ANNUAL REPORT AND ACCOUNT 2023
Company/Charity information
For the year ended 31[st] January 2023
Charity Trustees:
Hamze Muse Farhia Yusuf Muna Hersi
Charity Status: Company Limited by Guarantee and Registered Charity
Charity Number: 1170908 Company Number: 08838578
Registered office: Office E Stebbing House 5 Queensdale Crescent, London W11 4TF
Independent Examiners :
Md Iqbal Hossain MBA, ACCA, BK COMMUNITY ACCOUNTANT LTD Chartered Certified Accountant Arches 420-421 Burdett Road, London. E3 4AA.
Bankers: Barclays Bank, London
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LIDO FOUNDATION
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|Contents|Page|
|Trustees’ Annual Report (Incorporating Director’s Report 3 - 5|
|Independent Examiner’s Report 6|
|Statement of Financial Activities 7|
|Balance Sheet 8 - 9|
|Notes to the Accounts 10 - 18|
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Director and Trustees’ Report
For the year ended 31 January 2023
The Trustees have the pleasure of presenting their Annual Report and Accounts for the year ending 31[st] January 2023.
Objectives:
To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society.
Legal Structure:
The Lido Foundation is a registered limited company by guarantee at the Companies House and registered charity with Charities Commission.
The charity trustees are responsible for the strategic management of the charity. The CEO and staff are responsible for the implementation of plans and the day-to-day running of the charity.
Financial Statements:
The Trustees of Lido Foundation submit their Trustees’ report and financial statements for the year ending 31 January 2023
Policies:
Reserve policy:
The company currently operates with minimal reserves. The trustees are endeavouring to build up its donor base with a view to having reserves equal to six months operating expenditure.
Risk(s) Review:
The Trustees have recently reviewed the major risks faced by the company. This has resulted in efforts to raise unrestricted funds.
Services/Projects
1. Universal Credit Support
The Lido Foundation is a locally embedded organisation with over 9+ years of trusted relationships with local communities, as we are often the first point of contact for many of our users. We provide advice on housing-related matters and welfare to 1,200+ people per year. We have a dedicated Universal Credit advice worker who took up housing and Universal Credit claimants’ cases to provide welfare advice and support to vulnerable people, enabling them to
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receive the right level of support to reduce homelessness, housing despair, loss of income, and poverty.
Our advice work Impacts of 1,400
-
• 82% of service-users managed to resolve their problem
-
• 71% of service-users more confident about resolving similar issues independently
-
• 57% of service-users problems related to housing, 40% benefits and 3% finance
-
• 68% of service-users cited "language" as biggest barrier to resolving issues independently
2. Advocacy work
The Lido Foundation is on the front lines of helping our clients by providing leadership, advocacy, and representation at a local level. The Lido Foundation has assumed a leadership position during the peak of COVID-19. In order to meet these challenges head-on and give the community a sustainable direction of travel during these turbulent and uncertain times ahead, it will be essential to support community access to opportunities and alleviate poverty. We have developed an effective model to help residents understand and utilise their legal rights to decent housing.
We are seeing an increased number of people coming through our doors who are facing hardship due to the cost-of-living crisis, as many are making difficult choices like heating up their homes or feeding their families as they are unable to avoid their basic household needs.
3. Essential House needs support
We help low-income households get food vouchers, cash for utilities, and other help to get out of poverty through small household grant reliefs. Many of the beneficiaries were families with multiple generations living in the same home from BAME backgrounds. The project gave short-term financial help to lowincome families who are having trouble buying household necessities. Our dedicated Universal Credit (UC) adviser helped people get more money so they wouldn't lose their homes or slide into further poverty. Many of the people we've been helping have trouble paying for basic things like food, utilities, bills, essential items, and menstrual products.
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Achievements & Performance
How our activities deliver public benefit
The services the charity delivers are all aimed at tackling social exclusion and disadvantage amongst marginalised communities around west London.
Over the last 12 months, the Lido Foundation provided Universal Credit Support to 1400 people from London to make the right claims for Universal Credit. Most of the people supported were BAME women who had limited digital knowledge to use the online forms and resources to make the right claims for Universal Credit. Our dedicated Universal Credit worker worked with DWP, NHS, and other statutory agencies to ensure claimants received the legal and right amount of Universal Credit.
The project offered guidance and advocated for those who were having issues with UC. For instance, the DWP frequently makes mistakes when determining benefits. We also know that a lot of people struggle with UC management, including submitting the necessary documentation or contacting the DWP online.
The project provided telephone and in-person support for specific individuals dealing with UC. This included advice on how to challenge DWP determinations of UC eligibility through required reconsiderations and appeals. More than 300 cases were reopened by the DWP to re-evaluate the claims in those cases, and as a result, backdated payments, arrears agreements, payments to housing providers, additional money for claimants, and reversals of housing evictions were made.
