Company l$trab"on number: 04464386 Charity regiStratn number.. IIC#)603 Southbank Enterprise Trust Ltd (A company lin¥te(1 by guarantee) Annual Rwt HnarKial Statements for Ye¥ Eled 31 Marth 2023 *ACJCMXMH' 2811212023 COMPANIÉS H¢WSE A14
416
Southbank Enterprise Trust Ltd . Contents ReferaKe and Adfflinistrative Detsils Trustees, Repjrt ststement of Twstees. ReSF•s1b11rt lThJeFendent Examin&s Rq)ort Statement of finaal Activities Current Pu¥Jd SOFA Balance Sl* Notes to the Finala1 Statements 7t013
Southbank Enterprise Trust Ltd Referen and Administrative Detsils Twstees Mr K aaoye MrCA& Principal Office FIN5PA 225.229 SEVEN $IER ROAD FINSBURY PARK LONCQN N4 20A Compaffiy Registration Number 04464386 Charity Registration Number IICW13
Southbank Enterprise Trust Ltd Trustees. Report The trustees, who are directors for the pUrFtyY of company Lwi, pYe5ent the annual rewt together with tt financial statements of the tharitabk company for the yw ended 31 Marth 2023. Objertives and artivities Objectsandaims The relief of Perty' trairng, aTrJ s nefit Activities undertaken to_fi_jrtPv_p_utAK. The trustees confim) that they have COmd with the requireffthts of $tY1 4 of the Charibes Act 2011 to have due regard to the tenefit widartt wilithed Charity Commssston for England and Wale& Flnancial review The trustees consider that a three months tyratK)nal cost be set aside as reserves in hJrther3r of the its acbvities. The annual rewt was aFyroved ty the trustees t tharity on I Cter 2023 and sned on rts behalf by: Mr K Olaoye Page 2
Southbank Enterprise Trust Ltd statement of Trustees, Responsibilities The trustee5 (who a $0 the directors of Stxrthbank Enterprise Tntst Ltd for tre purSe5 of company kw) are Isible for preparing the trLLStees' reFKYt and the financial State5 in accordan with the United "ngdorn Accountlr¥J Stsndards (United KJ"rudom Generalty kcounty.ng Practsce) aPF4Kat4e law and reguOn$. Company law requires trust5 to pfepare financial 5tsternts ftK e finanoal year. Under cornpany law the trustees must not aFfffove the financial staterts unless they are satisfied that they give a true afj. fair view of the state ol affairs of the charitsile ccxnpany and of its iorning resour and application of resourw. Including rts irKc4ne and experKlrture. that In prepariThJ ihese finanlial sratefflts. the trustees are required to.. select suitatAe accwnting arK1 app tyvn consthtty: observe the methc¥ts and prirKiples in the.CharitEs SORP; make judgements and esbmate5 Ihat are reasonable arnj Wlent. stste whether appliCae UK Accounknng Stsndards have tw fdlowed, subject to any material departures disdosed and explained in the finanaal statements,. and [ffepa the financial ststements on wing CO t$ unless it is inappropriate to prUrne that the haritable company Mll (tinUe in I"ne4 The trustees are responsible for keeping ajequate aLrtyJnbng records that are suffitnt to show and exFlain the tharitsble company's transactions and distk%e wth reasonable Kcuracy at any tsme the financial F)sition of the charitst4e company and enatle tfr*m to enre that the financial ststeMts compty wrth the Companies Act 2006. are al respJnyNe for Safeguardi the assets of the thantsLe company atKI hence for tsking reasonable steps for the lyeventl deteLlIC of ard (ts irregLdaiities. Appmed ty the trLtstees of the on l Decembw 2023 èfmj spjrwj on Tts behatf by: MT K Olaoye Trustee
Southbank Enterprise Trust Ltd Independent Examiner's Report to the trustees of Southbank Enterprise Trust Ltd l TeFW)rt on the ants of the tharity ts the 31 Marth 2023 whth are set out on pages 5 to 13 . Resi)e¢ll sPOnSIbl11t1es of trustees and examiner The trustee5 (who are a150 the tlirectors of the company for the KAjr$ of company taw) are responsib for the preparation of the acc(MJnts. The trust CL51er that an audit is not for this year under se(tion 14412) of the Charities Act 2011 (the 2011 Att) and that an irKlepertht examination is reded. Having satisfied myself that the chanty is not subjett to audit under c(Mnpany law arK1 is eligitde for independent examination, fc is my reskX)n&bilty to.. examine the