**Charity Registration No. 1060460**
**Company Registration No. 3288617 (England and Wales)**
## **THE CHELSEA CENTRE LIMITED**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **THE CHELSEA CENTRE LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
M Brehony J Rendall A Jackson Pamela Morris-Sykes K Arnander (Appointed 9 February 2021) D Da Silva (Appointed 7 May 2021) F Essomba (Appointed 7 May 2021) E Goonesekera (Appointed 7 May 2021) R Taylor (Appointed 10 December 2020) Tawfik El Werfalli (Appointed 7 May 2021)
## **Secretary**
Pamela Morris - Sykes
**Charity number** 1060460 **Company number** 3288617 **Registered office** 7 Worlds End Place Kings Road London United Kingdom SW10 0DR
## **Independent examiner**
FSPG 21 Bedford Square London WC1B 3HH
## **Bankers**
Metro Bank One Southampton Row London WC1B 5HA
## **THE CHELSEA CENTRE LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 17|
## **THE CHELSEA CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum & Articles of association , the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
## **Objectives and activities**
The charity's objects are to provide a popular and exciting community, education and arts programme in the interests of social welfare that benefits the residents of The Royal Borough of Kensington & Chelsea("RBKC"). The Chelsea Theatre current business plan has four main objectives:-
1) To maximise the use of our new wonderful building by the local community and ensure a sustainable future. 2) to increase the range and quality of community activities and increase the number and diversity of the local population using the facilities.
3) To ensure Chelsea Theatre's sustainability through fundraising from Trusts and Foundations and maximising income generated from the commercial use of resources such as theatre, studio spaces and cafe. 4) To expand our programme of performance to provide a year round popular programme of performances for local people and children.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
Very sadly we started the year in lockdown. We had to close to the public in mid-March 2020 due to the Covid-19 Pandemic having only been in our new wonderful building and open for 2 months.
Great time and effort was spent quickly moving as many activities online as possible. Throughout this period, we were lucky enough to receive exceptional support from RBK&C in the forms of grants, advice and assistance for which we are all extremely grateful.
We were fortunate to receive major funding provided by the Kensington & Chelsea Foundation to enable an outreach programme to local residents through numerous online programmes involving such diverse activities as online singing, learning the Ukulele, midwife advice, IT, dance & circus programmes and various online summer workshops
We also received significant funding from the Arts Council England for a Community Stories project in association with West10 Arts in which local residents recorded their memories of the World's End Estate. This produced a series of short films which appeared on our website.
By being able to provide space to support the English National Ballet School who operated under the Covid restrictions for schools we earned vital income in what would otherwise have been a dire time. We have continued to work with local community groups, RBKC Council, Bi Borough Public Health (Community Champions) and the wider community and cultural organisations in the RBKC.
- 1 -
## **THE CHELSEA CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The strategic aims are to take down social barriers and encourage local people to engage with their community and to develop their health and wellbeing to improve the lives and the environment in which they live. The impact of the lockdown had a major effect on the area targeted and nature of delivery. One of the saddest effects of the lockdown was that our very popular Father Christmas supported by Sloane Stanley could only appear on two days before being sent back early to Lapland.
We are delighted to say that our Chief Executive Officer Paul Adlam joined us in December 2020.
As mentioned last year our previous Chief Executive stepped down following lock down in June 2020 and we had an interim CEO for 3 months to November. Paul joined us from The Poetry Society and has spearheaded the awakening of Chelsea Theatre which now seems to be going from strength to strength.
## **Financial review**
During the year to 31 March 2021, the Chelsea Theatre held assets for the purposes of achieving its charitable objectives. Fixed assets were added as indicated in the notes to the financial statements and relate to the Capital project for the refurbishment of the building. No assets were held by anyone other than the Chelsea Theatre. No trustees acted as custodian trustees. The Chelsea Theatre has no subsidiary or associated undertakings. All restricted fund assets are held either on current account or instant access deposit accounts. There are sufficient resources to meet all commitments undertaken as a result of a grant from the Royal Borough of Kensington and Chelsea together with that of key donations.
The Chelsea Theatre showed a deficit for the year of £166,991 (2020: £39,980 ), giving an unrestricted funds balance of £31,925 (2020 : £44,451 ) and a restricted funds balance of £2,478,161 (2020: £2,632,626) as at 31 March 2021.
The Chelsea Theatre holds a tax-free deposit account operated by CCLA known as the COIF Charities Deposit Account, the balance of which at 31 March 2021 was £106,458.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Risk Management**
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Given the extraordinary situation caused by Covid the Trustees are very grateful to RBKC for the exceptional help, advice and support they have provided.
The Board uses its annual business planning process to ensure that it is aware of the risks to which the charity is exposed. Where possible there are systems and procedures in place to mitigate the risks facing the charity. Every agenda for each Board meeting includes an ''Opportunities & Risks '' section during which these areas are discussed.
