2021-03-31-accounts - Besson Street Trust

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Contents
				Page
Reference and administrative		information
Trustees' annual report
Independent auditors'	report
Statement offinancial	activities
(incorporating an income and		expenditure	account)
Balance sheet				20
Notes to the financial	statements

Name of charity:	Name of charity:			The New Cross Gate	Trust	Trust
				(also referred to as NXG		Trust)
Charity Registration			number:	1118010
Company	Number:			05862134
Address ofthe office:				Besson Street Community Besson Street, New Cross,			Garden, SE145AE.
Charity Trustees:				Helen Mathie	Chair
				Andy Rothery	Treasurer
				Wendy Braithwaite
				John Lumley
				Pamela Martin
				Joan Millbank
				lmogen Slater
				Laura Wirtz
				Cathy Druce
				Matthew Gerry
				JoWalker
				Janet Bygrave
				Rochelle Saunders	[appointed					25/02/21]
Company	Secretary			Oluwatoyin Onafujabi	[resigned				15/01/21'j
				Katie Overton	[appointed					25/01/21)
Senior Statutory		Auditor		Anthony Epton
				Goldwins Limited
				75 Maygrove Road, London,				NW6			2EG
Solicitors				Russell Cooke Soiicitors
				2 Putney Hill, I ondon	SW15			6AB
Property	INanagement			Strettons
				Central House,
				18&203Hoe Street,	London			E17			3SZ
Payroll provider				Dataplan Payroll Ltd
				1 Prince Albert Gardens,		Grimsby					DN31 3AG
Pension	provider			Scottish Widows

For the year en		ded 31	March 2021
								2021	2020
						Unrestricted	Restricted	Total	Total
						funds	funds	funds	funds
					Notes	f
Income from:
Charitable activities						27,357	112,383	139,740	138,254
Investment income					4	260,278		260,278	247,110
Total income						287,635	'I12,383	400,018	385,364
Expenditure on:
Raising funds						74,083		T4,083	75,322
Charitable activities:						270,001	91,419	361,420	324,992
Total expenditure					5	344,084	91,419	435,503	400,314
Net income / (expenditure)			before net gains	/
(losses) on investments						(56,449)	20,964	(35,485)	(14,950)
Net gains / (losses)		on investments
Net income / (expenditure)			forthe year			(56,449)	20,964	(35,485)	(14,950)
Transfers between	funds
Net movement in	funds					(56,449)	20,964	(35,485)	(14,950)
Reconciliation of	funds:
Total funds brought		forward				5,028,435	38,887	5,067,322	5,082,272
Total funds carried		forward			14	4,9T1,986	59,851	5,031,837	5,067,322

As at 31 March	2021
							2020	2020
				Notes				f.
Fixed assets:
Tangible assets				9		7,951		9,354
Investment properties				10		4,650,000		4,650,000
						4,657,951		4,659,354
Current assets:
Debtors					31,854		7,533
Cash at bank and	in hand				458,842		443,389
					490,696		450,922
Liabilities:
Creditors: amounts	falling	due within	one year	12	(10,500}		(8,482)
Net current assets								442,440
Total assets less	current liabilities					5,138,147		5,101,?94
Creditors: amounts	falling	due after one year				(106,310)
Total net assets						5,031,837		5,101,794
Funds
Restricted funds						59,851		38,887
Unrestricted funds
Investment asset fund					4,650,000		4,650,000
investment property		sinking fund			100,197		100,197
investment property		development	fund				101,088
General fund					221,789		177,150
Total unrestricted	funds					4,971,986		5,028,435
Total funds						5,031,$37		5,007,322

