SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee)
Company Number 03786826
Charity Number 1079460
Directors'/Trustees' Report and Financial Statements for the year ended 31 March 2021
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
| Contents | |
|---|---|
| Page | |
| Legal and Administrative Information | 1 |
| Directors'/Trustees' Report | 2-7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12-22 |
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
Legal and Administrative Information
| The Board of Directors/Trustees | Revd. G Thomas | Chair and trustee |
|---|---|---|
| Mr J Haskell | Treasurer | |
| Mr R Dawson | resigned | |
| Mrs B Persaud | ||
| Fr. J Fairhead | ||
| Revd. K Tekyi-Ansah | ||
| Mrs J Watts | resigned | |
| Mrs C Cameron | resigned | |
| Mrs S Mapara | resigned | |
| Mrs P Fenwick | ||
| Mr J Graham | ||
| Mrs A J Smith | ||
| Company Secretary | Mr N White | |
| Chief Executive | Mr N White | |
| Registered Office | 809 Harrow Road | |
| Wembley | ||
| Middlesex | ||
| HA0 2LP | ||
| Independent Examiner | Anthony Epton FCA, CTA, FCIE | |
| Goldwins Limited | ||
| 75 Maygrove Road | ||
| West Hampstead | ||
| London NW6 2EG | ||
| Bankers | Central Finance Board of the Methodist Church | |
| HSBC Bank Plc (Wembley) | ||
| Company Number | 03786826 (Registered in England and Wales) | |
| Charity Number | 1079460 (Registered in England) |
1
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
The members of the Board of Trustees (who are also Directors for Companies Act purposes) present their report together with the financial statements for the charitable company for the year ended 31st March 2021.
Structure, Governance and Management
Legal and administrative information
The legal and administrative information relating to the charitable company is set out on page 1.
Governing Document
Sudbury Neighbourhood Centre (Middlesex) Limited is a charitable company, limited by guarantee without any share capital, incorporated on 10 June 1999 and registered as a charity on 18 February 2000.
The company was established under a Memorandum of Association which laid down the objects and powers of the charitable company, and is governed under its Articles of Association. In the event of the company being wound up, each voting member is required to contribute an amount not exceeding £10.
Appointment of Directors/Trustees
The directors of the company are also charity trustees for the purposes of charity law. At the Annual General Meeting (AGM), in accordance with the Articles of Association, one-third of the trustees shall retire and are eligible for re-election at the same AGM if desired.
Director/Trustee induction and training
The Directors/Trustees are already familiar with the practical work of the charitable company. Prospective new Directors/Trustees are encouraged to attend Board of Trustees meetings to familiarise themselves with the charitable company and the context within which it operates.
Organisation
As indicated above, the charitable company is governed by a Board of Directors/Trustees, which is responsible for setting the strategic direction of the organisation and for establishing policy. Matters, including decisions and future development to further the charitable company's objectives, are discussed and decided at Board meetings upon the general consensus of agreement from the Board. Failing such consensus then the Articles of Association allow for a majority vote to decide a particular matter. The Board of Directors/Trustees who acted during the year and up to the date of this report are shown on page 1.
The Board of Directors/Trustees meets on a regular basis throughout the year. During 20202021 the Board of Directors/Trustees met on 13 separate occasions. No new trustees were appointed to the Board during this period, and three positions were terminated due to resignations.
Day-to-day management is devolved to the Chief Executive (as from 25 June 2015), who reports to each Board meeting. Up until 25 June 2015 day-to-day management was devolved to the Centre Manager.
As of 31 March 2021, there were a total of 9 members of staff employed (2 full-time, 7 parttime) to achieve the charitable company's objectives.
2
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
Volunteers
The charitable company cannot forget or ignore the excellent volunteering supporters (including the Friends of Sudbury Neighbourhood Centre) who generously give their time, skills and experience, and without whom the charitable company could not operate. These number approximately 13 in total from local churches and the community, carrying out many regular weekly duties and on special outings. Some volunteers also support the work with fund-raising and donations, as do local churches. The Friends of Sudbury Neighbourhood Centre provide practical support and fund-raising for special purposes. The work and support of all the volunteers is much appreciated by our clients, our staff team and the Board of Directors/Trustees.
