Company no. 06092664 Charity no. 1122590
Lincoln Area Regeneration Group Report and Unaudited Financial Statements
31 March 2023
Lincoln Area Regeneration Group
Reference and administrative details
For the year ended 31 March 2023
Company number 06092664 Charity number 1122590 Registered office and Poplar Union operational address 2 Cotall Street London E14 6TL Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Helal Ahmed David Black Asim Iftikhar Brian Searle Christine Searle Senior management team Emma Stephanie (Programme Manager) Company secretary Naseem Kadir Bankers HSBC Bank PLC 59 - 61 The Mall Stratford London E15 1XL Independent Godfrey Wilson Limited examiners Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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Lincoln Area Regeneration Group
Report of the trustees
For the year ended 31 March 2023
The trustees present their report along with the financial statements of the charity for the year ended 31 March 2023.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).
Objectives and activities
The Lincoln Area Regeneration Group (LARG) has over 15 years of service delivery within its local community and continues to grow and evolve to reflect the changes and needs of Tower Hamlets’ residents.
Our principal objectives are the social, cultural, environmental and personal enrichment of the Bow, Poplar and Tower Hamlets communities. Our efforts have recently been focussed on the success of our arts and community centre, Poplar Union to provide high quality cultural and community focused events in an area where historically there has been no local community provision.
Achievements and performance
Poplar Union
Poplar Union is a multi-disciplinary, purpose-built community arts centre. It opened in January 2017, with the aim of becoming the creative heart and soul of Poplar. Through this facility we nurture and develop creativity, offering local people a space to commune, create and socialise with events ranging from theatre, music, dance, health and wellbeing and interactive workshops through to larger scale festivals. Poplar Union continues to grow from strength to strength, with numbers of attendees increasing monthly and over 3,000 members subscribing to our newsletter.
Poplar E5 Bakehouse
Poplar Union has also supported LARG’s objectives through a close and valuable partnership with the Poplar E5 Bakehouse (formerly e5 Roast House) who provide quality, nutritious and seasonal food on site. They also run schemes such as Just Bread in which refugees are given the training required to obtain employment within the hospitality industry - very much in line with LARG’s objectives regarding employment and training.
Pontoon & moorings
In December 2022, LARG completed its own residential moorings on the canal having been awarded a Power to Change grant of £240,391. The mooring has 10 berths and is currently home to 8 residential narrowboats. The income generated from these moorings will help fund LARG’s activities. The canal tenants have forged a small community on the water and offer their in-kind support through LARG to the local community.
Financial review
The detailed results of the charity are shown in the Statement of Financial Activities on page 8 and its financial position at 31 March 2023 is shown in the Balance Sheet on page 9.
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Lincoln Area Regeneration Group
Report of the trustees
For the year ended 31 March 2023
The most significant growth in revenue income was through the continued support received from Poplar HARCA; to whom the charity is indebted. They have not only helped financially to employ our bank workers but also provide premises and other facilities free-of-charge and support our funding applications. In addition to this, LARG also generates significant income through ticket sales, donations, fundraising and space hire at Poplar Union.
Risk assessment
The Board continues to keep under review the major risks to which the charity may be exposed.
Reserves policy and funds
The trustees believe it is wise to hold a balance in the designated reserves equivalent to 12 weeks of unrestricted annual expenditure, £96,000, to meet unexpected costs or fluctuations in planned income. The balance in the general reserve at the end of the year was £97,572 and designated funds £100,000.
Plans for future periods
The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Efforts will be made to ensure Poplar Union continues to grow from strength to strength across its programme of events, partnerships, hire opportunities and community engagement. Last year was a challenging one for all charities, though with the efforts of Poplar Union and the ongoing works of development projects such as the mooring scheme, we are entering the next financial year with renewed confidence in LARG’s ability to grow, develop and respond to the needs of Tower Hamlets residents.
Structure, governance and management Structure, governance and management
The Lincoln Area Regeneration Group is a charitable organisation controlled by a board of trustees.
