Charity registration number 1110645 Company reglstratlon number 5328976 (England and Walesl SAFE HAVEN LONDON ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
SAFE HAVEN LONDON LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Mr E J Chesterrnan Mr J Kerr Mr M C Patton Mr 8 J Wwdland Charlty numb•r 1110645 Company numb8r 5328976 Registered office Thorncroft Manor Leatherhead Surrey KT22 8JB Audllor Gravita Audit11 Limited Ald9819 Tower 2 Lèman Slregt London E18FA Banker¥ Lloyds Bank Pl¢ 25 Gresham Stréet London EC2V 7HN InvoStmon1 a(fvl$ors Barclays Bank PIC 1 Chuichill Place London E14 SHP
SAFE HAVEN LONDON CONTENTS Page Trustees. Ipport Statemènt of Trust8gs' r85ponslbllllles Indèpandent 8udllor's report Statement ol financial activities Ba18nce sheol 1Q Ststemenl of cash flows Not8s lo thè financial stat•m8nls 12-23
SAFE HAVEN LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JANUARY 2024 Th8 Trust8es who ar8 also dir8Ctors of th8 charitabl8 Cotnpany lor lh8 purposes of the Cornpani8s Act have p1835ur8 in subrnittin9 their report and the finCl915talernent5 of the charitable comp8ny for the year ended 31 January 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 lo Ihfj accounts and comply with the Charity's goveming document, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities prerIng their accounts in accord8n¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended for accoun1ing periods commencing from 1 January 20191. R•f¥rgn¢o and admlnl$lratlvg dotall$ Safts Haven London 18 a company limitèd by guarantee, in¢orporal&d on 11 January 2005, governad by ils Memorandum and Articles ol Association and wilh the Company number 5328976. 11 Is a charity regis18red with the Charities Commission on 29 July 2005, with the Charity number 1110645. The Charity's registered address Is.. Thorncroft Nlanor Thorncroft Drive Lèatherhèad Surrey KT22 8JB The Trustees, who ore 0150 directors lor the purpose ol compony law, and who served during Ihe yeor were,. E J Che5temian J Korr M C Patton S J Woodland T&H Secre18rial Servic85 Limi18d 8erves as the company'8 secr81ary. Objectives and activities Safe Hav6n London w38 formed lor the purpos6 of provldlng housing lo loc81 govarnrnenl btsdS88 for peoplo roqulring assistance lo find accommodaliun. In 2005 the ¢hadlabl8 Company 8rnlèr8d Into agr8em8nl$ wllh thé London Borough of Ealing lo acquirè prop8rtiès surt8bl for their social huusing requirements. In 2016 th& ch8rilable company entered into agr6ement8 to st8ri to re81i$8 ils intention lo move tha purchased sloek from temporary lo perrn2nenl social holising Additional fiinds raised hy th8 Charity were used to r8lLirbish th8 stock ol proptsrtios to Decènt Homès Sland8rd and extend Its leasehold Intè51$ in thesè prop@"e$ to se¢ure their availabllity lor the Charity's objeelives for thè long tttrm. The Charity subsequenlly ¢ornpl818d the dispc)sal ol the porffolio ef acquired properties. Achievements and perforrnance Th¢ Charity is r¢invosling its funds in a brood ronoo of oss¢ts in ord¢r to ¢xpond its op¢rotions ond r¢d¢ploy r¢sour¢cs trj provide relief lo a greater number of homeless families Return8 from inV8S1rn8nts support a focused grant programrve to beneficiarie5 and social housing projects in partnership with charitable organisations. Th8 Tru5188s hav8 paid dug reggrd to guidance issued by the Chwity Comtnis5ion In dgciding whal artivib'es Ihe Charity should undertake.
SAFE HAVEN LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Flnanclal revlew The ch8ritable con)pany currtsnlly h8s a nel surplus ol funds of £1,336.16212023. d&ficil £556,978). Th8 n618ssets of the charity tolalL8d £27,72@,381 12023.. £26,303.2181. It is the policy of the Charity thai unrestricted liquid fu$ which have nol be8n designated loi a specific use ghould be maintained al a level equivalent to between Ihree- and six- month s expenditure. The Trustees consider Ihal reserves at Ihis level will ensure tfr81, in the event of a $ignifi¢anl drop in funding, they will be able lo continue the Charity's Current aclivities while consideration is given lo ways in which additional funds may be raised. This lev81 ol reserves has been maintained throughout the year. Post balon¢¢ $h••t •v•nts Tha Charity continugs lo invast its funds in furtherance ol Ihg objgcls in its Con5tilulion. To this end, tha Charity is working with housing partners lo supptsrt homeless housing proi8cts. Fur1her investments in property assets have been madè, charllable housing projec15 undertaken and grants awarded. Slruclure, govemance and rnanagemenl Th8 Struatur8 of the Ctrkgrity. its Charity and Cotnpany numbers, its ?rinGipal advisors an(J tho names of ils triJ5tges are set out in the Legal, Referen and Adminislralive se¢tion5 01 this Annual RepLYt ond Financial Stalemenls. Details of the sl¥ff grnployed in lurtherancg of objects ol the Ch¥rily are provided in Ihe Notes lo Finanoal Slalerllgnlg. A Trustees, appointment may cease aulomBtically upon the happening of certain events as set out in the Articles. The Iiu$lo08 aro enlilled lo appoint and removo further Iruglees bi unanimous rewlulign, Evbry Iruslee must sigii a eclaralion of willingness lo act as a trustee ol the charrtable company before he or she is eligible lo vole al any meeting ol the Trustees. Trustees are nol obliged lo retire by rotation. None ol the Irusl¢es has any b¢nefi¢io1 intprest in the ¢h8rilablg cotnpany. E J Chestermon ond J Kerr ore property consultants. M C Pallon has o track record ol experienco in ¢gmmer¢ial enterprises S J Woodland ha$ a ttsck rgcord of experience in public benefit entilig$, The Trustees Ihgrg1ts1g havg Ihg appropriate skills and knowledge required lor the role as a trustee. Thgre is no formal policy in placg bul Ihg Truslge8 Intend Ihal any future appoinlrvent5 bg of 5uilable expgrience. The mgmber$ of th& charlloblg compeny guaranlg9 lo conlrlbulg £1 In th9 frV9nl ol a wSnding up. Funds held a5 Custodlan trustee Nolmer th8 Charfty, or ts trustè8s, act as cuslodlans of fijnds on b8half ol oth8rs. Auditor In accordance with the companls artides, a resOlU'0n proposing that Gravita Audit11 Limited be reappointed as auditor of the company will be pul at a General Meeting. Dlsclosure o15nfomiatSon lo aud5tor Each ol the directors has confirmed that there is no inloim8tion ol which they arè aware which is relevant lo Ihe audit, bul ol which the auditor is unaware. They have further confirmed trat they have taken appropriate st&ps lo identify such relevant infomiation and to establish Ihat Ihe auditors ere aware ol such information. Exomptlons from dS$¢losur• The Charity dogs not have, nor has requeyled, any 8xernplions frorn disclosure Irotn the Ch8rtty Commission. The Trustg9S' Teport was approvgd by tho Board of Trusie89.
