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2024-03-31-accounts

Company number: 03734793 Charity number: 1075947

Spitalfields Crypt Trust

Report and financial statements For the year ended 31 March 2024

Spitalfields Crypt Trust

Contents

For the year ended 31 March 2024

Reference and administrative information ....................................................................................... 2 Trustees’ annual report ................................................................................................................... 4 Independent auditor’s report......................................................................................................... 15 Statement of financial activities (incorporating an income and expenditure account) .................... 19 Balance sheet ................................................................................................................................ 20 Statement of cash flows ................................................................................................................ 21 Notes to the financial statements .................................................................................................. 22

Spitalfields Crypt Trust

Reference and administrative information

For the year ended 31 March 2024

Company number 03734793 Country of incorporation United Kingdom Charity number 1075947 Country of registration England & Wales

Registered office and operational address 116-118 Shoreditch High, Street, London, E1 6JN

Trustees Trustees, who are also directors under company law, who served during the Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows:
Philip J. Young Chair
David C. Ely
Andrew D. Enga
Jean-Baptiste Petard
Corin Pilling
Matthew Ubogagu
Rajul Gill
Nicole Chapman Appointed 27/11/2023
Danielle Hillery Appointed 27/11/2023
Lorri Holding Appointed 27/11/2023
Al Mangan Appointed 27/11/2023
Ola Olabintan Appointed 27/11/2023
Susan Frith Appointed 28/05/2024
Company Secretary Nicole Brown
Key management Tony Chasteauneuf Chief Executive (until 8/10/2024)
personnel Louisa Snow Interim Chief Executive (from 9/10/2024)
Leah Johnson Director of Retail
Louisa Snow Director of Services (until 8/10/2024)
Liz Marshall Director of Fundraising, Communications &
Marketing (appointed 19 June 2023)
Bankers HSBC Bank plc
1- 3 Bishopsgate
London
EC2N 3AQ
Solicitors Gowling WLG (Pro Bono support)
4 More
London Place
London
SE1 2AU

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Spitalfields Crypt Trust

Reference and administrative information

For the year ended 31 March 2024

Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG Accountants JS2 Limited One Crown Square Church Street East Woking Surrey GU21 6HR

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

The Trustees, who act in the role of directors, present their report together with the financial statements of the Trust for the year ended 31 March 2024.

The reference and administrative information set out on pages 1 to 2 form part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP applicable to charities preparing their accounts in accordance with FRS 102).

Welcome/Introduction

Welcome to our 2023 to 2024 Annual Report. We are an East London charity helping people find a life beyond homelessness and addiction and establish a lasting recovery.

From our Chair of Trustees, Philip Young

Relationships and connections are a vital part of our resilience as individuals and as a recovery community - especially when we go through tough times. In 2023/24, we continued to feel the economic and social impacts of the uncertainty and upheaval of recent years. But this has just served to remind us of what is at the heart of who we are as a charity, what gives us hope and what drives us forward.

From the 20 people with complex needs supported by our Housing First service and the 45% of Acorn House residents who successfully completed their 6-month abstinent treatment programme, to the £1: £7.35 social return on investment generated through our 10 charity shops and social enterprises, SCT is about people coming through the most daunting of challenges and discovering belonging, purpose and transformation.

In the face of income struggling to keep pace with rising costs, we have continued to invest and plan for our future. As we look to drive forward a new SCT Women's Residential Therapeutic Programme, we welcomed five new trustees onto the Board with experience and expertise in the fields of health and supported housing, education and the commercial sector.

We have also restructured our retail and services teams to create additional strategic capacity, alongside maintaining our levels of service. With the support of our funding partners, we have also secured funding for Housing First for the foreseeable future, beyond the original initial three-year period.

Community is at the heart of SCT. With events such as the summer barbeque for our volunteers, the coproduced service with our friends at St Leonard’s in Shoreditch and the Christmas meals and celebrations for students and residents generously supported by corporate supporters we have continued to celebrate through challenging times.

As the number of people who are forced to live on the streets increases, the transformations we see at SCT give us hope. During the next year and beyond we will continue to work hard to navigate and mitigate the financial challenges we are experiencing. We will look to strengthen our income streams,

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

grow our support base through improvements in communications and marketing and strengthen our retail operations, as well as ensure we are a well-run and efficient charity.

Our motivation is always the courage and dignity of those whose recovery we have the privilege of supporting in what can be the most daunting of circumstances.

Philip Young, Chair of Trustees, October 2024

From our CEO, Tony Chasteauneuf

‘Transformation’ was the theme of the SCT Art Exhibition this year with beautiful works created by our residents and students, celebrated by family, friends and supporters. So many of the transformation that we share across SCT - from our shops to our services - involves shifting how we understand who we are, seeing things differently and allowing ourselves to become something new. This isn’t something we can achieve on our own.

