Company registration number: 05437953 Charity registration number: 1123633
Black South West Network
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Milsted Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL
Black South West Network
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 9 |
| Independent Auditors' Report | 10 to 12 |
| Statement of Financial Activities (including income and expenditure account) | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 to 28 |
Black South West Network
Reference and Administrative Details
Chair Ms M Burgess Directors and Trustees Ms M Burgess Mr A Mohamed, Treasurer Dr M Walters, Company Secretary Ms B Brown Mr O Coker-Dickens Ms F Adebisi Mr A Shah Ms B Witter Mr M Rashid (appointed 20 December 2021) Mr P Kempster (appointed 15 June 2022)
Charity Registration Number 1123633 Company Registration Number 05437953 The charity is incorporated in England and Wales. Registered Office The Coach House 2 Upper York St St Pauls Bristol BS2 8QN Auditor Milsted Langdon LLP Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL
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Black South West Network
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2023.
Chair's Statement
After the devastating impact of the Covid-19 pandemic, 2022/23 should have been a year of shifting into a positive gear. However, the lifting of the final Covid restrictions failed to herald the newfound freedoms it symbolically represented. Rising inflation and interest rates resulted in 75% of Black and Racially Minoritised families unable to afford essential items or to pay for their household bills.
The disproportionate impact of Covid-19 on Black and Racially Minoritised communities was further exacerbated by the disproportionate impact of the Cost-of-Living crisis. At the same time, reports of widespread institutional discrimination across the police, the fire services, and sport perpetuated racial inequity.
Data from the Census published in 2022 showed ongoing and significant disparities in income, wealth, health, education, and housing between the White British population and Black and Racially Minoritised populations in the UK. Yet despite the evidence, in 2022 it began to seem that the global shift on racial justice after Black Lives Matter campaign in the aftermath of George Floyd’s murder once again began to recede to a footnote in the post-Covid era.
Within this climate, BSWN has continued to lead on effecting change at a policy level and within the communities we serve. We have continued to deliver innovative enterprise and social enterprise incubation tailored to the needs and aspirations of our Black and Racially Minoritised entrepreneurial communities and developed collaborative partnerships with key organisations to expand our impact regionally. We also secured funding from National Lottery Heritage Fund to develop and deliver a transformative programme on Black cultural heritage at The Coach House, and explore what a digital platform that puts the power to define and curate cultural heritage into the hands of the communities could look and feel like, whilst challenging the historical conceptions of mainstream cultural institutions and museums.
In tandem, we have continued to research the root causes and solutions to how systemic racism operates and challenge the barriers faced by Black and Racially Minoritised communities across the Southwest. To this end, we have expanded our range of partnerships and collaborations to explore how we can build the foundations of region-wide, community-led research capacity that will provide the leadership, data, and knowledge to influence policy making from the grassroots.
Building BSWN on a sustainable foundation has also guided our decision to move to the second phase of our development of The Coach House. We commissioned Askew Cavanna Architects to develop plans for a refurbishment of The Coach House into the Centre for Black Enterprise and Culture and negotiated with Bristol City Council to secure a 125-year lease on the building. We have also collaborated with We Can Make to secure three plots of land with Bristol City Council to address complex housing needs through community-led mixed-use developments featuring affordable housing and enterprise units.
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Black South West Network
Trustees' Report
From BSWN’s perspective, community wealth building is not simply about economics but is also about investing and strengthening social and cultural capital. Our strategy is about Black and Racially Minoritised communities developing and implementing solutions to the issues they face, rather than top-down approaches imposed from above. At the heart of this approach are social enterprises generating local social and economic capital. Alongside this, releasing the cultural capital within Black and Racially Minoritised communities from mainstream interpretations and constraints is equally important. By increasing Black and Minoritised communities’ cultural agency, BSWN aims to achieve social and economic community wealth-building and enable the flourishing of diverse individuals in UK society.