SAFE HAVEN LONDON TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Mr M C Palton Dated,. 7 June 2024
SAFE HAVEN LONDON STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2024 Th8 Truste8s, who are a150 the dir8Ctor5 01 Safe Haven London for the purpose of cotnpany law, ar8 r8SPOll5ible for preparing the Trustees, Report and the financial slaternt5 in accordanTr with applirable18W and Unrted Kingdom Accounting Standards junited Kingdom Génerally Atcepted Accounting Practi¢o1. Company Law requires the TrusteÈs to prepare finan¢ial statements for each financial year which give a truÈ and fair view ol thè slatè of affairs ol tha Charily and ol tha incoming rgsources and applicats'on of rèsources. induding thè incorna and expenditure, of the charitable company for that year. In pipparing these financial statetn8nts, the Tiustges ar8 r8quir8d lo.. select suitable accounkn'ng pc)licies and Ihen apply them consistently.. observ& th8 m8thods and princlplès In th• Charltlès SORP", maké iudgarnants and astimal8s that aro r&asonabl8 and prud•nl', . slate whether applicabl8 UK Accounting Slandards hav8 b88n follow8d. subject lo any rnal8rfal departur88 dlsclos8d and explain8d in the financial staiemants-, and preparo th8 Ilnanclal slat8m8nts on the going conc8rn basls unles8 St Is inapproprlal8 to pr88um8 Ihat the Charfty wlll conllnua in oper441ion. Th6 Trustees ara responsib18 lor k8eplng adequate aceounting rèeerds that di8c1086 with rèasonablè aecuraey £t any lim8 the financial posits'on of the Charily and enable hern to ensur& that the financial slat8ments Comply lIh the Cornpanles Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for laking re850n8ble step5 lor the pr8vents.on and d•t8ction of fraud and othér Srregularlti88.
SAFE HAVEN LONDON INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SAFE HAVEN LONDON Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol Sala Haven London It.CharItY.l lor the year endgd 31 January 2024 which compri88 th8 Stat8menl of financisl activi1188, th8 balance sheet, th8 Stat&m8nt of cash flows and not•s to the financial slatements, induding significanl a¢¢ounling policies. The financial reporting framework th81 has been applied In their prgpar81ion is applicabb18w and Uniled Kingdom Accounting Siandardg. including Financial Reporting Slandaid 102 The Financial Reporting Standard applicable in tha UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pradi¢el. In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 31 January 2024 and ol its ItOMing r¢sour¢8s and application ol resour¢e$, including rts income and expènditure, for the year then endéd,. havé b88n property prèpar8d In accordanc8 wlth Unit8d Klngdom G8n8rally Acc8ptèd Accountlng Practlce.. and have been prepared in acc(rdance wrth the requirements of the copaNieS Act 2006. Basi8 for opinion We conducted our audrt in accordan wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our r&8ponsibili1168 undor those Standards arts lurthar d8s¢rib$d in the Aiidilors 1&8ponsibilili&s forth& audil of the fin&n¢i&l stal&ments section ol our report. We are independent of the Cliarity in accordance with the ethical requirements that are relevant to our gudit of Ihe lin8nc481 Slgtempnls in the UK, including the FRC'S Ethic81 Slandaid. and we have ILJllilled our other elhi¢al responsibilities in accordancg wilh these rgquiremenls. We bgli$ve that the audit eviden¢s wg hgve obtained 1$ sufficient arKI appropriate io provide a basi5 lor our opinion. Conclusions Telating to going roncern In audlllng th8 Ilnanelal slatam8nt$, we have eon¢luded that thè Trusl6è8' usè of the golng wncern b8$18 of accounllng In the preparation ol Ihe linawial slal8m8nls is appropriate. Basèd on Ilw work n8va p8rforn. w4 h8vè not Idèntlflèd any m8lèrlal uncèrt8lntl8a rèlatlnu to èV8nls or eondltlong that, individually or collec'Vely. may cast significant doubl on the Charity s ability to continue as a going concern for a period of at 108sI Iwelve months Ircm wh8n thè finan¢ial $tatementS 8ro 8ulherlsed lor Issua. Our responsibilities and the responsibililiÈs ol the Truste8s with respect lo going concern ar8 described in the relevant se¢lions DI this report. Othgr Infomiatlon Th8 other information comprls8s thè Infom)ation Includ8d in the annual rèport other than th8 financlal stal8m8nts and our auditor's report Ihereon. The Trustee5 ere responsible fc the other Inforrnation Contained within the 8nnual report. Our opinion on the linanaal slatsm8nts does not cover the olher infomiation and. except to th6 extsnt otherwisa explicitly stat8¢ in our report, we do n()1 express any form ol a58ur#nce con¢lusion th#rtron. Our re5pDnslbllily Is to r*ad the other Infomatior) and. in doing so, consider whether the other infnrmation is rn?lerially inconsistent with the financial staternents or our knowl4dg• oblain$d in thè cours8 ol th$ audit, or olh•rwis• appears lo ba matarially misstAlgd. 