ALBION STREET COMMUNITY CHARITY LTD REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 Registered Company Number: 08045622 Registered Charity Number: 1153318
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 May 2025 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 OF THE TRUSTEES for the year ended 31 May 2025 REFERENCE AND ADMINISTRATIVE DETAILS Trustees Pauline Adenwalla Sian Bayley Reverend Ulla Harkonen Thomas Holder Dr Amanda Squires Registered Company nurnber 08045622 Registered Charity number 1153318 Registered office 8 Pageant Crescent London SE16 SFZ Independent examiner David Warren Cocke, Vellacott & Hill Chartered Accountants Unit 15 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 2025 The Trustees Iwho are also directors of the Charity for the purposes of the Companies Act) present their annual report, which serves the purpose of both a Trustees, report and Directors, report, together with the financial statements of Albion Street Community Charity Ltd (the charity) for the year ended 31 May 2025. The Trustees confirm that the Annual Report and financial ststements of the CharTty comply with the current statutory requirements, the requirements of the Charity's governing document and the provi5ion5 of the Charities Statement of Recommended Practlce IFRS 1021. Since the Chartty qualiPies as small under section 383, the strategic report required of medium and large companies underthe Companies Act 2006 Istrateglc Report and Directorfs 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 Sian Bayley lappointed 8 May 20251 Reverend Ulla Harkonen Thomas Holder Reverend Dag Magnus Hopstock Havgar (resigned 30 March 20251 Reverend Tesfamichael Negusse Iresigned 21 February 20251 Reverend Mark Nicholls Iresigned 12 September 20241 Dr Amanda Squires OBJECTIVES AND ACTIVITIES The Charity's purpose5 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 conserve 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. While pursuing the objectives of the Charity, the Trustees have given careful consideration to the Charlty 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 its financial grant scheme and to revislt its reserves policy to reflect the increased liability of the new lease and any redundancy obligations. The Charity was also able to make financial grants totalling £6,950 to seven local organisations12024'. £9,825 to eight local organisationsl as disclosed in note A5 noted in previous years financial grants are not the only way in which the Charlty supports the local community and our shop trading a5 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 5UPPQrt. The shop also provides work experience opportunities for local 6th form students and for those looking to enhance their prospect5 of longer term paid employment. FINANCIAL REVIEW Upmarket ha5 become a well-regarded and successful bu5ine55 Wlth 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 garage used for storage of stock but remain 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 ha5 been able to achieve a strong sales performance. As a result the Charity was able to record a surplus of £7,84912024'. surplu5 of £16,854). It continues to strive to reduce recycling and waste costs. A5 at 31 May 2025 the Charity held unrestricted reseNes of £82,504. Page 2
ALBION STREET COMMUNITY CHARITY LTD REPORT OF THE TRUSTEES Icontinuedl for the year ended 31 May 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a company limited by guarantee. It operates under the rule5 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 wlnding UP is limited to El. The Trustees are appointed in accordance with the Articles of Association. New Trustees joining the Board are given an appropriate brlefing on their obligations under company and charity law and on the contents of the Article5 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 Charity 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 PERIODS 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 costs. 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 Accounting Practice. Charity law applitable 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 activities 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 consistently. make judgements and estimates that are reasonable and prudent- and state whether applicable accounting standards have been followed, subject to any material departures that must be disc105ed and explained in the financial statements,. and prepare the financial ststements on the going concern basis unle55 It is inapproprlate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which are sufficient to Show and explain the charity's tran5aCtion5 and to 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, 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 2 September 2025 and signed on its behalf by.. Pauline Ads_nw stee Page 3
