Annual Report ST. MARGARET'S HOUSE 2024 Palestinian Heritage Performance Night Photo Credit: Zakariya Irfan
Contents Pages Reference and Adminlstrative Details Trustees Report 2-10 Independent Auditors Report Statement of Financlal Activities 14 Balance Sheet 15 statement of Cashflows 18 Notes to the Ilnancial statements 17-26 ijjj 11 Women's Wellbeing in th8 Tramshed Photo Credit: SMH
Reference and Admlnl8tratlv? Details Charlty Name: St Margaret's House Charity Number:1148831 Company Number 07645599 Regl$tered Officeloperatlonal address: 21 Old Ford Road, London, E2 gPL Contact Email: info@stmargaretshouse.org.uk Telephone: 020 8980 2092 W•b$lt•: www.stmargaretshouse.org.uk Boord of Tru8teo$ Eugene Lowrie Sapna Ajwani Brian Rolph Tracy Karkut-Law Shamimara Choudhury Lara El Gibaly Annie Maddock Mana Mahil Raluca-simina Neagu Barbara Perrott Olivia D'mello Browning Ritman Smith Chloe Tayali Chair Treasurer Appointed 16 November 2023 Vice Chair Let's Create Lead l Named Safgguarding Trustee Resigned 3 June 2024 Appointed 21 July 2023 Treasurer until 16 November 2023 Appointed 21 July 2023 Appointed 21 September 2024 Appointed10 July 2024 Appointed12 September 2024 Company Secrotary & Chlef Executive Anthony Hardie until 3 June 2024 Beccy Allen from 3 June 2024 Prlnclpal Bankers HSBC, 465 Bethnal Green Road, London E2 9QW Soll¢ltor8 Anthony Collins Solicitors LLP, 34 Edmund Street B3 2ES Audltors Azets Audr( Services, 2nd floor, Regis House, 45 King William Street. London, EC4R 9AN
Bollywood Dance at Fun Palaces Photo Credit: Roswitha Chesher Trustees, Report 2024 Ji (including Directors, Report) The trustees (who are also the Directors of the Company for the purposes of company law) present their report and the financial statements for the year ended 31st March 2024 which have been prepared in accordance with the Charities Act 2011 and Companies Act 2006 and in accordance with the Charities Statement of Recommended practice (FRS 102), current legislation and the articles and memorandum of association. The trustees have taken advantage of the simplified disclosures available to smaller companies through Part 15 of the Companies Act 2006, including exemption from preparing a Strategic Report.
st Margarevs House, founded in 1889 to support people in Bethnal Green, is an Arts and Wellbeing Community Centre, creating healthier and happiercommunities. Our mission is to promote positive social change by creating opportunities for people to come together and play a more active part in their local area. Our projects anchor us in the community, providing spaces for residents to eat, shop, learn, create and enjoy a diverse cultural programme. St Morgaret's House, 21 Old Ford Road Photo Credit: SMH Aims To actively reach out to the borough of Tower Hamlets and beyond, reflectourarea's diversityandserveourcommunityto improve its health andwellbeing. To fill St Margareys House's spaces with tenants, artists and practitioners who share our goalsonusing creativityto improve wellbeing. Provide ambitious, high-quality arts and wellbeing programmes and projects thatoffer ski1Ss,confidenceand new experiences to ourcommunity. Ensure our groups and tenants are collaborating and meeting with each other. We want to increase friendships and opportunitiesto bring differentethnicities,ages,genders,faith groups and sexual orientationstogether. Improve accesstoartsandwellbeing opportunitiesforour community. To grow and develop the entrepreneurial spirit of adventure and creativity built by St Margareys House and the organisations, groups and people who work and practise in our spaces.
structuro. Governance and Management Governing Document The organisation is a company limited by guarantee and a registered charity. Its constitution is logged with the Charity Commission. The charitable company is governed by its Memorandum and Articles of Association. Objectives The Objects of the Charity are the provision of a centre or centres conducted according to Christian principles for the advancement of the Christian religion, for the advancement of education, the relief of need, hardship or distress and other charitable purposes for the general benefit of the inhabitants of the neighbourhood of the Borough of Tower Hamlets ond for those purposes (and without prejudice to the generality of the foregoing) the Charity may provide residential accommodation for any person sharing in that work, all such persons constituting the Residents of the House. The organisation also aims to remain a well-administered, cost-effective and sustainable organisation,. to demonstrate to all service users and staff an ethos of friendliness, inclusion and integrity,. to be recognised externally as skilled, focused and accountable; and to work cooperatively andlor in partnership with others. The trustees have paid due regard to the Charity Commission guidance on public benefit and to the provision of the Equality Act 2010 in deciding what activities the charity should undertake. Organlsatlonal Structure The St Margaret's House Council of Management has overall responsibility for the strategic direction, policy and human and financial resources of the organisation. Day-to-day operational management of the organisation is delegated by the CO-CEO'S who are responsible for ensuring that the organisation delivers the services specified through its team of staff. Recruitment and Appolntment of Trustees The charity trustees are not more thon fifteen members of the House elected ot the Annual General Meeting of the House. The trustees form the Council of Management ('The Council,). The Council moy co-opt persons to serve on the Council providing always that the number of co- opted members shall not exceed one third of the total elected membership of the Council. The Council seeks to ensure a good mix of skills from the business, social and voluntary sectors and has an ongoing policy of identifying suitable potential members. Trustee Induction and Training st Margaret's House has a password protected Trustees Webpage that includes all important working documents and a Trustees Induction Programme that covers all aspects of responsibilities, policy and procedures.