To achieve economic inclusion, BSWN’s enterprise approach is to challenge and address the structural inequalities that lock in disadvantage. We are working to grow the capacity of entrepreneurs to attract investment and grow their enterprises in a way that creates wealth and employment and brings high value skills to their communities. The current economic climate for enterprise and a cost-of-living crisis has highlighted a widening gap between low skilled, low value enterprise and future focused, high skilled and high value enterprise. BSWN enterprise will continue to intentionally target key regional growth sectors that include Green, Technology and Culture that are significantly under-representative in terms of diversity and inclusion. Through our ground-breaking programmes, enterprise incubation and enterprise support, we aim to nurture the diverse talent and innovation within the communities we represent, promote the economic benefits and opportunities in doing so and enable the aspiration and economic development that delivers sustainable communities.
I would like to take the opportunity to conclude the report by thanking all of those who have contributed to another year where we are shifting the dial towards eradicating racial injustice. In particular, my fellow trustees should be acknowledged for giving up their time to provide support and strategic insight to the executive team. Sado and the team have all worked really hard and their energy and enthusiasm for each of our core strands of work is the reason behind BSWN being able to have the impact it does. I would also like to thank all of our funders and partners who are working with us and who understand our ambitions and goals and are willing to work with us to help us achieve them. Lastly, I would like to thank our communities and members for trusting us and signing up to the programmes and events we offer and answering our calls for data and information and taking the time to engage with us.
Objectives and activities
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management
Nature of governing document
The Company, as a registered charity, takes the form of a company limited by guarantee and is governed by its Memorandum and Articles of Association. The charity was incorporated on the 27 April 2005, and began trading on 1 April 2006. It has no share capital and guarantee of each member is limited to £1. The governing document is the Memorandum and Articles of Association, and the members of the Board of Trustees are the Directors of the company.
The Trustees are permitted by Company Law to make decisions for, and manage the Trust as they see fit, provided their decisions are in the best interests of the Company.
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Black South West Network
Trustees' Report
Recruitment and appointment of trustees
Trustees are selected for appointment on the basis that they, as individuals, have a thorough knowledge and understanding of the charity's work and are aware and accepting of the responsibilities that undertaking, this role entails. At present, most individuals appointed as trustees are already familiar with the practical work of the charity, having had previous involvement with the charity.
As stated, the Articles of Association, the number of trustees shall not be less than three but (unless otherwise determined be ordinary resolution) shall not be subject to a maximum.
Induction and training of trustees
Upon acceptance of the position, all new trustees are sent a comprehensive information pack to brief them on their legal obligations, drawing information from the Charity Commission's guide CC3 -The Essential Trustee. In addition to this, they are also sent information specific to the charity including:
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The obligations of the trustees to the charity.
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The main documents which set out the operational framework for the charity including the
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Memorandum and Articles of Association and the Policy Document.
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The current financial position of the charity as set out in the latest prepared accounts.
Trustees' Responsibilities
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 charitable company and of the surplus or deficit of the charitable.
Risk management
The trustees have reviewed the risks to which the charity is exposed and ensured appropriate controls are in place to provide reasonable assurance against fraud and error. The Board of Directors review of major risks over the year is reflected in our Risk Register, and systems have been established to mitigate those risks. Significant external risks to funding led to developing a sustainability plan, which addressed the organisation’s intentions to build greater levels of earned income. However, as we know, the Coronavirus pandemic created new external risks which paused implementation. Nevertheless, the charity successfully mitigated its position in the circumstances, by prioritising community needs, building collaborations and as a result, secured a mix of grants supportive of both the wider sector as well as meeting its own needs. Internal risks have been minimised through the implementation of procedures for authorisation of all transactions and projects managed to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Objectives and Activities
Vision
A society in which inequality and discrimination on the basis of racial or ethnic categorisation is wholly and completely absent.
