Abbey Community Association Limited Annual Report and Flnancial Statements 31 March 2024 Company ReglslralSon Number 05373711 (England a1 Wale8} Ch8rlty Reglslrallon Number 1109442
Contents Reports Reference and administrative details Trustees, report Independent auditor's report 12 Flnanclal statements Consolidated ststement of financial activities 16 Balance sheet 17 Consolidated ststement of ca8h flows 18 Principal accounting policies 19 Notes to the financial staternents 21 Abbey Community Association Limited
Reference and administrative detalls of the charitable company and its trustees Trustses Mr J Buckingham (Chair) Mr D Gilchrist Mr R Perera Ms G Arrindell (appointed 23 January 2024) Ms T Brown (appointed 23 January 2024) Ms C Vince (Treasurer) (appointed 25 June 2024) Mr R Walters (Treasurer) (resigned 29 August 2023) Dr J Wilkinson (resigned 20 February 2024) Observer Cllr T Mitchell Senlor Management Toam Mr M Linehan, Ms G Deadman, Mr A Greenhalgh Address 34 Great Smith Str88t London SW1P 3BU Wabslte .'IlvMw.the bb Company reg18tratlon number 05373711 Charlty reglstratlon number 1109442 Audltor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Abbey Community Association Limited
Trustees, report 31 March 2024 The Board of Trustees submits its report together with the accounts for the year ended 31 March 2024. This report is prepared in a¢¢ordance with the Companies Act 2006, Charities Act 2011 and the Statement of Recommended Practice.. Accounting and Reporting by Charities {SORP 2015), issued by the Charity Commission. Structura, governance and management Governlng document The organisation ('the Charity,) is a charitable company limited by guarantee, incorporated on 23 February 2005. The Charily was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The Articles ofAssociation were reviewed by the Trustees in early 2018 and new Articles adopted by special resolution in March 2018. Prior to the establishment of Abbey Community Association Limited, the activitie8 of the company were carried through an uninGorporated association and registered charity, Abbey Community Association, first established in 1948. Recrultment and appolntment of 8o8rd The directors of the Charity are directors for the purposes of company law and are also Charity trustees for the purposes of Charity law and under the Charity's Articles are known as members of the Board ('Board'). The Board reviews its membership annually, undertaking truste8 appraisals, to ensure that it reflects the diversity of the community it serves and has the broad set of skills and experience required for the effective management of the Charity. The Chair meets with snd is in ragular communication with members of the Board. Working groups, acting under delegation of the Board, can be convened to meet to deal with particular Board vmrf<-8treams Such a8 finance, business development and strategic planning. Rlsk management The 808rd records the major risks to which the Charity is exposed, updating its risk register for review at every Board meeting. The Charity continues to review its health and safety policie8 during the year, as part ofthe Board's regular review of risk. PoliGies and procedure3 are regularly reviewed and where appropriate, systems and procedures are updated and training delivered to staff. Major contracts with external suppliers are reviewed during the year and where appropriate. opened up to competitive procurement on renewal. Th8 CEO and Board of Trustees r8Vl8W the revenue of the café and commercial room hira business (operated by its trading subsidiary, Abbey Community Services Limited), comparing it to previous years and the budget, to ensure it remains profitable and continues to provide unrestricted funds to the charity through gift aid. Abbey Community Association Limited
Trustees, report 31 March 2024 Structure, governanco and management (continued) Oryanlsatlonal structure The Articles of Association provide that the Charity has a Board of no fewer than three and no more than nine members who meet every tr0 months and are responsible for the strategic direction and policy of the Charity. At present the Board has six members and on8 observer, from a range of backgrounds relevant to the work ofthe Charity. In 2023, the Chair conducted an audit of skills and experience of Board members, which informed recruitment and succession planning, leading to the appointment of three new members {with two existing members standing downl to ensure the Board retains the necessary skills and is representative of the community the Charity serves. The Board meets evary two months and the CEO attends but has no voting rights. The Board retains the option to convene time-limited "working groups. to pursue more detailed work such as budget development, financial management, strategic planning and organisational development rather than maintaining standing sub-committees. Each group is chaired by a member of the Board and is open to other volunteers and staff members, where appropriate, is time-limited, bound by agreed delivery objectives and reports back to the Board with recommendation8, The Board delegates day to day responsibility for the provision and management of the services to the CEO and the Senior Management Team, which comprises the Head of Community Programmes and the Businoss and Events Manager. Remuneratlon of key management personnel The pay of the Senior Management Team and all staff is reviewed annually in March and