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2022-03-31-accounts

Registered number: 03825425 Charity number: 1124936

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 10
Independent auditors' report on the financial statements 11 - 14
Consolidated statement of financial activities 15
Consolidated balance sheet 16
Charity balance sheet 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 42

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees

S Ede (resigned 19 October 2022)

J Francis

T Harvey

M Wardell (appointed 7 September 2022)

J McCulloch, Chair (from 19 October 2022) S Massingham (appointed 14 April 2021) G Walpole (resigned 7 April 2022)

J Wright, Chair (resigned 19 October 2022) J Hutchinson (appointed 22 January 2022)

Company registered number

03825425

Charity registered number

1124936

Registered office

23-27 St Andrews Street, Norwich, Norfolk, NR2 4TP

Independent auditors

Larking Gowen LLP, King Street House, 15 Upper King Street, Norwich, NR3 1RB

Bankers

HSBC, 18 London Street, Norwich, Norfolk, NR2 1LG

Solicitors

Clapham & Collinge, St Catherines House, All Saints Green, Norwich, NR1 3GA

Page 1

THE BENJAMIN FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Our objectives

The objects of The Benjamin Foundation, as set out in its governing documents, are:

The Trustees have regard to these objectives and the Charity Commissioner’s guidance on public benefit. The trustees are satisfied that the report demonstrates that the charity is fulfilling these objectives and provides significant public benefit.

Who we are and what we do

The Benjamin Foundation has operated in Norfolk since 1994 and in Suffolk since 2016.

The Benjamin Foundation supports children and young people, and their families and wider communities. We provide stability, opportunity and hope for those facing challenges and help them move towards independence.

We are responsive to the needs of children and young people and place them at the heart of our service delivery.

The young people we support matter to us and we are accepting of all.

We are caring and non judgemental, and listen and respond to the needs of each young person. We offer support at moments of need, and strive for excellence in everything we do.

We are agile, adaptable and entrepreneurial and have a proven reputation for providing high quality and reliable support.

We are a leading provider of supported accommodation in Norfolk and Suffolk. We give young people at risk of homelessness somewhere to live, we help to stabilise their lives and learn to live healthily, and we help them into training and employment. We aim to give them a sense of belonging and help them thrive.

We work with local commissioners and landlords to expand the supply of supported accommodation for young people, partnering with local housing associations including Clarion, Flagship, Freebridge, Orwell, Saffron and Solo, and other social landlords and investors.

We are a founder member of the End Youth Homelessness national coalition of charities which raises awareness of and corporate funding for youth homelessness.

We believe that early intervention is the most effective way to help young people become independent so we provide a range of children, youth and community services. We are a leading provider of schools based emotional wellbeing support and young carer groups in Norfolk and regularly support other special needs

Page 2

THE BENJAMIN FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(continued)

groups of young people.

We provide youth and community services, including our Meet Up community centre on the Redcastle Furze estate in Thetford, recognising these services are highly dependent on third sector organisations such as ours.

We run nurseries and school clubs with particular focus on the provision of government funded places.

Our mix and choice of services is a pragmatic and sometimes opportunistic response to need and available funding.

The range and diversity of our services increases our impact and our sustainability.

We invest in a range of non-commissioned services funded by our trading, fundraising and bid writing activities and also by existing unrestricted reserves

Our trading subsidiary, Bens Social Enterprise, is run for profit and invests all its surpluses in our charitable activities. BSE is a member of the National Reuse Network and recycles furniture, white goods and household items, working as an independent retailer in Norfolk and in partnership with Suffolk County Council and their waste contractor FCC Environmental.

The need for our services

The quadrennial socioeconomic deprivation indices last published in 2019 by the Ministry of Housing, Communities and Local Government show Norfolk and Suffolk ‘mid table’ but with a higher than average number of localised pockets of higher deprivation in the bigger urban centres.

Norfolk and Suffolk combined indices ranked 84th and 99th most deprived out of 151 areas nationally. Both ranks had deteriorated marginally from 2015 (88th and 101st).

Of the seven individual indices reported by MHCLG, Norfolk ranked worst for education (34th) and housing (54th) and best for crime (132nd). Suffolk do not report these individual rankings but our assessment is that the county profile is similar.