ae¢ounts under section 145 cl Ihe 2011 Art; to fdlow the proodures tknyn in tt general frectiOnS gNen by the Charity commiss)n uThJer section 14515llbl of the 2011 Act. and to state whether pa"cular matters have come to my &ientw)n. Basis of independent examinerf$ report My examination was carried out in accordan the grnal 01recbth gr¥en ty the Charity Commission. An examination includes a review of accounb.ng records kept by the charity arL(l a comparison of the accounts presented with those r05. It also indth crngderatK)n of any urMJsual thns or ddoSUre5 in the accounts, and sethng eX[ats"0rS fr(Mn you a5 trust$ concem14 any matters. The tK(tedures urKlertaken do not provide all the eviden that would re]uired in an audit and cMs8]uently no ownion is gNen as to whether the accounts present a 'true aNI fair viv and the re[rt is limit8J lo those matters set out in the statement telow. Independent examinerfs ststemeTht En (neC with my examination, no matter has Cl to my attentiry): 111 which gives me reasonabse cause to Wve that in any matvial respert the"reqUiremts.' . to keep accountirvJ recdS in accordance with section 386 of the Companies A(t 2006. aThJ . to prepare accounts which accort1 th the accixjnb.ng records, with the accLxJnting requirements of section 396 of the COmnieS Act 2CM)6 and with the rnethc4ts arhd prinaples of fv Statement of Recommended Prath"ce.' Accounb"ng and Re[ by Chanties have Thjt teen met; or (21 to which, in my opinion, aitentrffi shcyjhj te drawn in c¥der to en&Jfe a prrw undethn(ling of the accwnts to be reache(J. Uthman Kay Chartered Certified Atcwntsnts 225-227 Seven &'sters Road. Finsbury Park London N4 2DA 4 Dmter 2023
Southbank Enterprise Trust Ltd Statement of Financial Artivities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted fvnds Total 2023 Total 2022 Income and Endowments from: Other income Total Income Expenditure on: Raising ftjnds Charitable actNib"es (29.639) (29,639) (34,325) Totsl Expenditure Net income Net movement in funds 2,029 2,029 2,569 Reconciliation of funds Totsl fijnds brought forward Total fvnds carrd fOard 14 All of the chantys activities derNe from C<tinn9 c¢atiMs f*Jring the atthE WiC¢Js. The fvnds breakdown fw 2022 is thovm in note 14.
Southbank Enterprise Trust Ltd (Registration number: 04464386) Balance Sheet as at 31 March 2023 2023 2022 Fixed assets Tangible ats io 44.521 48.239 Current assets Debtors Cath at bank and in hand li 2.688 10,650 4.752 Creditors: Am¢wDts fallln&i due w61triln one year 12 Net current assets Total assets less current liabillties 46,993 50.511 Creditots: Amourbts falllng after more than one year 13 Net assets Funds of the tharity: Unrestrirted income funds Unrestricted Total fvnds 14 Fry the financh?l year ending 31 Mwch 2023 the tharity was to eXptJn frcffi audit urKler secbon 477 of the Companies Art rdabng to smll ctynpanies. 'rfws' reslbIlities. The Mem5 have It req[1 the charity to obtan an audit of its accounts for the year in question in accordarKe with secb'on 476; The dirertors acknovAedge thwr re$[L".1rts for Cp.ry Tpnth the rawirements of the Art wrth resFett to accounting ordS and the pTeparab'(x) of accoun These accounts have be•) prepared in the mis$ apr4icatAe to cunpanie5'5ubJe¢t to the small companies iegime. The finanoal ststements on page5 5 to 13 wrte apwo¥ed by the trustees. aThJ auihorised for issue I December 2023 and sw4ned their LEhalF ty.. Mr K Olaoye Trustee
Southbank Enterprise Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 I Charlty ststus The charity is a tharity linNted by guarantee and consequentty does not have share captsl. Ead) of the trusts 15 Irdble to corkn.bute an amourt exceedry £1 towarits the assets of tr charity in the Mnt of lffjuKlati¢Jn. 2 Accountlng pollcles Summary of significant accountlng poliaes and key accounting estimates The principal accounting pJictes appli8J in the kwration of finanaal statements a set below. T Folicie5 have teen congstenty apFI to all years We5j, unless otherwise stated. ststement of compli•nce The finanoal ststements have ten tKepared in cOrdan Accounb"ng arhj