ALBION STREET COMMUNITY CHARITY LTD REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Registered Company Number: 08045622 Registered Charity Number: 1153318
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 May 2024 Page Report of the Trustees Ito3 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7t013 Detailed Statement of Financial Activities 14
ALBION STREET COMMUNITY CHARITY LTD REPORT OFTHE TRUSTEES for the year ended 31 May 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees Pauline Adenwalla Reverend Ulla Harkonen Thomas Holder Reverend Dag Magnus Hop5tock Havgar Reverend Mark Nicholls Dr Amanda Squires Reverend Tesfamichael Negusse Registered Company number 08045622 Registered Charity number 1153318 Registered office 8 Pageant Crescent London SE16 5FZ Independent examiner David Warren Cocke, Vellacott & Hill Chartered Accountants Unit 28 City Business Centre Lower Road London SE16 2XB Page I
ALBION STREET COMMUNITY CHARITY LTD REPORT OF THE TRUSTEES Icontinuedl for the year ended 31 May 2024 The Trustees (who are also directors of the Charity for the purposes of the Companies Act) present their annual report, which 5erve5 the purpose of both a Trustees, report and Directors, report, together with the Pinancial statements of Albion Street Community Charity Ltd (the charity) for the year ended 31 May 2024. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirement5, the requirements of the Charity's governing document and the provislons of the Charities Statement of Recommended Practice IFRS 1021. Since the Charity qualifies a5 small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Di(to$ Report) Regulations 2013 is not required. TRUSTEES The trustees who served the Charity during the year and since the year end were as follows.. Pauline Adenwalla Reverend Ulla Harkonen Thomas Holder (appointed 18 January 20241 Reverend Dag Magnus Hopstock Havgar Conor Marren Iresigned 27 November 20231 Reverend Tesfamichael Negusse Reverend Mark Nicholls Dr Amanda Squires OBJECTIVES AND ACTIVITIES The Charity's purposes Set out in the Articles of Association are to relieve the needs of people living in or working in the Ancient Parish of Rotherhithe, to preserve and consetve buildings or sites of historic or architectural importance and to provide orasslst in the provislon of facilities for public amenities, recreation and public health in the same geographical area. While pursuing the objectives of the Charity, the Trustees have given careful consideration to the Charity Commission's guidance on public benefit. ACHIEVEMENT AND PERFORMANCE A continuing Improvement in the Charity's financial position enabled the Trustees to further raise awareness of it5 financial grant scheme and to revisit its reserves policy to reflect the increased liability of the new lease and any redundancy obligation5. The Charity was also able to make financial grants totalling £9,825 to eight local organisation512023.. £4,976 to four local organi5ationsl 35 disclosed in note As noted in previou5 years financial grant5 are not the only way in which the Charity supports the local community and our shop trading as Up Market has always been a much valued local drop in centre offering social interaction and practical advice particularly for the vulnerable, lonely and those seeking emotional support. The shop also provides work experience opportunities for local 6th form students and for those looking to enhance their prospects of longer term paid employment. FINANCIAL REVIEW Upmarket has become a well-regarded and successful business with a regular clientele extending beyond SE16. Operating expenses have increased, notably due to increases in the pay and hours of our two employees, in the cost of waste disposal and utilities and in the rent of the Barage used for storage of stock but rernain well controlled. However thanks to the excellent work of our much-valued team of staff and volunteers together with a generally reliable volume of donations of second hand goods the Shop has been able to achieve a consistently strong sales performance. As a result the Charity was able to record a surplus of £16,85412023'. surplus of £25,360). It continues to strive to reduce recycling and waste costs. As at 31 May 2024 the Charity held unrestricted reserves of £74,655. Page 2
ALBION STREET COMMUNITY CHARITY LTD REPORTOF THE TRUSTEES Icontinuedl for the year ended 31 May 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity 15 a company lirnited by guarantee. It operates under the rules of its Artlcles of Association dated 25 April 2012. The Charity changed its name on 15 july 2013 and registered at the Charity Commission on 9 August 2013. It has no share capital and the liability of each member in the event of winding up is limited to £1. The Trustee5 are appointed in accordance with the Articles of Association. New Trustees joining the Board are given an appropriate briefing on their obligations under company and charity law and on the contents of the Articles of Association. They are also referred to guidance issued by the Charity Commission on the role of the