We estimate that there are 3000 to 4000 young people at risk of homelessness in Norfolk and Suffolk, of which we support around 10% each year. The wider group of children and young people at risk is much larger.

The Children’s Commissioner estimates there are 55000 (17%) living in households with at least one of the ‘toxic trio’ issues (substance abuse, domestic abuse, mental health) and 14000 (4%) children referred to social services. Latest Public Health England data reports 39000 (14%) children living in households with absolute low incomes; 6000 (2%) school children with social, emotional and mental health need; and 3000 (1%) young carers. There are around 2000 looked after children in care.

Page 3

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(continued)

Our impact

The charity supported 3100 people across Norfolk and Suffolk in the year ending 31 March 2022. The number supported increased by 12%. Most of our services saw increased demand.

Notably, children, youth and community services rebounding after the pandemic, delivering 10000 one to one support sessions and 4000 family and group support sessions. These services supported 2078 people, 36% more than last year.

Our accommodation services delivered 53000 safe nights and housed 272 children and young people, 7% more than last year. 74% our residents made progress as measured by Outcome Stars and 123 residents moved on, 83% successfully.

Our supplementary housing services supported 397 people, 38% more than last year. These services include job coaching, rent deposit and tenancy support funded by End Youth Homelessness, and the Sustainable Housing Partnership Service (SHPS) co-ordinated by Norfolk County Council and funded by Bridges Finance. SHPS supports single people secure and sustain their tenancies. The charity provides SHPS in West and North Norfolk and Breckland.

Our trading subsidiary Bens Social Enterprises recycled 22600 household items and reused 526 tonnes of household waste, both increasing by a little over 50%. We provided 341 people with household items funded by the Norfolk Assistance Scheme (NAS), 50% less than last year as other NAS suppliers who shut during the pandemic resumed supply.

Our service user numbers are summarised as follows:

Page 4

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(continued)

Review of the year

Just as the world was returning to a new normal after the pandemic, the cost of living crisis has presented different and significant challenges for the charity and our staff and service users. Despite this, the charity had another busy and successful year.

Income grew by 11% to £7.4m with trading income increasing by 70% as normal business resumed following pandemic lock downs. Total funds and free reserves were maintained at £2.1m and £1.1m in line with an unchanged reserves policy.

We renewed our children in care accommodation contract in Suffolk and we have confirmed that our young adult housing related support contract in Norfolk will be extended, thus securing both these services for the medium term.

We continued to expand the portfolio of services we offer, responding to increasing demand and new needs, working closely with commissioners and partners.

Our accommodation services now delivers a mix of affordable and supported housing from twenty-nine properties across Norfolk and Suffolk

Our community, family and children’s services continue to provide vital support for local children and young people. We added two new services.

Page 5

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(continued)

Bens Social Enterprises extended its reuse activity into Cambridgeshire and is piloting a white goods refurbishment project in Norwich, both in partnership with Suffolk reuse partner FCC Environmental. Our new Kings Lynn Restore opened in April 2021 and quickly established itself and makes a positive financial contribution to the charity.

In combination our trading, fundraising and bid writing activity raised funds in excess of £750,000 in the year to support our charitable activities.

Looking forward, further expansion of our services is planned

Future plans

Our future ambitions remain largely unchanged

to support as many children and young people and families in need as we can to collaborate with sector commissioners and peers to maximise our impact to fund and develop services that the public purse does not provide to build our organisational capability, capacity and effectiveness

Page 6

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(continued)

Risk Management

a. Safeguarding

Given the services that the Charity provides, safeguarding of service users and staff is our most significant operational risk. We have extensive policies and procedures to address this and safeguarding is a standing item at the Risk, Audit and Performance Committee. We conduct safer recruitment interviews for all positions and maintaining up to data DBS checks is an absolute priority. Our executive directors are active participants on local safeguarding boards. Our focus om safeguarding together with strong health and safety policy and procedure put us in a strong position to deal with new risks presented by the pandemic.

b. Organisational

Our principle organisational risks are

All of these risks are actively managed by the executive and corporate support team. Our mixed service model ensures the charity is not overly reliant on one source funding and good financial controls including annual service budgets and monthly management accounts provide a sound basis for effective management.

We work with a range of external advisors where specialist knowledge is required notably for property and health and safety, and we have a property subcommittee which meets biannually recognising that property lease and rental commitments are our biggest cost after staff.

