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 2024
THE BENJAMIN FOUNDATION {A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent auditors, report on the financial statements Consolidated statement of financial activities 2-10 15 Consolidated balan¢e sheet 16-17 Charity balance sheet Consolidated statement of cash flows 18-19 20 Notes to the financial statements
THE BENJAMIN FOUNDATION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees J Francis (resigned 18 September 2023) T Harvey M Wardell J Mcculloch, Chair S Massingham J Hutchinson (resigned 7 November 2023) M Townsend {appointed 19 July 2023) S Matthews (appointed 31 January 2024) Company registered number 03825425 Charity registered number 1124936 Registered office 23-27 St Andrews Slreet, Norwich, Norfolk, NR2 4TP Independent auditors Larking Gowen LLP, 1st Floor, Prospect House, Rouen Road, Nowich, NR1 1RE Bankers HSBC, 18 London Street, NoriNich, Norfolk, NR2 1 LG Solicitors Nicholsons SoliGltors, Prospect House, Norwich, NR11 RE Page 1
THE BENJAMIN FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees confirm that the Annual report and financial statements of Ihe 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 Ihe UK and Republic of Ireland (FRS102). Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large Companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omilled. Objectives and activities a. Our objectlves The objects of The Benjamin Foundation, as set out in its governing documents, are.. a) To promote the benefit of the inhabitants of Norfolk and surrounding areas without distinction of gender, political, religious or other opinions, by associaling the local authorities, voluntary organisalions and the inhabitants in a Gommon effort to advance education and provide facilities and services in the interest of social welfare with the object of improving the conditions of life of the said inhabitants. bl The relief of homeless people and those at risk of homelessness and the promotion of independent living. The Trustees have regard lo these objectives and the Charity Commissioner's guidance on public benefit. The trustees are satisfied that the report demonstrates Ihat the charity is fulfilling these objectives and provides significant public benefit. b. 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 communilies. We provide stabilily, opportunity and hope for those facing challenges and help them move towards independence. We are responsive to Ihe needs of children and young people and pla 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 judgemenlal, and listen and respond to the needs of each young person. We offer support al 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 lo live, we help to stabilise Iheir lives and learn to live healthily, and we help them into training and employment. We aim lo give them a sense of belon9ing and help them thrive. We work with local commissioners and landlords to expand the supply of supported accommodation for young people, partnering with loGal housing associalions including Clarion, Flagship, Freebridge, OMeS1, Saffron and Solo, and other social landlords and investors. TBF was a founder member of the national coalition of youth homelessness charities 'End Youth,. Page 2
THE BENJAMIN FOUNDATION {A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 3d MARCH 2024 Objectives and activities Icontinuedl Homelessness,, this fundraising membership organisation transitioned from its previous administrator and achieved charitable status in its own right in February 2023, the new entity 'Every Youth, (EYI exists to help the most disadvantaged young people succeed in life, youth homelessness is their chosen indicator of disadvantage, EY'S principle aim is to fundraise on behalf of member charities. We believe that eady inteNention is the most effective way to help young people become independent so we provide a range of children, youth and community setvices. We are a leading provider of schools based emotional wellbeing support and Young Carer support in Norfolk and regularly support young people with other vulnerabilities. We provide youth and community seNices, including our Meet Up communily centre on the Redcastle Furze estate in Thetford as well as youth clubs in North West Norfolk and Watton, recognising these services are highly dependent on third sector organisations such as osjrs. We run a nursery and a pre school along with wrap around childcare provision with particular focus on providing high quality affordable childcare. 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 setvices 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 ils 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 Iheir waste contractor FCC Environmental. The need for our services Young people, families and communities are still living with the negative consequences of the Covid 19 pandemic and associated lockdowns. Research by many organisations shows the ongoing mental health impact is severe. For example, the Children's Commissioner recorded a surge in demand for mental health support among young people as lockdown eased, with a worryingly high level of sustained need emerging, and notably among girls and young women. The opportunity to pilot and then continue mental health support across our housing services thanks to funding from Every Youth has been especially welcome. The number of children missing school regularly has more than doubled compared to pre pandemic because of complex, interrelated issues around mental health, the need for specialist support in school and family circumstances. There is a strong link between non attendance, poor GCSE attainment and reduced employment prospects. School absence has become endemic in Key Stage 4. Over the last couple of years, over a third of all pupils in Key Stage 4 were either persistently or severely absent for al least one year. Preparing young people for school and support for transition from one education stage to the next and slaying engaged in education remains vital. The cost of living crisis followed hol on the pandemic's heels. The fourth Joseph Rowntree Study in its Destitution in the UK series, reveals approximately 3.8 million people experienced destitution in 2022, including around one million children. This is almost two and a half times the number of people in 2017, and nearly triple the number of children. Affordable living and the ability lo live independently is a real challenge for the worse off. Family breakdown, which the crisis has fuelled, remains the biggest cause of youth homelessness. It is sadly no surprise, therefore, that The Benjamin Foundation continues to see a high demand for all the Page 3