Hidden Expressions Exhibition Photo Credit: SMH Relatad Partla$ User groups based at St Margarefs House.. Action Reconclliation Service for Peace (ARSP) Afasic Amos Trust Isublet of Consortium for Street Children Arboreal Architecture Bodywise Bangladeshi Parents and Carers Association (BPCA) Christ Mercy Gospel Church Ltd City & East London Bereavement Service Common Knowledge Isublet tenants of Arboreoil Community Psychotherapy Network Consortium for Street Children Daneford Trust East London Cares Encounter Terrain Expressions Community Arts Fevered Sleep Fifth Column Films Ltd Freshwater Theatre Company Globe Community Project Graham Gerrans Grand Union Orchestra Inner City Centre Independent Workers of Graat Britain Union (IWGB) Jamie North London Arts and Health NMC Recordings Noémie Solomon & Adrian Heothfield Quaker Social Action Reality Shift Counselling Rlght to Remain Isublet tenonts of Common Knowledgel Arboreail Routes Collective Solace Women's Aid Swadhinata Trust Tower Hamlets Friends and Neighbours Wish Organisations St Margaret's House as their registered address: Poor's Land Charity Queen Adelaide's Charity Second University House Trust SPEAK NeOrk Tower Hamlets Old People's Welfore Trust Tower Hamlets University of the Third Age (U3A)
Risk Management The Board of Trustees reviews the risks to which the organisation is exposed at quarterly meetings via the organisation's Risk Register. Procedures are in place or being established as appropriate to mitigate identified risks. Internal control risks are minimised by the implementation of procedures for authorisation of all tronsactions and services. Procedures are in place and under review to ensure the health and safety of staff, volunteers, clients and visitors in the offices and in relation to data protection and confidentiolity. Fundraising Regulations Statement st Margaret's House had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. We do not use third parties to assist with fundraising and the charity received no complaints in the year regarding its fundraising practices. Achievoments and Performance Ourcafe and chority shoparethriving.Ouraward-winningvegancafé, the Gallery Cafe, has a dedicated staff who offer affordable vegan dishes, locally-ground coffees, an extensive salad bar, vegan sweettreats, vegan gelato and fresh juices. The Head Chef updates the menu every season ensuring the available dishes are fresh and exciting.
The Gallery Cafe is a welcoming space which includes a performance area and garden which hosts a variety of our Arts and Wellbeing programmed events, including music gigs and a monthly open mic night. The Café is also hired for private events. Artwork produced by local artists provides a rolling exhibition to Jv programme surround our custom8rs as they enjoy o hot drink or a meal. The St Margaret's House Garden was transformed thanks to the arrival of the Talitha Arts Gorden from the Chelsea Flower Show in 2023. This set us on a path of making our whole garden fully accessible and a second stoge of garden redevelopment was planned to begin in May 2024. thanks to funding from the Veolia Environmental Trust and the Poorfs Land Charity. The St Margaret's House Garden Photo Credit: SMH
Ayoka is our charity shop, bLJiIt on acts of kindn8ss and run by our Ayoka Monager and Suprvisor, with the support of volunteers who are essential to the smooth running of St Margaret's House and who we are always looking for new ways to support what we do. Over 90Yo of the clothes donated to us are reused or recycled. IO0% of books, CDS, DVDS and 50% of the shoes and bags. We regularly receive more than 10 bags of donated goods each week ranging in size from supermarket carrier bags to large bin bags and family-sized suitcases. We're proud thot we find a use for 95/0 of the donations made to us, with broken or damaged it8ms moking up the 5% which goes to landfill. Donations are shared amongst our community projects, including activities like Fast Fashion Therapy, Crafting if Connecting and our Bengali Sewing Group at The Create Place, as well as refugee groups and rough sleepers. HOUSE AYOKA Ik fw... Ayoko prides itself on supporting volunteers with building skills in confidence and support many volunteers back into employment or further training. Arts and Wellbeing In April 2023, St Margaret's House become an Arts Council England National Portfolio Organisation. The funding is helping us expand our work in creative heolth and social prescribing and develop our Croative Health Troe approach. Part of this work will involve us supporting to organisations in Newham (and later Barking and Dagenham) working in creative health. This yaar, we delivered troining and a peer sharing event, bringing together Newham organisotions.
st Morgaret's House focuses on collaboration. We curate cross-art activities in non-traditional spaces, this year with more than 700 artists in 1,075 events and $essions experienced by audiences and participants ol over 7,500 people. We have more than 30 arts, wellbeing and community tenants based in our collection of buildings - some have a local focus (Bangladeshi Parents & Car8rs Association and Grand Union Orchestra), others serve locally and nationally (Fevered Sleep ond Freshwater Theatre). We support the ecology of the arts, wellbeing and community sectors by providing our tenants some of London's lowest rents alongside partnership including project collaboration, local connections, space and funding opportunities. We've worked with local, national and international partners including Talitha Arts, Complicité, Ice and Fire, Craft Centrol, Long Nose Puppets, Jazz Dance Elite, Moulded Theatre, Bric-a-Broc and Cranbrook Community Food Garden to bring o range of p•rlorman¢es and partlcipatory expgrlences to our communities. Our monthly Open Mi¢s provided more than 275 community members opportunities to showcase their music and poetry andlor listen to the work of others. We hosted 5 exhibitions and we provided 3 Artist in Resldonce opportunities (spoken word ortisL costume designer and visual and movement artist). In our Create Place, volunteer and community groups led craft, beading, woodwork, visual art and painting workshops. Our wellbeing clinics and yoga and movement sessions receive social prescribing referrals on a weekly basis. We began delivering holiday actlvitios for local children for the first time, supported by Queen Adelaide's Charity ond then funded by the London Borough of Tower Hamlets through the Mayor's Community Fund.We began supporting the East London Pensioners in weekly sessions at the Tramshed to come together for food, chat and bingo. We delivered our first Arts and Wellbeing Festival in July 2023 which will become an annual event. Ghyama Arts was funded by the City Bridge Foundation to work with Spare Tyre, Chocolate Films and National Centre for Circus Arts practitioners to deliver o year-round programme fordisabled adults from Tower Hamlets Banglodeshi Communities. Hilarity A¢ademy was funded by BBC Children in Need to deliver weekly free drama and comedy workshops and performance opportunities for young people aged 7-14 from the local area to build their confidence. We delivered Clrcu$ sessions for local children and fomili8s and older adults thanks to the London Marothon Fund and we began Tramshed Tuesdays with wellbeing activlties for women and men (yoga and gentle exercise) and drama and boardgames for children after school thanks to funding from Clarion Futures. Our National Lottery Heritage Fund project Mendoza Mania come to an end with a performance by young people and a film. We were delighted to work with the Foundation for Future London to deliver a trainee producers, programme, Culture Routes, offering six young people from Tower Hamlets and Walthom Forest the chance to work with St Morgaret's House and partner orgonisations and venues (Fevered Sleep, Jackson's Lane and Soho Theatre) to gain experience working in event and learning departments and produce an event here at st Margaret's House.
