# **Trustees’ Annual Report and Financial Statements for the year ended 31 March 2022** 

Providence Row 

Registered and Principal Office: The Dellow Centre 82 Wentworth Street London E1 7SA 

Company number 07452798 Charity number 1140192 

E-mail: info@providencerow.org.uk www.providencerow.org.uk 


@Providence_Row 


/ProvidenceRow 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Board of Trustees** 

Elizabeth Canning (Chair) Bishop Nicholas Hudson Linda McHugh Jonathan Rhodes Richard Solomon (Honorary Treasurer) Paul Strange Anthony Tama 

## **Patron** 

His Grace the Duke of Norfolk 

## **Honorary Vice Presidents** 

Fr. Peter Harris Dr Daniel Regan MBE, OStJ, KSG Mr Richard Sermon 

**Chief Executive Officer & Company Secretary** Tom O’Connor 

## **Auditors** 

Mazars LLP 6 Sutton Plaza Sutton Court Road Sutton Surrey SM1 4FS 

## **Bankers** 

HSBC Bank plc City of London Branch 60 Queen Victoria Street London EC4N 4TR 

Handelsbanken 42 New Broad St London EC2M 1JD 

## **Investment Advisors** 

Schroder & Co. Limited t/a Cazenove Capital Management 12 Moorgate London EC2R 6DA 

**Investment Property Managing Agents** Savills (incorporating GBR Phoenix Beard) 33 Margaret Street London W1G 0JD 

## **Solicitors** 

Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE 

**Investment Property Legal Advisors** Brecher Solicitors 4[th] Floor, 64 North Row Mayfair London W1K 7DA 

2 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Contents** 

|**Overview**|**Page**|
|---|---|
|Letter from our Chair|4|
|Message from our CEO|5|
|About us|6|
|**Annual Report**||
|Our plans for the future – Building a community of support|7|
|Our achievements|7|
|Our supporters and funders|9|
|Structure, governance and management|11|
|Organisational structure, management and key relationships|11|
|Financial summary 2021/22|12|
|Financial Review|13|
|Principal risks and risk management|14|
|Review of reserves and reserves policy|15|
|Trustees’ responsibility statement|16|
|**Independent Auditor’s Report**|17|
|**Financial Statements**||
|Statement of financial activities for the year ended 31 March 2022|21|
|Balance sheet as at 31 March 2022|22|
|Statement of cash flows|23|
|Notes to the financial statements|24|



_**.**_ 

3 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Letter from our Chair** 

Welcome to the Annual report for Providence Row 2021/2022 

As we move into more normal times I am happy to report that Providence Row had a successful year. The vaccines are significantly improving the health and welfare of our clients as well as the wider community and our programmes, which our CEO Tom O’Connor and this report details, have continued to adapt to meet the needs of the homeless in the Borough of Tower Hamlets and The City of London. Our staff continue to reach out to those whose lives  are most challenged, despite the immediate respite from Covid. On behalf of all the trustees and I am sure all our donors I would like specifically to thank all of the staff who work in often difficult and sometimes dangerous situations. We are all in awe of the work that you do and the compassion with which you undertake that work. It is truly the spirit of Providence Row at work. As new challenges emerge; mpox, diptheria, scarlet fever and other highly contagious diseases, we continue to modify our services and support our clients in addition to keeping close to other emerging risks 

We have welcomed a new Trustee Anthony Tama in the past year. The Board is continuing to assess what skills we need on the board as we seek to ensure that we maintain the highest standards of governance. Providence Row continues to invest in Fundraising and of course our services. We can do nothing without the help and support of our donors and all of the Trustees and staff would like to thank you for all your support and encouragement. Our corporate donors have volunteering days and also provide goods to our organisation. These donations make a difference to our running costs ensuring that we can spend our money where it is most needed. 

In closing, I would again like to thank all of our supporters and donors; our Patron The Duke of Norfolk, our President  HE Cardinal Nichols, all of the staff and volunteers. My fellow Trustees provide expertise and time to the organisation, often unseen but without their contribution, Providence Row would not thrive. I cannot end this letter without acknowledging the role of the Sisters of Mercy, who continue to support us financially and through their prayers. Their spirit resides in the organisation and in our values. As we approach the end of 2022, may I wish you all a very merry Christmas. 

## elizabeth canning 

elizabeth canning (Dec 12, 2022 19:03 GMT) Elizabeth Canning Chair of Trustees – December 2022 

4 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Message from our CEO** 

Dear Friends, 

Providence Row goes from strength to strength at the service of our clients. 

We have increased emergency food provision including a delivery service for those with no recourse to public funds.   Our unique psychotherapy outreach service has reached more people than ever. The drug and alcohol recovery team has been working tirelessly to ensure people access the support they need. Our Day Centre in Tower Hamlets has been welcoming rough sleepers with breakfast, a shower and individually tailored plans so they can look ahead with renewed hope.  Routes to Roots has enabled patients destined for life on the streets to find a safe home on discharge from hospital. We have established new health hubs offering vaccinations and a wide range of health care services. 

No one has been turned away and we have gone into the community to seek out those most at risk. 

Sadly, despite all the achievements of the last year we are now seeing significantly increased numbers of people who are homeless or in serious danger of homelessness for the first time.  Current increases in the cost of living and economic uncertainty really do push already vulnerable people into destitution and despair.   And whilst many now see the worst of the pandemic as behind us, a resurgence of Covid 19 during the winter ahead is a very real risk for those we support. 

We continue to manage our finances closely during these extremely challenging times and are cautiously planning for the development of services in response to increasing demand. 

The work must go on and with your help I am confident that we shall be here for our clients during the years ahead whatever they have to face. 

Most importantly I would like to thank all those who make our work possible: our incredibly generous donors and supporters, our committed partners and volunteers, and of course the inspirational teams of staff who put our values into action every day, working with skill and dedication.  Together we can end the scandal of homelessness. 

I commend this Annual Report to you. 

## toconnor 

toconnor (Dec 12, 2022 11:03 GMT) 

Tom O’Connor CEO 

5 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **ABOUT US** 

## **Vision** 

Everyone has a safe home and a community in which to belong. 

## **Mission** 

To support and accompany more people who are homeless or at risk of homelessness on their journey to recovery, especially those who are most vulnerable and least likely to access services elsewhere. 

To offer a range of services that support people from times of crisis through to when support is no longer needed. 

## **Our values** 

- Compassion 

- Empowerment 

- Inclusiveness 

- Justice 

- Respect 

## **Why we are needed** 

On any given night in England 249,850 families and individuals experienced homelessness in 2021. This is a rate of 1 in 206 of us*. There were 2,949 people estimated to be sleeping rough on a single night in London in Autumn 2021**. 

The ongoing homelessness crisis is caused by: 

- Isolation 

- Substance misuse 

- Relationship breakdown 

- A criminal record 

- Mental and physical health issues 

- Lack of affordable housing 

- Welfare reform 

- Literacy and numeracy challenges 

*Shelter 2021 

**GLA Chain reports 

6 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **OUR PLANS FOR THE FUTURE – BUILDING A COMMUNITY OF SUPPORT** 

Providence Row wants to address the root causes of homelessness, and to achieve this, we believe it is essential to ensure that people are connected to and belong within communities. 

Our Five Year Strategy (2019-2024) sets our key objective to build an inviting and welcoming community in which people experience acceptance and a sense of belonging. Ensuring this warm welcome will be core to all services we offer. People will be supported to move on from our services when they are ready and will always be welcomed back and offered ongoing support. 

Our community of support will help people to address the isolation and loneliness that can prevent their sustained recovery. We shall support them to participate in their current communities, to connect with new communities and to build confidence in their own talent and skills. 

Our priorities: 

1. Growing our services to meet increasing needs 

2. Going out into the community to reach those in need and provide services 

3. Working with the whole person and tailoring support to individuals 

4. Complementing and working in partnership with other agencies 

5. Inspiring excellence in our staff and volunteers 

6. Building a robust infrastructure to support our work 

7. Generating income to achieve our vision 

The scandal of homelessness continues in our communities and Providence Row is determined to reflect our deeply held belief that everyone should be treated with dignity and respect.  We are now very well placed to accompany many more people on their path to recovery and a brighter future away from the streets.  As we move out of the pandemic we shall review our priorities to ensure we continue responding to the needs of those who are most vulnerable and support them on their journey to long term recovery. 

## **ACHIEVEMENTS AND HIGHLIGHTS FOR THE YEAR** 

2020 saw the world change as a result of the Covid-19 pandemic. As we entered 2021, the UK remained one of the hardest hit countries in the world. 

Throughout 2021 our work continued with our emergency food programme delivering food to local rough sleepers and people experiencing homelessness throughout Tower Hamlets. We also managed to keep our Day Centre open throughout lockdowns. For much of this time we opened on an outreach basis and handing food out at the gate to the centre.  At the end of January 2022 we were able to welcome clients back fully to the Centre. 

During the pandemic in 2020 we built up our homelessness health provision, aiming to provide easier access for people who are marginalised from traditional health services. Working in partnership with the London Borough of Tower Hamlets, we started hosting health hubs, initially these were focused on encouraging and providing easier access to the Covid vaccination. As 2021 and 2022 progressed we have extended the health hubs to include more services delivered by an increasing number of partners. 

By March 2022 we had started making plans to host quarterly health fairs, these provide people experiencing homelessness with a whole day in which to focus on their health and to try different health and wellbeing experiences. We plan to build on these throughout 2022. 

## **HOW WE MOVED ON FROM THE PANDEMIC** 

7 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

During the pandemic many of our services were put on hold as we focused on crisis response with emergency care and support, and with accommodation and food provision. When we started coming out of the pandemic, there was still a need for much of this work while we began reopening other services again. 

Our Advice and Support (AST) Team supported 285 clients to access additional support including securing accommodation for 125 individuals as well as applying for benefits, ID documents and EU pre-settled and settled status, health referrals, and additional mental health and drug & alcohol support. 

Our Reset Outreach and Referral Service and Reset Navigator Team helped 834 clients through harm reduction advice and support, and referral into Reset treatment and recovery services. The team have also supported service users to register with GP’s and attend medical appointments. 

Our Needle Exchange and Harm Reduction provision has seen an increase in new people from varying marginalised communities attending throughout the year, with a total of 185 individuals. We estimate that 13,672 new and sterile needles were distributed to service users. 

Naloxone training and distribution has also increased, with 187 kits being sent out to service users and support workers. Naloxone is a vital resource which Providence Row frontline workers are trained to use and can be lifesaving in the event of an opiate overdose. 

Our Outreach Psychotherapy Service supported 126 rough-sleepers in Tower Hamlets and the City of London, who have experienced repeated trauma. The psychotherapists have contributed towards supporting individuals to sustain their accommodation and to gain autonomy to make decisions in their best interest – accessing accommodation and drug and alcohol support, attending health appointments, exploring training opportunities and reconnecting with family members. 

Our Progression and Training Team worked with the Local Authority to complete a project with 22 clients who have no recourse to public funds to explore their status and identify employability outcomes. Of the 22 referrals we received, we were able to support 4 of them to find employment and an additional client to find volunteering opportunities. 

