ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
LONDON RECLAIMED
(COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NUMBER 1148279 COMPANY REGISTRATION NUMBER 07768745
Independent Examiners Ltd
Unit 2
The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Directors' Report | 4 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 to 16 |
| Independent Examiner's Report on the Accounts | 17 |
LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1148279
COMPANY REGISTRATION NUMBER 07768745
START OF FINANCIAL YEAR 01 April 2020 END OF FINANCIAL YEAR 31 May 2021 DIRECTORS AT 31 MAY 2021 Rob Biddulph Ben Dale Tim Powell Phil Wilson Resigned 17th June 2020
The Directors are appointed in accordance with the provisions laid out in the Charity's governing instrument.
GOVERNING DOCUMENT
Memorandum and Articles Incorporated 9th September 2011 as amended by certificate of Incorporation on change of name dated 13th March 2012 as amended by special resolution registered at Companies House on 19th March 2012 as amended by special resolution registered at Companies House on 23rd July 2012.
OBJECTS
Carried out in accordance with Christian principles of love, acceptance and second chances without distinction of race, sex, political, religious or other opinion as the trustees may from time to time think fit, and are restricted to the following:
To act as a resource for young people living in South London and such other parts of London, the United Kingdom or the world by providing advice and assistance and organising programmes of training and other activities as a means of:
(i) Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals; (ii) Relieving unemployment; (iii) Providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.
REGISTERED ADDRESS 120 Glengall Road Peckham London SE15 6RR BANKERS National Westminster Bank Plc 250 Bishopgate London EC2M 4AA INDEPENDENT EXAMINER G W Schulz ACMA Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT FOR THE YEAR ENDED 31 MAY 2021
The trustees, who are also the directors for the purposes of company law, have pleasure in presenting their report and the financial statements of the charity for the year ended 31 May 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of members of the board and professional advisers on pages 3 of the financial statements.
THE TRUSTEES
The trustees who served the company during the period were as follows:
Ben Dale Tim Powell Rob Biddulph Phil Wilson – resigned 17[th] June 2020.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Legal Status
London Reclaimed is a registered charity, number 1148279, and a company limited by guarantee, company registration number 7768745. The company is governed by its memorandum and articles of association.
Decision-making
The Board delegates day-to-day running of the charity to the Chief Executive, Mike Biddulph. Mike meets with members of the trustee board on a monthly basis.
Relationships
London Reclaimed started a new community interest company We Are Lumberjack C.I.C. on 8th October 2015. The business is a wholly owned subsidiary of London Reclaimed.
Major Risks
We have had continued discussions throughout this year and maintain that our main risks are as follows:
Covid-19 pandemic. The continued pandemic has already had a severe impact on our charitable operational output as well as sales across the board. This is an ongoing concern as we move forward.
Funding. Our greatest risk is that we will not attract more funding to continue and grow our employment programme. Income from sales is increasing but as an unpredictable income stream other funding streams remain vital, and therefore this continues to be a risk.
Sales. We are reliant on sales for a significant portion of our income at both London Reclaimed and We are Lumberjack. Any significant deviation from a normal sales pattern could have adverse effects on our financial situation.
Premises. Although we have a medium term lease at London Reclaimed, the area is of high development (industrial into residential.) This has happened to properties on either side of us, and we anticipate that we may need to move within the next two to four years.
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (continued) FOR THE YEAR ENDED 31 MAY 2021
FINANCIAL REVIEW
a) Reserves Policy
The reserves policy is to hold three month's average expenditure in cash.
b) Expenditure and Income
Sales income has again increased on last year. We have an inter-company loan to We Are Lumberjack, who have made several repayments in the last year.
PLANS FOR FUTURE PERIODS
To employ a Youth Employment Project Manager to lead, grow and improve the employment, training, and mentoring programme that underpins all we do.
To start community consultation, to work out the best way of building an access-to-employment course to run alongside our current employment programme.