Flnanciol Review st Margaret's House has a varigty of funding streams in 202312024 giving a totol income of £1,358K of which £l,007K was raised from its own charitable activities by offering seNices and spaces for o range of groups across the community. In addition, St Margaret's House has attracted £337K in grants from various funders for a variety of projects. The total expenditure for the year was £1,277K generating an operational surplus of £81K before adjustments for gains on investments (£32k) resulting in a net surplus of £112K for 23124. We wish to express our gratitude to our volunteers as well as all those who have given us their support and hope that this will continue for many years. Reserves Policy The Balance sheet reflects our financial stability and enables us to widen our offer within the community. The Board has exomined and reviewed the organisation's requirements in line with the potential risks to the organisation. At 31 March 2024, th8 charity held total funds of £6,838K (2023= £6,726K) of which Restricted Funds were £84K (2023.. £46K) and £6,754K (2023: £6,680K) in general funds. Unrestricted Funds (General Funds) are available for use ot the discretion of the Trustees in furtherance of the general objectives of the charity. It is the charitys policy to have 3 months operational expenditure as a general r8serve,this being £365,787 based on the 24125 Budget. Designated Funds are reserves for a particular purpose with expectations that these funds are available to the general fund should the need arise. Total Funds at 31 March 2024 (excluding fixed Assets) is £772,468 (£657,262 ot March 2023). Plans lor the Future 2024-2025 will be a time of change at St Margaret's House following the retirement of long- standing CEO, Tony Hardie and a new leadership structure with co-CEOs (Arts and Wellbeing Director and Executive Director). We will create a new Vision. Mission and Values statement for the organisation that all staff and trustees will sign up to so we can continue to create a cohesive approach to everything we do and provide the highest quality opportunities for our community. We will contlnue to develop and embed our Arts and Wellbeing programme. We will focus on improving our buildings and event and workshop spaces, with an emphasis on sustainability and accessibility. io
Trustees. Responsibilitles The trustees (who are also directors for the purposes of company law) are required by company lawtopreparefinoncial statementsfor each financial yearthatgivea true and fairviewofthe state ofaffairsofthecharityattheend oftheyearand the incoming and outgoing resources for the year then ended. In preparing those financial statements the trustees are required to: select suitable accountingpoliciesandthenapplythemconsistently; observe the methods and principles in the Charities SORP; makejudgementsandestimates thatarereasonableandprudent; statewh8therapplicobleaccounting standards have b88n followed, subject to any material departures disclosed and explainedinthefinancial stcrtements; preparethefinancialstatementsonthe goingconcernbasisunlessitisinappropriatetopresume thatthe charitywillcontinueits activities. The trustees ore responsible for maintaining proper accounting records which disclose with reasonableaccuracyatanytimethefinancial positionofthecharityondenable themtoensur8that thefinancialstatem8ntscomplywiththecompaniesAct2006.The trustees are also responsible for safeguarding the assets of th8 charity and hence for taking reasonable stepsforthe prevention of fraud andother irregulorities. In so far as the trustees are aware: There is no rel8vant audit information of which the charitable companys auditor is unaware,. The trustees hove taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information,. 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 th8 preparation and dissemination of financial statements may differfrom legislations in otherjurisdictions. This report is prepared in accordance with the provision of Part 15 of the Companies Act 2006 relating to companias subject to the small compani8s' regime. This report was approved and authorised for issue by the Board of Trustees on 14 November 2024 and signed on its behalf by Eugene Lowrle Chair
Indepondent Audltors Report to The Members ot st Margaret's House Opinion We hav8 audiied the finonciol statements of St Margareys House (the 'charltoble company) for the year ended 31 Morch 2024 which Comprise the Stotement ol Finonciol Activities, the Balance SheeL the Statem8nt of Casb Flows and notes to the financial statements, including a summary of signifieant occounting policies. The financial reporting Iramewoik that has been appllgd in their preparation is applicoble law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 'The Financiol Reporting Stondord applicable in the UK and Republic of Ireland. (United Kingdom Generolly Acc8Pted Accounting Practlc&). In our opinion, the tinancial stat9m8nts- give a true and fair view of the state of the choritable eompanys affairs 0$ at 31 Morch 2024 and of its incoming r&sources and applicotion of resources, lor the year thenended-, hav& been properly prepar&d in accordance with United Kingdom Generolly Accepted Accounting Practice,. and hove been prepared in accordanc& with the r8qulrgments ol the Companies Act 2006. Basis lor opinlon We conducted our audit in accordance wlth Internotionol Stondafds on Audltlng (UK) (ISAS IUK)) ond opplicoble low. OUT responsibllltles undor those stondords are further described in the Auditor's re$ponsibilltigs tor the audit ol the flnancSal statements sectlon of our reporL We are independ&nt of the chayltoble compony in accordance wh the 8thical requirements that are relevant to our oudit ol the finonciol statgments in the UL including the FRC'S Ethical standard and the provisions available for small entlties, in the circumstonces set out in note I to the financial statements, ond wa have fulfilled OUT Other ethicol responsiblllties in accordance with these requirements. We