2020-12-31-accounts

Whitefield Charity SK Corporation

Your ref: MB/JFR/9128

Goodman Jones LLP 29/30 Fitzroy Square London WIT 6LQ

Dear Sirs

WHITEFIELD CHARITY SK CORPORATION

Financial statements for the period ended 31 December 2020 prepared in accordance with The Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice in accordance with the Financial Reporting Standard 102 issued in July 2014 and United Kingdom Generally Accepted Accounting Practice (GAAP).

This representation letter is provided in connection with your independent examination of the financial statements for the above period.

Financial statements

1. We have fulfilled our responsibilities as the Trustees, as set out in the terms of your engagement letter and under the Charities Act 2011 for preparing financial statements in accordance with the applicable financial reporting framework which give a true and fair view of the financial position of the Charity as of the above date and of the results of its activities for the period then ended and for making accurate representations to you as independent examiners.

2. Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

3. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.

4. We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the applicable financial reporting framework.

5. Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the applicable financial reporting framework.

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1. All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements.

2. We confirm the financial statements are free of material misstatements, including omissions. We believe that any uncorrected misstatements identified during the independent examination are immaterial, both individually and in aggregate to the financial statements as a whole.

3. We confirm that, having considered our expectations and intentions including the availability of future income, the Charity is a going concern as it is able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. We confirm that the disclosures in the financial statements are an accurate reflection of the reasons for our consideration that the financial statements should be drawn up on a going concern basis.

4. We confirm that all grants, donations and other income, including those subject to special terms or conditions or received for restricted purposes, have been notified to you. There have been no breaches of terms or conditions during the period regarding the application of such income.

5. We confirm that all income subject to restrictions imposed by the donor has been analysed and included within the appropriate restricted fund. We confirm that all expenditure relating to the restricted fund have been identified and allocated to the appropriate restricted fund.

6. We confirm that we are not aware of any matters of material significance that should be reported to the Charity Commission.

Information provided

1. All accounting records and relevant information have been made available to you for the purposes of your independent examination. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to obtain independent examination evidence. All other records and related information, including minutes of all management and Trustees’ meetings, have been made available to you.

2. All transactions undertaken by the Charity have been properly reflected in the accounting records and are reflected in the financial statements.

3. We acknowledge our responsibility for the design, implementation, and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.

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1. We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have a significant role in internal control, or others, where fraud could have a material effect on the financial statements.

2. We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.

3. We confirm that we are not aware of any possible or actual instance of noncompliance with those laws and regulations which provide a legal framework within which the Charity conducts its business and which could affect the financial statements, except as explained to you and as disclosed in the financial statements.

4. The Charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of noncompliance.

5. We confirm that the related party relationships and transactions set out below are a complete list of such relationships and transactions and that we are not aware of any further related parties or transactions.

Related Party	Relationship	Nature of transaction
Constance Jackson	Trustee	None
Janet Marie Bagby	Trustee	None
Michael Brown	Trustee	None
Renee Kuo	Trustee	None
Jennifer Mills-Knutsen	Trustee	None
Nancy Rafanelli	Trustee (resigned 31 December 2020)	None
Alex Brown	Director (key management personnel)	Remuneration

We confirm that we are aware that a related party of the Charity is a person or organisation which either (directly or indirectly) controls, has joint control of, or significantly influences the Charity, or vice versa, and as a result will include:members (as a guide those with more than 20% of voting rights), trustees, other key management, close family and the other business interests of the same defined parties.

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1. The Charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.

2. There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.

3. The Charity has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities (including loans, quasiloans or credit transactions) for the Trustees, nor to guarantee nor provide security for such matters, except as already disclosed in the accounts.

4. The Charity has been recognised by HM Revenue & Customs as a charity for taxable purposes. During the year, the Charity did not receive any taxable income or gains.

5. We confirm that the Charity’s governing document does not specify any form of professional audit. We confirm that no Trustee or member of the Charity requires an audit. We confirm that no donor requires an audit of annual accounts as part of the grant conditions and an audit is not required for any other reason.

We confirm that to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.