THE BENJAMIN FOUNDATION {A company limited by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (continued) services and support it provides, in common wilh many charities locally and further afield. d. Our Impact The charity supported 3,855 people aoross Norfolk and Suffolk in the year ending 31 March 2024, an increase of 30/. from the previous year. Many of our ServIS saw increased demand, whether in numbers of service users or in the complexity of the support they needed over a longer period of time. Our accommodation services delivered 62,973 safe nights and housed 320 children and young people, 20/0 more than last year. Our supplementary housing seNices supported 537 people, 17 /0 more than last year. These services include job coaching, rent deposit and tenancy support funded by Every Youth, and the Sustainable Housing Partnership Service {SHPS) co ordinaled by Norfolk County Council and funded by Bridges Finance. SHPS supports single people secure and sustain their tenancies. The charity provides SHPS in Wesl and North Norfolk and Breckland. Our children, youth and community services delivered 15,664 support sessions for 2024, an increase of 19°/o on the previous year. Our trading subsidiary Bens Social Enlerprises sold or recycled 120,718 items and reused 558 tonnes of household waste during the year. We provided 1,034 people with household items funded by the Norfolk Assistance Scheme {NASI, a 14.10 increase on the previous year. We also prevented 760 tons of Co2 being released into the atmosphere during the year. Our service user numbers are summarised as follows.. 2024 2023 /0 change Accommodation Young adulls Children in care Young asylum seekers 208 76 36 320 196 61 28 285 12/0 Supplementary housing services Job coach Rent deposit Tenancy support Sustainable Housing Partnership 75 94 30 338 537 75 93 43 249 460 17¥. Children, youth and community Emotional wellbeing Young Carers Community & youth seNices Childcare 1044 415 249 456 1,964 1004 268 462 340 2,071 -5% Ben's Social Enterprises Norfolk Assistance Scheme 1,034 909 140/, Total supported 3,855 3,728 Page 4
THE BENJAMIN FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and activities (contlnuedl e. Review of the year This year has presented significant challenges for The Benjamin Foundation, just as it has for many other charitable organisations. The large cost increases of recent years continues to negatively impact the charity, our staff and service users. As a result of the challenges faced, during the year the charity carried out a review of ils financial position and as a result made various changes to its operating slructure. Unfortunately this led to a number of redundancies, primarily in the central functions. We continue lo track our expenditure very closely to ensure that further staff reductions can be avoided where possible whilst ensuring that our services are not adversely impacted. We continued lo 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 thirty two properties across Norfolk and Suffolk. We expanded our Suffolk accommodation service for unaccompanied asylum seekers. With extra provision in Ipswich and new provision in Bury St Edmunds, we house 25 young asylum seekers. As at the end of November 2024. 11 properties had been purchased using the loan facility with Social and Sustainable Capital {SaSCI. This has signific8ntly expanded our Anchorage seNice in Great Yarmouth and Lowestofl, increasing our housing capacity by 42 bed spaces second Future Builder project is nearing completion in Dereham providing supeNised construction experience and training, renovating two residenlial properties which once renovated will provide affordable housing for six young people. Reducing risk of homelessness for single adults, couples and families through delivery of Norfolk Sustainable Housing Partnership Service {SHPS) in partnership with Bridges and local aulhorities, by providing tenancy suppori and support to find suitable accommodation in Breckland, North and Wesl Norfolk. Our community, family and children's services continue to provide vital support for Ioc81 children and young people. In partnership with Norfolk County Council, we provide short break respite support for children with disabilities from two centres in Attleborough and Kings Lynn. Page 5
THE BENJAMIN FOUNDATION IA company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and actlvities {continuedl f. Future plans Looking foNard, further expansion of our services is planned As stated in section {e), in November 2024 we completed the final purchase under the Sasc facility. We will consider further opportunities of this nature in the future. In partnership with NOlch Quakers and Solo Housing, in May 2024 we opened our first supported housing in NoNich providing accommodation for seven young people Providing additional short break respite support for children with disabilities from a new venue in Fakenham. Providing more support for young carers and their families in new areas 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 lo fund and develop services that the public purse does not provide to build our organisational capability, capacity and effectiveness g. Risk Management a. Safe uardin Given the services that the Charity provides, safeguarding of seNice users and staff is our most significant operational risk. We have extensive policies and procedures to address this and safeguarding is a standin9 item at the Risk, Audit and PerformanGe Committee. We conduct Safer Recruitment Interviews for all relevant positions, maintain up to data DBS checks and ensure appropriate controls are in place. Our executive directors are active participants on local safeguarding partnership boards and we have a key focus on workforce development. Our focus on safeguarding together with strong health and safety policy and procedure pul us in a strong position. b.or anisational Our principal organisalional risks are evolving our Servi provision to meet new and changing needs wnning and retaining commissioned services funding non-commissioned services pricing and funding services on a sustainable breakeven basis recruiting and retaining staff considering increasing national minimum wage requirements sourcing and retaining property for our accommodation services managing property lease commitments complying with service contract and regulatory requirements All of these risks are actively managed by the executive and corporate support team. Our mixed SeICe 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. Page 6
