Docusign Envelope ID.. OE5586F5-63C84468-B21 E4077E2CQC9BC The Bosco Centre ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Registered Charity Commission No,. 1157639
Docusign Envelope ID., OE5586F5-63C84468-B21 E4077E2COCgBC The Bosco Centre Contents Page Legal and administrative details Trustees, report Independent Auditor's report Statement of financial activities Balance sheet Statement of cash flows io Notes to the financial statements 11-20
Docusign Envelope ID.. OE5586F5-63C84468-B21 E-4077E2COC9BC The Bosco Centre Legal and administrative details Trustees Sr. Norma Kirkby Primrose Campbell Annabel Clarkson Matthew Farrell Valerie Stapleton Chair Treasurer Chief Executive Officer & Principal Darren Coghlan Reglstered charity number 1157639 Principal and registered office 281 Jamaica Road Bermondsev LONDON SE16 4RS Independent auditor Cocke, Vellacott & Hill Chartered Accountants Unit 15 City Business Centre Lower Road LONDON SE16 2XB Banks Lloyds TSB plc 67 Tower Bridge Road Bermondsey LONDON SEI 4TN Financial Adviser Leagold Miller 127 Station Road Chingford LONDON E4 6AG Page I
Docusign Envelope ID.. OE5566F5-63C84468-B21 E4077E2COC9BC The Bosco Centre Trustees, report for the year ended 31 July 2024 The board of trustees present5 its report together with the financial statements of the charity for the year ended 31 July 2024, which comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporknng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing instrument The Bosco Centre was established in 2014. It was registered with the Charity Commission under registered number 1157639 on 30 June 2014 and it is governed by a Constitution of a Charitable Incorporated Organisation of the same date. The management of the Centre is the responsibility of the board of trustees who are appointed and co-opted under the terms ofthe Constitution. Trustee recruitment, induction ond troinlng Except for the first charity trustees, new trustees are appointed by the existing board of trustees by a resolution for a term of 3 years and are eligible for reappointment. The Centre has introduced induction packs for trustees. Orgonisotion structure Bosco Centre was set up by and directed by Sister Cecily Dunn until her death on 24 May 2016, with the help of Sister Norma Kirkby, both without remuneration. Sister Cecily Dunn's position was taken over by Mr Darren Coghlan who at the time wa5 an external consultant advising the charity. He has since been appointed as Chief Executive Offi'cer and Principal, which is now a paid position. Other members of the staff are both full time and part time, paid employees. The Bosco Centre operates from the charity's premises and also owns other property for investment purposes. The trustees are responsible for the management of the Charity. The trustees meet four times a year. The trustees of the charity who Served during the year were.. Sr. Norma Kirkby Annabel Clarkson Primrose Campbell Matthew Farrell Valerie Stapleton The trustees are very sad to report that trustee Barry Crawley died during the year. The trustees enjoyed working with Barry throughout his tenure and his contributions were highly valued. He is and will be much missed. Risk review The trustees have conducted their own risk review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. These procedures are regularly reviewed to ensure that they 5ti11 meet the needs of the charity. OBJECTIVES AND ACTIVITIES Objects The object5 of the Bosco Centre are to advance the educatr'on of children and young people,. to provide facilities, in the interests of social welfare, for recreation and other leisure-time occupation for children and young people- and to relieve poverty and sickness, particularly by the provision of counselling and advice and accommodation where appropriate. In planning activities for the year the trustees keep in mind the Charity Commission guidance on public benelit. Strategies The key elements of the charity'5 medium to long term strate8ie5 are a5 listed below.. Ongoing services provided= Day Nursery for children age 3 months to 5 years old of teenage parent5 who are studying towards a qUHlification, local working low income parents and specific children who are at risk, other local working parents of the area,. Junior and After School Club for 5 to 12 years old,. Youth Club for 12 to 16 years old in the evenings,. Education and Employment Training Projects for 15 to 25 years old,. Bosco Independent school for 14-19 year olds.- and Coun5elling, guidance services and housing accommodation. Page 2