Constitutional governance
LARG is governed by a board ratified constitutional document stipulating parameters under which it operates; these set of practices govern, influence and shape the direction in which the group, as an organisation, is steered. Governance indices include geographical location, (within Tower Hamlets), types of involvement, and areas of activities include green spaces preservation and other predetermined agreed agendas, for example young people’s activities, events management and so forth. For greater clarification please refer to Lincoln Area Regeneration Group constitutional document.
Organisational structure
The trustees, who are also directors are actively involved in overseeing Lincoln Area Regeneration Group’s day to day operations as well as managing workloads delegated to a list of full-time staff, bank workers and sessional summer workers. The trustees meet once per quarter, usually numbering four or five official gatherings per annum, there is scope to increase the frequency depending on the urgency of matters and funding applications. Additionally, and in compliance with government pension regulations, LARG has ensured that all its paid employees are now autoenrolled in relation to the pension provisions. This means that upon signing a contract of employment each employee is automatically enrolled into Lincoln Area Regeneration Group’s pension scheme and may opt out if required.
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Lincoln Area Regeneration Group
Report of the trustees
For the year ended 31 March 2023
Charity incorporation
Our application for incorporation was approved in 2008, and Lincoln Area Regeneration Group continues to operate under our charity number which is 1122590.
Dependent relationship
The charity is based across two sites. The Lincoln Area Regeneration Group’s head office is at Poplar Union, 2 Cotall Street, London E14 6TL. The site is owned by Poplar HARCA, a housing and regeneration community association which is a registered charity (No. 1064397). Poplar HARCA provides space at Poplar Union that Lincoln Area Regeneration Group trustees have signed a licence to occupy. LARG continues to benefit from subsidised rent, IT services, office costs and other related charitable services. This is in recognition of the charity’s work which is in keeping with Poplar HARCA’s own charitable purposes. However, due to pressure on budgets and a greater emphasis on accountability there is an increasing expectation for LARG to become self-sustaining and less reliant on Poplar HARCA’s resources.
LARG continues to progress its business initiatives and is moving forward with the new developments detailed in this report (notably the mooring scheme and remodelled agreement with Poplar Union’s café provider, Poplar e5 Bakehouse) which will ensure it eventually gains independence from Poplar HARCA.
Volunteers
Volunteers are the backbone of the charity’s operational network without whom the range and extent of activities undertaken would be greatly diminished. We continue to embark on social media campaigns and local marketing in the promotion of our services, this has also enabled us to recruit a new compliment of staff, volunteers and interns to assist our management of Poplar Union.
Recruitment and appointment of trustees
In accordance with the Constitution of the charity, all of the trustees’ are required to retire at each Annual General Meeting (AGM) but if eligible may offer themselves for re-election by the members present at the AGM.
Additionally, between one AGM and the next the trustees may appoint any further person who is willing and eligible to act as a trustee. This year a recruitment campaign to appoint new trustees to the organisation is expected to result in the appointment of 3 new trustees in 2023/24.
Public benefit
The trustees have had due regard to the Charity Commission's guidance on public benefit.
Statement of responsibilities of the trustees
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:
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Lincoln Area Regeneration Group
Report of the trustees
For the year ended 31 March 2023
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Independent examiners
Godfrey Wilson Limited were appointed as independent examiners to the charitable company during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 18 December 2023 and signed on their behalf by
David Black - trustee
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Independent examiner's report
To the trustees of
Lincoln Area Regeneration Group
I report to the trustees on my examination of the accounts of Lincoln Area Regeneration Group (the charitable company) for the year ended 31 March 2023, which are set out on pages 8 to 26.