THE BENJAMIN FOUNDATION {A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities {continued} We work wilh a range of external advisors where specialist knowledge is required notably for property and health and safely, and we have a property subcommillee which meets biannually recognising that property lease and rental commitmenls are our biggest cost after staff. Financial review a. Going concern The Trustees have considered the charity's financial position and their confidence Ihat steps now taken will lead to a strengthening of the reserves position. The Trustees also considered the signif icant deficit reported in the year and the reduction in cash. Increased cosls affecting staff wages, energy and building costs impact on the finances of the charity at this time. As shown in these acGounts, during 2023124 the charity reported a reduction in funds of £551,994 and a reduction in cash of £236,315. In response, over the last 12 months, we have implemented strong financial measures to manage costs, while protecting setvice delivery. There is renewed focus on strong financial management and strategic planning. Due to these measures, the charity expects to report an improved result in 24125, possibly a small surplus, followed by reserves increasing in 25126 and Ihereon. Based on our current planning, the Trustees have concluded that they have a reasonable expectation that the charity wtll have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial slalements, and they therefore continue to adopt the going concern basis of accounting in preparing these financia5 statements. b. Reserves policy ReseNes are that part of a charity's unreslricled 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. Al 31 March 2024, the charity had unrestricted funds of £1,351,768 (2023- £1,862,221) and reslricted funds of £55,857 {2023.' £97,398). Al present free reserves, which are those unrestricted funds not invested in fixed assets and excluding long term mortgage liabilities, amount to £209,981 (2023.. £815,995). The mortgages will be covered by future rental income and are therefore excluded from the free reseNes calculalion. Trustees, intention is lo maintain free reserves between £800,000 and £1,200,000. Given the significant fall in free resetves during the year, the Trustees have already taken aGtion in reducing central costs and exiting poor performing services. Having taken these steps. the Trustees are confident that the free reserves position will improve going forward. The charity prepares budgets to anticipate financial needs over the coming year and management accounts are reviewed 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 seNices over the next three to five years. Page 7
THE BENJAMIN FOUNDATION IA company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 c. Result for the year As a result of Ihe difficulties faced over the last year, unrestricted reserves have fallen to £1,351,768. Restructuring action was taken during 2023124 and further decisions are being laken lo improve or exit from services where f inancial viabilily cannot be improved. Income grew by 9,/0 to £8.7m, with trading income remaining stable al £1.6m. However the factors mentioned above resulted in funds reducing to just over £1.4m and cash at bank decreased. The Charity accounts for this year demonstrate an expanded portfolio of seNices each with differing funding arrangements. The continuation of the drawdown from the £2.8m loan facility wlh Social and Sustainable Capital lo purchase properties has led to an increase in tangible fixed assets. There is evidence of a reduction in grant funding and the need to obtain increasing levels of unrestricted funding in order to deliver core seNices. Facing increased costs associated with staff wages, energy and building costs highlights the need for strong financial measures to manage costs going forward into the next financial year. d. Investments Ben's Social Enlerprises Ltd, a wholly owned subsidiary company which has been established lo 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 2024, Ben's Social Enterprises Ltd amounted to £1,526.297 (2023.. £1,588,622), with other income of £70,33212023: £101,770). A gift aid donation was made lo the Benjamin Foundation in the period of £108,281 (2023.. £229,854). Fundraising Under Section 13 of the Charities (Protection and Social Investment) Act 2016, charities that are subject to audit musl make specific statements in their annual reports that provide information about their fundraising standards. Accordingly, the Trustees make the followng statements in complianGe with the requirements of the Act.. All fundraising activities have been undertaken by the employees of the Charity or by supporters who have chosen The Benjamin Foundation as their nominated charity for fundraising purposes. The Chariiy has not used a professional fundraiser or commercial participator during the year ended 31 March 2024. The Charity has undertaken to be bound by the Fundraising Standards Board and is a member of this body. We comply with the annual requirement to report to the Fundraising Standards Body and in our most recenl report there were no instanGes where the Charity has failed to comply with Ihe requirements and a complaint made. There have been no complaints received by the Charity or any person acting on its behalf about activities by the Charity or by a person on behalf of the Charity for the purpose of fundraising. The Charity has protected vulnerable people and other members of the public from behaviour consliluting unreasonable intrusion on a person's privacy unreasonably persistent approaches for the purpose of soliciting or othenmise procuring money or other property on behalf of the Charily, or placing undue pressure on a person to give money or other property, in the course of, or in connection with, such activities by avoiding the use of any fundraising practices that may be considered to give effect to such behaviours. Page 8
