DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
REGISTERED COMPANY NUMBER: 07563118 (England and Wales) REGISTERED CHARITY NUMBER: 1143375
THE BLACK PRINCE TRUST (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Cox Costello & Horne Chartered Accountants and Tax Advisors 26 Main Avenue Moor Park HA6 2HJ
DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 9 |
| Statement of Trustees' Responsibilities | 10 | ||
| Independent Examiner's Report | 11 | ||
| Statement of Financial Activities | 12 | ||
| Balance Sheet | 13 | ||
| Cash Flow Statement | 14 | ||
| Notes to the Financial Statements | 15 | to | 24 |
DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021
| TRUSTEES | J H Bellis |
|---|---|
| J A Mosley | |
| C Christou | |
| J Boyson | |
| I G Macfarlane | |
| C P Oliver | |
| L Martin | |
| I Menabde (resigned 1.4.20) | |
| T A Russell (resigned 1.4.20) | |
| L C Trusty Director (resigned 1.4.20) | |
| C W Wong (resigned 1.4.20) | |
| Each Trustee shall serve for a maximum term of nine years from the date of first appointment and must take a break from office and may not be reappointed | |
| until the anniversary of the commencement of his or her break from office.The Trustees' resignations above were linked to the demerger with FFC, as | |
| explained in the report. | |
| COMPANY SECRETARY | V L De Waal |
| REGISTERED OFFICE | 5 Beaufoy Walk |
| Off Black Prince Road | |
| Kennington | |
| London | |
| SE11 6AA | |
| REGISTERED COMPANY NUMBER | 07563118 (England and Wales) |
| REGISTERED CHARITY NUMBER | 1143375 |
| INDEPENDENT EXAMINER | Cox Costello & Horne |
| Chartered Accountants and Tax Advisors | |
| 26 Main Avenue | |
| Moor Park | |
| HA6 2HJ | |
| BANKER | Lloyds Bank Plc |
| 2nd Floor | |
| 39 Threadneedle Street | |
| London | |
| EC2R 8AU | |
| WEBSITE | www.blackprincetrust.org.uk |
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DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The purpose of this document is to report on the charity's activities during the reporting period in order to meet its legal responsibilities as both a charity and a company limited by guarantee, and to demonstrate how the charity works toward achieving its objectives and aims.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust's principal objectives as set out in the Articles and Memorandum of Association are as follows:
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1) To promote primarily for the benefit of the inhabitants of Greater London the provision of facilities in the interests of social welfare for recreation or other leisure time occupation with the object of improving the life of such persons;
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2) To develop the capacity and skills of the members of socially and economically disadvantaged communities, with a focus on inhabitants of Greater London who are unemployed, vulnerably housed, on low incomes and/or at risk of social exclusion, so that they are better able to identify, and help meet, their needs and participate more fully in society;
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3) To advance the education of the public including, without limitation, in the subjects of health, sports and physical recreation, sports coaching and leadership and for the benefit of the public to promote learning amongst and develop the employability skills of people who are unemployed or on low incomes;
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4) To promote for the benefit of the public urban regeneration in the area in Lambeth bounded by Lambeth Road, Kennington Road, Kennington Lane and the River Thames, by all or any of the following means:
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A) The maintenance, improvement or provision of public amenities; B) The provision of recreational facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances, have need of such facilities;
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C) The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experience; and
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D) The creation of training and employment opportunities by the provision of workspace, buildings and or land for use on favourable terms.
Significant activities
Facilities
On 13th October 2011 the Trust completed a Head Lease with the London Borough of Lambeth (LBL) for a period of 125 years on around 2.2 acres of land and sports facilities at the former Lilian Baylis secondary school in Kennington, Lambeth, London SE11 6AA. The site is now known as The Black Prince Community Hub (the 'Hub'), 5 Beaufoy Walk, Lambeth, London SE11 6AA.
The sports facilities at the Black Prince Community Hub include a 7-a-side football pitch, two five-a-side football pitches, two multisport (netball/tennis courts/five-a-side football pitches), athletics facilities and the Sports Hall with two basketball courts (the Regal and Jordan Courts), a boxing gym/studio and a fitness gym. The facilities also include numerous changing facilities including disabled changing, an outdoor 'Trim Trail' and an outside exercise area / community garden. The Hub also has an administration building housing office space, meeting rooms, reception areas for tenants and a café. There is also a dedicated training and education room at the Hub ('The Space') which helps BPT and partners deliver interventions.
The Head Lease from LBL operates on the basis of a peppercorn rent but is subject to the Community Service Agreement which requires the delivery of community driven outputs agreed with LBL. All the facilities are let out to user groups and individuals with an agreed scale of charges for commercial use and for community use. Free to user community programmes are organised and funded by BPT and its community partners who operate at the Hub.
Social Outcomes
The Trust has designated 5 separate social outcome strands across which BPT and its partners at the Hub aim to deliver social impact:
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Inclusion
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Health and Wellbeing
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Education, Training and Lifelong Learning
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Equality and Diversity
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Participation
The Trust subscribes to the market leading Measurement and Evaluation system (Upshot) to collate, monitor and evaluate the social outcomes delivered across the Hub.
