Company registration number: 09016329 Charity registration number: 1157339
Bell House Dulwich
(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 31 December 2023
Hodson & Co Wiston House 1 Wiston Avenue Worthing West Sussex BN14 7QL
Bell House Dulwich
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Strategic Report | 2 |
| Trustees' Report | 3 to 5 |
| Independent Auditors' Report | 6 to 8 |
| Statement of Financial Activities | 9 to 10 |
| Balance Sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 to 26 |
Bell House Dulwich
Reference and Administrative Details
Trustees P A Hanton D R H Evans A T Hanton F D Hanton Charity Registration Number 1157339 Company Registration Number 09016329 The charity is incorporated in England & Wales. Registered Office Bell House 27 College Road Dulwich London SE21 7BG Auditor Hodson & Co Wiston House 1 Wiston Avenue Worthing West Sussex BN14 7QL
Page 1
Bell House Dulwich
Strategic Report for the Year Ended 31 December 2023
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2023, in compliance with s414C of the Companies Act 2006.
Financial review
At 31 December 2023, the total funds held by Bell House Dulwich were £16,382,480 (2023 – £10,207,092) these were all unrestricted funds, of note is £17,850,609 held on the balance sheet as fixed assets, which leaves the charity with negative free reserves. The charity’s aim is to hold six months of running costs in free reserves, in order to achieve this they have invested in a property to provide the charity with a regular income stream.
Policy on reserves
The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. The trustees will continue to review the financial affairs of the charity with the aim to increase income, cut costs and to improve overall control of its operations. The trustees consider that the present level of funding will be adequate to support the continuation of the charity and for it to fulfil its obligations.
Investment policy and objectives
The objects of the company authorise it to invest and deal with moneys not immediately required for its purposes in and upon such investments securities and property as may be thought fit.
Principal risks and uncertainties
Reserves
The trustees actively review the major risks that the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with the annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions.
The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
The main risks identified by the charity are:
Lack of volunteers Long-term funding
The charity has responded to these risks by:
Regular engagement with the local community Purchase of property for the rental market, in order for the charity to have a regular income source.
The strategic report was approved by the trustees of the charity on 30 October 2024 and signed on its behalf by:
......................................... A T Hanton Trustee
Page 2
Bell House Dulwich
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2023.
Objectives and activities
Objects and aims
The charity's object and principal activities are to advance education in any part of the world.
The aim of the charity is for Bell House to offer support for dyslexia and other learning differences and to provide enrichment through learning beyond the school curriculum and beyond school age.
Objectives, strategies and activities
The charity has had another successful year holding over 300 courses and events in the year. In line with the with aims and objectives of the charity, the courses that have been run during the year included - a mixture of courses designed to support Dyslexic learners, creative courses and more recently pottery courses. Within the year the charity completed the work on the pottery studio and this was opened for courses in September 2023 and within the year we held 40 classes in the pottery studio.
Within the year, the charity received income of £6,251,107, due to a significant donation of shares to the value of £6,038,865, which were donated by a company owed by one of the Trustees. Expenditure in the year was £262,571, of which £208,940 related directly to charitable activities.
In order to ensure the long term viability of the charity, the shares donated were sold and the funds from the sale proceeds of these shares was used to purchase a neighbouring property for the rental market. Rental income from this property will be used to fund the charity in the long-term. In the long-term our aim is to continue to provide courses supporting our aim of the advancement of education worldwide, in particular offering support for dyslexia and other learning differences.
The charity relies on the volunteers, without such the charity would not be able to run. During the year a total of 200 volunteers helped the charity deliver its aims and objectives for the year.
The charity is able to offer short courses and learning events including support for dyslexia and other learning differences. A strategy and management group of volunteers has divided the work into three main sections - neurodiversity with an emphasis on dyslexia, mental and physical heath, and creative.