## **Food Programme** 

As part of our crisis response services we provided breakfast and lunch on site at our Day Centre to people rough sleeping. Throughout the year we served 1049 breakfasts and 1799 lunches to 451 unique individuals (a total of 3,256 meals). Many of the individuals supported were sleeping rough for the first time, and after meeting their immediate needs for food and hygiene we were able to refer them to our advice and support teams for further support. Providence Row’s Day Centre worked in close collaboration with Public Health England to ensure continued service provision. For periods of time when there was considered to be a high risk to our clients of exposure to Covid 19 (e.g. when a staff outbreak occurred or when the Omicron variant was discovered) we had to close our canteen and serve takeaway meals, via a gated provision 

## **SWEP** 

For many years Providence Row’s Day Centre has been supporting a programme called the Severe Weather Emergency Protocol (SWEP) which actions the emergency provision of pop up night shelters for people who are known to be sleeping rough at the time there is a severe weather warning or temperatures fall below 0 degrees. Due to the pandemic this service was run in hotels this year rather than at Providence Row’s Day Centre. Over the past year, Providence Row coordinated emergency lifesaving provision for 25 nights supporting 29 unique individuals. During SWEP we provided each person with 2 meals per day, totalling a delivery of 176 meals. 

8 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Food Poverty Programme** 

Throughout the year Providence Row worked in close partnership with the Tower Hamlets Food Poverty Lead to develop a new initiative supporting people rough sleeping and people who have experienced homelessness. The Tower Hamlets Food Poverty Team provided supermarket food vouchers to the value of £2,950 for Providence Row to distribute.  £10 worth of supermarket vouchers could provide 3 meals per day. 100 people were given vouchers equating to 885 meals. Of these 100 people, 38 individuals were supported by Providence Row’s Routes to Roots and Outreach Psychotherapy programmes. Both services are working to address health inequalities in the community and reach the most disadvantaged and vulnerable clients. Routes to Roots works with people facing homelessness after discharge from hospital. The Outreach Psychotherapy Service offers support for people who have suffered severe trauma or mental health challenges as a result of homelessness. Vouchers and donated precooked food items have been extremely beneficial for clients’ wellbeing while setting up benefits claims, easing the challenges of the first few weeks of moving into accommodation and helping people to sustain their accommodation in the short term. This work was specifically designed to target a cohort of vulnerable adults with multiple complex needs, including substance misuse, mental health and educational requirements.  The specialist services in this project are well equipped to engage and support clients to develop action plans that lead to sustainable improvements in their wellbeing. 

In partnership with the Local Authority, Public Health England, NHS, GP care groups and the Tower Hamlets Street Outreach Team, Providence Row has developed a best practice for ‘Health Provision’ to support the most vulnerable clients to access health services onsite at our Day Centre (as indicated above). During the course of the year we ran 11 Health Hubs. Each Health Hub provides an opportunity for vulnerable clients to access vaccinations (including COVID-19 and Flu) and receive support with physical, mental and sexual health needs. 98 clients were given healthy nutritious meals and 100 food poverty vouchers were distributed (equating to 3 meals per voucher) as a way of engaging and supporting them to access health services. 

In total 823 individuals were provided with 19,915 meals across the year 

## **OUR SUPPORTERS AND FUNDERS** 

Providence Row’s work is made possible by our fantastic community of staff, supporters, funders and volunteers. 

## **Our Staff** 

During the year the charity employed an average of 37.4 staff (average monthly headcount), of whom 9 were part-time staff (2021: 32.3 average monthly headcount, of whom 7.3 were part-time). 

## **Our Supporters and Funders** 

Our supporters are our lifeblood; whether it’s a regular gift, a one-off donation or fundraising activities, every single pound donated is much needed and very much appreciated. 

## **Our Volunteers** 

Volunteers are at the heart of our work and provide essential support for service provision.  Our volunteering and peer mentoring project: 

- Helps the clients we work with meet new people and build skills, confidence and a new network of friends 

9 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

- Creates a welcoming, safe place for people experiencing high levels of loneliness and isolation 

- Gives people the chance to learn about homelessness, breaking down misconceptions and helping to build relationships with the local community 

During the financial year 2021-2022, 3 peer mentors from the cohort who had been trained in our programme during the pandemic, ensured a welcoming environment for service users. Our peer mentors visibly represent a positive long term recovery for our clients. 

We also recruited and trained over 20 community volunteers helping multiple services including the food service project, Welcome Area, and Garden Training Scheme which has connected many who were experiencing isolation with a community of support. 

6 of our volunteers continued to contribute to the development of our community gazette /newsletter project producing 9 further editions.  This was distributed across Tower Hamlets to over 20 homeless centres, potentially reaching out over 100 readers. 

We successfully continued our partnership with King’s College University of London, which provided 2 interns who offered volunteering time across our fundraising and Resource Centre teams from February through to June. 

Our charity is governed by a committed board of Trustees who generously give their time and expertise to ensure good governance. 

## **Companies** 

We are incredibly grateful for the support of our company partners who fundraised £126,651 (£221,552 in 2020/21) over the course of year through a range of events, activities and grants. In particular we would like to thank our long-standing strategic partners Natixis Investment Managers and Reed Smith. We would also like to thank Aldgate Connect BID, Vanguard Group Foundation, The Investment Association, UNUM and all our Garden Sponsors for their significant contributions. 

## **Communities** 

Thanks to continued support from a number of community groups we raised £48,896 (£44,100 in 2020/21). Our supporters in the community include: The Sisters of Mercy, The Society of the Holy Child Jesus CIO, Sisters of the Holy Cross Charitable Trust, St. Mary Moorfields Catholic Church, Morrison’s Foundation as well as other religious and non-religious groups and schools. 

## **Trusts and Foundations** 

Our private and institutional grant makers are a vital source of committed multi-year funding that allows us to plan ahead for our programmes and services. We received an extraordinary £317,555 (£611,346 in 2020/21). Thanks to the generosity of the Trusts and Foundations that supported us this year we were able to be there for our clients in one of the most challenging years Providence Row has seen since it was founded in 1860. The list of Trust and Foundations that supported us is within Note 21. 

## **Legacy** 

We received £56,704 (£140,765 in 2020/21) in legacy income. We are immensely grateful to those who have so generously supported us in their will. 

10 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Individuals** 

Our individual donors have once again made a crucial difference to the lives of the people we support. Thanks to the support of individual givers we raised £167,948 (£156,103 in 2020/21). This includes an extremely generous donation of £50,000 (£50,000 in 2020/21). 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Legal structure of the charity** 

Providence Row is a private company limited by guarantee and does not have share capital. It was incorporated on 26 November 2010 (company number 07452798) and was registered as a charity on 2 February 2011 (charity number 1140192). Providence Row is the corporate successor to the unincorporated charity known as Providence Row Charity (PRC) (charity number 207454), which was originally established in 1860. The directors of Providence Row are its trustees for the purposes of charity law. Providence Row became operational as an incorporated charitable company on 1 April 2011 and on the same date a Charity Commission Scheme appointed Providence Row as the sole trustee of PRC. 

## **Governance** 

The Memorandum of Association and Articles of Association of Providence Row form the governing documents of the charity. Providence Row is governed by a Board of Trustees, which is made up of: 

- up to four Nominated Trustees 

- up to six Elected Trustees 

- up to four Appointed Trustees 

Nominated Trustees are nominated to serve on the Board by the Catholic Archbishop of Westminster (two Trustees), the Superior General of the Union of the Sisters of Mercy (one Trustee) and the Congregational Leader of the Institute of Our Lady of Mercy (one Trustee) and their appointment is subject to approval by the Trustees. Nominated Trustees serve for three year renewable terms. 

Elected Trustees must be appointed at the annual general meeting by means of election by those qualified to vote at the meeting. One third of Elected Trustees must retire by rotation at the annual general meeting, those who have been longest in office since their last appointment or re-appointment being subject to retirement by rotation. 

Appointed Trustees are appointed for a renewable term of three years by a decision of the Trustees. 

The Trustees may appoint one of their number to be the Chair of the Trustees for such a term of office as they determine and may at any time remove him or her from that office. The Chief Executive Officer has been appointed as the Secretary to the charity. The Trustees may at their discretion establish procedures and criteria for inviting individual donors to become ‘Associate members’ of the charity with the right to vote at the annual general meeting. There are currently no ‘Associate members’ qualified to vote at the 2022 annual general meeting. 

## **ORGANISATIONAL STRUCTURE, MANAGEMENT AND KEY RELATIONSHIPS** 

Prior to the outbreak of Covid 19 the Board of Trustees met quarterly.   During the pandemic and throughout the 2021/22 financial year the Board met monthly via Zoom to review risks, to hold oversight of our strategic response and to monitor financial performance. The Remuneration Committee meets annually to consider the recommendations of the Chief Executive in relation to staff remuneration. The remuneration of the Chief Executive is considered separately by the Remuneration Committee in the absence of the Chief Executive. External market benchmarks are taken into consideration in relation to all staff remuneration decisions, focussing on pay levels in other providers of a similar nature, and 

11 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

geographical location.  The Remuneration Committee submits its recommendations to the Board for approval. 

The Chief Executive attends meetings of the Board of Trustees (with other senior staff as appropriate) and submits for approval the strategic plan and the annual budget. The Chief Executive and the leadership team report regularly to the Trustees on the implementation of the strategy and performance against the budget. 

In accordance with charity law, decisions relating to disposals of land (including sales, leases, grants of easements and releases of rights of light) are made by the Trustees following the procedures set down in the Charities Act, statutory regulation and guidance issued by the Charity Commission. The Board of Trustees determines the charity’s reserves policy. 

The Chief Executive has formed a Leadership Team including the Director of Services, the Director of Finance and the Director of Fundraising and Marketing. The role of the Leadership Team is to assist the Chief Executive in implementing the strategic plan within the approved annual budget. 

The charity has an ongoing relationship with Providence Row Housing Association (PRHA) which was established by Providence Row in 1970 to provide residential accommodation. PRHA is fully independent of Providence Row and leases part of the Dellow Centre property, consisting of offices and 58 units of accommodation, which it manages as a hostel funded by the London Borough of Tower Hamlets. 

The charity’s other key relationships include the Sisters of Mercy (the Union of the Sisters of Mercy of Great Britain and the Institute of Our Lady of Mercy), the London Borough of Tower Hamlets and the Corporation of the City of London. The relationship with the Sisters of Mercy is a formal arrangement with powers to nominate Trustees to the Board. The charity is very grateful for the continued support of the Sisters of Mercy and committed to ensuring that the legacy of the Sisters is reflected in the ongoing work of the charity for the long term. In addition, the charity works with a range of other charities, agencies and partners. 

## **FINANCIAL SUMMARY 2021/22** 

## **Overview of results** 

The charity recorded a surplus of £184,511 before net unrealised gain on investments of £38,114 and an unrealised loss on revaluation of the investment property of £270,000. This compares to a surplus of £342,102 before net unrealised gain on investments of £163,418 in 2020/21. 

