Company No. 3390541 (England and Wales) Charity No. 1070483
DEPTFORD CHALLENGE TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
ALISON WARD ACCOUNTANTS CHARTERED CERTIFIED ACCOUNTANTS
28 HILLS ROAD BUCKHURST HILL ESSEX IG9 5RS
DEPTFORD CHALLENGE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
CONTENTS
| Pages | 1 | Management Board Report |
|---|---|---|
| 9 | Independent Auditors' Report | |
| 10 | Statement of Financial Activities | |
| 11 | Balance Sheet | |
| 12 | Notes to the Financial Statements |
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT - STATUTORY INFORMATION FOR THE YEAR ENDED 31 MARCH 2020
MANAGEMENT BOARD
Councillor Obajimi Adefiranye Mr Matthew Brooks Ms Stella Brown Mr Bill Ellson Mr Robert Flook Mr Declan Flynn Mr Shaun Hetherington (Vice Chair) Councillor James Mallory Mr Desmond Malone (Chair)
SECRETARY
Linda Clayton
GRANT ADMINISTRATORS
The London Community Foundation (LCF) Unit 7 Piano House 9 Brighton Terrace London SW9 8DJ
REGISTERED OFFICE
28 Hills Road Buckhurst Hill Essex IG9 5RS
COMPANY NUMBER
3390541
CHARITY NUMBER
1070483
page 1
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT - STATUTORY INFORMATION FOR THE YEAR ENDED 31 MARCH 2020
BANKERS
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
INVESTMENT MANAGER
Smith & Williamson 25 Moorgate London, EC2R 6AY
INDEPENDENT EXAMINER
Alison Ward Accountants Chartered Certified Accountants 28 Hills Road Buckhurst Hill Essex IG9 5RS
page 2
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT FOR THE YEAR ENDED 31 MARCH 2020
The Management Board (who are also the Directors and Trustees) present their report and the independently examined financial statements of the charitable company for the year ended 31 March 2020. The financial statement has been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) as amended by Update Bulletin 1 issued in February 2016 and the Charities Act 2011.The statutory information is shown on Pages 1 and 2.
STATUS AND GOVERNING DOCUMENT
Deptford Challenge Trust Limited (the Trust) is a charitable company limited by guarantee, incorporated on 23 June 1997 and registered as a charity on 9 July 1998. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 towards its liabilities, if anything at all.
ORGANISATION
The Trust is managed by its Management Board whose members are also the Trustees of the Charity. The London Community Foundation (LCF) continues to act as administrator and assessor of the applications and makes recommendations to the Trustees who remain entirely responsible for the allocation of the funds. To ensure accountability, LCF monitors the use of funding in order to ensure adherence to grant conditions and accountability for the use of funds, and reports to the Trustees.
RECRUITMENT AND APPOINTMENT OF TRUSTEES
The Management Board consists at any time of up to 14 members. The following organisations are each entitled to appoint one Board Member: Goldsmiths College, Lewisham College, South East London Chamber of Commerce and the London Borough of Lewisham. Deptford Community Forum was entitled to appoint two Board Members but has now been disbanded. Up to two Members may be appointed from local tenants and residents' associations but no appointments have been made. The Management Board may invite a business or service in the local area to nominate one person to be a Board Member and may appoint up to four additional Directors.
TRUSTEE INDUCTION AND TRAINING
New Trustees are briefed on the source of income and the grant-making policies of the Trust and on the content and purposes of the Memorandum and Articles of Association of the Company. They are supplied with the Charity Commission's publication on the duties of Charity Trustees and are made aware of their responsibilities as Company Directors.
page 3
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
OBJECTIVES AND ACTIVITIES
The Trust's objects and its principal activities are to promote the benefit of the inhabitants of the Deptford City Challenge area in a common effort to advance education training and social welfare with the object of improving the conditions of life of the said inhabitants. The Trustees carry out these objects by providing grants to organisations undertaking projects that meet the criteria set out within its grant schemes. The Trustees have taken account of the guidance contained in the Charity Commission's general guidance on public benefit in carrying out these objectives and in planning future grant funding rounds.