11 w8 Idantify such mat8rfal Inconsistencies or apparent malerial rni5Statements, we are required to deterine whether thi5 gives rise to a tnaterial misstatement in the fin8nGial stalemenls themselves. If, based on tre work we have perforrned, we conclude that there is mat¥rial misstatttm¥nt of this othèr information, w¥ are rèquirdd to raport thal fact. We have nothing to report in this regard. Oplnlons on other mattgrs proscrSbed by tho Companl8s Act 2006 Iii our opinion, based on the work underiaken in the course of oui audit.. th8 Inlomalon Ven In the Trust$, raport for th8 flnancl81 year for whl¢h Ihe fInaal $181gm&nl8 are prepad, whl¢h indudes the directors, report prepared for the purpK)ses ol company law, is consistent wlh the linanoal stslemenls., Iha dirèctors, rèport includad within the Trustèès, rèport has &n prèparad in accordancè with applicablè lagal requirements.
SAFE HAVEN LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAFE HAVEN LONDON Matters on whlch we are requSred to report by excepllon In ihe light ol tha knowbdge and understanding ol tho Charity and ils tsnvir0nnnt obtain6d in tha courso of th6 audit, we hav8 not idenlffi8d mat8rial misstal8m8nts in the diractor8' r8POrt included within th8 Trust88s' report. We have nothing to report in respect of thè Idlowlng mattèrs in r8lalSon to which tha Companlgs Act 2006 rgquir•s us to r8port lo you rf, in our opinion.. adaquat& accounling records hava not baen k8pt, or rgturns adequate lor our audll have nol bg8n recèived from branches nol visit8d by u5.. or Ihe linanaal s18lemenls are not in agreement with the a¢counling records and returns., or ¢ert8in dlsclosures of trusiees. rtsmuneiallon specffied by law ara not made., or we have not received all the information and explanations we require forour audit., or the Trus1ees were not enliued lo prepare the financial statements in accordance with the small companies regime and lakp. 2dv2ntxop. nl thp smxll r.nmDAnip.s' pxp.mptinn8 in prp.p2ring thp. Triiilpps, rp.pnrt and fmm Ihp rpqijirpmp.nt t prapare a slraleglc raport. Re$ponslbllltlos of TNSt•o8 As expl¥in¢d morg fully in thg slatemgnl of Trusl¢&s' rgsponsibilili$s, Ihg Tru$lee$, who arg also the dir$¢lors ol tho Chorily ft)r the purp059 of cornpany law, are responsible for the prgparalion of the financial 3tg1grnenls and lor beinq 5a115fied that Ihey give a true and fair view, and for su¢h inlernal conlrgl as the TNsl¢es determine is ne¢¢ssary lo enable the preparation ol financial staietngnl$ that arg Irge Irorn rllaleri¥l rni$stalgmgnl, wh?Iher due lo fraud or error, In prgpaiing Ihg financial stalernents, the Trustees are responsible for assessing the Charity s ability lo continue a5 a going concern. disclosing. as gpplicable, matters related lo going concern and using the going concern basis ol accounling unless the Trustees either inlFnd lo liquidalg the charilablg cornpony or lo ¢gase op9r8lions. or hav¥ no r$alislic allginativg bul lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the ffi'nancial statements as a whole are free from material missl¢lemenl, whelh¢r due lo fraud or error, and lo issue an ou¢Jilorfs report that includes our opinion. Reasonable assuranwe is a high levgl ol QBBurance bul is not a guarantee Ih3t L4udil wnducted in L4ccordance with ISA5 IUKI will aayS detect material misslatemenl when il exists. Misstatements can arise trom fraud or error and are considered material il. individually or In the aggrogale, they could r9880nably be expected to Influgnce th& economlc de¢l8lon$ of usgrs18kan on the basls ol these financial slalemenls. The extent to which our procedures are capable ol detecting irregulgrities, in¢ludin9 fraud, is detoiled below.
