BE5SON STREET TRUST BESSON STREET TRUST (A Company Limited by Guarantee) Company No. 05862134 Charlty No. 1118010 Annual Report and Financial Statements For the year ended 31 March 2024 GOLDWINS CHARTERID 14CCOUNTANTS
Besson Street Trust Annual Report and flnanclal statements For the year ended 31 March 2024 Contents Page Reference and admlnlstrative information Trustees, annual report Independent audltors. report 15 Statement of financlal actlvltles 19 (Incorporatlng an Income and expendlture account) Balance sheet 20 Notes to the flnanclal statements 21
Besson Street Trust Reference and admlnlstrative Informatlon detalls of the charlty For the year ended 31 March 2024 Name of charity: Besson Street Trust (Previously known as The New Cross Gate Trust} Charlty Reglstratlon number: 1118010 Company Number: 05862134 Address of the offlce: Besson Street Communlty Garden, Besson Street, New Cross, SE14 5AE. Charlty Trustees: Andy Rothery Wendy Braithwaite Jo Walker John Lumley Pamela Martin Laura Wlrtz Matthew Gerry Janet Bygrave Treasurer Co-chair Co-chalr {reslgned 22 February 2024) Company Secretary Danlelle Prosser Jullette Bartlett lappolnted 13 November 2023) (resl8ned 27 Aprll 2023) Senlor Statutory Audltor Anthony Epton Goldwlns Llmlted 75 Maygrove Road, London, NW6 2EG Sollcltors Russell Cooke Sollcltors 2 Putney Hlll, London SW15 6AB Property Management Strettons Ltd Central House, 189-203 Hoe Street, London E17 3SZ Payroll provlder Accountablllty Europe Ltd Omnlbus Workspace 39-41 North Road London N7 9DP Penslon provlder Scottlsh Wldows
Besson Street Trust Trustees, Report For the year ended 31 March 2024 Co-chalrfs Report On behalf of the Besson Street Trust's Board of Trustees, we Introduce the Annual Report for FY 2023-2024. It has been anotherchallengingyearforthe local communlty of New Cross Gate, with the effects ofthe Cost- of-Living Crisis continulng to affect the communlty at a tlme of reduced provislon of or harder to reach public services. The Trust hasn't been immune to thls- we have continued to see a significant need for the services and support that the Trust provides, while our own costs have Increased with the slgnificant Inflation experienced over much of the year. The Trust contlnues to respond well to these challenges. We are, as always, very grateful for the continued experience and creativity of our staff and volunteers who allow the Trust to provide consistently high servlces. Our services Include the regular weekly environmental classes for local prlmary school chlldren, a weekly IT Digital Skills class, a maglcal "wildly fun" summer programme, a new singing group, a "Sew you Want to Get Out More group and a vlbrant gardenlng clubi plus a wlde range of Adult Education and other Mental Health and Wellness courses and programmes. At short notlce, the Trustwas able to respond to local need and provide a large number of hot water bottles to those unable to heat thelr home due to the hlgh energy costs experienced over the winter. Further detalls of these great projects are set out in further detall In this Annual Report. One of the year's many hSghllghts was openlng the doors of our beautlful Besson Street Communlty Garden for a Community'sunday Funday" where we welcomed over one hundred vlsltors to the garden and where the hard work and commltmentof ourvolLtnteer gardenerswas much admlred. Other events throu8houtthe year Included an exhlbltlon of the beautlful work of our Over 60s Crochet Group and hostln8 an afternoon lunch bringln8 tO8ether and celebratlng local volunteers {Includlng many of our own). We have been disappolnted to learn of further delays to the commencement of work at the new Besson Street housing development, adjacent to ourslte. Along wlth a delay to much needed hl8h-quality affordable houslng in the area, It also means 3 delay to our second, long antlclpated, addltlonal slte to carry out our service dellvery programme. We contlnue to enga8e In the development process wlth Graln8er and Lewisham Councll to represent the vlews of the communlty, A partlcular thank you to our Trustee John Lumley for the huge amount oftlme he has commltted to thls project, Withln the Trust, the Board of Trustees and staff are engaged Sn further Improvlng our Internal pollcles, procedures and controls, uslng new HR software and optlmSsln8 use of exlstlng software to allow for the smooth and efflclent runnlng of the Trust and free up our staffs, tlme to commlt to other projects. Thls Is Invaluable work that is 8olng on behlnd the scenes, but thatls cruclal for our efflclent functlonlng. We thank all those Involved, wlth a speclal thanks to our trustee Matthew Gerry, for months of work on the Trust's renamlng, new values and mlsslon, rebrandlng and new webslte whlch has culmlnated In the Trust belng renamed the Besson Street Trust, effectlve 26 July 2024. The name reflects the name of our slte at the Besson Street Communlty Garden and Is the name that our users already Informally use when referrlng to U5. We are confldent that our new clearer name, alon8 wlth the new values, mlsslon, rebrandln8 and webslte wlll allow us to more clearly communlcate our servlces and values.
Besson Street Trust Trustees, Report For the year ended 31 March 2024 On behalf of the Board of Trustees, we want to express our thanks to all our staff and volunteers who have committed their time and energy over the year, allowlng the Trust to continue to provide high quality services, support and a welcoming place of nurture and care to our community. We are grateful to all of those in the community who have Joined our programmes thls year. We look fopward to next year; we are commltted to continue to work with the community to provide opportunities for lifelong learning, encouraglng healthy lifestyles, building social networks and enhancing the environment. Wendy Bralthwaite and Jo Walker (Co-chairs)
Besson Street Trust Trustees, Report For the year ended 31 March 2024 Trustees. Annual Report for the year ended 31 March 2024. The Trustees present their Report and Accounts for the year ended 31 March 2024, which also comprisesthe Directorfs report required by the Companles Act 2006. The legal name and operating name of the charity 55: Besson Street Trust. The charity is also known by local people as 'Besson Street,. Legal Strurture The Besson StreetTrust is registered in England and Wales wlth the Charlty Commission In England and Wales {CCEW) with Charity Number 1118010. The Charity is constituted as a company limited by guarantee, registered under the Companies Act. The governing documentof the charity is the Memorandum and Articles of Association establishing the company under company legislation (company number 5862134) and incorporated on 29 June 2006. There are no restrictions in the governing documents on the operation of the charity or on its investment powers other than those imposed by Charity law. By operation of law, all trustees are directors under the Companie5 Act 2006 and all directors are trustees under charity legislation and have responsibilities as such under both company and charity leglslation, Organlsatlonal Objectlves The objectives of the Besson Street Trust, as set out In our Articles of Associatlon are: To promote regeneration and community development for the benefit of people of the New Cross Gate and surrounding area, and to: Improve employment opportunlties, Promote training and development, Raise educational achlevement and promote quallty chlldcare, Improve health and promote healthy lifestyle cholces, for example through the provlslon and promotlon of recreational, sports and lelsure facilltles, Promote good quallty houslng and enhance the physlcal envlronment, Reduce crlme and improve community safetyi To pursue such other charitable objects as the Trustees may determlne. These charltable objectlves are broad and ambltlous for an organlsatlon of our slze. Our vislon, mlsslon, and strategic objectives therefore help us to focus our actlvitles on what Is currently achievable whlle setting out our arnbitions for building on these In the future. Our vlslon Is that the local communlty of New Cross Gate should be able to Ilve happy, healthy, stable and fulfilled Ilves. Our mlsslon Is to support our local communltyto bLJlld soclal networks, develop self-confidence, learn new skills, improve their employment prospects, feel safe and supported, maintain a healthy lifestyle and access relevant servlces according to their needs.