The Trust's source of funding arises from the income stream from the Dean House building constructed as student accommodation and leased to Goldsmiths College. The building is the result of an investment by Deptford City Challenge Limited, which, in May 1999, transferred its interest to the London Borough of Lewisham by an agreement which recognised the use, for charitable purposes in Deptford, of future funds arising from rentals. On the same date, the Trust entered into an agreement with the London Borough of Lewisham relating to the use of the funds.
Each year, the Trustees organise an event at which a prominent Guest of Honour announces the awards of grants for the year in question. It is attended by representatives of many third sector organisations and provides both a platform for such organisations and an opportunity for the exchange of ideas and experience.
The Trustees have a duty to make the best use of the funds at the Charity's disposal by ensuring that the work of the organisations which submit applications is of value and public benefit to the people of Deptford and that such organisations are able to make good use of the funding.
The Trustees review the grant schemes each year to ensure they best meet the needs of the inhabitants of the area of benefit in accordance with the objects of the Charity. The schemes were amended in 2017, after independent research commissioned by the Charity, into funding of the voluntary and community sector informed a new Open Programme, covering all grants from £1,000 to £30,000. The criteria and priority themes of education and skills; community cohesion and social inclusion; health and wellbeing; strengthening the DCT area were set as guidelines. In addition, they introduced a new Core Grant programme of up to £20,000 per year, for a maximum of three years, for up to two organisations. Funds would be unrestricted for the use of core activities, rather than for specific projects or roles so that the organisation would be able to concentrate on developing its charitable aims.
Further research was commissioned in 2019, following a significant drop in the number of applications compared to previous years. The research concluded that organisations have a need for core grants and multi-year funding to give them more stability and continuity and do not always have sufficient time to dedicate to completing the application process each year. Trustees therefore agreed to widen the grant scheme to include core funding, capital funding and increase the number of multi-year core grants. This will take effect from 2020.
page 4
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
The overall quality of the applications remains high both from applicants already known to the Trust and from well-qualified new applicants. The Trust receives more applications than it is able to fund, and employs The London Community Foundation (LCF) to independently assess each application and make written recommendations to the Board. The Trustees then consider each application with reference to LCF's recommendations, the Trust's funding policy and their own local knowledge. The Trustees make it known that any organisation which is unsuccessful on one occasion should not feel discouraged from applying in a later round. LCF also monitors the projects, provides feedback to the Trustees, and works with the organisations to address any issues during the project that may cause them not to meet their project outcomes.
During the year the Charity continued its funding of the 'World of Possibilities' project, led by Kathryn Riley, Professor of Urban Education at UCL. World of Possibilities aims to build new partnerships and develop creative solutions to common challenges within the voluntary and charity sectors in the Deptford community. Alongside workshops, and a website of resources and information, a Leadership Programme, aimed at everyone working in a charity or not-for-profit organisation in and around Deptford either as a volunteer or in a paid capacity, was launched to develop the next generation of leaders in Deptford. This will finish at the beginning of the next financial year when the project will become self-sustaining. The project was funded from the Richard MacVicar legacy, bequeathed to the Trust in 2017.
RISK MANAGEMENT
The Trustees have considered the risks faced by the Trust. They consider the main risks to be:
(a) loss of income due to a void or rent-free period in the rental of the property. The risk is being addressed by communicating with the London Borough of Lewisham, seeking alternative tenants or uses for the property and coordinating the implementation of any changes. See Future Developments below.
(b) misuse of funds under the Charity's immediate control: the risk of such misuse is reduced by the requirement that all proposed payments and transfers of funds, being the property of the Charity, must be supported by transfer instructions implementing approvals by the Board or by invoices from providers of goods and services. In either case, instructions for transfers and payments must be signed by two authorised signatories; and
(c) loss of funds due to failure or liquidation of any agency holding funds which are the property of the Charity; This is of particular moment to DCT, being a distributing charity, which relies on an agent to distribute funds of which the release has been authorised by the Board. Here, the particular risk of loss is alleviated by a provision in the agreement with the agent having the responsibility for distribution of funds, having the effect that the funds remain the property of DCT until such time as they are passed to recipients in accordance with instructions of its Trustees.
page 5
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
FINANCIAL REVIEW
During the year ended 31 March 2020, £247,895 was distributed. Of this £207,895 was distributed through the Open programme to seventeen applicants (2019 - £213,304 to 14 applicants) and £40,000 through the Core Grants programme to two applicants (2019 - £40,000 to 2 applicants). Core grants are distributed annually for up to 3 years subject to certain criteria being met at each anniversary.
