REGISTERED CHARITY NUMBER: 1046214 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st Marcb 2025 for The Inner London Magistrates Courts, Poor Box S Syedain & Co First Floor 87 Kenton Road Harrow HA3 OAH
The Inner London Magistrates Courts, Poor Box Contents of the Financial Statements for the Year Ended 31st March 2025 Page Reference and Administrative Details Report of the Trustees Independent Examiller's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 18 Detailed Statement of Financial Activities 19
Tbe Inner London Magistrates Courts, Poor Box Reference and Administrative Details for the Year Ended 31st March 2025 TRUSTEES SDJ Paul Goldspring Jane Smith JP DJ (MC) Nina Tempia DSDJ Tanweer Ikram Louise Moloney Richard Kozak JP PRINCIPAL ADDRESS Ealing Magistrates, Court 448 High Road London NWIO 2DZ REGISTERED CHARITY 1046214 NUMBER INDEPENDENT EXAMINERS Syedain & Co First Floor 87 Kenton Road Harrow HA3 OAH BANKERS Barclays Bank PIC 3 Victoria Street London SWIH OND INVESTMENT ADVISERS Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Page I
The Inner London Magistrates Courts, Poor Box Report of the Trustees for the Year Ended 31st March 2025 The trustees present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims 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 charity (PB2)'. 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 Charitable activities 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 32 (2024: 31) different organisations during the year and the total value of granis given was £170,000 {2024:£158,000). 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 idcntify how those most in need of the Charity's help can be assisted. Page 2
The Inner London Magistrates Courts, Poor Box Report of the Trustees for tbe Year Ended 31st March 2025 ACHIEVEMENTS AND PERFORMANCE Investment performance Under the Charity scheme, the Trustees are perniitted 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 ihe real value of assets within a moderate level of risk whilst generating a stable and sustainable return to fund relief payments. In order io 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 l April 2015 is to generate a total return over the long tern] of inflation plus 4 % per annum after investment management fees which are charged to the funds. The Trustees adopt a iotal 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. In addition to the investment income of £147,253, there was capital distributed of £153,854. For the year to 31 March 2025, the total return for the portfolio was +3.9 % (2024: +11.10/0) (net of fees). This return was behind the composite benchmark (which is gross of fees) of +4.9 %, but ahead of the ARC Steady Growth Charity Index (the most relevant peer group) of +2.7%. Over the last 5 years, the portfolio has generated an annualised return of 7.7 % (net of fees) with UK CPI measuring 4.7 % per annum over the same period. As a result, the portfolio hasn't grown ahead of the Charity's overall targyet of inflation plus 4 % over the medium to long tern], but is ahead of the ARC Steady Growth Charity Index which returned 7.3 % per annum over the same period. FINAIYCIAL REVIEW Financial review The principal source of income for ihe 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 endowinent funds at 31 March 2025 were £5.41 million (2024: £5,28 million), being the value of the investment portfolio at that date. Unrestricted funds at 31 March 2025 were £58,283 (2024: £85,113). A transfer of £4,624 (2024: £1,937) was made from unrestricted funds to expendable endowment funds in the year ended 31 March 2025 in relation to further additions in the investment fund frorn income generated. In the year under review, grants totalling £170,000 (2024:£158,000) have been made to ihe organisations and charities detailed in note 5. Page 3
The Inner London Magistrates Courts, Poor Box Report of the Trustees for the Ycar Ended 31st March 2025 PLANS FOR FuRE PERIODS
:". The Trubtees aiin lo at leasl maintain the CiiJTeni ILvel of grant b¥jvjiig in future years dependent ,è>% upon investmeni perfonnance. IiicrLasing intlation and the cost of livingj are likely lo have an I '. £, adverse inipact on the tiinding of Organi.111nS which ihe Charity supports and as a Tcsult it is likcly thal applications for granls will increase. In uncertain timcs, the challenge for the Trustees will be to maintain the l¢N'el ofwl biiving while mainthining d)e real value of thc Charity's assels. STRUCTURE, GOVERNANCE AND MATrIAGENqÉNT Goi'erning docunient The charity is controlled by its g0verniiig.duMen a deed of trust and constilutes an unincorporated Lharity. . Recruitment and appointment of new trustees ' The management of the charity is th¢ responsibility of the Trusl¢es, who are elected and co-opted , wider the tenns of.the Trust deed. 'When a Twstee's tem] is about to end, they are invited io renew their tem. Ir the T]Ce is unable to, the matter is discussed ai the next Truslees, rneeting and altcmative candidates are put forward. Candidates are chosen by The Chief Magistrate from the ma8lStratcs' lislinss. and whosoever is potentially available and interested in becoming a Trustee of the charity is invita to b¢ norninated. A simple majority vote Is"tsk•xt{Us,.rnC1tig to elect the new TrustFQ: pro by ordcr of the board of trustees on 28th July 2025 and signcd on its behalf by: JPau oldsp g - Trust Page 4