SAFE HAVEN LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAFE HAVEN LONDON We 8nsured that the engag8rnenl leatn co118clivety had the appropriate compel8nc8, capabilities and skills to idenlfy or recognise non-wrnplianoe wilh applicable laws and regulations. The laws and regu181ions applicable ID the company were identified through discussions with dir8Ctors £nd othèr management, and from Dur comm¥cial knowlèdge and èxperience of Safe Haven London. 01 thes8 laws and r8gulations. focused on those that W8 consid8red rnay have a direct nat8rial effÈ¢t on the financial statement5 or the operations of the Company, including the Chartyes Act, Companies Act 2006, Coronavirus Act 2020, data prolgction, anli-bribgry, èmploymant and environmaniallogislation. Thg extent ol complianca wth these laws and regulatK)ns identilied above aS a55es5ed through rnakin9 enquirie5 of management and inspeding legal correspondence. The identified laws 8nd regulations were cornmunicgted within the audit learn regularfy and the team r318d algrt to instances ol non-ctsmpliance throughout th8 audit. We assessed the susceptibility of the company'5 financi81 staternents to rnaterial mi5slatement, including obtaining an undeistanding ol how fraud ITiiglil occur, by". making enquiries of manag8ment as to whèrè they considèred thèrè was suscèptibility to Iraud, thèlr knowladga of actual, suspected and alleged fraud., considering the Inlernal controls in plac& lo miligatè rlsk$ ol fraud and non.¢omplianca with laws and regulallons,. and under5t3ndin9 the design of the company's remuneration pollclgs. To address th8 rfsk of fraud through manag•m•nt blas and ov8rrid8 ol controls, w8.. perforyned analytical procedure5 to Identify any unusual or unexpected relatr'onshiF6', t8sled loumal 8nlrlès to IdtIfy unusual transactions. • as2>e55ed wl)tslhèr judgemerits and èssumpllons made In d818rmlning th8 accountlng 8sllmales sat oul In nol8 2 w8r8 Indicative of potential bi85,' and inveskn'galod thé ralionalo b8hind sighllicanl or unusul Iransaclions, In response lo the risk of irregularities and non-cornpliance with law5 and regula'0ns, we designed piocedures which includ8d. but w8r8 not lirnllod to.. • agr88ln9 financk41 stat8menl dlsclosur8s to und•rfylng supportln9 docum8ntatlon', reading the minutes of m•etings of those eh8rged with gov•rn8n¢e', • enquiring ol manag8ment as lo actual and potential litigation and claims,. and rèviewing correspondence with HMRC and the cotnpany's legal advisors. Th8r& ar8 inherenl limllatr'ons In our audrt procedures d8scrlb8d above. Th8 mor8 r8rnOV8d that laws and regulats'ons are from Iinanclal transactions, th# less likly il is that w* would btrcomtr awarè ol non-eDmplianctr. ALJditinu standards also limlt thè audit procedures required lo idontrfy non-compliancè with laws and reoulations lo enouity ol the dirèciors and other managèment and thè Insp8ction ol regulatory and legal corrèspundonc#, if any. Mal8rial misstatem8nis that aris8 du8 10 fraud can bè harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A furth8r descriplion ol our r85ponsibilities Is availabl8 on the Financial Reporting Council'5 websile 8t.. httpJ..IlWb.frG.org.Ukldudl10rresP0njIbIIitIes. This description forms parl of ow auditorfs ieport. Use of our report This report Ss made solaly to tha charltablè cornpany's nrnber$. as a body, In accordance wlth Chapt8r 3 of Part 16 of th8 Cotnpani85 Acl 2006. Our audit work has been und8rtaken 50 that we might state to the charrtabl8 company'5 ffl8rnb8r5 those rnatters we are required to St8te to Ihen in an audilorfs report and for no other purpose. To the fulle31 extent permitted by law, w8 do not accapt or assurne r8sponsltrilllty to ansrsna oth8r than the chsrltablè cornpany and tha charhablè company's members as a body. for our audit work. for this report. or lor th8 opinions we have formed.
SAFE HAVEN LONDON INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF SAFE HAVEN LONDON Paul Woosey FCA, FCCA IS•nior Statutory Auditor) foT and on behalf of Cravita Audit 11 Limiked 7 Jung 2024 Chartarad Accountants SlatLrtory Audltor Aldgate Tower 2 Leman Street London E18FA
SAFE HAVEN LONDON STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2024 Unrestricted Unrestricted furids lunds 2024 2023 Note8 Income and endowments frorn.. Chariiablè 8Clivltlgs 51,304 719,610 39,593 34.769 62,309 298.395 Investments Other incorne Total Ineom• 810,507 395,473 Ex ondlturè on: Ralslng funds 85,262 3,019 Chariiablg 8clivthes 549,472 1,180,200 Total •xpondltur• 634,734 1,183.219 Net Incornlnglloutgolngl resource¥ 175,773 1787,7461 Oth•r r•cognls•d galns and 10$$•s Revelualion of t8n9ible fixed assets Other gains on investment5 1,084 1.159,305 5,008 225.760 13 N•t mov•mgnt In funds 1,336,162 1556,9781 Fund balances al 1 Febnjary 2023 26,393,219 26,950,196 Fund balances at 31 January 2L124 2T,729,381 26.393,218 Th¥ slat&m•nt of ffinaneial activltiOB inolud8s all galns and Ios$8$ mcognls•d In th• y•ar. All Incom• •xp•ndltur8 d•rfvo from continuing activities. The statement of financial activities also cotnplies with the requirgmgnts for an income and gxpgndilurg account under the Companies Act 2006.
