## ## ## ## |Trustees:|Ms S Vincent- CouncillorIChair| |---|---| ||MsCAMatheson| ||MsCAsgill| ||lvlrSBruegger| ||IMrJ Quigley*resigned2410512022| ||MrTLynn| ||MrALloyd| ||MrJHopwood -Treasurer| ||MTFLGo| ||Mr. G Knowles| |Company Secretary:|Mr T Lynn| |Company number:|03456508| |Charity number:|1087268| |Registered office:|17StukeleyStreet,London,WC2BSLT| |Auditors:|Goldwins Limited| ||75MaygroveRoad| ||WestHampstead| ||LondonNWOzEG| ## ## |Contents|| |---|---| ||Page| |Trustees' annualreport|1-26| |lndependentauditors' report|27-30| |Statement offinancial activities|31| |(incorporating an income and expenditure account)|| |Balance sheet|32| |Statement of cashflows|33| |Notestothefinancialstatements|34-41| Table of Contents 02 Ch￿r 03104 05108 09112 13118 19 20 21122 23 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## 29 November 26 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## 30 November 2022 |(incorporating an incomeandexpenditure acco
Forthe year ended31March 2022|unt)||||| |---|---|---|---|---|---| |||||2022|2421| ||Unrestricted||Restricted|Total|Total| ||Note|funds

f|funds
€|tundsf|funds
e| |lncomefrom:|||||| |Donations
Charitable activities
Other trading activities|3
4|7,636
261,414
3e,?q4|289,245
13,398|7,636
550,659
52,652|9,116
564,902
7,250| |Totalincome||308,304|3O2,U3|610,947|581,2$8| |Expenditure on:
Charitable activities:
Other trading activities|5|278,912|
295,306|574,218|523,428| |Totalexpenditure||278,912|295,306|574,218|523,428| |Netincomel {expenditurc} fortheyear|6|25,352|7,337|36,729|57,84A| |Transfers betweenfunds|||||| |Net income/(expenditure) beforeotherrecognised
gains and losses||29,392|7,337|36,729|57,840| |Gains/(losses) on revaluationoffixed assets|||||| |Netmovement infunds||29,392|7,337|36,729|57,840| |Reconciliationoffunds:|||||| |Total funds brought forward||234,427|157,101|391,528|688| |Totalfundscarriedforward||263,819|1U,438|428,257|391,528| 29 November 2022 2 **Covent Garden Dragon Hall Trust Statement of cash flows For the year ended 31 March 2022** |**Covent Garden Dragon Hall Trust**
**For theyear ended 31 March 2022**
**Statement of cash flows**|**Covent Garden Dragon Hall Trust**
**For theyear ended 31 March 2022**
**Statement of cash flows**|||| |---|---|---|---|---| |**Note**
**2022**
**£**
**Cash flows from operating activities:**
Net cash provided by / (used in) operating activities
**15**
**Cash flows from investing activities:**
Interest/ rent/ dividends from investments
-
Proceeds from the sale of property,plant and equipment
-
Sale/ (purchase) of fixed assets
-
**Cash provided by / (used in) investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**16**||**2022**
**£**
39,763
-|2021
£
-
-
(4,004)|2021
£
77,036
(4,004)| |||||| |||39,763
427,311||73,032
354,279| |||467,074||427,311| 33 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** ## **1 Accounting policies** ## **a) Basis of preparation** 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. ## **b) Going concern** The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.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. ## **c) Income** 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. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. ## **d) Donations of gifts, services and facilities** Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **e) Interest receivable** 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. ## **f) Fund accounting** 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 for particular areas of the charity’s work or for specific projects being undertaken by the charity. 