Charity No. 1192322
BROMLEY THIRD SECTOR ENTERPRISE CIO
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Contents
| Page | |
|---|---|
| Reference and administrative information | 3 |
| Trustees’ annual report | 4 - 8 |
| Independent auditors' report | 9 - 11 |
| Statement of financial activities | 12 |
| (Incorporating an income and expenditure account) | |
| Balance sheet | 13 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 - 21 |
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Charity Number 1192322 Registered Office Community House, South Street, Bromley BR1 1RH Trustees Colin Allies- Independent Chair (re-appointed November 2023) Mark Ellison Christopher Evans Eddie Lynch MBE - ( resigned May 2024) Anna McEwen - (appointed May 2024) Eliana (Nana) Kingnuthia Rachel Moriarty Gavin Simpson - Independent Treasurer Ben Taylor Loraine Whittaker Aneeta Williams - (re-appointed November 2023)
Principal Staff David Walker Auditors Goldwins Limited Chartered Accountants and registered auditors 75 Maygrove Road West Hampstead London NW6 2EG
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present the audited financial statements for the financial year ended 31 March 2024.
The Partnership
Bromley Third Sector Enterprise (BTSE) is a charity working to improve the health and wellbeing of residents in the London Borough of Bromley and surrounding areas.
We manage Bromley Well, an early intervention and prevention contract funded by the London Borough of Bromley and the NHS South East London Integrated Care Board.
We provide a single point of access – a contact centre where people can call or email us and be referred to the relevant service run by our charity partners.
The charity facilitates a partnership under the auspice of BTSE with Age UK Bromley & Greenwich, Bromley Mencap, South East London Mind, Community Links Bromley and Citizens Advice Bromley. The aims of the partnership are to:
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Provide a single point of access for people living in the London Borough of Bromley. • Provide co-ordinated provision of services under a single contract.
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Enable the charity to be a core provider of health and social care services in and around London Borough of Bromley.
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Enable local voluntary sector organisations to bid for contracts and other funding that they would be unlikely to secure on their own.
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Deliver integrated, cost-effective services that deliver the best possible outcomes for people in Bromley and surrounding areas.
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Ensure that people's needs are seen holistically and addressed by the right person, in the right place and at the right time.
Objectives and activities
The object of Bromley Third Sector Enterprise CIO (the charity), as defined by the constitution, is the advancement of the health and wellbeing of residents of the London Borough of Bromley and the surrounding areas.
The charity’s mission is to facilitate the delivery of health and wellbeing services for the benefit of local communities, by enabling third sector partnerships. By bringing services together, to help local people to live healthier and happier lives and to help maintain their health, wellbeing and independence.
Achievements and performance
The charity managed the successful collaborative delivery and performance of the Bromley Well contract worth over £2.5 million per annum.
2023-24 saw a range of improvements and innovations to the Bromley Well service as we embedded new approaches to deliver the second year of our renewed five-year contract with the London Borough of Bromley and SE London Integrated Care Board.
However, we have seen increased challenges particularly in the capacity of our services and delivery as client needs become more complex post-Covid and with continuing cost of living challenges, which have also affected the recruitment and retention of staff and volunteers delivering the Bromley Well service.
We have worked very hard across the whole service to address these issues and with our stakeholders and partners, both statutory and in the wider community to help mitigate these challenges. We are pleased to have been awarded LB Bromley Innovation Fund support to train 80 staff and volunteers as certified Mental Health First Aiders (MHFA) during the coming year.
In 2023-24 we received 14,884 referrals and we supported 10,122 residents of which 8,792 (87%) were new clients. Some people are referred to us more than once. 27% of clients have at least one disability. Our work enabled residents to claim more than £3.8m of benefits to which they were entitled but had not otherwise been able to access.
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
2023-24 was the first year of our new three-year strategy. This strategy is in three main sections – to improve and anchor the Sustainability, Reach and Impact of BTSE/Bromley Well:
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Sustainability – operations, governance, human resources, quality assurance
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Reach – marketing, communications, stakeholder relations
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Impact – data/reporting and showcasing good practice
The past year has seen good progress against our three key strategic pillars, illustrative examples below:
To ensure the sustainability of our services we worked with SE London ICB and LB Bromley to identify resources to ensure our Elderly Frail services were fully funded for the duration of the contract. This enhanced our existing hospital discharge services including the reconfigured Post-Discharge Settling Service, which has supported 179 vulnerable people in successful discharge from hospital in the last year, four times as many as under the previous contract.
