2021-03-31-accounts - Paddington Development Trust

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			~Pa e
Company	information
Trustees'	and	directors' report	2-12
Independent		auditors' report	13-16
Statement	of	financial activities	17
Balance sheet			18
Statement	of	cash flows	19
Notes to	the financial statements		20-32

	mcor o	ratin Income and Ex e	ratin Income and Ex e	nditure Accou	nt
	FOR	THE YEAR ENDED 31		MARCH 2021
		Note	Unrestricted	Restricted	Total Funds	Total Funds
				Funds	2021	2020
				E
Income
Donations			13,351	158,472	171,823	312,374
Charitable activities			782,739	2,535,570	3,318,309	3,216,130
Other activities			34,180	180,769	214,949	344,518
Investments			317		317	1,917
Total			830,587	2,874,811	3,705,398	3,874,939
Expenditure
Charitable activities		6	841,326	2,909,600	3,750,926	3,874,514
Total			841,326	2,909,600	3,750,926	3,874,514
Net (expenditure)/income		10	(10,739)	(34,789)	(45,528)	425
Transfer between funds			(34,789)	34,789
Net movement	in funds		(45,528)		(45,528)	425
Reconciliation	offunds
Fund balances	brought forward		564,779		564,779	564,354
Fund balances	carried forward		519,251		519,251	564,779

ALANCE SHEET					AT 31M	ARCH 2021
		Note		2021		2020
FIXEDASSETS		14		7,770		10,359
CURRENT ASSETS
Debtors		15	232,994		425,756
Cash at bank and in hand			717,625		619,330
			950,619		1,045,086
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR		16	(244,138)		(445,666)
NET CURRENT ASSETS				706,481		599,420
CREDITORS: AMOUNTS FALLING
DUE IN MORE THAN ONE	YEAR	16a		(195,000)		(45,000)
TOTAL NET ASSETS		18		E519,251		E564,779
CAPITAL AND RESERVES
Unrestricted funds —general funds		17		419,251		464,779
Unrestricted fund —designated	funds	17		100,000		100,000
Restricted funds		17
TOTAL FUNDS				E519,251		E564,779

STATEMENT OFC	STATEMENT OFC	STATEMENT OFC	ASH FLOWS	ASH FLOWS
FOR THE YEAR ENDED			31MARCH 2021
		Note		2021	2020
Net cash (outflow)/inflow
from operating activities			19a	97,978	(199,918)
Investing activities
Interest income				317	1,917
Net cash inflow from investing		activities		317	1,917
Financing activities
Interest paid					(-)
Long-term loan finance					(45,000)
Net cash inflow/(outflow)
from financing activities					(45,000)
Increase/(decrease) in cash	and	cash equivalents		98,295	(243,001)
Cash and cash equivalents	at 1	April 2020	19b	619,330	862,331
Cash and cash equivalents	at 31March 2021		19b	717,625	619,330

		Unrestricted	Unrestricted	Restricted	Total	Total
			Funds	funds	funds	funds
			2021	2021	2021	2020
					f.
Donations			13,351	158,472	171,823	312,374
		Unrestricted		Restricted	Total	Total
			Funds	funds	funds	funds
			2020	2020	2020	2019
Donations			73,945	238,429	312,374	578,125
3. INCOME FROM CHARITABLE ACTIVITIES
		Unrestricted		Restricted	Total	Total
			Funds	funds	funds	funds
			2021	2021	2021	2020
BigLottery Fund (BBO)				711,089	711,089	715,187
Education and Skills
Funding Agency		(ESFA)	149,675	1,347,076	1,496,751	1,049,223
ESFA (Adult	Education)		178,792		178,792	321,109
London Councils Employment			6,000	93,100	99,100	172,606
Tri-borough	Public Health			251,940	251,940	272,483
BigLottery BSCF			16,160	83,745	99,905	94,970
The Heritage	Lottery	Fund	231,500		231,500	19,658
WCC —Other	Grants		25,832		25,832	425,650
Hammersmith	and Fulham Council		27,396		27,396	17,684
The Power 2	Change	(BBO)	17,190		17,190
HMRC job retention		scheme		48,620	48,620
Other fees and contributions			130,194		130,194	127,560
			782,739	2,535,570	3,318,309	3,216,130