34 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** ## **1 Accounting policies (continued)** ## **g) Expenditure and irrecoverable VAT** 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 raising funds comprise of trading costs and 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 activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **h) Allocation of support costs** 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 charity's activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 5. ## **i) Operating leases** Rental charges are charged on a straight line basis over the term of the lease. ## **j) Tangible fixed assets** Items of equipment are capitalised where the purchase price exceeds £1,000. 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: Land and buildings Straight line over 10 Plant and machinery etc. Straight line over 5 years and Straight line over 3 years ## **k) Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **l) 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. ## **m) Cash at bank and in hand** 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. ## **n) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **o) Financial instruments** - The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 35 ## **Covent Garden Dragon Hall Trust Notes to the financial statements** ## **For the year ended 31 March 2022** |**2**
**Detailed comparatives for the statement of financial activities**
**Income from:**
Donations
Charitable activities
Other trading activities
**Total income**
**Expenditure on:**
Charitable activities:
Community hall
**Total expenditure**
Net gains / (losses) on investments
**Net income / expenditure**
Transfers between funds
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**
**3**
**Income from charitable activities**
£
Ageing Better Camden
-
London Borough of Camden
57,000
Children in Need
-
City Bridge Trust
-
John Lyons Charity
-
Peabody Innovation Fellowship
-
Mercers
500
Camden CIL
-
GLA Steam Mentoring
-
Peabody Wave 5
-
Peabody Young Ambassadors
-
Julia and Hans Rausing Trust
29,895
The National Lottery Community Fund
-
Other grants
13,099
Islington Council
154,936
Hyde Housing - Outreach & Youth Work
-
Other grants- Soapbox
3,720
Project funding- Soapbox
2,264
261,414
**4**
**Income from other trading activities**
Unrestricted
£
Venue hire
39,254
**Total income from charitable activities**
39,254
Unrestricted
**Net income / expenditure before gains / (losses) on**
**investments**|**2021**
£
8,916
354,326
7,250
370,492
338,089
338,089
32,403
-
32,403
-
32,403
202,024
**Unrestricted**|**2021**
£
200
210,576
-
210,776
185,339
185,339
25,437
-
25,437
-
25,437
131,664
**Restricted**|**2021**
**Total**
£
**9,116**
**564,902**
**7,250**
**581,268**
**523,428**
**523,428**
**57,840**
**-**
**57,840**
**-**
**57,840**
**333,688**| |---|---|---|---| ||234,427|157,101|**391,528**| ||£
7,500
-
-
8,250
-
4,400
30,000
27,000
13,296
46,660
6,900
-
41,808
50,000
-
13,242
40,189
289,245
£
13,398
13,398
Restricted
Restricted|**2022**
**Total**
**£**
**7,500**
**57,000**
**-**
**8,250**
**-**
**4,400**
**30,500**
**27,000**
**13,296**
**46,660**
**6,900**
**29,895**
**-**
**54,907**
**204,936**
**-**
**16,962**
**42,453**
**550,659**
**2022**
**Total**
**£**
**52,652**
**52,652**|**2021**
Total
£
10,000
70,000
7,500
33,000
4,200
-
25,694
27,000
-
-
-
-
87,018
39,996
227,450
14,555
15,419
3,070
564,902
**2021**
Total
£
7,250
7,250| 36 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** ## **5 Analysis of expenditure** |**Analysis of expenditure**||||| |---|---|---|---|---| |Staff costs
Other direct expenses
Temporary staff
Rates and water
Insurance
Light & Heat
Telephone
Postage and stationery
Advertising
Staff training and welfare
Cleaning and security
Property maintenance
Computer costs
Bank & credit card charges
Equipment expensed
Entertainment
Subscriptions
Travel costs
Legal fees & professional fees
Auditors` remuneration
Bookkeeping
Consultancy fees
Management and staffing costs
Depreciation of computer equipment
Support costs
**Total expenditure 2022**
Total expenditure 2021|£
307,396
24,154
68,590
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**Charitable**
**activities**|**Support**
**costs**
£
-
-
-
7,378
2,037
18,764
14,051
3,923
3,627
1,270