The names of the grant recipients and the amount allocated to them are listed in Note 4 to the accounts. These organisations are commendable examples from the voluntary sector bodies operating for the good of a range of Deptford people.
As at 31 March 2020 the value of the Trust's investments was £374,247 (2019: £372,447). This represents a drop in market value of £38,312 in the year and a loss against cost of £33,365. The principle cause for the fall was the Coronavirus pandemic with many countries, including the UK, in a lock down as at 31 March 2020. Subsequent to the year end the investments have risen and subsequently passed their pre-pandemic value.
The Trust spent £8,012 (2019 - £8,972) on the 'World of Possibilities' project and this was funded from the Richard MacVicar legacy.
RESERVES POLICY
Trustees review DCT's reserves policy and reserves levels annually as part of the planning process.
The Trust's historic reserves would have enabled it to continue its programme for one year following the unlikely event of the cessation of its income.
The target level of reserves is £25,000. This will cover a year's running costs and some contingency.
Historically the Trust's reserves would have enabled it to continue its programme for one year following the event of the cessation of its income. Following the implementation of the current policy, the balance of the reserves held were allocated to the Investment Reserve along with a catch up payment from London Borough of Lewisham.
page 6
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
INVESTMENT POLICY
It is the policy of the Trust to manage its reserves in a way which generates a return on its reserves without unduly risking the capital invested. This has led the Trust to hold its:
-
Unrestricted Funds reserves in interest-bearing accounts with a financial institution or institutions of established reputation or within the limits of FSCS Guarantee scheme.
-
Investment Reserve in a balanced investment portfolio with a 5 year + time horizon and managed by financial institution or institutions of established reputation.
The Trustees review DCT's investment policy annually. Currently DCT's investment managers are Smith & Williamson Investment Management LLP. Given DCT's resources it has not created its own investment policy and has opted to use one based upon the Church of England Ethical Investing Policies to ensure its investments do not harm the communities it is trying to help. Over time DCT's policy may diverge from the Church of England Ethical Investing Policies should the Trustees' identify areas where these conflict with the Trust's open and inclusive values. This policy is reviewed annually and is consistent with Trustees responsibilities under the Charities Act.
FUTURE DEVELOPMENTS
The Trust's source of funding arises from the income stream from the Dean House building constructed as student accommodation and leased to Goldsmiths College. Rent is collected by the London Borough of Lewisham and passed on to the Trust, which distributes the funds through grants for charitable purposes in Deptford. In September 2021 the lease for Dean House is up for renewal and Goldsmiths College has advised that they do not wish to renew the lease when it expires. As such, the Trustees are working with the London Borough of Lewisham to obtain a new tenant for the Dean House building so that the Trust can continue its work within the Deptford community.
page 7
DEPTFORD CHALLENGE TRUST LIMITED MANAGEMENT BOARD REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
MANAGEMENT BOARD RESPONSIBILITIES
Company and charity law requires the Management Board, as Trustees and Directors, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing those financial statements, the Management Board are required to:-
1) select suitable accounting policies and then apply them consistently.
2) make judgements and estimates that are reasonable and prudent.
3) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Management Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MANAGEMENT BOARD
Members of the Management Board, who are Directors for the purposes of company law and Trustees for the purposes of charity law, who served during the year and up to the date of this report are set out below.
Councillor Obajimi Adefiranye Mr Matthew Brooks Ms Stella Brown Mr Bill Ellson Mr Robert Flook Mr Declan Flynn (Appointed December 2019) Ms Patricia Forrest (Resigned July 2020) Mr Shaun Hetherington (Vice Chair) Councillor James Mallory Mr Desmond Malone (Chair)
SMALL COMPANY EXEMPTIONS
This report has been prepared and delivered in accordance with the provisions in Part 15 of Companies Act 2006 applicable to companies subject to the small companies' regime.
