LEY COMMUNITY DRUG SERVICES REPORT AND FINANCIAL STATEMENTS
For the year ended
31 March 2025
Company Registration Number: 3736193 (England & Wales) Charity Registration 1074874
Ley Community Drug Services
| CONTENTS | Pages |
|---|---|
| Legal and administrative details | 1 |
| Trustee Report (including Directors Report) | 2 – 12 |
| Independent Auditor’s report | 13-16 |
| Statement of Financial Activities including Income & Expenditure for | 17 |
| the year ended 31 March 2025 | |
| Balance Sheet as at 31 March 2025 | 18 |
| Notes to the Financial Statements for the year ended 31 March 2025 | 19 – 28 |
LEY COMMUNITY DRUG SERVICES LEGAL AND ADMINISTRATIVE DETAILS
LEGAL STATUS
The Ley Community Drug Services (“the Charity”) is a company limited by guarantee and a registered charity. On the 23[rd] September 2022, Ley Community Drug Services was acquired by Phoenix House Limited (trading as Phoenix Futures).
COMPANY NUMBER
3736193
CHARITY NUMBER
1074874
BOARD MEMBERS
Dr Simon H Street Ms Alison Cottrell Ms Amanda Poole Mr David Jones Sheriff David Nicol Mackie Mr Scott Mandelbrote (Resigned 5[th] September 2024) Dr Suzanna Graham-Jones (Resigned 5[th] September 2024) Ms Tressa Verrier (Appointed 19[th] July 2024)
REGISTERED OFFICE
Ley Community Drug Services 68 Newington Causeway London SE1 6DG
SENIOR MANAGEMENT
On the 23[rd] September 2022, Phoenix House, trading as Phoenix Futures assumed the management of the Charity.
BANKERS Barclays Bank plc PO Box 858 Wytham Court 11 West Way Botley OX2 0XP
AUDITOR
Beever & Struthers 150 Minories London EC3N 1LS
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
Ley Community Drug Services is a wholly owned subsidiary of Phoenix House, trading as Phoenix Futures. It is incorporated as a private company limited by guarantee under the Companies Act 2006 in England, number 03736193. It is also a registered charity, number 1074874, its registered office is 68 Newington Causeway London, SE1 6DF.
The Ley Community Drug Service Board (“The Board”) presents its annual report and financial statements for the Charity for the year ending 31[st] March 2025.
MISSION AND PURPOSE
The Charity's objects as set out in the Memorandum and Articles of Association are 'the relief of sickness and destructive behaviour of persons caused by the use of drugs, alcohol and other substance abuse or by disorder of personality'.
The Mission Statement for the Ley Community Drug Services states: 'The Ley Community is an inclusive, peer-led therapeutic community that uses evidence-based practice to challenge harmful behaviours and equips the people it helps with the learning, self-belief and resilience needed to transform their lives'. The Charity’s governing document is its Memorandum and Articles of Association.
PUBLIC BENEFIT
The Board has reviewed the Charity’s aims, in the context of requirements set by the Charities Commission, with a view to ensuring that the Charity continues to serve public benefit.
Beneficiaries from the Ley Community charities work.
The service builds on the legacy of the Ley Community to deliver a residential treatment service for people with drug and alcohol needs. The service model has much in common with the Ley Community’s ethos with an important adaptation. As a women-only service Ophelia House meets a need for gender-specific care which is lacking across the country. In order to contribute to this need the service operates a trauma-responsive approach.
Trauma is often a factor in substance use for both men and women, however women frequently experience additional gender based-traumas that impact their substance use and have devastating short and long-term effects. Domestic violence, coercive and controlling behaviour and being forced into sex work, are common experiences for many women that use substances, the perpetrators of these crimes are most often men.
Substance use treatment services are male dominated environments, only 32% of people in drug and alcohol treatment in England are women (OHID official statistics). These services have usually been designed by men and consequently are more catered towards meeting the needs of men. This means that the specific gendered needs of women are often overlooked. Consequently, women who have been abused by men can find it difficult to maintain treatment in mixed-gender settings.
Ophelia House at the Ley Community responds directly to this vital need. The service is registered in Phoenix’s name for Care Quality Commission (CQC) purposes and delivered by Phoenix. The Ley achieves its objectives through leasing the building to Phoenix, leveraging expertise across Phoenix
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
to deliver the new model. Additional benefits are gained through this relationship by being able to benefit from Phoenix’s expertise in developing pathways into the new service and follow-on provision such as aftercare and housing.
