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 2023
SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2023
| Contents | |
|---|---|
| Page | |
| Legal and Administrative Information | 1 |
| Directors'/Trustees' Report | 2-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-19 |
Legal and Administrative Information
The Board of Directors/Trustees Revd. G Thomas Chair and trustee Mr J Haskell Treasurer Mrs A J Smith Mr J Graham Mrs P Fenwick Company Secretary Mr N White (resigned 31 January 2023) Chief Executive Mr N White (resigned 31 January 2023) 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)
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SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2023
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 2022.
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 20212022 the Board of Directors/Trustees met on 10 separate occasions. No new trustees were appointed to the Board during this period, and no positions were terminated due to resignations.
Day-to-day management is devolved to the Chief Executive (as from 15 June 2015), who reports to each Board meeting. Up until 15 June 2015 day-to-day management was devolved to the Centre Manager. However, on 31[st] January 2023 the final employees, including the
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SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2023
CEO were made redundant and charity become dormant. As of 31 March 2023, there were no employees.
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 8 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
Risk management
Principal Activities and Objectives
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SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED (a company limited by guarantee) Directors'/Trustees' Report for the year ended 31 March 2023
During the year external grants and charitable trust income continued to come in, and the Centre is very thankful to all its funders for their support in very trying circumstances. The external fundraising consultant has done an excellent job and the charity is thankful to him for his hard work. However, once it became clear that the Centre would have to close, all the unspent grants had to be returned to the funders
services failed to increase to the levels hoped for. In the 3[rd] quarter of the year, the Trustees very reluctantly had to take the inevitable decision to close the Centre. To have attempted to stay open would have been unrealistic and financially irresponsible. The final 3 employees, including the CEO, were made redundant on January 31[st] 2023. All staff received appropriate redundancy payments. The Trustees would like to formally record their thanks to all the staff, and all the volunteers, for all their hard work, especially in the very difficult last couple of years.
The Charity has not formally closed, but is now dormant. There is cash in the bank, but also a possible potential liability to (or credit from) the Brent Pension fund. Once this matter has been finally resolved, the Trustees will be able to make a decision on how to proceed
Financial and Performance overview
Financial overview
In the year to 31 March 2023 the charitable company had a deficit of £222,143 in this financial year, as shown in the Statement of Financial Activities on page 9 of these financial statements. Incoming resources amounted to £131,837 and resources expended amounted to £365,980.
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SUDBURY NEIGHBOURHOOD CENTRE IMIDDLESEXI UMITED {• eompany Ilmltsd by 9uar•nt••l Dlt•¢tOY8'nru8t•os' Report forth• yoar trd 31 March 2023 lblllt1 I I tl n to th8 finanGlal The MJstee$ ltho Llir8dtys of sUdry NaHJhtsouth(xx1 Cantre IMhIdseXl L5mrted for Ihe pur of cthmpany lawl are fftsports5tAe for preparing lh8 R&)rt of the Board Management the finanaal statements in a¢x)xd8nce applKatAe Lqw 8nd Unit8d angdom Accoun Stwdards. Company bw requires the truste8s to w8p8re fin8n(ial stslemenls ft)r each finanoal year which give 8 true and fair view of the $tste of the 8ff8ir5 of the d)aritsN8 ujmpany and of Ihe Incomirrfa resLyJr¢es and applKathX of re50urits. inc1ng the inrLme ano exp8nditur8. 01 th8 Charitab ujrnpany for that 0d. In preparing Ihèst fin8ncwl ststernts thè trustees are requirwl to". 5eled 5uitatl& accounting pdicies and then appty them c¢Ktsi$lènfy.' make judgernont8 and estjmales thot arp reasonaN8 and prudent.. 81818 whether app11c2b L¢K Accwnbr¥J StafKlards and the reCOmftwdatKJ of th Charfty COmrnisQn have been follUd. subject to any rftaterial departuro$ dd0 and explained in the finan¢o1 stslements.. and prere lh8 finanual 5taterrEnts on the g¢yng MreM bass It ts knapYoalO to pre$uft Ihal the tharitth ryjrnpany ¥4711 ntIrJe in bu5inoB5. tnJste88 ara respolie for ke8wng J8quate r8cords whth disdosts vmh ¥easonabte aoxr8cy atanytime the finsnrial positK)noftlE ¢harftabb(pany and tognabl8 thgm to Ènsurts that the finanoal staternentS trmrAy wth th8 Charit5 Act 2011 and the Charity IA¢(xJnts and Report51 Regu$ 2008. Th8yare a150respons1efOr safeguardlng the assetsofthe Gharltabb (x)mpany and hen¢%ftyts'fft9 reasb steF6 forthe ¢gven¥ detectK)n offruud and olher rr89uLqribes. Th8 tru5tee'$ ha8 b88n 8pwov•J by tho trustees on... on their bahaif by.. .. ar#1 Mr John Gr*ham A¢Wng ¢halr
I REPORT TO THE TRUSTEES OF SUDBURY NEIGHBOURHOOD CENTRE (MIDDLESEX) LIMITED
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
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 n 145 of the Charities by the Charity Commission under section 145(5) (b) of the 2011 Act.