Responsibilities and basis of report
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Since the charitable company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
Godfrey Wilson Limited also provides payroll services to the charitable company. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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(4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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Independent examiner's report
To the trustees of
Lincoln Area Regeneration Group
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Date: 18 December 2023 Rob Wilson FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD
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Lincoln Area Regeneration Group
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 March 2023
| Restricted Unrestricted Note £ £ Income from: Donations 3 - 10,000 Charitable activities 4 77,222 387,107 Other trading activities 5 - 65,655 Investment income 6 - 23,055 Total income 77,222 485,817 Expenditure on: Raising funds - 34,172 Charitable activities 74,252 381,977 Total expenditure 8 74,252 416,149 Net income 2,970 69,668 Transfers between funds (9,512) 9,512 Net movement in funds 10 (6,542) 79,180 Reconciliation of funds: Total funds brought forward 10,042 349,206 Total funds carried forward 3,500 428,386 |
2023 Total £ 10,000 464,329 65,655 23,055 563,039 34,172 456,229 490,401 72,638 - 72,638 359,248 431,886 |
2022 Total £ - 466,031 70,099 - |
|---|---|---|
| 536,130 | ||
| - 469,831 |
||
| 469,831 | ||
| 66,299 - |
||
| 66,299 292,949 |
||
| 359,248 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 19 to the accounts.
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Lincoln Area Regeneration Group
Balance sheet
As at 31 March 2023
| Note Fixed assets Tangible assets 13 Investment property 14 Current assets Debtors 15 Cash at bank and in hand Liabilities Creditors: amounts falling due within 1 year 16 Net current assets Net assets 18 Funds 19 Restricted funds Unrestricted funds Designated funds General funds Total charity funds |
£ 62,887 161,297 224,184 (23,112) |
2023 £ 283 230,531 230,814 201,072 431,886 3,500 100,000 328,386 431,886 |
2022 £ 759 144,891 |
|---|---|---|---|
| 145,650 76,853 232,110 |
|||
| 308,963 (95,365) |
|||
| 213,598 | |||
| 359,248 | |||
| 10,042 309,206 40,000 |
|||
| 359,248 |
The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.
The directors acknowledge their responsibilities for:
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(i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
9
Lincoln Area Regeneration Group
Balance sheet
As at 31 March 2023
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
Approved by the trustees on 18 December 2023 and signed on their behalf by
David Black - trustee
10
Lincoln Area Regeneration Group
Statement of cash flows
For the year ended 31 March 2023
| Cash used in operating activities: Net movement in funds Adjustments for: Depreciation charges Dividends, interest and rents from investments Decrease / (increase) in debtors Decrease in creditors Net cash used in operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of tangible fixed assets Purchase of investments Net cash used in investing activities Decrease in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2023 £ 72,638 476 (23,055) 13,966 (72,253) (8,228) 23,055 - (85,640) (62,585) (70,813) 232,110 161,297 |
2022 £ 66,299 859 - (12,031) (105,039) |
|---|---|---|
| (49,912) | ||
| - (851) (144,891) |
||
| (145,742) | ||
| (195,654) 427,764 |
||
| 232,110 |
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Lincoln Area Regeneration Group meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
b) Going concern basis of accounting
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income from the community café, events, room rental and mooring rental are recognised when the related goods and services have been provided.
d) Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
f) Funds accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
g) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Grants payable
Grants which have been authorised and paid are included as expenditure in the Statement of Financial Activities. Grants which have been authorised but not yet paid are accrued in the balance sheet and are included within creditors falling due within one year or after one year (as appropriate).
i) Allocation of support and governance costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff time occupied by each activity as follows:
| 2023 | 2022 | |
|---|---|---|
| Raising funds | 9.5% | 0.0% |
| Charitable activities | 90.5% | 100.0% |
j) Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Equipment and furniture 20% straight line basis
Items of equipment are capitalised where the purchase price exceeds £500.
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
k) Investment property
Investment properties are boat moorings held by LARG to earn rental income.
Investment property is initially measured at cost, including transaction costs. Investment property is subsequently measured at fair value at the reporting date.
