BROMLEY VOLUNTARY SECTOR TRUST REGISTERED COMPANY NUMBER: 03476839 (England and Wales) REGISTERED CHARITY NUMBER: 1077278 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 BROMLEY VOLUNTARY SECTOR TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES Peter Ayres (Chairl Mary Blair Elliot Lewis Angela Wilkins (Appointed on 14th March 2023) Councillor Sam Dunning Webber (Appointed on 14th November 2023) Matthew John Aldridge (Appointed on 14th March 2023) Francesca Richmond (Resigned on 14th March 2023) Sonya Dilova IResigned on 31 st October 2023) Joy Akah-Douglas IResigned on 4th October 2023) Helena Joy Mattingley IResigned on 27th July 20231 Mark Ellison (Resigned on 27th July 20231 COMPANY SEcR￿ARy Aastha Kamboj STAFF MEMBERS Aastha Kamboj, Business Manager Kerry Godwin. Administration Steven Sutton, Caretaker REGISTERED OFFICE Community House South Street Bromley Kent BRI I RH REGISTERED COMPANY NUMBER 03476839 (England and Wales) REGISTERED CHARITY NUMBER 1077278 (England and Wales) BROMLEY VOLUNTARY SECTOR TRUST INDEPENDENT EXAMINER Dunstanette Kuti Head of Finance Community Action Sutton Granfers Community Centre 73-79 Oakhill Road Sutron Surrey SMI 3AA SOLICITORS Thackray Williams Kings House 32-40 Widmore Road Bromley Kent BRI IRY BANKERS HSBC plc 184 High Street Bromley Kent BRI IHE CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ BROMLEY VOLUNTARY SECTOR TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 ST DECEMBER 2023 The Trustees. who are also direttors of the Charity for the purposes of the Companies Act 2006, present ihelr report with the financial statemenis of the Charity for the year ended 31 December 2023. The Trustees have adopted the provfsions of Accounting and Reporting by Charitles.. Siatemenr of Recommended Practice applicable to charirie5 preparing their accounts in accordance with rhe Financial Reponing Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 207 9). OBJEcfivES AND AcfiviTIES Review of Objectlves and Artivities The Charity's objectives are to promote and Improve the efficiency and effectiveness of charlties and the application of charitable resources by rhe provision and management for charities and voluntary organisations where they are carrying ou( charitable activities, of office accommodation, conference, tralning and other facllitie5, servlces. and support in the borough of Bromley. These facilities are provided to the voluntary and communlty sector at beneflclal rates. Facilities are also provided to non-charitable groups at commercial rates. Communlty House (the Old Magistrates Court). is run by the Charity, providing a permanent home for the member organisations. Meeiing room hlre is available to the member organisation. outside voluntary sector organisations and the statutory/private sector. The Charlty has three employed staff, a full time Business Manager, a full time Buslness Support Officer and a part time Caretaker. They are as515ted by a team of several volunteer receptionists. Public Beneflt Local voluntary and community groups In Bromley, representing a wlde spectrum of the community, have benefiied from the facllitles provlded in line with the Charity's Articles at beneficial rates. The facilities also extend to the community ouiside Bromley with no areas of society excluded. The overall aims of the organisation are to provide suppon to the voluntary and community sectors in Bromley. The Trustees review the faci1Stles provided on an ongoing basis and are satisfied that those aims are being achieved wirh due regard to the Charity Commission's public benefit guidance. BROMLEY VOLUNTARY SECTOR TRUST KEY EVENTS DURING 2023.. l. Sale of the building completed As reported In our 2022 annual accounts, London Borough of Bromley ILBB) included Community House in a list of properties they wished to dispose and sell as going concerns to the highest bidder. As LBB dld not carry out all their repairing responsibilities in maintenance of Community House. BVST commissioned a condirional suNey of the building helping the Trustees understand the state of repairs and a Scott Schedule report was produced to obtain a detailed report on the condition of rhe building. A detailed report was available to review at the beginning of 2023. Despite the joint efforts by resident charities. room hlrers. Trustees, public, staff and users of Community House to make the councll reconsider this decision. they managed to successfully sell the building in December 2023. The start of 2024 saw the ownershlp of Community House pass from the London Borough of Bromley to Deco Design and Build Ltd. At the rime of writing this report, the lease negoriations are underway to renew our maln lease that Is due to expire on 27th October 2025. Bromley Voluntary Sector Trust have an open dialogue with the new owners of the building and have continued to work with them closely. We have also appointed a professional agent io negotiare a ne lease. 