The Board of Directors/Trustees are also volunteers. The Directors/Trustees give up their valuable time to meet regularly throughout the year, and are committed to making the necessary changes required for the charitable company to become financially stable.
Related parties
The charitable company has a close relationship with Sudbury Methodist Church, St. Andrew's Church, St. George's Church and the Friends of Sudbury Neighbourhood Centre. Some of the directors/trustees are also associated with these churches and the Friends of Sudbury Neighbourhood Centre. Over the year the Centre also developed its relationship with other community groups, including the Sudbury Town Residents Association. Since the appointment of the Chief Executive in June 2015, the charity is continuing to develop an excellent working relationship with colleagues at Brent Council, including the Cabinet Member for Adult Social Care and the Commissioners.
Risk management
The risks that may have an impact on the functions of the charitable company are monitored and reviewed by the Board of Directors/Trustees and Chief Executive. These include major governance, operational, financial, reputational and legal risks. Where appropriate this has resulted in systems and procedures being updated to both mitigate these risks and improve the performance of the charitable company.
Principal Activities and Objectives
The principal objectives of the charitable company is companionship and friendship via the provision of a community service in the area for the general benefit of the inhabitants of the surrounding communities, enhancing their quality of life (and their families and friends).
These objectives are achieved through the provision of a range of services, including day care, events and activities, transportation (using specially adapted vehicles), and various support services. This includes various activities including community art classes, community computer classes, music therapy, keep fit classes, outings and other socialising activities, access to professional services (including chiropodist) and to church services.
The principal aims are carried out in association with a range of partners, including privately funded clients, and also with Brent Council in accordance with a specification for services, the amount of which is listed in the financial statements.
3
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
Achievements
The Centre was closed throughout from April 2020 to March 2021 due to the Coronavirus (CODID-19) pandemic. Before April 2020 the Centre saw a decline in the numbers of attendees with the Centre finally suspending all services from the 23[rd] March 2020 in response to the national lockdown imposed by the Government. At the end of March 2020 all the Centre staff were suspended and informed that they would receive a 20% reduction in their salaries from 1[st] April 2020 as a result of the closure. The majority of the team (care assistants, cooks and minibus drivers) were furloughed under the Government Coronavirus Job Retention Scheme, with the rest of the staff (Chief Executive, Care Manager, PA/Secretary and Finance Officer) retained but working from home on reduced pay. The Centre suspended all activity tutors, contractors, and external lettings at the end of March. The contracts for the two IT teaching assistants were not renewed when these came up for renewal at the end of March 2020.
The closure of services affected all income streams for the charity with the total loss of all private day care income, lettings fees and other income. Brent Council continued to pay for their clients on a monthly basis from March 2020, which has been the only source of guaranteed income at the point of closure. However, Brent Council imposed a lock down of all building based adult day care in the Borough during 2020-21 following advice from Government, and their own Public Health Team.
The Chief Executive and Board of Trustees appointed a firm of consultants in July 2020 to help the charity remodel the business for eventual re-opening and following a business review the charity adopted a new business plan in March 2021. The Centre also remodelled the staffing team in October 2020 and made redundant all the furloughed drivers, and relief cover staff. The remaining staff included the Chief Executive, Care Manager, Centre Administrator, Finance Officer, four Care Assistants and the Cook, 9 in total.
This closure of services is a temporary measure during the pandemic, and does not represent a cessation of the charity or winding up of the company. The intention during 2020-2021 was to eventually safely re-open day care services with the appropriate measures in place to counter the risk of infections and spread of the virus to the cohort of clients supported by the charity. From the end of March 2020, the Centre initiated a weekly telephone welfare call to all Brent and private clients to keep in touch and offer support as much as possible. This service continued throughout 2020-21.
The Centre also fundraised to provide free weekly meals to vulnerable older adults in the community and this service was distributed via two sister charities, Elders Voice and Brent Irish Advisory Service (BIAS) to 30 people a week over a three month period.
