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2022-03-31-accounts

LONDON DEVELOPMENT TRUST

DIRECTORS’ AND TRUSTEES’ REPORT

AND ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2022

Charity No. 1189281 Company No: 11736891

LONDON DEVELOPMENT TRUST

REPORT AND ACCOUNTS

CONTENTS
Page
Director’s and Trustees’ Report 2 – 8
Report of the Independent Examiner 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Accounts 12 – 21

1

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OUR PURPOSE AND ACTIVITIES

Founded in 2018 London Development Trust (London Development Trust) has grown into the key partner for the delivery of social economic regeneration in its area of operation. It provides much-needed services for the local communities of in some of the most deprived areas in London and Great Britain and some of the most diverse London boroughs in terms of ethnicity.

Its mission statement is:

"London Development Trust is a charitable Trust that works in partnership with local residents, community groups, voluntary sector and public agencies to bring about lasting social, economic and environmental improvements for the benefit of all regeneration area"

The main objectives of the trust are:

The role and contribution of volunteers

A total of 50+ volunteers helped support the work of the paid staff and its Board; Whilst not relying on volunteers to undertake any activity, providing volunteering opportunities for residents and service users is a key output for London Development Trust, as it allows London Development Trust to enhance and grow community services. At the same time volunteers gain valuable work experience for their CVs and report enhanced happiness and well-being in their every-day lives. The organisation seeks to involve volunteers across its work measuring the impact through its 'Empowerment' business strand.

Achievements and Performance

London Development Trust has reached another significant milestone in its development. Now in its 3rd year of operations the Trust has now become a significant entity in the community development and social enterprise scene across London. Building on the success of last year, the Trust has achieved the following:

London Development Trust successfully delivered the third year of a major contract with Countryside Homes and L&Q Housing Association on the Acton Gardens Regeneration in LB Ealing worth £500,000 over 5 years to deliver social regeneration services and community facility management.

Worked with St George and contracted the Grand Union Development Trust to design the newly opened a Community Hub in the Grand Union Development in Alperton.

2

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

Connecting - This keystone challenges the Trust and others to work together around common goals and Theory of Change. During the year London Development Trust:

As well as helping to tackle food poverty in the community, London Development Trust set up a process where the community felt engaged as we worked alongside various local groups to develop a sense of place and to ensure that they felt empowered during the pandemic. These included masking production, free digital devices to the local school and residents amongst other initiatives.

Influence - This keystone refers to the ways that the Trust is influenced by those who benefit and use our services, coupled by how we use the information we collect and analyse to influence those with power and authority to make a difference to policy.

3

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

During the year, London Development Trust published a number of Impact Reports on our work. This included reports on our work during the pandemic; a report on how the use of green and blue spaces changed during the pandemic; a report on our Virtual Community Centre.

The Trust has employed Shingai Chirimuuta as Impact and Evaluation Manager and is now discussing providing impact consultancy with a number of social/civil society organisations.

During the year LDT began a contract with LB Hammersmith and Fulham to consult local people on the bio-diversity strategy for the Wormwood Scrubs Open Space.

Measuring impact remains a key objective for London Development Trust and all projects are given resource to measure the social impact created. Work has been focused on collecting data longitudinally by surveying at key intervals as projects develop, Surveys are collected on an ongoing basis enabling us to measure change and the achievement of outcomes over time. As well as this, qualitative data has been collected for case studies on different regeneration developments.

As well as this, it has been important to us to develop a monitoring structure, team and steering group to support impact assessment strategy. We recruited an Impact Officer to manage on-the-ground data collections and analysis across the areas in which we are working.

Space - London Development Trust works in space controls and across the public realm. London Development Trust saw some major expansion in the spaces signing a 15-year lease for the Acton Gardens Community Centre, share office and office spaces.

London Development Trust has formed a new team, created a website and other marketing materials to deliver this contract.

London Development Trust was continued with a contract to provide interim management services and refurbish the Finsbury Park Trust building in Finsbury Park.

Organisation - London Development Trust aims to provide professional community development and community facilities to the people that it serves. London Development Trust was developed from the successful work of Manor House Development Trust in Hackney, in particular to help other local communities manage community centres and other assets for the benefit of their residents.

