Reglstered number: 03422357 Charity number: 1064472 Emmaus Greenwich {A company limited by guarantee) Trustees. report and financial statements For the year ended 30 June 2024
Emmaus Greenwich (A company limited by guarantee) Contents Page Reference and administrative detalls of the Charity, Its Trustees and advisers Trustees, report Independent auditor's report on the financial statements Statement of financlal activitles 10-13 14 Balance sheet 15 statement of cash flows 16 Notes to the financial statements 17-34
Emmaus Greenwich (A company limited by guarantee) Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 June 2024 Trustees E Britton N Georgis D Hayes A Maddison D Portelli T Rowe G Stevenson T Dzgoeva Company reglstered number 03422357 Charity registered number 1064472 Registered office 226 Elmley Street Plumstead London SE18 7NN Company secretary S Barbosa Chief executlve officer S Barbosa Independent auditor Kreston Reeves LLP Chartered Accountants Maritime Place Quayside Gillingham Chatham Kent ME44QZ Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ HSBC Bank plc 15 Wellington Street Woolwich London SE18 6PH Page 1
Emmaus Greenwich (A company limited by guarantee) Trustees. report For the year ended 30 June 2024 The Trustees present their annual report together with the audited financial statements of the charity for the year 1 July 2023 to 30 June 2024. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current slatutory requirements, the requirements of the chariws governing document and the provisions of the Statement of Recommended Practice {SORP). 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 2019) as amended by Update Bulletin 1 (effective 1 January 2019). Since the Charity qualifies as small und8r section 383, the Strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 is not required. Objectives and activities a. Policies and objectives In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefrt and in particular to its supp5ementary public benefit guidance. The principal object of the charity is to provide homeless and unemployed people with a home. meaningful work. Companionship and a chance to regain self-respect. Each Emmaus Community combines residential accommodation with a business based on the collection and sale of donated goods, as well as refurbishment and recycling. Companions (as residents, and the beneficiaries of the charity, are knowny have the opportunity. regardless of ability or skills, to help themselves through work. and thereby rediscover their self-worth and take steps towards their own personal development and reintegration into society at large. b. Strategies for achieving objectives Mainly. this will be through the continuing development of Emmaus Greenwich as an effective social enterprise, where our trading activities move us closer to becoming financially self-supporting. The charity expects that this will facilitate our ability to consistently- provide quality programmes to support previously homeless people- improve significantly on the quality of life and service the charity provides to Companions. support other people in greater need (known within the Emmaus movement as 'solidariW')" widen our role as a valuable resource in the local Community. In addition, the charity will continue to utilise the funding available to Emmaus Greenwich via governmental agencies and supportive organisations. c. Activities undertaken to achieve objectives Emmaus Greenwich, which was officially opened in 1994 by HRH The Prince of Wales, subscribes to the values of the Emmaus International manifesto which all Emmaus Communities accept when they join the Emmaus movement. The Emmaus movement was founded in France just after the Second World War. Emmaus provides a solution to the cycle of homelessness by addressing the complex needs of homeless people in a holistic way. Through working and engaging in solidarity, ex-homeless people are able to regain self-esteem and dignity the neGessary ingredients required for their recovery and development. Every Companion contributes to the life of the Community to the best of their abilities. Companions are not permitted to use illegal drugs whilst living in the Community and drinking alcohol is prohibited in the Community. Each Companion receives food, basic clolhing, shelter and spending money. at present £43 per week plus further £9, which is saved for when they leave. Page 2
Emmaus Greenwich (A company limited by guarantee) Trustees. report (continued) For the year ended 30 June 2024 Objectives and activities (continued) The charity offers a wide variety of work opportunities and work experience, which enables the Companions to learn skills required for various professions (e.g. catering, electrical, retail. transport and warehousing, data entry etc.) Set out below is a profile of the programmes and features offered to Companions: Non-judgmental and welcoming to all, provided that the risk to Community is manageable Establishment of identity through assistance wÈth application and payment for birth certificates, passports and driving licences Community life and Companionship Companions stay for as long as they need to. The average length of stay in in 2023124 was 1 years and 9 months (2 years and 6 months in 2022123) On the job training Access to a qualified Counsellor. Catering Coach and Training and Development Coach Access to health care Citizenship through concem for others and working with the local Community Integrating into local homeless provision A road back from welfare to self-respect by being self-supporting A pathway back into the world of work and job skills As well as helping companions, Emmaus Greenwich also provides benefits to the Wider Community as follows: The charity is a source of afft)rdable goods for the less well-off members of society. In addition, the charity works in partnership with Social Services and Mental Health agencies and will, in Cases of special need. provide items of furniture free of charge to members of the