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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 05230659 (England and Wales) REGISTERED CHARITY NUMBER: 1106209

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 March 2022

for

North Worcestershire Basement Projects Limited

(A Company Limited by Guarantee)

Curo Professional Services Ltd, Statutory Auditors Curo House Greenbox Westonhall Road Bromsgrove Worcestershire B60 4AL

North Worcestershire Basement Projects Limited

Contents of the Financial Statements for the Year Ended 31 March 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 25

North Worcestershire Basement Projects Limited

Reference and Administrative Details for the Year Ended 31 March 2022

TRUSTEES Mrs S M Collins (resigned 13.6.22)
Mrs E A Holmes (resigned 13.6.22)
Mrs S Nunnerley
Mrs C M Lewis (resigned 18.10.21)
Mrs J Spencer
D L Morgan
J Q Perks, Financial Director (resigned 13.6.22)
Ms L J Peniston, Chair
R Martin (resigned 13.6.22)
Mrs M A Sherrey
Mrs S A Walton
R N Hood
J Hanson (appointed 13.6.22)
J Morris (appointed 13.6.22)
E Williams (appointed 13.6.22)
REGISTERED OFFICE Hanover House
1 Hanover Street
Bromsgrove
Worcestershire
B61 7JH
REGISTERED COMPANY 05230659 (England and Wales)
NUMBER
REGISTERED CHARITY 1106209
NUMBER
AUDITORS Curo Professional Services Ltd, Statutory Auditors
Curo House
Greenbox
Westonhall Road
Bromsgrove
Worcestershire
B60 4AL
SOLICITORS mfg Solicitors
1 High Street
Bromsgrove
B61 8EZ
BANKERS Lloyds Bank plc
112 High Street
Bromsgrove
B61 8EZ

Page 1

North Worcestershire Basement Projects Limited (Registered number: 05230659)

Report of the Trustees

for the Year Ended 31 March 2022

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 year ended 31 March 2022. 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

Objectives and aims

North Worcestershire Basement Projects Ltd. aims to provide help and clear guidance to young people who are potentially homeless, actually homeless and/or unemployed and/or not in education/training and/or local authority care leavers by providing help -

a) to alleviate the effect of poverty experienced by this group,

b) to assist the target group in competing effectively in the labour market or to obtain training or educational opportunities,

c) to provide clear and adequate information/resources so that the target group is fully informed of their rights and responsibilities,

d) to encourage, support and empower the target group to have choice and to represent themselves.

Significant activities

Significant activities are disclosed within achievements and performance.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives, and in planning future activities. The main activities and the people who the charity aims to help are undertaken to further its charitable purposes for public benefit.

Volunteers

Volunteers are recruited when needed.

ACHIEVEMENTS AND PERFORMANCE

The aims of The Basement Project are to provide support services for homeless and potentially homeless young people until they reach 25; an integral part of these services is to focus on homeless prevention. At 31 March 2022 the Basement Project was made up of two interlinking projects: The Basement Drop-in Service and the Floating Support Service; although there is an overlap and staff work across both projects. We have also begun to develop drop-in services in two other areas in the Worcestershire area; Evesham and Malvern, although these are in the early stages. Up until 31 March 2012, we also ran a Private Tenancy Scheme. We have and will continue to work in partnership with agencies (Statutory, Public Sector, Voluntary and Private Sector) relevant to supporting young people across Worcestershire. In recent years we have been developing a Mediation and Conflict resolution service to support our homeless prevention agenda.

The Basement Drop-in Service has for some of the last financial year been closed or offered a limited service. However, staff have continued to pull together to work around this using various methods of contact such as video calls where clients can still 'drop in' albeit virtually. Alternatively, clients have been able to contact a member of the team via telephone calls and text, WhatsApp, or Facebook messages. Using these methods, we have still been able to support 169 clients through the year up to 31 March 2022.