Detailed comparatives		for t	he	statement o	f5nancial activ	ities
						2020	2020	2020
						Unrestricted	Restricted	Total
						fund	fund	fund
Income from:
Charitable activities						8,820	129,434	138,254
Other trading activities investment income						247,110		247,110
Total income						255,930	129,434	385,364
Expenditure on: Raising funds						75,322		75,322
Charitable activities:
Marketing Community investment Besson street	fund					3,184 31,969 32,286		3,184 31,969 32,286
Sewing and Gardening activities Besson street investment						1,787	3,077	3,077 1,787
Knife crimes initiatives							12,000	12,000
Big lottery, employment, LBof Lewisham S106	ESOL, Orchard			IT and pond			102,134 4,367	102,134 4,367
BUPA mental health project Others						133,543	645	645 133,543
Total expenditure						278,091	122,223	400,314
Net income I(expenditure)			for the year			(22,161)	7,211	(14,950)
Transfers between funds						1,882	(1,882)
Net movement in funds						(20,2?9)	5,329	(14,950)
Total funds brought forward						5,048,714	33,558	5,082,272
Total funds canied forward						5,028,435	38,887	5,067,322
Income from charitable		activities					2021	2020
					Unrestricted	Restricted	Total	Total
					F			F
Grants and donations					16,988	112,383	129,371	130,481
Other income					10,369		10,369	7,773
Total income from charitable				activities	27,357	112,383	139,740	138,254
Income from investments							2021	2020
					Unrestricted	Restricted	Total	Total
Rents receivable					258,657		258,657	245,572
Bank interest					1,621		1,621	1,538
					260,278		260,278	247,'I10

				Basis of	Raising	Charitable	Support	2021	2020
				allocation	funds	activities	costs	Total	Total
Besson Street				D irect		19,410		19,410	32,286
Sewing and Gardening	activities			Direct					3,077
Knife Crime initiatives				Direct					12,000
Community Investment	Fund			Direct		15,378		15,378	31,969
Besson Street Investment				Direct		621		621	1,787
Big Lottery, Employment,	ESOL,		IT	Direct		47,357		47,357	102,134
Marketing and communication				Direct		2,071		2,071	3,184
Coronavirus Community Environment Workshop	Support		Fund	Direct Direct		2,208 1,100		2„208 1,100
Growback greener				Direct		1,795		1,795
LB Lewisham S106Orchard		and	pond	Direct					4,367
BUPA mental health project				Direct		4,334		4,334	645
investment management	costs			Direct	74,083			74,083	75,322
Support staff costs				staff time			122,919	122,919	97,360
Audit fees				staff time			4,500	4,500	4,500
Trust admin and running	costs			staff time			20,158	20,158	30,032
Depreciation				Direct			1,403	1,403	1,651
Investment property development			fund
costs				Direct			118,166	118,166
					74,083	94,2?4	26'7,146	435,503	400,314
Support costs						267,146	(267,146)
Total expenditure 2021					74,083	361,420		435,503
Totai expenditure 2020					75,322	324,992

Analysis	of staff costs„ trustee	of staff costs„ trustee	remuneration	remuneration	and the cost of key	management
personnel
Staff costs	were as follows:				2021	2020
					f.
Salaries and wages					151,1&6	151,564
Social security costs					10,053	9,844
Employer"s	contribution	to defined	contribution	pension schemes	7,641	7,927
					168,8&0	169,335

The avera	ge	number ofemployees during the year was as	follows:
			2021	2020
			No.	No.
Charitable	activities		4	4
Management		and administration	2	2
Cleaning				1

