Charity registration number 1002882 (England and Wales) Company registration number 02572177 SOUTHSIDE REHABILITATION LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SOUTHSIDE REHABILITATION LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees Gtyn Kyle {Chair) Rhiannon Hughes (Trustee) Laura El-Bahrawy (Trustee) Elizabeth Duthie ITrusteel Stephanie Correia (Trustee) Anthony Lock ttrustee} Pamela Newman (Trustee) (Appointed 17 April 2024) Charity number {England and Wales 1002882 Company number 02572177 Registered office 45 Knights Hill London SE27 OHS Independent examiner Ellacotts LLP Counirywide House 23 West Bar Banbury Oxfordshire England OX16 9SA Bankers Natwest Peckham Branch 65 Peckham High Street London SE15 5RY Solicitors Russel Cooke 2 Putney Hill London SW15 6AB
SOUTHSIDE REHABILITATION LIMITED CONTENTS Page Trustees. report Independent examinerfs report Statement of financial activities Balance sheet statement of cash flows 10 Notes to the financial statements
SOUTHSIDE REHABILITATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report wilh the financial slatements of the charity for the year ended 31 March 2024. The trustees have adopled the provisions of Accounting and Reporting by Chartties= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). Legal and administrative infomialion set out on the introductory pages fomi part of Ihis report. The financial Statements compty with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice- Accounting and Reporting by Charities= Objectives and activities The charity was established 'for the advancement of the science and Practi of Work Rehabilitation as a technique for the relief and rehabilitation of persons suffering from long-temi mentsl ill heallh.. In relation to the principle of public benefit, our aim is to as51St Ihese disadvantaged people to achieve their aim of recovery and Social inclusion, including attaining open employment. We are dedicated to a planning approach that prioritises each individual's unique needs, regardless of their abilities or challenges. We are a not-for-profit organisalion supporting individuals with severe mental illness who face societal exclusion due to their condition. They often experience challenges such as povety. social isolation, unemployment and stigma, among other disadvantages. Our aim is to provide and maintain high quality services in order lo enable our clients lo recover and achieve Iheir goals. The service enables each client to reach a high level of independence in all areas of their life including those not directty related to work, such as housing, medication managemenl, and social skills. This helps them to become socially included. strategies for achieving aims and objectives The charity, located in Southeast London. focuses on offering structured days filled with purposeful activities, real work experience, and support to help individuals recover and progress in their lives. To achieve this, we operate three small, non-profit businesses printing, catering. and cleaning ihal serve both internal departments and extemal customers. We also provide basic IT training, recognizing the growing importance of digital skills in daily life. Each department is managed by a supeNisorlkeyworker who oversees operations and provides Ihe support and training for the clients. These supervisors are hired for their specific expertise, such as a cook for the catering department. Additionally, all stsff receive training related to mental health upon slarting their eryloyment. staff receive training at the slart of Iheir employment and every 3 years in Health and Safety, Safeguarding, Manual Handling and First Aid. Annual appraisals are conducted. and all staff are encouraged and supported to attend courses related lo their job and their career aspirations. The charity employs 10 slaff, 5 full lime and 5 part-lime, comprising 4 men and 6 women. It is an ethnicalty diverse group. reflecting the diversty of the lo1 population. Since April 2015, we have aligned with the Local Authorilies and Clinical Commissioning Groups we work with by becoming a London Living Wage employer. This commitment poses a financial challenge for the organization, as we have no control over the annual increase, which has varied from under 1 Yo to 1 OOA in April 2024. We have all the policies and procedures in pla required to protect the interests of staff, clients and customers. We use our Trustees and independent external Health and Safety, HR and Occupational Heamh Consultants to add to the expertise available to staff.