nomally increased in accordance with average earnings to reflect a cost-of-living adjustment, with the option of additional pay awards being made in line with changes to the responsibilities of individual staff. A recommendation on the level of the cost-of-living increase is made by the CEO for approval by the Board. Those staff earning the London Living Wage receive an increase determined by the Living Wage Foundation. The Charity is a Living Wage Employer. New staff appointments are made where there is provision for new posts in restricted funds, or where a business case for new appointments covered by CO funds is made by the CEO and approved by the Board. Public Benefit Ststsment The Charity works for the benefit of residents of south Westminster by providing activities, programmes and services that improve their health, wellbeing, opportunities and employability, in line with the objects set out in the Articles of Association. The Board members confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefrt, 'Charities and Public Benefit.. Abbey Communty Asscciation Limited
Trustees, report 31 March 2024 Structure, governance and management (continued) Mlsslon, vision and values The charity's mission, vision and values were reviewed by stsff and Trustees during 2023 and agreed. Mission: To support a healthy and cohesive community in south Westminster by providing the space, services and opportunities to th8 people who need rt most. Vision.. A sotjth Westminster community that feels healthier, happier and fully supported. Values.. Dedicated - to serving the community Collaborative - working together to succeed Welcoming - to everyone in the community Responsive - to changing needs Adaptsble- finding new solutions Achlevements and perfomiance The following section prés8nts the key achievements and achievements of services and activities of the Abb8y Community Association for the year ended 31 March 2024. The Charty manages the Abbey Centre as the vibrant community hub for south Westminster, providing wrthin it and from it a diverse range of community Seice8, events and activities. The Charity is committed to ensuring its employment practices are consistent with its aims and objectives, and continues to be a London Living Wage employer, certified with the Living Wage Foundation. Staff member8 ensure that the Charity undertakes a Strategic role locally by participating In and facilitating a range of nefvnrks that develop local services and policy including.. Communty Champions Providers Meeting Healthcare Central London -'Octopus° network One Westminster- Health and Wellbeing Network South Westminster Neighbourhood Network Westminster City Council Community Alliance Westminster City Council Food and Energy Network Westminster Community Network Westminster Connects Abbey Community Association Limited
Trustees, report 31 March 2024 Structure, governance and management {continued) Achlevements and performance (continued) Westminster Neighbourhood Services Westminster Monthly Outreach and Coordination meeting The charrty engages with se1 users and the wider community through an E bulletin to the community very two weeks, an E bulletin to partners every two weeks regular newsletters, E-bulletins, printed posters, flyers, and activity leaflets social media {Instagram, X and Linkedln), website, text messages, outreach by staff, and word of mouth. During the year we saw growth in the number of members, the number of people using the charity's seNices, and the number of attendances at the charity's activities. 2023124 2022123 Chang• Memb•r8 5,193 4,617 +576 Total servlco users 8,193 7,391 +802 Attendances 32,198 25,787 +6,411 The number of volunteers increased during the year, but a reduction in the amount of time volunteer8 were able to donate saw a fall in the number of hours provided. 2023124 2022123 Change Volunteers 217 168 +49 Volunteer hour8 13,693 19,599 -5,906 The Charity managad and delivered (either directly or through community partners) a diverse range of services and activities in 2023124 in support of its charitable objectives, and these included.. Community Champions Art therapy Carers Group Champions Volunteering Change 4 Life Workshops Community and Maternity Champion Head Count Sessions Community Health Workers Coffee Morning Maternity Champions Baby Drop-in Sessions Men'8 Wellbeing Workshops Men's Yoga with Open Age Pimlico Millions Coffee Morning Tea Party Walking Football Women Only Exercise Classes Abbey Community Association Limited
Trustees, report 31 March 2024 structur8. governance and management (continued) AehleveMts andperfom7ance (continued) Community Champions (continuad) Women Only Online Exercise Classes Women Only Gym Sessions Women Only Swimming for Confidence Women's Wellbeing Wotk5hops Family Cookery Taster Sessions Carers Group Community Health and Wellbeing Worters Churchill Gardens Coffee Moming8 Gordon Hospital Coffee Mornings He81th and Wellbeing.. AthleFit for Women Community Choir Cycling Training Hot Me81s for Rough Sleepers and Homeless P8ople H8alth and Wellbeing Refugee Meals Service Women's Wellbeing Sessions Women's Only Exercise (Wednesdays) Westminster Adult Education funded sesSnS., Making & Mending Classes Men's Shed Money Management Sewing Group Woman Off to Wort¢.' 1..1 CV support 1.1 Business Coaching 1.1 InteNiew Practice Breaking Barriers Build Your Business Workshop5 Business Start-up Coffee Mornings Confidence Building Taster Confidence Classes CV Clinics Employability Sessions Abbey Community Association Limited