believe thot the audit evidence we have obtained is sufficlent ond appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In audltlng tha financial statements, we have concluded that thg Report of th& Trustees, use ol the golng coneern basis ol accounting In the pr¶tion of thg financial statements is appropriate. Based on th&work we have performed.we have not identified any matgrial uncertalnties relating to events or conditions thaL individually or collectiV8ly, may cast slgnrficant doubt on the charitable companys ability to continue as a 90ing concern for o period of at leost e1ve months from when th8 flnoncial statements aré outhorised for issue. Our responsibilitl8s and th& responsibilities of tha trustees wlth respect to golng concern arg d8rIbed in the relevant sections of this report Other information The other information comprises the information included in the onnual report oth8r than the financial statements and Ouf auditorfs report thoreon. The trustees are responsible for the other inloTmation contained within the onnual ieporL Our opinion on the linanciol statements does not cov&r the other information and we do not express any form of assurance conclusion thereon. Our responsibillty is to read the oth&r information ond, in doing go, consider whetherthe other inlormation is moterially inconsistont with the financial statements or our knowledge obtained in thg course ol th& audit, or otherwise oppears to be materiolly misstated. If we identrfy such material inconsist&ncies OT apporent material misstatem&nt& we ure required to determine whether this gives rise to a material misstotemgnt in the finon¢ial stot8m8nts themselves. If, bosed on the work we have pgrformed, we conclude that there is a matsyiol misstatem&nt ol this other information, we ore required to r8port that fact We have nothing to report Sn this regard. 12
Independent Auditors Report To The Members ol St Margaret's House (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit the informotion given in the trustees. report {incorporating the directors, report) lor the Ilnanciol year for which tha financial statements ore prepared is consistant with the financlal statements., and the trustegs, rgport has been prepared in accordance with applicable legol rgquirem&nts. Matlers on which we are required to report by exception In the light of the knowledge and understanding of the charitoble company and Its environment obtoined In the course ol the aud¢ we have not identifked material ml8Stotements in the dlrectOfS' report Included within th8 truste8S' reporl We have nothlng to report in resp8Ct of the following matters In relation to whlch the Companios Act 2006 requires us to rgport to you if, in our oplnion.. odequatg accounting records fKJve not been kepl or returns odequate for our oudit have not been receivad from branches not visited by us.. or the financial stot8ments ur& not in agreement wlth th9 accounting records ond retuins,. or certoin disclosuies of trustees. remunerotion specified by law are not made,. or we hov9 not received ull the information and explanotions we requSre for our audit-, or the truste8s werg not entitled to prepar& the financlol stotement5 in accordonce with tha small companies, re9ime ond take udvantoge of the small companies. exemptions In praparing the trustees. report ond from the requirement to prepare a strategic raport Responsibilitles of trustees As explained more fully in the trustees, responsibilities statem&nL th8 trust8es (who arg also the difectorg ot the charitoble company for the purposes of company law) ore responsible for the pr8paration of the financial statements and lor being satisfied that they give a true and fair view, and for such interr1 control as the trustges detormine is necossory to enable the prepoiotlon of financiol stotem&nts that are free trom material mi$statem&nt whether due to fraud or error. In preparing the flnancial statements, the trustees arè iesponsiblo for assessing the charitobl8 companys abiifty to continue as a going concern, disclosing, as applicable, matters reloted to going concern and using the going concern basig of accountin9 unths the trustees e¢ther intend to liquidat8 the el)aiitable wmpany or to cease operotions, or hove no realistlc olternotiva but to do so. Auditor's responsibilities forthe audit of the flnancial statements Our obj8¢tives are to obtoin reasonable assurance about whether the linoncial statements 0$ a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes OLJr opinio R8osonable assurance is o high level of assuronce. but is not o guarant8e that on oudlt conducted in accordance with ISAS (UK) will always detecta material misstatemer)twhen itexist5. Misstatemgnts can orise from froud Of error and are considered materlal If, individually or In th& aggregate, they could reasonably be expacted to Influence the economie d8clslons of users taken on th8 basis of these financialstatements. Irregulorities, including froud, are instances ot non-complionce with laws and regulations. We design procedures in line with our r8sponsibilities, outlingd above. to detect material misstatements in respect of irregulorities. inclulling fraud. The speclfic procedures for this engogemont and the extent to which thgse are copable of d&t8cting Irregulorlties, including fraud Is dgtoiled below.. Enquiry of monag&ment and thos& char9ed with governance around actual orKI potentlal IFtigation ond cloims as well as actuol, sUspted and alleged fraud,. Revlewing minutes of meetlngs of those Charged with governance,. 13
