COVEKf GARDEN DRAGON HALL TRUST Company No. 03456508 Charity No. 1087268 Report and financial statements For the year ended 31 March 2024 COVENT GARDEN DRAGON HALL TRUST Report and financlal statsments For the year ended 31 March 2024 Contents Page Reference and adminlstratlon Infomiation Chairfs report Trust8•s' annual roport Independent audltors, rnport Statement of flnancial actlvltles (incorporating an income and expenditure account) 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-22 COVENT GARDEN DRAGON HALL TRUST Reference and administrative infonnatlon For the year ended 31 March 2024 Trusl••s: Ms S Wincent- Chair of Trustees and Local Counclllor Ms C A Matheson Ms C Asgill Mr S Bruegger Mr T Lynn Mr A Lloyd Mr J Hopwood - Treasurer MrFLGo Mr. G Knowles Company S•cr•tary: Mr T Lynn Company numb•r 03456508 Charfty numbor. 1087268 R•glst•r•d offico: 17 Stukeley Street. London, WC2B 5LT Audltorn: Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG COVENT GARDEN DRAGON HALL TRUST Chair"s Report for the year ended 31 March 2024 It 18 Wlth great rAeasure to present the Covent Garden Dragon Hall Trust Annual ReporL This year, ourfirst thanks go lo people vivolved ￿ making a difference to the lives of others and the rnarvelous and dedicated team of volunteefs. slaff aThJ supporters. On behaff of the Trustees. our sincere gratitude goes to Nid(y Furre. vAK> retired at the end of this year leaving the Trust on finan￿allY f￿ndatiOnS and with a robust $￿CeSsion plan in place with a step up of responsibilities for the team. led by James, as our new CEO. alongside Keeley (Dragon Hall Manager) and Nick (Manager al SoapBox). We wish Nicky a lengthy retirement. AS you will read n the reporL the work Dragon Hall undertakes Is f￿Sed on pwle and this work would not be possible wthout the generous help of our supporters. The Truslees would swfflcally l*e lo thank Shaftesbury Estates fv Ihe lunth dubs. Richard for the over 55s propct, our Senior Youth group who support the JUn￿r Youth group. our UCL sludents for supporting tre after-schocd dub and all volunteers for rewlar support for our Tech Club. Our fimi finanual status is entirely due to ￿annIng. generous funders and ￿gUlar users of our amenities. Huge thanks to: Camden Council. IsI￿glon Council. GSK. the Greater LINMlon Aulhority. John Lyons Charity, MerceTr, UK Youth, London Youth and Ihe Young Camden Foundalion. We are gratefijl for the continued support from our users: Theatre A￿demY London. ICC Missions. Mandarin Evangelical London, London Intemational Choir, Tango Amistoso and Drury Lane Tap! Great to see so many artisbc and aclive classes. Aongside tINs our project activities have substantially tn(xeased *ith the Over 55's Project Membership up 27%. 274 additional adivities and 4,658 addition￿ attendances, perhaps somevthat to do with the highty sociable lunr* clubs. with over 3000 lunches served in partnership with Covent Garden Community Centre. Our Children and Young People Project has 352 members, an i￿r•ase of 20%. V*ith 42 young volunteer5, over 410 adivities and 11.636 attendan¢e$ from Y￿ng p8ople. The young volunteers were particularly helpfvl and played a ¢ru¢ial role in creatiThJ a supporfive and Inclusive communty environmenl. Our SoapBox project now has 824 rnembers. ￿th an attendance over the year of 7.892 - ils STE4M (Science, Technology, Engineering. Ans. and Maths) Mentoring programme supp￿ted over 500 young people ag8d 9-25, working with partners and 50 *idustry professionals. Soapbox organlseLI the 4th consecutrve Vlhiiecross Street Party Main Stage. with 30 acts entertainlng Ihousands of festival-goeys. These acalvi￿S would nol be possible without the partnerships forged this year wilh: Islingt￿ c0￿CFl. GSK. National Y¢)uth Agency, UK Youth, London Youth. Soundskcol. Think Forward. Eiatt College. Royal Mencap & 5 primary s¢hcol$ {Prior Weston, St Peter & Sl Paul's. St Luke. Hugh Myddleton aThJ Morelands). You will see from the rewrt that the annu￿ acc￿nts set out a robusl financial situation. We a￿ delighted that commercial booknngs have also inueased this year which has helped address the increase in overheads and outgoings, mainly due to higher energy o)sts. We kx)k forward to the coming year, consolidating our community offer and strengtsnmig links supporters and partne￿. Sue Vincent- Chair of Twslees and L<)cal Councillor COVENT GARDEN DRAGON HALL TRUST Trust•os- Report for the year ended 31 March 