SAFE HAVEN LONDON BALANCE SHEET AS A T 31 JANUARY 2024 2024 2023 Notes Flx&d assgls Tangible assets Investrnenl properties Investments 14 15 16 625,433 8,054,387 625.000 8.679,821 625,001 Current 88sèt8 Debtors Inv$slm8nts Cash al bank and in hand 17 18 516,314 18,271,797 438.585 1,628,214 23,234,052 958.037 19,232,696 25,820,303 Credilorg: amounts tslling due within one year 20 1183.1361 152,0861 Net CLJrrent assets 19,049,5eo 25,768,217 Total assèts lèss eurranl Ilabllltlgs 27.729,381 26,393,218 In¢om• fund$ Unrestricted fijnds G8n8ral unrgslricled fund6 Revaluation reserve 27,431,030 298,351 26,095,950 297,268 27,729,381 2e,393,218 21,729.381 26,393,218 Th6$0 finahclal statèments have tén prpar8d in ceordanc8 With th8 provisSons pplicab18 to eompanies subjocl to th8 small companitrs ragimy. The financial slalemenis were approved by the Trustees on 7 June 2024 Ir M C Patton Trustee Company Rgglstratlon No. 5328976 10-
SAFE HAVEN LONDON STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Notss Cash flows from operatlng actlvltl•s Cash generalgd fromllabsorbed by) operation 25 1,859,070 12,261,497) Inve8tlng aetSvltles Proceeds on disposal of tangible fLxed as8els Purchas8 01 investment propety Proceeds from investments Investment income received 501,121 18,054.3871 4,956.255 719,610 123.189,0521 62,309 N•t cash usèd In Invostlng a¢tlvltl•• 12,378,522) 122,62S,6221 N•t cash us•d Sn f5nanclng act11•& Net decreaie In cash and cash equlvalentg 1519.4521 124,887,119) Cash and Gash equiv8lenl8 81 beginning of year 958,037 25,845.15e C•¥h and cash gquiyalenls at •nd ol year 438,585 958,037 11
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Ac¢ountSng pollcle8 Ch8rity infowmation Safe Haven London is a prlvata company limlled by guarant88 IncorpDrat•d Sn England and Wales. The regist8r8d office is Thorncroft Manor. Lealherhead, Surrèy, KT22 8JB. 1.1 Accounting conventlon Th& financial stalem8nis hav8 b88n pr8parèd und&r th8 historical cost InVention. The financial slaiements are prepared in slerfing, which 15 the functional currency ol the Chairty. Monetary amounts in these ffinancial statements ¥e rounded to the nearest £. Th¢ oG¢gunl$ hav¢ b¢¢n pr¢porcd undcr th¢ hi¥tori¢ol cost convontion. nodificd to indudc lh¢ VOlU'0Tr of frcchold properties. The Frincipal accounting Oicigs adopted are sel out below. 1.2 Golng conc•m Al the tirne of approvlng tha fin8n¢lal Statements. the Trustees have a 8$onable éxpeetalion Ih8t the Charity h8S ad8qUat8 r8soureo9 lo continue in opèrational 8Xl$tène& for the fore$8eablè fulura. Thus tha Trusteès continuè to adopt thè going conc8rn basis ol accounllng in preparlng thé Ilnandal statamenls. 1.3 Charitable fund¥ Unreslricled funds ar8 avallable for us6 at tho discr81ion ol the Trusl8•s in furth8ranc8 of thèir Charabl• obj8ctlves IinlAx thè fiinrt% hAvA hèfvn flft8ionAlad frjr nthèr piirDnSA.. Th8 charfly does not op•rat8 any rastrfclad or 8ndowm8nt funds. 1.4 Incorn• Incomo is recoonised when th8 Chaiity is leoally 8nliil8d to il after any performance Conditions havts been mèl. the amounts can be measured reliably, and it is probable that income will be received. Turnover rglalgs to thg $919 ol propfrrles and Inlgr9$t Incomg from Invgslmgnls. Income 59 r?rd not ol dls¢ounls, VAT and other sales rglalgd laxe5. 1.5 Expondltur• Expenditure Is recognised once there is a legal orcon51ructive obligation lo iransfereconomic benefit lo a third party, It is probable that a transfer ol economic benefi'ts will be required in setllemenl, and the 8rn0unl of the obligation con be m98sur9d lIablY. Expandllur9 is ¢lasslll$d by oclivlty. Th& costs ol ch octlvKy aro rnadg up of thè lol$l of dSr9¢t costs and shared co$ls, induding suppod Gosls involved in undertaking each activity. Direct costs allributable lo a singlg activity are allocalgd directly lo Ihal activity. Shared costs which contribute to more than one aclivily and sUPPOrt costs whith are nol altrfbutabla to a slngla acllvily ar apportlonod baiwaan those acllvitlas on a basis consist8nt wlth tho uso ol resources. Central slaff cos15 are allocated on th8 basi5 of titne spent, and depreciation charg85 are allocated on the Portion of the asset's use. RsL)urcès &Xnd*d ara racognisad when thèy f811 duè, unl8SS tha banafit dèrivad from incurring an oxp$ns8 spans more than one year., in which case such c05t5 are apportioned over the period to which they relate. Costs ol advillgs In furth8r8n¢& of the charify's obj9cllv98 Induda all cosls assoclaiod wllh the management anrl financing of the properties. Expenditure includes any VAT that cannol b8 recovered. The charity has only one activity and Iherefore costs are not allocated in any way across different activities. 