To remodel the downstairs of Lumberjack, to maximise seating whilst maintaining space and airflow as well as building a small commercial kitchen to increase our food offering and training opportunities for our young people.
OBJECTIVES AND ACTIVITIES
Formal Objects as set out in Memorandum 8 Articles of Association
Carried out in accordance with Christian principles of love, acceptance and second chances without distinction of race, sex, political, religious or other opinion as the trustees may from time to time think fit, and are restricted to the following:
- To act as a resource for young people living in South London and such other parts of London, the United Kingdom or the world providing advice and assistance and organising programmes of training and other activities as a means of:
(i) advancing in life and helping young people by developing their skills, capacities to enable them to participate in society as independent, mature and responsible individuals;
(ii) relieving unemployment;
(iii) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.
ACHIEVEMENTS AND PERFORMANCE
We developed Lumberjack café into an artisanal grocery store / deli during the ongoing Covid-19 pandemic and were able to provide home deliveries throughout the various lockdowns. We remodelled the upstairs, with custom shelving and display units and when permitted reopened our seating downstairs.
We funded and facilitated a remote learning programme for our young people at Goldfinch Furniture, whereby they learnt how to use design software. We also hired one of our Workshop Assistant alumni as a junior designer who has become integral to the core team.
We upgraded our Goldfinch workshop machinery, with the purchase of a much larger capacity panel saw and bandsaw as well as buying an industrial edge bander. This has enabled us to expand our furniture range meaning we can now make full kitchens and large fitted pieces. This has broadened our training capabilities with young people and also added an extra income stream to help us deliver on our goals.
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) DIRECTORS. REPORT (continued) FOR THE YEAR ENDED 31 MAY 2021 srATEMENT OF TRUEE5, RESPONSIBJLITIES Company L3w requires the trustees to prepare financlal statements for each financial year. Under that law the trustees have eknled to prepare the financkil statements in accordance wfth United Kingdom Generalty Accepted Accounting Wactice (United Kingdom AcccyJnting Standards and applicab lawl. Under company law the trustees must not approve the financkil statements unless they are sattsfd that they glve a true and falr vW of the state of affalrs of the charttable company and the incorne and expenditure of the charStable company for that peri(Kl. In preparlng these flnanclal statements, the trv5tees are requlred to.. Sdect suf(able accounting policies and apply them consistently,. Observe the methods and princlples in the Charities SORP,. Make judgements and accountlng estlmates that are reasonable and prydent,. State whether applicable UK Accounting Standards have been fdlowed, subject to any material departL5res disclosed ènd expkined in the financial statements,. l¥epare the financial statements on the golng concern bas& unless r( Is Inappr¢Jprlate to presume that the Charable company wlll tontlnue In Operatn. The trustees are resp¢J)sible for keeplng adequate accountlng records that are sufficwt to show and explain the Charable company'5 tranStionS and disckjse with reasonable accuracy at any time the financlal posf(k)n of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also rasponsible for safeguarding the assets of the charitable company and htce for taknng rea50nab steps for the prevention and detection of fraud and other irregLJlarrties. As far as the trustees are aware.. There is no relevant accounting information of whh the charitable company's ReportSng Accountant ks unaware,. The trustee5 have taken all steps that they ought to have taken to make theMSee5 aware of any rdevant accounting information and to establtsh that the Reportlng Accwntant is aware of that infMat. BASIS OF PREPARATION Thi5 report has been prepared ts) acc¢xdance wfch the speci31 provsKJns fv small companies under Pdrt 15 of the Companies Act 2006. I approve the attached statements of financkl act5 and balance sheet for the year ended 315t May 2021, and Confirm that I have made aVaIlab all Infrmattn necessary for Its prepar3tiM. Approved by the Dirert(xs on the.................................... S¥Jned on their behalf by Director... Prthte(J Name...........
LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MAY 2021
| Incorporating Income & Expenditure Account Notes INCOME AND ENDOWMENTS FROM: Donations & Legacies 3a Investment Income 3b Trading Activities 3c Activities for Generating Funds 3d TOTAL INCOME Charitable Activities 4a Costs of Generating Funds 4b NET INCOME/(EXPENDITURE) Total Funds Brought Forward Prior Year Adjustment TOTAL FUNDS CARRIED FORWARD EXPENDITURE ON: TOTAL EXPENDITURE Transfer between funds |
Unrestricted Restricted Total Total Funds Funds 2020/21 2019/20 £ £ £ £ 42,342 9,443 51,785 132,507 3 - 3 3 179,154 - 179,154 174,621 40,853 - 40,853 49,945 |
|---|---|
| 262,352 9,443 271,795 357,076 |
|
| 220,216 9,443 229,659 280,264 106,703 - 106,703 74,429 |
|
| 326,918 9,443 336,361 354,692 |
|
| (64,567) - (64,567) 2,384 - - - - 112,869 - 112,869 110,485 (0) - (0) 0 |
|
| 48,302 - 48,302 112,869 |
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 10 to 17 form part of these financial statements.
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LONDON RECLAXMED (COMPANY LIMITED BY GUARAKfEE) BALANCE SHEET AS AT 31 MAY 2021 UnrestrKted Restrtted Fund Fund Total Total 31-May-21 31-May-20 Fixed Assets Tangible Assets Notes 54,415 54,415 30,310 CunEnt Assets Debtors & Prepayments Cash at t*ank and In hand 23,693 60,023 23,693 60,023 72,762 43,407 Total Current Assets CreditOf5: amounts falling due within one year NEf CURRENT ASSETS 39,829 39,829 33,610 43,887 43,887 82,559 TOTAL ASSEfs less current liabil$ 98,302 98,302 112,869 Creditows: amounts falling due in more one year 50,000 50,000 NET ASSETS 112 869 FUNDS OF THE CHARITY General Funds Restrlcted funds 48,302 48,302 J 12,869 TOTAL FUNDS 112 869 Dirertorfs responsibilities: For the year ended 31st May 2021 The DirLrtors are sat6fied ttte charfcable company was enlY(d to exemption from the requlrement to obtain an audit under section 477 of the Compan5 Act 2006 and that no member members have requlred the company to obtain an atjdit of its acCntS fcf the year in questKM) in accordance with seCtn 476 of the Act. However, in accordance with sectk)n 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears after the Notes to the Financtal Statements. The Director{sl acknOWdge thelr responsibllity for complylng wlth the requirements of the Companies Act 2006 wh respect to accountlng records and the preparatKJn of accounts. The accounts have been prepared in accordance wrth the provisions in Part 15 of the Companies Art 2006 applScab to companies subject to the small companie5 regime and in accordance with the Financial Reporting Standard for Srnaller Ent5 {effectwe April 20081. The dlrectors acknowledge thwr responsibillty f ensuring that the company keeps proper accountlng records which comply wh sectlons 386 of the Act 2006 and fw preparing financial statements whh give a true and fair view of the state of affairs of the company as at the end of the financial year and of S proft and loss for the financial year in accordance with the requlrement of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatSng to accounts, so far as applICab to the company. 23, Approved by the Dlrectors on the.................... Lf¢ Signed on thelr behalf by Dlrect......... TIMOTHY P• LJeLL Print Name: Company RegistratKN) Number - 07768745
LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2021
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of preparation:
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Incoming Resources with Related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Taxation
The charity is exempt from tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts and is described in the Directors' annual report if applicable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital, staff costs by the time spent and other costs by their usage.