Independent Auditors Report to the Members of St Margaret's House (continued) Assessing tha extent of compliance wlth the laws and regulations considered to have o direct material elfect on the tinonclal stot9ments or the op8ration$ of the company through 8nquiry and inspection: Rgviewing financial statement di$closur&s and testing to supporting documgntation to ossess compliance wlth opplicoble lows and regulotions; Partorming audit work over the risk of monagement bias and override of ¢ontrol& including testing ol Journal entries ond other adjustments for appropriotenpss. evaluating the business rationale of significant transactions OL18 the normal course of business and revi&wSng accounting estimates lor indicotors of potential bias. Because of th8 inharent limitations of an audiL thgre is a Tisk thot we will not detect all irregularitie& including those leoding to a moteriol misstatement in the financial statements or non-compliance with regulation. This risk incieos8S the more that complionce with o kjw or regulotion Is removed from the events and transactions relleeted in the finonciol stotemants, as we will be les5 likely to bgcome aware of instances of non-compllonce. The ilsk is also greotar rogarding irregularitles occurring du8 to Iraud rather than 8rror, as fraud involves intgntional concealment forgèry, collusion, omission or mlsrgpresentotion. A further description of our rgsponsibilitles 1$ availoble on th8 Finoncial R&porting Council's website at https-.Ilwww.fic.oig.uklouT-WorklAuditlAudit-and-aSSVfancelstandords-and-guidancelstandord$-and- guidancg-tor-auditorslAudltors-Tosponsibllities-lor-auditlD8scription-of-auditors-responsibilitie5-for-audit.Q$p ThSs de$¢ription forms part of our audltorfs report. Use of our report This report is made solely to the choritable componys members, as a body. in occordance wlth Chapter 3 01 Part16 of the Companies Act 2006. 1)Jr audit work has been undertaken so that we might state to the charitable companys m&mber$ those matters we or8 required to stote to them in an auditors report and for no other purpose. To the lullest extent permitted by law. we do not accept or assume responsibility to onyone other thon the choritable compony and the charitable companys membors os a body, for our audit worl for this reporL or for the opinlons we have fomed. J Howard FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Statutory Auditor 2 Floor Regis House 45 King William Street London EC4R 9AN Dote.. 3 December 2024 14
Statement of Financial Activities (including income and expenditure account) forthe year ended 31" March 2024 Year ended 31*1 March 2024 Year ended 31st March 2023 Unrestricted Restrlcted Total Funds Funds Fund$ Unrestricted Restricted Total Funds Funds Funds Note £ Ineome Irom: Donotlons legacies Investment income ChaTltable activities Total In¢ome ond 2 150,929 185,823 336,752 31882 107,094 139,976 3 13,436 13,436 8,795 8,795 4 1,007,372 1,007,372 888,057 888,057 1,171,737 185.823 1,357.560 929,734 107,094 1,036,828 Expendllureon: Charitablg activities Raising funds Total gxpgnditure 1,112,599 157,575 1,270,174 879,004 120,523 999,527 6,708 1.119.307 6,708 1,276,882 5,884 884,888 5,884 1,005,411 157.575 120,523 Gainl(Loss) investments Net income (exp•nditure) Transfer of funds on 10 31,788 31,788 (21,430) (21,430) 84.218 28.248 112,466 23,416 (13,429) 9,987 13 {9,004) 75.214 9,004 37,252 (3A37) 19.979 3,437 (9,992) Net movem•nt In lunds 112,466 9,987 R•eon¢illutlon of funds: Total funds 13 6,679,487 brought forward Total tund8 13 6,754,701 earrled lorward 46,488 6,725,975 6,659,508 56,480 6,715,988 83,740 6.838.441 6,679.487 46.488 6,725,975 All of the above amounts relate to continuing octivities. All gains and losses arising are included in the Statement of Financial Activities above. The notes on pages 20 to 29 form part ofthese financial statements. 15
Balance Sheet as at 31st March 2024 2024 2023 Note Fixed Assets Tangible tixed assets Investments 6,065,973 527,312 6.593.28B 6,068.73 491,272 6.559.985 io Current Asset$ Debtors Cash ot bonk ond in hand ii 21,578 317.450 339.028 44,105 199,570 243,675 Creditors.. amounts fulling due within one year 12 (93,872) (77,685) Net Current A$$ets 245.156 165.990 Total Nel A$$et8 6.838.441 6,725.975 Fund$: Restricted Funds Designoted Funds Unrestricted General Funds 13 13 13 83,739 319,230 6,435A72 6,838.441 46,488 319,230 6,360,257 6,725.975 Thesa financial statement5 have been pr8pored in accordonce with the special provlsions of Part15 of the Companies Act 2006 relating to small choritable companies. The accounts were approved by the Board of Trustees on............ 2024 ond were signed on their behalf by.. Eugene Lowrie Choir Ms Sapna Ajwoni Treasurer The notes on pages 17 to 26 form part of these financial statements. Company number. 7645599 16
statement ofcashflows fortheyear ended 31" March 2024 2024 2023 Note Cash Ilow$ from operating actlvltles Cash generated from operations 18 115,404 (9,276) Net cash provlded by operatSng activitles 115.404 (9.276) Cush flows from Inv08ting a¢tlvitles Purchase of property, plant and equipment Net Inv8stment income received Withdrawals from investments Invested in the yeor (2,920) 2,476 7,771 438,462 {500,000) Net cash provided by Investlng aclivitie8 2,476 (56,687) Chango in cash and ¢ash equivalents durlng the year 117,880 (65,963) Cash and cash equivalents at the beginning of the year 199,570 265,533 Cash and ¢ash equivalonts at the end of th• year 317A50 199,570 l Aprll 2023 Cash Flowg 31 Mareh 2024 Cash Total 199,570 199,570 117,880 117,880 317,450 317.450 The notes on poges17 to 26 form part of these financiol statements. 17