Public benefit
The charity's main activity is educational offering courses and support for all age groups.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Going concern
The charity has reviewed its financial performance and general reserves position. The charity has adequate financial resources and is able to manage its business risks. The charity's planning process has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. Accordingly, the accounts have been prepared on the basis that the charity is a going concern.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Page 3
Bell House Dulwich
Trustees' Report
Trustees:
P A Hanton D R H Evans A T Hanton F D Hanton
Structure, governance and management
Nature of governing document
The charity is governed by a memorandum and articles of association and is limited by guarantee and has no share capital.
Recruitment and appointment of trustees
All directors of the company are also trustees of the charity, and there are no other trustees. The Board has the power to appoint additional trustees as it considers fit to do so.
The trustee, selection and induction process is guided by the Charity Commission. Trustees' role descriptions, policies and procedures are produced as relevant to the roles.
None of the trustees has any beneficial interest in the charity.
Induction and training of trustees
Potential trustees are selected on the basis of their personal qualities and familiarity with the operations of the charity. New trustees are made familiar with the charity vision, operation and goals by dialogue with existing personnel and provision of minutes and other literature pertaining to charity activity.
Organisational structure
The charity is organised so that the trustees meet regularly to manage its affairs. The charity is overseen by the trustees and a Strategy and Management committee, supported by volunteers. The charity operates in the UK from premises in Dulwich, London.
Key strategic and administrative decisions are made with the agreement of the trustees.
The day-to-day running of the charity is undertaken by volunteers under the general director of the “Strategy and Management Group”.
Financial instruments
Objectives and policies
The trustees actively review the major risks that the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with the annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
Page 4
Bell House Dulwich
Trustees' Report
Statement of trustees' responsibilities
The trustees (who are also the directors of Bell House Dulwich for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 30 October 2024 and signed on its behalf by:
......................................... A T Hanton Trustee
Page 5
Bell House Dulwich
Independent Auditor's Report to the Members of Bell House Dulwich
Opinion
We have audited the financial statements of Bell House Dulwich (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The charity did not require an audit for the year ended 31 December 2022 and as such the compartive figures have not been audited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Page 6
Bell House Dulwich
Independent Auditor's Report to the Members of Bell House Dulwich
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
-
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and Trustees' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the Statement of trustees' responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 7
Bell House Dulwich
Independent Auditor's Report to the Members of Bell House Dulwich
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Obtaining an understanding of the legal and regulatory frameworks that the charity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
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Enquiry of management to identify any instances of known or suspected instances of fraud;
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates were indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business;
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Reviewing minutes of meetings of those charged with governance; and
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, international omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. If a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... Matthew Hodson FCA (Senior Statutory Auditor) For and on behalf of Hodson & Co, Statutory Auditor
Wiston House 1 Wiston Avenue Worthing West Sussex BN14 7QL
31 October 2024
Page 8
Bell House Dulwich
Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Total Income Expenditure on: Raising funds Charitable activities 8 Total Expenditure Gains/losses on investment assets Net income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 Note Income and Endowments from: Donations and legacies 3 Investment income 6 Other income 7 Total income Expenditure on: Raising funds Charitable activities 8 Total expenditure Gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward |
Unrestricted £ 6,067,037 93,469 34,976 55,625 6,251,107 (53,631) (208,940) (262,571) 186,852 6,175,388 (20,000) 6,155,388 10,207,092 16,362,480 Unrestricted funds £ 24,954 5,405 139,302 169,661 (2,897) (185,509) (188,406) (121,646) (140,391) (140,391) 10,347,483 |
Total 2023 £ 6,067,037 93,469 34,976 55,625 6,251,107 (53,631) (208,940) (262,571) 186,852 6,175,388 (20,000) 6,155,388 10,207,092 16,362,480 Total 2022 £ 24,954 5,405 139,302 |
|---|---|---|
| 169,661 | ||
| (2,897) (185,509) |
||
| (188,406) (121,646) |
||
| (140,391) | ||
| (140,391) 10,347,483 |
The notes on pages 13 to 26 form an integral part of these financial statements. Page 9
Bell House Dulwich
Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Total funds carried forward 19 |
Unrestricted funds £ 10,207,092 |
Total 2022 £ 10,207,092 |
|---|---|---|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 19.