Page 2

North Worcestershire Basement Projects Limited (Registered number: 05230659)

Report of the Trustees for the Year Ended 31 March 2022

OBJECTIVES AND ACTIVITIES

Normally, the Drop-in is open every weekday and is staffed by two qualified youth workers and trained volunteers and is well used by local young people. In the first full year we were open in 2006, there were well over 400 visits during the year and in the year to 31 March 2022 we carried out over 3,341 interventions, either face to face (although this method has been reduced due to restrictions); telephone conversations; live chat; video calls; messages; or advocating on behalf of the young person. This service is a place where a young person can access someone to talk to, enabling them to have the support they need to deal with their primary issues surrounding housing and homelessness and other issues that may be hindering their ability to move forward. We can offer mediation and advocacy should the young person feel that is appropriate. Practical help that we offer can be in the form of a young person being able to have a shower, do some washing, or get a meal at the Basement, but again due to lockdowns this help has been limited during the past year.

Through donations we are able to offer emergency food/toiletry parcels, which are invaluable to our clients. This year due to several small pots of funding provided through Bromsgrove District Council and HSBC we were able to offer more substantial food parcels to our service users. We have provided 261 food parcels to our clients and their families this year, and over 100 food parcels to other local families who were in need. Also, funding permitted, we will assist a young person to purchase other essential items to help them set up in a new tenancy. This year, we were fortunate enough to gain some small funding pots from Bromsgrove District Council and HSBC to help clients with essential items. In normal circumstances, we offer a programme of workshops throughout the year, which run alongside the Drop-in service. These include life skills training, healthy eating, self-esteem, confidence building, budget management, cooking on a budget as well as arts related projects. All workshops are designed to be 'young person friendly' and are delivered in a relaxed, welcoming atmosphere. These are now being offered once again now that restrictions have been lifted. Through the Drop-in we also recruit and train volunteers to work alongside our Youth Support Workers to help us deliver our services.

The Drop-in is at present funded primarily by The National Community Lottery Fund and Bromsgrove District Council. In addition to this we submit a variety of applications to support our existing work and future projects as required and as set out in our Strategic Plan. We hope to identify funds from grants, trust funds and possible tendering for contracts.

We were also provided with a small pot of funding from Worcestershire County Council to provide several 'pop-up drop-ins' around the county over a three-month period.

The Floating Support part of the project is primarily funded through a commissioned service with Worcestershire Children First and grant funding from Lloyds Bank Foundation, although the latter ended in December 2021. We can offer around 80 places for individual young people to have a dedicated support worker who they will usually meet on a regular basis to help them manage the transition to independent living. This past year, due to restrictions, support workers have been keeping in contact via telephone calls and messages, and via virtual methods when applicable, offering 'walk and ta lk' sessions to clients, and when safe to do so face to face visits in the home with applicable PPE.

The commissioned service through WCF supports 16-21-year-olds (and up to 25 years old for care leavers) across the whole of Worcestershire. We subcontract to Redditch Nightstop to cover the Redditch district and we cover the rest of the county. Funding from Lloyds Bank Foundation and Bromsgrove District Council has enabled us to recruit extra staff to cover the age range that the WCF contract does not cover, i.e. young people aged 16-17 years old and 22-25 years old.

The Private Tenancy Scheme was run for young people aged 18-25 years in Bromsgrove and District and offered support and assistance in accessing private rented accommodation. The scheme was set up due to the increase in waiting lists for social housing and the initial financial outlay being unrealistic for young people in the target age group. Up until 31 March 2012, this project was funded through a Service Level Agreement with Bromsgrove District Council. Although this funding has now ceased, we have reserves set aside to continue to support the existing 6 tenancies.

Future developments

The charity's robust business strategy has enabled it to respond to the impact of Covid-19 and the subsequent restrictions enforced. So far, staff have managed to continue to keep working to support the vulnerable young people who use the service and will work hard to continue to do this.

Page 3

North Worcestershire Basement Projects Limited (Registered number: 05230659)

Report of the Trustees

for the Year Ended 31 March 2022

OBJECTIVES AND ACTIVITIES

We continue to consolidate the work we deliver through the Basement Project and will be looking for new and innovative opportunities beyond 2022/23. We will continue to grow the new drop-in service and work towards obtaining funding to sustain them. The appointment of an outside fundraising agency to secure funds has proved successful and ensured the security of the project for 2021/2022.

We continue to work with partner agencies at a strategic level to inform our service delivery and constantly monitor and consult with the young people to ensure our services meet their needs.

