## Ivy Street Family Centre Trust
Report and Accounts Year ended 31 December 2024
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **IVY STREET FAMILY CENTRE TRUST**
## **LEGAL & ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
ADDRESS FOR CORRESPONDENCE Ivy Street Family Centre 54 Ivy Street London N1 5JE 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 TRUSTEES RESPONSIBLE FOR Ritz Steytler (Chair) MANAGING THE CHARITY Andrew Large Robert Byk Ron Yee Sarah Hunter (Resigned 22 April 2024) Kemi Woods Anya Sizer Bethan Mitchell Toddy Peters (Appointed 14 April 2025) BANKERS Bank of Scotland plc INDEPENDENT EXAMINER Sarah Crispin ACA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB
## **INDEX**
Page 1 Legal & Administrative Details Pages 2 - 4 Trustees' Report Page 5 Independent Examiner's Report Page 6 Receipts and Payments Account Page 7 Statement of Assets & Liabilities Pages 8 - 9 Notes to the Accounts
Page 1
Trustees’ Report 2024
## **Trustees' Report**
The trustees of Ivy Street Family Centre Trust present their report and financial statements for the year ending 31 December 2024 in accordance with the Charities Act 2011. We are satisfied to the best of our knowledge that the Trustees' Report and financial statements comply with the current statutory requirements and the trust's governing documents.
## **Structure, Governance & Management**
Ivy Street Family Centre Trust is a charitable trust currently governed by a Supplemental Trust Deed adopted on 11[th] 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 five times during the year.
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;
- setting and reviewing financial policies and procedures;
- receipt of management reports at each meeting of the trustees, including income and expense, budget and balance sheets;
- setting an annual budget;
- annual review of risk.
## **Risk Management**
Throughout 2024 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:
- (a) **The Ivy Street Family Centre** – continued to provide term-time drop-in sessions for local parents and carers of under-5s at the charity’s rebuilt premises at 54, Ivy Street, Hoxton.
- (b) Our **Growbaby** service which provides free baby clothes and equipment to families in crisis and severe need, which due to capacity had to temporarily close pending our return to our new building, resumed again towards the end of 2023 and continued throughout 2024.
- (c) We also rented some of our space to like-minded local organisations working with the local community.
Page 2
Trustees’ Report 2024
In planning the activities of the Charity the Trustees have had regard to the guidance given by the Charity Commission on public benefit.
## **Financial Review**
## **Income & Expenditure**
The gross incoming resources for the year were _£105,990_ (2023: £ 230,501). Expenditure was _£76,439_ (2023: £ 73,369) and was managed according to budget for the year.
During the year grants were received 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 the Access to Work grant scheme.
**Sunbabies Trust** towards the costs of running the drop-in sessions.
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 2024 amounted to £17,350.00.
**Jaguar Building Services Ltd.** also made an interest-free loan to the Trust to assist us in settling two outstanding invoices due to our fit-out contractor, Re-Gen (UK) Construction Ltd. The loan received was the sum of £91,920. The loan to be repaid by a deduction of £1,150 per month from the sums donated under the commercial participation agreement.
## **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 throughout the year to a cash reserve of £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, Hoxton 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
Page 3
Trustees’ Report 2024
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. The Trust engaged Re-Gen (UK) Construction Ltd as contractor to complete the fit-out and took full occupation of the building in August 2023.
## **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**
Charity law requires us as Trustees to prepare financial statements for each accounting year which record the receipts and payments of the charity for the year.
We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the financial statements comply with the Charities Act 2011.