Through our arrangement with Phoenix, we are committed to increasing training opportunities at all levels of the organisation across a broader range of inclusive practice and developing a mechanism to localise our EDI agenda through support training and monitoring.
Our strategic approach builds on the work of the previous Equity, Diversity and Inclusion (EDI) Action plan and will be overseen by the Board of Trustees.
BUSINESS AND FINANCIAL REVIEW
The charity’s results for the year ended 31 March 2025 are shown in the Statement of Financial Activities on page 17.
The charity generated a net expenditure of £44k (2024: deficit £61k) as shown below.
| Income Expenditure Net expenditure in the year |
2025 £’000 172,512 (216,528) (44,016) |
2024 £’000 89,375 (150,740) |
|---|---|---|
| (61,365) |
Income for the year was derived from lease charges to Phoenix for the use of the land and buildings. Expenditure primarily related to the intercompany loan interest and depreciation of fixed assets. Additionally, credit notes totalling £14k were received, reflecting adjustments based on actual rather than estimated utility usage for the period prior to September 2023.
During the year, £46k of restricted funds were utilised through the Adrian Van Hoorn Bursary. Since April 2024, eight women from six different local authority areas have received support from the bursary, all of whom had previously been declined funding by their respective local authorities.
The bursary has enabled these women to receive the support they need, with several providing feedback on how this access has positively impacted their confidence and readiness to transition from Ophelia House back into the community. On average, each bursary supported 48 days of care.
Reserves Policy
It is the policy of the Charity to maintain the following reserves:
General reserves – comprising primarily of the value of the land and building which it in turns leases to Phoenix who holds CQC registration for the women’s only trauma informed service.
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
Restricted Reserves comprise of monies which have an imposed condition or are restricted to a specific purpose. Upon the conditions of the restriction being met, the funds are released.
At the end of the financial year, total funds amounted to £2,112k, of this, £92k was restricted and not available for general use. The Trustees consider the current level of unrestricted reserves— £2,020k—to be appropriate, as it reflects the net book value of the land and buildings necessary to uphold its agreement with Phoenix and support the delivery of its charitable objectives.
Future Prospects
The Ley will continue to lease the land and building to Phoenix Futures, who hold CQC registration for the residential service, in accordance with the lease agreement signed by both entities.
Structure, Governance and Management
Ley Community Drug Services is a wholly owned subsidiary of Phoenix House. It is incorporated as a private company limited by guarantee under the Companies Act 2006 in England (number 03736193). It is also a registered charity (number 1074874), sharing the same registered office address as Phoenix.
It is governed by its Memorandum and Articles of Association that determine the legal framework within which we operate, and which set out our charitable objects.
As a subsidiary of Phoenix, the Ley Community Drug Service have adopted Phoenix Futures governance policies, processes and corporate strategy. The Ley Board typically meets quarterly to review financial, operational, and quality performance, it is supported by the four sub-committees within Phoenix Group, each with their own area of expertise:
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Audit, Control & Investment Committee
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Clinical Governance Committee
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People and Remuneration Committee
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• Strategic Risk Committee
The Board reports to the Phoenix Group Board.
The Board plays an active part in the planning and development of strategy from its initial inception through to formally signing off the final document.
The Board delegates the outworking of the strategy to the Phoenix Group Executive Team who ensures departmental, speciality and service strategies/plans underpin the strategy objectives, which in turn inform individual targets, so we are all working together to achieve the overall strategy outcomes.
Board of Trustees
The Trustees and Chair are appointed for an initial term of three years, which may be extended for an additional three years. They may also be eligible for reappointment for up to three further oneyear terms to support effective succession planning and as agreed by the Chair. Trustees are recruited using advertisements with potential Trustees being invited to complete an application form. The Charity recruits Trustees who are able to offer a wide range of experience for the benefit
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
of the group including business, finance, clinical governance and quality. With input from the Phoenix Trustees, a panel including the Phoenix chief executive, meets with applicants to discuss both the Charity’s and Phoenix’s aims and objectives, outline their responsibilities as Trustees and ensure that there are no conflicts of interest and to answer any questions that applicants may have.
