Company registration number: 03190740 Charity registration number: 1056825
Friary Drop-in Ltd
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2023
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Friary Drop-in Ltd
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 20 |
Friary Drop-in Ltd
Reference and Administrative Details
Trustees Paul Randle, (Chair) Richard McCallum, (Vice Chair) Alex Rae Timothy Martin Wenda Power Louise Gee Amanda Bayliss Benedicte Seclin Janice Moore James Crew Senior Management Team Ben Talbot, Chief Executive Ann Bremner, General Manager Charity Registration Number 1056825 Company Registration Number 03190740 Registered Office 46 Musters Road West Bridgford Nottingham Nottinghamshire NG2 7PR Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL Bankers TSB Bank Plc 2 Davies Road West Bridgford Nottingham NG2 5JD CCLA Investment Management Limited The COIF Charities Deposit Fund 80, Cheapside London EC2V 6DZ CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Page 1
Friary Drop-in Ltd
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Paul Randle, (Chair) Richard McCallum, (Vice Chair) David Shaw, (Treasurer) (resigned 17 January 2023) Alex Rae Pamela Miles (resigned 27 April 2022) Timothy Martin Wenda Power Louise Gee (appointed 2 February 2023) Amanda Bayliss (appointed 30 March 2023) Benedicte Seclin (appointed 2 February 2023) Janice Moore (appointed 25 May 2023) James Crew (appointed 3 October 2022)
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 25 April 1996. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Recruitment and appointment of trustees
This financial year has seen a number of new trustees appointed. When recruiting new trustees, priority is given to the needs of the Friary and whether a new trustee can bring a new skillset into the organisation. This financial year has seen the recruitment of trustees with expertise in the Health Sector, HR, Marketing and a Faith based appointment. The organisation will continue to recruit trustees who bring new expertise to the Board.
Trustees, who are also directors of the company, are appointed by the member vote at the annual general meeting, although up to three may be co-opted during the course of any accounting year.
Full meetings of the trustees are held bi monthly along with the Finance sub committee, whilst the subcommittees for Operations and Community Engagement meet quarterly.
Page 2
Friary Drop-in Ltd
Trustees' Report
Objectives and activities
Objects and aims
(i) relief of poverty amongst persons living in the Rushcliffe and adjacent districts in the county of Nottinghamshire by the provision or assistance in the provision of facilities and activities to relieve those persons who may be considered to be in necessitous circumstances by being homeless (or in temporary accommodation) or unemployed;
(ii) the advancement of education amongst such persons by the provision of advice, counselling and information suitable and relevant to their needs and geared towards their poverty; and
(iii) the provision or assistance in the provision of recreational and other leisure time activities in the interests of social welfare and with the object of improving the conditions of life for such persons.
Objectives, strategies and activities
In furtherance to the above objects the Friary’s mission is to empower homeless and vulnerable adults to rebuild their lives by offering practical services, advice and emotional support. To this end the organisation offered these specific services to beneficiaries during the course of the reporting year:
-
Professional advice and referral;
-
GP surgery;
-
Homeless nursing team;
-
Specialist welfare rights advice;
-
Welfare provision of food, clothing, toiletries and household items;
-
Shower and laundry.
Public benefit
The principal activity of Friary Drop-In Limited is that of a charitable organisation assisting the homeless, those in temporary accommodation and the unemployed.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 3
Friary Drop-in Ltd
Trustees' Report
Achievements and performance
This financial year saw the return of full services at the Friary, following the lifting of pandemic restrictions. Tuesdays and Thursdays remained a day of support for those who are rough sleeping. Mondays, Wednesdays and Fridays returned to days where support is provided to both rough sleepers and those who are vulnerable and at risk of homelessness.
Services returned to being practical (food, showers, clothing, laundry), emotional (through engagement with our support workers) and advice (welfare and benefits support). The Friary continued to signpost visitors to appropriate service for housing, debt advice, mental health and addiction services. There was also an increase in numbers of staff from other agencies visiting the Friary to meet with service users.
This return of services led to a significant increase in the number of visitors accessing the centre. Visits to the Centre increased by 45%. New visitors to the Friary increased to 400 which was a 32% increase on the previous year. New visitors to the Centre have a significant impact on the service. They require an initial one-to-one meeting and normally require extra support for a period of time. This means an extra stretch on resources which is expected to continue to increase.
There was a 15% increase in the numbers of people who are of no fixed abode during the period and also an increase in the numbers of people served with section 21 notices (no-fault evictions). EU visitor numbers were up by 43% on the previous year.
Financial review
On the face of it the organisation ended with a significant surplus of circa 62k. The reality of this, however, is that the vast majority of this surplus was an unexpected payment from the Friary URC Church which closed in June 2022. The operating surplus was nearer to £10k and reflected a far more positive picture than was expected and this was pleasing for trustees and senior management alike.
