Charity registration number 1111649
Company registration number 01673259 (England and Wales)
FITZROVIA NEIGHBOURHOOD ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
FITZROVIA NEIGHBOURHOOD ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Shafu Khanom (Chair) Peter Whyatt (Secretary) Neema Shafeeq Irving Brecker (Appointed 21 July 2021) Pamela Peers (Appointed 21 July 2021) Secretary Mr P Whyatt Charity number 1111649 Company number 01673259 Registered office Fitzrovia Neighbourhood Centre 39 Tottenham Street London W1T 4RX Independent examiner F J Wilde FCCA MBA DChA Warner Wilde Limited 4 Marigold Drive Bisley Woking Surrey GU24 9SF
FITZROVIA NEIGHBOURHOOD ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 - 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 18 |
FITZROVIA NEIGHBOURHOOD ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
Our objectives are set out in the charity’s articles of association and are summarised below:
Our charity aims to improve the quality of life for those who live and work in Fitzrovia.
We set a number of objectives in order to realise this.
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to promote any charitable purpose for the benefit of people living and working in and around the area of Central London known as Fitzrovia (“the beneficiaries”) by the advancement of education, the protection of health and the relief of sickness and distress;
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the promotion of recreation, leisure activities and a healthy environment in and around Fitzrovia in the interests of social welfare and in order to improve the quality of life of those who are in need by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances;
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to relieve poverty amongst the beneficiaries by the provision of advice and information about health, welfare, housing, social benefits and related matters.
How our activities bring public benefit
The charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider our work to bring direct benefit to those taking part in our activities and in receipt of our services and which are available to all residents of Fitzrovia and are free of any charge to the user. The trustees also consider the charity brings through its activities both direct and indirect benefit to our neighbourhood as a whole. The indirect benefit brought to the neighbourhood is incidental to the work of the charity. The trustees do not consider that the charity’s activities cause any detriment or harm.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Advice Service
Our advice service helps to meet our objective to relieve poverty. Users of the service are helped to understand their entitlements to welfare benefits and to help them stabilise and increase their income. We help those who are not able to fill in forms and to communicate with the welfare agencies. We give advice and assistance with welfare benefits, housing, disrepair and maintenance, fuel debt and poverty, employment and education.
We secured £80,000 funding providing a General Advice service for two years starting Jan 2021.
Unlike previous years, we now provide advice service by phone on three days a week; Starting in June 21, we offer by appointment only face to face advice services at the Chapel, Fitzroy Place.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
We help Camden & Westminster residents in Fitzrovia; We provide service in English, Bengali, Sylheti, and Urdu.
In the year ending 30 Oct 22, we have seen 91 clients and dealt with 159 cases; In the first 10 months of the service to 30 Oct 2021, there dealt with 95 clients and 171cases; While most of them were dealt with via the phone, we offered about 60 appointments on face-to-face basis.
As was the case in the previous year, the age profile of our clients remains at 33 percent in the 45-64 age range – reflecting problems with the rises in pension age for women, and the change in pension rules which means that it is now only granted when the youngest, not the oldest in a couple reaches pension age. There is slightly more demand from women than men. The ethnic mix stayed steady, with 75% of Bangladeshi origin and other South Asian areas. Many of our clients have only verbal skills and are unable to read or write in their native language or English. Most of our clients who are not Bangladeshi are also not native speakers of English, and/or are vulnerable because of physical or mental disabilities.
Post Covid, we mainly deal with disability benefits, and long-term heath illness issues. During lockdown, there was a rise in the number of landlord-tenant issues, mainly to do with maintenance and repair, as the Covid impact on staff and service availability continued to cause backlogs and slowing down landlord response time.
Our advisers continue to deal with Universal Benefit claims on behalf of clients- assisting with form filling, presentation of claims and dealing with some aspects of appeals against initial benefit decisions.
In the year ending 31 Oct 21, we successfully recovered £55,000 in “one off” payments for clients, and under £130,000 in ongoing benefit claims for clients. In the period ending 30 Oct 20, we successfully recovered some £10,000 in “one off” and about £70,000 in ongoing claims for about 30 clients.