We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
> Approved by the trustees on May 2, 2025 and signed on their behalf
## Ritz Steytler
Ritz Steytler (May 2, 2025 10:57 GMT+1)
…………………………………………
Ritz Steytler, Chair
Page 4
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF**
## **IVY STREET FAMILY CENTRE TRUST**
I report to the trustees on my examination of the accounts of Ivy Street Family Centre Trust ('the charity') for the year ended 31 December 2024 on pages 6 to 9 following.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in accordance with section 130 of the 2011 Act; or
2. the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## Sarah Crispin
Sarah Crispin (May 19, 2025 12:24 GMT+1)
Sarah Crispin ACA Stewardship 1 Lamb's Passage LONDON EC1Y 8AB
Date: May 19, 2025
Page 5
## **IVY STREET FAMILY CENTRE TRUST**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
|Notes
**_Income receipts_**
Donations
Gift aid receipts
Grants
Income from charitable activities
Rental income
Interest received
Other
**_Capital and similar receipts_**
**_Total receipts_**
**_Payments_**
2
**_Total payments_**
Transfers between funds
6
**Net movement in funds**
Cash funds as at last year end
**Cash funds at this year end**
A
Net
of
receipts
/
(payments)
before
transfers
Payments
in
relation
to
charitable
activities undertaken directly
Building redevelopment costs
Sale of investments
Loans repaid
Sale of fixed assets
Loan received|General
Funds
£
61,637
1,409
19,800
524
1,450
690
1,785
87,295
-
-
54,889
54,889
142,184
60,772
60,772
81,352
37,016
118,368
179,140
(36,956)
-
(36,956)
100,779
63,824
Unrestricted|Restricted
Funds
£
584
-
18,111
-
-
-
-
18,695
-
-
-
-
18,695
15,667
15,667
-
-
-
15,667
3,028
-
3,028
8,003
11,030|2024
£
62,221
1,409
37,911
524
1,450
690
1,785
105,990
-
-
54,889
54,889
160,879
76,439
76,439
81,352
37,016
118,368
194,807
(33,928)
-
(33,928)
108,782
74,854|2023
£|
|---|---|---|---|---|
|||||166,473
33,349
26,773
637
170
240
2,858|
|||||230,501|
|||||-
-
87,031|
|||||87,031|
||||||
|||||317,532|
|||||73,369|
|||||73,369|
|||||293,513
686|
|||||294,199|
||||||
|||||367,569|
|||||(50,037)
-|
|||||(50,037)
158,819|
|||||108,782|
The notes on pages 8 - 9 form part of these accounts.
Page 6
## **IVY STREET FAMILY CENTRE TRUST**
## **STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|Notes
**A**
**Cash funds**
Cash at bank with immediate access
Petty cash
**B**
**Other monetary assets**
Gift aid due to charity
**C**
**Liabilities**
**Falling due within one year**
Loans
Trade creditors
Other ceditors
Fee for Independent Examination
Accrued expenses
**Falling due after one year:**
Loans
**Total**|Unrestricted
General
funds
£
63,246
578
63,824
223
223
58,750
223
798
1,800
-
61,570
45,468
45,468
107,038|Restricted
funds
£
11,030
-
11,030
-
-
-
-
-
-
-
-
-
-
-|2024
£
74,276
578
74,854
223
223
58,750
223
798
1,800
-
61,570
45,468
45,468
107,038|2023
£|
|---|---|---|---|---|
|||||108,602
180|
|||||108,782|
|||||326|
|||||326|
|||||39,091
101
250
2,700
37,031|
|||||79,172|
|||||47,254|
|||||47,254|
|||||126,427|
Loans include a mortgage loan and a concessionary loan. The mortgage loan with a year end balance of £47,391 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 £784,430 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 7.25%. The loan is being repaid in monthly instalments and must be repaid in full by 31 August 2038.
The concessionary loan with a year end balance of £56,826 is interest free and unsecured; it is being repaid as funds permit and and has no fixed repayment terms.
## **D Assets retained for charity's own use**
|Freehold Property
Fixtures, fittings & equipment|Fund to
which asset
belongs|Cost
£
801,576
9,231
810,807|Current
value
£|
|---|---|---|---|
||||784,430
2,809|
||||787,239|
Current values have been estimated by the trustees.
The accounts were approved by the trustees and signed on their behalf by:
Ritz Steytler Ritz Steytler (May 2, 2025 10:57 GMT+1) -------------------------------------------Ritz Steytler, Chair Date: __________ May 2, 2025
The notes on pages 8 - 9 form part of these accounts.