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
Public benefit
The objectives and activities, and achievement and performance sections of this report set out the activities that the Trust undertakes for the public benefit.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Trust.
Access to activities or services are offered at highly discounted rates or free of charge in relation to community use, however the Trust charges commercial rates for private organisations to help cross subsidises the Trust's community activities.
A number of private benefits do necessarily arise from the activities of the Trust. In particular, the Trust finds it essential to employ and remunerate staff. Individual members of the Trust will benefit in the widest sense from the activities they undertake. Private benefits are purely incidental as they are a necessary by-product of carrying out the Trust's aims.
Grantmaking
The Trust is not a grantmaking charity but may act as intermediary between grantmaking organisations and the individuals who benefit from the grants.
Volunteers
Volunteers help out at many of the Trust's activities. Many of the Trust's participants have continued to become volunteers at sessions, which in turn give them valuable experience. Trust volunteers make a vital contribution to the Trust, enabling the Trust to provide many more activities than the Trust could otherwise do.
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT
Achievement and performance
Charitable and fundraising activities
Concurrently to the Trust entering into the Head Lease with LBL the Trust also entered into a Community Service Agreement (CSA) with LBL outlining the social impacts the Trust would agree to deliver. The CSA outcomes are reported quarterly.
The Trust receives no direct or indirect funding from Lambeth and the Head Lease operates on the basis that the Trust and the operation of the Hub is self-funding via income generated from the Hub. This funding is intended to be primarily from office space and facility rental but also third-party funding in the form of grants and donations.
The Trust currently has a 25-year lease with Powerleague Fives Limited (PL) granting PL with the demise over the outside sports facilities, changing rooms and office/reception space at the Hub in return for a fixed rental payment.
The remainder of the Hub is managed by the Trust and a summary of the activities is as follows:
Administration Building
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Office space and reception area rented to the Watmos Housing Association (on behalf of Ethelred Tenant Management Organisation (ETMO)) under a lease agreement until 31/3/21 (at which time ETMO will vacate the office space)
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Office space rented to Centrepoint Sports under a lease agreement which was terminated by the tenant on 30/6/20 - tenant moved to desk space agreement which terminated on 31/3/21
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Office space rented to 3 Pillars under an operational licence which was terminated by the tenant on 01/04/20 - tenant moved to single desk rental from 01/08/20
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Desk space rented to Streetgames (expires 31/7/21)
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Desk space rented to Fight 4 Change under a 12-month operational licence
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Café space rented to Brixton Peoples Kitchen under a 12-month concession licence (on a discounted basis)
Sports Hall
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Two basketball courts (managed by the Trust)
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Boxing gym / studio (managed by the Trust)
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Training and Development area (managed by the Trust)
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Gym - operated by the Foundry Limited under a 12-month operational licence
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Male and female changing areas (communal)
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Disabled changing room / toilet (communal)
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Outdoor Trim Trail / exercise area / community garden (communal)
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Car park (managed by the Trust - 10 spaces rented out to third party parking contractor)
While the above provides the Trust with an income stream the costs of running the Hub remain considerable with the significant cost categories being:
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Salaried staff
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Coaches, sessional staff, contractors
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Site insurance
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Site services (waste disposal, pest control, CCTV, external lighting etc)
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Business Rates
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Utilities
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Repair, maintenance, and upkeep of facilities
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VAT
Financial review Financial position Financial position as at 31 March 2021
The surplus / (deficit) for the reporting year was £175,026 (2020 - £52,852 ).
Incoming resources were £541,603 (2020 - £508,091).
Outgoing resources were £366,577 (2020 - £455,239).
Net current assets were £263,577 (2020 - £61,460).
Investment policy and objectives
Under the Articles of Association, the Trust has the power to invest monies which are not immediately required for its purposes, in or upon such investments or property as may be thought fit. At the present time the Trustees' policy is to maintain all such monies in liquid cash form. The Trustees consider that this is the most appropriate form of investment in the current climate.
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT Financial review
Reserves Policy
It is always difficult to plan or develop services within a charitable organisation, with its constant need to find funding and in an atmosphere of insecurity of long-term funding agreements. The Trust's reserves policy is set to ensure our work is protected from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring we do not retain income for longer than required.
Purpose
The following reserves policy exists in line with guidance issued by the Charity Commission, and to enable the Trust's management to appropriately designate funds from its unrestricted reserves in order to:
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1) Fund specific projects on short notice or for which no funding can be raised which further the Trust's charitable aims as stated in its governing document;
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2) Cover administration and support costs without which the Trust could not function;
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3) Protect against risks and unforeseen expenditures which may arise and which are beyond the Trust's control and cannot be met from existing income and are inline with its stated objectives;
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4) Ensure the viability of the Trust beyond the immediate future and to provide reliable and on-going services over the longer term; and
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5) Maintain the condition of the Trust's Hub's facilities.