Besson Street Trust Trustees, Report For the year ended 31 March 2024 Ourvalues are: to show passion and commitment to supportlng our local communlty to value, support and empower everyone as an individual, embeddlng and encouraging principles of equality and diversity to deliver hlgh quallty services. Our strategic objectlves for 2023- 2024 were: l. to maxlmise the use of Besson Street Community Garden as a hlgh-quality environmental resource and community asset, to deliver projects which address our education and family learnin& employment, health, community development and environmental objectives. 2. to support the sustainabillty of other local community and voluntary organisations, through taking a collaborative approach to delivering against our charitable objectlves. Thls Includes the sharing of facllities and resources, including offering capaclty bullding training for staff and volunteers, and where possible providing 5UPPOrtive funding for key local projects. 3, to support local communitydevelopment: achieved throughthe provlsion of free or low-cost dellvery space, capaclty building training, networking opportunlties, fundraislng support, sharlng Information and resources through community networks and promoting activities of other groups through our media and communications systems. 4. to identify issues of local concern to the communlty, share Informatlon, encourage communlty involvement In local consultatlons and advocate on behalf of the local communlty on local Issues of concern. 5. to identify new sources of fundlng to rnalntaln exlstlng projects and to develop new servlces according to identified prlorltles and needs. 6. to secure new communlty premlses and addltlonal Investment Income through the development of the Besson Street Healthy Llvin8 Centre, enablln8 US to bulld our asset base and throu8h thls expand our service provision. Key Actlvitles We are proud of ourfull programme of actlvltles and servlces offered from Besson Street Communlty Garden and our off-site provision at New Cross Learn5ng over the past year. Engagln8 wlth a wlde range of people from across our community with an age range from newborn to 96 years old. For chlldren and young people Stay and play for under 5s and thelr famllles- a hlghly popular servlce that we have been able to extend over thls year offering a longer day on Tuesday alongside sesslons on Monday and Frlday mornin8s. Our motto Is"raln or shlne" because we offer outdoor play, nature play, every day we are open. We had a record number of 61 new famllles re8lSter wlth us and we averaged 19 famllles per sesslon. As wlth all our servlce actlvltles, we can slgn-post famllle5 to useful provSslons they need, and we contlnued to support familles affected by the cost-of-livln8 crlsls worklng In collaboratlon wlth Feed the Hlll we were able to have 4 emergency food bag5 on slte at any tlme ready to share.
Besson Street Trust Trustees, Report For the year ended 31 March 2024 'Birds, bees. trees, and leaves, Envlronmental classes for prlmary schools'_ We engaged with 360 primary school children from 6 different primary schools In weekly classes throughout the school year. We learn about the natural world in the urban environment and a whole lot more. We offer a hands-on experience soil, worms, bugs, bee keeping and more. .a course of engaging, unique and memorable science-based lessons for our children at Hatcham School... any child (or adult) would be very lucky to experience one of the lessons at Besson Street Gardens." Sarah Nicolosl, Year 4 Teacher, Habs South Primary, Hullabaloo- £1 Ukulele lessons for primary school age chlldren- we are committed to offerlng affordable, quality music lessons to a wide range of children learning traditional and pop song5 as well improvlsion and writing their own. We engaged with 14 children regularly In weekly classes. Wlldly Fun Summer Skllls School- an annual favourite for the team, children taklng part and parents and carers loaning us their darlings. This yearfs theme was all about trees. There were 90 places available over two weeks and 62 children taking part, many dolng both weeks. Most chlldren are referred to us by pastoral care staff at local schools. These children have Identlfied needs and benefit much from the opportunity of taking part In Wildly Fun. For Adults English for Speakers of Other Languages (ESOL) - We can offer 21 hours of free ESOL classes, regardless of Status, to anyone wanting to learn En8llsh thanks to a flve-year 8rant from Clty Brldge Trust. We offer a foundatlon stage through to Entry 3/Level l. Over the last year we have worked wlth 43 people from many different countries of orlgln keen to settle and Integrate Into our communlty, Dlgltal skllls tralnlng-we offer these classes from New Cross Learnlng• the local volunteer-run Ilbrary. This collaboration generates a much-needed Income for the Ilbrary and provldes us with access to a partlcularly good computer suite. This is a much needed and exceedln8ly popular sepllce wlth a teacher that can manage the many needs of a wlde and varled group. She also offers CV wrltlng and help wlth Job appllcatlon forms. She is a total treasure In the communlty. Adult tralnlngcourses-one hundred and eleven people took part In ourone-day and two-day adult tralnln8 courses thisyear. We offerthese classes for people to enhance thelr Cvs and get useful work-related tralning. These classes ran8e from Emergency Flrst Ald, Pedlatrlcs Flrst Ald, Food Safety, Flre Safety Trainln8, Safeguardin8 Chlldren and Young People and Customer Servlce. We trained more than 500 people In flrst ald slnce we started these course5 and FM Conway Constructlon have paid for defibrillator and serlous bleed kit to be fltted outslde the gardens for communlty use. Mental Health Flrst Ald Tralnln8 (Level 3)- We have been able to contlnue to offer thls sou8ht after course thanks to the NCIL 8rant from London Borough of Lewlsham ILBLI. We offer thls tralnlng to 16 frontllne workers and volunteers In the community as part of our commltment to bullding sustalnabllity. Sew You Wanna Get Out More- Thls Is a highly productlve sewin8 class where people connect wlth thelr craft and others In the Communlty. We offer two classes each week where patchwork, appllque, and embroldery are the order of the day. 19 people have taken part, produclng some amazlng work, over the past year. Thls class always has a waltln811st.