public. Emmaus provides a service to the better-off members of society by collecting their unwanted goods, which avoids them having to otherwise dispose of the goods. and also enables them to play a key part in helping to alleviate the problem of homelessness. As a local Community resource, the charity is active in building networks with other local organisations and training providers. The charity is continually exploring ways in which the resources of the Commuriity might be shared in creative ways for the future. and for the benefit of other organisations in the wider Community. In particular this year staff and Companions have supported the Woolwich Service User Project, wsup As net contributors to local recyding targets, the charity helps to reduce the amount of material that ends up in landfill sites by collecting unwanted goods from households and selling them in our shops, thereby giving them a new and useful life. Achievements and performance a. Revlew of actlvities Community In the year to June 2024. Emmaus Greenwich continued to provide quality support and assistance to Companions, creating a safe and happy home for 211 to live and work. During the year the Community supported 64 homeless people (45 in the previous year). Many of the Companions, after spending some time in the Community, felt able to move on into independent accommodation. employment. reconnecting wtth and going to live with family and friends, or moving on for other reasons. We continued upgrading our main building. which has been renamed Coombe House in recognition of the work of Don Coombe and the funds received by Emmaus Greenwich from the Coombe Trust. This includes new windows throughout the building and improvements to the retail and back-office space. We again are grateful to volunteer Peter Robinson for the support in co-ordinating building works and helping us optimise our building spaces. The Trustees would like to thank all the Companions, staff and volunteers, for their support and contribution to Page 3
Emmaus Greenwich (A company Ilmlted by guarantee) Trust8es' report (continued) For the year ended 30 June 2024 Achievements and perfomiance (continued) Ihe stability of the Community over the course of the year. Companion Support All our Companions continue to receive one-to-one support sessions every four to six weeks, carried out by our Community Support Worker. A weekly professional counselling service is also offered to Companions to deal with more personal issues and goals. The charitys strategy is to encourage Companions to move out of the Community once they have regained their Confiden and found an external job, but without pressurising the more vulnerable Companions who may want to stay in the Community for extended periods. This year we have focussed on the ways we can support Companions who wish to move on with their lives. Companions are given time off to find work and attend job interviews. They have continued to be supported by an in-house employability coach. who comes weekly and works with interested Companions on a one-to-one basis. Our Support team has worked with Companions on the practical domestic and money management skills needed when moving out. We have consulted on, reviewed and enhanced the Companion move on policy as we recognise the challenges Companions face when they look to move to private accommodation to the surrounding area. Companions may now live in Community for 12 weeks after starting a job. They may then move to an EmmHomes on 8 tapering subsidised rent for up to a year. The extended move on allows us to maintain contact and support with Companions as they take the next steps. This year 2 Companions have secured jobs and taken up the extended move on policy and we expect take up to increase in the coming year. We have also worked with local agencies to support older Companions. This year we have had 5 Companions moving into retirement accommodation in the local area. 3 of these ex-companions return as volunteers and friends. We are very pleased to maintain contact with former Companions as they move on and act as infomal mentors to the Community. The Gharity continues to provide training courses in Food Hygiene, First Aid, Health & Safety, Manual Handling. Fire Marshalling and PAT testing for Companions and staff. Companions are also encouraged to attend eveninglweekend training courses provided by extemal training providers to learn or improve their skills. Emmaus UK and Emmaus International As a member of Emmaus UK, the national organisation, the chariiy continues to benefit from advice and assistan on a number of matters including. marketing, recruitment and training. The charity is grateful to the Emmaus UK staff for their readily available assistance. The charity continues to play a role in the development and growth of Emmaus in the UK by welcoming visitors and potential funders from other Emmaus Communities and Groups, including Emmaus Intemational. The charity also actively participates in the Emmaus UK debates on the future direction of the Emmaus Federation. In November we were delighted to host a lunch reception for Sir Terry Waite after he had received his knighthood. Page 4