2024 The truste8s, who ar8 also directors under company law. present their report and financial statements for the year ended 31 March 2024. The trustees confirm that the financial statemènts compty wilh cu￿ent statutory requirements. the memorandum and articles of association and the Ststement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. Struclurn, G0￿Man¢• and ManagThnt Govomlng docum•nl The organisation is a charitable company limited by guaranteed. incorpornted on 28 October 1997 as Covent Garden Communty Trust and subsequently Changed its name on 8 June 2001 and registered as a charity on 29 June 2001. The company was estsblished under a Memorandum of ￿sociation which established the objects and pow￿rS of the charitable company and is govemed under its ArtKles of Association. In the event of the company being wound up members are required to contribute such amount as may be required (not exceeding £1). Recrultm•nt and appolntm•nt of now trust••s The directors of the company are also charty trustees for the purposes of charity law and und8r th8 company's Articles are known as members. Under the requirements of the Memorandum and Art￿leS of Association the longest serving members retire and may offer themselves for re-electron at the Annual General Meeting. The Twstees seek lo ensure that the needs of this group are appropriately rellected through the diversty of the trustee body. To enhance the wtential pool of trustees. the charity has, through advertising with the Volunteer Centre Camden and networking with local groups. sought to expand ts skillset and experience. Inductlon and tralnlng of now trustws Potential new Trustees are invited to attend a short training session with the Project Director of the charity to familiarise themselves With the charity and the context within which it operates. They are then invited to attend thr88 General Meetings to leam more about the chanty and its operations. Finally, they are invited to join Ihe board. New Trustees are given a copy of the Memorandum ar￿ Artides, the latest financial ststements and the previous Annual Report. New Trustees are supported by the Chair. 0th8r Trustees and ad hoc meets'ngs with the relevant Project Director. Oryanlsallonal struclur• The company was incorporated on 28 October 1997 as a charitable company limited by guarantee and not having a share capital. Its members are such persons admitted to membership by the Trustees. At present the Trustees are the only members of the Gompany. A scheme of delegation is in place and day to day responsibilty for the provision of the servrM rests with the Project Dlrector. The Project Director is responsible for ensuring that the Chanty deltvers the services specified and that key performance indicators are met. She is also responsible for day to day management of the Centre, COVENT GARDEN DRAGON HALL TRUST Trusts•s' Report for tho yur onded 31 March 2024 individual supervision of staff and ensuring that the team continue to develop their skills and working practiC8S in line wtlh good practice. Related partlos In so far as it is complementary to the charity's objects. the charlty is guided by both local and nattonal policy. The charity is a member of Camden Communty Centres. Consortium, an organisation made up of20 communty centres in the London Borough of Camden whose purpose is to improve the qualty of lrfe for Camden residents, tackling key issues ar)d seeking engagement from all members of the communty and other voluntary s8Ctor organisations. R18k manag•m•nt The risk management strategy includes an annual review of the risks related to govemance. operation, finance and litigation and estsblishment and implementstlon of procedu￿$ to rnitigate and minimise impacts. Significant extemal risks to funding have led to Ihe revision of our business plan and funding strategy to encourage diversificalion of funding armj aCtivit￿s. Flnanclal rnvlow R•80rv•s pollcy The Trustees consider it appropriate to aim for operating reserves to keep the Charity operating for a period of 4 months in the event of a funding fall-out. This target will be reviewed each year and adjusted if needed. The free resepi8s at the 31st March 2024 are £225.866 (2023.. £225.100). We calculate 4 months of reserves tsrgel is £301.000. Deslgnatod Funds The trustees have reviewed the sustsinabilty of the charity in conjunction with the Risk Regisler and have identified areas where the establishment