2022-03-31-accounts - Re:source Blackburn

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Registered Charity Number 1151318

RE:SOURCE BLACKBURN

(A Charitable Incorporated Organisation)

ACCOUNTS AND TRUSTEES' REPORT FOR THE YEAR ENDED 31st March 2022

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Index

for the year ended 31st March 2022

	Page
Reference and administrative information	2
Trustees' report	3 - 6
Independent examiner's report	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10-15

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Reference and administrative information for the year ended 31st March 2022

Trustees:	Dr A Murdoch
	Mrs J Murdoch
	Mrs J Mitchell
	Mr J McGregor
	Ms N Mughal (appointed on 7th July 2021)
Director of Operations	Mrs C Butler
Charity number:	1151318
Operational address:	The Exchange
	71-73 King William Street
	Blackburn
	BB1 7DT
Registered office:	The Exchange
	71-73 King William Street
	Blackburn
	BB1 7DT
Bankers:	The Cooperative Bank plc
	PO Box 101
	1 Balloon Street
	Manchester
	M60 4EP
Independent Examiner:	J A Fell & Company
	Chartered Accountants
	40 Hoghton Street
	Southport
	PR9 0PQ
Solicitors:	Mounteney Solicitors Limited
	22 The Bramhall Centre
	Bramhall
	Stockport
	Cheshire
	SK7 1AW

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Trustee's annual report

for the year ended 31st March 2022

Structure, governance and management

The charity is a charitable incorporated organisation (CIO) and governed by its constitution 21st March 2013. This constitution established the objects and powers of the charity, without voting members other than its trustees. In the event of the charity being wound up, the trustees are not required to contribute to its assets and have no personal responsibility for settling its debts and liabilities.

Recruitment and appointment of trustees

Under the constitution, apart from the first charity trustees, every trustee must be appointed for a term of four years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Business, leadership, teaching, medical, dental, entrepreneurial and church leadership skills are well represented in the current trustees.

Trustee induction and training

The charity trustees make available to each new charity trustee, on or before his or her first appointment a copy of the constitution and any amendments made to it and a copy of the ClO's latest Trustees' Annual Report and statement of accounts. This is added to by intensive face-to-face meetings.

Organisational structure

There are five trustees from varying professional backgrounds who meet at least quarterly. They are responsible for the strategic direction and policy of the charity. They take on varying responsibilities for the charity depending on their professional background and skills.

Objectives and activities

The primary objectives of the charity are:

A. to further or benefit the residents of Blackburn with Darwen and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents. In the particular furtherance of the object outlined in this clause the trustees shall have power (but not the obligation) to establish or secure the establishment of a community centre and to maintain or manage or cooperate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the object outlined in this clause;
B. to relieve sickness and preserve health among people residing permanently or temporarily in Blackburn with Darwen;
C. to advance the Christian religion for the benefit of the public in accordance with the doctrine outlined in the apostle's creed.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Trustee's annual report for the year ended 31st March 2022 (continued)

Achievements and Performance

The charity purchased the former Cotton Exchange on 4th September 2015, rescued it from continued dereliction by repairs to roofs and windows and temporarily refurbished the lower ground floor to make it usable. This was achieved by 1st May 2016. The upper floor has been usable to host 600 people by April 2017.

Average weekly access figures from September 2021 to March 2022 on the lower ground floor and MeeMaws was 80 persons; extra one-off events upstairs saw an extra annual footfall of 1,220 people. June – September 2021 saw around 20 per week. Total for the year was 3,720 people.

Re:Ignite Church continues to be based at The Exchange, Blackburn, meeting there on Sunday mornings and their lease of the lower floor of the Exchange restarted in June 2021.

Also in June 2021, we recruited a new Trustee Miss Nudrat Alexxander Mughal , who has worked in the arts, cultural and voluntary sector for more than 10 years and we are delighted she has agreed to join us.

In September 2021 we hosted the ‘Confessional’ music event, this was open to the public and gathered 440 attendees.

We secured £18,650 at the end of 2020 from the Architectural Heritage Fund’s (AHF) Covid Resilience Fund which helped us to produce business and financial plans which were launched on the 13th of November 2021. We gathered over 120 people to hear the news of a successful bid to AHF Development Fund for 90% of £99,150. People from over 22 nationalities assembled to celebrate the business plan launch and the exciting funding news at The Exchange on that day

In anticipation of the successful launch of our business plan and with support from the AHF development fund we took the step to employ our Exchange Manager full time in the newly created role of Director of Operations.