This report was approved by the board on 25 September 2020 and signed on their behalf.
Mr Desmond Malone (Chairman)
page 8
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DEPTFORD CHALLENGE TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2020
I report on the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of ACCA, 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alison Ward FCCA
25 September 2020
Alison Ward Accountants 28 Hills Road Buckhurst Hill Essex IG9 5RS
page 9
DEPTFORD CHALLENGE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2020
| **Unrestricted ** | **Unrestricted ** | **Unrestricted ** | Restricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|---|---|---|
| Note | Funds | Funds | 2020 | 2019 | |||||
| £ | £ | £ | £ | ||||||
| Income: | |||||||||
| Donations and legacies | 311,562 | 20,000 | 331,562 | 460,272 | |||||
| Income from investments | 3 | 7,213 | - | 7,213 | 3,267 | ||||
| Total income | 318,775 | 20,000 | 338,775 | 463,539 | |||||
| Expenditure on: | |||||||||
| Raising funds | 4 | 2,211 | - | 2,211 | - | ||||
| Charitable activities | 5 & | 6 | 303,525 | - | 303,525 | 269,444 | |||
| Total expenditure | 305,736 | - | 305,736 | 269,444 | |||||
| Net income before | |||||||||
| investment gains | 13,039 | 20,000 | 33,039 | 194,095 | |||||
| Unrealised (loss)/gain on investments | 9 | (38,312) | - | (38,312) | 4,947 | ||||
| Net income | (25,273) | 20,000 | (5,273) | 199,042 | |||||
| Reconciliation of Funds | |||||||||
| Total funds brought forward | 732,892 | - | 732,892 | 533,850 | |||||
| Total funds carried forward | £ | 707,619 | £ | 20,000 | £ | 727,619 | £ | 732,892 |
The company made no recognised gains and losses other than those reported in the income and expenditure account.
The notes on pages 12 to 18 form part of these financial statements
page 10
DEPTFORD CHALLENGE TRUST LIMITED BALANCE SHEET AS AT 31 MARCH 2020
Company No. 3390541
| Note | 2020 | 2019 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| CURRENT ASSETS | |||||
| Debtors | 8 | 3,071 | 42,096 | ||
| Investments | 9 | 374,247 | 372,447 | ||
| Cash at bank and in hand | 353,733 | 326,319 | |||
| 731,051 | 740,862 | ||||
| CREDITORS: Amounts falling due within one year | 10 | (3,432) | (7,970) | ||
| NET ASSETS | £ | 727,619 | £ | 732,892 | |
| FINANCED BY: | |||||
| Unrestricted funds | 707,619 | 732,892 | |||
| Restricted funds | 20,000 | - | |||
| £ | 727,619 | £ | 732,892 |
In approving these financial statements as trustees directors of the charitable company we hereby confirm that:
For the year ending 31 March 2020 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The accounts were approved by the board of trustees/directors on 25 September 2020
Ro bert Flook (Treas urer)
The notes on pages 12 to 18 form part of these financial statements
page 11
DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2020
1. ACCOUNTING POLICIES
1a. Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) as amended by Update Bulletin 1 issued in February 2016 and the Charities Act 2011.
Deptford Challenge Trust Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
1b. Preparation of the accounts on a going concern basis
The trustees have reviewed the Trust's financial position and are of the view that the Trust is secure for at least for the next 12 to 18 months and that on this basis the Trust is a going concern. The lease which provides the Trust's income is due to expire in September 2021, and the tenant has advised that they do not wish to renew the lease. The Trust is currently aiding the search for a new tenant. Should a new tenant not be found, then the Trust's income, and its work within the Deptford Community, would be severely curtailed.
1c. Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
1d. Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
1e. 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 on notification of the interest paid or payable by the Bank.
page 12
DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
1. ACCOUNTING POLICIES (CONTINUED)
1f. Funds
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations or grants which the donor has specified are to be used solely for particular purposes/areas of the charity's work or for specific projects undertaken by the charity.
1g. Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Costs of raising funds is the investment management charges.
-
Expenditure on charitable activities includes the costs of making grants and the associated support costs.
