Charfty reglstratlon number 1168812 THE SOHO RECOVERY CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE SOHO RECOVERY CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Joseph Townley Miss Jacqueline Wrthey Mr Alex Iliadis-Koutsikos Mr Kevin Madellan Mr George Boyd Ms Anabel Moore-Brabazon Mr Daniel Sheahan Mr Christopher Smith SDC Venue Manager Mr M Wo¢)dward Charlty number 1168812 Prfnclpal address 123 Charing Cross Road Soho London WC2H OEW Reglstered office 45 Magpie Meadows Caddington Bedfordshire LU14FU Independent examiner Brown Wamer LLP 38 Northgate Newarkryon-Trent Nottjnghamshire NG24 1EZ THE SOHO RECOVERY CENTRE CONTENTS Page Trustees, report Independent examinerfs report Statement of financsal activits'es Balance sheet Notes to the finanual statements 6-12 THE SOHO RECOVERY CENTRE TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and finanual statements for the year ended 31 March 2024. The accounls have been prepared in accordance with the arxounting poliaes set out in note 1 to the accounts and comply with the charity's constitution, the Charities Act 2011 and 'A￿UntIng and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° (as amended for accountsng periods o)mmencing from l January 2019) ObJedlv•8 and actlvltles The Charity's objects are for the public benefit.. 1) The advancement of health and the prevention of ill health of persons suffering from addictions induding but not limited to drug and alcohol addition. 2) The SUPPOrt and felief of individuals, families and communities affetxed by the hèalth. social and other problems ralat8d lo addictions induding but not limited to drug and alcohol addiction. There has been no change in these during the year. The Soho Recovery Centre {'SRC'} will be a safe place in the heart of London for 12-slep recovery meetings. Available to any 12 step fellowship group such as Ajcoholics Anonymous. Narrxstics Anonymous. Cot2ine Anonymous, Crystal Meth Anonymous, Ajanon and Anofexics and Bulimics Anonymous etc for their meetings to take place. It wll be open 365 days a yeaf. The trustees have paid due regard to guidance issued by the Charity Commi8sion in deciding whal 8Ctivrties the charity should undertake. Achlovements •nd perfomianco The SRC has had a very successfijl year and is becoming an ever more vital resource for those seeking recovery in Central London. The centre is getting ever busier. We now have 43 meetings each week in the large meeting room and attendance is often above S￿0 people per meeting. sin￿ the opening of the Elizabeth Line more and more people are coming into Soho at the weekends and our weekend meetings are getting very popular. The small meeting room has successfully launched and hosts 11 meetings a week. It is certainly providing a much-ne&d8d resourc8 for small meetings and less-well known fellowships, who. vthile low in number. are greatly needed by their members. Previously, these meetings were pnced out of spaces in Central London and this room has really helped the SRC fulfil its mission of making all manner of addiction recovery meetings available in a Central London Space. The SRC has had a good fund-raising year vnth an inuease in donattons from meetings which are now largely covenng our running costs. Flnanclal rovlew Income of £102.129 was raised during the year. Donations from meelings continued to nse Nmth the addition of a new small room meeting space and people contsnued to return to the main meeting space The charity spent £115,516 on charitable activities running the Soho Recovery Cent￿. Unrestrictèd funds at 31 March 20234 stood at £53,207. It is the policy of the charity thal unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to betsI￿n three and six month's expenditure. The trustees consider that re$erve$ at this level w¢ll ensure that. in the event of a significant drop in funding, they will be able to continue the charity's current aclivities while consideration is given to ways in which 8ddi*"onal funds may be raised. This level of reseNes has been maintained throughout the year. The trustees have assessed the major risks to vthich the tharity is exposed, and 8re satisfied that systems are in plac£ lo mitigate exposure to the major risks. THE SOHO RECOVERY CENTRE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plan8 for future perfods The priority for the SRC is to secure a long-tem space for the venue. The SRC wll conts'nue to explore long-temi options for the location of the Centre. While the current space is available for the next 213 years. a more stable alternative will hopefully be found. This will come from continuing to build relab'onships with the local community and counul, govemmenl and commerrial resources. structure. governance and managèment The charity was regislered on 17 August 2016 The Charity Commission as a charitable incorporated organisation and is govemed by a constitLrtion. The trustees who seNed during the year and up to the date of signature of the finanaal statements were.. Mr Joseph Townley Miss Jao4ueline Withey Mr Alex Iliadis-Koutsikos Mr Kevin Maclellan Mr George Boyd Ms Anabel MoorewBrabazon Mr Daniel Sheahan Mr Christopher Smrth The consts'tution provides that there shall not be less than three trustees and 8 maximum number of tsvelve. Trustees are appointed for three years. Th6 selecting of individuals for appointmenl as trustees must have regard to the skills, knowledge and exp8rience needed lor the effective administration of the CIO. On appointment the new trustees receive a copy of the constitution and a copy of the latest set of accounts. None of the trustees has any beneficial interest in the charity. The Soho Recovery Centre is run by a board of trustees, guided by the 12 Traditions of AA. Thè trustees ¢onsider financial matters and revièw the risks to which the charity is exposed to ensure appropriate controls are in place. A Sleerin9 Committéé is responsible for the day lo day running of the cenlre. The trustees, report was approved by the Board of Trustees. Mi55 Jacqueline Wrthey Trustse 