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2021-12-31-accounts

REGISTERED COMPANY NUMBER: 04723576 (England and Wales) REGISTERED CHARITY NUMBER: 1101078

Report of the Trustees and

Unaudited Financial Statements for the Period 1 August 2020 to 31 December 2021

for

free@last

Locke Williams Associates LLP Chartered Accountants c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL

free@last

Contents of the Financial Statements for the Period 1 August 2020 to 31 December 2021

Page
Reference and Administrative Details 1
Director’s report 2
Report of the Trustees 3 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 26

free@last

Reference and Administrative Details for the Period 1 August 2020 to 31 December 2021

TRUSTEES Ricardo Atlan (resigned 14.1.22) Jacqueline Sergent (resigned 1.3.22) Rubina Darr Melissa Shervington Daniel Cremin (resigned 1.3.22) John Moore Naomi Spencer Peter Adkins (appointed 23.1.21) Rachel Mckoy (appointed 23.1.21) Thomas Owen O'Brien (appointed 23.1.21) Rashida Sharif (appointed 23.1.21) Spencer Turner (appointed 23.1.21) Chloe Baker (appointed 25.7.22) Davinder Dosanjh (appointed 25.7.22) COMPANY SECRETARY John Street REGISTERED OFFICE 49 Nechells Park Road Birmingham B7 5PR REGISTERED COMPANY 04723576 (England and Wales) NUMBER REGISTERED CHARITY 1101078 NUMBER INDEPENDENT EXAMINER Locke Williams Associates LLP Chartered Accountants c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL BANKERS HSBC 9 Queens Square Wolverhampton West Midlands WV1 1TE

Page 1

free@last

Chairs report for the Period 1 August 2020 to 31 December 2021

During the past 12 months we have had many challenges as trustees and members have changed. We have had 3 resignations from trustees which have been a particular loss to the Communities and Operations committee, however, another trustee has stepped in and is ready to take the role on and face the challenges. We have strengthened the board with two new members and the meetings have proved to be very productive. We have made changes to the agenda and set up advisory groups where required. Some of the challenges of the last year have been making sure that all of the due diligence and compliance is in place with both the trustees and free@last.

I am confident that we now have all this in place with the implementation of pay structures reviewed, legal obligations reviewed, finance correctly structured, health and safety and maintenance all in place. Other challenges that we are working on which have proved difficult have been the growth of Club 3000, the expansion of the Family Fun Zones and recruitment for more volunteers for roles such as ambassadors. These are all being worked on and we will continue to try new avenues.

One of the main objectives at the moment is to continue to build partnerships with other organisations such as with Moseley Rugby Club. Fund raising has continued and is being successful with the Odd Ball Run, Battle of the Bands, the Black Tie Ball, BNI and several more. The fund raising through Bid Writing has been successful but we have seen a decline particularly with the smaller grants. Our regular supporters have continued to commit to donations.

We have a lot of regular volunteers who have continued to support free@last for which we are truly grateful and particularly through the Covid pandemic where no end of needs where met.

As chair of the trustees I am very happy with the progress that has been made over the last year by the trustees and believe this will continue and go from strength to strength.

Spencer Turner Chair

Director’s report for the Period 1 August 2020 to 31 December 2021

Our country has had to adapt to a wide variety of challenges, over the past couple of years, and the future is still uncertain, with an energy crisis, expected recession and constant change in Government. Amidst the trials and tribulations, we have. Been actively involved with the Commonwealth Games 2022, which has given us a great deal of support and hope for the future opportunities of our children and young people. We continue to have our team challenges, as funding restricts our desire to enable people to stay with us for the long haul, but we continue to adapt and respond to peoples' needs, with the resources we have available.

We continue to enable and equip local people to cope and work through the challenges they face, which are increasing every day, and we continue to be blessed with a great deal of support from many, many people who have given their time, resources and energy to help us provide for our community, and we are forever grateful for the individual, community and business spirit that has shone through these challenging times.

We are forever thankful to all of those who share our struggles and make life a little easier to manage, your continued support and generosity is amazing, thank you.

John Street Director

Page 2

free@last (Registered number: 04723576)

Report of the Trustees

for the Period 1 August 2020 to 31 December 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 August 2020 to 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Vision

To improve the lives of the children and young people of Nechells.