Reserves Policy

The trustees have established a Reserves Policy whereby the unrestricted funds should be built up to a minimum level equivalent to 6 months operating costs; however, in view of the fact that it can take 9 months to be successful in a funding application, it is not unreasonable to let the unrestricted level of reserves cover around 9 months operating costs. This would allow the organisation time to try and address any periodic cash flow shortfall while maintaining support to staff and clients. In the event that such efforts were unsuccessful the Reserve would be used to finance the close down costs of North Worcestershire Basement Projects in an orderly manner.

Our current surplus shows our commitment to increase our unrestricted reserves towards 75% of our costs and will also cover future imponderables such as changes or cessations of funding contracts. Due to cuts in Government funding, local government grants will always be uncertain. We continued to make a concerted effort to save money in 2021/2022 as we have a commitment to the young people to complete their support, with the majority of clients requiring at least 12 months' worth of support.

At the end of the year total reserves stood at £459,114 of which £242,566, related to unrestricted funds.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees are appointed from the membership. All trustees comply with "Good Governance", a code for the Voluntary and Community Sector.

Organisational structure

The trustees form the Management Committee which has appointed a Chief Executive Officer, Jerry Robinson, to deal with the day to day running of the Charity, and any appropriate working groups.

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.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of North Worcestershire Basement Projects Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

Page 4

North Worcestershire Basement Projects Limited (Registered number: 05230659)

Report of the Trustees

for the Year Ended 31 March 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

AUDITORS

The auditors, Curo Professional Services Ltd, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

26/10/2022

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ D L Morgan - Trustee

Page 5

Report of the Independent Auditors to the Members of North Worcestershire Basement Projects Limited

Opinion

We have audited the financial statements of North Worcestershire Basement Projects Limited (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 6

Report of the Independent Auditors to the Members of North Worcestershire Basement Projects Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

Report of the Independent Auditors to the Members of North Worcestershire Basement Projects Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Identifying and responding to risks of material misstatement due to fraud

The level of risk and ability to detect irregularities due to fraud was considered during the planning stage of the audit. A risk assessment was undertaken, taking into consideration the Company's policies, procedures and enquiries with management.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls and the risk of fraudulent transactions, in particular the risk that management may be in a position to make inappropriate accounting entries.

We performed procedures including:

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

The level of risk and ability to detect irregularities due to non-compliance with laws and regulations was considered during the planning stage of the audit. A risk assessment was undertaken, taking into consideration the company's policies, procedures and compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

The company is also subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, there is a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

Report of the Independent Auditors to the Members of North Worcestershire Basement Projects Limited

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Anna Madden FCA (Senior Statutory Auditor) for and on behalf of Curo Professional Services Ltd, Statutory Auditors Curo House Greenbox Westonhall Road Bromsgrove Worcestershire B60 4AL Date: .............................................

Page 9

North Worcestershire Basement Projects Limited

Statement of Financial Activities

for the Year Ended 31 March 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
27,989
Charitable activities
To provide support to young people who are in
crisis
-
Other trading activities
4
6,990
Investment income
5
2,476
Other income
292
Total
37,747
EXPENDITURE ON
Charitable activities
7
To provide support to young people who are in
crisis
29,285
NET INCOME
8,462
RECONCILIATION OF FUNDS
Total funds brought forward
234,104
TOTAL FUNDS CARRIED FORWARD
242,566		 Restricted
funds
£
7,284
330,259
-
-
-
337,543
332,774
4,769
211,779
216,548		 2022
Total
funds
£
35,273
330,259
6,990
2,476
292
375,290
362,059
13,231
445,883
459,114		 2021
Total
funds
£
107,898
262,257
-
3,564
430
374,149
344,501
29,648
416,235
445,883

The notes form part of these financial statements

Page 10

North Worcestershire Basement Projects Limited (Registered number: 05230659)

Balance Sheet

31 March 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
12
1,237
CURRENT ASSETS
Debtors
13
13,959
Cash at bank and in hand
246,111
260,070
CREDITORS
Amounts falling due within one year
14
(18,741)
NET CURRENT ASSETS
241,329
TOTAL ASSETS LESS CURRENT
LIABILITIES
242,566
NET ASSETS
242,566
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
216,548
216,548
-
216,548
216,548
216,548		 2022
Total
funds
£
1,237
13,959
462,659
476,618
(18,741)
457,877
459,114
459,114
242,566
216,548
459,114		 2021
Total
funds
£
1,649
15,512
438,906
454,418
(10,184)
444,234
445,883
445,883
234,104
211,779
445,883

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26/10/2022 ............................................. and were signed on its behalf by:

............................................. D L Morgan - Trustee

The notes form part of these financial statements

Page 11

North Worcestershire Basement Projects Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1. COMPANY STATUS

The charity is a private company limited by guarantee. There is no share capital. Each member has undertaken to pay £10 in the event of the company being wound up.