of Designated Funds would be advisable. Uncartainty over future funding in a ¢harvJing and challenging funding landscape necessitstes the need for an effective and considered growth strategy. This includes revision of the mission statement, exploring donor pattems, expanding fundraising tactics, optimising marketing, and establishing further development work with other charities. Doslgnat•d Fund for R•s•arch & Dovelopm•nt: Allocate £40,0110 This Designated Fund wll h81p us r8S8arch. understand and addr8ss the root causes of social problems and develop innovative solubons to address them. It is the natural and necessary expansion of innovative work and sector expertise which Covent Garden Dragon Hall Trust has developed sinc8 2012. Research will consider the effectiveness of our programmes and services and help us to identify areas of development which improve the breadth. scope and qualty of our provision. Soclal and Dlgltsl Excluslon - since 2012, CGHDT has supported the most socialty and the most digitally excluded children, young people and over 55s. Building on our nationally recognised V￿rk in this area. research will explore the access to skills, knowledge. resources and connectlons that socially exduded people require to avoid or minimise the double helix of COVENT GARDEN DRAGON HALL TRUST Trustees. Report for the year ended 31 March 2024 exclusion (where the most socialty excluded are also the most digitally exduded) and then develop provision which moves people towards social and digital inclusFOn. Heahh & Wellbelng - this element will see research into. and development of. Earty Help. Intervention and Prevention approaches across CGDHT'S work (from children up to older people). with a particular focus on promoting positive mental health. encouraging healthy behaviours and creating partnerships and pathways that support indivlduals andl or groups who face multiple or complex needs Leamlng for Llf• - employing research and participatory engagement toolpj approaches to examine and then c￿prOduce solutions that support: ¥r th8 key transition points from primary to secondary education and from adolescence to adullhood. ¥[ those who are underrepresented in the workforce andl or specific sectors (disabled people. care leavers: over 55s etc) to build the requisite workplace capabilit*s. soft skills and resilience: the use of digital technologies lo facililate the development of specialist and higher level skills.. staff to understsnd and use innovalions eg Artificial Intelligen￿ that reduce workload pr8ssure and enhance the effective and efficient delivery of services. Alleviatlng localised deprlvatlon188ues- there are a number of k8y areas of need andl or deprivation which are particularly relevant to the geographical area that CGDHT supports: ¢T the lack of affordable communty. education and leisure facilities. ¢( the lack of green spaces. overcrowding and assooated housing issues. rhis strand will focus on ￿searCh which highlights the key drivers that created these issues and then co￿es1gns CGHDT programmes and seNices which b8gin to address them. As noled above, these represent (when viewed through both intemal and extemal lenses) recognised areas of knowledge. experience and exp8rtiS8. And. in focusing on these. the Trustees acknowledge that there is an opportunty to invest in them further. with a view to future income generation and long- tenn sustainabilty. Slnklng Fund. Trnlnlng and L•gals: Allocat• £140,000 We also need to re￿Iculate the following excepts'onal costs and set asNJe Designated Funds to wver them: Maintenance (Sinking Fund) for Iwo dedicated delivery locations ( Dragon Hall in Camden and SoapBox in Islington) Front of building Boiler and air condiiioning replacement Main Hall Floor Legal & Professior)al: Lease renewal Recruitment Fees (Director etc) Staff Training COVENT GARDEN DRAGON HALL TRUST Trustsos" Report for the year ended 31 March 2024 These are in add[t￿n to the four months core costs. Statsm•nt of rnspon8lbllltlo5 of tho trnsteos The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the trustees. annual report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to p￿Pa￿ financial ststements for each financial year Ih81 give a true and fair vi8w of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and experKliture. of the chariLqble company for that period. In preparing Ihese financial ststements. the trustees are ￿qUired to: Select