## **LONDON RECLAIMED**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2022**
**CHARITY REGISTRATION No: 1148279**
**COMPANY REGISTRATION No: 07768745**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre
Delling Lane Bosham PO18 8NF
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
Page 2
Pages 3 to 5
Page 6
Page 7
Pages 8 to 15
Page 16
Page 17
Legal and Administrative Information
Report of the Directors
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
Appendix 1
Independent Examiners Report to the Trustees/Directors
1
## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE)**
## **REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MAY 2022**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**CHARITY NAME** London Reclaimed **OTHER WORKING NAMES** Goldfinch Furniture **CHARITY NUMBER** 1148279 **COMPANY REGISTRATION NUMBER** 07768745 **START OF FINANCIAL YEAR** 1st June 2021 **END OF FINANCIAL YEAR** 31st May 2022 **DIRECTORS THAT SERVED DURING** Rob Biddulph **THE YEAR TO 31 MAY 2022** Ben Dale Tim Powell **DIRECTORS APPOINTED AFTER THE** Louise Sadler (appointed 22 September 2022) **BALANCE SHEET DATE**
## **REGISTERED ADDRESS**
**DATE OF INCORPORATION**
78 Tappesfield Road London SE15 3EZ 1st March 2010
## **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.
## **BANKERS**
National Westminster Bank Plc 250 Bishopgate London EC2M 4AA
## **INDEPENDENT EXAMINERS**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane, Bosham PO18 8NF
2
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **Introduction**
The Trustees who are also the Directors have pleasure in submitting the Report and Accounts for the year to 31 May 2022.
## **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 overarching employment programme.
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.
## **Objectives and activities of the charity**
## **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.
3
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **Achievements and performance**
Out of the many young people we have employed this year we had the pleasure of seeing one of our young people at Goldfinch step up into a permanent role within our team as our design assistant and CNC operator. He is also working under, and being trained by our Head of Design who also completed our employment programme back in 2016, and has since obtained a Furniture and Product Design MA at Kingston University which we funded. We want to continually give opportunities to our young people to step up into full time employment with us after their paid training programme, to recognise their talent and provide our current young people with relatable role models.
We arranged for some photography lessons and mentoring by a professional photographer for one of our young people at Goldfinch who finished his time with us. He has since become a freelance photographer, securing lots of work in his first few months of being self employed. A highlight at Lumberjack was seeing one of our young people move on into a more senior role at another local establishment having never even been inside a cafe before joining us!
We have continued to build upon the momentum coming out of the Covid-19 lockdowns and have developed safe working practices whereby we can continue to employ, mentor and train our young people in our cafe and furniture workshop.
We have extensively remodelled Lumberjack cafe to provide more covers and a more comprehensive kitchen downstairs. We have also build upon the success of a more structured year with each young person at Lumberjack, and each young person now goes through a 4 x 3 month programme which covers all the major aspects of working in hospitality - from clearing away tables to working on the till, all the way through to full accredited barista training. Our sales have continued to grow year on year at Lumberjack and are at a stable level. Our Lumberjack accounts are separate from London Reclaimed, and as such are not reflected in this Annual Return.
Our furniture sales Goldfinch have increased by 77% compared to last year - this is mainly down to our continued diversification into kitchens and fitted furniture alongside our freestanding furniture. This is not only good financially for the charity, but more importantly has enabled us to widen the training and future employment opportunities of our young people on leaving us.
## **Financial Review**
Sales income has again increased on last year. The inter-company loan to We Are Lumberjack has been fully paid off, and We Are Lumberjack are now positively contributing financially to our wider charity costs.
The deficit for the year was £22,234, compared to a deficit of £64,566 in 2021. Of this deficit £5,872 can be attributed to depreciation of fixed assets (2021: £6,190).
Reserves as represented by net current assets at 31st May 2022 were:
£ 16,617
## **Reserves Policy**
The reserves policy is to hold three month's average expenditure in cash.