SOUTHSIDE REHABILITATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Criteria used for assessing success All our clients are assessed by qualified professionals before referral. and a risk assessment is conducted if needed. Upon referral, the department supervisorlkeyworker meets with them. and their first four weeks are probationary. We also welcome self-referrals for Ihose interested in attending. During this time the client is supported to complete Recovery Star, a self-assessment tool that helps people to identify areas which require improvement and set goals. Close links are kept with their Care Co-ordinator in the community in order to facilitate communication. Most of our clients are on the Care Programme Approach and are regulaty seen by their Care Co-ordinator. Al present, although we offer training and support to anyone with a mental heallh condition aged over 18, we receive very few referrals from those who are 18-24. Many of our clients are ex-offenders. Those on Disabilty Living Allowan are not often eligible for the Personal Independent Payment and we are in a continuous battle to ensure our clients receive a Freedom Pass. the absen of which would have a major impact on their ability to gel around and be more soaalty included. SRA reimburse clients who have to pay for Iravel lo and from our services, so lack of a Freedom Pass is a fijrther burden to the organisation. Fortunately, nst clients can apply for a Discount Oyster Card which halves the cost of each joumey. On average it takes 2 years to get someone to work readiness. It can take this long because most rEople when referred have nol worked for 10 years or more. and some may not have worked al all. During ihe last few years worklessness has moved up the Govemmenvs agenda and. both at a local and national level, much energy is being focussed on how to change things to get more people into work. When unemployment is high, it is even more difficult for our clients lo find jobs as they are competing with people who have recently been in employment. have higher qualifications, and more experien. There can also be issues for clients offered zero hour contracts. We also offer volunteering opportuntties and work placements to members of our local cornmunty. including work experience weeks for school students. It is essential that we are an integral part of our local comnwnity. We work closely with a nearby communty facility, The Portico Gallery. and as a result they raise monies for us at special Love TKO Sound, Soul & Reggae DJ events open to clients. their families and supporters of the charity. We were delighted when our Patron. Helen Hayes MP attended one of these events. This relationship continues to develop. We have an established partnership with Urban Art, a local outdoor art exhibrtion, making us one of the charities they sponsor. Annual events are held in Brixlon where we, along with 3 other organisations, volunleer lo help run the event. We receive 5 % of the sales proceeds as a donation to our charity- After the pandemic, the 2021 exhibition was virtual and did not raise funds for charities, but fortunatety the event retumed in 2022 and has gone from strength to slrength. In 2023 we raised £1.668. Throughout the year, we have raised another £6,333 in donations through events and sponsorship from taking part in the London Marathon, London Big Half and other events. We were very fortunate to be included in a newspaper article towards Ihe end of 2023, highlighting the Felix Project who save thousands of tonnes of food from waste. SRA receive a weekly donation of vegetables, fruits, meat, fish and dairy which supports our catering service and our abilty to provide a free nutrttious lunch. The arlicle also focused on one of our clients who struggles with debt, asking how she manages and how the food provided helps her every week. After reading the arbcle, 2 members of the public made donalions to help individual clients with debts and provide a Christmas meal. We would like to lake this opportunity to thank all those who have supported us this year particuLarly our staff, volunteers. customers. friends, donors and Trustees.
SOUTHSIDE REHABILITATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfonnance Significant activities and achievements against objectives In the year under review, we were delighted to be awarded a one year contract, with the option to extend to two years, by Ihe Soulheast London Integrated Care Board. Southwark to provide 30 places for Soulhwark residents. We continued to work with them to secure the optional extension. In 2023124, we supported 71 dients, Wth over 750/0 from ethnic minority communities and 570/D being male. We received 27 referrals and saw 20 clients move on during the year. Of those discharged, one relocated to a different area, Iwo transilioned into supported employment, and one moved to lower support accommodalion and chose to stop attending. Unfortunately, two clients passed away unexpectedly. The remaining clients left either due to a lack of molivalion or lo explore other opportunf(ies. We encourage all our clients to attend Adult Education or engage in volunteering to enhance their skills and knowledge. This experience is invaluable when applying for jobs. During the year 3 clients continued to volunleer al other services, 7 accessed other regular activities induding going to the gym. guitar lessons and gardening, and 8 are actively looking for work. Significant factors During the year we had to raise two safeguarding issues due to concems over client's safety and lIbeIng. In both cases, we were able to liaise with authorities and care workerslclinicians to resolve some of the issues that involved the health and safety of our clients. Fundraising praCtIS Unlike many other mental health sep4ices, our attendance level is over 80Yo, which is 10¥0 above our contract. We lose less than 1 % during the initial induction period. This rellects the hard work we put into engaging and retaining people who present with a number of complex mental health and social issues induding social exclusion. We also continue to develop good relationships with voluntary sector organisations. providers in the statutory and the private seclors and our local communty. We play an aclive role in West Notwood and Camberwell where our setvice5 are based. We have carried out some joint events and are actively participaling in Station to Station, a project to help small businesses in West Norwood. The Design Council project to develop and implement a project Oviva to improve the physical wellbeing of our clienls commenced in January 2022. This program was successfulty concluded in 2023. Since the loss of grant funding from Lambeth. reported last year. we have successfulty applied for grants to maintain and improve our services. including to unfunded Lambeth residents. We were delighled to be awarded a 3 year granl by the Cty Bridge Foundation to expand our sel¢e$ into neighbouring boroughs, also served by South London and Maud51ey NHS Trust. Not only wa5 this an endorsement of our years of successful support for NHS Mental Health Services in our core boroughs, but also represents a substantial opportunity for SRA to develop. Towards the end of the period we also received notffication Ihal we were being successful in our application to the Garfield Weston Foundation which will be reported more fulty in the next report. Finally, we also received notification of our being successful in the United Kingdom Shared Prosperity Fund. Town Centre Improvement Fund from Lambeth Council. This covered kitchen improvements which has enabled Trustees to reduce the designated resetves for the refvrbishment of our premises at Knights Hill. We are very grateftjl for the support and endorsement of 811 our funders.