Emmaus Greenwlch (A company limited by guarantee) Trustees. report (continued) For the year 8nded 30 June 2024 Achlevements and perfomiance (Contlnued) Solidarity An important aspect of th@ charity's work is 8 term referred to as 'Solidarity'. which is working to help other people or causes in greater need. We are conscious that working with other organisations and sharing expertise and resources can have enhand impact in the wider Community. We continued with the Str88t Souls food and Companionship runs to support the street homeless in Westminster and Greenwich. We have started working with local agencies supporting vulnerable families, this has included the Warm Spaces initiative offering food and practical advice. We will be building on and refining these Solidarity initiatives in the coming year, trying to target them to areas of greatest need. We invested conslderable efforts in developing a Home for Now offering to support those who have been granted refugee status. 4 residents have moved in. In the year-. The charity continued to support various solidarity causes, spending £14.634. Tolal Solidarity payments to Emmaus UK, Emmaus Europe and Emmaus International were £14,321, and includes proceeds from the Annual Solidarity Sale which raised a total of £764. Discounts and goods given away to people on low income in our local Community. The Community provided subsidised solidarity spaces. Financial revlew a. Going concern After making appropriale enquiries, the trustees have a reasonable expectation that the charity has adequate resourGes to continue in operational existenGe for the foreseeabl@ future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. b. Grants, donations and other Income The charity received a total of £104,857, which included grants of £55.716 and donations of £49.141. Amongst the grants and donations were: Anonymous - £19 Arlene Beare - £50 Boston Consulting Group Ltd - £19 Bruce Selby Bennett- £3,000 Cash Donation on the till - £130 Charities Trust- £374 CITI Group- £617 Claridge's Hotels - £8,595 Ebay & Paypal Charity Giving - £418 Emmaus UK Office - £7,681 J Gibbs - £300 Jane S Walker & Nazar H Georgis- £1,500 JAR Charitable Trust- £3,000 John Lewis- £1,583 Led by Donkeys - £1,000 Lloyds Art Group - £4.675 Matthew Hamett- £50 Mr Phillip Tither- £100 Mrs Eve Templeton - £180 Page 5
Emmaus Greenwich (A company limited by guarantee) Trustees, report {continuod) For the year ended 30 June 2024 St John Church Plumstead - £500 stephen Rimmer LLP- £15.000 The Oddfellows (Lord Byron Lodge)- £350 Individual Donations The charity received cash donations outside of the Retail Gift Aid scheme. We are very grateful to all our loyal supporters and want to extend our thanks to donors who wish to remain anonymous. c. Reserves Pollcy The majority of the charills funds are invested in the Communitys fixed assets, including the premises, vehicles, furniture and fittings, with a cost, after depreciation, of £1,382,462 at the year end. Net current assets totalled approximately £1,298,777, which is more than enough to meet the trustees. goal of holding sufficient contingency reserves to cover four months operating expenditure (being approximately £377,748, based on average monthly expenses of £94,437). d. Trading Performance In the year, business and other income (excluding grants and donations) covered 91.90A of the charity's total expenses (2022123: 105.3 /0). Shop revenues were again up, by 8.50/0 this year. Income was down compared to last year due mainly to lower donations and lower Housing Benefit. Expenditure increased, mainly to higher repairs and maintenance costs. The two combined. and other results, led to a decline in net income for the financial year. structure, governance and management a. Constitution The charity is registered as a company limitad by guarantee and was set up by a Memorandum of Association on 20 August 1997. The charity is constituted under a Memorandum of Association and is a registered charity number 1064472. b. Methods of appointment or election of Trustees Trustees are elected and re-elected in aGGordance with the terms of the Memorandum of Association. The Board appoints new trustees based on the recommendation of the chair of trustees and one other trustee who are together responsible for interviewing potential trustees. Appointments are made on a consideration of the requirements of the charity and an assessment of the skills, specialist knowledge and expertise offered by the prospective trustee and the needs of the charity. Trustees give their time freely as volunteers and receive no benefits from the charity. The current Trustees are shown on page 1. c. Policies adopted for the Induction and training of Trustees New Trustees are given an infomiation pack about the charity and an existing Trustee meets with them individually to acquaint them with matters GonrnIng the charity. Where appropriate, the charity will find suitable training courses for Trustees to attend. One key issue for new Trustees is gaining an und8rstsnding of how Emmaus Communities work. They are therefore encouraged to Vistt the chariws premises and other Communities and meet with other members of the Emmaus movement. There is a comprehensive range of trustee online training provided by Emmaus UK which truslees are encouraged to attend. Page 6
Emmaus Greenwich {A company limited by guarantee) Trustees. report (continued) For the year ended 30 June 2024 Structure> governance and management (contlnued) d. Management Structure and decision making The govemance of the charity is the responsibility of the board of Trustees. The board delegates certain day- today management responsibilities to the Chief Executive. The board of Trustees meets once every two months and more frequently if required. There are sub-committees meeting between trustees meetings focusing on Finance, Human Resources and Welfare and Property. The FinanGe sub-committee, consisting of the Chief Executive and two Trustees including the treasurer, oversees all financial matters. The Human Resources and Welfare sub-committee meets lo Consider people related issues. The Human Resources and Welfare committee has had a busy year supporting staff recruitment. The Property sub-committee meets as necessary to discuss refurbishment, maintenance and expansion plans. Trustee Companion forums are held on an ad hoc basis. which enables the Companions to m88t with and provid8 feedback and suggestions direGtly to the board. The Chief Executive is responsible for putting the Emmaus Greenwich Communitys vision and strategy into effect, including day-to-day responsibility for fundraising, risk management, marketing, external relations and management of the other members of the management team. comprising the Community Manager, Logistics & Audit Manager, Retail Manager and Solidarity Development