2023-03-31-accounts - Devas Club

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DEVAS CLUB

REPORT AND ACCOUNTS

31 MARCH 2023

Registered company 06720799 Registered charity 1129419

DEVAS CLUB

LEGAL AND ADMINISTRATIVE INFORMATION

Status

The club is a charitable company limited by guarantee, incorporated on 10 October 2008 and registered as a charity on 6 May 2009. It succeeded to the assets and activities of The Devas Club, a registered charity founded in 1884 and reconstituted under a charitable deed in 1974.

The company was established under a memorandum of association which specifies the objects and powers of the charitable company and is governed under its articles of association.

Registered numbers
Company	06720799
Charity	1129419
Trustees and directors
Mark Potter (Chair)
Josie Benson	(resigned 2 August 2023)
The Rt Hon the Baroness Valerie Ann Amos
Johnny Devas
Charles Dorin
Paul Flather
Katherine Ludlow
Andrew Griffith
Bradley Abbott
Clare Elizabeth Cole
Rt. Hon. Sir Christopher David Floyd
Claire Devas	(appointed 24 October 2023)
Registered office
Devas Club
Stormont Road
Battersea
London
SW11 5EN
Independent examiner
Simon Marsh
WSM Advisors Limited
Chartered Accountants
Connect House
133-137 Alexandra Road
London
SW19 7JY
Bankers
National Westminster Bank plc
300 Silbury Boulevarde
Milton Keynes
MK9 2ZF
COIF Charities Deposit Fund
80 Cheapside
London
EC2V 6DZ

DEVAS CLUB

REPORT OF THE TRUSTEES

31 MARCH 2023

The trustees present their report and accounts for the year ended 31 March 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the charity's Memorandum and Articles of Association, and 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) as amended for accounting periods commencing from 1 January 2019.

Objectives and activities

The objective of the Devas Club is to enable young people, including the disaffected and at risk, to reach their full potential as responsible, talented individuals and as active participants within their local community.

Our aim is to enable member’s talents to develop through doing and making. The building currently includes ‘social’ spaces, two dance studios, a professionally equipped music/recording studio, a large hall, an equipped gym, an art room, cooking and computer facilities, and an enclosed roof top football pitch. We believe that all these activities build confidence, develop skills, tackle mental health issues and enhance wellbeing for young people in our community.

The club currently offers the following youth activities that are divided into Juniors sessions (8-11 year olds) and Seniors sessions (12+ year olds): :

General club: table tennis, pool, bar football, games, computers with internet access, library;
Regular activities: Fitness studio, boxing, ‘Street’ cricket, football training, music production, dance, sewing and fashion, cooking workshop;
Special activities dependent on funding availability: drama course, t-shirt printing, and off-site visits and activities. We also have an active relationship with University College, Oxford, with an annual boys and girls visit with a football match and a tour of the college and social event. There are regular Showcase performances by the young people at the club.

Achievements and performance

An account of the year's activities can be found in the annual report and the Club's website www.devasclub.org .

Financial review, reserves and risk policy

The trustees aim to hold reserves sufficient to enable it to settle its affairs at any time in a controlled way. At the balance sheet date unrestricted reserves amounted to (£8,022).

The trustees confirm that a review of risks affecting the charity has been carried out, including the financial position of the charity. With a regular income from the building (£116,719 in 2023), the basic running costs of the building are covered, with additional youth work and associated running and administration costs being separately fundraised for. In the current challenging economic environment these costs are managed on a monthly basis, with the level of youth work costs committed to being closely matched to funding available.

This system of prudent management is sufficient safeguard for the Charity.

Structure, governance and management

This report covers the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report.

The trustees, who are also the directors of the charitable company, who served during the year were as follows:Mark Potter (Chair) Paul Flather Bradley Abbott Josie Benson (resigned 2 August 2023) Katherine Ludlow Claire Devas (appointed 24 The Rt Hon the Baroness Valerie Ann Amos Andrew Griffith October 2023) Johnny Devas Clare Elizabeth Cole Charles Dorin Rt. Hon. Sir Christopher David Floyd

The articles of association authorise up to twelve trustee directors. One is ex officio Master of University College, Oxford. The remaining trustees are co-opted by the existing trustees by resolution at trustees' meetings. New trustees are inducted informally by the existing trustees.