## **Income** 

Total income for 2021/22 was £2,492,857 (2020/21: £2,672,935). 

||**Income**<br>**2021/22**|**2020/21**||
|---|---|---|---|
||**£'000**<br>**% of total**|**£'000**<br>**% of total**||
||Donations<br>475.4<br>19.1%|565.8<br>21.2%||
||Donatedgoods,facilities and services<br>17.9<br>0.7%|8.3<br>0.3%||
||Legacies<br>56.7<br>2.3%|140.8<br>5.3%||
||Charitable activities(see below)<br>1,514.3<br>60.7%|1,577.8<br>59.0%||
||Other tradingactivities<br>0.3<br>0.0%|0.7<br>0.0%||
||Investment income<br>403.3<br>16.2%|354.5<br>13.3%||
||Other income<br>25.0<br>1.0%|25.0<br>0.9%||
||**Total**<br>**2,492.9**<br>**100.0%**|**2,672.9**<br>**100.0%**||
|||||
||**Income from charitable activities**<br>**2021/22**|**2020/21**||
||**£'000**<br>**% of total**|**£'000**<br>**% of total**||



12 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

|Local authoritycontracts<br>981.0|64.8%|739.4|46.9%|
|---|---|---|---|
|Performance relatedgrants<br>185.7|12.2%|467.3|29.6%|
|Rents from the Dellow Centre leases<br>347.7|23.0%|371.1|23.5%|
|**Total**<br>**1,514.4**|**100.0%**|**1,577.8**|**100.0%**|



Total income for the year was in line with the Budget. It decreased by £180,078 (6.7%) in relation to 2020/21 income.  This decrease is mainly due to much lower Legacy income of £56,704 in 2021/22 (£140,765 in 2020/21). It also reflects a challenging fundraising environment in comparison with the previous year. 

## **Expenditure** 

|**Expenditure**<br>**2021/22**|**2020/21**|
|---|---|
|**£'000**<br>**% of total**|**£'000**<br>**% of total**|
|Costs of raising donations and<br>legacies<br>502.8<br>21.8%|445.3<br>19.1%|
|Costs of other tradingactivities<br>-<br>(0.0)|0.9<br>(0.0)|
|Costs of investment management<br>154.4<br>6.7%|204.7<br>8.8%|
|Charitable activities(see below)<br>1,651.1<br>71.5%|1,679.9<br>72.1%|
|**Total**<br>**2,308.3**<br>**100.0%**|**2,330.8**<br>**100.0%**|
|||
|**Expenditure on charitable activities**<br>**2021/22**|**2020/21**|
|**£'000**<br>**% of total**|**£'000**<br>**% of total**|
|Advice and Support/Resource Centre<br>925.2<br>56.0%|938.0<br>55.8%|
|Recoveryand Progression<br>365.1<br>22.1%|372.7<br>22.2%|
|Trainee Schemes,Food & Garden<br>359.3<br>21.8%|313.2<br>18.6%|
|Providence Row Bakery<br>0.8<br>0.1%|2.3<br>0.1%|
|Non-investment properties let in<br>furtherance of charitable purposes<br>0.7<br>0.0%|53.7<br>3.3%|
|**Total**<br>**1,651.1**<br>**100.0%**|**1,679.9**<br>**100.0%**|



Improved cost management and close financial oversight ensured a marginal cost decrease on the previous year. 

## **FINANCIAL REVIEW** 

## **Investment policy and objectives** 

The charity’s appetite for risk in relation to the Endowment Fund reflects the long-term nature of the charity’s investment horizon. The Endowment Fund exists to generate sustainable income in perpetuity. For this reason, the Endowment Fund is focused on a diversified portfolio of unitised equity related investments, managed by the charity’s investment advisors. The primary objective of the investment strategy is to preserve the long-term real value of the charity’s permanent endowment, whilst providing a good level of income which may be deployed by the charity to further its objectives. The Trustees apply a policy of ‘Responsible Investment’ and we expect our investment managers to engage with companies on social, environmental and business ethics issues and to exercise voting rights in line with the policy. The Trustees have decided not to take an exclusionary approach to particular categories of investment. 

The greater part of the charity’s investible cash resources, which are outside the Endowment Fund, are managed by its investment advisors. Due to the prevailing market environment of recent years it has 

13 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

become increasingly difficult to make cash deposits on terms other than ‘instant access’ or up to 30 days’ notice, and the financial rewards for doing so are also limited. The charity does not hold any cash deposits with maturities in excess of 30 days, and has instructed its investment advisors to adopt a cautious approach, investing our resources across a number of different banking institutions with investment grade credit ratings and, in the case of overseas or offshore deposit takers, benefiting from a full guarantee from a UK parent bank with a credit rating of at least A- (Fitch/S&P). 

## **Investment performance against objectives** 

Over the 12-month period to 31 March 2022, the charity’s Endowment Fund generated an overall positive return of £46,829 (2020/21: positive return of £178,167), incorporating investment income of £18,158, net unrealised gain of £38,114 and management fees of £9,443. 

The charity’s managed cash deposit portfolio generated interest income in the year of £84 (2020/21: £397).  We anticipate an improved return over the year ahead due to increased rates of interest. 

The charity’s investment property generated total income (rent and service charge) of £373,976 during the year, an increase of 13% over the comparative figure for 2020/21 of £330,748. This increase is mainly due to the write-back of some provision for bad debts which was made in 2020/21. Rental income was £265,387 (2020/21: £246,994). Direct costs of investment property management in 2021/22 (before allocated support costs) totalled £135,072 (2020/21: £191,093). 

## **Principal risks and risk management** 

The Trustees have considered and reviewed the major risks to which the charity is exposed and are satisfied that systems and procedures have been established to adequately manage these risks. The risks identified and reviewed are those which, if they occurred, would have a major impact on some or all of the following areas: governance; operations; finances; environmental or external factors such as public opinion or relationships with funders; compliance with law and regulation. 

The Chief Executive together with the Leadership Team produces a risk register for the charity and reports to the Board of Trustees on a regular basis the major risks which have been identified, and measures in place (or planned) to manage and mitigate those risks. 

We recognise that in our work we are exposed to significant risks relating to the safeguarding of vulnerable adults, and a failure to respond to changes in the external environment could endanger lives as well as our reputation. To manage this risk, procedures are in place in respect of both staff and clients. These processes are included in a range of policies, in particular: Safeguarding Adults; Health and Safety; Fire Safety; Personal Safety, and Lone Working. 

Economic uncertainty is a potential threat to income at a time when the needs of homeless people are increasing and Local Authorities funds are under pressure. The Board and the Leadership Team are carefully monitoring the external environment to identify any risks to our projected income. 

The charity’s largest single source of recurring (contractual) income is currently from the London Borough of Tower Hamlets.  Local Authority budgets continue to be placed under considerable pressure by public sector financing constraints.  As a consequence, uncertainty about future levels of Local Authority income and hostel funding represent a risk for the charity. 

Trustees recognise that we are in the early stages of a period of economic turbulence which could become more challenging over the next year with increases in interest rates, a more challenging fundraising environment and additional pressure on our cost base. 

We have begun mitigating these risks with multi-year funding now secured for all service delivery contracts commissioned by Local Authorities.  We are also continuing to increase our capacity and experience in public sector tendering, impact monitoring and reporting, and the generation of income from a wide 

14 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

variety of sources.  Investment over the last three years in a new fundraising strategy to generate sustainable funds from a wider range of income streams is showing expected returns with positive prospects for the year ahead.  Fundraising from individuals, communities, trusts and companies now makes up just under a third of our annual income and robust plans are in place to protect and strengthen these income streams. 

Trustees note that Providence Row has a good level of liquidity, a business model that has generated a small underlying surplus over the last two years and modest levels of debt, and so remain confident in our resilience and capacity to manage the risks identified. 

The charity owns a number of property assets, and the ownership and management of these properties involves a number of risks: 

• The charity’s main premises, the Dellow Centre complex, is a substantial purpose-built property on the Gunthorpe Street / Wentworth Street site owned by the charity, and the effective management of this and of the charity’s Activity Centre on the same site represents a considerable operational and financial commitment. We are now investing in improvements to our day centre and office facilities. 

• Providence Row’s investment property, Sherrington Mews, is a commercial property containing twelve light industrial and office units immediately adjacent to the Dellow Centre. The property represents a source of income in order to ensure that the investment maximises its value.  There is an inherent risk around void periods, and the rental level at which space can be re-let.  Providence Row has appointed a professional letting agent to manage the property on its behalf. The Trustees closely monitor the management of Sherrington Mews. 

## **REVIEW OF RESERVES AND RESERVES POLICY** 

Providence Row reviews its reserves policy regularly in line with its evolving strategic outlook and operating environment and in order to ensure that the policy continues to reflect the underlying risks facing the charity and the level of reserves judged necessary to protect its core services to clients and to safeguard its long-term sustainability and independence. 

Providence Row holds restricted funds (or ‘special trusts’) in accordance with donors’ express requirements and the terms of grants or appeals. In addition, the charity has established designated (unrestricted) funds for planned future requirements in accordance with the strategic plan. The creation of a designated fund does not legally restrict the Trustees’ discretion in how to apply the unrestricted funds that have been earmarked. 

As at 31 March 2022 the charity held total funds of £11,844,732 (2020/2021: £11,892,107), comprising the restricted endowment fund, restricted income funds and unrestricted funds. 

The Trustees have determined that the previously agreed target level of £1,000,000 in free reserves should remain. At 31 March 2022, the actual level of free reserves (including the contingency fund) was £1,219,604, (2020/21: £1,148,184). 

The Trustees will continue to review the target level of free reserves annually to take into account changing circumstances, revised financial forecasts and evolving challenges and opportunities facing the charity. The target level of free reserves may therefore change over time. 

Movements on the funds held by the charity during the period under review and an analysis of the charity’s net assets between the funds held are summarised in notes 16 to 19 to the financial statements. 

## **Going concern** 

Given all the factors above the Trustees remain confident in Providence Row as a going concern. **TRUSTEES’ RESPONSIBILITIES STATEMENT** 

15 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

The law applicable to charities in England and Wales requires the Trustees to prepare the annual report and financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and: 

- select suitable accounting policies and then apply them consistently 

- make judgments and estimates that are reasonable and prudent 

- state whether applicable accounting standards 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 charity will continue in operation 

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy the financial position of the charity and enable them to ascertain the financial position of the charity and ensure that the financial statements comply with the Companies Act 2006. The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are not aware of any relevant audit information that has not been disclosed to the charity’s auditors. The Trustees have taken all the steps that ought to have been taken in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information. 

The trustees are responsible for the maintenance and integrity of the Charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Auditors** 

Mazars LLP acted as auditors during the period under review and have signified their willingness to continue in office. A resolution proposing their re-appointment will be put to the annual general meeting. 

These financial statements have been prepared in accordance with the provision applicable to companies subject to the small companies regime. 

## Dec 12, 2022 

Approved by the Trustees on ………………..………………..….……… 2022 and signed on their behalf by 

elizabeth canning elizabeth canning (Dec 12, 2022 19:03 GMT) 

## Richard Solomon 

elizabeth canning (Dec 12, 2022 19:03 GMT) Richard Solomon (Dec 12, 2022 20:07 GMT) ……………………………..…..……..…………… …………..………………………………………….. Elizabeth Canning – Chair Richard Solomon – Honorary Treasurer 

16 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PROVIDENCE ROW** 

## **Opinion** 

We have audited the financial statements of Providence Row (the ‘charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of 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. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ 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. 