New Trustees are provided with information on legal obligations under Charity and Company Law, the Charity Commission’s guidance on public benefit, and the content of the Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the Charity. Regular skills audits and governance reviews also take place to ensure our Trustee Board has the requisite skills and attributes required to oversee our group and the Charity. Trustee’s training is an ongoing process via presentations, visits and Away Days.
Members of the Board of Trustees do not receive any remuneration. Where claimed, expenses are reimbursed. Travel expenses of £nil were reimbursed during this financial year.
Key management performance review
All members of the Phoenix Group Executive Team go through a rigorous recruitment process which is undertaken by a specialist recruitment agency with the final interview panel having membership from the Group Board. The process tests not only the competencies of potential Executives, but also their values.
All members of the Phoenix Group Executive Team hold as a minimum a master’s degree (in business or voluntary sector management) or a professional qualification in their speciality (e.g. FCA or MCIPD).
The Phoenix Group Executive Team is subject to the same appraisal and supervision processes as all staff. An annual workplan for the Phoenix Group Executive Team is put before the Group Board and progress is monitored at every Group Board meeting. In addition to the Workplan the Executives are also set individual targets, these are agreed by and monitored by the People and Remuneration Committee.
Principal risks and uncertainties
The Board and the Phoenix Group Executive Team, regularly review the risks to the organisation presented by the changing economic and political environment and are satisfied that systems are in place to mitigate exposure to the major risks.
Our risk management process has effective oversight and remain alert to the emerging factors which could impact our services and the people who use them.
Our key corporate group risks for 2024/2025 are listed below:
| Objective | Risk |
|---|---|
| To ensure that the residential sector has a clear and prominent place in local and national drug strategies. |
Devolution of commissioning decisions can lead to a lack of national strategy for residential treatment. |
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
31ST MARCH 2025 |
|
|---|---|
| Residential services have a fixed cost base meaning the organisation has financial sensitivity to occupancy fluctuations. Variable levels of access across the UK can lead to inequality of care and increase in harm as people are unable to access suitable treatment. |
|
| Mitigation and control Take a leadership role in promoting the Residential Sector and to influence commissioning context on behalf of people who use and could benefit from this treatment. Dedicated Residential Access and Placements Team to problem solve access issues for potential residential clients. Invest in research to continuously support the development of the evidence base. |
|
| Objective | Risk |
| To maintain and strengthen staff satisfaction with their role and contribution to out shared purpose. |
Cost of living increases erode satisfaction with salaries. Competitors have access to workforce funding that is unavailable to Phoenix. A sense of unfairness may lead to lower motivation, higher vacancies/absence and difficulty in maintaining culture. Workforce leaving the sector as organisations are unable to meet salary requirements for a skilled workforce. |
| Mitigation and control An active Remuneration Strategy including Real Living Wage commitment, market supplement policy, cost of living initiatives, flexible benefit structure. The staff survey has shown that people are in the main happy working for Phoenix and for the majority of people the positive culture offsets the pay which may not be as high for some roles as other providers. |
|
| Objective | Risk |
| To effectively safeguard our data and information. |
As we increasingly rely on technology, systems and data management we increase our risk of data breach. |
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
31ST MARCH 2025 |
|
|---|---|
| Data breaches can lead to large financial fines and reputational damage which impacts our ability to deliver services. |
|
| Mitigation and control An active Data Protection strategy that includes robust risk appraisals of new and existing systems, ongoing compliance with cyber essentials and GDPR. Ensure review data centre security per cyber essentials. Continue to provide Training and clear communication. |
|
| Objective | Risk |
| To prevent drug and alcohol specific deaths and avoid deaths related to drug and alcohol causes. |
Increased instances of drug and alcohol related harm are being seen both for people in treatment as well as those not in treatment. If we fail to take action on this to reduce the harm it is likely we will see more deaths for people who use our services. An increased risk of death and harm impacts our ability to deliver our purpose across services. |
| Mitigation and control An active Reducing Harm strategy that has a clear focus on person centred care and continuous organisational learning helps us to manage safety in services. Robust Clinical Governance oversight and improvement planning. Ensure equity of access to all services and high quality of culturally competence care through our EDI approach. Work to end the stigma of substance use through the Anti-Stigma Network partnership. |
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation the Charity has adequate resources to continue operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Business relationship statement
The Charity nurtures business relationships with key stakeholders, such as customers, suppliers and others and considers the strategic value to the Charity and its stakeholders when making decisions.