## **Plans for future periods**
To grow and build our wider youth employment programme that supports our young people in both Goldfinch Furniture and Lumberjack Cafe.
To continue develop and formalise our youth work offering, by the hiring of a Youth Employment Project manager to oversee and improve our current youth employment program that spans both trading arms, and to set up a targeted access to employment course to both feed our own employment, but also to support businesses in the local area to employ our course alumni.
To build on the success of our pivoted trading arm activities - the development of our kitchen and fitted furniture wing and Goldfinch, and our deli and gift shop contingent at Lumberjack.
To speak with youth organisations and other charities in Bristol, to see if there would be a need / desire for a small Goldfinch workshop in the wider 'employment landscape'. One of our core team members is now located in this area and it seems like it could be a good base to diversify what we do, where we operate and to reach a new demographic of young people who need a hand stepping up into employment.
4
LONDOM RECLAIMED
(A COPIPANY UMMO BY GUARAP4TEE)
Aw0nbIlItI
Company low ukeS the trusiees to prepafe flnandal statements for eath finandal year. Urmler that law the tsystees have elected to
epare the finaftclal statements In cord0[e wlth Unlted Klngdom Generally Accepted AccountlrvJ Pracdce IUnSted Kfngdom
Ac¢ovnting Standards and appllcable lawl. Under cornpany law the tTU5tees must not appmve the flnanclal statements unless tW are
sotr5fied that tlw glve a true and f*r vbew of the state (* affalr5 of d*rlaWe ¢(thporty and tre itKome and expendre of the
tharitable company tr that 0d.
In preparing these hnJKlal statern. the trustees ore required to:
Selttt suitable accountit)g p)Ikfjes and apply them Cons1.
Observe thÈ methtsds and prlnclples In the ChadUes SORP
Make judgements and estlmaies that are reasonaNe prudent
State whethÈr it* appltsble aceoundThJ thndards have been fkn1ed. subjert to materfral deporn5 thClC6v and
expl#1 in the a¢count
PFpp*e the finandal stat]ents on a g(dng (oncern bats unless 15 Inapproprtate to pr8sume th* th? thèrlty wlll
cortinue in operatkN).
The tnjstees are responslt4e for keepSng adequate accounvw records that are sufficient to show and explain the charrtable company.
trènsacitons and dfsdose wth reasonable accuracy ai any tlme the fina501 p0son of tharitable ComnY enab them to
ensure that the hnandal statements CoMY wlth the Companles Act 2006. They are also reSponb for safeguardlnp the •ss•is of the
¢hrit4ble cvmpany and hence for tsking renable steps for the pvevenUM and deiecuon of fraud and other iryularittes.
As far as the trustees are aware..
Th*p Is no Vant cOUnn9 lThfom)atknn of whlch the charliable company's Reportlng Accountsrt 15 unawore;
The trustees ttave taken all steps that they ought to have taken to make thernselves awore of any relevort atcountiryj
Inforn*tknn and to etsbl&h that the Independent examSnw Is are of that hknation.
The trust*s are resnsIble foT the contents of the trustees, Iort. and the respOlb•11ty of the trthpentht examiner In relati*
to the trnstees. rewrt is Ilmited to examlnlNJ the port and eTr$un9 that. on the fa of the there are no 1K0ThStenCs wlth
the figure5 di5cIDSed the finanaal xtatsments.
These ac£ounts hovE bEert prwfed In with the provlth applloble to wmpanles subject to the smèll componle5' regime.
Informauon Is pr¢)vlded page 2.
Thts report was appwoved by Ihe Dlreciors on ...
..2023 and slgned on thdr bEhalf by..
Prlrt Name..