Manager. The Community Manager is responsible for the recruitment, welfare and support of the Companions and the day-to-day operation of the Community. This includes running Community meetings to discuss and agree the management of the Community with Companions. Our long seNing Community Manager moved at the end of the year to a role at Emmaus UK. The Logistics and Audil Manager is responsible for managing the logistics operations including line managing the Logistics Co-ordinator and the van crew. Ensuring Health & Safety compliance across the back of house areas, and audit compliance across the business. The Retail Manager is responsible for the performance of the social enterprise retail and online sales outlets. We appointed an agency, Accountancy Aid to prepare the management reports, and VAT for the organisation. The Finance Officer is responsible for maintaining the financial records within the organisation and payroll. Solidarity Development Manager is responsible for managing Emmaus Greenwich's solidarity activities, including running of Street Souls our outreach service; Undertaking outreach work to increase Emmaus Greenwich's profile locally and in th8 wider Community., Establishing links with relevant agencies and organisations to. broaden our social impact; Fundraising to successfully fund the cost of running the solidarity activities and projects. The charity encourages Companions to develop their personal responsibility and skills by taking part in a wide variety of roles within the Community. This enables Companions to regain their self-respect, with some moving on to gain employment in other organisations. Most decisions are taken by the Chief Executive and the senior management team. with certain decisions, including in respect of policies and strategy, taken by the board of Trustees or one its sub-committees. Page 7
Emmaus Greenwich (A company limited by guarantee) Trustees. report {continued} For the year ended 30 June 2024 Structure J governance and management (continued) 8. Risk Management The board of Trustees is responsible for assessing the risks faced by the charity and for ensuring that appropriate systems and procedures have been eslablished lo mitigate such risks. The Chief Executive and the senior management team are responsible for ensuring thal risk related policies and procedures are complied with on a daily basis and a Trustee signs off monthly. Key risks are discussed by the Board of Trustees at the regular Trustee meetings. As part of the charity's risk management, the Health and Safety policy and procedures are reviewed regularly, including a weekly test of the fire alarm and. periodically, a fire drill. Also, financial controls have been established and are monitored according to Charity Commission guidelines and Disclosure and Barring Service (DBSI checks have been completed for all staff and volunteers whose duties include working with Companions. Plans for future periods Broaden Our Social Impact Our Solidarity team will work with local partners to address social exclusion. We will enhance our Street Souls offering to increase the numbers supported by developing Solidarity Points which serves as an entry point to early intervention support network in the Greenwich area. The aim of early intervention support network is to help, offer resources and guidance to individuals before their challenges escalate, and promote a sense of solidarity and collaboration within the local Community. We will work alongside other agencies including Greenwich Council pn)viding access to e.g. health services, family mediation. legal advice, training courses, debt advice. We will develop a Home for Now offering to support homelessness charities and advice service providers assisting people with limited entitlements. Asylum Support Accommodalion service providers and support groups working with refugees. Local aulhorities and their commissioned services, i.e., outreach- and also Individuals experiencing homelessness and in need of legal advice. Maximising Business Profitability Our current business is profitable although there is increased competition on the high street and online. We ontinue to focus on improving profitability. particularly by increasing our marketing efforts and by improving our operational efficiency. Enabling Companions to Move On We Gontinue to support Companions who wish to enhance their employability skills and move on with a training coach. The coach works with Companions both on their employability skills and how they can support a tenancy. We wll assist Companions to re-build their confidence and skills to live independently. Page 8
Emmaus Greenwich (A company limited by guarantee) Trustees, report (continued) For the year ended 30 June 2024 Statement of Trustees. responsibilities The Trustees (who are also the Directors of the Charity 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 Actspted Accounting Practi). 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 Charity and of its income and application of resources, including its income and expenditure, fof 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 IFRS 102)" make judgem8nts 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 concem 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 Charitys 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 Companies Act 2006. 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. The Trustees are responsible for the rna1ntenan and integrity of the corporate and financial infomiation included on the charitable companls website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from18gislation in other jurisdictions. Dlsclosure of informatlon to auditor Each of the persons who are Trustees at the time when this Trustees, report is approved has confimied that: so far as that Trustee is aware, there is no relevant audit infomiation of which the charitys auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the chariws auditor is aware of that information. Approved by orde of the members of the board of Trustees on J31 and signed on their behalf by. ritton Page 9