Procedures
The Trust's management may designate unrestricted reserves money to cover the Trust's financial responsibility as follows:
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Contingency reserves - to enable the Trust to function by meeting contractual obligations in respect of staff salaries, running and legal costs and client service provision - should represent at minimum three months and at maximum five months charitable operating costs (as calculated on the basis of its annual expenditure);
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Should these reserves fall below the calculated minimum, the Trust's management will take reasonable steps to raise and designate additional unrestricted funds against the deficit;
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Should these reserves exceed the calculated maximum, the Trust's management will arrange for expenditure of the surplus during the current or following financial year, in line with the Trust's charitable aims;
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No more than 20% of annual income shall be allocated to unrestricted reserves unless agreed otherwise by the Trustees;
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No more than £20,000 from the reserves shall be expended or accumulated in any one financial year unless otherwise agreed by the Trustees;
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The level of reserves will be reviewed quarterly by the Trust's management;
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The policy will be reviewed annually by the Trust's management and specific minimum and maximum reserve levels will be set in the Trust's current and following financial year projections; and
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This policy is to be included in the Trust's annual financial statements (herein).
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT
Financial and risk management objectives and policies
Financial Stability
The Powerleague contract provides the Trust with a long term and reliable income stream under a long-term (25 year) lease arrangement agreed in 2015. With other income streams from office rental, facility rental and a control of costs the Trust should be in a viable position to cover all the key operating costs. The Trustees intend for any operating financial surplus to be re-invested to help achieve the original aims and objectives of the Trust.
The Trustees continue to look for further partnerships and investment and will look toward organisations like London Sport, Sport England, Nike, the GLA and the London Marathon Charitable Trust for potential capital and revenue investment. The Trust is also exploring opportunities to engage with other potential partners interested in and able to assist in developing the financial and operational sustainability of the Trust.
The Trustees are aware of the long-term financial liabilities of the Trust and expect that once operational and financial stability have been reached in the medium term then these liabilities can be addressed over time.
Operational Stability
The Trust remains in a position where it has successfully consolidated relationships with the key partners at the site. The relationship with Powerleague is a strong one and the relationship with ETMO has proven invaluable historically in terms of operating the site, however the Trust has operated independently of ETMO support for a number of years. Finally, relationships with the respective charity delivery partners at the Hub has continued to improve over the past 12 months, despite the challenges presented by the Covid pandemic. The aim of the Trust going forward is to strengthen and build on these relationships while endeavouring to bring new partners to the Hub.
Operational Development / Partnership Model
The Trustees regard the operational model of the Hub of being one where the Trust is the 'umbrella' organisation at the Hub, working with both commercial and charitable partners in tandem to help achieve the overall aims of the Trust. The Trust does not envisage itself as a large-scale employer and wishes to work via partnerships whereby chosen delivery partners will help operate the facilities on an agreed and managed basis.
The key facets of the current operational model are:
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a) To act as an exemplary Landlord to all tenants at the Hub;
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b) To enter into long term agreements with tenants for the administration building to provide income from the office space as well as endeavour to work with tenants who will deliver community benefits at the Hub;
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c) To enter into medium term agreements with tenants for the office space, gym and community café;
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d) To operate the basketball courts, the boxing studio and the training facility to jointly deliver social outcomes and derive an income for the Trust;
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e) To oversee and encourage Community Delivery at the Hub including a dedicated Measurement and Evaluation (M&E) system (Upshot) for all delivery partners and the Trust itself - and to develop a training and development function at the Hub;
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f) To explore new areas of income generation (eg car parking, sponsorship, partnership working, fund raising etc).
Delivery of Social Outcomes
As stipulated above, the Trust delivers social return under the remit of the CSA agreement with Lambeth Council in 2011. The figures are agreed with Lambeth and reported quarterly. Since 2011 the Trust has exceeded all the targets in the CSA agreement.
Since 2015 the Trust has developed its own social outcomes 'strands' to complement the targets within the CSA agreement. These five social impact strands are summarised above and have been designed to work within the partnership model adopted at the Hub. The strands are designed to encapsulate the social outcome strategies of BPT's partners who deliver a wide range of programmes at the Hub. Not all partners will deliver across all the strands, but all partners will typically deliver against at least one of these strands. Likewise, the Trust itself will deliver some social outcome programmes under specific social outcome strands but will not deliver across all of them. Hence a true partnership model has been developed at the Hub.
The Trust acknowledges that social outcome impact measurement and evaluation (M&E) is a key priority at the Hub and to this end has commissioned a market leading M&E system Upshot. Upshot has been designed and developed by the Football Foundation (the UK's largest sports charity) and is used across the sport for development sector as well as by many public and private bodies including housing associations. BPT uses the Upshot system to collate all of the social outcome data at the Hub and is also used by a number of the delivery partners at the Hub.