Charity Trustee. The main risk to the Charlty is a failure to generate sufficient income from sales to finance its operations as well as provide funding for charitable projects. The trustees are satisfied that the major risks have been mitigated as far as reasonably possible but the Board recognises that it must keep these risks under constant review if the Charity is to continue to operate. In this connection the controls in place include regular updates to trustees on our financial position, the preparation of formal agendas for Board meetings which highlight areas of concern and formal approval procedures for financial and strategic decisions. GRANT MAKING The payment of grants in furtherance of the charity's objectives are voted and agreed upon by the trustees at regular meetings. PLANS FOR FUTURE PERIOD5 The 10 year lease on the premises in Albion Street signed in January 2023, has provided Trustees with the confidence to explore and develop ways for Increasing sales and reducing recycling cost5. In preparing this report the trustees have taken advantage of the small companies, exemptions provided by section 415A of the Companies Act 2006. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accountin8 Practice. Charity law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity's financial activitie5 during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to.. select suitable accounting policies and then apply them consistentlv. make judgements and estimate5 that are reasonable and prudent,. and state whether applicable accounting standards have been followed, subject to any material departure5 that must be disc105ed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accountlng records which are sufficient to show and explain the charity's transactions and to disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statement5 comply with the Charitie5 Act 2011. the provision of the Trust deed and the "Charities SORP IFRS 1021. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Board of Trustees on 12 September 2024 and signed on its behalf by: Pauline Ade rustee Page 3
ALBION STREET COMMUNITY CHARITY LTD INDEPENDENT EXAMINER'S REPORT OF THE TRUSTEES OF ALBION STREET COMMUNITY CHARITY LTD I report on the accounts for the year ended 31 May 2024 set out on pages 5 to 13. Respective responsibilitie5 of trustees and examiner The charit¢s trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit Is not required for this year lunder Section 144121 of the Charities Act 2011 (the 2011 Actll ond that an independent examination is required. It is my responsibility to.. examine the accounts under Section 145 of the 2011 Act- to follow the procedures laid down in the General Directions given by the Charity Commission (under Settion 451511bl of the 2011 Act),. and to state whether particular matters have come to my attention. Independent examiner's statement In connection with my examination, no material matters have come to my attention which give me cause to believe that In, any material respect.. the accounting records were not kept in accordante with section 130 of the 2011 Act,. or the accounts did not accord with the accounting records,. or the accounts did not comply with the applicable requirement5 concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. David Warren Cocke, Vellacott & Hill Chartered Accountants Unit 28 City Business Centre Lower Road LONDON SE16 2XB 19 September 2024 Page 4
ALBION STREET COMMUNITY CHARITY LTD STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 May 2024 Notes Unrestricted funds 2024 Restricted funds 2024 Total 2024 Totsl 2023 Income and endowments from: Trading income Charitable activities Other income 86.996 86.996 82,026 310 310 78 Total income 87,306 87,306 82,104 Expenditure on: Raising funds Charitable activities 60.627 9.825 60,627 9,825 51,768 4.976 Total expenditure 70,452 70,452 56,744 Net income and net movement in funds 16,854 16,854 25,360 Transfer between funds Reconciliation of funds Total funds brought forward 57,801 57,801 32,441 Total funds carried forward All of the tharitys activities derive from continuing operations during the above two periods. The notes on pages 7 to 13form part of thesefinancit71 stotements Page 5
ALBION STREET COMMUNITY CHARITY LTD BALANCE SHEET as at 31 May 2024 2024 2023 Notes Fixed assets: Tangible assets 251 335 Current assets: Debtors Cash at bank io 3.072 72.112 780 55,246 75,184 59,026 Liabilities: Creditors: Amounts falling due within one year li 1.560 Net current assets / Iliabllitiesl 74,404 57,466 Total assets les5 current liabilities 74,655 57,801 Total net assets I Iliabilitiesl 74.655 57,801 The funds of the charity: Restricted income funds Unrestricted funds 12, 13 12, 13 74.655 57,801 TOTAL FUNDS 74,655 57,801 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an auditfor the year in question in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requlrements of the Act with respect to accounting records and preparation of financial staternents. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republit of Ireland IFRS1021. The financial statement5 were approved by the Board of Trustees on 12 September 2024 and were signed on it5 behalf by.. Pauline Adenwall ee The notes on pages 7 to 13forrn purt of thesefinanciul 5totements Page 6