Independent Examiners
The Charity appointed BK COMMUNITY ACCOUNTANT LTD as our independent examiner. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Lido Foundation’s Memorandum and Articles, the Companies Act 2006 and the Statement of Recommended Practice "Accounting and Reporting by Charities", issued in March 2005. The trustees' annual report (incorporating the directors’ report) and the strategic report were approved on 02/04/2023 and signed on behalf of the board of trustees by:
Farhia Yusuf Chair
10.04.2023
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LIDO FOUNDATION YEAR ENDED 31 January 2023
I report to the trustees on my examination of the financial statements of Lido Foundation (‘the charity’) for the year ended 31 January 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006(‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent Examiner’s Statement
I have completed my examination; I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.
-
Accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act: or
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The financial statements do not accord with those records; or
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The financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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The financial statements have not been prepared in accordance with the methods and principles of the statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drown in this report in order to enable a proper understanding of the accounts to be reached.
Md Iqbal Hossain MBA, ACCA, BK COMMUNITY ACCOUNTANT LTD Chartered Certified Accountant Arches 420-421 Burdett Road, London. E3 4AA.
Signature
10/04/2023
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LIDO FOUNDATION Statement of Financial Activities 31st January 2023
| Incoming / Expenditure Resources |
Note | Unrestrict ed Funds |
Restricte d Funds |
TOTAL Funds 2023 |
TOTAL Funds 2022 |
|---|---|---|---|---|---|
| Income and endowments: |
£ | £ | £ | £ | |
| Donations & Member | 7 | 75,888 | - | 75,888 | 40,751 |
| Grants from Government and other Charities |
7 | - | 176,190 | 176,190 | 455,882 |
| Total Income | 75,888 ======== |
176,190 ======= |
252,078 ======= |
496,633 ====== |
|
| Expenditure: | |||||
| Fundraising Costs | 8 | 15,502 | - | 15,502 | 12,343 |
| Charitable Activities | 8 | 55,599 | 173,470 | 229,069 | 477,915 |
| Governance Cost | 8 | 2,920 | - | 2,920 | 7,000 |
| Total expenditure | 74,021 ======= |
173,470 ======= |
247,491 ======= |
497,258 ====== |
|
| Net Income & net movement in funds |
1,867 ======= |
2,720 ======= |
4,587 ======= |
(625) ====== |
|
| Reconciliation of funds: | |||||
| Total funds brought forward |
51,215 | 98,248 | 149,463 | 150,088 | |
| Total funds carried forward |
16 | 53,082 ======== |
100,968 ======= |
154,050 ======= |
149,463 ====== |
The statement of financial activities includes all gains & losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on page 10 to 18 from part of these financial statements.
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LIDO FOUNDATION Company Limited by Guarantee Statement of financial position
31[st] January 2023
| LIDO FOUNDATION Company Limited by Guarantee Statement of financial position |
LIDO FOUNDATION Company Limited by Guarantee Statement of financial position |
LIDO FOUNDATION Company Limited by Guarantee Statement of financial position |
LIDO FOUNDATION Company Limited by Guarantee Statement of financial position |
LIDO FOUNDATION Company Limited by Guarantee Statement of financial position |
LIDO FOUNDATION Company Limited by Guarantee Statement of financial position |
|---|---|---|---|---|---|
| 31st January 2023 | |||||
| FIXED ASSETS | Note | 2023 | 2022 | ||
| Restricted £ |
Unrestricted £ |
Total £ |
Total £ |
||
| Tangible Fixed Assets | - ------- |
- -------- |
|||
| Current Assets | |||||
| Cash at Bank and hand: | 100,968 | 56,087 | 157,055 | 152,463 | |
| Debtors | 14 | - | - | ||
| Total Current Assets | 157,055 -------- |
152,463 ---------- |
|||
| Current Liabilities | |||||
| Creditors: Amounts falling **due withinone year ** |
15 | (3,005) | - | (3,005) | (3,000) --------- |
| Net current Assets | 97,963 ---------- |
56,087 ----------- |
154,050 -------- |
149,463 ---------- |
|
| Net Assets | 154,050 | 149,463 | |||
| Funds of the charity | |||||
| Unrestricted Funds | 16 | 53,082 | 51,215 | ||
| Restricted Funds | 16 | 100,968 | 98,248 | ||
| Total Charity Funds | 154,050 ====== |
149,463 ====== |
For the year ending 31[st] January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
-
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small Companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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These financial statements were approved by the board of trustees & authorised for issue on 10[th] April 2023, and are signed on behalf of the board by:
Signed ______ Name: – Farhia Yusuf Chair
The notes on page 10 to 18 form part of these financial statements
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Notes to the financial statements
Year ended 31[st] January 2023
1. General Information
The Charity is a private Company Limited by Guarantee, registered in England & Wales and a registered charity in England & Wales. The address of the registered office is Office E Stebbing House, 5 Queensdale Crescent, London, W11 4TF.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS102,’ The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (charities SORP(FRS 102)) and the charities Act 2011.