Impact of the Covid Pandemic
The Trust faced a major test to its operational and financial model from March 2020 with the onset of the Covid pandemic. The first national lockdown in April 2020 resulted in the complete closure of the Hub for BPT and partners resulting in:
- a c.85% reduction in income between March and April 2020
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRATEGIC REPORT
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a number of tenants requesting rent payment holidays or deferrals (including the largest tenant Powerleaguewhose operations were fully curtailed by the lockdown measures)
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a number of office tenants leaving the Hub (or reducing their office space) in the months following the pandemic -this included Centrepoint Sports, Streetgames and 3 Pillars
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zero income to BPT from the Sports Hall facilities
In response to this crisis the Trust reacted as follows:
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reducing staffing costs wherever possible and utilising the HMG furlough scheme
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reducing / deferring payments eg utilities, business rates etc wherever possible
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supporting tenants wherever possible (especially Third Sector tenants)
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focussed resources on fund raising to support the Trust in the short - medium term
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agreed to reverse the recent (January 2020) merger with partner organisation Fight For Change (see comment below)
Trust response to the Covid pandemic - April 2020 - March 2021
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in April 2020 the Trust was approached by Lambeth Council to host the North Lambeth food distribution hub to support food packages to the vulnerable in North Lambeth
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a 3-month period of operation (April-June) was agreed using the two basketball ball courts in the Sports Hall and partnering with Brixton Peoples Kitchen to manage the food distribution operation supported by BPT staff and volunteers
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Lambeth Council agreed financial compensation with BPT in order to support Trust overheads during this period
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- The Trust complemented the food distribution effort by launching programmes around distribution of free feminine hygiene products and nappy/baby product provision for the community - all provided by BPT and partners / volunteers
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The Trust received emergency financial support from a number of partners including City Bridge Trust, Nike and Lambeth Council (business rates support grants etc)
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The Trust agreed to re structure the two existing funded intervention programmes in operation at this time with funders City Bridge Trust (PASIO programme) and GLA (Changing Gears Programme) - this allowed the Trust to re allocate some funding for core costs while re-structuring the invention programmes around the Covid pandemic
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The Trust also received facilities funding from partner London Marathon Charitable Trust
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- The Trust refused to agree to any rent holidays with tenants only rent deferrals - as such all back rent has since been paid (the only exception being Brixton Peoples Kitchen who operated rent free for the majority of this period in a gesture of support by the Trust)
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Where possible and where Government restrictions allowed the Hub re opened for outdoor and restricted indoor (schools, mental health groups etc) activities
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The Trust managed to complete some facilities refurbishment and upgrades during the closure period including a new basketball court in the Regal Court, changing room upgrades, new community areas in the Sports Hall, refurbishment of the Space training and education room etc
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The second lockdown in November 2020 led to the Hub being fully closed again until March 2021 with the resultant impact on income
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As of 31/3/21 the Trust is preparing to reopen to the community in a post Covid structure
De Merger with Fight For Change
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In January 2020 the Trustees of the Trust and partner charity Fight For Change had agreed to a merger of operations to enhance the capabilities of both charities (all previous Trustees from both charities formed a new Board of Trustees at this point)
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Upon the onset of the Covid pandemic all the Trustees agreed unanimously to de merge the charities in order to protect the financial reserves of both charities in particular Fight For Change
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As a result most Fight For Change Trustees resigned from the Trust Board at the time of the de-merger
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Both charities have remained strong operational partners throughout the period since the de-merger
Future plans
The Trustees recognise that the Trust has achieved a stable and sustainable new operational model at the Hub involving Powerleague and the Trust operating the Hub on a joint basis. This model was severely tested in the past 12 months by the Covid pandemic as outlined in this report. The key aims for the Trust in the next financial year are:
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1) Maintain financial and operational stability, with particular regard to the impact of the Covid pandemic; 2) Maintain and improve the physical assets at the Hub; 3) Improve delivery of community outcomes, measured by the Trust's 5 core social impact strands, by: a) maintaining and improving partnerships at the Hub; and b) diversifying and increasing the long-term income stream at the Hub, especially via fund raising.
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4) Measure, evaluate and improve the range of social outcomes delivered at the Hub (including and in addition to those delivered under the CSA);
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5) Develop new strategies that cross the social impact strands, including Health & Well-Being and Education, Training & Lifelong Development:
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6) Enhance relationships with key long-term stakeholders including the local community, LBL, the local NHS/CCG, the Greater London Authority (GLA), London Sport etc; and:
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7) Explore redevelopment opportunities to improve the quality and longevity of the facilities at the Hub.
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Black Prince Trust (the Trust) was established on 14 March 2011 and is governed under its Articles of Association. On 22 June 2011 by special resolution, the original Article 26.5 was deleted and replaced.
Charity status
The Trust was registered as a charity on 15 August 2011. The Trust is a charitable company limited by guarantee, as defined by the Companies Act 2006, and is a registered charitable company with the Charity Commission.
Membership
Membership under the Articles of Association is open to all persons who satisfy the membership requirements. Individual members shall have limited liability. Every individual member of the charitable company undertakes to contribute an amount not exceeding £1 to the assets of the Trust in the event of winding up.
Financial statements
The unaudited financial statements comply with the Charities Statement of Recommended Practice - Accounting and Reporting by Charities FRS 102 effective January 2019, the Charities Act 2011, the Companies Act (2006) and the Charities (Accounts and Reports) Regulations 2008. The Trustees' report and financial statements are submitted to the Charity Commission following approval by the membership at the AGM.
