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2023-03-31-accounts

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 2023

FITZROVIA NEIGHBOURHOOD ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Shafu Khanom (Chair) Peter Whyatt (Secretary) Neema Shafeeq Irving Brecker Pamela Peers

Secretary Mr P Whyatt Charity number 1111649 Company number 01673259 Registered office Fitzrovia Neighbourhood Centre 29 Gordon Mansions Torrington Place London WC1E 7HF 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 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 21

FITZROVIA NEIGHBOURHOOD ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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.

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. We successfully raised a further £103,000 funding a general advice service for 3 years starting Feb 2023.

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 - in Chapel, Fitzroy Place, but since Feb 23 at the Fitzrovia Community Centre in Foley Street - as part of our partnership with the community centre.

This enables additional and improved links in the local community, and some cross reference from and to other activities delivered at the centre by other organisations. Often we find that clients seeking advice are facing other issues at the same time, so this partnership would help addressing clients issues more effectively.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

We help Camden & Westminster residents in Fitzrovia; We provide service in English, Bengali, Sylheti, and Urdu.

In the year ending 30 October 23, we have seen 130 clients and dealt with 167 cases; While most of them were dealt with via the phone, we also offered appointments on face-to-face basis. These have to be booked in advance.

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 man. The ethnic mix stayed steady, with 75% of Bangladeshi origin and other South Asian areas and a majority of women. 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 maintenance and repair, as the Covid impact on staff and service availability continued to cause backlogs and slowing down landlord response time. The cost of living crisis had a big impact on our clients, and we witness an increased demand for our services.

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 30 Oct 2023, we successfully recovered £216,000 in “one off” payments for clients, and ongoing benefit claims for 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.

When the funding ran out in April 2023, we secured some further funding from the Derwent Community fund

for one year enabling us to offer the service to May 2024.

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.

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 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 publication.

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.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 2022-2023 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.

Westminster City Council consulted on their new proposals for Oxford Street and the surrounding area. This time, there was no proposal to pedestrianise Oxford Street, but changes proposed to traffic flow in Oxford Street caused some major changes to the traffic flow grid in our area.

The notable proposal was to make Mortimer/Wigmore Street two way from Portman Square to Goodge Street, Great Titchfield Street would become northbound only from Eastcastle Street to New Cavendish Street, making it thoroughfare for traffic, and enabling through run of traffic from Piccadilly, Shaftsbury Avenue through Wardour and Berners Street to Fitzrovia.

This is bound to show some increase in the volume of traffic through our area; the proposals remove the restricted one-way system created more than 50 years ago to protect residential amenity in Fitzrovia, focused on where residents live.

We welcomed some re-designing of street crossings in the area between Oxford Street and Mortimer Street, as it improves pedestrian safety; some of those changes have long been asked for. Westminster City Council agreed to modify some of their proposals for Great Titchfield Street, so it will not be used for through traffic; this followed a sustained campaign, working together with FitzWest Neighbourhood Forum.

Following this consultation, we will continue participating in the next stages of this project, focusing this time on design and “greening” – providing more tree and greenery in the immediate vicinity of Oxford Street and beyond. We will press WCC to honour their S106 commitment to plant more trees in Berners Street.

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 and Greening. We will continue to argue 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, and we submitted a joint response on the Oxford Street consultation.

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.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 applications we dealt with last year. On the Westminster side, there was a notable reduction, but on the Camden side, there has been a slight increase in the number of applications we dealt with in 2022/3.

We see a gradual and slow process of going back to the offices - the pattern now is 3 days out of 5, but it is rising slowly to 4 days out of 5 days.

Friends of Crabtree Fields

We support this community group to improve the appearance and biodiversity of Crabtree Fields, a small and popular public open space owned by Camden Council. We continued to organise community clean-ups, planted native shrubs, and created deadwood and leaf compost areas to improve the habitat for wildlife. We have championed the need for access to natural space in the face of increasing threats to our open spaces from commercial activity.

LB of Camden plan to review the current situation at the Crabtree Fields, we attended a public meeting on 18 th Sept, and we will continue to be involved in the effort to secure its future.

Promoting and supporting local democracy

As an organisation we help to raise awareness of local issues that concern the people living in Fitzrovia through the pages of our community newspaper Fitzrovia News, and through our digital and social media network.

Through all our activities we encourage people to take up issues of concern with their local representatives so that we can all have the opportunity to contribute to changes that benefit the people who live and work in our neighbourhood.

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, 30 Sept 2023.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Reserves policy

It is the policy of the charity that reserves should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

We secured some further funding for a three-year project, starting Feb 2023; the funding was for £103,000, payable at £34,333 per annum. The UK experienced a record high inflation and the board wishes to ensure that we have adequate funding to deliver our services as agreed with our funder for the next 3 years.

