Net gains in the year Balance at 31 March 2019

7,024,585 — — — (5,702,393) 366,442 1,688,634

2,044,000 — 50,426 (181,000) 42,393 137,181 2,093,000

— 4,000,000 — — — — 4,000,000

Fixed asset permanent endowment fund Total £

Group and charity Balance at 1 April 2018 Transfer to general funds in respect to net movements on tangible fixed assets (note 28) Balance at 31 March 2019

9

Pension deficit Permanent reduction endowment fund fund £ £

4,154,883 (88,483) 4,066,400

Free reserves Total free reserves £

Group At 1 April 2018 (including pension reserve) Net expenditure for the year Transfer from general endowment fund (note 26) Transfer to pension deficit reduction fund (note 26) Transfer from fixed asset permanent endowment fund in respect to movements in tangible fixed assets (note 27) Transfer from Campus appeal fund (note 31) Transfer from designated funds (note 29) Transfer to fixed asset fund (note 30) Actuarial losses on pension fund Net gains on investments Net funds on amalgamation (note 12 and 13) At 31 March 2019 (including pension reserve)

Coram 80

1,740,063 (568) 5,702,393 (42,393) 88,483 449,225 (502,052) (4,462,526) (100,531) 2,031 (48,716) 2,825,409

Comparative notes to the financial statements Year to 31 March 2019 9

Free reserves (continued) Total free reserves £

Charity At 1 April 2018 (including pension reserve) Net expenditure for the year Transfer from general endowment fund (note 26) Transfer to pension deficit reduction fund (note 26) Transfer from fixed asset permanent endowment fund in respect to movements in tangible fixed assets (note 27) Transfer from Campus appeal fund (note 31) Transfer from designated funds (note 29) Transfer to fixed asset fund (note 30) At 31 March 2019 (including pension reserve)

1,198,169 (835,893) 5,702,393 (42,393) 88,483 449,225 (502,052) (4,462,526) 1,595,406

10 Fixed asset fund Total £

Group and charity Balance at 1 April 2018 Transfer from general funds (note 26) Balance at 31 March 2019

7,229,441 4,462,526 11,691,967

11 Campus appeal restricted fund

Group and charity Campus appeal fund

At 1 April 2018 £ —

Income Expenditure £ £ 504,500

(55,275)

Coram 81

Transfers £

At 31 March 2019 £

(449,225)

—

Comparative notes to the financial statements Year to 31 March 2019

12 Other restricted funds The funds of the charity include the following unexpended balances of donations and grants held on trusts to be applied for specific purposes: At 1 April 2018 £

Income £

Adoption Service Adoption-related activities Adoption Activity Days Friends of Adoption East Midlands Coram Parents’ Centre Coram Children’s Campus & Campus Development Policy, Research & Marketing Jellicoe Nursery School Trust Fund The Friends of Coram Family Support & Vulnerable Children Nyman Funds Tomorrow’s Achievers Other funds Charity total

258,665 — 4,750 5,798 25,773

214,856 2,375 55,057 — 100,206

42,286 4,218 16,118 5,814 — 9,460 197,810 104,670 675,362

Coram Life Education restricted funds Coram Children’s Legal Centre restricted funds Coram Voice restricted funds Coram Cambridgeshire Adoption restricted funds Coram Family and Childcare Limited restricted funds Coram Beanstalk restricted funds Group total

Group and charity

Funds introduced on amalgamation £

At 31 March 2019 £

(214,856) (2,375) (56,544) — (29,251)

— — — — —

258,665 — 3,263 5,798 96,728

— 128,875 — 8,656 5,000 — 120 612,423 1,127,568

— (128,875) — (7,904) (5,000) — (45,132) (665,165) (1,155,102)

— — — — — — — — —

42,286 4,218 16,118 6,566 — 9,460 152,798 51,928 647,828

14,245

50,000

(50,000)

—

14,245

347,018 87,709

656,022 265,704

(842,114) (234,084)

— —

160,926 119,329

116,118

335,481

(311,144)

—

140,455

— — 1,240,452

211,993 — 2,646,768

(205,957) — (2,798,401)

— 151,736 151,736

6,036 151,736 1,240,555

Expenditure £

Coram 82

Comparative notes to the financial statements Year to 31 March 2019 13 Analysis of total net assets between funds

Group Fund balances at 31 March 2019 represented by: Tangible & intangible fixed assets Investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets excluding pension liability

Charity Fund balances at 31 March 2019 represented by: Tangible & intangible fixed assets Investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets excluding pension liability

— 11,691,967 — — 765,200 —

— — 1,840,338

4,066,400 15,905,170 8,651,935 8,651,935 1,591,699 13,747,947

General Designated funds funds £ £

146,803 9,550,710

Endowment funds £

Total £

(4,241,585)

—

—

(397,497)

— (4,639,082)

(2,630,519)

—

—

(202,286)

— (2,832,805)

765,200 11,691,967

1,240,555

14,310,034 30,833,165

2,825,409

Fixed assets funds £

Restricted funds £

Campus appeal funds £

— 11,691,967 — — 760,200

— — 647,828

— — 599,784

4,066,400 15,758,367 8,476,664 8,476,664 1,397,970 8,930,135

General Designated funds funds £ £

— — 5,524,353

Fixed asset funds £

Restricted funds (including Campus appeal) £

Endowment funds £

Total £

(1,428,947)

—

—

—

(397,496)

— (1,826,443)

(2,500,000)

—

—

—

(202,288)

— (2,702,288)

760,200 11,691,967

647,828

—

13,941,034 28,636,435

1,595,406

14 Endowment funds Expendable endowments

Group and Charity

Fund balances at 31 March 2019 represented by: Tangible fixed assets Investments Current assets Total net assets excluding pension liability

Fixed asset Permanent permanent endowment endowment fund fund £ £

Pension deficit Other reduction endowment fund funds £ £

Total £

4,066,400 — —

— — 4,000,000

— 1,688,634 —

— 2,093,000 —

4,066,400

4,000,000

1,688,634

2,093,000 11,848,034

Coram 83

4,066,400 3,781,634 4,000,000

“ I hold Coram in high regard for the fundamental values and beliefs we share – that legally enforceable rights are often the key to allowing children to flourish.”

Sir Keir Starmer MP, Leader of the Opposition

Be part of the Coram Story Coramsince1739 @Coram Coram Campus 41 Brunswick Square London WC1N 1AZ Tel: 020 7520 0300 Registered Charity no: 312278

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