Trustees, report 31 March 2024 Structure. governance and managemont (continued) Achlevements and performance (continued) Women Off to Woth (continued) ESOL classes Healthy Mind sessions International Women's Month celebration IT and Digrtal Skills Classes IT Support Sessions M8thematiC8 Functional Skills Money Management Presentation Skills Workshops Public Speaking workshops Sewing Classes SheMeansBusiness Community Meet-up & Peer Support Session Steering Group Meetings Vlhat is a Social Enterprise? Lunch and Learn Webinar Young At H88rt.' Falls Prevention Fitness Easy Pace Tea Parties Trip to Eastbourne Fitness Easy Pace Monday Club Talking Tables other seNices.' 1..1 Advice and Support Appointments After School Club Community Pantry Sessions pmvid8d by community partners.. Addiction Smashers Age UK Over 50s Drop-in Alcoholics Anonymous BH Community UK Bonsai Kai Carers NebNork Dance Buzz Doina Eastern European Folk Dance DreamArts Friday Prayers Inspiration 2 Dance Abbey Community Association Limited
Tru8tee8' report 31 March 2024 Structure, governance and management (continued) Achlevements and rfOrniance (continued) Sessions pmvided by communily partne (continued).. London CSSC Table Tennis M&M Strictly Ballroom NarcotlC5 Anonymous Obsessive Compulsive Disorder Group OCD Support Group One You Shen Chi Do South Westminster Legal Advice Seplice Strictly Ballroom Tai Chi Thrive Trib8 VICEC Coffee Mornings Weight Management Course Vilhitehall Ballroom Zivko Firfov Folklore Dancing Group Stat•mant on fundralslng The Charity is aware of the Charities (Protection and Social Investment) Act 2016 and the Trustees support the aims of this legislation. The majorty of the Charity's income comes from other charitable bodies and local authorities or from its own trading activities. The Charity undertakes very little direct fundraising activity involving individual donors. Examples include our online giving page and events which are promoted through general communications, rather than targeting specific individuals. The Charity considers the origin of unsolicited donations and legacies. The Charity does not share or purchase any donor data with or from third parties. During the year ended 31 March 2024 the Charity did not receive any complaints in relation to fundraising or raise any matter with regulators. Operating lease On 5th Septembar 2024 the charity signed a new lease with Westminster City Council for tenancy of 34 Great Smith Street. The lease is for 15 years, wrth a break at 10 years, until when the rent is fixed at £112,000 per annum. The charity has also fomially agreed with the council to repay rent arrears from 2020 and 2021 totalling £172,705.48 interest-free in monthly instalments over five years from April 2024. The charity also signed a 10-year service level agreement agreed with Westminster City Council that began on 1st April 2023 and includes a grant of £170,000 per annum, linked to inflation. Abbey Community Association Limited
Trustees. report 31 March 2024 Structura, governance and management (continued) Financlal review The results for the year ended 31 March 2024 a shown in the attached Statement of Financial Activities. Net income for the year was £126,229 (2023 - £32,264), of which there was a surplus of £102,739 (2023- deficit of £15,184) on unrestricted funds and a surplus of £23,490 (2023- surplu8 of £47,448) on restricted funds. Abbey Community SeNices generated incom8 of £530,371, the highest figure recorded, a profit of £205,920 (2023.. profit of£137,793) and made a GiftAid donation of£205,920 {2023 16,654) to 8UPPOrt the activities of tha charity. Prlnclpal Funding Sources Apart from the income generated by the Abbey Community Services Limited, (the trading subsidiary ofthe Charity), the principal funding sources for the Charity continue to be grants and contracts from Westminster City Council and a range of other funders and commissioners. InVtment Pollcy The Charity has no investments apart from the trading Subsidiary and therefore there is no immediate need for an investment policy. This continues to be reviewed in the light of twelve- month cash flow forecasts. ReseThes Pollcy At 31 March 2024 the group had reserves of £415,078, of which £223,660 were restricted and £36,927 were designated. Designated fund6 represent the net book value of the group, fixed assets. General undesignated re3erves were £154,491. The Board has examined the Charity's requirements for reserves in light of the main risk8 to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets should be at least 3 months of unrestricted charitable expenditure and closure costs. Free reserves, as defined above. at the end of the year were £154,491 which currently represents approximately 2 months of unrestricted charitable expenditure plus closure costs. The Board regularly reviews the level of reserves and, having seen free reserves increase from £46,618 at 31 March 2023 to £154,491 at 31 March 2024, is confident that the Charrty is on track to fulfil its reserves policy. Going concern statement In the light of the level of income generated by the trading subsidiary in the year ended 31 March 2024, and based on income to date and projections for the year ending 31 March 2025, the Trustees believe there are no material uncertainties in respect of the Charity's financial posrtion. They will continue to monitor income on an ongoing basis. Plans for the future Having posted the best trading figures for its room hire and catering activities in its history, and income from grants and contracts well ahead of budget, the Board are confident about the Charity's future. Abbey Community Association Limited