I i M PokJ&LL-
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2022**
|Notes
**Income**
Donations and legacies
2a
Investment Income
2b
Income from charitable activities
2c
Income from trading activities
2d
Other Income
2d
**Total income**
**Expenditure**
Expenditure on charitable activities
3a
Expenditure on raising funds
3b
**Total Expenditure**
**Net income/expenditure before**
**investment gains/(losses)**
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfers between funds
9
**Net movement in funds**
**Reconciliation of funds:**
Total Funds Brought Forward
**Total Funds Carried Forward**|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2021/22
2020/21
£
£
£
£
£
84,555
-
-
84,555
28,793
4
-
-
4
3
8,133
-
-
8,133
22,992
319,142
-
-
319,142
179,154
38,503
-
-
38,503
40,853
450,337
-
-
450,337
271,795
308,823
-
-
308,823
229,658
163,748
-
-
163,748
106,703
472,571
-
-
472,571
336,361
(22,234)
-
-
(22,234)
(64,566)
-
-
-
-
-
(22,234)
-
-
(22,234)
(64,566)
-
-
-
-
-
(22,234)
-
-
(22,234)
(64,566)
48,302
-
-
48,302
112,869
26,068
-
-
26,068
48,302|
|---|---|
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 8 to 15 form part of these financial statements.
6
{A COMPAI•Y LIMMD OY GLIARApifEt)
A•.MpoV no.07708745
BALANCE SHIET
S AT 31 MAY2022
Unyestfktyl De51gnate41 Aestritt&J 31-May.22 31-May-21
Funds
Ful5
Total
Total
Note
Tangjble a55ets
51,359
51.359
S4.415
Current A55ei5'.
28,585
28.585
23,693
Cash at bank and kn har¥J
T4)tsl Current Assets
Credtys: amourts falMTrJ ¢
(56,608)
(56,608}
139,8291
P4er CURRENT ASSErs
16.617
16.617
43,887
TOTAL ASSETS le55 CurTt litibl
67.976
67.976
98,302
Crexlrtors.. falllr4J due In n*)re thon
¢)ne year
{41,9081
(41,908)
150,000)
ASSErs
Funds of the Chorlty
General Funds
Design)ted Funds
Rertrfcbj Funds
26,068
26,068
48,302
io
Totsl Funds
For tt* yew el 31st May 2022 ihe compw w4as endyed trj exempvon Irom audlt ur¥Jer se¢tlon 477 of the Companles Act 2006
to small compthes.
of the Companles Act 2006.
dlr*thrs acknowledge thek fvr ¢omplylr#J t*lth rEqutrements of the Act with respect to accountlr¥J records aTrJ
the pr<>ar•tlon ol a¢counts.
These xrounis hav¢ been pPared In acrordaKe with thE PFDvi*ons apglkable lo npanIeS subjett to the small compani¢s' reglme.
stqrtl on thdr behalf by......
Prlrt Naw*: ...
ri M POWCLL
## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022**
## **1. Accounting policies**
## **a) Basis of preparation**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011.
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.
London Reclaimed 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.
The charity has opted to prepare its accounts using natural categories.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period.
## **Material prior period errors and changes to previous accounts**
No material prior period errors have been identified in this accounting period and there have been no other changes to previous accounts.
## **Preparation of accounts on a going concern basis**
Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.
## **Trading subsidiary**
The charity has a trading subsidiary, We are Lumberjack CIC. The income of the group does not exceed the threshold of £1million and therefore there is no requirement to prepare group accounts.
We are Lumberjack CIC files separate accounts wth Companies House, and a summary is provided in the Appendix on page 16.
## **b) Income**
Income is included in the Statement of Financial Activities (SOFA) when:
- the charity becomes entitled to the income;
- it is more likely than not that the trustees will receive the resources; and
- the monetary value can be measured with sufficient reliability.
The charity has relied upon volunteers in carrying out its charitable activities during the year. In accordance with paragraph 6.18 of the SORP, the role of volunteers has not been recognised in the accounts.
## **c) Interest receivable**
Interest on funds held on deposit is included when receipt is probable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **d) Grants and Donations**
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
8
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2022**
## **e) Tax Reclaims on Donations and Gifts**
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## **f) Government Grants**
The charity has received government grants in the reporting period in the form of HMRC job retention scheme grants.
