Charity number: 1203662
The Posh Club CIO
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 March 2024
The Posh Club CIO Contents Page For the year ended 31 March 2024
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 11 |
The Posh Club CIO Report of the Trustees For the year ended 31 March 2024
The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of The Posh Club are to run day-time social and entertainment clubs for people over the age of 60 years old, with the aim of reducing social isolation and loneliness, improving well-being and helping people to feel part of their local community.
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
ACHIEVEMENTS AND PERFORMANCE
Programme of Activity - Charitable Activities
The Posh Club is a glamorous performance and social club for older people in their 90s, 80s, 70s and 60s held once a month in initially three locations across London and the South East - in Crawley, Hackney and Hastings.
Each three-and-a-half hour event is styled as a tongue-in-cheek 'posh' afternoon tea with a live variety show with various acts, volunteer waiters in black tie, socialising and dancing.
It is a glamorous event for about 100 participants at each weekly event, held in the heart of the community in elegantly transformed church halls and community centres and emphasises dressing up, regular access to high quality live performance, social connectivity and intergenerational volunteering.
The Posh Club Crawley is held on the last Tuesday of the month, The Posh Club Hackney is held on the last Wednesday of the month and The Posh Club Hastings is held on the last Friday of the month, the times are 11.30am - 3pm. We are planning to extend the amount of regular monthly clubs in future years.
In addition to the regular monthly clubs, we also take The Posh Club on tour visiting new locations as pop-up events. This year we staged pop up clubs in Gravesend, Eastbourne, Portsmouth, Great Yarmouth and Barking. We also staged a three-day Christmas run of The Posh Club in St Melons, East Cardiff.
The Posh Club is funded as a National Portfolio Organisation of Arts Council England, with co-funding from The National Lottery and City Bridge Trust.
Future Plans
Future plans after March 2024 include touring The Posh Club to Weston Super Mare and Woolwich, setting up a residency in a care home in Bermondsey and starting a monthly club in Peckham.
Management & Governance
The Posh Club's Memorandum & Articles of Association set out our charitable purpose and how we are governed and led. The Articles detail responsibilities, powers and delegated authorities of the Board and Leadership. Trustees are responsible for ensuring The Posh Club is well governed, scrutinised and held to account - providing strategic leadership, monitoring financial strategy and risk, authorising stakeholder relationships, addressing succession planning and ensuring The Posh Club's programme and operational obligations are well managed. As part of this, the board of Trustees approve and annually refresh a suite of governance and procedural documents and organisational policies. Trustees meet 4 times a year, including 1 AGM.
Leadership & Operations
The Trustees delegate leadership of The Posh Club to the Executive team, comprised of Simon Casson, Dicky Eton and Becca Lundberg. The Posh Club regularly collaborates with specialists, consultants and a pool of creative associates, production, education, and performance specialists engaged to support delivery of our artistic programme. We invest in professional development & training of our core team, freelance collaborators & board, considering this as pivotal to our ongoing resilience & progress. The Posh Club is based in Crawley, West Sussex.
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The Posh Club CIO Report of the Trustees Continued For the year ended 31 March 2024
FINANCIAL REVIEW
Significant events
The Posh Club operates a tripartite business model drawing income from public bodies, fundraising and earned sources. These accounts present a turnover of £276,407. Through rigorous and robust financial planning & monthly, quarterly, and annual reporting (management accounts, cashflows, budgets, audited accounts monitored and approved by the Trustees), maintaining insurances and reserves to protect our assets and activities, contingency plans and funds, strong governance, leadership and rigorously efficient financial management the organisation continues to manage and mitigate risk.
Reserves
We aim to maintain 3 months reserves, which for the year ending 2024 would be the equivalent to £69,102. Our unrestricted reserves presently stand at £34,912, but through stringent financial modelling, we aim to increase our unrestricted reserves’s to ensure we have 3 months by the end of 2025.
