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2023-03-31-accounts

Company Registration No. 3453945 Charity Registration No. 1070611

CLAREMONT PROJECT (ISLINGTON)

( A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2023

GOLDWINS

Chartered Accountants & Registered Auditors

75 Maygrove Road West Hampstead London NW6 2EG

CLARMONT PROJECT (ISLINGTON) (A Company Limited By Guarantee)

CONTENTS

PAGE
Trustees’ annual report 4 - 9
Independent auditor's report 10-12
Statement of financial activities 13
Balance sheet 14
Statement of Cash Flows 15
Notes to the accounts 16 - 25

2

CLARMONT PROJECT (ISLINGTON)

(A Company Limited By Guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees David Brain
Simon Berrill (Chair)
Nicholas Fuller
Naveen Ayyaril (Treasurer)
James Douglas (appointed on 24/4/22)
Rev Margaret Ali (appointed on 12/8/22)
Dr Logeswary Sivakumaran (appointed on 17/10/22)
Susan Armitage (resigned on 3/5/2022)
Charity registration number 1070611
Company registration number 3453945
Principal address 24-27 White Lion Street
London
N1 9PD
Registered 24-27 White Lion Street
London
N1 9PD
Independent Auditors Goldwins Limited
75 Maygrove Road
London
NW6 2EG
Bankers CAF Bank Limited
25 Kings Hill Avenue
King Hill
West Malling
Kent
ME19 4JQ

3

CLARMONT PROJECT (ISLINGTON)

(A Company Limited By Guarantee)

TRUSTEES’ REPORT

The trustees present their report and accounts for the year ended 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing documents, the Companies Act 2006 and the Financial reporting standard FRS102.

Structure, governance and management

The Claremont Project (Islington) is a registered charity (no. 1070611) and a company limited by guarantee (no. 3453945) and is governed by its Memorandum and Articles of Association.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees, who are also directors for the purpose of company law are appointed by the existing board.

The trustees, who are also the directors for the purpose of company law, who served during the year were:

David Brain Simon Berrill (Chair) Nicholas Fuller Naveen Ayyaril (Treasurer) James Douglas (appointed on 24/4/22) Rev Margaret Ali (appointed on 14/8/22) Dr Logeswary Sivakumaran (appointed on 17/10/22) Susan Armitage (resigned on 3/5/2022)

We continue to search for new Board members. We do this on the basis of the needs of the Board and in particular to ensure that the Board contains a good range of skills, experience, perspectives and expertise. Recruitment is by a mix of personal recommendation and advertising, specifying the particular skills required. Personal recommendation comes from other Board members, staff, advisors and users of Claremont services. A candidate meets first with both the Chair and Executive Director before being invited to meet other Board members, which is followed by a formal interview by existing Board members. We identified a need for someone who is well-connected with potential donors and we are starting a search, ideally of people local to us. We also want to recruit additional Trustees drawn from our service users.

Election to the Board is by a vote of existing Board members. The Islington United Reformed Church maintains a right to have two of its appointees on the Board at any one time and appointees need to be approved by a vote of the entire Board.

It is the Board’s policy to operate fixed terms for its directors and director roles. Trustees/directors are limited to two terms of 5 years, with a discretionary additional 2 years if needed. This policy has been adopted into our Articles of Association.

Induction and Training of Board Members

New Board members are provided with background materials on the activities and history of the charity and spend time with members of staff learning about the various operations of the charity. Those trustees with particular interests in legal and financial matters (Treasurer, for example) are briefed in detail on processes, systems, and reporting procedures, and are given appropriate direct access to information systems. Trustees are also invited to meet users of Claremont’s services.

4

CLARMONT PROJECT (ISLINGTON)

(A Company Limited By Guarantee)

TRUSTEES’ REPORT

Running the Charity

The charity’s governing body, its Board, meets 7-8 times a year. The Board sets strategic direction and oversees the proper operations of the charity but does not generally involve itself in detailed operational matters and decisions.