Gains or losses arising from changes in the fair value of investment property are included in net profit or loss on the face of the Statement of Financial Activities for the period in which they arise.
l) Stock
The charity does not contribute any value to the stock of food and ingredients held for its community café as the amounts are not considered material.
m) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
n) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
o) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
p) Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.
q) Pension costs
The charitable company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.
r) Operating leases
Rentals paid under operating leases are charged to the statement of financial activities as they fall due.
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
s) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation and the valuation of investment property as described in notes 1j and 1k above.
2. Prior period comparatives: statement of financial activities
| Income from: Charitable activities Other trading activities Total income Expenditure on: Charitable activities Total expenditure Net income and net movement in funds 3. Income from donations Gifts in kind |
Restricted £ £ 125,189 340,842 - 70,099 125,189 410,941 124,659 345,172 124,659 345,172 530 65,769 2023 Total £ 10,000 Unrestricted |
2022 Total £ 466,031 70,099 |
|---|---|---|
| 536,130 | ||
| 469,831 | ||
| 469,831 | ||
| 66,299 | ||
| 2022 Total £ - |
Gifts in kind relate to free use of the community centre, this was also received in the previous year but was not recognised in the financial statements.
All income from donations was unrestricted in the current and prior year.
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
4. Income from charitable activities
| Poplar HARCA East End Community Fund Local authority grants Non-local authority grants Kings coronation grant Total income from charitable activities Prior period comparative: Poplar HARCA East End Community Foundation Furlough grant The Black History Month LBTH Work Path Covid fund Other grants Garden projects Total income from charitable activities |
Restricted £ £ 69,974 379,584 - 500 - 4,850 3,748 1,673 3,500 500 77,222 387,107 Restricted £ £ - 336,127 35,000 - 2,838 - 2,000 - 83,695 - - 4,715 606 - 1,050 - 125,189 340,842 Unrestricted Unrestricted |
2023 Total £ 449,558 500 4,850 5,421 4,000 |
|---|---|---|
| 464,329 | ||
| 2022 Total £ 336,127 35,000 2,838 2,000 83,695 4,715 606 1,050 |
||
| 466,031 |
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
5. Income from other trading activities
| Income from other trading activities | ||
|---|---|---|
| Poplar Union hall hire Ticket, bar and box office income Total income from other trading activities |
2023 Total £ 35,529 30,126 65,655 |
2022 Total £ 35,662 34,437 |
| 70,099 |
All income from other trading activities was unrestricted in the current and prior year.
6. Income from investments
| Mooring rental | 2023 Total £ 23,055 |
2022 Total £ - |
|---|---|---|
All income from investments was unrestricted in the current and prior year.
7. Government grants
The charitable company receives government grants, defined as funding from London Borough of Tower Hamlets to fund charitable activities. In the prior year the charitable company received government grants from the London Borough of Tower Hamlets and the Coronavirus Job Retention Scheme to fund charitable activities. The total value of such grants in the period ending 31 March 2023 was £4,850 (2022: £86,533). There are no unfulfilled conditions or contingencies attaching to these grants.
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
8. Total expenditure
| Total expenditure | ||||
|---|---|---|---|---|
| Staff costs (note 11) Outing, events and activities, entertainment Transport and travel Rental costs Office costs Telephone, internet, IT & website Insurance Box office, spotlight, project consultancy Depreciation Publicity Grants Accountancy Legal and professional fees Moorings Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ 23,555 - - - - - - - - - - - - 3,719 27,274 6,898 34,172 |
Charitable activities £ 223,972 332 944 10,000 4,255 24,355 1,264 121,259 476 3,257 530 - - - 390,644 65,585 456,229 |
Support and governance costs £ 3,313 - - - 180 - - - - - - 33,361 35,629 - 72,483 (72,483) - |
2023 Total £ 250,840 332 944 10,000 4,435 24,355 1,264 121,259 476 3,257 530 33,361 35,629 3,719 |
| 490,401 - |
||||
| 490,401 |
Total governance costs were £3,300 (2022: £3,000).