IDdependent Examiner's Report to the Trvste£s of Tbe Inner LolldoD Magtstrates Courts, Poor Box Illdependent examiner's report to the trustees of The Inner IA)Ddon Magittrats Courts, Poor I reF4)rt to the chatity. trnstees on niy examination of the accounts of The In Ltmdon Magistrates cots, Poor BOY (the Trust) for die year eded 31 st March 2025. Responsibililies aDd basis of rep)rt As the charity tTUStces of tlie Trust }".ou are responsible for the preparation of the accounts in accnrdance with the requirements of the Charities Act 2011 (the Aci.). I rewrt in rewt of my examination of the Trusvs ats rIed out undff sli0n 145 of tl Act ld in cawin8 Out my examination I have follovied all aN)Jicable Directions gi%'en by the C,harity con1&$10n under Section 145(£)(b) of the ACL Independent eTamlner's statement I have Lompletej my examin1¢ tion. I confirni that no matrrial matters have come to my attention in conn¢ction with th¢ examination giving me cause to belieiie that in an> Mala1 W: aUnting ordS were not kept in r¢sp¢ct of the T as required by Sec4ion 130 of the A¢t" or the Jxoiints do not accord with those records" or the aLcounts do not coniply witl) the applicable requirements conceTning the form and content of acc4)unts set out in the Charities (Awounts and Reports) Regulations 21x18 other than any requirement that the accounts giTre a true and fair view which is not a mattu consided as part of an independent examtnation. I have no concerns and have come across no other matters in COnntIon with the examination to which attention should be drawn in this report in orts to enable a proFtr undost8nding of the awunts to be reachd. Tahira Siddiqui MSG FCA 'I'he Institute of Chartered Accountsnts in England and Wa]es S Syedain & Co First FIr 87 Kenton Road Harrow HA3 OAH thte.. Page 5
The Inner London Magistrates Courts, Poor Box Statement of Financial Activities for the Year Ended 31st March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted Endowment fund fund Notes INCOME AND ENDOWMENTS FROM Investment income 199,022 199,022 186,371 EXPENDITURE ON Investment management costs Investment management costs 44.210 44,210 33,899 44.210 44,210 33,899 Charitable activities Charitable activites Support costs 170,000 6.899 170,000 6,899 158,000 4,782 Other 119 119 171 Total 221,228 221,228 196,852 Net gains on investments 128,784 128,784 320,953 INET INCOMEI(EXPENDITURE) Transfers between funds (22,206) (4,624) 128,784 4,624 106,578 310,472 Iyet movement in funds (26,830) 133,408 106,578 310,472 RECONCILIATION OF FUNDS Total funds brought forward 85,113 5,279,378 5,364,491 5,054,019 TOTAL FUNDS CARRIED FORWARD 58 ?83 5,412,786 5,471,069 5,364,491 The notes fonn part of these financial statements Page 6
The Inner London l981strAIes Courts, Poor Box Balance Sheet .., 31st March 2025 31.3.25 Toial 31.3.24 Toial funds uiirtstr1Li Endowment rund Notes . FIXED ASSETS Investmcnts 5,412,786 5.412.786 5.279.378 CURRENT ASSETS Cash at bank -: 161,508 161,508 177,163 CREDITORS Amounts falling due within one year 10 (103,225) (103225) (92,050) NET CURREIYT ASSETS 58,283 58283 85,113 TOTAL ASSETS LESS CURREIYT I LIABILITIES .. 58,283 5,412,786.- 5.471.(K)9 5364.491 NET ASSETS . 8,283V 5,412,786 5,471.069 . 5,364,491 FUNDS Unrestricted funds: General fund Endowment funds: - Expendable Endowment Fund ' 58283 85,113 5,412.786 5.279,378 TOTAL FUNDS 5,471.069 5,364,491 The financial statements were approved by the Board of TneeS and authoris¢d for issue on 28th July 2025 and were signed on its behalf by: 4 DSDJ Tanweer Ikram - Tnistee . The notes forn] part of these financial statements Page 7