Pensions
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
Operating Leases
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
Taxation
The charity is exempt from tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Fixed Assets
Tangible fixed assets for use by the charity, are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a Reducing Balance over their estimated useful lives. The rates applied per annum are as follows:
| Office Equipment | 10% |
|---|---|
| Fixtures & Fittings | 10% |
| General Equipment | 10% |
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
2. TANGIBLE FIXED ASSETS
| Additions Cost At 1 Apr 2020 At 31st May 2021 Accumulated Depreciation At 1 Apr 2020 Charge for the Year At 31st May 2021 Net Book Value At 31st May 2021 At 1 Apr 2020 |
Office Equipment Fixtures & Fittings General Equipment 2020/21 £ £ £ £ - 44,868 1,259 46,127 1,201 25,665 3,429 30,295 |
|---|---|
| 1,201 70,533 4,688 76,422 |
|
| - 15,492 325 15,817 12 5,853 324 6,190 |
|
| 12 21,345 649 22,006 |
|
| 1,189 49,188 4,039 54,415 |
|
| - 29,376 934 30,310 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st May 2021 : None 31st May 2020 : None
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
3. INCOME AND ENDOWMENTS
| Note c) Trading Activities d) Activities for Generating Funds a) Donations & Legacies Gifts, Tithes & Donations Gift Aid Tax Recoverable Grants Received Furlough Scheme Rental Income b) Investment Income Bank Interest Generated Sales |
Unrestricted Restricted Total Total Funds Funds 2020/21 2019/20 £ £ £ £ 9,350 - 9,350 10,300 - - - 3,072 10,000 9,443 19,443 119,134 22,992 - 22,992 - |
|---|---|
| 42,342 9,443 51,785 132,507 |
|
| 3 - 3 3 |
|
| 3 - 3 3 |
|
| 179,154 - 179,154 174,621 |
|
| 179,154 - 179,154 174,621 |
|
| 40,853 - 40,853 49,945 |
|
| 40,853 - 40,853 49,945 |
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
4. RESOURCES EXPENDED
| Note b) Cost of Generating Funds Cost of Direct Materials Rent & Rates Entertainment Gifts & Donations IT License & Subscriptions Office Costs Printing Posting & Stationery a) Charitable Activities Advertising & Marketing Bad Debt Bank & Interest Charges Cleaning Costs Consulting Fees Depreciation Expense Sundry Expenses Repairs & Maintenance Telephone Costs Governance costs:- Independent Examiner's Fee Insurance Costs Legal & Professional Fees Travel & Subsistence Staff Costs Sub-contractors Subscriptions |
Unrestricted Restricted Total Total Funds Funds 2020/21 2019/20 £ £ £ £ 2,047 - 2,047 8,023 - - - 23,544 (1) - (1) (23) 1,659 - 1,659 1,967 926 - 926 - 6,190 - 6,190 4,073 517 - 517 672 697 - 697 244 1,742 - 1,742 526 290 - 290 163 165 - 165 634 813 - 813 963 68,907 - 68,907 72,470 1,628 - 1,628 4,297 107,434 9,443 116,877 123,696 10,569 - 10,569 20,408 319 - 319 - 1,666 - 1,666 921 992 - 992 884 6,456 - 6,456 7,976 1,260 - 1,260 1,380 4,529 - 4,529 4,888 1,410 - 1,410 2,560 |
|---|---|
| 220,216 9,443 229,659 280,264 |
|
| 106,703 - 106,703 74,429 |
|
| 106,703 - 106,703 74,429 |
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| The Crowdfunder Bulldog TST Grant Funding Network The London Community |
Balance Gains & Balance 01-Apr-20 Income Expenditure (Losses) Transfer 31-May-21 £ £ £ £ £ - - - - - - - - - - - - - 5,443 5,443 - - - - 4,000 4,000 - - - |
|---|---|
| - 9,443 9,443 - - - |
PREVIOUS FINANCIAL YEAR
| Funding Network The London Community |
Balance Gains & Balance 01-Apr-19 Income Expenditure (Losses) Transfer 31-May-20 £ £ £ £ £ - 16,303 16,303 - - - - 7,831 7,831 - - - |
|---|---|
| - 24,134 24,134 - - - |
The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.