Fundraising
The Posh Club successfully secured funding as a National Portfolio Organisation (NPO) of Arts Council England (ACE) for the period 2023-2026, underpinning organisational stability going forwards. Implementation of our fundraising strategy will guide us through our endeavour to diversify our income and procure resources towards our charitable activities. Our annual grant of £150,000 contributes towards both the core running costs of the organisation together with our artistic output across the year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Risks
A solid organisational structure, strong governance, a leading team, and expertise at all levels ensures risk is managed effectively. We fully consider approaches to risk mitigation, monitoring, and management as part of our ongoing practice. A contingency programme plan and contingency budget scenarios have been prepared; awareness of risks and risk mitigation as part of our on-going practice is imbedded across all activities and a Risk Register is developed on an annual basis and reviewed and monitored by the Trustees.
Equity, Diversity & Inclusion
Equity, inclusion, access & opportunity for all sits at the core of everything we do. We strive for equality, equity and diversity in all areas of our creative programme, operations and reach. In pursuit of this we have implemented a time-bound delivery plan for the year to guide us through a process of implementation, change and improvement to support our development, imbed inclusive practices across the leadership of the organisation and play our part in contributing to a more equitable, diverse, and inclusive arts sector.
Safeguarding
The Posh Club is committed to protecting the welfare of children and vulnerable adults. We believe that everyone has the right to live and work free from abuse of any kind. We consider it our responsibility to keep children and vulnerable adults safe and we are committed to protecting children and vulnerable adults in all of our activities and providing a safe and supportive place to work. Our Safeguarding Policy has been developed in accordance with this commitment and the requirements and principles of statutory legislation.
Environmental Responsibility
The Posh Club is a small arts organisation, consisting of three part-time staff, each of whom works from their home base to support company business. As a producing organisation with no venue, our work varies from small-scale performance activity to large-scale, site-specific projects often delivered in partnership with other institutions such as local authorities, museums and festivals. The Posh Club recognises that its activity has an environmental impact which cannot be ignored. Our overall aim is to better understand this impact and where possible, make changes to our working practices to limit or reduce this.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity The Posh Club CIO Charity registration number 1203662 Principal address 28/ Wakehurst Drive Crawley West Sussex
RH10 6DH
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The Posh Club CIO Report of the Trustees Continued For the year ended 31 March 2024
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Independent examiners
Richard James Barnes Simon Casson Yin-Wai Wong Caroline Clarke ACA 66 High Street Lewes East Sussex BN7 1XG
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 16 December 2024 Yin-Wai Wong
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The Posh Club CIO
Independent Examiners Report to the Trustees For the year ended 31 March 2024
I report to the trustees on my examination of the accounts of the charity for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiners statement
Since the Charity's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
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.
14th January 2025
Caroline Clarke ACA 66 High Street Lewes East Sussex BN7 1XG
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The Posh Club CIO
Statement of Financial Activities For the year ended 31 March 2024
| Notes | Unrestricted | Restricted | 2024 | |
|---|---|---|---|---|
| funds | funds | |||
| £ | £ | £ | ||
| Income and endowments from: | ||||
| Donations and legacies | 2 | 173,982 | 55,453 | 229,435 |
| Charitable activities | 3 | 46,972 | - | 46,972 |
| Total | 220,954 | 55,453 | 276,407 | |
| Expenditure on: | ||||
| Raising funds | 4 | (12,181) | - | (12,181) |
| Charitable activities | 5/6 | (173,861) | (19,985) | (193,846) |
| Total | (186,042) | (19,985) | (206,027) | |
| Net income | 34,912 | 35,468 | 70,380 | |
| Total funds carried forward | 34,912 | 35,468 | 70,380 |
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The Posh Club CIO Statement of Financial Position As at 31 March 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 12 Unrestricted income funds 12 Total funds |
£ 2024 106,218 |
|---|---|
| 106,218 | |
| (35,838) 70,380 |
|
| 70,380 | |
| 70,380 | |
| 35,468 34,912 |
|
| 70,380 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Yin-Wai Wong Trustee 16 December 2024
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The Posh Club CIO Notes to the Financial Statements For the year ended 31 March 2024
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Charities Act 2011.
The Posh Club CIO 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 note(s).
Going concern
The financial statements are prepared, on a going concern basis, under the historical cost convention.