22,529
43,393
11,023
1,015
9,517
910
888
1,222
-
6,913
16,070
4,039
1,966
3,543|**2022 Total**
**£**
**307,396**
**24,154**
**68,590**
**7,378**
**2,037**
**18,764**
**14,051**
**3,923**
**3,627**
**1,270**
**22,529**
**43,393**
**11,023**
**1,015**
**9,517**
**910**
**888**
**1,222**
**-**
**6,913**
**16,070**
**4,039**
**1,966**
**3,543**|2021 Total
£
300,280
14,439
46,741
1,457
3,875
17,303
15,063
1,691
5,951
180
22,549
46,484
8,548
1,107
5,085
-
397
14
(262)
6,000
18,495
4,184
-
3,847| ||400,140
174,078
574,218
523,428|174,078
(174,078)
**-**
**-**|**574,218**
**-**
**574,218**|523,428
**-**
**-**| ||||**-**|523,428| Of the total expenditure, £278,912 was unrestricted (2021: £338,089) and £295,306 was restricted (2021: £185,339). ## **5a Analysis of expenditure (prior year)** |**Analysis of expenditure (prior year)**|||||| |---|---|---|---|---|---| |Staff costs
Other direct expenses
Temporary staff
Rates and water
Insurance
Light & Heat
Telephone
Postage and stationery
Advertising
Staff training and welfare
Cleaning and security
Property maintenance
Computer costs
Bank & credit card charges
Equipment expensed
Entertainment
Subscriptions
Travel costs
Legal fees & professional fees
Auditors` remuneration
Bookkeeping
Consultancy fees
Improvements to property
Depreciation of computer equipment
Support costs
**Total expenditure 2021**
Total expenditure 2020||£
300,280
14,439
46,741
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
**Charitable**
**activities**|**Support**
**costs**
£
-
-
-
1,457
3,875
17,303
15,063
1,691
5,951
180
22,549
46,484
8,548
1,107
5,085
-
397
14
(262)
6,000
18,495
4,184
-
3,847|**2021 Total**
**£**
**300,280**
**14,439**
**46,741**
**1,457**
**3,875**
**17,303**
**15,063**
**1,691**
**5,951**
**180**
**22,549**
**46,484**
**8,548**
**1,107**
**5,085**
**-**
**397**
**14**
**(262)**
**6,000**
**18,495**
**4,184**
**-**
**3,847**|2020 Total
£
374,609
54,814
65,759
7,860
3,404
35,996
19,868
4,125
2,082
404
12,778
65,223
12,091
903
4,064
385
1,393
2,972
2,005
6,000
18,329
3,311
2,400
1,752| |||361,460
161,968
523,428
702,527|161,968
(161,968)
**-**
**-**|**523,428**
-
**523,428**|702,527
-
-| |||||**-**|702,527| Of the total expenditure, £338,089 was unrestricted (2020: £256,413) and £185,339 was restricted (2020: £446,114). 37 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** ## **6 Net income / (expenditure) for the year** |**Net income / (expenditure) for the year**||| |---|---|---| |This is stated after charging / (crediting):|**2022**|2021| ||**£**|£| |Depreciation|**3,543**|**3,847**| |Auditor's remuneration:||| |Audit fees|**5,750**|**5,750**| - **7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel** |Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes|**2022**
**£**
**282,007**
**21,131**
**4,258**|2021
£
334,336
21,167
4,268| |---|---|---| ||**307,396**|359,771| No employee received employee benefits (excluding employer pension) of over £60,000. The total employee benefits including pension contributions and employer national insurance contributions of the key management personnel were £103,603 (2021: £103,624). The charity trustees were not paid or received any benefits from employment with the Charity in the year (2021: Nil). ## **Staff numbers** The average number of employees (head count based on number of staff employed) during the year was as follows: |Youth workers
Older people worker
Administration and support|**2022**
**No.**
8
2
5|2021
No.
11
2
6| |---|---|---| ||15|19| ## **8 Taxation** The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 38 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** |**9**
**Tangible fixed assets**
**Cost**
At the start of the year
Additions in year
Disposals in year
At the end of the year
**Depreciation**
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
**Net book value**
**At the end of the year**
At the start of the year
All of the above assets are used for charitable purposes.