4
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
Financial and Performance overview
Financial overview
In the year to 31 March 2021 the charitable company had a surplus of £94,938 in this financial year, as shown in the Statement of Financial Activities on page 9 of these financial statements. Incoming resources amounted to £527,194 and resources expended amounted to £458,256.
At 31 March 2021 the charitable company had total fund balance of £482,225. This comprised £437,353 unrestricted funds (excluding the defined benefit pension reserve), £17,000 the defined benefit pension reserve (deficit), and £44,872 restricted funds.
The Board of Directors/Trustees recognise that it needs to manage its current level of reserves of unrestricted and restricted funds. This is done in the context of the main risks the charitable company is exposed to, which include the current financial climate, the continuous pressures placed on social services budgets, its increasing costs and its defined benefit pension scheme.
Fixed assets
No fixed assets acquired during the year and assets originally costing £109,032 were disposed of as detailed in note 11 of the financial statements.
Reserves Policy
The Board of Directors/Trustees aim to hold 3 months budgeted expenditure in general funds against possible loss of funding streams, and this policy is continually reviewed.
Performance overview
The major source of revenue generated by the charitable company is on its community day care services, which caters for both privately funded clients and clients who qualify for support from Brent Social Services. This generated total revenues of £125,537 (including the luncheon club).
During 2020-21 the Centre was unable to provide any building based services due to the enforced closure.
The Board of Directors/Trustees continue to seek professional advice in seeking to significantly improve the level of incoming resources the charitable company is able to generate, whilst at the same time significantly reduce the charitable company's expenses.
The charitable company's defined benefit pension scheme shows a deficit of £17,000 as at 31 March 2021. Note 10 explains the deficit is expected to be cleared over a 15-year recovery period, by increasing contributions payable by the charitable company and its staff. The Board of Directors/Trustees have identified this as a major risk and are seeking professional advice on the options available on how best to manage this.
5
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2021
The charitable company will continue to depend on donors who have supported its activities in the past and will also approach new potential donors. Charitable and other donations are vital to the ongoing sustainability of the charities work especially with the ever-decreasing public sector funding for this work. The charitable company would like to express its gratitude to its donors, members, trustees and volunteers who have generously given their time and effort and contributed towards the charitable company's activities and objectives (including those organisations listed in note 4).
The services offered by the charitable company continues to be an invaluable life-line, resource, friend and helping hand to the inhabitants of the surrounding communities. In particular the vulnerable and elderly inhabitants as well as their families and friends, as is demonstrated by the comments received each year.
The Board of Directors/Trustees are committed to taking the necessary action required to try and secure the financial stability and future sustainability of the charitable company, and continue to seek professional advice and taking action where appropriate.
Trustees' responsibilities in relation to the financial statements
The trustees (who are also directors of Sudbury Neighbourhood Centre (Middlesex) Limited for the purposes of company law) are responsible for preparing the Report of the Board of Management and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the 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:
-
select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards and the recommendations of the Charity Commission have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. 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.
6
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a Goiiipaiiy Iliiilled by gudl(Iril¢¥) Directors' rustees. Report forthe year ended 31 Marth 2021 8tatement ¥)f dltsclosure to indep¢nd¢iit gxaniliigr As far as the truste6s are aware, there is no relevant information of which the charitsble companvs independent examiner is unaware. Additionally, the trustees have taken all the steps that they ought to have taken to make themselves aware of all relevant inlormation and to establish that the independent examiner is aware of that information. Indopondènt Examlner A resolution to re-appoint Goldwins Limited as the independent examiner for the ensuing yèar will be proposed at the Annual Gen¥i"al Mv¥liiiy. The trustee's report has been approved by Ihe ttustees on.................. on their behalf by.. - EatFand signed Rovd. G Thomas Trustee (Dlrector)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
As the law) you are responsible for the preparation of the accounts in accordance with the
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 Act 20 by the Charity Commission under section 145(5) (b) of the 2011 Act.