Yours faithfully

Signed on behalf of the Board of Trustees by:

………………………………………………. Constance Jackson, Chair

27-10-21

Date:………………………………………

1995391v1

Charity number: 1051770

WHITEFIELD CHARITY SK CORPORATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

WHITEFIELD CHARITY SK CORPORATION

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 6
Independent Examiner's Report	7 - 8
Statement of Financial Activities	9
Balance Sheet	10
Notes to the Financial Statements	11 - 25

WHITEFIELD CHARITY SK CORPORATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

Constance Jackson, Chair Janet Marie Bagby, Trustee Michael Brown, Trustee Renee Kuo, Trustee Jennifer Mills-Knutsen, Trustee Nancy Rafanelli, Trustee (resigned 31 December 2020)

Charity registered number

1051770

Principal office

Whitefield Memorial Church 79A Tottenham Court Road London W1T 4TD

Independent Examiner and Accountants

Martin Bailey, FCA Goodman Jones LLP Chartered Accountants 29/30 Fitzroy Square London W1T 6LQ

Bankers

Royal Bank of Scotland 119-121 Victoria Street London SW1E 6RA

Page 1

WHITEFIELD CHARITY SK CORPORATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the Charity for the period 1 January 2020 to 31 December 2020 and confirm that they comply with the requirements of the Charities Act 2011, the Charity’s Bylaws, and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP 2015).

Objectives and activities

a. Policies and objectives

The Whitefield Charity SK Corporation aims to combat food poverty and address mental health needs while delivering care and compassion to the homeless, marginally homeless, vulnerable, elderly and lonely of London.

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. Activities undertaken to achieve objectives

Our main activities are the operation of our Soup Kitchen, where we provide hot and nutritious meals, unprecedented mental health support, clothing and a sense of belonging and community to approximately 150 people each day, five days per week.

c. Volunteers

Each day we utilise 5-10 volunteers to assist us in carrying out our work. The Charity is extremely grateful for the generous efforts of our volunteers who give up their time and energy to help us serve and support our guests. Annually, we utilise well over 500 volunteers. The Trustees offer their sincere gratitude to all of the volunteers who helped us throughout 2020.

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WHITEFIELD CHARITY SK CORPORATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

a. Review of activities

Our main activities over 2020 were feeding, clothing and assisting over 150 marginalised and vulnerable guests, many of whom are homeless, each day. In March 2020, just after the initial lockdowns due to COVID-19, we were one of only two charities that remained open each day in Central London. As a result of all of the other closures, our guest numbers increased exponentially. We converted our sit-down service for the homeless to a takeaway operation in late March. We continued with this model through the end of the year due to government restrictions.

The vast majority of the initiatives we started in 2019 were put on hold, including our employment program, mental health drop-in clinic, and most outreach services. However, one of the new programs that we started was a food delivery service for those community members that were vulnerable and had been dissuaded from leaving their homes. In collaboration with several of our major corporate sponsors, we began a meal delivery service that targeted the elderly and less mobile. At one point, we delivered food as far away as Enfield from our base on Tottenham Court Road.

One of the wonderful people we were able to reach was a 55-year old American woman who has lived in England for the last 20 years. She suffers from severe mental health issues and trauma related to her childhood. She has been homeless several times over the years. With the food deliveries, we were able to interact with her regularly. We eventually discovered that she had a family member in California looking for her. Our team was able to reconnect the two of them after more than 20 years with no contact. She now has plans to return to the United States.

Financial review

a. Going concern

As we were one of the only charities in Central London operating and feeding the homeless each day in 2020 for several months, we applied for and were successful with funding from several grant-making bodies. Demand for our services has increased considerably. However, after reviewing future plans, expected income and expenditure in 2020 and allowing for changes to service provision due to COVID-19, the Trustees have a reasonable 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.

b. Reserves policy

The Charity will maintain in reserve an average of six months' operating expenses based on the year's budget. Amounts above that will be allocated to a capital fund in anticipation of future projects that help the Charity expand our space, support more beneficiaries and provide more services to the growing number of people that the pandemic has affected.

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WHITEFIELD CHARITY SK CORPORATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

c. Financial summary

Income for the year totalled £451,451 (2019: £222,708), of which £41,600 (2019: £45,546) related to restricted funds.