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
| 8. Total expenditure (continued) Prior period comparative Staff costs (note 11) Outing, events & activities, entertainment Transport and travel Office costs Telephone, internet, IT & website Insurance Box office, spotlight, project consultancy Staff training Depreciation Publicity Grants Accountancy Legal and professional fees Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ - - - - - - - - - - - - - - - - |
Charitable activities £ 236,574 606 790 8,480 14,296 1,701 174,714 900 859 1,271 520 - - 440,711 29,120 469,831 |
Support and governance costs £ - - - - - - - - - - - 25,695 3,425 29,120 (29,120) - |
2022 Total £ 236,574 606 790 8,480 14,296 1,701 174,714 900 859 1,271 520 25,695 3,425 |
|---|---|---|---|---|
| 469,831 - |
||||
| 469,831 |
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
9. Grants payable
During the year, 1 (2022:1) new grant was awarded to individuals for gardening work within Tower Hamlets.
Total grants committed to during the year were as follows:
| Grants payable to individuals | 2023 £ 530 |
2022 £ 520 |
|---|---|---|
Allocation of support costs to grant making activities is given in note 8.
10. Net movement in funds
This is stated after charging:
| Depreciation Operating lease payments Trustees' remuneration Trustees' reimbursed expenses Independent examiner's remuneration (excluding VAT): ▪Independent examination |
2023 £ 476 1,563 Nil Nil 3,300 |
2022 £ 859 Nil Nil Nil 3,000 |
|---|---|---|
11. Staff costs and numbers
Staff costs were as follows:
| Salaries and wages Social security costs Pension costs |
2023 2022 £ £ 239,300 222,164 10,081 11,910 1,459 2,500 250,840 236,574 |
|---|---|
No employee earned more than £60,000 during the year.
The key management personnel of the charitable company comprise the Trustees and the Programme Manager. The total employee benefits of the key management personnel were £33,127 (2022: £7,661).
| Average head count | 2023 No. 12.00 |
2022 No. 10.00 |
|---|---|---|
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
12. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
13. Tangible fixed assets
| Cost At 1 April 2022 Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year On disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
£ 3,152 (383) Office equipment |
|---|---|
| 2,769 | |
| 2,393 476 (383) |
|
| 2,486 | |
| 283 | |
| 759 |
14. Investment property
The mooring on the north side of Limehouse Cut between Upper North Street and Watts Grove is an investment property as it is held to generate rental income. It is therefore carried at its fair value. In the year ended 31 March 2023 the fair value of the mooring is deemed to be its cost due to the proximity to the purchase date, and as such there has been no formal valuation in the current period.
| Market value at 1 April 2022 Additions Investment property valuation at 31 March 2023 |
2023 £ 144,891 85,640 230,531 |
2022 £ - 144,891 |
|---|---|---|
| 144,891 |
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Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
15. Debtors
| Trade debtors Prepayments Other debtors 16. Creditors : amounts due within 1 year Trade creditors Accruals Other creditors Deferred income (see note 17) 17. Deferred income At 1 April 2022 Deferred during the year Released during the year At 31 March 2023 |
2023 £ 43,370 3,080 16,437 62,887 2023 £ 10,759 9,037 3,316 - 23,112 2023 £ 7,033 - (7,033) - |
2022 £ 52,737 - 24,116 |
|---|---|---|
| 76,853 | ||
| 2022 £ 63,609 24,117 606 7,033 |
||
| 95,365 | ||
| 2022 £ - 7,033 - |
||
| 7,033 |
Deferred income relates to funding received in advance of specific project delivery.