17 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions 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 which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not 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. 

- trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of the Trustees** 

As explained more fully in the trustees’ responsibilities statement on page 16, the trustees (who are also the directors of the charitable company for the purposes of company laws) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

18 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: 

- Inquiring of management and, where appropriate, those charged with governance, as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; 

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities; 

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and 

- Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006 and the Charities Statement of Recommended Practice. 

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to income recognition and significant one-off or unusual transactions. 

Our audit procedures in relation to fraud included but were not limited to: 

- Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; 

- Gaining an understanding of the internal controls established to mitigate risks related to fraud; 

- Discussing amongst the engagement team the risks of fraud; and 

- Addressing the risks of fraud through management override of controls by performing journal entry testing. 

19 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. 

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

## **Use of the audit report** 

This report is made solely to the charity’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 state to the charity’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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed. 

Nicola Wakefield (Dec 20, 2022 22:09 GMT) 

Nicola Wakefield (Senior Statutory Auditor) for and on behalf of Mazars LLP 

Chartered Accountants and Statutory Auditor 

2[nd] Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS Dec 20, 2022 Date: ……………………………………………….. 

20 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

For the year ended 31 March 2022 


**----- Start of picture text -----**<br>
Notes<br>Unrestricted Funds Restricted Funds Endowment Fund Total Funds 2022 Total Funds 2021<br>£ £ £ £ £<br>Income and Expenditure<br>Income from:<br>Donations 422,176 71,054 - 493,230 574,077<br>Legacies 56,704 - - 56,704 140,765<br>Sub-total: Donations and legacies 2a 478,880 71,054 - 549,934 714,842<br>Charitable activities 2b 1,328,690 185,675 - 1,514,365 1,577,789<br>Other trading activities 2c 250 - - 250 773<br>Investments 2d 403,308 - - 403,308 354,531<br>Other 2e 25,000 - - 25,000 25,000<br>Total income 2,236,128 256,729 - 2,492,857 2,672,935<br>Expenditure on:<br>Raising funds<br>Raising donations and legacies (472,569) (30,279) - (502,848) (445,346)<br>Other trading activities - - - - (922)<br>Investment management (144,740) (206) (9,443) (154,389) (204,659)<br>Sub-total: Raising funds (617,309) (30,485) (9,443) (657,237) (650,927)<br>Charitable activities<br>Advice and Support / Resource Centre (744,253) (180,907) - (925,160) (937,959)<br>Recovery and Progression (353,734) (11,367) - (365,101) (372,723)<br>E&T: Trainee Schemes, Food & Garden (229,701) (129,604) - (359,305) (313,167)<br>E&T: Providence Row Bakery (829) (24) - (853) (2,327)<br>Property let for charitable purposes (689) (1) - (690) (53,730)<br>Sub-total: Charitable activities (1,329,206) (321,903) - (1,651,109) (1,679,906)<br>Total expenditure 3 (1,946,515) (352,388) (9,443) (2,308,346) (2,330,833)<br>Net income/(expenditure) before net<br>(losses)/gains on investments 289,613 (95,659) (9,443) 184,511 342,102<br>Net (losses)/gains on investments<br>Unrealised (losses) on investment property 8 (270,000) - - (270,000) -<br>Net gains on other investments 9, 16 - - 38,114 38,114 163,418<br>Net movement in funds 19,613 (95,659) 28,671 (47,375) 505,520<br>Reconciliation of funds<br>Total funds brought forward 8,796,447 2,283,994 811,666 11,892,107 11,386,587<br>Total funds carried forward 8,816,060 2,188,335 840,337 11,844,732 11,892,107<br>**----- End of picture text -----**<br>


All of the above results relate to continuing activities. All gains and losses recognised in the year are included in the Statement of Financial Activities above. Movements in funds are disclosed in Notes 16 to 19 of the financial statements. 

The analysis of the Statement of Financial Activities for the year ended 31 March 2021 between unrestricted funds, restricted funds and the endowment fund is set out within Note 22 on page 42 of these financial statements. 

21 



## **Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

Registered company number: 07452798 Charity number:   1140192 

## **BALANCE SHEET** 

As at 31 March 2022 

|**NOTES**||**Total funds**<br>**2022**|**Total funds**<br>**2022**||**Total funds**<br>**2021**|
|---|---|---|---|---|---|
|**Fixed Assets**<br>Tangible fixed assets<br>7<br>Investment property<br>8<br>Other Investments<br>9<br>Total Fixed Assets<br>**Current Assets**<br>Debtors<br>10<br>Cash at bank and in hand<br>Total Current Assets<br>**Liabilities**<br>Creditors: Amounts falling due within one year<br>11,13<br>Net Current Assets<br>Total Assets less Current Liabilities<br>Creditors falling due after more than one year<br>12<br>**Total Net Assets**<br>19<br>**The Funds of the Charity**<br>**Endowment Fund**<br>16<br>**Restricted Income Funds**<br>17<br>Tangible fixed asset fund: Restricted<br>Other restricted income funds<br>**Unrestricted Funds**<br>18<br>Tangible fixed asset fund: Unrestricted<br>Fixed asset fund: Investment Property<br>Revaluation Reserve: Investment Property<br>Cyclical Maintenance and repairs fund<br>**Free Reserves**<br>Contingency fund: Charity running costs<br>General Funds<br>**Total Free Reserves**<br>**Total Charity Funds**<br>19|**£**|**£**||**£**|**£**|
|||5,300,456<br>4,180,000<br>1,424,613|||5,438,261<br>4,450,000<br>1,386,810|
|||10,905,069|||11,275,071<br>627,420|
||391,256<br>1,986,463|||381,571<br>851,503||
||2,377,719<br>(427,672)|1,950,047<br>12,855,116<br>(1,010,384)<br>**11,844,732**<br>840,337||1,233,074<br>(605,654)||
|||||||
||||||11,902,491<br>(10,384)|
||||||**11,892,107**|
||||||811,666<br>2,283,994<br>8,796,447|
||2,184,000<br>4,335|||2,240,000<br>43,994||
||3,116,456<br>1,556,597<br>2,623,403<br>300,000|2,188,335||3,198,263<br>1,556,597<br>2,893,403<br>-||
||800,000<br>419,604|||800,000<br>348,184||
||1,219,604|8,816,060<br>**11,844,732**||1,148,184||
||||||**11,892,107**|
|||||||



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

The financial statements on pages 21 to 42 were approved by the Board of Trustees on 9[th] December 2022 and signed on its behalf by: elizabeth canningelizabeth canning (Dec 12, 2022 19:03 GMT) Richard SolomonRichard Solomon (Dec 12, 2022 20:07 GMT) ……………………………….……………………....…. …………………………………………………………… Elizabeth Canning – Chair Richard Solomon – Honorary Treasurer 

The notes on pages 24 to 42 form an integral part of these financial statements 

22 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **STATEMENT OF THE CASHFLOWS** 

For the year ended 31 March 2022 

|**Notes**<br>**a)     Reconciliation of net movement in funds to net cash flow from**<br>**operating activities**<br>**Net (expenditure)/income for the year (as per the statement of financial**<br>**activities)**<br>Adjustments for:<br>Depreciation charges<br>3,7<br>Unrealised loss on investment property<br>8<br>Net (gains) on other investments<br>9<br>Other non-cash Income<br>Dividends, interest and rents from investments per the SOFA<br>Investment management costs per the SOFA<br>(Increase)/decrease in debtors (operating activities)<br>Increase in creditors (operating activities)<br>**Net cash provided by operating activities**<br>**Notes**<br>**b)     Statement of Cash Flows**<br>**Net cash provided by operating activities**<br>**Cash flows from investing activities:**<br>Dividends, interest and rents from investments per the SOFA<br>Investment management costs per the SOFA<br>Purchase of property, plant and equipment<br>7<br>Purchase of investments<br>9<br>Disposal of investments<br>9<br>**Net cash provided by  investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and cash equivalents at the beginning of the year**<br>**Cash and cash equivalents at the end of the year**<br>**Notes**<br>**c)     Analysis of Cash and Cash Equivalents**<br>Cash at bank and in hand<br>Investments: Notice deposits (3 months or less)<br>9<br>Investments: Cash held in endowment fund (capital)<br>9<br>**Total cash and cash equivalents**|**Total Funds**<br>**2022**<br>**£**<br>(47,375)<br>139,076<br>270,000<br>(38,114)<br>-<br>(403,308)<br>154,389<br>(9,685)<br>822,019<br>**887,002**<br>**Total Funds**<br>**2022**<br>**£**<br>887,002<br>403,308<br>(154,389)<br>(1,271)<br>(141,094)<br>145,033<br>**251,587**<br>1,138,589<br>1,413,110<br>**2,551,699**<br>**Total Funds**<br>**2022**<br>**£**<br>1,986,464<br>543,948<br>21,287<br>**2,551,699**|**Total Funds**<br>**2021**<br>**£**|
|---|---|---|
|||505,520<br>136,461<br>-<br>(163,418)<br>-<br>(354,531)<br>204,659<br>105,757<br>174,084|
|||**608,532**|
|||**Total Funds**<br>**2021**<br>**£**|
|||608,532<br>354,531<br>(204,659)<br>(40,236)<br>(389,811)<br>396,999|
|||**116,824**|
|||725,356<br>687,754|
|||**1,413,110**|
|||**Total Funds**<br>**2021**<br>**£**|
|||851,503<br>544,258<br>17,349|
|||**1,413,110**|



23 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **Notes to the Financial Statements For the year ended 31 March 2022** 

## **1 Accounting Policies** 

## **a. Basis of accounting** 

The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of investments or as otherwise stated in the relevant accounting policy notes. There are no material uncertainties about Providence Row’s ability to continue as a going concern. Providence Row is a public benefit entity. 

The financial statements have been prepared in accordance with: 

- The reporting requirements of the Companies Act 2006; 

- The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); and 

- ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102’ (Charities SORP (FRS 102)), issued by the Charity Commission and the Office of the Scottish Charity Regulator in 2014 in their role as the joint SORP-making body and applicable to the financial statements of relevant charities for reporting periods beginning on or after 1 January 2019. 

## **Incorporation and transfer of charitable undertaking at 31 March 2011** 

Providence Row was incorporated on 26 November 2010. Providence Row is the corporate successor to the unincorporated charity known as Providence Row Charity (PRC) (charity number 207454). (PRC was known as ‘Providence Row Night Refuge and Home’ until it changed its name on 21 January 2003.) With the exception of funds held on permanent endowment, the assets, liabilities, employees, operations and activities of PRC were transferred to Providence Row with effect from midnight on 31 March 2011. Providence Row became operational as an incorporated charitable company on 1 April 2011. 