The board decided to designate some of the restricted funds granted for advice as reserves for anticipated higher expenditure particularly in the second and third years of the project. This consists of £3,750 for wage commitments and £5,500 for project expenses. This will be spent on the project by the end of Jan 2026.

The board monitors and discusses financial risks at each board meeting.

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) Neema Shafeeq Irving Brecker Pamela Peers

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.

Affiliations

The charity works in co-operation with other local community organisations but has no formal affiliation to any other charity or organisation.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

At the end of the year the charity had general reserves of £5,081 (2022: £8,781) of which £3,500 (2022: £7,250) were designated for specific purposes. The charity also had restricted fund balances of £16,595 (2022: £14,595).

Total income for the year decreased to £33,863 (2022: £39,745), total expenditure increased to £35,563 (2022: £32,946).

The trustees' report was approved by the Board of Trustees.

.............................. Shafu Khanom (Chair) Trustee Dated: .........................

FITZROVIA NEIGHBOURHOOD ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FrrzROVIA NEIGHBOURHOOD ASSOCIATION I report to the trustees on my examlnath)n of the ffinandal slatements of Fitzrovia Neighbourhood Association {the charity) for the year ended 31 March 2023. Responslbllltles and basls of rnport As the InJstee8 of the charity land also ts dir￿tOrS for the purpDSeS of o)mpany law) you are responslble for the preparation of the finandal statements in aC£Ord￿ with the requirements of the Companies Act 2006 (th• 2006 kt). Havlng satisfied mysew that the financial statements of the charity are not requked to be audlted undar Part 16 of tha 2006 AGt end are eligible for independent examinatlon. I rèport in respert of my examination of the chafws finandal 8talements earrfed out under sedion 145 of th8 Charities Act 2011 (the 2011 Acll. In carying out my examlnauon I have followed all th8 appllc*bla Dlre¢tlons gfven by Ihe Charfty Comm1681on under Se￿On 14451{b) of the 2011 A¢L Ind•p•nd•nt •xamln•rfi 8tatom•nt I have completed my examlnauon. I conftm that m#ttor¥ Iwo come to my attentlon In connecuon ￿th the examln8tlon givlng me cause to belleve that In any material resp8ct.' arxountlng ro¢ord8 W6r6 not kept In respect of the charfty a8 requlrad by se(a6on 386 of the 2006 Aot: or the finandal ststements do not a¢cord V￿th those records; or the flnanclal statemgnts do not comply wlth the accOun￿ng r8qulrements of sedon 396 of the 2006 Act other than any requlrem8nl that thè accounts gfvo a true and fair view which18 not a matter con8ld8r8d a8 part of an Indapgndent examlnatSon', or th¢ flnandal ststemonts have not been prepared In accordance wlth the methods and prfnciplgs of Ihg Slalement of Recommended Pr8Ctlce for actsjunling and reporting by charities applicable to chartties preparfng th6lr acc•Junts In ac￿rdar￿? wlth the Flnanclal Rewrtlng Standard appllcabS8 In the UK and Republic of Ireiand IFRS 102). I have no concems and have come across rbo cthgr mattgrs in connecuon the &xamSnallon lo whlch att6nllon should be drawn in this report in (xder to enabie a [￿per understanding of tho finan￿al statements to be reached. F J Wilde FCCA DChA Wamar Wilde Limited 4 Marfgold Drfve Bbley Woklng Surrey GU24 9SF Dated.. &- Lc i 8

FITZROVIA NEIGHBOURHOOD ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Current financial year
Unrestricted Unrestricted
Restricted
funds
funds
funds
general d esignated
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
1,238
-
32,625
Investments
4
-
-
-
Total income
1,238
-
32,625
Expenditure on:
Charitable activities
5
1,188
-
34,375
Net incoming/(outgoing) resources
before transfers
50
-
(1,750)
Gross transfers between funds
-
(3,750)
3,750
Net income for the year/
Net movement in funds
50
(3,750)
2,000
Fund balances at 1 April 2022
1,531
7,250
14,595
Fund balances at 31 March 2023
1,581
3,500
16,595		 Total
2023
£
33,863
-
33,863
35,563
(1,700)
-
(1,700)
23,376
21,676		 Total
2022
£
39,744
1
39,745
32,946
6,799
-
6,799
16,577
23,376

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.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Prior 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/(outgoing) 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
16,577
23,376

FITZROVIA NEIGHBOURHOOD ASSOCIATION

BALANCE SHEET

AS AT 31 MARCH 2023

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		 2023
£
18,103
4,923
23,026
1,350
3,500
1,581		 £
21,676
16,595
5,081
21,676		 2022
£
15,617
9,690
25,307
1,931
7,250
1,531		 £
23,376
14,595
8,781
23,376

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 2023.