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 May 2024 GENERAL INFORMATION AND ACCOUNTING POLICIES The Charity is a company limited by guarantee. It operates under the rules of its Articles of A550ciation dated 25 April 2012. The Charity changed Its name on 15 July 2013 and registered at the Charity Commission on 9 August 2013. It has no share capital and the liability of each member in the event of winding up is limited to £1. The Registered Charity number of the Trust 1$ 1153318 and its registered address is 8 Pageant Crescent, London. SE16 5FZ. The charity's overall objectives are to relieve the needs of people Ilvlng in or working in the Ancient Parlsh of Rotherhithe, to preserve and conseNe buildings or sites of historic or architectural importance and to provide or assist in the provision of facilities for public amenities, recreation and public health in the same geographical area. ACCOUNTING POLICIES 1.1 Basis of preparation of the financial statements The financial statements have been prepared in accordance with the Statement of Recommended Practice-. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on 16th July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IRFS1021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1st january 2019, and the Companies Act 2006. After reviewing the charity's finances, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trust therefore continues to adopt the going concern basis in preparing its financial statements. Albion Street Community Charity Ltd meets the definition of a public benefit entity as deflned by FRS 102. Assets and liabilities are initially recognised at historical cost ortransaction value unless otherwise stated in the relevant accounting policy. 1.2 Going concern The Charity meets its running costs from its trading activities. The nature of the Charity's operations is such that there can be unpredictable variations in the timing and amounts of cash inflow5. The Trustees continuously review the funding prospects and expenditure levels and take action to reduce expenditure should funding expectations and reserves appear inadequate. The Trustees consider that it is appropriate to prepare the financial statements on a going contern basls. This assumes that the Charity will be successful in its trading activities. These financial statements do not include any adjustments that would result if insufficient funds are raised. In forming thi5 assessment the Trustees have taken into attount the impact of Covid-19. 1.3 Company status The Charity is a company limited by guarantee. The members of the Charity are the trustees named on page l. In the event of the Charity being wound up the liability ion respect of the guarantee is limited to £1 per member of the Charity. 1.4 Fund accounting General funds are unrestricted funds which are avallable 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. Restritted 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 purpose5. The cost5 of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund 15 set out in the note5 to the financial statements. 1.5 Income All incorne 15 recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Trading income represents income received from shop sales which is recognised upon sale of goods. Page 7
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2024 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, It Is probable that the transfer of economic benefits will be required in settlement and the amount of each obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Dirett costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis conslstent with the use fo resources. Costs of raising funds are those incurred in attracting voluntary Income, and those incurred in trading activities that raise funds. Donations payable are charged in the year when the offer is made except in cases where the offer is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Donations offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. The Charity is not VAT registered and its expenses are inclusive of VAT which cannot be recovered. 1.7 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After cOgnItion. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment10sses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated lives, on a reducing balance basis. Depreciation is provided on the following basis.. Fixtures, fittings and equipment- 25% reducing balance 1.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. ppaymentS are valued atthe amount prepaid net fo any trade discounts due. 1.9 Cash and bank in hand Cash at bank and in hand includes cash and shorter, highly liquid inve5tmentS Wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar. 1.10 Corporation Tax Due to the charitable nature of the attivities undertaken the Charity's surpluses are not subject to corporation tax. Page 8
