Charity number: 1046214
INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Trustees' report and financial statements
for the year ended 31 March 2022
INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
| Contents | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditor's report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 25 |
INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 March 2022
| Trustees | Richard Kozak JP |
|---|---|
| Jane Richardson JP | |
| Miss Louise Moloney | |
| Judge Tanweer Ikram | |
| District Judge Sam Goozee (resigned 15 December 2021) | |
| Senior District Judge Paul Goldspring | |
| District Judge Nina Tempia (appointed 14 March 2022) | |
| Charity registered number 1046214 Principal office Ealing Magistrates Court The Court House Green Man Lane London W13 0SD Independent auditor Sayers Butterworth LLP Chartered Accountants & Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW Bankers Barclays Bank plc 2 Victoria Street London SW1H 0ND Investment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU |
Page 1
INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Trustees' report for the year ended 31 March 2022
The Trustees present their annual report together with the audited financial statements of the charity for the year 1 April 2021 to 31 March 2022.
Objectives and activities
a. Objectives
The objectives of the Charity continue to be the relief of need, hardship and distress of those persons who have been concerned directly or indirectly in any proceedings at Magistrates Courts in the London region including Family and Youth Courts. These are met through relief payments directed by the Trustees, through donations to appropriate organisations or institutions having similar charitable objectives.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Grant-making policies
The Charity has established its grant making policy to achieve its objects for the public benefit. The Trustees invite applications for grants from the courts themselves, the probation services and organisations involved in identifying and relieving need and hardship suffered in prison. The Trustees are also aware that the needs and hardship of those who come into contact with the courts are often associated with homelessness, substance misuse, domestic violence and poverty and applications are invited from organisations which provide relief in those areas specifically to beneficiaries in the London region. The Trustees do not commit to repeat or renew a relief grant on any occasion.
Achievements and performance
a. Achievements of the charity
The Charity has achieved its main objective for the year which was to maintain the level of funds available for grant giving. Grants were made to 22 different organisations during the year and the total value of grants given was similar to that of 2020-21. This was achieved following the review of investment management and setting clear investment and income objectives.
While the Trustees are satisfied with the level of applications from appropriate charities, applications from courts and the probation services have been more difficult to achieve following reorganisation in recent years. More work is needed to encourage applications from courts and the probation service as both are well placed to identify how those most in need of the Charity's help can be assisted.
b. Going concern
After making appropriate enquiries, the Trustees have a resonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Trustees' report (continued) for the year ended 31 March 2022
Achievements and performance (continued)
c. Investment policy and performance
Under the Charity scheme, the Trustees are permitted to apply the income, and, at their discretion, the whole of part of the assets for charitable purposes. The investment objective of the Charity is to at least maintain the real value of assets within a moderate level of risk whilst generating a stable and sustainable return to fund relief payments. In order to achieve this, the Trustees have appointed an independent investment manager, as their agent, to manage the investment portfolio which is invested in Sarasin's Charity Authorised Investment Funds covering a broad range of suitable asset classes. The investment objective set at 1 April 2015 is to generate a total return over the long term of inflation plus 4% per annum after investment management fees which are charged to the funds.
The Trustees adopt a total return approach to withdrawals subject to advice provided the them by the Charity's investment managers, Sarasin and Partners LLP, on income or investment allocation. However, the portfolio has generated sufficient investment income this year in order to cover the outgoings of the Charity for the year.
For the year to 31 March 2022 the total return for the portfolio was 4.9% (net of fees), as investment markets continued to recover from the pandemic but also navigated heightened economic uncertainty and geopolitical challenges. This return was behind the composite benchmark (which is gross of fees) at 9.1% and the ARC Steady Growth Charity Index (the most relevant peer group) of 6.3%. Over the last 5 years, the porfolio has generated an annualised return of 6.9% (net of fees) with UK CPI measuring 2.5% per annum over the same period. As a result, the portfolio has grown ahead of the Charity's overall target of inflation plus 4% over the medium to long term, as well as the ARC Steady Growth Charity Index which returned 5.5% per annum over the same period.
Financial review
a. Financial review
The principal source of income for the Charity continues to be the income realised from the investment portfolio. The Trustees seek to obtain the best possible return from the portfolio whilst maintaining an appropriate level of safeguarding with regards to the value of the investments.