-
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
1h. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1i. Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
page 13
DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
1. ACCOUNTING POLICIES (CONTINUED)
1j. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1k. Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1l. Taxation
The charitable company is exempt from taxation under sections 466 to 493 of the Corporation Tax Act 2010.
1m. Funds held by The London Community Foundation
The Trust delegates the distribution of grants to The London Community Foundation (LCF). LCF receives funds from the Trust in advance of distribution and operates a bank account in the name of the Trust to hold these funds. Funds held in this bank account, including the interest earned thereon, belong to the Trust until such time as the funds are distributed to the grant recipients. The undistributed balance therefore belongs to the Trust and is included in the balance sheet as a debtor.
2. OPERATING SURPLUS
| OPERATING SURPLUS | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Surplus is stated after charging: | ||
| Independent examiner's fees | 990 | 990 |
page 14
DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
| 3. | INCOME FROM INVESTMENTS | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2020 | 2019 | |||||||||
| Funds | Funds | Total | Total | |||||||||
| £ | £ | £ | £ | |||||||||
| Bank interest receivable | 2,042 | - | 2,042 | 3,267 | ||||||||
| Income from managed investments | 5,171 | - | 5,171 | - | ||||||||
| £ | 7,213 | £ | - | £ | 7,213 | £ | 3,267 | |||||
| 4. | RAISING FUNDS | |||||||||||
| Unrestricted | Restricted | 2020 | 2019 | |||||||||
| Funds | Funds | Total | Total | |||||||||
| £ | £ | £ | £ | |||||||||
| Investment management charges | 2,211 | - | 2,211 | - | ||||||||
| £ | 2,211 | £ | - | £ | 2,211 | £ | - | |||||
| 5 | CHARITABLE ACTIVITIES | |||||||||||
| Unrestricted | Restricted | Total | Total | |||||||||
| Notes | funds | funds | 2020 | 2019 | ||||||||
| £ | £ | £ | £ | |||||||||
| Grants payable | 6 | 247,895 | - | 247,895 | 221,104 | |||||||
| Grant returned/written off | (1,519) | - | (1,519) | (2,695) | ||||||||
| Management fees (LCF) | 37,032 | - | 37,032 | 30,600 | ||||||||
| Grant making costs | - | - | - | 300 | ||||||||
| Awards ceremony | 2,518 | - | 2,518 | 1,968 | ||||||||
| World of Possibility Project | 7,412 | - | 7,412 | 8,972 | ||||||||
| Consultancy fees | 2,525 | - | 2,525 | 2,000 | ||||||||
| Website | 437 | - | 437 | - | ||||||||
| Governance costs | 7,225 | - | 7,225 | 7,195 | ||||||||
| £ | 303,525 | £ | - | £ | 303,525 | £ | 269,444 |
page 15
DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
6. GRANTS PAYABLE
| GRANTS PAYABLE | ||||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2020 | 2019 | |||||
| Funds | Funds | Total | Total | |||||
| £ | £ | £ | £ | |||||
| The 999 Club and Lady Florence Trust | 20,000 | - | 20,000 | 20,000 | ||||
| Active Living Support CIC | 4,780 | - | 4,780 | - | ||||
| Afghanistan and Central Asian | ||||||||
| Association | - | - | - | 26,357 | ||||
| AHOY Centre | 10,000 | - | 10,000 | - | ||||
| Bench Outreach | 30,000 | - | 30,000 | 29,000 | ||||
| Bright Beginnings | - | - | - | 4,940 | ||||
| CASH (Community Assets for Society | ||||||||
| and Housing) | 5,000 | - | 5,000 | - | ||||
| Chocolate Films Workshops | ||||||||
| (Previously Chocolate Films) | 10,790 | - | 10,790 | 4,993 | ||||
| Creekside Education Trust | 20,000 | - | 20,000 | 20,000 | ||||
| Deptford Folk | - | - | - | 12,620 | ||||
| Deptford Methodist Mission Disabled | ||||||||