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2024 TRADING INCOME 2024 2023 Trading income- unrestricted funds 86.996 82,026 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Donations received- unrestricted funds OTHER INCOMING RESOURCES 2024 2023 Job Retention Scheme- unrestricted funds Small Business Grant- unrestricted funds Deposit account interest 310 78 310 78 EXPENDITURE ON RAISING FUNDS (Expenses related to trading activities, all through unrestricted frjnds except as noted below) 2024 2023 Other trading expenditure Wages and salaries Pension5 Depreciation of tangible fixed assets 23,576 35.341 1.626 84 20.151 30,180 1,325 112 60,627 51,768 STAFF COSTS 2024 2023 Wages and salaries Sotial security costs Other penslon costs 35.341 30,180 1.626 1,325 36,967 31,505 The average number of persons employed by the Charity during the year was a5 follows.. 2024 No. 2023 No. Number of stsff No employee received remuneration amounting to more than £60,000 in either year. No trustees received any remuneration, benefits in kind or reimbursement of expenses durlng the current or prior year. Page 9
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2024 GRANTS PAYABLE 2024 2023 Grants payable and associated costs 9,925 4,976 The total grants paid to institutions are for the causes stated below during the year was as follows.. 2024 2023 Bubble Theatre Surrey Oocks Farm Association The Docklands Settlements Time and Talents Southwark Park Association ermondsey Artists Ignite Hubs The Bosco Centre 1,000 2,000 1,000 2,000 920 1,000 1,000 905 1,976 1.000 9,825 4,976 The grants paid to the various causes are considered to be in line within the Chariws stated objective to support organisations within the Ancient Parish of Rotherhithe. GOVERNANCE COST5 Included within costs of raising funds 15 £48012023.. £4801 in respect of the Independent Examiner's Report. There were no tosts incurred holding Trustees, meetings. TANGIBLE FIXED ASSETS Fixtures, fittings and equipment Cost or valuation Asat ljune 2023 Additions in year 1,641 A5 at 31 May 2024 1,641 Depreciatlon As at ljune 2023 Charge for the year 1,306 84 As at 31 May 2024 1,390 Net Book Value As at 31st May 2024 251 As at31" May 2023 335 Page 10
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIALSTATEMENTS Icontinuedl For the year ended 31 May 2024 10. DEBTORS 2024 2023 Prepayments and accrued income Other debtors 780 2.292 780 3,072 780 11. CREDITORS: Amounts falling due within one year 2024 2023 Accrued expenses 1,560 780 1,560 12. STATEMENT OF FUNDS Movement in funds At 1.6.23 At 31.5.24 Unrestricted fund5 General 57,801 16,854 74.655 Restricted funds Tommy Steele statue 57,801 74,655 Net movement in funds, included in the above are as follow.. Incoming Resources Resources expended Gains and Ilossesl Movement in funds Unrestricted funds General 87,306 170.4521 16,854 Page 11
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2024 13. STATEMENT OF FUNDS- PRIOR YEAR Movement in funds At 1.6.22 At 31.5.23 Unrestrirted fund5 General 32,441 25,360 57,801 Restrirted funds Tommy Steele statue 32,441 25,360 57,801 Net movement in funds, included in the above are as follow.. Incoming Resources Resources expended Gainsand Ilossesl Movement in funds Unrestrlcted funds General 82,104 156,7441 25,360 14. SPLIT OF NET ASSETS Unrestrirted funds 2024 Restricted funds 2024 Total 2024 Tangible fixed assets Current assets 251 74,404 251 74,404 Total 74,655 74,655 15. SPLIT OF NET ASSETS- PRIOR YEAR Unrestricted funds 2023 Restricted funds 2023 Total 2023 Tangible fixed assets Current assets 335 57,466 335 57,466 Total 57,801 57,801 Page 12
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2024 16. OPERATING LEASE COMMITMENTS 2024 2023 At 31 May 2024 the Charity hod commitments to make future minimum lease payments Under non-cancellable operating leases as follows-. Amounts payable.. Within l year Between l and 5 years After 5 years 11,500 40,250 5,100 46,000 5, 750 51.750 63,250 In the year, and as noted in the Tru5tees' Report last year, the Charity has agreed a new 10 year lease on thelr existing premises at rent of £11,500 per annum from January 2023 with a break clause at the end of year 6. 17. ULTIMATE CONTROLLING PARTY The charity is run on a day to day basis by the appointed trustees as shown in the Trustees, Report. 18. RELATED PARTIES There were no transactions with related parties in the current or prior year. Page 13
ALBION STREET COMMUNITY CHARITY LTD Detailed Statement of Financial Artivities for the year ended 31 May 2024 2024 2023 Income from: Retail trading income Donation5 lob Retention Scheme Small Business Grant Deposit account interest 86.996 82,026 310 78 Total income 87.306 82,104 Expenditure Dirett costs Other trading expenditure Salary costs- total Depreciation of tangible fixed assets Independent Examination costs 23,096 36,967 19,671 31,505 112 480 60,627 51, 768 Charitable activities Grants to institutions Grant5 to individuals 9,925 4.976 9,925 4,976 Total expenditure 70,452 56,744 Net income I lexpenditurel 16,854 25.360 Thi5 page does notform part of the 5tatutoryfin¢incial 5tatement5 Page 14