2022-03-31-accounts - The Greenwich Carers Centre

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE GREENWICH CARERS CENTRE

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2022

Registered Company Number: 02823279 Registered Charity Number: 1033718

THE GREENWICH CARERS CENTRE

CONTENTS

	Page
Company information	3
Report of the trustees	4 - 7
Independent auditor’s report	8 - 10
Statement of financial activities	11
Balance sheet	12
Statement of cash flows	13
Notes to the financial statements	14 - 22

THE GREENWICH CARERS CENTRE

REPORT OF THE DIRECTORS AND TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

Directors and Trustees	Dr Tina Challacombe (Chair)
	Ms Jasmine Banghard
	Mr Mark Foulds (appointed 23 February 2022)
	Mr Abhishek Khare
	Ms Folashade Saint James
	Mr Simon Tovey
	Mr Noel A Q Williams
Secretary	Mr Simon Tovey
Chief Executive	Mr Stuart Tattersall
Company Registered Number	02823279
Registered Charity Number	1033718
Registered Office	The Stables
	76 Hornfair Road
	Charlton
	London
	SE7 7BD
Bankers	National Westminster Bank plc
Auditors	Goldwins Limited
	75 Maygrove Road
	London
	NW6 2EG

Page 3

THE GREENWICH CARERS CENTRE

REPORT OF THE DIRECTORS AND TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

The Board submits its annual report and accounts for the year ended 31[st] March 2022. The Board has adopted the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities effective 1 January 2019 (Charities SORP FRS 102) in preparing the annual report and accounts for the charity.

CHAIR’S REPORT

2021/22 was another challenging year for the charity in the continuing COVID-19 Pandemic. All our staff and volunteers rose magnificently to the task, not least our CEO Stuart Tattersall. The Carers support work was mainly online, but the Centre was open for business in the summer of 2021 and reopened again in February 2022.

In May 2021 the CEO presented a two-year strategy plan to the Board which was approved. There was a review of Board governance and structure, and our carers took part in several surveys of our work. We are now looking at a new strategy to encompass more joint working with other agencies.

There was a complete overhaul of building compliance. The local authority approved our landlord’s application a change of use for the East Wing; a nursery school moved in for the summer term in 2021.

In June 2021 after a gruelling assessment process, the Greenwich Carers Centre was awarded NCVO Trusted Charity Status.

In July 2021, with the help of Troika, our fundraising consultants, we were awarded a grant of £123,000 from the Henry Smith Charity to go towards three years’ salary and on costs of a Wellbeing Worker for a project providing support for unpaid adult carers in Royal Borough of Greenwich. We were among the 20% of successful applicants. This person has been recruited and is now in post and doing a great job.

In Autumn 2021 we lost two members of our senior management team, Mark Foulds and Kellie Pearce. Their hard work and commitment to the Carer’s Centre over the years was acknowledged and they will be much missed. This gave us an opportunity to appoint a new operations manager, Richard Norman.

In March 2022 our CEO was diagnosed with cancer and had to take sick leave to receive radical treatment. The new operations manager Richard Norman, with the support of the Board, agreed to step up as acting CEO and lead the team for the next 6 months and he has done a magnificent job. At the time of writing, our CEO has been told his cancer is in remission and he returned to work part time in October 2022.

We have new challenges ahead with the publication of the Royal Borough of Greenwich Carers Strategy and we hope to work closely with them to find the best solutions for Greenwich Carers. I would like to thank all the staff and volunteers of the Greenwich Carers Centre, as well as the Board, for all their hard work and commitment to our charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The company was incorporated on 1[st] June 1993, and is governed by its memorandum and articles of association. The charity is a company limited by guarantee, and has no share capital. The liability of each member in the event of winding-up is limited to £1. The charity is run by the Board of Trustees, which meets regularly throughout the year and is able to call extraordinary meetings when relevant.

Recruitment

The directors of the company are also charity trustees for the purposes of charity law. The Board has the power to appoint additional Trustees, as it considers fit.

Trustee Induction and Training

Most Trustees are already familiar with the practical work of the charity when they are appointed. There is also an induction package for the Trustees and training is provided as required.

