Shrewsbury House Community Association Limited
Report and Accounts
Year ended 31 March 2025
Company number 2695822 Charity registration number 1011659
Shrewsbury House Community Association Limited Report and accounts Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the Trustees | 2 |
| Independent Examiners report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Cash flow statement | 8 |
| Notes to the financial statements | 9 |
| General income and expenditure account | 14 |
| Catering income and expenditure account | 15 |
Shrewsbury House Community Association Limited Financial Statements Year ended 31 March 2025
Registered charity number 1011659 Company number 2695822 Registered office Bushmoor Crescent Shooters Hill London SE18 3EG Trustees S. Macdougal - Chair R. Perrott - Treasurer G Sheath - Company Secretary R. Belfield A. Brockman J. Macfarlane J. Mills D. Martin K. Halpin W. Adeladun
Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Accountants and Michael Adamson and Co Independent Examiners 5 Thorndon Park Close Leigh on Sea Essex SS9 4RH
1
Trustees Report to the members of
Shrewsbury House Community Association Limited
The trustees present their annual report and the financial statements for the period ended 31 March 2025.
The report of the trustees has been prepared in accordance with the Statement of Recommended Practice and Reporting by Charities (SORP FRS102)
Governing documents
The Association is governed by its Memorandum and Articles of Association and is a Charitable Company Limited by Guarantee
Structure, governance and management
The trustees (who form the management committee of the Association) are also directors as defined by the Companies act 1985.
The senior worker (Manager) for the Association during the year was Ms S Maloney
Trustees are elected annually at the Annual General Meeting from nominations received from affiliated user groups and full members, as defined within the Memorandum and Articles of Association. All new trustees are given an induction meeting with the Manager that includes all policies, financial arrangements, staffing and a tour of the Association’s premises.
The day-to-day management of the Association is by the Manager following policies and procedures agreed by the trustees.
Objects of the charity, principal activities and organisation of our work
The objects of the charity are to promote the benefit of the inhabitants of the Shrewsbury House area and the surrounding neighbourhood in the Royal Borough of Greenwich without distinction of sex, sexual orientation, race or of political, religious or other opinions, in accordance with the local authority's equal opportunities policy, by associating together the said organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants.
The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit when deciding what activities the charity should undertake.
Vision and mission
"To promote the benefit of the inhabitants of the Shrewsbury House area and the surrounding neighbourhood of the Royal Borough of Greenwich without distinction of sex, sexual orientation, race or of political, religious or other opinions in accordance with the local authority's equal opportunities policy, by associating together the said inhabitants and the local authority, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare, for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants." (Shrewsbury House Community Association Objective)
2
Trustees Report to the members of
Shrewsbury House Community Association Limited Development and achievements this year
Operationally, Shrewsbury House had a reasonable year. Most positively, room hire – our primary source of income and the best indicator of overall house usage – reached a record ~£156k, ~9% ahead of the prior year. High energy expenses eased but remained high both absolutely and relative to historical levels.
Overall, Shrewsbury House booked a modest loss of ~£12k year. Our prudent overall reserves policy has meant that Shrewsbury House continues to be in a position to provide services for local community.
As ever, we are very grateful for the ongoing support from our users, the loyalty and hard work of our staff, and the assistance we have received from local government.
Financial report
Shrewsbury House's financial position ended the year below our targeted level, though it remains in a satisfactory state. Our primary financial goal over the near term is to return the centre to a position of financial strength, with at least 9 months of expenses being held in cash reserves, versus the 7 months held in cash as of year end.
Excluding catering income, typically >75% of income Shrewsbury House receives is from room hire charges. We have also secured grant funding from Greenwich Council (£18k per year) for the period 2023-2027 (a reduction from the £20k per year received per year from 2019-2023).
Having previously relied on external café vendors, during this year we elected to run the café in-house for a trial period. The objective is to see if we can make the café operation attractive to house users and financially viable in its own right. We will make a decision on whether to continue operating the café in-house on a longer term basis during the financial year ending March 2026.