Notes to the financial statements forthe year ended 314t March 2024 Accounling Policie8 Basis ol Accountlng The financial stat8ments hove be&n prepared under th8 historical cost convention and in accordan¢& with Accounting and Reporting by Charities= Statement of Recommended PractlC8 applicable to chorities preparing their accounts in accordance with the Financial Reporting Stondord applicable in the UK and Republic of Ireland (FRS 102} iricluding update bulletin 2, tha Financial Reporting StandoTd opplicable in th8 United Kingdom and Republic ol Ireland (FRS 102), and the Companies Act 2008. st Margargt's House meets the Definition of a publ1¢ benefit und6r FRS 102. The functional currency of these statements is starling. Amounts ore rounded to the nearest pound. ¢)oing Con¢om Tha trustees have assessed whether the use of the going concarn basis is appropriate in preparing these financial statemènts and have Considered possible events or conditions thot may cast doubt on the obility of the charity to contlnug as a going concern. The trustees havg made the ossessment foi a period of ot least one yaar from the date ol approval ol the financlal Statements. The chorlty thorefore continues to adopt the going concern bosis in preparing its financial statements. Income All incomo is included in th8 Statement of financial activities when the chority is entitled to, virtually c8rtain to receive and the amount can be quantitled with reasonable accuracy. Grants are recognised on a receivoble basis where there is reasonable expectation on entitl&menL Investment Income is included on a iec&ivoble bosis. Rents and Room Hire are on o receivablg basis. Income from trading activitles ore included when goods ar8 sold. EXpondIre Expenditure is in¢lud8d in the Statemgnt ol Financiol Activities on an accrual basis inclusive of irr8coveroblg VAT. Charitable actlvltles In¢lude expenditure associated with th& moin objectives of the charity and include both direct and support costs relating to the$8 activities. Employee Beno11ts The cost ol short-term employee benefits ore recognised as a liability and &xpenses. The cost of unused holiday entitlement is recognised in the period in which the employees, s&Nices are received. Pen¥ions Pension costs chorged to the Statement of Financial Activlties (SOFA) represent the contribution payablo by thg charity during the year.. the charity has a stakeholder scheme. The charity has no Ilability under the schgme other than the poyment of contributions. 18
Notes to the financial statements for the year ended 31st March 2024 (continued) Accountlng Polieles (continued) Taxatlon The charity is a registered charty and therefore not liable for income oi Corporation Tax on incomo derwed from its charitable octivities. The Charity is reglstered for Corporation Tax due on activity of the Community Café. Op•ratlng L•a$e8 Rentals payable under operoting leas8s, where substontiolly oll the risks and rewoTds of ownership remaln with the le$$or, or8 ¢harg8d to the statement of tlnanciol activities in the year in which they fall due. Flx•d Au•ts Freehold properties are Stot&d at cost and not depreciated. Tha members are ofthe opinion that th8 residuol value of the building is in excess ofthe carry volue ol this asset and th8refore d8pr8ciation is not appropriate. Impoirment reviews ore corri8d out on an annual basis on ossets whose useful economic lives ore 8xpect8d to exceed 50 years in accordance wlth Financlrjl Reporting Standard 102. Other Fixed assets over £1.500 are capitolised and written off in the year. Depreciolion is calculated to write off ossets over their useful lives. Other fixed assets are stated (rt cost less accumulated depreclatlon.. Fixtures & fittings- 3 years Office Equipment- 2 years Inv*mant$ Investments ore shown ot thair market value. Realised and unr60lised gains are shown within th8 Stotemgnt of Financiol Activities. Cash and cash oqulvul•nts Cosh and cash equivalents include cosh in hand, deposits held at call with banks, other short term liquid investments with original maturities ol three Fnonths oi18ss, ond bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Dobtors Debtors or8 r8cognised initially atfair volue. A provision lor impairment ol trade debtors is estoblished where there is objective evidence thatthe chority will not be able to ¢0118Ct all amounts due. Any losses arising Ifom impoirment will be Tecognised in the SOFA. Cr•dilor$ Short term creditors are measured at the tronsaction price and are recognls@d where ther8 is a present obligatlon resulting from a past event that will probably rsU in the tronsler of funds to a third porty- Flnun¢lal InstNments The company hos elected to apply the provisions of Sectlon 11 'Bosic Financial Instrum8nts' and Section 12 'oth$r Financial Instruments Issues. of FRS102 to all its tinancial instruments. 19
Notes to the linanclal statements for the year ended 31st March 2024 (contlnued) A¢¢ountlng Poll¢lo8 {conilnu•d) Ba$1¢ flnqn¢lo1 assels Basic financial assets, which include trade and other receivables and cash and bank bolances, are initiolly mgasured at the amount r8ceivable and Subsequently odlusted for any impairment or other chan9& in consideration expgcted to be receivgd on settlement. Bo¥ic flnuncial Ilqbllili Basic financial liabilitles, including trade and other credltors, bank loans, loans from fellow group companies. are initially m?osur8d at the amount payable ond subsequently adjusted for ony changes in considerotion expected to be paid on settlemenL Fund Restricted Funds are sublect to donor-impos8d conditions. Unrestricted funds ore available for use at the discretSon ol the Trustees in furtheronce of the g8neral oble¢tives of the charity. Designated Funds are r8seNes for a porticvlor purpose with exp8Ctations that these will be transferred to general reserves to match relevant expenditilT8 In the income and exp8nditure account. Estimat•$ and Judgemont$ In preparing tinonciol statements It 5$ necessary to moke certain judgements, estimotes and assumptions that off8ct the amounts recognised in the financial statements. The trustees consider thot only significant judgement ond &stimates used relates to the valuation ol the freehold property. An independent protessionol voluation took place at the date ot tronsition to FRS 102 ond the deemed cost modal has been adopted. The trustees consider this valuotion remoins appropriate based on ovailable market dato ond the annuol impairment r8vi?w. Donatlon$ and l•gacles 2024 2023 Grants - Restricted Grants - Unrestricted Donations 185,823 150,000 929 336.752 107,094 30,000 2,882 139.978 3. Investment Inrne 2024 2023 Investment income 13,436 13.436 8,795 8,795 20