confirm that I am qualified to
undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 08/11/2021
(incorporating an income and expenditure account)
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2020
Total
Funds
£
Donations and legacies 35,280
Charitable activities:
Supporting communities including contributions for
lunch, day care services and transportation 497,788
Other income -
Investments 784
533,852
Fundraising 17,812
Charitable activities:
Supporting communities including costs for lunch,
day care services and transportation 649,728
667,540
(133,688)
-
Net gains / (losses) on investments
(133,688)
Transfers between funds - -
(133,688)
- Actuarial (losses)/gains (80,000)
- Return on plan assets excluding interest 401,000
321,000
187,312
Total funds brought forward 199,975
387,287
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All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
9
SUDBURY NEIGHBOURHOOD CEpifRE (MIDDLESEX) LIMITED Balance sheet As at 31 March 2021 2021 2021 2020 2020 Note Fixed 4858ts: T#n9ible assets 238,174 306,340 Current ats. Dcbtora Cash at bank and in hand 875 286,052 286,927 19,410 115,583 134,973 LlabilitlO$: Creditors: amounts falling due urithin tsne year 25,876 123.0341 N•t curr•nt ag•tB 261.061 111,930 Total net a¥ts 499.225 418,287 Net a55èts excludlDg penslon a55et 499,225 418,287 Defined benaflt pongSon schèmè Iliabilityl 10 {17.0001 131.0001 Total net assets 481225 387,287 Funds Reslrtcted funds Unre&lrfr.tpd fiind'. General fund Pension reserve Tota1 unrestrir.lpd func14 q5 414,B72 110,966 454,353 17,000 307,321 31,000 ?7A q?1 Total funds 482.225 387.28f For the yéar ènding 31 March 2021 the company was entitled to 8xèmption from audit undor section 477 of the Companies Act 2006 r•lating to small Companies. The memb8r8 have not r&quirad the company to obtain an audit in accordance with section 476 01 the Companies Act 2006.The d1CtorS acknowledge their responslbility for.complying with the requlrements of tha Act wilhrespect lo accounting records and for the preparaon of rpp2rod in 2ccJrd2ntt4 With th& provigions oppli¢•b14Tr to cofnpsni•BBubj•ct to the small companies regime. Approved by the Iiuslees on . and sioned on their behalf by. Revd. G Thomas Chair of Tru5te•s J C Haskall Tru$teè ITrea$urgr} Gompany r•gIStraOn 03700026 Tha attaehÉd not8s form part ofthe financial statemènts. 10
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2020
£
(81,125)
Interest/ rent/ dividends from investments 784
Sale/ (purchase) of fixed assets (588)
196
(80,929)
Other finance costs (8,000)
(8,000)
(88,929)
Cash and cash equivalents at the beginning of the year 204,492
115,563
2020
£
(as
per the statement of financial activities) 187,312
Depreciation 36,991
Interest, rent and dividends from investments (784)
-
(Loss)/ profit on the sale of fixed assets
(Increase)/ decrease in debtors 3,365
Increase/ (decrease) in creditors (17,009)
Other finance costs 8,000
Increase/ (decrease) in pension scheme liability (299,000)
(81,125)
At 1 April
2020
£
Cash at bank and in hand 115,563
115,563
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11
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern. Key judgements that the charitable company has made which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- 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. Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charitable activities. These costs have been allocated between cost of generating funds and expenditure on charitable activities.
12
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
˜
Lease - 3 1/3% per annum over the life of the lease (30 years) - Leasehold premises 3 1/3% per annum over the life of the lease (30 years) Furniture,fittings and - equipments 12 1/2% per annum on the straight line basis - Computer equipment 33 1/3% per annum on the straight line basis Motor vehicles - 16 2/3% per annum on the straight line basis
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.
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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.
The pension costs charged in the financial statements represents the contribution payable by the charitable company during the year.
