2023-03-31-accounts - St Margaret's House

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

ANNUAL REPORT ST. MARGARErs HOUSE 2023 *<

Contents
			Pages
Reference and Administrative		Details
Trustees Report			2-13
Independent Auditors	Report		14 - 16
Statement of Financial	Activities		17
Balance Sheet			18
Statement of Cashfiows			19
Notes to the financial	statements		20- 29

Independent Auditors Report To The Members of St. Margaret's House (continued) Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquTry and inspection- Rev?ewing firbancial statement disclosures and testing to supporting documentatTon to a55e55 compliance with applicable law5 and regulations; Performing audit work over the risk of management blas and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent ITmitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non.compliance. The risk is also greater regarding irregularities (Kcurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council'5 web51te at: https:Ilwww.frc.org.uklOur-Work/AuditlAudit-and-assurancelStandards-and.guidancelStandards.and.guidance. for-auditorslAuditors.responsibilities.for.auditlDescription-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor'5 report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state to the charitable companys members those matters we are required to State to them in an auditoi's report and for no other purpose. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other tharb the charitable company and the charitable company's members as a body, for our audit work, for thi5 report, or for the opinions we have formed. ,.13& ALTr J Howard FCA (Senior Statutory Auditor) for and on behalf of Azets Audit ServTces Statutory Auditor 2nd Floor Regis House 45 King William Street London EC4R 9AN Date: i(0 Oc*olLr >ui3

						2023	2022
						E	E
					Note
Fixed Assets
Tangible fixed assets					9	6,068,713	6,068,533
Investments					10	491,272	456,022
						6,559,985	6,524,455
Current Assets
Debtors						44,105	9,064
Cash at bank		and in		hand		199,570	265,533
						243,675	274,597
Creditors:	amounts		falling due within		12	(77,685)	(83,163)
one year
Net Current		Assets				165,990	191,433
Total Net Assets						6,725,975	6,715,988
Funds:
Restricted	Funds				13	46,488	56,480
Designated	Funds				13	319,230	378,064
Unrestricted		General		Funds	13	6,360,257	6,281,444
						6,725,975	6,715,988

or the year	end	ed 31	st March 20	23	23
			Year ended	31"March 2023		Year ended	31"March 2022
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			Funds	Funds	Funds	Funds	Funds	Funds
		Note	E	E	E	E	E	E
Income from:
Donations and			32,882	107,094	139,976	36,214	229,005	265,219
legacies
Investment income			8,795		8,795	13,116		13,116
Charitable activities			888,057		888,057	745,792		745,792
Total income			929,734	107,094	1,036,828	795,122	229,005	1,024,127
Expenditure on:
Charitable activities			879,004	120,523	999,527	762,567	219,519	982,086
Raising funds			5,884		5,884
Total expenditure			884,888	120,523	1,005,411	762,567	219,519	982,086
Gain/(Loss) on		10	(21,430)		(21,430)	(34,939)		(34,939)
investments
Net income /			23,416	(13,429)	9,987	(2,384)	9,486	7,102
(expenditure)
Transfer of funds		13	(3,437)	3,437		(6,188)	6,188
Net movement	in		19,979	(9,992)	9,987	(8,572)	15,674	7,102
funds
Reconciliation	of
funds:
Totalfunds brought		13	6,659,508	56,480	6,715,988	6,668,080	40,806	6,708,886
forward
Total funds carried		13	6,679,487	46,488	6,725,975	6,659,508	56,480	6,715,988
forward

							2023	2022
							E	E
						Note
Cash flows from operating			activities
Cash generated from operations						18	(9,276)	73,624
Net cash provided	by operating			activities			(9,276)	73,624
Cash flows from investing			activities
Purchase of property, piant			and	equipment			(2,920)	(5,300)
Investment income	received						7,771	13,116
Withdrawals from investments							438,462
Invested in the year							(500,000)
Net cash provided	by investing			activities			(56,687)	7,816
Change in cash and	cash equivalents						(65,963)	81,440
during the year
Cash and cash equivalents		at the		beginning			265,533	184,093
of the year
Cash and cash equivalents			at the end		of		199,570	265,533
the year
					1 April	2022	Cash Flows	31 March 2023
					E		E	E
Cash					265,533		(65,963)	199,570
Total					265,533		(65,963)	199,570