Besson Street Trust Trustees, Report For the year ended 31 March 2024 Crochet and Chat- This class was established with fundlng from the London Borough of Lewlsham and Is nowfunded from ourcore budget. It is Immensely popularwith 11 people registered with the new-to-crochet people producing some extraordinary work and old hands continuing to surprise and delight us with their pieces. Ukulele tor Over 605-This class remains highly popular with 23 people registered and a regular attendance of 18 at any time. This is a life-afrirming clas5 With our most senlor Ukuleleist being 96 years old. While the class ha5 mastered many traditional and popular songs, It has mastered laughlng a whole lot more. Slnglng For Fun- Now in its second year thls group is generously led by a professional muslc therapist on a voluntary basis. With 11 people regularly attendingi no matter how gloomy they might feel on arrival they always leave full of joy. Craft and Chat- a weekly group for anyone who wants to connect with others and be creatlve. Their focus is on surreal collage art and the work produced Is often qulte astonishing. Thirteen people have taken part in this class with a regular 9 people each week. Form Fllllng Servlce- In response to a growing demand for help with paper and online form filling we have established a volunteer-run form filling and letter writing service. Increaslngly, people are required to have level of IT competence. We have two amazlng volunteers who have supported 27 people In need of help. Cuppa Club-Thls is a club run by JOY {Just Older Youth) and hosted by us In the garden. Regularly attractlng 20 people for tea and cake, a laugh, and a chat on the thlrd Friday of every month. Warm Welcomes - We have benefitted from a Warm Welcomes grant from the London 8orou8h of Lewisham. £IOOO has allowed us to offer 200 free hot water bottles to anyone struggling wlth fuel bllls; to provlde hot drinks and snacks throughoutthe wlnter months and produce Ilofree resource packs for seNlce users. These packs contalned useful Informatlon to tackle the cost-of.Ilvln8 crlsls, Ilsts of soclal supermarkets, food banks, and money savlng Ideas, where you can get a benefits check done, useful websites on fuel poverty, debt advlce and health matters. Workln8 wlth Feed the Hlll we were able to dlstrlbute 48 bags of food shopping. Advlce and self-advocacy - Worklng In collaboratlon wlth Together for Mental Well-belng we host 3 appointments one afternoon a week. Thls servlce 55 In great demand wlth 92 people uslng thls servlce thls year. We get referrals from other organlsatlons and throu8h our newsletter, We are worklng on a plan to Increase this service to six appolntments a week. Many users of thls servlce are sl8n posted to other activitles and services at Besson Street. Gardenlng Club - Last but not least, the longest runnlng group at Besson Street Communlty Garden, the volunteers who work raln or shlne helplng to malntaln and develop thls beautlful comrnunSty asset. We have a hard-core of gardeners with a wealth of experience between them and we have a steady flow of wonderful new gardeners of varylng experience but keen and willlng to get stuck In. We have a great working relationshlps wlth Mlnd, SLAM, Lewisham Colle8e, and local care homes who refer and brlng thelr servlces users to help us keep the 8arden looklng gorgeous.
Besson Street Trust Trustees. Report For the year ended 31 March 2024 Challenges The cost-of-living crisis continued to domlnate for many ofour servlce users as the voluntary and communlty sector contlnued to compete for grants and other fundln8. We are almlng to work In partnershlp and collaboratlvely wlth others in the sector to best dellver servlce5. Achlevements and Performance ESOL Outcomes: After one term of classes 100% of partlclpants sald they felt more confident In speaklng Engllsh. Slmllarly, after three terms 100% of participants sald they felt more confident Sn speakSn8 En8llsh. 85% felt more confident acce551ng services such as health care, local authority, schools etc. Dlgltal Skills 100% felt better skllled after attendlng 4 or more classes 100% of those looking for work felt thelr employment prospects had Improved after completlngjob searches, Job applications and form fillln8 and CV workshops. Other adult learnlng Classes and artlvltles 111 people have 8alned employer-valued level 2 and 3 certificates such as Emergency and Paedlatrlc Flrst Ald, Fire Safety, Customer Servlce, Safeguardln8 and Food Safetv. 16 frontllne workers and volunteers from the communlty sector completed Mental Health Flrst Ald tralnlng 150 plus people benefitted from regular weekly communlty actlvltles Includln8: sewln8, crochet, craft, form-filling, advlce and advocacy, slnglng, ukulele and gardenlng. Children's activitles 61 new famllles Jolned our Stay and Play 5esslon wlth an averaBe of 19 famllles per sesslon. 62 Children had a wild tlme learnln8 all about trees and more at the Wlldly Fun Summer SkSlls School. 14 children took part Sn Hullabaloo ukulele classes. 360 children across slx local prlmary schoo15 took part In our 10-week Blrds, bees, trees, and leaves envlronment cla55es, In klnd support We have glven In-klnd support wlth free room use to JOY, CAW, Ple n Mash, a local adoptlon and fosterlng group, Tele8raph Hlll Communlty Network, and the Prlmary Care Network for North Lewisham. We provlded 40 plus free tralnlng places for workers and volunteer5 In the communlty sector In Lewosham.