22
Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
18. Analysis of net assets between funds
| Tangible fixed assets Investment properties Current assets Current liabilities Net assets at 31 March 2023 Prior period comparative Tangible fixed assets Investment properties Current assets Current liabilities Net assets at 31 March 2022 |
£ - - 3,500 - 3,500 £ - - 13,790 (3,748) 10,042 Restricted funds Restricted funds |
Designated funds £ - - 100,000 - 100,000 Designated funds £ - 144,891 164,315 - 309,206 |
£ 283 230,531 120,684 (23,112) 328,386 £ 759 - 130,858 (91,617) 40,000 General funds General funds |
Total funds £ 283 230,531 224,184 (23,112) |
|---|---|---|---|---|
| 431,886 | ||||
| Total funds £ 759 144,891 308,963 (95,365) |
||||
| 359,248 |
23
Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
19. Movements in funds
| Restricted funds Historic restricted funds Poplar HARCA Garden grant East End Community Fund BH Co-op Picnic Sponsorship Total restricted funds Designated funds: Mooring fund Improvement fund 3 month reserve Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds |
At 1 April 2022 £ 9,512 - 530 - - 10,042 209,206 30,000 70,000 309,206 40,000 349,206 359,248 |
Income £ - 69,974 - 3,500 3,748 77,222 - - - - 485,817 485,817 563,039 |
£ - (69,974) (530) - (3,748) (74,252) - - - - (416,149) (416,149) (490,401) Expenditure |
£ (9,512) - - - - (9,512) (209,206) - - (209,206) 218,718 9,512 - Transfers between funds |
£ - - - 3,500 - At 31 March 2023 |
|---|---|---|---|---|---|
| 3,500 | |||||
| - 30,000 70,000 |
|||||
| 100,000 328,386 |
|||||
| 428,386 | |||||
| 431,886 |
Purposes of restricted funds
Historic restricted funds
Historic funds which are no longer treated as restricted. These were spent on projects in previous years.
Poplar HARCA Funding to cover the costs of Kickstart employees.
Garden grant Funding for a small garden project.
East End Community Fund BH Funding for the Kings coronation event for spending in May 2023.
Co-op Picnic Sponsorship Funding for a picnic in the park sponsored by Co-op.
Purposes of designated funds
Mooring fund
To cover the cost of building the moorings. This fund has been fully expended and transferred to general funds in the current year.
Planned improvements Reserves for the future improvement of premises and IT equipment. 3 month reserve The expected future costs that would be required in the event of winding up the charity.
24
Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
19. Movements in funds (continued)
Transfers between funds
Transfers between funds relate to historic restricted funds which have not been fully spent but are not required to be returned to the funder.
| Prior period comparative Restricted funds Historic restricted funds Garden grant Furlough grant The Black History month LBTH Work Path Other restricted grants Total restricted funds Designated funds: Mooring fund Improvement fund 3 month reserve Total designated funds General funds Total unrestricted funds Total funds Unrestricted funds East End Community Foundation |
At 1 April 2021 £ 9,512 - - - - - - 9,512 143,437 30,000 70,000 243,437 40,000 283,437 292,949 |
Income £ - 1,050 35,000 2,838 2,000 83,694 607 125,189 - - - - 410,941 410,941 536,130 |
£ - (520) (35,000) (2,838) (2,000) (83,694) (607) (124,659) - - - - (345,172) (345,172) (469,831) Expenditure |
£ - - - - - - - - 65,769 - - 65,769 (65,769) (65,769) (65,769) Transfers between funds |
£ 9,512 530 - - - - - At 31 March 2022 |
|---|---|---|---|---|---|
| 10,042 | |||||
| 209,206 30,000 70,000 |
|||||
| 309,206 40,000 |
|||||
| 349,206 | |||||
| 359,248 |
20. Operating lease commitments
The charity had operating leases at the year end with total future minimum lease payments as follows:
| Amount falling due: Within 1 year Within 1 - 5 years Due in more than 5 years |
2023 £ 7,813 121,875 331,250 460,938 |
2022 £ - - - |
|---|---|---|
| - |
25
Lincoln Area Regeneration Group
Notes to the financial statements
For the year ended 31 March 2023
21. Related party transactions
There were no related party transactions in the current or prior period.
26