Going forward, our priority remains on working towards placing Shrewsbury House on a sustainable financial setting for the long term, which will allow the centre to continue to provide a benefit to its users, the local community and its valued employees.
.
Transactions and financial position
The financial position is set out in the Statement of Financial Affairs on page 6.
Tangible fixed assets for use by the charity
Details of movements in fixed assets are set out in note 9 to the accounts.
3
Trustees Report to the members of
Shrewsbury House Community Association Limited Investment policy and returns
Under the constitution, the charity has the power to make any investment which the trustees see fit. At present, no funds have been invested by the trustees.
Reserves
The charity commission requires charities to determine and explain their policy for free reserves. This has been explained in note 12 to the accounts.
Trustees
The trustees who served during the year are shown on page 1.
Risk management
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate any significant risk.
Statement of trustees responsibilities
The trustees are required by law to prepare financial statements for each year which give a true and fair view of the financial activities of the charity and its financial position at the end of the year.
In preparing those financial statements the trustees are required to:
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select suitable accounting policies and apply them consistantly;
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make judgements and estimates that are reasonable and prudent;
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state whether the policies adopted are in accordance with the Charities Act 2011 and with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to assume the charity will continue in operation
Independent examiner
A resolution proposing Michael Adamson and Co be re-appointed as independent examiners of the charity was put to the governing body.
The report of the trustees has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP FRS102) issued in October 2019
Approval
This report was approved by the trustees and signed on their behalf
on
S. Macdougal
R. Perrott
4
Shrewsbury House Community Association Limited Independent Examiners report
Report of the Independent Examiners to the Members of Shrewsbury House Community Association Limited
We have examined the financial statements on pages 6 to 15 for the year ended 31 March 2025, which have been prepared under the accounting policies set out on page 9
Respective responsibilities of the trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is our responsibility to:
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examine the accounts under section 145 of the Charities Act,;
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to follow the procedures laid down in the general Directions given by the
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Charity Commission under section 145(5)(b) of the Charities Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit and consequently we do not express an audit opinion on the veiw given by the accounts.
Independent examiner's statement
In connection with our examination, no matter has come to our attention which indicate that:
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1) accounting records have not been kept in accordance with section 386 of the Companies Act 2006;
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2) where accounts are prepared on an accruals basis, whether they fail to comply with relevant accounting requirements under section 396 of the Companies Act 2006, or are not consistent with the Charities SORP (FRS102)
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3) any matter which the examiner believes should be drawn to the attention of the reader to gain a proper understanding of the accounts.
Michael Adamson and Co Chartered Accountants
5 Thorndon Park Close Leigh on Sea Essex SS9 4RH
Date :
5
Shrewsbury House Community Association Limited Statement of financial activities for the year ended 31 March 2025
| Note Income and expenditure Incoming resources Income from use of facilities and catering 4 Grants and donations receivable 2 Investment income 3 Total incoming resources Resources expended Cost of generating funds Direct charitable expenditure 5 Governance costs 6 Total expenditure Net incoming / (outgoing) resources for the year Statement of other recognised gains and losses Net incoming resources before other recognised gains - net movement in funds 7 Total funds brought forward Total funds carried forward Reconciliation of movement of funds Tangible assets Current assets Current liabilities |
Restricted Unrestricted Total funds funds funds 2025 2025 2025 £ £ £ - 249,200 249,200 28,878 242 29,120 - 244 244 28,878 249,686 278,564 28,663 260,709 289,372 - 800 800 28,663 261,509 290,172 215 (11,823) (11,608) 215 (11,823) (11,608) 28,892 142,420 171,312 29,107 130,597 159,704 - 9,206 9,206 29,107 126,252 155,359 - (4,861) (4,861) 29,107 130,597 159,704 |
Total funds 2024 £ 175,776 53,209 312 |
|---|---|---|
| 229,297 | ||
| 215,423 800 |
||
| 216,223 | ||
| 13,074 | ||
| 13,074 158,238 |
||
| 171,312 | ||
| 3,099 170,250 (2,037) |
||
| 171,312 |
The surplus/ (deficit) for the year represents the total recognised gains for the period.