Expendable endowment funds at 31 March 2022 were £5.27 million (2021: £5.16 million), being the value of the investment portfolio at that date. Unrestricted funds at 31 March 2022 were £82,943 (2021: £77,346). A transfer of £2,783 (2021: £1,213) was made from unrestricted funds to expendable endowment funds in the year ended 31 March 2022 in relation to further additions in the investment fund from income generated.
In the year under review, grants totalling £130,250 have been made to the organisations and charities detailed in note 6.
b. Reserves policy
The Trustees aim to make charitable distributions in line with the level of income generated from the investment portfolio on an annual basis. However, they retain the right to make distributions from capital in line with their total return approach where income falls short of target levels of donation.
The Trustees intend to always retain unrestricted funds of a minimum of £20,000 to cover working capital to ensure continued running of the organisation for at least 12 months.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Trustees' report (continued) for the year ended 31 March 2022
Structure, governance and management
a. Constitution
Inner London Magistrates' Courts' Poor Box and Feeder Charity is a registered charity, number 1046214, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Plans for future periods
The Trustees aim to at least maintain the current level of grant giving in future years dependent upon investment performance. Increasing inflation and the cost of living are likely to have an adverse impact on the funding of organisations which the Charity supports and as a result it is likely that applications for grants will increase. In uncertain times, the challenge for the Trustees will be to maintain the level of grant giving while maintaining the real value of the Charity's assets.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report 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 & 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 charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Trustees' report (continued) for the year ended 31 March 2022
Disclosure of information to auditor
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Auditor
The auditor, Sayers Butterworth LLP, has indicated its willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Senior District Judge Paul Goldspring Trustee
Date:
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Independent auditor's report to the Members of Inner London Magistrates' Courts' Poor Box and Feeder Charity
Opinion
We have audited the financial statements of Inner London Magistrates' Courts' Poor Box and Feeder Charity (the 'charity') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Independent auditor's report to the Members of Inner London Magistrates' Courts' Poor Box and Feeder Charity (continued)
Other information
The other information comprises the information included in the 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Independent auditor's report to the Members of Inner London Magistrates' Courts' Poor Box and Feeder Charity (continued)
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 is detailed below:
Discussions were held with, and enquiries made of the Trustees with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, and Charity Law.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding, and health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of the Trustees as to whether the entity complies with such laws and regulations; inspection of relevant legal correspondence; review of Trustee meeting minutes; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing, and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Independent auditor's report to the Members of Inner London Magistrates' Courts' Poor Box and Feeder Charity (continued)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor
3rd Floor
12 Gough Square
London
EC4A 3DW
Date:
Sayers Butterworth LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Statement of financial activities for the year ended 31 March 2022
| Note Income and endowments from: Investments 3 Total income and endowments Expenditure on: Investment management costs 4 Charitable activities 5 Total expenditure Net income before net gains on investments Net gains on investments Net income Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Expendable endowment funds 2022 £ - - - - - - 110,804 110,804 2,783 113,587 5,156,078 113,587 5,269,665 |
Unrestricted funds 2022 £ 182,201 182,201 36,094 137,727 173,821 8,380 - 8,380 (2,783) 5,597 77,346 5,597 82,943 |
Total funds 2022 £ 182,201 182,201 36,094 137,727 173,821 8,380 110,804 119,184 - 119,184 5,233,424 119,184 5,352,608 |
Total funds 2021 £ 190,544 |
|---|---|---|---|---|
| 190,544 | ||||
| 33,746 143,915 |
||||
| 177,661 | ||||
| 12,883 850,628 |
||||
| 863,511 - |
||||
| 863,511 | ||||
| 4,369,913 863,511 |
||||
| 5,233,424 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 25 form part of these financial statements.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Balance sheet as at 31 March 2022
| Note Fixed assets Tangible assets 8 Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Total net assets Charity funds Expendable endowment funds 12 Unrestricted funds 12 Total funds |
166,148 166,148 (83,547) |
2022 £ 342 5,269,665 5,270,007 82,601 5,352,608 5,352,608 5,269,665 82,943 5,352,608 |
173,648 173,648 (96,815) |
2021 £ 513 5,156,078 |
|---|---|---|---|---|
| 5,156,591 76,833 |
||||
| 5,233,424 | ||||
| 5,233,424 | ||||
| 5,156,078 77,346 |
||||
| 5,233,424 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Jane Richardson JP
Trustee
Date:
The notes on pages 13 to 25 form part of these financial statements.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Statement of cash flows for the year ended 31 March 2022
| Cash flows from operating activities Net cash used in operating activities Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cash used in investing activities 14 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 13 to 25 form part of these financial statements |
2022 £ (4,717) - - (2,783) (2,783) (7,500) 173,648 166,148 |
2021 £ 16,223 (684) 864,986 (866,199) (1,897) 14,326 159,322 173,648 |
|---|---|---|
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (Second Edition), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following '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) (Second Edition)' rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Inner London Magistrates' Courts' Poor Box and Feeder Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The trustees have a resonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, and for a minimum period of twelve months from the approval of these financial statements. There are no material uncertainties regarding going concern. For this reason they continue to adopt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
1. Accounting policies (continued)
1.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
All expenditure is inclusive of VAT.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
- Equipment 25% straight line
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
1. Accounting policies (continued)
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are investments held by the charity for the purpose of generating income for application at the discretion of the Trustees to meet the charitable objectives.