13
| 2020 | 2020 | 2020 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||||||||||||||
| Funds | Funds | Funds | ||||||||||||||
| £ | £ | £ | ||||||||||||||
| Donations & Gift | aid | 35,280 | - | 35,280 | ||||||||||||
| Charitable activities: | ||||||||||||||||
| Supporting communities including contributions for lunch, day | ||||||||||||||||
| care | services and transportation | 394,679 | 103,109 | 497,788 | ||||||||||||
| Investments | 784 | - | 784 | |||||||||||||
| 430,743 | 103,109 | 533,852 | ||||||||||||||
| Fundraising | 17,812 | - | 17,812 | |||||||||||||
| Charitable activities: | ||||||||||||||||
| Supporting communities including contributions for lunch, day | ||||||||||||||||
| care | services and transportation | 509,578 | 140,150 | 649,728 | ||||||||||||
| 527,390 | 140,150 | 667,540 | ||||||||||||||
| (96,647) | (37,041) | (133,688) | ||||||||||||||
| (96,647) | (37,041) | (133,688) | ||||||||||||||
| Net gains / (losses) on | investments | - | - | - | ||||||||||||
| (96,647) | (37,041) | (133,688) | ||||||||||||||
| Transfers between | funds | 20,525 | (20,525) | - | ||||||||||||
| (76,122) | (57,566) | (133,688) | ||||||||||||||
| - Actuarial (losses)/gains | (80,000) | - | (80,000) | |||||||||||||
| - Return | on plan | assets excluding interest | 401,000 | - | 401,000 | |||||||||||
| 321,000 | - | 321,000 | ||||||||||||||
| 244,878 | (57,566) | 187,312 | ||||||||||||||
| Total funds brought forward | 31,443 | 168,532 | 199,975 | |||||||||||||
| 276,321 | 110,966 | 387,287 |
| 2020 Total Funds £ - 35,280 |
|||
|---|---|---|---|
14
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2020
Total
Funds
£
Awards for All 9,619
-
City of London
London Catalyst 2,500
Donald Forest Trust -
Covid-19 -
-
Independent Age
All Churches Trust -
Edward Gostlin -
National Lottery Community Fund 30,240
-
Olive Woolf Holiday Trust Fund
The Sobell Foundation 10,000
Charges and contributions for lunch and day
care services 277,927
Allchurches Trust 1,500
Sylvia Waddilove 2,000
Edward Gostling 2,000
29th May 1961 Charitable Trust 5,000
Metropolitan Masonic 3,000
Mason Le Page 2,500
Doyly Carte 2,000
Olive Woolf 2,000
February Foundation 2,750
WNST Dance 1,500
IBB- Keep fit 500
W G Edwards- yoga 1,000
Jule Torne- yoga 1,000
City Bridge Trust 20,000
Francis Winham Foundation 4,000
Charges for transportation 19,825
Small grants and others 79,402
480,263
- -
Letting income 7,879
Insurance claims 55,100 - -
HMRC- JRS Grants 55,726 -
Other income - - 3,539
Other activities - - 6,107
-
110,826 17,525
351,639 10,312 497,788
2020
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Bank interest 1,091 - 784
1,091 - 784
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15
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2020
£
Salaries, national insurance and
pension costs 331,724
General and dementia care (restricted) 56,410
HLF Project 30,289
Staff training 1,354
Art classes 1,820
Keep Fit, Tai Chai and Others 5,246
Music therapy 7,128
Depreciation 16,150
Fundraising and marketing 17,812
Rent and rates 49,605
Premises expenses 43,993
Insurance 2,263
Utilities 16,020
-
Repair and renewals
Depreciation 20,841
Loss/(Profit) on disposal of tangible
fixed assets -
Food 6,648
Ambulance running expenses and
other transportation costs 16,287
Legal and professional fees 15,305
Telephone and broadband 2,727
Printing,Postage and stationery 2,432
Amenities activities 507
Staff recruitment costs 4,167
Computer costs 6,594
Sundry expenses 921
Other finance costs (see note 10) 8,000
-
Accountancy fees
Independent examiners’ fees 3,300
667,540
Support costs
Total expenditure 2020 17,812 649,728 - 667,540