Besson Street Trust Trustees, Report For the year ended 31 March 2024 Statement of Public Benefit The Trustees have observed the Charity Commisslon's guldance on public benefit in the preparation of thls annua5 report and have complied with their duty to have due regard to thls guidance when exercising any powers or duties to whlch the guidance Is relevant. We believe that all our activities have a strong public benefit. Our activities help to bring together people from across all sections of our local community, and impact on their lives by helplng them to feel valued, build self-confidence, develop social networks, learn new skllls, improve their health and well-being and access Other services and facilities around them to support them to take greater control of their own lives. We work with all our beneficiaries on an indlvidual basis, making an effort to understand their story, encourage them to participate in activlties that we think wlll be of value and direct them to wider sen4ices that will support their specific needs. Financlal Revlew and Principal Rlsks Generally, overthe course of the year. our Income and expendlture have remalned relatively stable, and we have ended the year with a good level of reserves. On a usual year, the malorfty of our Income comes from our property portfollo, whlch, when rented out, provides us with a very sustainable Income stream wlth whlch to deliver the majority of our 5ervlces. This is supplemented with a smaller proportlon of income from 8rant-based income. Longer term, there are risks assoclated with the delivery of the new GP sur8ery and Healthy Llvlng Centre: ensurln8 that this is built fit for purpose, that It wlll Benerate the expected level of addltlonal Income and that grant funded projects are malntained during the Intervenlng period. We have engaged necessary surveyors and legal advisors and undertake frequent client meetlngs to review the development process. We continue to liaise with our existing grant funders and to seek new fundlng to ensure that our dellvery remains stable in the intervenin8 perlod. Prlnclpal Fundlng Sources Property Incorne Our property portfolio represents the core Income for the Trust, Both commerclal and resldentlal propertles are rented out at open market rent. Thls Income supports our core costs and overheads, key staff and ServiS. Regarding our social, envlronmental and ethlcal conslderatlons, we do our best to remaln good landlords, keeplng the properties in good order, undertaklng repairs and safety checks promptly as requlred, ensurlng that any rent increases are reasonable and falr. We work hard to resolve any Issues such maintenance, volds or arrears promptly. Grants Grants are belng pursued to enable us to Increase and diversify the range of servlces that we offer, and to maxlmlse the use of the space that we have In Besson Street Community Garden. Achlevlng grant fundin8 has become Increasln8ly challen8ln81 due to cuts In local authority funding and the consequent Increasln8 pressure placed on key 8rant funders, Thls year we received grants from the followln8 organlsatlons to support our work:
Besson Street Trust Trustees, Report For the year ended 31 March 2024 The City Bridge Trust Neighbourhood Community Infrastructure Levy INCIL) We would like to thank all ourfunders for thelrvltal support wlth our servlces. Charges Small, highly-subsidlsed charges are made for elements of our Adult Learnlng programme, summer school and music lessons. We also rent our rooms to other communlty groups when these are not belng used for sep4ice delivery. However, we maintain a focus on provldln8 low-cost spaces and low-cost learning opportunities to our local community, therefore these tend to produce a relatively small contributlon to our overall income. Investments, Banking and Deslgnated Funds Our day-to-day banking is wlth the Co-operative Bank, where we hold our free reserves and funds for day- to-day operatin8 expenditure. We maintaln a designated cash fund for fit-out costs for the future Healthy Living Centre move which is anticipated in 2028. These funds are held In an interest bearing bond in Redwood Bank which will mature in Ottober 2024, These costs include legal and monitoring surveyor costs, furniture and IT and any tax liabilities in connection with the new development. We also maintain a Charities Ald Foundation {CAF} Bank account which holds funds to support the maintenance costs of our property Portfollo. Each year, 5% of8ross property rental income is deposited into this account, less any significant maintenance costs incurred within the year. Given the significant level of expenditure on properties this year on replacing kitchens and bathrooms in some of our leased properties, no transfers were made this year. Reserves pollcy and current reserves Trustees have a duty to apply the charlty's Income for the benefit of Its beneficlarles, Thls means Income should be spent rather than Invested. However, for the purposes of good financial management, It Is our policy that we malntaSn free reserves amountlng to at least three month5 of runnln8 Costs in our maln bank account. Th15 is considered necessary to ensure that we have sufflclent funds avallable to provlde contlnulty of servlce should there be a break in funding, and to ensure we are able to contlnue to be flexlble and adapt quickly to the needs of the local community. On 31" March 2024, our free resepies equated to 4,6 months of forecast annual expendlture, We have the following staff on our payroll: Strategy and Operatlons Manager- 0.6 FTE Besson Street Manager and Community Development- l FTE ESOL Tutor- 0.6 FfE Stay and play workers x 2- 0.25 FfE Cleaner- 0.2 FTE Peer Support Co.OrdSnator- 0.09 10
Besson Street Trust Trustees, Report For the year ended 31 March 2024 We employ several additional sessional staff who are responsible forthe delivery of speclfic projects, including the various courses within our Adult Learning Programmes, Mlndfulness sessions, Gardening Club, Sewing Club, Environmental Learning sessions for primary schools, Ukulele Club and our Summerschool. Arrangements for setting pay and remuneratlon of key management personnel During 203124 there were no staff pald more than £60,000. Our pay ratio is approximately I:1.8 between our lowest and hSghest earning staff, based on FTE salaries. Other staff are provlded with a CPI inflation-linked pay increase on an annual basis. Trustee remuneratlon and expenses There have been no expenses or remuneration paid to trustees In 2023124. Structure, Governance and Management Governing Document The charity is controlled by its governing document, the Memorandum and Articles of Association. and constitutes a company limited by guarantee, as defined by the Companles Act 2006. Recrultment and Appolntment of New Trustees According to the Articles of A550clation, our Board can be comprlsed of: up to eight Individuals representlng the communlty of Newcross Gate up to two representatives of local communlty 8roups up to one representative of the local authorlty up to one representative of local schools up to one representative of a local medlcal centre The Articles also make provlslon to co-opt up to two addltlonal Trustees to flll any sklll 8aps. The quorum for Board meetlngs Is a mlnlmum of flve Trustees. During the financial year, 2023- 2024, the Board was comprlsed of.. Jo Walker Co-chalr Iresldent) Wendy Braithewaite Co-chair Iresldent) Andy Rothery Treasurer {resident) John Lumley co-opted trustee Iresldent} Pamela Martin Irepresentatlve of a local medlcal centrel Laura Wirtz resigned 22102/2024 Irepresentatlve of a local communlty organlsatlonl Matthew Gerry (resident) Janet Bygrave co-opted trustee Irepresentative of a local school) Company Secretary Jullette Bartlett res5Bned 27/0412023 Danlelle Prosser appolnted 13/1112023 The Board reco8nlses the need to appolnt additional Trustees and plans to recrult In the comln8 flnanclal year. 11