| People�s Contact | 27,951 | - | 27,951 | 15,000 | ||||
| Entelechy Arts | - | - | - | 20,590 | ||||
| Frameless Arts C.I.C | 2,425 | - | 2,425 | - | ||||
| GDND Community | 5,000 | - | 5,000 | - | ||||
| Heart n Soul | 15,000 | - | 15,000 | - | ||||
| Lewisham Cyclists | 3,960 | - | 3,960 | - | ||||
| Noah's Ark Childrens Venture | - | - | - | 5,000 | ||||
| Reprezent Radio | 14,626 | - | 14,626 | - | ||||
| Ripe Enterprises | 15,000 | - | 15,000 | - | ||||
| Sommerville Youth & Play Provision | 16,108 | - | 16,108 | - | ||||
| South East London Community | ||||||||
| Energy | 7,320 | - | 7,320 | - | ||||
| The Bike Project | - | - | - | 15,000 | ||||
| The Deptford Ragged Trust | 5,000 | - | 5,000 | - | ||||
| Extant | - | - | - | 7,905 | ||||
| IRIE! Dance Theatre | - | - | - | 25,000 | ||||
| Evelyn Parents Forum | - | - | - | 4,499 | ||||
| FoodSkills Training CIC | - | - | - | 5,200 | ||||
| Teatro Vivo | - | - | - | 5,000 | ||||
| Vietnamese Women & Families | ||||||||
| Association (WWF) | 14,880 | - | 14,880 | - | ||||
| Voluntary Services Lewisham | ||||||||
| (Formerly the Voluntary Care Centre) | 20,055 | - | 20,055 | - | ||||
| £ | 247,895 | £ | - | £ | 247,895 | £ | 221,104 |
In 2019 grants of £7,800 were paid from restricted funds.
page 16
DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
7. GOVERNANCE COSTS
| 7. GOVERNANCE COSTS |
|||
|---|---|---|---|
| Unrestricted Restricted Total Total Funds Funds 2020 2019 £ £ £ £ Bank charges 166 - 166 203 Insurance 195 - 195 219 Company secretarial fees and expenses 5,782 - 5,782 5,698 Independent examination 990 - 990 990 Companies House filing fee 13 - 13 13 Other costs 79 - 79 72 7,225 £ - £ 7,225 £ 7,195 £ 8. DEBTORS 2020 2019 £ £ Funds held by LCF 1,496 32,390 Prepayments 124 106 Accrued income 1,451 9,600 3,071 £ 42,096 £ 9. CURRENT ASSET INVESTMENTS 2020 2019 £ £ Market value at the start of the year 372,447 - Investments acquired 40,112 367,500 Change in market value (38,312) 4,947 Market value at the year end 374,247 £ 372,447 £ |
Total 2019 £ 203 219 5,698 990 13 72 7,195 £ 2019 £ 32,390 106 9,600 42,096 £ 2019 £ - 367,500 4,947 |
Total 2019 £ 203 219 5,698 990 13 72 7,195 £ 2019 £ 32,390 106 9,600 |
Total 2019 £ 203 219 5,698 990 13 72 |
| 2019 £ 32,390 106 9,600 |
|||
| 42,096 | |||
| 2019 £ - 367,500 4,947 |
|||
| 372,447 |
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DEPTFORD CHALLENGE TRUST LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2020
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | |||
| Grants payable | - | 3,790 | ||
| Other creditors including taxation and social security | 480 | - | ||
| Accruals | 2,952 | 4,180 | ||
| £ | 3,432 | £ | 7,970 |
11. TRUSTEES EXPENSES
The trustees neither received nor waived any emoluments during the year (2019 - £Nil) Trustees did not claim for out of pocket expenses during the year. (2019 - £Nil)
12. RELATED PARTIES
Trustees are not involved in the decision to award grants to charities with which they have any links. The charity maintains a regularly updated record of trustees' interests.
Stella Brown had links with Bench Outreach in the year ended 31 March 2019 when it received a grant of £29,000 from Deptford Challenge Trust Limited). This arrangement ended on 31 January 2019.
There were no amounts outstanding to or from Bench Outreach at 31 March 2020. (31 March 2019 - None)
Deptford Challenge Trust Limited continues to receive in kind support from Bench Outreach through the provision of part time administration support for the workshops. It has not been possible to quantify this support.
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