Recruitment and appointment of new trustees
Trustees are appointed under the terms of the Articles of Association. The Trustees consider that having appropriate skills and awareness appropriate to the nature of the work of the Trust is more important than having numerous Trustees. The Trustees actively seek to identify and address gaps in their knowledge and skills in order to ensure the good governance of the Trust.
Organisational structure and decision making
The Trustees believe that the alongside the new operational structure at the Hub that the Trust now has a fit for purpose management and governance structure as below:
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The current staff structure is now adequate in terms of skill set and experience to operate the Hub as envisaged under the new model as described above
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- An improved Board of Trustees with relevant experience as follows: - Financial - Legal
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- Commercial - Development
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- Charity / Sport for Development sectors
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- Delegating specific responsibility to sub-committees (consisting of Trustees) comprising: - Risk & Finance - Community Delivery / M&E
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- Site development
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- The Trust also has an Advisory Board to support the Trust staff on an operational basis as well as assist in strategic development at the Hub. The Advisory Board includes individuals with expertise in legal, HR and financial matters as well as from across the Sport for Development and Charity sectors.
Induction and training of new trustees
The Trustees offer a wide range of skills and experience essential to the good governance of the Trust. New Trustees are invited to take part in an informal induction programme. On an informal basis, new Trustees undergo orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association and decision-making process, meet key persons of the Trust, and become familiar with the business plan and recent financial performance of the Trust. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role and other aspects of the Trust's work. The Trustees review their written procedures in line with all other procedural documents on a regular basis.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Indemnity insurance
Under the terms of the Articles of Association the trustees shall be indemnified out of the assets of the charity against any liability incurred by him/her in defending any proceedings in which judgement is given in their favour. To mitigate any potential costs arising from such proceedings, the charity has obtained the necessary indemnity insurance.
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
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THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 13 October 2021
.................................................................................. J H Bellis - Trustee
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THE BLACK PRINCE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021
The trustees (who are also the directors of The Black Prince Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BLACK PRINCE TRUST
Independent examiner's report to the trustees of The Black Prince Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michael F Cox FCA Institute of Chartered Accountants in England and Wales Cox Costello & Horne
Chartered Accountants and Tax Advisors 26 Main Avenue Moor Park HA6 2HJ
13 October 2021
Date: .............................................
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DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME FROM Donations 3 Charitable activities 6 Community hub Other trading activities 4 Investment income 5 Total EXPENDITURE ON Charitable activities 7 Community hub NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.21 Unrestricted Restricted Total funds funds funds £ £ £ 5,116 - 5,116 401,809 63,209 465,018 71,439 - 71,439 30 - 30 478,394 63,209 541,603 329,031 37,546 366,577 149,363 25,663 175,026 227,522 818,410 1,045,932 376,885 844,073 1,220,958 |
31.3.20 Total funds £ 9,868 393,882 104,314 27 |
|---|---|---|
| 508,091 455,239 |
||
| 52,852 993,080 |
||
| 1,045,932 |
The notes form part of these financial statements
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DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST (REGISTERED NUMBER: 07563118)
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Tangible assets 13 CURRENT ASSETS Debtors 14 Cash at bank and in hand CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 19 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 1,220,651 89,330 254,063 343,393 (105,479) 237,914 1,458,565 (1,081,680) 376,885 |
Restricted funds £ 818,410 - 25,663 25,663 - 25,663 844,073 - 844,073 |
31.3.21 Total funds £ 2,039,061 89,330 279,726 369,056 (105,479) 263,577 2,302,638 (1,081,680) 1,220,958 376,885 844,073 1,220,958 |
31.3.20 Total funds £ 2,049,952 77,920 84,992 |
|---|---|---|---|---|
| 162,912 (101,452) |
||||
| 61,460 | ||||
| 2,111,412 (1,065,480) |
||||
| 1,045,932 | ||||
| 227,522 818,410 |
||||
| 1,045,932 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
13 October 2021
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J H Bellis - Trustee
The notes form part of these financial statements
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DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flows from operating activities | |||
| Cash generated from operations | 22 | 255,702 | 95,877 |
| Net cash provided by operating activities | 255,702 | 95,877 | |
| Cash flows from investing activities | |||
| Purchase of tangible fixed assets | (59,198) | (40,446) | |
| Interest received | 30 | 27 | |
| Net cash used in investing activities | (59,168) | (40,419) | |
| Cash flows from financing activities | |||
| Loan repayments in year | (1,800) | (18,000) | |
| Net cash used in financing activities | (1,800) | (18,000) | |
| Change in cash and cash equivalents in the | |||
| reporting period | 194,734 | 37,458 | |
| Cash and cash equivalents at the beginning of | |||
| the reporting period | 84,992 | 47,534 | |
| Cash and cash equivalents at the end of the | |||
| reporting period | 279,726 | 84,992 |
The notes form part of these financial statements
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DocuSign Envelope ID: 2EA358B2-C4DE-4EE7-B418-CF9651D3766C
THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES
1. COMPANY INFORMATION
The Black Prince Trust (the Trust) is a public benefit entity registered as charity in England and Wales and a company limited by guarantee without share capital and exempted from use of "Limited". It was incorporated on 14 March 2011 (company number: 07563118) and registered as a charity on 15 August 2011 (charity number: 1143375).
