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2023-12-31-accounts

Ivy Street Family Centre Trust

Report and Accounts Year ended 31 December 2023

Stewardship ik

IVY STREET FAMILY CENTRE TRUST

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Ritz Steytler

Chair

Andrew Large Robert Byk Ron Yee Sarah Hunter (Resigned 22/04/2024) Kemi Woods

Anya Sizer Bethan Mitchell

Anne-Marie Nye (Resigned 01/08/2023)

Key Staff

Angela Large

Executive Director

Governing Document

Declaration of Trust 10 June 2001 as amended 12 September 2007, as amended 6 February 2017, as amended 11th October 2019

Charity Registration Number

1088854

Principal Address

lvy Street Family Centre 54 Ivy Street London N1 5JE

Independent Examiner

Sarah Crispin ACA

Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

Bank of Scotland plc

Contents Page
Charity Information 1
Trustees' Annual Report 2-10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Accounts 14-20
DetailedStatementofFinancialActivitieswithComparatives 21

Page 1

Trustees’ Report

The trustees of Ivy Street Family Centre Trust present their report and financial statements for the period ending 31 December 2023 in accordance with the Charities Act 2006. We are satisfied to the best of our knowledge that the Trustees’ Report and financial statements comply with the current statutory requirements, the trust's governing documents and are in accordance with the Charity Commission's Statement of Recommended Practice.

Structure, Governance & Management

Ivy Street Family Centre Trust is a charitable trust currently governed by a Supplemental Trust Deed adopted on 11" October 2019. As a charity it acts entirely as a non-profit making organisation. The trustees are appointed by resolution of the Board.

Trustees

The trustees met formally four times during the year. Trustees received regular financial management reports between meetings.

One trustee has resigned during the year, please refer to the Charity Information on page 1.

Internal Controls

As part of their continuing responsibility the trustees have endeavoured to ensure that reasonable internal control procedures are in place. These include;

Risk Management

Throughout 2023 the trustees continued to maintain a register of risk and to identify and mitigate major strategic, operational and financial risks to the charity.

Charity Activities

In furtherance of the Charity’s objects we provided the following services during the year:

Page 2

In planning the activities of the Charity the Trustees have had regard to the guidance given by the Charity Commission on public benefit.

Page 3

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“It’s so great to to get to do to do do different things with my kids, especially after the pandemic.”

Local mum

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Page4

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= et ies — In August we took possession of the whole building and were
y Tm. ee able to reorganise the team to open for an additional day per
& “gy ' » week. Thus offering our families more opportunities to attend
Hp : A = ’ P sessions and benefit from a wider range of activities.
y
et = rd ra ke We were delighted to open Growbaby again and start taking
— v4 fe Ss 4 donations in September. With the help of Jaguar Building
al[- “= Services staff we were able to collect up all our shelving and
= boxes from our community partners in Hoxton and start
sorting and arranging the lovely big Growbaby room. It has
VL: ’
This been a slow start but word is spreading and we anticipate
feels just welcoming many families in need in 2024.
like Ivy Street, |
felt at home The hard work of the team the team team over our our period of being being without a
immediately!” building enabled us to re-open with to re-open with re-open with with a core group of families group of families of families families
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The hard work of the team the team team over our our period of being being without a building enabled us to re-open with to re-open with re-open with with a core group of families group of families of families families who attend regularly and we have welcomed many new families since September.

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lang tennliy Strest families since September.
dele The Building
—<— We are thrilled with our new building, some initial teething
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=— == i We are starting to get enquiries from community partners
oe = about hiring our space and we are delighted to be able to
\ | é.. 25. facilitate this.
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Page 5

\ Funding and Marketing The return to the new building has opened up opportunities for fund raising and we have been able to secure a regular booking for one of our rooms and have developed a hire policy to make full use of the centre’s potential.

We have a number of regular donors and occasional donors who receive our regular newsletter.