## **g) Fund accounting**
Unrestricted funds are available to spend on activities that further any purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **h) Expenditure**
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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **i) Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## **j) Tangible fixed assets**
Tangible fixed assets are stated at cost less depreciation. Assets costing less than £500 are written off in the year of purchase. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:
Office Equipment 10% Fixtures and Fittings 10% General Equipment 10%
## **k) Operating leases**
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
## **l) Taxation**
The charity is exempt from tax on its charitable activities.
## **m) 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.
## **n) Redundancy payments**
The charity made no redundancy payments during the period.
## **o) Pensions**
The charity operates a defined contribution pension scheme for certain employees. Pension contributions are charged to the Statement of Financial Activities as they fall due for payment.
## **p) Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## **q) Creditors**
The charity has creditors which are measured at settlement amounts less any trade discounts.
9
## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2022**
|2. INCOME
a) Donations and legacies
Gifts, tithes & donations
Grant income
b) Investment income
Bank Interest
c) Income from charitable activities
Grant income - HMRC job retention scheme
Intercompany Recharge from trading subsidiary
d) Income from trading activities
Primary Purpose Generated Sales
e) Other Income
Rental Income|Unrestricted
Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2021/22
2020/21
£
£
£
£
£
14,555
-
-
14,555
9,350
70,000
-
-
70,000
19,443
84,555
-
-
84,555
28,793
4
-
-
4
3
4
-
-
4
3
2,026
-
-
2,026
22,992
6,107
-
-
6,107
-
8,133
-
-
8,133
22,992
319,142
-
-
319,142
179,154
319,142
-
-
319,142
179,154
38,503
-
-
38,503
40,853
38,503
-
-
38,503
40,853|
|---|---|
10
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2022**
## 3. EXPENDITURE
|Unrestricted
Designated
Restricted
Funds
Funds
Funds
Notes
£
£
£
a) Expenditure on charitable activities
_Direct charitable costs_
Advertising & Marketing
16,579
-
-
Bank, Card & Interest Charges
1,783
-
-
Cleaning Costs
1,571
-
-
Consulting Fees
1,489
-
-
Depreciation Expense
5,872
-
-
Entertainment
1,593
-
-
Gifts & Donations
-
-
-
IT Costs
6,545
-
-
Licences and Subscriptions
795
-
-
Loan Interest
782
-
-
Office Costs
74
-
-
Printing, Postage and Stationery
2,061
-
-
Rent and Rates
79,444
-
-
Repairs & Maintenance
1,630
-
-
Staff Wages and Salaries
11
154,764
-
-
Sub-Contractors
9,336
-
-
Sundry Expenses
2,379
-
-
Telephone Costs
1,609
-
-
Training Costs
1,638
-
-
Travel & Subsistence
9,357
-
-
_Governance and Support costs_
-
-
Independent Examiners Fees
a) i)
2,040
-
-
Insurance Costs
a) i)
4,692
-
-
Legal & Professional Fees
a) i)
2,790
-
-
308,823
-
-
b) Expenditure on raising funds
Cost of Direct Materials
113,791
-
-
Cost of Direct Labour
49,957
-
-
163,748
-
-
a) i) Analysis of governance and support costs
Independent examiner's fees for reporting on the accounts YE 31.5.20
Independent examiner's fees for reporting on the accounts YE 31.5.21 (adjust for over accrual)
Independent examiner's fees for reporting on the accounts YE 31.5.22
Other governance and support costs|TOTAL
TOTAL
2021/22
2020/21
£
£
16,579
2,047
1,783
(1)
1,571
1,659
1,489
926
5,872
6,190
1,593
517
-
697
6,545
1,742
795
609
782
-
74
165
2,061
813
79,444
68,907
1,630
1,628
154,764
116,877
9,336
10,569
2,379
1,666
1,609
992
1,638
-
9,357
6,456
2,040
1,260
4,692
4,529
2,790
1,410
308,823
229,658
113,791
80,858
49,957
25,845
163,748
106,703
2021/22
2020/21
£
£
1,100
-
(210)
1,260
1,150
-
7,482
5,939
9,522
7,199|
|---|---|
11
## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2022**
## 4. TANGIBLE FIXED ASSETS
|Cost
01-Jun-21
Additions
Disposals
Cost at
31-May-22
Depreciation
01-Jun-21
Charge
Disposals
Depreciation at
31-May-22
Net Book Value
31-May-22
Net Book Value
31-May-21|Office
Fixtures &
General
Total
Equipment
Fittings
Equipment
£
£
£
£
1,201
70,533
4,688
76,422
887
-
1,921
2,808
-
-
-
-
2,088
70,533
6,609
79,230
12
21,345
649
22,006
154
5,175
536
5,865
-
-
-
-
166
26,520
1,185
27,871
1,922
44,013
5,424
51,359
1,189
49,188
4,039
54,415|
|---|---|
Operating leases and capital commitments:
There are no capital commitments ending over 12 months after the balance sheet date.