9	Tangible fixed assets	Tangible fixed assets												Short	Short	Plant and
													leasehold			machinery		Total
	Cost
	At the start	ofthe year													1	19599		19,600
	Additions in year
	At the end	ofthe year													1	19,599		19,600
	Depreciation
	At the start	ofthe year														10,246		10,246
	Charge for	the year														1,403		1,403
	At the end	ofthe year														11,649		11,649
	Net book value
	At the end	ofthe year														7,960		7,961
	At the start	ofthe year														9,353
	All ofthe above assets		are used		for charitable				purposes.
10	Investment	properties
																2021		2020
																E		F
	Fair value	at the start of		the year												4,860,000	4,650,000
	Revaluation	during the	year
	Fair value	at the end ofthe year														4,660,000	4,650,QOO
	The New	Cross Gate		Trust	arranges			a	full,	independent,		external		valuation		through	our	property
	management company,			Strettons,		every		five	years. The		last valuation		was		undertaken in March			2019.To
	update property values			to 31	March		2021, the			Strategy and		Partnership			manager has		undertaken a
	thorough desk-based		review of property					value changes			in New	Cross	Gate,		with oversight from the Trust's
	Treasurer.	The decision		to keep	values			the same		as last	year has been			cross-checked and is			supported by
	our commercial property			agent at Strettons.

11	Debtors
					2021f	2020
	Other debtors				29,708	2,5Q2
	P repayments				2,148 31,864	5,031 7,533
	Other debtors represent		rents receivable at the year end received	in April 2021.
12	Creditors: amounts	falling due within one year			2021	2020
	Accruals				4,600	4,500
	Deferred income				6,000	3,982
					10,600	8,482

						2021f
	Accruals					106,310
						106,310
14	Analysis	ofnet	assets	between	funds

14	Analysis o	fnet assets between funds
			Unrestricted	Restricted	Total
			funds	funds	funds
			f.	f	f
	Tangible fixed assets		7,951		7,951
	investment	properties	4,650,000		4,650,000
	Net current assets Long term liabilities		420,345 ~106,310	59,851	480,196 ~$06,310
	Net assets	at 31 March 2021	4,971,986	59,85"I	5,031,&37
			Unrestricted	Restricted	Total
	Analysis ofnet assets between funds 2020		fundsf	funds	fundsf
	Tangible fixed assets		7,703		7,703
	investment	properties	4,650,000		4,650„000
	Net current	assets	369,081	38,887	407,968
	Net assets	at 31 March 2020	5,026,784	38,8&7	5,065,671
15	Movements	in funds

Movements in funds
			At the start				At the end
			ofthe year	Income	Expensesf	Transfers f	ofthe year f
Restricted funds:
Big Lottery Grow back greener Coronavirus support fund			21,286	98,738 6,250 7,395	(72,748) (4,427) (4,898)		47,276 1,823 2,497
BUPA mental health project Earnest Cook (Environmental Total restricted funds	ieaming)		16,605 996 38,887	112,383	(8,350) ~996 ~91,419		8,255 59,851
Unrestricted funds:
General fund			177,150	270,462	(210,863)	(14,960)	221,789
investment asset fund			4,650,000				4,650,000
investment property sinking fund investment property development Total unrestricted funds		fund	100,197 101,088 5,028,435	95 17,078 287,835	(15,055) ~118.166 ~344,084	14,960	100,197 4,971,986
Total funds			5,067,322	400,018	~436,503	-	5,031,837

IINovements in funds 2020
			At the start				At the end
			ofthe year	Income	Expenses	Transfers	ofthe year
							E
Restricted funds:
Sewing and gardening			938	2,000	(3,077)	139
Big Lottery			24,185	91,473	(94,372)		21,286
Knife crime initiatives			2,000	12,000	(12,000)	(2,000)
Team Esol conversation cafe			2,077	1,011	(3,058)	(30)
LBof Lewisham S106orchard	and	pond	4,358		(4,367)	9
BUPA mental health project Earnest Gook (Environmental Total restricted funds	learning)		33,558	17,250 5,700 129,434	(645) ~4.704 ~122,223	~l,882	16,605 996 38,882
Unrestricted funds:
General fund			165,079	254,392	(268,899)	26,578	177,150
Investment asset fund			4,650,000				4,650,000
Investment property sinking fund investment property development Total unrestricted funds		fund	124,766 108,859	127 1,411	~9,192	(24,696) 1,&82	100,197 101,088 5,028,435
Total funds