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Our Christmas Toy Appeal was supported by Britannia Leisure
an | Centre with their ‘Giving Tree’ and by Ardmore Construction
; y ‘aa t with a donation of toys in palace of their usual office Secret
— . Ps c aan Santa. We are delighted that we are still able to support local
an PR... ao Se | schools and organisations that support vulnerable families.
ie / We remain remain very grateful for our regular supporters grateful for our regular supporters for our regular supporters our regular supporters regular supporters supporters and donors, donors,
especially Jaguar Building Services Ltd. for their on-going,
regular funding funding which underpins our day to day work.
| Partnerships
Our new building has opened up the possibilities for
“Weee arezz so partnership working‘ working‘‘ and we re are ei delighted to have already,
ful f he partnered with Homerton Midwives to offer a community
grateful for the the space for one one of their their clinics. We are working on joint working
support at at with Shoreditch Trust, and hope to expand this work in 2024.
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We remain remain very grateful for our regular supporters grateful for our regular supporters for our regular supporters our regular supporters regular supporters supporters and donors, donors, especially Jaguar Building Services Ltd. for their on-going, regular funding funding which underpins our day to day work.

“Weee arezz so partnership working‘ working‘‘ ful f he partnered with grateful for the the space for one one of their their support at at with Shoreditch Trust, Christmas for our JIS The Future Local school ;

; we As we settle in to our new facility we look forward to expanding our reach and welcoming more and more families to Ivy Street. The staff team will adapt and develop as we expand our services and and activities. One of our Trustees our Trustees Trustees will be taking be taking taking the staff and Trustees and Trustees Trustees through a Theory Theory of Change Change process to ensure that to ensure that ensure that that Ivy Street Street moves into the the new phase of the the organisations life with energy and purpose.

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- P al — _ One of our Trustees our Trustees Trustees will be taking be taking taking the staff and Trustees and Trustees Trustees
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“| felt really nervous coming with my baby, but everyone is so friendly.”

Local mum

Page 6

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Centre Manager’s
as Report for 2023
In 2023, in fulfilment of our charity
of } objects to support “young people,
_Ye Ny 5 . > -«£ Pa3 parents and carers and their2.
- s children in Hoxton”, the Ivy Street
| LA oa Family Centre continued to
14 ow ‘eo provide, during school term-time,
per se and in accordance with our
£ ad vow Christian ethos, our Stay & Play,
& eS & Play All Day, Soft Play, Messy Play,
Musical Play and Storytelling
sessions.
We began the year still operating from a number of temporary
aa xe) locations - Britannia Leisure Centre, Shoreditch Healthy Living
AWS S Centre and St Anne’s Church. Building work at the Shoreditch
\We Trust property made it seem uninviting to families, so we
stopped our sessions there and dropped down to offering 3
sessions per week.
- ;
rah
i a waeia ig3 > fryiis 07 2 ! weOnce were the able work to was move finishedback a o n d ourstart ownrunning buildingsessionsat 54 Ivy Street,in May,
a, a w increasing our offer to 4 sessions, including a full day on
|hiN 1 ~~ee \ Thursdursdays again. WeWe celebratedcelebrated th the move withth a visit fifrom
=e & > Sr Spitalfields Farm, and a beach-themed party to close the term.
eo x In September, we took on another member of staff, who had
ate a previously worked with us on a sessional basis. This enabled us
to run 6 sessions over 4 days, which is more than we have ever
yo provided under the current management.
: :
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Our activities this term included a subsidised trip to the panto at Hoxton Hall and a Christmas party. | Ni Y poaare youThe feel Thursday lunch, Stay and &is the Play most All Day consistently well-atten session now inclu ded .a payIt as STR E ET Weaverages had 105 10 families ao n dour 12 books children for each week. 2023, with 41 being new registrations. this means we were supporting 110 children in Hackney and the surrounding areas.

Page 7

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Growbaby Our 'GROWBABY' service provides high quality second-hand baby clothes and equipment to local families in need, via a network of partner agencies including hospitals, social work Due to needing to move our Growbaby items out of temporary teams,storage, women'sthe service refuges,was andsuspended other charities.for a large period of 2023, but was relaunched at the end of September. Our Christmas Toy Appeal this year was supported by Britannia Leisure Centre, Ardmore Construction and Ridge & Partners Solicitors.