Docuslgn Envelope ID.. OE5586F5-63C84468-B21E4077E2COCgBC The Bosco Centre Trustees, report for the year ended 31 July 2024 (continued) OBJECFIVES AND ACTIVITIES (continued) Strategies (continued) Longer term strategies are to extend the education and employment training (the BOSCO College), to develop the educational programmes to include more qualifications and to increase the range and type of vocational courses offered. These are currently in Child care, Administration, ITQ and Youth work. We hope to include in the future Customer Service and possibly Retail. Activities The charity has maintained it5 ongoing services throughout the year, namely the Day Nursery, both the Junior and Senior Youth Clubs and the College to carry out Educational and Vocational projects for the children of the local community. The variou5 activities and projects have been successfully run by the charity with around 150 children, youn8 people and their families parhcipatin8 daily. Those involved with The Bosco Centre are our users/stakeholders': parents, children and young people of the local community,. local primary, secondary schools and employers,. funders,. Southwark Council - Youth Service, Community Safety and Early years- Agencies of the Department of Education our dedicated staff who run the nursery, club5 and the BOSCO college,. volunteers- All of the above have a stake in our success. The regeneration of our community and our passionate concern for the future of our children and young people unites us in our Mission to Youth. Public Benefit The various projects run by the charity benefit the people of Southwark and the surrounding locality. These include.. Education and training for lo¢a115-25 year olds in 6 different career5 and include in each of these English. Math5, ICT and Personal Development,. Social education and citizenship for children from 5-16 year olds through informal youth work,. Counselling and Career guidance for 12-25 year olds; Nursery education for children of single parents, parents on low income and other working parents. The charity provides guidance and counselling for adults concerning personal, social and developmental issues around themselves and their children. Thi5 helps to develop a vibrant energetic and socially responsible community who are effective citizens and enhance community tohesion. ACHIEVEMENTS AND PERFORMANCE We are proud ofThe Bosco Centre's achievements: The college has been graded as good by OF5TED in the previous two inspections. The nursery ha5 never been graded less than good. FINANCIAL REVIEW Re5ult5for the yeor The results for the year, are as per the statement of financial acknvities on page 8. During the year income from donation5 totalled £90512023 - £6401 and investment income for the year totalled £60,977 12023 £46,777). Incorne from education contracts with the local councils and other educational bodie5 totalle £869,18712023 - £796,789) and Nursery, Clubs, fees and other income came to a total of £442,56812023 - £392,395). The trustees are disappointed to note that operating conditions continued to be difficult in 2024 but are optimistic that they will improve in 2025. During the year, four12023 - four) full-time equivalent nursery places were subsidised by the charity. Thi5 nursery income has not been quantified and has not been included in the accounts Pa8e 3
Docusign Envelope ID.. OE5586F5-63CW68-B21E4077E2COC9BC The Bosco Centre Trustees, report for the year ended 31 July 2024 (continued) FINANCIAL REVIEW (continued) Re5ultsfor the year (continued) The cost of raisin8 funds for the year totalled £4,677 12023 £5,573), charitable adivities expenses amounted to £1,706,766 12023- £1,503,496). There wa5 a deficit of £337,80612023- £272,538) which was transferred to the charity'5 unrestricted funds. Reserves policy Available reserves in the unrestricted income funds currently stand at £4,621,44712023 - £4,959,253). The trustees have determined that the appropriate minimum level of free reserves which are not invested in tangible fixed assets should be equivalent to at least three year5, operating costs. The rest of the reserves are the results of long term savings, in order to enable the charity to continue to offer greater educational and leisure programmes for our beneficiaries. Our policy, therefore, is to continue building up reserves