Also, on 1 April 2011 a Charity Commission Scheme appointed Providence Row as the sole trustee of PRC. PRC continues in existence to hold the charity’s permanent endowment and to receive any legacies bequeathed to PRC after 31 March 2011. Although PRC continues to hold legal title to the Endowment 

Fund assets, from an accounting perspective PRC is considered to hold these assets only as custodian for its corporate successor, due to the corporate trusteeship established by the Charity Commission Scheme. As a consequence of the constitutional arrangements (corporate trusteeship of Providence Row in relation to PRC), the financial statements of Providence Row have been prepared on the basis that they aggregate its own assets, results and activities with those of PRC. For this reason, the Endowment Fund appears on the statutory balance sheet of Providence Row, and legacy income of PRC and investment income arising from the Endowment Fund are shown within Providence Row’s Statement of Financial Activities (SOFA). 

## **b.** 

## **Income** 

Income is recognised in the SOFA when a transaction or other event (e.g. a gift) results in an increase in the charity’s assets or a reduction in its liabilities. Income is recognised only when the following criteria are met: 

- Entitlement: control over the rights or other access to the economic benefit has passed to the charity; 

- Probable: it is more likely than not that the economic benefits associated with the transaction or gift will flow to the charity; and 

- Measurement: the monetary value or amount of the income and relevant costs incurred can be measured reliably. 

In the case of a donation, entitlement usually arises immediately on its receipt. In the case of a grant, evidence of entitlement will usually exist when the formal offer of funding is communicated in writing to the charity. However, some grants contain terms or conditions that must be met before the charity has entitlement to the resources. Where grants specify a time period within which the funds must be spent and 

24 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

the funds are received before the start of that period, then the income is deferred and only released to income at the start of the relevant period. 

Grant funding agreements may contain conditions that specify the particular activities, goods or services to be provided by the charity within the scope of its charitable activities (performance-related grants). Income derived from performance-related grants is included within the SOFA heading ‘Income from charitable activities’ rather than ‘Income from donations and legacies’. However, simply because a grant is restricted to a particular purpose of the charity does not mean that it should be recognised as a performance-related grant. Unrestricted and restricted grants that are not subject to performance-related conditions are included within the SOFA heading ‘Income from donations and legacies’. 

Gift Aid recoverable from HMRC in relation to donations is included in income on an accruals basis where there is a valid Gift Aid declaration from the donor. 

Donated goods, facilities and services are recognised as income when brought into use by the charity. They are included in income at an amount equivalent to their estimated value to the charity, where this can be quantified, and an equivalent amount is included in the appropriate cost line, or (in the case of tangible assets) capitalised if appropriate. The only amounts included for donated services are those provided in a professional capacity. No amounts are included in the financial statements for services donated by volunteers. Details of the contribution made by volunteers can be found in the Report of the Trustees. 

Evidence of entitlement to a legacy exists when the charity has sufficient evidence, after the death of the benefactor, that a gift has been left to it and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Recognition of the legacy income is also affected by the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Receipt of a legacy is normally judged to meet the probability criterion when: 

- There has been grant of probate; 

- The executors have established that there are sufficient assets in the estate, after settling any liabilities, to pay the legacy; and 

- Any conditions attached to the legacy are either within the control of the charity or have been met. 

Where the charity has entitlement to a legacy but the criteria for income recognition have not been met (e.g. due to uncertainty as to the amount of the payment) then the legacy is treated as a contingent asset (and is disclosed in the notes to the financial statements if material) until the criteria for income recognition are met. 

Income from fundraising events, where the income is not a simple gift or donation but rather a payment in exchange for supplying goods or services to raise funds for the charity, is recognised when the event takes place and is included within the SOFA heading ‘Income from other trading activities’. 

Income from the sale of goods is recognised at the time of supply of goods to the buyer, provided receipt of the income is probable. 

Income from contracts for the supply of services is recognised with the delivery of the contracted service. 

Interest on funds held on deposit is recognised when receivable and the amount can be measured reliably. Dividend income is recognised when its receipt is probable, and the amount receivable can be measured reliably. Dividends are accrued when the charity’s right as shareholder to receive payment is established. 

Rental income from property leases is recognised when it is receivable in accordance with the terms of the relevant leases, provided receipt of the income is probable. The aggregate cost of lease incentives (e.g. rent free periods or periods of concessionary reduced rents) is recognised as a reduction to the rental income over the full contractual term of the lease on a straight-line basis. 

## **c.** 

## **Expenditure** 

All expenditure is accounted for on an accruals basis and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. 

Expenditure is reported in the financial statements on an activity basis, as required by Charities SORP (FRS 102). This involves identifying the total cost of an activity, including direct, shared and indirect (or support) 

25 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

costs. Charities SORP (FRS 102) identifies three high-level categories of a charity’s activities: (i) expenditure on raising funds; (ii) expenditure on charitable activities, and (iii) other expenditure. These broad categories are further analysed between their significant components. 

Support costs, which are not directly attributable to activities for raising funds or charitable activities, are allocated to those categories on a basis consistent with the use of resources. The bases on which support costs have been allocated are set out in note 3 ‘Expenditure’. Support costs include: 

- Governance costs; 

- Costs of the Finance function, including financial accounting, banking, budgeting, payroll management and day-to-day financial administration; 

- Human resources management, office, general and administration costs; 

- Costs of central information technology resources and telecommunications; 

- Property costs relating to premises used by the charity for its own activities, including buildings management; 

- Senior general management (where not allocated as a direct cost to specific activities) and other central costs; and 

- Depreciation charges in relation to tangible fixed assets. 

Governance costs are those associated with the governance arrangements of the charity, including external audit, general legal advice for the trustees (fees for legal advice specifically relating to investment property are included in investment management costs) and costs associated with constitutional and statutory requirements and ensuring proper public accountability (e.g. the costs of preparing statutory financial statements). Governance costs include any costs associated with the strategic as opposed to day-to-day management of the charity’s activities and the cost of charity employees in respect of their time when involved in and preparing for meetings with trustees. 

## **Costs of raising donations and legacies** 

Costs of raising donations and legacies are those incurred in seeking voluntary donations, gifts and grants of a general nature, together with the costs of administration related to legacies left to the charity. It excludes costs associated with applying for performance-related grants or negotiating contracts to provide services, which are included within the costs of the relevant charitable activities. 

## **Other trading activities** 

This category includes the costs of fundraising events (where income is raised for the charity in exchange for supplying goods and services), non-charitable trading activities and costs of property which is let or licensed to other users. 

## **Investment management costs** 

Investment management costs include the costs of: 

- Portfolio management and administration of investment funds and cash deposits; and 

- The costs of managing the charity’s investment property, including property repairs and maintenance charges, vacant property rates, utility charges, insurance, security, managing agents’ fees, letting agents’ fees, legal fees related to the property and staff costs. 

## **Property let in furtherance of charitable purposes** 

This category covers expenditure incurred in relation to those parts of the Dellow Centre property let on short-term leases to (i) Providence Row Housing Association (PRHA) in respect of the Dellow Hostel and (ii) St Mungo’s in respect of offices on the 2[nd] floor of the Dellow Centre. PRHA is a Housing Association. Under the terms of its lease, PRHA uses the premises as a hostel for those in housing need and by means of funding from the London Borough of Tower Hamlets (LBTH). Providence Row considers that the services and facilities provided by this tenant from the premises let to them are compatible with and complementary to its own 

26 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

charitable purposes and activities. Consequently, the rent received and other charges recovered from this tenant are included in the charity’s ‘Income from charitable activities’ (see note 2b) and the expenditure incurred by the charity in relation to these parts of our buildings is classified as ‘expenditure on charitable activities’ (see note 3). 

## **d. Tangible fixed assets** 

## **(i) Freehold land and buildings** 

Freehold land and buildings transferred from PRC on 31 March 2011, other than assets in the course of construction at that date, are stated at fair value on the date of transfer less depreciation charged since the transfer. Freehold buildings in use are depreciated on a straight line basis over a period of 50 years from the date of transfer. Freehold properties let to tenants on long term leases in respect of which Providence Row receives rental income are depreciated on a straight line basis over the remaining terms of the respective leases. 

In the case of freehold land and buildings in use by the charity, fair value was ascertained, based on professional advice, as ‘Market Value’, defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. 

In the case of freehold properties let to tenants on long-term leases, fair value was determined based on a discounted cash flow analysis of expected future rental income under the existing lease terms and assumptions relating to future levels of inflation, potential outcomes of rent reviews and other factors where applicable. 

The Activity Centre on the Gunthorpe Street/Wentworth Street site was under construction at the date of transfer and was brought on to the balance sheet of Providence Row at that date on the basis of historical cost of construction and related capitalised professional costs. Construction was completed in November 2011 and the building is subject to depreciation over a period of 50 years from 1 January 2012. 

Included within ‘Freehold land and buildings in use’ are the capitalised costs of the full replacement and resurfacing of the flat roof of the charity’s main Gunthorpe Street / Wentworth Street premises (the Dellow Centre complex) undertaken during 2014-15. The costs of the new roof are being depreciated on a straight line basis over 25 years. 

Freehold land is not depreciated. 

## **ii) Other tangible fixed assets** 

Other categories of tangible fixed assets are depreciated on a straight line basis so as to write off their original cost over their estimated useful lives, as follows: 

|Office furniture and equipment|- 4 years|
|---|---|
|Computer equipment|- 3 years|
|Plant & mechanical equipment|- 10 years|



Tangible fixed assets are capitalised if their initial cost (or, in the case of donated goods, the value to the charity – see note 1c above) is £500 or greater. 

## **e. Fixed asset investments** 

Investment property assets are measured initially at cost and subsequently shown in the balance sheet at their fair value at the reporting date and are not depreciated. Changes in value of investment property arising in the period are shown in the SOFA under the heading ‘Net gains / (losses) on investments’ and are reflected in the ‘Revaluation reserve: Investment property’ (Unrestricted funds). ‘Fair value’ means the amount for which an asset could be exchanged, a liability settled, or an equity instrument granted between knowledgeable, willing parties in an arm’s length transaction. 

27 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

The investment property was valued by an independent firm of professional surveyors as at 31 March 2015 (the first year end following acquisition), again as at 31 March 2016, followed by evaluation as at 31 March 2018, November 2020 and as at 31st March 2022. It is the policy of the charity henceforward to commission an independent professional valuation of the investment property every five years for accounting purposes, subject to a review in the intervening years in case of significant changes to the occupancy of the property, the tenancies or market conditions. 

Investments in quoted collective investment funds are shown in the balance sheet at market value (bid price). Realised gains and losses are accounted for by reference to the sale proceeds and either the market value at the previous balance sheet date, or the cost of purchase, if later. Unrealised gains and losses are calculated by comparing the market value at the previous balance sheet date, or cost of purchase, if later, to the year-end valuation. Any gain or loss arising in the period is taken to the SOFA under the heading ‘Net gains / (losses) on investments’. All gains and losses are dealt with as part of the funds to which they relate. 

Fixed asset investments include cash deposits (both in instant access accounts and on deposits with a range of maturity dates) which the charity intends to hold as part of its on-going investment activities for more than one year from the reporting date. 

## **f. Fund accounting** 

## **i) Endowment fund** 

The endowment fund represents investments, the capital of which forms the permanent endowment of the charity and must be retained and invested. Only the income from this fund is available to be used for general charitable purposes (as an addition to unrestricted funds). The assets of the endowment fund are held by Providence Row (see note 1a for further information on the basis of accounting for the endowment fund assets). The investments of the endowment fund are included within ‘Fixed Assets: Other Investments’ (see note 9, ‘Other Investments’). 