SOUTHSIDE REHABILITATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Total incoming resources include income received from the new NHS ICB Southwark contract, £93,622. logether with the first quarter of the City Bridge Foundation grant, £195.396 over three years. £142,220 was income generated from Ihe various activities in our non-profft businesses, an increase in 12Vo from the previous year. Resources expended on charitable activities increased in the year to £432,884. The deficit for the year amounted to £151,907, funded through our reserves. {2023 - surplus of £38,037). We continue to investigate all the possibilities to increase incoming resources in order to address this position. Our thanks to all of our funders and to our customers who are very loyal to us. We continue to work hard to keep our overheads down and to increase the income generated through our sales in order to keep the price of our training places down and ensure that every penny goes to our service users. ReseNes policy It is the policy of the Charrty that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider thal reseNes al this level will ensure that. in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout Ihe year. The Managemenl Committee reviews annually the charity's need for reseNes in line with Ihe Charity Commission's guidelines. Our Policy is to maintain free reserves equivalent to four months, expenditure less depreciation to meet shortfalls in income or unforeseen expenditure. The Management Committee agreed to designate a portion of its reserves for building works, including those necessary under the temis of the lease, on our premises on Knighls Hill in 2023124. These were based on estimates received from the freeholder and other quotes. The work was delayed by the UKSPF grant application process. Investment policy Our investmenl policy is to achieve the highesl possible relums consistent wtlh maintaining adequate liquidity and minimising risk, but this is very drfficuit in the present dimate. The present investment environment is very poor which is reflected in the interest we have eamed this year. Plans for future periods Managemenl and slaff are working hard to mobilise our expansion into neighbouring boroughs served by SLAM and funded by the Cty Bridge Foundation. This will be the focus of our report next year. In order to address our existing fijnding gap the charity will continue to investigate all possibilities for increasing our incoming resources. This covers the negoliations with new partners in new areas, possible additions and extensions to existing services. logether with Ihe appropriate extension of our social enterprises. These activities are designed to offer stability to the charity, extensions to the opportunities and training available lo clients together with the opportunity for those living with severe mental illness in other London Boroughs to access our valuable setvices. Structure, governance and management The Charity is a company limited by guarantee.
SOUTHSIDE REHABILITATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of Ihe financial statements were= Glyn Kyle (Chair) Rhiannon Hughes (Trustee) Laura El-Bahrawy (Trustee) Elizabeth Duthie (Trusteel Slephanie Correia ITrustee) Anthony Lock (Trustee) Pamela Newman (Trustee) Doye Akinlade (Trustee) (Appointed 17 April 2024) (Resigned 1 February 2024) None of the Trustees has any beneficial interest in the company. Al of the Trustees are members of the company and guaranlee to conlribute £1 in the event of a winding up. The total number of such guaranlees al 31 March 2024 was 6. Organisational structu The charity is govemed by its Memorandum and Artides of Assouation adopted on 7th January 1991. A Management Committee, which meets at least bi-monthty administers the charity- The committee appoints its members, who are Ihe members of Ihe company. Members are chosen for the particular expertise they can bring to the charity. The Chief Executive, Julie EkBahrawy, was appointed by the Management Committee to manage the day-to-day operalions of the charity. Trustees have referred lo the guidance on public benefit when reviewing our aim5 and objectives and when planning for the future. Tru51ees ensure that the charty carries out its object for the public benefit. The sections below, Objectives and Activities. and Achievements and Perfomiance, provide the evidence thal we have complied wth public benefft. New Committee members are provided with infomation related lo structure, finances and strategic direction of Southside Rehabilitation Ltd. as well as their roles and responsibilities. Training is also available, and a skills audit is completed annually. Going Concern The Trustees have a duty to ensure that when presenting this report that the charity will be in a position to continue its aclivities and meet ils liabilities for at least the next 12 months. The Executive Committee frequentty confer with the CEO and Management team on current events and future projections and the impact on the future of the company. An annual budget is prepared, and regular forecasl updates for the current year and future periods are reviewed y the Executive Committee. Our current projections show that the charity is expected to be able to meet its liabilities as they fall due for the foreseeable future. After carefijl consideration of these factors, the trustees have condude that the going concem basis of preparation is appropriate.