Mission

free@last is committed to providing opportunities, activities, mentoring and support for children and young people in Nechells, and to further their interests by working with their families, other agencies and relevant professionals.

Values

Giving opportunities to all young people in Nechells without distinction.

Aims and objectives

To engage children and young people in a range of developmental and progressive activities which provide opportunities for success and to broaden their horizons.

To support children and young people through life's challenges and difficulties.

To support their families to provide the best possible environment for their children to grow, develop and flourish.

To take a multi-agency approach to improving the lives of children and young people.

Public benefit

The trustees confirm that: in the exercise of their powers as charity trustees, they have due regard to the published guidance from the charity commission on the operation of the public benefit requirement; and the aims of the charity are carried out for the public benefit. The trustees consider the support to disadvantaged and poorer members of the community in Birmingham, and dissemination of lessons learned to the rest of the country, to be of public benefit, having had regard to the Charity Commission's general guidance on public benefit.

Page 3

free@last (Registered number: 04723576)

Report of the Trustees for the Period 1 August 2020 to 31 December 2021

STRATEGIC REPORT Achievement and performance Charitable activities

CHILDREN & YOUNG PEOPLE

Introduction

The heart and soul of free@last is focused on the children and young people of Nechells, with the aim of broadening their horizons through a wide variety of opportunities and unconditional support to help them through the difficulties and challenges they face. We are a needs-led organisation that builds positive and meaningful relationships with young people and through these relationships we are able to constantly adapt and develop our work to reflect the desires and dreams of those we are here to serve.

Youth Activities

Usually, at free@last we run several youth clubs to help give children aged between five and eighteen a safe environment to relax and have fun together whilst at the same time build confidence, new friendships and positive relationships. These clubs offer participants access to our other services as well as off-site trips and activities. Alongside the youth clubs we run other clubs and activities including an adventurous activity club, Nechells Young Leaders, a choir, a young peoples' Rotary group, business skills, and life skills for young people.

Our youth led business, called Brum Ting Ltd, run by 4 teenagers, with the aim of providing products for both tourists to Birmingham and local Brummies, who want to own an item of clothing, jewellery or promotional products with their own city printed on. Brum Ting has been awarded a Commonwealth Games 2022 United project status and launched an online platform in April 2021.

FAMILIES

Sadly, once again, there is still no specific funding currently available for a dedicated Dads Worker or a family worker. However, the important role of dads in particular is still actively promoted within our services, with support given as much as possible when our limited resources allow.

We do support many whole families, providing support for children and parents, whole family activities, day trips and families residentials. We have a parent's group to help plan family sessions and for them to raise awareness of our activities with their neighbours and friends, During Christmas, we run several family orientated events, but unfortunately our usual sit-down meal on Christmas Day was cancelled again because of Covid. We therefore had several volunteers who offered to delivery Christmas lunch, presents and food parcels to 70 people. It was a wonderful way for them to enjoy Christmas Day.

Advice & Guidance

We continue to provide a specialist service helping local people with their personal debt and benefit problems. Our experience has shown that a supportive, understanding and approachable service is essential for those with financial difficulties to feel relaxed and comfortable discussing their personal circumstances with someone not known to them personally. With our advocacy service available for local people our aim is to have a positive influence on our clients' ability to be responsible for their own money management and benefits entitlement awareness.

We have also supported people with housing issues, addiction, the criminal justice system, parenting, food poverty, digital poverty, grief, and employability to name just a few of the many issues we have supported people through over this past year.

Page 4

free@last (Registered number: 04723576)

Report of the Trustees for the Period 1 August 2020 to 31 December 2021

STRATEGIC REPORT What practical difference do we make?

During the past couple of years, with all the trials and challenges of Covid-19, we still provided a great deal of support and opportunities for many people. The below table shows a comparison of how many people we have supported, showing a social impact value of up to £12.8 million:

Provision 2019 2020 Covid-19 Response (3 months)
Individuals 1,109 1,624 1,409
Throughput 14,268 19,032 12,234
Children & Young People 490 548 273
Debt & Benefit Advice 370 398 227
Families & Community (& 249 1,911 4,128 (Parcels Distributed)
Other)
Social Impact Value £9,659,904
£12,809,395		 £6,099,621

In comparison, this last year of 2021, has seen a lower number of people but a much higher social impact value. The main reason being the large amount of local people who only came to free@last during Covid, and have not returned to take advantage of our other services.