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

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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, 29 Gordon Mansions, Torrington Place, London, WC1E 7HF.

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.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

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.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2023
2023
£
£
Donations and gifts
738
-
Grants receivable
500
32,625
1,238
32,625		 TotalUnrestricted Unrestricted
Restricted
funds
funds
funds
general
d esignated
2023
2022
2022
2022
£
£
£
£
738
1,000
500
4,244
33,125
-
-
34,000
33,863
1,000
500
38,244		 Total
2022
£
5,744
34,000
39,744

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Investments

Interest receivable
Charitable activities
Staff costs
Project delivery staff: Contracted
Quality Mark assessment
Subscriptions
Activities, outings and social events
Donations
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 2022
Unrestricted funds - general
Restricted funds		 TotalUnrestricted
funds
general
2023
2022
£
£
-
1
2023
2022
£
£
29,157
27,722
757
724
836
1,246
155
90
103
178
1,188
-
32,196
29,960
1,936
1,544
1,431
1,442
35,563
32,946
1,188
14
34,375
32,932
35,563
32,946
14
32,932
32,946

5 Charitable activities

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Support costs

Support
costs
Governance
costs
£
£
Support costs
1,936
-
Independent Examiner's
fees
-
1,338
Other g overnance costs
-
93
1,936
1,431
Analysed between
Charitable activities
1,936
1,431		 2023
Support
costs
Governance
costs
£
£
£
1,936
1,544
-
1,338
-
1,442
93
-
-
3,367
1,544
1,442
3,367
1,544
1,442		 2022
£
1,544
1,442
-
2,986
2,986

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:

2023 2022
Number Number
Employees 3 3
Employment costs 2023 2022
£ £
Wages and salaries 28,825 27,428
Other pension costs 332 294
29,157 27,722

There were no employees whose annual remuneration was more than £60,000.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9
Tangible fixed assets
Plant and
equipment
Fixtures and
fittings
£
£
Cost
At 1 April 2022
1,062
3,785
At 31 March 2023
1,062
3,785
Depreciation and impairment
At 1 April 2022
1,062
3,785
At 31 March 2023
1,062
3,785
Carrying amount
10
Debtors
2023
Amounts falling due within one year:
£
Prepayments and accrued income
18,103
11
Other creditors falling due within one year
2023
£
Other creditors
-
Accruals and deferred income
1,350
1,350		 Total
£
4,847
4,847
4,847
4,847
2022
£
15,617
2022
£
87
1,844
1,931

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at
1 April 2021 resources expended 1 April 2022 resources expended 31 March 2023
£ £ £ £ £ £ £ £ £
Fitzrovia Women (Art Project) - 4,244 (1,382) - 2,862 - (2,512) - 350
Advice Service 13,033 34,000 (31,550) (3,750) 11,733 32,625 (31,863) (6,350) 6,145
Salaries Reserve - - - - - - - 4,600 4,600
Sustainability Fund - - - - - - - 5,500 5,500
13,033 38,244 (32,932) (3,750) 14,595 32,625 (34,375) 3,750 16,595

Advice Service: funding from Trust for London and City Bridge Trust towards the cost of running the advice service.

Salaries Reserve: restricted funding set aside to settle outstanding staff remuneration when the charity can no longer offer advice services.

Sustainability fund: restricted funding set aside to cover increases in advice service costs such as memberships, software costs and subscriptions caused by inflationary pressure.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 in funds Movement in funds
Balance at Incoming Transfers Balance at Transfers Balance at
1 April 2021 resources 1 April 2022 31 March 2023
£ £ £ £ £ £
Sustainability Fund 5,000 - (3,500) 1,500 - 1,500
Fitzrovia News Fund 2,000 500 (500) 2,000 - 2,000
Salaries Reserve - - 3,750 3,750 (3,750) -
7,000 500 (250) 7,250 (3,750) 3,500

The outward transfer represents a correction to the 2022 accounts, when this amount should have been noted as a separate restricted fund rather than a designated fund.

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14
Analysis of net assets between funds
General
funds
Designated
funds
Restricted
funds
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented
by:
Current assets/(liabilities)
1,581
3,500
16,595
1,581
3,500
16,595		 Total
General
funds
Designated
funds
Restricted
funds
2023
2022
2022
2022
£
£
£
£
21,676
1,531
7,250
14,595
21,676
1,531
7,250
14,595		 Total
2022
£
23,376
23,376

FITZROVIA NEIGHBOURHOOD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Related party transactions

There were no disclosable related party transactions during the year (2022 - none) .