At the balance sheet date, the Charity had restricted fund balances of £67,754 (2019: £46,087), and general funds totalling £325,964 (2019: £202,288).

In line with the reserves policy, the Trustees have designated general funds in excess of 6 months’ expenditure to a Capital Fund (for future projects). At the balance sheet date, £179,307 (2019: £113,054) was held in the Capital Fund.

d. COVID-19

COVID-19 has had a devastating effect on the homeless community in London. Many small charities have closed and will never re-open. That has caused the number of people we serve to increase exponentially. We now help 150 people each day, on average, and we expect that number to grow as there is more need for the limited services that remain. We have seen a dramatic increase in the number of pension age people coming by the Soup Kitchen for food and many people who aren't homeless but are just as desperate for a meal.

Our drop-in mental health clinic was suspended because of distancing guidelines; however, we expect to restart those sessions imminently. Likewise, our clothing store was closed, but we have resumed the distribution of essential clothing for those that need it.

We have slowly seen the return of our corporate volunteers as more and more companies have allowed their employees to resume their volunteering initiatives.

The Trustees continue to monitor expenditure and source donated items where possible.

Structure, governance and management

a. Constitution

Whitefield Charity SK Corporation is a registered charity, number 1051770, and is constituted under its by-laws, amended and restated on 12 May 2016.

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 by-laws. Trustees serve a term of three years and must be elected and qualified. New trustees are given a full induction to the Charity and their responsibilities under Charity Law. Trustees are also encouraged to volunteer at the soup kitchen.

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WHITEFIELD CHARITY SK CORPORATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The Board of Trustees is comprised of six trustees, headed by the Board Chair; the maximum number of trustees allowed is eleven. The Trustees are responsible for the overall management and control of The Whitefield Charity SK Corporation and meet six to eight times per year.

At all meetings of the Board of Trustees, the presence of a majority of the total number of the Trustees authorised at the time of such vote shall constitute a quorum for the transaction of business.

The day-to-day running of the Charity is delegated to the Director, who is in turn supported by staff. The Trustees consider that they, along with the Director of the Charity, comprise the key leadership personnel of the Charity.

The Trustees give their time freely and the pay of the Director is set by the Trustees (and subject to annual review).

d. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

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

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• 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 . 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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WHITEFIELD CHARITY SK CORPORATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Constance Jackson Chair

Date: 27-10-21

Page 6

WHITEFIELD CHARITY SK CORPORATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent Examiner's Report to the Trustees of Whitefield Charity SK Corporation ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2020.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts 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) 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.

I understand that 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.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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WHITEFIELD CHARITY SK CORPORATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 28-10-21

Martin Bailey, FCA Goodman Jones LLP 29/30 Fitzroy Square London W1T 6LQ

Page 8

WHITEFIELD CHARITY SK CORPORATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2020 £ 409,701 150 409,851 2,954 283,221 286,175 123,676 202,288 123,676 325,964	Restricted funds 2020 £ 41,600 - 41,600 - 19,933 19,933 21,667 46,087 21,667 67,754	Total funds 2020 £ 451,301 150 451,451 2,954 303,154 306,108 145,343 248,375 145,343 393,718	Total funds 2019 £ 222,611 97 222,708
				1,226 153,732 154,958
				67,750
				180,625 67,750 248,375

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 11 to 25 form part of these financial statements.

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WHITEFIELD CHARITY SK CORPORATION

BALANCE SHEET AS AT 31 DECEMBER 2020

Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds	40 347,168 347,208 (11,146)	2020 £ 57,656 57,656 336,062 393,718 393,718 67,754 325,964 393,718	1,564 252,541 254,105 (24,995)	2019 £ 19,265
				19,265 229,110
				248,375
				248,375
				46,087 202,288
				248,375

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Constance Jackson Chair

Date: 27-10-21

The notes on pages 11 to 25 form part of these financial statements.

Page 10

WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

Whitefield Charity SK Corporation is registered as a charity with the Charity Commission in England and Wales. The Charity's aim is to combat food poverty as set out in the Trustees' Report.