The club is staffed and run by youth workers and volunteers, some of whom are engaged by Wandsworth Youth Service under a 25 year agreement signed in 2012. Decisions are made by the board of trustees in consultation with the staff and together these represent the key management personnel.

DEVAS CLUB

REPORT OF THE TRUSTEES

31 MARCH 2023

Plans for the future

The club continues to thrive with a full weekday junior programme and seniors on Tuesday, Wednesday and Thursday, and Holiday programmes. In an national environment where many youth clubs have closed, our aim is to continue to ensure a long term funding framework for the Club so we can grow the range of activities provided to our local community. In the meantime we are very appreciative of all who have funded the club in the year, and ensured that the Club remains a vital community resource.

Statement of trustees' responsibilities

Company law and law applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the company's financial activities during the year and of its financial position at the end of the year.

In preparing financial statements giving a true and fair view, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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 charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the company and which enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Statement of Recommended Practice for accounting by charities and the governing document. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Registered office

Stormont Road

Battersea London SW11 5EN

Mark Potter (Chair) Trustee December 2023

DEVAS CLUB

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 MARCH 2023

		Unrestricted	Restricted	2023	2022
		fund	funds	Total	Total
	Notes	£	£	£	£
Income
Charitable donations and grants		25,280	-	25,280	25,151
Income from charitable activities
Restricted grants	10	-	117,444	117,444	114,373
Building income		116,719	-	116,719	106,461
Activities for generating funds
Other receipts and fundraising		6,002	-	6,002	768
Interest receivable		104	-	104	3
		-----------	-----------	-----------	-----------
Total income		148,105	117,444	265,549	246,756
		-----------	-----------	-----------	-----------
Expenditure
Charitable activities
Maintenance expenses	2		152,289	152,289	118,898
Charitable expenses	3		119,914	119,914	106,814
Depreciation	7	21,140	-	21,140	24,390
Capital grant transfers	7	(4,196)	4,196	-	-
Support costs	4	16,715	-	16,715	22,349
Costs of generating donations and grants
Support costs	4	3,582	-	3,582	4,789
Costs of other activities
Support costs	4	3,582	-	3,582	4,789
		---------	-----------	-----------	-----------
Total expenditure		40,823	276,399	317,222	282,029
		---------	-----------	-----------	-----------
Net income / (expenditure) for the year		107,282	(158,955)	(51,673)	(35,273)
		---------	---------	---------	---------
Transfers between funds	11	(124,759)	124,759	-	-
		---------	---------	---------	---------
Net movement of funds for the year		(17,477)	(34,196)	(51,673)	(35,273)
Total funds brought forward		9,455	200,630	210,085	245,358
		---------	-----------	-----------	-----------
Total funds carried forward		£ (8,022)	£ 166,434	£ 158,412	£ 210,085
		---------	-----------	-----------	-----------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DEVAS CLUB

BALANCE SHEET - 31 MARCH 2023

			2023		2022
	Notes	£	£	£	£
Fixed assets
Tangible fixed assets	7		106,334		126,525
Current assets
Canteen stock		100		100
Bank and cash balances		75,798		91,369
		---------		---------
		75,898		91,469
Current liabilities
Creditors and accruals	9	23,820		7,909
		---------		-------
Net current assets			52,078		83,560
			----------		----------
Total assets less current liabilities			£ 158,412		£ 210,085
			----------		----------
Represented by:
Funds	11
Restricted:
Capital fund			166,434		200,630
Unrestricted - general:
General fund			(8,022)		9,455
			----------		----------
			£ 158,412		£ 210,085
			----------		----------

a) These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

b) For the year in question the company was entitled to exemption from an audit under S477(2) of the Companies Act 2006 relating to the small companies regime.
c) The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
d) The directors acknowledge their responsibilities for: i) ensuring that the company keeps accounting records which comply with S386; and ii) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its result for the financial year in accordance with the requirements of S394 and 395 of the Companies Act 2006 and which otherwise comply with the requirements of that Act relating to accounts, so far as applicable to the company.

Mark Potter - Trustee December 2023 Approved by the directors and signed on their behalf

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

1 Principal accounting policies

The accounting policies have been applied consistently throughout the year and the preceding year and are set out below.

Charity information

Devas Club is a private company limited by guarantee in England and Wales. The registered office is 2A Stormont Road, London, SW11 5EN.