12-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 A¢¢ounting policies Icontinutdl 1.6 Tangible fixéd assets Tangihle fixed assets are initially measured at cost end subsequenlly measured under the cost or the revaluation modèl, ng1 ol depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valualion of assets less their residual values over their useful livas on Iho following b866S'. Buildings Computers 50 years 15% siralghl Iln& Fr¢¢hold land is not depwiated. The gain or loss arising on the disposal ol an as58t is delgrrningd as Ihe difference between the sale proceeds and the carrying value ol the 95set, and is reco9nised in Ihe statement of financial acts'vities. Tlitr Cli&rily'¥ puliLy ib Its TT1aii)l17 l¥ds¥liol¢J yrop¥rlis Iu d 'LL¥1)I IIL)iii¥b' slaiidaid. Tli¥ ITusl¥¥s liav d¥LiLl¥d Iitsl Lv dèpr8ciatè th8s8 asg8ts In W of th& fact that the ass8ts conc8m8d ara to b8 indud8d in th8 accounts at market V81ue. 1.7 Invgstmont prop•rty Invcslmcnl prop¢rty. which is proporty hold to corn rontols ondlor for pital apprcciotion, is iniiially rcwgniscd ot Cost. which includes the purchase cost and any directly atlribulabl8 expenditure. Subsequently il 1$ rneasured al lair value at the reporting end date. The surplus or delicit on revaluation is recognised in profit 0110sS. 1.8 Fixed asset inv•#tments Fixed asset investmenls are initlglly measured ot tronsa¢tion prio¢ excluding transo¢tion costs, and ore subsequently mg88ured al laii v81ue al 8h reporting d819. Changes in fair valu$ are rgcognisgd in ng1 in¢omellexpenditurg1 lor thg year. Transaction cost5 are 8xpens8d as incurred. A subsidiary Is an 8ntlty controll*d by thè Charlty. Control Is th8 power tc gov8m th& Ilnancial and op8ratlng policlas of the entity so as to obtain benefits from Ils activities. 1.9 Impalrm•nt of flxgd assèts At each reporting end date, the Charity ravlews the c8rryihg amounts ol ils tangiblè assttt$ lo d8tèrmln8 whether thèro is any indication that thtssa asstrts have suffer8d an impairment loss.11 any such indication exists, the recoverabl Jmounl of the asset 15 estirnJled in order lo delerrnine the exlenl of the impairment Ios5 lif Bnyl. 1.10 Cash and cash ?quivalent$ Cash and cash wuivalenls include cash In hand, deposits hdd al call wth banks, olhgr short-larm Ilquld inveslmenls with original maturilios of thretr months or less, and bank overdrafts. Bank overdrafts are shown within bL>rrowings in current liabilitiès. 13-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 A¢¢ounting policies Icontinutdl 1.11 Finaneithl in8trumentJ The Charily has elected to apply the provisions of Section 11 'Basic Financial Inslruments, and sec'On 12 '0ther Financial Instrurn8nts Issues. of FRS 102 to all of its linan¢ial inslrumenls. Financial instruments are cOgnised in the Charitl's balance sheet when the Charily become5 party lo the contractual provisions of thg instrumgnt Financial ossets and liabilities a offset, with tho nel omounts presented in the financial stalemenls, when there is a legally 8nforc8ab18 right to $81 off the iecognisgd arnounls and Ihgrg 1$ an int9nlion lo sell18 on a nel basis or lo r8ali$g the asset and seiiie the liablity sirnultaneously, 8aslc flnan¢lal assets Basic fi'nancial assets, whieh include debtors and cash and bank balanees. are initi£lly messured al transaction prie8 indiiding transaction costs and are subsequently carried at amortised cost using th& effective interest method unless Ihe arrangemenl constitutes a financing transadion, where the Iransaclion is measured 8t the present value of the future receipts discounted 81 a rn8rkel rate of inl8r&sl. Financk818ssels classrfied as ie¢eivablè wthin on8 y9ar ale not amortlsed. Dw•¢ognlilon olfln&ncl81 ass6rs Financial assets aro d$racognis8d only when thè conlraclual rights to tha cash flows from the assgt axpira or are 5ett18d. or when the Charity transfers the financial asset and substan11311y all the risk5 and reward5 01 own8r5hip lo another gntily, Qf if $prne significant ri$k$ and rgward$ of owngrship or8 rgtBin¢d bur control gf Ihg 0569t h4$ Irangfgrrgd lo another party Ihol is ablg 19 $911 Ihg a9$9t in ils gnlirely lo an unrglalgd third part5. Bask flnan¢lal Ilablllll Basic financial liabililias. including creditors and bank loans are ini118lly ro¢ogni$6d ai Iransa¢tion prica unl8s$ the arranqement constitutes a financina transaction, here the debt instrument is measured at the present value ol the future payments dis¢ounterJ 8t 8 market rate ol interest. Financial liabililies c18ssified as payable within one year are not amorti58d. Debt instruments are subsequently carried 81 arnortised cost. using the effective interest rale melhthy. Trade creditors are obligations to pay fDr services that have been ae4uired in the ordinary course ol operations from suppliers. Amounls payable are claSsifd as Current Iiabiliiies if payment is due within one year or less. If not, they a presenled as non-currenl liabilits'es. Trade credilors are recognised initially at tr3nsaclion price and subsequently measured al arnortised cost using the effective interest rnethod. Derecoqnilion of finanGi•l liabilfftiej Financlal Ilabllilles arè deretognised whèn the Charlty's conlraetu81 oblioations gxpire or are dlscharged or cancelled. 1.12 Employee benefit# Tht> rnst nf any unuspd haliday gntitl8m8nl is r9enISe. in Ihft pg.rind in whirh tht> gmplaypg.'8 88rvicfts rargivgd. Ttrrminalion benefits are recognised immediatèly as an expanse whtsn Ihe Charily is demonstrably ¢omrnitted lo terminate the employment of an employee or to provide lerminalion benefits. 