3. Accounting policies
Incoming resources
Voluntary income and donation are included in incoming resources when they are receivable except when the donors specify that they must be used in future accounting periods or donor’s conditions have not been fulfilled, then income is deferred. The income from fundraising ventures is shown gross.
Donated services and facilities
Income from donated services and facilities is included in incoming resources at a valuation, which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised when there is no financial cost borne by a third party.
Resources expended
Resources expended are included in the statement of financial activities on an accruals basis, inclusive of any VAT, which cannot be recovered. Expenditure, which is directly attributable to specific activities, has been included in these cost categories, where costs are attributable to more than one activity, they have been apportioned across the cost of generating funds on a basis consistent with the use of these resources.
Cost of generating funds includes salaries, direct expenditure and overhead costs of the staff who promote fundraising including events.
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Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Funds
Restricted funds are to be used for specific purpose as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund together with a fair allocation of management and support costs. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the management committee for particular purposes.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income & expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity’s ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemption: No cash flow statement has been presented for the company.
Judgements and Key Sources of Estimation Uncertainty
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.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purpose.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
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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.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity: it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipts is probable and its amount can be measured reliably.
-
Legacy income is recognised when receipt is probable and entitlement is established.
-
Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned it unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
Expenditure on raising funds includes the costs of all fundraising activities, events non-charitable trading activities and the sale of donated goods.
-
Expenditure on charitable activities includes all costs incurred by a charity in under taking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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- Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible Assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of assets, less its residual value, over the useful economic life of those assets as follows: Furniture & equipment 20% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee without share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.
5. Pensions and other post - retirement benefits
All staff has been offered a pension contribution recognised by HMRC. All staff has opted out so there are no pension assets to administer and there is no other post – retirement benefits funded by the charity.
6. Financial Instruments:
Carrying amount: Debt instruments on the balance sheet represent real and fair value. Financial liabilities on the balance sheet represent real and fair value.
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7. Income from donations and legacies
| Grants, donations and legacies: | Unrestricted Funds |
Restricted Funds |
2023 | 2022 |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Donations: | ||||
| Fundraising and Donations | 75,888 | - | 75,888 | 40,751 |
| Public Sector & Trusts: | ||||
| Hammersmith United Charities | - | - | - | 20,000 |
| LBH&F | - | 79,000 | 79,000 | 98,750 |
| HHWW Ltd | - | - | - | 41,736 |
| Orange Tree Trust | - | - | - | 5,000 |
| Tudor Trust | - | 47,500 | 47,500 | 27,000 |
| United in H&F | - | 44,690 | 44,690 | 22,400 |
| The London Community | - | - | - | 22,500 |
| One Ummah | - | - | - | 139,231 |
| The Urban Church | - | - | - | 46,462 |
| JRS | - | - | - | 32,803 |
| Equality Foundation | - | 5,000 | 5,000 | - |
| TOTAL | 75,888 ======== |
176,190 ======= |
252,078 ====== |
496,633 ====== |
8. Expenditure on Charitable Activities by Activity type:
| Charitable activities & Support Cost |
Services | Total | Total 2022 | ||
|---|---|---|---|---|---|
| Governa |
Fund |
Funds | |||
| nce | raising | 2023 | |||
| £ | £ | £ | £ | £ | |
| Professional fees/ Fundraising cost |
10,160 | - | 15,502 | 25,662 | 12,343 |
| Salary (incl. PAYE& NI) | 84,663 | - | - | 84,663 | 112,429 |
| Telephone & Internet | 523 | - | - | 523 | - |
| Rent and Rates | 11,478 | - | - | 11,478 | 20,000 |
| Utilities | 718 | - | - | 718 | - |
| Governance costs | - | 2,920 | - | 2,920 | 7,000 |
| Repair & Maintenance | 1,098 | - | - | 1,098 | - |
| Project Activities Cost | 118,723 | - | - | 118,723 | 345,486 |
| Administration Cost | 1,706 | - | - | 1,706 | - |
| Total | 229,069 ======= |
2,920 ====== |
15,502 ======= |
247,491 | 497,258 ======= |
| ======= |
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9. Independent examination fees
| 9. Independent examination fees | ||
|---|---|---|
| 2023 | 2022 | |
| Fees payable to the Independent examiner for: | £ | £ |
| Independentexamination of the financial statements | 1,500 | 3,000 |
| Total | 1,500 ======== |
3,000 ======= |
10. Staff Cost:
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages & Salaries | 63,425 | 94,911 |
| PAYE | 21,238 | 17,518 |
| Total | 84,663 ====== |
112,429 ====== |
No employee earned more than £60,000 during the year (2022: nil).