Notes to the financlal statements for the year endod 31st March 2024 (continued) 4. Incom• Irom Charltable Activlti•s 2024 2023 Communty Café Rents Room Hire Charity Shop Arts & Wellbeing Fees otheT IncomelR8charges 430,711 408,778 49,741 63.526 39,295 15,321 1.007,372 377,119 394,379 49,057 37,631 18,722 11,149 888.057 Analysis ol Expendlturnon CharltableActlvltl•s Communlty Promlso8 Café Faelililos Shop Arts and Barn Wellbelng ProlKt 2024 Direct costs stoff related costs office costs Support Costv. Staff related costs Premises costs Centrol services hAarketing l AR Audit l Tax fees Depreciation Buildin9 project fees Total Expenditurn 2024 203.002 283,760 3.885 2,452 50,941 1,9 193.882 175.595 11,736 339.338 598,810 19.507 88,514 1,943 965 624 2,029 838 3,396 973 1090 188,674 1,015 173 6,086 1.015 419 679 1,225 18,206 6,088 1931 6,113 4.453 213.590 10.148 4.188 13.584 2,740 3,819 3,396 1,767 499 249 1,496 1,575 499.971 268.974 63.957 417.272 .270.174 Of the total expenditure £1,270,174 (2023.. £999,527), amounts totolling £157,575 (2023: £120,523) were ottributabl8 to restricted lunds. Comparathi• Informalion: Anuly81$ of Expondtture on Charfiable Activlti•$ Communlty Pramlses Shop Arts and Barn Caté Facilitlo$ Wollb•ln Project 2023 Direct Costs stafl related costs Offi¢@ costs Support Costs: stoll related costs Premises costs C8ntral services Markoting l AR Audit l Tax fees Depreciotion Building project faes Tal ExponditUTe 2023 182,355 219,109 4,055 1837 33.474 572 123,946 162,171 6,627 309,138 474.893 19.956 60.139 8,701 3,604 989 129,204 1,546 440 3,228 1,767 550 5.857 386 220 646 2,666 22,939 4,331 1637 6.456 7.809 158.000 7.809 4,396 12.912 1740 1,546 1,099 1582 973 1,875 1,875 206.014 44.542 331.773 1,876 999.527 415.323 21
Notes to the financlal statements for the year ended 31Ft March 2024 (contlnued) 6. Net In¢ome l (oxpendlture) forthoy•ar Is slated after charyln9: 2024 2023 Depreciation Cost of stock 1740 203,002 1740 182,355 Auditors remuneration.. Audit Fees- current year Non-Audit Services - current year Izooo 1,584 11,500 750 staff Costs 2024 2023 Wag&s ond Salaries Social Security Costs Pension Costs Other Staff Costs 539,650 44,985 14,175 4,453 603.283 432,159 34,164 11,146 5,233 481702 staff costs above have been allo¢atad to choritobla expenditure as Shown below. Charitoble octivities Support costs 2024 2023 598,810 4,453 474,893 7,809 staff Numbers 2024 2023 Average number of gmployees 24 20 No employee eorned in excess of £60,000 in the year. The key manogement personnel In the y8or comprisad the trust&8s. chief executive officer, deputy chief executive officer and c&rtain departmont managers. Total remuneration paid to key management personnel durir)g the year wag £201.040 (2023: £196,139), including pansion cor)tributions of £5,049 (2023.. £4.375). No trustee received poymant for professional or other services supplied to th8 charity {2023-. None). Trustees are not ramunerated but ore reimbursed lor trovel and subsistence expenses incurred through attendance of meetings. Reimburs&mont of travel expanses to truste&s in 2024 was £Nil (2023: £Nil). 8. Taxatlon The charitable Company has a liability to corporation tax on its charitable trading activities. Thg tax charge can be analysed as follows.. 2024 2023 Current Taxotion Adjustments in respect of prior y8or Def&rred taxation 22
Notes to the financial statements for the year ended 31*t March 2024 (continued) 9. Tanglble Fixed A$8el$ Freehold Land & Buildlngs ixwr•$ &Fitting$ Equipment Total Cost As at l April 2023 Disposals As at 31 Mah 2024 6,065,000 14,054 14,808 (6,5881 8.220 6,093,862 {6,5881 6.087.274 8.065,000 14.054 D•preciailon As ot l April 2023 Depreciation charge Eliminated on disposal A8 Ul 31 Mur¢h 2024 14,054 11,095 2,740 {6,588) 7,247 25,149 2,740 (6,588) 21.301 14.054 N•t Book Valu• As at 31 MaKh 2024 6.065.000 973 6.065.973 As at 31 March 2023 6.065.000 3.713 6.068,713 A professional voluotion ol the freehold land and buildings, prepared by Forebrother Chartered SuNeyors wos obtained as at l April 2014 valuing property portfolio ot a value in use of £6,065,000 which was cor)sidered to be the deemed cost upon adoption of FRS 102 occounting framework tor periods commencing on l April 2016. In the opinion of the Trustees the market value at 31° March 2024 is not materially dSff&rent and ther8 hos been no evidanc8 ol any impairment. 10. Inv•$tmonls 2024 2023 Market volue ol investments at l April 2023 Aequisitions at cost Disposals ot market value Change in morket value in the year Markotvalueof Invostm•nts at31 March 2024 479,462 241429 (238,111) 31,788 515,668 456,022 530,642 (485,772) (21,430) 479.462 Cash held by investm&nt manogers for re- investment Balance ot 31 Mar¢h 2023 11,744 11,810 527.312 491.272 Hislorical Cost Inv8Stments comprise the following.. Equities IListgd) 504.318 600.000 515,568 479,462 11. bt¢1¥ 2024 2023 Trode debtors Other debtorslprepayments 3,481 18,097 21,578 1,790 42,315 44.105 23
Notes to the financial statements for the year ended 31st March 2024 (continued) 12. Credltors: amounts talllng due withln oneyear 2024 2023 Trade creditors other Creditors Taxation I social security costs Accruals 2,274 6,082 32,862 52,654 93.872 1,270 fj,084 25,604 44,727 Tl.685 13. Reconclllailon and qnalysls ol movement on lunds for the yoar Balance at l April 2023 Galn$ (108s•s) Balan¢¢ at 31" Translors Mareh 2024 Income Expenditur• Unrestricted Funds 6.360,257 319,230 46,488 6.725.975 1.171.737 (I,Iiz599) 36,040 (9,004) 6,436.4n 319.230 83.739 6.838.442 Designated Funds Restricted Funds 185,823 1.357.560 (157,575) (1.270.174) 9.004 Total Funds 36.040 Re8lriclod Fund$ City Bridge Fdn NL Herltage Fund Post Code Society Sociol Prescribing Sport England Fdn lor Futur& Ldn 7.236 45,410 29,301 (44,016) (29,301) (1,588) 14,013) (10,870) (18,000) (30,570) (iooo) (6.202) (916) 2,505 11.135 1,588 4,013 3.800 15.000 14,851 14,140 3,000 17,000 2.000 11,955 5,000 775 7.070 London Marothon Queen Adelalde's Children in Nged 1.281 5.753 4.084 775 Clorion Futures L8 Tower Homlets Poor's Land Charlty Veolia Env Trust 15,000 41242 185,823 (10.099) (757,675) 6,499 9.004 53.842 83.740 Totol Fund8 R•strlctod 46.488 Unrestrlcted ftjnds inelude £31,788 relating to unrwlised gains on investments (2023.. £21.430 losses). DlYnated Fund St Morgarefs House ha5 a designatad funds totalling £319K (2023.. £319K} to help finance the building ol an Arts and Wellbeing Centre which is on hold and will now be used to updote the fabric of the current buildinglinvest In systoms pending professional advic9. 24