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Black South West Network
Trustees' Report
Mission
https://www.blacksouthwestnetwork.org/
Values
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Equity
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Inclusivity
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Justice
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Fairness
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Honesty
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Accountability
Strategic Intent
BSWN’s overarching goal is to build dynamic, independent, and strong Black communities, businesses and organisations that are empowered to flourish while challenging systemic barriers and forging a true path for themselves. We believe that only through this will we significantly address racial inequality and inequity. All our portfolio feeds into this aim. Our work falls into these key areas:
1. Cross-sector Enterprise and Innovation:
To encourage, support and incubate social, cultural and digital enterprises within a physical and online Enterprise Hub that contribute to a thriving Black led economy and culture in the South West.
2. Cultural Inclusion:
To identify, share and celebrate the intangible cultural heritage of Black, Asian and Minority Ethnic communities in the South West.
3. Research and Knowledge to drive evidence-based strategies that can achieve change:
To undertake research, take action and learn from the process of achieving change, to create knowledge on tackling systemic racism and build the pool of evidence to formulate informed and innovative solutions.
4. Scrutiny and Accountability and Representation and Power
is a cross-cutting thread throughout our work through which we aim to strengthen the voice of Black and Minoritised communities in influencing the development and design of policies and services through engagement with decision makers.
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Black South West Network
Trustees' Report
Key Achievements and Impacts in 2022/23
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497 individual engagements with founders, entrepreneurs & business owners.
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336 businesses provided with enterprise support.
• 45 events and workshops held for local businesses, organisations, and for 348 members, 44.4% more than last year.
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Published three key research reports.
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Published 5 key policy briefs and 4 key policy submissions.
• Began our UnMuseum work, our Race & Justice work, and launched the South West Race Equity Research Network.
- 37% increase this year in newsletter and mailing list subscribers.
• 114+ people engaged in Bristol alone to provide sector development support through surgeries and workshops.
• 4 South West Race Equality Action Group meetings held in the past financial year with significant progress made in pioneering grant-funding for racially minoritised communities through Phoenix Way.
• Throughout the course of the year, our team attended 1,247 strategic meetings with partners, funders, and decision-makers in the city and region, with 571 attended by our Director alone.
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Black South West Network
Trustees' Report
Plans for the Future
• The next steps for our plans for the Coach House (Centre for Black Enterprise and Culture) are the finalisation of a 125-year peppercorn lease, submission of the planning permission application for refurbishment, development of a Full Business Case and beginning Phase 1 refurbishment once Planning permission is approved.
• Successful completion of the Development Phase of the National Lottery Heritage Fund Project and securing funding for the Delivery Phase to pilot a full programme of events and further development and testing of the digital platform.
• Successful completion of our South West Race Equity Research Network Development Phase and submission of a proposal to UKRI for Implementation Fund over the next 5 years, to build community research infrastructure across the South West region.
• Continuation of development of Southwest Race Equality Action Group (SWREAG) to map the region and bring together the racial justice focused Black and Racially Minoritised VCSE sector together to strengthen the collective voice, reduce isolation, and share good practice approaches to tackling racial justice and disseminate the sector capacity building offer.
• Strengthening relationships with stakeholders in the Southwest amongst local authorities, NHS Trusts, uniformed services and funders by profiling what the data shows about racial injustice and providing scrutiny of public bodies and holding them to account.
• Expansion of our outreach and hybrid Enterprise support delivery model to connect with regional enterprises and with South Asian entrepreneurs to support development strategically, acquire new business and gain the skills and confidence required for business growth and investment.
• Continuing to leverage our convening powers to enhance access to social capital, specialist skills and resources, and further development of strategic relationships with regional actors that align our programmes and delivery with priorities around cross sectoral innovation, inclusive growth, the productivity challenge, innovation in infrastructure and clean growth.