THE BENJAMIN FOUNDATION {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 wsh lo participate in events or make donations. Structure, governance and management 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 lerms. Thereafter Trustees must step down subject lo transitional arrangements, which enables a Trustee lo remain on the board for an additional twelve months or until a replament is appointed. When considering appointing Trustees the Board has regard lo 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 followng Annual General Meeting. c. Pollcies adopted for the inductlon and training of Trustees All new Trustees are provided with copies of.. The Charity's Gonstilulion The latest accounls of the Charily Charity Commission guidance notes CC3 "The Essential Trustee" Policies and Procedures of The Benjamin Foundation In addition, Trustees are encouraged to read Charity Commission and other news5elters and lo 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 pollcy for key management personnel The remuneration for senior staff is determined by the Remuneration Commillee, an occasional sub committee of the Board of Trustees. Remuneralion is subject lo periodic market reviews and independent evidence and advice is obtained lo inform the decision making proGess, before any changes are made. Any proposed changes will be recommended to the Board of Trustees for consideration and approval. In addilion, 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 TrLJStees to make a pay award, if any. Page 9
THE BENJAMIN FOUNDATION {A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, responsibillties The Trustees (who are also the directors of the Charily for the purposes of company lawl are responsible for preparing the Trustees, report and the financial stalemenls in accordance with applicable law and United Kingdom AGcounling Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial slatements 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 stale 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 lo.. select suitable accounting policies and then apply them consistently., obsetve the methods and principles of the Charities SORP (FRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charily's transactions and disGlose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial slalements comply wlh Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the GroLSP and the Charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees al the lime when this Trustees, report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of whiGh the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the charilable group's auditors are aware of that information. Auditors The auditors, Larking Gowen LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeling of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. J Mcculloch (Chair of Trustees) Dale. 11 11£1ts Page 10
THE BENJAMIN FOUNDATION (A company Simited by guarantee) 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'l and its subsidiaries (the 'group') for the year ended 31 March 2024 whiGh 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 signif icant 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 Praclicel. In our opinion the financial slatements.. give a true and fair view of the slate of the Group's and of the parent charitable company's affairs as al 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charilies Act2011. Basls for opinlon We conducted our audit in accordance with International Slandards on Auditing (UK) (ISAS (UKI) 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 lo 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 golng 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 condilions that, individually or collectively, may Gast 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 lo going concern are described in the relevant sections of this report. P8ge11
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 inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or othetwise 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 slatements themselves. If, based on the work we have performed, we conclude that there is a materia5 misstalemenl of this other information, we are required to report that faGt. 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: the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. 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 Gharitable company and ils environmenl 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 lo you if, in our opinion- the parent charitable company has not kept adequate and sufficient accounling records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are nol in agreement with the accounting records and returns., or certain disclosures of Trustees. remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement lo prepare a Strategic report. Page 12
THE BENJAMIN FOUNDATION IA 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 Ihe purposes of company law) are responsible for the preparation of the financial slatements 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 abilily to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either inlend to liquidate the Group or Ihe parenl 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 lo 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 aGcordance 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 lo influence the economic decisions of users taken on the basis of Ihese 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 delect material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, inGluding fraud is delai5ed below: Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; Challenging assumptions and judgments made by management in their significant accounting estimates; and Auditing the risk of management override of controls, including Ihrough testing of journal entries and other adjustments for appropriateness. A further description of our responsibilities for the audit of the f inancial statements is located on the Financial Reporting Council's website at: www.frc.or .uklaudilorsres onsibilities. This description forms part of our auditors, report. Page 13
THE BENJAMIN FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BENJAMIN FOUNDATION ICONTINUEDI 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. Our audit work has been undertaken so that we might stale to the charitable company's members 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Giles Kerkham FCA DChA (senior statutory auditor) for and on behalf of Larking Gowen LLP Chartered Accountants Statulory Auditors 1st Floor, Prospect House Rouen Road Norwch NR1 1RE Date.. Page 14