Notes to the financial statements for the year ended 31st March 2024 (continued) 13. R•conGlllatlan and analyslJ5 of movomenton funds for th•y•ar (¢ontlnued) Regtrlet•d Fund clty Brldge Trut- funding in support of Ghyamo Art4 Disability Arts project providing weekty theatre, film, clrcus ond cioss-arts se5sions1gading to publlc c8lebration& Project continues. Natlonal Lott•ry Horltago Fund - fvjnding in support of our Mondozo project working in the local community to celebrote boxer Daniel Mendoza through re5eaich, talks, theatre pertormon¢e and film. Project complete. Po•t¢odo So¢l•ty Trust - fundlng tor the exploration of th8 Outdoors through art und wollbeing sessions. Project complete. $oclal Pr•sGrlblng- fundin9 for a men's soclal prescTiblng reseorch project PrOt complete. Sport England - funding for exèrcise progrommes for local groups in Tower Hamlets. First project complgt and new projoct with new funding storted. Fgundailon lor FIiiuM London- funding for 16-18 year olds on placement with St Margareys Hous8. prolect complete. London Marolhon Fund- funding for circus skills and 8n9aging inactive Londoners. ProlKt complet8. Quo•n Adolqld•'s Charlty- funding tor Easter holiday activities for locol childrern oIt complete. BBC Chlldr•n In Nd- fundlng for OUT Hiiarty programme. Proj&ct continues. Clarfon Futurns- funding for Tramshed Tuesdays. Project continues. London Borough of T¢>wor Hamlots - funding lor regular hall term and Eoster holiday activities for local children. Project continues. PooV8 Land charlty- fundlng for the garden redgvelopm8nL Prolect continues. Vla Envlronmontul TN•t- funding for the garden redèvelopment Project continues. 25
Notes to the linancial statements for the year ended 31st March 2024 (continued) 13. Reconclllation und onalysls ol mov•m•nt on lund$lor tho ywr (continued} Comparotlv• Informailon: Anolysls of movem•nt In funds lor the yoaronded 31 Murch 2023 Balan¢• at 1st Galns Aprll 2022 (lossw) Balane• at 31 Tran51or March 2023 In¢om• ExndItur• Unrestricted Funds 6,281,444 378,064 56,480 6.715.988 929,734 (883,011) (1,875) {120.523) (1.005,411) (21.430) (21,430) 53,522 6.380.257 (56,9591 319.230 3,437 46,488 .725.975 Designoted Funds Restricted Funds 107,094 1,036,828 Total Funds R?stri¢t8d Funds Children in Need 3,502 NL Horitaga Fund 7,603 City Bridge Trust 9,980 Post Code Lottèry 2,520 Arts Council {Health Tree) 3,574 Arts Council (culture Recovery) 29,301 Arts Council (The 8orroweis) Foyle Foundation Sports Council (Return to Ploy) GLA Culture Team (Research) Lottèry Ipioce Like Home} Heritage (Mendoza) Individual Donor (Anon) Total Re8tricted Fund8 250 (5,711) (38,031) (9,980) (3.467) (4,085) (29.301) (3,114) (8.222) (5,747) (3,500) 1,959 37,664 7.236 947 511 3,094 9,810 9,760 7,300 15,000 20,000 4,216 107.094 20 l.S88 4.013 3.800 15,000 14.851 (5,149) (4,216) (120,523) 56.480 3.437 48.488 Heritage Fund In relation to LGBTQ. Project colled Molly's Masquerade. LBGTQ Project investigating the heritage ol Molly Hou$8$ through regulor r8search. workshops, walks, theatre, Craft and donc& leading io public shoring of heritage learnt. Project ended July 2021. Arts Council (Health Tree) Fund - Funding providèd in support ol Well Being Arts Project Project offered weekw activities in everything from Woodwork, acupuncturg, walks, theatre, movèment and linked it with social prescribing. Also created a netrmork linking arts ond health. Project ènded March 2022. Arts Council (CUUre Recovery) Fund - Covid Support for Arts & Wellbeing. Supported St Margareys House through rocoveryof Covid eontributing to staff costs,training, communications ponnIng and digitol expertise. Project ended in D8cember 2021. Arts Coun¢ll (The Borrowers Fund) - Funding providgd in support of outreach Workshops. Two-month project working with Tower Homlets Carers ond two artists on research and development. Digital outcomes in music produced. Foyle Foundation Fund Funding provided lor access and sSgnage. Signag8 project adding impfoved facilities to St Margorefs Hovse. Projected ended in November 2021. 26
Notes to the financial statements forthe year ended 31*t March 2024 (continued) 14. Analy81$ of tolal not osset8 botwoon tunds Tolal Fund$ at 31 March 2024 UnrtrICtod lund8 RO$trIed fvnd$ Fixed Assets Current Assets Current Liobilities 6.593,285 255.289 (93,872) 6.754,702 6.593.286 339.028 (93,872) 6.838,441 83.739 83.739 Total Fund$ at 31 March 2023 unrestr1¢t funds Restrktod funds Fixed Assets Current Assets Current Liabiliti8s 6,559,985 197.187 (77,6851 6.679.487 6.559.98S 243.875 (77,6B5) 6.725,975 46,488 46.488 15. R•lat•d partytransactlon$ The Chief Executive occupies one ot the charity's properties, 19 Old Ford Road, in the capacity of caretokgr ond pays rent of £4,069 per annum (2023. £3,051). All rents are charged ot on orm's18ngth basis and there ar8 no amounts due at the yeaT &nd. 16. Company Llmltod byguarantoo The company is limited by guarantee and does not have a share copital. In the evènt of the company being wound up the moximum amount which each member is liable to contributè is £1. At 31 March 2024 th&re were 10 members. 17. Op•rating Leoses 2024 2023 offi¢• Equlpm•nt Lass than l year Within1-5 yeors 1,809 2,272 4.081 12,686 1,249 13.935 18. Cash u8•d In op•ratlng actlvhl•$ 2024 2023 Net movement In funds 112,466 9.987 Add back d8pro¢iotion Add back revaluation (goin) I loss Add Inv$stment manager feas included within Investments Less Investment In¢omo received (Ir)creose) l D&crease in debttsrs (Decrease) I Increase in creditors 1740 {31,788) 6,708 {13,438) 21527 16,187 115.404 2,740 21.430 5,879 (8,795) {35,041} {5,476) (9.276) 27