Page 4

THE GREENWICH CARERS CENTRE

REPORT OF THE DIRECTORS AND TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

Risk Management

The Trustees have identified major risks which might affect the charity; they review these risks on a regular basis to ensure that appropriate mitigation is taking place. The principal risks, and a summary of the procedures adopted to deal with them, are as follows:

loss of grant income (good delivery of outcomes for existing grants; good communication with grant providers; monitoring of the care sector to identify and develop new services)
reliance on key personnel (appraisals of key staff; maintaining up-to-date succession plans; good training of potential managers)
inability to meet liabilities as they fall due (maintenance of healthy reserves; quarterly monitoring of income and expenditure and cash flows)

Key Management Remuneration

The remuneration of the Chief Executive and the managers are set by the Trustees, and take into account:-

the size and complexity of the charity
‘market’ salary rates, per several market surveys
the performance of the individuals

Organisational Structure

The Trustees approve the overall strategy of the organisation and delegate the operational management, development and administration to the Chief Executive. The CEO is responsible for the day to day running of the organisation, in line with the agreed strategy, and makes recommendations to the Board of Trustees. The management team supports the CEO in running the organisation, and is specifically responsible for ensuring that the organisation delivers a high quality of service for carers.

OBJECTIVES AND ACTIVITIES

The Company is established for the relief of older and less able people by providing a range of support, inclusion and development services to them and primarily to those responsible for their care.

Main activities undertaken for the public benefit

The Trustees have considered the Charity Commission’s general guidance on public benefit when reviewing the aims, objectives and planned activities of the charity.

ACHIEVEMENTS AND PERFORMANCE

The past year represents a period of change alongside significant operational success for the charity. A new statutory contract to provide emotional and practical support to carers was successfully negotiated with the Royal Borough of Greenwich. The new contract included a contract-value increase of 7% and provided the charity with confirmed funding to March 2023.

However, the ongoing effects of the pandemic continued to limit opportunities to generate income through trading and core activities. The impact of Covid on the number of people using the centre indicated that a return to a pre-pandemic 'enterprise' focused business model would not have been appropriate. To ensure the charity could control costs, respond to the changing needs of carers and navigate post-pandemic uncertainty, the charity scaled back on the number of events and activities it provided, implemented a new structure for centre-based activities and replaced a full-scale cafe service with a limited-menu 'coffee shop' style approach. In addition, the charity continued to focus on securing grant income as its primary source of new business - with notable success. By working with an external fundraising consultancy to develop projects in direct response to current funding opportunities, the charity secured two major three-year funding streams from The Henry Smith Foundation and The Community Lottery Fund. This successful work extended the range of services provided for carers, ensured a healthy cashflow and protected the charity's reserves.

The year also saw changes to the senior management team with the Deputy Chief Executive and Business Development Manager moving on to new opportunities after many years' service to the charity. After an appropriate period away from post, the previous Deputy Chief Executive

Page 5

THE GREENWICH CARERS CENTRE

REPORT OF THE DIRECTORS AND TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

has now become a Trustee of the charity. Following successful recruitment processes, a new, highly competent Director of Operations and Carer Services Manager are now in post.

FINANCIAL REVIEW

General

The grants to finance the Charity’s activities are agreed in advance for the 12 months to 31 March each year. The deficit for the year was £41,854 (2021 – surplus £78,672), comprising an operating deficit of £8,631 (2021 – surplus £113,142) and a capital deficit of £33,223 (2021 - £34,470).

Core funding

The Charity receives its core funding from the Royal Borough of Greenwich.

Significant events

The most significant events in the financial year have been the recovery of the centre from COVID-19 and the continued support received from Royal Borough of Greenwich and other grant-providers.

Investment policy

Under the memorandum and articles of association, the Charity has the power to make any investment which it sees fit. The Trustees have considered that the most appropriate investments would be bank deposit and higher saver accounts.

Reserves Policy

It is the policy of The Greenwich Carers Centre to hold in a designated reserve a sum that would enable the charity to meet its liabilities if it had to close down. The Trustees have considered that the most appropriate level of the designated reserve should be £75,000. This amount is reviewed by the Trustees on an annual basis. The risk covered by this reserve has been identified as loss, or material reduction, of core funding from the Royal Borough of Greenwich

The Trustees review the financial status of the charity and identify any risk to that status on a quarterly basis.