We also greatly benefitted from the support of Jaguar Building Services Ltd, a property maintenance company in the City, which provides financial support and whose CEO mentors our Executive Director.

Page 8

Financial Review

Income & Expenditure

The gross incoming resources for the year were £234,744 (2022: £ 203,066). Expenditure was £86,421 (2022: £ 69,611) and was managed according to budget for the year.

During the year grants from:

London Borough of Hackney towards general overheads and charitable costs; and Department of Work & Pensions towards the cost of the adjustments to assist a disabled member of staff under their Access to Work grant scheme.

Skipton Building Society towards the purchase of furniture at 54 Ivy Street for the Growbaby service.

The charity has the benefit of a commercial participation agreement with Jaguar Building Services Ltd. who invite their clients to make a small addition when paying their invoice which amount is then donated to Ivy Street Family Centre. The total income from this agreement in 2023 amounted to £14,800.

Operating Reserves

The trustees aim to hold Cash Operating Reserves in line with average monthly expenses. These reserves are held in an interest-bearing account with quick access times to finance general operations. The trustees aim to maintain reserves equivalent to three months’ operating expenses. This equated to a cash reserve of approximately £21,000.

The trust holds no investments.

Grants & Gifts

The trust did not make any grants during the year.

Fixed assets

All assets held by the trust fall within those permitted by the Trust Deed.

Building redevelopment

The trust negotiated with a third party for the joint redevelopment of the premises at 54, Ivy Street to create community space on the Ground and Lower Ground Floors for the Trust and a residential apartment for the third party on the upper floors. The trustees obtained a certificate from a Chartered Surveyor, as required under the Charities Act, to confirm that the terms of the development agreement with the third party were in the best interests of the charity. The charity retains the freehold interest and has granted a long lease on the flat to the third party.

Work on the redevelopment commenced in early May 2020 and was certified as having reached the stage of ‘wind and watertight’ in January 2022 (the base-build) enabling each party to commence the fit-out of their respective demise. A contract for the fit-out of the ground and lower ground floors was agreed by the trustees in January 2022 and reached practical completion

Page 9

on 1 August 2023. The Trust was able to gain partial possession of the property from June 2023 and full occupation in August 2023.

During the year build costs relating to the fit-out totalled £230,931 - these costs have been capitalised. The charity also incurred professional fees in relation to the fit-out of £58,482 which has been capitalized.

Independent Examination

Stewardship have been appointed to act as the trust’s independent examiners. So far as the Trustees are aware, there is no relevant information of which the trust's examiners are unaware and the Trustees have taken all the steps necessary in order to make themselves aware of any relevant audit information and to ensure that the examiners are aware of that information.

Responsibilities of trustees under charity law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently; 2. observe the methods and principles in the Charities SORP;

  2. make judgments and estimates that are reasonable and prudent;

  3. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  4. prepare the financial statements on a going concern 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

13-Jun-2024 Approved by the trustees On ..........cee cece and signed on their behalf

----- Start of picture text -----
_Rite Steytler
----- End of picture text -----

Ritz Steytler, Chair

Page 10

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

IVY STREET FAMILY CENTRE TRUST (‘the Charity’)

| report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023 on pages 12 to 21 following, which have been prepared on the basis of the accounting policies set out on pages 14 to 15.

Responsibilities and basis of report

As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

| 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.

SarahSarahCrispin (JunCrispin17, 2024 13:12 GMT+1)

Sarah Crispin ACA Institute of Chartered Accountants in England and Wales Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Jun 17, 2024

Page 11

IVY STREET FAMILY CENTRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2023 2022
Note £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 41,554 190,369 231,922 200,042
Charitable activities 4 637 - 637 510
Investments 240 - 240 3
Other income 6 1,945 - 1,945 2,511
Total income and endowments 44,375 190,369 234,744 203,066
EXPENDITURE ON:
Charitable activities hi 71,300 13,911 85,212 69,611
Raising funds 8 1,209 - 1,209 -
Total expenditure 72,509 13,911 86,421 69,611
Net income/(expenditure) (28,134) 176,457 148,324 133,455
Transfers between funds 17 180,577 (180,577) - -
Netmovement in funds 152,443 (4,119) 148,324 133,455
Reconciliation offunds:
Total funds brought forward 541,531 12,122 553,653 420,198
Totalfundscarriedforward 17 693,974 8,002 701,976 553,653

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 14-20 form part of these accounts.

