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2024-03-31-accounts

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

Charity registration number 1070582 (England and Wales) Company registration number 02716101

THE METRO CENTRE LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dawn Brown John Ley Mx Mat Thompson (Appointed 23 October 2023) Joanna Webley-Brown (Appointed 17 May 2023) Debbie Solomon (Appointed 17 May 2023) S Scaria (Appointed 20 March 2024) Liam Keogh JP (Appointed 15 March 2024) Charity number (England and Wales) 1070582 Company number 02716101 Registered office Equality Community Hub 1st Floor Equitable House 7 General Gordon Square London SE18 6FH Auditor M J Bushell Audit LLP 8 High Street Brentwood Essex CM14 4AB

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

CONTENTS

Page
Trustees' report 1 - 8
Statement of Trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 28

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Reference and administrative details

METRO Centre Limited, trading as METRO Charity Charity number 1070582 Company number 02716101

Principle address

METRO Woolwich Equality Community Hub 1st Floor Equitable House 7 General Gordon Square London SE18 6FH

Trustees

Barry Blakelock (Unappointed 17/5/23) Dawn Brown, Chair (Re-appointed 15/5/24, elected 22/5/24) Gwen Bryan, Chair (Unappointed 17/5/23) David Burgess (Unappointed 17/5/23) Simon Hall, Treasurer (Unappointed 17/5/23) Liam Keogh, Probationary Trustee (Appointed 15/5/24) John Ley, Treasurer (Re-appointed 15/5/24, elected 22/5/24) Sunil Scaria (Co-opted 20/03/24, appointed 15/5/24) Ray Seabrook (Unappointed 17/5/23) Debbie Soloman (Re-appointed 15/5/24) Mat Thompson, Probationary Trustee (Co-opted 23/10/23, appointed 15/5/24, resigned 19/10/24) Joanna Webley-Brown (Resigned 8/1/24)

Directors

Tony Wong, CEO, appointed 16/9/24 Andrew Evans, Interim CEO, and appointed as CEO on 18/4/22, resigned 31/3/24 Alessandro Ceccarelli, Director of Services, appointed 20/1/25 Mark Delacour, Director of External Affairs, Acting Co-CEO 1/4/24 – 15/9/24 Naomi Goldberg, Director of Strategy, retired 30/4/24 Habee Folami, Director of EDI People and Culture, appointed 17/6/24 Mustaffa Harun, Director of Finance and Resources, appointed 22/08/23 Joel Robinson, Director of Services, resigned 31/10/24, Acting Co-CEO 1/4/24 – 15/9/24 Fuchsia Watson, Head of Sexual and Reproductive Health, Acting Director of Services 1/4/24 – 15/9/24 and from 1/11/24 – 5/2/25

Funds held as custodian trustees on behalf of others

Currently holding £3,278.18 of funds on behalf of West Thamesmead Community Association.

Auditors

MJ Bushell Chartered Accountants, 8 High Street, Brentwood, Essex CM14 4AB

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Bankers

Cooperative Bank, 151 Lewisham High Street, London SE13 6AA Unity Trust Bank Plc, 4 Brindley Place, Birmingham B1 2JB

Solicitors

Grant Saw Solicitors LLP, Ground Floor, Wood Wharf Building, Greenwich, London SE10 9BB

Trustees’ report

METRO’s trustees, who are also directors of the charity for the purposes of the Companies Act 2006, submit their annual report and the audited financial statements for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

METRO Centre Limited uses METRO Charity, often shortened to METRO, and these will be used interchangeably throughout this report.

Objectives and activities

The charitable company is established for the promotion of any charitable purpose for the benefit of any members of the community experiencing issues related to sexuality, identity, gender, equality and diversity, including by focusing on:

i) Challenging homophobia and heterosexism and acknowledging that they have a significant impact on lesbian, gay and bisexual people and those questioning their sexuality;

ii) Working in the field of sexual health promotion, HIV prevention and HIV support;

iii) Providing services which promote health and well-being and to empower individuals, including the provision of support, advice, information, advocacy, resources, counselling, group work, outreach services, community development, capacity-building, campaigning, leadership advice, research, clinical services, consultancy, training and education.