Besson Street Trust Trustees, Report For the year ended 31 March 2024 The representative from the local authority Is appolnted by the Mayor of Lewlsham. Hlstorlcally this has been a local ward councillor, however the local authority has decided the Trust is now sufficiently established and doesn't need a local authority representative, howeverthey retain the right to make an appointment. The local health and education representatives are recrulted by way of dlrect invitation. Resident and communityTrustee vacancles are advertised through adverts and newsletters distributed to the local community and via relevant soclal media and volunteering websites. Recruitment is then undertaken by way of an open appllcatlon and Intervlew process. Crlteria forTrustee recruitment usually include any identified skill gaps from the existlng Board. We particularly encourage people from diverse backgrounds to apply to ensure that our Board Is as representative as possible of our local communlty. All Trustees receive an Inductlon and have access to any necessary tralnlng requlred for thelr role. Organlsatlonal Strurture and Declslon Maklng Trustees are responsible for the overall governance of the charlty. There are two sub-committees of the Board of Trustees for HR and Flnance. Minutes, actions, and recommendations from each of these sub- groups are fed back to the full Board at each meeting. Board meetings take place approximately once every two months lat least 5 times per yearl, attended byTrustees and supported by the Company Secretary and the two senior management staff. Finance sub-committee meetlngs take place In the intervenln8 months (5 times per year}, supported by the Strategy and Partnerships Manager. HR Commlttee meetln8S take place approxlmately 3 tlmes per year. There may be an annual away day to provlde an opportunlty to focus more specifically on the longer-term strate8lc directlon of the Trust. The day-to-day operatlon of the charlty Is the respons5blllty of the staff, on the basls of an annual budget and delivery plan approved by the Trustees. The Co-chairs meet regularly wlth the senior staff. Day.to-day management of the charlty and names of senlor management personnel Day-to-day management of the charity Is delegated to our two senlor staff, the Strategy and Operations Manager, Mel Shakespeare, and the Besson Street Centre Manager and Communlty Development, Jlll Mountford. Mel Shakespeare Is responsible for strategic development, flnanclal management, facllltles, HR and property management. Jill Mountford Is responslble forthe management of Besson Street Communlty Gardens, programme development and delivery, safeguardlng, volunteer management and communlty development. 12
Besson Street Trust Trustees, Report For the year ended 31 March 2024 Safeguarding All our staff and sesslonal workers are expected to have a valid, enhanced DBS check before startlng work for the Besson Street Trust. Any staff working with children or vulnerable adults are also provided with our safeguarding policies and safeguardlng tralning, refreshed every 3 years. Our safeguarding and complaints policies are provided to staff and made available on our website. Statement of responslbllltles of the trustees The trustees {who are also directors of Besson Street Trust forthe purposes of company law) are responsible for preparing the Trustees, Report (incorporating the dlrectors, report) and the flnanclal statements in accordance with applicable law and Unlted Klngdom AccountSng Standards, Including Flnancial Reporting Standard 102 The Flnonclal Reportlng Standt7rd opplicoble in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare flnancial statements for each financlal year whlch give a true and fair vlew of the state of affalrs of the charitable company and of the Income and expenditure of the charitable company forthat period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them conslstently; observe the methods and principles in the Charities SORP; make Judgment5 and accounting estlmates that are reasonable and prudent; state whether applicable UK Accountlng Standards have been followed, subject to any material departures disclosed and explalned In the financlal statements, and prepare the financial statements on the golng concern basls unless St Is Inapproprlate to presume that the charitable company will continue In business. The trustees are responsible for maSntainlng proper accountlng records whlch dlsclose wlth reasonable accuracy at any time the financlal posltlon of the charltable company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other irregularities. In $0 far as the trustees are aware: there Is no relevant audit Informatlon of whlch the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt information and to establlsh that the audltors are aware of that Informatlon. The trustees are responsible for the malntenance and IntegrSty of the corporate and financlal Informatlon Included on the charitable company's website. Leglslation in the UnSted Klngdom governlng the preparatlon and disserninatlon of financial statements may dlffer from legislatlon In otherJurSsdlctions. Audltors Goldwlns LlmSted were appolnted as the auditors of the charitable company during the year and have 13
Besson Street Trust Trustees, Report For the year ended 31 March 2024 expressed their willingness to continue in that capaclty. The trustees. annual report has been approved by the trustees on their behalf by; 2024 and signed on Jo Walker (Co-chalr) Wendy Bralthwalte {Co-Chalr) 14
Besson Street Trust Independent Auditors, Report For the year ended 31 March 2024 Opinion We have audited the financial statements of Besson Street Trust (the 'CharitV) for the year ended 31 March 2024 which comprise the Statement of Flnancial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The flnancial reporting framework that has been applied in their preparation is applicable law and Unlted Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard appllcable In the UK and Republic of Ireland {Unlted Kingdom Generally Accepted Accounting Practice). In our opinlon, the financial statements: give a true and fair view of the state of the Charitws affalrs as at 31 March 2024 and of Its income and expenditure for the year then ended, have been properly prepared In accordance with United Kingdom Generally Accepted Accountin8 Practice; have been prepared in accordance with the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with Internatlonal Standards on Auditlng {UKI (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described Sn the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance wlth the ethical requirements that are relevant to our audlt of the financial statements in the UK, including the FRC'S Eth5cal Standard and we have fulfilled our other ethical responsibilitles In accordance with these requirements. We believe that the audit evldence we have obtained is sufficient and appropriate to provide a basls for our oplnlon. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of accounting Sn the preparation of the financl31 statements Is appropriate. Based on the work we have performed, we have not Identlfled any material uncertalnties relatlng to events or conditions that, individually or collectlvely, may cast slgnlflcant doubt on the charity's abllity to contlnue as a going concern for a period of at least twelve months from when the flnanclal statements are authorlsed for issue. Our responslblllties and the responslbllities of the directors wlth respect to golng concern are described In the relevant sections of thls report. Other Informatlon The trustees are responsSble for the other informatlon. The other Informatlon comprlses the Informatlon included In the annual report other than the flnancial statements and our audltorfs report thereon. Our 15