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1 each.
The registered office of the Trust is: The Black Prince Trust 5 Beaufoy Walk, Off Black Prince Road, Kennington, London, SE11 6AA.
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are drawn up on the going concern basis which assumes the Trust will continue in operational existence for the foreseeable future; taken to be 12 months from the signing of the financial statements. The Trustees have given due consideration to the working capital and cash flow requirements of the Trust. The Trustees consider the Trust's current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for at least 12 months from the date of signing the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Income
Income is recognised when the Trust has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income received in advance of a service is deferred until the criteria for income recognition are met. Income arises in the United Kingdom.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Trust has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
he Trust received government support through the Job Retention Scheme. The grant income is recognised in the period to which the underlying furloughed staff costs relate to. The payroll liability has been incurred by the entity, and it has therefore met the conditions to claim for that payroll accounting period.
Gifts in kind are valued at estimated value to the Trust. They are included in the charity's financial statements if the estimated value is in excess of £500.
Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank.
Unrestricted charitable donations are recognised in the financial statements when the charitable donation has been received, or if, before receipt, there is sufficient evidence to provide the necessary certainty that the donation will be received and the value of the incoming resources can be measured with sufficient reliability.
Donated professional services and facilities are recognised as income when the Trust has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Trust which is the amount the Trust would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. A further analysis of this expenditure is given in the notes to the financial statements.
-
Cost of raising funds comprises the costs of commercial trading and their associated support costs.
-
Expenditure on charitable activities includes the costs of the Trust's services undertaken to further the purpose of the Trust and their associated support costs.
-
Other expenditure represents those items not falling into any other heading.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold buildings 60 years External sports facilities 20 years
All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
All assets costing more than £250 are capitalised.
Taxation
The Trust is an institution within the meaning of the Charities Act 2011 and as such is a Trust within the meaning of Section 506(1) of the Taxes Act 1988. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains within categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes. The Trust receives no similar exemption in respect of Value Added Tax.
The Trust is an institution which is established for charitable purposes within the meaning of the Charities Act 2011 and as such is a Trust within the meaning of Para 1 of Schedule 6 to the Finance Act 2010. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Sections 478-488 of the Corporation Tax Act 2010 (formerly enacted in Section 505 of the Income and Corporation Taxes Act 1988) or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The Trust receives no similar exemption in respect of Value Added Tax. For this reason the Trust is generally unable to recover input VAT it suffers on goods and services purchased. The Trust is registered for VAT, as the Trustees have taken professional advice and consider that certain of the Trust's sources of income are within the auspices of VAT.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds can only be used for particular restricted purposes within the objects of the Trust. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Transfers are made from unrestricted to restricted funds to cover any overspends on restricted projects during the year where cost will not be met by the funder. Transfers between restricted funds and from restricted to unrestricted funds are made with the permission of the funder.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
Financial assets (including cash and debtors) and financial liabilities are recognised when the Trust becomes a party to the contractual provisions of the instrument. Additionally, all financial assets and liabilities are classified according to the substance of the contractual arrangements entered into.
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES - continued
Fund accounting
Financial assets and liabilities are initially measured at transaction price (including transaction costs) and are subsequently remeasured where applicable at amortised cost.
Financial assets include cash, trade debtors and other debtors.
Financial liabilities include trade creditors, other creditors and accruals.
Leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs
From 1 April 2015, under the Pensions Act 2008, the Trust must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment. To comply with automatic enrolment laws, the Trust signed a participation agreement with a pension provider by which staff become members of an independently administered pension plan. The Trust and staff make contributions as specified in the plan.
In the aforementioned scheme, staff contract directly with the pension company, and assets of those schemes are held separately from those of the Trust. The Trust acts as agent in collecting and paying over staff pension contributions. Once the contributions have been paid, the Trust as employer has no further obligations.
The Trust's contributions are charged to the Statement of Financial Activities in the period to which they relate. At the reporting date, outstanding/(surplus) contributions amounted to (£12) (2020: £1,453).
3.
4.
5.
DONATIONS
| Voluntary donations OTHER TRADING ACTIVITIES Partnership income Other fundraising income Sponsorships INVESTMENT INCOME Deposit account interest |
31.3.21 £ 5,116 31.3.21 £ 7,523 22,249 41,667 71,439 31.3.21 £ 30 |
31.3.20 £ 9,868 31.3.20 £ 37,587 35,477 31,250 |
|---|---|---|
| 104,314 | ||
| 31.3.20 £ 27 |
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
6. INCOME FROM CHARITABLE ACTIVITIES
7.
8.