						2023	2022
						E	E
	Grants	- Restricted				107,094	229,005
	Grants	- Unrestricted				30,000
	Donations					2,882	1,198
	HMRC	—Job		Retention	Scheme		35,016
						139,976	265,219
3.	Investment		income
						2023	2022
						E	E
	Investment			income		8,795	13,116
						8,795	13,116

ncome from	Char	itable	Activities
						2023		2022
						E		E
Community	Cafe					377,119		289,465
Rents						394,379		358,833
Room Hire						49,057		12,160
Charity Shop						37,631		38,113
Arts Et Welibeing		Fees				18,722		14,911
Contribution	to Maintenance							15,681
Other Income/Recharges						11,149		16,629
						888,057		745,792
nalysis of Expenditure			on Charitable	Activities
			Community	Premises	Shop	Arts and	Barn
			Cafe	Facilities		Wellbeing	Project	2023
			E	E		E	E	E
Direct costs			182,355		2,837	123,946		309,138
Staff reiated	costs		219,109	60,139	33,474	162,171		474,893
Office costs			4,055	8,701	572	6,627		19,955
Support Costs:
Staff related	costs		3,604	989	550	2,666		7,809
Premises costs				129,204	5,857	22,939		158,000
Central services			1,546	1,546	386	4,331		7,809
Marketing /	AR		1,099	440	220	2,637		4,396
Audit / Tax	fees		2,582	3,228	646	6,456		12,912
Depreciation			973	1,767				2,740
Buiiding project fees							1,875	1,875
Total Expenditure 2023			415,323	206,014	44,542	331,773	1,875	999,527

mparative Informati	on: Analysis o	f Expenditure	on Charitab	le Activities
	Community	Premises	Shop	Arts and	Barn
	Cafe	Facilities		Wellbeing	Project	2022
	E	E	E	E	f.	E
Direct costs	135,281		2,248	204,901		342,430
Staff related costs	222,160	39,404	38,831	133,665		434,060
Premises costs	786	124,945	5,644	17,918		149,293
Support Costs:
Staff related costs	1,842	2,103	1,486	2,509		7,940
Office costs	779	1,558	779	12,666		15,782
Central services	1,921	2,187	384	4,257		8,749
Marketing / AR	916	733	366	1,649		3,664
Audit / Tax fees	4,789	4,839	939	5,737		16,303
Depreciation	112	1,969	55	545		2,681
Building project fees					1,184	1,184
Total Expenditure 2022	368,586	177,736	50,927	384,282	1,184	982,086

.	Net income / (expenditure	Net income / (expenditure	) fo	r the year
	Isstated after charging:					2023	2022
						E	E
	Depreciation					2,740	8,550
	Cost of stock					182,355	135,281
	Auditors remuneration:
	Audit Fees - current	year				11,500	12,782
	Audit Fees - prior year under			/ (over) accrual			756
	Non Audit Services	—current year				750	2,765
7.	Staff Costs
						2023	2022
						E	E
	Wages and Salaries					432,159	401,746
	Social Security Costs					34,164	28,718
	Pension Costs					11,146	8,550
	Other Staff Costs					5,233	2,986
						482,702	442,000
	Staff costs above	have	been	allocated	to	2023	2022
	charitable expenditure		as shown below:			E	E
	Charitable activities					474,893	434,060
	Support costs					7,7809	7,940
	Staff Numbers					2023	2022
	Average number of	employees				20	19

he tax charge can be anaiysed as follows:
	2023	2022
	E	E
Current Taxation
Adjustments in respect of prior year
Deferred taxation

angible Fixe	d Assets
		Freehold	Land		Fixtures a
		a Buildings		Equipment	Fittings	Total
		E		E	E.	E
Cost
As at 1 Aprii	2022	6,065,000		14,054	11,888	6,090,942
Additions					2,920	2,920
As at 31 March 2023		6,065,000		14,054	14,808	6,093,862
Depreciation
As at 1 April	2022			14,054	8,355	22,409
Depreciation	charge				2,740	2,740
As at 31 March 2023				14,054	11,095	25,149
Net Book Value
As at 31 March 2023		6,065,000			3,713	6,068,713
As at 31 March 2022		e,oes,	ooo		914	6,065,914

been no evi 10. Investments	dence of any impa	irment.
					2023	2022
					E	E
Market value of investments		at I Aprii 2022			456,022	490,961
Acquisitions	at cost				530,642
Disposals at market value					(485,772)
Change in	market value in the year				(21,430)	(34,939)
Market value of investments		at 31 March	2023		479,462	456,022
Cash held	by investment	managers	for	re-	11,810
investment
Balance at	31 March 2023				491,272	456,022
Historical	Cost				500,000	550,000
Investments	comprise the following:
Equities (Listed)					479,462
Fixed interest fund						456,022
11.Debtors
					2023	2022
					E	E
Trade debtors					1,790	3,224
Other debtors/prepayments					42,315	5,840
					44,105	9,064