In December 2021 we engaged funding specialists Chell Perkins who, having been briefed, have sought to generate funds for the MeeMaws Hope Beyond project. We anticipate seeing funds from these grant applications begin to land in the autumn of 2022.

We hosted a further music event on New Years Eve. The ‘Boomtown’ event attracted 499 attendees and directly benefited both Re:Source charity and Cancer Research charity by donating £2,500 to each from the surplus proceeds of the event.

MeeMaws café space has been leased to ‘Spirit Café’, a ministry of Re:Ignite Church, two evenings per month since October 2021.

Also in October 2021, work commenced in MeeMaws supported by capital funds from Allchurches Trust, Re:Ignite Church and a private donation all totalling £18,650 to facilitate installation of a corridor and access to the new disabled toilet through a new doorway. This enabled public access to facilities and resolved the issue of the kitchen area previously being accessible to the public.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Trustee's annual report

for the year ended 31st March 2022 (continued)

Relish English

Relish English has continued to build its network of students benefitting over 200 individuals since inception; from September 2021 to February 2022 we are engaged with the following numbers of students:-

Relish @ Audley Range (Audley Junior School)	29 new students
Relish Town Centre	11 new students
Relish International	22 new students
Relish Online	8 new students
Relish Hub (started from June 2021)	35 new students
Total	105 new students

Relish English engages a number of different nationalities, we currently have students who are Afghani, Pakistani, Indian, Bangladeshi, Yemeni, Bulgarian, Polish, Turkish, Azerbaijani, Ukrainian, Asian with Spanish nationality, Asian with Italian nationality, Asian with Norwegian nationality, Congolese, Albanian, Libyan and El Salvadorian.

How our activities deliver public benefit

The trustees confirm that they have had regard to the Charity Commission's guidance on public benefit when setting the objectives and assessing their activities. The public benefit for the transformation of the Cotton Exchange will be very significant indeed. This could revolutionise attitudes both to Blackburn and in Blackburn and will be useable by all sections of society without any exclusions.

Relish English delivers very clear public benefit.

Financial review

The results for the year and the state of the charity's affairs as at 31 March 2022 are set out in the financial statements following. During the year the charity received income of £ 94,016 (2021 £76,888) and had outgoings of £97,602 (2021 £54,631), leaving a net deficit of £ 3,586 (2021 - Surplus £22,257).

Reserves policy

The trustees have assessed the charity's reserves requirements and have agreed that free reserves equal to 3 months' operational expenditure should be maintained which amounts to around £15,000.

Payment to Trustees

Our constitution states at paragraph 6:

(1) " Benefits and payments to charity trustees and connected persons", that no charity trustee or connected person may sell services, unless the payment is permitted by sub clause 2 of this clause, which states that:

(a) A charity trustee may receive a benefit from the CIO as a beneficiary of the CIO provided that a majority of charity trustees do not benefit in this way.

(b) A charity trustee or connected person may enter into a contract for the supply of services to the CIO where that is permitted in accordance with, and subject to the conditions in, section 73A to 73C of the Charities Act 1993.

No trustees received any benefit from Re:Source Blackburn CIO.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN Trustee's annual report for the year ended 31st March 2022 (continued)

Statement of trustees responsibilities

Law applicable to charities in England and Wales require the trustees to prepare the financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:

a. select suitable accounting policies and apply them consistently;
b. make judgements and estimates that are reasonable and prudent;
c. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
d. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the trustees on 29th September 2022 and signed on their behalf by:

……………………………

John James McGregor - Chair

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Independent examiner's report to the trustees of Re:Source Blackburn

I report to the trustees on my examination of the financial statements of Re:Source Blackburn for the year ended 31st March 2022.

Responsibilities and basis of report

The charity's Trustees are responsible for the preparation of the financial statements. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011( the 2011 Act ) and that an independent examination is needed.

It is my responsibility to:�

(i) examine the financial statements under section 145 of the 2011 Act;�
(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
(iii) to state whether particular matters have come to my attention.

Basis of independent examiner's Statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:�

(a) which gives me reasonable cause to believe that in any material respect the requirements:
(i) to keep accounting records in accordance with section 130 of the 2011 Act; and�
(ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;�
- have not been met or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial
(b) statements to be reached.