## **ii) Restricted income funds** 

Restricted income funds can only be used for particular purposes (within the objects of the charity) specified by the donor or grantor or the terms of an appeal. 

## **iii) Designated funds - unrestricted** 

Designated funds are unrestricted funds of the charity set aside out of the general funds by the Trustees for specific purposes or projects for the furtherance of particular aspects of the charity’s objects, but over which the Trustees retain full discretion. 

## **iv) General funds - unrestricted** 

These comprise the funds which are available to be used for any purpose within the charity’s objects. 

## **g.** 

## **Pension costs** 

The amounts charged to the SOFA for defined contribution pension arrangements represent the employer contributions payable in the period. 

## **h. Operating leases** 

Rentals paid under operating leases are charged to the SOFA on a straight line basis over the term of the lease. 

## **i.** 

## **Taxation** 

Irrecoverable VAT is not separately analysed and is charged to the SOFA when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates. 

Tax recoverable from voluntary income received under Gift Aid is recognised when the related income is receivable. 

## **j.** 

## **Subsidiaries** 

Providence Row charity  (charity number 207454), of which Providence Row became the sole trustee following the transfer of charitable undertaking, is a subsidiary of Providence Row. Following the transfer of charitable undertaking, the assets, results and activities of Providence Row Charity are aggregated into the financial statements of Providence Row (see note 1a above). 

28 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **2 Income** 

## **a.     Income from donations and legacies** 

|Individuals<br>Corporate donors<br>Community<br>Gift Aid reclaimed<br>Donated goods, facilities and services *<br>Grants from trusts and foundations<br>Sub-total: Donations<br>Legacies<br>**Total income from donations and legacies**|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**2022**<br>**Total**<br>**2021**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||136,158<br>10,000<br>146,158<br>149,392<br>86,097<br>40,554<br>126,651<br>221,552<br>28,396<br>20,500<br>48,896<br>44,100<br>21,790<br>-<br>21,790<br>6,711<br>17,855<br>-<br>17,855<br>8,294<br>131,880<br>-<br>131,880<br>144,028|
||422,176<br>71,054<br>493,230<br>574,077<br>56,704<br>-<br>56,704<br>140,765<br>478,880<br>71,054<br>549,934<br>714,842|



* The donated goods, facilities and services are shown separately and analysed further in the table below. 

The category of ‘Corporate donors’ includes individuals whose connection with Providence Row derives primarily from their employer’s relationship with the charity. Donations in this category from individuals during the period totalled £30,453, none of which was in restricted income (2021: £37,741). 

‘Community’ donations include gifts from religious communities, churches, schools and local community groups. This category also includes income from individuals participating in external community events such as sponsored runs. 

Donated goods, facilities and services are broken down by type in the table below (all income within this category is included within unrestricted funds): 

|Food and kitchen equipment<br>Other goods donated for client use<br>**Total donated goods, facilities and services**<br>Donated furniture, electronic and computer equipment, catering equipment<br>capitalised as tangible fixed assets|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||4,790<br>-<br>2,025<br>8,294<br>11,040<br>-|
||17,855<br>8,294|



In accordance with Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements. However, as set out in more detail in the Report of the Trustees, our volunteers make a vital contribution to the work of the charity, including corporate volunteers, Welcome Area volunteers and general volunteers within the main service teams, Finance and Resources and Fundraising. 

29 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **b.     Income from charitable activities** 

||**Unrestricted**|**Restricted**|**2022**|**2021**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Total**|**Total**|
||**£**|**£**|**£**|**£**|
|London Borough of Tower Hamlets (LBTH): Advice &|||||
|Support - Rough Sleepers Services|481,832|-|481,832|481,636|
|LBTH Drug & Alcohol Action Team: Substance misuse|||||
|Worker & Needle Exchange, Women's Service|272,474|-|272,474|208,951|
|City of London: Recovery & Progression Service|53,350|-|53,350|48,801|
|Hackney|93,730|-|93,730|-|
|Sub-total: Local Authority Contracts for Services|901,386|-|901,386|739,388|
|Performance-related grants - Public Sector|79,648||79,648|-|
|Performance-related grants - Trusts & Foundations|-|185,675|185,675|467,317|
|Rents and charges from non-investment properties let|||||
|in furtherance of charitable purposes|347,656|-|347,656|371,084|
|**Total income from charitable activities**|1,328,690|185,675|1,514,365|1,577,789|



Income from government sources is summarised in the table below: 

||**Unrestricted**|**Restricted**|**2022**|**2021**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Total**|**Total**|
||**£**|**£**|**£**|**£**|
|Local Authority Contracts for Services (see above)|901,386|-|901,386|739,388|
|London Borough of Tower Hamlets|79,648|-|79,648|-|
|**Total income from government sources**|981,034|-|981,034|739,388|



## **c.     Income from other trading activities** 

|**c.     Income from other trading activities**||
|---|---|
|Other trading activities<br>Income from letting and licensing of property held<br>primarily for functional use but temporarily surplus to<br>operational requirements (inc. room hire)<br>**Total income from trading activities**|**2022**<br>**Total**<br>**2021**<br>**Total**<br>**£**<br>**£**|
||250<br>563<br>-<br>210|
||250<br>773|



All of the income in the table above was included in unrestricted funds. 

30 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **d.     Investment income** 

|**d.     Investment income**|||
|---|---|---|
||**2022**|**2021**|
|Rent and charges from commercial tenants at|**Total**<br>**£**|**Total**<br>**£**|
|investment property (Sherrington Mews)|385,066|330,748|
|Dividend and interest income from other investments|18,242|23,783|
|**Total investment income**|403,308|354,531|



All of the income in the table above was included in unrestricted funds. 

## **e.     Other income** 

|**e.     Other income**||
|---|---|
|Ground rents from non-investment freehold property<br>let on long leases<br>**Total other income**|**2022**<br>**Total**<br>**2021**<br>**Total**<br>**£**<br>**£**|
||25,000<br>25,000|
||25,000<br>25,000|



All of the income in the table above was included in unrestricted funds. 

## **3 Expenditure** 

|**Raising Funds**<br>Raising donations and legacies<br>Other trading activities<br>Investment management<br>Sub-total: costs of raising funds<br>**Charitable activities**<br>Advice and Support / Resource Centre<br>Recovery and Progression<br>Trainee Schemes, Food & Garden<br>Providence Row Bakery<br>Non-investment properties let in furtherance of<br>charitable purposes<br>Sub-total: costs of charitable activities<br>**Total expenditure**|**Direct**<br>**costs**<br>**Support**<br>**Costs**<br>**2022**<br>**Total**<br>**Direct**<br>**costs**<br>**Support**<br>**Costs**<br>**2021**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
|||
||321,176<br>181,672<br>502,848<br>307,827<br>137,519<br>445,346<br>-<br>-<br>-<br>637<br>285<br>922<br>135,071<br>19,318<br>154,389<br>191,093<br>13,566<br>204,659|
||456,247<br>200,990<br>657,237<br>499,557<br>151,370<br>650,927|
||590,914<br>334,246<br>925,160<br>648,326<br>289,633<br>937,959<br>233,194<br>131,907<br>365,101<br>257,629<br>115,094<br>372,723<br>229,494<br>129,811<br>359,305<br>216,464<br>96,703<br>313,167<br>544<br>309<br>853<br>1,608<br>719<br>2,327<br>605<br>85<br>690<br>48,364<br>5,366<br>53,730|
||1,054,751<br>596,358<br>1,651,109<br>1,172,391<br>507,515<br>1,679,906|
||1,510,998<br>797,348<br>2,308,346<br>1,671,948<br>658,885<br>2,330,833|



31 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2020 

## **Support Costs** 

Support costs can be analysed as follows: 

|**Raising Funds**<br>Raising donations and legacies<br>Other trading activities<br>Investment management<br>Sub-total: costs of raising funds<br>**Charitable activities**<br>Advice and Support / Resource Centre<br>Recovery and Progression<br>Trainee Schemes, Food & Garden<br>Providence Row Bakery<br>Non-investment properties let in futherance of<br>charitable purposes<br>Sub-total: costs of charitable activities<br>**Total expenditure**|**Governance**<br>**Finance**<br>**HR / Office**<br>**Admin**<br>**IT /**<br>**Telecoms**<br>**Property**<br>**(Own Use)**<br>**Other**<br>**Central**<br>**Depreciation**<br>**2022**<br>**Total**<br>**2021**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
|||
||19,334<br>17,462<br>9,024<br>9,137<br>50,621<br>43,615<br>32,479<br>181,672<br>137,519<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>285<br>8,131<br>7,344<br>-<br>3,843<br>-<br>-<br>-<br>19,318<br>13,566|
||27,465<br>24,806<br>9,024<br>12,980<br>50,621<br>43,615<br>32,479<br>200,990<br>151,370|
||35,571<br>32,127<br>16,603<br>16,810<br>93,134<br>80,245<br>59,756<br>334,246<br>289,633<br>14,038<br>12,679<br>6,552<br>6,634<br>36,754<br>31,668<br>23,582<br>131,907<br>115,094<br>13,815<br>12,477<br>6,448<br>6,529<br>36,170<br>31,168<br>23,204<br>129,811<br>96,703<br>33<br>30<br>15<br>16<br>86<br>74<br>55<br>309<br>719<br>36<br>32<br>-<br>17<br>-<br>-<br>-<br>85<br>5,366|
||63,493<br>57,345<br>29,618<br>30,006<br>166,144<br>143,155<br>106,597<br>596,358<br>507,515|
|||
||90,958<br>82,151<br>38,642<br>42,986<br>216,765<br>186,770<br>139,076<br>797,348<br>658,885|



Support costs are allocated to the different activities of the charity based on the proportion of direct costs attributable to the relevant activities, as follows: 

- Governance, Finance, IT/Telecoms: split between all activities of the charity in proportion to direct costs of the activities; 

- HR/Office Administration costs, Property (Own Use), Other Central costs: split between all activities of the charity except for investment management and non-investment property let to tenants, in proportion to direct costs; 

- Depreciation charges: buildings depreciation charges are allocated to ‘non-investment properties let in furtherance of charitable purposes’ in relation to the physical share of the Dellow Centre let to relevant tenants; the remainder of buildings depreciation and depreciation of other tangible fixed assets is allocated to the activities of the charity (except investment management) in proportion to direct costs. 

32 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **4 Staff Cost and Employee Benefits** 

|Wages and salaries (inc accrual for unpaid annual leave)<br>Employers National Insurance contributions (social security costs)<br>Employer's contribution to defined contribution pension schemes<br>Agency staff (including agency fees)<br>Insurance premiums: group life assurance and employee personal accident<br>Termination payments and related fees<br>**Total**|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||1,233,283<br>1,093,481<br>124,797<br>112,425<br>25,942<br>25,246<br>65,681<br>207,672<br>4,275<br>4,369<br>-<br>11,134|
||1,453,978<br>1,454,327|



No member of the Board of Trustees was paid any remuneration or received any other benefits for their services as a trustee or from an employment with the charity or a related entity during the year (2021: none). No Trustee received reimbursement of expenses incurred for services provided to the charity during the year (2021: none). Details of transactions with connected parties of trustees are disclosed in Note 20. 