Trustees, report 31 March 2024 Structure. governance and management (continued) Plans for the future (continued) The Charity's strategic vision to be °better, more focused, and biggerf was announced in early 2023, and significant steps towards this were taken in January 2024 with the recruitment of a team of 16 full and part-time Community Health and Wellbeing Workers, who will provide an outreach seNice in the most deprived n8ighbourhoods of SOLrth Westminster to encourage better uptake of primary healthcare opportunities. The seniice is funded by Healthcare Central London for a period of two years. The appointment of a full-time Fundraising manager for the first time, signals the charity's ambition to proactively seek additional extemal funding to allow it to meet the growing need for its services in the local community. Statement of responslbllltles of the Board Members The Board members, who are also directors of the Charity for the purposes of company law and are trustees for the purposes of Charity law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Board members 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 the group and ofthe incoming resources and application of SOurCes, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Board m8mb8rs are required to: Select suitable accounting polici88 and than apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reason8ble and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in business. Abbey Community Association Limited 10
Trustees. report 31 March 2024 structure. govemance and managoment (continued) Statement of responslbilities of the Board Members (continued) The Board Members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that th8 financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 8ssets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each Board member confirms that.. There is no relevant audit information of which the charitable company's auditor 18 unaware., and Board Members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This confirmation is given, and should be interpreted in accordance with, the provisions of S418 of the Companies Act 2006. Approved by th8 Board on 1st November 2024 and signed on rts behalf by.. Mr J Buckingham {Trustee) Abbey Community Association Limited 11
Independent auditors, report 31 March 2024 Independent audltorfs report to the members and trustees of Abbey Communlty Association Limited Oplnion We have audited the financial statements of Abbey Communty Association Limited (the 'charitable parent company,) and its trading subsidiary (the "Group.) for the year ended 31 March 2024 which comprise the group statement of financial activities, the group and charitable parent balance sheets, and statement of cash flows, the principal accounting policies and the notes to the financial statements. Th8 financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. + give a tru8 and fair view of the state of the group's and of the charitable parent company's affairs as at 31 March 2024 and of the group's income and expenditure for the year then ended., • have been properly prepared in accordance with United Kingdom Generally Accepted AGGounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 sccordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the charitable parent company's ability to continue as a going concern for 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. Abbey Community Association Limited 12
Independent auditors, report 31 March 2024 Other Information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial ststements does not cover the other information and, except to the extent othenNise explicitly stated in our report, we do not express any form of assurance conclusion theOn. In connection with our audit of the financial statements, our responsibilty is to read the other information and, in doing so, consider wheth8r the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheise appears to be materially misstated. If we identify such material inconsistènci88 or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. • the information given in the Trustees, Report (which includes the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and • the directors, pOrt included within the Trustees, Report have been prepared in accordance with applicable legal requirements. Mattern on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, wa have not identified material misstatements in the Trustees, Report {which incorporates the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. • adequate accounting records have not bean kept by the charitable parent company; or • the charitable parent company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or + we have not received all the infomation and explanations we require for our audit., or • the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Abbey Community Association Limited 13