Service Individuals Attendances
Children & Young People 300 9,411
Families 155 1,055
Advice & Guidance 362 1,088
Businesses 547 4,780
Other 175 1,404
Total: 1,539 17,738

Social Impact Value: £15,980,301

Although we opened a café facility, providing more affordable, home cooked meals for local residents, and we were able to run it for 12 months with 2 paid workers (both local mums), the support from local businesses and residents was lacking enough to cover the running costs. Although this has now closed, both ladies have improved their career aspects and are thriving.

Businesses

It is the intention of free@last to become as selfsustaining as possible through running our own businesses and generating our own income from a wide variety of sources. This accounting year has a significant decrease in our business income as we were forced to close our entertainment business during Covid-19. We have not sat back and waited for the circumstances out of our control to change, we have begun negotiations with several shopping centres to expand and replicate our Family Fun Zone business into new towns and cities. With the expected success of Brum Ting as well as the Family Fun Zone, we are hoping to increase our business profit for free@last so that we can recruit staff members for at least 10 years, rather than losing key employees due to funding restrictions.

Page 5

free@last (Registered number: 04723576)

Report of the Trustees for the Period 1 August 2020 to 31 December 2021

STRATEGIC REPORT

Family Fun Zone

This is our activity-based unit situated at Star City - a highly popular local leisure and entertainment complex in Birmingham. We offer several pay and play activities including archery, crossbows, BB gun target shooting, arts & crafts and a soft play ball pit.

This business has suffered Covid-19, so has not achieved the expected income to contribute towards free@last's core costs, which has presented many new challenges. We have begun discussions with several shopping centres and intend replicating the Fun Zone cross the West Midlands and further afield.

Star City continues to show us fantastic support and all the profits from this venture go to free@last to be spent on core costs that other funders are unable to contribute towards.

Financial review

Principal financial management policies

The company is small with limited resources. It operates on the basis of spending as little as possible on whatever it buys and ensures there are funds in the bank before making any commitment.

General financial review

Over the past year we have generated income through a variety of different means, including grant making trusts, statutory services, our business, fundraising and general appeals. We have a solid financial position, which we have worked hard to achieve and are now in the process of growth, primarily through generating income through our own businesses, Club 3000 (a monthly giving scheme) and a calendar of events. Our future plans are to increase the impact and availability of our services to more people who live in Nechells.

Unrestricted funds have increased in the year from £97,992 to £173,635.

Restricted funds have decreased in the year from £1,995,381 to £1,947,714. This is in large part to the depreciation of the building and other assets held in these funds.

Reserves policy

General reserves

The trustees are working towards holding unrestricted reserves sufficient to meet the charity's day to day expenditure for six months. This target is a long way from being fulfilled and will take several years to achieve. Restricted funds will depend on timing of securing and receiving funding and timing of the expenditure on activities. activities.

Free reserves at the 31 December 2021 were £107,282. Free reserves are unrestricted reserves, excluding those tied up into fixed assets.

Future plans

Over the following year our plans are as follows:

Page 6

free@last (Registered number: 04723576)

Report of the Trustees for the Period 1 August 2020 to 31 December 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document and Charity Constitution

free@last began in August 1999 and first registered as a Charity on 9th December 1999 and then became a charitable company limited by guarantee on 4th April 2003. The charity and company numbers and other information are included as a front sheet.

The company was established under a Memorandum of Association which established the objects and powers of the company. It is governed under its Articles of Association under which the board of directors (who are also Trustees of the charitable company) are elected at AGM to serve for a period of up to three years.

Recruitment and appointment of new trustees

The trustees are appointed by the board. The company requires a minimum of three and a maximum of twelve trustees to be appointed. The board identify areas where particular knowledge or expertise is required and seek to recruit new trustees by advertising, personal contacts and recruitment events.

Organisational structure

The charity is a small entity which is run on a daily and operational basis by the chief executive together with a small number of employees and volunteers. The board of trustees meet a minimum of four times a year and take responsibility for decisions regarding services, the building, people and the businesses operated by the charity.

Induction and training of new trustees

Potential trustees attend the premises and a board/committee meeting as part of the induction process to ensure they are familiar with the services provided and our procedures. They are nominated by the board before appointment.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems established to mitigate those risks.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 22 September 2022 and signed on the board's behalf by:

................................................................. John Street - Secretary

Page 7

Independent Examiner's Report to the Trustees of free@last (Registered number: 04723576)

Independent examiner's report to the trustees of free@last ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the period 1 August 2020 to 31 December 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

I have completed my examination. I 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 Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I 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.