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Of the total expenditures, £527,390 were unrestricted (2020: £527,390) and £140,150 were restricted (2020: £140,150). Analysis of expenditure
| £ ee note 8) nal insurance and - ic (restricted) - ementia care (restricted) - t project - - arden - - - Chai and Others - - Fundraising costs |
Charitable activities Supporting communities Support costs 2020 2019 £ £ £ £ 331,724 - 331,724 313,090 - - - 56,410 - 56,410 20,000 - - - 41,570 30,289 - 30,289 - - - - 1,839 1,354 - 1,354 1,058 1,820 - 1,820 1,515 5,246 - 5,246 3,075 7,128 - 7,128 5,225 |
|---|---|
16
| Depreciation | - | 16,150 | - | 16,150 | 17,502 | |
|---|---|---|---|---|---|---|
| Fundraising Costs | ||||||
| Fundraising and marketing | 17,812 | - | - | 17,812 | 17,508 | |
| Building Costs | ||||||
| Rent and rates | - | 3,688 | 45,917 | 49,605 | 50597.51 | |
| Premises expenses | - | 3,032 | 40,961 | 43,993 | 33484.43 | |
| Insurance | - | - | 2,263 | 2,263 | 2,267 | |
| Utilities | - | - | 16,020 | 16,020 | 10881.69 | |
| Repair and renewals | - | 310 | - | 310 | - | 4,209 |
| Depreciation | - | 20,841 | - | 20,841 | 20,767 | |
| Loss/(Profit) on disposal of tangible | ||||||
| fixed assets | - | - | - | - | (1,000) | |
| Management and administration | ||||||
| Food | - | 6,648 | - | 6,648 | 9,837 | |
| Ambulance running expenses and | ||||||
| other transportation costs | - | 16,287 | - | 16,287 | 14,279 | |
| Legal and professional fees | - | - | 15,305 | 15,305 | 4,410 | |
| Telephone and broadband | - | - | 2,727 | 2,727 | 2,890 | |
| Printing,Postage and stationery | - | - | 2,432 | 2,432 | 2,059 | |
| Amenities activities | - | - | 507 | 507 | 288 | |
| Staff recruitment costs | - | - | 4,167 | 4,167 | 664 | |
| Computer costs | - | 490 | 6,104 | 6,594 | 5,431 | |
| Sundry expenses | - | - | 921 | 921 | 2,455 | |
| Other finance costs (see note 10) | - | - | 8,000 | 8,000 | 8,000 | |
| Independent examiners’ fees | - | - | 3,300 | 3,300 | 3,300 | |
| 17,812 | 501,415 | 148,313 | 667,540 | 597,202 | ||
| Support costs | - | 148,313 | (148,313) | - | ||
| Total expenditure 2020 | 17,812 | 649,728 | - | 667,540 | ||
| Total expenditure 2019 | 17,508 | 579,694 | - | 597,202 |
17
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This is stated after charging / (crediting): 2020
£
Depreciation 36,991
-
Loss on disposal of tangible fixed assets
Independent examiners’ fees 3,300
Staff costs were as follows: 2020
£
Salaries and other staff costs 294,538
Social security costs 12,566
Other pension costs 76,101
Redundancy and termination costs 4,929
388,134
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No employee earned over £60,000 during the year (2020: Nil)
The total employee benefits including pension contributions of the key management personnel were £52,824 (2020: £50,360).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: nil). No trustees were reimbursed for expenses (2020: nil). No charity trustee received payment for professional or other services supplied to the charity (2020: nil).
The average number of employees (head count based on number of staff employed) during the year was as follows:
| gement istration aising tors s l staff n staff |
2020 No. 2 2 2 2 6 4 1 2 21 |
|
|---|---|---|
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
18
The charity operates a defined benefit pension scheme in respect of the staff under the London Borough of Brent Pension Fund. (The scheme is administered by London assets are held by independent managers.)
The latest actuarial valuation was carried out as at 31 March 2021 by Hymans Robertson LLP.