It is as important as ever to make the most of what we have so that we can rise to the challenges with which we are faced. Our first Big Sleepout since the pandemic took place on World Homelessness Day and helped raise vital funds to support our work. The support from so many different parts of the community was really heartwarming and a great comfort on the night. Such events can also be really helpful in raising awareness. Our 2024 Big Sleepout was also a success but this time with the voices of those with lived experience being put more fully front and centre.

The focus on ‘Voice’ is one that we will be continuing to develop in the coming months. Not only supporting those with lived experience to share their expertise but also ensuring that we are better attuned to ‘hear’ those voices. There are lots of ways people can be denied a ‘voice’ and their expertise – even their very existence – can be hidden away. There are fewer more stark examples than the experience of women who are homeless and living with addiction. The scale of their underrepresentation in traditional counts of those sleeping rough is exceeded in the scandalous lack of provision specifically designed to respond to their needs. Helping to address this gap in provision is something that we are hoping to make significant strides in achieving in the year ahead.

The value that we place in equality, diversity and inclusion reaches into every aspect of our activities as we seek to build on our guiding principles of compassion, love, ambition, belief and excellence.

Tony Chasteauneuf, CEO, October 2024

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

About SCT

Since 1965 Spitalfields Crypt Trust (SCT) has been helping people transform their lives. We have changed since Christ Church Spitalfields opened a night shelter and soup kitchen, but homelessness and addiction remain profound challenges. With a 58% rise in the number of people seen sleeping on the streets in London over the past 10 years, we’re now facing what has been described as a humanitarian crisis.

Experiencing homelessness and addiction is tough. People lose their families and friends, and dignity, are denied education and work opportunities, and with the average age of death being 47 for men and 43 for women, too many people lose their lives. It can feel like it’s impossible to escape from.

We help people build the skills and confidence to establish a lasting recovery and discover more fulfilling lives. We provide safe places to stay and an addictions treatment programme to help people deal with the causes of addiction and homelessness and build strong foundations for the future. We provide training and development sessions that help people discover new skills, build self-esteem and improve mental well-being, alongside meaningful volunteering opportunities to ease the isolation associated with recovery. And when people are ready for independence, we provide places at a Move-On house, supported accommodation where graduates of our treatment programme can further embed their recovery. Our newest service, our highly effective Housing First service provides long-term housing and wrap-around support that supports some of the most excluded people in society to maintain a tenancy, many for the first time in their adult lives.

In terms of service delivery, we have offered places to 50 people in our residential treatment service (‘Acorn House’). Here, our Therapeutic team works alongside our Supported Housing team, offering holistic support to enable residents to focus on their recovery. Of those no longer in treatment at the end of the reporting period, 40% had achieved six-months or more of abstinent-based recovery – an outcome that compares favourably with other similar services. Given the multiple exclusion, adverse childhood events and trauma experienced by those we support, we are proud of this achievement. Graduates of our Therapeutic Programme are eligible to apply for our ‘move-on’ house accommodation, which provides a further two years of support, to enable residents to further embed their recovery. In terms of our Housing First service, we worked with 20 people across the year. Our Training and Development centre, open to all those who access our accommodation-based services, as well as students in the wider community, provided over 1000 sessions, art, literacy, creative writing, digital skills, gardening, and woodwork/furniture restoration.

We’re proud to be part of East London. Our nine charity shops and two social enterprises provide places for people to shop and volunteer, whilst generating vital income that helps fund our work.

We don’t receive any direct government funding and rely on the generosity of funders, supporters, and donors to carry on our life-changing work. The generosity of our supporters and the dedication of SCT staff and volunteers help more people every year find a life beyond homelessness and addiction,

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

About this report

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives, and activities remain focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Our Vision, Mission, and Principles

Vision

Our vision is a society where anyone with drug or alcohol addictions and complex needs can transform their life.

Mission

Our mission is to enable people with drug or alcohol addictions and complex needs to achieve lasting recovery and a more fulfilling life. Through our services, and by working with others, we aim to provide the UK’s most effective and compassionate recovery programme.

Principles

Financial Statement

Performance

Total income for this year was £2,676,832 (2023: £2,813,923) and total expenditure was £3,014,838 (2023: £2,779,156) which has meant an overall deficit of £338,006 (2023: £34,767 surplus). Of this there was a deficit to restricted funds of £132,439 (2023: £20,179 surplus) and a deficit in unrestricted funds of £205,567 (2023: £14,588 surplus).