2. 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.

Going concern

The financial statements have been prepared on the going concern basis on the grounds that the trustees believe that there is sufficient funding in place to support the charity for the next twelve months from the date of approval of the financial statements.

Forecasts have been prepared and post balance sheet economic conditions have been reviewed following the COVID-19 pandemic and its impact on the charity. This review has not resulted in a change in the trustees' belief that the going concern basis is appropriate.

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.

Expenditure

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.

Allocation and apportionment of costs

When possible, expenditure is charged to the charitable activity to which it relates. Costs that cannot be dealt with in this way are apportioned in proportion to staff hours. Apportioned costs are those for Premises and Office Expenses. All costs that can be identified, such as room hire, refreshments, stationery and audit fees are charged directly. Staff time is allocated according to the percentage spend directly on governance, together with a proportion of support costs. All indirect costs are apportioned on staff time.

Tangible fixed assets

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

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Taxation

The charity is exempt from corporation tax 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.

continued...

Page 12

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Fund accounting

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

Pension costs and other post-retirement benefits

The charitable company operates an auto-enrolment defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors

Trade and other debtors are recognised at the settlement amount after any discount offered.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.

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 discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

3. DONATIONS AND LEGACIES

Donations
Gift aid
4.
OTHER TRADING ACTIVITIES
Fundraising events		 2022
£
35,273
-
35,273
2022
£
6,990		 2021
£
106,836
1,062
107,898
2021
£
-

continued...

Page 13

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

5. INVESTMENT INCOME

INVESTMENT INCOME
2022 2021
£ £
Deposit account interest 2,476 3,564

6. INCOME FROM CHARITABLE ACTIVITIES

Incoming resources from Charitable activities represent grants receivable from government and other public bodies and have been used to pursue the Charity's main activity of providing support to young people who are in crisis.

Grants received are as follows:

2022 2021
£ £
Bromsgrove District Council 20,000 20,000
Post Covid Fund 10,000 -
The National Lottery Community Fund (formerly Big Lottery Fund) 106,329 108,806
Awards for all NFL 9,671 -
BDC Covid Support 4,464 -
BDC Counselling Fund 1,500 -
Worcestershire Children First 99,643 99,642
BDC Floating Support 15,000 15,000
Vinci Foundation - 2,956
Worcestershire Community Foundation - 4,309
BDC Defra Fund - 10,044
Worcestershire CC Emergency Covid Fund - 1,000
Tesco - 500
Worcestershire Community Grant - Boldly Goes 9,900 -
BDC - WCC Food Bank 15,000 -
Application Station 3,750 -
Margaret Westwood 1,000 -
HSBC 31,981 -
The Neighbourly Foundation 2,021 -
330,259 262,257

7. CHARITABLE ACTIVITIES COSTS

Expenditure on Charitable activities comprises:

Expenditure on Charitable activities comprises:
2022 2021
£ £
Direct costs of Charitable activities 197,999 212,609
Support costs:
Management 159,812 128,062
Finance 648 830
Governance 3,600 3,000
164,060 131,892
Total expenditure on Charitable expenditure 362,059 344,501

continued...

Page 14

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

7. CHARITABLE ACTIVITIES COSTS - continued

Governance costs represents auditors' remuneration.

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Auditors' remuneration 3,600 3,000
Depreciation - owned assets 412 550
Amounts payable to auditor for other financial services 2,749 4,200
Operating lease payments recognised as an expense 12,173 12,172

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

Trustees' expenses for the year ended 31 March 2022 amounted to £128 (2021 £130). The full amount was donated back to the charity for both years.

