2022-03-31-accounts

THE CAMDEN SOCIETY

Registered No: 03023588 Charity No: 1044693

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH, 2022

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

CONTENTS

Introduction	1
Company Information	2-3
Trustees/Directors’ Report	4-41
Independent Auditor’s Report	42-52
Summary of The Camden Society’s Money	53
Statement of Financial Activities	54
Balance Sheet	55
Statement of Cash Flows	56
Notes to the Financial Statements	57-71

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

INTRODUCTION

These papers tell readers what the charity has been doing between April, 2021 and March, 2022.

The trustees have written about what has gone well and what needs development.

You can see how the company has managed its money.

The accounts have been checked by our Auditor – Sayer Vincent LLP

Some of these papers must be written in legal language. We have introduced each section with an Easy Read text box.

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Charity name The Camden Society Charity number 1044693 Country of registration England and Wales Company number 03023588 Country of incorporation United Kingdom Registered office 134 Edmund Street Birmingham B3 2ES Company Secretary Simon Conway Our advisors: Auditor Sayer Vincent LLP Statutory Auditor Invicta House 108-114 Golden Lane London EC1Y 0TL

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Bankers

NatWest Bank plc 166 Camden High Street London NW1 0NS

Solicitors

Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES

Reference and administrative information set out on pages 2-3 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

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BOARD OF TRUSTEE DIRECTORS

The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The Trustees and Officers who served during the year and up to the date of this report are set out below:

Karen Boyce-Dawson* (resigned 28 September, 2021)

Simon Conway* (resigned 31 March, 2022)

Michael Curth

Jenny Garrigan* (appointed 1 April, 2022)

Adrian Jarvis

Mark Johnson

Ben Lanes (appointed 17 November, 2022)

Simon Newling-Ward

Oliver Smith (appointed 18 November, 2022)

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The trustee directors have no financial interest in the company, it being limited by guarantee.

• Indicates a trustee of Thera Trust, the parent charity of The Camden Society.

Leadership:

Managing Director Ben Lanes

Service Quality Director Oliver Smith

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This section explains that directors are responsible for putting together accounts which must show a true and fair view. This is the law.

RESPONSIBILITIES OF THE BOARD OF TRUSTEE DIRECTORS

The Directors (who are also the Trustees of The Camden Society for the purposes of charity law) are responsible for preparing the Report of the Directors and Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company, and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• ✓ select suitable accounting policies and then apply them consistently;

• ✓ observe the methods and principles in the Charities SORP;

• ✓ make judgements and accounting estimates that are reasonable and prudent;

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

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• ✓ prepare the financial statements on the going concern basis, unless it is inappropriate to assume that the charitable company will continue in operation.

The Board of Directors is responsible for keeping adequate accounting records which disclose with reasonable accuracy, at any time, the financial position of the charitable company to enable it to ensure that the financial statements comply with the Companies Act 2006. The Board of Directors is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Board of Directors is responsible for the maintenance and integrity of the corporate and financial information included on Thera's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

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Chairperson’s Report

I am delighted to have had the opportunity to join The Camden Society board in April 2022, taking over from Simon Conway as interim Chairperson.

It is great to see the strong working relationship between Ben Lanes, Managing Director and Oliver Smith, Service Quality Director since Ben joined The Camden Society in March, 2021.

The board has gone from strength to strength, with voluntary Trustees now taking the opportunity to meet, in person, the people we support and our staff teams; this being possible as Covid-19 restrictions ease. This is invaluable to the board, with individuals who are keen to share their observations and their learning, to better inform decision making.

Following a recent advertising campaign, we are seeing renewed interest in Trustee roles and are hopeful to be able to appoint more people to the board and to increase our representation of the people we currently, and hopefully in the future, support and employ.

Oliver, with the support of Jaiwanda Patel, his Executive Assistant, has also had more opportunity in recent monthsr to meet people in person. Oliver’s report below, gives some insights into the difference this makes.

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Whilst the general public have seen the Covid-19 restrictions now cease, within social care we are continuing to support people within some restrictions. This continues to have an impact on how our staff are working, and on people with a learning disability who are still being supported by staff wearing face masks and other Personal Protective Equipment (PPE). However, on a more positive note, people are having the opportunity to meet with their families and friends and to take up the hobbies and activities they had previously enjoyed.

You can read some examples of people’s achievements in the “stories” section of this report.

I would like to take this opportunity to thank our staff for their continued hard work and creativity through this challenging time.

The whole of the social care sector has been negatively impacted by the shortage of supply of workers. The Camden Society is seeing this impact. Ben is working with the senior team within The Camden Society and Thera Trust, to be as creative and resourceful as possible to retain our current workforce and support the recruitment of high-quality staff to our teams.

It is testament to the strength of our executive team and the quality of our management and staff teams, that there has been the

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resilience to work through the continued challenges of another year, and to put forward such a strong strategic plan for the coming three years.

Jenny Garrigan

Interim Chairperson

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What is Important for The Camden Society[1]

The Camden Society is a part of the Thera charitable group of companies. Thera has always said that the people it supports must be involved in how the organisation does its job. Thera’s Vision clearly sets out Thera’s philosophy of control and involvement by people with a learning disability:

1 Thera Trust is our parent company. Its charitable objects are “the relief of persons with learning disabilities, their families and carers by the provision of support services including services in the support of residential, respite and other suitable forms of care, education and work opportunities and to promote public awareness of the needs of such persons and to give support to their families“ and “the promotion of the effective use of charitable resources for the benefit of the public by the provision of services to organisations involved in the relief of persons with learning disabilities, their families and carers."

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Overview and Report from Ben Lanes, Managing Director

The Camden Society’s charitable objects are for the relief of persons with learning disabilities, physical disabilities, mental health needs, or people otherwise disadvantaged, vulnerable or suffering from social exclusion and for the advancement of education of such persons.

“As at 31 March, 2022, The Camden Society was providing support to 121 people (March, 2021 - 125) with a learning disability across Northamptonshire, Oxfordshire, Hertfordshire and Leicestershire.

The Camden Society supports people with 24 hour support in their own homes, alongside supporting people to live independently within their community.

The Covid-19 pandemic continued to have significant impact on the lives of the people we support and our staff. Despite challenges faced, we are proud of how the people we support and our teams coped and worked together to remain positive throughout.

People enjoyed having more contact again with friends and family and being able to start to re-engage in activities they enjoy within their community.

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Opportunities to meet up physically for the people we support to meet together were limited, but we have continued to have a number of activities throughout the year, including regular competitions which have enabled people to stay connected and have fun.

Oliver Smith, Service Quality Director and myself managed to deliver training sessions to nearly all our staff, to spend time to establish our values and a shared vision for the future. This will be brought to life by our values and vision being embedded in our day to day operational work such as supervision and team meetings.

While recruitment still remains challenging, there were significant improvements on the previous financial year with the vast majority of the charity not needing to rely on the use of agency staff. We are grateful to the commitment of our staff to do everything to make sure people are supported by people they know well.