Reserves policy

The Trustees set the target for unrestricted free reserves taking into consideration the need to

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

income, periods between funding finishing and new funding starting, costs of closing a service

The target is calculated with reference to

Based on the above considerations, the Trustees have therefore set the aspiration for unrestricted free reserves to be circa £470K. This equates to 45% of unrestricted expenditure (excluding retail) as based on the actuals for the year to 31[st] March 2023.

Designated funds represent the value of unrestricted funds invested in fixed assets, which are not readily available for other purposes, and are therefore excluded from the calculation of free reserves. The Board keeps the reserves position under regular review.

The Trustees calculate the free reserves, net of designated funds, at the balance sheet of 31[st] March 2024 to be £320,000.

The reserves are below the target level of free reserves, and so the Trustees review the reserves level regularly, and are in the process of establishing what changes are needed to ensure services can be built back up to closer the target level.

Investment policy

Surplus cash is held in either a 1-year fixed term deposit account or instant access accounts, spread across banks to minimise risk.

Principal risks and uncertainties

The Board of Trustees is responsible for the management of risks faced by the Charity. Detailed consideration of risk is delegated to the managers of departments who are responsible, with the Chief Executive Officer, for documenting identifiable risks and taking active steps to manage them. The main risks facing the charity are:

Financial risks

The financial challenges facing the voluntary and community sector continue. SCT operates within that context, where the resources of grant makers are increasingly stretched and in demand, where local authority budgets have been cut, and where individual giving is under pressure due to the current economic climate. SCT is fortunate to have its charity shops that make an important contribution to the operating costs of the organisation, and we continue to look to expand this enterprise, whilst also

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

continuing to face rising overheads, particularly the increase in salary pressures in response to the costof-living crisis as well as a very competitive recruitment market for many areas of relevant expertise.

As we enter 2024/25, SCT is continuing to invest to grow income for the future as we continue to develop capacity within our Retail team and develop the range and depth of expertise within our restructured Fundraising, Communications and Marketing team. To mitigate risk, SCT has in place a comprehensive system of strategic planning, budgeting, quarterly forecasting and management accounting, and the Board ensures that the Fundraising team and charity shops are well-managed and operating to their full potential. The Board regularly reviews financial performance and is supported by a Finance and Operations Committee that includes four Trustees.

Fundraising

We raise funds in a variety of ways including by securing grants from charitable trusts, individual giving, events and community fundraising and corporate fundraising. With the cost-of-living crisis and a challenging economic environment, fundraising was challenging during the year, but despite this we raised 80% of our forecast income,

Restricted Trust fundraising was our strongest area of fundraising, and we achieved 95% of our target.

Fundraising income this year came from the following sources: Donations: Unrestricted £218,578 Donations: Restricted £305,879 Gift Aid: £12,770

Restricted income was allocated to the following funds: Choices Recovery £7,000 Housing First £88,000 Paper and Cup £4,500 Progressions £3,500 Restoration Station £305 Therapeutic Programme £150,500 Training and Development £35,074

With the consent of the funders, we reallocated £6,512 from the Drop-In Fund to the Choices Fund, following the closure of our Drop-in Service in March 2022.

We are registered with the Fundraising Regulator and received no complaints about our fundraising practices during the financial year. Details of Fundraising Complaints policy can be found on our website (www.sct.org.uk/contact),

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

Thank you to our funders

Particular thanks go to the following funders that provided grants and donations of £5,000 or more between 1 April 2023 and 31 March 2024.

The Albert Hunt Trust City Bridge Foundation French Huguenot Church of London Charitable Trust The Henry Smith Charity Inner London Magistrates Court Poor Box L&Q Place Makers Fund Mackie Foundation Mary Kinross Charitable Trust Sisters of the Holy Cross Charitable Trust Tower Hill Trust Vintners Foundation Worshipful Company of Cutlers Worshipful Company of Tobacco Pipe Makers and Blenders

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

Reputational Risks

Safeguarding the charity’s reputation is a primary duty of the Trustees and SCT has taken steps to ensure that specific reputational risks are managed proactively. SCT has formal written policies and procedures, including Crisis Communications, a clear chain of communication, and a programme of staff training, to mitigate the risk to the charity’s reputation. SCT is also increasingly inviting external evaluation of its services and programmes, to gather objective, external opinion and benchmarks.

Health, safety, and safeguarding

Risks arising from Health & Safety and Safeguarding – SCT takes seriously its responsibility to provide an environment for staff, service users and volunteers that is safe and free from discrimination, harassment and victimisation. To mitigate this risk, SCT has formal policies in place covering Health & Safety, Equalities and Safeguarding, which are reviewed regularly, as well as specific risk assessments relating to different areas of service delivery.