3. INCOME FROM CHARITABLE ACTIV	3. INCOME FROM CHARITABLE ACTIV	ITIES CONTINUE	D
Unrestricted		Restricted	Total	Total
	Funds	funds	funds	funds
	2020	2020	2020	2019
		f.
BigLottery Fund (BBO)		715,187	715,187	600,855
Education and Skills
Funding Agency (ESFA)	104,922	944,301	1,049,223	442,632
ESFA (Adult Education)	321,109		321,109
London Councils Employment	172,606		172,606	357,310
Tri-borough Public Health		272,483	272,483	297,864
BigLottery BSCF	15,806	79,164	94,970	86,000
The Heritage Lottery Fund	19,658		19,658	39,213
WCC —Other Grants		425,650	425,650	27360
Hammersmith and Fulham Council	17,684		17,684	14,030
The Power 2Change (BBO)				35,588
Kand CGrants				21,889
The Arts Council England				9,887
Other fees and contributions	116,716	10,844	127,560	118,270
	768,501	2,447,629	3,216,130	2,050,898
4. INCOME FROM OTHER ACTIVITIES
Unrestricted		Restricted	Total	Total
	Funds	funds	funds	funds
	2021	2021	2021	2020
Rental income	34,180	180,769	214,949	344,518
Unrestricted		Restricted	Total	Total
	Funds	funds	funds	funds
	2020	2020	2020	2019
Rental income	20,058	324,460	344,518	320,753
5. INVESTMENT INCOME
	Unrestricted Restricted		Total	Total
		Funds Funds	Funds	Funds
		2021 2021	2021	2020
Bank interest		317	317	1,917

5.	INVESTMENT INCOM		E	CO	NTIN	UED
						Unrestricted		Restricted	Total	Total
						Funds		Funds	Funds	Funds
						2020		2020	2020	2019
	Bank interest					1,917			1,917	2,200
6.	EXPENDITURE ON CHARITABLE					ACTIVIT	IES
						Direct		Support	Total	Total
						Costs		Costs	2021	2020
						f.
	ESFACommunity Grant (EQUIP)					1,379,946		107,666	1,487,612	1,035,503
	Church Street Neighbourhood			Centre		43,637		3,405	47,042	37,405
	Stowe Youth Centre					126,446		9,866	136,312	198,444
	Neighbourhood Enterprise		Centre							49,132
	Skills and Training Centre					325,705		25,412	351,117	415,793
	Community Champions					303,412		23,673	327,085	390,681
	BigLottery Fund (BBO)					751,633		66,721	818,354	738,400
	StMary Magdalene's Project					190,766		14,884	205,650	726,542
	Grand Junction					257,314		20,076	277,390	159,345
	Westworks Employment	Project				93,100		7,264	100,364	123,269
	Total					3,471,959		278,967	3,750,926	3,874,514
						Direct		Support	Total	Total
						Costs		Costs	2020	2019
	ESFACommunity Grant	(EQUIP)				953,630		81,873	1,035,503
	Church Street Neighbourhood			Centre		34,448		2,957	37,405	12,810
	Stowe Youth Centre					182,756		15,688	198,444	290,218
	Neighbourhood Enterprise		Centre			45,248		3,884	49,132	46,573
	Skills and Training Centre					382,923		32,870	415,793	488,239
	Community Champions					359,796		30,885	390,681	417,753
	BigLottery Fund (BBO)					680,027		58,373	738,400	628,666
	StMary Magdalene's Project					669,106		57,436	726,542	677,016
	Grand Junction					146,748		12,597	159,345
	Westworks Employment	Project				113,524		9,745	123,269	322,449
	Westbourne Park Neighbourhood				Forum					12,985
	Total					3,568,206		306,308	3,874,514	2,896,709