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 fair view 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
21 March 2024
6
(incorporating an income and expenditure account)
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2022
Total
Funds
£
Donations and legacies 99,096
Charitable activities:
Supporting communities including contributions for
lunch, day care services and transportation 263,750
Other income 13,086
Investments -
375,932
Fundraising 16,875
Charitable activities:
Supporting communities including costs for lunch,
day care services and transportation 414,581
431,456
(55,524)
-
Net gains / (losses) on investments
(55,524)
Transfers between funds - -
(55,524)
- Actuarial (losses)/gains 145,000
(337,288) (96,020) (433,308) 89,476
Total funds brought forward 482,225
571,701
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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.
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8UD8URY NEIGHBouR CEKnlE IMIDDLE8W UMITED •t 31 Alu¢h 2023 X122 225251 12 Cash èt bankd 42AJJ 42A3J Z4fy131 251.7TO 16327 40 236.443 461.701 461.701 Cfjnèd befflofft pO1ha5IO¥1IblllWj fl 11Q.(KX) $71.701 1$ Gthiorallund 365.681 110.fpjo TO unrestDthO hJiO 475.681 Ftst th yèBr endmll 31 Mor¢h 20TJ grthd ty) 8PtlI from undvr 4n oftr• Buthl In attsn11¢ 478 Ol the CCrfnpan Aci ththr resw&NIIty 10th0 Bmal Cornpan r¢yThe. ond Signedon6Wrt•¥ IArJohft J C HMh•ll Tn•tw ITMA•ur•rl
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 intend to liquidate the charity and do not consider that the charity to be going concern and have therefore prepared the financial statements on the break up basis.
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.
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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.
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2022 2022 2022
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Donations & Gift aid 99,096 - 99,096
Charitable activities:
Supporting communities including contributions for lunch, day
care services and transportation 153,330 110,420 263,750
Other income 13,086 - 13,086
Investments - - -
265,512 110,420 375,932
-
Fundraising 16,875 16,875
Charitable activities:
Supporting communities including contributions for lunch, day
care services and transportation 355,309 59,272 414,581
372,184 59,272 431,456
(106,672) 51,148 (55,524)
(106,672) 51,148 (55,524)
- - -
Net gains / (losses) on investments
(106,672) 51,148 (55,524)
Transfers between funds - - -
(106,672) 51,148 (55,524)
-
- Actuarial (losses)/gains 60,000 60,000
- Return on plan assets excluding interest 85,000 - 85,000
-
145,000 145,000
38,328 51,148 89,476
Total funds brought forward 437,353 44,872 482,225
475,681 96,020 571,701
2022
Total
Funds
£
Legacies 77,147
Other donations 21,949
99,096
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2022
Total
Funds
£
Awards for All 9,750
City of London 20,000
Independent Age 10,000
-
The Inman charity
Edward Gostlin -
National Lottery Community Fund 29,656
The Sobell Foundation 10,000
Charges and contributions for lunch and day
care services 126,884
London Borough of Brent 13,960
Francis Winham Foundation 5,000
Postcode Society Trust 10,000
Valesco Foundation 10,000
Small grants 18,500
263,750
Hire of hall and facilities 9,564 - -
HMRC- JRS Grants - - 7,536
Other income 3,331 - 5,550
-
12,895 13,086
84,367 7,025 276,836
2022
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Bank interest 1,326 - -
1,326 - -
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2022
£
Salaries, national insurance and
pension costs 191,923
Staff training 1,769
Art classes 403
Keep Fit, Tai Chai and Others 1,085
Music therapy 3,500
Depreciation 1,265
Fundraising costs 16,875
Marketing costs 19,908
Rent and rates 55,792
Premises expenses 8,823
Insurance 2,285
Utilities 12,820
Repair and renewals 7,910
Depreciation 20,653
Food 9,096
Ambulance running expenses and
other transportation costs 602
Legal and professional fees 27,625
Telephone and broadband 3,154
Printing,Postage and stationery 3,399
Amenities activities 305
Staff recruitment costs -
Computer costs 3,306
Sundry expenses 746
Other finance costs 18,000
Accountancy fees 18,144
Independent examiners’ fees 2,040
Loss on disposal of fixed assets
Bank charges and interest 28
431,456
Support costs
Total expenditure 2022 18,640 439,616 - 431,456
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Of the total expenditures, £254,273 were unrestricted (2022:£372,184) and £103,045 were restricted (2022:£59,272).