Vision

METRO's vision is that health and wellbeing is universal; everyone can access high-quality empowering health and wellbeing services; oppression is eliminated, and identities are celebrated.

Mission

We provide health and wellbeing services. We empower people and communities to develop personally and collectively, with a focus on marginalised communities. Key to our mission is partnership working and advocating for equity.

Values

Empowerment - We work in ways that engage the whole organisation, allowing staff, Clients, and partners to participate in decision-making and work with us to design, and deliver services.

Equity - We embrace everyone's voice and ensure they are heard. We consider with communities their needs, particularly the needs of minoritised communities.

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Transparency - We are open about what we do, how we do it, our decision-making processes and what resources we use.

Trust - We are an organisation that its staff, Clients and partners can trust to deliver in ways that make others feel confident in our work. We assume the best intentions of each other. Collaboration - We share challenges, take collective action and ownership. Our focus is on working together internally and externally, sharing power and resources.

Compassion - Whomever we work with: Clients, funders, partners, and communities; we always work in an empathetic way, listening and understanding of needs, emotions and ambitions. We look after ourselves and each other.

Public benefit

The trustees confirm that they have complied with the duty in Part 1, Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’.

Trustees believe that much of this is demonstrated in this year’s Annual Report. METRO's objectives are aligned with those of national and local strategies for sexual and reproductive health, community, mental health, youth and HIV, specifically in relation to sexuality, gender, equality, diversity and identity. These external strategies are reflected in the organisation’s previous (2018 – 2023) and new (2023 – 2028) strategic plans. This Annual Report demonstrates progress towards achieving these objectives and illustrates our plans and strategies to do more.

Volunteers

METRO gratefully acknowledges the role played by the many volunteers who give their time, skills and energy to the organisation, fulfilling a variety of roles from outreach and design work through counselling and mentoring, to fundraising and event organising. There are currently 81 active volunteers participating in the charity’s activities, making a unique contribution to their communities.

Achievements and impact

The charity has continued to deliver existing services and starting new services and campaigns that address the needs of and engage with the communities we serve across our domains and core areas aligned with our charitable objects and with public benefit. Below are some of the highlights:

Sexual and Reproductive Health

Community

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with person-centred support, advocacy and peer-led services, including hate crime, food equalities, prostate cancer support and services for Disabled people.

Mental Health and Wellbeing

Youth

HIV

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University Hospitals NHS Trust, Kingston Hospital NHS Foundation Trust, Lewisham and Greenwich NHS Trust, King’s College Hospital NHS Foundation Trust, and Guy’s and St Thomas’ NHS Foundation Trust.

Training

External affairs

Future priorities

Through a consultative process with our service users, volunteers, partners and staff we have created a new strategic plan for 2023-2028. The priorities below are drawn from that plan.

Service users and partners

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Our people

Resources

Structure, governance and management

Governing document

The Metro Centre Ltd (METRO Charity) is a company limited by guarantee governed by its Memorandum and Articles of Association as revised 12th May 2008. It is registered as a charity with the Charity Commission. Full membership is open to all individuals whom the Board decides to admit to membership, but at all times at least 60% of the full membership shall comprise people who identify as lesbian, gay, bisexual or transgender. There are currently 94 Members. At least 60% of the full membership comprise of people who identify as lesbian, gay, bisexual or transgender. There is a provision for Associate Membership, without voting rights, which may be held by community partners. There are currently 454 Associate Members.

Appointment of trustees

As set out in the Articles of Association, all trustees must retire and, if they wish, stand for reelection at the Annual General Meeting. Elections follow due process including written nominations signed by a nominator and seconder submitted in advance of the AGM with an election statement circulated to the membership who votes by confidential ballot with the provision of proxy voting for members unable to attend the AGM.

The Board may co-opt up to two new members in any year, provided that this does not result in its maximum permitted number of members (twelve) being exceeded. Officers are usually appointed annually at the full first Board meeting after the AGM. The AGM for 2023 was held in May.

We continue to strive to maximise the diversity of our Board of Trustees and Management Committees.