25 January 2025 THE SOHO RECOVERY CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOHO RECOVERY CENTRE I report to the trustees on my examination of the financial statemènts of The Soho Recovery Centre (the charity) for the year ended 31 March 2024. Responslbllltlos and bas1$ of rèport As the trustees of the charity you are responsible for the preparation of the financial slatements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial slatemenls carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all ttte appliGable Directions given by the Charity Commission under section 14515){b) of the 2011 Act. Independont oxamlnarfs $tstement Your attention is drawn to the fact Ihat th8 charity has prepared financial statements in accordanc8 With Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements lo provide a true and fair view in accordance with Generally Accepted Accounting Pra¢tice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. l ¢onfifm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material ￿Spect.. accounting records wer8 not kept in respect of the charity as required by section 130 of the 2011 Act; or the financial statements do not accord with those records.. or the financial statements do not Comply with the applicable requirements concerning the fom and content of accounts set out in the Charities IAccounls 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 concems 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 financial slatemenls to be reached. David Brown FCA Brown Warner LLP Chartered Accountants 38 Northgate Newarkthon-Trent Nottinghamshire NG24 1 EZ Oated.. 3L)Il THE SOHO RECOVERY CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Total Unrestrlcted funds 2024 Total 2023 Notss ncome from: Donations and legaries Investments 101,858 271 123,640 83 Total Income 102,129 123,723 Ex ndlture on: Raising funds Charitable activilies 372 115,144 1.122 105.870 Total resources expended 115,516 106,992 Net (expenditureyincome for the yèarl Net movement In funds 113,387) 16.731 Fund balances at 1 Aprsl 2023 66,594 49,863 Fund balances al 31 March 2024 53,207 66,594 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure denve from continuing activities. THE SOHO RECOVERY CENTRE BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Note8 Flxod assets Tangible assets 11 267 Current assets Debtors Cash at bank and in hand 12 38,003 23,573 39.515 31,973 61,576 71.488 Credltor8: amounts falllng due vlthln one year 13 {8.7351 15,1611 Net current assets 52.841 66,327 Totsl as8èts1888 current Ilabllltle8 53,207 66,594 The funds of the charlty Unrestricted funds 15 53,207 66,594 53.207 66,594 The finanrjal statements were approved by the trustees on 25 January 2025 Miss Jacqueline Withey Trustee THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polici Charfty Infonnatlon The Soho Recovery Centre is a Charitsble Incorporated Organisation. The registered office is 45 Magpie Meadows, Caddington, Bedfordshire LU14FU. 1.1 Accounting convention The accounts have been prepared in accordan￿ with the charity's constitution, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Stalement of Recommended PrartiTr applicable to charities prepanng their accounts in accordance wth the Finanryal Reporting Stsr¢dard applicable in the UK and Reptjblic of Ireland IFRS 1021" {as amended for accnuntsng penods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Prathce for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but whith has Sin￿ been withdrawn. The financial staternents are prepa￿d in sterling, vthich is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The finanaal statements have been prepa￿d under the historical cost convention, Imodified to indLKle the revaluation of freehold properties and to include investment properties and certain finanaal instruments at fair valuel. The prinupal accounting policjes adopted are set OLrt below. 1.2 Golng concem At the ts'me of approving the finanoal ststements, the trustees have a reasonable expectation that the charity has adequate resou￿$ to con*'nue in operational existence for the foreseeable future. Thus the trustees continue to adopl the going concern basis of accounting in preparing the finanaal statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to speafic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintsined by the charty. 1.4 Income Income is recognised when the charity is legally entitled to il after any performance condtts'ons have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donab'ons are recognised on receipt. Other donations are re￿gnised once the chanty has been notified of the donation, unless perfomance condikn'ons require deferral of the amount. Income tsx recnverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known. and receipt is expected. If the amount is not known, the legacy is trealed as a contingent asset. THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles (Contlnued) 1.5 Expenditure Liabilities are recognised as expendilure as soon as there is a legal or constructive obligation committing the Charity to that expendilufe. il is probable that setttement will be required and the amoLtnt of the obligab'on can be measured reliably. 1.6 Tanglble fixed assets Tangible fixed assets are inth'ally measured at cost and subsequently measured at ￿$t or valuation, net of deprerjation and any impairment losses. Depreaation is recognised so as to write off the cost or valuation of assets less their residLkql values over their useful lives on the followng bases.. Ftxtures and fittings 25¥0 to 50,10 on cost The gain or loss arising on the disposal of an asset is delemiined as the difference betsveen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial 8Ctivities. 1.7 Impaimi6nt of fixed assets At each reporting end date, the tharity reviews the carying amounls of its tsngible assets to detemiine whether there is any indicats'on thal those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to detemiine the extent of the impainnenl loss lif any}. 