suitable accounting policies and then apply them consistenty Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed. subject lo any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitabl8 company and enable them to ensure that th8 financial statements compty with the Companies Act 2006. They are also ￿sPonsIble for safeguarding the assets of the charltable (x)mpany and hence for tsking reasonable steps for the prevention and detedion of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infonnation included on the charitable company's website. Legislation in the United lQngdom goveming the preparation arKI dissemination of financial statements may differ from legislation in other jurisdictions. The trustees have no beneficial inleresl in the charity. Stat•mont as to dlsclosurn to our audltorn In so far as the trustees are aware: There is no relevant audit inf0m￿tIOn of which the charitable companys auditors are unaware; and The trustees have taken all steps that they ougm to have tak8n to make themselves aware of any relevant audit infonnation and to establish that Ihe auditors are aware of that information. Audltors COVENT GARDEN DRAGON HALL TRUST Trustees- Report for tho y￿r ended 31 March 2024 Goldwins Limited were re-appointed as the auditors of the charitable company during the year as the result of an invitstion to quote process. They have expressed Iheir willingness to continue in that capacity. The trustees. annual ￿port was approved by the trustees on November 14th 2024 and signed on their b8half by= Ms S Vlncant Trust00 Indepondent Auditorfs Report To the members of Covent Garden Dragon Hall Trust Oplnlon We have audited the financial ststements of Covent Garden Dragon Hall Trust for the year ended 31 March 2024 which comprise the Ststement of Financial Activities. the Balance Sheet. statement of cash flows and the related notes. The financral reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢¢epted Accounting Practice). Oplnlon on flnanclal stat•monts In our opinion the financial statements- give a true and fair view of the stste of the Gharitable company's affairs as at 31 Ma￿h 2024 and of its income and expend5ture for the year then ended: have been properly prepared in accordance wrth United Kingdom Generalty Accepted Accounts'ng Practice: and have been prepared in accordance with the requirements of the Companies Acl 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance wtth these reqU1￿Ments. We believe that the audit evidence we have obtain8d is sufficient and appropriate to provide a basis for our opinion. Concluslon$ rolatlng to golng conc•m In auditing the financial statements. we have concluded that the trustees. use of the golng concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have rK)t identfvd any material uncertainties relating to events or conditions that. indtvidually or collectivety. may cast significant doubt on the charity's abilty to continue as a going con￿rn for a period of at least twetve months from when the financial statements a￿ authorised for issue. Our responsibilrlies and the responsibilities of the dlrectors with respect to going concem a￿ de￿ribed in the relevant sections of this report. Othw Inforniatlon The trustees are responsible for the other information. The other information comprises the infomiation included in the annual report other than the financial stat8m&nts and our auditorfs report th8r8on. Our opinion on the finanoal statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our re￿rt. we do not express any form of assuran￿ conclusion thereon. Independent Audltorfs Report To the members of Covent Garden Drngon Hall Trust In connection with our audlt of the flnancial statements, our responsibility is to read the other infonnation and, in doing so. consider whether the other inf0m￿tIOn is materialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materialty misstated. If we identify such material in￿nsIStenc1eS or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial ststements or a material misstatement of the other infonnation. If. based on the work we have perfonned. we conclude that there is a material misststement of this other information. we a￿ required to report that fact. We have nothing to report in this regard. Oplnlon on other matt•r pr•scrlb•d by tho Companlos Act 2006 In our opinion. based on the work undertaken in the course of the audit: the Infomiation given in the trustees. report (in¢orpopting the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements" and the trustees, report (incorporating the directors. report) have been prepared in accordance with applipable legal requirements. Mattors on whlch wa aro r•qulrgd to report by •xc•pdon In the light of the knowledge and urKlerstsnding of th8 Charity and its environment obtained in the course of the audrt. we have not identified material miSSL￿ements in the Trustees. Annual Rewrt. We have r￿thing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf. in our opinion: adequate a¢countlng records have not been kept or retums adequate for our audit have not been received from branches not visited by us; or the financial statements a￿ not in agreement with the acwunting records and r8tums; or Certain disclosures of twstees, remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. R•sponslbllltl•8 of tho truste As explained more fulty in the Trustees. Responsibilities Statement. the truslees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they grve a true and fair view and for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. Independent Auditorfs Report To the members of Covent Garden Dragon Hall Trust In preparing the financial statements. the trustees are responsible for assessing the Charity's abilty to continue as a going concem. disclosing, as applicable. matters related to going con￿rn and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations. or have rn realtstic altemative but lo do so. Our rgsponslblllU•s for the audlt of th• Ilnanclal statsmonts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error. and to issue an audiiorfs report that Includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK) will ahvays detect a material misststement when it exists. Misstatements can arise from fraud or error and are (x)nsidered material rf. indniidually or in the aggregate, they could reasonably be expected to infiuence the economic decisions of users tsken on the basis of th8se financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilit￿s, outlined above. to detect material misstatements in respect of irregularities. including fraud. Th8 extent to which our procedures are capabie of detecting irregularities. including fraud are set out bek)w. In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non Chango In wh and cash •qulvahnts In th• y 81.927 Cash and cash equlvalents at the beginning of the year 465.963 467.074 Cash and cash •gulvaJ•rrt8 al tho wMI of th• yoar 17 547,890 465,963 14 Covont Gardon Drngon Hall Tnwt Notss to the Ilnanclal statements For the year •nded 31 March 2024 1 Ac¢ountlng pollcl a) Ba818 of pr•parntlon The financial ststements have been rKepared in accordance with Acthunting and Rewrfing by Chariiies: Statement of Recommended Practice applicable to charities preparing their a¢counts in a(xordance the Financial Reporting Standard applicable in the UK and RepublTrc of Iretand IFRS 102 8ffe(*Ne 1 January 2015) {CharitF8S SORP FRS 1021 and the Companies Act 2006. The charitable company meets the definiti￿ of a p￿)liC benefft entity urKler FRS 102. Assets and labillties are initialty reco9nised at histtirical ubst or transaclion Val￿ Unl￿ otherwise staled in the relevant accounting polity or noto. b) Goln9 concern The InJstee8 consider that there are no material uncertainties atr￿ul the charitable CoMpan￿S abilty to continue a5 a going con¢ern.The Iruslees do nol consider that there are any Sources of eslimation uncertainty at the rewting dale that have significant risk of causing a material adjustmenl to Ihe cwry#w amounts of assets and liabilities within the ftexi reporting Pe￿￿. c) Incomo Income is recogniged when the d￿rity has enbtlement io the furKls. any perf0M￿n￿ conditions attathed to the income have been met, rt is probable that the income will be rrfgived and that the amwnt can bè measured reliably. In￿me from govemmenl and othèr grants. I*￿ther 'Ca￿l. grants or 'revenue' ￿ants. is recognised when the charity ha$ entiuement to thé funds. any perfonna￿e conditions altathed to the grants have been meL it is probable that the income will be réceived and the amount can be measured reliably and is not deferred. In￿￿e received ￿ adva￿8 for the pn>vision of 8￿CIfied service is deferred until the criteria for income recogniti(￿ ¥e met. For legacies. entiuement is laken as the earfi&r of the date on whith either.. the tharity is aware that probate has been