Page 12

IVY STREET FAMILY CENTRE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2023

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2023 2022
Note £ £ £ £
FIXED ASSETS
Tangible assets 10 719,295 - 719,295 430,811
719,295 - 719,295 430,811
CURRENT ASSETS
Debtors 11 326 - 326 26,688
Cash at bank and in hand 12 100,779 8,003 108,782 158,819
101,106 8,003 109,109 185,507
CREDITORS: Amounts falling
due within one year 13 (79,172) - (79,172) (62,665)
Net current assets 21,934 8,003 29,936 122,842
Total assets less current liabilities 741,228 8,003 749,230 553,653
CREDITORS: Amounts falling due
aftermore than one year 14 (47,254) - (47,254) -
Net assets 693,974 8,003 701,976 553,653
TOTAL NET ASSETS 693,974 8,003 701,976 553,653
FUND BALANCES 17
Unrestricted Funds
General funds 693,974 - 693,974 541,531
693,974 - 693,974 541,531
Restricted Funds - 8,003 8,003 12,122
693,974 8,003 701,976 553,653

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

RitzSteytler Steytler
Ritz Steytler, Chair
pate. 13-Jun-2024

Charity number: 1088854

The notes on page 14-20 form part of these accounts.

Page 13

IVY STREET FAMILY CENTRE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Statutory Information

The charity is a trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations’) requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a ‘true and fair view’.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

iii) Legacies. Income from legacies is recognised whena distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably. Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from subscriptions for attending groups.

Other income comprises income received from the leaseholder to cover buildings insurance.

c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 14

IVY STREET FAMILY CENTRE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Equipment Over 3 to 7 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Exemption from preparing a cashflow statement The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations and legacies

Donations and legacies
2023 2022
£; £
Donations ofcash and similar 166,473 108,608
Donations in kind (note 3a) 5,000 -
Other grants receivable 26,773 58,972
Legacies receivable - 18,770
Income tax recoverable (Gift Aid) 33,676 13,692
231,922 200,042
Donations in kind comprise:
2023 2022
£ £
Goods donated for:
Distribution to beneficiaries (Growbaby) 3,000 -
Toys for use in drop-in sessions 2,000 -
5,000 -
Income from charitable activities
2023 2022
£ £
Subscriptions 637 510
637 510
4 Income from charitable activities
Subscriptions

Page 15

IVY STREET FAMILY CENTRE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

5 Investment income

5 Investment income
2023 2022
£ £
Bank interest 240 3
240 3
6 Other income
2023 2022
£ £
Income received as freeholder 1,945 2,511
1,945 2,511
7 Charitable expenditure
2023 2022
£ £
a__ Costs incurred directly on specific activities
Employment and staff costs 49,801 38,859
Drop in direct costs 1,977 6,082
Growbaby direct cost - 119
Other charitable costs 513 246
Rent 1,789 6,356
Utilities 4,066 1,443
Premises expenses 2,153 -
Donations in kind expensed 5,000 -
65,299 53,105
b Costs incurred on support & administration
Governance costs
Independent examiner's fee 2,700 2,700
2,700 2,700
Support services 7,231 8,597
Insurance 4,705 5,210
Other costs including bank charges & fees 340 -
Depreciation of tangible fixed assets 4,937 -
19,913 16,506
Totalexpenditure 85,212 69,611

The fee payable to the independent examiner for preparing and examining the accounts was £2,700 (2022: £2,700); in addition the charity paid £804 (2022: £695) to Stewardship for payroll bureau.

8 Cost of raising funds

Fundraising costs Finance costs

2023 2022
£ £
50 -
1,159 -
1,209 -

Page 16

IVY STREET FAMILY CENTRE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9 Analysis of staff costs, the cost of key management personnel and trustee remuneration

The average monthly number of employees during the year was 4 (2022: 3).