1.13 Retlrefftent beneflts Paymenls lo delned contr11tiOrI retirement benefit schetne5 are charged as an expense as they fall due. 14-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 A¢¢ounting policies Icontinutdl 1.14 Lottn focility fees Costs incurred in arranging new loan lacilil'es are treated as transactions costs and are netted off against the loan wh¢n accounting for il undgr the amortisgd costs basis. Crltlcal accountlng estlmates and ludgernènt In the applicakn'on of the Charity'5 accounth'ng polic5, the Trustees are required lo make judgernenls, estimal85 and assumptions abcut the carrying amount of assets and liabilities tha1 are not readily appanI from other sources. The gstimates and asso¢ialed assumptions arg based on historical $xperi¢ncg and olhgr factors that arg cc)nsidei¥d to bo r8levanl Actiial ieqiilts may diffar Irotn the58 eslitn&tes. The e81imales and underlwng assumptions are reviewed on 8n ongoing basis. Revisions to a¢¢ounling gslimales arg racognis8d in the period in which the 851imale is revised where the revisK)n affects only that periiKI. or in lh8 period ol the rovision ond future pericés where the revision affe$ both current gnd future periods. In¢ome from inve8tments Unrestrlctod Unrostrlcted funds lunds 2024 2023 Inv9$1mgnl Incom9 Interest receivable on deposits 192,751 526,859 3,846 58.663 719.610 62.309 Charltabl8 actlvltlgs Lgase Incom• 2024 Lèo88 Incomo 2023 Ren181 income 51,304 34,769 15-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Othfji Income VnrÈgtricted Unr•9trictèd funds lunds 2024 2023 Net gain on disposal of tan£ible fixed assets Intere81 receivable on loans 192.435 los,0 39,593 39,593 105.%0 Expendlture on ralslng funds Unr•strl¢tod Unrgstrlctgd fund8 lund8 2024 2023 Fundraisin Advertising and ubliril 1.620 300 Investment man ernent 83.642 2,719 85,262 3,019 16-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Charltable actotIes Direct activities 2024 Direct a¢tivities 2023 Impairment Ios6e8 In8uranGe Repairs and Maintenance Project Manag8rn•nt Fo8S Rant Telephone and Fax Prlnting Postage and Statlonary Sundry Expgnses Travel and Subsstancè Service Charges Olhgr charitable gxpenditure 4,9U6 4,626 7U7.196 9.150 3,150 40.941 1,023 1,713 109 4.025 10,113 420 8.731 990 1,422 14 3,740 3,632 3,706 5,614 28,740 876.571 Grant fundlng of actlv11195 note 81 220,000 Share of support costs (see note 91 Share ol gov8rnanee costs Is8è not8 91 650 300,082 303,629 549,472 1,180,200 Gronl$ payabl Total 2024 Gran15 10 inslilulDns'. Centrapolnt Other 125,CA)O 95.(A)O 220,1X)O During th year ondèd 31 January 2024, Ihtr company has m8de paym¥nts rlaling to grants amour)ting to £220,000. These grants were provided to selected organisation5 to support people requiring assistance to find ac£offimodation. 17-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Support costs allocat to acUvltl•s Total 2024 Tot81 2023 Depreciation Governan¢e 650 300,082 303,029 21124 2023 Govornan¢è co8t8 comprl80'. Staff costs Audit feas AcGountancy Legal and prole&sional Bank charges Con8ullancy f688 100.122 28,440 51,722 76.692 706 42,400 121,862 16.350 52.664 82,S38 215 30.CQO 300.082 303,629 10 Trustees None ol the Trustees lor any per80ns connected with them) received any remuneralion or benelily from the Charity during the year. 11 Employ•8$ The averoge monthly number employees during Ihe year was,. 2024 Nrnr 2023 Numbor Adrnlnlslrallon Employm•nl costs 2024 2023 Wages and salarltss Social security costs Other pension costs 92,483 6.318 1,321 110,667 9,875 1,319 100,122 121,862 18-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 11 Employ•¢$ Icontinutdl The number ol employee8 whose 8nnu81 remuner8tion wag more than £60,000 is as follows.. 2024 NrnbOr 2023 Numbor Band.. £90,000-£100,000 Band." £100,000-£110,000 12 TAxatlon The company Is a règlst8r8d charfty and Is. IhérÈlore, 8x8mpt from taxation. 13 Othér galn8 or losses Unr•strlcl8d Unreslricied funds lunos 2024 2023 Unr8alls8d galn on inv8stmenls 11,159,3051 1225,7601 14 Tangible fixed aBJets Bulldlng8 omput•rn Cost ur valuatlon At 1 February 2023 Revaluation 623,916 1,084 3,253 627,169 Al 31 January 2024 625,000 3,253 628,253 Depr•ciation and impairment At 1 February 2023 DÉ*pr6claliDn r.hArood In thè yAar 2.169 651 2,169 51 At 31 January 2024 2,820 2,820 Carrying amount At 31 January 2024 625,000 433 625,433 At 31 January 2023 623,918 1,084 625,(K>O Land and building5 witr a carrying amouiit of E43.000,000 were r8valu8d on October 2021 by Jones Lang Lasalle Lilted IJLLI, an indep8ndt prof8Ssional Services firm 5P8cialising in r8al 85tate 58rvic8s. Th8 valuation conformed lo Internation81 Valuation Standards and was based on recent m8rkel trens8Gtions on arm's length lem15 Tor sirnilar proptrrties. as acl'usted for the properlies undergoing refurbishment works to conlorm to thtr 'decenl homes standard, prior to being Sub-leased to Plexus, an independent social housing provider. The bulk of the properties were suld during Ihe year end 31 Jgnuary 2022, howaver at 31 J¥nu¥ry 2024 two prtsparti&s aro Still hold at the value dolertnined by JLL. This is deemed appropriate. 