2. The Bell Tower wa5 secured by 5caffoldlng paid for by London Borough of Bromley and more recently Deco Design Ltd. One of the key findings from the Scott schedule report was the condition of the Bell Tower/cupola as it was deemed unsafe and unstable. The risk identified made it unsafe for users of the building to use Communlty House safely, so an executive decision was taken to close the building until London Borough of Bromley fixed the problem. A scaffolding was erected to hold the bell tower In place in March 2023 which is still in place at the time of writing thi5 report. 3. Staffing challenges On the staffing front the Business Manager was away from the role for a few months due to bereavement and the Charity was supported by the Finance Officer who reslgned from post in December, and an Acting Business Manager who still continues to be a pan of the BVST team. The Trustees thank all staff for their support and extend their sincere condolences to the Buslness Manager. BROMLEY VOLUNTARY SECTOR TRUST ACHIEVEMENT AND PERFORMANCE 2023 starred off on a positive note with a stronger pipeline of bookings and welcomed back some of our room hirers who had stopped using the building since the pandemlc. Our staff worked tirelessly to create a welcoming space for all the tenants and users of the building. and worked tirelessly to provide reassurances to the users of the building about the sale of the building and the Impatt it may have on the user groups. The South Street café run by C4SPA. rhe autism charity. at Community House could no longer continue due to financial constraints, so the café operation stopped in April 2023. BVST immediately invited new groups to run the café operation so we could have a working café on site. In the interim. the café space was renovated and offered as an additional meeting space which proved very popular wlth the room hirers. Desplte the challenges, the room hire income exceeded the budget revenue with 1.574 bookings hosted through the year, generating a revenue of £95,518, the same figure in 2022 £88,858. RECRUITMENT Trustees Durlng 2023, several trustees resigned from their posts Includlng our Treasurer. We also appointed new Trustees to achieve quorum. Stoff We employed a part tlme caretaker to look after the buildlng, and we also hlred a part time admin staff. FINANCIAL REVIEW The Board continued the reserves policy and agree to maintain six month expendlture costs in cash reserves of £190,000. These reserves are held as unrestrScted funds In Imrnediate access bank accounts in HSBC and CAF Bank. The cash re5etves at the end of 202 3 totalled £190,817 (2022 £238,901). At the end of 2023 the total unrestricted funds amounted to £242,715 (2022= £200,612) and considered net current assets for the day to day runnlng of the Charity. The figure has increased due to a correction of the restricted funds where all fixed assets were classified as restricted funds rather than those that were gifted or purchased utilisin9 an external grant. The restricted funds totalled £52.590 at the end of 2023 12022.. £161 .65 31. A5 already stated, the resrrlcted funds have been corrected in 2023 and now only include fixed assets gifted or purchased utilising external grants. All fixed assets purchased by the organisation in ordinary course of business are classified as unrestricted. BROMLEY VOLUNTARY SECTOR TRUST The total nei income for the year was -£1.077 12022-. £45,435) mainly due to some additional expenditure. This included the replacement of the automated mechanism on the front door, the timer that controls the boilers and commissioning the conditional survty all costing the Charity significantly. Incoming resources amounted to £406.136 (2022.. £368,155) comprising incoming resources from charitable activities of £404,998 (2022.. £367.979), and investment income of £l.138 (2022-. £176) Resources expended amounted to £473.096 (2022: 383,911) resultlng in