We continue to work with similar organisations in Camden and Westminster, we are one of the very few Bengali language speaking services in central London, and we offer bespoke support service over the phone and face to face; our services are highly demanded, but our resources are limited.
Fitzrovia Women Art Project
The project was run for many years at the FNA centre, with the support of the Mary Ward Centre. The women group met once a week for about 25 sessions, creating artwork that was displayed at the British Museum and British Library over the years.
Thanks to a generous donation by Charlotte Street Association, we were able to resume the project in November 2021; there are 13-15 women meeting regularly during the year in 4 quarterly periods- about 25 meetings in total.
The project facilitates the group members to meet socially and work together on artwork, it provides an opportunity for some social interaction and support.
The project is currently supported by Camden’s Adult Community Sourcing unit.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Fitzrovia News community newspaper
This is a volunteer-led project to deliver a free printed newspaper four times a year. It is led by two local journalists and editorial coverage is discussed at virtual online meetings.
Since the Covid pandemic Fitzrovia News is a smaller quarterly newspaper (2-3 pages equivalent of two-sides of a A4 sheet instead of a 16 page tabloid paper) with a regular monthly email newsletter sent to subscribers with the latest updates. Those are now digital advert free publications.
Fitzrovia News covers news about housing, planning and licensing, and also about the increasing commercialisation of the neighbourhood. It also features many stories about the history of the neighbourhood and the lives of the ordinary and less-ordinary people living here, and events and local culture. Fitzrovia News provides the facts, context, and strives to give a balanced view on issues affecting the residential community.
Fitzrovianews.com attracts around 8,000 page views every month. News articles are listed on Google News and Bing News. We have more than 3,500 followers on Twitter, and over 900 followers on Facebook, and over 400 followers on Instagram. We also send out an email newsletter every month to over 1,000 subscribers. Our readers are predominantly those who live and work in the neighbourhood but many are those who used to live here and now live in other countries but who like to keep in touch.
Over 30 people contribute to making the paper a success and help inform one another about our neighbourhood.
Environment, Planning and Licensing
This is a volunteer-led project helping to meet the objective of promoting a healthy built and social environment for people living in Fitzrovia.
We review planning and licensing applications and discuss local authority strategic plans. We are a recognised community group and amenity society for the London Borough of Camden and City of Westminster, and we help to shape local planning policy.
During 2021-2022 we commented on numerous licensing and planning applications as well as other consultations and encourage others to comment by providing a monthly list of local planning and licensing applications in partnership with Fitzrovia News – our community newspaper – at fitzrovianews.com.
We continue to work with other community organisations on the ongoing discussions about the changes to Oxford Street and its surrounding districts to ensure that Westminster Council hear the voice of residents and people’s concerns about pollution and congestion from road traffic. We successfully argued that air pollution and congestion should be reduced over the whole of the “Oxford Street District” and through motor traffic restricted and measures introduced to enable walking and cycling.
We work in partnership with FitzWest Business Neighbourhood Forum on planning and licensing matters.
We continue to engage with Camden Council and the progress of its West End Project, which is transforming the Tottenham Court Road area, affecting much of the residential community. We argued for improved safety for pedestrians and cyclists, and raised concerns about displacement of visitor parking and through motor traffic into Fitzrovia’s side streets.
We also took part in zoom meetings about proposed large redevelopments and engaged directly with a number of landowners and developers in the neighbourhood. We work in partnership with the Charlotte Street Association who take a lead on planning and licensing issues on the Camden side of Fitzrovia.
Overall, Fitzrovia has not returned to its pre Covid status as far as business and employment are concerned. This is reflected in the number of planning and licensing we dealt with last year.
On the Westminster side, there was a notable reduction in those, but on the Camden side, there has been a slight increase in the number of applications we dealt with in 2021.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Membership
We have a core membership of around 200 people. Our email mailing list (shared with Fitzrovia News) has over 1,000 subscribers. Our annual general meeting and membership is open to all who live or work in Fitzrovia. Membership of the organisation is free. We serve a residential community of around 8,000 people many of whom have contact with the organisation through using our advice service, participating in our community development projects, or are readers of our printed community newspaper and news website. Residents also engage with the organisation through planning, licensing and environmental consultations.