Over the year we continued to increase our marketing developing and launching our website and new marketing materials aimed at developers.

Service provision by London Development Trust

London Development Trust is now able to provide a full range of community development services in relation to the management of local community centres and associated facilities including Development and management of new facilities; Board administration and support; Recruitment and employment of staff; Marketing, PR and communications; Impact assessment and data monitoring.

London Development Trust can also support local organisations with additional services including HR support, including training, performance management and payroll arrangements; Health and safety, risk management and quality assurance; Social stewardship consultancy for developers bidding for large site developments; Social impact baseline information studies; procurement and ICT systems; Financial services and treasury management.

These services can be provided by London Development Trust under the terms of a 5-year service level agreement (SLA) (renewable if required), an example of which can be provided on request.

4

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

The London Development Trust Board - The London Development Trust Board has professionals who have joined its Board in order to build the Trust into a position where it can scale and transfer into new business opportunities.

Staffing - During the year London Development Trust continued to employ staff to carry out its services.

Legal Actions - London Development Trust was not involved/ subject to any ongoing or new legal action during the course of the year.

Public benefit statement

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

FINANCIAL REVIEW

The charity recorded a surplus during the year ended 31 March 2022 of £107,290 (2021 - £62,003) and reserves stand at £169,294 (2021 - £62,003). The financial position at the year revealed by the Balance Sheet on page 11 shows net current assets or working capital of £340,832 (2021 – £56,265). The net book value of fixed assets held, all of which are used directly for charitable purposes, amounted to £8,462 (2021 – £5,738).

Principal Funding Sources

Principal funding sources are currently:

5

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.

Reserves policy

The Directors and Trustees consider it prudent to maintain an adequate level of unrestricted reserves to cover the community centre's contractual commitments and provide sufficient working capital and have set this at minimum of six months expenditure.

In order to build up its reserves to a prudent level, London Development Trust:

As at the year end, accounts showed reserves of £169,294 (2021 - £62,003), of which £96,192 (2021 - £6,857) was restricted. The unrestricted funds not designated or invested in tangible fixed assets held by the charity are £64,640 (2021 - £49,408).

FUTURE ACTIVITIES

London Development Trust has ambitions to grow and set a standard for Social Stewardship and Community Development across London’s regeneration schemes. It has been set up to help those who are involved in the built environment industry achieve excellence in community development and social stewardship.

London Development Trust offers a range of services, from initial consultancy and business planning of community facilities, facility management as well as on the ground delivery of base line impact studies through to the delivery of community development projects.

During the year London Development Trust has made the necessary governance and organisational changes to its Articles and Memorandum and recruited a new strong Board. Our Trustees bring a wide range of experiences and knowledge to assist in this process.

Fundraising

London Development Trust continues to seek relevant funding opportunities to increase its impact with beneficiaries in the areas in which it works.

Impact

In order to improve the management of Impact, London Development Trust has invested in Upshot, an impact management tool which has allowed the Trust to streamline data collection processes, produce more impact reports and create opportunities for deeper analysis and understanding of the impact we have on the local community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

London Development Trust is registered as a company limited by guarantee and not having a capital divided by shares. The company was incorporated on 20th December 2019 and is a registered charity constituted as a Limited Company under the Memorandum and Articles of Association. The charity was registered with Charity Commission on the 30 April 2020. The charity registration number is 1189281 and the company registration number is 11736891.

6

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

Recruitment and appointment of Trustees

The trustees are elected at the Annual General Meeting in line with London Development Trust policy. London Development Trust believes it is important that trustees reflect the diversity of the local community. Therefore, trustees come from a range of backgrounds and interests including local community representatives and local stakeholders. New trustees are invited to stand for election or by introduction through services or by direct recruitment. A selection process for potential new trustees has agreed. This process includes an analysis of skills required by the board, interviews with the directors and chair of the board and attendance at the board meeting followed by a review meeting.

Trustees induction and training

New Trustees were added to the Board during the course of the year and have completed induction training. They meet regularly on a bi-monthly basis and continue to support the Trust with expert commercial and other advice.

Organisation

The charity is structured so that the directors and trustees meet regularly to manage its affairs. The Management Board comprises individuals from a variety of backgrounds with relevant professional experience.