ANALYSIS OFDIR	E	CT COSTS
				Total	Total
				2021	2020
Wages and salaries				1,010,194	996,645
Tuition fees and consultancy				93,243	132,075
Premises/office costs				217,875	277,815
Youth and community		support events costs		22,769	5,325
St.Mary Magdalene	project professional		fees	23,671	516,089
Programme partners		costs		1,854,103	1,341,667
Other direct costs				250,104	298,590
				3,471,959	3,568,206

ANALYSIS OF SUPPORT COSTS	ANALYSIS OF SUPPORT COSTS	ANALYSIS OF SUPPORT COSTS	ANALYSIS OF SUPPORT COSTS
				2021	2020
Staff Costs				196,211	175,338
Bank charges				472	683
Sundry				707	4,718
Staff training				90	2,520
Maintenance	ofcomputers			984	810
Office costs				21,418	34,377
Subscriptions				4,328	779
Printing, stationery and		computer	consumables	2,303	7,658
Communication costs				3,394	8,233
Insurance				3,306	3,039
Travel				300	396
Legal and professional		fees			5,400
Governance	costs (note	9)		18,283	15,228
Depreciation	—furniture	and equipment		2,589	3,453
Marketing and website					10,656
Consultancy				16,035	3,450
London Community Commission			sponsorship		29,500
COVID support projects				4,547
CMA Annual	Award			4,000
				278,967	306,308

					2021	2020
	Staff costs				10,327	9,228
	Auditors'	remuneration			7,000	6,000
	Auditors'	remuneration		prior year	956
					18,283	15,228
10.	NET INCOM		EXPENDITURE
					2021	2020
	Net income/(expenditure)			for the year is stated after charging:
	Depreciation				2,589	3,453

	anil). No expenses were reimbursed to	Trustees during the year (2020:	anil).
12.	STAFFCOSTS	2021	2020
		E
	Salaries and wages	1,081,558	1,042,467
	Social security costs	95,565	98,912
	Pension costs	39,609	39,832
		1,216,732	1,181,211

by function	was:
			2021	2020
			Number	Number
Direct charitable		activities	32	30
Management	and	administration	4	3

	Office equipment and furniture
COST	E
At 1April 2020	66,308
Additions
At 31March 2020	66,308
DEPRECIATION
At 1April 2020	55,949
Charge for the year	2,589
Disposals	(-)
At 31March 2021	58,538
NET BOOK VALUE
At 31March 2021	7,770
At 31March 2020	10,359

DEBTORS:	AMOUNTS FALLING DU	E WITHIN ONE YEAR
		2021	2020
			E
Government	grants due	220,603	386,680
Sundry debtors and prepayments		12,391	39,076
		232,994	425,756

CREDITORS: AMOUNTS FALLING	DUE WITHIN ONE YEA	R
	2021	2020
Trade creditors	2,604	16,270
Grants payable
Accruals and deferred income	220,789	402,877
Other taxes and social security	20,745	26,519
	244,138	445,666

2021	2020
E
195,000	45,000

STATEMENT OF	FUNDS
	At1April	Income	Expenditure	Transfers	At 31March
	2020				2021
					f
Restricted funds
Education and Skills Funding
Agency (ESFA)		1,347,076	(1,347,076)
BigLottery Fund (BBO)		711,089	(711,089)
Tri-borough Public Health		251,940	(251,940)
Donations —Charitable	Trusts
and Foundations		158,472	(158,472)
Stowe Club rental		144,995	(144,995)
BigLottery BSCF		83,745	(83,745)
Grand Junction rent &	concession	35,774	(70,563)	34,789
HMRC job retention scheme		48,620	(48,620)
Other fees and contributions		93,100	(93,100)
Total restricted funds		2,874,811	(2,909,600)	34,789

