2023-05-31-accounts - Twenty-Fifth Avenue Ltd

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		PAGE
REFERENCE AND ADMINISTRATIVE DETAILS
REPORT OF THE TRUSTEES		2-7
AUDITOR'S REPORT		8-IO
STATEMENT OF FINANCIAL	ACTIVITIES
BALANCE SHEET		12
CASH FLOW STATEMENT		13
NOTES TO THE CASH FLOW	STATEMENT	14
NOTES TO THE FINANCIAL	STATEMENTS	15-20
DETAILED STATEMENT OF	FINANCIAL ACTIVITIES	21-22

BALANCE SHEET AS AT 31MAY 2023
		31.05.2023	31.05.2022
	Notes	Unrestricted	Total
		fund	funds
FIXEDASSETS		f,
Tangible assets		69,813	49,896
CURRENT ASSETS
Debtors	10	6&300
Cash at bank and in hand		142,754	63,777
		149)054	63,777
CREDITORS Aniount falling due within one year		~3)4311	~).444
NKT CURRENT ASSETS		119&0441	56,333
TOTAL ASSETSLESSCURRENT
LIABILITIES		188&856	106,229
CREDITORS
Amount falling due after more than one year	12	(59,754)	(78,027)
NET ASSETS		129,102	28,203
FUNDS
Unrestricted funds		129)102	28,203
TOTALFUNDS		129,102	28,203

				31.05.2023	31.05.2022
			Note
Cash flows froiu operating activities Cash generated from operations				96,878	~776,382
Net cash provided by operating activities				96&878	(176,352)
Cash flows froru iuvesting	activities
Purchase oftangible fixed assets				(92,040)	61,672
Cash from disposal ofassets				74&139	(33,641)
Net cash used in investing				~17,9tll	28.831
Change in cash and cash	equivalent	in
the reporting period				781977	(204,383)
Cash and cash equivalent	at tbe
beginuing ofthe reporting	period			63,777	268,160
Cash aud cash equivalent	at the end	of
the reporting period				142,754	63,777

RECONCILIATION	RECONCILIATION	OF NET INCOME TO NET CASH FLOW	OF NET INCOME TO NET CASH FLOW	FROM OPERATING
ACTIVITIES
				31.05.2023	31.05.2022
Net inconie for the	reporting		period (as per the Statement
ofFinancial Activities)				100,899	(190,214)
Adjustment for:
Depreciation charges				24,323	18,844
(Surplus)/Deftcit Iiom		disposal	ofassets	(26,338)	(18,695)
(Increase)/decrease	in	debtors		(6,300)	3,956
(Decrease)/increase	in	creditors		4,294	9,758
Net cash provided	by	operations		96,878	~376,332

INCOME
				31.05.2023	31.05.2022
Housing benefits				3,649,829	2,256,679
Service charge				30,876	27,411
Furlough scheme					20,828
Rental income				14493	12,055
Office Rental Income				6&600
Misc. income				16&416	11,983
				3,718&014	2,328,956
CHARITABLE ACTIVITIES COSTS
			Direct	31.05.2023	31.05.2022
			costs	Total	Total
Chm itable activities			3,169410	31694811	2678933
SUPPORT COSTS
Other resources expended		Mailagelnent	Governance	31.05.2023 f	31.05.2022
Staff Costs		262,785		262&785	206,334
Administration Costs		178,178		178,178	128,258
Bank charges		173		173	142
Auditor's fee			6,500	6&500	5,500
		441,135	6,500	447,635	340,235
NET INCOME (EXPENDITURE)
Net income (expenditure)	is stated after	charging/crediting
				31.05.2023	31,05.2022
Auditor's remuneration				6,500	5,500
Depreciation - owned assets				24323	18 844
					Continued. . .