The notes on pages 13 to 26 form an integral part of these financial statements. Page 10
Bell House Dulwich
(Registration number: 09016329) Balance Sheet as at 31 December 2023
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand 16 Creditors: Amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 18 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Revaluation reserve Total unrestricted funds Total funds 19 |
2023 £ 9,523,956 8,326,653 17,850,609 139 46,225 46,364 (14,493) 31,871 17,882,480 (1,500,000) 16,382,480 16,362,480 20,000 16,382,480 16,382,480 |
2022 £ (As restated) 8,800,196 1,178,948 |
|---|---|---|
| 9,979,144 | ||
| 144,726 90,033 |
||
| 234,759 (6,811) |
||
| 227,948 | ||
| 10,207,092 - |
||
| 10,207,092 | ||
| 10,207,092 - |
||
| 10,207,092 | ||
| 10,207,092 |
The financial statements on pages 9 to 26 were approved by the trustees, and authorised for issue on 30 October 2024 and signed on their behalf by:
......................................... A T Hanton Trustee
The notes on pages 13 to 26 form an integral part of these financial statements. Page 11
Bell House Dulwich
Statement of Cash Flows for the Year Ended 31 December 2023
| Note Cash flows from operating activities Net cash income/(expenditure) Adjustments to cash flows from non-cash items Depreciation Investment income 6 Loss on disposal of investments Revaluation of investments Working capital adjustments Decrease in debtors 15 Increase in creditors 17 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 6 Purchase of tangible fixed assets 13 Purchase of investments 14 Sale of investments Net cash flows from investing activities Cash flows from financing activities Value of new loans obtained during the period Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December |
2023 £ 6,155,388 12,530 (55,625) - - 6,112,293 144,587 7,682 6,264,562 55,625 (736,290) (13,560,518) 6,432,813 (7,808,370) 1,500,000 (43,808) 90,033 46,225 |
2022 £ (140,391) 9,176 (5,405) 2,847 121,645 |
|---|---|---|
| (12,128) 119,971 533 |
||
| 108,376 | ||
| 5,405 (276,527) - 103,559 |
||
| (167,563) - |
||
| (59,187) 149,220 |
||
| 90,033 |
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 13 to 26 form an integral part of these financial statements. Page 12
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
1 Charity status
The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Bell House 27 College Road Dulwich London SE21 7BG
These financial statements were authorised for issue by the trustees on 30 October 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Bell House Dulwich meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Page 13
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Buildings are depreciated over their remaining useful economic lives, taking into account residual value. Land apportionment is estimated. The remaining useful economic life of an asset and any residual value are assessed annually by the trustees. At 31 December 2023 no depreciation was charged as the trustees estimate that the property is in excess of it's residual value.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 14
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Freehold land is not depreciated as it is considered to have an indefinite useful life.
Buildings are depreciated over a maximum period of 50 years. The remaining expected life of buildings is reviewed annually by the trustees and, where material, the accumulated and future depreciation is adjusted.
Building refurbishments are depreciated over the remaining expected life of the building
| Asset class | Depreciation method and rate |
|---|---|
| Fixture and fittings | 15% reducing balance |
| Office equipment | 20% straight line |
| Plant and machinery | over 4 - 25 years |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Investment properties
Investment property and land is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Page 15
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade debtors
Trade debtors are amounts due from customers for rents owed and cash balances held with the company's stockbroker.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Foreign exchange
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Financial instruments
Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 16
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
3 Income from donations and legacies
| Donations and legacies; Donations Grants, including capital grants; Grants from other charities Total for 2023 Total for 2022 |
Unrestricted funds General £ 6,062,574 4,463 6,067,037 24,954 |
Total funds £ 6,062,574 4,463 |
|---|---|---|
| 6,067,037 | ||
| 24,954 |
4 Income from charitable activities
| Educational Activities Total for 2023 5 Income from other trading activities Other income from other trading activities Total for 2023 |
Unrestricted funds General £ 93,469 93,469 Unrestricted funds General £ 34,976 34,976 |
Total funds £ 93,469 |
|---|---|---|
| 93,469 | ||
| Total funds £ 34,976 |
||
| 34,976 |
Page 17
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
6 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Other interest receivable Other investment income Income from rents Total for 2023 Total for 2022 |
Unrestricted funds General £ 2,368 20,317 2,203 30,737 55,625 5,405 |
Total funds £ 2,368 20,317 2,203 30,737 |
|---|---|---|
| 55,625 | ||
| 5,405 |
7 Other income
Total for 2022
| Unrestricted funds General £ 139,302 |
Total funds £ 139,302 |
|---|---|
8 Expenditure on charitable activities
| Note Educational Activities Allocated support costs 9 Governance costs 9 |
Unrestricted funds General £ 193,679 6,962 8,299 208,940 |
Total 2023 £ 193,679 6,962 8,299 208,940 |
Total 2022 £ 178,613 4,676 2,220 |
|---|---|---|---|
| 185,509 |
Page 18
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
| Educational activities Total for 2022 |
Activity undertaken directly £ 193,679 178,613 |
Activity support costs £ 6,962 4,676 |
Total expenditure £ 200,641 |
|---|---|---|---|
| 183,289 |
£200,641 (2022 - £183,289) of the above expenditure was attributable to unrestricted funds and £Nil (2022 - £Nil) to restricted funds.