Data risks

SCT recognises the risk posed by the possibility of data management issues to its reputation and operations and the need to comply with the General Data Protection Regulation (GDPR), which came into effect in May 2018. To mitigate against the risks arising from data management issues, SCT’s data is hosted remotely by Fluid IT. SCT is registered with the Information Commissioner, and is also registered with the Fundraising Regulator, which has implemented the Fundraising Preference Service to enable individuals to opt out of communications from charities.

Structure, governance and management

Governance

Spitalfields Crypt Trust (‘the Charity’), also known as SCT, is a registered charity (Number 1075947) and was incorporated as a company limited by guarantee and not having a share capital (Number 03734793) on 17 March 1999. The guarantee of each member is limited to £10.

The Trust had a wholly-owned non-charitable subsidiary, Spitalfields Crypt Trading Limited, which had been dormant and was dissolved in February 2023.

The governing document is the Memorandum and Articles of Association of the charitable company (updated and adopted by Special Resolution on 10 December 2012).

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts.

Recruitment and training of trustees

Trustees are appointed by the existing Board, with due consideration to the inclusive Christian ethos of the Charity, the skills and experience that each prospective Trustee can contribute to the Charity, and a skills audit of the existing Board members. A new Trustee is introduced to the work of the Charity and is given a copy of the governing document, latest annual report, minutes of recent meetings and other documents in line with the Charity Commission’s ‘Finding New Trustees’ guide. The Trustee is then briefed on the vision, mission, strategy and objectives, and fully advised on the financial position of the Charity. He or she will be encouraged to visit operational departments to become acquainted with the range of work carried out by the Charity. Trustees are advised about training courses and resources that may help them to discharge their responsibilities more effectively.

Organisational structure

The Board meets four times a year, or as required, and all heads of department submit Briefing Reports in advance of each meeting to the Board. The main business of such meetings is:

The Chair of the Board of Trustees meets regularly with the Chief Executive Officer to review operations in relation to the agreed Strategic Plan.

The day-to-day running of the Charity is devolved to the Chief Executive Officer.

Inclusive Christian ethos

At SCT, we see a clear connection between best practice in addictions recovery and in our inclusive Christian ethos, and we’re committed to continually learning and growing by engaging with both. Since its inception, SCT’s work has been inspired and motivated by Christian faith and values. The life and teaching of Jesus is characterised by love – a love which is honest and challenging, accepting and healing. Our staff demonstrate similar characteristics, showing warmth and kindness while being clear and direct.

We are committed to working with people of any faith or none, and to helping them at their point of immediate need. We aim to provide a variety of pathways to recovery, wholeness and new life, tailored to individual needs and aspirations. In some of these pathways we offer opportunities to explore the

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

relevance of the Christian faith, which are always optional.

We recognise that the long term effects of homelessness, addiction, poverty, and other forms of social isolation are deeply damaging to the human body, mind and spirit, but we are passionate in our belief that people can experience real and lasting change in their lives.

Staff are expected to comply with the highest standards, and will be given opportunities to develop their professional skills. We aim to offer a safe environment and a sense of community for all our service users and staff, and to maintain a culture of openness, respect, trust and accountability.

Remuneration policy

Trustees set the salary of the Chief Executive, using market-benchmarking and other data to inform their decision. The Chief Executive sets the salaries of all other staff, using market- benchmarking and other data to review pay levels.

Statement of Trustees’ responsibilities

The trustees (who are also directors of Spitalfields Crypt Trust for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Spitalfields Crypt Trust

Trustees’ annual report

For the year ended 31 March 2024

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The total number of such guarantees at year end 31 March 2024 was 12 (2023:7). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in charity.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The trustees’ annual report has been approved by the trustees on 9 December 2024 and signed on their behalf by

Philip J. Young Chairman

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Independent auditor’s report

To the members of

Spitalfields Crypt Trust

Opinion

We have audited the financial statements of Spitalfields Crypt Trust (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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 Spitalfields Crypt Trust'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.

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Independent auditor’s report

To the members of

Spitalfields Crypt Trust

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters 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 charitable company 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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

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Independent auditor’s report

To the members of

Spitalfields Crypt Trust

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.

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 are set out below.