The feeling is that the pressure forecast during this financial period will now be seen in the financial year to March 2024. The increase in visitor numbers has meant an increase in staff numbers resulting in higher costs. This is aligned with an increase in other overheads as well. At a time when funding appears to be be less available.
The trustees and senior management are heartened however by the continued passion and financial and in kind support from members of the local community.
Policy on reserves
At 31st March 2023, free reserves amounted to £438,606 (2022: £425,880). This represents approximately 103% of annual expenditure (2022: 107%).
The current reserve levels within the organisation are equivalent to around a years outgoings. In the long term the Friary aims to have uncommitted Reserves equivalent to a minimum six months average annual expenditure. This policy should be seen as part of the financial management of the Friary. It forms one of the bases for the budget process. It is not sufficient to leave the level of Reserves to chance.
Page 4
Friary Drop-in Ltd
Trustees' Report
Major risks and management of those risks
Management of Risk
There is significant risk that all funding streams will be impacted by the current cost of living crisis. Do individuals have the income to continue to donate and are trusts and grants less available? The Friary is making significant efforts to ensure there is a fundraising stategy that addresses income streams.
The other financial risks of increased costs is also reviewed at bi monthly finance committee meetings, there have been discussions at Board level about ensuring early intervention is made in the event of financial strain in the future.
Statement of Responsibilities
The trustees (who are also the directors of Friary Drop-in Ltd for the purposes of company law) 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 12 October 2023 and signed on its behalf by:
......................................... Paul Randle Trustee
Page 5
Friary Drop-in Ltd
Independent Examiner's Report to the trustees of Friary Drop-in Ltd ('the Company')
Independent examiner’s report to the trustees of Friary Drop-in Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the Company'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 and Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Date:.............................
Page 6
Friary Drop-in Ltd
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investment income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Gains/losses on investment assets Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 21 |
Unrestricted funds £ 383,299 - 20,461 6,964 410,724 (165,683) (165,683) (2,031) 243,010 (182,038) 60,972 429,034 490,006 |
Restricted funds £ - 76,095 - - 76,095 (258,133) (258,133) - (182,038) 182,038 - - - |
Total 2023 £ 383,299 76,095 20,461 6,964 486,819 (423,816) (423,816) (2,031) 60,972 - 60,972 429,034 490,006 |
Total 2022 £ 309,585 76,651 18,503 339 |
|---|---|---|---|---|
| 405,078 | ||||
| (397,283) | ||||
| (397,283) - |
||||
| 7,795 - |
||||
| 7,795 421,239 |
||||
| 429,034 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 21.
The notes on pages 10 to 20 form an integral part of these financial statements. Page 7
Friary Drop-in Ltd
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investment income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 21 |
Unrestricted funds £ 309,585 - 18,503 339 328,427 (172,615) (172,615) 155,812 (135,714) 20,098 408,936 429,034 |
Restricted funds £ - 76,651 - - 76,651 (224,668) (224,668) (148,017) 135,714 (12,303) 12,303 - |
Total 2022 £ 309,585 76,651 18,503 339 |
|---|---|---|---|
| 405,078 | |||
| (397,283) | |||
| (397,283) | |||
| 7,795 - |
|||
| 7,795 421,239 |
|||
| 429,034 |
The notes on pages 10 to 20 form an integral part of these financial statements. Page 8
Friary Drop-in Ltd
(Registration number: 03190740) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Cash at bank and in hand 14 Creditors: Amounts falling due within one year 15 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 21 |
2023 £ 451 51,380 51,831 13,947 449,856 463,803 (25,628) 438,175 490,006 490,006 490,006 |
2022 £ 3,154 - |
|---|---|---|
| 3,154 | ||
| 13,258 423,679 |
||
| 436,937 (11,057) |
||
| 425,880 | ||
| 429,034 | ||
| 429,034 | ||
| 429,034 |
For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 12 October 2023 and signed on their behalf by:
......................................... Paul Randle Trustee
The notes on pages 10 to 20 form an integral part of these financial statements. Page 9
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Friary Drop-in Ltd 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 notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Page 10
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £2,000.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Leasehold improvements | straight line basis over the lifetime of the relevant lease |
| General equipment | 15% on a reducing balance basis |
| Vehicles | 20% on a straight line basis |
Page 11
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity during the year.