THE BENJAMIN FOUNDATION {A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable aGlivities Other trading activilies Fundraising and events income 33,712 6,754,261 1,608,859 48,410 78,607 158,633 112,319 6,912,894 1,608,859 48,410 729,691 6, 192,451 1, 592, 885 55,761 Total income 8,445,242 237,240 8,682,482 7,970, 788 Expenditure on: Raising funds Charitable aGtivilies 1,403,154 7,546,541 1,403,154 7,831,322 1,349,074 6, 790,363 284,781 Total expenditure 8,949,695 284,781 9,234,476 8, 139,437 Net expenditure Transfers between funds 1504,4531 16,0001 (47,541) 6,000 1551,994) (168,649) 19 Net movement in funds (510,453) {41,541) (551,9941 (168, 649) Reconciliation of funds: Total funds brought foward Net movement in funds 1,862,221 (510,453) 97,398 (41,541) 1,959,619 {551,994) 2, 128,268 (168,649) Total funds carried forward 1,351,768 55,857 1,407,625 1,959,619 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 21 to 41 form part of these financial statements. Page 15
THE BENJAMIN FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 03825425 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 12 2,288,488 1,861,553 2,288,488 1,861,553 Current assets Stocks 14 15 14,134 727,783 642,552 17.896 831,365 878,867 Debtors Cash at bank and in hand 1,384,469 1,728, 128 Creditors.. amounts falling due within one year 16 (975,627) (711,384) Net current assets 408,842 1.016,744 Total assets less current liabilities 2,697,330 2,878,297 Creditors: amounts falling due after more than one year Provisions for liabilities 17 (1,146,701) {143,004) (863, 141) (55,537) Total net assets 1,407,625 1,959,619 Charity funds Restricted funds Unrestricted funds 19 19 55,857 1,351,768 97,398 1,862,221 Total funds 1,407,625 1,959,679 Page 16
THE BENJAMIN FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 03825425 CONSOLIDATED BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 The Trustees acknowledge their responsibilities for complying wlh the requirements of the Act with respect to accounting records and preparation of finanGial slatemenls. 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 Trusleesl Date. i? li£lt The notes on pages 21 to 41 form part of these financial statements. Page 17
THE BENJAMIN FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 03825425 CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 2,264,908 1,826,859 2,264,909 1,826,860 Current assets Debtors Cash at bank and in hand 15 847,620 416,060 852,918 560, 198 1,263,680 1.413,116 Creditors: amounts falling due within one year 16 {866,8021 (524, 789) Net current assets 396,878 888,327 Total assets less current liabilities 2,661,787 2,715,187 Creditors.. amounts falling due after more than one year Provisions for liabilities 17 {1,146,7011 (93,8611 (863, 141) (28,800) Net assets excluding pension asset 1,421,225 1,823,246 Total net assets 1,421,225 1,823,246 Charity funds Restricted funds Unrestricted funds 19 19 55,857 1,365,368 101,806 t,721,440 Total funds 1,421,225 7,823,246 Page 18
THE BENJAMIN FOUNDATION (A company limlted by guarantee) REGISTERED NUMBER: 03825425 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Charity's net movement in funds for the year was £{402,021) (2023 - £(51,327)). 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 lo entities subject to the small companies regime. The financial statements were approved and authorised for issue by Ihe Trustees and signed on their behalf by.. J Mcculloch (Chair of Trustees) Date.. The notes on pages 21 to 41 form part of these financial statements. Page 19
THE BENJAMIN FOUNDATION (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 587 (242, 721) Cash flows from investing activities Purchase of tangible fixed assets {546,933) (829, 896) Net cash used in investing activities (546,933) {829,8961 Cash flows from financing a¢tlvities Cash inflows from new borrowing Repayments of borrowing 331,748 121,7171 636,928 (20, 342) Net cash provided by financing activities 310,031 616,586 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {236,315) 878,867 (456,031) 1,334,898 Cash and cash equivalents at the end of the year 642,552 878,867 The notes on pages 21 to 41 form part of these financial slatemenls Page 20
THE BENJAMIN FOUNDATION {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Benjamin Foundation is a company limited by guarantee, incorporated in England, registration number 03825425. The registered office is 23-27 Sl Andrews Street, Norwich, Norfolk, NR2 4TP. The members of the company are the Trustees names on page 1. In the evenl of the company being wound up, the liability in respect of the guarantee is limited lo £10 per member of the company. 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 PraGtice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive 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 al historical cost or transaction value unless othewse 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 laken advanlage 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 Golng concern The Trustees have considered the charity's financial position and their confidence that steps now taken will lead to a strengthening of the reserves position. The Trustees also considered the significant deficit reported in the year and the reduction in cash. Increased costs affecting staff wages, energy and building costs impact on the finances of the charity at this time. As shown in these accounls, during 2023124 the charity reported a reduction in funds of £551,994 and a reduction in cash of £236,315. In response, over the last 12 months, we have implemented strong financial measures to manage costs, while protecting service delivery. There is renewed focus on strong financial management and strategic planning. Due to these measures, the charity expects to report an improved result in 24125, possibly a small surplus, followed by reserves increasing in 25126 and thereon. Based on our current planning, the Trustees have concluded that they have a reasonable expectation that Ihe charity 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 slalements. Page 21