Disabled Persons
The Charity’s commitment to equality of opportunity between disabled people and other people falls within a set of over-arching equality and diversity values and lies at the centre of all its activities.
Financial risk management
The Charity’s operations, through its relationship with Phoenix, expose it to a variety of financial risks that include the effects of changes in cashflow and price risk. Phoenix has in place a risk management programme that seeks to limit the adverse effects on its financial performance by monitoring levels of debt and applying its procurement policy to purchasing.
The Charity does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. The policies set by the Board are implemented by the Charity’s finance department.
Cash flow risk
The Charity has interest bearing assets. These interest bearing assets include only cash balances which earn interest at a variable rate.
Price risk
The Charity is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services in purchases in the UK.
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
DIRECTORS’ RESPONSIBILITIES STATEMENT IN RESPECT OF THE FINANCIAL STATEMENTS
The Directors are responsible for preparing the Trustee Report and the Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period.
In preparing these financial statements, the Directors are required to:
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select suitable accounting policies and then apply them consistently
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make judgments and accounting estimates that are reasonable and prudent
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
COMPLIANCE WITH THE GOVERNANCE AND VIABILITY STANDARDS
Good Governance
A clear strategic framework is deeply embedded in the organisation and aligns purpose to objectives and workplans across each tier and within each department.
The budget is set with reference to the objectives and following a Board strategic review – ensuring resources align to corporate and Group objectives.
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
As a charity the organisation is also assessing itself against the Charity Commission Code of Governance and aims to achieve full compliance with the code.
Internal Control
The Board has overall responsibility for establishing and maintaining the system of internal control for the Charity and for reviewing its effectiveness. No system of internal control can provide absolute assurance or eliminate all risk. The system of internal control is designed to manage risk and to provide reasonable assurance that key business objectives and expected outcomes will be achieved. It also exists to give reasonable assurance about the preparation and reliability of financial and operational information and the safeguarding of the Charity’s assets and interests.
The Board has adopted a risk-based approach to internal control which is embedded within the normal management and governance process. This approach includes the regular evaluation of the nature and extent of risks to which the Charity is exposed.
The Charity identified areas on which assurance is sought and matched these to sources of assurance. In order to monitor whether the sources of assurance identified adequately minimise or eliminate risk, a control procedure is operated on a predetermined frequency basis via three Committees set up by the Group Board; the Audit, Control & Investment Committee, the Clinical Governance Committee and the People and Remuneration Committee. The Committees have different areas of internal control although some areas overlap.
The Chief Executive reports on the overall adequacy of these areas of internal control via six-monthly reports to the Phoenix Group Audit, Control & Investment and the Clinical Governance Committees. The Phoenix Group Chief Executive also reports on any particular risks identified during the period covered by the report, and action taken, which affect specific areas on which assurance is being sought. The Committees report their conclusions to the Board.
The process adopted by the Board in reviewing the effectiveness of the system of internal control, together with some of the key elements of the control framework includes:
Risk management
Management responsibility has been clearly defined for the identification, evaluation and control of significant risks. There is a formal and on-going process of management review of the Charity’s activities. This process is coordinated through a regular reporting framework by the Phoenix Group Executive Team. The Phoenix Group Executive Team regularly considers reports on significant risks facing the Charity and the Phoenix Group Chief Executive is responsible for reporting to the Committees and the Board any significant changes affecting key risks.
Monitoring and corrective action
A process of control self-assessment and regular management reporting on control issues provides hierarchical assurance to successive levels of management and to the Board. This includes rigorous
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
procedures for ensuring that corrective action is taken in relation to any significant control issues, particularly those with a material impact on the financial statements.
Control environment and control procedures
The Board retains responsibility for a defined range of issues covering strategic, operational, financial and compliance issues including treasury strategy and new investment projects. The Board has adopted Group policies and procedures, in all relevant areas.
Information and financial reporting systems
Financial reporting procedures include a detailed budget for the year ahead. These are reviewed and approved by the Board. The Board also reviews reforecasts against budget.