2. Accounting policies

2.1 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Whitefield Charity SK Corporation 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.

The financial statements are preapred and presented in Sterling, the functional curtrency of the Charity, and rounded to the nearest £.

2.2 Going concern

The Charity is reliant upon donation income to fund its activities, and in particular donations from individuals and corporate entities. Since the balance sheet date, operations have been impacted by the outbreak of COVID-19, resulting in changes to the way that the Charity carries out its activities.

Based on the reassessment of income levels and future plans of the Charity, together with consideration of the cash balances and reserves held at the balance sheet date, the Trustees consider that there is no material uncertainty regarding the Charity's ability to continue as a going concern and consequently believe that the financial statements are appropriately prepared on such a basis.

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.

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.3 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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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 costs 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.

Investment income, gains and losses are allocated to the appropriate fund.

2.4 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.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

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

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.6 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.

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 irrecoverable VAT.

2.7 Tangible fixed assets and depreciation

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, on a reducing balance basis.

Depreciation is provided on the following bases:

• Property improvements 10% reducing balance - Kitchen equipment 20% reducing balance

2.8 Debtors

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

2.9 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.

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.10 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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 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.

2.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from donations and legacies

Unrestricted funds 2020 £ Donations Individuals 3,485 Corporate 136,307 Online giving 81,324 Trusts and foundations 24,506 Groups and churches 45,908 291,530 Donated goods & services 122,571 118,171 Total 2020 409,701 Total 2019 177,065	Restricted funds 2020 £ 5,000 21,600 - - 10,600 37,200 - 4,400 41,600 45,546	Total funds 2020 £ 8,485 157,907 81,324 24,506 56,508 328,730 122,571 122,571 451,301 222,611	Total funds 2019 £ 4,610 120,104 28,067 28,391 20,334 201,506
			21,105 21,105
			222,611

4. Investment income

Unrestricted funds 2020 £ Investment income - interest 150 Total 2019 97	Total funds 2020 £ 150 97	Total funds 2019 £ 97

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2020 £ Soup kitchen 283,221 Total 2019 115,850	Restricted funds 2020 £ 19,933 37,882	Total funds 2020 £ 303,154 153,732	Total funds 2019 £ 153,732

6. Analysis of expenditure by activities

Soup kitchen Total 2019	Activities undertaken directly 2020 £ 244,513 75,848	Support costs 2020 £ 58,641 77,884	Total funds 2020 £ 303,154 153,732	Total funds 2019 £ 153,732

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs Depreciation Food Items for distribution Kitchen supplies Psychologist services Outreach Other direct costs Other staff costs Equipment hire Total 2019	Soup kitchen 2020 £ 79,769 3,540 80,488 2,506 28,134 - 467 1,378 47,550 681 244,513 75,848	Total funds 2020 £ 79,769 3,540 80,488 2,506 28,134 - 467 1,378 47,550 681 244,513 75,848	Total funds 2019 £ 48,650 900 6,553 904 5,673 7,936 4,048 - - 1,184 75,848

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs Depreciation Repairs and refuse Heat and light Professional fees Insurance Office expenses Membership and publicity Travel expenses Sundry expenses Bank charges Other staff costs Computer costs Governance costs Total 2019 7. Staff costs Wages and salaries Social security costs Contribution to defined contribution pension schemes	Soup kitchen 2020 £ 25,747 2,669 4,328 3,544 5,157 892 2,109 - 6,935 777 2,186 - 797 3,500 58,641 77,884	Total funds 2020 £ 25,747 2,669 4,328 3,544 5,157 892 2,109 - 6,935 777 2,186 - 797 3,500 58,641 77,884 2020 £ 101,627 3,889 - 105,516	Total funds 2019 £ 54,590 790 3,221 (121) 4,915 778 3,309 540 2,317 634 119 1,810 1,482 3,500 77,884 2019 £ 98,315 4,627 298 103,240

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Soup kitchen Office and administration	2020 No. 3 1 4	2019 No. 3 1
		4

No employee received remuneration amounting to more than £60,000 in either year.