to that level by means of annual operating surpluses and judicious management of our investments, supplemented by the general purpose appeals from time to time. Investment policyi powers and performance The trustees, investment powers are governed by the Constitution and the charity's investments have continued to be managed in conformity with our policy and the Constitution. The trustees have continued to place 5urpluse5 in fixed bank deposit accounts with the assistance of the financial adviser. The trustees have made a conscious choice to invest in low risk investments and all investments are held in cash deposits or bonds with a variety of providers. The trustees are satisfied with the returns that they receive from these investments. The trustees have considered the value of the fixed asset investment property to be still reasonable and no further adjustments will be required for 31 July 2024 (see note 131. PLANS FOR THE FUTURE The trustees will continue running the various projects in Bosco College, Bosco Nursery and Bosco Clubs. The trustees consider that reserves should be applied to the benefit of student5 Wlthoutjeopardising the future stability of the charity and are investigating the possibility of extending the premises. 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 Accounting Standard (United Kingdom Generally Accepted Accounting Practicel. Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its incoming resource5 and application of resources during that year. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently observe the methods and principles in the applicable Charities SORP,. make judgement5 and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures that must be disc105ed and explained in the financial statements,. prepare the linancial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busines5. The trustees are responsible for keeping proper accounting 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 statements comply with the Charitie5 Act 2011 the applicable Charities (Accounts and Reportsl Regulations the "Charities SORP IFRS 1021 and the provision of the Trust deed. They are also responsible for safeguarding the a55ets of the charity and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. Pa8e 4
Docusign Envelope ID.. OE5586F543C84468-B21 E4077E2COC9BC The Bosco Centre Trustees, report for the year ended 31 July 2024 Icontinuedl AUDITORS Cocke, Vellacott & Hill were appointed auditors to the charity and a resolution proposing their reappointment will be put to the Annual General Meeting. This report was approved by the trustees on 13 March 2025 and signed on their behalf by Do¢uSlgneé by= 63E83146245847F.-- Primrose Campbell Trustee Page 5
Docusign Envelope ID.. OE5586F5-83C84468-B21 E4077E2COC9BC Independent audltor's report to the trustees of The Bosco Centre Opinion We have audited the financial statements of The Bosco Centre set out on pages 8 to 19 for the year ended 31 July 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the accounts including a summary of signift'cant accounting policies. The financial reportr.ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191" In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31st July 2024, and of its incoming resources and application of resources, for the period then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the h'nancial 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 fullilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the1SAs IUKI require us to report to you where.. the trustees, use of the going concern basis of accounting in the preparation of the fi'nancial statements is not appropriate- or the trustees have not disc105ed in the financial statements any identified material uncertainties that may cast Significant doubt about the charity's ability to continue to adopt the going concern basis of accountr.ng for a period of at least twelve months from the date when the linancial statements are authorised for issue. Other information The other information comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial 5tatement5, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the frnancial Statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatement5, we are required to determine whether there is a material misstatement in the financial statements or a material mi55tatement 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. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charitie5 Act 2011 requires U5 to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial 5tatement5,' or sufficient accounting records have not been kept. or the financial statement5 are not in agreement with the accounting records and return5,' or we have not received all the information and explanation5 we require for our audit Pa8e 6