We have worked with stakeholders to develop a new three year strategy starts in April, 2022. This will drive a culture of continuous improvement and a successful future for The Camden Society.

The three year strategy is built on four strategic pillars; Collaboration, Reputation, Sustainability and Workforce with a clear vision of how The Camden Society will be in 2025. We have worked

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with stakeholders to develop an annual plan that will drive the work required to achieve our vision.

While the Covid-19 pandemic has reduced opportunities to support more people throughout the year, we have successfully worked with partners to develop plans to support more people in the year ahead.

We are grateful to have a committed, creative and skilled workforce who we continue to recognise through regular feedback, including our monthly awards.”

Ben Lanes Managing Director

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Public Benefit Statement

The Trustees have considered the public benefit generated by the Society and have concluded that:

• the aims of the Society continue to be charitable;

• the aims and work done give identifiable benefits to the charitable sector and, both directly and indirectly, to individuals in need;

• the benefits are for the public, are not restricted by ability to pay, and are not unreasonably restricted in any other way; and

• there is no detriment or harm arising from the aims or activities.

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Stories and Achievements

Garden Makeover!

People we support continue to be supported with their garden makeover. The garden is now complete. A concrete base has been built with the cement mixer borrowed from their next door neighbour. They worked from 9am and completed it at 7pm. Summer garden swing purchased and put together in the garden. They have also laid a patio together.

Operation Completed!

A person we support underwent a procedure on their foot under general anaesthetic. They do not like any medical intervention. Support staff have been working alongside them and medical professionals since 2019 for this procedure to happen. The person we support often refused to attend appointments at their local surgery and the hospital. The procedure finally happened on the 26[th] July, 2021. Afterwards they hugged the nurses and returned home, a sure sign of being happy is they sing very loudly and they sang for three days following the procedure.

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Weight loss!

A person we support has been trying to lose weight for a while. So far, they have managed to lose over two stone. They are very happy and have now joined the gym to try and lose some more and by also having a healthier diet. The person we support says that all their aches and pains are easing following their weight loss.

New job!

A person we support has got a new job waitressing at Cotswold wildlife park. They were initially employed one day a week but they have made such an impression that they are looking to see if they can find another day to work.

Holiday!

A person we support went on holiday for the first time since 2019, due to Covid-19, which went very well. They really came out of their shell having become unwell over the course of the pandemic. They are now accessing the community more with their support team.

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Birthday!

A person we support celebrated their 60th birthday with all their friends and enjoyed a lovely surprise weekend away with their sister and brother-in-law.

New activities!

A person we support whose previous activities had ceased, has found a new friendship group which opened at Risinghurst community centre in Oxford and they have been attending and dancing during their visits. The person we support prepares their clothing the day before, so they are looking their best. They said they like their new friendship group and the dancing is the activity that they enjoy the most. They have asked to look for more groups with dancing at its core.

Theatre!

A person we support loves to visit the theatre but, due to Covid-19, has not been able to. They, with support, managed to book tickets to see The Osmond’s.

Holiday!

A person we support went on their first holiday with The Camden Society and staff worked hard to set up activities, including an owl experience and forest

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exploration. The person supported was very involved in the decision making and showed a lot of excitement about the holiday.

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Report from Oliver Smith, Service Quality Director

People with a Learning Disability Help Manage The Camden Society

People who are supported by Thera have a lot of influence on how their Thera Company is directed and managed as well as leading the design and delivery of their own support. For example, people with a learning disability are employed as directors and in a number of other posts; they can become members of The Camden Society and are consulted with on a range of important issues that affect the organisation.

Oliver Smith is the Service Quality Director for The Camden Society. Oliver is a member of The Camden Society’s executive team and takes a lead on quality.

“My role within The Camden Society is to make sure that people with a learning disability get the support they want from The Camden Society.

I am responsible for checking the quality of support provided by The Camden Society and through visits to the people we support, I make sure the people supported are happy and safe.

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Throughout the year I am busy delivering Being Heard initiatives and currently recruiting company members so that we can go live with company membership very soon.

Before I go on to talk more about my year, I would like to welcome Ben Lanes, our new Managing Director, to The Camden Society and with whom I look forward to building a strong working relationship enabling us to lead The Camden Society. I would like to say a big thank you to Simon Conway who has been doing the role of interim Chairperson for the charity since we re-structured in January, 2019 and who is now moving on to another Thera Group company. I would also like to extend my warm welcome to Jenny Garrigan, who has taken up the role of Chair and I look forward to working with her.

As Service Quality Director for The Camden Society, I take the lead on quality for the company and this year, yet again, we have had to continue to live with the Covid-19 pandemic which made it extremely challenging to go out and visit the people we support or host community events. This is because most of the work I engage in involves a lot of face to face interaction.

There was a period during the year where we were able to host larger face to face meetings where Ben and I hosted a series of Welcome to The Camden Society sessions. These sessions were delivered in every county as we were trying to reach all our staff,

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which includes both new and existing. The Welcome sessions were extremely successful and we had the opportunity to meet and chat with all our staff. For those staff who were not able to join us, we were able to invite them to online Welcome sessions.

I joined Ben to deliver values training to nearly all staff which was to gain views and opinions from our staff.

Together with Jay, my Executive Assistant, I have also been busy contacting people we support via the telephone and through video calls to see how they are getting on.

I have also had regular contact with our Operational Managers to check that the people we support are ok and receiving the quality of support they require.

In October, 2021, we were successful in hosting a Hallowe’en themed Being Heard event which was well attended by people we support in Leicestershire, Northamptonshire and part Hertfordshire. It was a welcome change to the constant lockdown that we have been forced to endure since March, 2020. It was good to see people we support again and see that they were having a great time meeting up with their peers and friends.

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We were though forced to cancel all our Christmas events due to the Omicron variant of Covid-19. However, as soon as it was safe to do so, we hosted a Being Heard Easter themed event in Kettering which again was well received.

Throughout the year, Jay and I have also been busy driving the company membership recruitment forward and we are pleased that there has been some interest generated, which we will follow up this coming year.

Lastly, I have continued to work with the other trustees and staff teams to deliver Thera’s Vision and prioritise implementing our annual plan and its ambitions.”

Oliver Smith

Service Quality Director

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The Camden Society Employs Good Staff

At the end of March, 2022, The Camden Society employed 184 staff, the majority of whom are support workers.

Our staff remain our most important asset and we take considerable pride in their achievements, their dedication and the level of commitment they make every day in delivering high quality support to people. We have continued to invest in staff by offering first class support, training and development throughout Thera, ensuring that staff are capable and motivated to meet the needs of the people we support.

As befits an organisation with Thera's Vision, we are committed to ensuring that all job applicants and employees are treated fairly and valued regardless of sex, disability, race, age, marital status, sexual orientation, religion, colour, ethnic or national origin. We value diversity and social inclusion across all our activities and our recruitment process ensures that all applicants have equal opportunity.

The Camden Society has a well-established Employee Consultative Council, which considers a range of matters relating to its staff. This includes sharing important information about Thera and finding out what staff think about important decisions that may affect them.