Oliver J Grills FCA for and on behalf of J A Fell and Company, Chartered Accountants

Date:30/9/2022

40 Hoghton Street, Southport, PR9 0PQ

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Statement of Financial Activities

for the year ended 31st March 2022

Note INCOMING RESOURCES 2 Other trading activities 3 TOTAL INCOMING RESOURCES RESOURCES EXPENDED Charitable activities 5 TOTAL RESOURCES EXPENDED NET INCOME BEFORE TRANSFERS Gross transfers between funds Total funds brought forward 13 Total funds carried forward 13 Donations and grants	Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 £ £ £ 34,900 42,765 77,665 15,211 1,140 16,351 50,111 43,905 94,016 54,691 42,911 97,602 54,691 42,911 97,602 (4,580) 994 (3,586) 6,060 (6,060) 789,884 15,724 805,608 791,364 10,658 802,022	Total Funds 2021 £ 76,344 544
		76,888
		54,631
		54,631
		22,257 783,351
		805,608

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above.

The notes on pages 10 to 14 form part of these financial statements.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Balance Sheet

as at 31st March 2022

Note FIXED ASSETS: Tangible assets 6 CURRENT ASSETS: Debtors 7 Cash at bank and in hand CURRENT LIABILITIES: Creditors due in less than one year 8 TOTAL ASSETS THE FUNDS OF THE CHARITY: Unrestricted funds 11 Restricted funds 12	2022 £ 788,507 - 17,039 17,039 (3,524) 802,022 791,364 10,658 802,022	2021 £ 789,282
		1,981 15,587
		17,568 (1,242)
		805,608
		789,884 15,724
		805,608

The financial statements were approved and authorised for issue by the trustees on 28/09/2022 and signed on their behalf by:

……………………………

John James McGregor - Chair

The notes on pages 10 to 14 form part of these financial statements.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

Notes to the Financial Statements for the year ended 31st March 2022

RE:SOURCE BLACKBURN

1 Accounting policies

Charity information

Re:Source Blackburn is a Charitable Incorporated Organisation registered with the Charity Commission

1.1 Basis of Preparation

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice (SORP FRS102) issued in October 2019 , the Financial Reporting Standard applicable to the United Kingdom and the Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity is a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the charity.

1.2 Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds would comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund will be set out in the notes to the financial statements where applicable. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund will be set out in the notes to the financial statements where applicable.

1.3 Income and Gift Aid

All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify a performance condition it is recognised in income when the proceeds are received or receivable.

1.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Premises and other overheads have been allocated according to the level of activity undertaken throughout the year.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Notes to the Financial Statements

for the year ended 31st March 2022 (Continued)

1 Accounting policies (Continued)

1.5 Taxation

The charity has operated in accordance with its charitable objects and is therefore exempt from taxation.

1.6 Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue, therefore the financial statements have been prepared on the going concern basis.

1.7 Tangible fixed assets

Individual assets acquired at a cost of more than £500 which are intended for use on a continuing basis in the charity's activities have been capitalised. Depreciation is provided using the following rates to reduce, by annual instalments, the cost, less estimated residual value, of the tangible assets over their estimated useful lives:

Land and buildings 0% per annum on cost Fixtures and equipment 20% per annum on the net book value

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9 Related parties

There were no related party transactions during the year

2 Income from donations and grants

Current year Donations Grants received Prior year Donations Grants received	Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 £ £ £ 34,900 1,500 36,400 - 41,265 41,265 34,900 42,765 77,665 Unrestricted Restricted Total Funds Funds Funds 2021 2021 2021 £ £ £ 30,131 - 30,131 11,903 34,310 46,213 42,034 34,310 76,344	Total Funds 2021 £ 30,131 46,213
		76,344

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Notes to the Financial Statements

for the year ended 31st March 2022 (Continued)

3 Other trading activities Current year Rents received Prior year Rents received	Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 £ £ £ 15,211 1,140 16,351 15,211 1,140 16,351 Unrestricted Restricted Total Funds Funds Funds 2021 2021 2021 £ £ £ 544 - 544 544 - 544	Total Funds 2021 £ 544
		544