Responsible to the Board is the Chief Executive Officer, Lucien Paul Stanfield, who is invited to attend and report to Board meetings. Lucien Paul manages all operational matters, including management of other staff, and may also recommend policy to the Board for its discussion. The Chief Executive Officer is not authorised to commit the charity to any single new expenditure over £2,000 without prior Board approval. All expenditure from the bank accounts requires at least two signatures, one of which must be from a Trustee if for an amount over £2,000.

There is a Claremont Users Committee, which is made up of those using Claremont services, which advises staff and the Board on various operational matters and this group meets monthly. Some Board members are also users of Claremont services or have other potential conflicts of interest. In all cases where a conflict of interest may arise, Board members declare their interest and remove themselves from the meeting.

Lease

The Charity leases the Claremont Building from the United Reformed Church Thames North Trust (registered as a charity and trustee for Islington United Reformed Church). The lease was renewed for a further 28 years on 1[st] August 2020. The rent is £25,000/year. The church has also committed to give a grant each year to at least the end of 2024 to support day centre activity of the charity.

The following trustees have or had common trusteeship with the organisation listed below: David Brain, Rev Margaret Ali, and Susan Armitage Islington United Reformed Church members

Risk management

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. There is a register of risks and contingency plans for significant disasters.

The pandemic tested these plans and we were pleased that they supported the organisation and those we serve so well during that series of crises.

Objectives and activities

The charity identified the following objectives for the financial year 2022 – 2023:

5

CLARMONT PROJECT (ISLINGTON)

(A Company Limited By Guarantee)

TRUSTEES’ REPORT

Achievements and Performance

The year was a busy one. We had 816 active members in the year (not including those who came less than 4 times) and although this might seem to be a modest number, we saw membership and attendances increasing dramatically over the year as more and more people felt safe enough to engage in social activities, post pandemic. For example, attendances went from 2793 attendances in April/May 2022, to 4638 in Feb/March 2023. Overall, there were 20,460 attendances and 915 psychotherapy client sessions (from 52 clients). The membership profile saw an increase in the proportion of men, from 25% to 30%; 2/3 of the membership identified as something other than White British, and 79% live alone.

Post-pandemic, we re-started collecting Warwick Edinburgh Mental Well Being survey data (WEMWBS). 20% of new members scored very low on this measure, with an additional 33% scoring below normal (a total of 53%). Four months later, only 14.5% were scoring very low, and 27% scored below normal (41.5%). These are excellent results for people who mostly come to us with long-term mental health issues. The results are however not quite as striking as in previous years’ results and we believe that this is likely due to the impact of the pandemic on mental health and attitudes. (I can reveal that data from beyond this financial year shows a marked improvement in WEMWBS scores, similar to pre-pandemic results.)

Results from our psychotherapy services continued to show very positive outcomes, with initial client scores using CORE (Clinical Outcomes in Routine Evaluation) indicating that men and women came to us in significant distress (the ‘clinical range’) for Wellbeing (subjective happiness), Functioning (ability to get things done), and ability/capacity to cope with Problems. The average final scores for women all returned to within the Normal range. Most of the men’s scores also returned to within Normal, but with a small number remaining just within the clinical range for subjective wellbeing.

The results from our annual survey were, once again, a delight to read through. Here are just a few of the hundreds of comments from our recent survey:

“In your own words, briefly describe how you feel about Claremont...”

6

CLARMONT PROJECT (ISLINGTON)

(A Company Limited By Guarantee)

TRUSTEES’ REPORT

Can you share more about your experience with Claremont staff?

The Coming Year

We continue to build our services and intend to launch 4 new therapeutic groups next year:

We have also been fundraising for a Welfare Support Officer role, to meet the increasing needs of older people in London for help and advice on matters such as benefits, debt, housing, and entitlements to social care support. We aim to start this post in the Autumn of 2023.

We will also be re-engaging the wider Islington and North London voluntary sector in developing Diversity, Equality and Inclusion-aware services for the full range of older people not currently involved in community services.

I would like to thank the staff, group facilitators, and volunteers of Claremont for their dedicated, thoughtful, and vital engagement with so many people at Claremont and for contributing to the amazing improvements in people’s well-being. I would also like to thank our various and numerous partners, from the British Museum and Tate Modern, to Sadlers Wells and Help on Your Doorstep. Partnership work so often produces value beyond the sum of its parts.