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The Employee Consultative Council is the formal mechanism for ensuring that The Camden Society delivers on its philosophy of involvement in relation to its staff as well as meeting its obligations under Information and Consultation Regulations, 2004, for example in relation to changes to pay, terms and conditions. During the year, The Camden Society held 4 Employee Consultative Council meetings. The committee has representation from all areas across The Camden Society and continue to encourage more staff to join.

The Camden Society’s Money

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Total income in 2021-22 was £6.2m. (202-21 £7.6m). The reduction reflects an ongoing reduction in the number of people supported during the year as well as reduced activity as a result of Covid19. It also reflects the further transfer of contracts to new

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companies within the Thera Group, as a result of the restructuring that took place in 2019-20.

The charity made an overall deficit for the year £-391k (2020-21 deficit of -£632k).

The expected break-even position has again not been achieved in the year. As well as the further reduction in activity and income, the loss also reflects additional necessary spending on agency staff and a number of vacant tenancies in houses where The Camden Society supports people and where the core costs of staff support were not funded during the year. Referrals to these tenancies were not forthcoming because of continued delays in clocal authority commissioning activity following Covid-19. Whilst since the year end the underlying causes of this deficit have been being tackled, it is still expected that a further loss will be made in 2022-23.

Reserves Policy and Going Concern

As at 31 March, 2022, The Camden Society had negative reserves £-1.4m (31 March, 2021 £-1.0m), including restricted reserves of £37k. The Camden Society’s trustees have not yet updated the target level of overall reserves. Whilst they have intended to review the reserves policy, financial performance and

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consolidation efforts prevented this. Clearly in the last year, efforts to address financial stability have been further hampered by the legacy of Covid-19. The board intend to consider the financial position of the charity in general, including their approach to future reserves, before the end of the 2022-23 financial year. Trustees have taken note of the overdrawn unrestricted funds, net current liabilities and net overall liabilities as a result of poor financial performance in 2021-22 and in earlier years. They note that the material factors of poor performance relate to office costs, agency staff costs and vacant tenancies. Considerable progress has been made on addressing these in the last three years, although these efforts have been hampered by the pandemic.

Trustees consider that the underlying commercial position of the charity, following the re-structuring, remains strong. The trustees are also in receipt of a letter of comfort from Thera Trust, the parent charity of The Camden Society, indicating that it will not seek to recover any intra-group financing for a period of at least 12 months from the date of approval of its financial statements and will continue to provide working capital to the Society to ensure that it can continue to operate for a period of at least 12 months from the date of approval of its financial statements.

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Trustees remain confident in the leadership of the charity and can see significant progress being made in operational performance, and the addressing of legacy commercial and financial issues. In the light the continued availability of working capital outlined above, the trustees have received the necessary assurances to conclude that it is appropriate to prepare the accounts on a going concern basis.

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Fundraising Strategy 2022–2023

Following the re-structuring of The Camden Society’s activities, Trustees intend to undertake a fundamental review of our fundraising strategy. We will be able to benefit from the expertise of Thera Trust’s expanding Fundraising team.

During the year, there was very limited fundraising activity. Those grants which were received largely arose from previous years’ activity and were focused on those charitable services now undertaken by Unity Works Social Enterprises and The Camden Society (London). We have liaised with them to deploy funds for the purpose for which they were intended. Relatively little fundraising activity from members of the public took place. We made use of our own staff resource to do so with support from the Thera Trust team. There was no use of any commercial participator.

Fundraising will now largely be delivered in a co-ordinated manner by Thera Trust’s fundraisers on our behalf. These fundraisers are focused on trust and grant income as well as laying the foundations for development of broader public fundraising in the future.

All fundraisers are expected to work in line with the Fundraising Regulator’s Code of Fundraising Practice, which is used as a reference point by the fundraisers when developing any new

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fundraising activity or reviewing existing activity. We have no reported compliance issues and continue to review and update policies and procedures in line with the Code to ensure that compliance remains strong. Though The Camden Society was not registered with the Fundraising Regulator in the 2021-22 financial year, there is an intention to register in 2022-23.

We do not undertake door-to-door, face-to-face or direct mail fundraising, and public fundraising in general is currently very limited. As a result, the risk of fundraising in relation to vulnerable people is extremely limited. Fundraisers work closely with Thera Trust’s Communications Team and our own staff to ensure that fundraising communications are easy to understand, respectful of potential donors, provide clarity about the cause and do not mislead in any way. As public fundraising activity increases in the future, the fundraisers are planning to develop training for volunteers and other staff to ensure they understand the standards we aim to uphold and what to consider when it comes to vulnerable people and fundraising.

Trustees are not aware of any complaints in relation to fundraising activities. We have clear processes in place as to how complaints will be handled should they arise.

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Managing The Camden Society’s Risk

Key risks which are inherent in the nature of our work include the abuse or neglect of vulnerable people, a failure to comply with CQC Essential Standards or other regulatory requirements or a failure to realise Thera's Vision. As the wider economy has deteriorated and labour markets tightened, The Camden Society’s biggest risk is now to its ability to retain and recruit sufficient staff to provide the day to day care and support that it is contracted to undertake.

The social care market in which The Camden Society operates continues to experience significant funding challenges as commissioners attempt to reconcile increasing demand within a tighter funding environment. Although limitations are expected to continue, this has so far had limited impact on The Camden Society’s activities. The Camden Society supports people with a learning disability in the main who have a substantial and critical assessed need. Accordingly, these individuals are at a much lower risk of having their support reduced because of funding challenges, with local authorities and commissioners prioritising this area of spending to date.

Like all care and support service providers, The Camden Society is exposed to a range of external factors that may put pressure

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on continuing the provision of care and support to a person with a learning disability. However, the specialist area of the market in which The Camden Society works benefits from much lower levels of this pressure, as it is in both the commissioning body and the individual’s long term interests to maintain continuity of support, particularly of the high quality that The Camden Society provides.

The Camden Society may face risk from damage to key relationships with local authorities, the loss of key leadership and management or risk from litigation, financial or pension matters.

The directors have assessed and monitored the major risks to which The Camden Society may be exposed through a risk management strategy. Other than those sector risks outlined above, there have been no material strategic changes within the organisation that are perceived to expose the organisation to additional material risk. The Board continues to monitor the external regulatory, funding and employment law environment closely. Directors are satisfied that systems are in place to minimise the incidence and impact of risks to the extent to which these are in the control of The Camden Society.

In addition, The Camden Society’s Health and Safety Committee provides the formal mechanism for Thera jointly with staff safety

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representatives to fulfil their obligations under health and safety legislation and in line with the Group’s Health and Safety Policy. In particular, The Camden Society sets and regularly reviews its serious incident and emergency contingency plan.

Covid-19

The accounts to which this report relates are for the year ending 31st March, 2022. There have been substantial periods of time during which the activities of The Camden Society have been disrupted or curtailed. During the year, Thera has maintained and constantly reviewed policy and guidelines in line with legal and regulatory requirements. Sufficient supplies of personal protective equipment were secured and maintained throughout the year. Governance, management and administrative activity was facilitated and maintained with access to online meeting facilities.