Related parties

The charity works closely with other similar organisations as detailed in the achievements and performance section of the Trustees Report. None of the charity’s trustees are directors or trustees of these other organisations.

Pay policy for senior staff

Pay for Senior Staff is determined by the LDT Board and reviewed on an annual basis as part of the budget setting process.

Risk Management

Risk Management LDT regularly reviews risk by means of a RAG risk register at Board and SMT meetings.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Number: 1127604
Company Number: 11736891
Previous Name: MHDT London Development Trust
Directors and Trustees: Simon Donovan
Emmanuel Wachukwu
Andrew Lonas
Make Nakagawa
Alexander Robertson
Jonathan Darby
James Wand – Appointed 12/11/2021
Sarah Rogers – Appointed 15/11/2021
Secretary: Simon Donovan
Senior Management Team: Simon Donovan – Chief Executive Officer
Emmanuel Wachukwu – Managing Director
Registered Office: Redmond Community Centre, Kayani Avenue, London, England, N4 2HF
Independent Examiner: S Shah, Ramon Lee Ltd, 93 Tabernacle Street, London EC2A 4BA

7

LONDON DEVELOPMENT TRUST

REPORT OF THE DIRECTORS AND TRUSTEES (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also directors of London Development Trust for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY:

………………………………………

Simon Donovan

30 September 2022

8

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF

LONDON DEVELOPMENT TRUST

I report on the accounts of the company for the year ended 31 March 2022.

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.

Respective responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts 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 for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’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

The company’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW.

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

I have no concerns 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 accounts to be reached.

Samir Shah – Chartered Accountant RAMON LEE LTD 93 TABERNACLE STREET LONDON EC2A 4BA

30 September 2022

9

LONDON DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Notes
Unrestricted
Funds
£
Income
Donations
2
35,740
Income from charitable activities
3
100,175
Income from trading activities
4
99,449
Investment income
-
Total income
235,364
Expenditure
Cost of raising funds
5
89,840
Expenditure on charitable activities
5
127,569
Total expenditure
217,409
Net income/(expenditure) and net
movement in funds for the year
17,955
Reconciliation of funds
Total funds, brought forward
55,147
Total funds, carried forward
73,102		 Restricted
Funds
£
-
136,776
-
-
136,776
-
47,441
47,441
89,335
6,857
96,192		 2022
£
35,740
236,951
99,449
-
372,140
89,840
175,010
264,850
107,290
62,003
169,294		 2021
£
83,513
137,150
21,326
-
241,988
81,860
98,125
179,985
62,003
-
62,003

CONTINUING OPERATIONS

None of the Charity’s activities was acquired or discontinued during the above two financial years.

TOTAL RECOGNISED GAINS AND LOSSES

The charity has no recognised gains or losses other than the above movement in funds for the above two financial years.

The notes on pages 12 to 21 form part of these accounts

10

LONDON DEVELOPMENT TRUST

BALANCE SHEET AS AT 31 MARCH 2022

Notes
£
Fixed assets
Tangible fixed assets
10
Current assets
Debtors
11
116,508
Cash at bank and in hand
249,414
365,922
Liabilities
Creditors falling due with in one year
12
(25,090)
Net current assets
Creditors falling due after one year
13
Net assets
The funds of the charity
Unrestricted funds
14
Restricted funds
14
Total charity funds		 2022
£
£
8,462
9,841
56,325
66,165
(9,900)
340,832
349,294
(180,000)
169,294
73,102
96,192
169,294		 2021
£
5,738
56,265
62,003
-
62,003
55,147
6,857
62,003

In preparing these financial statements:

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The directors acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

These accounts were approved and authorised for issue by the Board of Directors and Trustees on 30 September 2022 and were signed on its behalf by:

SIMON DONOVAN

………………………………………………………….

Company number 11736891

The notes on pages 12 to 21 form part of these accounts

11

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The financial statements of the charitable company, which is a public benefit under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

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 note(s) to these financial statements.

1.2 Preparation of accounts on a going concern basis

The Charity’s Financial Statements show net surplus of £107,290 (2021 - £62,003) for the year and free reserves of £64,640 (2021 - £49,408). The trustees are of the view that these results and plans for the future have secured the immediate future of the Charity for the next 12 to 18 months and on this basis the Charity is a going concern.