RewJrtirKJ by Owribes: Statement of Remmmended Practi Kable to chanties pleirj their accounts in accordan with the Financial Reporting Stsndard applicabte in the UK and Reput4 of IrelaTrJ IFRS 102) (eff've l January 2015) - {Chorities SORP (FRS 102}). the nala1 RewtThJ StaTk1ard apr4icat4e in UK Repullic of IrelèrMI (FRS L021 and the C(xmpanies Act 2006. Basis of preparation Southbank Enterprise Trust Ltd rrEets the defin"on of a benefit entity uThJer FRS 102. Assets èTrJ liabil are initially jiSed at historical cost or transaction Val unkss otherwise stated in the relevant accountiNJ Going concern The trLKStees consider that there a matrn.al uncertainties atrKJut the charity's ability to continue as a goiThJ COnM nor any svJnifKant areas of uertainty that affed the carrywwj value of assets hekl by the tharity. Exemptlon from preparing a c•sh flow statemert The eharity Opted to earty &lopt &Jlletin I pubhtsj on 2 February 2016 and have therefore nc Indled a cash flow Statent in these financol statements. Income and eTrdOwts Rental income Expenditsre l expenditure is recogTh5ed once the is a legal or (StnI(b¥e ob1v4ab"r to that expenditure, it 15 probable sett*ment is requi and the amount can be rnea rdiably. All costs are alknfrd to the apiCable exFenditure l)eadirvJ that aggregate similar costs to that catrgory. wThe costs Can1 be dirty attributed to particular headings they have teen alk(ated on a bass cor>gstent wrth the use of reUrCes, wrth central staff costs allocataj on the bags of time spenL aThJ deprtiiatiffi (harges &kKoted on the wrb.on of the a55eY5 use. Other SUPFQrt coS are allocated based on the sweJJ of stsff cost&
Southbank Enterprise Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 Ralsing funds These a co5 incurred in attracknng ¥oluntary income. the marInt of lrwestrts and those incurred in tradin9 artivits.es that raise funds. Charitabk )11tUre ccwnprtses costs Ivrd chaity in the delivtry of Jts activits and serviS for ts benefriaTies. It indudes costs that can be albxatoj threttty to 5uth activttie5 and those costs of an indirett nature'necessary to 5UPF4Jrt them. . Support costy:. Supp(¥t costs include central fvnctths and have teen allc(ated to actmty cost categories on a basis congstent with the use of resources, for examth, allcKating property coys by flwr area5. or Fer eapita, staff costs by the tsrne sFent and other costs by their LL5age. Governance costs These include the costs attriiMJtable to the charivs cc¥npliance with [StItu0¢y)al statutw requirements. indudrng audit, strate9ic Mafiageftt arkj trusteess meeb.ngs remr5ed expenses. Taxation The charity is constdered to pass the tests set out in Parngrdk41 I S¢hthle 6 of the Finarte Att 2010 and therefore it rneets the defrnitKm of a CharlNe company for UK ccw)raD"oii tax purrx)ses. Accordingly, the charity is potenb.jlty exempL.frcm..iayation in-re5m of incor. or. capitsl ijains received within. cate9r)rie5 covered Chapter 3 Part 11 of the CorKxNab"on Tax P£t 2010 Section 256 of the Taxats"Thi of Chargeable Gains Act 1992. to the extent ihat such irKorrE or gaiTr5 are applied exdusivety to dwrtstAe purpD5e5. Tangible fixed assets lTrJividual fixed assets cosb"r#J £5LK). ty Thye a inkn"alPy recordal at cost, Itss any 5LOs8went accumulated depCt and subsequent accumukted imparmient h)sse5. Depret4ation and amortisation Deprenab"on Is provvjed on tang'ble fixed assets as to write off the c05t or valuation, less a)y estimated residual value, over their expett&l useftd economjc life as follows.. Asset class OffKe Equiprnt Leasehold Improvements Depreciation method and rate Straight line- 25% Strai9ht ne- 5% Trade debtors Trade debtors are amounts due fr (t0 for nvchaThlse sokl or setyi erfrn in the ordirtsiry course of business. Trade detknrs are recogni£aJ initialfy at the trawtion are SLtsequenUy meagjrey at amth.sed cost using the effecbve interest methcml, less WOOn for impairrnent. A provi%on for the Trmpairment of trade debtors is establisw tlwe is obiectyve evxJwKe that dftty will not abk to collt all amounts due according to the original terms of the receivat4es.