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Black South West Network
Trustees' Report
Financial review
Principal funding sources for the year were:
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Barrow Cadbury Trust
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Bristol City Council
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Joseph Rowntree Foundation
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Lloyds Bank
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Paul Hamlyn Foundation
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Power to Change Trust
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National Lottery Community Fund
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Quartet Community Foundation
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University of Bristol
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NatWest Bank
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Oak Foundation
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Access Foundation (previously Local Access Partnership)
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Charity Aid Foundation
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Big Society Capital
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Merchant Ventures Fund
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Allianz Personal
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University of the West of England
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West of England Combined Authority
We had a £462,268 increase in turnover to fulfil project commitments to support cultural, social and community enterprises.
Results for the year - The Charity made a surplus of £572,995 (2022: £376,093) on unrestricted funds for the year. The Trustees have designated £225,000 for the future development of the Coach House.
Reserves Policy
The Trust has an established policy whereby general unrestricted funds not committed, held by the Charity should amount to three to six months of expenditure. At present, the free reserves are £902,905 (2022: £554,565) which is above the upper recommended level of our reserves policy.
Statement of trustees' responsibilities
The trustees (who are also the directors of Black South West Network 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Black South West Network
Trustees' Report
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees who served during the year and up to the date of this report are set out on page 1.
In accordance with Company law, as the company’s directors, we certify that:
• So far as we are aware, there is no relevant information of which the company's auditors are unaware of,
• As the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the company's auditors are aware of that information.
They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 30/01/2024 and signed on its behalf by:
......................................... Ms M Burgess Chair and trustee
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Black South West Network
Independent Auditor's Report to the Members of Black South West Network
Opinion
We have audited the financial statements of Black South West Network (the 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities (including income and expenditure account), Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Black South West Network
Independent Auditor's Report to the Members of Black South West Network
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement 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 this regard.
Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities (set out on page 8 and 9), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Other matter
The charity was not required to have a statutory audit for the year ended 31 March 2021 since these it met the requirements to be considered a small charity. Accordingly, the corresponding figures for the year ended 31 March 2021 are unaudited.
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Black South West Network
Independent Auditor's Report to the Members of Black South West Network
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
• Inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;
• Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www/frc/org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's trustees, 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 charitable company's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Ian Lloyd (Senior Statutory Auditor) For and on behalf of Milsted Langdon LLP, Statutory Auditor
Chartered Accountants Freshford House Redcliffe Way Bristol BS1 6NL
Date:.............................
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Black South West Network
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other income 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 |
Unrestricted funds £ 143,218 845,344 106,059 1,094,621 (1,181) (520,445) (521,626) 572,995 572,995 600,034 1,173,029 |
Restricted funds £ - 450,964 - 450,964 (152) (358,082) (358,234) 92,730 92,730 416,745 509,475 |
Total 2023 £ 143,218 1,296,308 106,059 1,545,585 (1,333) (878,527) (879,860) 665,725 665,725 1,016,779 1,682,504 |
Total 2022 £ (As restated) 20,106 987,513 75,698 |
|---|---|---|---|---|
| 1,083,317 | ||||
| (908) (568,544) |
||||
| (569,452) | ||||
| 513,865 | ||||
| 513,865 502,914 |
||||
| 1,016,779 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 15.
The notes on pages 16 to 28 form an integral part of these financial statements. Page 13
Black South West Network
(Registration number: 05437953) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand 12 Creditors: Amounts falling due within one year 13 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 15 |
2023 £ 270,124 78,291 1,423,490 1,501,781 (89,401) 1,412,380 1,682,504 509,475 1,173,029 1,682,504 |
2022 £ (As restated) 45,469 105,427 1,046,062 |
|---|---|---|
| 1,151,489 (180,179) |
||
| 971,310 | ||
| 1,016,779 | ||
| 416,745 600,034 |
||
| 1,016,779 |
The financial statements on pages 13 to 28 were approved by the trustees, and authorised for issue on 30/01/2024 and signed on their behalf by:
.........................................