Capability of the audit in detecting irregularities

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:

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Independent auditor’s report

To the members of

Spitalfields Crypt Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Joanna Pittman (Senior statutory auditor)

18 December 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, EC1Y 0TG

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Spitalfields Crypt Trust

Statement of Financial Activities (incorporating an Income and Expenditure Account)

For the year ended 31 March 2024

For the year ended 31 March 2024
Note Restricted
£
Income
Donations and legacies
2
Drop In Services
-
Residential Recovery Support
245,500
Training & Development
38,574
Charity Shops & Social Enterprise
4,805
Other donations and legacies
17,000
3
Residential Recovery Support
-
Charity Shops & Social Enterprise
-
Income from investments
-
Other income
-
Total income
305,879
Expenditure
Expenditure on raising funds:
Costs of generating voluntary income
17,000
4,805
Expenditure on charitable activities
Drop In Services
14,884
Residential Recovery Support
348,055
Training & Development
53,574
Total expenditure
4
438,318
6
(132,439)
Reconciliation of funds
Total funds brought forward
211,129
Total funds carried forward
14
78,690
Other trading activities
Income from charitable activities
Charity Shops & Social Enterprise
Net (expenditure)/income for the year
before transfers		 £
-
-
-
12
218,566
537,273
1,613,468
1,635
-
2,370,953
254,784
1,397,934
1,551
785,192
137,059
2,576,520
(205,567)
1,151,701
946,134
Unrestricted		 2024
Total
£
-
245,500
38,574
4,817
235,566
537,273
1,613,468
1,635
-		 2023
Total
£
1,634
373,871
80,506
7,549
239,753
503,432
1,605,885
1,293
-
2,676,832 2,813,923
271,784
1,402,739
16,435
1,133,247
190,633		 259,104
1,297,191
23,302
1,028,458
171,101
3,014,838 2,779,156
(338,006)
1,362,830		 34,767
1,328,063
1,024,824 1,362,830

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 shown in note 14.

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Spitalfields Crypt Trust

Company no. 03734793

Balance sheet

As at 31 March 2024

2024 2023
Note £ £ £ £
Fixed assets
Tangible fixed assets 9 628,099 651,139
Current assets
Debtors 10 254,193 215,164
Short term deposits - -
Cash at bank and in hand 759,854 1,029,067
1,014,047 1,244,231
Liabilities
Creditors: amounts due within one year 11 (617,322) (490,380)
Net current assets 396,726 753,851
Liabilities
Creditors: amounts due after one year 12 - (42,160)
Net assets 13 1,024,824 1,362,830
The funds of the charity
Restricted funds 78,690 211,129
Unrestricted funds
Designated funds - fixed asset fund 628,098 651,139
General funds 318,036 500,562
Total charity funds 14 1,024,824 1,362,830

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

Approved by the trustees on 9 December 2024 and signed on their behalf by

Philip J. Young Chairman

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Spitalfields Crypt Trust

Statement of cash flows

For the year ended 31 March 2024

2024
Note
£
£
Cash flows from operating activities:
Net income / (expenditure) for the year
6
(338,006)
Adjustments for:
Depreciation charges
9
46,964
Interest
(1,635)
(Increase)/decrease in investments
-
(Increase) in debtors
(39,029)
Increase in creditors
126,942
Net cash provided by operating
activities
(204,765)
Cash flows from investing activities:
Interest
1,635
Purchase of tangible fixed assets
9
(23,923)
Net cash used in investing activities
(22,288)
Cash flows from financing activities:
Repayments of borrowing
11
(42,160)
Net cash provided by (used in) financing activities
(42,160)
Change in cash and cash equivalents in the year
(269,213)
Cash and cash equivalents at the beginning of the year
1,029,067
Cash and cash equivalents at the end of the year
759,854
Cash and cash equivalents consist of:
Short term deposits
-
Cash at bank
759,854
759,854		 2023
£
£
34,767
65,602
(1,293)
1
(52,403)
59,687
106,360
1,293
(14,125)
(54,993)
(42,161)
(42,161)
9,207
1,019,860
1,029,067
-
1,029,067
1,029,067		 2023
£
£
34,767
65,602
(1,293)
1
(52,403)
59,687
106,360
1,293
(14,125)
(54,993)
(42,161)
(42,161)
9,207
1,019,860
1,029,067
-
1,029,067
1,029,067
9,207
1,019,860
1,029,067
-
1,029,067
1,029,067

21

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies Statutory information

Spitalfields Crypt Trust is a charitable company limited by guarantee and is incorporated in England and Wales. Registered office: Acorn House, 116-118 Shoreditch High Street, London, E1 6JN.

a) Basis of preparation

These financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Companies Act 2006. The Charity is a public benefit entity for the purposes of FRS 102 and therefore has also prepared the financial statements in accordance with the 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 (The FRS 102 Charities SORP) and the Charities Act 2011.