Southbank Enterprise Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 Cash and cash equivalents Cash ènd cash equwalents comprise on harn1.d call OerKsts, and other shcrt-tem highly liquid invesunents that a readily converb'Ne to a known arrKJLFnt of cash and are SUbjt to an insi9ntftsnt rlsk of change in value. Trnde credito¥s Trade credf(ors are oblNJab"ons to pay f( gc(¥ts or seNices that Ikive teen Ule in the ordinary course of business from suppliers. Accounts payable are ck7s9fj as wrrent lialIt if the charity does not have an vncondifion righL at the end of the reporbrwJ perK(F, to defer setVerrenL of the crejitor for at least tsydve InthS after the reporting date. If there is an unconditional right to defer selllerrnt for at least iwejve rnthS after.the repong date, they are pre5enied as n-CUrrent lthditi"es." ' Trade creditors are recoJni5ed initilty at the $aCt)n price arkl gjbwuently measLtreJ at amortis8J cosi Using the effecti teSt meth(Kl. Ftsnd stwrture Unrestrided income fvnds are ga)eral funds tlwt are avalaL for use at the tnthes's dwetson in fijrthernnce of the ob]"eLtves of the tharity. 3 Other income ' fund5 ' Total 2023 Totsl 2022 Fees and 5UF¥dies 4 Expenditure on raising luNIs a) Costs of trading artivitses funds Totsl 2023 Totsl .2022 kxated suppw)rt costs
Southbank Enterprise Trust Ltd Notes to the Financial Ststements for the Year Ended 31 March 2023 funds Total 2023 General Note Allfxated supp)rt costs 586 586 Totsl 2023 5 Expendire on drItsb1e artivilws furbds Totsl 2023 Totsl 2022 General Allc(ated SuF(rt costs 7.103 7,103 ÉNil 12022 - ÉNill of the atve exFeThYrture was attn"iMJtable to uNestricW furK1s anL1 ÉNil 12022 - £NIII to restricted lunds. 6 Analysis of governance and support costs funds Totsl 2023 .Totsl 2022 Genernl Deprat)n, arnL%bsation and similar costs Pwje io
Southbank Enterprise Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 7 Net incomlnglout90#19 resoiirces Nc kncornlng resource5 for the irKlude: 2023 2022 Deweciation of re assets No tree$. nor any ptrson5 connected them. have arw remuneratK)n from the" ciiarty dunrrfi die 9 Taxatlon The charity ts a regiered chlty and ts therefcye exempt from tsxaticn. 10 Tangible fixed assets Land and Iwlldin9S Fumiture and equipment Total At I'WI 2022 At 31 Marth 2023 Depreciation At l April 2022 Charge for the year S,(2 13,371 At 31 March 2023 17.089 Net book value At 31 March 2023 At 31 March 2022 Indud8J within the net value of land and i11d1 abm is EN {2022 - ENil) in rwert of freehold knd and buildings and £43.027"(2022- £45.558) in of leasAts. 11 Dèbtors 2023 2022 Cthw debtors Page li
Southbank Enterprise Trust Ltd Notes to the Financial Statements for the Year Ended 31.March 2023 12 Creditors: amounts falling due within one year . 2023 2022 Trade credrtors Other.treditors Accruals 2,050 5,698 430" 2,050 43Ci 13 Creditovs: amounts fallln9 due Jftetr year 2023 2022 eank loans 14 Funds In¢oming Resour Balano at 31 expended March 2023 Unrtstricted funds General Incominy Resources Balance at 31 expended March 2022 ilftrestrirted funds General IS Analysls of net assets b¢tween fvnds funds General Totsl funds fJeditots over l year 586 P&Je 12
Southbank Enterprise Trust Ltd Notes to the Financial Statements for the Year Ended 31 March- 2023 - 16 AThalY of net fvnds . At 31 Maych 2023 At l Awll 202Z Cash Ilow Cash at bank and in 7.962 Net deLt 2,064 5,898 7.962 Page 13