NOTES	TO THE FINANCIAL	STATEMENTS	STATEMENTS
6.	TRUSTEES REMUNERATION AND BENEFITS
								31.05.2023	31.05.2022
	Trustees' wages and	salaries						44,839	41,751
	The nustee Charles Osaghae		who is a director was paid f44,839goss remuneration					during the
	period, This payment	is in line with the charity's			Memoirandum	ofAssociation	Section 5(b).
7.	STAFF COSTS
								31.05.2023	31.05.2022
	Wages and Salaries							246,423	192,057
	Social Security							13)027	9,158
	Other Pension Costs							3,335	5119
								262,785	206,334
	The ave)age inonthly	number	ofemployees	during the year was		as fogows:
								31.05.2023	31.05.2022
	Staff							9	ll
	Volunteers							3	2
								12	13

COMPARATIVKS F	OR THE S	TATEMENT	OF FINANCIAL	ACTIVITIE	S
					Unrretrtcted	Unrestricted
					fuiiii	fund
					2023	2022
INCOME AND ENDOWMENT		FROM			f.
Income					3,718,014	2,328,956
Investment income (Bank interests		received)
					3,718,014	2,328,956
EXPENDITURE ON
Charitable activities
Charitable activities					3,169,480	2,178,935
Support costs					447,635	340,235
					3,617,115	2,519,169
NET INCOME					100,899	(190,214)
RECONCILIATION	OF FUNDS
Total finds brought	forward				28,203	218,417
TOTAL FUNDS CARRIED FORWARD					129,102	28 203.20
TANGIBLE FIXEDASSETS
			Plant &	Furniture	Motor
			machinery	dc fittings	vehicle	Totals
COST
At I June 2022			2,348	1,590	67,335	71&273
Addition Disposal					92,040 ~67,335	92,040 ~67,335
At 31 May 2023			2,348	1590	92,040	95,978
DEPRECIATION
At I June 2022			783	1,060	19,534	21,377
Charge for the year Disposal			783	530	23,010 ~&9.534	24,323 ~79,534
At 31 May 2023			1,566	1.590	23 010	26,865
NET BOOK VALUE
At 31 May 2023			782		69&030	69&813
At 31 May 2022			1,565	530	47,801	49,896

		31.05.2023	31.05.2022
Trade debtors	(Rental Income)		3,956
Loan to Staff		6,300	0
Debtors		6,300	3,956
The company	loaned a member ofstaff (nondirector) f6300 during	the year. The loan has since	been repaid.

STATEMENT OF FI	N	ANCIAL	ACTIVITIES
				31.05.2023	31.05.2022
INCOME AND ENDOWMENTS					f.
Income
Housing benefits				3,649,829	2,256,679
Seivice charge				30,876	27,411
Furlough scheme					20,828
Rental income				14,293	12,055
Office Rental Income				6&600
Misc. income				16,416	11,983
Total incoming resources				3,718,014	2,328,956
EXPENDITURE
Charitable Expenditure
Property Lease				2,857,643	1,567,721
Property Maintenance				54,S54	267,782
Tenant's Wefare				110,242	251,028
Council Tax				73,802	48,251
Light &.Heat				72&939	44,153
				3&169,480	2,178,935
Management &Administration			Costs
Staff Costs
Wages and Salaries				246,423	192,057
Social Security				13,027	9,158
Other Pension Costs				3,335	5,119
				262,785	206,334
Administration Costs
Accountancy Fees				17,000	13,676
Business Licenses and Permits				34	1,200
Computers &Soffware				6&092	3,415
IT, Broadband & Internet				3&247	1,489
Management Software				11&500
Office Supplies, Postage		and Stationeries		10,317	5,027
Rent - Office				22,055	21,647
StaffBonus				1&150
Tmining and Recruitment		Costs		11&004	25,595
Subscriptions				4,140	445
Telephone Expenditure				1&629	189
Hospitality				2,979	5,668
Insurance				10,616	6,378
Consultancy				19,250	10,500
Shident internship					1,550
Legal and Professional	fees			32,705	18,203
Volunteers' Expneses				11,135	1,600
Miscellaneous Expenses				15,339	11,519
(Suiplus)/Deficit fiom disposal ofassets				(26&338)	(18,695)
Depreciation				24,323	18,854
Balance Carried forward				17S,17S	128,258