During the year there were two employees whose total employee benefits fell within the banding £60,000 to £69,999 (2021: one). During the year there was no employee whose total employee benefits fell within the banding £70,000 to £79,999 (2021: one). During the year there was one employee whose total employee benefits fell within the banding £80,000 to £89,999 (2021: none). Employer payments in the year to a defined contribution pension scheme in respect of these employees totalled £3,963 (2020: £1,751). 

The key management personnel of the charity consists of the Trustees the Chief Executive and the Leadership Team. Total employee benefits received by the charity’s key management personnel (excluding trustees) during the year were £271,812 (2021: £264,526). 

## **5 Staff Numbers** 

The average monthly head count (number of staff employed) in the twelve month period ending 31 March 2022, analysed between full-time and part-time staff, was: 

|nalysed between full-time and part-time staff, was:||
|---|---|
|Full-time staff<br>Part-time staff<br>**Total Average Head Count**|**2022**<br>**2021**|
||29.7<br>25.0<br>7.6<br>7.3|
||37.3<br>32.3|



The average monthly number of full-time equivalent employees in the twelve month period ending 31 March 2022, analysed by activity, was: 

|**Activity**<br>Fundraising, communications, marketing<br>Charitable activities<br>Support, central, investment management<br>**Total Average Head Count**|**2022**<br>**2021**|
|---|---|
||3.8<br>4.1<br>23.1<br>19.6<br>7.7<br>6.1|
||34.6<br>29.8|



33 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **6 Amounts Payable to the Auditors** 

|Audit fee:<br>Current Year<br>Prior Year (overprovision)<br>Non-audit services<br>**Total**|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||13,500<br>13,500<br>-<br>956<br>2,900<br>-|
||16,400<br>14,456|



No other services were provided by the auditors during the year (2021: none). 

## **7 Tangible Fixed Assets** 

|**Cost or 'Fair Value' on incorporation**<br>Balance at 31 March 2021<br>Additions<br>Balance at 31 March 2022<br>**Accumulated Depreciation**<br>Balance at 31 March 2021<br>Charge for the year<br>Balance at 31 March 2022<br>**Net book value**<br>At 31 March 2022<br>At 31 March 2021|**Freehold**<br>**land and**<br>**buildings in**<br>**use**<br>**Freehold**<br>**properties**<br>**let on long**<br>**leases**<br>**Office**<br>**furniture**<br>**and**<br>**equipment**<br>**Computer**<br>**equipment**<br>**Plant and**<br>**mechanical**<br>**equipment**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||5,564,766<br>300,000<br>145,501<br>117,955<br>300,298<br>6,428,520<br>-<br>-<br>1,271<br>-<br>-<br>1,271|
||5,564,766<br>300,000<br>146,772<br>117,955<br>300,298<br>6,429,791<br>703,352<br>21,429<br>80,261<br>68,982<br>116,235<br>990,259<br>75,239<br>2,143<br>8,363<br>23,302<br>30,029<br>139,076|
||778,591<br>23,572<br>88,624<br>92,284<br>146,264<br>1,129,335|
||4,786,175<br>276,428<br>58,148<br>25,671<br>154,034<br>5,300,456|
||4,861,414<br>278,571<br>65,240<br>48,973<br>184,063<br>5,438,261|



‘Freehold land and buildings in use’ at 31 March 2022 includes £2,000,000 of land that is not depreciated (2021: £2,000,000). 

34 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **8 Investment Property** 

|Balance at beginning of the year<br>Unrealised (loss) on revaluation<br>**Balance at end of the year**|**2022**<br>**Cost**<br>**2022**<br>**Fair Value**<br>**2021**<br>**Cost**<br>**2021**<br>**Fair Value**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||1,556,353<br>4,450,000<br>1,556,353<br>4,450,000<br>-<br>(270,000)<br>-<br>-|
||1,556,353<br>4,180,000<br>1,556,353<br>4,450,000|



The charity’s investment property carried at a value of £4,450,000 as at 31 March 2021. In October 2022 the investment property was valued as at 31 March 2022 at £4,180,000. The property has been revalued by an independent valuer, BNP Paribas Real Estate Advisory & Property Management UK Ltd, a professional firm of Chartered Surveyors external to Providence Row with extensive experience in the location and class of property being valued. The independent valuer’s report was prepared in accordance with the Royal Institute of Chartered Surveyors’ ‘RICS Valuation – Global Standards 2021, effective 31st January 2022, the International Valuation Standards and the UK National Supplement 2018, effective 14th January 2019. The valuation was based primarily on the comparable method of valuation having regard to the capital value rates per square foot achieved for similar recent transactions in the area. Appropriate adjustments were made to reflect the strength of location, tenant covenant, prospects for alternative uses, specification and size of the property in relation to comparable evidence. The valuation was checked for reasonableness by capitalising rental income from existing tenants and prospective rental income in relation to vacant units at appropriate net equivalent yield rates. 

## **9 Other investments** 

|**Unitised investments held within Endowment fund**<br>Balance at beginning of the year<br>Less: Disposals<br>Add: Acquisitions<br>Net gains on revaluation<br>**Balance at end of the year**<br>**Cash deposits at end of the year**<br>Notice deposits (3 months or less)<br>Cash held in Endowment fund (capital account)<br>**Total cash deposits at end of the year**<br>**Total other investments at end of the year**|**2022**<br>**Cost**<br>**2022**<br>**Market Value**<br>**2021**<br>**Cost**<br>**2021**<br>**Market Value**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||734,510<br>825,203<br>619,592<br>668,973<br>(145,799)<br>(145,033)<br>(274,893)<br>(396,999)<br>141,094<br>141,094<br>389,811<br>389,811<br>-<br>38,114<br>-<br>163,418|
||729,805<br>859,378<br>734,510<br>825,203|
|||
||543,948<br>543,948<br>544,258<br>544,258<br>21,287<br>21,287<br>17,349<br>17,349|
||565,235<br>565,235<br>561,607<br>561,607|
||1,295,040<br>1,424,613<br>1,296,117<br>1,386,810|



35 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **10 Debtors** 

|**Long term debtors (receivable after more than one year)**<br>Rent deposits held by agents<br>**Short term debtors**<br>Trade debtors<br>Rent deposits held by agents<br>Service Charge deposits held by agents<br>Other debtors (legacies)<br>Prepayments<br>Accrued income<br>Staff loans<br>**Total Debtors**|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||10,384<br>10,384<br>116,959<br>84,493<br>123,504<br>63,800<br>106,309<br>77,246<br>-<br>105,000<br>32,163<br>23,230<br>-<br>17,351<br>1,937<br>67|
||391,256<br>381,571|



## **11 Creditors: Amounts Falling Due Within One Year** 

|Trade creditors<br>Tax and social security<br>Rent deposits held from commercial tenants<br>Grant payments received on account<br>Holiday pay accrual<br>Other accruals<br>Deferred income<br>**Total**|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||22,108<br>101,723<br>35,779<br>28,862<br>11,097<br>14,354<br>164,405<br>38,021<br>40,210<br>43,044<br>23,519<br>21,354<br>130,554<br>358,298|
||427,672<br>605,656|



## **12 Creditors: Amounts Falling Due After More Than One Year** 

|Bank loan<br>Rent deposits held from commercial tenants<br>**Total**|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||1,000,000<br>-<br>10,384<br>10,384|
||1,010,384<br>10,384|



36 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **13 Loan** 

|Amounts falling due within 1 year<br>Amounts falling due within 1-2 years<br>Amounts falling due within 2-5 years<br>**Total**|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||-<br>-<br>-<br>-<br>1,000,000<br>-|
||1,000,000<br>-|



The charity took a 5 year loan from Handelsbanken. The loan can be repaid at any time in full or instalments and it must be repaid before September 2026. The loan interest rate is 2% above the sterling base lending of the Bank. The base rate was 1%, increasing to 1.5% on 27th May 2022. During the year the interest paid was £14,877 (2021: £nil). 

## **14 Deferred Income** 

|Balance brought forward at 31 March 2021<br>Amounts deferred<br>Amounts released<br>Balance carried forward at 31 March 2022|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||358,298<br>179,466<br>431,433<br>1,300,446<br>(659,177)<br>(1,121,614)|
||130,554<br>358,298|



## **15 Operating Leases** 

The table below sets out the future minimum lease payments under non-cancellable operating leases for the periods shown: 

|Office Equipment<br>Within one year<br>In one to two years|**2022**<br>**2021**<br>**£**<br>**£**|
|---|---|
||13,086<br>6,547<br>21,427<br>18,832|
||34,513<br>25,379|



Lease payments made during the year amounted to £27,555 (2021: £13,547). 

37 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **16 Endowment Fund** 

|||**Investment**|**Unrealised**||
|---|---|---|---|---|
||**Balance 1**|**managem't**|**gains on**|**Balance 31**|
||**April 2021**|**fees charged**|**investments**|**March 2022**|
||**£**|**£**|**£**|**£**|
|**Permanent Endowments**|||||
|Endowment fund|811,666|(9,443)|38,114|840,337|



The Endowment fund represents investments, the capital of which forms the permanent endowment of the charity; only the income from the investments is available to be used for general charitable purposes (as an addition to unrestricted funds). Income of £18,158 (2021: £22,822) was received during the year. 

## **17 Restricted Income Funds** 

||**Balances**<br>**1 April 2021**<br>**Income Expenditure**<br>**Balances**<br>**31 March**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||2,240,000<br>-<br>(56,000)<br>2,184,000<br>1,428<br>87,300<br>(86,586)<br>2,142<br>-<br>57,575<br>(57,575)<br>-<br>-<br>5,000<br>(5,000)<br>-<br>-<br>1,000<br>(1,000)<br>-<br>-<br>5,000<br>(5,000)<br>-<br>712<br>-<br>(712)<br>-<br>20,000<br>-<br>(20,000)<br>-<br>-<br>1,000<br>(1,000)<br>-<br>-<br>10,000<br>(10,000)<br>-<br>-<br>7,216<br>(5,023)<br>2,193<br>-<br>5,000<br>(5,000)<br>-<br>-<br>17,500<br>(17,500)<br>-<br>-<br>2,000<br>(2,000)<br>-<br>-<br>20,000<br>(20,000)<br>-<br>-<br>500<br>(500)<br>-<br>-<br>16,000<br>(16,000)<br>-<br>-<br>600<br>(600)<br>-<br>-<br>9,838<br>(9,838)<br>-<br>10,024<br>-<br>(10,024)<br>-<br>1,350<br>-<br>(1,350)<br>-<br>4,000<br>-<br>(4,000)<br>-<br>6,480<br>-<br>(6,480)<br>-<br>-<br>1,200<br>(1,200)<br>-<br>-<br>10,000<br>(10,000)<br>-|
|**Tangible fixed asset fund: Restricted**<br>**Advice & Support**<br>Marie Celeste Samaritan Society: Hospital Discharge Project<br>**Learning Programme**<br>Big Lottery Fund<br>TGF-Catering TS (Worshipful Company of Fan Makers)<br>**Other Activities**<br>CRF Other<br>The Horners' Company £5k<br>MCSS - R2R Hardship and Personalisation Fund<br>Society of the Holly Chilld Jesus<br>The Prison Opticians Trust<br>Psychotherapy Outreach Fund<br>Morrisons Gardening<br>Unum - Gardening<br>The Aldgate Business Partnership Ltd  - Welcome Area<br>City of London Justice Rooms Charitable Trust - Employ & Progr<br>Sisters of the Holy Cross Charitable Trust - Welcome area<br>Groundworks Uk - Food programme<br>Julia and Hans Rausing  - Core costs<br>Henhurst Charitable Trust- Catering<br>Vanguard Foundation - funding for Routes to Roots<br>**Training & Employment**<br>Streetsmart<br>City Bridge Trust<br>Souter Charitable Trust<br>East End Community Foundation<br>TGF-Gardening TS (Charlotte Marshall Charitable Trust)<br>TGF-Employability & Progression (Worshipful Co of Drapers)<br>**Total Restricted Income Funds**||
||2,283,994<br>256,729<br>(352,388)<br>2,188,335|



38 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **18 Unrestricted Funds** 


The balances on the unrestricted reserves are made up as follows: 

## **Tangible fixed asset fund: Unrestricted** 

This fund represents the carrying value of the charity’s tangible fixed assets whose original acquisition or costs of construction were financed by unrestricted funds (or where the terms of a restricted grant or donation have been met once the asset has been acquired and the Trustees have accordingly transferred the corresponding amount from restricted funds). This includes part of the carrying value of freehold properties at the charity’s main Gunthorpe Street/Wentworth Street site (the Dellow Centre complex) and the Activity Centre at the same site. 