Docuslgn Envelope ID.. OE5586F543C84488-B21E4077E2COC9BC Independent auditor's report to the trustees of The Bosco Centre {conttnued} 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 and presentation 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. Auditor's responslbilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements a5 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 IUKI 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. A further description of our responsibilities for the audit of the financial Statements is located on the Financial Reportin8 Council's webslte 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 trustees, as a body, in accordance with Section 144 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor'5 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 charity and the charity's trustees as a body for our audit work, for this report, or for the opinion we have formed. Cocke, Vellacott & Hill Chartered Accountants and Statutory Auditor Unit 15 City Business Centre Lower Road LONDON SE16 2XB Date.. 20 March 2025 Cocke, Vellacott & Hill are eligible to act a5 auditors in terms of section 1212 of the Companies Act 2006. PaBe 7
Docusign Envelope ID." OE5566F5-63C84468-B21 E4077E2COC9BC The Bosco Centre Ststement of financial activitie5 for the year ended 31 July 2024 General funds 2024 Designated Unrestritted Unrestricted funds funds funds 2024 2024 2023 Notes restated Income from: Donations and legacies Donations Charitable activities Contracts for educational services, grants, etc. Activities in furtherance of the charity's objects Other trading activities Fundraising events Investment income 905 905 640 869,187 442,568 869,187 442,568 796,789 392,325 60,977 60,977 46. 777 Total 1,312,660 60,977 1,373,637 1,236,531 Expenditure on: Raising funds Charitable activities {4,677) 14.677) (5.573) {1,706,766) 11,503,496) {1,706,766) Total (1,706,766) {4,677} {1,711,443} 11,509,069) Net incomellexpenditurel before transfers Gross transfers between funds {394,1061 56,300 {337,806} (272,538) Other recognised gainsllosses Fair value adjustments on investment property Net movement in funds 1394,106) 56,300 (337,8061 (272,538) Reconciliation of funds Total funds brought forward 18 179,492 4,779,761 4.959,253 5,231, 791 Total funds Carried forward 18 1214.6141 4.836.061 4,621,447 4,959,253 The notes on pt7ge5 11 to 20form an integral part of thesefinancial statements. Page 8
Docusign Envelope ID.. OE5586F5-63C8-4468-B21 E4077E2COC9BC The Bosco Centre Balance sheet as at 31 July 2024 2024 2023 Notes restated Fixed assets Tangible assets Investments 12 13 2,046,174 950,000 2,033,391 950,000 Total fixed assets 2,996,174 2,983,391 Current assets Debtors Investments Cash at bank and in hand 14 15 15&16 61,943 1,227,785 376,748 143,438 1,196,351 673,097 Total current assets 1.666,476 2,012,886 Liabilities Creditors.. amounts falling due within one year 17 141,203) (37.024) Net current assets (liabilities) 1,625,273 1.975,862 Total assets less current liabilities 4,621.447 4,959,253 The funds of the charity: Unrestricted income funds General fund 18 1214,6141 179,492 Designated funds 18 4,836,061 4, 779, 761 Total charity funds 4.621,447 4,959,253 The financial statements were approved by the Trustees on 13 March 2025 and signed on their behalf by Do¢u51Fn•d by.. Slpned by.. 83EB3146245847F.. 002264EIC65444C.. Prlmrose Campbell Trustee Matthew Farrell Trustee The notes on pages 11 to 20form an integral part of theselinoncial statement5. Page 9
Docusign Envelope ID.. OE5586F5-63C84468-821 E4077E2COC9BC The Bosco Centre ststement of cash flows For the year ended 31st July 2024 2024 2023 Notes restated Cash flows from operating activities: Net income/lexpenditurel for the year las per the statement of linancial activities) Adjusrmerttsfor.. Depreciation charges Net book value of asset on disposal Interest and rents from investments Decrease/llncreasel in debtors Increase/lDecreasel in creditors 1337,8061 (272,538) 39,291 37,995 {61,1221 81,495 4,179 (46.777) {72,415J (25,669) Net cash provided by operating activities {273,9631 (379,404) Cash flows from investing activities: Interest and rents from investments Purchase of tangible assets 61,122 {52,0741 46, 777 {27.678J Net cash provided by investing activities 9,048 19,099 Net decrease in cash and cash equivalents Cash and cash equivalents b/f {264.9151 1,869,448 (360.305) 2,229,753 Cash and cash equivalents at the end of the year 16 1,604,533 1,869,448 Pa8e 10