## 5. DEBTORS AND PREPAYMENTS
|Loans to We Are Lumberjack Café
Accounts Receivable
Wages Overpaid|Unrestricted
Restricted
Total
Total
Fund
Fund
31-May-22
31-May-21
£
£
£
£
-
-
-
6,893
27,385
-
27,385
16,800
1,200
-
1,200
-
28,585
-
28,585
23,693|
|---|---|
## 6. CASH AT BANK AND IN HAND
|NatWest Savings Account Account
NatWest Current Account
Petty Cash|Unrestricted
Restricted
Total
Total
Fund
Fund
31-May-22
31-May-21
£
£
£
£
3
-
3
10
44,437
-
44,437
59,883
200
-
200
130
44,640
-
44,640
60,023|
|---|---|
## 7. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|Sundry Creditors
VAT Payable
PAYE & NI
Pension Payable
Short Term Loans
Independent Examiners Fee|Unrestricted
Restricted
Total
Total
Fund
Fund
31-May-22
31-May-21
£
£
£
£
11,718
-
11,718
12,136
24,566
-
24,566
11,274
18,278
-
18,278
2,568
666
-
666
-
-
-
-
12,591
1,380
-
1,380
1,260
56,608
-
56,608 39,829|
|---|---|
12
## **LONDON RECLAIMED**
## **(A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2022**
## 8. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE AFTER ONE YEAR
|Nat West Bank Plc Loan|Unrestricted
Restricted
Total
Total
Fund
Fund
31-May-22
31-May-21
£
£
£
£
41,908
-
41,908
50,000
41,908
-
41,908 50,000|
|---|---|
The above loan represents a bounce back loan given during the coronavirus outbreak initially with a 5 year repayment period. This has been extended to a maximum of a 10 year repayment period. It is being repaid at a monthly amount of £887.37.
## 9. DESIGNATED FUNDS
The charity did not hold any designated funds during this or the previous financial year.
## 10. RESTRICTED FUNDS
The restricted funds are only spent on specific purposes.
## **2021/22**
The charity did not hold any restricted funds during this financial year.
## **2020/21**
The movement on restricted funds was as follows:
|The Crowdfunder
Bulldog TST Grant|Balance
Transfer
Balance
01-Jun-20
Income
Expenditure
Btw funds
31-May-21
£
£
£
£
£
-
5,443
(5,443)
-
-
-
4,000
(4,000)
-
-
-
9,443
(9,443)
-
-|
|---|---|
13
## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 MAY 2022**
11. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL
|Gross Wages and Salaries
Employer's National Insurance Costs (net of annual allowance)
Employer's Pension Costs|2021/22
2020/21
£
£
144,439
109,500
7,678
5,256
2,647
2,121
154,764
116,877|
|---|---|
The monthly average of employed staff was 8.25. Staff are employed to carry out the charitable activities.
No employees received emoluments in excess of £60,000 (2020/21: nil)
The above staff are paid through the PAYE system.