Independent auditors, report 31 March 2024 Responslbllltles of truste85 As explained more fully in the trustees, responsibilities statement, the trustees {who are also the directors of the charitable company for the purposes of company lawl 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 group's and the charitable parent 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 group or the charitable parent company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the financial ststements 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in Sccordance 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent towhich our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance wilh laws and regulations, was as follows.. we identified the laws and regulations applicable to the charitable company through discussions with management, and from our commercial knowledge and experience of the sector., we focused on specrfic laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence,. and identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Charitab company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility Abbey Community Association Limited 14
Independent audltors, report 31 March 2024 Audltor's responslbllities for the audit of the flnanclal ststements (continued) to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigat8 risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we- performed analylical procedures to identify any unusual or unexpected relationships., reviewed journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation., reading minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, ff any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our ra8ponsibiliti88 18 availablo on tho Financial Reporting Council's w•b$it• vAvw.fr¢.org.uklauditorsresponsibilities. Thi8 description form8 part of our audrtorfs report. Use of our report This report is made solely to the charitable parent company's and group'members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Abbey Community Association Limited 15
Consolldated ststement of flnancial activities Year to 31 March 2024 (incorporating an income and expenditure account) Un- rostrlctsd Rostrlcted funds funds Total lunds 2024 Total funds 2023 restricted Restricted fund$ fundg Note8 Inc¢)me from: Donallons and legacles Tradlng acuvllles 264,324 530,371 66S,717 930.041 530,371 100.380 362.371 369.153 469,533 362.371 Investment income 825 825 605 605 Ch8rllable actIe8.. . Hlre of accommodaUon . Alty Income . Other Income Total Income 83.518 3,528 15,898 888,464 83,518 31.218 6.898 693,405 1.581,869 80,040 7.981 148,518 679,895 60,040 31,489 148,518 1,072,556 27,688 23.508 392,861 Expendlture on: R818ing fund8 Charllable actlvitiès.. Communlty acllvllles Total exndItUrn 260,632 260,632 234,285 234,285 696.077 956.609 499,031 1,195,108 499.031 1.455.640 522.544 758.829 283,463 806,007 283.463 1,040,292 Not1oxpondltur91 Incomo 108,1401 194,374 126.229 176,934} 109,198 32.284 Trnn8f•r b•¢w••n fund• Movement offund• 170,884 1170,8841 102,739 23,490 61,750 115,1841 161,750 47,448 126.229 32,264 R•conclllatlon of lund#: Fund balances brought loard al 1 Aprfl 2023 13 88,679 200,170 288,849 103.863 152,722 256,565 Fund balance$ Garrfed forward 8131 March 2024 13 191,418 223,660 411078 88,679 200,170 288.849 All income and expenditure relates to continuing operations. There are no recognised gains and losses in the year other than shown above. The accompanying pages numbered 21 to 28 fomi part of these financial statements. Abbey Communty Ass(Kiation Limited 16
Balance sheet 31 March 2024 2024 Charlty 2023 Charity Group Group Notes Flxed a88ets Tangible fixed assets Inv88tments 16,937 36,927 16,640 42,061 15,939 36,927 18,642 42,061 Current a8sets Stoth$ Debtors Cash at bank 4,362 176,316 466,607 637,276 2,365 156,112 373,556 532,033 494,667 147,752 642,409 334.527 204.049 538.576 Cr•dltor8: amounts falling duo within one year 10 (248,165) (259,124) {271.3171 (285.245) Not currnnt a88•1• 394,244 378,151 267,259 246,788 Net a88ets 410,183 415,078 283.901 288,849 Ropro8ontsd by: Unrestricted funds General Designatsd fund - fixed assets 170.588 15,937 186,523 154,491 36,927 191,418 87,089 16,642 83,731 46,618 42.061 88,679 Restricted funds 12 223,660 223,660 200,170 200,170 Total fund• 410,183 416,078 283,901 288,849 These financial statements were approved and authorised for issue, by the Board, on and signed on its behalf by: Jonathan Buckingham Date: 181 November 2024 Company Registration Number: 05373711 Abbey Community Association Limited 17
Consolidated statement of cash flows 31 March 2024 2024 2023 Notes Cash provldod by (used In) opgratlng actlvltles 95,011 {62.104) Ca8h flows from Investlng actlvllle8: Purchase of tangible fixed assets Not ¢a8h used In Investlng actlvlt108 111,980 (11,960) 135,5811 135,5811 Change In cash and cash equlvalonts In tho year 83,061 {97,685) Ca8h and cash equlvalents at 1 Aprll 2023 373,556 471,241 Ca8h and cash oqulvalents at 31 March 2024 466.607 373,556 Notes to the statement of cash flows for the year ended 31 March 2024 A Reconclllatlon of net movement In funds to net cash provlded by operatlng actlvltles 2023 2024 Nèt movemont In fund• la8 por tho •tstsment of flnanclal actlvlt1081 Adlu8tments for: Dapraeiation ¢harg• Increase in d8btors Increase in stock DeC8$e in creditors N•t ca•h provldod by (u8od Inl oporatlng actlvltlos 126,229 32,264 17,094 16,346 {20.2041 {105.0561 11,9881 (2951 126,120} 15,363) 96.011 162,1041 Analy818 of cash and cash gqulvalents 2024 2023 Cash at bank and in hand Total cash and cash equlv41onts 456,607 456,607 373,558 373,558 No 8eparate reconciliation of net debt has been prepared as there is no difference between the net Cash (debt) of the charity and the above cash and cash equivalents. Abbey Community Association Limited 18