Emmaus Greenwich (A company limited by guarantee) Independent auditorfs report to the Members of Emmaus Greenwich Opinion We have audited the financial statements of Emmaus Greenwich (the 'charity') for the year ended 30 June 2024 which comprise the Statement of financial activities, the Balants sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charitable companys affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK}} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audil evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going conc8m In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable companls ability to Gontinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the regponsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 10
Emmaus Greenwlch (A company limited by guarantee) Independent auditor's report to the Members of Emmaus Greenwich (continued) Other infomiation The other infomiation comprises the information included in the Annual report other than the financial statements and our Audito¢s report thereon. The Trustees are responsible for the other infomiation contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwlse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we Conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit." the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. th8 Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to pr8par8 th8 financial statements in accordan with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companvs abilÉty to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page11
Emmaus Greenwich (A company Ilmited by guarantee) Independent audltors report to the Members of Emmaus Greenwich (contlnu8d) Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditovs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, th8y could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified the principal risks of non-compliance wilh laws and regulations. We considered the extent to which non-compliance might have a material effeGt on Ihe financial statements. We also considered those laws and regulations that have a direct impact on th8 preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies AGt 2006 and other relevant charity legislation. We communicated identtfied laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees. and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audtt prOdureS performed by the engagement team included= Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud. and review of the reports made by management and Assessment of identified fraud risk factors; and Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud,. and Confimiation of related parties with management. and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business., and Performing analyiical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud-, and Reading minutes of meelings of those charged with govemance, and reviewing correspondence with relevant tax and regulatory authorities., and Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions- and Identify'ng and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. Because of the inherent limilations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional cOnalMent, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material Page 12
Emmaus Greenwich (A company limited by guarantee) Independent auditor's report to the Members of Emmaus Greenwich (continued) misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a tnaterial unGertainty exists related to events or conditions that may cast significant doubt on the charitable companrfs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify Ouf opinion. Our conclusions are based on the audit eviden obtained up to the date of my Auditorfs report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, induding the disclosures, and whelher the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable companys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companvs members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work, for this report, or for the opinions we have formed. Lucy Hammond Bsc FCA (Senior statutory auditor) for and on behalf of Kreston Reeves LLP Chartered Accountants statutory Auditor Chatham Office Date: Page 13
Emmaus Greenwlch (A company limited by guarantee) Statement of flnanclal aGtivities (Incorporating Income and exp8nditur8 account) For the year ended 30 June 2024 Restrict8d Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments $4,301 49.805 974,039 63,372 104,106 974.039 63,372 391,109 957,240 35,706 Total income 54,301 1,087,216 1,141,517 1.384,055 Expendlture on: Charitsble activities 48,493 1.097,386 1,145,879 943,009 Total expenditure 48,493 1,097.386 1.145,879 943,009 Net in¢omel{expenditure) before net (losses)Igains on investments Net (losses}Igains on investments 5,808 (10,170) {70,000) {4,362) {70,000) 441,046 125,000 Net movement in funds 5,808 (80,170) {74.362) 566,046 Reconciliation of funds: Total funds brought forward Net movement in funds 9,235 5,808 2,661,537 (80,170) 2,670,772 (74,362) 2,104.726 566,046 Total funds carried forward 15,043 2,581,367 2,596,410 2,670,772 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 17 to 34 form part of these financial statements. Page 14
Emmaus Greenwich {A company limited by guarantee} Registered number: 03422357 Balance sheet As at 30 June 2024 2024 2023 Note Fixed assets Tangible assets Investment property 11 12 1,033,354 1,070,703 360,000 1,033,354 1,430,703 Current assets Stocks Debtors Investments Fixed assets held for sale 13 14 15 6,049 59,084 1,060,664 290,000 235,516 5,149 57,072 952,554 Cash at bank and in hand 352.119 1,651.313 1.366,894 Creditors: amounts falling due within one year 16 (88,257} (126,825) Net current assets 1,563,056 1.240,069 Total net assets 2,596.410 2.670,772 Charity funds Restricted funds Unrestricted funds 17 15,043 9.235 18 Designated funds General funds 17 1,033,354 1,548,013 2,660,042 1.495 17 Total unrestricted funds 17 2,581.367 2,661.537 Total funds 2,S96,410 2,670,772 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on l o their behalf b ?sJis and signed on E Britton The notes on pages 17 to 34 form part of these financial statements. Page15