1.3 Income

All income is included in the consolidated SOFA when the charity is legally entitled to it, receipt is probable and the amount can be measured with sufficient reliability.

Grant income

Grants are credited to the SOFA when the charity is entitled to the funds. Income is only deferred where there are time constraints imposed by the donor or if the funding is performance related.

Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions will be met.

Grants supporting the core activities of the charity and with no specific restrictions placed upon their use are included within donations and legacies. Grants that have specific restrictions placed upon their use are included within income from charitable activities.

Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Deprecation on the related fixed assets is charged against the restricted fund.

Donations and legacies

Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.

Contract income

Income from charitable activities include income recognised as earned (as the related goods and services are provided) under contract.

Rental income

Room hire income are credited to income in the year in which they are receivable.

12

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

1.4 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the Trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. No such donations were received during the period.

1.5 Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6 Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 6.

1.7 Funds structure

The general fund comprises those monies, which may be used toward meeting the charitable objectives of the charity at the discretion of the trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor-imposed conditions.

1.8 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

1.9 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. The cost of minor additions or those costing less than £500 are not capitalised. Depreciation is provided at rates calculated to write of the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Equipment

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

13

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term cash deposits.

1.12 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Judgement and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised 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 where the revision affects both current and future periods.

1.15 Cash flow statement

The charitable company qualifies as a small company and advantage has been taken of the exemption provided by SORP (FRS 102), not to prepare a cash flow statement.

2. GRANTS AND DONATIONS

HMRC Job Retention Scheme grant
London Borough of Ealing
Other donations		 Unrestricted
Funds
£
22,354
13,000
386
35,740		 Restricted
Funds
£
-
-
-
-		 Total
2022
£
22,354
13,000
386
35,740		 Total
2021
£
58,513
25,000
-
83,513

The grants and donations income in 2021 totalling £83,513, was attributed £25,000 to unrestricted funds and £58,513 to restricted funds.

14

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

3. INCOME FROM CHARITABLE ACTIVITIES

Contract income:
Acton Garden LLP
Grant income:
Acton Gardens LLP
London and Quadrant Housing Trust
London Borough of Ealing
Country side
London Community Foundation
St George West London Limited
London Borough of Hammersmith and
Fulham
Social Enterprise Support Fund
Foodwork Trust
Other Income		 Unrestricted
Funds
£
100,000
-
-
-
-
-
-
-
-
-
175
100,175		 Restricted
Funds
£
-
4,500
4,722
2,000
-
-
19,013
22,541
24,000
60,000
-
136,776		 Total
2022
Total
2021
£
£
100,000
82,614
4,500
-
4,722
5,000
2,000
18,286
-
21,250
-
10,000
19,013
-
22,541
-
24,000
-
60,000
-
175
-
236,951
137,150

The income from charitable activities in 2021 totalling £137,150, was attributed £82,614 to unrestricted funds and £54,536 to restricted funds.

4. OTHER TRADING INCOME

Rental Income
Management charge		 Unrestricted
Funds
£
75,449
24,000
99,449		 Restricted
Funds
£
-
-
-		 Total
2022
Total
2021
£
£
75,449
21,326
24,000
-
99,449
21,326

The other trading activities income in 2021 totalling £21,326 was all attributed to unrestricted funds.

15

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

5. ANALYSIS OF EXPENDITURE

Staff costs
Premises and equipment costs
Other direct costs
Support costs (Note 6)
Governance costs (Note 6)		 Raising
Funds
£
54,601
3,221
-
21,120
10,899
89,840		 Empowering
£
40,672
2,104
10,859
15,625
8,063
77,323		 Influencing
£
1,215
-
7,087
444
229
8,975		 Space
£
23,142
20,421
7,201
15,913
8,211		 Connecting
£
4,998
-
6,057
1,826
942
13,823		 Total
2022
Total
2021
£
£
124,628
97,766
25,746
17,665
31,204
27,213
54,927
27,002
28,345
10,341
264,850
179,985
74,889

Of the £264,850 expenditure in 2022 (2021 - £179,985), £217,409 was charged to unrestricted funds (2021 - £73,793) and £47,441 to restricted funds (2021 - £106,192).