Trustee induction and training

A transparent, holistic, and robust system is in operation for trustee recruitment, which initially follows procedures and policy set for all volunteer recruitment. Reflecting best practice, both senior

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management and existing board members are actively involved as recruitment moves through standardised stages beginning with informal provision of information about the role and organisational expectations to more formal procedures involving application, references and interview. If all stages are satisfactorily achieved, and the recruitment panel approves, a probationary period is undertaken with probationers participating in a comprehensive programme of induction guided by an experienced mentor assigned to each individual. Cornerstones of the probationary process include regular mentor/mentee meetings using a peer-created induction checklist focusing on the attainment of a holistic understanding of the organisation’s history and operations, ability to contribute at a governance level, financial oversight, ability to contribute to strategic organisational development and adherence to the Seven Principles of Public Life, as well as METRO’s vision, ethos and equality and confidentiality policies.

An annual Trustee Skills Audit and feedback from the work plans of the Finance and HR/Policy SubCommittees of the board shapes the annual programme of training and team-building undertaken by all board members along with METRO’s senior management team.

In 2020, the Board of Trustees introduced an Annual Effectiveness Review as a mechanism for ongoing improvement to the charity's governance, an action plan developed from these reviews continues to be delivered against.

Conflicts of interest

We have a system in place that requires Trustees and senior staff to declare any interests that might conflict with their role. Current declared potential conflicts of interest are:

Organisation

The members of the Board of Trustees also act as the Company Directors of the METRO Centre Ltd. A maximum of twelve members administer the charity meeting bi-monthly, with sub-committees meeting as outlined below:

Each has agreed terms of reference which allow essential work to progress, with recommendations regarding key decisions brought to full board meetings. Additionally, there are two management committees which report to the full Board: METRO GAD and METRO GAVS. Ad hoc working parties are created by the Board from time to time, working with the Executive Team on specific timelimited projects.

The Trustees have appointed the Chief Executive Officer to carry out the operational matters of the charity with delegated authority and overall responsibility for employment and staffing, financial

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management, income generation, contract negotiation and compliance, organisational development, service delivery, research, monitoring and evaluation.

The Executive Team consists of the operational directors (reporting to the CEO) and the CEO. The Senior Management Team, which consists of heads, each report to the relevant director.

Financial review

Financial position

The charity is in a good financial position.

Expenditure for the year was greater than the charity’s income for the period. This included the following additional expenditure from reserves approved by Trustees: a much needed but modest cost of living increase from October 2023, capped at the London average salary; continued coaching and development support around race equity. There were also some expected redundancy costs.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure (£1,276,678 - £2,553,356). The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year, instead sitting at 2.6 months.

Reserves held

At the end of this financial period the charity held unrestricted reserves of £1,105,166.

Investment policy

The Trustees do not currently involve the organisation in investments with the exception of bank interest generated from cash on deposit.

The Trustees' report was approved by the Board of Trustees.

………………………….. (5 58214C49F17A45A...ly by: John Ley Treasurer

31 January 2025

Date: …………………..

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THE METRO CENTRE LTD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees, who are also the directors of The Metro Centre Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that 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.

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THE METRO CENTRE LTD

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE METRO CENTRE LTD

Opinion

We have audited the financial statements of The Metro Centre Ltd (the ‘Charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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).

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 Charity’s ability to continue 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 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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THE METRO CENTRE LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE METRO CENTRE LTD

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 internal control as the Trustees determine 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 Charity’s ability 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Management override of controls

Non compliance with laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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THE METRO CENTRE LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE METRO CENTRE LTD

929FC8BB5E544CB... Corné von Wielligh ACA (Senior Statutory Auditor)

For and on behalf of M J Bushell Audit LLP, Statutory Auditor Chartered Accountants 8 High Street Brentwood Essex CM14 4AB Date: ......................... 31 January 2025

M J Bushell Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
3
8,789
-
Charitable activities
4
74,655
4,358,633
Investments
5
16,162
-
Other income
6
82,067
-
Total income
181,673
4,358,633
Charitable activities
7
180,863
4,870,393
Other expenditure
12
2,773
52,682
Total expenditure
183,636
4,923,075
Net expenditure
(1,963)
(564,442)
Transfers between
funds
(170,590)
170,590
Net movement in
funds
9
(172,553)
(393,852)
Reconciliation of funds:
Fund balances at 1 April 2023
1,277,719
393,852
Fund balances at 31 March
2024
1,105,166
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
8,789
25,699
73,305
4,433,288
31,040
4,668,874
16,162
4,513
-
82,067
46,908
-
4,540,306
108,160
4,742,179
5,051,256
141,887
4,864,384
55,455
1,561
29,656
5,106,711
143,448
4,894,040
(566,405)
(35,288)
(151,861)
-
-
-
(566,405)
(35,288)
(151,861)
1,671,571
1,313,007
545,713
1,105,166
1,277,719
393,852		 Total
2023
£
99,004
4,699,914
4,513
46,908
4,850,339
5,006,271
31,217
5,037,488
(187,149)
-
(187,149)
1,858,720
1,671,571