ALBION STREET COMMUNITY CHARITY LTD INDEPENDENT EXAMINER'S REPORTOFTHE TRUSTEES OF ALBION STREET COMMUNITY CHARITY LTD I report on the accounts for the year ended 31 May 2025 set out on pages 5 to 13. Respertive re5pon5ibilitie5 of trustee5 and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144121 of the Charities Act 2011 (the 2011 Actll and that an independent examlnation 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 lunder Section 4515llbl of the 2011 Actl- 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 record5 were not kept in accordance 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 applic3ble requirements concerning the form and content of accounts set out in the Charities (Accounts 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 BA FCA Cocke, Vellacott & Hill Chartered Accountants Unit 15 City Business Centre Lower Road LONDON SE16 2XB 3 September 2025 Page 4
ALBION STREET COMMUNITY CHARITY LTD STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 May 2025 Notes Unrestricted funds 2025 Restricted funds 2025 Total 2025 Total 2024 Income and endowrnent5 from: Trading income Charitable activities Other income 77,884 77,884 86,996 77 77 310 Total income 77,961 77,961 87.306 Expenditure on: Raising funds Charitable activities 63,162 6,950 63,162 6,950 60,627 9,825 Total expenditure 70,112 70,112 70,452 Net income and net movement in funds 7.849 7,849 16,854 Transfer between funds Reconciliation of funds Total funds brought forward 74,655 74.655 57,801 Total funds carried forward All of the chorivs activities derive from continuing operations durlng the above two periods. The notes on pt7ges 7 to 13form port of the5efinonciol statements Page 5
ALBION STREET COMMUNITY CHARITY LTD BALANCE SHEET as at 31 May 2025 2025 2024 Notes Fixed assets: Tangible assets 1.586 251 Current assets: Debtors Cash at bank io 888 80.986 3,072 72,112 81,874 75,184 Liabilities: Creditors: Amounts falling due within one year li 956 780 Net turrent assets / (liabilities) 80,918 74.404 Total assets less current liabilities 82,504 74,655 Total net assets / Iliabilitiesl 82,504 74,655 The funds of the charity: Restricted income funds Unrestricted funds 12, 13 12. 13 82,504 74,655 TOTAL FUNDS 82,504 74,655 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The member5 have not required the companyto obtaln an auditfor the year in questlon In accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with re5pett to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS1021. The financial statements were approved by the Board of Trustees on 2 September 2025 and were signed on its behalf by.. i .(. AdwaLld Pauline Adenwalla- T The notes on poges 7 to 13form port of thesefinanciol stt7tements Page 6
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIALSTATEMENT5 For the year ended 31 May 2025 GENERAL INFORMATION AND ACCOUNTING POLICIES The Charity is a company limited by guarantee. It operates under the rules of Its Articles of Association dated 25 April 2012. The Charity changed its name on IS 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 is 1153318 and its registered address is 8 Pageant Crescent, London, SE16 5FZ. The charity's overall objectives are to relieve the needs of people living in or working in the Anclent Parish of Rotherhithe, to preserve and conserve buildings or sites of historic or architectural importance and to provide or assist in the provision of facilitie5 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 Ju5y 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 benePIt entity as defined 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 inflows. 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 concern basis. 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. 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 fund5 are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objective5 of the Charity, and whlch have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restriction5 imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the speciPIc fund. The aim and use of each restricted fund 15 set out In the notes to the financial statements. 1.5 Income All income Is recognised once the Charity has entitlement to the incorne, It Is probable that the income will be received and the arnount of Income receivable can be measured reliably. Trading income represents income recelved from shop sale5 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 2025 1.6 Expendlture Expenditure is recogni5ed 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. Direct 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 slngle attivity are apportioned between those activities on a basis consistent with the use fo resources. Costs of raising funds are those incurred in attracting voluntary income, and those inCUrd 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 VAT registered and its expenses are inclusive of VAT which connot be retovered. 1.7 Tanglble flxed assets and depreciation Tangible fixed assets are initially recoenised at cost. After recognition, under the cost model. tangible fixed assets are measured at ost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation 15 charged so as to allocate the cost of tsngible 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. Prepayments are valued at the 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 investments with a short maturity of three months or le55 from the date of acquisition or opening of the deposlt or similar. 