19-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 14 Tangiblo fix•d ass•ts Icontinutdl At 31 J8nu8ry 2024, h8d the rev8lued o$sets been ¢8rried 8t historic Cost less 8¢¢umul8ted depre¢iotion and accumulated irnpairrnent losses, their carrying atnounl would have been approximately £25,79212023 - £30,927). Thg r8valualion rasèrvo rèprasènts thg following rnovgmenls.. BalarKe as 1 February 2023 £292.260 Disposals Balanco al 31 JUary 2024 £292.26J 15 Inv•iim•nt prop•rty 2024 Falr valuo Al 1 February 2023 Additions Ihrough 8xtèrnal aCqLJlsiiion 8,054,387 Al 31 January 2024 8.054.387 The leasehold propety. held lor rental purposes, is recorded in the financial statements al 115 lair value as of 31 January 2024. The fair value is determined to be the direct purchase pri of the investment properly, acquired two wegk5 beforg the gnd of Ihg financial yeai. Giv8n Iha recent acquisition dat8, the ¢osl represents the lair value. The property is calegorised as Level 2 in the lair value hierarchy due lo the use ol observable input5 Other than quoted prices. 16 Flxgd asg•t Inv•gtm•nl othor investments Cost or valuation Al 1 February 2023 & 31 January 2024 Carrylng amount At 31 Januory 2024 At 31 January 2023 2024 2023 Other investmenls cornprise-. Notes Investrnents in subsidiaries -20-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 17 Debtors 2024 2023 Amount8 f8lllng due wlthln one year.. Amounts owed by subsidiary undertakin95 Other debtors Prepayments and accrued income 501,T33 120 14,461 1.463.020 150,575 14,619 516,314 1.628,214 18 Currenl a68et invo8tmènts Z1124 2D23 Investrnen15 18,277,797 23,234.052 Includèd wilhln Investmènts Is a s8curblès backed l&ndlng amount of £3,932,422, 1th Is secured by a charg8 agalnsl all monies held by Sale Haven London with Barclays Bank PLC 81 Ihe year end lotalling £22,427,61 S. 19 Flnanelal Insirum•nts 2024 2023 Carrylng amount of flnan¢lal aJs•ts Instruments rneasured at fair volue through profit or loss 18,277.797 23.234.052 20 Credltors.. amounts falllng due wlthln one year 2024 2023 Other laxalion and social se¢urily Trado ¢r$dilor8 Other creditors Accrua15 and deferred incorne 15,582 69.131 565 113,440 27,(Y)O 183,136 52.086 21 Ev•nts aftèr th• r•portlng dat• After the balance sheet date, the Charity purchased additional investment properties lotalling the value of £3.970,000. 21
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 22 Subsidlarles These fin8n¢i81 ststements are 8ep8r8te Ch8rrty fin8n¢iel st8ternents for Sale Haven London. DetaiL% of the Charity's subsidiaries al 31 January 2024 are as follow5.. Nam• of undortaklng R8glstor•d Naturo of buslnèss Class of shartrs l)eld °A Hold Direct Indir&¢t Saf• Hav8n London Isharod 3 Bunhill Row, 0ershIp) Limited London, England. EC1Y SYZ Real Estat8 Privat8 company Ilmil&d by guarantee without sharo cepllal 100.00 The aggregate capital and reserves and Ihe result lor the year ol subsidiaries excluded from consolidation was as follows.. Name of und•rtaklng ProflVILossl Capltal and Reserve& Safo Hav9n London Ishorgd grshipl Litnilgd 146,242 B05.420 23 Relatsd party tran8a¢tions Remuneratlon of key management ppr8onn•l Thg rgmungralion of kgy rn$nag9m&nt pgrsonngl 1$ as follows. 2024 2023 A99r89at8 compènsation 93.804 111.988 None of the TryisteÈS Dr anyone connetled with them received rÈmunerition from the charity in the year Transactlons wlth r•latod partles During the year the Charity entered into th8 following transaclions with related partie5'. 2024 2023 Entilias in which the Trustees have interes 78.694 30.808 78,694 30.808 -22-
SAFE HAVEN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 23 Relatsd party transactions Icontinutdl Amounts owed to relthtod rtIeS The following amc>unls were outstsnding at the reporting end dale.. 2024 2023 Entilies in which the Trustees have interests 46,200 Entities in which the Trustees have an interest include.. 1. ChoGk PrDfe55ional SetViGe5 Liniited - a GDnipany Gonlrollvj by oiie ol the tru5tEe5. This Gotnpany paid disbursements o- £18 on beh811 of the ¢harily in the current year12023'. £4751. The charily 0j the ¢ompany £nil1202 3.. £nill al the year end. 2. R28 H - o mpanY ¢ontrolled by N Morkhom. This mpanY was paid £nil by the charity in Ihe current year12023 £ 2841. 3. Cheslerman Consullanls Ltd - a ¢ompony conlrplled by E Cheslerman. This ¢ompany wos poid ¢onsulian¢y fees ol £78,6DO by the Charity in thg current year12023., £30,0001. The balan owed lo Ihg company al Ihg year wa¥ £46 ,20012023. £9.6001. 4. The F¢egeneralion Consultancy Ltd - a company controlled by James Kerr. The company was paid consultancy fees 01 £8,40012023'. £Nill Analy$lJ of changos In nèt fund• Includèd wlthln Investments 1$ a $6curth68 baeked l&ndlng arnounl of £3,932,422. 25 Cash g•n•rat•d from operations 2024 2023 Surpluslldeliull lor tr8 year 175,773 1787,7461 Adluslments for,. Invesimenl incorne recognised in stalenent ol ffi'nancial activities Gain on revalualK>n of inv85tments Gain on dispos810l tangible lixgd assets Doprecialion and impairmonl ol tangiblo fixed assets 1719,61 DI 1,159,305 162,3091 225,760 1192,4351 5,646 Movements in working capital.. De¢re8sellincreasel in debtors Increasolld¢creasel in crodilors 1,111,900 126,056 11,401,910) 142,8271 Cash genèrat fromllabsorbod by) op•ratlons 1,859,070 12,261,497) -23-
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