**10**
**Debtors**
Trade debtors
Prepayment
**11**
**Creditors: amounts falling due within one year**
Trade creditors
Taxation and social security
Accruals
Deferred income
**Deferred Income**
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year||£
8,536
-
-
Land and
buildings|£
17,430
-
-
Plant and
Machinery etc|**Total**
**£**
**25,966**
**-**
**-**| |---|---|---|---|---| |||8,536|17,430|**25,966**| |||7,710
520
-|13,838
3,022
-|**21,548**
**3,542**
**-**| |||8,230|16,860|**25,090**| |||306|570|**876**| |||826|3,592|4,418| ||||**2022**
**£**
**24,147**
**2,037**|2021
£
41,991
-| ||||**26,184**|41,991| ||||**2022**
**£**
**18,235**
**7,672**
**12,970**
**27,000**|2021
£
8,677
6,965
12,550
54,000| ||||**65,877**|82,192| ||||**2022**
**£**
**54,000**
**(54,000)**
**27,000**|2021
£
-
-
54,000| ||||**27,000**|54,000| Deferred income in 2022 comprises of £27,000 related to grant from London Borough of Camden - CIL 3 year after school club. 39 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** ## **12 Pension scheme** The charity operates a defined contributions pension scheme. ## **13 Analysis of net assets between funds** |Tangible fixed assets
Net current assets
**Net assets at the end of the year**
**13a Analysis of net assets between funds (prior year).**
Tangible fixed assets
Net current assets
**Net assets at the end of the year**|General
unrestricted
£
876
262,943|Restricted
£
-
164,438|**Total funds**
**£**
**876**
**427,381**| |---|---|---|---| ||**263,819**|**164,438**|**428,257**| ||General
unrestricted
£
4,418
230,009|Restricted
£
-
157,101|**Total funds**
**£**
**4,418**
**387,110**| ||**234,427**|**157,101**|**391,528**| |**14**
**Movements in funds**
**Restricted funds:**
**Total restricted funds**
**Unrestricted funds:**
General funds
**Total unrestricted funds**
**14a Movements in funds (prior year)**
**Restricted funds:**
**Total restricted funds**
**Unrestricted funds:**
General funds
**Total unrestricted funds**
London Borough of Camden, trust and
foundation grants and other grants
London Borough of Camden, trust and
foundation grants and other grants|£
157,101
At the start of
the year|£
302,643
Incoming
resources &
gains|£
(295,306)
Outgoing
resources &
losses|Transfers
£
-|**£**
164,438
**At the end of**
**the year**| |---|---|---|---|---|---| ||**157,101**|**302,643**|**(295,306)**|**-**|**164,438**| ||234,427|308,304|(278,912)|-|263,819| ||**234,427**|**308,304**|**(278,912)**|**-**|**263,819**| ||£
131,664
At the start of
the year|£
210,776
Incoming
resources &
gains|£
(185,339)
Outgoing
resources &
losses|Transfers
£
-|**£**
157,101
**At the end of**
**the year**| ||**131,664**|**210,776**|**(185,339)**|**-**|**157,101**| ||202,024|370,492|(338,089)|-|234,427| ||**202,024**|**370,492**|**(338,089)**|**-**|**234,427**| **Purposes of restricted funds** London Borough of Camden This fund represents grants received from London Borough of Camden to fund various schemes run by the charity and the Director`s salary. London Borough of Islington This fund represents grants from London Borough of Islington to fund the Soapbox Youth Centre. Dragon Hall Trust won a tender from Islington Council to run SoapBox, a youth centre for those aged 13 to 24. This centre opened in September 2017. Dragon Hall had a lease and funding to 2020. Dragon Hall Trust won a tender to carry on the running of Soapbox on a 15 year contract. Trust/Foundation Grants This fund represents grants received from foundations. Other Grants All other grants used to Fund community projects. 40 **Covent Garden Dragon Hall Trust Notes to the financial statements For the year ended 31 March 2022** ## **15 Reconciliation of net income / (expenditure) to net cash flow from operating activities** |**Net income / (expenditure) for the reporting period**
**(as per the statement of financial activities)**
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in) operating activities**|**2022**
**£**
**36,729**
**3,542**
**15,807**
**(16,315)**|2021
£
57,840
3,847
(19,978)
35,327| |---|---|---| ||**39,763**|77,036| ## **16 Analysis of cash and cash equivalents** |**Analysis of cash and cash equivalents**||||| |---|---|---|---|---| |Cash at bank and in hand
**Total cash and cash equivalents**|£
427,311
At 1 April
2021|Cash flows
£
39,763|£
-
Other changes|**£**
467,074
**At 31 March**
**2022**| ||**427,311**|**39,763**|**-**|**467,074**| ## **17 Legal status of the charity** The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. ## **18 Related party transactions** During the year there have been various transactions with related parties. All such transactions have been approved by the Board of Trustees before being entered into. Dragon Hall is rented from the London Borough of Camden, of which Ms Sue Vincent is an elected Councillor, for a peppercorn rent. The rental is covered by a 25 year lease dated 26th July 2005. The London Borough of Camden is a major source of grant income for the charity. During the year to 31st March 2021 grants were received totalling £57,000 (2021: £70,000). 41