1.8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at c211 with banks, other short-temi liquid investments wrth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowngs in current liabilits'es. 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Finanaal Instruments. and secti￿ 12 'Other Finanoal Instruments Issues, of FRS 102 to all of its finanual instruments. Financial instruments are recognised in the charity's balane£ sheet when the charity bec£Jmes party to the contractual provisions of the instrument. Finanoal assets and liabilities are offset, the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneously. Baslc flnanclal assets Basic financial assets, vthich indude debtors and cash and bank balan￿s, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a finanang transaction. where the transaction is measured at the present value of the fvture receipts discounted at a market rate of interest. Finanual assets dassified as receivable within one year are not amortised. THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Contlnued) Basic financial liabilities Basic financial liabilities, induding credilofs and bank loans are initially recognised at transaction price unless the arrangement constitutes a finanung iransacts'on. where the debt instrument is measured at the presenl value of the fvture payments discounted at a market rate of interest Financial liabilitses dassified as payable ￿￿thin one year are not amortised. Debt instruments are subsequenty carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for go¢)ds or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilrties. Trade creditors are recognised initially at transaction pri￿ and subsequendy measured at amortised cost using the effective interest melhod. Dere¢ognlfion of financlal liabilities Finanaal liabilities are derecognised when the charity's contracaual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cosl of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recvgnised immediately as an expense when the chanty is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.11 Retlrement beneffts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accountlng estlmates and judgements In the applicakn.on of the charity's accounb'ng policies, the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilrties that are not readily apparent from other Soufces. The estimates and assoaaled assumptions are based on historical experience and other factors thal are considered to be relevant. Actual resutts may differ from these estimates. The estFmates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recL•gnised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods vthere the revision affects both Current and fiJture periods. THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 t)onations and legacle8 Unrestrlcted Restrictsd fund8 funds Tolal 2024 Total 2023 Donations and gifts Westminster City Counal- Covid Bounceback funding 101,858 101,858 120,640 3,000 101,858 101,858 123,640 Donatlon8 and glft8 Donations from individuals and companies Web donations Meeting donation8 Gift Aid 12,379 3,407 85,569 503 12,379 3,407 85,569 503 30,399 13,207 73,836 3,198 101,858 101,858 120,840 In¢om• Irom Inve•bnonts Unrestrlcted Unre8trlcted funds funds 2024 2023 Interest receivable 271 Ralslng funds Unre8trleted Unrestricted funds ftjnds 2024 2023 Website and giving costs 372 1.122 THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable actlvltles 2024 2023 Staff Costs Depreciation and impaiment Meeting space costs Independent examination Meetings Bookkeeping Registered Offi¢x Fees 16,808 301 92,395 2,400 3,C(10 240 15,391 317 84,522 2,400 3,000 240 115,144 105,870 Net movemont In funds 2024 2023 The net movement in funds is stated after chargingllcrediting).. Depreciation of owned tangible fixed assets 301 317 Tru8te None of thé trustees {or any persons connected wth them) rec*ived any remuneration or benefits from the tharity during the year. Employee• The average monthly number of employees during the year was.. 2024 Number 2023 Number Employmenl ¢08t8 2024 2023 Wages and salaries Other pension costs 16.500 15,128 265 16.808 15,391 There were no employees whose annual remunerats'on was more than £60,(100. 10 Taxallon The charity 15 exernpl trom lax on income and gains falling within sedion 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chantable objects. 10- THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tanglble fixed assets Flxtur•s and Ilttlngs Cost Al 1 April 2023 Addrtions 399 At 31 March 2024 8,485 Depre¢lation and impainnent At 1 April 2023 Depreciab'on charged in the year 7,818 301 At 31 Marth 2024 8,119 Carrying amount At 31 March 2024 366 At 31 March 2023 267 12 Debto 2024 2023 Amounts falling due wlthln one year: Trade debtors Other debtors Prepayments and acwed income 2,850 16,570 18,583 4.460 16,500 18,555 38,003 39,515 13 Credltors: amounts falling due withln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 2,878 57 5,800 1,266 3,895 8.735 5,181 14 Retirement boneflt schemes 2024 2023 Defined contrlbutlon Schemes Charge to profit or loss in respect of defined contribution schemes 265 11 THE SOHO RECOVERY CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Retirement bonefit schemes (Contlnued) The tharity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independenlly administered fund. 15 Unrestrlcled lunds The unrestricted funds of the charity comprise the unexpended balances of donation5 and grants which are not subject to sperjfic condition5 by donors and grantors as to how they may be used. These include designaled funds vthich havé been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resourc Refjour￿ At 31 March expended 2024 General fiJnd8 66,594 102,129 (115,516) 53,207 Prevlou8 year: At 1 Aprll 2022 Incomlng Resources At 31 March ro8our¢es expendod 2023 General fijnds 49.863 123,723 1106,992) 86.594 16 Oporatlng lèa#• commltments Al the reporting end date the charity had outstanding commitments for future minimum lease payments under non