Shafu Khanom, Chair of Trustees, Fitzrovia Neighbourhood Association, 04 Dec 2022.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Risk management
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage them. Procedures have been adopted to cover financial control procedures including being a member of an advisory services umbrella group.
Structure, governance and management
Fitzrovia Neighbourhood Association is a company limited by guarantee and not having a share capital and is governed by its Memorandum and Articles of Association. The company is a registered charity.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Shafu Khanom (Chair) Peter Whyatt (Secretary) Linus Rees (Resigned 19 July 2021) Neema Shafeeq Irving Brecker (Appointed 21 July 2021) Pamela Peers (Appointed 21 July 2021)
Methods of recruitment and appointment of trustees
Directors/Trustees, who must be members, are elected by the members of Company at the Annual General Meeting for a two year term, and are eligible for re-election. New Directors/Trustees may be co-opted during the year from the membership to fill any vacancies identified. Such co-opted Directors/Trustees must retire at the next Annual General Meeting, but are eligible for re-election.
New trustees are made aware of their legal responsibilities and can access training from one of the voluntary support organisation in Camden or Westminster.
All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Affiliations
The charity works in co-operation with other local community organisations but has no formal affiliation to any other charity or organisation.
Financial review
The financial risk analysis is carried out regularly and reported to the Board meeting as part of the regular financial reporting.
At the end of the year the charity had general reserves of £8,781 (2021: £3,544) of which £7,000 (2021: £7,000) were designated for specific purposes. The charity also had restricted fund balances of £14,595 (2021: £13,033).
Total income for the year increased to £38,244 (2021: £26,752), total expenditure increased to £32,946 (2021: £19,693).
The trustees' report was approved by the Board of Trustees.
.............................. Shafu Khanom (Chair) Trustee Dated: .........................
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FITZROVIA NEIGHBOURHOOD ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FITZROVIA NEIGHBOURHOOD ASSOCIATION I reFrt to tho trustO8s on my exthnallon of the finandal 8tatsm8nts of Fltzrovk9 Nelghbourhc A880clalh)n (the charttyl for th8 year end 31 March 2022. R•8ponslblllll•s and ba•1¥ of r•port As trustO8s of th8 charity land also ts dire(ors for the purKM)Se8 of company Wl you ar8 rasponslbl8 for the prep8raUon of tho flnancS0l slalements in a[danc with tha requlr8ments of tho Companl&s Act 2006 {Ih8 2006 Act). Havlng 8a118fiod my8eif thal Ihe finandd 8tatsments of the c8rtty 8r• Mt requkad to be aLK111ed under Port 16 of the 2006 Acl and ar• eliglbl¥ for Ind&kWndl 8xaminatK>n. I report in respect of my 8xaminatlon olthe charity's finandal statements carrd out under sècllon 145 of tho Charflles Ad 2011 (th& 2011 A¢tl. In carylng out my examinatlon I have lollow&J all th8 appll(zble DlrectK¥rw gfven by the Charfty Commls8lon under soclkn 145151(bl of tho 2011 Ind•p•nd•nt •x•mln•rf• •tat•m•nt I have completed my examlnalion. l eorthrn th81 no maltsr8 have eomg to my attontlon kn connoQJon wllh the ex8mlnotlon gmng ma causo to b811ovo that In any malortal rosp8Ct: accountlrwJ record8 not kèpt In rew of thè charfty a8 rnqulred by 8acllon 388 of tho 2006 Act,. the financlal statements do not accord wNh thos• r8rJrd8; thè flnanclal stalements do not comF4y th the aCCntIrd requlr•mnis of s•ctlon 396 of tho 2006 Act other than any raquirom8nl that tho accounts give a true and lair whKh 18 not a matter con3Sdored a8 part of an Indopgndent examlnotlon: or thg ffinanclol $latgmgnts havg not bggn pryed In aLrordanco wlth Ihe m&lhod$ and prfn¢lpl•8 of tho St8tsment of Recommended PractKe for accountlng and reportlng by charltle8 appllcable lo chgri1108 pr8paring Ihelr account8 Sn A018nce wlth Ihe FancIal Reportkng Standard applkBblg in tho UK and Rgpubllc of Irolond (FRS 1021. I have no concern8 and h8vo como a¢n)88 M Olr mattern in )ne¢ll0Th Wth ex8minalion to whlch 8ttenllon shouhj be drawn In th18 Tepjrt In ordar to enable a proper under8tsndlng ofthe flnanclal statements to be reachod. frzSL-.eLL . F J Wlde FCCA DChA WArner Wld8 Llml 4 Marigotd Ddve Bi8lèy Woklng Surrgy GU24 9SF
