ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022
STREET STORAGE
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1184447
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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STREET STORAGE
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Pages 4 to 5 | Trustees' Report |
| Page 6 | Statement of Financial Activities |
| Page 7 | Balance Sheet |
| Pages 8 to 15 | Notes to the Financial Statements |
| Page 16 | Independent Examiner's Report |
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STREET STORAGE
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1184447 DATE OF REGISTRATION 16th July 2019 START OF FINANCIAL YEAR 1st August 2021 END OF FINANCIAL YEAR 31st July 2022 TRUSTEES AT 31ST JULY 2022 T. DeFraine L. Quigley D. Kapur H. Iridag S. Eaton (Appointed 7th December 2021) S. Kapoor (Appointed 13th January 2022) LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Association Registered 16th July 2020 as Amended 3rd February 2020.
OBJECTS
The prevention or relief of poverty for the public benefit among homeless people and rough sleepers in the UK by providing free, accessible and secure storage units for their personal belongings to be stored in.
CORRESPONDENCE ADDRESS Haggerston Community Centre 8 Lovelace Street London E8 4FF PRIMARY BANKERS HSBC Bank Plc. Lion House 25 Islington High St The Angel London N1 9LJ INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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STREET STORAGE
(Charitable Incorporated Organisation)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31ST JULY 2022
The Trustees present their report together with the Accounts for the year ended 31st July 2022.
Status and Administration
Street Storage (the Charity) was founded in November 2018 and was constituted and registered as a Charitable Incorporated Organisation (CIO) by the Charity Commission 16th July 2019 (Registered Number 1184447).
The Trustees who have served during the Charity’s second official registered year are as follows: Dipak Kapur (Chair) Harika Iridag (Treasurer) Lauren Quigley (Secretary) Thomas DeFraine Sheetal Kapoor Sharon Eaton
Trustee Changes
Sheetal Kapoor and Sharon Eaton have been brought on during this financial period, bringing the total number of Board members to 6.
Objects
The Objects of the Charity are: The prevention or relief of poverty through providing those sleeping on the street in London with access to free and safe storage units. The Charity also provides a one to one advice, information and signposting service to clients as well as working alongside other partner organisations, outreach teams and emergency response street teams to encourage multi-agency working and a greater breadth of impact.
Review of Activities
Within this period, Trustees met on the following dates: Trustee Meetings: 29th September 2021 14th December 2021 17th March 2022 27th June 2022
Strategy Day + Trustee Meeting:
22nd January 2022
Stats - In this 12 month period (having moved into our new London HQ) we saw a huge increase in demand for our service. Street Storage received 276 Referrals and accepted 182 people for storage (in addition to our existing stored individuals from previous years).
Out of the 276 and as of March 22, 90 (32.61%) are currently still stored, 30 (10.87%) have been released (housed), 25 (9.06%) released into temporary accommodation, 18 (6.52%) released without move on, 19 (6.89%) released, housed and working, 12 (4.35%) found alternative storage or were house before service needed. See our adjacent Annual Report for detail infographics and statistics.
Staff and Volunteers - This Financial Period saw Caroline Allouf settle into her project-changing role as Referral Manager/Outreach Worker, Simon Webb joined us as a Fundraising Manager April 2022 and has proven invaluable in developing the sustainability of the organisation and in May 2022 Laura Balerdi came on board as our new Marketing and Comms Officer to improve our public profile and reputation outside the sector. We continued to work with many volunteers in the period, across systems, marketing, fundraising, legal, human resources and logistics.
Vaccination - During this period (March 21 to July 22), Street Storage continued to respond to the COVID19 pandemic. We led a vaccination programme alongside StreetsKitchen (with support from many other organisations): vaccinating over 160 people sleeping out and providing food, hot drinks and funded accommodation for all those vaccinated to sleep off the side effects as well as advice and signposting.
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STREET STORAGE
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2022
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Charitable Activities 3b TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward Transfer of Funds 6 Transfer Between Funds 5 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 20,111 45,014 90,682 155,806 205,999 276 - - 276 250 20,386 45,014 90,682 156,082 206,249 12,949 27,150 125,555 165,654 102,921 1,555 13,440 - 14,995 1,670 14,504 40,590 125,555 180,649 104,591 5,882 4,424 (34,874) (24,567) 101,657 95,492 - 56,545 152,037 50,380 (53,064) 53,064 - - - 189 - (189) - - 48,499 57,488 21,483 127,470 152,037 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 8 to 15 form part of these financial statements.
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STREET STORAGE BALANCE SHEET AS AT 31ST JiILY 2092 Totsl I11.22 To 31Ul.21 Fut T•nglUt AJet• Y•stm•nts Totsl Flx•d Au•ts ¢urr•nt A•wts 9J172 109 i•A04 9JJ72 131.ols Cash ai Bank aTrJ In 21,483 21 152.837 1>2.8JP 13,417 N¢VRAeNr ASSETS 21A8J 127.470 152.037 TOTALASSET5 eArn 104gIT 21A83 127A70 162,037 11 OM ar NEfwST¥ 105.967 117,470 1$2.037 FwKl•dth• Ch•r 48N99 57A80 21A83 95.49? 67888 R•SrK•d 21883 10&987 21 127870 152,037 ..3o/o3/Lp.i3...
STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Pensions
Pension contributions are charged to the Statement of Financial Activities as they become payable.
Unrestricted funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no tangible fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st July 2022 : None 31st July 2021 : None
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
3. INCOMING RESOURCES
| Note a) Donations, Grants & Legacies Gift Aid Gifts & Donations Grants Received 5 & 6 b) Charitable Activities Activities & Events |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 2,095 - - 2,095 1,253 18,015 - - 18,015 74,046 - 45,014 90,682 135,696 130,700 20,111 45,014 90,682 155,806 205,999 276 - - 276 250 276 - - 276 250 |
|---|---|
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
4. RESOURCES EXPENDED
| Note a) Cost of Charitable Activities Activities & Events Advertising & Publicity Bank Charges Cleaning Costs Emergency Supplies Fund 5 Equipment Costs Fundraising Costs Health & Safety Costs Insurance Costs Office Costs Rent & Rates 5 Service Administrator Costs Staff Costs 5 & 12 Sundry Expenses Telephone Costs Training Costs Travel & Subsistence 5 Utility Costs b) Governance Costs Independent Examiners Fees 9 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2021/22 2020/21 £ £ £ £ £ 832 - - 832 142 1,323 - - 1,323 480 43 - - 43 56 342 598 - 940 - - - 969 969 - 4,114 805 223 5,142 4,983 474 - - 474 - 94 - - 94 330 - 516 - 516 887 1,031 201 254 1,486 803 - - 41,666 41,666 30,390 1,100 - - 1,100 - 386 24,791 78,629 103,806 62,104 155 - 308 463 358 97 - 238 335 332 677 - - 677 331 1,523 239 3,268 5,030 1,582 758 - - 758 143 12,949 27,150 125,555 165,654 102,921 900 - - 900 800 655 13,440 - 14,095 870 1,555 13,440 - 14,995 1,670 |
|---|---|
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Speedo Fund Rent Fund Staff Programme Fund Staff Wellbeing Fund Staffing Fund - Tudor Trust Systems Fund STCA Fund Hackney Giving National Lottery Fund Magic Little Fund Arnold Clarke Fund Lady Neville Fund St Andrew's Holborn London Catalyst Fund LB Camden Fund |
Balance Balance 01-Aug-21 Income Expenditure Transfers 31-Jul-22 £ £ £ £ £ 2,804 - 1,702 - 1,102 18,016 40,000 41,666 - 16,350 19,620 - 19,620 - - 947 - 758 (189) - 14,443 25,000 39,443 - - 715 - 715 - - - 2,182 2,182 - - - 5,000 5,000 - - - 9,000 9,000 - - - 500 500 - - - 1,000 426 - 574 - 1,500 384 - 1,116 - 3,000 3,000 - - - 2,000 969 - 1,031 1,500 190 - 1,310 56,545 90,682 125,555 (189) 21,483 |
|---|---|
PREVIOUS FINANCIAL YEAR
| Core Costs Fund Speedo Fund Equipment Fund IT Fund Licensing Fund Lloyds of London Fund Premises Fund Rent Fund Salary Fund Staff Fund Staff Programme Fund Staff Wellbeing Fund Staffing Fund - Tudor Trust Systems Fund |
Balance Balance 01-Aug-20 Income Expenditure Transfers 31-Jul-21 £ £ £ £ £ - 15,000 15,000 - - - 3,000 196 - 2,804 - 1,000 1,000 - - - 2,000 2,000 - - - 2,200 2,200 - - - 7,500 7,500 - - - 10,000 10,000 - - - 40,000 21,984 - 18,016 8,870 - 8,870 - - 3,000 6,000 9,000 - - 12,120 17,000 9,500 - 19,620 - 2,000 1,053 - 947 - 25,000 10,557 - 14,443 1,117 1,522 1,924 - 715 25,107 132,222 100,784 - 56,545 |
|---|---|
Restricted funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
6. DESIGNATED FUNDS
CURRENT FINANCIAL YEAR
| Morffyd Evans Fund Lloyds of London Fund Erik Aspen Fund Bates Foundation Aerolatte Fund Cinnamon Network M. Smith Fund Cinnamon Network Fund Leather Sellers Fund |
Balance Balance 01-Aug-21 Income Expenditure Transfers 31-Jul-22 £ £ £ £ £ - - 29,831 53,064 23,233 - 7,500 7,500 - - - 2,400 472 - 1,928 - 12,000 773 - 11,227 - 10,000 - - 10,000 - 2,322 1,498 - 824 - 1,000 516 - 484 - 7,292 - - 7,292 - 2,500 - - 2,500 - 45,014 40,590 53,064 57,488 |
|---|---|
Designated funds are wholly represented by the Charity's cash reserves and are to be expended as detailed above.