6. ANALYSIS OF SUPPORT AND GOVENANCE COSTS

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s key activity undertaken (see note 5) in the period. All the general support and governance costs have been apportioned to the various activities on the basis of staff time allocated to each activity.

Staff costs
Premises and equipment costs
Communications costs
Information technology
Legal and professional expenses
Miscellaneous expenses
Independent examiner's fees		 General
Support
£
32,047
2,145
3,955
3,604
3,170
10,007
-
54,928		 Governance
Function
£
25,225
-
-
-
-
-
3,120
28,345		 2022
£
57,272
2,145
3,955
3,604
3,170
10,007
3,120
83,273		 2021
£
15,216
3,911
2,549
5,589
5,028
2,169
2,880
37,342

7. NET INCOME/(EXPENDITURE) FOR THE PERIOD

This is stated after charging:

Net movement in funds is shown after charging:
Independent examiner's fees
Depreciation on tangible fixed assets		 2022
£
3,120
4,285		 2021
£
2,880
2,533

16

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

8. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL

STAFF COSTS
Salaries
National Insurance
Pension
Seconded staff		 2022
2021
£
£
124,534
81,024
9,019
5,155
2,094
1,436
46,253
25,366
181,900
112,981

No employee received remuneration in excess of £60,000 during the period.

None of the trustees received any reimbursed expenses during the year.

The key management personnel of the charity comprise CEO and Managing Director who are also the trustees of the charity. The total employee benefits of the key management personnel of the charity were £46,480 (2021- £43,763). The charity incurred seconded staff costs related to one of the trustees, recharged from the related party Manor House Development Trust of £14,400 (2021- £3,240).

9. STAFF NUMBERS

The average monthly number of full-time staff employed by the charity during the year was as follows:

Fundraising
Empowering
Connecting
Influencing
Space
Administration
Seconded staff		 2022
2021
1.5
1.9
1.3
0.4
0.2
-
-
-
0.8
0.8
0.5
-
1.9
0.7
6.2
3.8

The average monthly number of persons employed by the charity during the year was 7 (2021 - 4).

17

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

10. FIXED ASSETS

Net book value:
Computer Equipments
Movements in the period:
Cost:
Opening
Balances
£
Computer Equipments
10,132
10,132
Depreciation:
Opening
Balances
£
Computer Equipments
4,394
4,394
DEBTORS
Trade debtors
Amount due from parent company
Other debtors
CREDITORS: amounts falling due within one year
Trade creditors
Taxation and social security
Other creditors
Accruals		 Additions
£
7,009
7,009
Charge
For Period
£
4,285
4,285		 Additions
£
7,009
7,009
Charge
For Period
£
4,285
4,285		 2022
£
8,462
8,462
Disposals
£
-
-
Disposals
£
-
-
2022
£
76,088
39,710
710
116,508
2022
£
1,983
13,294
5,557
4,256
25,090		 2022
£
8,462
8,462
Disposals
£
-
-
Disposals
£
-
-
2022
£
76,088
39,710
710
116,508
2022
£
1,983
13,294
5,557
4,256
25,090		 2021
£
5,738
8,462 5,738
Disposals
£
-		 Closing
Balances
£
17,141
- 17,141
Disposals
£
-		 Closing
Balances
£
8,679
- 8,679
2022
£
76,088
39,710
710
116,508
2022
£
1,983
13,294
5,557
4,256
25,090		 2021
£
1,059
8,059
723
9,841
2021
£
2,478
465
4,077
2,880
9,900

11. DEBTORS

CREDITORS: amounts falling due within one year

12.