9 Analysis of governance and support costs
Support costs allocated to charitable activities
| Basis of allocation Educational Activities direct Governance costs Audit fees Audit of the financial statements Other fees paid to auditors Independent examiner fees Examination of the financial statements Other fees paid to examiners Other governance costs |
Administration costs £ 6,962 Unrestricted funds General £ 6,500 1,800 - - (1) 8,299 |
Total 2023 £ 6,962 Total 2023 £ 6,500 1,800 - - (1) 8,299 |
Total 2022 £ 4,676 Total 2022 £ - - 1,878 1,534 (1,192) |
|
|---|---|---|---|---|
| 2,220 |
Page 19
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
10 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
| Audit fees Loss on disposal of investments Depreciation of fixed assets Foreign currency gains Net gains/loss on investments |
2023 £ 6,500 - 12,529 (3,953) 186,852 |
2022 £ - 2,847 9,176 (1,191) (121,645) |
|---|---|---|
11 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
12 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 20
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
13 Tangible fixed assets
| Cost At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 14 Fixed asset investments Investment land and property Other investments |
Land and buildings £ 8,962,841 720,874 |
Furniture and equipment £ Total £ 293,520 9,256,361 15,416 736,290 308,936 9,992,651 19,987 456,165 12,530 12,530 32,517 468,695 276,419 9,523,956 273,533 8,800,196 2023 £ 2022 £ (As restated) 8,326,653 785,000 - 393,948 8,326,653 1,178,948 |
Furniture and equipment £ Total £ 293,520 9,256,361 15,416 736,290 308,936 9,992,651 19,987 456,165 12,530 12,530 32,517 468,695 276,419 9,523,956 273,533 8,800,196 2023 £ 2022 £ (As restated) 8,326,653 785,000 - 393,948 8,326,653 1,178,948 |
|
|---|---|---|---|---|
| 9,683,715 | 308,936 | |||
| 436,178 - |
19,987 12,530 |
|||
| 436,178 | 32,517 | |||
| 9,247,537 | 276,419 | |||
| 8,526,663 | 273,533 | |||
| 2023 £ 8,326,653 - 8,326,653 |
||||
| 1,178,948 |
Page 21
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
| Cost or Valuation At 1 January 2023 Additions Revaluation At 31 December 2023 Provision At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Investment land and property £ 785,000 7,521,653 20,000 |
|---|---|
| 8,326,653 - |
|
| 8,326,653 | |
| 785,000 |
Investment land is held at fair value. The trustees value the land held at 31 December 2023 by reference to the size and market value of the individual plots sold during the year and held at the year end. The historical cost of the land is £55,000, purchased in 2016.
Investment property is held at fair value. The trustees have valued the properties at 31 December 2023 by reference to market rental yields and comparing local sales of similar properties in the area. There are two investment properties, as follows:
Bell House Lodge, this was purchased as part of the Bell House Estate and the initial cost was £730,000 in 2016, the estimated valuation as at 31 December 2023 is £750,000.An increase of £20,000 on initial cost.