Funds
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Designated funds comprise of unrestricted funds that have been set aside by the Trustees for particular purposes.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable.
Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future year, in which case it is deferred. Income from charitable activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future year or event, in which case it is deferred.
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure.
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.
Pensions
The trust operates a defined contribution scheme. Contributions payable to the pension scheme are charged to the statement of financial activities in the period to which they relate.
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The Posh Club CIO Notes to the Financial Statements Continued For the year ended 31 March 2024
2. Income from donations and legacies
| Donations received Grants received Analysis of grants received Arts Council England NPO Arts Council England Projects Arts Council of Wales National Lottery Awards for All Sussex Community Foundation The Chalk Cliff Trust The Ernst Kleinwort Charitable Trust 3. Income from charitable activities Unrestricted funds Reducing social isolation and loneliness and improving well being Income from charitable activities 4. Expenditure on generating donations and legacies Unrestricted funds Donations |
Unrestricted funds £ 18,057 155,925 173,982 |
Restricted funds £ - 55,453 55,453 |
2024 £ 18,057 211,378 |
|---|---|---|---|
| 229,435 | |||
| 2024 £ 150,000 5,925 22,468 19,985 5,000 5,000 3,000 |
|||
| 211,378 | |||
| 2024 £ 46,972 2024 £ 12,181 |
|||
| 12,181 |
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The Posh Club CIO
Notes to the Financial Statements Continued For the year ended 31 March 2024
5. Costs of charitable activities by fund type
| Reducing social isolation and loneliness and improving well being Support costs osts of charitable activities by activity type Support costs Reducing social isolation and loneliness and improving well being |
Unrestricted funds £ 166,987 6,874 173,861 Activities undertaken directly £ 186,972 |
Restricted funds £ 19,985 - 19,985 Support costs £ 6,874 |
2024 £ 186,972 6,874 |
|---|---|---|---|
| 193,846 | |||
| 2024 £ 193,846 |
6. Costs of charitable activities by activity type
7. Analysis of support costs
| Reducing social isolation and loneliness and improving well being Finance Office Insurance Subscriptions Governance costs |
2024 £ 228 963 1,374 2,038 2,271 |
|---|---|
| 6,874 |
8. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | |
|---|---|
| 2024 | |
| £ | |
| Accountancy fees | 1,620 |
| Staff pension contributions | 1,308 |
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The Posh Club CIO Notes to the Financial Statements Continued For the year ended 31 March 2024
9. Staff costs and emoluments
Total staff costs for the year ended 31 March 2024 were:
| Salaries and wages Pension costs |
2024 £ 53,195 1,308 |
|---|---|
| 54,503 |
| Staff | 2024 3 |
|---|---|
| 3 |
No employee earned more than £60,000 during the year (2023:nil)
The total employee benefits of the key management personnel of the charity were £48,830
10. Trustee remuneration and related party transactions
The charity trustees were not paid or received any other benefits from employment with the charity in the year.
No charity trustee received payment for professional or other services supplied to the charity.
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £40.
11. Creditors: amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2024 £ 34,975 168 695 |
|---|---|
| 35,838 |
12. Movement in funds
Unrestricted Funds
| General General |
Incoming resources £ 220,954 220,954 |
Outgoing resources £ (186,042) (186,042) |
Balance at 31/03/2024 £ 34,912 |
|---|---|---|---|
| 34,912 |
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The Posh Club CIO Notes to the Financial Statements Continued For the year ended 31 March 2024
Purpose of unrestricted Funds
General
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Restricted Funds
| Incoming | Outgoing | Balance at | |
|---|---|---|---|
| resources | resources | 31/03/2024 | |
| £ | £ | £ | |
| Restricted | 55,453 | (19,985) | 35,468 |
| 55,453 | (19,985) | 35,468 |
Purpose of restricted funds
Restricted
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
13. Analysis of net assets between funds
| Unrestricted funds General General Restricted funds Restricted |
Net current assets / (liabilities) Net Assets £ £ 34,912 34,912 35,468 35,468 |
|---|---|
| 70,380 70,380 |
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