80UTH8IDE REHABILITATION LIMITED TRU3TEE8' REPORT IINCLUDINO DIRECTOR8, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Th• Truile•i' rewi wai •pprov•d ty th• Bo•rd of Tru•l881. - 202+
SOUTHSIDE REHABILITATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTHSIDE REHABILITATION LIMITED I report to the Tnjstees on my examination of the financial statements of Southside Rehabilitation Limited (the Charity) for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the Charity {and also its directors for the purposes of company law), you are responsible for the preparation of the financial stalements in accordance with the requirements of the Companies Acl 2006. Having satisfied myself that the financial statements of the Charity are not required to be audit1 under Part 16 of the Companies Act 2006 and are eligible for independent examinalion, l port in respect of my examination of the Charity's financial statements carried out under sedion 145 of the Charities Act 2011. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 145151{b) of Ihe Charities Act2011. Independenl examinerfs statement Since the Charity's gross income exceeded £250,000, the independent examiner must be a member of a body lisled in section 145 of the Charities Act 2011. 1 confim) that l am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no rnatters have come to my attention in connection with the examination giving me cause lo believe that in any material respect= accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records.. or the financial statements do not compty with the accounting requirements of section 396 of the Companies Act 2006 olher than any requirement Ihat the financial statements give a true and fair view, which is ncrt a matter considered as part of an independent examination., or Ihe financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial ststements in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no olher matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding ofthe financial statements to be reached. Charlotte Toemaes Bsc FCA Ellacotts LLP Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England Date.. 23112124
SOUTHSIDE REHABILITATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total Unrestricted funds 2023 2024 Notes Income from: Donalions and legacies Charitable activities Inveslments 19.202 142.220 8.808 110.747 129,949 142,220 8,808 320,043 126,790 1,482 Total income 170.230 110.747 280.977 448.315 Expendilure on: Charitable activities 322.137 110,747 432.884 410,278 Total expenditure 322.137 110,747 432.884 410,278 Net incomel{expenditure) and movement in funds {151,907) (151,9071 38,037 Reconciliation of funds: Fund balances at 1 April 2023 431.198 431.198 393,161 Fund balances at 31 March 2024 279.291 279,291 431,198 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
80UTH81DE REHABILITATION LIMITED BALANCE 8HÉET A8 AT 31 MARCH 2024 2024 2023 Not•• Flx•d ••MI• T•nglble a•Mts 12 14,737 23110 Currnnt ii••ts 13 14 23,582 384,592 30,297 398.331 Clih at nk arKI In nd 391,677 432,131 Cr•dltorn: amounts fllllng du• wlthln on• y•ar 1127,123) (24.7431 N•1 currnnt a•#•l• 407.388 Total ••••ts l••# curv•nt Il•bllltle• 279,291 431.198 Th• fund# oltho Chlrlty Unrestrfcted funds 279,291 431.1Q8 279,291 431,198 The company Is enJtled to Ihe exemptjon from tho aud requlMm¢nl contslnod In 8e¢tlon 477 01 the Companhi Acl 2006, for the year ended 31 March 2024. The dlre¢tors acknowigdge thelr respon8lbllUei for comthlng wlth the rgqulrem•nts of the Comparlos Ad 2006 wllh rn8pect to 8ccountkng r•cord8 and th• prepar8tlon of flnandal stslermnts. The members have not requlred th• company to obtaln an audtt of Its ilnandal it9terrlI for the year In questlon In accordance Sectlon 478. These flnanctol slatsm8nl8 have been pr8p8réd In accordanco wlth the p$10n& appllcabla to companies subi•ct to the small MpanIeS regtme. The financlal stalem¢ El.nkOr 2oL+ ts were approved by thè TnJ8ts81 on................. Gly Kyle I Company regl6traUon number 02572177 (England and Wal861
SOUTHSIDE REHABILITATION LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed byllgenerated from operations 21 {42,547) 40,749 Investing activities Investment income received 8.808 1.482 Net cash generated from investing activities 8,808 1,482 Net cash used in financing activities Net Idecreasellincrease in cash and cash equivalents {33,739) 42,231 Cash and cash equivalents at beginning of year 398,331 356,100 Cash and cash equivalents at end of year 364,592 398,331 10-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation Southside Rehabililation Limiled is a private company limited by guarantee incorporated in England and Wales. The registered Offi is 45 Knights Hill. London, SE27 OHS. The Charities Company registration number and Charity registration number can be seen by referring to the Legal and Adminislrative information page at the beginning of this document. 