granted, the estate has been finalised and Mtification has been made by the exer#Jiorfs> to the charity that a distribution will be made. or when a distribution is received from estsle. Receipt of a legacy, in vhM)18 or in part. is onty eonsidered probable when the mount can be measured reliably and the ¢harity has been notif￿d of the exe￿t0￿$ intention to make a distribullon. Where legacies have been rK>tified to the charity. or the charity is aware of the grantirKJ of probate. the urteria for In￿Me recognition have not been me( tr*n the legacy is a treated as a contingent asset and disdose(l if material. d) Donatlons of glll•. s•r¥lcM and facllltl•• Donated professional Servi￿ and donaled faulities are recognised as income when the tharity has control over the item or received the service. any conditions associated wth the donation have been met. the receipt of economic benefft from the use by the charity of the item is probable and that economi¢ benefil can be measured reliably. In accordance with the Charili8s SORP (FRS 102), volunteer t#ne is not r¢¢ogru*J so refer to the trustees. annual report for more information about thelr contribution. On receipt. donated grfts, profes&onal ser4ices and dOr￿le￿ facilities are reC￿gniSed on the basis of the value of the gtft to the harily which is the amount the tharity would have been willing to pay to obtain services or facilities of equivalent economi benefit on the ¢)pèn market" a correspondirKJ amount is then recognised in expenditure in the period of receipL •} Int•r•st r•colvablo Interest on funds held on deposit is inckKled when I￿[¥8b1e and the amount can be measured reliabty by the charity; this is normally upon notifution of the interest pa#J or payable by tho bank. fj Fwbd accowrtlng Unrestricted hjnds are avali atAe to spend on aclivibes that further any of the purFK)ses of tharity. Desi9naled lund$ a unrestricted funds of the charity which the trustees have decided at their discretion lo set aside to use for a SP￿lf1¢ purp)se. Restricted funds are donations whith the dO￿r has specified are to be solety used for particular areas of the charity's work or for $￿Irl¢ projects being undertaken by charity. 15 co￿nI Gard•n Dragon Hall TnMI Notos to the flnanclal statements For th• y•ar ended 31 March 2024 1 Accountlnq polklm (contlnu•dl g) Expgndlture and Incoverabh VAT Expenditure is recognised once there is a legal or constnKtive obligation to make a payment to a third paty. il is probable that settlemenl will be required and tr￿ of the obltgatN)n can be measured r￿ably. Expenditure is classified under th8 following activity headings.. Costs of raising funds ¢omprise of trading costs and the ¢o$ts by fv ¢haritsble company in inducing third parties to make voluntary contributions to it, as well as the cost of any activths with a fundraising purpose. Expenditure on charitsb￿ activrties indudes the costs of delivering athities undertaken to furtrNgr 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 wJainst the activity for which the exF¢nditure was incurred. h) Allocatlon of •upwt Support costs are those functions that assist the work of the charity but do not diredy undertake ch8*itable activiti&s. Support costs indude back office costs, finance, personnel. payroll and govemance costs which support the Chari￿s activities. These costs have been allocated bet*￿en cost of raising lunds and expenditurè on charilable advtbes. The base$ on whi¢h support ¢osis have been allO￿ted are set out in note 6. 11 Op•rntlng loa￿8 Rental chargos are charged on a straight basis over th8 tem) oflhe ￿ase. l) Tanglbl• Ilx•d aM•l• Items of equiprnent are capitalised vthere the purchase price exceeds £1,000. Depreuation is provided at rntes calculated to write down the cost of each asset to its estimated residual value over tls expected useful lrfe. The depreciation rale$ in use are as follows: Land and buildings Plant and machinery et¢. Straigm line over 10 Slrdp3M line over 5 years and Straigm Ine over 3 yea k) 8to¢ks Stock is included at the lower of cost or net realisable value. Donated items of stock are retognised al fair value which is the amount the charity would have been wllirwj lo pay for the items on the open mathet. l) D•btor¥ Trade and olher debtNs aro r•¢ogni9od at th• sotuomont amount duo after any discount offored. Prepayments are valued at the amount prep8KI net of any trade dis￿￿nts due. m) Cash at bank and In hand Cash at