7

CLARMONT PROJECT (ISLINGTON)

(A Company Limited By Guarantee)

TRUSTEES’ REPORT

Finally, I would like to thank all those who have help to fund us – the enormously important grantmaking trusts (a list of which can be found elsewhere in this report), the contributions from local businesses, and the wonderful generosity of individuals giving their time and money to help keep the enterprise flourishing and alive.

Treasurer’s Report

Financial review

The overall financial health and vitality of the organisation remained strong through the year, and we would have seen a modest surplus had it not been for the sizeable depreciation cost (£39,235). The small deficit for the year (£13,611) came within a context of much higher spending on activities (£132,579 compared to the previous year’s £113,370), lower staff costs (£268,450 vs £287,391), and higher building maintenance costs which followed the major building renovations (£33,412 vs £12,343). Total income was up to £531,158 compared to £445,768 in the previous year, with big increases in income from our classes and groups, and from hall and room lettings. Our generous funders continued to support our work and its stellar outcomes for people. Our main funders were the Henry Smith Charity, Garfield Weston Foundation, Cripplegate Foundation, Porticus, The Worshipful Company of Mercers, and the Lottery Community Fund, as well as important smaller grants from other organisations and partners. We also continued to be supported by a grant from the London Borough of Islington (£25,000/year). We are most grateful to all of these and to the many individuals who donated their money and/or time in the service of our charitable work.

The Balance Sheet remains strong with cash reserves to cover more than six months of operating costs.

The Trade Debtors and Trade Creditors remain within control, with majority of Trade Creditors made up of Deferred Income.

Our future prospects look sound. We saw and expect to continue to see increasing revenues from nongrant sources and we are always developing our range of services to address known needs with exemplary outcomes. This should continue to attract high quality funding.

One area of concern is the potential loss of tenants from our office spaces. So far, we have been successful in replacing tenants with per hourly letting of office spaces for therapy sessions and other external meetings. Indeed, this kind of income has exceeded previous income from leases. However, we have two remaining tenants (Working Chance and the British Association of Art Therapists) and it might prove difficult to re-purpose so much free space into ad hoc meeting space.

We also want to undertake some additional building work – this time to the roof, which is starting to reach the end of its working life. In a recent Green Audit, we identified roof insulation as the single most important change we could make to our carbon footprint and, in line with all our other efforts to operate sustainably, we anticipate a substantial spend in this regard. Initial estimates range from £70,000-90,000 for the replacement of the roof and use of appropriate insulation. We are engaging with potential funding partners to help us with this considerable cost.

Finally, I would like to thank the team at Goldwins, our audit firm, for their work with us over many years, which has been stellar. After careful consideration, the Board and I decided that in the interests of good governance we will change our auditors for next year. Our thanks once again to Goldwins.

Reserves policy

As noted in last year’s accounts, the Board decided the reserves policy to accommodate a significant use of reserves for the buildings works. The trustees aim to rebuild reserves to a level equivalent to 6 months’ expenditure.

8

CLARMONT PROJECT {ISLINCTOIY) (A Company Limited By Guarantee) TRUSTEES, REPORT Responsibilities of the Tru$tee5 Th¢ Iruslees (who ar¢ also the dire¢tors ofthe company for the purwse of ¢ompany law) are responsible for preparing the Trust¢es Annual Report and the Financial Stat¢m¢nts in a¢¢ordancc with applicable laws and regulations. Company law requires the trustees to p￿pare the financial statements for each financial year. Under Ihat law the truslees have elected to prepare ihe financial statements in 8ccordance with United Kingdom Generally Accepted Accounting Practice. The trustees must not approve the financial statements unless ihey are satisfied that they 8ive a true and fair view of the state of affairs of the ¢haritable company and of its incoming resour¢¢s and appli¢ation of resources. including net income or exFnditure. In preparing these financial statements the Exe¢iilive Committee is required to.. Select suitable accounting policies and then apply them consistently. Observe th¢ method5 and principles in the Charili¢s SORP- Mak¢ judgments and estimates that are reasonable and prudent. Stal¢ whether applicable UK Accounting Standards And Statements of Recommended Pracliee ave been followed. subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that ihe Charity will continue in operation. The trustees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any time the financial position of the Charity and which enable it to ensure that the financial statements comply with th¢ Companies Act 2006. The trustees are also responsibl¢ for safeguarding th¢ assets of the Charity and hence for taking reasonable steps for the prevention and det￿tIOn of fraud and oth¢r irregularities. lialf of tli¢ b rd of iruste¢s on Berrill stee xir) Date: . . 2023

