2021-12-31-accounts

CONTENTS			PAGE
Legal and administrative		details
Report ofthe Trustees
Independent auditors'	report		13
Statement offinancial	activities		16
Balance Sheet			17
Cash Flow Statement			1$
Accounting Policies			19
Notes ofthe financial	statements

LEGAL	AND ADM	AND ADM	INISTRATIVE	DETAILS
Company	registration		number:	5319765
Charity registration		number:		1113331
Principal	address:			Unit 306, The Blacktriars Foundry
				156Blackfriars Road
				London SEI 8EN
Registered	offtce:			2 Babmaes Street
				London SWIY6HD
Patrons:				Sir John Mactaggart	Bt
				The Rt.Hon. Baroness Jean Corston
Directors	and Trustees:			Jack Mactaggart (Chair)
				Gary Medazoumian FCA
				Prof. Jonathan Portes
				Rt. Hon Fiona Mactaggatt
				Russ Edwards
				Sarah Jackson OBE	(resigned 15.6.22)
				Becky Rice (resigned	15.6.22)
				Sneha Patel (resigned 15.6.22)
				Jeremy Swain
				Amarjit Bains
				Sheldon Shillingford
Secretary:				Gary Medazoumian	FCA
Strategic Leadership			Team: CEO	Ashley Horsey
Deputy CEO				Amy Doyle
Bankers:				Barclays Bank pic 7aFloor,
				180Oxford Street
				London BX32BB
Solicitors				BDBPitmans LLP
				One Bartholomew Close,
				London EC1A7BL
Auditors:				Haysmacintyre LLP
				10Queen Street Place
				London
				EC4R 1AG

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				Note	2021	2020
Income and endowments	from:
Donation and legacies				2	500,000	580,000
Charitable activity - rental income					363,495	346,667
Other income					10,875	2,976
Investment income					2,407	3,843
Gain on disposal offixed	assets				19000	86600
Total					~95 777
Expenditure on
Charitable activities				3	973 786	918464
Total					9~7378
Net income before fair value adjustments					(78,009)	101,622
Fair value adjustments
- Realised on redemption	ofloan notes				(205,125)
- Fair value adjustment	previously	recognised	on
redeemed loan notes					200,625
Unrealised on revaluation ofloan		notes atyear- end		13	~339859	271938
Net expenditure					(422,368)	(170,316)
Gain on revaluation offixed assets					6010565	282 392
Net movement in funds					5,588,197	112,076
Funds brought forward					~S3 6257	5254 181
Funds carried forward					1(~9454

As at 31D	ecembe	r	2021
				Notes	2021	2020
Fixed assets
Tangible assets					14,743,497	9,854,871
Programme	related	investment			78,167	76,417
Other unlisted investment					1	1
					14,821,665	9,931,289
Current assets
Debtors				10	33,422	17,168
Cash at bank	and in	hand			621,923	759,450
					655,345	776,618
Current Liabilities
Creditors: amounts		falling due within one year		11	(57,832)	(23,660)
Loan notes:	amounts		falling due within one year	13	(1,307,391)
Net current (liabilities)/assets					(1,365,223)
Net current	assets				(709,878)	752,958
Total assets	less current Iiabthttes				14,111,787	10,684,247
Creditors: amounts			due more than one year
Loan notes				13	(3,067,333)	(5,317,990)
Grants				12	(90,000)
Net assets					10,954,454	5,366,257
Income funds
Unrestricted	funds:			14
-Designated	Properly		Fund		10,368,773	4,536,881
-Designated	Project		Fund			25,000
- Programme	related		Investment		78,167	76,417
- General Fund					507,514	727,959
Total funds					10,954,454	5,366,257

		2021	2020
			f.
Net movement in funds		5,588,197	112,076
Deduct: investment income receivable		(2,407)	(3,843)
Deduct: revaluation offixed assets		(6,010,565)	(282,392)
Add back: fair value adjustment		344,359	271,938
Deduct: gain on disposal offixed assets		(19,000)	(86,600)
Add back: depreciation			98,061
(Increase)/decrease in debtors		(16,254)	118,850
Increase/(decrease) in creditors (excluding	loans)	124,172	(151,187)
Net cash provided by operating activities		10,490	76,903
Cash flows from investing activities
Investment income received		657	2,093
Proceeds from disposal offixed assets Cash paid in respect oftangible fixed assets		1,369,000 (5,955)	I86,631 ~4,31ri
		1,139,608	184,355
Cash flows from financing activities
Loan notes repaid in the year		(1,287,625)
(Decrease)/increase in cash and cash equivalents
in the year		(137,527)	261,258
Cash and cash equivalents at the start ofthe year		759,450	498,192
Total cash and cash equivalents at the end of
the year		621,923	759,450

