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
1
## **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.
2
## **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.
3
## **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:
4
## **Lincoln Area Regeneration Group**
## **Report of the trustees**
## **For the year ended 31 March 2023**
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- 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
- 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
5
## **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:
- (1) accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
- (2) the accounts do not accord with those records; or
- (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
- (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).
6
## **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
7
## **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.
8
## **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:
- (i) ensuring that the Company keeps proper accounting records which comply with section 386 of the Act; and
- (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.
11
## **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.
12
## **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.
13
## **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.
14
## **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.
15
## **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|
16
## **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.
17
## **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).
18
## **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|
19
## **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|
|---|---|---|
20
## **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|
21
## **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