We revised our acceptable behaviour policy and guidance to better support staff and brought the increased number of vulnerable and challenging clients to the attention of the Bromley Safeguarding Adults Board (BSAB) so systems can be improved. We introduced monthly Frontline Forums for all Bromley Well staff to raise service issues and share best practice.
Our Annual Quality Assurance inspection, carried out by LB Bromley, showed that we continue to run a very good service. We fully revised our Business Continuity Plan and ran a live whole service Cyber Test which demonstrated that good systems and security are in place.
We have developed a referral dashboard which details where Bromley Well Referrals come from. This has allowed us to identify which partners are referring and for what services, enabling us to have strategic conversations about referrals and demand.
We have also introduced new systems and approaches to increase efficiencies. With significant work between BTSE and the Bromley Well Single Point of Access (SPA) team, we piloted an online referral form from June 2023. This has proved to be successful with 1564 professional and 1538 self-referrals since June 2023, which has simplified administration and data collection and relieved pressure on the SPA contact centre.
Case study - Information and Advice/Forms Completion Service:
X came to Bromley Well for help whilst living in a women’s refuge following domestic violence. Having been refused Personal Independence Payment (PIP) our caseworker successfully appealed the decision on X’s behalf with PIP being awarded including back pay to a total value of nearly £10,000. We continued to support X as she moved out of the refuge into permanent accommodation, advising on claiming universal credit (housing element), applying for council tax support and the single persons discount as well as getting a home starter pack with household essentials worth £75 thanks to a local scheme. Our caseworker’s expertise and local knowledge meant X had a more secure start in their new accommodation.
We provided a wide range of wellbeing services including:
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Older Adults - Take Home and Settle, Hospital Aftercare, Sitting Service, Handyperson, Befriending
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Adults with Long Term Health Conditions
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Adults with Learning Difficulties
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Adults with Physical Disabilities
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Carers including Young Carers and Mutual Carers
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Dementia Respite
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Employment and Education – for people with learning disabilities, physical disabilities and longterm health conditions
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Forms Completion service
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Information, Legal Advice and Guidance - provides impartial information, advice and guidance on other social determinants of health such as housing, debt, benefits, employment, relationships etc. which are crucial to a person’s wellbeing.
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
A crucial aspect of our work is the seamless linkage between these services. On average each Bromley Well client presents with 1.5 issues. Whether clients come via the SPA or direct to a service, they are triaged and their needs identified so they can be referred to the services and support required: for example, a Hospital Aftercare referral to Long Term Health Conditions or Carers support, or Advice and Guidance to Employment services. This reduces multiple referrals and means clients get help that is both better integrated and faster - delivering on our mission as an early intervention service.
Case Study – Physical Disabilities
B was in hospital when Bromley Well’s Physical Disabilities Support Officer first supported them. They were being threatened with eviction and struggling with their mental health which impacted on their ability to deal with the situation. Our Support Officer liaised successfully with a range of professionals and agencies to help avoid eviction. This included liaising with the Letting Agent to address identified issues, and to arrange cleaning and rubbish clearance; referral and access to local mental health services; and an initial visit from Occupational Therapy.
Letting Agent: “You have clearly gone above and beyond”
B “I cannot express how grateful I am for all the support I received”
We continued to work closely with the London Borough of Bromley, One Bromley (the umbrella body for health and care in the borough), the South East London Integrated Care System, primary care and the wider voluntary sector to ensure the needs of local residents were well met. This is perhaps most evident in our work in raising the profile of unpaid carers. We engaged closely in the development of the Bromley Carers Strategy with LB Bromley and led on the development of the One Bromley Carers Charter, which was launched during Carers Week 2024 supported by an action plan of promotion, staff training, identification and information for carers.
We worked with LB Bromley colleagues to ensure the Household Support Fund is fairly distributed to those who might not otherwise apply and supported well over 500 successful applications last year.
BTSE Associate members
The charity has 69 Associate Member charities which it engages with and convenes regular forums. At quarterly online forums we included speakers from the wider health and social care sector to inform, engage and consult the network on the adult social care digital strategy, the Plan for Unpaid Carers and the One Bromley strategic alliance of Voluntary, Community and Social Enterprise (VCSE) sector leadership across SE London. We also continue to support communication about the LB Bromley Innovation Fund to Associate Members.