Page 12
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
2 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals & groups Legacies Gift aid reclaimed Grants, including capital grants; Government grants 3 Income from charitable activities Grants & donations 4 Income from other trading activities Local fundraising 5 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted General £ 155,002 190,489 335 32,473 5,000 383,299 Restricted funds £ 76,095 Unrestricted General £ 20,461 20,461 Unrestricted funds General £ 6,964 |
Total 2023 £ 155,002 190,489 335 32,473 5,000 383,299 Total 2023 £ 76,095 Total 2023 £ 20,461 20,461 Total 2023 £ 6,964 |
Total 2022 £ 91,557 138,099 25,111 21,578 33,240 |
|---|---|---|---|
| 309,585 | |||
| Total 2022 £ 76,651 |
|||
| Total 2022 £ 18,503 |
|||
| 18,503 | |||
| Total 2022 £ 339 |
Page 13
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
| 6 Grants & donations Garfield Weston Foundation NHS Trust Nottinghamshire County Council Winnifred Eileen Kemp Trust The Phillips Trust Mary Potter Convent Hospital Oliver Borthwick Memorial Trust Homeless Link The Greenwood Christian Trust Rushcliffe Borough Council The Dunn Family Trust Sir John Eastwood Foundation The Sage Trust The Thomas Farr Charity Nottinghamshire Community Foundation The Jones 1986 Charitable Trust The Lady Hind Trust Nottingham City Council Anonymous funders The Mary Robertson Trust J N Derbyshire Trust The Gray Trust Tesco Other Trusts < £1000 Donations from individuals & groups Churches Corporate support Legacy Gift Aid |
Unrestricted funds £ - - - 7,000 6,000 5,000 5,000 5,000 4,250 5,000 4,000 2,000 1,000 - - - - - 1,000 - - - - 1,400 190,489 92,171 21,181 335 32,473 383,299 |
Restricted funds £ 20,000 13,636 9,723 - - - - - - - - - - 5,000 5,000 4,500 4,000 2,500 2,200 2,000 2,000 1,000 1,000 500 3,467 - - - - 76,526 |
Total £ 20,000 13,636 9,723 7,000 6,000 5,000 5,000 5,000 4,250 5,000 4,000 2,000 1,000 5,000 5,000 4,500 4,000 2,500 3,200 2,000 2,000 1,000 1,000 1,900 193,956 92,171 21,181 335 32,473 |
|---|---|---|---|
| 459,825 |
Page 14
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
7 Expenditure on charitable activities
| Cleaning Costs of fundraising Communications Depreciation Insurance IT software & maintenance Marketing Payroll service Legal & professional fees Rent & services Repairs & maintenance Resources & equipment Salaries, NI & pension Staff expenses Stationery & office expenses Subscriptions Training Utilities Vehicle costs Welfare expenses Recruitment |
Unrestricted funds General £ 323 2,202 4,230 2,703 6,864 5,368 1,607 1,389 1,844 8,479 262 688 125,323 39 1,140 951 81 2,190 - - - 165,683 |
Restricted funds £ 4,338 - 2,052 - 335 2,787 - - 9,330 32,216 5,094 1,654 172,086 104 205 - 774 16,710 3,126 7,106 216 258,133 |
Total 2023 £ 4,661 2,202 6,282 2,703 7,199 8,155 1,607 1,389 11,174 40,695 5,356 2,342 297,409 143 1,345 951 855 18,900 3,126 7,106 216 423,816 |
Total 2022 £ 3,907 1,988 8,186 2,704 11,596 10,685 1,277 1,333 2,307 32,267 7,736 6,562 284,430 84 1,160 669 605 11,160 3,677 4,870 80 |
|---|---|---|---|---|
| 397,283 |
8 Net incoming/outgoing resources
Net incoming resources for the year include:
Depreciation of fixed assets
| 2023 £ 2,703 |
2022 £ 2,704 |
|---|---|
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 15
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
10 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2023 £ 271,979 16,968 8,462 297,409 |
2022 £ 261,384 15,019 8,027 |
|---|---|---|
| 284,430 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2023 No 14 |
2022 No 15 |
|---|---|---|
9 (2022 - 9) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £8,462 (2022 - £8,027).
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £91,673 (2022 - £85,614).