FUTURE PLANS

The coming year is an important time for the charity. Our core statutory contract is due to be recommissioned at the end of the financial year, the local authority are due to launch a new Carers Strategy for the borough and the COVID pandemic continues to shape how services are provided. Financial achievements across previous years have ensured that the charity is in good shape as we approach the recommissioning of our primary services. We will continue to work with the local authority to support the commissioning process and continue to be flexible and responsive in our work with carers. Our key aim will be the retention of our statutory contract, either through successful tendering or negotiation with the local authority for a continuation of service. This year we also plan to extend the work of the charity by implementing a new 'Who Cares?' initiative, that works cross-borough to raise awareness of carers inside and outside the workplace. Subject to funding, 'Who Cares?' will be developed in relation to the Local Authority's new Carers Strategy to ensure our service delivery objectives align with the local authority's strategic mission. The pandemic continues to affect and shape how statutory and voluntary sector services are provided, particularly in relation to how information is shared with service users. We will continue to improve on how we communicate with carers, stakeholders and funders and will launch a new and improved website that better meets the information needs of carers today. We will also hold our Annual General Meeting publicly and continue to work with statutory and voluntary sector partners to provide four relevant and informative Carers Forums across the year.

We will continue to build upon our existing working relationships with The Henry Smith Foundation and The Community Lottery Fund to ensure best practice and provide access to the

Page 6

THE GREENWICH CARERS CENTRE

REPORT OF THE DIRECTORS AND TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

new business opportunities. We will also continue our successful partnership with external fundraising consultants to support the growth of our charity by securing new non-statutory grants to provide additional services for the people whom we support. In addition, we will, subject to securing appropriate funding, improve aspects of our centre to provide a better, more relaxing environment for carers.

STATEMENT OF DIRECTORS’ & TRUSTEES’ RESPONSIBILITIES

Company and charity Law requires the directors and trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the company and of the surplus or deficit for the company for that year. In preparing those financial statements, the directors are required to:

a) select accounting policies and apply them consistently;
b) make judgements and estimates that are reasonable and prudent;
c) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
d) prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business.

The directors and trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

As far as the directors and trustees are aware at the time the report is approved

There is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the company’s auditors are unaware, and
each director/trustee has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

AUDITORS

The Auditors, Goldwins, have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the Annual General Meeting.

This report has been prepared in accordance with the small company regime of section 419(2) of the Companies Act 2006.

Approved by the Board on ……………………………...and signed on its behalf:

………………………………………….. ………………………………………….. Dr Tina Challacombe Simon Tovey

Page 7

THE GREENWICH CARERS CENTRE

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GREENWICH CARERS CENTRE

FOR THE YEAR ENDED 31 MARCH 2022

Opinion

We have audited the financial statements of The Greenwich Carers Centre (the ‘Charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. 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). In our opinion, the financial statements:

give a true and fair view of the state of the Charity’s affairs as at 31 March 2022 and of its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.

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 financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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. We have nothing to report in this regard.

Page 8

THE GREENWICH CARERS CENTRE

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GREENWICH CARERS CENTRE

FOR THE YEAR ENDED 31 MARCH 2022

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us;
the financial statements are not in agreement with the accounting records and returns;
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charityʼs 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 Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs 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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We inspected the minutes of meetings of those charged with governance.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

Page 9

THE GREENWICH CARERS CENTRE

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GREENWICH CARERS CENTRE

FOR THE YEAR ENDED 31 MARCH 2022

We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements 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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members 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’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

3 January 2023

Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 10

THE GREENWICH CARERS CENTRE STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2022

Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Total income Expenditure on: Charitable activities Total expenditure 6 Transfers between funds 7 Reconciliation of funds: Total funds brought forward Total funds carried forward Net income / (expenditure) before transfers Net income / (expenditure) for the year	Unrestricted funds £ 2,480 419,146 17,115 438,741 448,780 448,780 (10,039) - (10,039) 126,653 116,614	Restricted funds £ - 35,368 - 35,368 67,183 67,183 (31,815) - (31,815) 94,996 63,181	2022 Total funds £ 2,480 454,514 17,115 474,109 515,963 515,963 (41,854) - (41,854) 221,649 179,795	2021 Total funds £ - 567,884 1,635
				569,519
				490,847
				490,847
				78,672 -
				78,672 142,977
				221,649