Prlnclpal accountlng policies 31 March 2024 Basis of preparation The financial statements have been prepared in accordance with 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> - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Abbey Community Association Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value. The presentation currency is pound sterling. Preparation of accounts on a going concern ba818 The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in Spect of a period of one year from the date of approval of these financial statements. The Board assesses the performance of the Charity on an ongoing basis. Based on income figures from trading activities in both the year ended 31 March 2024 and up until August 2024, on projected trading figures, and on ongoing successful funding applications, the Trustees do not believe there are any material uncertainties in respect of the Charity's financial position. The 808rd will monitor income, expenditure and cash flow monthly on an ongoing basis. Consolldatlon The accounts consolidate the results, assets and liabilities of Abbey Community Association Limited and its subsidiary, Abbey Community Services Limited on a line by line basis. Intergroup transactions and balances are eliminated on consolidation. A separate Statement of Financial Activities is not included for thè charity only. Flxed assets Fixed assets are recognised initially at Gost and subsequently depreciated over the useful economic lives at rates of 250/0 per annum on a straight-line basis. Stock Stock is included in the financial statements at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments ar6 valued at the amount prepaid net of any trade discounts due. Creditor5 and provlslons 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 thair s8tt1@ment amount after allowing for any trade discounts due. Abbey Communty Association Limited 19
Prlnclpal accounting policies 31 March 2024 Income Incoming resources are included on an accruals basis in the Statement of Financial Activities when the criteria of entitlement, probability of receipt and measurability have b8en met. Donated facilities income represents the rental cost of the Westminster City Council premises which is matched by an equal amount of grant. Expendlture Expenditure is recognised in the Statement of Financial Activities on an accruals basis. Direct costs are charged to costs of generating funds, community activities or governance as appropriata. Support costs are allocated to cost of generating funds or charitable activities on the basis of estimated usage of the related Seices. Funds Unrestrlcted funds These funds are expendable at the discretion of the Board of Trustees in furtherance of the objects of the Association and include the Property Fund to provide for expenditure required under the temis of the lease and the Core Projects Fund. Doslgnated funds This fund is Set aside by the trustees Out of unrestricted funds to reflect the amount tied up in fixed assets. Restrlcted funds The Restricted Funds are to record grant income which is to be used in accordance with specific restrictlons Imposed by donors and used for particular purposes. Further details have been provided in note 12. Operatlng leases Expenditure arising from operating leases is charged to the Statement of Financial Activities in the period to which the lease payment relates. Abbey Communty Association Limited 20
Notes to the financial ststsments 31 March 2024 1 Donatlons and legacles YeAr ended 31 March Unrestricted 2024 fijnds Year ended 31 Marc 2023 Unmtrlctèd R•8trlctod fund# funds Restricted funds WCC core grant Grants Other donatlons Total fund# 170,000 89,423 4,901 264,324 170,000 761,243 8,798 930,041 154,$00 79,570 4,049 238.199 154,500 446,748 6,024 602,272 681,820 3.897 665.717 387,178 1,975 369,153 The charity received a core grant from Westminster City Council which relates to the service level agreement with City of Westminster. A ful5 breakdown of the restricted grants received can be found in note 12. 2 Tradlng actlvltle8 Unreslflcled Y•ar ond•d Year ended 31 M*r¢h 31 March 2024 2023 Room hlre Cafè ealering Income Conferenc& calerlng In¢ome Other Iradlng Income Total funds 280,636 108,161 131,260 30,314 530,371 202.780 74,705 68,586 16,300 362,371 This inGome is generated entirely from Abbey Community Services Limited. 3 Analy818 of expendlture Dlrgct costs Support Oov•rnanco costs costB Total 2024 Co•t• of g•n•ratlng fvnd• Trading 0xn983 258,732 70,973 1,800 331,500 Ch4rltabl• •xndItm Communty activi1188 1,014,898 1,273,630 96.439 187,412 12.798 14,598 1.124,13S 1,455,640 Direct costs Support Governance costs Total 2023 Costs of generating funds Trnding expensgs 184,575 47,550 2, 760 234,285 Ch8rtable expendlture Community activitS 718,637 903,212 78,280 125,830 9,090 11.2 806,007 1,040,292 Only the audit fees and direct expenses have been included within Governance Costs. The Chief Executive and senior management's time have been recognised within Community activities. Abbey Community Association Limited 21