11 Tangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Leasehold improvements £ 136,413 136,413 136,413 - 136,413 - - |
General equipment £ 37,160 37,160 37,160 - 37,160 - - |
Vehicles £ 16,118 16,118 12,964 2,703 15,667 451 3,154 |
Total £ 189,691 |
|---|---|---|---|---|
| 189,691 | ||||
| 186,537 2,703 |
||||
| 189,240 | ||||
| 451 | ||||
| 3,154 |
Page 16
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
12 Fixed asset investments
Other investments
2023 £ 51,380
Other investments
| Other investments | ||||
|---|---|---|---|---|
| Cost or Valuation Revaluation Additions At 31 March 2023 Net book value At 31 March 2023 13 Debtors Prepayments Other debtors 14 Cash and cash equivalents Cash on hand Cash at bank 15 Creditors: amounts falling due within one year Other creditors Accruals Deferred income |
Listed investments £ (2,031) 53,411 51,380 51,380 2023 £ 9,795 4,152 13,947 2023 £ 428 449,428 449,856 2023 £ 1,049 13,008 11,571 25,628 |
Total £ (2,031) 53,411 51,380 51,380 2022 £ 9,822 3,436 |
||
| 51,380 | ||||
| 51,380 | ||||
| 2023 £ 9,795 4,152 13,947 2023 £ 428 449,428 449,856 2023 £ 1,049 13,008 11,571 25,628 |
||||
| 13,258 | ||||
| 2022 £ 449 423,230 |
||||
| 423,679 | ||||
| 2022 £ 381 10,676 - |
||||
| 11,057 |
Page 17
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
16 Obligations under leases and hire purchase contracts
The company has the following leases for premises: one for 34a Musters Road a 5 year lease from 29 November 2021, with a break clause after 3 years, annual rent £12,750 a lease for 34 Musters Road which is a 3 year lease from 24 August 2021, with a break clause after 18 months, annual rent £11,000 and a lease for the Rooms in the Friary United Reformed Church which was initially a 10 year lease from 1 April 2015, annual rent £2,500 (with an inflationary increase each year) and this has now been extended on the same terms from 1 April 2025 through to 31 December 2029.
The total value of future minimum lease payments was as follows:
| Within one year In two to five years In over five years |
2023 £ 27,526 16,185 7,690 51,401 |
2022 £ 22,695 23,758 - |
|---|---|---|
| 46,453 |
17 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
18 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination Other financial services |
2023 £ 1,035 1,217 2,252 |
2022 £ 990 1,111 |
|---|---|---|
| 2,101 |
19 Related party transactions
There were no related party transactions in the year.
20 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 18
Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
21 Funds
| Unrestricted funds General General fund Restricted funds Day Centre Advice Centre Allotment Total restricted funds Total funds Unrestricted funds General General fund Restricted Day Centre IT Advice Centre Total restricted funds Total funds |
Balance at 1 April 2022 £ Incoming resources £ Resources expended £ Transfers £ Other recognised gains/(losses) £ Balance at 31 March 2023 £ 429,034 410,724 (165,683) (182,038) (2,031) 490,006 - 41,163 (212,438) 171,275 - - - 34,723 (45,486) 10,763 - - - 209 (209) - - - - 76,095 (258,133) 182,038 - - 429,034 486,819 (423,816) - (2,031) 490,006 Balance at 1 April 2021 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 March 2022 £ 408,936 328,427 (172,615) (135,714) 429,034 - 52,651 (165,924) 113,273 - - 400 (400) - - 12,303 23,600 (58,344) 22,441 - 12,303 76,651 (224,668) 135,714 - 421,239 405,078 (397,283) - 429,034 |
Balance at 1 April 2022 £ Incoming resources £ Resources expended £ Transfers £ Other recognised gains/(losses) £ Balance at 31 March 2023 £ 429,034 410,724 (165,683) (182,038) (2,031) 490,006 - 41,163 (212,438) 171,275 - - - 34,723 (45,486) 10,763 - - - 209 (209) - - - - 76,095 (258,133) 182,038 - - 429,034 486,819 (423,816) - (2,031) 490,006 Balance at 1 April 2021 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 March 2022 £ 408,936 328,427 (172,615) (135,714) 429,034 - 52,651 (165,924) 113,273 - - 400 (400) - - 12,303 23,600 (58,344) 22,441 - 12,303 76,651 (224,668) 135,714 - 421,239 405,078 (397,283) - 429,034 |
Balance at 31 March 2023 £ 490,006 - - - |
|---|---|---|---|
| - | |||
| 490,006 | |||
| - | |||
| 429,034 |
The specific purposes for which the funds are to be applied are as follows:
The Day Centre fund shows the income raised and donated towards the running of the Friary drop-in day centre and the income was from many sources.
The Advice Centre fund shows the income which was received in relation to the new advice centre and the related expenditure.
The Allotment project, is a new project this year and although there was a little activity during the year most income for this project has been deferred to next year.
The transfer from the General fund to the Day Centre fund and the Advice Centre fund is to cover the deficit on these activities, which cost more to run than the restricted funding received towards each project.
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Friary Drop-in Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
22 Analysis of net assets between funds
| 22 Analysis of net assets between funds | ||
|---|---|---|
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted General £ 451 51,380 463,803 (25,628) 490,006 Unrestricted General £ 3,154 436,937 (11,057) 429,034 |
2023 Total funds £ 451 51,380 463,803 (25,628) |
| 490,006 | ||
| 2022 Total funds £ 3,154 436,937 (11,057) |
||
| 429,034 |
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