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the trustees and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:

Other Employer
Wages & employment pension 2023
salaries benefits contributions £
Key management connected to trustees:
Angela Large 13,251 - 398 13,649
The following amounts were payable in the previous year:
Other Employer
Wages & employment pension 2022
salaries benefits contributions &
Key management connected to trustees:
AngelaLarge 11,850 - 355 12,205

Angela Large, spouse of Andrew Large a Trustee, was employed as Director of Services to provide executive oversight for the Ivy Street Family Centre during the year. The Trustees have received Charity Commission consent for this arrangement (10th January 2020).

10 Tangible fixed assets

Tangible fixed assets
Fixtures,
Freehold Freehold fittings and Total
Property Improvements equipment 2023
£ = £ £
Cost
At 1 January 2023 172,500 258,311 4,203 435,014
Additions
Disposals		 -
-		 289,412
-		 4,008
-		 293,420
-
At 31 December2023 172,500 547,724 8,211 728,435
Accumulated depreciation
At 1 January 2023 - - 4,203 4,203
Charge for the year - 4,564 373 4,937
At 31 December 2023 - 4,564 4,576 9,140
Net book value
At 31 December2023 172,500 543,159 3,635 719,295
At31December2022 172,500 258,311 - 430,811

Freehold property was valued at £362,500 in 2008 when ownership was transferred to the charity from another organisation. The charity completed a joint redevelopment project of the property with a third party during the year. The trustees obtained a certificate from a Chartered Surveyor, as required under the Charities Act, to confirm that the terms of the development agreement with the third party were in the best interests of the charity. The charity retains the freehold interest and has granted a long lease on the flat to the third party. In return, the third party has funded all the construction costs of the ‘base build' and paid a premium of £190,000. This premium payment was treated as a sale of property in the previous year's accounts. The work was completed during 2023.

Freehold improvements represents the expenditure spent on the redevelopment of the community space on the lower & ground floors of 54 Ivy Street. The redevelopment was completed on 1 August 2023 and is being depreciated over 50 years.

Page 17

IVY STREET FAMILY CENTRE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

11 Debtors

Debtors
2023 2022
£ £
Falling due within one year:
Tax recoverable 326 337
Prepayments and accrued income - 26,352
326 26,688
Cash at Bank and in Hand
2023 2022
= £
Cash at bank with immediate access 46,368 153,231
Notice deposits (with a term ofthree months or less) 62,234 5,194
Petty cash 180 394
108,782 158,819
Creditors: liabilities falling due within one year
2023 2022
£ £
Trade creditors 101 23
Other creditors 250 250
Accruals 39,731 62,392
Loans 39,091 -
79,172 62,665
Creditors: amounts falling due after more than one year
2023 2022
£ £
Loans 47,254 -
47,254 -
Loans
The liabilities for loans referred to in notes 13 and 14 fall due for repayment as follows:
Otherwise Mortgage loans
than by By 2023 2022
instalments instalments £ 3
Repayable:
Within one year - 2,059 2,059 -
Between one and five years - 8,237 8,237 -
After five years - 39,017 39,017 -
- 49,314 49,314 -
Otherwise Concessionary loans
than by By 2023 2022
instalments instalments £ £
Repayable: - -
Within one year 37,031 - 37,031 -
37,031 - 37,031 -

12 Cash at Bank and in Hand

13 Creditors: liabilities falling due within one year

14 Creditors: amounts falling due after more than one year

15 Loans

The liabilities for loans referred to in notes 13 and 14 fall due for repayment as follows:

The mortgage loan referred to in the above notes is secured on the freehold property by way of a fixed and floating charge on the charity's assets. Property with a carrying value of £715,659 has been pledged as security for the charity's mortgage loan. Interest is payable at a variable rate, which at the balance sheet date was 5.84%. The loan is being repaid in monthly instalments and must be repaid in full by 31 August 2038.

The concessionary loan is interest free and unsecured; it is being repaid as funds permit and and has no fixed repayment terms.