The building was closed to the public mid-March 2020 and only re-opened in Summer 2021. Full Covid protection was in operation throughout the period
Risk assessments were and are undertaken for each production when the Theatre is used. The Company receives professional support and advice, and retains professional HR and Health and Safety advice from Peninsula Business Services Ltd.
- 2 -
## **THE CHELSEA CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **Plans for the future**
We are now finally looking forward to being able to run a vibrant and welcoming building that can be enjoyed by all. We had a very successful cooperation with RBK&C over the summer for their festival, which acted as a launch pad for the building. As with all events there have been some wonderful opportunities and we are very proud of the significant increase in our online offering. We regard this as a great flexible service and something that should be continued in the future, even now the building is fully open.
The trustees are satisfied that the Charity will continue to have financial stability for the foreseeable future
## **Structure, governance and management**
The Chelsea Community Association was an unincorporated association founded on February 19,1953, and registered with the Charity Commission, No 303109, on January 1,1961, with the object of promoting the wellbeing of the residents of what is now the Royal Borough of Kensington and Chelsea, and to further that object, to manage a community centre. On April 1 , 1997 its affairs were transferred to a company without share capital limited by guarantee. In October 2001, prior to the relaunch of its refurbished auditorium, the Board of Directors of the new Chelsea Centre Ltd approved a motion acquiring the title '' The Chelsea Theatre'' as the name under which the company operates.
The charity is a c haritable c ompany limited by guarantee . It is established under a Memorandum of Association which sets out its objects and powers and is governed under its Articles of Association. In event of the company being wound up members are required to contribute an amount not exceeding £10.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
M Brehony J Rendall A Mustapha (Resigned 9 April 2020) A Jackson Pamela Morris-Sykes K Arnander (Appointed 9 February 2021) D Da Silva (Appointed 7 May 2021) F Essomba (Appointed 7 May 2021) E Goonesekera (Appointed 7 May 2021) R Taylor (Appointed 10 December 2020) Tawfik El Werfalli (Appointed 7 May 2021)
- 3 -
## **THE CHELSEA CENTRE LIMITED**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The charity is governed by Articles of association ,under which three or more (no maximum) trustees are responsible for the management, They are elected for three years, the longest serving third being up for reelection at each Annual General Meeting.
The board reviews regularly the existing skills of its members and seeks to gain outside support from advisors and volunteers on specific issues (eg HR, legal ,financial, community development theatre and fundraising) and attends relevant training courses. With the closure of the building and then Covid the organisation has gone through several changes and the Board are recruiting new trustees to help lead us into the new and exciting future. With the support of the Royal Borough of Kensington & Chelsea(RBKC), the Theatre intends to resurrect the Partnership Panel (made up of Directors, locally based organisations and local people) as a means of fostering communication and enhancing the good relationships the centre has with its funder and its local community.
The board seeks to reflect the the diverse needs of our user groups and enhance the pool of potential board members who are representative of all areas of the community.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 0 in the event of a winding up.
Elected Board members are the Trustees of the Charity and Directors of the company and are responsible for our strategic direction and the setting of objectives.
Regular meetings are held between all staff and trustees. With the lack of a CEO it was briefly necessary for the Trustees to step in to protect the charity , its staff and assets. Prior to this point and subsequently with the appointment of the interim CEO,Trustees also received verbal and appropriate written reports at quarterly (or more frequent) meetings. All board meetings are minuted.
## **Pay and Remuneration Policy**
Pay and remuneration levels of key management are set by reference to current levels as advertised in the market and in comparison with known levels in similar organisations.
This report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The trustees' r eport was approved by the Board of Trustees.
## **Pamela Morris - Sykes**
Trustee Dated: 10 December 2021
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## **THE CHELSEA CENTRE LIMITED**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHELSEA CENTRE LIMITED**
I report to the trustees on my examination of the financial statements of The Chelsea Centre Limited (the charity) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all 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 ICAEW, 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:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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
- 4 the financial statements 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 financial statements to be reached.