Page 7
## **IVY STREET FAMILY CENTRE TRUST**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1 Accounting policies**
The accounts have been prepared on a receipts and payments basis and comprise a statement that shows the charity's receipts and payments, a statement that summarises the charity's assets and liabilities and related notes. The accountancy profession have determined that only accounts prepared in accordance with applicable accounting standards present a 'true and fair' view and, as these receipts and payments accounts have not (and cannot) be prepared in accordance with accounting standards, these accounts do not present (and are not intended to present) a 'true and fair' view of the charity's financial activities and state of affairs.
As the charity's income is less than £250,000, it has taken advantage of the option to prepare its accounts on a receipts and payments basis and the results reported previously have been restated; further information is given in note 7 below.
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.
|**2**
**Payments in relation to charitable activities undertaken directly**
Staff costs (Note 3)
Drop in direct costs
Ministry expenses
Property costs
Support services
Insurance
Professional fees
Independent examination
Finance costs
Other costs|Unrestricted Fun
General
funds
£
34,465
987
-
8,293
3,116
4,571
2,977
2,700
3,614
50
60,772|ds
Designated
funds
£
-
-
-
-
-
-
-
-
-
-
-|Restricted
Funds
£
13,768
1,314
-
586
-
-
-
-
-
-
15,667|Total
2024
£
48,233
2,300
-
8,878
3,116
4,571
2,977
2,700
3,614
50
76,439|Total
2023
£|
|---|---|---|---|---|---|
||||||49,551
1,977
513
7,915
3,405
4,705
1,054
2,700
1,159
390|
||||||73,369|
## **3 Employees**
The charity has 4 (2023:4) employees, to whom the employment costs above refer.
No staff received salaries at a rate of more than £60,000 per annum.
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 receiving a gross salary of £13,649 (2023: £13,649) The Trustees have received Charity Commission consent for this arrangement (10th January 2020).
## **4 Transactions with related parties**
During the year the charity:
a) received donations totalling £1,007 (2023: £132,926) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).
Except as disclosed in note 3 'Employees', there have been no other transactions with related parties during the year.
## **5 Non-monetary resources**
|Distribution to beneficiaries (Growbaby)
Toys for use in drop-in sessions
Goods donated for:|4,000
4,000
8,000|3,000
2,000|
|---|---|---|
|||5,000|
Page 8
## **IVY STREET FAMILY CENTRE TRUST**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **6 Movement of funds**
|**vement of funds**||||||
|---|---|---|---|---|---|
|General funds
Restricted funds
Growbaby
Sunbabies grant
Skipton Building Society grant
Access to Work grant
Total funds|Opening
balance
£
100,779
84
6,875
1,044
-
8,003
108,782|Receipts
£
142,184
584
14,790
-
3,321
18,695
160,879|Payments
£
(179,140)
(913)
(14,866)
(716)
828
(15,667)
(194,807)|Transfers
£
-
245
-
(245)
-
-
-|Closing
balance
£
63,824
-
6,799
83
4,149|
||||||11,030|
||||||74,854|
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 and equipment at 54 Ivy Street for the Growbaby service.
## **7 Reconciliation with previously reported funds**
As explained in note 1 'Accounting Policies', in the previous year the charity prepared its accounts using the accruals basis; in the current year the charity has taken advantage of the option to prepare its accounts on a receipts and payments basis. The comparatives presented in these accounts have been re-stated using the receipts and payments basis and a reconciliation with the reserves and results reported previously follows:
## _Reconciliation of reserves_
|_Reconciliation of reserves_|||
|---|---|---|
|Previously reported reserves, at 31 December
Adjustments arising from use of receipts and payments basis:
Exclusion of previously included fixed assets
Exclusion of previously included debtors
Exclusion of previously included creditors
Re-stated reserves, at 31 December
Previously reported results
Adjustments arising from use of receipts and payments basis:
Previously capitalised expenditure, less depreciation, now expensed
Excluded movements in debtors resulting in the recognition of more / (less) income
Excluded movements in creditors resulting in the recognition of less / (more) expenditure
Re-stated results
_Reconciliation of results_|2023
£
701,976
(719,295)
(326)
126,426
108,781
2023
£
148,323
(288,483)
26,362
63,761
(50,037)|2022
£
553,653
(430,811)
(26,688)
62,665|
|||158,818|
||||
Page 9