				Fair	value
				and	Loan
				note
		01-Jan	Cash flows	movements		31-Jaa
		2021				2021
Cash		759,450	(137,527)			621,923
Loans	notes	(5.317,990)	-		943,266	(4,374,724)
		(4,558,540)	(137,527)	943,266		(3,752,801)

NATIONS AND LEGACIES
	2021	2020
Donations		f,
Grove End Housing	500,000	580,000

				2021
		Staffcosts	Other costs	Total
Charitable	Activities - 2021
Direct and Governance	support costs costs	336,886	623,628 13,272	960,514 13,272
		336.886	636,900	973,786
				2020
		Staffcosts	Other costs	Total
Charitable	Activities - 2020
Direct and support costs Governance costs		333,654	571,580 13,229	905,234 13,229
		333 654	584,889	918,463

	2021		2020
Property related project costs	336,499	54'/o	387,369	686/o
Feasibility Studies and Grants to partners	199,558	326/o	50,600	9'/o
Learning and Sharing	4,800	I o/o	26,075	4'/o
Office related operational costs	82,771	13'/0	107,536	19'/o

STAFF COSTS
	2021	2020
Wages and salaries	280,769	277,781
Pension contributions	30,480	25,883
Social security costs	25,637	29,990
	336,886	333,654

				2021	2020
				No.	No.
Particulars	ofemployees:
The average	number ofemployees		during the
year, calculated on the basis		offull-time
equivalents,	was as follows:
Chief Executive
Project and	Communications	Staff
Finance and	Administrative	staff (FTE:I;2020:I)

	Land k, Buildings	Computer dc other equipment	Total
Cost or Valuation
At I January 2021	10,557,451	10,008	10,567,459
Additions	227,974	2,075	230,049
Disposals Revaluation	(1,367,606) 5,319,040		(1,367,606) 5,319,040
At 31December 2021	14,736,859	12,083	14,7486942
Depreciation
At I January 2021 Charge for the year Eliminated at Disposals Revaluation At 31December 2021	709,131 (17,606) ~695.5255	3,457 1,988 5,445	712,588 1,988 (17,606) ~691,525 5,445
Net book value
At 31December 2021	14,736,859	6,638	14,743,497
At 31December 2020	9,848,320	6,551	9.854,871

10.	DEBTORS AND PREPAYMENTS	2021	2020
	Prepayments and accrued income	33,422	17,168
		33,422	17,168
11	CREDITORS AMOUNTS FALLING DUE
	WITHIN ONE YEAR	2021	2020
	Other creditors	14,847	3,511
	Social security costs	9,163	9,289
	Accruals and deferred income	33,822	10,860
		57,832	23,660

									Balance Left
				Loan		Percentage			atthe
				notes		interest for			Balance
			Acquisitions	maturity		yield		Loan notes	Sheet Date
Project Name			date	date	Loan notes	a	ents	redeemed	31.12.2021	Comments
PRAXIS-										Early hand back of
NRPF			2015	2021	81082 500		4.32%	51,082,500		ro erties
										Figures	showing here
										were the	balance
PRAXIS-										outstanding at the
NRPF			2016	2022	51,156,076		4.32%	8	81,156,076	balance	sheet date
MOVE	ON									Interest	—CPi linked
U -	SA		2017	2023	Z1,945,000		3.75%	E	81,945,000	increase	each year
DEPAUL		—PL	2019	2026	E 990,250		3.75'Yo	E	E 990,250

		2021	2020
		f,
Loan notes at transaction	value
At the beginning ofthe year		5,173,826	5,173,826
Loan notes repaid in the year (note 13)		(1,082,500)
At the end ofthe year		4,091,326	5,173,826
Fair value adjustments
At the beginning ofthe year		144,164	(127,774)
Loan notes redeemed in the	year	(200,625)
Revaluation atthe year end		339,859	271,938
At the end ofthe year		283,398	144,164
Loan notes at fair value		4,374,724	5,317,990

			2021	2020
Amount	due	within one year	1,307,391
Amount	due	atter more than one year	3,067,333	5,317,990
Total			4,374,724	5,317,990

		Balance at 01 Ianuary	Income and gains	Expenditure/ Losses	Transfers between funds	Balance at31 December
		2021				2021
Designated	Funds:
Property Fund		4,536,881	6,029,565	(344,359)	146,686	10,368,773
Project funds:		25,000		(25,000)
Programme	related
Investment		76,417	1,750			78,167
General Fund		727,959	875,027	(948,786)	(146,686)	507,514
		5,366,257	6,906,342	1,318,145		10,954,454