The financial assumptions used in the actuarial valuation are summarised below:
| Period ended | |||
|---|---|---|---|
| 31 March 2021 | 31 March 2020 | ||
| % p.a. | % p.a. | ||
| Pension increase rate | 2.85% | 2.0% | |
| Salary increase rate | 3.15% | 2.3% | |
| Discount rate | 1.95% | 2.3% | |
| The breakdown of the employer assets by category: | |||
| Period ended | |||
| 31 March 2021 | 31 March 2020 | ||
| % p.a. | % p.a. | ||
| Equities | 79% | 74% | |
| Bonds | 12% | 16% | |
| Property | 4% | 4% | |
| Cash | 5% | 6% | |
| The average future life expectancies at age 65 are summarised below: | |||
| Males | Females | ||
| Current Pensioners | 22.3 years | 24.7 years | |
| Future Pensioners* | 23.5 years | 26.2 years |
- Figures assume members aged 45 as at the last formal valuation date.
Reconciliation of changes in the fair value of plan assets, defined benefit obligations and net liabilities are as follows:
| ing fair value of plan assets ing defined benefit obligation ing balance at 1 April 2019 nt service cost st income on plan assets st on pension obligation bers contributions oyer contributions its paid asurement gains/(losses) arial (losses)/(gains) rn on plan assets excluding nts included in net interest ng fair value of plan assets ng defined benefit obligation ng balance at 31 March 2020 |
Obligations £(000) £(000) 31 March 2021 |
Obligations £(000) £(000) 31 March 2021 |
£(000) | £(000) |
Obligations £(000) Period ended 31 March 2020 |
£(000) | |
|---|---|---|---|---|---|---|---|
| 1,140 - |
- (1,171) (1,171) (39) - (27) (7) - 51 (196) (15) 15 (1,389) (1,389) |
1,140 (1,171) |
1,189 - |
- (1,519) |
1,189 (1,519) |
||
| 1,140 - 26 - 7 28 (51) - - 222 |
(31) (39) 26 (27) - 28 - (196) (15) 237 |
1,189 - 29 - 10 54 (62) - (80) - |
(1,519) (68) - (37) (10) - 62 61 29 311 |
(330) (68) 29 (37) - 54 - 61 (51) 311 |
|||
| 1,372 | 1,372 (1,389) |
1,140 - |
(1,171) | 1,140 (1,171) |
|||
| 1,372 | (17) | 1,140 | (1,171) | (31) |
19
| nts recognised in Statement of Financial Activities: £(000) nt charged to resources ded and included as part of osts: nt service cost (39) nt charged to other finance costs: st income on plan assets 26 st on pension obligation (27) ost (1) nt charged within net movements of funds (40) nts recognised in Statement of Financial Activities: £(000) asurement gains/(losses) arial (losses)/(gains) (196) rn on plan assets excluding 222 nts included in net interest nt recognised in the statement of total nised gains and losses 26 mounts recognised in the balance sheet are as follows: £(000) alue of employer assets 1,372 nt value of funded liabilities (1,389) ability (17) 31 March 2021 31 March 2021 31 March 2021 |
nts recognised in Statement of Financial Activities: £(000) nt charged to resources ded and included as part of osts: nt service cost (39) nt charged to other finance costs: st income on plan assets 26 st on pension obligation (27) ost (1) nt charged within net movements of funds (40) nts recognised in Statement of Financial Activities: £(000) asurement gains/(losses) arial (losses)/(gains) (196) rn on plan assets excluding 222 nts included in net interest nt recognised in the statement of total nised gains and losses 26 mounts recognised in the balance sheet are as follows: £(000) alue of employer assets 1,372 nt value of funded liabilities (1,389) ability (17) 31 March 2021 31 March 2021 31 March 2021 |