Recruiting and retaining staff has become a more significant risk during the pandemic with the well documented departure of staff from the social care sector from which we have not been immune. This risk has been compounded by escalating wages in the sector. We have redoubled our efforts to address this heightened risk.

Going Concern

The Trustees’ have considered the company’s position at the time of signing the financial statements. The Trustees have considered the Company’s financial strength, together with a range of scenarios and measures the Trustees could take to mitigate ongoing costs should they need to.

Based on this, the Trustees have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 7

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

(continued)

Financial policies

a. Reserves policy

Reserves are that part of a charity’s unrestricted funds that is freely available to spend on any of the charity’s purposes. This definition excludes tangible fixed assets held for the charity’s use and amounts designated for essential future spending. At 31 March 2022, the Charity has unrestricted funds of £2,006,432, fixed assets of £1,105,776, and free reserves of £1,076,770.

Trustees’ intention is to maintain free reserves between £800,000 and £1,200,000.

The charity prepares budgets to anticipate financial needs over the coming year and reserves are reported to and monitored by the Trustees monthly.

The Trustees review free reserve targets as part of the annual budget process, to ensure that there is appropriate funding in place to meet ongoing financial commitments, contingency plans to meet potential exit costs for services that for strategic reasons we might choose to close or transfer to another owner, and financial capacity to achieve the charity’s strategic priorities for developing existing or establishing new services over the next three to five years.

b. Investments

Ben's Social Enterprises Ltd, a wholly owned subsidiary company which has been established to operate the social enterprises arm of the Charity, operates three furniture re use stores and works in partnership to deliver a further general re use store. During the year ended 31 March 2022, Ben's Social Enterprises Ltd increased turnover to £1,361,350 (2021: £776,684), with other income of £134,844 (2021: £273,706). A gift aid donation was made to the Benjamin Foundation in the period of £88,876 (2021: £nil).

Structure, governance and management

a. Constitution

The Benjamin Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of Trustees

The management of the company and group is the responsibility of the Trustees who are appointed and co opted under the terms of the Articles of Association. The Trustees, who represent a wide cross section of the County and have different backgrounds to support the work of the Charity, are appointed each year at the Annual General Meeting. Trustees are appointed for a term of 3 years and may offer themselves for re appointment for two 3 year terms. Thereafter Trustees must step down subject to transitional arrangements, which enables a Trustee to remain on the board for an additional twelve months or until a replacement is appointed. When considering appointing Trustees the Board has regard to the requirement for any specialist skills needed and the skill sets of the existing Trustees. Trustees may also be co opted during the year and then put forward for election at the following Annual General Meeting.

Page 8

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

c. Policies adopted for the induction and training of Trustees

All new Trustees are provided with copies of:

In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses to keep them abreast of their duties and responsibilities. Trustees engage in an annual review with the Chair of Trustees, which includes the opportunity to consider further training and development needs.

d. Pay policy for key management personnel

The remuneration for senior staff is determined by the Remuneration Committee, an occasional sub committee of the Board of Trustees. Remuneration is subject to periodic market reviews and independent evidence and advice is obtained to inform the decision making process, before any changes are made. Any proposed changes will be recommended to the Board of Trustees for consideration and approval.

In addition, the remuneration for senior staff will be subject to annual review as part of the organisation’s evaluation of pay inflation and consequential recommendations to the Board of Trustees to make a pay award, if any.

Fundraising

Under Section 13 of the Charities (Protection and Social Investment) Act 2016, charities that are subject to audit must make specific statements in their annual reports that provide information about their fundraising standards. Accordingly, the Trustees make the following statements in compliance with the requirements of the Act:

Page 9

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

The Charity actively promotes and markets its fundraising events and activities, however, it is entirely a voluntary matter for individuals, groups or businesses to decide whether they wish to participate in events or make donations.