1.10 Corporation Tax Due to the charitable nature of the activlties undertaken the Charivs surpluse5 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 2025 TRADING INCOME 2025 2024 Tradlng income- unrestricted funds 77,884 86,996 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Donations received- unrestricted funds OTHER INCOMING RESOURCES 2025 2024 Job Retention Scheme- unrestricted funds Small Business Grant- unrestrirted funds Deposit account interest 77 310 77 310 EXPENDITURE ON RAISING FUNDS (Expenses related to trading activities, all through unrestricted funds except as noted below) 2025 2024 Other trading expenditure Wages and salaries Pensions Depreciation of tangible fixed assets 20,846 39,849 1,939 528 23,756 35,341 1.626 84 63,162 60.627 STAFF COSTS 2025 2024 Wages and salaries Social security costs Other pension costs 39,849 35,341 1,939 1.626 41,788 36,967 The average number of persons employed by the Charity during the year was a5 follows.. 2025 No. 2024 No. Number ofstaff 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 during the current or prior year. Page 9
ALBION STREET COMMUNITY CHARITY LTD NOTESTOTHE FINANCIALSTATEMENTS Icontinuedl For the year ended 31 May 2025 GRANTS PAYABLE 2025 2024 Grants payable and associated costs 6.950 9.825 The total grants paid to Institutions are for the causes stated below during the year was as follows.. 2025 2024 Bubble Theatre Surrey Docks Farm Association The Docklands Settlements Time and Talents Southwark Park Association12025-for cricket and Green Shoots workshop) Bermondsey Artists Ignite Hubs The Bosco Centre Rotherhithe Primary School BEDE Bizzie Bodies St James. Guides 1,000 2,000 1,000 2,000 920 1,000 1,000 905 1,000 2,000 1,000 1,000 950 1,000 6,950 9,825 The grants paid to the various causes are considered to be line within the Charity's stated objective to support organisations within the Ancient Parish of Rotherhithe. GOVERNANCE COST5 Included within cost5 of raising funds is £48012024: £4801 in respect of the Independent Examinerfs Report. There were no costs incurred holding Trustees, meetings. TANGIBLE FIXED ASSETS Fixtures, fittings and equipment Cost or valuation Asatljune 2024 Additions in year 1,641 1,863 As at 31 May 2025 3,504 Depreciation As at ljune 2024 Charge for the year 1,390 528 As at 31 May 2025 1,918 Net Book Value As at 315t May 202S 1.586 As t7t 315t May 2024 251 Page 10
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2025 10. DEBTOR5 2025 2024 Prepayments and accrued income Other debtors 780 108 780 2,292 888 3,072 11. CREDITORS: Amounts falling due within one year 2025 2024 Accrued expenses 956 780 956 780 12. STATEMENTOF FUNDS Movement in funds At 1.6.24 At 31.5.25 Unrestricted funds General 74,655 7,849 82,504 Restricted funds Tommy Steele statue 74,655 7,849 82.504 Net movement in funds, included in the above are as follow- Incoming Resources Resources expended Gain5 and Ilossesl Movement in fund5 Unrestricted funds General 77.961 170,1121 7,849 Page 11
ALBION STREEf COMMUNITY CHARITY LTD NOTESTO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2025 13. STATEMENTOF FUNDS- PRIOR YEAR Movement in funds At 1.6.23 At31.5.24 Unrestricted funds General 57,801 16,854 74,655 Restrirted funds Tommy Steele statue 57,801 16,854 74.655 Net movement in funds, included in the above are as follow.. Incoming Resources Resources expended Gains and Ilossesl Movement in funds Unrestrirted funds General 87,306 170,4521 16,854 14. SPLIT OF NET ASSErs Unrestrirted fund5 2025 Restricted funds 2025 Total 2025 Tangible fixed assets Current assets 1,586 80,918 1,586 80,918 Total 82,504 82,504 IS. SPLITOF NET ASSET5- PRIOR YEAR Unrestricted funds 2024 Restritted funds 2024 Total 2024 Tangible fixed assets Current assets 251 74.404 251 74,404 Tota5 74.655 74,655 Page 12
ALBION STREET COMMUNITY CHARITY LTD NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31 May 2025 16. OPERATING LEASE COMMITMENTS 2025 2024 At 31 May 2025 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Amounts payable.. Within l year Between l and 5 years 11,500 28,750 11.500 40,2SO After 5 years 40,250 51.750 In 2023, and as noted in the Trustees, Report, the Charity agreed a new 10 year lease on their existing premise5 at a 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 Detalled Statement of Financial Artivlties for the year ended 31 May 2025 2025 2024 Incorne from.. Retail trading income Donations Job Retention Scheme Small Business Grant Deposlt account interest 77.884 86,996 77 310 Total income 77,961 87.306 Expendlture Dlrect costs Other trading expenditure Salary costs- total Depreciation of tangible fixed assets Independent Examination costs 20,366 41,788 528 23,096 36,967 84 480 63,162 60,627 Charitable activities Grant5 to institutions Grants to individuals 6,950 9.825 6.950 9,825 Total expenditure 70,112 70,452 Net income / lexpenditurel 7,849 16,854 This poge does notform pt7rt of the statutoryfintincial stotements Page 14