The Board also regularly reviews key performance indicators to assess progress towards the achievement of key business objectives, targets and outcomes. The internal control framework and the risk management process are subject to regular review by the Committees which are responsible for providing independent assurance to the Board via regular reports. The Committees consider internal control and risk regularly during the period.
Fraud prevention, detection and reporting
A financial policy and financial controls and procedures have been established in order to prevent and detect fraud. The Charity operates a Fraud Register which itemises all instances of fraud/attempted fraud and the Audit, Control & Investment Committee regularly reviews the Fraud Register.
Review
The Directors, through the Audit, Control & Investment and Clinical Governance Committees, have reviewed the effectiveness of the Charity’s system of internal financial control in operation during 2024-25 and up to date of approval of the financial statements and confirmed that there is an ongoing process for identifying, evaluating and managing significant risks faced by the Charity.
Disclosure of information to the auditor
In the case of each person who was a director at the time this report was approved:
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so far as that director was aware there was no relevant audit information of which the Charity’s auditor was unaware; and
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that director had taken all steps that the director ought to have taken as a
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director to make himself or herself aware of any relevant audit information and to establish that the Charity’s auditor was aware of that information.
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TRUSTEE REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31ST MARCH 2025
This confirmation is given and should be interpreted in accordance with the provision of s418 of the Companies Act 2006.
Directors
The Directors who served during the period were as follows:
Dr Simon H Street Ms Alison Cottrell Ms Amanda Poole Mr David Jones Sheriff David Nicol Mackie Mr Scott Mandelbrote (Resigned 5[th] September 2024)
Dr Suzanna Graham-Jones (Resigned 5[th] September 2024) Ms Tressa Verrier (Appointed 19[th] July 2024)
All of the Directors are non-beneficial members of the Charity. All members of the Charity guarantee to contribute to a maximum of £1, should there be a call on their guarantee whilst members of the Charity or within one year after ceasing to be a member. The Directors of the Charity are also the Trustees.
Auditor
The current auditor, Beever & Struthers Limited, is deemed to be reappointed as auditor.
Approved by the Board of directors on 31[st] July 2025 and signed on behalf of the Board by
Dr. Simon H Street (Director)
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEY COMMUNITY DRUG SERVICES
Opinion
We have audited the financial statements of Ley Community Drug Services (the ‘charitable company’) for the year ended 31 March 2025 which comprise of the Statement of Financial Activities including Income & Expenditure, the Balance Sheet and the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its income and expenditure for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 charitable company’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 Report and Financial statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report and financial statements. 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
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEY COMMUNITY DRUG SERVICES (CONTINUED)
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustee report, which includes the Directors’ Report prepared for the purpose of company law, for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the Directors’ Report included within the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report contained within the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit;
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the trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the Directors’ Responsibilities Statement set out on page 6, the trustees (who are also 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 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 charitable company’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.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEY COMMUNITY DRUG SERVICES (CONTINUED)
Auditor’s 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 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.
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, is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our knowledge and experience of the charity sector.
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, the Charities Act 2011 and health and safety legislation.
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation
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performed substantive procedures on income.
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tested journal entries to identify unusual transactions.
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assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias.
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investigated the rationale behind significant or unusual transactions.