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CLAREMONT PROJECT (ISLINGTON)

Opinion

We have audited the financial statements of Claremont Project (Islington) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. 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).

Opinion on financial statements

In our opinion the financial statements:

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 Auditorʼs 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 FRCʼs 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Page | 10

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CLAREMONT PROJECT (ISLINGTON)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the 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 internal control as they 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 Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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 auditorʼs 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Page | 11

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CLAREMONT PROJECT (ISLINGTON)

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [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 charitable company’s 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 charity’s 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 charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

12/12/2023

……………………………….

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

Page | 12

CLAREMONT PROJECT (ISLINGTON)

Statement of Financial Activities (Incorporating An Income and Expenditure Account) For the year ended 31 March 2023

----- Start of picture text -----
2023 2022
Unrestricted Building Restricted
fund fund fund Total Total
Note £ £ £ £
Income from:
Donations and legacies 3 14,695 - - 14,695 26,852
Charitable activities 4 360,010 - 156,094 516,104 418,916
Investments 5 359 - - 359 -
Total income 375,064 - 156,094 531,158 445,768
Expenditure on:
Raising funds 6 13,510 - - 13,510 21,620
Charitable activities 6 342,302 - 156,094 498,396 469,465
Building 6 - 32,863 - 32,863 32,863
Total expenditure 355,812 32,863 156,094 544,769 523,948
Net income / (expenditure)
before net gains / (losses) on
investments 19,252 (32,863) - (13,611) (78,180)
Net gains / (losses) on
investments - - - - -
Net income / (expenditure) for
the year 7 19,252 (32,863) - (13,611) (78,180)
Transfers between funds - - - - -
Net income / (expenditure)
before other recognised gains
and losses 19,252 (32,863) - (13,611) (78,180)
Net movement in funds 19,252 (32,863) - (13,611) (78,180)
Reconciliation of funds:
Total funds brought forward 164,230 821,566 - 985,796 1,063,976
Total funds carried forward 183,482 788,703 - 972,185 985,796
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in notes to the financial statements.

13

CL4 Bala CLAREMONT PROJEcf IISLINGTON) Balance Sheet As at 31 March 2023 Company no. 34539 2023 20 Note Flxed assets: Tangible assets 794.476 826.1 Current assets: Debtors Cash at bank and in hand 794,476 826,1 13,212 338.786 11,338 287,015 Uabilltles: Creditors.. arnounts falling due within one year 351.998 298,353 13 (174,289> 1138.6791 Net current assets 177.709 159,674 Total net assets 972,185 985.796 The funds of the charlty. Restricted income fund5 Book value of building Unrestricted funds 788.703 183.482 821,566 164,230 Total charlty funds 972,185 985.796 The financial statements have been prepared in accordance with the special provisions for small companies under Partl 5 of the Companies Act 2006. Approved by the trustees on and signed on their behalf by mon Berrill (Chair) Trustee 14

CLAREMONT PROJECT (ISLINGTON) Statement of Cash Flows

For the year ended 31 March 2023

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15

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements

For the year ended 31 March 2023

1 Accounting policies

a) 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) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

d) Donations of gifts, services and facilities

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) 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 bank.

16

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements

For the year ended 31 March 2023

1 Accounting policies (continued)

f) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

g) 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:

Expenditure on charitable activities includes the costs of delivering services, undertaken to further the purposes of the charity and their 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.

h) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

i) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

j) Tangible fixed assets

Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Building costs Over 28 years Computer equipment 33% straight line Fixtures, fittings and equipment 25% straight line

k) 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.