Emmaus Greenwich (A company Ilmited by guarantee) Statement of cash flows For the year ended 30 June 2024 2023 (Restated) 2024 Cash flows from operating activities Net cash used in operating activities (Note 20) (2,214) 569,529 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 15,350 (52,727) (6,279) Net cash used in investing activities {6,279) {37,377) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (8,493) 1,304,673 532,152 772.521 Cash and cash equivalonts at tho end of the year 1,296.180 1.304,673 The notes on pages 17 to 34 form part of these financial statements Page 16
Emmaus Greenwlch (A company limlted by guarantee) Notes to the financial statements For the year ended 30 June 2024 General infomiatlon The Charity is a private company limited by guarantee and is incorporated in England and Wales. The address of the registered office is 226 Elmley Street, Plumstead, London, SE18 7NN. The principal activity of the charity is to provide homeless and unemployed people with a home, meaningful work, companionship and a chance to regain self-respect. 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 Practi 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 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Emmaus Greenwich meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. The financial statemtns have been prepared in pound sterfing rounded to the nearest £. 2.2 Going concern 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 concem. The Trustees make this assessment in respect of a period of al least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concem. thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Page 17
Emmaus Greenwlch (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a re1vable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distrrbuted 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 approprtate fixed asset class and depreciated over the useful economic life in accordance with the Charitys 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 obtsin seNices or facilities of equivalent economic benefit on the open mark&t', a corresponding amount is then reGognised 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. Accomodation receipts are recognised for the period in which they are receivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Glassified by aclivity. 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 beeen those activities on a basis consistent with the use of resources. Central staff Gosts are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitrfs objectives. as well as any associated support costs. Grants payable are charged in the year when the offer is made expt in those cases where the offer s conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 18
Emmaus Greenwich (A company Ilmited by guarantee) Notes to the financial Statements For the year ended 30 June 2024 Accounting policies (continued) 2.5 Government Grants Govemment grants are credited to the Statement of financial activities as the related expenditure is incurred. 2.6 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. 2.7 Taxatlon 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 lax 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. 2.8 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially racognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases- Freehold property Motor vehicles Fixtures and fittings 25 /0 Straight line 20 % - 300/0 straight line Page 19
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Accounting policies (continued) 2.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at Gost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments, in the Statement of financial activities. The Trustees policy is to revalue the charitvs investment property at each reporting date. No depreciation is provided in respect of investment properties in accordance with section 16 of FRS 102 "Investment Propert 2.10 Stocks Stocks are valued at the lower of cost and net realisable value and net realisable value after making due allowance for obsolete and slow-moving stocks. Stock does not included donated assets for sale as it is impractical to measure reliably the fair value of these donated assets. 2.11 Debtors Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. 2.12 Cash at bank and Sn hand Cash at bank and in hand indudes cash and short-temi 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. 2.13 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 reiVed 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 rale 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. 2.14 Financial instruments The Charity only has financial assets and financial liabilFties 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. 2.15 Operatlng leases Rentals paid under operating leases are charged to the Statement of financial adivities on a straight- line basis over the lease term. Page 20
Emmaus Greenwich (A company Ilmited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Accountlng pollcles (contlnued) 2.16 Pensions The Charity operates a defjned contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.17 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 restriGted fund is set out in the notes to the financial ststements. Investment income. gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of Judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circuMstans. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement-. The charity has recognised tangible fixed assets with a carrying value of £1,033,354 (see note 10). These assets are stated at their cost less provision for depreciation and impaimient. The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and the residual values of the assets. The useful economic lives and residual values are reassessed annually. They ar8 amended when necessary to reflect current 8Stimates, based on technological advancement, future investments , economic utilisation and the physical condition of the assets. Page 21