Governance
Under our Articles of Association, The Board comprises of the CEOs of the five Operational Partners and up to five Independent Trustees, including Chair and Treasurer.
Over the last year, we strengthened our governance and renewed the terms of two independent trustees, Colin Allies and Aneeta Williams.
These changes have made BTSE more robust in identifying issues, so it can strengthen services and improve reporting and data, to better demonstrate Bromley Well’s impact. All new trustees undergo an induction process of briefings with existing trustees, Chair and CEO and externally recognised training. Our sub-committees focus on Operations, Policy and Finance. These meet quarterly, and are each chaired by an independent trustee, with each trustee sitting on at least one committee.
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Looking to the Future
Our primary focus remains supporting the health and wellbeing of Bromley residents through the effective and always developing delivery of the Bromley Well contract.
During the year we plan to make further progress towards meeting our strategic objectives, including through:
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Developing our systems and website to provide clear, accessible information, further improve referrals and ensure access to vulnerable residents
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Working closely with the London Borough of Bromley’s Adult Services department on their digital strategy, to ensure users are heard and systems are developed in partnership
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Engaging further with Bromley Safeguarding Adults Board and council colleagues to improve communications, particularly where vulnerable clients are concerned, and identifying key points of escalation
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Providing staff training in Mental Health First Aid to improve staff and volunteer responsiveness and resilience
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Continuing the Carers Charter rollout, and ongoing training with health, social care and voluntary sector colleagues
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Working with the Glades Wellbeing Hub to provide face-to-face advice services to vulnerable clients.
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Improving our dashboards to provide comparisons with census and public health data, so we can better understand our service coverage and target resources accordingly.
BTSE now has seven years' experience in developing and running a successful operational partnership model, shared partnership governance, shared service delivery, shared data and communications, including the widely recognised Bromley Well brand. We want to build on these strengths and work towards generating new revenue for BTSE by sharing our expertise.
We have created a unique and effective one-stop wellbeing service which we believe has much to offer those in other areas. We look forward to the future with confidence.
It is clear the activities undertaken in the year have furthered the charity’s purposes for the public benefit. The trustees have had regard to the Charity Commission’s guidance on public benefit.
Financial Review
The overall financial health of the charity is strong, with a secure long-term contract and robust financial controls.
Incoming resources during the year were £2,524,476 (2023: £2,623,096). At 31 March 2024, reserves were £165,584 (2023: £169,413) of which £85,000 is invested in a high-interest account.
Principal funding sources
The main funding source for the year was from the London Borough of Bromley and South East London Integrated Care Board via the Primary and Secondary Intervention Service (Bromley Well) contract.
Reserves policy
Per the agreements in place with the charity’s commissioners, payments are received to cover specific expenditure. Therefore, the charity does not generally make surpluses or deficits, and is not required to hold any reserves.
We have however agreed a Reserves Policy to ensure prudent risk management of holding funds. This provides for the charity to hold three-months of running costs for the partnership office and to provide a sum to cover necessary investment to facilitate the operation of the contract.
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BROMLEY THIRD SECTOR ENTERPRISE CIO TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Trustees’ Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, UK GAAP (Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: -
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Ensure that suitable and compliant accounting policies are implemented and applied appropriately.
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Observe the methods and principle of the Charities statement of Recommended Practice (SORP)
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for the prevention and detection of fraud and other irregularities.
Statement as to disclosure to our auditors
In so far as the Trustees are aware:
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There is no relevant audit information of which the charitable company’s auditors are unaware; and
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The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
Goldwins Limited were re-appointed as the auditors of the charitable company during the year and have expressed their willingness to continue in that capacity.
11 September 2024.
The Trustees’ annual report has been approved by the Trustees on ………………………….
By order of the Trustees.
…………………………… Colin Allies, Chair of Trustees
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BROMLEY THIRD SECTOR ENTERPRISE CIO
Opinion
We have audited the financial statements of the charity for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
2024 and of its income and expenditure for the period then ended;
Practice;
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BROMLEY THIRD SECTOR ENTERPRISE CIO
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and environment obtained in the course
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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sufficient accounting records have not been kept;
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the financial statements are not in agreement with the accounting records and returns; or we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
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identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud.