Accounting convention

The accounts have been prepared in accordance with the club's Memorandum and Articles of Association, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice available to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (as amended for accounting periods commencing from 1 January 2019). Devas Club is a Public Benefit Entity as defined by FRS 102.

Devas Club has taken the advantage of the provisions in the SORP for Charities applying FRS 102 Updated Bulletin1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of Devas Club. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the accounts, the Directors, who are also the Trustees have a reasonable expectation that Devas Club has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.

Fund accounting

These have been divided into restricted funds, where income arises with restrictions as to its uses and the unrestricted general fund which is available for the general purposes of the club. Transfers are made from the general fund to offset deficiencies in the maintenance and activities funds.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of donations and gift aid tax. Donations are recognised when received and gift aid tax is accrued on applicable donations in the same year.

Other receipts and fundraising are recognised in the year in which they are received.

Interest and dividends are included when receivable by the club.

Incoming resources from charitable activities are recognised when receivable. Grants are recognised in the year for which the support is intended.

Capital grants and donations included in restricted funds are being released to the income and expenditure account at the same rates as associated assets are being depreciated (see note 7).

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

Resources expended

Expenditure is recognised on an accruals basis as liabilities are incurred. Expenditure includes unrecoverable VAT, which is reported as part of the cost to which it relates. Costs relating to a particular activity are allocated directly, whereas support costs are apportioned in relation to usage as specified in note 4.

Costs of generating voluntary income and other funds comprise costs associated with donations and fundraising events.

Charitable expenditure comprises the costs of maintaining the building and all the club activities which take place within it.

Governance costs include the cost of meeting the charity's statutory requirements and strategic management.

Tangible fixed assets

Fixed assets are capitalised at cost.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Building over 50 years Long-term repairs over 10 years Fixtures and equipment 10% & 20% on net book value Vehicles 25% on net book value

Impairment of fixed assets

At each reporting end date, the club reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing them to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Investments

Investments are shown at market value.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The club has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the club's balance sheet when the club becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Critical Accounting Estimates and judgements

In the application of the club’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2	Maintenance expenses
		2023	2022
		£	£
	Gas and electricity	36,792	20,403
	Rates and water	8,476	1,300
	Cleaning wages and expenses	15,307	14,820
	Administration costs	62,382	57,166
	Insurance - building and contents	9,577	8,022
	Other property costs	19,755	17,187
		----------	----------
		£ 152,289	£ 118,898
		----------	----------
3	Charitable expenses
		2023	2022
		£	£
	Youth work expenses	57,741	46,746
	Devas Studio expenses	10,879	15,969
	Junior Club expenses	51,294	44,099
		---------	---------
		£ 119,914	£ 106,814
		---------	---------

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

4	Support costs
			2023	2022
			£	£
	Telephone		1,831	2,088
	Design and printing		50	544
	Postage and stationery		705	907
	Computer and IT		3,052	4,975
	Equipment expenses		1,853	3,323
	Travel expenses		266	607
	Marketing and promotion		346	225
	General expenses		6,737	6,559
	Bank interest and charges		272	370
	Accountancy and independent examination costs		8,767	9,372
	Legal and professional		-	2,957
			---------	---------
			£ 23,879	£ 31,927
			---------	---------
	Support costs have been allocated as follows:
			2023	2022
			£	£
	Costs of generating voluntary income	15%	3,582	4,789
	Activities to generate funds	15%	3,582	4,789
	Charitable activities	70%	16,715	22,349
			---------	---------
			£ 23,879	£ 31,927
			---------	---------
5	Staff costs
			2023	2022
			£	£
	Salaries and wages		108,826	84,771
	Social security and pension costs		8,129	5,822
			---------	---------
			£ 116,955	£ 90,593
			---------	---------
	This represents the cost of staff managing the building and youth activities.
	Number of employees
	The average monthly number of employees during the year was:
			2023	2022
			Number	Number
	Management		4	3
			---------	---------

There are no employees who received employee emoluments of more than £60,000 in the current and previous year.

6 Trustee remuneration and expenses

None of the trustees received any remuneration or expenses.