Notes to the financial statements 31 March 2024 4 Analysls of support costs and governance costs Flnance, management 2024 Total admini8tratlon Prnml808 Trading expènsès Community expenditure Gov8rnanc8 costs 45,472 10,564 14.698 70.634 25,501 86,876 70.973 98,439 14,598 182,010 111,376 Finance, managgmont & administration 2023 Total Premises Tr8ding 8XP8ns8S Community 8xp8nditur8 Gov8mance costs 28,602 14,558 11.250 54,410 18,948 63, 722 47,5 78, 280 11,250 137,080 82.670 5 Stsff costs Total 2024 Total 2023 Wages and salaries Social security costs Pen81ons 687,954 62,021 33,665 783,630 450,051 37,850 25,129 513,030 Average staff numbers for the year,. 2024 2023 No. Charitsble activities Trading Support 14 11 30 18 Members of the Council did not receive any fees or other emoluments for their services nor did they receive any reimbursed expenses. The total employee benefits of the key management personnel of the Group were £202,428 (2023- £211,975). All senior management also perform a role in the direct operational activities of the charity. During the year, one employee received remuneration falling within the £80,000 to £90,000 banding (2023: £70,000 to £80,000 banding - one). Abbey Community Assttiation Limited 22
Notes to the flnanclal statements 31 March 2024 6 Net expenditure Net expenditure is stated after charging: Total 2024 Total 2023 Audito¢s remuneration (excluding VATI 9,929 9,929 7 Tangible flxed assets Fufnitur• & equipment- Abtr*y Communlty Servlces 2024 Charlty Totsl 2024 Group Totsl Fumlture & equlpmenl Co•t At beginnlng of year Addlllons In year At end ofyear 73.933 6.318 80.251 73,933 6,318 80,251 65,393 5,642 71.035 139,326 11.960 101,2B6 D•prnclatlon Al beglnnlng of year Charge for the year Al end of year 57,293 7,021 64,314 57.293 7.021 64,314 39.972 10,073 50,045 97,265 17,094 114,359 N•t book valug At 31 March 2024 At 31 March 2023 15,g37 18,640 15,937 18,640 20,990 25,421 38,927 42.061 8 Investments The investment consists of all the share capital of Abbey Community SeDiice8 Limited, company registered in England and Wales. The investment was transferred at cost from Abbey Community Association, the company's predecessor body. For the year ended 31 March 2024, Abbey Community seICe8 Limited had turnover of £536,262 {2023.. £373,090) and made a profit of £205,92012023.' profit of £137.793) befor8 a gift aid donation of £205,92012023: £137,793). The net assets at 31 March 2024 were £4,896 {2023.' £4,896). 9 Debtor8 2024 Chority 2023 Charity Group Group Trade debtors Sundry debtors and prepayments Amount due trom Abbey Community Service$ Limited 52,602 29,544 144.072 32,244 87.417 6,322 147.504 8,608 412,511 494,657 240,787 334,526 176,316 156,112 Abbey Communty Association Limited 23
Notes to the flnanclal statements 31 March 2024 10 Creditors: amounts falling due wlthln one year 2024 2023 Charity Charlty Group Group Trade creditors Other creditors Other taxes and soci81 security Accruals 201,299 4,523 29,561 12,792 248,165 206,095 4,523 29,440 19,066 259,124 239.004 3,375 28.938 246.698 3,375 17,865 17,307 285,245 271,317 11 Unrestrlcted funds 2024 Charlty 2023 Charity Group Group General fund B818nce at start of year Deficit for the year Transfer from Ito} regtri¢ted fund Transfer to lfroml designated fvnd arising from movement in value of fixed assets Balanc8 at 8nd of y6ar 87,089 {68,091) 170,884 46,618 (68,146) 170,884 90,695 176,9881 61,750 81,037 {76,934) 61,750 705 170,686 5,134 164.491 18,368) 67,089 119,2351 46,618 2024 2023 Charity Charlty Group Group Dezl natsd fund8 Balance at slart of year Transfer (tol from designated fund arising from movement in value of fixed 8888ts Balance at end of year 16,642 42,061 8,274 22,826 170S) 15,937 (5,134) 36,927 8,368 16,642 19,235 42,061 The designated fund represents the net book value of the charity I groups fixed assets. Abbey Community Association Limited 24
Notes to the flnancial statements 31 March 2024 12 Re8trfcted funds At31 March 2024 1 Aprfd 2023 Inwm• Expenditur• Tf4n8fers Plmlko Mllllon- SWAN ME H881th Forum- Emolonal IlIb&In9 for th• BME Community WGG PUl¢ He81th-CoMrnUn ChamOnI Monday Club Impgri01 Coll•o• London- Vc4untser Exp8nBeB Abbéy Contre Communlty Food Pantry Athl•fit- Actiw ltmn4t0r TNLCF- Wom¢n Off to Work Im CAF Ra11•n¢9 Fund EryOne A¢tbv•- Phyilcal Advifjei Aword$ F¢rAII- CyclirvJlAlhl•fit Sockql Modla- AGIGW Alt•r S¢hod Club TF WCC- W8Btmln•¢er Slnoi Choir TF WAES- Buildlng R•$InCe and Opportynllt8 AmbAId&ur1 Group- Worn•n• Activbtlob WCC- H•4lthy Wntar Gr8nt Supwrt WCC- Coit of LSYin9 Support Amba¥8ad•urn Group- R•fua•• M•al• Amb888adeurn Group- Communlty Alll8nce Grant Ambgisad•urn Group- Homd••• Meo1• Shqftsbury Ft)od Pov•rty WCC- Appr•ntle••hlp Sthom• WCC- Rl9hts Car•. F•b 24 WCC- Communlty Conlrlbullon Fund AmbAsMd•urn Group- Wdlbelng WCC- Hc41day Programrn• Ed•n & Pwrlner•- Toll•t Donalon WCC- Black Hlitory Monih Comrnunlty & Wdlhlng Workern Prole¢t SFSN- P8ntry WCC. WTC Warni Prd¢ Unw Living- Plmllco Angel$ Acti%AIS01 Groat•r London Authority C%nmunlty In•lght8 Hub Cont•nt FrKl•y Sv41ng Club 1.813 10.wo 11,9841 11,5041 18.4eo 3,258 2,612 2,833 741 83,589 6.336 57.221 46.3B3 144,1541 120.0281 12221 184,7131 18301 1103.7021 112,4761 17,ee81 17,061 21.745 2,390 28.12S 128.348 89 117.WO 15,3841 2,370 20.376 118,3431 142,0921 ie821 3&676 11.2601 14.9921 11181 16,5351 17.7591 118,4231 12,9601 12.4821 124,3451 118,2941 6.122 347 9,800 12.9081 (7581 3,200 2,490 5,663 16,8681 1S.849 229 29,192 42,940 11,863 10,832 12401 192 25,120 40,425 180.0001 52,516 115.6001 18,46B 8.000 9,623 8,563 10,764 213 1,737 138,792 3,438 4.709 2,000 750 7,000 893.405 118,8131 11,0791 15,2031 113.0S21 12001 14,9831 111,1821 2Lh) 17,6921 14,4001 1,400 10,989 69.800 102 20,000 120,8081 24,067 117,1591 14,1471 13,2451 11,7581 (7,8481 1.310 233 4.281 4,801 462 213 11,32cII 