Throughout the year, a number of The Camden Society's areas of work have needed to reduce in volume or to be suspended entirely. These include support to people in the community and support to people in venues where people congregate. Instead, activities have often been focussed either on providing greater volumes of support to more people at home, with, in many cases, staff being re-deployed to undertake this work rather than being

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furloughed; or alternative means of virtual support. Where activity levels have changed, income levels were sustained ensuring medium term stability once restrictions eased. There has been no material impact since the balance sheet date on financial performance or working capital as a direct result of Covid-19. Additional costs, for example on personal protective equipment, have been funded either in this way or with additional specifically targeted income.

The impact of these factors has diminished after the balance sheet date.

The directors continue to ensure that they act in line with policy and guidance issued by Thera Trust, the parent company of The Camden Society, to review the specific risks relating to The Camden Society's work arising from Covid-19 and to respond accordingly as necessary.

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Governance

Governing Document

The Camden Society is a charitable company, incorporated on 17[th] February, 1995 and registered as a charity on 4[th] March, 1995. The company was established under a Memorandum of Association that established the objects and powers of the company and is governed by the Articles of Association. In the event of the company being wound up members are required to contribute £1. Membership of the Society is open to people supported by the Society, their families and members of staff.

On 1[st] February, 2014, the Society joined the Thera Group of companies and, at the Annual General Meeting held on 12[th] March, 2015, the Articles of Association were amended to align more closely with the model commonly used by members of the Thera Group.

Recruitment and Appointment of Trustees

In line with the changes to the Articles of Association approved on 12[th] March, 2015, Trustees are appointed by Thera Trust and a trustee of Thera Trust is also a Trustee of The Camden Society. The membership is also entitled to elect an independent trustee.

All Trustees in the Thera Group follow a formal induction process to ensure they know the organisation and its aims and are aware

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of their responsibilities. All trustees are subject to references and enhanced DBS checks.

Trustees serve defined terms of office of up to four years, renewable for a second term of up to four years.

Following approval from the Charity Commission, the Articles of Association have been further amended to align fully with arrangements of all Thera Group members. This has enabled the appointment to the Board of Trustees of a paid director with a learning disability as a Service Quality Director, working alongside the Managing Director, who is also a Trustee. In the Thera Group, Service Quality Directors are people with a learning disability who report to, and are part of, the Board of Trustees and paid as an executive director.

This reflects Thera Group’s vision; demonstrating that people with a learning disability can be leaders in society.

Recruitment and appointment of new Trustees is managed through Thera Trust’s Nominations Committee. This reinforces The Camden Society’s commitment both to equality of opportunity and to creating a skilled, balanced and accountable Board of Trustees.

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THE CAMDEN SOCIETY

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

Trustee Induction and Training

All new Trustees are asked to attend a Thera Trust induction event about the Group. They are given information about their legal obligations under Charity and Company Law, other important information about their role as Directors and Trustees, and wider information about the Group itself.

A new Trustee also receives information about The Camden Society as part of their induction. This includes a copy of the Memorandum and Articles of Association, latest audited accounts, annual report and Trustee Code of Conduct.

New Trustees are encouraged to visit the people we support and involve themselves with events organised by The Camden Society. Trustee away-days are organised to discuss The Camden Society’s aims, objectives and the organisation’s future plans. Strategic and annual plans are drawn up and reviewed regularly by Trustees.

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THE CAMDEN SOCIETY

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

Structure of the Board of Trustees and Executive Management

The Board of Directors consists of up to twelve directors and must include a person with a lived experience of learning disability. The Board usually meets every two months.

A scheme of delegation is in place and the day-to-day responsibility for the provision of services rests with the Executive Management Team, which consist of a Managing Director and Service Quality Director. The Team is responsible for ensuring that the Society implements the agreed strategy, ensures effective management of staff and meets key performance indicators.

Trustee and Executive Remuneration

All Trustees give their time freely and no Trustee received remuneration in the year for their services as a Trustee. Details of Directors’ expenses are disclosed in note 11 to the accounts. Any related party transactions must be declared and there were no related party transactions reported in the year, other than those within the Thera Group.

Salaries to management and other staff are set in accordance with Thera Group’s pay policy. The pay of key management personnel is set by Thera Trust’s Remuneration and Pensions Committee. The Committee consists of three non-executive

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THE CAMDEN SOCIETY

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

directors, who independently determine the remuneration of executive directors of the organisation, and of its subsidiary companies. In its remuneration policy, the Committee takes account of good practice guidelines in setting executive pay, including the principles set out in the NCVO's April, 2014 report on Charity Senior Executive Pay.

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THE CAMDEN SOCIETY

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

This section explains that the directors have told the Auditor everything they should and that they have worked within the law.

DISCLOSURE OF INFORMATION TO THE AUDITOR

Each of the persons who are directors at the time when this Directors’ Report is approved has confirmed that:

• so far as that director is aware, there is no relevant audit information of which the company’s auditor is unaware; and

• that director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the company’s auditor in connection with preparing its report and to establish that the company’s auditor is aware of that information.

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THE CAMDEN SOCIETY

REPORT OF THE DIRECTORS AND TRUSTEES year ended 31 March, 2022

This section asks the Company Members to agree that the Auditor, Sayer Vincent LLP, be chosen as the company’s Auditor.

APPOINTMENT AND RE-APPOINTMENT OF AUDITOR

In accordance with s.485 of the Companies Act 2006, a resolution is to be proposed at the Annual General Meeting for the reappointment of Sayer Vincent LLP as auditor of the Company. The Trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The Report of the Directors and Trustees, has been approved by the trustees on 15 December 2022 and signed on their behalf by

Jenny Garrigan

Trustee

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE CAMDEN SOCIETY

This page explains that the Auditor is reporting that the accounts give a true and fair view of the company and that they are put together as the law says they should be put together.

OPINION

We have audited the financial statements of The Camden Society (the ‘charitable company’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 charitable company’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including 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

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

This section explains that the Auditor has audited (checked) the accounts and that they are reporting to Company Members.

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the

FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 Camden Society's ability to continue as a

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

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 trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

This section explains that the Auditor must tell us if they are unhappy

with how the directors managed the company.

The Audit report says that there is nothing bad the Auditor wishes to report to Company Members.

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’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The trustees’ annual report has been prepared in accordance with applicable legal requirements.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE CAMDEN SOCIETY

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. 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; or

• The financial statements are not in agreement with the accounting records and returns; or

• Certain disclosures of trustees’ remuneration specified by law are not made; or

• We have not received all the information and explanations we require for our audit; or

• The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

Trustees’ responsibilities are explained on page 6.

This page explains that it is the Auditors’ responsibility to audit (check) the accounts as the law says they should.

AUDITOR’S 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

This page explains how the Auditor checks the accounts.

CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES

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 enquired of management, internal audit and the audit and risk committee, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• 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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE CAMDEN SOCIETY

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

http://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 charitable company'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 charitable company'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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Orchard (Senior statutory auditor)

19 December 2022

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CAMDEN SOCIETY

You will see that this report and accounts also includes accessible information so that the directors of The Camden Society are ensuring that all Company Members, including those with a learning disability, are able to fulfil their duties in law including to receive the accounts and to appoint the directors and Auditor.

The law does not say we must provide this information, but Sayer Vincent LLP says it is in line with the statutory report and accounts.

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THE CAMDEN SOCIETY

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE CAMDEN SOCIETY

SUMMARY OF MONEY For the year ended 31 March, 2022 What we have earned and what we have spent: Money in What we spent on staff Other money spent Revaluation of houses Money we spent more than money we got in What The Camden Society has at 31 March, 2022: Land, houses and buildings Equipment How much cash we have in the bank What we are owed by others What we owe to other Thera companies What we owe to others Net amount the charity owes at 31 March, 2022

£ 6,216,230 (3,831,126) (2,776,146) (-) (391,042) £ 451,770 1,416 40,799 863,159 (2,410,244) (315,224) (1,368,324)

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

(incorporating an income and expenditure account)

for the year ended 31 March 2022

Unrestricted Note £ Income from: 3 2,296 4 5,741,337 5 119,429 5,863,062 6 208,168 6,071,230 360 6,268,647 1,134 192,131 7 6,462,272 - 10 (391,042) 55,566 (335,476) Reconciliation of funds: (1,070,300) (1,405,776) Net losses on investment properties Net expenditure for the year Total funds carried forward Transfers between funds Net movement in funds Total funds brought forward Grants and Donations Charitable activities Investment Property Total income Expenditure on: Raising funds Covid-19 exceptional Income Total expenditure Net expenditure before net losses on investment properties Charitable activities (391,042) Covid-19 exceptional expenses Exceptional Items	Unrestricted Note £ Income from: 3 2,296 4 5,741,337 5 119,429 5,863,062 6 208,168 6,071,230 360 6,268,647 1,134 192,131 7 6,462,272 - 10 (391,042) 55,566 (335,476) Reconciliation of funds: (1,070,300) (1,405,776) Net losses on investment properties Net expenditure for the year Total funds carried forward Transfers between funds Net movement in funds Total funds brought forward Grants and Donations Charitable activities Investment Property Total income Expenditure on: Raising funds Covid-19 exceptional Income Total expenditure Net expenditure before net losses on investment properties Charitable activities (391,042) Covid-19 exceptional expenses Exceptional Items	Restricted £ - 145,000 -	2022 Total £ 2,296 5,886,337 119,429 6,008,062 208,168 6,216,230 360 6,413,647 1,134 192,131 6,607,272 - (391,042) - (391,042) (977,282) (1,368,324) (391,042)	Restated Unrestricted £ (4,852) 7,230,446 118,883	Restricted £ (27,325) 145,000 -	Restated 2021 Total £ (32,177) 7,375,446 118,883
	5,863,062 208,168	145,000 -		7,344,477 170,192	117,675 -	7,462,152 170,192
	6,071,230	145,000		7,514,669	117,675	7,632,344
	360 6,268,647 1,134 192,131	- 145,000 - -		360 7,857,343 431 204,586	- 150,447 - -	360 8,007,790 431 204,586
	6,462,272	145,000		8,062,720	150,447	8,213,167
	- (391,042)	- -		(51,000) (548,051)	- (32,772)	(51,000) (580,823)
	(391,042) 55,566	- (55,566)		(599,051) -	(32,772) -	(631,823) -
	(335,476) (1,070,300)	(55,566) 93,018		(599,051) (471,249)	(32,772) 125,790	(631,823) (345,459)
	(1,405,776)	37,452		(1,070,300)	93,018	(977,282)

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

BALANCE SHEET

as at 31 March 2022

COMPANY REGISTRATION NUMBER 03023588

Note Fixed assets: 15 16 Current assets: 17 Current liabilities: 18 20 23 Total unrestricted funds Investment properties Total assets less current liabilities Cash at bank and in hand Tangible assets The funds of the charity: Total net liabilities Creditors: amounts falling due within one year Net current assets Creditors: amounts falling due after one year Long term liabilities: Unrestricted income funds: Revaluation reserve Debtors General funds Total charity funds Restricted income funds	£ 863,159 40,799	2022 £ 118,186 335,000	£ 771,504 15,980	2021 £ 145,496 335,000
		453,186 588,734		480,496 443,349
	903,958 (315,224)		787,484 (344,135)
	335,000 (1,740,776)		335,000 (1,405,300)
		1,041,920 (2,410,244)		923,845 (1,901,127)
		(1,368,324)		(977,282)
		37,452 (1,405,776)		93,018 (1,070,300)
		(1,368,324)		(977,282)

Approved by the trustees on 15 December 2022 and signed on their behalf by

Jennifer Garrigan Director

Michael Curth Director

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

STATEMENT OF CASH FLOWS

for the year ended 31 March 2022

Net expenditure for the reporting period (as per the statement of financial activities) Depreciation charges Interest paid Rents from investments Revaluation of investment property Loss on the disposal of fixed assets (Increase) / decrease in debtors Increase / (decrease) in creditors Loan interest paid Cash flows from operating activities Cash flows from financing activities: Net cash provided by investing activities Net cash used in operating activities Cash flows from investing activities: Rents from investment property Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Net cash used in financing activities Change in cash and cash equivalents in the year	£ £ (391,042) 21,690 77,118 (119,429) - 5,620 (91,655) 480,206 373,550 (17,492) 119,429 119,429 (77,118) (77,118) 24,819 15,980 40,799 2022	£ £ (391,042) 21,690 77,118 (119,429) - 5,620 (91,655) 480,206 373,550 (17,492) 119,429 119,429 (77,118) (77,118) 24,819 15,980 40,799 2022	£ £ (631,823) 25,908 61,661 (118,883) 51,000 7,041 760,750 (395,281) 392,196 (239,627) 118,883 118,883 (61,661) (61,661) (182,405) 198,385 15,980 2021	£ £ (631,823) 25,908 61,661 (118,883) 51,000 7,041 760,750 (395,281) 392,196 (239,627) 118,883 118,883 (61,661) (61,661) (182,405) 198,385 15,980 2021
				(631,823)
			25,908	392,196 (239,627) 118,883 (61,661)
			61,661
			(118,883)
			51,000 7,041 760,750 (395,281)
	119,429		118,883
	(77,118)		(61,661)
		24,819 15,980		(182,405) 198,385
		40,799		15,980

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1 Accounting policies

a) Statutory information

The Camden Society is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 134 Edmund Street, Birmingham, B3 2ES. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

b) 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Going concern

The charity realised unrestricted deficits in the current year and the prior year, with a general funds balance sheet deficit. After careful consideration of the operating environment and continuing support from Thera Trust to meet the charity’s working capital needs the trustees consider that there are no material uncertainties affecting the charity's ability to continue and so can conclude that it has a reasonable expectation that it will be a going concern for the foreseeable future, deemed to be 12 months from approving these accounts. Further information is given in the trustees’ annual report.