None of the charity's activities were aquired or discontinued during the current or previous year.
The attached notes form part of these accounts.
6
Shrewsbury House Community Association Limited Balance Sheet as at 31 March 2025
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Net assets Reserves Accumulated fund 12 |
2025 £ 9,206 6,107 149,252 155,359 (4,861) 150,498 159,704 159,704 159,704 |
2024 £ 3,099 2,372 167,878 170,250 (2,037) 168,213 171,312 171,312 171,312 |
2024 £ 3,099 2,372 167,878 170,250 (2,037) 168,213 171,312 171,312 171,312 |
|---|---|---|---|
| 171,312 | |||
| 171,312 | |||
| 171,312 |
The management committee are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act. The management committee acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Approved by the management committee on
and signed on their behalf
S. Macdougal R. Perrott Trustee Trustee
The attached notes form part of these accounts.
7
Shrewsbury House Community Association Limited Cash Flow Statement for the year ended 31 March 2025
| Net cash used in operating activities 15 Cash flows from investing activities Cost of fixed assets Interest received 3 Change in cash and cash equivalents in the period Cash and cash equivalents brought forward Cash at bank and in hand less overdrafts at 31 March Consisting of: Cash at bank and in hand |
Total funds 2025 £ (10,326) (8,544) 244 (18,626) 167,878 149,252 149,252 |
Total funds 2024 £ 14,059 - 312 |
|---|---|---|
| 14,371 153,507 |
||
| 167,878 | ||
| 167,878 |
The attached notes form part of these accounts
8
Shrewsbury House Community Association Limited Notes to the Accounts for the year ended 31 March 2025
1 Accounting policies
Basis of preparation of accounts
The financial statements have been prepared under the historical cost convention, and are in accordance the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
Incoming resources
Voluntary income and donations are included in incoming resourses when they are receivable, except when the donors specify that they must be used in future accouning periods or donors conditions have not been fulfilled, then income is deferred. The income from fees is recorded gross.
Grants receivable
Grants receivable are recorded on the accruals basis
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
Expenditure which is directly attributable to specific activities have been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these resources.
Stocks
Catering Stock is valued at the lower of cost or net realisable value
Depreciation
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided on all fixed assets at rates calculated to write off the cost over their useful economic lives as follow:
Furniture and equipment
20% reducing balance basis
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiner's fees and costs linked to the stretegic management of the charity
Value added tax
Value added tax is not recoverable by the charity, and as such is included in the relevant cost in the Statement of Financial Activities
2 Grants receivable and donations
| General (page 14) | Restricted funds 2025 £ 28,878 28,878 |
Unrestricted funds 2025 £ 242 242 |
Total 2024 £ 53,209 |
|||
|---|---|---|---|---|---|---|
| 53,209 |
9
Shrewsbury House Community Association Limited Notes to the Accounts for the year ended 31 March 2025
| 3 Investment income General (page 14) Catering (page 15) 4 Income from use of facilities and catering General (page 14) Catering (page 15) 5 Direct charitable expenditure General (page 14) Catering (page 15) 6 Governance costs General (page 14) 7 Net movement in funds for the year The net movement is after charging: Depreciation of tangible fixed assets Independent Examiner's fee |