FITZROVIA NEIGHBOURHOOD ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Current financial year Unrestricted Unrestricted Restricted funds funds funds general d esignated 2022 2022 2022 Notes £ £ £ Income from: Donations and legacies 3 1,000 500 38,244 Investments 4 1 - - Total income 1,001 500 38,244 Expenditure on: Charitable activities 5 14 - 32,932 Net incoming resources before transfers 987 500 5,312 Net incoming resources before transfers 987 500 5,312 Gross transfers between funds 4,000 (250) (3,750) Net income for the year/ Net movement in funds 4,987 250 1,562 Fund balances at 1 April 2021 (3,456) 7,000 13,033 Fund balances at 31 March 2022 1,531 7,250 14,595 |
Total 2022 £ 39,744 1 39,745 32,946 6,799 6,799 - 6,799 16,577 23,376 |
Total 2021 £ 26,570 2 26,572 19,693 6,879 6,879 - 6,879 9,698 16,577 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Prior financial year Unrestricted Unrestricted Restricted funds funds funds general d esignated 2021 2021 2021 Notes £ £ £ Income from: Donations and legacies 3 1,000 - 25,570 Investments 4 2 - - Total income 1,002 - 25,570 Expenditure on: Charitable activities 5 7,156 - 12,537 Net incoming resources before transfers (6,154) - 13,033 Net income for the year/ Net movement in funds (6,154) - 13,033 Fund balances at 1 April 2020 2,698 7,000 - Fund balances at 31 March 2021 (3,456) 7,000 13,033 |
Total 2021 £ 26,570 2 26,572 19,693 6,879 6,879 9,698 16,577 |
|---|---|
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year Other creditors 11 Net current assets Income funds Restricted funds 12 Unrestricted funds Designated funds 13 General unrestricted funds |
2022 £ 15,617 9,690 25,307 1,931 7,250 1,531 |
£ 23,376 14,595 8,781 23,376 |
2021 £ - 19,030 19,030 2,453 7,000 (3,456) |
£ 16,577 |
|---|---|---|---|---|
| 13,033 3,544 |
||||
| 16,577 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
.............................. Shafu Khanom (Chair) Trustee
Company registration number 01673259
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Fitzrovia Neighbourhood Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Fitzrovia Neighbourhood Centre, 39 Tottenham Street, London, W1T 4RX.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
These financial statements are prepared on the going concern basis. The trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future, however, the trustees are aware of certain material uncertainties which may cause doubt on the charity's ability to continue as a going concern. The charity is grant funded, the Board note they currently have sufficient committed funds to continue delivering services until 31 March 2023, the charity are currently fundraising and will reconsider the financial position in January 2023.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds are unrestricted funds which have been set aside by the Trustees for specific purposes. The Trustees aim for the Sustainability Fund to hold between 3 and 6 months' operating costs for the charity to protect it against any future loss of funding. The Fitzrovia News Fund represents the Trustees' commitment to the continued production of this newspaper. Funds have also been designated for the Whitfield Gardens Mural Restoration.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment Fixtures and fittings
Office equipment 3years straight line Furniture 10 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
- The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
3 Donations and legacies