Emmaus Greenwich (A company limited by guarantee) Notes to the financlal statements For the year ended 30 June 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants 48.390 1,415 48.390 55.716 371,480 19.629 54,301 54.301 49,805 104,106 391,109 Total 2023 19.260 371,849 391,109 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Trading income Accomodation receipts Other income 583,637 383,760 6,642 583,637 383,760 6,642 539,191 417,885 974,039 974,039 957,240 Total 2023 957,240 957.240 Investmgnt incomo Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rental income Bank interest 33.617 29,755 33,617 29,755 21,117 14,589 63,372 63,372 35,706 Total 2023 35,706 35,706 Page 22
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Analysis of expendlture on charitable activitles Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Charity shops and provision of accommodation 48,493 1.097.386 1,145,879 943,009 Totsl 2023 12,329 930.680 943,009 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charity shops and provision of accommodation 341,666 804.213 1,145,879 943,009 Total 2023 298,223 644.786 943,009 Page 23
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Analysis of expenditure by activities (continued) Analysis of direct costs Charity shops and provision of acGommodation 2024 Total funds 2024 Total funds 2023 Weekly allowances Food and Sundries Direct companion expenses Counselling Rent, rates and water Direct shop costs 63,534 39,974 28,524 3.255 59,938 146,441 63,534 39,974 28,524 3,255 59,938 146,441 73,409 30,180 31,819 2,340 60,662 99,813 341,666 341.666 298,223 Total 2023 298.223 298,223 Analysis of support costs Charity shops and provision of accommodation 2024 Total funds 2024 Total funds 2023 Staff costs 317,460 43,628 114,984 112,144 (5.314) 11,505 8,350 35 201,421 317,460 43,628 114,984 112.144 (5.314) 11,505 8,350 35 294,178 48,212 129,417 85.109 9,038 13,582 7.875 {30) 57,405 Depreciation Management and administration Premises expenses Solidarity Accounting fees Auditors, remuneration Legal and professional fees Repairs and maintenan 201,421 804,213 804,213 644,786 Total 2023 644,786 644,786 Page 24
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 272,448 32,011 13.001 260,638 23,103 10,437 317,460 294.178 The average number of persons employed by the Charity during the year was as follows: 2024 2023 Chaitable activities and administration 12 10 No employee reiVed remuneration amounting to more than £60,000 in either year. During the financial year, remuneration and benefits totalling to £121.656 (2023: £90.194) were paid to the Chariws key management personnel. 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 30 June 2024, no Trustee expenses have been incurred (2023 - £NIL). 11. Tangible fixed assets Freehold property Molor Flxtures and vehicles fittings Total Cost or valuation At 1 July 2023 Additions Disposals 1,355,508 6,279 72,965 44.407 1,472,880 6,279 (7,660) {7,660) At 30 June 2024 1,361,787 65,305 44,407 1,471,499 Depreciation At 1 July 2023 Charge for the year On disposals 343,748 26,054 19,426 16,326 {7,660) 39,003 1.248 402,177 43.628 (7,660) At 30 June 2024 369,802 28,092 40,251 438,145 Page 25
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 11. Tangible fixed assets {contlnued) Freehold property Motor Flxtures and vehlcles rittings Total Net book value At 30 June 2024 991,985 37,213 4,156 1,033,354 At 30 June 2023 1,011,760 53,539 5,404 1.070,703 12. Investment property FehOld investment property At 1 July 2023 Deficit on revaluation Transfers beeen classes 360,000 (70,000) (290,000) At 30 June 2024 The Trustees have made the decision to sell the investment property and it has therefore been reclassified as a Fixed assot held for sale and included within current assets at its open market value. 13. Stocks 2024 2023 stock 6,049 5,149 14. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 5,868 5,529 47,687 3,878 15,382 37,812 59,084 57,072 Page 26
Emmaus Greenwlch (A company Ilmlted by guarantee) Notes to the financial statements For the year ended 30 June 2024 15. Current asset Investments 2024 2023 Flagstone account 1.060,664 952,554 16. Creditors". Amounts falling due within one year 2024 2023 Trade creditors 11.537 8.430 17.036 51,254 40,276 7,330 28,503 50.716 Other taxation and social security Other creditors Accruals and deferred income 88,257 126,825 Page 27
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 17. Statement of funds Statement of funds - current year Balance at 30 June 2024 Balance at 1 July 2023 Transfers inlout Galnsl (Losses) Income Expenditure Unrestricted funds Designated funds Fixed Asset Fund Solidarity Activities 1,430.702 (43.628) (283,720) {70,000) 1,033,354 516,817 485,000 159,402) (457,415) (485,000) New propety Refurb Elmley Street New vehicles Contingency reserve ( Previously.. Energy crisis) 85,523 42.000 (85.523) (42,000) 100,000 (100,000) 2,660.042 (188.553) (1.368,135) {70,000) 1,033,354 General funds General Funds 1,495 1,087.216 (908,833) 1.368,135 1,548,013 Total Unrestricted funds 2,661,537 1,087,216 {1,097.386) (70,000) 2.581,367 Page 28
Emmaus Greenwlch (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 17. Statement of funds (contlnued) Restricted funds Emmaus UK Companion Training Fund Emmaus UK IT Support RBG Warm Spaces RBG Small Funds The Albert Hunt The National Lottery CF 1,330 1,508 (2,538) 300 861 {356) 505 588 2.734 (2,399) 923 7,317 9,538 7,000 (7,067) (3,473) 9,788 3,527 32,660 {32.660} 9,235 54,301 {48.493} 15.IM3 Total of funds 2,670,772 1,141,517 (1,145.879} {70,000) 2,596,410 Statement of funds - prior year Balance at 30 June 2023 Balance at 1 July 2022 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Fixed Asset Fund Solidarity Activities New property Refurb Elmley Street New vehides Contingency reserve { Previously.. Energy crisis) (76.689) 1.382,391 125,000 1.430,702 (25.183} 542,000 485,000 516,817 485,000 (14.477) 100,000 42,000 85,523 42,000 100,000 100,000 {116,349) 2,651,391 125.000 2.660,042 Page 29