David Tropp FCA FSPG Chartered Accountants 21 Bedford Square London WC1B 3HH
Dated: 10 December 2021
- 5 -
## **THE CHELSEA CENTRE LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
106,281
208,160
Charitable activities
**4**
19,250
76,750
Investments
**5**
136
-
**Total income**
125,667
284,910
**Expenditure on:**
Charitable activities
**6**
138,193
439,375
Gross transfers
between funds
-
-
**Net expenditure for the year/**
**Net movement in funds**
(12,526)
(154,465)
Fund balances at 1
April 2020
44,451
2,632,626
**Fund balances at 31**
**March 2021**
31,925
2,478,161|**Total**Unrestricted
funds
**2021**
2020
**£**
**£**
314,441
80,357
96,000
16,553
136
-
410,577
96,910
577,568
92,839
-
17,514
(166,991)
21,585
2,677,077
22,866
2,510,086
44,451|Restricted
funds
2020
**£**
316,960
44,250
7,306
368,516
412,567
(17,514)
(61,565)
2,694,191
2,632,626|Total
2020
**£**
397,317
60,803
7,306
465,426
505,406
-
(39,980)
2,717,057
2,677,077|
|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 6 -
## **THE CHELSEA CENTRE LIMITED**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2021**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**14**
Unrestricted funds|**2021**
**£**
**£**
2,415,186
8,354
148,025
156,379
(61,479)
94,900
2,510,086
2,478,161
31,925
2,510,086|**2020**
**£**
**£**
2,505,918
82,591
127,294
209,885
(38,726)
171,159
2,677,077
2,632,626
44,451
2,677,077|
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 10 December 2021
Pamela Morris-Sykes **Trustee**
## **Company Registration No. 3288617**
- 7 -
**THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **Charity information**
The Chelsea Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Worlds End Place, Kings Road, London, SW10 0DR, United Kingdom.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
The Trustees have considered a period of one year from the date of approval of the accounts. At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 8 -
## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. All expenditure is accounted for on an accruals basis and is allocated between :-
-Costs of raising funds -Expenditure on charitable activities -Gifts in Kind -Other expenditure
Expenses exclude VAT where the company can reclaim it.
Fundraising costs consist of the direct costs of fundraising activities.
Direct charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity and includes direct staff costs attributable to charity's activities.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements Over the life of the lease Fixtures, fittings and equipment 20% Straight Line Computers 33% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 9 -
## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.12 Leases**
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 10 -
## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Donations and gifts
-
-
Grants
106,281
208,160
106,281
208,160
**Grants receivable for**
**core activities**
RBKC - Rent
-
176,400
RBKC - Running costs
106,281
-
RBKC - Sing to Live &
Music
-
1,760
RBKC - Contribution to
capital project
-
-
K&C Foundation Grant -
Virtual Activities
-
30,000
106,281
208,160|**Total**Unrestricted
Restricted
funds
funds
**2021**
2020
2020
**£**
£
£
-
127
-
314,441
80,230
316,960
314,441
80,357
316,960
176,400
-
176,400
106,281
80,230
-
1,760
-
560
-
-
140,000
30,000
-
-
314,441
80,230
316,960|Total
2020
£
127
397,190
397,317
176,400
80,230
560
140,000
-
397,190|
|---|---|---|
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## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **4 Charitable activities**
|||**Charitable**|Charitable Income|Charitable Income|
|---|---|---|---|---|
|||**Income**|||
|||**2021**||2020|
|||**£**||£|
||Theatre and room hire|19,250||11,177|
||Grants (see below)|76,750||49,250|
||Other Income|-||376|
|||96,000||60,803|
||Analysis by fund||||
||Unrestricted funds|19,250||16,553|
||Restricted funds|76,750||44,250|
|||96,000||60,803|
||**For the year ended 31 March 2020**||||
||Unrestricted funds|16,553|||
||Restricted funds|44,250|||
|||60,803|||
||**Performance grants**||||
||RBKC - Community champions|44,000||39,500|
||RBKC - Naturally Active|1,750||-|
||NHS - Health Promotion|-||5,000|
||Sport England|-||4,750|
||Arts Council|30,000||-|
||Change 4 Life|1,000||-|
|||76,750||49,250|
|**5**|**Investments**||||
|||**Unrestricted**||Restricted|
||||**funds**|funds|
||||**2021**|2020|
||||**£**|£|
||Interest receivable||136|7,306|
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## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **6 Charitable activities**
|**Theatre and**
**community**
**Capital**
**project**
**2021**
**2021**
**£**
**£**
Staff costs
102,479
-
C ommunities activities
59,061
-
Silver screen club
-
-
Website /I T hub
1,799
-
Open house costs
-
-
Rent
39,690
132,300
Subscriptions and licences
870
-
203,899
132,300
Share of support costs (see note 7)
49,685
152,005
Share of governance costs (see note 7)
36,779
2,900
290,363
287,205
**Analysis by fund**
Unrestricted funds
138,193
-
Restricted funds
152,170
287,205
290,363
287,205
**For the year ended 31 March 2020**
Unrestricted funds
92,839
-
Restricted funds
84,583
327,984
177,422
327,984
**7**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Analysed between
Fundraising
-
-
Charitable activities
201,690
39,679|**Total**
**2021**
**£**
102,479
59,061
-
1,799
-
171,990
870
336,199
201,690
39,679
577,568
138,193
439,375
577,568
**2021**
**£**
-
241,369|**Total**
**2020**
**£**
98,633
8,326
242
15,793
1,014
171,990
505
296,503
183,472
25,431
505,406
92,839
412,567
505,406
92,839
412,567
505,406
2020
£
-
208,903|
|---|---|---|
Governance costs includes payments to the auditors of £ Nil ( 2020 £ 6,525 ) for audit fees.