Statement of Trustees' responsibilities

The Trustees (who are also the 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 (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . 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 Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

J McCulloch (Chair of Trustees) Date: 5 December 2022

Page 10

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BENJAMIN FOUNDATION

Opinion

We have audited the financial statements of The Benjamin Foundation (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Page 11

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BENJAMIN FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company 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 in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 12

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BENJAMIN FOUNDATION (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, 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 Group's and the parent charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 13

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BENJAMIN FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham FCA (senior statutory auditor)

for and on behalf of Larking Gowen LLP

Chartered Accountants Statutory Auditors

King Street House 15 Upper King Street Norwich NR3 1RB

Date: 6 December 2022

Page 14

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note
Income from:
Donations and legacies
4
Charitable activities
Other trading activities
6
Fundraising and events income
Total income
Expenditure on:
Raising funds
7
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
179,235
5,327,823
1,485,869
80,632
7,073,559
1,162,364
5,917,466
7,079,830
(6,271)
2,012,703
(6,271)
2,006,432		 Restricted
funds
2022
£
-
304,860
-
-
304,860
-
272,530
272,530
32,330
89,506
32,330
121,836		 Total
funds
2022
£
179,235
5,632,683
1,485,869
80,632
7,378,419
1,162,364
6,189,996
7,352,360
26,059
2,102,209
26,059
2,128,268		 Total
funds
2021
£
279,677
5,206,986
874,835
211,142
6,572,640
867,212
5,407,374
6,274,586
298,054
1,804,155
298,054
2,102,209

Page 15

THE BENJAMIN FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 03825425

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 8,895
653,049
1,334,898
1,996,842
(941,166)		 2022
£
1,105,776
1,105,776
1,055,676
2,161,452
(33,184)
2,128,268
121,836
2,006,432
2,128,268		 8,895
493,217
1,370,529
1,872,641
(687,035)		 2021
£
1,092,981
1,092,981
1,185,606
2,278,587
(176,378)
2,102,209
89,506
2,012,703
2,102,209

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J McCulloch

(Chair of Trustees) Date: 5 December 2022

The notes on pages 19 to 42 form part of these financial statements.

Page 16

THE BENJAMIN FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 03825425

CHARITY BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 738,923
881,479
1,620,402
(781,885)		 2022
£
1,069,240
1
1,069,241
838,517
1,907,758
(33,184)
1,874,574
89,506
1,785,068
1,874,574		 517,218
1,153,278
1,670,496
(566,204)		 2021
£
1,054,421
1
1,054,422
1,104,292
2,158,714
(176,378)
1,982,336
89,506
1,892,830
1,982,336

The Charity's net movement in funds for the year was £ (107,762) (2021 - £188,834) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

J McCulloch

(Chair of Trustees) Date: 5 December 2022

Page 17

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change 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
The notes on pages 19 to 42 form part of these financial statements		 2022
£
73,031
(87,748)
(87,748)
(20,914)
(20,914)
(35,631)
1,370,529
1,334,898		 2021
£
611,301
(122,577)
(122,577)
(20,282)
(20,282)
468,442
902,087
1,370,529

Page 18

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. General information

The Benjamin Foundation is a company limited by guarantee, incorporated in England, registration number 03825425. The registered office is 23-27 St Andrews Street, Norwich, Norfolk, NR2 4TP. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Benjamin Foundation 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.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

2.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

2.3 Going concern

The Trustees’ have considered the company’s position at the time of signing the financial statements. Under the current economic circumstances, it is difficult to produce precise forecasts for the remainder of the financial year and medium term. Nevertheless, the Directors have considered the Company’s financial strength, together with a range of scenarios and measures the Trustees could take to mitigate ongoing costs should they need to.

Based on this, the Trustees have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 19

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.4 Income

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 income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company 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.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Turnover includes the proceeds of sales of goods donated for resale recognised at the point of sale.

Page 20

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

2.6 Basis of consolidation

The financial statements consolidate the accounts of The Benjamin Foundation and all of its subsidiary undertakings ('subsidiaries').

The results of subsidiaries sold are included up to the effective date of disposal.

2.7 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Consolidated statement of financial activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Page 21

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.8 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and 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.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.14 Operating leases

Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight-line basis over the lease term.

Page 22

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of property, plant and equipment and note 2.6 for the useful economic lives for each class of assets.

Impairment of debtors

The Charity makes an estimate of the recoverable value of trade debtors and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. See note 13 for the net carrying amount of the debtors.

Dilapidation provision

The Charity makes an estimate of the future cost of dilapidations on the exiting of leases based on each individual lease. The provision is reviewed annually and amended where necessary to reflect current estimates based on the physical condition of the properties. See note for 16 for details of the provision.