10. STAFF COSTS

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

Administrative
Project workers
Community fundraiser		 2022
2
7
1
10		 2021
2
7
1
10
2022 2021
£ £
Wages and salaries 229,483 225,912
Social security costs 15,539 15,367
Other pension costs 9,139 8,822
254,161 250,101

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

Benefits are accruing to all members of staff under the auto-enrolment pension scheme.

Page 15

continued...

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
46,776
Charitable activities
To provide support to young people who are
in crisis
-
Investment income
3,564
Other income
430
Total
50,770
EXPENDITURE ON
Charitable activities
To provide support to young people who are
in crisis
-
NET INCOME/(EXPENDITURE)
50,770
Transfers between funds
7,718
Net movement in funds
58,488
RECONCILIATION OF FUNDS
Total funds brought forward
175,616
TOTAL FUNDS CARRIED FORWARD
234,104
12.
TANGIBLE FIXED ASSETS
COST
At 1 April 2021 and 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Restricted
funds
£
61,122
262,257
-
-
323,379
344,501
(21,122)
(7,718)
(28,840)
240,619
211,779		 Total
funds
£
107,898
262,257
3,564
430
374,149
344,501
29,648
-
29,648
416,235
445,883
Fixtures
and
fittings
£
9,188
7,539
412
7,951
1,237
1,649

Page 16

continued...

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accruals and deferred income
15.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year		 2022
£
8,304
5,655
13,959
2022
£
3,950
1,688
13,103
18,741
2022
£
1,014		 2021
£
9,904
5,608
15,512
2021
£
4,042
1,342
4,800
10,184
2021
£
1,014

continued...

Page 17

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Private tenancy scheme
Restructuring reserve
Lloyds Bank Foundation
Forward Housing Association
Bromsgrove District Council
The National Lottery Community Fund
Worcestershire County Council
Community Grant
Garfield Weston Foundation
Western Power Fund
Community Lottery Emergency Fund
Worcestershire Community Foundation
BDC Defra Fund
Post Covid Fund
Awards for all NLF
BDC Covid Fund
Uniform
BDC Counselling
Worcs Community Grant - Boldly goes
BDC - WCC (BDC Food bank)
Social Prescribing (Application Station)
Margaret Westwood (Counselling)
HSBC
The Neighbourly Foundation - Sainsburys
Grant
TOTAL FUNDS		 At 1.4.21
£
234,104
3,616
1,266
16,667
100,126
562
29,363
1,000
50,000
1,886
228
2,840
4,225
-
-
-
-
-
-
-
-
-
-
-
211,779
445,883		 Net
movement
in funds
£
8,462
-
-
(16,667)
-
(562)
(1,217)
(158)
(25,000)
(947)
-
(579)
(4,225)
7,919
4,030
714
708
1,060
2,358
282
2,750
1,000
31,282
2,021
4,769
13,231		 At
31.3.22
£
242,566
3,616
1,266
-
100,126
-
28,146
842
25,000
939
228
2,261
-
7,919
4,030
714
708
1,060
2,358
282
2,750
1,000
31,282
2,021
216,548
459,114

continued...

Page 18

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Lloyds Bank Foundation
Bromsgrove District Council
The National Lottery Community Fund
Help through Crisis
Floating Support Reserve
Worcestershire County Council
Community Grant
Garfield Weston Foundation
Worcestershire Children First
Western Power Fund
Worcestershire Community Foundation
BDC Defra Fund
Post Covid Fund
Awards for all NLF
BDC Covid Fund
Uniform
BDC Counselling
Worcs Community Grant - Boldly goes
BDC - WCC (BDC Food bank)
Social Prescribing (Application Station)
Margaret Westwood (Counselling)
HSBC
The Neighbourly Foundation - Sainsburys
Grant
TOTAL FUNDS		 Incoming
resources
£
37,747
-
20,000
106,329
6,400
15,000
-
-
99,643
-
-
-
10,000
9,671
4,464
884
1,500
9,900
15,000
3,750
1,000
31,981
2,021
337,543
375,290		 Resources
Movement
expended
in funds
£
£
(29,285)
8,462
(16,667)
(16,667)
(20,562)
(562)
(107,546)
(1,217)
(6,400)
-
(15,000)
-
(158)
(158)
(25,000)
(25,000)
(99,643)
-
(947)
(947)
(579)
(579)
(4,225)
(4,225)
(2,081)
7,919
(5,641)
4,030
(3,750)
714
(176)
708
(440)
1,060
(7,542)
2,358
(14,718)
282
(1,000)
2,750
-
1,000
(699)
31,282
-
2,021
(332,774)
4,769
(362,059)
13,231

continued...