17

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements

For the year ended 31 March 2023

1 Accounting policies (continued)

l) 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. Cash balances exclude any funds held on behalf of service users.

m) 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.

n) 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.

o) Pensions

The charity operates stakeholder pension scheme.

2 Detailed comparatives for the statement of financial activitiesprior year (2022)

o
n
:

:
tween funds

n
t
i
n
f
u
n
d
s
b
r
o
u
g
h
t
f
o
r
w
a
r
d
carried forward
/
e
x
p
e
n
d
i
t
u
r
e
nd legacies
ctivities
e
s
ctivities
ks
d
i
t
u
r
e		 Unrestricted
fund
£
26,852
259,066
-		 Building
fund
£
-
-
-		 2022
Restricted
fund
Total
£
£
-
26,852
159,850
418,916
-
-
285,918 - 159,850
445,768
21,620
309,615
-		 -
-
32,863		 -
21,620
159,850
469,465
-
32,863
331,235 32,863 159,850
523,948
(45,318)
-		 (32,864)
-		 -
(78,181)
-
-
(45,318)
209,547		 (32,864)
854,429		 -
(78,181)
-
1,063,976
164,230 821,566 -
985,796

18

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements

For the year ended 31 March 2023

3 Income from donations and legacies

----- Start of picture text -----
Unrestricted Building Restricted
fund fund fund 2023 total 2022 total
£ £ £ £ £
Donations 14,695 - - 14,695 12,179
- - - -
Retail Hospitality COVID Grant 8,000
- - - -
Other fundings 6,673
Total grants and donations 14,695 - - 14,695 26,852
----- End of picture text -----

4 Income from charitable activities

----- Start of picture text -----
Unrestricted Building fund Restricted 2023 total 2022 total
£ £ £ £ £
Donations and Grants
Islington URC Grant 4,500 - - 4,500 8,000
Cripplegate Foundation 24,000 - - 24,000 21,000
Garfield Weston Foundation 25,000 - - 25,000 14,583
- - - - -
The Grocers' Charity
Lottery Community Fund - - 81,094 81,094 75,000
Warm Spaces - - 5,000 5,000 -
- - - -
St Sepulchre United Charities 5,000
Porticus Trust 45,000 - - 45,000 15,000
The Linbury Trust - - 13,750 13,750 13,000
The Henry Smith Charity - - 35,000 35,000 35,000
Islington Giving - Social
- - - -
Prescription 9,500
- - - -
12,350
The Mercers' Company - - 20,000 20,000 15,000
London Borough of Islington - - 1,250 1,250 -
Charitable Activities
Classes and Activities 52,978 - - 52,978 32,080
Letting of Facilities 183,532 - - 183,532 138,403
Islington Council Services Grant 25,000 - - 25,000 25,000
360,010 - 156,094 516,104 418,916
----- End of picture text -----

i
n
v
e
s
t
m
e
n
t
s
come Unrestricted
£
359
359		 £
Restricted		 2
0
2
3
2022
T
o
t
a
l
Total
£
£
- 3
5
9
-
- 3
5
9
-

19

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements For the year ended 31 March 2023

6 (a) Analysis of expenditure

----- Start of picture text -----
Cost of
Basis of raising Charitable Building Support 2023 2022
allocation funds activities works costs Total Total
£ £ £ £ £ £
Staff costs Direct 8,960 229,110 - 30,380 268,450 287,391
Centre activities Direct - 132,579 - - 132,579 113,370
Building maintenance Direct - 33,412 - - 33,412 12,343
Training Direct - 2,512 - - 2,512 1,909
Fundraising Direct 4,550 - - - 4,550 12,713
Insurance Direct - 6,538 - - 6,538 6,818
Depreciation Direct - - 32,863 6,372 39,235 36,783
Rent and rates Support - - - 25,185 25,185 20,185
Utilities Support - - - 25,411 25,411 23,868
Telephone and fax Support - - - 1,257 1,257 3,168
Audit fees Support - - - 5,640 5,640 5,400
13,510 404,151 32,863 94,245 544,769 523,948
Support costs - 94,245 - (94,245) -
Total expenditure 2023 13,510 498,396 32,863 - 544,769
Total expenditure 2022 21,620 469,465 32,863 - 523,948
----- End of picture text -----

Of the total expenditure, £355,812 was unrestricted (2022: £331,235), £32,863 was building works (2022: £32,863) and £156,094 was restricted (2022: £159,850).