bank and cash in hand includes cash and short tern hwjhly IM4uid invesln)ents wilh a short maturity of three months or le8s from the date of acquisition or opening of thè doposit or similar ac¢ounL n) Cv•dltor4 and provl8lon• Creditors and provi￿onS are recognised %there the charity has a present obligation resutting from a past event that will probabty resuli in the transfer of funds to a third party and the amount due to settlg the obligatN?n Can b8 measured or estimated reliably. Creditors and provisiorts are nom)ally recognised at their setuernent amount after allowlng for any trade discounts due. o) Flnanclal InatNm•nth The charity only has financial assets and financial liabilit￿S of a kind that quafrfy as basic finanual instmments. Basic financial instruments are initially recognised at transaction value and subsequentjy measured at their settlement value with the exception of bank loans which are subsequenty measured at amorbsed cost usirwj the effective interest method. 16 Covent G•rd•n Dragon Hall Tr￿1 Nots• to th• flnanclal •tat•m•nts For th• yoor •nd•d 31 March 2024 Donath?ns Charftable aclJvilies Olhertrading 8(thli88 Invesbnent in￿)rne 12.B92 223.131 12Mr 387.328 MOA5• Totsl 324.709 387.328 ￿7 Expnd*urn on". Chartsble acfvth& Conmnunity ha 360.516 298.620 159,136 Tat•l •xp•ndlhn ,516 298.620 W138 135.807) 88,708 49 Net gains I Ilosse51 on Inveslrnents N•t Inc¢Jm• l •wndlbJr• (35.80n 88. Translets bekn fijnds 135.a071 88.7C Total fvnds br(wght fryward 263.819 228,012 164.438 428257 253.146 4B1.158 2023 GSK Funds London Borough of Cam St Gles & St George Dream It Real Sehdars Fund John Lyons Charity PeabcKty 1Th￿valI￿ Fell¢yws Merce CaTrThYen CIL GLA Steam Menknw Jack Petchey N￿Onal Li)IW COTrw)￿ Fund Julia and Hans Rau*ng Trust Other grants Islington Cou London Communty foundati Other grants- Soapbox ProtheL# fvndlng- So*x 65.621 64621 127.364 20.910 20,910 18,422 35,Cts) 20.910 18A22 35mD 35,0 20.130 20,130 27.oc 46.392 4.036 247.478 169.981 10,CKKI 53.99J 49,723 610.459 20,¥28 20 316.644 314.627 131271 un￿ded Venue 99.796 99.796 99.798 88, 88.0 Interest 1,119 636 636 17 Cov•nt 13anhn Dragm Hall Tnmt Not•8 to th• knlal #taL•m•nts For th• y•af •nd•d 31 March 2024 2024Tglal 2023T*ilal Staff rA)sts Other (Irect expenses ¢h8fitsble Don6ticrt8 TernF4xary siaff Rates and water Insuranc8 Ught & H&at Tekntthone Pc6tsge and 8tsUonery Advertising Staff trainlng and k*Kare Cleaniry and security ProFety malnt8nan(* 353.139 32.743 22,5 132A44 351139 J1743 31.7&) 106.625 4,072 6.625 25.433 14266 5.628 49,596 11. 5.628 11.306 7.161 &37 24,849 33.924 913 24,377 362 10.628 913 2437Y 88nk & cretht card tharrps EqLrriprnentexpensed Entertainment Subs£*p￿¢nS TTrvel costs L8g81 f888 & profe55K)nal f••s Audiior5' rewMJneration Bookk88plng Consv1tanty fees M8nag8rrtnt and $tsff*Yd twts Depredation ofojrnputer equpment 670 25,45YJ 16.987 1IgB7 781 1m3 150 ll1 1,4n 150 1*418 9.748 633 14.040 9.740 1,248 510.922 211.078 659.136 211.078 1211.0781 752.0 Total eXp8nd￿rg 20fJ 659.136 659.136 ori￿total exp8n(ltyre, £43B.614 was w¥estr￿(2Drts: £360.516}andf813.386TKdS rethbJ120rJ.. £298.6201. 2023Tatal 2022Tot 7,396 24.154 68,590 7.378 2.03Y 18.764 14,051 3.923 3.627 1,270 Othef dlro(a•xK￿$o$ Temporary stsll Rates water Insurdnce Light & H8èt To19p￿r Postage and stsoonery Athertisffjg Staff tralnlThJ and w8ffar¢ ¢18aning aNJ sewrity Propety m8lntww￿* Computer rA)sts Bank & credit card tharg85 Eq￿Pr(*nt expensed Entertalnmont Sub5cripkn$ TRveJ c05t5 Legal f88s & profess￿nal faes 31.760 1(￿,625 31.700 10Q625 4.072 6.625 25.433 7.161 837 24,849 33,924 9.924 670 25.4￿+ 7.111 924 43.393 11,023 1.015 9,517 910 1.358 1.478 6.913 16,070 Bwkkeeyng Consuhancyfa8S M￿￿geMent and stoffiw w5ts Depredakn OfCc￿p￿t6r eqJpm8rt 14,040 1248 3.330 192,487 1192.4871 131 574.218 SupF*NI ¢osts •Xp￿dI1Ul• 2023 192,487 659.136 •41J• Total exp8ndityrtr 2022 5ZJ.428 574.218 Ofthe t(rtal gxperthjre. £360.516 w88 unre8trthd12O2￿ £278.9121 and £298,620 was t￿ty￿￿{2￿21. E295.31XI. 18 Covont Gard•n Dragon Hall Trust NotOS to tho flnan¢l•l 4t4t￿•nts For th• y•ar ondod 31 March 2024 N•t Incom• l {•XP•Mlttw•) for th• y•*r This 1$ stated after charging I Icr8diting)'. 