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We obtained an understanding of the environment that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable accounting standard.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
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BROMLEY THIRD SECTOR ENTERPRISE CIO
A further description of our responsibilities for the audit of the financial statements is located on the www.frc.org.uk/auditorsresponsibilities. This description forms
Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been stees those matters we are required to state to for our audit work, for this report, or for the opinions we have formed.
Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
13 September 2024
Goldwins Ltd is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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Bromley Third Sector Enterprise CIO
Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 March 2024
| Statement of financial activities (incorporating an income an For theyear ended 31 March 2024 |
d expenditure a | ccount) | |
|---|---|---|---|
| Unrestricted Funds Note £ Income from: 3 2,505,223 408 2,505,631 4 2,509,460 2,509,460 5 (3,829) - (3,829) Reconciliation of funds: 169,413 165,584 Charitable activities Net movement in funds Total funds brought forward Total funds carried forward Net (expenditure)/income for the year Transfers between funds Total expenditure Total income Expenditure on: Charitable activities Contract awarded income Investment income |
Restricted Funds £ 18,845 - 18,845 18,845 18,845 - - - - - |
2024 Total Funds £ 2,524,068 408 2,524,476 2,528,305 2,528,305 (3,829) - (3,829) 169,413 165,584 |
2023 Total Funds £ 2,623,096 - |
| 2,623,096 | |||
| 2,453,683 | |||
| 2,453,683 | |||
| 169,413 - |
|||
| 169,413 - |
|||
| 169,413 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 12 to the financial statements.
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Bromley Third Sector Enterprise CIO Balance sheet As at 31 March 2024
| Note Fixed assets: 8 Current assets: 9 Liabilities: 10 11 12 Total unrestricted funds Debtors Cash at bank and in hand Creditors: amounts falling due within one year Tangible assets Unrestricted funds: General funds Net current assets Total assets less current liabilities Total net assets Funds Restricted funds Total funds |
2024 £ 38,888 190,756 |
2024 £ - 165,584 |
2023 £ 78,990 393,483 |
2023 £ - 169,413 |
|---|---|---|---|---|
| 229,644 64,060 |
472,473 303,060 |
|||
| 165,584 | 169,413 | |||
| 165,584 | 169,413 | |||
| 165,584 | 169,413 | |||
| - 165,584 |
- 169,413 |
|||
| 165,584 | 169,413 | |||
and signed on their behalf by:
G J Simpson
Trustee
The attached notes form part of the financial statements.
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Bromley Third Sector Enterprise CIO Statement of cash flows
For the year ended 31 March 2024
| Note Cash flows from operating activities: a Cash flows from investing activities: Sale/ (purchase) of fixed assets Cash provided by / (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year b a) Net income / (expenditure) for the reporting period(as per the statement of financial activities) Depreciation (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities b) Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents Net cash provided by / (used in) operating activities Reconciliation of net income / (expenditure) to net cash flow from operating activities |
- £ 393,483 393,483 At 1 April 2023 |
2024 £ (202,727) - (202,727) 393,483 190,756 2024 £ (3,829) - 40,102 (239,000) (202,727) Cash flows £ (202,727) (202,727) |
- £ - - Other change s |
2023 £ (205,552) - |
|---|---|---|---|---|
| (205,552) 599,035 |
||||
| 393,483 | ||||
| 2023 £ 169,413 915 138,435 (514,315) |
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| (205,552) | ||||
| £ 190,756 At 31 March 2024 |
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| 190,756 |
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Bromley Third Sector Enterprise CIO Notes to the financial statements For the year ended 31 March 2024
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102).
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
- d) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation 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), volunteer time is not
On receipt, donated gifts, 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.
e) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
f) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the work or for specific projects being undertaken by the charity.
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Bromley Third Sector Enterprise CIO Notes to the financial statements For the year ended 31 March 2024
1 Accounting policies (continued)
g) Expenditure 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:
Costs of generating funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) 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, personnel, payroll and governance costs which support the activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 4.
i) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
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˜ Fixtures and fittings 33% on cost
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˜ Computer equipment 33% on cost
j) 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.
k) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
l) 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.