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.

d) Funds

Unrestricted funds are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charitable company. Such funds may be held in order to finance both working capital and capital investment.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

e) Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

The Camden Society benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not included in the accounts.

The charitable company receives income from contracts and revenue grants. Income contracts and revenue grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding investment properties. Rental income in relation to the investment properties is recognised as the charity’s right to receive payment is established.

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1 Accounting policies (continued)

f) Government & local authority assistance

Government assistance in the form of Coronavirus Job Retention Scheme and Job Support Schemes is recognised as income when an eligible claim has been submitted.

Other government and local authority grants are recognised at fair value when the company has entitlement after any performance conditions have been met, the receipt is probable and the amount can be measured reliably.

g) Expenditure and irrecoverable VAT

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

• Costs of raising funds;

• Expenditure on charitable activities; and

• Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is not separately analysed and is charged to the statement of financial activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.

Support costs are central administration costs which have been recharged to the various activities using a fair allocation based on each activity's expenditure as a proportion of the total expenditure by type of cost.

Governance costs include those incurred in the governance of the charity’s assets and are primarily associated with constitutional and statutory requirements. The costs are recharged to the various activities based on the activities expenditure as a proportion of the total expenditure by type of cost.

All expenditure has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources.

The charity is exempt from income tax and capital gains tax under Section 505 ICTA 1988.

h)

Operating leases

Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.

i)

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:

• l Furniture and fittings

• l Short leasehold property

• l Motor vehicles

20% straight line over the period of the lease 20% straight line

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1 Accounting policies (continued)

j) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a revaluation reserve in the balance sheet. The valuation method used to determine fair value will be stated in the notes to the accounts.

k) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

l) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

m) Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of cash with insignificant risk of change in value.

n) 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.

o) Financial instruments

The charitable company enters into only basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

p) Pensions

The pension cost charged to the statement of financial activities represents amounts payable by the charity in the accounting period. The charity made payments to defined contribution Group Personal Pension Plans administered by AEGON and The People's Pension, and to Oxfordshire Pension Fund and the NHS Pension Fund, both of which are defined benefit schemes.

q) Parent charity and financial support

Thera Trust has provided a letter to the Trustees agreeing not to demand the repayment of any inter-company borrowings within twelve months of the date on which the balance sheet is signed and to provide support for the working capital of The Camden Society to ensure that it can continue to operate for a period of at least 12 months from the date of approval of its financial statements. A market rate of interest has been charged on balances between group companies.

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THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

2 Judgments in applying accounting policies and key sources of estimation uncertainty

The trustees of the charitable company make estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the charitable company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed in note 2 overleaf.

Management have considered whether Covid-19 has impacted on any areas of estimation in reporting these accounts. Other than the general background uncertainty created by Covid-19’s economic impact, management do not believe that it impacts on any specific aspects of the numbers reported in these accounts.

In preparing these financial statements, the directors have delegated authority to management to make the following judgements:

2 Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

Leases

The charitable company determines whether leases entered into by the charitable company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Recoverability of trade debtors

Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the statement of financial activities.

Depreciation and residual values

The Trustees have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Page 60

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

3 Income from donations and grants

Donations Big Lottery Fund - Riverside Development Project Riverside Development Grants	Unrestricted £ 2,296 - - - 2,296	£ - - - - Restricted	2022 Total £ 2,296 - - -	Unrestricted £ 1,280 - - (6,132)	£ 6,740 (9,065) (25,000) - Restricted	Restated 2021 Total £ 8,020 (9,065) (25,000) (6,132)
		-	2,296	(4,852)	(27,325)	(32,177)

4 Income from charitable activities

Supported Living Services Total income from charitable activities Community Unity Works	Unrestricted £ 279,974 - 5,461,363 5,741,337	£ - 145,000 - Restricted	2022 Total £ 279,974 145,000 5,461,363	Unrestricted £ 243,816 24,690 6,961,940	£ - 145,000 - Restricted	Restated 2021 Total £ 243,816 169,690 6,961,940
		145,000	5,886,337	7,230,446	145,000	7,375,446

5 Income from investment property

Rental income	2022 Total £ 119,429	2021 Total £ 118,883
	119,429	118,883

Rental income is unrestricted for both years.

6 Covid-19 exceptional Income

Income from central government and local authorities in relation to Covid-19 exceptional income amounted to £208,168 (2021: £170,192).

Page 61

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

7 Analysis of expenditure

Staff and agency costs Depreciation Depreciation Other support costs Property costs Property costs Other support costs Staff and agency costs	Community £ 238,921 118,574 1,106 16,995	Unity works £ 81,815 - 607 68,545	Supported living services £ 3,510,390 6,253 19,977 2,544,089	2022 £ 3,831,126 124,827 21,690 2,629,629
	375,596	150,967	6,080,709	6,607,272
	Community £ 239,274 4,365 933 21,712	Unity works £ 96,554 100,467 622 70,915	Supported living services £ 4,005,896 1,812 24,353 3,646,264	2021 £ 4,341,724 106,644 25,908 3,738,891
	266,284	268,558	7,678,325	8,213,167

Other support costs include overhead and governance costs.

Exceptional costs of £1,134 (2021: £431) have been incurred in relation to other costs.

8 Governance costs (included within other support costs) comprise:

8 Governance costs (included within other support costs) comprise:
9 External auditors' remuneration Interest payable and similar charges Interest payable on intra-group borrowings	2022 £ 15,360	2021 £ 16,068
	15,360	16,068
	2022 £ 77,118	2021 £ 61,661
	77,118	61,661

Page 62

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

10 Net expenditure for the year

This is stated after charging:

This is stated after charging:
	2022	2021
	£	£
Depreciation	21,690	25,908
Deficit on sale of fixed assets	5,620	7,041
Operating lease rentals:
Property	95,852	112,013
Other	1,172	2,237
Auditors' remuneration (excluding VAT):
Audit	11,680	11,120
Other services	1,120	2,270

Auditors’ remuneration for the group is disclosed in full in the parent charitable company and is recharged to the subsidiary as part of the overall recharge of the group's management and administration costs.

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

Staff costs were as follows:

Defined contribution Defined benefit Social security costs Agency staff Pension costs Salaries and wages	2022 £ 3,381,453 257,754 58,050 54,684	2021 £ 3,557,747 253,208 62,047 75,289
	3,751,941 79,185	3,948,291 393,432
	3,831,126	4,341,723

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

Employer pension contributions £70,000 - £79,999 These employees participated in the pension scheme during the year:	2022 No. 1	2021 No. -
	2022 £ 1,321	2021 £ -

Page 63

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

11 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel (continued)

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £113,133 (2021: £94,468). The charitable company considers its key management personnel to comprise of the Managing Director and Service Director.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2021: £nil).

12 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 196 (2021: 207).