THE BENJAMIN FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continuedl 2.3 Income All income is recognised once the Charily has entitlement to the income, it is probable Ihal Ihe 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 lo 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 wll not be required to salisfy claims in the estate. Receipt of a legacy must be recognised when il is probable that it wll be received and the fair value of the amount re1Vable, whiGh will generally be the expected cash amount to be distributed lo the Charity, can be reliably measured. On receipt, donated professional seNices and facilities are recognised on the basis of the value of the gift lo the Charity which is the amount it would have been willing to pay lo 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 reGoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Turnover includes the proceeds in relation to donations under Gift Aid or deeds of covenant is recognised al the time of donation. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in setllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of Ihe total of direct oosts and shared costs, including support costs involved in undertaking each activity. Direct costs altributable lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support Gosts 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. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes cosls of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inGlusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., Ihis is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 22
THE BENJAMIN FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. Afler recognition, under the cost model, langible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. DepreGiation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Freehold property Leasehold property Motor vehicles Fixtures and fittings 20/0 slraight line Over the term of the lease 250/0 reducing balanGe 15°/o straight line and 33 /0 Straight line Properties purchased using the SASC loan facility are initially recorded at cosl less depreciation and subsequently revalued each year. 2.7 SASC Loan The SASC loan carries a variable return to the issuer and is Iherefore initially recognised, and in subsequent years, at fair value, with the movement in fair value being recognised with the statement of financial activities. The initial fair value of the loan is determined by the transaction price and is then immediately reduced to 85'/0, reflecting the repayment terms. The remaining 150/0 is carried as deferred income and released to the statement of financial activities over the term of the loan as finance income 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value al the balance sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the consolidated statement of financial activities. Inveslments in subsidiaries are valued at cost less provision for impairment. 2.9 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. Page 23
THE BENJAMIN FOUNDATION IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at Ihe amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposil or similar account. 2.12 Liabilities Liabilities and provisions are recognised when there is an obligation at the balance sheet dale 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 8re recognised al 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 seNices it musl 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 Ihe pre-tax discount raté that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated slalement of financial activities as a finance cost. 2.13 Operating leases Rentals paid under operating leases are charged to the consolidated slatement of financial activities on a straight-line basis over the lease term. 2.14 Pensions The Group operates a defined contribulion pension scheme and the pension Gharge represents the amounts payable by the Group to the fund in respect of the year. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the gener81 objeGtives of the Group and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or whiGh 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 Ihe financial statements. Page 24
THE BENJAMIN FOUNDATION {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and olher 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 Goncerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions Ihat 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 value of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current eslimales, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 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 Charily makes an eslimale 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 15 for the net carrying amount of the debtors. Dilapidation provlslon 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. SASC Loan and associated properties Under the SASC loan terms, the liability al loan maturity is likely to be 85 /0 of the market value of the properties. The loan is measured at fair value of the estimated repayment, being equal lo 850/0 of the market value of properties purchased. The repayment estimate makes assumptions that there wll property prices will rise and that the impact on the repayment estimate of both property price rises and adjustments lo discount the repayment to a current value will, in material respects, be lo cancel each other out. The properties are measured at fair value annually by the Charity based on current market data and similar property purchases, with any change recognised in the SOFA. Advice is taken from external professionals when it is considered necessary. Page 25
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations Legacies 26,212 7,500 78,607 104,819 7,500 33,712 78,607 112,319 Unrestricted funds 2023 Reslricled funds 2023 Total funds 2023 Donations Legacies 66,744 15 46,932 16,000 113,676 16,015 66, 759 62,932 129,691 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Accommodation Services Children, Youth and Community seices Corporate Other SASC finance income 4,865,171 1,785,378 33,634 54,200 15,878 136,628 22,005 5,001,799 1,807,383 33,634 54,200 15,878 6,754,261 158,633 6,912,894 Page 26
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities {continued) Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Accommodation seices Children, Youth and Community Services Corporate Olher SASC finance income 4,487,364 1,294,470 40,189 126,021 4,444 89,415 60,548 90,000 4,576, 779 1,355.018 130,189 126,021 4,444 5,952, 488 239,963 6, 192,451 Income from other trading activities Income from non charitable trading activlties Unrestricted funds 2024 Total funds 2024 Total funds 2023 other trading income - subsidiary income Shop income - subsidiary company 144 1,608,715 144 1,608,715 10, 134 1,582,751 1,608,859 1,608,859 1, 592, 885 Page 27