Page 23

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Income from donations and legacies

Unrestricted
funds
2022
£
Donations
169,246
Legacies
8,069
Government grants
1,920
Total 2022
179,235		 Total
funds
2022
£
169,246
8,069
1,920
179,235		 Total
funds
2021
£
61,382
-
218,295
279,677

During the year the charity received £1,920 (2021: £218,295) of Coronavirus Job Retention Scheme government grant which was spent on staff costs in the period.

5. Income from charitable activities

Grants
Fees and charges
Rent receivable		 2022
£
1,852,030
589,817
3,190,836
5,632,683		 2021
£
1,394,697
686,660
3,125,629
5,206,986
Unrestricted
funds
2022
£
Accommodation Services
4,296,140
Children, Youth and Community Services
872,466
Corporate
64,383
Big Lottery Fund Grant
-
Other
94,834
Total 2022
5,327,823		 Restricted
funds
2022
£
99,194
143,259
-
62,407
-
304,860		 Total
funds
2022
£
4,395,334
1,015,725
64,383
62,407
94,834
5,632,683

Page 24

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

. Income from charitable activities (continued)

Big Lottery Fund Grant

Included within grants receivable above is £62,407 (2021: £123,651) of restricted funds received from Big Lottery Grant in respect of the Meet Up Cafe.

Included within restricted expenditure in the Statement of Financial Activities is £83,209 (2021: £113,799) of costs from the Big Lottery Fund Grant in respect of the Meet Up Cafe. These funds were spent during the year in line with the conditions of the grant.

At the year end funds received from Big Lottery Fund Grant have been fully spent and the carry forward restricted fund for this grant is £nil (2021: £20,802 unspent).

Accommodation Services
Children, Youth and Community Services
Corporate
Big Lottery Fund Grant
Other
Total 2021		 Unrestricted
funds
2021
£
3,805,294
987,068
72,911
-
69,066
4,934,339		 Restricted
funds
2021
£
113,996
35,000
-
123,651
-
272,647		 Total
funds
2021
£
3,919,290
1,022,068
72,911
123,651
69,066
5,206,986

Page 25

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2022
£
Other trading income - subsidiary company
13,512
Shop income - subsidiary company
1,361,350
Shop income - charity
111,007
1,485,869		 Total
funds
2022
£
13,512
1,361,350
111,007
1,485,869		 Total
funds
2021
£
8,350
776,684
89,801
874,835

7. Expenditure on raising funds

Fundraising trading expenses

Unrestricted
funds
2022
£
Purchases of new trading goods
166,028
Admistrative expenses
406,062
Fundraising - charity
24,053
Wages and salaries
498,223
Social Security Costs
33,611
Pension costs
25,215
Depreciation - fixtures and fittings
9,172
1,162,364		 Total
funds
2022
£
166,028
406,062
24,053
498,223
33,611
25,215
9,172
1,162,364		 Total
funds
2021
£
94,922
262,833
52,165
408,266
22,780
19,836
6,410
867,212

Page 26

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of charitable expenditure by activities

Accommodation Services
Children, Youth and Community Services
Corporate
Other
Accommodation Services
Children, Youth and Community Services
Corporate
Other
Analysis of support costs
Wages and salaries
Depreciation
Other costs		 Direct costs
2022
£
3,829,172
1,209,182
210
164,828
5,203,392
Direct costs
2021
£
2,979,115
1,054,794
414
130,793
4,165,116
Supported
Accomodati
on Services
2022
£
481,804
9,003
236,784
727,591		 Support
costs
2022
£
727,591
259,013
-
-
986,604
Support
costs
2021
£
796,936
445,322
-
-
1,242,258
Children,
Youth and
Community
Services
2022
£
171,495
3,206
84,312
259,013		 Total
funds
2022
£
4,556,763
1,468,195
210
164,828
6,189,996
Total
funds
2021
£
3,776,051
1,500,116
414
130,793
5,407,374
Total
funds
2022
£
653,299
12,209
321,096
986,604

Page 27

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of charitable expenditure by activities (continued)

Analysis of support costs (continued)