						2023		2022
						E		E
Trade creditors						1,270		3,153
Other creditors						6,084		7,978
Taxation /	social security costs					25,604		8,357
Accruais						44,727		63,675
						77,685		83,163
13.Reconciliation and		analysis of movement		on funds for the year
			Balance at 1"			Gains /		Balance at 31"
			April 2022	Income	Expenditure	(losses)	Transfer	March	2023
			E	E	E	f.	s		E
							E
Unrestricted	Funds		6,281,444	929,734	(883,011)	(21,430)	53,522	6,360,259
Designated	Funds		378,064		(1,875)		(56,959)	319,230
Restricted	Funds		56,480	107,094	(120,523)		3,437	46,488
Total Funds			6,715,988	1,036,828	(1,005,411)	(21,430)		6,725,975
Restricted	Funds
BBC Children		in	3,502	250	(5,711)		1,959
Need
City Bridge	Trust		7,603	37,664	(38,031)			7,236
Sports	Council		9,980		(9,980)
(Return to	Play)
GLA Culture Team			2,520		(3,467)		947
(Research)
Lottery (Place Like			3,574		(4,085)		511
Home)
Heritage {Mendoza)			29,301		(29,301)
Climate Coalition				3,094	{3,114)		20
Post Code	Society			9,810	(8,222)			1,588
Trust
Social Prescribing				9,760	(5,747)			4,013
Sport England (Make				7,300	(3,500)			3,800
Time)
Creative Futures				15,000				15,000
London Marathon				20,000	(5,149)			14,851
Clarion	(Warm			4,216	(4,216)
Spaces)
Total Restricted			56,480	107,094	(120,523)		3,437	46,488
Funds

omparative		informati	on: Analysis of	movement in	funds for the	year ended	31 March 202	2
			Balance at 1*'			Gains I		Baiance at 31"
			April 2021	Income	Expenditure	(losses)	Transfers	March 2022
			E	E	E	E	E	E
Unrestricted		Funds	6,288,832	795,122	(761,383)	(34,939)	(6,188)	6,281,444
Designated		Funds	379,248		(1,184)			378,064
Restricted	Funds		40,806	229,005	(219,519)		6,188	56,480
Total Funds			6,708,886	1,024,127	(982,086)	(34,939)		6,715,988
Restricted		Funds
BBC Children in			3,435	8,830	(8,763)			3,502
Need
Heritage			10,480	22,535	(33,015)
City Bridge		Trust	9,090	34,870	(36,357)			7,603
Post Code Lottery			7,737		(7,737)
Arts Council		(Health		47,343	(47,343)
Tree)
Arts		Council		30,535	(33,804)		3,269
(Culture Recovery)
Arts Council (The				14,187	(14,187)
Borrowers)
Foyle Foundation			8,564		(8,564)
Sports		Council		9,980				9,980
(Return to	Play)
GLA Culture Team				27,420	(24,900)			2,520
(Research)
Lottery (Place Like				4,004	(430)			3,574
Home)
Hertitage				29,301				29,301
(Mendoca)
Individual		Donor	1,500		(4,419)		2,919
(Anon)
Total Restricted			40,806	229,005	(219,519)		6,188	56,480
Funds

nalysis	of total net assets	between funds
					Total Funds at 31
		Unrestricted funds	Restricted	funds	March 2023
		E	E		E
Fixed Assets		6,559,985			6,559,985
Current	Assets	197,187	46,488		243,675
Current	Liabilities	(77,685)			(77,685)
		6,679,487	46,488		6,725,975
					Total Funds at 31
		Unrestricted funds	Restricted	funds	March 2022
		f.	E		E
Fixed Assets		6,524,555			6,524,555
Current	Assets	218,117	56,480		274,597
Current	Liabilities	(83,163)			(83,163)
		6,659,508	56,480		6,715,988

17.	Operating Leases
					2023		2022
	Office Equipment				E		E
	Less than 1 year				12,686		7,624
	Within 1-5years				1,249		10,001
					13,935		17,625
18.	Cash used in operating	activities
						2023	2022
						E	E
	Net movement in funds					9,987	7,102
	Add back depreciation					2,740	2,681
	Add back revaluation	loss				21,430	34,939
	Add Investment manager fees Inc(uded		within	investments		5,879
	Less Interest received					(8,795)	(13,116)
	(Increase) / Decrease	in debtors				(35,041)	16,942
	(Decrease) / Increase	in creditors				(5,476)	25,075
						(9,276)	73,624