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE METRO CENTRE LTD

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 1,012,747 1,033,438
Current assets
Stocks 15 714 -
Debtors 16 897,471 401,509
Cash at bank and in hand 561,862 1,283,252
1,460,047 1,684,761
Creditors: amounts falling due within 18
one year 802,138 476,468
Net current assets 657,909 1,208,293
Total assets less current liabilities 1,670,656 2,241,731
Creditors: amounts falling due after
more than one year 19 (565,490) (570,160)
Net assets 1,105,166 1,671,571
The funds of the Charity
Restricted income funds 21 - 393,852
Unrestricted funds 1,105,166 1,277,719
1,105,166 1,671,571

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

31 January 2025

The financial statements were approved by the Trustees on .........................

.............................. (5 58214C49F17A45A...ly by: John Ley Trustee

Company registration number 02716101 (England and Wales)

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THE METRO CENTRE LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
25
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash (used in)/generated from
investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(714,163)
(18,890)
16,162
(2,728)
(4,499)
(4,499)
(721,390)
1,283,252
561,862		 2023
£
£
74,006
-
4,513
4,513
(6,529)
(6,529)
71,990
1,211,262
1,283,252		 2023
£
£
74,006
-
4,513
4,513
(6,529)
(6,529)
71,990
1,211,262
1,283,252
71,990
1,211,262
1,283,252

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

The Metro Centre Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Equality Community Hub, 1st Floor Equitable House, 7 General Gordon Square, London, SE18 6FH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The charity is dependent on the continued support of its main funders and in particular the Royal Borough of Green. These funders have continued to support the Metro Charity for many years and they ensure the provision of its core services and the fluffing of its main aims and objectives.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 100 years
Leasehold improvements Over the lifetime of the lease
Computers 20% Reducing Balance
Motor vehicles 20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
8,789
-
Income from charitable activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Service Area
Charitable activities
74,655
4,358,633		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
8,789
25,699
73,305
Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
4,433,288
31,040
4,668,874		 Total
2023
£
99,004
Total
2023
£
4,699,914

4 Income from charitable activities

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 16,162 4,513

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental and other Income 82,067 46,908
Expenditure on charitable activities
Funds Funds
2024 2023
£ £
Direct costs
Depreciation and impairment 39,581 38,224
HIV prevention and support 1,222,587 1,003,423
Sexual & Reproductive Health 1,562,637 1,159,181
Core services 51,217 724,268
Community participation and engagement 361,902 384,453
Youth services 156,134 115,177
Mental health & well being 328,387 200,586
3,722,445 3,625,312
Share of support and governance costs (see note 8)
Support 980,502 945,891
Governance 348,309 435,068
5,051,256 5,006,271
Analysis by fund
Unrestricted funds 180,863 141,887
Restricted funds 4,870,393 4,864,384
5,051,256 5,006,271

7 Expenditure on charitable activities

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Staff costs
Professional services and consultancy
Information technology
Printing, postage and stationery
Telephone
Recruitment and inductions
Premise repairs and maintenance
Rent and rates
Miscellaneous
Other staff costs
Governance costs
Analysed between:
Funds
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 2024
£
532,247
52,458
77,087
14,244
38,515
41,236
34,544
151,188
25,916
13,067
348,309
1,328,811
1,328,811
2024
£
8,800
39,581		 2023
£
511,797
9,266
110,106
23,302
30,138
39,153
21,761
168,909
20,248
11,211
435,068
1,380,959
1,380,959
2023
£
9,600
38,224

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

The Charity made reimbursements of £0 to the Trustee directors for training, travel and subsistence expenses (2023 - £0).