Supported
Accomodatio
n Services
2021
£
Staff costs
653,179
Depreciation
9,654
Other costs
134,103
796,936
9.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Children,
Youth and
Community
Services
2021
£
323,742
3,665
117,915
445,322
2022
£
16,000
-		 Total
funds
2021
£
976,921
13,319
252,018
1,242,258
2021
£
8,750
1,400

10. Staff costs

Wages and salaries
Social security costs
Pensions		 Group
2022
£
4,354,972
310,554
199,983
4,865,509		 Group
2021
£
3,722,634
272,625
190,439
4,185,698		 Charity
2022
£
3,856,749
276,943
174,768
4,308,460		 Charity
2021
£
3,314,368
249,845
170,603
3,734,816

During the year ended 31 March 2022 contractual settlement payments totalling £32,343 have been made in respect of 2 employees (2021: £nil).

Page 28

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Charitable activities
Support staff		 Group
2022
No.
209
28
237		 Group
2021
No.
210
27
237

No employee received remuneration amounting to more than £60,000 in either year.

Total remuneration paid to 4 members ( 2021 - 5 members ) of key management personnel in the year amounted to £235,806 ( 2021: £240,842).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 29

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Tangible fixed assets

Group

Cost or valuation
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
£
1,225,849
20,359
1,246,208
350,904
22,190
373,094
873,114
874,945		 Long-term
leasehold
property
£
158,717
-
158,717
26,474
-
26,474
132,243
132,243		 Motor
vehicles
£
66,306
-
66,306
48,544
1,903
50,447
15,859
17,762		 Fixtures and
fittings
£
537,011
67,389
604,400
468,980
50,860
519,840
84,560
68,031		 Total
£
1,987,883
87,748
2,075,631
894,902
74,953
969,855
1,105,776
1,092,981

Included in land and buildings is freehold land at cost of £200,000 (2021 - £200,000) , which is not depreciated.

Page 30

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
£
1,225,849
20,359
1,246,208
350,904
22,190
373,094
873,114
874,945		 Long-term
leasehold
property
£
158,717
-
158,717
26,474
-
26,474
132,243
132,243		 Motor
vehicles
£
21,970
-
21,970
18,971
-
18,971
2,999
2,999		 Fixtures and
fittings
£
477,356
63,915
541,271
433,122
47,265
480,387
60,884
44,234		 Total
£
1,883,892
84,274
1,968,166
829,471
69,455
898,926
1,069,240
1,054,421

Page 31

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
13.
Fixed asset investments
Charity
Cost or valuation
At 1 April 2021
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
14.
Stocks
Group
2022
£
Finished goods and goods for resale
8,895		 Investments
in
subsidiary
companies
£
1
1
1
1
Group
2021
£
8,895

Page 32

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Debtors

Due after more than one year
Other debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2022
£
42,750
42,750
299,570
-
243,130
67,599
653,049		 Group
2021
£
47,750
47,750
243,275
-
132,818
69,374
493,217		 Charity
2022
£
42,750
42,750
254,024
153,412
226,013
62,724
738,923		 Charity
2021
£
47,750
47,750
201,192
93,964
113,070
61,242
517,218

Page 33

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Creditors: Amounts falling due within one year

Bank loans and overdrafts
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2022
£
142,930
283,102
117,753
43,449
353,932
941,166		 Group
2021
£
20,650
124,667
143,912
14,949
382,857
687,035		 Charity
2022
£
142,930
220,784
111,055
31,321
275,795
781,885		 Charity
2021
£
20,650
99,346
143,912
12,450
289,846
566,204

Included within accruals and deferred income is a dilapidation provision in respect of leasehold property totalling £88,000 (2021: £88,000).

Deferred income at 1 April 2021
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 March 2022		 Group
2022
£
98,433
150,533
(98,433)
150,533		 Group
2021
£
55,317
98,433
(55,317)
98,433		 Charity
2022
£
98,433
150,533
(98,433)
150,533		 Charity
2021
£
55,317
98,433
(55,317)
98,433

Deferred income relates to grant income for which the charity does not yet have entitlement.