Besson Street Trust Independent Auditors, Report For the year ended 31 March 2024 opinion on the financial statements does not coverthe other Informatlon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance concluslon thereon. In connection with our audit of the financlal statements, our responslblllty is to read the other Informatlon and, in doing so, consider whether the other Information Is materially Inconslstent with the financial statements or our knowledge obtained In the audit or otherwlse appears to be materially mlsstated. If we Identify such material Inconslstencles or apparent materlal mlsstatements, we are requlred to determlne whetherthere is a materlal mlsstatement In the financlal statements or a materlal mlsstatement of the other information. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required to report that fact. We have nothing to report In thls regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In our opinlon, based on the work undertaken in the course of the audit: the information given in the trustees, report (incorporating the dlrectors, report) for the financlal year for which the financial statements are prepared is consistent wlth the financial statements; and the trustees. report (incorporattng the dlrectors, report) have been prepared In accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understandlng of the Charity and Its envlronment obtalned In the course of the audit, we have not identlfied materlal mlsstatements In the Trustees, Annual Report. We have nothing to report In respect of the followlng matters In relatlon to whlch the Companles Act 2006 requlres us to report to you Sf, in our oplnlon: • adequate accountlng records have not been kept or returns adequate for our audit have not been received from branches not vlslted by us; the financlal statements are not In agreement with the accountSn8 record5 and returns; certaln disclosures of trustee5' remuneratlon specified by law are not made; or • we have not obta5ned all the informatlon and explanatlons necessary for the purposes of our audit. Responsibllltles of the trustees As explalned more fully In the trustees, responslbllltles statement, the trustees are responsible for the preparation of the financlal statements and for belng satlsfied that they glve a true and falrview, and for such Internal control asthey determlne Is necessary to enablethe preparatSon of flnanclal statements that arefree from material misstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responslble for assesslng the Charlvs abS11ty to continue as a going concern, disclosing, as applicable, matters related to golng concern and uslng the golng concern basls of accounting unless the trustees elther Intend to Ilquldate the Charlty or to cease operatlons, 16
Besson Street Trust Independent Auditors. Report For the year ended 31 March 2024 or have no realistic alternative but to do so, Our responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement,whetherdue to fraud orerror, and to Issue an auditorfs report that includes ouropinlon. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a materlal mlsstatement when It exlsts. Mlsstatements can arise from fraud or error and are considered material if, Individually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mlsstatements in respect of irregularitles, including fraud. The extent to whlch our procedures are capable of detectlng irregularities, Including fraud are set out below. In identifying and assessing risks of material misstatement In respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: We enquired of management, which Included obtaining and reviewlng supporting documentatlon, concerning the charity's policies and procedures relating to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We reviewed the financlal statement dlsclosures and tested these to supporting documentation to assess compliance with applicable laws and regulatlons. In addressing the rlsk of fraud through management overrlde of controls, we tested the appropriateness of Journal entrles and other adjustments, assessed whether the Judgements made in making accounting estlmates are Indlcatlve of a potentlal blas and tested slgnlflcant transactions that are unusual or those outside the normal course of buslness. Because of the inherent limltatlons of an audlt, there Is a rlsk that we wlll not detect all Irregularltles, IncludSng those leading to a material misstatement in the flnanclal statements or non-compliance with regulatlon. The risk is also greater regarding irregularltles occurrlng due to fraud rather than error, as fraud Involves intentional concealment, for8ery, collusion, omisslon or mlsrepresentatlon. A further description of our responsibilities for the audlt of the flnanclal statements Is located on the Financial Reporting Council's website at: [www.frc.org.uklaudltorsrespon51bilitlesl. Thls descrlptton forms part of our auditorfs report. 17
Besson Street Trust Independent Auditors, Report For the year ended 31 March 2024 Use of our report This report is made solely to the Charivs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitrfs members those matters we are required to state to them In an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslblllty to anyone other than the Charivs members as a body, for our audit work, for thls report, or for the oplnions we have formed. Anthony Epton {Senlor Statutory Audltor) for and on behalf of Goldwins Llmlted Statutory Audltor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 31 December 2024 18
Besson Street Trust Statement of financlal actlvltles (incorporating an income and expenditure account) For the year ended 31 March 2024 2024 Total funds 2023 Total funds Unrestrlctad Restrlcted funds funds Notes Income from: Charitable actlvities 4,665 55,812 60,477 58,169 Investment income 286.411 286,411 270,260 Total Income 291.076 55.812 346,888 328,429 Exp•ndlture on: Raising funds 85,902 85,902 64,707 Charitable activities: 180,716 77,155 257,871 275,951 Total expendlture 266,618 77,1 55 343,773 340,658 Nat Income l (expendlture) befor• net galn81 (losses) on Investmants 24,458 {21,343) 3,115 (12,229) Net galn8 1 (10838s) on Investments Net Income l (expendlture) before net galns I (losses) on Investments 24,458 (21,343) 3,115 (12,229) Transfers betrNeen funds Net Income l (expendlture) before other recognl$ed galns and losses 24,458 {21,343} 3.115 (12,229) Reconclllatlon of funds: Total funds brought for4vard 5,144,876 21,343 5,166,219 5,178,448 Total funds carrled forward 14 5,169,334 5,169.334 5,166,219 There were no olhar recognlsed galns or k)sses other than those stated above. The attached notes fomi part of these financlal statements. 19
,
Besson Street Trust
Balance sheet As at 31 March 2024
| 2024 | 2024 | 2023 | 2023 | |||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets: | ||||||
| Tangible assets | 9 | 34,518 | 5,744 | |||
| Investment properties | 10 | 4,850,000 | 4,850,000 | |||
| 4,884,518 | 4,855,744 | |||||
| Current assets: | ||||||
| Debtors | 11 | 51,602 | 84,872 | |||
| Cash at bank and in hand | 350,144 | 336,115 | ||||
| 401,746 | 420,987 | |||||
| Liabilities: | ||||||
| Creditors: amounts falling due within one year | 12 | (27,769) | (21,351) | |||
| Net current assets | 373,977 | 399,636 | ||||
| Total assets less current liabilities | 5,258,495 | 5,255,380 | ||||
| Creditors: amounts falling due afterone year | 13 | (89,161) | (89,161) | |||
| Total net assets | 5,169,334 | 5,166,219 | ||||
| Funds | 15 | |||||
| Restricted funds | - | 21,343 | ||||
| Unrestricted funds | ||||||
| Investment asset fund | 4,850,000 | 4,850,000 | ||||
| Investment property sinking fund | 100,197 | 100,197 | ||||
| General fund | 219,137 | 194,679 | ||||
| Total unrestricted funds | 5,169,334 | 5,144,876 | ||||