Emmaus Greenwich {A company limited by guarantee) Notes to the flnanclal statements For the year ended 30 June 2024 17. Statement of funds (continued) General funds Fixed Asset Fund General Funds 1,094,664 1,007,758 (1.094,664) (814,331) (1.556.727) 1,364.795 1,495 2,102,422 1,364,795 (814,331) (2,651,391) 1,495 Total Unrestricted funds 2.102,422 1,364.795 (930,680) 125,000 2.661,537 Restricted funds Emmaus UK Companion Training Fund Emmaus UK IT Support RBG Warm Spaces RBG Small Funds 2,304 2.502 (3,476) 1,330 4,044 (4.044) 2.814 (2,226) 588 9.900 (2,583) 7.317 2,304 19,260 (12,329) 9,235 Total of funds 2,104,726 1.384,055 (943,009) 125,000 2,670,772 Page 30
Emmaus Greenwich (A company limited by guarantee) Notes to the financial statements For the year ended 30 June 2024 Restricted Funds Comprise: a). Emmaus UK- IT Support Grant Represents donations from Emmaus UK towards the costs of IT support. b). RBG Wami Spaces and RBG Small Spaces Street Souls Emmaus Greenwich Oulreach Services. delivery of a weekly service iming to support people in the local area who are struggling due to the cost of living crisis, feelng isolated andlor seeking somehwere warm and welcoming during the winter months. c}.National Lottery Grant Funding to continue providing and expanding the Street Souls offer. Designated Funds Comprise: a) Fixed Asset Fund Funds tied up within fixed assets on the balance sheet. During the year Emmaus Greenwich have decided to transfer out all other designated funds to general funds, as they plan to review designations against plans in 2025. For comparative purposes the designated funds were as follows.. bl. Contingency Reserve Provision for increases in costs such as energy. gas and maintenance, amount sel aside by the Trustees based on worst case scenario increases, principally in energy costs. c). Solidarity Activities including Streel Souls To broaden our social impact to address social exclusion through our Outreach serViS, over a three year period, amount set aside by Trustees. d). New propety Set aside for planned expansion of the services offered, based upon a 2023 estimated cost for a property similar to the one already owned. e). Refurb Elmly Street Work to improve and upgrade both Ihe provision of companion spaces and offices, based on project budgeled costs . New Vehicles Vehicles required for the day to day op8rations, based on estimated cost of two vehicles. Page 31
Emmaus Greenwich (A company limlted by guarantee) Notes to the financlal statements For the year ended 30 June 2024 18. Summary offunds Summary of funds - Current year Balance at 1 July 2023 Balance at 30 June 2024 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds General funds Restricted funds 2,660.042 1.495 9,235 {188,553) (1,368,135) (908,833) 1,368.135 (48,493) (70,000) 1,033,354 1,548,013 15,043 1.087,216 54,301 2.670,772 1,141,517 {1,145,879) (70,000) 2,596,410 Summary offunds - prior year Balance at 1 July 2022 Balance at 30 June 2023 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds General funds Restricted funds (116,349) 2,651.391 (814,331) (2,651,391) {12.329} 125,000 2,660.042 1,495 9,235 2.102,422 2,304 1,364,795 19,260 2.104,726 1,384,055 (943,009) 125,000 2,670,772 19. Anatysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 1.033,354 1,636.270 (88,257) 1,033,354 1,651,313 {88.257) 15,043 Total 15,043 2,581,367 2,596,410 Page 32
Emmaus Greenwlch (A company limited by guarantee) Notss to the financlal statements For the year ended 30 June 2024 19. Analysis of net assets between funds {continued) Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Investment property Current assets Creditors due within one year 1,070,703 360,000 1,357,659 (126,825) 1,070,703 360.000 1,366,894 (126,825) 9.235 Total 9,235 2.661,537 2,670,772 20. Reconciliation of net movement in funds to net cash flow from operating activitFes 2023 (Restated) 2024 Net incomelexpenditure for the period (as per Statement of Financial Activities) (74,362) 566,046 Adjustments for.. Depreciation charges Loss on the sale of fixed assets Decreasel{increase) in stocks Decreasel(increase) in debtors Increasel{decrease) in creditors Movements relating to investment property 43,628 48,211 13,127 7,506 260,892 33.747 (360,000) (900) (2,012) {38,568) 70,000 Net cash provided byl(u$ed In) operating activities (2,214) 569,529 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 1,296.180 1,304,673 Total cash and cash equivalents 1,296,180 1,304,673 Page 33
Emmaus Greenwich (A company limited by guarantee) Notes to the flnanclal statements For the year ended 30 June 2024 22. Analysis of changes in net debt At 1 July 2023 Cash flows At 30 June 2024 Cash at bank and in hand Liquid investments 352,119 952,554 (116,603) 108,110 235,516 1,060.664 1,304.673 (8,493) 1,296,180 23. Pension commitments The Charty operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contribution5 payable by the Charity to the fund and amounted to £13,001 (2023 £10,437). Contributions of £1,874 (2023 - £1.737) were payable to the fund at the Balance sheet date and are included in creditors. 24. Operating lease commitments At 30 June 2024 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows- 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 32,558 33,817 25,000 32,558 58,817 25. Related party transactions During the year Nazar Georgis (Trustee) undertook a fundraiser on behalf of Emmaus Greenwich with a group of associates and, donated £1,500 to Emmaus Greenwich. {2023: £0) 26. Post balance sheet events Since the year end the Charity has entered into a lease for the property of Ground Floor Retail Unit and Basemenl, 197 Lewisham High Street SE13 6AA. this was signed on 24th Februaury 2025. Page 34