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Page 11

THE GREENWICH CARERS CENTRE BALANCE SHEET AS AT 31 MARCH 2022

2022 £ 27,101 165,684	2021 £ 23,656 121,442	2021 £ 99,202
		99,202 122,447
192,785 (78,969)	145,098 (22,651)
75,000 41,614	65,000 61,653
		221,649
		94,996 126,653

		221,649

Simon Tovey

The attached notes form part of the financial statements.

Page 12

THE GREENWICH CARERS CENTRE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2022

Note 2022 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 16 Cash flows from investing activities: Sale/ (purchase) of fixed assets - Cash provided by / (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 17 Change in cash and cash equivalents due to exchange rate movements	2022 2021 £ £ 44,242 (2,363) - 44,242 121,442 - 165,684	2021 £ (19,106)
		(2,363) (21,469) 142,911 -
		121,442

Page 13

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

a) Basis of preparation

The financial statements 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 UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the 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 measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

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.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Page 14

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies (continued)

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trusts artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 6.

i) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Leasehold improvements equally over the remaining term of the lease Fixtures and fittings 25% reducing balance Computer equipment 50% reducing balance

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

o) Pensions

The Charity operates a Defined Contributions pension scheme.

Page 15

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2 Detailed comparatives for the statement of financial activities 2021 £ Income from: Charitable activities 421,580 Other trading activities 1,635 Total income 423,215 Expenditure on: Charitable activities 310,073 Total expenditure 310,073 Net income / expenditure before transfers 113,142 Transfers between funds - Net income / expenditure 113,142 Reconciliation of funds: Total funds brought forward 13,511 Total funds carried forward 126,653 3 Income from donations and legacies £ £ Donations 2,480 - 2,480 - Restricted Unrestricted Unrestricted	2021 £ 146,304 - 146,304 180,774 180,774 (34,470) - (34,470) 129,466 94,996 2022 Total £ 2,480 2,480 Restricted	2021 Total £ 567,884 1,635
		569,519
		490,847
		490,847
		78,672 -
		78,672 142,977
		221,649
		2021 Total £ -
		-

Page 16

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4 Income from charitable activities

Income from charitable activities
Royal Borough of Greenwich Carers Trust National Lottery Triangle Trust Primary care networks The Henry Smith Charity Other grants and donations Total income from charitable activities	Unrestricted £ 406,900 - - - - 12,867 (621) 419,146	£ - 10,368 - 5,000 20,000 - - 35,368 Restricted	2022 Total £ 406,900 10,368 - 5,000 20,000 12,867 (621) 454,514	2021 Total £ 388,930 59,544 43,722 36,566 - - 39,122
				567,884

5 Income from other trading activities

Income from other trading activities
Stables income Bistro income	Unrestricted £ 3,988 13,127 17,115	£ - - Restricted	2022 Total £ 3,988 13,127 17,115	2021 Total £ (237) 1,872
				1,635

Page 17

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6 Analysis of expenditure

Basis of allocation Staff Costs Direct Other charitable activities Direct Travel Direct Sundry expenses Direct Bistro expenses Direct Premises Usage Staff training & recruitment Usage General office Usage Legal & professional Usage Audit & accountancy Usage Depreciation Usage Bank charges Usage Loss on disposal of fixed assets Direct Support costs allocation Total expenditure 2022 Total expenditure 2021	Charitable activities £ 270,157 45,499 82 18,561 11,453 - - - - - - - 345,752 170,211 515,963 490,847	Support costs £ - - - - - 82,435 3,046 33,276 9,239 7,135 33,223 1,857 - 170,211 (170,211) - -	2022 Total £ 270,157 45,499 82 18,561 11,453 82,435 3,046 33,276 9,239 7,135 33,223 1,857 - 515,963 - 515,963 -	2021 Total £ 272,517 44,917 283 11,087 3,140 66,028 2,622 30,717 18,166 5,080 34,470 1,355 465
				490,847


				490,847

Of the total expenditure, £448,780 (2021: £310,073) was unrestricted and £67,183 (2021: £180,774) was restricted.