David Williams FCA FCCA Institute of Chartered Accountants in England and Wales Locke Williams Associates LLP Chartered Accountants c/o Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL

22 September 2022

Page 8

free@last

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Period 1 August 2020 to 31 December 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
General
Building
Youth and Children
Families
Advice and Guidance
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
189,502
141,576
22
-
331,100
112,220
129,751
-
8,886
4,600
-
255,457
75,643
97,992
173,635		 Restricted
funds
£
199,153
-
-
-
199,153
-
138,895
36,165
67,313
-
4,447
246,820
(47,667)
1,995,381
1,947,714		 Period
1.8.20
to
31.12.21
Total
funds
£
388,655
141,576
22
-
530,253
112,220
268,646
36,165
76,199
4,600
4,447
502,277
27,976
2,093,373
2,121,349		 Year Ended
31.7.20
Total
funds
£
262,479
117,332
92
6,704
386,607
55,484
135,408
25,555
128,756
8,120
10,079
363,402
23,205
2,070,169
2,093,374

The notes form part of these financial statements

Page 9

free@last (Registered number: 04723576)

Balance Sheet 31 December 2021

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 15
NET ASSETS		 Unrestricted
funds
£
66,353
6,885
161,485
168,370
(22,202)
146,168
212,521
(38,886)
173,635		 Restricted
funds
£
1,900,482
-
47,233
47,233
-
47,233
1,947,715
-
1,947,715		 31.12.21
Total
funds
£
1,966,835
6,885
208,718
215,603
(22,202)
193,401
2,160,236
(38,886)
2,121,350		 31.7.20
Total
funds
£
2,006,499
2,566
93,488
96,054
(9,180)
86,874
2,093,373
-
2,093,373

The notes form part of these financial statements

Page 10

free@last (Registered number: 04723576)

Balance Sheet - continued 31 December 2021

FUNDS
17
Unrestricted funds:
General Activities
Building Fund
Youth and Children Activities
Family Activities
Restricted funds:
General Activities
Building Fund
Youth and Children Activities
Advice & Guidance
Norton Foundation - new computers
ENT Room
Barrow Cadbury
Fundraisers
Covid-19 support grants
Henry Smith Charitable Trust
Dept for DCMS
Neighbourly Seeds of Change
TOTAL FUNDS		 161,851
6,916
1,782
3,086
173,635
1,240
1,883,578
31,656
11,365
4,882
927
38
-
7
13,592
30
400
1,947,715
2,121,350		 87,802
6,996
2,515
679
97,992
1,311
1,919,743
46,086
9,062
5,382
943
227
11,246
1,381
-
-
-
1,995,381
2,093,373

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on 22 September 2022 and were signed on its behalf by:

............................................. John Richard Moore - Trustee

The notes form part of these financial statements

Page 11

free@last

Cash Flow Statement for the Period 1 August 2020 to 31 December 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of intangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash provided by financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
76,241
34,398
(207)
-
76,034
34,398
(9,258)
(10,523)
-
(58)
-
8,058
22
92
(9,236)
(2,431)
50,000
-
(1,568)
-
48,432
-
115,230
31,967
93,488
61,521
208,718
93,488

The notes form part of these financial statements

Page 12

free@last

Notes to the Cash Flow Statement for the Period 1 August 2020 to 31 December 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Period
1.8.20
to Year Ended
31.12.21
31.7.20
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 27,977 23,204
Adjustments for:
Depreciation charges 48,922 37,249
Profit on disposal of fixed assets - (6,646)
Interest received (22) (92)
Interest paid 207 -
(Increase)/decrease in debtors (4,319) 1,073
Increase/(decrease) in creditors 3,476 (20,390)
Net cash provided by operations 76,241 34,398
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.20 Cash flow At 31.12.21
£ £ £
Net cash
Cash at bank and in hand 93,488 115,230 208,718
93,488 115,230 208,718
Debt
Debts falling due within 1 year - (9,546) (9,546)
Debts falling due after 1 year - (38,886) (38,886)
- (48,432) (48,432)
Total 93,488 66,798 160,286

The notes form part of these financial statements

Page 13

free@last

Notes to the Financial Statements for the Period 1 August 2020 to 31 December 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing.