Page 19

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Private tenancy scheme
Restructuring reserve
Lloyds Bank Foundation
Forward Housing Association
The National Lottery Community Fund
Help through Crisis
Worcestershire County Council
Community Grant
The Eveson Charitable Trust
Garfield Weston Foundation
Albert Hunt Trust
Worcestershire Children First
Western Power Fund
Vinci Foundation
Community Lottery Emergency Fund
Worcestershire Community Foundation
BDC Defra Fund
Worcestershire CC Emergency Covid Fund
TOTAL FUNDS		 At 1.4.20
£
175,616
3,616
1,267
16,666
100,126
28,104
-
5,000
5,833
75,000
5,000
7
-
-
-
-
-
-
240,619
416,235		 Net
movement
in funds
£
50,770
-
-
-
-
1,259
7,718
(5,000)
(5,833)
(25,000)
(5,000)
(7)
1,886
562
228
2,840
4,225
1,000
(21,122)
29,648		 Transfers
between
funds
£
7,718
-
-
-
-
-
(7,718)
-
-
-
-
-
-
-
-
-
-
-
(7,718)
-		 At
31.3.21
£
234,104
3,616
1,267
16,666
100,126
29,363
-
-
-
50,000
-
-
1,886
562
228
2,840
4,225
1,000
211,779
445,883

continued...

Page 20

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
Lloyds Bank Foundation
Bromsgrove District Council
The National Lottery Community Fund
Help through Crisis
Floating Support Reserve
Worcestershire County Council
Community Grant
The Eveson Charitable Trust
Garfield Weston Foundation
Albert Hunt Trust
Worcestershire Children First
Western Power Fund
Vinci Foundation
Community Lottery Emergency Fund
Worcestershire Community Foundation
BDC Defra Fund
Worcestershire CC Emergency Covid Fund
Defra Food Bank
Tesco Grant
TOTAL FUNDS		 Incoming
resources
£
50,770
25,000
20,000
108,806
19,200
15,000
-
-
-
-
99,642
9,950
2,956
5,613
4,309
10,044
1,000
1,359
500
323,379
374,149		 Resources
Movement
expended
in funds
£
£
-
50,770
(25,000)
-
(20,000)
-
(107,547)
1,259
(11,482)
7,718
(15,000)
-
(5,000)
(5,000)
(5,833)
(5,833)
(25,000)
(25,000)
(5,000)
(5,000)
(99,649)
(7)
(8,064)
1,886
(2,394)
562
(5,385)
228
(1,469)
2,840
(5,819)
4,225
-
1,000
(1,359)
-
(500)
-
(344,501)
(21,122)
(344,501)
29,648

continued...

Page 21

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Private tenancy scheme
Restructuring reserve
Lloyds Bank Foundation
Forward Housing Association
Bromsgrove District Council
The National Lottery Community Fund
Help through Crisis
Worcestershire County Council
Community Grant
The Eveson Charitable Trust
Garfield Weston Foundation
Albert Hunt Trust
Worcestershire Children First
Western Power Fund
Vinci Foundation
Community Lottery Emergency Fund
Worcestershire Community Foundation
Worcestershire CC Emergency Covid Fund
Post Covid Fund
Awards for all NLF
BDC Covid Fund
Uniform
BDC Counselling
Worcs Community Grant - Boldly goes
BDC - WCC (BDC Food bank)
Social Prescribing (Application Station)
Margaret Westwood (Counselling)
HSBC
The Neighbourly Foundation - Sainsburys
Grant
TOTAL FUNDS		 At 1.4.20
£
175,616
3,616
1,267
16,666
100,126
-
28,104
-
5,000
5,833
75,000
5,000
7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
240,619
416,235		 Net
movement
in funds
£
59,232
-
-
(16,667)
-
(562)
42
7,718
(5,158)
(5,833)
(50,000)
(5,000)
(7)
939
562
228
2,261
1,000
7,919
4,030
714
708
1,060
2,358
282
2,750
1,000
31,282
2,021
(16,353)
42,879		 Transfers
between
funds
£
7,718
-
-
-
-
-
-
(7,718)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(7,718)
-		 At
31.3.22
£
242,566
3,616
1,267
(1)
100,126
(562)
28,146
-
(158)
-
25,000
-
-
939
562
228
2,261
1,000
7,919
4,030
714
708
1,060
2,358
282
2,750
1,000
31,282
2,021
216,548
459,114

continued...