net outgoing resources for the year at £66,960 12022.. £15.756) including a depreciation charge of £66,362 (2022.. £61.5701 The Trustees continue io monltor cash reserves plus income and expenditure information againsi agreed budgets on a monthly basi5 as indicated, and remain 5atisfled that the charity contlnues to operate as a going concern. STRUCTURE. GOVERNANCE and MANAGEMENT Bromley Voluntary Sector Trustls a company limlted by guarantee and is governed by its Memorandum and Articles of Ass¢xlatlon. It is also a registered Charity. The Trustee Board comprises of representatives from the member organlsatlons, the local Voluntary and Community Sector and they possess a variety of skllls and abi lities. Prlor to electlon, they are invlted to attend Board meetings to galn an understanding of how the Trust operates. The 8oard meets bl-monthly, the Chalr. Vlce Chalr, Treasurer and and the Business Manager, who comprise the Resources Committee also meet bi-monthly alternatlng to the full Board. The Resources Committee reviews the general trading situation and makes recommendatlons regarding capital expenditure to the main board. Trustees and Directors are independent and receive no remuneration for their Involvemeni In the Charity. BVST are also In the process of reviewing the pollcies and procedures to formulare a new buslness plan for the next flve years. BROMLEY VOLUNTARY SECTOR TRUST Statement of Trustees, responsibilities The Trusree5 (who are also the directors of Bromley Voluntary SectorTrust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattice). 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 charirable company and of the incoming resources and application of resources. Including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the Trustees are required to. select sultable accounting policies and then apply them consistently. observe the methods and prlnciples in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless It is inappropriate to presume that rhe charitable company will contlnue In business. The Trustees are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at any time the financial p051tion of Ihe charitable company and to enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charirable company and hence for taking reasonable steps for the prevention and detectlon of fraud and other Irregularities. Approved by order of the Board of Trustees on . It5 behalf by.. and slgned on Peter Ayres Chair of Trustees BROMLEY VOLUNTARY SECTOR TRUST Independent Examlnevs Report to the Trustees of Bromley Voluntary Sector Trust I report to the chariry trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 1 O to 19. Responslbllltles and basls of report As the charity trustees of the company land also its direttors for the purposes of company law} you are responsible for the preparation of the accounrs in accordance with the requlrements of the Companies Act 20061.the 2006 Act.). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examinatlon I have followed the Dlrections given by the Charity Commission under section 14515)(bl of the 2011 Act. Independent examinerfs statement Since the company's gross Income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Aa. I confirm that l am qualified to undertake the examination because l am a member of Association of Chartered Certlfled Accountant, which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come to my attention in connection with the examinaiion glving me cause to belleve that in any material respect.. accountlng records were not kept In respect of the company as required by sectlon 386 of the 2006 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of sectlon 396 of the 2006 Act other than any requirement that the account5 give a 'truÈ and fair view, whSch is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountlng and reporting by charities [applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come across no other matters in connection with the examlnation to which allention should be drawn in this report In order to enable a proper understanding of the accounts to be reached. Dunstanette Kuti Community Action Sutton, Granfer5 Community Centre. 