No amount is included in the financial statements for volunteer time in line with the Charities SORP (FRS 102). Further detail is given in the Trustees' Annual Report.

The charity receives grants in respect of its core activities. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Costs of raising funds includes direct staff and other costs for trading activities to raise funds.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold - Over the period of the lease Plant and machinery - 4% on cost Fixtures and fittings - 10% on cost Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost

The leasehold building is held under a 125 year lease with Birmingham City Council until August 2141.

Page 14

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

1. ACCOUNTING POLICIES - continued

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Operating Leases

Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.

Taxation

The charity is registered with the Charity Commission and under the provisions of Section 478 Corporation Tax Act 2010, is exempt from liability to taxation on its charitable activities..

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

Donations
Grants		 Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
76,044
53,396
312,611
209,083
388,655
262,479

Page 15

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

Children in Need
Big Lottery Fund - Youth Investment Programme
Big Lottery Fund - core activities
Barrow Cadbury Trust
Birmingham City Council - Local Restrictions Support
The Henry Smith Charitable Trust
Michael Marsh Charitable Trust
The George Perkins Charitable Trust
HMRC - Coronavirus Job Retention Scheme
BCC - Retail, Hospitality and Leisure grant fund
Prov Chptr Warks Benevolent Fund
Ratcliffe Foundation
Soil Association (Food for Life)
Ladywood Neighbourhood Network Scheme
Neighbourly Community Fund
Heart of England
The Greggs Foundation
Charities Trust/Cadnet
The Martin James Foundation
Children's Quarter Happy Healthy Holidays
The MSE Charity
Charities Aid Foundation
Eveson Charitable Trust
Birmingham Sport & Physical Activity Trust
Gowling WLG
St Thomas Dole Charity
Power to Change
NISA Making A Difference Locally Grant
Neighbourly Forum
PWC YCSF grant Dept of Digital, culture, media & sport
BVSC
Aspire4U Community Kickstart
The Blakemore Foundation		 Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
-
42,152
-
47,160
-
20,000
-
1,200
74,000
-
60,000
-
6,000
-
5,000
8,000
19,542
13,526
-
25,000
-
5,225
-
4,000
-
1,000
-
2,000
-
400
5,000
3,000
-
500
-
25,000
9,000
1,000
-
9,920
6,750
-
31,551
-
10,000
-
8,995
-
5,000
-
1,000
-
20,000
-
1,500
-
400
-
17,398
-
21,153
-
10,122
-
200
-
312,611
209,083

Page 16

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

3. OTHER TRADING ACTIVITIES

Fundraising events
Family Fun Zone
Room hire fees
Other activities
The Café
Climbing wall
Brumting
4.
INVESTMENT INCOME
Deposit account interest
5.
RAISING FUNDS
Raising donations and legacies
Fundraising events costs
Interest payable and similar charges
6.
CHARITABLE ACTIVITIES COSTS
General
Building
Youth and Children
Families
Advice and Guidance		 Direct
Costs
£
266,486
36,165
76,199
4,600
4,447
**387,897 **		 Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
37,302
15,984
71,538
93,134
12,985
6,581
-
1,633
13,340
-
5,640
-
771
-
141,576
117,332
Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
22
92
Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
32,044
865
207
-
32,251
865
Support
costs (see
note 7)
Totals
£
£
2,160
268,646
-
36,165
-
76,199
-
4,600
-
4,447
2,160
**390,057 **

Page 17

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

7. SUPPORT COSTS

Governance
costs
£
General 2,160
Support costs, included in the above, are as follows:
Period
1.8.20
to Year Ended
31.12.21
31.7.20
Total
General
activities
£ £
Accountancy and legal fees 2,160 -
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Period
1.8.20
to Year Ended
31.12.21
31.7.20
£ £
Depreciation - owned assets 48,922 37,249
Surplus on disposal of fixed assets - (6,646)
Independent Examination fee 2,160 2,040

8. NET INCOME/(EXPENDITURE)

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 December 2021 nor for the year ended 31 July 2020.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 December 2021 nor for the year ended 31 July 2020.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Period
1.8.20
to
Year Ended
31.12.21
31.7.20
£
£
253,010
173,131
10,792
9,099
3,297
2,027
267,099
184,257

Page 18

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

10. STAFF COSTS - continued

The average monthly number of employees during the period was as follows:

Period
1.8.20
to Year Ended
31.12.21
31.7.20
General employees 17 15

No employees received emoluments in excess of £60,000.