Supported living services Central administration Staff are split across the activities of the charitable company as follows: Community services	2022 No. 15 174 7	2021 No. 8 192 7
	196	207

13 Related party transactions

There are no related party transactions to disclose for 2022 (2021: none) other than intra-group transactions as disclosed below.

Thera Trust is the parent charitable company of The Camden Society. Any balances due to or from entities within the Thera group are disclosed within the relevant debtors and creditors notes.

Thera Trust makes a recharge of management and administration costs incurred on behalf of the group to all of its subsidiaries. The specific amounts recharged to each entity are not being disclosed on the grounds that the Thera Group operates in a competitive commissioning environment and this information is commercially sensitive.

A market rate of interest has been charged on balances between Thera Trust and The Camden Society in 2022 of £77,118 (2021: £61,661).

The following other intra-group transactions were charged in the accounts of The Camden Society:

	2022	2021
	£	£
Rent receivable from Forward Housing	11,750	11,750

14 Taxation

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

Page 64

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

15 Tangible fixed assets

Cost At the start of the year Eliminated on disposal Net book value At the end of the year At the end of the year At the start of the year At the start of the year At the end of the year Charge for the year Disposals in year Depreciation	Furniture and equipment £ 30,546 (9,655)	Short leasehold property £ 410,440 (8,688)	Motor vehicles £ 3,500 (3,500)	Total £ 444,486 (21,843)
	20,891	401,752	-	422,643
	27,771 1,277 (9,573)	267,719 20,413 (3,150)	3,500 - (3,500)	298,990 21,690 (16,223)
	19,475	284,982	-	304,457
	1,416	116,770	-	118,186
	2,775	142,721	-	145,496

Motor vehicles included above were recognised using a previous market valuation as a deemed cost on transition to SORP (FRS 102). These assets were being depreciated from their valuation date on transition and were all disposed of during the year (2021: they had a net book value of £nil).

All of the above assets are used for charitable purposes.

16 Investment properties

Fair value at the start of the year Revaluation during the year Fair value at the end of the year	2022 £ 335,000 -	2021 £ 386,000 (51,000)
	335,000	335,000

In 2021, the trustees had been provided with a valuation from Jones Laing LaSalle (''JLL'') Residential Advisory Team, in accordance with the RICS Valuation Professional Standards July 2017 Global and UK Edition of the investment property that it owns. This valuation was at market value as at 31st March, 2021 and was based upon the then current and future rental yields from a lease to a Registered Housing Provider, assuming good and marketable title free from onerous or unusual restrictions, covenants or encumbrances not covered by appropriate insurances, long term CPI of 2% and a lease formally registered with HM land Registry. The trustees do not consider any further revaluation necessary at 31st March, 2022 because there have been no fundamental change in rent and cash flows on the properties however a professional revaluation will be taken at 31 March 2024.

Page 65

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

17 Debtors

Trade debtors Other debtors Prepayments and accrued income	2022 £ 395,479 132,308 335,372	2021 £ 378,981 123,993 268,530
	863,159	771,504

18 Creditors: amounts falling due within one year

Taxation and social security Other creditors Accruals and deferred income Trade creditors	2022 £ 32,360 88,274 22,474 172,116	2021 £ 45,207 67,659 50,598 180,671
	315,224	344,135

19 Deferred income

Deferred income comprises payments in advance of services.

Balance at the beginning of the year Amount released to income in the year Additionals during the year Balance at the end of the year 20 Amounts due to group undertakings Creditors: amounts falling due after one year	2022 £ 15,837 (15,837) 31,418	2021 £ 339 (339) 15,837
	31,418	15,837
	2022 £ 2,410,244	2021 £ 1,901,127
	2,410,244	1,901,127

The repayment period for the amounts owed to group undertakings is disclosed in the accounting policy called Parent charity and financial support.

Page 66

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

21 Pension schemes

AEGON Group Personal Pension Scheme

The charity participates in a Group Personal Pension Scheme administered by AEGON, which is a defined contribution scheme for the benefit of its employees. Contributions to the scheme during the year amounted to £110 (2021: £3,345). As at the balance sheet date there was nil (2021: 1) active members of the Scheme employed by the Society. The scheme was closed to new members from 29 April 2014. The amount outstanding in respect of this Scheme at the yearend was £Nil (2021: £Nil).

The People's Pension Scheme

From the 1st January 2019, The Camden Society participates in The People's Pension Fund, which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £57,940 (2021: £57,522) . The amount outstanding in respect of this Scheme at the year-end was £Nil (2021: Nil). At the balance sheet date there were 123 (2021: 147) active members of the scheme employed by the society.

Oxfordshire Local Government Pension Scheme

The Camden Society also participates in the Oxfordshire Local Government Pension Scheme. This is a multi-employer, defined benefit type scheme and the assets of the scheme are held separately from those of the charity in independent administering funds. Contributions payable during the year amounted to £47,920 (2021: £65,192 ). As at the balance sheet date there were 14 (2021: 15) active members of the Scheme employed by the society. The amount outstanding in respect of this Scheme at the year-end was £Nil (2021: £Nil).

It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the Scheme assets are co-mingled for investment purposes, and benefits are paid from total Scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS102 represents the employer contribution payable.

Oxfordshire County Council has confirmed that it will take responsibility for any funding deficit arising should The Camden Society cease to be a member in the Scheme.

NHS Pension Scheme

For some employees, who have previously worked in the NHS, The Camden Society also participates in the NHS Pension Scheme, which is a defined benefit scheme. Contributions to this scheme, which are charged against net income, are set by the Government Actuary as set out below. The pension charge for the year in respect of this Scheme was £6,763 (2021: £6,486). As at the balance sheet date there were 3 (2021: 3) active members of the Scheme employed by the Society. The amount outstanding in respect of this Scheme at the year-end was £Nil (2021: £Nil).

Past and present employees are covered by the provisions of the two NHS Pensions Schemes. Details of the benefits payable and rules of the Schemes can be found on the NHS Pensions website at: www.nhsbsa.nhs.uk/pensions.

Page 67

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

21 Pension schemes (continued)

NHS Pension Scheme

Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed to be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme: the cost to the NHS Body of participating in the scheme is taken as equal to the contributions payable to that scheme for the accounting period.

In order that the defined benefit obligations recognised in the financial statements do not differ materially from those that would be determined at the reporting date by a formal actuarial valuation, the Financial Reporting Manual (FReM) requires that ‘the period between formal valuations shall be four years, with approximate assessments in intervening years’. An outline of these follows:

a) Accounting Valuation

A valuation of scheme liability is carried out annually by the scheme actuary (currently the Government Actuary’s Department) as at the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction with updated membership and financial data for the current reporting period, and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2022, is based on valuation data as 31 March 2021, updated to 31 March 2022 with summary global member and accounting data. In undertaking this actuarial assessment, the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used.