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Bromley Third Sector Enterprise CIO Notes to the financial statements
For the year ended 31 March 2024
- 2 Detailed comparatives for the statement of financial activities
| Charitable activities: Charitable activities: 3 Total income from charitable activities Contract awarded income Income from charitable activities Grants Total funds brought forward Total funds carried forward Transfers between funds Expenditure on: Other charitable activities Net movement in funds Net income / expenditure Total expenditure Income from: Total income Contract awarded income |
Unrestricted Funds £ 2,505,223 2,505,223 |
£ 2,452,735 - Unrestricted funds |
£ 170,361 - Restricted Funds |
2023 Total Funds £ 2,623,096 - |
|---|---|---|---|---|
| 2,452,735 | 170,361 | 2,623,096 | ||
| 2,283,322 | 170,361 | 2,453,683 | ||
| 2,283,322 | 170,361 | 2,453,683 | ||
| 169,413 - |
- - |
169,413 - |
||
| 169,413 - |
- - |
169,413 - |
||
| 169,413 | - | 169,413 | ||
| £ 18,845 Restricted Funds |
2024 Total Funds £ 2,524,068 |
2023 Total Funds £ 2,623,096 |
||
| 18,845 | 2,524,068 | 2,623,096 |
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Bromley Third Sector Enterprise CIO Notes to the financial statements For the year ended 31 March 2024
4 Analysis of expenditure
| Analysis of expenditure | ||||
|---|---|---|---|---|
| Staff costs Direct cost Carers Support Employment and Education Learning Disabilities Long Term Health Conditions Mental Health and Wellbeing Mutual Carers Physical Disabilities Services for Elderly Frail Single Point of Access Young Carers Contract amendment for Elderly Frail Spa Care Navigator Barriers to Employment Fathers To Fathers Pilot (Home Start) Clear Community Web Community Outreach by Health Champions KAB Assistive Technology Loan Post Covid Care Navigator Other projects Support cost Premises costs Office & Administrative expenses Professional fees Audit fees Bank charges Depreciation Support costs Total expenditure 2024 Total expenditure 2023 |
Charitable activities £ - 173,936 115,230 118,590 306,191 343,539 28,593 95,392 427,571 540,998 126,430 32,944 - 10,800 8,045 - - - - - - |
Support costs £ 160,365 - - - - - - - - - - - - - - - - - - - - 8,103 17,208 7,350 6,960 60 - |
2024 Total £ 160,365 173,936 115,230 118,590 306,191 343,539 28,593 95,392 427,571 540,998 126,430 32,944 - 10,800 - - - - - - 8,045 8,103 17,208 7,350 6,960 60 - |
2023 Total £ 136,828 156,702 108,852 81,719 304,149 266,462 27,951 70,496 427,942 511,902 135,158 - - - 17,086 15,059 14,955 19,394 50,896 16,667 35,524 8,943 24,173 14,878 6,960 72 915 |
| 2,328,259 | 200,046 | 2,528,305 | 2,453,683 | |
| 200,046 | (200,046) | |||
| 2,528,305 | - | 2,528,305 | ||
| 2,453,683 | - | 2,453,683 |
Of the total expenditure £2,509,460 was unrestricted (2023: £2,233,823) and £18,845 was restricted (2023: £170,361).
18
Bromley Third Sector Enterprise CIO Notes to the financial statements For the year ended 31 March 2024
| Staff costs Direct cost Carers Support Employment and Education Learning Disabilities Long Term Health Conditions Mental Health and Wellbeing Mutual Carers Physical Disabilities Services for Elderly Frail Single Point of Access Young Carers Winter Pressures Funding Fathers To Fathers Pilot (Home Start) Clear Community Web Community Outreach by Health Champions KAB Assistive Technology Loan Post Covid Care Navigator Other projects Premises costs Office & Administrative expenses Professional fees Audit fees Bank charges Depreciation Support costs Total expenditure 2023 Analysis of expenditure- prior year |
Charitable activities £ - 156,702 108,852 81,719 304,149 266,462 27,951 70,496 427,942 511,902 135,158 - 17,086 15,059 14,955 19,394 50,896 16,667 35,524 - - - - - - |
Support costs £ 136,828 - - - - - - - - - - - - - - - - - - 8,943 24,173 14,878 6,960 72 915 |
2023 Total £ 136,828 156,702 108,852 81,719 304,149 266,462 27,951 70,496 427,942 511,902 135,158 - 17,086 15,059 14,955 19,394 50,896 16,667 35,524 8,943 24,173 14,878 6,960 72 915 |
|---|---|---|---|
| 2,260,914 | 192,769 | 2,453,683 | |
| 192,769 | (192,769) | ||
| 2,453,683 | - | 2,453,683 |
19
Bromley Third Sector Enterprise CIO Notes to the financial statements
For the year ended 31 March 2024
- 5 Net incoming resources for the year
This is stated after charging / crediting:
| 2024 £ - 5,800 6 2024 £ 145,540 10,063 4,762 160,365 Depreciation Salaries and wages Employer pension contributions Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: Auditors' remuneration Audit fees net of VAT Social security costs |
2023 £ 915 5,800 |
|---|---|
| 2023 £ 124,956 7,946 3,926 |
|
| 136,828 |
The total employee benefits including pension contributions of the key management personnel were £72,329 (2023: £69,196). One employee earned between £60,000-£69,999 per annum during the year.