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
7. INVESTMENTS
The CIO held no fixed asset investments during this or the previous financial period.
8. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand | Unrestricted Restricted Total Total Fund Fund 31-Jul-22 31-Jul-21 £ £ £ £ 109,532 21,483 131,015 152,837 109,532 21,483 131,015 152,837 |
|---|---|
9. DEBTORS AND PREPAYMENTS
| Sundry Debtors Prepayments |
Unrestricted Restricted Total Total Fund Fund 31-Jul-22 31-Jul-21 £ £ £ £ 2,022 - 2,022 - 7,850 - 7,850 - 9,872 - 9,872 - |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Sundry Creditors Independent Examiners Fees |
Unrestricted Restricted Total Total Fund Fund 31-Jul-22 31-Jul-21 £ £ £ £ 12,517 - 12,517 - 900 - 900 800 13,417 - 13,417 800 |
|---|---|
11. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
12. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Jul-22 31-Jul-21 £ £ £ £ - - - - 105,987 21,483 127,470 152,037 - - - - 105,987 21,483 127,470 152,037 |
|---|---|
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STREET STORAGE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2022
13. STAFF COSTS AND NUMBERS
| TOTAL 2021/22 £ Gross Wages, Salaries & Fees 92,197 Employer's National Insurance Costs 9,681 Pension Contributions 1,928 103,806 Employees who were engaged in each of the following activities: TOTAL 2021/22 Charitable Activities 4 |
TOTAL 2020/21 £ 56,368 4,737 999 62,104 TOTAL 2020/21 4 |
|---|---|
The Charity employs members of staff on a Self-Employed basis and is not liable for Income Tax and National Insurance payments and no members of staff received emoluments of over £60,000 (2020/21:None).
14. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
15. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
16. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
17. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake
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STREEf STORAGE (Charitable lrtorwrated lhganisatl) INDEPENDENT EXAMINER'S REPORT ON TrIE ACCOUNTS RÈport to thÈ trust&1 m&mb5 01 StrAAI 8IcJfAgA M IhA ptmjnts year eThJwJ 31st Juty 2022 set trt on page$ 8 to Rw•¢tl¥• r•SponbIlItI• oftrust•es and 8xamiTh The charftys Inthes a re$kKts for the Fworation rrf ts acA))unts. Th& chwws tntst cortsider that aft audit is not requlred lor ihls year under s[10 144 of the charib.es 2011 (the ChTtleS Act) and that lrnlep8ndenl 8xamlnion 18 needed. my rwponslbility to: eKaming fv xci)unts under tion 145 of th8 Ch111&$ fvLI. io follow thè procedures laid down in the gewal Dw•#ic6 by tha Chanty Comm&sion lundar seclion 145(5llbl of the Charit$ Act. and to state whether particular matttrs hav¢ ¢crn to my attent# 1$ of Snd•pond•nt •x•mlnrf• •14t•m•n¢ My examinn waj carfed out In aLxordanc llh by fv Charity CCnrr56l. An 8xamlnallon Includes a revlew of the accounting rects k8Pt by the tharfty and a ¢cffiparl8on ol the acc(ntS prtrstrnted wllh thosè rrds. It al¥0 irdud•• wn•ider•lirm of any unusual Ilen or iii ilw wwwil¥. ¥iiU ¥killY ¥xyl¥ii¥¢iuii¥ fiurii Ili¥ trustees CoernIng any such matter& Th8 proc•dw8s uThy$r13k do not prov•Je all evenCe Ih81 Id be requlred In •n audit, ond eonwuontly no ¢)pinlon i• 9N•n to wh•th•r tho •CCK•unto Prt • •n<l hir, ¥i• •nd lh• r•port l• Ilmlt•d to thos• matt•r8 sat out in thg $lalement bek)w. Ind•pend•Trt •xafflln•r'• •t•t•m•nt In connectIc wmh my 8xamination. rn mattw h•s to my attenlK)n: ich mt tsasonable cau$8 io belie th in. any mat•nal r•sffj. tha rw)uiromont to k¢¥p x¢ountlThJ records in Kcordance th tion 130 of the Charrtles Act.. 9Th to prepare ac¢ounts accorf thè ctyntsThJ arKI ith accoun¢ing requiremenls ol the Chariti08 Acl have not b88n mat; or to whlth, In my opbnlon. atten1h ShOd b8 dra¥bTr in onlor to enable a wop8r undorstandlng ol the accounts to be roaehod. K. Collaku MAAT Castle Vlew AccountSng Ltd New Barn Mudberry Lana Bosharn Chich•stor West Sussx P018 8TS Dats: 4th A11 2023 16