The total amount of employee benefits received by key management personnel for the period is £48,693 (2020 £30,685).

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
75,957
Other trading activities
117,332
Investment income
92
Other income
6,704
Total
200,085
EXPENDITURE ON
Raising funds
55,484
Charitable activities
General
86,136
Building
417
Youth and Children
10,480
Families
283
Advice and Guidance
5,203
Total
158,003
NET INCOME/(EXPENDITURE)
42,082
Transfers between funds
(1,797)
Net movement in funds
40,285
RECONCILIATION OF FUNDS
Total funds brought forward
57,707
TOTAL FUNDS CARRIED FORWARD
97,992
Restricted
funds
£
186,522
-
-
-
186,522
-
49,272
25,138
118,276
7,837
4,876
205,399
(18,877)
1,797
(17,080)
2,012,462
1,995,382		 Total
funds
£
262,479
117,332
92
6,704
386,607
55,484
135,408
25,555
128,756
8,120
10,079
363,402
23,205
-
23,205
2,070,169
2,093,374

Page 19

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

12. TANGIBLE FIXED ASSETS

COST
At 1 August 2020
Additions
At 31 December 2021
DEPRECIATION
At 1 August 2020
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 July 2020
COST
At 1 August 2020
Additions
At 31 December 2021
DEPRECIATION
At 1 August 2020
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 July 2020		 Long
leasehold
£
1,842,085
-
1,842,085
29,473
20,878
50,351
1,791,734
1,812,612
Motor
vehicles
£
33,954
-
33,954
17,641
4,078
21,719
12,235
16,313		 Plant and
machinery
£
115,000
-
115,000
8,400
6,517
14,917
100,083
106,600
Computer
equipment
£
35,798
-
35,798
31,893
3,738
35,631
167
3,905		 Fixtures
and
fittings
£
138,567
9,258
147,825
71,498
13,711
85,209
62,616
67,069
Totals
£
2,165,404
9,258
2,174,662
158,905
48,922
207,827
1,966,835
2,006,499

A legal charge is held against the property, in the name of The Big Lottery Fund, against the total sum of grant income received for the rebuild of £967,537. The charge remains in place for twenty five years from 15 August 2016.

Page 20

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.7.20
£ £
Prepayments and accrued income 6,885 2,566
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.7.20
£ £
Bank loans and overdrafts (see note 16) 9,546 -
Trade creditors 6,630 1,902
Social security and other taxes 3,866 1,880
Accruals and deferred income 2,160 5,398
**22,202 ** 9,180
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21 31.7.20
£ £
Bank loans (see note 16) 38,886 -
16. LOANS
An analysis of the maturity of loans is given below:
31.12.21 31.7.20
£ £
Amounts falling due within one year on demand:
Bank loans 9,546 -
Amounts falling due between two and five years:
Bank loans 38,886 -

The bank loan has been taken out under the Government backed Bounce Back Loan scheme and is repayable over sixty months commencing form November 2021. Interest is charged at a fixed rate of 2.5%.

Page 21

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

17. MOVEMENT IN FUNDS

Unrestricted funds
General Activities
Building Fund
Youth and Children Activities
Family Activities
Restricted funds
General Activities
Building Fund
Youth and Children Activities
Advice & Guidance
Norton Foundation - new computers
ENT Room
Barrow Cadbury
Fundraisers
Covid-19 support grants
Henry Smith Charitable Trust
Dept for DCMS
Neighbourly Seeds of Change
TOTAL FUNDS		 At 1.8.20
£
87,802
6,996
2,515
679
97,992
1,311
1,919,743
46,086
9,062
5,382
943
227
11,246
1,381
-
-
-
1,995,381
2,093,373		 Net
movement
in funds
£
74,049
(80)
(733)
2,407
75,643
(71)
(36,165)
(14,430)
2,303
(500)
(16)
(189)
(11,246)
(1,374)
13,592
30
400
(47,666)
27,977		 At
31.12.21
£
161,851
6,916
1,782
3,086
173,635
1,240
1,883,578
31,656
11,365
4,882
927
38
-
7
13,592
30
400
1,947,715
2,121,350