THE BENJAMIN FOUNDATION {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Purchases of new trading goods Administrative expenses Fundraising - charity Wages and salaries Social Security Costs Pension Gosts Depreciation fixtures and fittings 187,170 500,531 21,629 610,196 40,740 31,041 11,847 187,170 500,531 21,629 610,196 40,740 31,041 11,847 182,448 495,096 26,068 569, 009 40,500 28,589 7,364 1,403,154 1,403,154 1,349,074 Analysis of charitable expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Accommodation Services Children, Youth and Community Services Corporate Other 4,475,230 1,865,805 2,990 252,335 914.161 320,801 5,389,391 2,186,606 2,990 252,335 6,596,360 1,234,962 7,831,322 Page 28
THE BENJAMIN FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of charitable expenditure by activities {continued} AGtivities undertak6n directly 2023 Support Gosts 2023 Total funds 2023 Accommodation Sewices Children, Youth and Community SeNices Corporate Other 4,098,649 Y,369, 140 723 241,405 812,372 268.074 4,g11,021 1,637,214 723 241,405 5,709,917 1, 080,446 6, 790, 363 Analysis of support costs Children, Accommod Youth and ation Community 2024 2024 Total funds 2024 Wages and salaries Depreciation Other costs 593,030 8,998 312,133 208,362 3,162 109,277 801,392 12,160 421,410 914,161 320,801 1,234,962 Children, Accommodat Youth and ion Community 2023 2023 Tolal funds 2023 Staff costs Depreciation Other costs 556,125 29,327 226, 920 174,993 9,260 83,821 731,118 38,587 310,741 812,372 268,074 1,080,446 Page 29
THE BENJAMIN FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Auditors, remuneration 2024 2023 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 20,750 19,750 10. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 5,291,392 400,056 4,714,871 353,974 4,672,061 359,316 4, 145, 862 373,474 242,470 225,678 211,429 197,089 5,933,918 5, 294,523 5,242,806 4, 656,425 The average number of persons employed by the Charity during the year was as follows- Group 2024 Group 2023 No. Charitable activities Support staff 221 18 209 28 239 237 The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. Group 2024 Group 2023 In the band £60,001- £70,000 Total remuneration paid to 6 members {2023 - 6 members) of key rnanagemenl personnel in the year amounted to £339,725 {2022'. £329,768). Page 30
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). 12. Tangible flxed assets Group Long-term leasehold property Freehold property Motor Fixtures and vehicles fittings Total Cost or valuation At 1 April 2023 Additions 2,019,416 395,381 158,717 44,336 661,087 151,552 2,883,556 546,933 At 31 March 2024 2,414,797 158,717 44,336 812,639 3,430,489 Depreciation At 1 April 2023 Charge for the year 401,672 45,561 29,589 31,769 558,973 74,437 1,022,003 119,998 At 31 March 2024 447,233 29,589 31,769 633,410 1,142,001 Net book value At 31 March 2024 1,967,564 129,128 12,567 179,229 2,288,488 At 31 March 2023 1,617,744 129,128 12,567 102,114 1,861,553 Included in land and buildings is freehold land at cost of £200,000 (2023 £200,000), which is not depreciated. Page 31
THE BENJAMIN FOUNDATION IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets (continued) Charity Leasehold Freehold property Fixtures and property improvements fittings Total Cost or valuation At 1 April 2023 Additions 2,019,416 395,381 158,717 594,193 149,926 2,772,326 545,307 At 31 March 2024 2,414.797 158,717 744,119 3,317,633 Depreciation At 1 April 2023 Charge for the year 401,672 45,561 29,589 514,206 61,697 945,467 107,258 At 31 March 2024 447,233 29,589 575,903 1,052,725 Net book value At 31 March 2024 1,967,564 129,128 168,216 2,264,908 At 31 rtlarch 2023 1,617,744 129,128 79,987 1,826,859 Page 32
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Fixed asset investments Investments in subsidiary companies Charity Cost or valuation At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 Al 31 March 2023 Principal subsldlaries The following was a subsidiary undertaking of the Charity: Name Company number Class of shares Holding Ben's Social Enterprises Limited 07188016 Ordinary The financial results of the subsidiary for the year were.. Name Income Expenditure Profitl{Loss
1 Surplusl (Deficit) for the year Net liabilities Ben's Social Enterprises Limited 1,526,297 (1,567,989) 141,6921 13,599 Page 33
THE BENJAMIN FOUNDATION IA cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Stocks Group 2024 Group 2023 Finished goods and goods for resale 14,134 17,896 15. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due after more than one year Other deblors 32,750 37,750 32,750 37,750 32,750 37, 750 32,750 37,750 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 385,107 391,629 284,346 243,681 230,611 56,232 337,276 116,682 280, 743 80,527 239,590 70,336 308,450 93,536 727,783 831,365 847,620 852,918 16. Creditors: Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans and overdrafts Trade creditors other taxation and social security other creditors Accruals and deferred income 14,695 243,696 142,030 109,894 465,312 74,722 191,741 128,141 102, 843 273,937 14,695 194,247 141,949 88,059 427,852 14,722 129,268 121,443 81,620 177, 736 975,627 711,384 866,802 524, 789 Included within accruals and deferred income is a dilapid81ion provision on leasehold property totalling £143,004 and £93,86112023'. £55,537 and £28,800) for the Group and Charity respectively. Page 34
THE BENJAMIN FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounls released from previous periods 60,355 200,009 {60,355) 150, 533 60,355 (150, 533) 60.355 200,009 (60,355) 150, 533 60,355 (150,533) Deferred income at 31 March 2024 200,009 60.355 200,009 60,355 Deferred income relates lo grant receipts for which the recognition Griteria were not met at the year end. 17. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 Charily 2023 Bank loans other loans other creditors 119,360 900,232 127,109 141,050 636,928 85,163 119,360 900,232 127,109 141,050 636,928 85,163 1,146,701 863,141 1,146,701 863,141 Included within the above are amounts falling due as follows.. Group 2024 Groiip 2023 Charity 2024 Charity 2023 Between one and two years Bank loans Other loans 14,696 14, 722 72, 769 14,696 14,722 72, 769 Between two and five years Bank loans 33,872 43, 771 33,872 43, 771 Over five years Bank loans Other loans 70,792 900,232 82,557 564, 159 70,792 900,232 82,557 564, 159 Included within other loans due between one and two years is an amount of £Nil (2023.. £72,769) of amounts drawn down on the SASC loan facility that had not been applied by the year end. An amounl of £68,444 has been included within other creditors due within one year in respect of this for the current year. The other loan balance due after 5 years of £900,232 {2023.. £564,159) represents the amount of the loan that had been drawn down and applied to property purchases by Ihe year end, revalued to an estimate of the amount to be repaid, in line with note 2.7. Page 35