73-79 Oakhill Road. Sutton, Surrey. SMI 3 Bromley Voluntaryseaor Trust St*emenr of flnancial att￿￿eS Ilncorporating an Income and expendirure account) For ihe ar ended 31 Decefflber 2023 2023 Total Unresrricted Restriaed 2022 Total Unrestritted Restricted Note Income from: Chaiitable actlvlties Provlsion of accomodatlon & support seNlces to other charities Investment Income 404,998 1.138 404.998 1.138 367,979 176 367.979 176 Tot￿ Income 406.136 406.136 368.755 368.155 Expendlwre on: Charltable actlvltle5 Provlsion of accomodatlon & support service5 to other charities Staff costs (Nore 4} 75.155 Depreciation 479 Light. Heat and Telephone 37.718 Bad Debt Repalrs and Malntenance Cleanlng Rent. Rate5. Insurance & Subscrlptlon5 Legal and Professlonal Fees Accountlng, admln 5upporr and Independent examlna(lon Fees 75.155 66.362 37.718 69,498 379 29.965 554 7.544 24,699 69,498 61.570 29,965 554 7,544 24,699 65,883 61.191 6.799 32,791 6.799 32,791 171.306 25.304 171.306 25.304 154.393 2.621 154,393 2,621 5,12S 5.125 3.896 3.896 Support costs Ll hr, Heat and Telephone Pr ntSng. Sratlonery & Offlce Expenses Repalrs and Malntenance Cleanlng Rent. Rates, Insurance & Subscrlptions Sundry Expenses AdvenisSnglPromotlon Accountlng. admln support and Independent examlnatlon Fees 13.670 13.670 15,396 15.396 3,274 33.473 3.274 33.473 2.440 6.514 l.S73 2.440 6,514 1,573 873 713 S33 873 713 533 1.208 1,179 212 1.208 1.179 2)2 649 649 Total expendlture 407,2 13 65.883 473.096 322.720 61.191 383,911 Net Income I lexpendlturel before net (1.07n (65.883) 166.9601 45.435 161.T911 115,7561 Net Income I (expendI￿re) for the year Transfers be￿een funds 11.07n 165,683) 166.960> 45.435 (61.1911 115.7561 43,180 143.1801 Net movemoni In funds 42.7 03 1109.0631 (66,960) 45,435 161.1911 115,7551 Re¢on¢lllatlon of funds.. Total funds brought forv4ard Total funds orrled foThvard 200,612 161,653 362.265 155,T77 222,844 378,021 242.715 52,590 295,305 200.612 T61,653 362,265 All of the above results art derfved from continuing attl￿tIes. There wtrt no oiher recognised 9aln5 or losses other than those state above. Movement5 in funds are d55closed in Note 12 ro the financlal sratements. Bromley Voluntary Sector Trust Balance sheet Company no. 03476839 ber 23 2023 2022 Flxed assets: Tangible assets Current assets.. Debtors Cash at bank and in hand Nore 95.660 162.022 24,457 190,817 10.634 238.901 Llabllities.. Credltors.. amounts falling due within one year 215.274 249.535 15.629 49.292 Net current assets l (Ilabllltles) 199.645 200,243 Total a55ets le55 current Ilabllltles 295.305 362,265 Tot￿ net asset5 1 Illabllltles) 295,305 362.265 The funds of the charlty: Restrlcted income funds Unrestrlcted income funds.. General funds 52.590 161.653 242.715 200,612 Total unrestrlcted funds 242,715 200,612 Total charlty fund5 295,305 362.265 The charitable company Is entitled to exemption from audit under settlon 477 of ihe Companles Act 2006 for the year tndlng 31 December 2023. The members have noi required the company io obtaln an audit of its financil statements for the year ended 31 December 2023 In accordance with section 476 of the Companies Act 2006. The Trustees acknowledge thelr responslblllrles for lal ensuring that the charttable company keeps accounilng records that comply with Seciions 386 and 387 of the Companie5 Act 2006 and Ibl preparin9 financial statements which give a true and falr vlew of the slate of affai¥s of the charltable company as at the end of each financial year and of ils surplus or deficit for each financial year In accordance with the requirements of 5ecilons 394 and 395 and whlch Otherwise comply Wl¢FI the requirement5 of the Companies Act 2006 relaiing io financial staiements, $0 far as appllcable io the charitable companv. These financial statements have been prepared In accordance wrth the speclal provisions of Part 15 of the Companies Act 2006 relating io charltable Small companies. Approved by the Trustees on I I and slgned on their behalf by Bromley Voluntary Sector Trust Note5 to the flnancial Statements For the ar ended 31 Dec l Accountlng pollcles a) Bas15 of preparatlon The financial statements have been prepared In accordance wlth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10212019. the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and Ilabllltles are inltlally recognised at historlcal cost or transaction value unless otherwise staled In the relevant accounting policy or note. b> Publlc benefit entlty The charltable company meets the definitlon of a publlc benefrt entity under FRS 102. c> Golng concern The trustees conslder that there are no materlal uncertainties about the charltable companys ability