18

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

13. CREDITORS: amounts falling due more than one year

Social Investment Business Loan
14.
NET MOVEMENTS IN FUNDS
Balance at
01.04.2021
£
Restricted funds:
Acton Gardens LLP
-
London and Quadrant Housing Trust
2,096
London Borough of Ealing
-
St George West London Limited
-
London Borough of Hammersmith and
Fulham
-
Social Enterprise Support Fund
-
Foodwork Trust
4,761
6,857
Unrestricted funds
General funds
55,147
Total funds
62,003
Net movements in funds- previous year
Balance at
01.04.2020
£
Restricted funds:
London and Quadrant Housing Trust
-
London Borough of Ealing
-
HMRC Job Retention Scheme grant
-
Countryside Properties
-
London Community Foundation
-
-
Unrestricted funds
General funds
-
-
Total funds
-		 Income
£
4,500
4,722
2,000
19,013
22,541
24,000
60,000
136,776
235,364
372,140
Income
£
5,000
18,286
58,513
21,250
10,000
113,049
128,939
128,939
241,988		 2022
£
180,000
180,000
Expenditure
£
-
901
2,000
1,452
-
-
43,088
47,441
217,409
264,850
Expenditure
£
2,904
18,286
58,513
21,250
5,239
106,192
73,793
73,793
179,985		 2021
£
-
-
Balance at
31.03.2022
£
4,500
5,917
-
17,561
22,541
24,000
21,674
96,192
73,102
169,294
Balance at
31.03.2021
£
2,096
-
-
-
4,761
6,857
55,147
55,147
62,003

19

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

14. NET MOVEMENTS IN FUNDS (Cont/d)

Description, nature and purpose of restricted funds:

Acton Garden LLP: This is the core fund for the delivery of community development and social stewardship on the Acton Gardens regeneration, including management of the Acton Gardens Community centre, delivery of community projects and activities etc.

London and Quadrant Housing Trust: The project will develop and enhance our current aid services to vulnerable households, i.e. food, art packs, digital devices; building community resilience by training volunteers; salaries for project coordinators; making physical adaptations to our community centre; establishing a cloud based solution to safely manage the organisation remotely and provide support to staff.

London Borough of Ealing: Contribution to HAF programme.

St. George West London Limited: To consult and carry out Community Needs Assessment.

London Borough of Hammersmith and Fulham: To carry consultation on Wormwood Scrubs and use of open spaces.

Social Enterprise Support Fund: Operating Finance.

Footwork Trust: Partnership project delivery with Footwork to engage young residents in and around Finsbury Park.

Countryside Properties: The project revolved around providing an emergency food and relief programme to residents of Acton Gardens, South Acton. The project developed and enhanced our current aid services to vulnerable households, i.e. food, art packs, digital devices; building community resilience by training volunteers; salaries for project coordinators; making physical adaptations to our community centre; establishing a cloud based solution to safely manage the organisation remotely and provide support to staff.

London Community Foundation: Developing and enhancing our current aid services to vulnerable households, i.e. food, art packs, digital devices; building community resilience by training volunteers; salaries for project coordinators; making physical adaptations to our community centre; establishing a cloud based solution to safely manage the organisation remotely and provide support to staff.

Description, nature and purpose of unrestricted funds:

General funds: General fund represents funds available to spend at the discretion of the trustees.

15. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS

Tangible fixed assets
Non current liabilities
Net current assets		 Unrestricted
Funds
8,462
(180,000)
244,640
73,102		 Restricted
Funds
Total
2022
£
£
-
8,462
-
(180,000)
96,192
340,832
96,192
169,294

20

LONDON DEVELOPMENT TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 MARCH 2022

15. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS (Cont/d)

Analysis of fund balances between net assets – previous year

Tangible fixed assets
Net Current assets		 Unrestricted
Funds
5,738
49,408
55,147		 Restricted
Funds
Total
2021
£
£
-
5,738
6,857
56,265
6,857
62,003

16. RELATED PARTY TRANSACTIONS

Details of transactions with trustees are in note 8.

During the year charity paid the related charity, Manor House Development Trust, £46,255 (2021- £25,366) for seconded staff. At the balance sheet date, the related charity owed the charity £39,710 (2021 - £8,059).

At the year end, the subsidiary of the related charity, Manor House Development Trust, Woodberry Blooms Ltd, owed the charity £709 (2021- £709).

17. PARENT CHARITY

London Development Trust (Company Reg. 11736891, Charity No. 1189281) has gone through a restructure within the last 12 months and is now a standalone organisation to be considered separate entity and not a subsidiary of Manor House Development Trust.

London Development Trust has made the necessary governance and organisational changes to its Articles and Memorandum and recruited a strong Board.

21