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non- compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s 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 charitable company’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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Fenny act Yeon
Elizabeth Hatchman ACA Senior Statutory Auditor For and on behalf of Beever & Struthers 150 Minories London EC3N 1LS
Date: 22 August 2025
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STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME & EXPENDITURE FOR THE PERIOD ENDED 31 MARCH 2025
| Unrestricted Funds |
Restricted Funds |
Total | Unrestricted Funds |
Restricted Funds |
Total | ||
|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income & | |||||||
| Endowments from: | |||||||
| Donations & Legacies |
2 | - | - | - | 239 | - | 239 |
| Interest Received |
3 | 2,135 | - | 2,135 | 7,243 | - | 7,243 |
| Other Income |
4 | 170,377 | - | 170,377 | 81,893 | - | 81,893 |
| Total Income |
172,512 | - | 172,512 | 89,375 | - | 89,375 | |
| Expenditure | |||||||
| on: | |||||||
| Raising funds |
5 | 60,190 | - | 60,190 | 34,150 | - | 34,150 |
| Charitable Activities |
6 | 110,438 | 45,900 | 156,338 | 116,590 | - | 116,590 |
| Total Expenditure |
170,628 | 45,900 | 216,528 | 150,740 | - | 150,740 | |
| Transfers between funds |
- | - | - | 12,158 | (12,158) | - | |
| Net (expenditure) / | |||||||
| income for the year / Net movement in |
1,884 | (45,900) | (44,016) | (49,207) | (12,158) | (61,365) | |
| funds | |||||||
| Fund balances as 31stMarch 2024 |
at | 2,017,812 | 137,848 | 2,155,660 | 2,067,018 | 150,007 | 2,217,025 |
| Fund balances as 31st March 2025 |
at | 2,019,696 | 91,948 | 2,111,644 | 2,017,811 | 137,849 | 2,155,660 |
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
17
BALANCE SHEET AS AT 31 MARCH 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | Notes | £ | £ | £ | £ | ||
| Fixed Assets | |||||||
| Tangible Assets | 10 | 3,151,811 | 3,268,199 | ||||
| Current Assets | |||||||
| Cash at Bank and in Hand | Cash at Bank and in Hand | Cash at Bank and in Hand | 147,636 | 138,097 | |||
| 147,636 | 138,097 | ||||||
| Creditors: Amounts Falling due within One Year |
11 | (1,187,803) | (1,250,636) | ||||
| Net Current (liabilities)/assets | (1,040,167) | (1,112,539) | |||||
| Total assets Liabilities |
Less | Current | 2,111,644 | 2,155,660 | |||
| Income Funds | |||||||
| Restricted Funds | 12 | 91,948 | 137,848 | ||||
| Unrestricted Funds | 2,019,696 | 2,017,812 | |||||
| 2,111,644 | 2,155,660 |
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 financial statements were approved and authorised for issue by the Board of Directors on the 31[st] July 2025 and were signed on its behalf by:
a
Dr. Simon H Street (Director)
Alison Cottrell (Director)
18
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1 Accounting policies
General information
Ley Community Drug Services is a wholly owned subsidiary of Phoenix Futures. It is incorporated as a private company limited by guarantee under the Companies Act 2006 in England, number 03736193. It is also a registered charity, number 1074874, its registered office is 68 Newington Causeway London, SE1 6DF.
Basis for accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102 2nd edition effective from January 2019) (the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.
The Charity has taken advantage of the exemption under FRS 102 Section 1A and paragraph 1.12(c) from preparing a statement of cash flows, on the grounds that it is a subsidiary undertaking included in the consolidated financial statements of the parent company Phoenix Futures which are publicly available.
The financial statements are presented in Sterling.
Going concern
As it is the Charity’s intention to continue in business, the financial statements are prepared on a going concern basis. The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustees are aware of key risks that may arise and have arrangements in place to mitigate those risks.
Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
19
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
1 Accounting policies (continued)
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.
No amount is included in the financial statements for the volunteer time in line with the SORP (FRS 102).
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.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Costs of raising funds includes the costs which are associated with raising funds from all the possible sources of incoming resources;
-
Expenditure on charitable activities includes the expenditure incurred by the Charity in furtherance of the Charity's objects; and
-
Other expenditure represents those items not falling into the categories above.
20
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
1 Accounting policies (continued)
Support Costs
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Key sources of estimation uncertainty and judgements
In the preparation of the financial statements the Board is required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses for the period. Although these estimates and associated assumptions are based on historical experience and the management’s best knowledge of current events and actions, the actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an on-going basis.
The judgements, estimates and assumptions which have the most significant effect on amounts recognised in the financial statements are discussed below:
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date based on the expected utility of the assets.
Identification of residential property components
The Charity accounts for its expenditure on residential properties using component accounting. Under component accounting, the residential property is divided into those major components which are considered to have substantially different useful economic lives. Judgement is used in allocating property costs between components and in determining the useful economic lives of each component.
Residential property depreciation is calculated on a component by component basis. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.
21
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
1 Accounting policies (continued)
Tangible Fixed assets
Tangible fixed assets and any additions to residential properties are stated at cost less any provision for any diminution in value and depreciation. The cost of land is not depreciated.
The cost of properties is the initial purchase price together with those costs that are directly attributable to acquisition and construction. Where an asset comprises components with materially different useful lives, those assets are separately identified and depreciated over those individual lives.