At 31st March 2024, the charity has unrestricted funds general funds totalling £318,036 (2023: £500,562) these have reduced as a result of the deficit for the year of £205,567 (2023: Surplus £14,588). The accounts have been prepared on a going concern which the Trustees believe to be appropriate on the basis of their review of budgets and cash flow forecasts prepared for a period of 12 months from the date these accounts were approved. The Trustees confirm there are no material uncertainties in relation to going concern.

b) Income

All income is included in the statement of financial activities when the charity is entitled to, it is probable that the income will be received and the amount can be measured reliably and is not deferred. The following policies are applied to particular categories of income:

Donations are recognised as income when the charity has control over, or received, the donation, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

Clothing and other items donated for resale through the charity's shops are included as incoming resources within activities for generating funds when they are sold.

Incoming resources from charitable trading activity are accounted for when earned.

Revenue grants are credited to the statement of financial activities when receivable.

Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred.

c) Expenditure

Expenditure is recognised in the period in which it are incurred. Expenditure includes attributable VAT which cannot be recovered.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support and governance costs which cannot be directly attributed to particular activities have been allocated between expense headings on the basis of time spent.

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.

Costs of generating funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

22

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

d) Funds

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.

e) Fixed assets and depreciation

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its Long term leasehold property 50 years Short term leasehold property Life of the lease Motor vehicles 4 years Furniture, fixtures and equipment 3 years

Items of equipment are capitalised where the purchase price exceeds £1,000. 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.

f) Pensions

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

g) Operating leases

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

h) Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand, 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.

i) Short term deposits

Short term deposits includes cash with a maturity of three to twelve months.

j) 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.

k) 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.

l) 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.

23

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

2. Donations and legacies

Donations and legacies
Drop In Services
Trusts, Foundations & Corporates
Individual donations
Residential Recovery Support
Trusts, Foundations & Corporates
Individual donations
Training & Development
Trusts, Foundations & Corporates
Individual donations
Charity Shops & Social Enterprise
Trusts, Foundations & Corporates
Individual donations
Other Donations & Legacies
Trusts, Foundations & Corporates
Individual donations
Drop In Services
Trusts, Foundations & Corporates
Individual donations
Residential Recovery Support
Trusts, Foundations & Corporates
Individual donations
Training & Development
Trusts, Foundations & Corporates
Individual donations
Charity Shops & Social Enterprise
Trusts, Foundations & Corporates
Individual donations
Other Donations & Legacies
Trusts, Foundations & Corporates
Individual donations		 Restricted
£
-
-
-
245,500
-
245,500
38,500
74
38,574
4,500
305
4,805
17,000
-
17,000
305,879
Restricted
£
-
1,634
1,634
354,860
5,761
360,621
79,060
1,446
80,506
-
7,549
7,549
-
6,810
6,810
457,120		 £
-
-
-
-
-
-
-
-
-
-
12
12
114,713
103,853
218,566
218,578
£
-
-
-
13,250
-
13,250
-
-
-
-
-
-
-
232,943
232,943
246,193
Unrestricted
Unrestricted		 2024
Total
£
-
-
-
245,500
-
245,500
38,500
74
38,574
4,500
317
4,817
131,713
103,853
235,566
524,457
2023
Total
£
-
1,634
1,634
368,110
5,761
373,871
79,060
1,446
80,506
-
7,549
7,549
-
239,753
239,753
703,313

24

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

3. Income from charitable activities

Income from charitable activities
Residential Recovery Support
Housing Benefit
Individual Charge
Residential Recovery Support
Housing Benefit
Individual Charge		 Restricted
£
-
-
-
Restricted
£
-
-
-		 £
493,016
44,257
537,273
£
486,842
16,590
503,432
Unrestricted
Unrestricted		 2024
Total
£
493,016
44,257
537,273
2023
Total
£
486,842
16,590
503,432

4. Expenditure

Expenditure
Costs of generating voluntary income
Charity Shops & Social Enterprise
Drop In Services
Residential Recovery Support
Training & Development
Total expenditure 2024
Costs of generating voluntary income
Charity Shops & Social Enterprise
Drop In Services
Residential Recovery Support
Training & Development
Total expenditure 2023		 £
181,296
821,722
13,095
649,564
130,009
1,795,686
£
164,539
739,473
15,904
600,432
116,517
1,636,865
Direct Staff
costs
Direct Staff
costs		 £
45,996
379,358
126
324,273
28,718
778,471
£
52,296
367,753
3,312
273,780
24,652
721,793
Other Direct
Costs
Other Direct
Costs		 £
44,492
201,659
3,214
159,410
31,906
440,680
£
42,269
189,965
4,086
154,246
29,932
420,498
Support &
Governance
Support &
Governance
costs		 2024
Total
£
271,784
1,402,739
16,435
1,133,247
190,633
3,014,838
2023
Total
£
259,104
1,297,191
23,302
1,028,458
171,101
2,779,156