6. CASH AT BANK AND IN HAND
| Co-op Current Ac Natwest Current Ac Petty Cash 7. DEBTORS AND PREPAYMENTS Sundry Debtors Loans to We are Lumberjack Café |
Unrestricted Restricted Total Total Funds Funds 31-May-21 31-May-20 £ £ £ £ 10 - 10 16,962 59,883 - 59,883 26,445 130 - 130 - |
|---|---|
| 60,023 - 60,023 43,407 |
|
| Unrestricted Restricted Total Total Funds Funds 31-May-21 31-May-20 £ £ £ £ 16,800 - 16,800 2,655 6,893 - 6,893 70,107 |
|
| 23,693 - 23,693 72,762 |
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
8. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR
| VAT Payable PAYE & NI Independent Examiner's Fee Short term Loans Sundry Creditors |
Unrestricted Restricted Total Total Funds Funds 31-May-21 31-May-20 £ £ £ £ 12,136 - 12,136 14,718 11,274 - 11,274 1,599 2,568 - 2,568 613 12,591 - 12,591 15,300 1,260 - 1,260 1,380 |
|---|---|
| 39,829 - 39,829 33,610 |
9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
| Unrestricted Restricted Funds Funds £ £ 50,000 - 50,000 - 10. STAFF COSTS AND NUMBERS TOTAL 2020/21 £ Gross Wages & Salaries 109,500 Employer's National Insurance Costs 5,256 Pension Contributions 2,121 116,877 Average number of employees who were engaged in each of the following activities: TOTAL 2020/21 Charitable Activities 6 Natwest Bank plc Loan |
Unrestricted Restricted Funds Funds £ £ 50,000 - |
Total Total 31-May-21 31-May-20 £ £ 50,000 - |
|---|---|---|
| 50,000 - |
50,000 - |
|
| TOTAL 2019/20 £ 113,772 7,634 2,290 123,696 TOTAL 2019/20 6 |
No members of staff received emoluments in the range of £50,000 to £60,000. (2019/20- None)
11. DIRECTORS AND OTHER RELATED PARTY TRANSACTIONS
During the financial year Mr T. Biddulph (Relation to Director Mr R. Biddulph) received £300 (2019/20:£3,100) in direct labour payments in furthering the Charity's objects.
No other material payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the charity and a director or any person connected with them. (2019/20- None)
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021
12. RECONCILATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee (07768745) and it is a charity registered with the Charity Commission (1148279).
It does not have a Share capital and has no income subject to Corporation Tax.
| Profit / (Deficit) for the financial year Other Recognised Gains Balance Brought Forward Closing Funds at 31-May-21 |
2020/21 £ (64,567) - (64,567) 112,869 48,302 |
2019/20 £ 2,384 - |
|---|---|---|
| 2,384 | ||
| 110,485 | ||
| 112,869 |
13. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
14. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily.
15. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors' report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
16. RELATIONSHIPS
London Reclaimed started a new community interest company We Are Lumberjack C.I.C. (Company Number 09816432) on 8th October 2015. The business is a wholly owned subsidiary of London Reclaimed.
This page does not form part of the statutory financial statements
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LONDON RECLAIMED (COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2021 INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the charity trustees on my examination of the accounts London Reclaimed for the year ended 31st May 2021 set out on pages 7 to 16.
Respective responsibilities of trustees and examiner
As the charity’s Trustees of London Reclaimed (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’).
Independent examiner's statement
Since London Reclaimed's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Chartered Institute of Management Accountants, 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:
-
accounting records were not kept in respect of London Reclaimedas required by section 386 of the 2006 Act; or
-
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.
…...........................................
G W Schulz ACMA Independent Examiners Ltd
Unit 2, The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
Date: 23 March 2022
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