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
94 115

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2024
2023
£
£
776,720
752,360
70,139
82,230
24,897
26,556
871,756
861,146		 (Continued)
2024
2023
£
£
776,720
752,360
70,139
82,230
24,897
26,556
871,756
861,146
861,146
The number of employees whose annual remuneration was more than £60,000
is as follows:
2024 2023
Number Number
£60,001 - £70,000 2 1
£80,001 - £90,000 1 1

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

The key management personnel of the charity comprises the trustees and the senior management team to whom responsibility for the day-to-day activities of the charity is delegated. The total employee benefits received by key management personnel during the year were £306,993 (2023: £300,835).

12 Other expenditure

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Financing costs 2,773 52,682 55,455 1,561 29,656 31,217

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Tangible fixed assets

Freehold land
and buildings
Leasehold
improvements
£
£
Cost
At 1 April 2023
948,936
39,246
Additions
-
-
At 31 March 2024
948,936
39,246
Depreciation and impairment
At 1 April 2023
9,489
22,018
Depreciation charged in the year
9,489
4,361
At 31 March 2024
18,978
26,379
Carrying amount
At 31 March 2024
929,958
12,867
At 31 March 2023
939,447
17,228
15
Stocks
Finished goods and goods for resale
16
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
17
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 Computers
£
112,080
18,890		 Motor
vehicles
£
66,000
-
66,000
33,000
13,200
46,200
19,800
33,000
2024
£
714
2024
£
560,884
6,912
329,675
897,471
2024
£
573,972
8,482
565,490		 Total
£
1,166,262
18,890
130,970 1,185,152
68,317
12,531		 132,824
39,581
80,848 172,405
50,122 1,012,747
43,763 1,033,438
2023
£
-
2023
£
315,518
1,874
84,117
401,509
2023
£
578,471
8,311
570,160

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Loans and overdrafts

(Continued)

The long-term loans are secured by fixed charges over Freehold property known as 78 Fitzalan street, London SE11.

18 Creditors: amounts falling due within one year

18
Creditors: amounts falling due within one year
Notes
Bank loans
17
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
19
Creditors: amounts falling due after more than one year
Notes
Bank loans
17
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
8,482
64,949
648,978
13,089
66,640
802,138
2024
£
565,490
2024
£
24,897		 2023
£
8,311
63,308
269,779
15,820
119,250
476,468
2023
£
570,160
2023
£
26,556

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
393,852 4,358,633 (4,923,075) 170,590 -

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

21 Restricted funds (Continued)
Previous year: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
545,713 4,742,179 (4,894,040) - 393,852

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 April
2023

£
1,277,719
At 1 April
2022

£
1,313,007		 Incoming
resources
Resources
expended
£
£
181,673
(183,636)
Incoming
resources
Resources
expended
£
£
108,160
(143,448)		 Transfers
At 31 March
2024
£
£
(170,590)
1,105,166
Transfers
At 31 March
2023
£
£
-
1,277,719

23 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
1,012,747
-
Current assets/(liabilities)
657,909
-
Long term liabilities
(565,490)
-
1,105,166
-		 Total
2024
£
1,012,747
657,909
(565,490)
1,105,166

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

23 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 31 March 2023 are represented by:
Tangible assets 1,033,438 - 1,033,438
Current assets/(liabilities) 814,441 393,852 1,208,293
Long term liabilities (570,160) - (570,160)
1,277,719 393,852 1,671,571
24 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

25
Cash (absorbed by)/generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash (absorbed by)/generated from operations
26
Analysis of changes in net debt
At
Cash at bank and in hand
Loans falling due within one year
Loans falling due after more than one year		 1 April 2023
£
1,283,252
(8,311)
(570,160)
704,781		 2024
£
(566,405)
(16,162)
39,581
(714)
(495,962)
325,499
(714,163)
Cash flowsAt 31
£
(721,390)
(171)
4,670
(716,891)		 2023
£
(187,148)
(4,513)
38,224
-
280,894
(53,451)
74,006
March 2024
£
561,862
(8,482)
(565,490)
(12,110)

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

24 Analysis of changes in net funds

Docusign Envelope ID: E946BFFE-88B8-4449-BBE5-9AADA46AD04F

THE METRO CENTRE LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

    • 22 - 28 -