9.
| Activity Rent receivable tenants Community hub Tenant contributions Community hub Hire of facilities Community hub Community income Community hub Grants Community hub Grants received, included in the above, are as follows: Coronavirus Job Retention Scheme Ground Works London Youth Sport England Streetgames The Princes Trust City Bridge Trust Greater London Authority - Changing Gears Plus Nike - Keep the Ball Bouncing National Lottery Fund London Marathon Charitable Trust Lambeth Council Lambeth and Southwark Mind London Sport - Satellite funding Basketball England - Basketball funding CHARITABLE ACTIVITIES COSTS Community hub SUPPORT COSTS Management £ Community hub 174,126 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Hire of plant and machinery Independent examiner |
31.3.21 £ 217,683 13,698 13,205 8,883 211,549 465,018 31.3.21 £ 20,977 - - 10,500 1,193 - 38,703 42,823 22,100 9,700 20,000 36,282 4,000 2,271 3,000 211,549 Support Direct costs (see Costs note 8) £ £ 182,566 184,011 Governance Finance costs £ £ 476 9,409 31.3.21 £ 70,089 - 3,000 |
31.3.20 £ 203,617 40,124 104,159 6,485 39,497 |
|---|---|---|
| 393,882 | ||
| 31.3.20 £ 5,957 20,824 1,083 4,285 3,723 3,625 - - - - - - - - - |
||
| 39,497 | ||
| Totals £ 366,577 |
||
| Totals £ 184,011 |
||
| 31.3.20 £ 60,859 2,599 3,000 |
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
11.
| 31.3.21 £ Trustees' expenses - Trustees' expenses consists of cost reimbursement during the year £nil (2020 - 1- miscellaneous trustee support cost). STAFF COSTS 31.3.21 £ Wages and salaries 84,720 Social security costs 4,276 Other pension costs 1,635 90,631 The average monthly number of employees during the year was as follows: 31.3.21 Administrative, support and governance 3 |
31.3.20 £ 3,000 31.3.20 £ 104,965 7,410 4,401 |
|---|---|
| 116,776 | |
| 31.3.20 3 |
No employees received emoluments in excess of £60,000.
The key management of the Trust is the Chief Executive Officer. The total benefits of the key management of the Trust were £50,614 (2020: £44,250).
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME FROM Donations Charitable activities Community hub Other trading activities Investment income Total EXPENDITURE ON Charitable activities Community hub NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 9,868 360,342 104,314 27 474,551 421,699 52,852 174,670 227,522 |
Restricted funds £ - 33,540 - - 33,540 33,540 - 818,410 818,410 |
Total funds £ 9,868 393,882 104,314 27 |
|---|---|---|---|
| 508,091 455,239 |
|||
| 52,852 993,080 |
|||
| 1,045,932 |
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 Additions At 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Long leasehold £ 1,891,348 - 1,891,348 254,241 32,784 287,025 1,604,323 1,637,107 |
External sports facilities £ 575,196 57,724 632,920 171,576 30,417 201,993 430,927 403,620 |
Sport and office equipment £ 211,789 1,474 213,263 202,564 6,888 209,452 3,811 9,225 |
Totals £ 2,678,333 59,198 |
|---|---|---|---|---|
| 2,737,531 | ||||
| 628,381 70,089 |
||||
| 698,470 | ||||
| 2,039,061 | ||||
| 2,049,952 |
Social Investment Business Foundation (previously Adventure Capital Fund), a registered charitable company, granted the Trust with a social investment loan to secure the leasehold property of the Trust.
The loan is secured by a registered legal charge over the leasehold property.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 62,711 | 46,604 |
| Other debtors | 8,318 | 14,275 |
| Accrued income | 4,202 | 15,722 |
| Prepayments | 14,099 | 1,319 |
| 89,330 | 77,920 |
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other loan (see note 17) Trade creditors Social security and other taxes VAT Other creditors Pension liability Deferred income Accrued expenses |
31.3.21 £ - 39,640 4,538 12,536 7,200 (12) 36,030 5,547 105,479 |
31.3.20 £ 18,000 27,643 4,420 14,907 7,200 1,453 14,262 13,567 |
|---|---|---|
| 101,452 |
Deferred income comprises of funds which relate to projects or programmes to be expended during the 2021/2022 financial year. At the reporting date, the relevant funders are Nike £10,417 (2020:£10,417), City Bridge Trust £25,614 (2020:£nil) and Ground works £nil (2020:£3,845).
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Other loan (see note 17) | 1,059,980 | 1,041,980 |
| Other creditors | 21,700 | 23,500 |
| 1,081,680 | 1,065,480 | |
| LOANS | ||
| An analysis of the maturity of loans is given below: | ||
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Amounts falling due within one year on demand: | ||
| Other loan | - | 18,000 |
| Amounts falling between one and two years: | ||
| Other loan - 1-2 years | 18,000 | 18,000 |
| Amounts falling due between two and five years: | ||
| Other loan - 2-5 years | 41,980 | 23,980 |
| Amounts falling due in more than five years: | ||
| Repayable otherwise than by instalments: | ||
| Other loan more 5 years non-installment | 1,000,000 | 1,000,000 |
17. LOANS
The outstanding loan currently has no agreed repayment structure and the lender (SIB) has agreed to a standstill period until March 2022 in light of the covid pandemic.