Docusign Envelope ID.. OE5586F5-63C84468-B21E-4077E2COC9BC The Bosco Cent Note5 to the financial staternents for the yearended 31July 2024 General information The Bosco Centre is a charity registered with the United Kingdom Charity Commission under registered number 1157639 on 30 June 2014 and it is governed by a Constitution of a Charitable Incorporated Organisation of the same date. The address of its registered office is 281 Jamaica Road Bermondsey, LONDON SE16 4RS. The objects of The Bosco Centre are to advance the education of children and young people,. to provide facilities, in the interests of social welfare, for recreation and other leisure-time occupation for children and young people,. and to relieve poverty and sickness, particularly by the provision of counselling and advice and accommodation where appropriate. The current year's financial statements are for the year to 31 July 2024. The financial statements for the preceding year are for the year to 31 July 2023 Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. (a) Basis of preparation and assessment of going concern The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed asset investments. They are also prepared in accordance with applicable accounting standards and the recommendations of the Charity Commission in "Aceounting 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 IFRS 1021 leffective l January 20191" and the Charities Act 2011. The financial statements are prepared in £ sterlin8, which is the functional currency of the entity. The charity constitutes a public benefit entity a5 defined by FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. {bl Income All income is recogni5ed once the charity is entitled to the income, itls probable that the income will be received and the income can be quantified with reasonable accuracy. Donated services and facilities are included at the value to the charity where this Can be quantified. Sncome from charitable activities includes.. income under contract which is recognised as the related services are provided. grant funding, subject to specific performance conditions, which is reco8ni5ed when the performance has been achieved. Investment income is recognised on a receivable basis. The value of 5ervi¢e5 provided by volunteers has not been included in these accounts. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commitling the charity to the expenditure. Expenditure 15 recogni5ed on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relate5. Page 11
Docusign Envelope ID.. OE5586F5-63C84468-B21 E4077E2COCgBC The Bosco Centre Notes to the financial statements fortheyearended 31July 20241................... continued) (el Expenditure {eontinued) Expenditure incurred on activitie5 falling directly within one cost category is attributed to that category. Expenditure, which involves more than one cost category including support costs and governance costs, is apporknoned on a reasonable* juskn')lable and consistent basis to the cost categories involved. Costs of raising funds comprise of investment adviser's costs and those costs incurred in attracting voluntary income and those incurred in activities that raise funds. Charitable acLivities include running of the Day Nursery, Junior and After School Club, Youth Club and Bosco College. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good pctice. These include costs related to audit, trustee expenses and legal fees. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Tangible fixed assets and depreciation Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows.. Nursery playground & equipment Fixtures, fi'ttings and equipment IO% reducing balance over the life of the asset 25% reducing balance over the life of the a55et/lQ% straight line for building improvements 25% reducing balance over the life of the asset Motor vehicles Freehold property for charitable use is brought in at cost and is not depreciated as it is considered to have a residual value not lower than costs. Pensions The pension costs charged in the financial statements represent the contribution payable by the charity during the year. The regular cost of providing retirement pensions and related benefits is charged to the SOFA over the employees, service lives on the basis of a constant percentage of earnings. Foreign currencies Monetary a55et5 and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transaction5 in foreign currencies are recorded at the date of the transactions. All difference5 are taken to the 50FA. le) Fixed asset investment property The freehold investment property is recogni5ed at it5 fair value at the balance sheet date. Fair value gain5 and losses are taken to the statement of financial activities and shown separately in designated funds. Cash and cash equivalents Cash and cash equivalents include5 cash in hand, deposits held at call with banks and building socieb'es and other short-term highly liquid investments. Ig) Current asset investments Current asset investments are made up of fixed dep051t accounts held by the banks. Page 12
Docusign Envelope ID.. OE5586F&63C84468-B21 E-4077E2COC9BC The Bosco Centre Notes to the financial ststements forthe year ended 31 July 2024.... conti nLied Donations Unrestricted General funds Nursery & Clubs Apprenticeships Unrestricted Unrestricted General Designated fund5 funds Diamond Project & 2024 Total 2023 Totol Individuals 905 905 640 Contracts for educational services, grants and etc Unrestricted General funds Nursery & Clubs Unrestricted Unrestricted General Designated funds funds Diamond Project 2024 Total 2023 Total restated Education Funding Agency London Borough ofsouthwark High Needs grant 16-19 Vulnerable Student Bursaries London Borough of Lewisham London Borough of Lambeth 710,154 710,154 626,863 145,793 2,400 145,793 2,400 134,593 2,400 10,840 10,840 32,913 869,187 869,187 796, 789 Attivities in furtherance of the charity's objects Unrestricted General funds Nursery & Clubs Unrestricted Unrestricted General Designated funds funds Diamond Project 2024 Total 2023 Total 5outhwark Council Nursery Free Early Education Grant Nursery fees 91.844 293,701 91,844 293.701 84,502 242,065 385,545 385,545 326,567 3,000 25,252 2,445 225 34.836 Grant from InspiED Youth Centre subscriptions Housing - rental income Hall hire Boscoffee 19,640 19,640 150 37,233 150 37,233 405,185 37,383 442,568 392,325 The above rental income 15 from surplus rooms in the 'Convent" Ifreehold property used for the charity's charitable purposes) which are rented out to individual tenant5 at reduced market rentsl. Page 13
Docusign Envelope ID.. OE5586F5-63C&4468-B21 E-4077E2COC9BC The Bosco Centre Notes to the financial statements fortheyearended 31July 2024.................... continued Investment income Unrestricted General funds Nursery & Clubs Unrestrlcted Unrestricted General Designated funds funds Diamond Project 2024 Total 2023 Totol Interest receivablefrom.. Cater Allen I Shawbrook Manchester Building Society 2 Virgin Money Julian Hodge Bank 28,617 28,617 9,215 2.273 996 83 2,886 218 2,886 218 31,721 31,721 12,567 Incomefrom investment property Rental income 29,256 29,256 34,210 60,977 60,977 46,777 The above interest receivable is from short term deposits with the various banks and building societies named. Rent receivable is from the investment property located at 202 Rotherhithe Street, London SE16, as shown in note 13. Cost of raising funds Unrestricted General fund5 Nursery & Clubs Unrestricted Unrestricted General Designated funds funds Diamond Project 2024 2023 Totol Total Investment property- BOSCO Lodge.. Rent, rates and Service charge Repairs and maintenance Depreciation on Lodge equipment Investment adviser's fees 1,726 1,060 615 1,276 1,726 1.060 615 1,906 1,276 701 1,276 1,690 4,677 4,677 5,573 Pa8e 14
Docusign Envelope ID.. OE5586F5-63C84468-B21 E4077E2COCgBC The Bosco Centre Notes to the financlal statements forthe year ended 31 July 2024.................. . continued Costs of activities in furtherance of the objects of the charity Unrestrl¢ted General funds Nursery & Clubs Unrestricted Unrestricted General Designated funds funds Diamond Project 2024 Total 2023 Totol Staff costs (see note 91 293,159 Subcontractors and supply teachers15ee note 91 2,096 Staff training Teaching supplies Youth club costs Light and heat Cleaning and waste management Consumables, repairs and maintenance Printing, postage and stationery Advertising and recruitment Telephone City & Guild