Investment income, gains and losses are allocated to unrestricted funds in order to be available for distribution by the Trustees.
2. Critical accounting estimates and areas of judgment
Estimates and judgments 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.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. 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 discussed below.
Critical areas of judgment:
- (i) Impairment of fixed asset investments
The charity makes an assessment to determine whether there are indicators of impairment of the charity's fixed asset investments. Factors taken into consideration in reaching such a decision include potential prevailing economic conditions.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
3. Investment income
| Unrestricted funds 2022 £ Income from investment portfolio 182,201 Unrestricted funds 2021 £ Income from investment portfolio 190,544 Investment management costs Unrestricted funds 2022 £ Investment management fees 36,094 Unrestricted funds 2021 £ Investment management fees 33,746 |
Total funds 2022 £ 182,201 |
|---|---|
| Total funds 2021 £ 190,544 |
|
| Total funds 2022 £ 36,094 |
|
| Total funds 2021 £ 33,746 |
4. Investment management costs
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Grants and relief payments 130,250 Support costs 7,477 Total 2022 137,727 Unrestricted funds 2021 £ Grants and relief payments 136,000 Support costs 7,915 Total 2021 143,915 |
Total funds 2022 £ 130,250 7,477 |
|---|---|
| 137,727 | |
| Total funds 2021 £ 136,000 7,915 |
|
| 143,915 |
6. Analysis of expenditure by activities
| Grants and relief payments Support costs Total 2022 |
Activities undertaken directly 2022 £ 130,250 - 130,250 |
Support costs 2022 £ - 7,477 7,477 |
Total funds 2022 £ 130,250 7,477 |
|---|---|---|---|
| 137,727 |
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
6. Analysis of expenditure by activities (continued)
| Grants and relief payments Support costs Total 2021 Analysis of direct costs Grants and relief payments Grants payable included in the above: 999 Club AET (Alcohol Education Trust) Beam Centrepoint Clapton Common Boys Club Clean Break East End CAB Emmaus SLC Frontline Glass Door Inner London Probation Service Subtotal |
Activities undertaken directly 2021 £ 136,000 - 136,000 |
Support costs 2021 £ - 7,915 7,915 Total funds 2022 £ 130,250 2022 £ 3,500 5,000 - 5,000 - 7,500 - 9,000 - 5,000 1,250 36,250 |
Total funds 2021 £ 136,000 7,915 |
|---|---|---|---|
| 143,915 | |||
| Total funds 2021 £ 136,000 |
|||
| 2021 £ 4,500 - 5,000 5,000 2,500 7,000 5,000 - 5,000 5,000 - |
|||
| 39,000 |
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
6. Analysis of expenditure by activities (continued)
| Subtotal brought forward Key4Life Only Connect PACT Prison Fellowship Refuge Spitalfields Crypt Trust St Andrews St Giles Trust St Hilda's St Mungo's Support Through Court Thames Reach The Big Issue The Felix Project The Manna Society The Margins Society The Passage Tower Hamlets Toynbee Hall WLM Less: unclaimed grants Total grants payable |
2022 £ 36,250 10,000 5,000 12,500 5,000 7,500 5,000 5,000 15,000 - - 5,000 5,000 5,000 5,000 - 5,000 - 5,000 5,000 - 136,250 (6,000) 130,250 |
2021 £ 39,000 |
|---|---|---|
| - 5,000 12,500 - 7,500 - - 10,000 7,000 10,000 5,000 - 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 |
||
| 136,000 - |
||
| 136,000 |
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Audit fee (including 20% VAT) Administration costs Depreciation Bank charges |
2022 £ 5,903 1,302 171 101 7,477 |
2021 £ 6,348 1,333 171 63 7,915 |
|---|---|---|
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
8. Tangible fixed assets
| Cost or valuation At 1 April 2021 At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Computer equipment £ 2,162 |
|---|---|
| 2,162 | |
| 1,649 171 |
|
| 1,820 | |
| 342 | |
| 513 |
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
9. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Listed investments £ 5,156,078 2,783 110,804 |
|---|---|
| 5,269,665 | |
| 5,269,665 | |
| 5,156,078 |
All investments are carried at their fair value.