to contlnue as a goin9 concern. There are no key Judgements that the charltable company has made whlch have a slgnlflcan( effect on the accounts. d) Key source of e5tlmatlon, uncenalnty and Judgement The preparatlon of financial staiemenis in conformiry with generally accepted accountlng practlce requlres trustees to make estlmates and judgements that affect the reported amounts of assets and Ilabllltles as well as the disclosure of contlngent asset5 and liabilities at the balance sheet date and ihe reported amounts of revenues and expenses durlng ihe reportlng perlod. There Is estlmatlon uncertalnty In calculatlng depreclatlon. A revlew of flxed assets Is carrled oui by the trustees regularly. Whilst every attempt is made to ensyre that the depreciation policy Is as accurate as possible. there remains a risk that the pollcy doe5 not match the useful life of the assets. e) Income Income is recognised when the charity has entltlement to ihe funds, any performance condltlons attached to the income have been met. it is probable that the Income will be received and that the amount can be measured reliably. Income from government and other grants. whether 'capltal' grants or 'revenue' grants, Is recognised when the charlty has entltlement to the funds. any perfomiance conditlons attached to the grants have been met. It Is probable that the Income will be received and the amount can be measured reliabfy and Is not deferred. Income received in advance of the provision of a specified seThice 15 deferred until the crlteria for income recognition are met. fl Interest recefvable Interesi on funds held on deposlt Is Included when recelvable and rhe amount can be measured rellably by the charlty., this Is normally upon notification of the interest paid or payable by the bank. roml¢y Voluntary Sector Trust Notes to the flnanclal 5ratements For th ar ded 31 December 2023 Accountlng policie5 (continued) g) Fund accountlng Restricted funds are to be used for specific purposes as lald down by the donor. Expendlture whlch meets these criteria is charged to the fund. Unrestricted funds are donations and oiher Incoming resources received or generated for the charitable purposes. Deslgnated funds are unrestricted funds earmarked by the trustees for partlcular purposes. h) Expendlture and Irrecoverable VAT Expenditure is recognlsed once there is a legal or constructive obligatlon to make a payment to a thlrd party, It Is probable that settlement will be required and the amouni of the obligation can be measured reliably. Expendiiure is classified under the following activity headings: • Costs of raising funds relaie to the costs incurred by the charitable company in inducing third partles to make voluntary contributions to It. as well as the cost of any activities with a fundralslng purpose Expenditure on charitable activitles includes the costs of provlsion of space and 5ervlces undert84ken to further the purposes of the charity and their associated support cost5 Other expendlture repre5entS those items not falllng Into any other headlng Irrecoverable VAT Is charged as a cost against the actlvity for whlch the expendlture wa5 Incurred. rj Operatlng leases Rental charges are charged on a stralght Ilne basls over the term of the lease. Jl Tanglble fixed assets Items of equipment are capitalised where ihe purchase price exceeds £250. Depreclatlon costs are allocaied to actSvltles on the basls of the use of the relaied asset5 In those activltles. A55ets are reviewed for Impairment if circumstances Indicate ihelr carrying value may exceed their net reallsable value and value In use. Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the assei wlll be shown as a revaluation reserve In the balance sheet. Depreciation Is provlded at rates calculated to wrlte down ihe cost of each asset to Its estimated resldual value over its expected useful life. The depreclatlon rates In use are as follows.. Long Leasehold property Telephone equipment Flxtures and fittings 4% per annum or to rhe end of the lease whlchever 15 shorrer 8.33% on cost 20% on cost k> Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. l) Cash at bank and In hand Cash at bank and cash in hand Includes cash and short term highly liquid investments with a short maturlty 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. Bromley Voluntary Sector Trust Note5 to the flnancial statements For the ar ended 31 Decem l Accoiintlng pollcies