Subsequent expenditure which relates to either the replacement of previously capitalised components or the enhancement of such components which results in incremental future benefit is capitalised and the carrying amount of any replaced component or part component is derecognised.
Depreciation is provided on a straight line basis over the periods shown below:
| Housing properties | |
|---|---|
| Land | Infinite |
| Structure | 50 years |
| Roofs | 40 years |
| Heating System | 30 years |
| Kitchens | 15 years |
| Bathrooms | 10 years |
Other fixed assets are included at cost to the Charity less depreciation.
| Other tangible fixed assets | |
|---|---|
| Computer hardware and software | 3 years |
| Equipment | 5 years |
Fixed asset investments
Fixed asset investments are shown at cost less provision for impairment.
Where investments represent one entity gifting control to the other, the investment is initially recognised at the fair value of the gifted assets and liabilities, with a corresponding gain or loss recognised in the Statement of Comprehensive Income in the period of the transaction.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
22
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
1 Accounting policies (continued)
Financial Instruments
Financial assets and liabilities comprise trade and other debtors, cash and cash equivalents and trade and other payables.
Financial assets and financial liabilities are recognised when the Charity becomes party to the contractual provisions of the financial instrument.
All financial assets and financial liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Comprehensive Income, which are initially measured at fair value (normally the transaction price less transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Debt instruments which meet the conditions of Section 11.9 of FRS 102 are subsequently measured at amortised cost using the effective interest method.
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Financial assets are only derecognised when and only when:
-
the contractual rights to the cash flows from the financial asset expire or are settled,
-
the Charity transfers to another party substantially all the risk and rewards of ownership of the financial asset, or,
-
the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires.
The Charity does not use standalone derivative financial instruments to reduce exposure to interest rate movements.
23
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
- 1 Accounting policies (continued)
Impairment
Non-financial assets
Non-financial assets comprise residential properties.
Non-financial assets, other than those measured at fair value, are assessed for indications of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
A non-financial asset is impaired where there is objective evidence that, as a result of one or more events after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of a non-financial asset is the higher of its fair value less costs to sell and its value in use.
Value in use for housing properties which are able to be let in their current condition and which are fulfilling the social purpose for which they were acquired is based on the depreciated replacement cost of the asset. For other schemes, value in use is defined as the net present value of the future cash flows before interest generated from the scheme.
Financial assets
Financial assets comprise trade and other debtors, cash and cash equivalents, and trade and other creditors.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Provisions
Provisions for liabilities and charges are recognised when the Charity has a present obligation (whether legal or construction) as a result of a past event that can be reliably estimated and it is probable that a transfer of economic benefit will be required to settle the obligation.
24
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
1 Accounting policies (continued)
Taxation
All income is applied solely for charitable purposes and therefore any surplus is exempt from corporation tax.
Revenue Reserves
Restricted Reserves comprise of monies which have an imposed condition or are restricted to a specific purpose. Upon the conditions of the restriction being met, the funds are released.
2. Donations and Legacies
| Donations and Legacies | ||
|---|---|---|
| Unrestricted Funds | Unrestricted Funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations & Gifts | - | 239 |
3. Interest Receivable
| Bank Interest Received Other Income Rental income |
Unrestricted Funds Unrestricted Funds 2025 2024 £ £ 2,135 7,243 |
|---|---|
| Unrestricted Funds Unrestricted Funds 2025 2024 £ £ 170,377 81,893 |
4. Other Income
5. Raising Funds
| Raising Funds | ||
|---|---|---|
| Unrestricted Funds | Unrestricted Funds | |
| 2025 | 2024 | |
| £ | £ | |
| Interest payable | 60,190 | 34,150 |
25
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
6. Charitable Activities
| Depreciation & Impairments Consultancy Salary Costs Subscriptions & Renewals Printing, Postage, Stationary & Photocopying Other Staff Costs (inc motor expenses) Office Equipment Lighting & Heating Rates, Security & Insurance Repairs & Renewals Care activities (restricted funds) Share of Governance costs (see note 7) |
Unrestricted Funds Unrestricted Funds 2025 2024 £ £ 116,388 35,878 - 5,610 207 251 419 395 - 579 - 1,902 (12,268) 29,784 (1,508) 32,760 - 2,231 45,900 - |
|---|---|
| 149,138 109,390 7,200 7,200 |
|
| 156,338 116,590 |
7. Governance Costs
| Audit/Independent Examiner's Fees Analysed between Charitable Activities |
Support Costs Governance Costs 2025 Support Costs Governance Costs 2024 £ £ £ £ £ £ - 7,200 7,200 - 7,200 7,200 |
|---|---|
| - 7,200 7,200 - 7,200 7,200 |
|
| - 7,200 7,200 - 7,200 7,200 |
8. Trustees
None of the Trustees (or any persons connected with them) charged any expenses, received any remuneration or benefits from the Charity during the year.