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements for the Year Ended 31st March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, 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) (effeclive l January 20) 9),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modifEed by the revaluation of certain assets. 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 hisiorical cost or transaction value unless otherwise stated in the relevant accounting policy. Income Income soley represents amounts earned from the Charity's investments and the portfolio held with the investment managers. All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be mearsured reliably. Expenditure Liabilities are recognised as expenditu as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related 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 resources. Expenditure on raising funds includes all expenditUTe incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objcctlV¢s, as well as any associated support costs. Grants paid to institutions are recognised when the grants have been approved by the Trustees. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Page 8 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES- continued Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment 25 % on cost Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives 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 End0nent funds are investments held by the charity for the purposes 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. Investments Fixed asset investments are a fonn 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 impainnent. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/{Losses) on investments, in the Statement of financial activities. Cash at bank and in hand Cash at bank and in hand includes cash and short-tern] 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. 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 settlernent can be estimated reliably. Page 9 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES- continued 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. 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. 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 assumpiions: 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) Impairnient of fixed asset investments The charity makes an assessment to detern]ine whether there are indicators of impairnient of the charity's fixed asset investments. Factors taken into consideration in reaching such a decision include potential prevailing economic conditions. Page 10 continued...
The IDuer London Magistrates Courts, Poor Box otes to the Financial Statements - continued for the Year Ended 31st March 2025 IIYVESTMENT INCOME 31.3.25 31.3.24 Income from investments 199,022 186,371 INVESTMENT MANAGEMENT COSTS 31.3.25 31.3.24 Investment management fees 44,210 33,899 GRANTS PAYABLE 31.3.25 31.3.24 Charitable activites 170,000 158,000 Page 11 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2025 GRANTS PAYABLE- continued The total grants paid to institulions during the year was as follows: 31.3.25 31.3.24 AET Alcohol Education Trust Clean Break 999 Club Clapton Common Boys Club Crosslight Advice East End CAB Emmaus Family Holiday Charity Frontline Glass Door Groundswell Just for Kids Key4Life Little Angles Theatre MAMA Youth project Marylebone Project (The Sanctuary) Only Connect PACT PAS (prison advice service) Prison Radio Refuge SCT Spitaifields Crypt Trust Shannon Trust Spires Centre St Andrews Youth Club St Giles Trust St Hilda's St Mungo's The Big Issue The Felix Project The Manna society The Upper Room Tower Hamlets Mission Prisoners, Education Trust The Talk about Trust Standout Programmes Support through Court Treasures Foundation The Liberty Choir New Bridge Standing Together against Domestic Abuse 7,500 5,000 5,000 2,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 500 5,000 5,000 5,000 12,500 5,000 5,000 5,000 5,000 12,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 7,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Page 12 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2025 GRANTS PAYABLE- continued Fine Cell Work 5,000 170,000 158,000 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 st March 2025 nor for the year ended 31 st March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 3 1st March 2025 nor for the year ended 3 1st March 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund fund Total funds INCOME AND ENDOWMENTS FROM Investment income 186,371 186,371 EXPENDITURE ON Investment management costs Investment management COSIS 33,899 33,899 33,899 33,899 Charitable activities Charitable activites Support costs 158,000 4,782 158,000 4,782 Other 171 171 Total 196,852 196,852 Net gains on investments 320,953 320,953 NET INCOMEI{EXPENDITURE) Transfers between funds {10,481) (1,937) 320,953 1,937 310,472 Page 13 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Endowment fund fund Total funds Net movement in funds {12,418) 322,890 310,472 RECONCILIATION OF FUNDS Total funds brought fonvard 97,531 4,956,488 5,054,019 TOTAL FUNDS CARRIED FORWARD 85,113 5,279,378 5,364,491 TANGIBLE FIXED ASSETS Computer equipment COST At I st April 2024 and 31 st March 2025 2,162 DEPRECIATION At 1st April 2024 and 3 1st March 2025 2,162 IYET BOOK VALUE At 3 1st March 2025 At 3 1st March 2024 Page 14 continued...