2023 Dèkyeciation Auditor's remuneration: Audlt foes 1570 5,75D 5.750 Staff costs as fdlwo: 2023 Salorlès and w8ges Social socurity costs Employ8rfs contribution to defined (*ntributN)n FwisknI sthemos 323.965 22,710 4.526 351,201 23.253 353.139 No omployo8 r•c•nfed omFloy•o b¢n•ffts1o¥dudlrvJ ￿lplOy•r Perts￿nI of over £60.000. Th& lotsl employee benefts induding p8nsion ££￿trIbUtiOnS and wnploy¢r natKxwl insurance cuthibutions ofth• k8y manag8mgnl porsonnol wer• £114.65512023'. £109,262). The ¢harty tnjstees wwe not paMI or Tecei¥ed bongffts frw) omptyw￿nI with the Charity in ￿ year {2023'. Nil}. Thg ovgrage ntyrberof ompknw (head ¢)Junt basod on nuMt￿r ofstaff enwbyed) during the ytsr was 8$ folbws: YoLrth workars Older people workor Administration and support 13 16 Taxatlon Tho tharitsblg Gornparhy is oxty from tax 8S 811 its Incornè i¥ chaiilable is appl￿ for trwtable wrF4X8S. 19 ¢¢Mnt Gardon Dragm Hall Tr￿t Notos to th• flnanclal statOm￿ F¢x th• y•ar onded 31 March 2024 1Q Tanglbl• fix•d ass•¢s Land ar¥J 8nd trrtjildings Mxhiwy et¢ Total Al the start ofthe year Ad￿￿On8 in year Disposals in year At the end of th• year 31232 At the start ofthe yaar Charge for thè year Eliminated on dispt)sal At the end of the year 19,884 2.576 28N20 1576 Atth••nd olth•y 336 Al the stsrt ofthe year 1912 2.912 All of Ihe above 8$sèts aro used for ch￿blO purpos8 23 Trade debtors oth8r dobtors 14194 215 51.162 215 51,377 12 Cr•dltorn: •mounts f*MlrvJ dy• T*Mhln on• ymr 2023 Trade cr&Yitors T8x8tion and socaal s8(JJrlty At¢riJal$ other creditors 20.709 18.771 6,499 11.220 2.604 41492 20 Covont Gard•n Dragon H￿1 Tnmt Not•s to the flnanclal stat•m•nt• For tho y•ar •ndod 31 March 2024 13 P•n•lon •th•m• The charity operates a defined contributions pertsion schem*. General unrnstri¢tgd Restricted T(tsl fund• Tangible fjxed ass&ts Net current assets N•t a•Mt• at th• •nd ofth• y•v 336 225,866 254.387 G•n•ral u￿95t11ct8d R8strf¢tod Tot•1 fund• Tanglble flx8d 8ss•ts Net current assets N•1 ••••ts alth• •nd of th• y 2.912 225,100 228,012 2,912 478,246 481,158 253.146 253.146 15 lknm•rbts In fimd• Incomlng Outgolng At the slart of r8sources & resources & tho year gains At th• •nd ol tlh• y•ar Tran8fer5 R••trlct•d fvnd•: London Borough of ca￿￿. trust and foundation grants and olher grnnts 253,146 314.627 313.386 254,387 Gongral fvnds 228.012 436.804 1438,6141 226202 Totsl ￿r••I￿￿ fund• 228.012 Incomw Oulgjing At the start of reS￿lee$ & r•sourtes & the year gains Al th• •nd of R••trfthd fvnd•: London Borough of Camden, trust and foundatK)n grants other grants Tot•1 rn•trl¢t•d fimd• 164.438 387,328 298.620 620 253.146 Unr••trf¢t•d I￿￿•.. G8n•rydl funds 263.819 324.709 1360.516) 228.012 London Borough of CatThJen This lund repT8sents grants r8c8ived from Lonthn Borough of Cwnden to fund various schemes run by Ihe charity and ts t)*oCtorf$ salary. London Borijugh of Islington This fund rgprgsents grants from London Borwgh of Islington to fvtNI the Soapbox Youth Cèrth. Dragon Hall Trust won a teThJeT from Isllngton c(￿ntil to run So#pBox, youth centra for Itw aged 13 10 24. This centre opened in Septemb8r 2017. Dragon Hall had a lease and funding to 2020. Dr8gon Hall Trust a tèndèr to tarry ¢)n th¢ running of Soapb)x on a 15 yeai C￿tract. TrusVFoundaJon Grants This fvnd rgpr8wts grants reCe￿￿d from foundat￿$. Olher Grants Al other grants used kn Fund commurmty prop(*s. 21 Cov•nt Gard•n Drngon Hall Trust Notss to tha flnanelal 8t•t•m•nt* For tho year ondod 31 March 2024 16 R•concMl*tlon olmt In¢4Th•1 (•xpwthrn)to n•t M•h Ilrywfrom opw•lkng aGUvll•• 2023 N•t In¢4*n• l (•xp•ndllur•) forth• r•p￿t￿9 pwlod q•s p•rtho •tatsment of Ilnanclal actlvlom) Dep￿Cial￿)n (Increasey docreaso in debto Increasel Idecrease) in credito Nat ca•h I￿vId•d by I I￿•d kn) a¢ll¥lU {5M) 52.901 2.5T6 3.330 125.193) .783 4.255 17 Analy•h of c•¥h •nd ¢•th •qth41•rt• Al 1 Awil 2023 Cash IIIMS Olh8r (l￿go6 At 31 PJar¢h 2024 Cash al bank and in hand 465.963 81.927 547.890 Tot•1 •nd u•h •qthal•nl• 547.89D 1• L•gal •taty¥ •lth• ¢lwrlty The charity is a eompany lunitad by guar￿￿? h•$ no $haTr capt￿. Ea¢h rrwnbw VJ liable tr) Contritr￿1e a sum fN)t exceeding £1 in the event of Ihe charity be￿￿ %￿Und up. During the year the￿ have been various transaclKJns related partie8. M such transa(*KTh have been approved by the Board of Truste8S before being entered into. Dragon Hall is ronlfjd from the Lon(lon Borwgh of Camden. ofvthith Ms Su¢ Win¢enl is an elecaed Counc4lknr, for a peppercom rent. The rental is covered by a 25 year dat8d 26th Juty 2005. Thg London Borough of Carnden is a rna1￿ sowce ofgrant incon* tsthe charity. During the year to 31st March 2024 grants were received totalling £45.00012023'. £82.5001. 22