Pickwick Cottage, purchased in 2023 for £7,521,652. The estimated value as at 31 December 2023 is deemed to be the same as the cost of the property.
There has been no valuation of investment land by an independent valuer.
Page 22
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
Other investments
| Cost or Valuation At 1 January 2023 Additions Disposals At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 |
Listed investments £ 393,948 6,038,865 (6,432,813) - - 393,948 |
Total £ 393,948 6,038,865 (6,432,813) |
|---|---|---|
| - | ||
| - | ||
| 393,948 |
The market value of the listed investments at 31 December 2023 was £Nil (2022 - £393,948).
15 Debtors
| Prepayments Other debtors 16 Cash and cash equivalents Cash at bank 17 Creditors: amounts falling due within one year Other creditors Accruals |
2023 £ 139 - 139 2023 £ 46,225 2023 £ 2,965 11,528 14,493 |
2022 £ - 144,726 |
|---|---|---|
| 144,726 | ||
| 2022 £ 90,033 |
||
| 2022 £ 211 6,600 |
||
| 6,811 |
18 Creditors: amounts falling due after one year
Other loans
2023 £ 1,500,000
Page 23
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
19 Funds
| Unrestricted funds General Unrestricted Funds Other funds Revaluation reserve Total funds Unrestricted funds General Unrestricted Funds |
Balance at 1 January 2023 £ 10,207,092 - 10,207,092 |
Incoming resources £ 6,251,107 - 6,251,107 Balance at 1 January 2022 £ 10,347,483 |
Resources expended £ (262,571) - (262,571) Incoming resources £ 169,661 |
Transfers £ (20,000) 20,000 - Resources expended £ (188,406) |
Other recognised gains/(losses) £ 186,852 - 186,852 Other recognised gains/(losses) £ (121,646) |
Balance at 31 December 2023 £ 16,362,480 20,000 |
|---|---|---|---|---|---|---|
| 16,382,480 | ||||||
| Balance at 31 December 2022 £ 10,207,092 |
Page 24
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
20 Analysis of net assets between funds
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted General £ 9,523,956 8,326,653 46,364 (14,493) (1,500,000) 16,382,480 Unrestricted General £ 8,800,196 1,178,948 234,759 (6,811) 10,207,092 |
Total funds 2022 £ 9,523,956 8,326,653 46,364 (14,493) (1,500,000) |
|---|---|---|
| 16,382,480 | ||
| (As restated) Total funds 2021 £ 8,800,196 1,178,948 234,759 (6,811) |
||
| 10,207,092 |
21 Analysis of net funds
| Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 January 2023 £ 90,033 90,033 At 1 January 2022 £ 149,220 149,220 |
Financing cash flows £ (43,808) (43,808) Financing cash flows £ (59,187) (59,187) |
At 31 December 2023 £ 46,225 46,225 At 31 December 2022 £ 90,033 90,033 |
|---|---|---|---|
Page 25
Bell House Dulwich
Notes to the Financial Statements for the Year Ended 31 December 2023
22 Related party transactions
During the year the charity made the following related party transactions:
Woodland Investment Management Limited
(A Hanton, who is a trustee of the charity is also a director and majority shareholder of Woodland Investment Management Limited.)
During the year, the company made a loan to the charity of £1,500,000, this is an unsecured loan, with no interest charged, due for repayment in 20 years time. At the balance sheet date the amount due to Woodland Investment Management Limited was £1,500,000 (2022 - £Nil).
A total of £6,045,014 was received in donations from the Trustees and companies owned and managed by the Trustees. At the balance sheet date the amount due to/from was £Nil (2022 - £Nil).
23 Prior year adjustment
Per note 14 Bell House Lodge which is part of Bell House Estate has been moved from freehold land and buildings to investment property, the initial cost of the lodge has been estimated at £730,000, this has been worked out as a proportion of floor space of the Bell House Estate. An adjustment has been made in the prior year to move the £730,000 from freehold land and buildings to investment property.
Page 26