25

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

5. Support costs

Governance:
Allocated staff costs
Audit Fees
Other support costs:
Allocated staff costs
General Office Supplies & Purchases
Premises Costs
Travel, Subsistence & Motor Expenses
Food
Consultancy & Training
Welfare & Therapy Costs
Depreciation
Insurance
Telephone
Bank Charges and interest
Legal
Sundry
Outsourced Finance
Irrecoverable VAT
6.
Net income/expenditure for the year
This is stated after charging:
Depreciation
Operating lease rentals: property
Auditors' remuneration:
- current year audit fee excl VAT		 2024
£
20,206
15,500
35,706
191,048
18,172
50,170
7,116
448
19,973
1,162
38,214
11,821
1,309
6,687
1,253
106
43,838
13,656
440,680
2024
£
46,964
401,399
15,500		 2023
£
15,549
15,100
30,649
147,017
24,816
33,464
4,458
731
33,110
5,533
56,853
10,995
(27)
11,575
-
4,295
42,676
14,353
420,498
2023
£
65,602
407,451
14,500

Trustees received no remuneration or expenses. There were no unrestricted donations from Trustees in the year (2023 :none). There were no other related party transactions during the year (2023: none)

26

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

7. Staff costs and numbers

Staff costs were as follows:

Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions
Redundancy costs
Agency Costs
Volunteer workers' expenses		 2024
£
1,764,464
156,455
66,240
3,816
10,089
5,877
2,006,940		 2023
£
1,586,560
146,037
59,679
-
5,029
2,125
1,799,430

One employee earned between £80,000-£90,000 in the year (2023 - one). Two employees earned between £70,000£80,000 in the year (2023 - two). No employee earned between £60,000-£70,000 in the year (2023 - none).

The key management personnel of the Charity comprise of the Chief Executive and three members of the Senior Management team. The total amounts paid for salaries and fees in respect of the key management personnel of the Charity were £287,851 (2024 - £273,807).

The average number of employees during the year was 71 (2023 - 68).

The average number of employees (full-time equivalent) during the year was as follows:

Generating Voluntary Income
Charity Shops & Social Enterprise
Residential Recovery Support
Training & Development
Support & Governance		 2024
5
24
15
4
4
52		 2023
4
27
17
3
3
54

8. Taxation

The charitable company is exempt from corporation tax for income arising from its charitable activities. The charitable company is subject to corporation tax for trading income exceeding the charity limit of £80,000 per annum, therefore there is no taxable income.

27

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

9. Tangible fixed assets

Long
Leasehold
property
£
Cost
At the start of the year
509,466
Additions in year
-
At the end of the year
509,466
Depreciation
At the start of the year
145,610
Charge for the year
10,690
At the end of the year
156,300
Net book value
At the end of the year
353,166
At the start of the year
363,856
Debtors
Trade debtors
Other debtors
Prepayments & Accrued Income
Taxation and social security
Creditors: amounts due within one year
Trade creditors
Other creditors
Accruals & Deferred Income
Loan		 Short
Leasehold
property
£
865,409
22,423
887,832
591,334
30,867
622,201
265,631
274,075		 Motor
Vehicles
£
16,153
-
16,153
15,621
532
16,153
-
532		 £
92,108
1,500
93,608
79,432
4,875
84,307
9,301
12,676
2024
£
23,109
97,122
119,868
14,094
254,193
2024
£
85,038
6,011
484,112
42,160
617,322
Furniture,
fixtures and
equipment		 Total
£
1,483,136
23,923
1,507,060
831,997
46,964
878,961
628,099
651,139
2023
£
15,548
48,143
142,868
8,605
215,164
2023
£
36,614
10,232
401,374
42,160
490,380

10. Debtors

11. Creditors: amounts due within one year

Included in accruals and deferred income is £473,006 (2023: £354,119) in relation to Housing Benefit and service charges due from the local authorities and tenants. Hackney Council had various IT issues that has caused an overpayment of Housing Benefit to build up which is being addressed by them and SCT, with an agreement on the amount repayable expected to be reached by the end of 2024.

12. Creditors: amounts due after one year

Loan 2024
£
-
-		 2023
£
42,160
42,160

The loan relates to a Coronavirus Business Interruption Loan Scheme (CBILS) provided by HSBC secured by a charge over the assets. The loan was taken out in September 2020 over 4 years with interest charged at 3.99% over the base rate.