18.
SECURED DEBTS
The following secured debts are included within creditors:
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Other loan | 1,059,980 | 1,059,980 |
The other loan is secured by a registered legal charge over the leasehold property.
19.
MOVEMENT IN FUNDS
| Unrestricted funds General fund Designated fund - capital works Restricted funds Social Investment Business Foundation GLA Changing Gears Plus LS-Regal TOTAL FUNDS |
At 1.4.20 £ 85,347 142,175 227,522 818,410 - - 818,410 1,045,932 |
Net movement in funds £ 149,363 - 149,363 - 22,892 2,771 25,663 175,026 |
At 31.3.21 £ 234,710 142,175 |
|---|---|---|---|
| 376,885 818,410 22,892 2,771 |
|||
| 844,073 | |||
| 1,220,958 |
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
19. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Satellite Club Basketball England City Bridge Trust GLA Changing Gears Plus LS-Regal Mind TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated fund - capital works Restricted funds Social Investment Business Foundation TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds GLA Summer Changing Gears LYSports Programme 2018/19 A Regal Summer Satellite Club Get started with Boxing TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 478,394 (329,031) 149,363 1,193 (1,193) - 3,000 (3,000) - 17,245 (17,245) - 35,000 (12,108) 22,892 2,771 - 2,771 4,000 (4,000) - 63,209 (37,546) 25,663 541,603 (366,577) 175,026 Net movement At At 1.4.19 in funds 31.3.20 £ £ £ 32,495 52,852 85,347 142,175 - 142,175 174,670 52,852 227,522 818,410 - 818,410 993,080 52,852 1,045,932 Incoming Resources Movement resources expended in funds £ £ £ 474,551 (421,699) 52,852 20,824 (20,824) - 1,083 (1,083) - 4,285 (4,285) - 3,723 (3,723) - 3,625 (3,625) - 33,540 (33,540) - 508,091 (455,239) 52,852 |
Incoming Resources Movement resources expended in funds £ £ £ 478,394 (329,031) 149,363 1,193 (1,193) - 3,000 (3,000) - 17,245 (17,245) - 35,000 (12,108) 22,892 2,771 - 2,771 4,000 (4,000) - 63,209 (37,546) 25,663 541,603 (366,577) 175,026 Net movement At At 1.4.19 in funds 31.3.20 £ £ £ 32,495 52,852 85,347 142,175 - 142,175 174,670 52,852 227,522 818,410 - 818,410 993,080 52,852 1,045,932 Incoming Resources Movement resources expended in funds £ £ £ 474,551 (421,699) 52,852 20,824 (20,824) - 1,083 (1,083) - 4,285 (4,285) - 3,723 (3,723) - 3,625 (3,625) - 33,540 (33,540) - 508,091 (455,239) 52,852 |
|---|---|---|
| - | ||
| 52,852 |
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
20. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
21. MATERIAL EVENT AFTER THE REPORTING DATE
At the date of approval of these financial statements, the world is in the midst of the Covid-19 global pandemic with some countries only now starting to release lockdown measures introduced to contain the spread of the virus. The extent of the global economy is uncertain, but there is an expectation of recessions in economies across the globe. The safety and well-being of the Trust's staff and service users are the overriding priority. We are also doing all we can to ensure operational continuity. However, there is a certain risk that we will see an adverse impact on the charity sector and its operations. This affected income and cash flow significantly, but was mitigated to some extent by additional income generated from Covid -19 support grants from various charities and organisations and a major lender has agreed to a standstill period until March 2022 in light of the covid pandemic to help and ensure sufficient operational cash flow remained available. At this point in time, the company Trustees' have reviewed the financial forecasts to the end of September 2022, the Trustees have concluded that The Black Prince Trust's ability to continue, as a going concern is not significantly affected.
22.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Net income for the reporting period (as per the Statement of Financial | ||
| Activities) | 175,026 | 52,852 |
| Adjustments for: | ||
| Depreciation charges | 70,090 | 60,859 |
| Interest received | (30) | (27) |
| Increase in debtors | (11,410) | (39,656) |
| Increase in creditors | 22,026 | 21,849 |
| Net cash provided by operations | 255,702 | 95,877 |
23.. ANALYSIS OF CHANGES IN NET DEBT
| At 1.4.20 | Cash flow | At 31.3.21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 84,992 | 194,734 | 279,726 |
| 84,992 | 194,734 | 279,726 | |
| Debt | |||
| Debts falling due within 1 year | (18,000) | 18,000 | - |
| Debts falling due after 1 year | (1,041,980) | (18,000) | (1,059,980) |
| (1,059,980) | - | (1,059,980) | |
| Total | (974,988) | 194,734 | (780,254) |
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THE BLACK PRINCE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
24. COMPANY LIMITED BY GUARANTEE
The charitable company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up, for payments of the debts and liabilities of the company, such amount as may be required, not exceeding £1.
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