Restricted funds 2025 £ - - - Restricted funds 2025 £ - - - Restricted funds 2025 £ 28,663 - 28,663 Restricted funds 2025 - - |
Unrestricted funds 2025 £ 244 - 244 Unrestricted funds 2025 £ 161,342 87,858 249,200 Unrestricted funds 2025 £ 163,793 96,916 260,709 Unrestricted funds 2025 £ 800 800 2025 £ 2,437 800 |
Total 2024 £ 312 - |
|||
|---|---|---|---|---|---|---|
| 312 | ||||||
| Total 2024 £ 149,230 26,546 |
||||||
| 175,776 | ||||||
| Total 2024 £ 199,164 16,259 |
||||||
| 215,423 | ||||||
| Total 2024 £ 800 |
||||||
| 800 | ||||||
| 2024 £ 969 800 |
10
Shrewsbury House Community Association Limited Notes to the Accounts for the year ended 31 March 2025
8 Staff costs
No remuneration was paid to trustees. The staff costs of the remaining staff were:
| Wages and salaries Pension costs Social security costs |
2025 £ 123,135 2,299 2,892 128,326 |
2024 £ 115,159 1,228 4,689 |
||
|---|---|---|---|---|
| 121,076 |
The average weekly number of staff employed, calculated as full time equivalents during the year was as follows:
| 2025 2024 FTE FTE Direct charitable work 5 5 Governance costs - - 5 5 9 Tangible fixed assets Catering Equipment Equipment Total £ £ £ Cost At 1 April 2024 25,891 7,221 33,112 Additions - 8,544 8,544 At 31 March 2025 25,891 15,765 41,656 Depreciation At 1 April 2024 23,642 6,371 30,013 Charge for the year 450 1,987 2,437 At 31 March 2025 24,092 8,358 32,450 Net book value At 31 March 2025 1,799 7,407 9,206 At 31 March 2024 2,249 850 3,099 10 Debtors 2025 2024 £ £ Trade debtors 6,107 2,372 No employee received remuneration of more than £60,000 Remuneration to key management personnel in the year amounted to £30,087 (2024 : £29,244) |
2024 FTE 5 - |
|
|---|---|---|
| 5 | ||
| 41,656 | ||
| 30,013 2,437 |
||
| 32,450 | ||
| 9,206 | ||
| 3,099 | ||
| 2024 £ 2,372 |
11
Shrewsbury House Community Association Limited Notes to the Accounts for the year ended 31 March 2025
11 Creditors : amounts falling due within one year
| Trade creditors Accruals 12 Accumulated fund At 1 April 2024 Retained surplus/ (deficit) At 31 March 2025 At 1 April 2023 Retained surplus/ (deficit) At 31 March 2024 |
Restricted funds 2025 £ 28,892 215 29,107 Restricted funds 2024 £ 34,380 (5,488) 28,892 |
2025 £ 4,060 801 4,861 Unrestricted funds 2025 £ 142,420 (11,823) 130,597 Unrestricted funds 2024 £ 123,858 18,562 142,420 |
2024 £ 1,236 801 |
|||
|---|---|---|---|---|---|---|
| 2,037 | ||||||
| Total funds 2025 £ 171,312 (11,608) |
||||||
| 159,704 | ||||||
| Total funds 2024 £ 158,238 13,074 |
||||||
| 171,312 |
Our financial reserve policy is to hold 9 months of expenses in cash. In the opinion of the trustees, 9 months of expenses is a prudent level of reserves to hold, and corresponds to: (a) a minimum of 3 months of expenses to cover costs in the event of a forced (permanent) closure of the centre: (b) an additional 3 months expenses to cover additional unexpected costs; (c) a further buffer of 3 months expenses to cover revenue shortfalls.
Over time we expect Shrewsbury House's cost base to increase as we seek to improve the level of service to users. As this happens, we will increase our cash holdings to reflect the greater cost base. For the latest financial year, 9 months of ongoing expenses corresponded to ~£165k, above the ~£130k we had in cash at year end. Note that these expenses and cash levels are adjusted for an outstanding grant received during fiscal 2022, which was awarded to improve the accessibility of the groups and gardens, and also for some specific internal refurbishment. The outstanding balance of grants to be spent on specific projects was ~£20k as of the end March 2025. The ongoing expenses for the reserves calculation are also adjusted for ongoing expenses related to the café given it is being operated as a trial.
