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2023-03-31-accounts

Registered Charity No – 1195783

The Pedro Club Trustees’ Report and Accounts 31 March 2023

CONTENTS PAGE
Legal and Administrative Details 2
Trustees' Report 3
Independent Examiners’ Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 March 2023

Trustees Derek Williams (Chair) Diane Fenton Mark Clarke Bruce Baker James Cook MBE Deborah Curtis (Appointed 1 March 2023)

Charity registered Number 1195783

Date of charitable registration 10 September 2021

Principal Office 175 Rushmore Road London E5 0HD

Company Secretary Maralyn Gordon

Independent examiner Patsy Alexander ACMA MSC ACIE

Bankers NatWest Bank

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Board of Trustees, who are the trustees for charity law purposes, submit their annual report and the financial statements of The Pedro Club for the year ended 31 March 2023. The Board of Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities.

Structure, governance and management

The 6 Trustees are:

  1. Derek Williams (Chair)

  2. Diane Fenton

  3. Mark Clarke

  4. Bruce Baker

  5. James Cook

  6. Deborah Curtis

The Trustees play a primary role in ensuring good governance and management of the charity.

The charity relies heavily on its volunteers. Volunteers are integral to the success of the charity and over the years there has been several individuals dedicating years and years of their free time to ensure the continuation of all the charity’s activities and contributing to the charity’s growth.

In February 2022, the charity obtained administrative support. This support worker has been appointed interim CEO from 1st April 2023. The CEO is responsible for the day-to-day management of the charity and overseeing the complete refurbishment and regeneration of the club.

Governing document:

The charity’s constitution was adopted on 17 April 2021 to change its previous unincorporated legal status to a Charitable Incorporated Organisation (CIO). The charity registered as a CIO on 10 September 2021 and its reserves of £2,867 was transferred to the new entity.

Recruitment and appointment of trustees:

New Trustees are appointed by the serving Trustees. Their recruitment and appointment are fully discussed at meetings of the Trustees’ Board. During the year, the Trustees have, with the support of the Chair, undergone a skills review audit to prepare for the recruitment of new trustees. In March 2023 a senior legal counsel was appointed to the board.

An individual induction programme is in place and implemented for each new Trustee, covering all relevant aspects of the role and the Charity. Trustees seek to ensure that all activities are within its agreed charitable objectives. The role of the Trustees includes setting strategic direction, agreeing the financial plan, approving grant-making applications and monitoring grant activities. Matters reserved for the Trustees are approved by the Trustees and are subject to annual review.

Risk Management:

The Trustees are committed to a policy of identifying, monitoring and managing the risks that might adversely affect the activities in which they are involved. In this context, risk is defined as the potential to fail to achieve charity objectives and for loss, financial and reputational, inherent in the environment in which they operate in the nature of the transactions undertaken.

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TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees have continued to monitor major strategic, business and operational risks facing the charity. Systems are in place to assess risks with monthly reports to the Chair of The Trustee Board enabling them to take steps to lessen the risks. Policies are in place and procedures observed in respect of the health and safety of staff, volunteers, and customers at the premises.

Reserve policy:

The reserve policy was reviewed during the year and it was agreed that reserves will be held to cover three months support costs. The unrestricted reserves held at 31 March 2023 was £12,465.

Public Benefit:

The charity meets the public benefit criteria through the activities undertaken which include education, training and the advancement of health through amateur sport and recreation.

The trustees are of the opinion that they have complied with the duty in Section 4 of the Charities Act 2011 with regard to public benefit guidance published by the Charity Commission.

Objectives and activities:

The charity’s primary aim is to support children and young people along with their families via sporting activities and services based in our community centre in Hackney. We provide our community with activities and services related to sports through our amateur boxing club, health and well-being, employment skills and support, life skills, education support, social, cultural and mentoring opportunities.

The charity was established to work with children and vulnerable young people. It helps those on the margins of society, the socially disenfranchised, the elderly, people with disabilities etc.

Achievements and performance:

During this financial year, the charity focussed on building, encouraging and developing relationships with both the surrounding communities and agencies, with the aim of offering provisions and activities which will develop the current social and educational issues of the community.

Funding was secured to create a warm hub space for a 12-week period. This proved successful with the elders who continue to come to the club every Monday to play dominoes, socialise, listen to music, play games and have a warm meal donated by Too Sweet. a local Caribbean restaurant. Funding for this was received from the London Borough of Hackney.

The charity has successfully secured grant funding of £600k from Sport England by working in partnership with Kings Park Moving Together (Hackney Council) for the refurbishment of the building. Tenders are currently being sought and the project inception works will commence in June 2023. The charity has set up a fundraising committee to discuss ways of raising the necessary match funding for the refurbishment.

The Trustees were delighted with the success of the 2022 Summer camp which saw 102 Children benefit from out-of-school activities including paddleboarding, cricket, rounders, cycling, arts & crafts, and football. A grant of £10,700 was received from The Bennelong Foundation which enabled the children to be provided with meals every day.