Ms M Burgess Chair and trustee
The notes on pages 16 to 28 form an integral part of these financial statements. Page 14
Black South West Network
Statement of Cash Flows for the Year Ended 31 March 2023
| Note Cash flows from operating activities Net income Adjustments to cash flows from non-cash items Depreciation Working capital adjustments Decrease in debtors 11 (Decrease)/increase in creditors 13 Net cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets 10 Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2023 £ 665,725 892 666,617 27,136 (90,778) 602,975 (225,547) 377,428 1,046,062 1,423,490 |
2022 £ (As restated) 513,865 951 |
|---|---|---|
| 514,816 88,840 56,792 |
||
| 660,448 (46,420) |
||
| 614,028 432,034 |
||
| 1,046,062 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 16 to 28 form an integral part of these financial statements. Page 15
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: The Coach House 2 Upper York St St Pauls Bristol BS2 8QN
These financial statements were authorised for issue by the trustees on 30/01/2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Black South West Network 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. The following specific policies are applied to particular categories of income.
i) Income received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
ii) Donated services and facilities are included at the value to the charity where this can be quantified.
iii) The value of services provided by volunteers have not been included in these accounts.
iv) Investment income is included when receivable.
v) Income from charitable trading activity is accounted for when earned.
vi) Income from grants, where related to performance and specific deliverables, is accounted for as the charity earns the right to consideration by its performance.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Donated services and facilities
Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
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Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Furniture and equipment
Depreciation method and rate 20% straight line
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Hire purchase and finance leases
On 03 October 2023 the charity was granted a 125yr lease on the Coach House by Bristol City Council's Cabinet. At the date of signing these financial statements no lease agreement has been signed and therefore the trustees are unable to quantify the value of the lease.
3 Income from donations and legacies
| Donations in kind Donations |
Unrestricted funds General £ 130,000 13,218 143,218 |
Total 2023 £ 130,000 13,218 143,218 |
Total 2022 £ - 20,106 |
|---|---|---|---|
| 20,106 |
£143,218 (2022 - £20,106) of the income above was attributable to unrestricted funds and £Nil (2022 - £Nil) attributable to restricted funds.
4 Income from charitable activities
| Grants and contracts Trading and other income |
Unrestricted funds General £ 443,638 401,706 845,344 |
Restricted funds £ 450,964 - 450,964 |
Total 2023 £ 894,602 401,706 1,296,308 |
Total 2022 £ 817,442 170,071 |
|---|---|---|---|---|
| 987,513 |
Page 19
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
£845,344 (2022 - £497,547) of the income above was attributable to unrestricted funds and £623,868 (2022 - £489,966) attributable to restricted funds.
5 Other income
| Rental income Other miscellaneous income |
Unrestricted funds General £ 93,960 12,099 106,059 |
Total 2023 £ 93,960 12,099 106,059 |
Total 2022 £ 72,715 2,983 |
|---|---|---|---|
| 75,698 |
£106,059 (2022 - £75,698) of the income above was attributable to unrestricted funds and £Nil (2022 - £Nil) attributable to restricted funds.
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Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
6 Expenditure on charitable activities
| Staff costs Travel Training Associates Events Meeting costs Rent and rates Accountancy Printing & postage Telephone & internet Bank charges Insurance Subscriptions Legal and professional fees Other Volunteer expenses Grants and donations made Project costs Heat & Light Repairs and maintenance Cleaning & waste disposal Bad debt |
Activity undertaken directly £ 392,334 12,527 1,175 92,346 6,970 5,378 132,191 13,546 1,940 9,607 392 4,260 6,245 740 1,609 - 24,647 124,380 29,327 2,042 16,871 - 878,527 |
2023 £ 392,334 12,527 1,175 92,346 6,970 5,378 132,191 13,546 1,940 9,607 392 4,260 6,245 740 1,609 - 24,647 124,380 29,327 2,042 16,871 - 878,527 |
2022 £ 280,700 4,266 920 95,977 1,892 1,235 - 7,045 3,022 9,583 272 2,681 2,524 2,761 2,046 700 - 66,719 15,697 53,146 13,658 3,700 |
|---|---|---|---|
| 568,544 |
£520,445 (2022 - £252,793) of the expenditure above was attributable to unrestricted funds and £358,082 (2022 - £315,751) attributable to restricted funds.