| Unrestricted Unrestricted Restricted funds funds funds d esignated £ £ £ Donations and gifts 1,000 500 4,244 Grants receivable - - 34,000 1,000 500 38,244 For the year ended 31 March 2021 1,000 - 25,570 Grants receivable for core activities Other - - 34,000 - - 34,000 |
Total 2022 £ 5,744 34,000 39,744 34,000 34,000 |
Total 2021 £ - 26,570 26,570 26,570 26,570 26,570 |
|---|---|---|
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Interest receivable | 1 | 2 |
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
5 Charitable activities
| Staff costs Project delivery staff: Contracted Quality Mark assessment Subscriptions Activities, outings and social events Share of support costs (see note 6) Share of governance costs (see note 6) Analysis by fund Unrestricted funds - general Restricted funds For the year ended 31 March 2021 Unrestricted funds - general Restricted funds Support costs Support costs Governance costs £ £ Support costs 1,544 - Independent Examiner's fees - 1,442 1,544 1,442 Analysed between Charitable activities 1,544 1,442 |
2022 £ 27,722 724 1,246 90 178 29,960 1,544 1,442 32,946 14 32,932 32,946 7,156 12,537 19,693 2022 Support costs Governance costs £ £ £ 1,544 4,908 - 1,442 - 960 2,986 4,908 960 2,986 4,908 960 |
2021 £ 9,278 1,845 - 2,185 517 13,825 4,908 960 19,693 7,156 12,537 19,693 2021 £ 4,908 960 5,868 5,868 |
|---|---|---|
6 Support costs
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Employees | 3 | 4 |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 27,428 | 9,216 |
| Other pension costs | 294 | 62 |
| 27,722 | 9,278 |
There were no employees whose annual remuneration was more than £60,000.
9 Tangible fixed assets
| Plant and equipment Fixtures and fittings £ £ Cost At 1 April 2021 1,062 3,785 At 31 March 2022 1,062 3,785 Depreciation and impairment At 1 April 2021 1,062 3,785 At 31 March 2022 1,062 3,785 Carrying amount 10 Debtors 2022 Amounts falling due within one year: £ Prepayments and accrued income 15,617 |
Total £ 4,847 4,847 4,847 4,847 2021 £ - |
|---|---|
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
11 Other creditors falling due within one year
| Other creditors Accruals and deferred income |
2022 £ 87 1,844 1,931 |
2021 £ - 2,453 2,453 |
|---|---|---|
12 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Incoming | Resources | Balance at | Incoming | Resources | Transfers | Balance at | ||
| resources | expended | 1 April 2021 | resources | expended | 31 | March 2022 | ||
| £ | £ | £ | £ | £ | £ | £ | ||
| City Bridge | ||||||||
| Trust | 10,000 | (3,483) | 6,517 | 20,000 | (15,775) | (1,875) | 8,867 | |
| Trust for | ||||||||
| London | 10,000 | (3,484) | 6,516 | 14,000 | (15,775) | (1,875) | 2,866 | |
| London City | ||||||||
| Trust | 5,570 | (5,570) | - | - | - | - | - | |
| Fitzrovia | ||||||||
| Women (Art | ||||||||
| Project) | - | - | - | 4,244 | (1,382) | - | 2,862 | |
| 25,570 | (12,537) | 13,033 | 38,244 | (32,932) | (3,750) | 14,595 |
13 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|
| in funds | |||||||
| Balance at | Incoming | Balance at | Incoming | Transfers | Balance at | ||
| 1 April 2020 | resources | 1 April 2021 | resources | 31 | March 2022 | ||
| £ | £ |
£ | £ | £ | £ | ||
| Sustainability Fund | 5,000 | - |
5,000 | - | (3,500) | 1,500 | |
| Fitzrovia News Fund | 2,000 | - |
2,000 | 500 | (500) | 2,000 | |
| Salary / redundancies | - | - |
- | - | 3,750 | 3,750 | |
| 7,000 | - |
7,000 | 500 | (250) | 7,250 |
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
| 14 Analysis of net assets between funds General funds Designated funds Restricted funds 2022 2022 2022 £ £ £ Fund balances at 31 March 2022 are represented by: Current assets/(liabilities) 1,531 7,250 14,595 1,531 7,250 14,595 |
Total General funds Designated funds Restricted funds 2022 2021 2021 2021 £ £ £ £ 23,376 (3,456) 7,000 13,033 23,376 (3,456) 7,000 13,033 |
Total 2021 £ 16,577 16,577 |
|---|---|---|
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FITZROVIA NEIGHBOURHOOD ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
15 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
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