- 13 -
**THE CHELSEA CENTRE LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year , other than disclosed in note 16. Also no expenses were reimbursed.
## **9 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|**2021**
**Number**
3
**Employment costs**
**2021**
**£**
Wages and salaries
96,030
Social security costs
4,609
Other pension costs
1,840
102,479
No employees received remuneration in excess of £60,000 in the year. (2020 : None)
**Tangible fixed assets**
**Leasehold**
**improvements**
**Fixtures,**
**fittings and**
**equipment**
**Computers**
**£**
**£**
**£**
**Cost**
At 1 April 2020
2,598,273
34,924
4,977
Additions
47,832
-
2,650
At 31 March 2021
2,646,105
34,924
7,627
**Depreciation and impairment**
At 1 April 2020
129,914
1,746
596
Depreciation charged in the year
132,431
6,859
1,924
At 31 March 2021
262,345
8,605
2,520
**Carrying amount**
At 31 March 2021
2,383,760
26,319
5,107
At 31 March 2020
2,468,359
33,178
4,381|**2020**
**Number**
4
**2020**
**£**
90,530
6,128
1,975
98,633
**Total**
**£**
2,638,174
50,482
2,688,656
132,256
141,214
273,470
2,415,186
2,505,918|
|---|---|
## **10 Tangible fixed assets**
- 14 -
## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**11**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**12**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**13**
Trade creditors
Other creditors
Accruals and deferred income
**13**
**Deferred income**
Other deferred income|**2021**
**£**
1,540
4,927
1,887
8,354
**2021**
**£**
-
43,240
3,160
-
15,079
61,479
**2021**
**£**
43,240|**2020**
**£**
3,030
76,161
3,400
82,591
**2020**
**£**
2,958
14,240
14,950
51
6,527
38,726
**2020**
**£**
14,240|
|---|---|---|
- 15 -
## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **14 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|Capital Project
Community Champions
Sing to Live Project
RBKC : Rent
Sport England
Arts Council
Naturally Active
Change 4 Life
K&C Foundation|**Balance at**
**1 April 2019**
**£**
2,676,677
17,514
-
-
-
-
-
-
-
2,694,191|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
147,306
(195,657)
-
39,500
(39,500)
(17,514)
560
(560)
-
176,400
(176,400)
-
4,750
(450)
-
-
-
-
-
-
-
-
-
-
-
-
-
368,516
(412,567)
(17,514)|**Balance at**
**1 April 2020**
**£**
2,628,326
-
-
-
4,300
-
-
-
-
2,632,626|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**31**
**£**
**£**
-
(154,905)
44,000
(39,260)
1,760
(1,760)
176,400
(176,400)
-
(4,300)
30,000
(30,000)
1,750
(1,750)
1,000
(1,000)
30,000
(30,000)
284,910
(439,375)|**Balance at**
**March 2021**
**£**
2,473,421
4,740
-
-
-
-
-
-
-
2,478,161|
|---|---|---|---|---|---|
Capital Project :This consists of donations received for the expansion and refurbishment of the building.
Community Champions : This consists of a grant from RBKC for the Community champions programme which encourages people to take a proactive role in their local community.
Sing to Live Project : This consists of funding from RBKC for a community choir.
RBKC : This consists of annual rent on the main premises which has been waived.
Sport England : This consists of funding to provide exercise classes.
Arts Council: This consists of funding for a Community Stories project with local residents recording their memories of the World's End Estate. Naturally Active: This consists of funding to provide exercise classes.
Change 4 Life; This consists of funding for community conversations and advice sessions.
K&C Foundation: This consists of funding for an outreach programme to local residents during lockdown providing on line activities.
- 16 -
## **THE CHELSEA CENTRE LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**15**
**Analysis of net assets between funds**
**Unrestricted**
**Restricted**
**2021**
**2021**
**£**
**£**
Fund balances at 31
March 2021 are
represented by:
Tangible assets
2,385
2,412,801
Current assets/
(liabilities)
29,540
65,360
31,925
2,478,161|**Total**Unrestricted
**2021**
2020
**£**
£
2,415,186
-
94,900
44,451
2,510,086
44,451|Restricted
2020
£
2,505,918
126,708
2,632,626|Total
2020
£
2,505,918
171,159
2,677,077|
|---|---|---|---|
## **16 Related party transactions**
There were no disclosable related party transactions during the year .
- 17 -