10. Creditors: Amounts falling due within one year
| Accruals Grants payable |
2022 £ 7,547 76,000 83,547 |
2021 £ 7,815 89,000 96,815 |
|---|---|---|
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
11. Financial instruments
| Financial assets Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2022 £ 5,269,665 166,148 5,435,813 2022 £ 83,547 |
2021 £ 5,156,078 173,648 |
|---|---|---|
| 5,329,726 | ||
| 2021 £ 96,815 |
Financial assets measured at fair value through income and expenditure comprise fixed asset investments which are measured at market value.
Financial assets measured at amortised cost comprise cash at bank.
Financial liabilities measured at amortised cost comprise accruals.
.
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
12. Statement of funds
Statement of funds - current year
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | Transfers | Gains/ | 31 | March | |||
| April 2021 | Income | Expenditure | in/out | (Losses) | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted | |||||||
| funds | |||||||
| General Funds - | |||||||
| all funds | 77,346 | 182,201 | (173,821) | (2,783) | - | 82,943 | |
| Endowment | |||||||
| funds | |||||||
| Endowment | |||||||
| Fund - | |||||||
| expendable | 5,156,078 | - | - | 2,783 | 110,804 | 5,269,665 | |
| Total of funds | 5,233,424 | 182,201 | (173,821) | - | 110,804 | 5,352,608 | |
| Statement of funds - prior year | |||||||
| As restated | Balance at | ||||||
| Balance at | Transfers | Gains/ | 31 March | ||||
| 1 April 2020 | Income | Expenditure | in/out | (Losses) | 2021 | ||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted | |||||||
| funds | |||||||
| General Funds - | |||||||
| all funds | 65,676 | 190,544 | (177,661) | (1,213) | - | 77,346 | |
| Endowment | |||||||
| funds | |||||||
| Endowment | |||||||
| Funds - | |||||||
| expendable | 4,304,237 | - | - | 1,213 | 850,628 | 5,156,078 | |
| Total of funds | 4,369,913 | 190,544 | (177,661) | - | 850,628 | 5,233,424 |
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Expendable endowment funds 2022 Unrestricted funds 2022 £ £ - 342 5,269,665 - - 166,148 - (83,547) 5,269,665 82,943 |
Total funds 2022 £ 342 5,269,665 166,148 (83,547) 5,352,608 |
|---|---|---|
14. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains on investments (decrease)/Increase in creditors Net cash provided by/(used in) operating activities 15. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2022 £ 119,184 171 (110,804) (13,268) (4,717) 2022 £ 166,148 166,148 |
2021 £ 863,511 171 (850,628) 3,169 16,223 2021 £ 173,648 173,648 |
|---|---|---|
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INNER LONDON MAGISTRATES' COURTS' POOR BOX AND FEEDER CHARITY
Notes to the financial statements for the year ended 31 March 2022
16. Analysis of changes in net debt
| At 1 April | At 31 March | ||
|---|---|---|---|
| 2021 | Cash flows | 2022 | |
| £ | £ | £ | |
| Cash at bank and in hand | 173,648 | (7,500) | 166,148 |
17. Related party transactions
There were no related party transactions during the current or prior year.
Page 25