The main risks to us achieving our financials reserves target are:
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A very sharp reduction in our grant from Greenwich council.
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Unexpected closure of the facilities resulting in sharp fall in income.
-
Existing groups leave the centre and are not replaced by new groups.
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Large and unexpected building maintenance costs.
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Large and sustained increases in the cost of utilities (electricity, gas).
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A change in our lease arrangements with Greenwich council, resulting in the Shrewsbury House Community Association taking on more responsibility for the building.
12
Shrewsbury House Community Association Limited Notes to the Accounts for the year ended 31 March 2025
13 Status
The company, which is a registered charity, is limited by guarantee and has no share capital.
14 Comparative Statement of Financial Activities
| Notes Restricted funds 2024 £ Incoming resources Income from use of facilities and catering 4 - Grants and donations receivable 5 49,865 Investment income 3 - Total incoming resources 49,865 Resources expended Cost of generating funds Direct charitable expenditure 5 Governance costs 6 - Total expenditure - Statement of other recognised gains and losses Net incoming resources before other recognised gains - net movement in funds 7 49,865 Total funds brought forward 34,380 Total funds carried forward 84,245 |
Unrestricted funds 2024 £ 175,776 3,344 312 179,432 160,070 800 160,870 18,562 123,858 142,420 |
Total 2024 £ 175,776 53,209 312 |
|
|---|---|---|---|
| 229,297 | |||
| 160,070 800 |
|||
| 160,870 | |||
| 68,427 158,238 |
|||
| 226,665 |
15 Reconciliation of net movements in funds to net cash flow from operating activities
| Net movement in funds Add back depreciation Less interest received Decrease / (increase) in stock Decrease / (increase) in debtors Increase / (decrease) in creditors Net cash used in operating activities |
2025 2024 £ £ (11,608) 13,074 2,437 774 (244) (312) - - (3,735) 1,875 2,824 (1,352) |
|---|---|
| (10,326) 14,059 |
13
Shrewsbury House Community Association Limited General Income and Expenditure account for the year ended 31 March 2025
| Income from use of facilities and catering Affiliation fees Room Hire Grants Restricted Royal Borough of Greenwich - core funding Royal Borough of Greenwich Unrestricted Other grants and donations Investment income Interest receivable Catering (page 15) Total income EXPENSES Direct Charitable Expenses Wages, salaries and pension costs Admin fees Staff training Water rates Light and heat Repairs and maintenance Insurance Janatorial Telephone and fax Stationery, postage and printing Computer and software expenses Bad debts Bookkeeping charges Promotion and website expenses Sundry expenses Bank charges Depreciation Governance costs Independent examiners fees Total expenses (Deficit)/Surplus for the year |
2025 £ 5,190 156,152 161,342 18,000 10,878 242 - 244 (9,058) 181,648 128,326 - 597 2,608 38,565 4,453 2,819 6,063 2,271 1,289 457 - 484 2,606 252 1,216 450 192,456 800 800 193,256 (11,608) |
2024 £ 5,970 143,260 |
|---|---|---|
| 149,230 18,000 31,865 3,344 - 312 10,287 |
||
| 213,038 | ||
| 108,096 8,733 526 2,085 55,583 10,618 2,854 2,139 1,942 2,026 353 1,728 232 143 1,017 527 562 |
||
| 199,164 | ||
| 800 | ||
| 800 | ||
| 199,964 | ||
| 13,074 |
14
Shrewsbury House Community Association Limited Catering Income and Expenditure account for the year ended 31 March 2025
| Income from use of facilities Bar and Coffee Bar Meals and refreshments Total income Direct Charitable Expenses Cost of sales Purchases Labour costs Depreciation (Defict)/Surplus for year |
2025 £ 70,225 17,633 87,858 55,499 39,430 1,987 96,916 (9,058) |
2024 £ 20,133 6,413 |
|---|---|---|
| 26,546 | ||
| 16,047 - 212 |
||
| 16,259 | ||
| 10,287 |
15