Page 21
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
7 Net incoming/outgoing resources
Net incoming resources for the year include:
| Depreciation of fixed assets Audit of the financial statements Preparation of the financial statements |
2023 £ 892 11,390 2,156 |
2022 £ 951 7,170 1,800 |
|---|---|---|
8 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
9 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Recruitment costs Other staff costs |
2023 £ 359,959 29,550 1,068 2,931 393,508 |
2022 £ 261,769 18,930 - 1,620 |
|---|---|---|
| 282,319 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| No | No | ||
| Charitable | activities | 10 | 8 |
The total employee benefits of the key management personnel of the charity were £67,115 (2022 - £56,000).
Page 22
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
10 Tangible fixed assets
| Cost At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 (as restated) |
Land and buildings £ 36,728 212,029 248,757 - - - 248,757 36,728 |
Furniture and equipment £ 9,692 13,518 23,210 951 892 1,843 21,367 8,741 |
Total £ 46,420 225,547 271,967 951 892 1,843 270,124 45,469 |
|---|---|---|---|
Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £248,757 (2022 - £36,728) in respect of leaseholds.
11 Debtors
| Trade debtors Prepayments Other debtors 12 Cash and cash equivalents Cash at bank |
2023 £ 54,528 5,099 18,664 78,291 2023 £ 1,423,490 |
2022 £ 92,258 1,411 11,758 |
|---|---|---|
| 105,427 | ||
| 2022 £ 1,046,062 |
Page 23
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
13 Creditors: amounts falling due within one year
| 13 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other taxation and social security Other creditors Accruals Deferred income |
2023 £ 17,930 9,039 18,925 14,991 28,516 89,401 |
2022 £ 13,972 4,332 16,697 34,270 110,908 |
| 180,179 |
14 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £11,729 (2022 - £9,403).
Contributions totalling £2,008 (2022 - £1,465) were payable to the scheme at the end of the year and are included in creditors.
Page 24
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
| 15 Funds Unrestricted funds General General funds Designated Designated funds Total unrestricted funds Restricted funds National Lottery Community Fund Bristol City Council - CDCPC Gloucestershire County Council Barrow Cadbury Trust The Big Issue - SESF Charities Aid Foundation Access Foundation Nisbet Power to Change Bristol City Council EVCSE GREAG John James Total restricted funds Total funds |
Balance at 1 April 2022 £ 365,034 235,000 600,034 - 110,000 50,000 8,965 35,000 79,160 73,104 14,751 45,765 - - - 416,745 1,016,779 |
Incoming resources £ 1,094,621 - 1,094,621 61,292 25,000 - 30,000 - 26,280 10,892 - - 170,000 90,000 37,500 450,964 1,545,585 |
Resources expended £ (511,626) (10,000) (521,626) (3,546) (40,000) - (36,675) (35,000) (88,327) (78,546) (14,751) (45,765) (3,412) (12,212) - (358,234) (879,860) |
Transfers £ - - - - - (50,000) - - - - - - - 50,000 - - - |
Balance at 31 March 2023 £ 948,029 225,000 |
|---|---|---|---|---|---|
| 1,173,029 | |||||
| 57,746 95,000 - 2,290 - 17,113 5,450 - - 166,588 127,788 37,500 |
|||||
| 509,475 | |||||
| 1,682,504 |
Page 25
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
| Unrestricted funds General General funds Designated Designated funds Total unrestricted funds Restricted National Lottery Community Fund Bristol City Council - CDCPC Gloucestershire County Council Barrow Cadbury Trust The Big Issue - SESF Charities Aid Foundation Access Foundation Bristol City Council Nisbet Power to Change Total restricted funds Total funds |
Balance at 1 April 2021 £ 133,941 90,000 223,941 30,827 - - - - - - 248,146 - - 278,973 502,914 |
Incoming resources £ 593,351 - 593,351 - 110,000 50,000 36,060 35,000 88,843 90,063 - 20,000 60,000 489,966 1,083,317 |