Total remuneration paid to key management personnel (including employer's national insurance and pension contributions) during the year was £62,145 (2019: £54,317).

Included in wages and salaries above is £24,099 (2019: £16,868) of agency costs.

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. Tangible fixed assets

Cost or valuation At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019	Property improvements £ 15,000 35,000 50,000 750 2,375 3,125 46,875 14,250	Kitchen equipment £ 10,331 9,600 19,931 6,724 3,540 10,264 9,667 3,607	Office equipment £ 1,468 - 1,468 60 294 354 1,114 1,408	Total £ 26,799 44,600 71,399
				7,534 6,209 13,743
				57,656
				19,265

10. Debtors

Due within one year Other debtors	2020 £ 40 40	2019 £ 1,564 1,564

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. Creditors: Amounts falling due within one year

Trade creditors Other creditors Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure	2020 £ 1,170 8,320 1,656 11,146 2020 £ 347,168	2019 £ 4,581 14,726 5,688
		24,995
		2019 £ 252,541

12. Financial instruments

Financial assets measured at fair value through income and expenditure comprise cash balances.

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Capital Fund General funds General Funds Total Unrestricted funds Restricted funds Stripe Zurich Zurich - vehicle costs Derwent London Community Fund Mental Health Initiative Crisis UK General The Harley Street Health Centre St. Giles & St. George Total funds	Balance at 1 January 2020 £ 113,054 89,234 202,288 27,038 3,449 - - 15,600 - - - 46,087 248,375	Income £ - 409,851 409,851 - - 3,600 10,000 13,000 5,000 2,000 8,000 41,600 451,451	Expenditure £ - (286,175) (286,175) - - (3,600) (10,000) - (5,000) - (1,333) (19,933) (306,108)	Transfers in/out £ 66,253 (66,253) - - - - - - - - - - -	Balance at 31 December 2020 £ 179,307
					146,657
					325,964
					27,038 3,449 - - 28,600 - 2,000 6,667 67,754
					393,718

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Statement of funds (continued)

Designated funds are as follows:

Capital Fund - funds designated by the Trustees for future projects.

Restricted funds are as follows:

Stripe - funds received for psychologist services Zurich - funds received for facility upgrades, salary costs, and training Zurich - funds received for rental vehicle and associated costs Derwent London Community Fund - funds received towards salary costs and refuse disposal Mental Health Initiative - funds received for mental health services Crisis UK General - funds received for food and supplies The Harley Street Health Centre - funds received for washer/dryer St. Giles & St. George - funds for head chef salary

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Capital Fund General funds General Funds - all funds Total Unrestricted funds Restricted funds Stripe Zurich Zurich - vehicle costs Derwent London Community Fund American Women's Club Shine Mental Health Initiative Total funds	Balance at 1 January 2019 £ 64,731 77,471 142,202 34,974 3,449 - - - - - 38,423 180,625	Income £ - 177,162 177,162 - - 8,000 11,000 5,546 5,400 15,600 45,546 222,708	Expenditure £ - (117,076) (117,076) (7,936) - (8,000) (11,000) (5,546) (5,400) - (37,882) (154,958)	Transfers in/out £ 48,323 (48,323) - - - - - - - - - -	Balance at 31 December 2019 £ 113,054
					89,234
					202,288
					27,038 3,449 - - - - 15,600 46,087
					248,375

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WHITEFIELD CHARITY SK CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds 2020 £ Tangible fixed assets 57,656 Current assets 279,454 Creditors due within one year (11,146) Total 325,964 Analysis of net assets between funds - prior period Unrestricted funds 2019 £ Tangible fixed assets 19,265 Current assets 208,018 Creditors due within one year (24,995) Total 202,288	Restricted funds 2020 £ - 67,754 - 67,754 Restricted funds 2019 £ - 46,087 - 46,087	Total funds 2020 £ 57,656 347,208 (11,146) 393,718 Total funds 2019 £ 19,265 254,105 (24,995) 248,375

15. Operating lease commitments

The Charity occupies its premises on a lease, expiring in August 2026, with an annual rental charge of £1.

16. Related party transactions

During the current and prior years, there were no transactions with related parties requiring disclosure.

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