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The aggregate amount of liabilities payable or repayable wholly or in part more than f ive years after the reporting date is.. Group 2024 Group 2023 Charity 2024 Charity 2023 Repayable by instalments Payable or repayable other than by inslalments 70,792 82,557 70,792 82,557 900,232 636,928 900,232 636,928 971,024 719,485 971,024 719,485 The charity has loans of £70,792 (2023.. £82,557) 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 al a commercial variable rate. 18. Provislons Group Dilapidation provision At l April 2023 Additions 55,537 87,467 143,004 At 31 March 2024 Charity Dilapidation provislon Al 1 April 2023 Additions 28,800 65,061 93,861 At 31 March 2024 Page 36
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expenditure Unrestricted funds General Funds 1,862,221 8,445,242 {8,949,6951 {6,000) 1,351,768 Restricted funds Meet Up (Lottery) Meet Up Time for You Kidtown Job Coach Rent Deposit Scheme Watton 49,859 49,859 37,000 10,150 10,692 31,800 56,934 6,253 {43,000) (8,679) (10,6921 {31,996) (52,407) (6,2531 (7,500) {30,500) 19,843) {31,884) {47,894) 14,133) 6,000 1,471 196 4,527 PIE (Corpl BOOM Young Carers Pottergale Young Carers Notwich Future Builders 2 Other 7,500 30,000 9,843 500 31,884 47,894 4,133 97,398 237,240 (284,781) 6,000 55,857 Total of funds 1,959,619 8,682,482 (9,234,476) 1,407,625 Meet Up was allowed to retain underspent National Lottery Community Fund grant (the service had to close during Covid which reduced spend) and managed lo secure additional funding from the Connecting Older People Fund and the Surviving Winter Fund (both via Norfolk Community Foundation) to continue lo provide vital community services. The charity also supported Meet Up from ils own social enterprise income, and The Band Trust remains a key supporter for capital works on the centre. Meet Up families also benefitted from Round 3 of the Norfolk Household Support Scheme. Page 37
THE BENJAMIN FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2023 8alance al l April 2022 Transfers in/oul Income Expenditure Unrestricted funds General Funds - all funds 2,006,432 7,667,893 (7,816,512) 4,408 1,862,221 Restricted funds Meet Up {Loltery) Meet Up Time for You Ditchingham Kidlow) Job Coach Rent Deposit Scheme Anchorage TSS Watton Norfolk Trauma Forum Winston Court PIE (Corp) BOOM Young Carers Potlergate Young Carers Norwich 54,423 51,000 10, 150 (55, 564) (10, t50) (287) (1, 538) (13,859) (37,352) (51,659) (30, 7 75) (4, 501) (11, 044) 49,859 287 1,538 13,859 32,863 43,336 18,639 4, 685 8, 323 11,536 4,501 11,044 4,408 196 (4,408) 2, 250 60,000 38,260 30,000 1,000 (2, 250) (52, 500) (30,889) (20, 157) (1,000) 7, 500 30,000 9,843 22, 629 121,836 302, 895 (322, 925) (4,408) 97,398 Total of funds 2, 128, 268 7,970,788 (8, 139,437) 1,959,619 Page 38
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of net assets between funds Analysis of net assets between funds current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 2,288,488 32,750 1,172,668 (852,4331 (1,146,701) (143,004) 2,288,488 32,750 179,051 1,351,719 1123,194) {975,6271 {1,146,701) {143,004) Total 1,351,768 55,857 1,407,625 Analysls of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Debtors due after more Ihan one year Current assets Creditors due within one year Creditors due in more than one year Provisions for liabililies and charges 1, 824,204 37,750 1,630, 329 (711,384) (863, 141) (55, 537) 37,349 1,867,553 37,750 1,690,378 (711, 384) (863, 141) (55, 537) 60,049 97,398 Y,959,619 Total 1,862,221 Page 39
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net expenditure for the period (as per Statement of Financial Aclivilies) 1551,9941 (168,649) Adjustments for: Depreciation charges Loss on the sale of fixed assets DeGreasel(increase) in stocks Decreasel(increasel in debtors Increase in Greditors 119,998 71,119 3, 000 (9, 001) (178,316) 39, 126 3,762 103,582 325,239 Net cash provided byl{used inl operating activities 587 (242, 721) 22. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 642,552 878,867 Tolal cash and cash equivalents 642,552 878,867 23. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 878,867 (14,722) {777,9781 {236,315) 27 642,552 114,6951 1310,0581 {1,088,036) 86,167 {546,346) 1460,179) Page 40
THE BENJAMIN FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Operating lease commitments At 31 March 2024 the Group and the Charity had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Groiip 2023 Charity 2024 Charity 2023 Not later than 1 year Later than 1 year and not laler than 5 years Laler than 5 years 265,715 418,344 308,589 273,894 526, 083 369,037 214,785 386,344 133,914 218,794 447,403 190, 112 992,648 7, 169,014 735,043 856,309 25. Operating leases: Charity as a lessor Al 31 March 2024 the Group and Charity has future minimum lease receipts due under non-cancellable operating leases for each of the followng periods: Group 2024 Group 2023 Company 2024 Company 2023 No later than 1 year Later than 1 year and no later than 5 years Later than 5 years 35,000 140,000 126,000 35, 000 140,000 161,000 35,000 140,000 126,000 35,000 140, 000 161,000 301,000 336, 000 301,000 336,000 26. Related party transactions During the year, the Charity charged its subsidiary company, Ben's Social Enterprises, an amount of £177,329 {2023'. £153,084) for management fees. Ben's Social Enterprises charged the charity £64,583 (2022: £84,899) for fundraising costs. The charge for fundraising costs apportions shop costs incurred in Ihe Ben's Social Enterprises to fairly reflecl shop revenue in the charity and subsidiary. A gift aid donation was made by Ben's Social Enterprises to the charity of £108,281 {2023.' £229,854). 27. Post balance sheet events The charity has expanded its supported housing provision in Great Yarmouth and Lowestofl through the purchase of six private residential properties. The purchases are funded through a long term loan facility with Social and Sustainable Capital LLP {SaSC). Page 41