(b) Analysis of expenditure of the previous reporting period (2022)

----- Start of picture text -----
Cost of
Basis of raising Charitable Building Support 2022
allocation funds activities works costs Total
£ £ £ £ £
Staff costs Direct 8,907 239,942 - 38,542 287,391
Centre activities Direct - 113,370 - - 113,370
Building maintenance Direct - 12343 - - 12,343
Training Direct - 1,909 - - 1,909
Fundraising Direct 12,713 - - - 12,713
Insurance Direct - 6,818 - - 6,818
Depreciation Direct - - 32,863 3,920 36,783
Rent and rates Support - - - 20,185 20,185
Utilities Support - - - 23,868 23,868
Telephone and fax Support - - - 3,168 3,168
Audit fees Support - - - 5,400 5,400
21,620 374,382 32,863 95,083 523,948
Support costs - 95,083 - (95,083) -
Total expenditure 2022 21,620 469,465 32,863 - 523,948
----- End of picture text -----

20

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements For the year ended 31 March 2023

7 Net incoming resources for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
2
0
2
3		 2022
£ £
Depreciation 3
9
,
2
3
5		 -
Operating lease rentals:
Property 2
5
,
0
0
0		 20,000
Auditors' remuneration (excluding VAT):
Audit 4
,
7
0
0		 4,500

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

----- Start of picture text -----
2023 2,022
£ £
Salaries and wages 237,087 251,172
Social security costs 19,690 24,594
11,673 11,625
268,450 287,391
----- End of picture text -----

The following number of employees received employee benefits (excluding employer pension) during the year between:

2023 2022
No. No.
£70,000 - £74,999 1 1

The total employee benefits including pension and national insurance contributions of the key management personnel were £133,592 (2022: £124,615).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

ble activities
funds
t		 2
0
2
3
2022
N
o
.
No.
0
.
1
0.1
8
.
0
8.0
0
.
9
0.9
9
9

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

21

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements For the year ended 31 March 2023

----- Start of picture text -----
11 Tangible fixed assets
Land and Computer F&F Total
buildings Equipment
£ £ £ £
Cost
At the start of the year 946,637 18,811 7,953 973,401
Additions in year - 6,652 937 7,589
At the end of the year 946,637 25,463 8,890 980,990
Depreciation
At the start of the year 125,071 16,878 5,330 147,279
Charge for the year 32,863 4,150 2,222 39,235
At the end of the year 157,934 21,028 7,552 186,514
Net book value
At the end of the year 788,703 4,435 1,338 794,476
At the start of the year 821,566 1,933 2,623 826,122
----- End of picture text -----

All of the above assets are used for charitable purposes.

12 Debtors

----- Start of picture text -----
2023 2022
£ £
Trade debtors 11,125 9,306
Prepayments 2,087 2,032
13,212 11,338
13 Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 9,575 1,054
Taxation and social security 5,576 6,039
Other creditors 17,290 22,644
Accruals 5,400 5,400
Deferred income 136,448 103,542
174,289 138,679
14 Deferred income
2023 2022
£ £
Balance at the beginning of the year 103,542 61,838
Amount released to income in the year (103,542) (61,838)
Amount deferred in the year 136,448 103,542
Balance at the end of the year 136,448 103,542
----- End of picture text -----

15 Pension scheme

The charity operates a stakeholder pension scheme and has pension liability of £1,167 as at the year end.