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| Analysis of expenditure Staff costs (See note 8) Salaries, national insurance and pension costs Direct Costs Staff training Art classes Keep Fit, Tai Chai and Others Music therapy Transport and outings Depreciation Fundraising Costs Fundraising costs Marketing costs Building Costs Rent and rates Premises expenses Insurance Utilities Repair and renewals Depreciation Loss/(Profit) on disposal of tangible fixed assets Management and administration Food Ambulance running expenses and other transportation costs Legal and professional fees Telephone and broadband Printing,Postage and stationery Amenities activities Computer costs Sundry expenses Other finance costs (see note 10) Accountancy fees Independent examiners’ fees Bank charges and interest Support costs Total expenditure 2022 Total expenditure 2021 |
£ - - - - - - - 16,875 - - - - - - - - - - - - - - - - - - - 16,875 - 16,875 18,640 Fundraising costs |
Charitable activities |
Support costs £ £ 3 - 9 - 3 - 5 - 0 - - - 5 - - - 19,908 - 55,792 - 8,823 - 2,285 - 12,820 - 7,910 3 - - - 6 - 2 - - 27,625 - 3,154 - 3,399 - 305 - 3,306 - 746 - 18,000 - 18,144 - 2,040 - 28 6 184,285 5 (184,285) 1 - 6 - |
2022 £ 191,923 1,769 403 1,085 3,500 - 1,265 16,875 19,908 55,792 8,823 2,285 12,820 7,910 20,653 - 9,096 602 27,625 3,154 3,399 305 3,306 746 18,000 18,144 2,040 28 |
2021 £ 243,212 1,708 - - 220 - 2,377 18,420 220 52,467 1,590 1,706 7,262 2,050 20,654 45,148 3,756 4,718 27,296 3,139 1,597 75 9,346 1,812 1,000 5,184 3,300 - |
|---|---|---|---|---|---|
| Supporting communities 191,92 1,76 40 1,08 3,50 1,26 20,65 9,09 60 |
|||||
| 230,29 184,28 |
431,456 - |
458,256 | |||
| 414,58 | 431,456 | ||||
| 439,61 | 458,256 |
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| charging / (crediting): f tangible fixed assets iners’ fees |
2022 £ 21,918 - 2,040 |
|
|---|---|---|
| s follows: staff costs ts ts |
2022 £ 159,759 8,333 23,831 |
|
|---|---|---|
No employee earned over £60,000 during the year (2022: Nil)
The total employee benefits including pension contributions of the key management personnel were £56,475 (2022: £52,824).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: nil). No trustees were reimbursed for expenses (2022: nil). No charity trustee received payment for professional or other services supplied to the charity (2022: nil).
The average number of employees (head count based on number of staff employed) during the year was as follows:
| 2022 No. 2 2 - 2 1 7 |
||
|---|---|---|
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
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 estimated actuarial valuation was carried out as at 31 October 2022 by Hymans Robertson LLP.
The amounts recognised in the balance sheet are as follows:
| gnised in the balance sheet are as follows: | ||
|---|---|---|
| oyer assets nded liabilities |
2022 £’000 1,463 (1,353) 110 |
|
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Q<ULU< Z< (Q Z LL
| crued income security ns s ts between funds-prior year s d of the year |
eral cted nds Pension Reserve £ £ 258 - 423 110,000 681 110,000 |
20 5,6 |
||
|---|---|---|---|---|
| 5,6 | ||||
| 20 7,1 2,8 2,3 2,9 |
||||
| 15,3 | ||||
| Gen Unrestri Fu 225, 140, |
Restricted Funds £ - 96,020 |
To Fun 225,2 346,4 |
||
| 365, | 96,020 | 571,7 |
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| tings and equipment garden py herapy n rt Worker d erve ( deficit) in funds-prior year nds: tings and equipment 1 garden py ject herapy n Helpline er rt Worker ed funds 4 funds: d 45 erve ( deficit) (17 ated funds 43 ricted funds 43 48 At the of the |
|||||
| £ 9,447 3,275 - 13 2,847 2 3,477 5 8,363 2 16 5,757 10 1,690 1 - 9 - 6 - 30 - 10 - 19 4,871 110 4,353 265 ,000) 145 7,353 410 start year Inco resou & g |
£ - (1, - ( ,000 ,500 ( ,000 (3, ,500 (1, - ,500 (16, ,200 ,921 ,143 (6, ,000 (30, ,000 ,656 ,420 (59, ,512 (354, ,000 (18, ,512 (372, ming rces ains Outg resourc lo |
£ £ 266) - 313) - - - 403) - 500) - 390) - - - 257) - - - - - 143) - 000) - - - - - 272) - 184) - 000) - 184) - Transfer oing es & sses |
18,18 2,96 13,00 4,94 4,97 9,47 1 2,89 9,92 10,00 19,65 At the en of the ye |
||
| 96,02 | |||||
| 365,68 110,00 |
|||||
| 475,68 | |||||
| 7,353 410 |
,512 (372, |
184) - |
475,68 | ||
| 2,224 520 |
,932 (431, |
456) - |
571,70 |
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The charity is a company limited by guarantee and has no share capital.
Direct charitable expenditure includes £55,520 in respect of rent payable 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.
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