Page 34

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17. Creditors: Amounts falling due after more than one year

Group
2022
£
Bank loans
33,184
Included within the above are amounts falling due as follows:
Group
2022
£
Between one and two years
Bank loans
7,670
Between two and five years
Bank loans
25,514
Over five years
Bank loans
-		 Group
2021
£
176,378
Group
2021
£
20,650
82,600
73,128		 Charity
2022
£
33,184
Charity
2022
£
7,670
25,514
-		 Charity
2021
£
176,378
Charity
2021
£
20,650
82,600
73,128

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Repayable by instalments Group
2022
£
-
-		 Group
2021
£
73,128
73,128		 Charity
2022
£
-
-		 Charity
2021
£
73,128
73,128

The charity has loans of £176,114 (2021: £197,028) which are secured by legal mortgage over two specific freehold properties. There is also a debenture secured by fixed and floating charged over the charity and all property and assets present and future. The loans are repayable over a period of up to 25 years and interest is payable at a commercial variable rate. At 31 March 2022 the charity was in breach of interest cover covenants in respect of two of the loans totalling £135,260, these are shown as due within one year. Since the year end, the covenant condition for both loans has been cancelled by the lending bank.

Page 35

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Statement of funds

Statement of funds - current year

Balance at 1
April 2021
£
Unrestricted funds
General Funds
2,012,703
Restricted funds
Meet up
20,802
Time for You
-
Right Tracks
989
Job Coach
9,595
Rent Deposit Scheme
3,544
Anchorage
27,667
TSS
4,501
Watton
17,000
Norfolk Trauma Forum
5,408
BOOM Young Carers
-
89,506
Total of funds
2,102,209		 Income
£
Expenditure
£
7,073,559
(7,079,830)
142,152
(108,531)
10,150
(10,150)
-
(702)
22,500
(27,410)
27,440
(22,661)
19,999
(36,130)
29,256
(29,256)
8,170
(14,126)
-
(1,000)
45,193
(22,564)
304,860
(272,530)
7,378,419
(7,352,360)		 Balance at
31 March
2022
£
2,006,432
54,423
-
287
4,685
8,323
11,536
4,501
11,044
4,408
22,629
121,836
2,128,268

Page 36

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Statement of funds (continued)

Meet Up community centre in Thetford continued to be funded by a Big Lottery Reaching Communities grant, further funding was also secured from The Band Trust and Children In Need.

Our Time For You emotional wellbeing school support service received grants from Norfolk Communities Trust, NHS West Suffolk and NHS Ipswich & East Suffolk to maintain and develop this service.

Right Tracks were kindly gifted £1,000 by Meadows Trust, to spend on starter packs for the residents of Right Tracks.

Anchorage in Great Yarmouth received a development grant from Essex Community Foundation funded by Nationwide Building Society to enable growth in this accommodation service for young people, and during the year received additional funding from New Anglia LEP Community Challenge..

The Norfolk Trauma Forum secured a National Lottery Community grant to undertake a program of consultation & investigation to ascertain the possibility of embedding a trauma-informed system for the delivery of people-centred care In Norfolk. As project co-ordinator, the Benjamin Foundation received and dispensed these funds.

Our Watton family and youth service received a grant from Norfolk Community Foundation, the Silk Purse fund and Wayland Ball.

As a charity partner of End Youth Homelessness we continue to receive funding from a number of corporate EYH partners. Future Builders is funded by Ovo Energy including initial capital to renovate project accommodation. The Rent Deposit Scheme is funded by Yorkshire Building Society. Job Coach is funded by a number of corporate partners including H&M, Churchill Insurance and Eversheds. Future Builders also secured a grant from Screwfix.

Reepham Rotary Club made a grant to the Young Carers and BOOM Young Carers received a grant from the Norfolk Community Trust Walking 4 Norfolk Fund.

Page 37

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Meet up
Time for You
Right Tracks
Job Coach
Rent Deposit Scheme
Anchorage
TSS
Watton
Norfolk Trauma Forum
Future Builders - capital
Young Carers
BOOM Young Carers
Total of funds		 Balance at
1 April 2020
£
1,636,475
10,950
-
-
-
-
49,676
-
-
25,340
81,714
-
-
167,680
1,804,155		 Income
£
6,299,993
123,651
9,500
1,000
30,000
42,742
20,000
20,254
17,000
-
2,500
2,000
4,000
272,647
6,572,640		 Expenditure
£
(5,923,765)
(113,799)
(9,500)
(11)
(20,405)
(39,198)
(42,009)
(15,753)
-
(19,932)
(84,214)
(2,000)
(4,000)
(350,821)
(6,274,586)		 Balance at
31 March
2021
£
2,012,703
20,802
-
989
9,595
3,544
27,667
4,501
17,000
5,408
-
-
-
89,506
2,102,209