No trustees (2024: none) are accruing pension arrangements.
During the period Directors' liability insurance of £nil was paid (2024: £nil). Phoenix Group hold Directors’ liability Insurance which extends to The Ley Board members. The Directors are also the Trustees.
26
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
The total amount of employee benefits received by key management personnel was £nil (2024: £nil), as the CEO post was covered on a consultancy agreement basis as detailed in the Related Party transaction note to the financial statements. The Charity considers its key management personnel comprise of the Phoenix CEO and Executive Team.
9. Employees
There were no employees during the period, nor in the prior year (2024).
10. Tangible Fixed Assets
| Cost At 31stMarch 2024 Additions As at 31st March 2025 Depreciation & Impairment At 31stMarch 2024 Additions As at 31st March 2025 Carrying Amount At 31stMarch 2024 As at 31st March 2025 |
Freehold Land & Buildings Improvements to Freehold Property Other Fixed Assets Total £ £ £ £ 159,055 3,297,739 91,937 3,548,731 - - - - |
|---|---|
| 159,055 3,297,739 91,937 3,548,731 |
|
| 53,415 220,899 6,218 280,532 3,180 85,980 27,228 116,388 |
|
| 56,595 306,879 33,446 396,920 |
|
| 105,640 3,076,840 85,719 3,268,199 |
|
| 102,460 2,990,860 58,491 3,151,811 |
11. Creditors: Amounts Falling Due Within One Year
| Trade Creditors Other Creditors Accruals Amounts owed to Parent Company |
2025 2024 £ £ - - - 13 - 62,085 1,187,803 1,188,538 |
|---|---|
| 1,187,803 1,250,636 |
27
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 (CONTINUED)
12. Restricted Funds
Restricted funds are held for the purposes for which they were given, as specified below. The Adrian Van Hoorn Bursary will be drawn down to support the treatment of disadvantaged women at Ophelia House Residential Service.
| Balance at 31st March 2024 |
(Outgoing) Incoming Resources |
(Outgoing) Incoming Resources |
Balance at 31st March 2025 |
Balance at 31st March 2025 |
|||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | |||||
| Resident Activities | 12,848 | - | 12,848 | ||||
| Adrian Van Hoorn Bursary |
125,000 | (45,900) | 79,100 | ||||
| 137,848 | (45,900) | 91,948 | |||||
| 3. Analysis of Net Assets between |
Funds | ||||||
| Unrestricted funds Restricted funds |
Total | Unrestricted funds |
Restricted funds |
Total | |||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Fund balances at | |||||||
| 1st March 2025 | |||||||
| are represented | |||||||
| by: | |||||||
| Tangible Assets | 3,151,811 | - | 3,151,811 | 3,268,199 | - | 3,268,199 | |
| Current Assets / Liabilities |
(1,132,115) | 91,948 | (1,040,167) | (1,250,387) | 137,848 | (1,112,539) | |
| 2,019,696 | 91,948 | 2,111,644 | 2,017,812 | 137,848 | 2,155,660 |
13. Analysis of Net Assets between Funds
14. Related party transactions
No donations have been received during the year by the Charity from Board members (2024: Nil).
As at year end there is an intragroup loan between the parent company Phoenix Futures and its subsidiary Ley Community Drug Services of £1.2m (2024 : £1.2m). Interest is charged on the loan at the Bank of England interest rate.
15. Parent undertaking
The charitable company’s ultimate parent is Phoenix House (Trading as Phoenix Futures), incorporated in England, Wales and Scotland. It is a company limited by guarantee and a registered social housing provider. Phoenix Futures prepares group financial statements and these are available from the company’s registered office at Phoenix House, 68 Newington Causeway, London, SE1 6DF.
28