1.1 Accounting convention The financial statements have been prepared in accordance wrth the Charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Chartties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" The Charity is a Public Benefit Entty as fined by FRS 102. The financial statements are prepared in steding. which is the functional currency of the Charity. Monetary amounts in these financial stalements are rounded lo the nearest £. The finan31 statements have been prepared under the historical cost convention. The principal accounting policies adopled are sel out below. 1.2 Going Concern At the time of approving the finanaal statements, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational exislence for the foreseeable fulure. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charilable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the Charity is legalty entitled to rt after any performance conditions have been met, the amounts can be measured reliably, and it is probable Ihat income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations reiVed under Gfft Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the Charity has been notified of an impending distribution, the amounl is known. and receipl is expected. If the amount is not known, the legacy is Irealed as a contingent asset. 11
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable thal a Iransfer of economic benefits will be required in settlement. and Ihe amount of the obligation can be measured reliabty. Expenditure 15 classified by activty. The costs of each activity are made up of the total of dIrt cost5 and shared costs. including support costs involved in undertaking each activity- Direct costs attributable to a single aclivity are allocaled direclly to that activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the assevs use. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequentty measured at cosl or valuation, nel of depreciation and any impaimient losses. Deprecialion is recognised so as lo write off the cost or valuation of assets less their residual values over Iheir useful lives on the following bases.. Computer Hardware Computer Software Kilchen & Cleaning equipment Plant and Tools Fixtures and frttings Printing Equipment Motor vehicles 25 %-33 % Slraight Line 25¥0 Straight Line 25 % Straight Line 25Yo Straight Line 25 % Straighl Line 10 %-20VD Straight Line 25 % Straighl Line The gain or loss arising on the disposal of an asset is detennined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the slatement of financial activities. 1.7 Impainnent of fixed assets At each reporting end date, the Charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimenl loss. If any such IndatIOn exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impaimient loss {rf any). 1.8 Stocks Slocks are slated at Ihe lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable. direct labour cost5 and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cosl and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other 5hort-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 12-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 Financial instruments The Charity has elected to apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 'Olher Financial Inslrumenls Issues, of FRS 102 to all of its financial instruments. Financial inslruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wtlh the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assel and settle the liability simullaneously. Basic financial assets Basic financial assets. which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequentty Caled at amortised cost using the effective inlerest method unless the arrangemenl constitutes a financing transaction, where Ihe transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the fulure payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or servi$ that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charitys contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday ente[ent is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the Charity is demonstrabty committed to teminate the employment of an employee or to provide lemination benefits. 1.12 Retirement benefits Payments to defined contribution retirernent benefft schemes are charged as an expense as they fall due. 13-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, eslimates and assumplions aboul the carying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resums may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where Ihe revision affecls cfftly thal period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations Grants Southwark CCG City Bridge Foundation 9,202 10,000 9,202 10,000 93,622 17,125 2,677 317,366 2,677 317,366 93,622 17,125 19,202 110.747 129,949 320,043 320,043 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Charitsble activities Catering Print SweepinglLaundry Southside works 3,412 99,429 38,004 1.375 5,730 91,607 29,383 70 142.220 126.790 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Bank Interest receivable 8,808 1,482 14-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Charitable Charitable activities activities restricted funds 2024 Total Charitable activities 2024 2024 2023 Direct costs Wages & social security Support workers Management Pensions Consultancy Fees Catering Print Sweepers & Laundry Clerical 127,293 14,704 11,831 2,212 16,070 4,215 14,744 8,066 2,108 37,405 12,644 18,650 