Cerhficates, etc Insurances Travelling Outings and celebrations Legal and professional External reviewers and specialist staff IT and software costs subscriptions B05coffee Lunches and teas Trainee allowances General expen5e5 Health and safety Donations Depreciation IGainsl/ loss on disposal of assets 937,234 3,774 9,379 8,110 1,230,393 1,020,657 5,870 9.403 9,379 1, 774 13,523 13,399 31,193 26,663 30,548 44,856 3,637 2,851 27,154 36.663 16.605 16,365 6,688 8,747 4,367 9,643 20,288 13,025 10,051 9,201 10.087 10,901 3,840 7,376 5,413 31,193 9.164 1,819 6,788 4,151 3,344 2,184 21,384 1,818 20,366 12,454 3,344 2,183 20.288 5,025 8,070 1,920 5,026 2,017 1,920 21.466 4,220 1,233 64,400 16,881 3.698 38,851 4.721 27,665 1,407 5,434 440 25,185 85,866 21,101 4,931 38,851 31.755 27,665 1,876 lQ,869 440 38,676 76, 709 25,474 7.306 43, 748 25, 752 25,298 3.322 10.893 2.876 37.294 27,034 469 5,435 13,491 441,622 1,244,031 1,685,653 1,490.196 Governance costs Legal and professional Auditors fees - non audit work Auditors fees - audit work 9,833 1,333 6,187 9,833 2,000 9,280 3,060 3.000 7,240 667 3.093 3.760 17,353 21,113 13,300 445,382 1,261,384 1,706,766 1,503,496 Support Costs All of the staff are involved in the furtherance of the objects of the charity. A very small amount of time is given to supporting those activities. This is calcu5ated to have a cost of £22.500 12023 - E24,5001. The a55ociated running expenses such as light and heat etc. are calculated at £4,50012023 - £6,000). Pa8e 15
Docuslgn Envelope ID.. OE5586F&63C84468-B21 E4077E2COC9BC The Bosco Centre Notes to the financial statements forthe year ended 31 July 2024................,... continued 8. (Continued) Costs of activities in furtherance of the objects of the charity: comparative figure5 for 2023 Unrestricted General funds Nursery & Clubs Unrestricted Unrestricted General Designated funds funds Diamond Project 2023 Total Staff costs Isee note 91 256,050 subcontractors and supply teachers (see note 91 4,280 Staff training Teaching supplies Youth club costs Light and heat Cleaning and waste management Consumables, repairs and maintenance Printing, postage and stationery Adverkn5ing and recruitment Telephone City & Guild Cerblicates, etc Insurances Travelling Outings and celebrations Legal and professional External reviewer, legal and prof. fees IT and software costs Subscriptions Boscoffee Lunches and teas Trainee allowances General expenses Health and safety Donations Depreciation (Gains1/ loss on disposal of assets 764,607 5,123 1,774 8,780 1,020,657 9,403 1,774 13,399 26,663 44,856 2,851 36,663 16.365 8,747 9,643 13,025 9,201 10,901 7,376 4,619 26,663 13,457 1.426 9,166 4,091 3,960 4,822 31,399 1,425 27,497 12,274 4.787 4,821 13,025 4.600 8,721 3,688 4,601 2.180 3,688 19,177 5,131 1,827 57,532 20,343 5,479 43.748 4,148 25.298 2,492 5,447 2,876 23,803 76,709 25,474 7,306 43,748 25,752 25,298 3,322 10,893 2,876 37,294 21,604 830 5,446 13,491 387,332 1,102,864 1,490,196 Governance costs Legal and professional Auditor's fees - non audit work Auditor's fees - audit work 3,060 1,800 5,180 3,060 3,000 7,240 1,200 2,060 3,260 10,040 13,300 390,592 1.112,904 1,503,496 Page 16
Docusign Envelope ID.. OE5586F5-63C8446&B21 E4077E2COC9BC The Bosco Centre Notes to the financial ststements forthe year ended 31 July 2024,................... continued Employees Number of employees The average monthly numbers of employees lincluding the trustees) during the year were= Nursery & Clubs Diamond Project & Apprenticeship Tutor5 Administrators and Quality Assurance Youth worker Maintenance & cleaning 2024 Number 15 18 2023 Number 12 18 40 37 Trustees 45 43 Year ended 2024 Yeor ended 2023 Charitable activities Wages and salaries Social security costs Nest pension costs 1,008,698 1,008.698 84.535 84,535 137,160 137,160 927.280 75,130 18,247 Total staff costs Other costs.. Administrative support Diamond Project subcontractors and supply teachers Nursery - Subcontractors and supply staff College- Subcontractors and supply staff 1,230,393 1,230,393 1,020,657 1.800 85,866 2.096 1,974 1,800 85.866 2,096 1,974 5.123 76, 709 4.280 Total staff costs (including subcontractors & supply staff) 1,322,129 1,322,129 1,106, 769 One employee received remuneration above £60,000 per annum12023 one). For disclosure on related party transactions, please refer to note 20. Included within the salaries cost5 is £428,33312023 - £298,9901 which relates to the costs of key management personnel 