The Inner London Magistrates Courts, Poor Box Iyotes to the Financial Statements - continued for the Year Ended 31st March 2025 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At I st April 2024 Additions Revaluations 5,279,378 4,6?4 128,784 At 31 st March 2025 5,412,786 NET BOOK VALUE At 3 1st March 2025 5,412,786 At 3 Ist March 2024 5,279,378 All investments are carried at their fair valuc. 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Grants payable Accrued expenses 97,500 5,725 88,000 4,050 103,225 92,050 11. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.25 At 1.4.24 Unrestricted funds General fund 85,113 (22,206) (4,624) 58,283 Endowment funds Expendable Endowment Fund 5,279,378 128,784 4,624 5,412,786 TOTAL FUNDS 5,364,491 106,578 5,471,069 Page 15 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - coDtiDued for the Year Ended 31st March 2025 11. MOVEMENT IN FUIYDS- coDtiDued Net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund 199.022 (221,228) (22,206) Endowment funds Expendable Endowment Fund 128,784 128,784 TOTAL FUNDS 199,022 (221,228) 128,784 106,578 Comparatives for movement ID funds Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 97,531 (10,481) (1,937) 85,113 Endowment funds Expendable Endowment Fund 4,956,488 320,953 1,937 5,279,378 TOTAL FUNDS 5,054,019 310,472 5,364,491 Page 16 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - Continued for the Year Ended 31st March 2025 11. MOVEMENT IN FUNDS- continued Comparative net movement in fLmds, included in the above are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund 186,371 (196,852) (10,481) Endowment funds Expendable Endowment Fund 320,953 320,953 TOTAL FUNDS 186,371 (196,852) 320,953 310,472 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.3.25 At 1.4.23 Unrestricted funds General fund 97,531 (32,687) (6,561) 58,283 Endowment funds Expendable Endowment Fund 4,956,488 449.737 6,561 5,412,786 TOTAL FUNDS 5,054,019 417,050 5,471,069 Page 17 continued...
The Inner London Magistrates Courts, Poor Box Notes to the Financial Statements - continued for the Year Ended 31st March 2025 11. MOVEMENT IN FUNDS- continued current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming Resources resources expended Gains and Movement losses in funds Unrestrieted funds General fund 385,393 {418,080) (32,687) Endowment funds Expendable Endowment Fund 449,737 449,737 TOTAL FUNDS 385,393 (418,080) 449,737 417,050 12. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 st March 2025. 13. FINAIYCIAL INSTRUMENTS Financial assets 2025 2024 Financial assets rneasured at fair value through income and expenditure Financial assets measured at amortised cost £5,412,787 £5,351,886 £161508 £177 163 £5 574 295 £5 529 049 Financial liabilities 2025 £103 225 2024 £92 050 Financial liabilities measured at amortised cost Financial assets measured at fair value through income and expenditure comprise fixed asset investments which are measured at market valu¢. Financial assets measured at amortised cost comprise cash at bank. Financial liabilities measured at arnortised cost comprise accls. Page 18
The Inner London Magistrates Courts, Poor Box Detailed Statement of Financial Activities for the Year Ended 31st March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Investment income Income from investments 199,022 186,371 Total incoming resources 199,022 186,371 EXPENDITURE Investment management costs Investment management fees 44,210 33,899 Charitable activities Grants paid 170,000 158,000 Other Depreciation 171 Support costs Finance Bank charges 119 105 Governance costs Accounts Fees Administration costs 5,725 1,174 3,750 927 6,899 4,677 Total resources expended 221,228 196,852 Net expenditure before gains and losses (22,206) (10,481) Realised recognised gains and losses Realised gains/(losses) on fixed asset investments 128,784 320,953 Net income 106,578 310,472 This page does not forni part of the statutory funCIal ststements Page 19