| Total funds | 5,169,334 | 5,166,219 | ||||
| Approved by the trustees On 2.0.0.0... | 2% To |
MWWWate 2014 cece ene neeeeee eee en ee eaeneneenenen snes |
||||
| andsignedontheirbehalfby: |
Jo Walker (Co-Chair)
Wendy Braithwaite (Co-Chair)
Company registration no. 05862134
The attached notes form part of the financial statements.
20
Besson Street Trust Notes to the financlal statements For the year ended 31 March 2024 1 Accountlng pollcles a) Basls of preparatlon The financlal statements have been prepared In accordance wlth Accountlng 2nd Reportlng by Charftles: Statement of Recomrnended Practice applicable to charities preparing thelr accounts In accordanca with the Financial Reporting Standard appllcable In the UK and Republlc of Iraland (FRS 102 - effective 1 January 2015)- (Charitles SORP FRS 102) and the Companles Act 2006. The charitable company meets the defjnition of a public benefit entlty under FRS 102. Assets and liabilities are initially recognised at historlcal cost or transactlon value unless otheNise staled In the relevant accounting pollcy or note. The financlal statements are prepared Sn sterllng, whlch Is the functlonal currency of the charlty. Monetary amounts In these financlal statements are rounded to the nearest £. The charitable company is exempted from preparing a cash flow statement due to 8xemptlon available to charities with income of less than £500,000. Besson Street Trust's previous name yS The New Cross Gate Trust (changed on 25 July 2024). b) Golng concem The trustees consider that there are no material uncerta5nties about th8 charity's ability to continue as a going concem. The twstees do not conslder that there are any sources of estimation uncertainty at the reportlng date that have a slgnlficant rlsk of causlng a materfal adjustment to the carrying arnounts of assets and liablliUes wlthln the nexi reporting perfod. c) Income Income Is recognised when the charity has 8ntltlement to the funds, any perfonnance conditions attached to the Incom8 hav8 been met, It Is probable that the Income wlll be recelved and that the amount can be measured rellably. Income fmm government and other grants, whether 'capltal' grants or 'revenue' grants, 58 recognised when the charity has entitlement to the funds, any performance condltlons attached to the grants have been met, it Is probable that the income will be recelved and the amount can be measured reliably and Is not deferred. Income recelvad In advance for the provlslon of speclfled seNlce Is deferred untll the crlterla for Income recognltlon are met. d) Expendlture and Irrecoverable VAT Expenditure Is recognlsed once there 18 a legal or constructlve obllgatlon to make a payment to a thlrd paty, It Is probable that settlement will be requlred and the amount of the obllgatlon can be measured reliably. Expenditure Is classlfied under the followlnB actlvlty headlngs: Costs of raising fund8 comprlse of tradlng costs and the costs Incurred by the charStabl8 company In Indudng thlrd partles to rnake voluntary contrlbutlons to It, as well as the cost of any actlvltles wllh a fundralsing purpose. Cost of ralslng funds durlng the year represents costs Incurred In managlng Investment prop8rtles. Expenditure on charitable 8CtivitSes Includes the costs of actlvlttes undertaken to further the purposes of th8 charity and their associated support costs. Other expenditure represents those Items not falllng Into any other headlng. Irrecoverable VAT Is charged as a cost agalnst the actlvlty for whlch the expendlture was Incurred. 21
Besson Street Trust Notes to the financial statements For the year ended 31 March 2024 1 Accounting pollcles (contlnued) e) Allocatlon of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs. finance. personnel, payroll and govemance costs which support the charlty and Its and activities. These costs have been allocated between cost of ralslng funds and expenditure on charitable activities. The basls on whlch support costs have been allocated are set out In note 5. Fund accountlng Unrestricted funds are available to spend on actlvitles that further any of the purposes of charlty. Designated funds are unrestricted funds of the charlty whlch the trustees have decided at thelr discretion to set aslde to use for 8 specific purpose. Restrlcted funds are donatlons whlch the donor has specified are to be solely used for partlcular areas of the charlty's work or for spec5flc projects belng undertaken by the charfty. g) Tanglble fixed assets Depreciation Is provlded at rates calculated to wrlte down the cost of each asset to Its estlmated resldual value over its expected useful life. The depreciation rates in use are as follows: Plant and machinery 150/0 reduclng balance h) Investment propertles Investrnent propereS are Included In the balance sheet at falr value and are not depreclated. Any change In falr value Is recognised In the statement of tlnanclal actlvltles. The valuatlon method used to detemilne fair value will be ststed in the notes to the accounts. l) Debtors Trade and other debtors are recognised at the settlement arnount due after any trade dlscount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. J) Credltors and provlslons Creditors and provisions are recognised where the charlty has a present obllgatlon resulting from a past event that will probably result In the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estlmated rellably. Credltors and provlslons are normally recognlsed at thelr settlement amount after allowing for any trade dlscounts due. k) Flnanclal Instruments The charity only has financlal assets and financlal Ilabllltles of a klnd that quallfy as baslc flnanclal Instruments. Baslc financlal Instruments are Inltlally recognlsgd at transactlon value and Subsequently measured at their settlement value with the exception of bank loans whlch are subsequently measured at amortised cost using the effective interest method. l) Panslons The Trust operates a company penslon scheme through Scottlsh WIdov. Staff who meet Ihe equirements of aUtOnrolrnent are automallcally enrolled wlthln thls penslon scheme. Other staff are glven the option whether tojoin the scherne or not. At the end of 2023124, five rnembers of staff were enrolled in th8 penslon scheme. 22
BBsson Street Trust Notes to the financlal statements For the year ended 31 March 2024 2 Detalled comparatlves for tha statement of flnanclal actlvltl88 2023 Unrestricled fund 2023 Restricied fund 2023 Total fund Income from: Charitable activitles Other tradlng actlvltles Investment Income Total Incom• 8,843 49,326 58,169 270.260 279.103 270,260 328,429 Expendlturo on: Raising funds 64,707 64,707 Charftable actlvltles Total expendlture 234,453 299,160 41,498 41,498 275.951 340.658 Net Income l (expendlture) bèfore other rocognl8ed galns and losses (20,057) 7,828 {12,229) Galns l (losses) on Investments Net Income l expendlture (20,057) 7,828 (12,229) Transfers between fvnds Net Income l (expendlture) before other recognlsed galns and losses (7,533) 7,533 (27,590) 15,361 (12,229) Galns l (losses) on revaluation of fixed assets Net movement In funds (27,590) 15,361 (12,229) Total funds brought forward Total funds carrlad forward 5,172,466 5,144,876 5,982 21,343 5,178.448 5,166,219 3 Income from charltable actlvltles 2024 Total 2023 Total Unrestrlcted Restrlcted Grants and donatlons Other Income Total Incomo from charltablo actlvltlos 2,302 2,363 4,665 55,812 58,114 2,363 60,477 55,557 2.612 58.169 55,812 4 Income from Investments 2024 Total 2023 Total Unrestrlcted Re5tdcted Rents recelvable Bank Interest 282,653 3,758 286,411 282,653 3,758 286,411 267,872 2.388 270,260 23