Average Number of Employees:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Full time | 3 | 3 |
| Part Time | 2 | 2 |
| Total | 5 ====== |
5 ====== |
11.Trustee remuneration and expenses:
SORP 2015 requires the following statements to be made:
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).
12.Related parties:
There are no related party transactions during the year.
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13.Tangible Fixed Assets
| Equipment | Furniture & Fixtures | Total |
||
|---|---|---|---|---|
| £ | £ | £ | ||
| Cost | ||||
| At 1st February 2022 | 4,000 | 5,209 | 9,209 | |
| Additions | - | |||
| At 31st January 2023 | 4,000 | 5,209 | 9,209 | |
| Depreciation | ||||
| At 1st February 2022 | 4,000 | 5,209 | 9,209 | |
| Charge this period | - | - | - | |
| At31st January 2023 | - | - | - | |
| Net book value | ||||
| At 31st January 2023 | - | - | - | |
| At31st January 2022 | - | - | - |
14.Debtors:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade Debtors | - | - |
| **Total ** | - ========= |
- ========= |
15.Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade Creditors (Professional Fees) | 1,505 | - |
| Independent Examination fees | 1,500 | 3,000 |
| Total | 3,005 ====== |
3,000 ====== |
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16. Fund balance brought forward & carried forward
| Balance at | Incomin |
Incomin | Balance | ||
|---|---|---|---|---|---|
| Funds: | 1st Feb | g | g | Outgoi | at 31st |
| 2022 | Unrestri | Restrict | ng | January | |
| cted | ed | 2023 | |||
| Restricted Funds: | £ | £ | £ | £ | £ |
| Balance brought Forward | 98,248 | - | - | - | 98,248 |
| LBH&F | - | - | 79,000 | 79,000 | - |
| Tudor Trust | - | - | 47,500 | 47,500 | - |
| United in H&F | - | - | 44,690 | 44,690 | - |
| Equality Foundation | - | - | 5,000 | 2,280 | 2,720 |
| Sub Total | 98,248 | - | 176,190 | 173,470 |
100,968 |
| ------------ | ----------- | ------------ | ---------- | ------------ | |
| Unrestricted Fund: | |||||
| Brought Forward | 51,215 | - | - | - | 51,215 |
| LBHF Grant | - | - | - | - | - |
| Membership and Donation | - | 75,888 | - | 74,021 | 1,867 |
| Sub Total | 51,215 | 75,888 | - | 74,021 | 53,082 |
| ------------- | ----------- | ----------- | ---------- | ------------ | |
| Total Fund Carried Forward | 149,463 ======= |
75,888 ====== |
176,190 ====== |
247,491 ====== |
154,050 ======= |
17. Income in Details:
| 17. Income in Details: | ||
|---|---|---|
| Income and endowments: | 2023 | 2022 |
| Donations: | £ | £ |
| Fundraising and Donations | 75,888 --------- |
40,751 -------- |
| Public Sector & Trusts: | ||
| Hammersmith United Charities | - | 20,000 |
| LBH&F | 79,000 | 98,750 |
| HHWW Ltd | - | 41,736 |
| Orange Tree Trust | - | 5,000 |
| Tudor Trust | 47,500 | 27,000 |
| United in H&F | 44,690 | 22,400 |
| Equality Foundation | 5,000 | - |
| The London Community | - | 22,500 |
| One Ummah | - | 139,231 |
| The Urban Church | - | 46,462 |
| JRS | - | 32,803 |
| TOTAL INCOME | 252,078 ======== |
496,633 ======= |
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18.Expenditure in details:
| Expenditure: | 2023 | 2022 |
|---|---|---|
| Expenditure on charitable activities: | £ | £ |
| Salary & Wages | 63,425 | 94,911 |
| PAYE | 21,238 | 17,518 |
| Telephone & Internet | 523 | - |
| Rent and Rates | 11,478 | 20,000 |
| Utilities | 718 | - |
| Governance costs | 40 | - |
| Professional & Accountancy Fees | 2,880 | 7,000 |
| Fundraising cost | 15,502 | 12,343 |
| Project Activities Cost | 118,300 | 345,486 |
| Volunteer cost | 423 | - |
| Consultancy | 10,160 | - |
| Repair & Maintenance | 1,098 | - |
| Administration cost | 1,706 | - |
| Depreciation | - | - |
| Total Expenditure | 247,491 ======== |
497,258 ======== |
| Net Movement in Funds | 4,587 ======== |
(625) ======== |
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