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Plans for Future Developments:

The charity will continue to deliver community activities that benefit the disadvantaged, elderly and children. The focus will be to hold as many fundraising activities as possible in order to match fund for the refurbishment project. The board is in the process of recruiting new Trustees and volunteers with the relevant skills in financial management, project management, safeguarding and marketing communications.

Financial review:

The Charity made a surplus of £24,598 in the financial year (2022: loss £7,646 for the period 10 September 2021 – 31 March 2022). Restricted funding of £15,000 was carried forward into the new year.

The charity earned revenue from room hire and subscription payments for membership to the boxing club. Grants were received from Hackney Council, Jack Petchey and the Bennelong Foundation. The charity continues to receive funding from The Sir James Reckitt Charity which covers the annual ongoing costs.

Statement of Board of Trustees’ responsibilities:

The Board of Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity law applicable to charities in England/Wales requires the Board of Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing those financial statements the Board of Trustees have:

The Board of Trustees has overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records, disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities.

The Board of Trustees is responsible for the maintenance and integrity of the corporate and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Statement of disclosure of information to independent examiner

We, as the Trustees of the Charity who held office at the date of approval of these financial statements as set out on page 2 each confirm, so far as we are aware, that:

Independent Examiner:

The charity's independent examiner, Patsy Alexander MSC ACMA ACIE, has indicated her willingness to continue in office and offers herself for appointment.

This report was approved by the Trustees on 4[th] July 2023 and signed on their behalf by Derek Williams (Chair):

……………………… 4/07/2023

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INDEPENDENT EXAMINER`S REPORT FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PEDRO CLUB

I report on the financial statements of the charity for the year ended 31 March 2023 which comprise the Statement of Financial Activities and Balance Sheet with associate notes.

This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 examination work.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity's Trustees are responsible for the preparation of the financial statements, and they consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Group/Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Signed: Dated: 4/7/2023

Patsy Alexander ACMA MSC ACIE

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STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Restricted Total Funds Total Funds
2022 2022 2023 2022
Notes £ £ £ £
Incoming resources 3
Donations and Grants 26,260 20,000 46,260 3,099
Gift Aid - - - -
Other Income 27,109 27,109 -
Total Incoming resources 53,369 20,000 73,369 3,099
Resources expended
Direct charitable expenditure 42,771 5,000 47,771 10,366
Governance costs 1,000 - 1,000 379
Total Resources expended 43,771 5,000 48,771 10,745
Movement in total fund for the
year- Net income / (expenditure) 9,598 15,000 24,598 (7,646)
For the year
Fund transferred from Charity No
303022		 2.867 - 2,867 10,513
Fund balance carried forward 12,465 15,000 27,465 2,867

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BALANCE SHEET

AS AT 31 MARCH 2023

Not
e
FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors: Amount falling due within one year
3
Cash at bank
CREDITORS:amounts falling due within one year
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Unrestricted funds Brought Forward
Restricted funds
Net Movements in funds
Other Gains
TOTAL FUNDS		 2023
£
-
30,465		 2023
£
-
27,465		 2022
£
-
2,867		 2022
£
-
2,867
30,465
3,000		 2,867
2,867
12,465
15,000
-
-		 2,398
-
-
-
27,465 2,867
27,465 2,867

The financial statements were approved by the Trustees on 4 July 2023 and signed on their behalf, by Derek Williams and James Cook:

The notes on pages 10 – 12 form part of these financial statements

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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

The financial statements of the charity, which is a public benefit entity 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 accounts 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes to the financial statements.

1.3 Incoming resources

All incoming resources are included in the Statement of financial activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.

Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.

1.4 Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Grants payable is charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the yearend are noted as a commitment, but not accrued as expenditure.

1.5 Taxation

The charity is exempt from tax on its charitable activities

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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

2. DETAILED STATEMENT OF FINANCIAL ACTIVITIES:

Donations and Grants
Donations
Benelong Foundation
Sir James Reckitt
Jack Petchy
LB Hackney
Total Donations and Grants
Other Income
Room hire
Boxing event
Subscriptions
Total other income
Total incoming resources
Resources Expended
Rent, rates & insurance
Printing, postage & stationery
Telephone
Repairs & maintenance
Legal & professional fees
Light & heating
Motor vehicle & travelling
Membership & subscriptions
Cleaning
Refreshments
Internet/website
Boxing show
Equipment
Community activities
Sundry expenses
Total resources expended		 2023
4,060
10,700
7,500
1,800
22,200
46,260
21,480
3,300
2,329
27,109
73,369
5,771
263
819
3,886
2,574
6,079
1,378
480
500
2,130
1,894
7,820
2,300
12,200
1,277
48,771		 2022
3,099
-
-
-
-
3,099
-
-
-
-
3,099
2,494
53
630
1,344
379
974
951
-
838
1,150
1,100
325
-
-
407
10,645

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NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

3. TRUSTEE EXPENSES

There were no Trustee expenses paid during 2023 and 2022.

4. CREDITORS: Amounts falling due within one year

Trade creditors
Other creditors
Total creditors		 2023
1,000
2,000
3,000		 2022
-
-
-

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