22

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements For the year ended 31 March 2023

16 Analysis of net assets between funds

----- Start of picture text -----
General Building
unrestricted fund Restricted Total funds
£ £ £ £
Tangible fixed assets - 788,703 - 788,703
Net current assets 183,482 - - 183,482
Net assets at the end of the year 183,482 788,703 - 972,185
17 Movements in funds
At the start At the end
of the year Income Expenditure Transfers of the year
£ £ £ £ £
Restricted Funds
- - -
Lottery Community Fund 81,094 (81,094)
- - -
Warm Spaces 5,000 (5,000)
- - -
The Linbury Trust 13,750 (13,750)
- - -
The Henry Smith Charity 35,000 (35,000)
- - -
London Borough of Islington 1,250 (1,250)
- - -
The Mercers' Company 20,000 (20,000)
Total restricted funds - 156,094 (156,094) - -
Building fund:
Building refurbishment 821,566 - (32,863) - 788,703
Total building funds 821,566 - (32,863) - 788,703
Unrestricted Funds
General funds 164,230 375,064 (355,812) - 183,482
Total unrestricted funds 164,230 375,064 (355,812) - 183,482
Total funds 985,796 531,158 (544,769) - 972,185
----- End of picture text -----

Purposes of building fund

This was a building development fund which represented the amount allocated to undertake ongoing maintenance as well as major redevelopment of its building.

Purposes of restricted funds

Income, which is received for specific projects, as for example grants and donations, is accounted for as restricted funds.

The Lottery Community Fund: To support the core work of the charity, as well as its role in the local and regional area.

Warm Spaces: to provide heating, facilitator, space use.

The Mercers Company: To increase the psychological well-being of isolated and marginalised older people by providing creative activities and community, and to catalyse transformation of older

23

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements For the year ended 31 March 2023

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

----- Start of picture text -----
2023 2022
£ £
Net income / (expenditure) for the reporting period (13,611) (78,180)
(as per the statement of financial activities)
Depreciation charges 39,235 36,783
(Increase)/decrease in debtors (1,874) (9,265)
Increase/(decrease) in creditors 35,610 37,289
Net cash provided by / (used in) operating activities 59,360 (13,373)
19 Analysis of cash and cash equivalents
At 1 April Other At 31
2022 Cash flows changes March 2023
£ £ £ £
Cash in hand 287,015 51,771 - 338,786
Total cash and cash equivalents 287,015 51,771 - 338,786
----- End of picture text -----

20 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

r 2
0
2
3
2022
£
£
2
5
,
0
0
0
20,000
1
0
0
,
0
0
0
100,000
3
8
1
,
6
6
7
406,667
5
0
6

6
6
7
526667
Property

The property lease was entered into in August 2020, for a period of 28 years.

21 Legal status of the charity

Claremont Project (Islington) is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

22 Related party transactions

The Charity leases the Claremont building from the United Reformed Church Thames North Trust (registered as a charity and trustee for Islington United Reformed Church). The lease was entered into in August 2020, for a period of 28 years. The rent paid during the year was £25,000. The church has also committed to give a grant each year to at least the end of 2024 to support day centre activity of the charity.

The lease also allows for the church to use a hall space every Sunday morning. A trustee of the charity is also a member of the Islington United Reformed Church. All of the above transactions are wholly at arms-length.

24

CLAREMONT PROJECT (ISLINGTON) Notes to the Financial Statements

For the year ended 31 March 2023

23 (a) Analysis of net assets between funds of previous reporting period (2022)

ed assets
assets
t
t
h
e
e
n
d
o
f
t
h
e
y
e
a
r		 General
unrestricted
£
-
164,230		 £
821,566
-
Building fund		 Restricted
Total
funds
£
£
-
821,566
-
164,230
-
985,796
164,230 821,566

(b) Movements in funds of previous reporting period (2022)

At the
start of the
year
£
u
n
d
s
munity Fund
-
-
-
-
Company
t
e
d
f
u
n
d
s
-
854,429
g funds
854,429

F
u
n
d
s
d
s
209,547
209,547
1,063,976
d
s
:
rbishment
Trust
mith Charity
r
i
c
t
e
d
f
u
n
d
s		 Income
£
75000
9500
13,000
35,000
12,350		 Expenditure
£
(75,000)
(9,500)
(13,000)
(35,000)
(12,350)
(15,000)		 Transfers
At the end
of the year
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
821,566
-
821,566
-
164,230
-
164,230
-
985,796
15,000
159850 (159850)
,
-		 ,
(32,863)
- (32,863)
285,918 (331,235)
285,918 (331,235)
445,768 (523,948)

25