Page 18

IVY STREET FAMILY CENTRE TRUST NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

16 Pension commitments

During the year employer's pension contributions totalling £1,284 (2022: £1,120) were payable to defined contribution personal pension schemes. £250 in pension contributions were owing at the balance sheet date (2022: £250).

17 Funds

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |During|the|year the|movements|in|the|charity's|funds|were|as|follows:| |Opening|Incoming|Outgoing|Transfers|Gains|and|Closing| |balance|resources|resources|in|the|year|losses|balance| |2023|2023|2023|2023|2023|2023| |£|£|£|£|£|£| |General|Unrestricted Funds|541,531|44,375|(72,509)|180,577|-|693,974| |Total|Unrestricted|Funds|541,531|44,375|(72,509)|180,577|-|693,974| |Restricted|Funds| |Building|Fund|-|186,311|-|4,386|-|181,925|-|-| |Growbaby|-|84|-|-|-|84| |Sunbabies|grant|12,122|-|(5,247)|-|-|6,875| |Skipton|Building|Society|grant|-|2,000|(956)|-|-|1,044| |Access|to Work|grant|-|1,973|(3,322)|1,348|-|-| |12,122|190,369|(13,911)|(180,577)|-|8,003| |Aggregate|of funds|553,653|234,744|(86,421)|-|-|701,976|

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The transfers referred to above were made for the following reasons:

a) From the Building Fund to General to recognise the capitalisation of costs on the redevelopment of 54 Ivy Street. b) From General to Access to Work grant to fund expenditure incurred prior to reimbursement of funds.

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Funds| |General|Designated|Restricted| |funds|funds|funds|2023| |£|£|£|£| |Tangible|fixed|assets|719,295|-|-|719,295| |Debtors|326|-|-|326| |Cash|at|bank|and|in|hand|100,779|-|8,003|108,782| |Creditors|falling|due|within|one|year|(79,172)|-|-|(79,172)| |693,974|-|8,003|701,976|

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Page 19

IVY STREET FAMILY CENTRE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

In the previous year the movements in the charity's funds were as follows: In the previous year the movements in the charity's funds were as follows: In the previous year the movements in the charity's funds were as follows:
Opening Incoming Outgoing Transfers Gains and Closing
balance resources resources in the year losses balance
2022 2022 2022 2022 2022 2022
£ £ £ £ £ £
General UnrestrictedFunds 413,492 134,746 (56,691) 49,984 - 541,531
Total Unrestricted Funds 413,492 134,746 (56,691) 49,984 - 541,531
Restricted Funds
Building Fund - 55,493 (4,531) (50,961) - -
Growbaby 57 84 (1,119) 977 - -
Sunbabies grant 6,650 12,742 (7,270) - - 12,122
6,707 68,319 (12,920) (49,984) - 12,122
Aggregate offunds 420,199 203,065 (69,611) - - 553,653
Analysis ofnet assets byfund
In the previous year, the assets and liabilities ofthe various funds were as follows:
Unrestricted Funds
General Designated Restricted
funds funds funds 2022
£ £ £ £
Tangible fixed assets 430,811 - - 430,811
Debtors 26,688 - - 26,688
Cash at bank and in hand 146,697 - 12,122 158,819
Creditors falling due within one year (62,665) - - (62,665)
541,531 - 12,122 553,653

Restricted

The Building Fund is restricted to income and expense related to the redevelopment/fit-out of 54 Ivy Street.

The Growbaby fund is restricted to income and expense related to the 'Growbaby' service providing new-born clothing and baby equipment to needy new families.

The Sunbabies grant is restricted to income and expense related to the grants received from Sunbabies Trust.

The Access to Work grant is restricted to the cost of the adjustments to assist a disabled member of staff access to work. The Skipton Building Society grant is restricted to the costs to purchase furniture at 54 Ivy Street for the Growbaby service.

18 Transactions with related parties

During the year the charity:

a) received donations totalling £132,926 (2022: £54,260) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).

Except as disclosed in note 9 ‘Analysis of staff costs’, there have been no other transactions with related parties during the year.

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