28

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

13. Analysis of net assets between funds

Fixed assets
Net current assets
Net assets at the end of the year
Prior year analysis of net assets between funds
Fixed assets
Net current assets
Long term liabilities
Net assets at the end of the year
14. Movements in funds
At the start
of the year
£
Restricted funds:
Training & Development
15,000
Residential Recovery Support
181,245
Drop In Services
14,884
Charity Shops & Social Enterprise
-
Other
-
Total restricted funds
211,129
Unrestricted funds:
Designated fund:
Fixed Assets
651,139
General fund
500,562
Total unrestricted funds
1,151,701
Total funds
1,362,830		 Restricted
funds
£
-
78,690
78,690
Restricted
funds
£
-
211,129
-
211,129
Income
£
38,574
245,500
-
4,805
17,000
305,879
-
2,370,953
2,370,953
2,676,832		 Designated
fund
£
628,099
-
628,099
Designated
fund
£
651,139
-
-
651,139
£
(53,574)
(348,055)
(14,884)
(4,805)
(17,000)
(438,318)
-
(2,576,520)
(2,576,520)
(3,014,838)
Expenditure		 General
funds
£
-
318,036
318,036
General
funds
£
-
542,721
(42,160)
500,562
Transfers
between
funds
£
-
-
-
-
-
-
(23,041)
23,041
-
-		 Total
funds
£
628,099
396,726
1,024,824
Total
funds
£
651,139
753,851
(42,160)
1,362,830
At the end of
the year
£
-
78,690
-
-
-
78,690
628,098
318,036
946,134
1,024,824

29

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

Purposes of restricted funds:

Training & Development

Funding towards tutor led activities, peer support groups and employment, training and education support for beneficiaries.

Residential Recovery Support

Specific donations for specialist housing and therapeutic provision for SCT residents and SCT Housing First clients.

Drop In Services

Specific donations for specialist support in community settings for non SCT residents.

Charity Shops & Social Enterprise

Specific donations towards support and community engagement through SCT enterprise settings and teams.

Other

Specific donations for organisational capacity and related provision.

Purposes of designated Fixed Asset Fund

This fund represents the value of unrestricted funds invested in fixed assets which are not, by the nature of fixed assets, readily available for other purposes.

Prior Year Movements in funds

Restricted funds:
Training & Development
Residential Recovery Support
Drop In Services
Charity Shops & Social Enterprise
Other
Total restricted funds
Unrestricted funds:
Designated fund:
Fixed Assets
General fund
Total unrestricted funds
Total funds		 At the start
of the year
£
20,639
135,886
34,425
-
-
190,950
702,617
434,496
1,137,113
1,328,063		 Income
£
80,506
360,621
1,634
7,549
6,810
457,120
-
2,356,803
2,356,803
2,813,923		 £
(86,145)
(315,262)
(21,175)
(7,549)
(6,810)
(436,941)
-
(2,342,215)
(2,342,215)
(2,779,156)
Expenditure		 Transfers
between
funds
£
-
-
-
-
-
-
(51,478)
51,478
-
-		 At the end of
the year
£
15,000
181,245
14,884
-
-
211,129
651,139
500,562
1,151,701
1,362,830

15. Operating lease commitments

At the year end date the Charity had the following future minimum lease payments under non-cancellable operating leases (all for property) which fall due as follows:

Less than 1 year
2 - 5 years
Over 5 years		 2024
£
332,289
1,153,823
1,914,946
3,401,058		 2023
£
305,249
969,795
1,714,072
2,989,116

30

Spitalfields Crypt Trust

Notes to the financial statements

For the year ended 31 March 2024

16. Prior Year Statement of Financial Activities

Income
Donations and legacies
Drop In Services
Residential Recovery Support
Training & Development
Charity Shops & Social Enterprise
Other donations and legacies
Income from charitable activities
Residential Recovery Support
Long-Term Recovery/Employment
Other trading activities
Charity Shops
Income from Investments
Other income
Total income
Expenditure
Expenditure on raising funds:
Costs of generating voluntary income
Charity Shops & Social Enterprise
Expenditure on charitable activities
Drop In Services
Residential Recovery Support
Training & Development
Total expenditure
Transfer between funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net income/ (expenditure) resources before
transfers		 Restricted
£
1,634
360,621
80,506
7,549
6,810
-
-
-
-
-
457,120
6,810
7,549
21,175
315,262
86,145
436,941
20,179
-
190,950
211,129

£
-
13,250
-
-
232,943
503,432
-
1,605,885
1,293
-
2,356,803
252,294
1,289,642
2,127
713,196
84,956
2,342,215
14,588
-
1,137,113
1,151,700
Unrestricted		 2023
Total

£
-
1,634
373,871
80,506
7,549
239,753
503,432
-
1,605,885
1,293
-
2,813,923
259,104
1,297,191
23,302
1,028,458
171,101
2,779,156
34,767
-
1,328,063
1,362,830

31