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
7 Staff numbers
The average number of employees during the year was as follows:
| Charitable activity Support |
2024 No. 2 2 4 |
2023 No. 2 2 |
|---|---|---|
| 4 |
| Tangible fixed assets Cost At the start of the year Additions in year Disposals in year At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal At the end of the year Net book value At the end of the year At the start of the year |
74 - - 74 74 - - 74 - - Fixures & fittings |
£ 4,254 - - 4,254 4,254 - - 4,254 - - Equipment |
Total £ 4,328 - - |
|---|---|---|---|
| 4,328 | |||
| 4,328 - - |
|||
| 4,328 | |||
| - | |||
| - |
- 8 Tangible fixed assets
19
Bromley Third Sector Enterprise CIO Notes to the financial statements For the year ended 31 March 2024
9 Debtors
| 10 Pension Deferred income Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year Trade creditors Trade debtors Prepayments Accruals Creditors: amounts falling due within one year Deferred income Accrued income |
2024 £ 20,270 3,618 15,000 38,888 2024 £ 40,159 1,941 6,960 15,000 64,060 2024 £ - - 15,000 15,000 |
2023 £ 72,821 6,169 - |
|---|---|---|
| 78,990 | ||
| 2023 £ 291,212 3,124 8,724 - |
||
| 303,060 | ||
| 2023 £ - - - |
||
| - |
Deferred income represents grants received for the purpose of expenditure in a future period.
11 Analysis of net assets between funds- current year
| Tangible fixed assets Current assets Liabilities Net assets at the end of the year Tangible fixed assets Current assets Liabilities Net assets at the end of the year Analysis of net assets between funds- prior year |
General unrestricted Funds £ - 229,644 (64,060) 165,584 General unrestricted Funds £ - 472,473 (303,060) 169,413 |
Restricted Funds £ - - - - Restricted Funds £ - - - - |
Total funds 2023 £ - 229,644 (64,060) |
|---|---|---|---|
| 165,584 | |||
| Total funds 2022 £ - 472,473 (303,060) |
|||
| 169,413 |
20
Bromley Third Sector Enterprise CIO Notes to the financial statements For the year ended 31 March 2024
| 12 Movements in funds-current year Restricted funds: External Funding Total restricted funds Unrestricted funds: General funds Total unrestricted funds Total funds Movements in funds-prior year Restricted funds: External Funding Innovation Fund Total restricted funds Unrestricted funds: General funds Total unrestricted funds Total funds |
£ - - 169,413 169,413 169,413 £ - - - - - - At the start of the year At the start of the year |
£ 18,845 18,845 2,505,631 2,505,631 Incoming resources & gains |
£ (18,845) (18,845) (2,509,460) (2,509,460) (2,528,305) £ (71,733) (98,628) (170,361) (2,283,322) (2,283,322) (2,453,683) Outgoing resources & losses Outgoing resources & losses |
Transfers £ - - - - - Transfers £ - - - - - - |
£ - At the end of the year |
|---|---|---|---|---|---|
| - | |||||
| 165,584 | |||||
| 165,584 | |||||
| 2,524,476 | 165,584 | ||||
| £ 71,733 98,628 170,361 2,452,735 2,452,735 Incoming resources & gains |
£ - - At the end of the year |
||||
| - | |||||
| 169,413 | |||||
| 169,413 | |||||
| 2,623,096 | 169,413 |
13 Operating lease commitments
At the balance sheet date, the charity had no financial commmitment under non-cancellable operating leases.
14 Related party transactions
There are no related party transactions for the year (2023: None).
21