3,070 164,698 27,348 30,481 5,282 16,070 7,488 26,207 14,331 8,233 155,288 2,340 3,273 11,463 6,265 6,125 9,048 27,976 13,899 7,761 201,243 98,895 300,138 216,312 No Restriced Expenditure was incurred in the prior year (2023) Share of support and governance costs (see note 71 Support Governance 116,625 4,269 11,852 128,477 4,269 186,028 7,938 322,137 110,747 432,884 410,278 Analysis by fund Unrestricted funds Restricted funds 322,137 322,137 110,747 410,278 110,747 322,137 110.747 432,884 410,278 15-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities Charitable aclivities Charitable activities restricted funds 2024 Total Total 2024 2024 2023 Staff costs Depreciation Training & Development other Operating Leases Motor & Travel Insurance Light & Heat Telephone Advertising Repairs & Maintenan Sundries Poslage & Stationery Governance 31.559 8.238 3.261 23.501 1.405 10.693 15.208 3.4PA 215 8.223 10.697 161 4.269 3,198 835 332 2,400 150 1,085 1,541 351 25 833 1,083 19 34,757 9.073 3,593 25.901 1,555 11.778 16,749 3.815 240 9.056 11,780 180 4.269 90,653 10,837 2,696 26,310 1,531 6,636 12,410 3,953 1,871 9,874 19,003 254 7,938 120.894 11,852 132.746 193,966 No Reslriced Expenditure was incurred in the prior year (2023) Net movement in funds 2024 2023 The net movement in funds is ststed after chargingl{crediting)= Depreciation of owned tangible fixed assets 9,073 10,837 Trustees None of the Trustees (or any persons connected with them) received any remuneralion or benefits frcm the Charity during the year. 10 Employees The average monthly number of employees during the yearwas.. 2024 Nurnber 2023 Number Charitable Activities Support Total 11 16-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Continued) There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 17-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Stocks 2024 2023 Catering stock Copy shop slock Sweepers stock 257 2.773 473 257 2,773 473 3,503 3,503 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Olher debtors Prepayments and accrued income 20,972 9,370 3,580 17,347 2,610 23,582 30,297 15 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 10,315 88.661 2,497 6.200 19,450 4,331 16 12,012 6,000 2,400 127,123 24,743 16 Deferred income 2024 2023 Arising from Grant received in advance 88.661 Deferred income is included in the financial staternents as follow5.' 2024 2023 Deferred income is included within= Current liabilities 88,661 Movements in the year.. 19-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Deferred income (Continued) Deferred income at 1 April 2023 Resources defeed in the year 88,661 Deferred income at 31 March 2024 88,661 17 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 4.817 4,576 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from Ihose of the Chartty in an independentty administered fund. 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subjecl to spectfic conditions by donors and grantors as lo how Ihey may be used. These include designated funds which have been set aside out of unrestricted fijnds by the trustees for specific purposes. At 1 April 2023 Incorning resources Resources At 31 March expended 2024 General funds 431.198 170,230 (322.1371 279,291 Previous year: At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 393,161 448,315 (410,2781 431,198 19 Designated funds The designaled funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specrfic conditions by donors as to how they may be used. At 1 April 2023 Incorning resources Resources At 31 March expended 2024 110.747 (110.7471 -20-
SOUTHSIDE REHABILITATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Designated funds (Continued) At each year end, the Trustees delemine how much funds, if any, are to be designated for the purpose of funding future capital projects andlor are released to fund existing projects. The Trustees have designated £133,500 in total. £71.500 is to be spent on the refurbishment of KnvJhts Hill and the Trustees expect to cary this out over the &9 months from the date of Ihese accounts. The remaining £62,000 is designated for replacement machinery for the print department and the Truslees expect to utilise this amount within 12 months following these accounts. Unrestricted funds available in 2024 are £279,291 {2023 £431.198) and a portion of this has been allocated and ring fenced for capital projects. The capitsl projects that the Trustees have designated are for the refurbishment of Knights Hill and replacement machinery. 20 Related party transactions There were no disclosable related party Iransaclions during the year (2023 - none). 21 Cash {absorbed by)Igenerated from operations 2024 2023 (Deficit)Isurplus for the year (151.9071 38,037 Adjustments for: Investment income recognised in statement of financial activits'es Deprecialion and impairment of tangible fixed assets (8,8081 9.073 11,482) 10,837 Movements in working capital: Ilncrease) in stocks Decreasellincreasel in debtors Increase in creditors Increase in deferred income 13,503) {30,297) 24,743 6,715 13.719 88,661 Cash {absorbed by)Igenerated from operations {42,5471 38,335 22 Analysis of changes in net funds The Charity had no material debt during the year. 21