Page 22

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General Activities
Building Fund
Youth and Children Activities
Family Activities
Restricted funds
General Activities
Building Fund
Youth and Children Activities
Advice & Guidance
Norton Foundation - new computers
ENT Room
Barrow Cadbury
Fundraisers
Covid-19 support grants
Charities Aid Foundation Resilience
Fund
Henry Smith Charitable Trust
Dept for DCMS
Power to Change
Neighbourly Seeds of Change
TOTAL FUNDS		 Incoming
resources
£
315,939
1
8,153
7,007
331,100
5,999
-
57,055
6,750
-
-
-
-
-
31,551
60,000
17,398
20,000
400
199,153
530,253		 Resources
Movement
expended
in funds
£
£
(241,890)
74,049
(81)
(80)
(8,886)
(733)
(4,600)
2,407
(255,457)
75,643
(6,070)
(71)
(36,165)
(36,165)
(71,485)
(14,430)
(4,447)
2,303
(500)
(500)
(16)
(16)
(189)
(189)
(11,246)
(11,246)
(1,374)
(1,374)
(31,551)
-
(46,408)
13,592
(17,368)
30
(20,000)
-
-
400
(246,819)
(47,666)
(502,276)
27,977

Page 23

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General Activities
Building Fund
Youth and Children Activities
Family Activities
WECANB7
Restricted funds
General Activities
Building Fund
Youth and Children Activities
Family Activities
Advice & Guidance
Norton Foundation - new computers
ENT Room
Barrow Cadbury
Fundraisers
Covid-19 support grants
TOTAL FUNDS		 At 1.8.19
£
30,282
27,744
(1,462)
98
1,045
57,707
7,464
1,924,478
42,944
28,710
-
8,866
-
-
-
-
2,012,462
2,070,169		 Net
movement
in funds
£
45,791
(57)
(3,435)
(217)
-
42,082
(2,573)
(25,129)
(3,655)
(6,896)
9,062
(3,484)
943
227
11,246
1,381
(18,878)
23,204		 Transfers
between
funds
£
11,729
(20,691)
7,412
798
(1,045)
(1,797)
(3,580)
20,394
6,797
(21,814)
-
-
-
-
-
-
1,797
-		 At
31.7.20
£
87,802
6,996
2,515
679
-
97,992
1,311
1,919,743
46,086
-
9,062
5,382
943
227
11,246
1,381
1,995,381
2,093,373

Page 24

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General Activities
Building Fund
Youth and Children Activities
Family Activities
Advice & Guidance
Restricted funds
General Activities
Building Fund
Youth and Children Activities
Family Activities
Advice & Guidance
BLF Business Development
Norton Foundation - new computers
ENT Room
Barrow Cadbury
Fundraisers
Covid-19 support grants
TOTAL FUNDS		 Incoming
resources
£
186,214
-
8,154
2,017
3,700
200,085
-
-
118,532
(1)
13,000
20,000
(1)
5,225
1,200
21,667
6,900
186,522
386,607		 Resources
Movement
expended
in funds
£
£
(140,423)
45,791
(57)
(57)
(11,589)
(3,435)
(2,234)
(217)
(3,700)
-
(158,003)
42,082
(2,573)
(2,573)
(25,129)
(25,129)
(122,187)
(3,655)
(6,895)
(6,896)
(3,938)
9,062
(20,000)
-
(3,483)
(3,484)
(4,282)
943
(973)
227
(10,421)
11,246
(5,519)
1,381
(205,400)
(18,878)
(363,403)
23,204

Purpose of funds

General Activities - Specific Core expenses ie Salaries etc.

Building Fund - To raise money for the purchase of a new building, which the charity purchased in 2017/2018. The fund is now also for the general upkeep of the property in which the charity received restricted monies for.

Youth & Children Activities - To provide support and development services to children and young people within the local community through the funding of several full time and part time youth workers.

Family Activities - Families Project - To provide support and development services to families in the local community in the Nechells area.

Advice & Guidance - To provide free advice to residents of the Nechells area regarding financial difficulties and welfare benefit entitlements.

Page 25

free@last

Notes to the Financial Statements - continued for the Period 1 August 2020 to 31 December 2021

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 31 December 2021.

19. COMPANY LIMITED BY GUARANTEE

Free@last is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

Page 26