Page 38

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
1,105,776
Debtors due after more than one year
42,750
Current assets
1,832,256
Creditors due within one year
(941,166)
Creditors due in more than one year
(33,184)
Total
2,006,432
Analysis of net assets between funds - prior year
Unrestricted
funds
2021
£
Tangible fixed assets
1,055,632
Debtors due after more than one year
47,750
Current assets
1,772,734
Creditors due within one year
(687,035)
Creditors due in more than one year
(176,378)
Total
2,012,703		 Restricted
funds
2022
£
-
-
121,836
-
-
121,836
Restricted
funds
2021
£
37,349
-
52,157
-
-
89,506		 Total
funds
2022
£
1,105,776
42,750
1,954,092
(941,166)
(33,184)
2,128,268
Total
funds
2021
£
1,092,981
47,750
1,824,891
(687,035)
(176,378)
2,102,209

Page 39

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
22.
Analysis of changes in net debt
At 1 April
2021
Cash flows
£
£
Cash at bank and in hand
1,370,529
(35,631)
Debt due within 1 year
(20,650)
1,260
Debt due after 1 year
(176,378)
19,654
1,173,501
(14,717)		 Group
2022
£
26,059
74,953
(154,744)
160,620
106,888
Group
2022
£
1,334,898
1,334,898
Other non-
cash
changes
£
-
(123,540)
123,540
-		 Group
2021
£
298,054
70,874
21,637
220,736
611,301
Group
2021
£
1,370,529
1,370,529
At 31 March
2022
£
1,334,898
(142,930)
(33,184)
1,158,784

Page 40

(A company limited by guarantee)

THE BENJAMIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

23. Operating lease commitments

At 31 March 2022 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
2022
£
200,001
270,560
323,175
793,736		 Group
2021
£
236,938
517,288
942,472
1,696,698		 Charity
2022
£
164,901
216,030
140,000
520,931		 Charity
2021
£
191,838
431,908
755,047
1,378,793

24. Operating leases: Charity as a lessor

At 31 December 2022 the Group and Charity has future minimum lease receipts due under noncancellable operating leases for each of the folloiwng periods.

No later than 1 year
Later than 1 year and no later than 5 years
Later than 5 years		 Group
2022
£
35,000
140,000
196,000
371,000		 Group
2021
£
35,000
140,000
231,000
406,000		 Charity
2022
£
35,000
140,000
196,000
371,000		 Charity
2021
£
35,000
140,000
231,000
406,000

25. Related party transactions

The daughter of S Massingham, a Trustee, was employed by the charity on an arms length basis. The employee received remuneration in the year of £574 (2021: £Nil). An amount was due in respect of an overpayment of salary to this employee at the year end of £250 (2021: £Nil).

The partner of S Ede, a Trustee, was employed by the charity on an arms length basis. The employee left the company in the prior year and therefore received no remuneration in 2022 (2021: £20,198).

During the year, the charity charged its subsidiary company, Ben's Social Enterprises, an amount of £145,850 (2021: £126,124) in respect of management fees. Ben's Social Enterprises charged the charity £115,700 (2021: £92,342) in respect of fundraising costs. The charge for fundraising costs apportions shop costs incurred in the Ben's Social Enterprises to fairly reflect shop revenue in the charity and subsidiary. A gift aid donation was made by Ben's Social Enterprises to the charity of £88,876 (2021: £nil). At 31 March 2022, Ben's Social Enterprises owed the charity £153,412 (2021: £93,964).

Page 41

THE BENJAMIN FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

26. Post balance sheet events

The charity has secured a ten year term loan facility with Social and Sustainable Capital LLP (SaSC) to borrow up to £2.8m. The facility is being used to purchase private residential properties to expand our supported housing provision in Great Yarmouth and Lowestoft.

27. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Class of Holding Included in Included in
number shares consolidation
Ben's Social Enterprises Limited 07188016 Ordinary 100% Yes
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss Net assets
£ £ )/ Surplus/ £
(Deficit) for
the year
£
Ben's Social Enterprises Limited 1,496,194 (1,273,494) 222,700 253,695

Page 42