nts recognised in Statement of Financial Activities: £(000) nt charged to resources ded and included as part of osts: nt service cost (39) nt charged to other finance costs: st income on plan assets 26 st on pension obligation (27) ost (1) nt charged within net movements of funds (40) nts recognised in Statement of Financial Activities: £(000) asurement gains/(losses) arial (losses)/(gains) (196) rn on plan assets excluding 222 nts included in net interest nt recognised in the statement of total nised gains and losses 26 mounts recognised in the balance sheet are as follows: £(000) alue of employer assets 1,372 nt value of funded liabilities (1,389) ability (17) 31 March 2021 31 March 2021 31 March 2021 |
nts recognised in Statement of Financial Activities: £(000) nt charged to resources ded and included as part of osts: nt service cost (39) nt charged to other finance costs: st income on plan assets 26 st on pension obligation (27) ost (1) nt charged within net movements of funds (40) nts recognised in Statement of Financial Activities: £(000) asurement gains/(losses) arial (losses)/(gains) (196) rn on plan assets excluding 222 nts included in net interest nt recognised in the statement of total nised gains and losses 26 mounts recognised in the balance sheet are as follows: £(000) alue of employer assets 1,372 nt value of funded liabilities (1,389) ability (17) 31 March 2021 31 March 2021 31 March 2021 |
||
|---|---|---|---|---|---|
| £(000) 31 March 2021 |
£(000) Period ended 31 March 2020 |
||||
| (39) 26 (27) (1) (40) |
(68) 29 (37) (8) (76) |
||||
| £(000) 31 March 2021 |
£(000) 31 March 2020 Period ended |
||||
| (196) 222 26 |
(59) 51 (8) |
||||
| £(000) 31 March 2021 |
£(000) 31 March 2020 |
||||
| 1,372 (1,389) (17) |
1,140 (1,171) (31) |
20
¢Y -no 0 I u<02< Q4£L)LU< Z<
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2020
£
Lunches, day care and transport costs receivable 11,557
Prepayments and accrued income 7,853
19,410
2020
£
Other creditors -
Taxation and social security 5,218
Salaries and pensions 4,409
Accruals 13,407
23,034
----- End of picture text -----
----- Start of picture text -----
Tangible fixed assets
Net current assets
----- End of picture text -----
| Tangible fixed assets Net current assets |
||||
|---|---|---|---|---|
| Analysis of net assets between funds-prior year | ||||
| General | ||||
| Unrestricted | Pension | Restricted | Total | |
| Funds | Reserve | Funds | Funds | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 306,348 | - | - | 306,348 |
| Net current assets | 973 | (31,000) | 110,966 | 80,939 |
| Net assets at the end of the year | 307,321 | (31,000) | 110,966 | 387,287 |
22
| in nd imnt | |||
|---|---|---|---|
| gs a equpe arden echnology training for elderly y ject herapy d rve ( deficit) n funds-prior year nds: ings and equipment arden echnology training for elderly y & Dementia ect nt Project herapy ed funds 1 funds: d 3 rve ( deficit) (33 ated funds icted funds 1 At t of t |
|||
| £ 31,364 15, 80,536 3,822 - 8, 1,667 4, 5,855 4, 8,375 4, - 34, 500 20,396 30, 20,525 (4,507) - 2, 68,532 103, 61,443 430, 0,000) 321, 31,443 751, he start he year Inco resou & g |
£ 119 (20, - (12, - ( 000 (7, 500 (1, 750 (7, 000 (4, 000 (34, - ( 240 (50, - - 500 ( 109 (140, 743 (505, 000 (22, 743 (527, ming rces ains Outg resourc lo |
£ £ 151) (4,507) 21 870) 67 547) - 3 693) - 819) - 4 128) - 3 012) - 8 000) 484) - 636) - - (20,525) - 4,507 810) - 1 150) (20,525) 110 390) 20,525 307 000) - (31, 390) 20,525 276 Transfer At the of the oing es & sses |
|
| 31,443 751, |
743 (527, |
390) 20,525 276 |
|
| 99,975 854, |
852 (667, |
540) - 387 |
23
The charity is a company limited by guarantee and has no share capital.
Direct charitable expenditure includes £51,062 in respect of rent paid to Sudbury Methodist Church. The trustees of the Sudbury Methodist Church who are also on the board of trustees of Sudbury Neighbourhood Centre (Middlesex) Limited are Revd. K Tekyi- Ansah and Mrs B Persaud.
24