The latest assessment of the liabilities of the scheme is contained in the report of the scheme actuary, which forms part of the annual NHS Pension Scheme Accounts. These accounts can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Stationery Office.

b) Full Actuarial (funding) Valuation

The purpose of this valuation is to assess the level of liability in respect of the benefits due under the schemes (taking into account recent demographic experience), and to recommend contribution rates payable by employees and employers.

The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2016. The results of this valuation set the employer contribution rate payable from April 2019 to 20.6% of pensionable pay.

The 2016 funding valuation also tested the cost of the Scheme relative to the employer cost cap that was set following the 2012 valuation. There was initially a pause to the cost control element of the 2016 valuations, due to the uncertainty around member benefits caused by the discrimination ruling relating to the McCloud case.

HMT published valuation directions dated 7 October 2021 (see Amending Directions 2021) that set out the technical detail of how the costs of remedy are included in the 2016 valuation process. Following these directions, the scheme actuary has completed the cost control element of the 2016 valuation for the NHS Pension Scheme, which concludes no changes to benefits or member contributions are required. The 2016 valuation reports can be found on the NHS Pensions website at https://www.nhsbsa.nhs.uk/nhs-pension-scheme-accounts-and-valuation-reports.

Page 68

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

22a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Current assets Creditors: amounts falling due within one year Investment properties Current assets Net assets at 31 March 2021 Creditors: amounts falling due after one year Analysis of net assets between funds (prior year) Tangible fixed assets Tangible fixed assets Creditors: amounts falling due within one year Investment properties Net assets at 31 March 2022 Creditors: amounts falling due after one year	Restricted reserve £ - - 37,452 -	General unrestricted £ 118,186 - 866,506 (315,224) (2,410,244)	Revaluation reserve £ - 335,000 - - -	Total funds £ 118,186 335,000 903,958 (315,224) (2,410,244)
	37,452	(1,740,776)	335,000	(1,368,324)
	Restricted reserve £ - - 93,018 - -	General unrestricted £ 145,496 - 694,466 (344,135) (1,901,127)	Revaluation reserve £ - 335,000 - - -	Total funds £ 145,496 335,000 787,484 (344,135) (1,901,127)
	93,018	(1,405,300)	335,000	(977,282)

22b Analysis of net assets between funds (prior year)

23a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds Revaluation reserve: General funds Greenwich Work Train Total funds Total unrestricted funds Investment property Islington Pro-Work Restricted funds: Big Lottery Fund Total revaluation reserves Unrestricted funds: Legacy donation	At 1 April 2021 £ 54,568 30,712 998 6,740	Income & gains £ - 145,000 - -	Expenditure & losses £ - (145,000) - -	Transfers £ (54,568) - (998) -	At 31 March 2022 £ - 30,712 - 6,740
	93,018	145,000	(145,000)	(55,566)	37,452
	335,000	-	-	-	335,000
	335,000	-	-	-	335,000
	(1,405,300)	6,071,230	(6,462,272)	55,566	(1,740,776)
	(1,070,300)	6,071,230	(6,462,272)	55,566	(1,405,776)
	(977,282)	6,216,230	(6,607,272)	-	(1,368,324)

The narrative to explain the purpose of each fund is given at the foot of the prior year movement in funds note below.

Page 69

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

23b Movements in funds (prior year)

Total restricted funds Revaluation reserve: General funds Big Lottery Fund - Riverside Development Project Islington Pro-Work Riverside Development Project Unrestricted funds: Big Lottery Fund Total unrestricted funds Investment property Greenwich Work Train Restricted funds: Total revaluation reserves Total funds Legacy donation	At 1 April 2020 £ 60,465 9,065 24,550 30,712 998 -	Income & gains £ - (9,065) (25,000) 145,000 - 6,740	Expenditure & losses £ (5,897) - 450 (145,000) - -	Transfers £ - - - - -	At 31 March 2021 £ 54,568 - - 30,712 998 6,740
	125,790	117,675	(150,447)	-	93,018
	386,000	-	(51,000)	-	335,000
	386,000	-	(51,000)	-	335,000
	(857,249)	7,514,669	(8,062,720)	-	(1,405,300)
	(471,249)	7,514,669	(8,113,720)	-	(1,070,300)
	(345,459)	7,632,344	(8,264,167)	-	(977,282)

Purposes of restricted funds

Big Lottery Fund

Employment Programme to support people with a learning disability become less isolated, improving their communication and social skills, develop new friendships and improve their health and wellbeing.

Greenwich Work Train

Employment programme that support people with a learning disability, autism and mental health issues to be work ready and move into employment. This service also develops supported volunteering opportunities for vulnerable adults.

Islington Pro-Work

Pro Work is based in City of Westminster College and aims to ensure that students attending employability courses for people with a learning disability will have a clear pathway to employment on graduation. It worked with 35 students per year from April 2016 for 3 years.

Legacy Donation

Monies to be spent in or towards the purchase of a caravan or towards any other project which may benefit the clients of West Oxfordshire Supported Living Scheme.

Prior year

Riverside Redevelopment Project

Successful fundraising had previously been agreed to invest in the development of the building. The aim of the project was to redesign the way The Riverside is used. Due to the project no longer going ahead, the funds raised are now to be returned to the donors.

Transfer of funds

The transfers above from restricted to general funds relate to costs incurred in Unity Works Social Enterprise (another subsidiary of the Thera Group) last year, but only allocated against the restricted fund in the current year.

Page 70

THE CAMDEN SOCIETY

(A charitable company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

24 Movement in net funds

ement in net funds
Cash at bank and in hand Total cash and cash equivalents	At 1 April 2021 £ 15,980	Cash flows £ 24,819	Other changes £ -	£ 40,799 At 31 March 2022
	15,980	24,819	-	40,799

25 Operating lease commitments

The charity's total future minimum lease payments payable under non-cancellable operating leases is as follows for each of the following periods

Less than one year One to five years Over five years	2022 2021 £ £ 194,206 232,498 560,030 660,105 215,743 312,836 969,979 1,205,439 Property	2022 2021 £ £ 194,206 232,498 560,030 660,105 215,743 312,836 969,979 1,205,439 Property
	969,979	1,205,439

The charity's total future minimum lease payments receivable under non-cancellable operating leases is as follows for each of the following periods

Less than one year One to five years	2022 2021 £ £ 23,764 98,567 - 222,248 23,764 320,815 Property	2022 2021 £ £ 23,764 98,567 - 222,248 23,764 320,815 Property
	23,764	320,815

26 Contingent assets or liabilities

In 1977 The Camden Society received a grant from the London Borough of Camden towards the purchase of property in Brightlingsea, Essex.

Under the grant agreement, should the property be disposed of and the proceeds not be reinvested in an alternative property for the aims of the charity, then the London Borough of Camden have the right to request a proportion of the sale proceeds.

27 Ultimate holding company

The Camden Society’s ultimate parent company is Thera Trust, a charitable company limited by guarantee (company number 3593418) and registered in England and Wales (charity number 1090163). Thera Trust is ultimately controlled by the board of trustees.

Copies of the consolidated Thera Trust financial statements are available from the Charity Commission.

Page 71