Resources expended £ (217,258) - (217,258) (30,827) - - (27,095) - (9,683) (16,959) (248,146) (5,249) (14,235) (352,194) (569,452) |
Transfers £ (145,000) 145,000 - - - - - - - - - - - - - |
Balance at 31 March 2022 £ (As restated) 365,034 235,000 |
|---|---|---|---|---|---|
| 600,034 | |||||
| - 110,000 50,000 8,965 35,000 79,160 73,104 - 14,751 45,765 |
|||||
| 416,745 | |||||
| 1,016,779 |
Page 26
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
The specific purposes for which the funds are to be applied are as follows:
Gloucestershire CC - Funding received for a research project that will identify the role of the Black led VCSE Sector in Gloucestershire Integrated Care Systems.
Barrow - Funding received to enable a “One City” approach to racial justice which pays for Senior Policy team to Influence access of Black and minoritised communities to support in COVID-19 economic recovery programmes, and strengthen economic justice for these communities.
Bristol City Council CDCPC - This Development Connecting People into Communities Fund was received by the Council as grants to support people vulnerable to the Covid-19 pandemic to re-emerge, build trusting connections, seed and encourage sustainable community activities.
CAF - This funding provides grants that enable organisations to adapt and thrive; to continue to deliver the services that support the needs of beneficiaries whilst also building organisational resilience. Part funding is delivery within the region of capacity building activities for Black and Minoritised communities, and part funding for BSWN's own resilience as an organisation.
Big Issue SESF - This funding was received towards our Enterprise programme portfolio to undertake the development, piloting, and market testing of a number of business support services that will form a key part of our trading offer once the Coach House refurbishment is complete.
Local Access Programme - a partnership project in Bristol that aims to provide targeted support for Black and Minoritised social enterprises, and improving access to social investment opportunities. This project facilitates access to an Incubations space with desk capacity to support the Incubation of social enterprise start-ups.
Bristol City Council – various projects to provide support for local Black and Minoritised grassroots, voluntary and community organisations, including the Make It Work project.
Power to Change – funding to provide development and capacity support for local Black and Minoritised voluntary and community organisations through targeted support, peer learning and support around owning or obtaining an asset.
Page 27
Black South West Network
Notes to the Financial Statements for the Year Ended 31 March 2023
16 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ 270,124 - 767,306 225,000 (89,401) - 948,029 225,000 Unrestricted funds General £ Designated £ 45,469 - 499,744 235,000 (180,179) - 365,034 235,000 |
Restricted funds £ - 509,475 - 509,475 Restricted funds £ - 416,745 - 416,745 |
Total funds at 31 March 2023 £ 270,124 1,501,781 (89,401) |
|---|---|---|---|
| 1,682,504 | |||
| Total funds at 31 March 2022 £ 45,469 1,151,489 (180,179) |
|||
| 1,016,779 |
17 Related party transactions
There were no related party transactions in the year.
18 Prior period adjustment
Following the grant of the 125 year lease, the trustees have decided it's appropriate to capitalise leasehold improvements relating to the lease in 2022 and 2023.
This has resulted in a prior year adjustment which has caused in an increase in unrestricted funds of £35,777 and an increase in restricted funds of £9,692.
Summary of the prior year accounting impact:
£ Increase in fixed asset additions 46,420 Increase in fixed asset depreciation (951) 45,469
Page 28