5 officers12023 - 5 officers). io. Pension costs The company operates a defined contribution pension scheme in respect of the 2008 Pensions Act. The scheme and its assets are held by independent managers. The pension charge represents contribution5 due frorn the company and amounted to E137.16012023 - £18,2471 and is included in wage5 and salaries cost5 above. The rates applicable to the employee5 were 1% up to 5 April 2018, 3% up to 5 April 2019 and 5% up to 5 April 2022. The rates applicable to the employer were 1% up to 5 April 2018, 2% up to 5 April 2019 and 3% up to 5 April 2022. At the year end £90912023 £1,579 outstandingl cf contributions were paid in advance, included in other creditor5 and accruals under creditors within one year in note 17. ii. Taxation All of the charity's income is applied for charitable purposes and therefore the charity is exempt from corporation tax. Pa8e 17
Docusign Envelope IO.. OE5586F5-63C84468-B21 E4077E2COCgBC The Bosco Centre Notes tothefinancial statements forthe yearended 31 July 2024....... . contrnued Improvement to freehold propertv Fixtures, fithngs and equipment 12. Tangible fixed assets Freehold Property Nursery playground Motor vehlcles Total Cost At l August 2023 Additions Disposals 1,825,000 185,057 409,288 25,530 22,937 2,442,282 52,074 26,544 At 31July2024 1,825,000 26,544 185,057 434,818 22,937 2,494,356 Depreciation At l August 2023 On disposals Charge for the year 63,642 330,679 14,570 408,891 13,490 23,709 2,092 39,291 At 31July 2024 77,132 354,388 16,662 448,182 Net book values At 31July2024 1,825.000 26,544 107,925 80,430 6,275 2,046,174 At 31July2023 1.825,000 121,415 78.609 8.367 2,033,391 The freehold property has been included at its purchase price as at 4 September 2014. 13. Fixed asset investment property Investment property Cost or valuation At l August 2023 and at 31 July 2024 950,000 Net book values At31July 2024 950,000 At31 July 2023 950,000 Historical cost: As at 31 July 2024 237,688 Historical cost.. A5 Ot 31 July 2023 237,688 The above freehold investment property is located at 202 Rotherhithe Street. This property was revalued at 2019 by one of the trustees, Mr Matthew Farrell, who 15 a property management consultant. The trustees believe that valuation is still reasonable and no further adjustments will be required for 31 July 2024. Page 18
Docusign Envelope ID.. OE5586F5-63C84468-B21E4077E2COC9BC The Bosco Centre Notes to the financlal ststements for the year ended 31July 2024....... continued 14. Debtor5 2024 2023 restoted 131,018 145 12,275 Trade debtors Other debtors Prepayments and accrued income 33,532 433 27,978 61,943 143,438 15. Current asset investments 2024 2023 Bank/ building society and other deposits 1,227,785 1,196,351 16 Cash and cash equivalents 2024 2023 Bank/ building society and other deposits Cash at bank and in hand 1,227,785 376,748 1,196,351 673.097 1,604,533 1,869,448 17. Creditors: amounts falling due within one year 2024 2023 Pension payable Other taxes and social security costs Other creditors Atcruals and deferred income 19091 12.633 33,030 13,551) 1,579 18.856 16,589 41,203 37,024 18. Unrestricted income funds General funds 179,492 1.312,660 11,706.766) Deslgnated Total funds funds 4, 779, 761 4,959,253 60,977 1.373,637 (4,6771 (1,711,443) l August 2023 Income Expenditure Fair value adjustments Transfers 31 July 2024 1214,614) 4,836,061 4.621.447 Purposes of unrestricted funds The unrestricted general fund comprises funds which the trustee5 are free to use in accordance with the haritable objects. The unrestricted designated fund has been so designated at the discretion of the trustees in order to separate the fixed asset investment property and the current a55ets. Pa8e 19
Docusign Envelope ID.. OE5586F5-63C84468-B21 E4077E2COC9BC The B05co Centre Notes to the financlal ststements forthe year ended 31July 2024.. continued 19. Analysis of net assets between funds Unrestrirted General funds Unrestricted Designated funds Total Unrestricted funds Fund balances at 31 July 2024 are represented by: Tangible fixed assets Investment assets Net current assets Current liabilities 2,046,175 950,000 1,839,886 2,046,175 950,000 1,666,475 141,2031 (173,4111 141,2031 1214,6141 4,836,061 4,621,447 20. Related party transactions There were no related party transactions in the year12023 - None). No trustees received any remuneration or reimbursement of expenses for the current or previous year. Pa8e 20