Besson Street Trust Notes to the financial statements For the year ended 31 March 2024 5 Analys13 of expenditure Basis of allocation Raising Charitable funds activities Support costs 2024 Tolal 2023 Tolal Besson Street Direct Community Investment Fund Direct Blg Lottery, EmploymenL ESOL, IT Dlrect Marketing and communlcatlon Dlrect Growback greener Direct BUPA mental healih project Direct Investment management costs Direct Support 5tsff costs stsff time Audit fees staff time Trust admln and Nnnlng costs staff time Depreciation Direct 58,340 8,030 5,645 3,416 58,340 8,030 5,645 3,416 45,654 35,757 14,351 2,663 606 1,350 85,902 64,707 101,325 139,681 140,633 5,160 5.160 4,500 35,582 35,582 29,423 2,017 2.017 1,014 144,084 343,773 340,658 85,902 38,356 85,902 113,787 Support costs 144,084 (144,084) Total expenditure 2024 85,902 257.871 343,773 Total expendlture 2023 64.707 275,951 340,658 Of the total expenditure, £266,618 (2023: £299,160) was unrestrfcted and £77,155 (2023: £41,498) was restrlcted. Basls of allocation Ralslng Charltable funds activilles Support costs 2023 Total 2022 Total Besson Street Dlrect Communlty Investment Fund Dlrect Blg Lottery, Employment, ESOL, IT Direct Marketing and communlration Dlrect Coronavlrus Community Support Fund Dlrect Summer skills project Direct Growback greener Dlrect BUPA mental health project Dlrect Investment management Costs Direct Support stsff costs staff tlme Audit fees staff time Trust admin and running costs staff time Depreclatton Dlrect 45,654 35,757 14,351 2,663 45,654 35,757 14,351 2,663 29,093 22,339 73,035 2,272 270 4,500 606 5,588 1,350 9,200 64,707 58,197 140,633 140,633 128,367 4,500 4,500 4,500 29,423 29,423 20,399 1,014 1.014 1,193 175,570 340,658 358,953 606 1,350 84,707 64,707 100,381 Support costs 175,570 (175,570) Total expenditure 2023 64,707 275,951 340,658 358,953 24
Besson Street Trust Notes to the financial statements For the year ended 31 March 2024 Net Income l (expendlture) for the year This Is stated after charging l {crediting): 2024 2023 Audlt fees (excluding VAT) Depreciation - owned assets 4,300 2,017 3,750 1,014 7 Analysls of staff costs. trusteo remuneratlon and expenses, and tho cost of key management personnel Staff costs were as follows: 2024 2023 Salaries and wages Social security costs Employerfs contributlon to defined contributlon penslon schemes Olher staff cost 121,713 5,665 7,448 4,855 139,681 120,527 9,712 6,137 4.257 140.633 Th8 total staff costs Includlng penslon contrlbutlons of the two key management personnel were £55,315 (2023: £52,356) The charity trustees were not paid or received any other benefits from employment wlth the charity in the year (2023: £nil) nelther were they reimbursed expenses during the y8ar (2023: £nil). No charity trustee received payment for professlonal or other seNlces supplied to the charlty (2023: £nll). Staff numbars The average number of employees durfng the year was as follows: 2024 No. 2023 No. Charitable activities Management and administratton Cleanlng No employee recelved emoluments In excess of £60,000 (2023: NII). Taxatlon The charitable company Is exempt from corporatton tax as all Its Income Is charltable and Is applied for charitable purposes. 25
Besson Street Trust Notes to the flnanclal statements For the year ended 31 March 2024 9 Tanglble flxed assets Short leasehold Plant and machinery Totsl Cost At the start of the year Additions In year At the end ofthe year 19,599 30,791 50,390 19,600 30,791 50,391 Depreclatlon At the Start of the year Charge for the year At the end ofthe year 13,856 2,017 15,873 13,es6 2,017 15.873 Net book value At the end oftho yaar 34,517 34,518 At the start of the year 5.743 5,744 All of th8 above assets are used for charltable purposes. 10 Investment propertles 2024 2023 Falr value 81 the start of the year Revaluatlon durtng the year Falr value at the end of the year 4,850,000 4.850.000 4 850,000 4,850,000 The last valuatlon was undertaken Sn March 2019. To update prop8ty values to 31 March 2024 th Strategy and Partnershlp manager ha8 undertaken a thorough desk-based revlew of property value changes In New Cross Gate, wllh overslght from the Trust's Treasurer, 11 Debtorn 2024 2023 Other debtorn Prepayments 50.016 1,S86 51,602 82,862 2.010 84.872 Other debtorn represent rents recelvable at the year end recelved In AprIlUn8 2024. 26
Besson Street Trust Notes to the financial statements For the year ended 31 March 2024 12 Credltors: amounts falllng due wlthln one year 2024 2023 PAYE & Penslon Accruals Deferred Income 4,388 9,881 13,500 9,823 11,528 21,351 13 Cradltors: amounts falllng du8 after one year 2024 2023 Development Fund 89,161 89.161 89.161 89,161 These funds are for the fitryout of the proposed Healthy Llvlng Centre. Tho costs are expected to b8 Incurred In late 2028. 14 Analys13 Of net assets between funds( current perlod) Unrestrlcted funds Restricted funds Total fund5 Tangible fixed assets Investment propertles Net current assets Long temi liabilities Net assets at 31 March 2024 34,518 4,850,000 373,977 89.161 5,169,334 34,518 4,850,000 373,977 89.161 5.169.334 Unrestrlcted funds Restricted funds Total funds Analysls of net assats betwean fund3( prlor perlod) Tangible fixed assets Investment propertles Net current assets Long term liabilities Not assets at 31 March 2023 5,744 4,850,000 378.293 89,161 5,144,876 5,744 4,850,000 399,636 89,161 5,166,219 21,343 21,343 27
Besson Street Trust Notes to the financial statements For the year ended 31 March 2024 15 Movements In funds (current year) At the stsrt ofthe year At the end of the year Income Expenses Transfer8 Restrlcted funds: Hyde IT skills Grow back greener Coronavirus support fund Summer Skills The Lewlsham Mental Health NCIL ward money - mental health Clty Brldge Trust Depttord firstfund Others Total restrlcted funds 4,935 (4,935) {1,879) {2,227) (1,467) (12,810) {17,837) (33,600) (500) 1,900 77,155 1,879 2,227 1,467 12,810 2,960 14,877 33,600 500 21,343 55,812 Unre5trfcted funds: General fund Investment asset fund Investment property sinklng fvnd Total unra$trl¢ted funds 194,679 4,850,000 100,197 5,144,876 291,076 (266,618) 219,137 4,850,000 100,197 5,169,334 291,076 266,618 Totsl funds 5,166,219 346,888 343,773 5.169 334 15a Purpose$ of rostrlcted funds Hyde rr, was for delivering digltal skllls, the overspend came from general unrestrfcted funds. Grow Back Gr••nar, VRS a fund for garden Improvements, the expense allocated was for plantlng. Thè Co•OP Fund, Is used for famlly gardenlng courses. The Deptford Flrnt Fund, was used for glvlng vouchers to families on Unlversal Credlts, vouchers were Issued and all have been allocated, each voucher represents £40 and should not be carrled fopNard. Clty Brldge Trus( Fundlng Is for ESOL dellvery. The Lewlsham Mental Health, fundlng 18 to dellver sep41ces to people over 60 for Improved mental health. The Summer Skllls, expense would have been materfals, 28
Besson Street Trust Notes to the financlal statements For the year ended 31 tharch 2024 15b Movements In funds 2023 (prior year) At the start of the year At the end of the year Income Expenses Transfers Restrlcted funds: Grow back greener Coronavirus support fund Hyde IT Skills Summer Skills The Lewlsham Mental Health NCIL ward monay- mentsl health City Bridge TNst 50-Co-Operative Local Fund Comm Deptford first fund Total restrlcted funds 2,485 2,227 705 525 (606) 1,879 2,227 {8,238) 7,533 942 19,970 11,158 16,800 456 1,467 12,810 2,960 (7,160) (8,198) (16,800) (456> 40 41,498 40 5,982 49,326 7,533 21,343 Unrestrlcted funds: General fund Investment asset fund Investment propety slnklng fund Total unrestrlcted funds 222,269 4,850,000 100.197 5,172,466 279,103 (299,160) 17,533) 194,679 4,850,000 100.197 5.144,876 279,103 299,160 7,533 Total funds 5,178,448 328,429 340,658 5.166,219 16 Legal status of the charlty Th8 charity is a company limlted by guarantee and has no share capltal. Each member Is liable to contribute a sum not exceeding £1 in the event of the charlty being wound up. 17 Related party transactlons There are no related paty transactlons to dlsclose for 2024 (2023: none). 29