## **Fixed asset fund: Investment Property / Revaluation reserve: Investment Property** 

These two funds together represent the fair value of the charity’s investment property, Sherrington Mews (formerly known as the Gunthorpe Street Workshops). 

In accordance with regulations made under the Companies Act 2006 and the requirements of Charities SORP (FRS 102), a separate revaluation reserve is disclosed in relation to revaluation gains on the property, i.e. the difference between (i) the cost of the property when first recognised plus the value of capitalised additions at cost and (ii) the assessed fair value of the property at the end of the reporting period. 

## **Cyclical maintenance and repairs fund** 

The Trustees have determined that there should be sufficient funds available in the future for major capital repairs to the charity’s buildings and planned maintenance and replacement of associated plant and equipment, as well as to provide a contingency reserve for potential major risks such as mechanical breakdown or structural defects impacting on property, plant and equipment. 

The Board increased Cyclical maintenance and repairs fund to £300,000. 

## **Contingency fund: Charity running costs** 

In order to protect the charity against significant unplanned variability in operating cash flow and in particular to prevent disruption of services to beneficiaries in the event of unexpected falls in income levels, the Trustees have set aside a contingency reserve whose value is determined with reference to the following factors: 

- Forecasts for future years’ income and the level of risk and variability attaching to each category of income; 

- The costs of running each of our services and areas of activity, and the degree of commitment or flexibility in relation to each area of expenditure; 

- The potential impact of any sudden reduction in income and the minimum time period over which the charity would aim to be able to finance each of our core services in the absence of new external income; 

39 



**Providence Row -** Helping homeless and vulnerable people since 1860 

Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

- Changes to the level of commercial risks facing the charity following the acquisition of Sherrington Mews in 2014; 

- A contingency for redundancy costs; 

The fund was increased to £800,000 in the year ending 31 March 2021 and remains at the same level in the year ending 31 March 2022. 

## **General funds** 

The General funds together with the Contingency fund (see above) represent the free reserves of the charity, i.e. those unrestricted funds, backed by cash (including cash deposit investments) which have not been designated (or ‘earmarked’) for a specific short or medium term purpose or otherwise as set out in relation to the remaining designated funds in the section above. The general reserve was £nil at the beginning of the year. Due to a surplus in the year, the general fund has a balance at year end of £419,604. 

## **19 Analysis of Net Assets Between Funds** 

|**Endowment Fund**<br>**Restricted income funds**<br>Tangible fixed asset fund: Restricted<br>Other restricted funds<br>**Unrestricted funds**<br>Tangible fixed asset fund: Unrestricted<br>Fixed asset fund: Investment Property<br>Revaluation fund: Investment Property<br>Cyclical maintenance and repairs<br>Contingency fund<br>General funds|**Tangible**<br>**fixed**<br>**assets**<br>**Investment**<br>**property**<br>**Other**<br>**investments**<br>**Current**<br>**assets less**<br>**total**<br>**liabilities**<br>**Total**<br>**31 March**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
||-<br>-<br>840,337<br>840,337<br>2,184,000<br>-<br>-<br>-<br>2,184,000<br>-<br>-<br>-<br>4,335<br>4,335<br>3,116,456<br>-<br>-<br>-<br>3,116,456<br>-<br>1,556,597<br>-<br>-<br>1,556,597<br>-<br>2,623,403<br>-<br>-<br>2,623,403<br>-<br>-<br>300,000<br>-<br>300,000<br>-<br>-<br>284,276<br>515,724<br>800,000<br>-<br>-<br>419,604<br>419,604|
||5,300,456<br>4,180,000<br>1,424,613<br>939,663<br>11,844,732|



## **20 Related Party Transactions** 

During the year the charity received donations from Trustees and related parties (including the Institute of Our Lady of Mercy and Mercy Union Generalate) totalling £14,225 (2021: £7,000). When Providence Row was founded in 1860, it was to the Sisters of Mercy of the Union of Great Britain and the Institute of Our Lady of Mercy that the founder turned to run the operation.  Since incorporation in 2011 the Union and the Institute have the right to appoint one trustee each to the Board of Trustees. 

Cluttons LLP have been appointed as advisors for the refurbishment of the Day Centre and the development of a buildings strategy.  One of our Trustees is employed by Cluttons LLP. To ensure there was no conflict of interest an assessment panel was appointed to oversee the procurement process including interviews of all shortlisted contractors.  The panel included a buildings specialist who is external to Providence Row.  The project has been overseen by the CEO with progress reports regularly being presented to the full Board of Trustees. 

40 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **21 Trusts and Foundations’ income breakdown** 


**----- Start of picture text -----**<br>
Funder name Amount<br>Julia and Hans Rausing     16,000<br>CHK Foundation     10,000<br>The Worshipful Company of Fan Makers     10,000<br>Feltmakers' Charitable Foundation        3,000<br>Leathersellers' Company Charitable Fund     15,000<br>Salters' Charitable Foundation        5,000<br>Horners' Charity Fund         5,000<br>29th May 1961 Charitable Trust        6,000<br>Marie Celeste Samaritan Society     87,330<br>The National Lottery Community Fund     57,575<br>Derwent London plc        2,000<br>Mitchell City of London Charity        2,500<br>Drapers’ Charitable Fund     10,000<br>City of London Justice Rooms Charitable Trust        2,000<br>Wheelwrights Charity           491<br>City Bridge Trust, Oak Foundation and Homeless Link          25,000<br>Oliver Stanley Charitable Trust        2,000<br>Sir Harold Hood's Charitable Trust         5,000<br>The Court of Aldermen’s Livery Cloth Grant         1,700<br>Forrester Family Trust        5,000<br>The Worshipful Company of Plumbers        1,050<br>William Arthur Rudd Memorial Trust        2,000<br>The Albert Hunt Trust        5,000<br>Henhurst Charitable Trust           600<br>Sir Halley Stewart Trust           500<br>Gowling WLG (UK) Charitable Trust           500<br>Cuckoo Hill Trust        1,000<br>East End Community Foundation         6,480<br>**----- End of picture text -----**<br>


We would like to thank the numerous other smaller Charitable Trusts and Foundations that have very kindly supported our work over the 2021/22 financial year. Your support is also incredibly appreciated. 

41 



**Providence Row -** Helping homeless and vulnerable people since 1860 Trustees’ Annual Report and Financial Statements for the Year Ended 31 March 2022 

## **22 2021 comparative SOFA** 

## **Statement of Financial Activities for the year ended 31 March 2021 (incororating an income and expenditure account)** 

|**Notes**<br>Donations<br>Legacies<br>Sub-total: Donations and legacies<br>2a<br>Charitable activities<br>2b<br>Other trading activities<br>2c<br>Investments<br>2d<br>Other<br>2e<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Raising donations and legacies<br>Other trading activities<br>Investment management<br>Sub-total: Raising funds<br>Charitable activities<br>Advice and Support / Resource Centre<br>Recovery and Progression<br>E&T: Trainee Schemes, Food & Garden<br>E&T: Providence Row Bakery<br>Property let for charitable purposes<br>Sub-total: Charitable activities<br>**Total expenditure**<br>3<br>**Net income (expenditure) before net gains /**<br>**(losses) on investments**<br>**Net (losses) / gains on investments**<br>Unrealised losses on investment property<br>8<br>Net (losses) / gains on other investments<br>9, 15<br>**Net income/(expenditure)**<br>**Net movement in funds**<br>**Reconciliation of funds**<br>Total funds brought forward (as previously<br>stated)<br>Prior year adjustment<br>20<br>Total funds brought forward - restated<br>**Total funds carried forward**|**Unrestricted Funds**<br>**Restricted**<br>**Funds**<br>**Endowment**<br>**Fund**<br>**Total Funds 2021**<br>**£**<br>**£**<br>**£**<br>**£**|
|---|---|
|||
||537,133<br>36,944<br>-<br>**574,077**<br>140,765<br>-<br>-<br>**140,765**|
||677,898<br>36,944<br>-<br>**714,842**<br>1,195,472<br>382,317<br>-<br>**1,577,789**<br>773<br>-<br>-<br>**773**<br>354,531<br>-<br>-<br>**354,531**<br>25,000<br>-<br>-<br>**25,000**|
||2,253,674<br>419,261<br>-<br>**2,672,935**|
|||
||(409,899)<br>(35,447)<br>-<br>**(445,346)**<br>(849)<br>(73)<br>-<br>**(922)**<br>(192,454)<br>(4,132)<br>(8,073)<br>**(204,659)**|
||(603,202)<br>(39,652)<br>(8,073)<br>**(650,927)**|
||(670,609)<br>(267,350)<br>-<br>**(937,959)**<br>(254,262)<br>(118,461)<br>-<br>**(372,723)**<br>(148,458)<br>(164,709)<br>-<br>**(313,167)**<br>(2,142)<br>(185)<br>-<br>**(2,327)**<br>(52,096)<br>(1,634)<br>-<br>**(53,730)**|
||(1,127,566)<br>(552,340)<br>-<br>**(1,679,906)**|
||(1,730,768)<br>(591,992)<br>(8,073)<br>**(2,330,833)**|
||522,906<br>(172,731)<br>(8,073)<br>**342,102**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>163,418<br>**163,418**|
||522,906<br>(172,731)<br>155,345<br>**505,520**|
||522,906<br>(172,731)<br>155,345<br>**505,520**|
||8,117,191<br>2,613,075<br>656,321<br>11,386,587<br>156,350<br>(156,350)<br>-<br>-|
||8,273,541<br>2,456,725<br>656,321<br>**11,386,587**|
||8,796,447<br>2,283,994<br>811,666<br>**11,892,107**|



42