Page 22

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Lloyds Bank Foundation
Bromsgrove District Council
The National Lottery Community Fund
Help through Crisis
Floating Support Reserve
Worcestershire County Council
Community Grant
The Eveson Charitable Trust
Garfield Weston Foundation
Albert Hunt Trust
Worcestershire Children First
Western Power Fund
Vinci Foundation
Community Lottery Emergency Fund
Worcestershire Community Foundation
BDC Defra Fund
Worcestershire CC Emergency Covid Fund
Defra Food Bank
Tesco Grant
Post Covid Fund
Awards for all NLF
BDC Covid Fund
Uniform
BDC Counselling
Worcs Community Grant - Boldly goes
BDC - WCC (BDC Food bank)
Social Prescribing (Application Station)
Margaret Westwood (Counselling)
HSBC
The Neighbourly Foundation - Sainsburys
Grant
TOTAL FUNDS		 Incoming
resources
£
88,517
25,000
40,000
215,135
25,600
30,000
-
-
-
-
199,285
9,950
2,956
5,613
4,309
10,044
1,000
1,359
500
10,000
9,671
4,464
884
1,500
9,900
15,000
3,750
1,000
31,981
2,021
660,922
749,439		 Resources
Movement
expended
in funds
£
£
(29,285)
59,232
(41,667)
(16,667)
(40,562)
(562)
(215,093)
42
(17,882)
7,718
(30,000)
-
(5,158)
(5,158)
(5,833)
(5,833)
(50,000)
(50,000)
(5,000)
(5,000)
(199,292)
(7)
(9,011)
939
(2,394)
562
(5,385)
228
(2,048)
2,261
(10,044)
-
-
1,000
(1,359)
-
(500)
-
(2,081)
7,919
(5,641)
4,030
(3,750)
714
(176)
708
(440)
1,060
(7,542)
2,358
(14,718)
282
(1,000)
2,750
-
1,000
(699)
31,282
-
2,021
(677,275)
(16,353)
(706,560)
42,879

continued...

Page 23

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

16. MOVEMENT IN FUNDS - continued

Nature and purpose of funds:

Private Tenancy Scheme

Website

Bromsgrove District Council The National Lottery Community Fund (formerly BIG Lottery Fund) Restructuring Reserve

Floating Support Reserve

Worcestershire County Council Lloyds Bank Foundation

To cover bond liability for tenancies set up prior to closure of scheme on 31 March 2012

To cover purchase and development costs and website maintenance costs

To provide funding for Basement Drop-in (including workshops)

To cover TUPE costs and other additional costs associated with the Worcestershire County Council contract on cessation of the contract

To cover floating support funding when funding is reduced or ends

To provide funding for Floating Support

Worcestershire Children First

Help through Crisis

Forward Housing Association

Worcestershire CC Community Grant The Eveson Charitable Trust Garfield Weston Foundation

Worcestershire Community Foundation Western Power Fund Vinci Foundation

Community Lottery Emergency Fund BDC Defra Fund

Worcestershire CC Emergency Covid Fund

To provide funding for 20 hours of staff time to help to develop a Youth Hub in Wyre Forest as part of a BLF consortium bid

To make good any shortfall in funding for the Drop-in or Floating Support Service after April 2022

To make good any shortfall in funding to support the running of the service

To provide funding directly for client costs

To provide funding for a food bank manager

To provide food and other essential items for clients in the Bromsgrove area

To provide funding to alleviate Covid 19 difficulties in emergency situations

continued...

Page 24

North Worcestershire Basement Projects Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022 except for £128 trustees' expenses which were donated back to the charity as disclosed within Note 8.

Page 25