12,1171 12,4641 11,7371 188,2831 13,07ei 14,7091 12,OODI (7501 (2801 1499,0311 1170,8841 128,4901 13601 24019 6.720 223.660 200.170 The most significant funds are: The WCC Public Health funded Communty Champions project recruits, trains and supports local residents to identify health and wellbeing issues that affect the community and develop initiatives to address these. The Big Lottery Funded WOW project supports °hard to reach" women, particularly those from the Muslim community and those not speaking English as a first languagethrough the provision of volunteering and work experience placements, help with job search, application and interview skills and assistance with setting up businesses and entering self-employment. The Charities Aid Foundation (CAF) Resilience Fund supports the Charity's community pantry and its advice and SUPPDrt setvice, which provide affordable food and advice on a range of issues to local people, particularly those experiencing difficulties due to cost-of-living increases. The fund is also supporting the Charity to build its resilience and to understand new and emerging needs in the community. Abbey Community Association Limited 25
Notes to the flnancial statsments 31 March 2024 12 Restrlcted funds (continued) At31 2022 Income Expenthture Transl 2023 Plmlict) Mllion- SWAN BME Fl68lth FOn- EmoLlonal W•Klb•ingforlh• 8ME Communlty WCC H•allh- Community chorn0n8 Cory)w8te andlnthwdualdonalions. T•a Pa vktoria BID- MJ"nl CSR proJ6¢t Loc•tr'vrnq- HotMo8ls S•NI¢• WCC-P8fenl&l E0yen1PrnjeC1 Mwd•y Club M•rfn AlcLaren Memotl81 N•llortal Loltery Con7munltyFund- Hapty Tapthar Imwl•l Colleqg London- V¢lunt8rExpense5 Drug •ndAlcohol Wellbeln9 S•Me•.' Tumlrq Polnt-thrS¢hool Club N•llonal LolteryAw•r&s lorAII- Wollbtrlnq P1 EQUIP- Women Employment Support LldtalDlvlde- St Glles and Gwe WAES. Wostmlnshrin WCC. Reaty Forw AbY C•ntr• Commurrity FaodP•nlry WCC- Communlfy Corttribubon FunthAbb•y C•ntr• Conn•ets Alhlellt- WCC A¢lrf¥e Westmlnsl•r Voluntary Commurnly S8clor OulrnJ¢h. WCC Public H1th The AOb•yC•ntre Wellbeino Hub- Imp•ii•l Health ChAty Myllllln4ualEmDllon81 Wellbfrlng North We5tLond?n- BMEHul C. W•rd 8udo01-R¢-ot- Wom•n Ftlneil Club WCC- HtilidayAclfvllt•s Pmkrnfftrno WAES. ady4 rNLCF- Womon Ollto fwo CAFR8slllon Fund WCCPH. Communlty vacc1 ChamOons-'W•¥tnth4ter Prots¢ts' Everyono Actlve- PhyalACles Awwrls ForAII- cyc&WAthlI SoGlJl M•th•-AG/GW AlrS¢hool Club 7F WC¢- W•stmiftstwSlnp Ch¢lr TF WCC- Kld$'H¢8tthy Eahng ProJKt- TF WAES-Buildino Res1h.¢ •rtd Opportunlll Amo•ssadeus¥ Gkwp. vvomns G&rfen PrDiKI WCC-Hoalthy Wnl8r Grantsupport WCC- Costolbving Support AmbassadeU Group- CommunltyA Grnnt Hom•le$s Meal$ Sh8llsbury FoodPov• 1,728 5.724 (3,352) (2,287J 1.813 (2631 f231J (44,314) (2,409) 21,980 3,210 f7) 102 (14,206) 16.460 (801) (102) 13) 3,915 (200) (718) 744 (1,402) 3,206 118 2,872 2,612 142 (10) 119) (4,60T) (609) (284) 1613) 21,35 (720) 931 (224) 1,788 8T1 163) 1268) 8.637 118,552 34.301 (132J 4.857 fl,276) 613 4,233 (22,T08J 1461) (530) 2,833 (196) 741 (635J (450) 174) 2,117 (78) 173 328 (3,6191 4q 1ST 54,30T (3,400) 1779) 1110) {60J (4.072) (TT,227) (11,928) (1,048) 123.913J flO,3441 63.569 6,336 8,981 fjo 11,878 (4679) fl,030) (2,786) 1153) 18.264) (4,779) (T32) (70,864) 11.800) 14,710) (1,71OJ 6,122 347 9.609 (2,908) 9,805 (697) 18.CQO 2,492 832 10, 108 5.000 2iXI 7.000 5,663 (2, 136) (621) (100) 1758) 3,200 (4.510) 7.000 5,663 {200) 102 102 152.722 392.661 1283,463) (6t,750) 2,170 Abbey Community Association Limited 26
Note3 to the financial ststsments 31 March 2024 13 Analysis of net assets by fund Genernl Dosignated Re8tricted fund fund8 funds Total 2024 Group Fixed assets Net current assets 36,927 36,927 378,151 415,078 164,491 154,491 223,660 223,660 36,927 Gonoral Deslgnatsd Rmtrletsd fund funds funds Totsl 2024 Charlty Fixed assets Investments Net current assets 15,937 15,937 170,584 170,584 223,660 223.660 394.244 410,183 15.939 Comparative of net assets by fund.. Gener81 Dgsignatgd Restricted fund funds funds Tot81 2023 Group Fixed assets Not current assets 42,061 42,061 246, 788 288,849 46,618 46,618 200,170 200, 170 42,061 G8ngr81 Deslgnatéd Restrictgd fund funds funds Tot81 2023 Charity Fixed assets Investments Net Gurnnt assets q6,640 16,640 67.089 67,089 200, 170 200, 170 267.259 283, 901 16,642 14 Rolatod party tran8aetlon• In the year, no trustees received a total of £nil in expenses (2023 - £nil). During the year, family members of key management personnel worked in the café and were remunerated for a value of £1,622 {2023- £2,307). 15 Op8ratlng lease On 1 April 2023 the Charity entered into a 10-year service level agreement with Westminster City Council for the services delivered at the Abbey Centre which are directly tied to the occupancy ofthe building with an annual payment of £170,000 to be received by the Charity. On 5 September 2024 the Chsrity signed a new 15-year lease wrth the council on 34 Great Smith Street, with rent payable at the rate of £112,000 per annum. The Charity also signed a side letter with council agreeing to repay rent arrears of £172,705.48, built up during the pandemic, over 5 years from 1 April 2024 Abbey Community Association Limited 27
Notes to the financlal Ststements 31 March 2024 15 Operating lea88 (continued) The amounts payable under the current lease agreement at 31 March 2024 are as follows: Equlpmfrnt Equipment 2024 2023 L8SS than one year Betmen and fiv8 y8ar8 340 340 340 340 Abbey Community Association Limited 28