Support costs are allocated based on the projected time spent by the employees on various charitable activities.

Page 18

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7 Net income / (expenditure) for the year

	2022	2021
This is stated after charging / (crediting):	£	£
Operating lease rentals:
Property	49,254	49,253
Depreciation	33,223	34,470
Auditor's remuneration:
Audit fees net	3,750	3,417

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows: Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes	2022 £ 247,197 16,997 5,963	2021 £ 247,442 18,314 6,761
	270,157	272,517

No employee received employee benefits (excluding employer pension) exceeding £60,000 during the year (2021: No employee).

The total employee benefits including pension contributions and employer's national insurance of the key management personnel were £128,913 (2021: £127,099).

None of the trustees received any remuneration and reimbursement for any expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

There were 12 full and part-time employees during the year (2021: 10).

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

£ 311,475 - Leasehold Improvement	£ 28,470 - Fixtures and fittings	£ 37,153 - Computer Equipment	Total £ 377,098 -
311,475	28,470	37,153	377,098
216,704 31,590	26,141 582	35,051 1,051	277,896 33,223
248,294	26,723	36,102	311,119
63,181	1,747	1,051	65,979
94,771	2,329	2,102	99,202

All of the above assets are used for charitable purposes.

Page 19

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11 Debtors

Prepayments and other debtors VAT 12 Creditors: amounts falling due within one year Taxation and social security Accruals Deferred income Deferred income Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year	2022 £ 22,876 4,225	2021 £ 13,000 10,656
	27,101	23,656
	2022 £ 6,275 7,861 64,833	2021 £ 4,456 8,358 9,837
	78,969	22,651
	2022 £ 89,160 (89,160) 64,833	2021 £ 99,305 (99,305) 89,160
	64,833	89,160

13 Pension scheme

The Charity operates a Defined Contributions pension scheme.

14 Analysis of net assets between funds

Unrestricted £ 2,798 41,614	Designated £ - 75,000	Restricted £ 63,181 -	Total funds £ 65,979 116,614
44,412	75,000	63,181	182,593
Unrestricted £ 4,206 57,447	Designated £ - 65,000	Restricted £ 94,996 -	Total funds £ 99,202 122,447
61,653	65,000	94,996	221,649

Page 20

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15 Movements in funds

£ 94,996 - At 1 April 2021	£ - 35,368 Income	£ (31,815) (35,368) Expenditure	Transfers £ - -	£ 63,181 - At 31 Mar 2022
94,996	35,368	(67,183)	-	63,181
65,000 61,653	- 438,741	- (448,780)	10,000 (10,000)	75,000 41,614
126,653	438,741	(448,780)	-	116,614

221,649	474,109	(515,963)	-	179,795
At 1 April 2020 £ 129,466 -	Income £ - 146,304	Expenditure £ (34,470) (146,304)	Transfers £ - -	At 31 Mar 2021 £ 94,996 -
129,466	146,304	(180,774)	-	94,996
13,511 -	- 423,215	- (310,073)	51,489 (51,489)	65,000 61,653
13,511	423,215	(310,073)	-	126,653

142,977	569,519	(490,847)	-	221,649

Purposes of designated funds

The sum of £75,000 (2021 - £65,000) represents a provision to cover costs in the event of winding up.

16 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period (as per the statement of financial activities) Depreciation Disposal of fixed assets (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities	2022 £ (41,854) 33,223 (3,445) 56,318	2021 £ 78,672 34,470 465 (19,121) (113,592)
	44,242	(19,106)

Page 21

THE GREENWICH CARERS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
Cash at bank and in hand Total cash and cash equivalents Total cash and cash equivalents 2021	£ 121,442 At 1 April 2021	Cash flows £ 44,242	£ - Other changes	£ 165,684 At 31 March 2022
	121,442	44,242	-	165,684

	142,911	(21,469)	-	121,442

18 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Less than 1 year 1 - 5 years	Property 2022 £ 49,253 49,253	2021 £ 49,253 98,290
	98,506	147,543

19 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

20 Related party transactions

There were no related party transactions during the year (2021: none).

Page 22