	FORTH	FORTH	FORTH	FORTH	E YEAR E	NDED 31M	ARCH 2021
17.	STATEMENT OFFUNDS				continued
				At	1April	Income	Expenditure	Transfers	At 31March
					2020				2021
					f.
	Unrestricted funds
	General funds				464,779	830,587	(841,326)	(34,789)	419,251
	Designated fund
	-redundancy costs				100,000				100,000
	Total unrestricted funds				564,779	830,587	(841,326)	(34,789)	519,251
	Total funds				564,779	3,705,398	(3,750,926)		519,251
	Details ofthe purpose	of	each fund can be			found in the	Trustees Annual	Report.
				At	1April	Income	Expenditure	Transfers	At 31March
					2019				2020
	Restricted funds
	Education and Skills Funding
	Agency (ESFA)					944,301	(944,301)
	BigLottery Fund (BBO)					715,187	(715,187)
	WCC - other grants					425,650	(425,650)
	Tri-borough Public Health					272,483	(272,483)
	Donations —Charitable	Trusts
	and Foundations					238,429	(238,429)
	Stowe Club rental					232,454	(232,454)
	BigLottery BSCF					79,164	(79,164)
	Grand Junction rent &concession					45,838	(80,421)	34,583
	Church Street Neighbourhood			rental		19,259	(19,259)
	Neighbourhood Enterprise		rental			16,215	(16,215)
	Health Champions rental					10,693	(10,693)
	Other fees and contributions					10,845	(10,845)
	Total restricted funds					3,010,518	(3,045,101)	34,583
	Unrestricted funds
	General funds				464,354	864,421	(829,413)	(34,583)	464,779
	Designated fund
	-redundancy costs				100,000		(-)		100,000
	Total unrestricted funds				564,354	864,421	(829,413)	(34,583)	564,779
	Total funds				564,354	3,874,939	(3,874,514)		564,779

	F		ORTHE YEARENDED 31M	ORTHE YEARENDED 31M	ORTHE YEARENDED 31M	ORTHE YEARENDED 31M	ARCH 20	21
18.	ANALYSIS OFNET		ASSETS BETWEEN FUNDS					Total	Total
								Funds	Funds
			Unrestricted			Restricted		2021	2020
	Tangible fixed assets				7,770			7,770	10,359
	Cash at bank				522,625		195,000	717,625	619,330
	Other current assets				232,994			232,994	425,756
	Current liabilities				(244,138)		(-)	(244,138)	(445,666)
	Long-term liabilities				(-)	(195,000)		(195,000)	(45,000)
					519,251			519,251	564,779
							Total	Total
							Funds	Funds
			Unrestricted			Restricted		2020	2019
					F.			E
	Tangible fixed assets				10,359			10,359	13,812
	Cash at bank				574,330		45,000	619,330	862,331
	Other current assets				425,756			425,756	111,970
	Current liabilities				(445,666)		(-)	(445,666)	(423,759)
	Long-term liabilities				(-)		(45,000)	(45,000)	(-
					564,779			564,779	564,354
19.	NOTES TO THE STATEMENT			OF	CASHFLOW'S
a.	Reconciliation ofsur		lus to net	cash inflow		from	o eratin	activities:
							2021		2020
									E
	Net (deficit)/surplus		for the year			(45,528)			425
	Adjustments to reconcile surplus			for	the year
	to net cash flow from operating			activities:
	Bank interest income						(317)		(1,917)
	Depreciation ofplant		and equipment			2,589			3,453
	Working capital movements:
	Decrease/(increase)	in debtors				192,762			(313,786)
	(Decrease)/increase	in creditors				(51,528)			111,907
	Net cash inflow/ (outflow)
	from operating activities					97,978			(199,918)

payments under non-ca	ncellable o	p	erating leases	for each ofthe following	for each ofthe following	for each ofthe following	periods:
				Land and Buildings
~Pt d				2021			2020
Not later than one year				19,712			27,024
Later than one year and not later than			five years	19,208			34,114
Later than five years				9,617			14,403
				48,537			75,541
The Charity entered into a 25-year			lease on 28 July 2017with the		St Mary		Magdalene
Church in Paddington	on an annual		L1lease. The	2020 leases included		the	head office
lease at Great Western	Studios,	which expired		on 31 December	2019 and was not
renewed.