The key management personnel of the charity comprise the Trustees and CEO. No Trustees received remuneration. Therefore the total employee benefits (including employer national insurance and employer pension contributions and self employed personnel) of the key management personnel of the charity were £43,443 (2020/21: £41,471).
The charity offers a workplace pension scheme and enrolled all eligible employees. Employer contributions have been budgeted for and £1,783 of contributions were paid on behalf of 4 employees during 2021/22 in accordance with legislation. Employer pension contributions totalling £864 were also paid into a personal pension on behalf of one employee that opted out of the workplace scheme.
## 12. TRUSTEES AND OTHER RELATED PARTIES
||||2021/22||2020/21|
|---|---|---|---|---|---|
|Payments to Trustees||||||
|None paid||£|-
|£|-
|
|Payments to Related Parties||||||
|T Biddulph (related party of Trustee R Biddulph)|Direct Labour payments|£|200
|£|300
|
|M Biddulph (related party to Trustee R Biddulph)|Gross salary payments|£|38,436
|£|36,750
|
|M Biddulph (related party to Trustee R Biddulph)|Employer national insurance paid on behalf of|£|4,143
|£|3,858
|
|M Biddulph (related party to Trustee R Biddulph)|Employer pension contributions paid on behalf of|£|864
|£|863
|
The connected trustee has no role in determining appointment, salaries or benefits.
No other payments were made to trustees or any persons connected with them during this financial period other than the reimbursement of sundry direct expenses incurred and reimbursement of expenditure incurred on behalf of the charity. No material transaction took place between the organisation and a trustee or any person connected with them.
A related party of Trustee R Biddulph provided the charity with a short term, interest free loan in 2019 to assist with cashflow. The loan was later converted to a donation and therefore the amount owing by the charity as at 31st May 2022 is £0.
On 8th October 2015 We are Lumberjack CIC was incorporated as a Community Interest Company, limited by guarantee. London Reclaimed is specified as a potential recipient of the Company's assets under articles 3.2 and 3.4 of the We Are Lumberjack CIC Articles of Association. Trustee T Powell is also a Director of We are Lumberjack CIC and together with the CEO of London Reclaimed they have overall control and oversight of We Are Lumberjack CIC.
We Are Lumberjack CIC files separate accounts, and a summary is provided in the Appendix on page 16.
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## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MAY 2022**
## 13. RISK ASSESSMENT
The trustees 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 trustees 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 trustees 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 trustees 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 trustees will endeavour not to set aside funds unnecessarily. The general reserves policy is found on page 4 of these financial statements.
## 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 Trustees report. The trustees 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.
15
## **LONDON RECLAIMED (A COMPANY LIMITED BY GUARANTEE)**
## **APPENDIX 1 ACCOUNTS OF WE ARE LUMBERJACK CIC**
## **This appendix does not form part of the independent examination.**
As explained in note 12, We Are Lumberjack CIC is a separate company, limited by guarantee, and files separate accounts with Companies House. However, as a Trustee and the CEO of London Reclaimed are also Directors of We Are Lumberjack CIC and therefore have overall control and oversight, a summary of the We Are Lumberjack balance sheet is shown in this appendix.
|Balance sheet at 31st March 2022
Fixed Assets
Current Assets
Creditors due within 1 year
Net assets|31-Mar-22
31-Mar-21
£
£
38,889 2,755
43,856 62,700
(19,073) (52,418)
63,672 13,037|
|---|---|
16
## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
I report to the trustees on my examination of the accounts of London Reclaimed for the year ended 31st May 2022.
## **Responsibilties and basis of report**
As the charity’s trustees (who are also the directors of the company 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 charity are not required to be audited for this year 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 the Company’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 a member of The Association of Charity Independent Examiners, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
- the accounts do not accord with such records; or
- the accounts do not comply with relevant accounting requirements under section 396 of the Companies
- Act 2006 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 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.
Signed: FCIE
Date: 31st March 2023
Independent Examiners Ltd Unit 2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
17