10 -

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

7 Fixed assets

7	Fixed assets
		Freehold		Long-term	Fixtures &
		Land	Building	Repairs	Equipment	Vehicles		Total
		£	£	£	£		£	£
	Cost
	31 March 2022	22,000	209,800	457,912	148,220	27,929		865,861
	Additions in year	-	-	-	949	-		949
		---------	----------	----------	----------	---------		----------
	31 March 2023	22,000	209,800	457,912	149,169	27,929		866,810
		---------	----------	----------	----------	---------		----------
	Depreciation
	31 March 2022	-	151,170	431,287	128,950	27,929		739,336
	Charge for year	-	4,196	13,502	3,442	-		21,140
		-------	----------	----------	---------	---------		----------
	31 March 2023	-	155,366	444,789	132,392	27,929		760,476
		-------	----------	----------	---------	---------		----------
	Net book value
	31 March 2022	£ 22,000	£ 58,630	£ 26,625	£ 19,270	£ -		£ 126,525
		---------	---------	----------	---------	-------		----------
	31 March 2023	£ 22,000	£ 54,434	£ 13,123	£ 16,777	£ -		£ 106,334
		---------	---------	----------	---------	-------		----------
	Capital grant releases	£ -	£ (4,196)	£ -	£ -	£ -		£ (4,196)
		-------	-------	-------	-------	-------		-------
8	Stocks
					2023			2022
					£			£
	Finish goods and goods for resale				100			100
					-------			-------
9	Creditors
					2023			2022
					£			£
	Trade creditors				21,081			5,159
	Other creditors and accruals				2,739			2,750
					-------			---------
					£ 23,820			£ 7,909
					-------			---------

11 -

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

10 Restricted grants

	2023	2022
	£	£
Maintenance grants - London Borough of Wandsworth	-	25,000
Youth work fund	54,800	31,053
Music studio fund	-	320
Junior Fund	62,644	58,000
	----------	---------
	£ 117,444	£ 114,373
	----------	---------

Wandsworth Borough Council gives grants towards maintenance of the building, youth projects and one off capital grants. In addition, some permanent and part-time staff of the club are employees of the borough.

11 Funds

Funds
	Brought fwd	Received	Transferred	Expended	Carried fwd
	31 March 2022	in year	in year	in year	31 March 2023
	£	£	£	£	£
Restricted funds
a) Capital fund	170,630	-	(4,196)	-	166,434
b) Maintenance fund	-	-	152,289	(152,289)	-
c) Youth work fund	-	54,800	2,941	(57,741)	-
d) Music studio fund	-	-	10,879	(10,879)	-
e) Junior fund	30,000	62,644	(41,350)	(51,294)	-
Unrestricted funds
f) General fund	9,455	148,105	(120,563)	(45,019)	(8,022)
	----------	----------	---------	----------	----------
	£ 210,085	£ 265,549	£ -	£ (317,222)	£ 158,412
	----------	----------	---------	----------	----------

a) The capital fund was set up at the time the club's premises were built. If they cease to be used for the same or equivalent purposes, a capital grant of £62,730, included within the fund, will become repayable, or part thereof. Repayment is secured by a charge on the premises.

b) The maintenance fund relates to expenditure on running the Devas Club’s premises, including utilities bills, such expenditure primarily for the purpose of running the programme of activities including Youth Work and Juniors programme. The cost is funded by rental income and, where appropriate, transfers from the other fund. c) The Youth Work fund relates to seniors and holiday programmes. The costs are funded by grant income and where appropriate, transfers from other funds.

d) The music studio costs are funded by transfers from other funds.

e) The juniors programme expenditure is the cost of running a programme for our younger members (age 8-11) plus a transfer of costs from other funds as they relate to providing the facilities for the juniors programme to run. The income primarily relates to grants given. f) The unrestricted fund relate primarily to building income and donations, and expenditure related to running the charity and transfers to other funds.

12 -

DEVAS CLUB

NOTES TO THE ACCOUNTS - 31 MARCH 2023

Analysis of net assets by funds
	Fixed	Current	Current	Net
	Assets	Assets	Liabilities	Assets
	£	£	£	£
Restricted funds
- Capital fund	166,434	-	-	166,434
- Maintenance fund	-	-	-	-
- Youth work fund - London Borough of Wandsworth	-	-	-	-
- Music studio fund	-	-	-	-
- Junior fund	-	-	-	-
	----------	---------	-------	----------
	166,434	-	-	166,434
Unrestricted funds
- General fund	(60,100)	75,898	(23,820)	(8,022)
	----------	----------	---------	----------
	£ 106,334	£ 75,898	£ (23,820)	£ 158,412
	----------	----------	---------	----------

13 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

13 -