5 Cost of charitable activities Current year Wages and salaries Rent and insurance Repairs and equipment Consumables Administration and subscriptions Light and heat Rates and water Website costs and marketing Bank charges Telephone and internet Consultancy and legal fees Travel Event costs Training costs Sundry costs Accountancy & independent examination Depreciation	Unrestricted Restricted Total Funds Funds Funds 2022 2022 2022 £ £ £ 12,778 18,632 31,410 12,657 1,140 13,797 15,227 4,822 20,049 - - - 1,922 339 2,261 3,995 310 4,305 1,917 - 1,917 1,200 2,848 4,048 - - - 703 - 703 - 13,820 13,820 118 - 118 81 1,000 1,081 405 - 405 1,191 - 1,191 930 - 930 1,567 - 1,567 54,691 42,911 97,602	Total Funds 2021 £ 18,486 14,685 1,307 46 205 3,132 1,495 7,170 1 829 730 - - 2,857 1,012 915 1,761
		54,631

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Notes to the Financial Statements

for the year ended 31st March 2022 (Continued)

Cost of charitable activities Prior year Wages and salaries Rent and insurance Repairs and equipment Consumables Administration and subscriptions Light and heat Rates and water Website costs and marketing Bank charges Telephone and internet Consultancy and legal fees Travel Event costs Training costs Sundry costs Accountancy & independent examination Depreciation	Unrestricted Restricted Total Funds Funds Funds 2021 2021 2021 £ £ £ 11,126 7,360 18,486 12,505 2,180 14,685 1,307 - 1,307 46 - 46 205 - 205 3,132 - 3,132 1,495 - 1,495 3,400 3,770 7,170 1 - 1 829 - 829 - 730 730 - - - - - - 325 2,532 2,857 386 626 1,012 915 - 915 373 1,388 1,761
	36,045 18,586 54,631

6 Tangible fixed assets

Tangible fixed assets
Cost At 31st March 2021 Additions At 31st March 2022 Depreciation At 31st March 2021 Charge for the year At 31st March 2022 Net book value At 31st March 2022 At 31st March 2021	Land and Fixtures and Buildings Equipment £ £ 782,236 8,807 - 792 782,236 9,599 - 1,761 - 1,567 - 3,328 782,236 6,271 782,236 7,046	Total £ 791,043 792
		791,835
		1,761 1,567
		3,328
		788,507
		789,282

7 Debtors

Other debtors VAT	2022 £ - - -	2021 £ - 1,981
		1,981

t 07377 63033

e info@exchangeblackburn.org.uk

w www.exchangeblackburn.org.uk

Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Notes to the Financial Statements for the year ended 31st March 2022 (Continued)

8 Creditors due in less than one year

VAT PAYE Other creditors Accruals Employment costs Wages and salaries Social security costs Other pension costs The charity employed 3 part-time administration staff members and other workers employee earned over £60,000 in the year and no trustee received any remuneration. Employees and trustees	2022 2021 £ £ 249 - 1,953 - 422 342 900 900 3,524 1,242 2022 2021 £ £ 30,774 18,049 - - 636 437 31,410 18,486 irregularly during the year. No	2021 £ - - 342 900
		1,242
		18,486

9 Employees and trustees

10 Related Party Transactions

There were no related party transactions during the year that require disclosure.

11 Statement of funds

Unrestricted funds Restricted funds Total funds 12 Restricted funds Blackburn with Darwen Architectural Heritage Fund Youth Action Allchurches Trust Near Neighbours Essere Relish Hub	Balance at 1 April 2021 £ 789,884 15,724 821,332 Balance at 1 April 2021 £ 11,124 4,600 - - - - - 15,724	Income Expenditure Transfers £ £ £ 50,111 (54,691) 6,060 43,905 (42,911) (6,060) 94,016 (97,602) - Income Expenditure Transfers £ £ £ 10,000 12,064 (6,060) 14,250 18,850 - 6,365 6,365 - 8,650 2,500 - 1,000 1,000 - 1,640 542 - 2,000 1,590 - 43,905 42,911 (6,060) Movement in year Movement in year	Balance at 31 March 2022 £ 791,364 10,658
			802,022
			Balance at 31 March 2022 £ 3,000 - - 6,150 - 1,098 410
			10,658

The transfer between funds represents the net book value of office equipment transferred from restricted to unrestricted funds.

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT

RE:SOURCE BLACKBURN

Notes to the Financial Statements

for the year ended 31st March 2022 (Continued)

13 Analysis of net assets between funds Fixed assets Net current assets	Restricted Unrestricted Total 2022 2022 2022 £ £ £ - 788,507 788,507 10,658 2,857 13,515 10,658 791,364 802,022	Total 2021 £ 789,282 16,326
		821,332

t 07377 63033 e info@exchangeblackburn.org.uk w www.exchangeblackburn.org.uk Registered address: The Exchange, 71-73 King William Street, Blackburn, BB1 7DT