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2022-07-31-accounts

COMPANY NUMBER 31105 CHARITY NUMBER 210558

B LACKFRIARS SETTLEMENT

(LIMITED BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

BLACKFRIARS SETTLEMENT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

CONTENTS

Report from the Chair Report from the Chair 2
Reference and Administrative Details 3
Report of the Board of Trustees 4 - 11
Statement of Responsibilities of the Board of Trustees 12
13-15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 - 33
Detailed Income and Expenditure Account 34 -35

Page 1

BLACKFRIARS SETTLEMENT REPORT FROM THE CHAIR FOR THE YEAR ENDED 31 JULY 2022

REPORT FROM THE CHAIR

This year we continued to recover from the effects of the Covid-19 pandemic, both in support for our members and students, and as an organisation.

With the relaxation of pandemic restrictions, many of our activities cautiously returned to normal, with the majority of group activities back to their usual numbers. It has been a joy to see the building once again full of members, students and local people, and buzzing with activity. The simplest of things had been missed so much and are appreciated even more now they have resumed: singing groups for Positive Ageing members, Mental Health & Wellbeing members using their art space, members meetings, students being able to mix, and the free-use computers and internet being back in the Atrium space.

Once again we have had another year with fantastic support from our wonderful volunteers and from local companies. Our regular volunteers continue to give their time and energy to make a huge difference to the amount and type of activities we can deliver. They cook, wash up, teach, support and befriend. Volunteers are key to both the Positive Ageing and Mental Health & Wellbeing services and are hugely valued by both staff and members. Corporate volunteers have returned as a regular feature, particularly in the Positive by members.

Supporting digital inclusion has remained high on our agenda this year. Staff in all services have invested time in providing IT support for members. This has increased the number who are online and able to access support and stay in touch with friends and family in ways many of us take for granted. This work continues and we have strengthened our ties with London Borough of Southwark as a Digital Hub.

Within the organisation we have worked hard to increase our financial security and sustainability, with an ongoing focus on fundraising. We ran our first Crowdfunder, raising over £8,000 for the delivery of activities. We have also begun work on a new website. This is being built by our in-house graphic design service, Create Space (formerly Art2Print), with support from our friends at The Plant (theplant.co.uk), and was launched in autumn 2022.

We would like to extend our thanks to our funders, many of whom we have worked with over a number of years, and without whom, little of what we do would be possible. In particular, we would like to thank those funders who have supported our core work, making so much else possible.

We are also indebted to our volunteers, referrers, partner organisations of all shapes and sizes, our members and local people who make the Blackfriars Settlement community what it is.

In order to find out more about the work of Blackfriars Settlement and the services we provide, please visit us at Rushworth Street or visit our website: www.blackfriars-settlement.org.uk

Christine Cryne

Chair of Trustees

Page 2

BLACKFRIARS SETTLEMENT REFERENCE AND ADMINISTRATIVE DETAILS

REFERENCE DETAILS

Charity Registration Number: 210558 Company Registration Number: 31105 Registered Office: 1 Rushworth Street London SE1 0RB

KEY MANAGEMENT PERSONNEL

Key management personnel are defined as members of the Settlement represented by the following in 2021-22:

Suzanna Jackson Chief Executive Juliet Woodford Head of Finance and Resources Elizabeth Ranger Director of Blackfriars Settlement

BOARD OF TRUSTEES

A full list of trustees is given on page 9 of these Financial Statements.

Ms. Beverley Campbell acted as Clerk to the Board of Trustees throughout the year under review.

PROFESSIONAL ADVISORS

FINANCIAL STATEMENTS AUDITOR Buzzacott LLP 130 Wood Street London, EC2V 6DL INTERNAL AUDITOR Haines Watts 30 Camp Road Farnborough Hants GU14 6EW BANKERS The Co-operative Bank plc 3[rd] 10 Warwick Lane London EC4M 7BP DEPOSIT FUNDS CAF Bank Ltd 25 Kings Hill Avenue, West Malling, Kent ME19 4JQ COIF Charity Funds 85 Queen Victoria Street, London EC4V 4ET

STAKEHOLDER PENSION Aviva PLAN PROVIDERS: PO Box 1550, Milford, Salisbury, SP1 2TW

Page 3

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

REPORT OF THE BOARD OF TRUSTEES

The Board of Trustees for the year ended 31[st] July 2022. This report is also prepared to meet the requirements of a Directors' Report and Financial Statements for Companies Act purposes.

NATURE, OBJECTIVES AND STRATEGIES

LEGAL STATUS

Settlement on 22[nd] March 1890 and changed its name to Blackfriars Settlement by special resolution on 16[th] June 1961. It is a company limited by guarantee (number 31105) and a registered charity (number 210558) and is governed by its Memorandum of Association dated 16th June 1961 (as amended).

The Settlement is a wholly owned subsidiary of Mary Ward Settlement (Company number 46188, Charity number 223066).

The Financial Statements comply with the 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

THE PURPOSE OF THE SETTLEMENT

The principal purpose of the Settlement is to deliver services that support individuals, families and communities in need in London and, in particular, in our neighbourhood of north Southwark.

The Settlement relies on income from grants, contracts, investments, donations and fundraising events to deliver its services.

d objectives

and in planning future activities.

The

users. The majority of those who attend on a regular basis pay a voluntary annual membership fee to become members of the Positive Ageing or Mental Health activities is provided in the section below.

CORE VALUES AND OBJECTIVES

The Settlement is guided by the Core Values and Strategic Objectives jointly agreed across the Mary Ward Settlement group.

Core Values

Page 4

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

CORE VALUES AND OBJECTIVES (continued)

Core Values (continued)

ACHIEVEMENTS AND PERFORMANCE

KEY ACHIEVEMENTS

Positive Ageing

The Ageing Well Southwark contract serving older people across the borough, has continued this year. The delivery ai closely with the other members of the COPSINS Consortium to ensure the services have continued to develop and evolve.

There has been a steady flow of new referrals over the year. We have worked very hard to meet the needs of isolated and anxious existing members as well as new contacts in the community.

Needs have become more complex, with the team dealing with safeguarding issues, many referrals which do not meet the existing threshold for social care intervention, and an increasing number of members and referrals with early dementia.

Befriending continues to be a highly valued part of the Positive Ageing service, matching very isolated members of the local community with trained volunteers. The continued long waiting times highlights our need to increase capacity in this area in order to meet need and this is something we will continue to prioritise.

There is significant interest amongst members in getting online or improving their IT skills. We are committed to meeting both of these needs over the coming year.

Adult Education

We are pleased to provide learning and development classes on behalf of Southwark Adult Education as well as via Mary Ward Centre. This year we have seen students returning to the building in greater numbers. We have offered a wider range of courses and have also established some online courses and hybrid courses as ongoing delivery methods. Adult Education continues to work with Positive Ageing and Mental Health & Wellbeing, enabling us to deliver some courses specifically for these particular groups. This has worked well, and is something we will continue to deliver.

Mental Health and Wellbeing

The service continues to see a steady stream of referrals from a wide variety of agencies and services. During the year, the service has implemented induction courses for newly referred people, enabling them to get to know the service and feel at home, and for the team to make sure they are accessing the sessions most useful for them.

Page 5

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

KEY ACHIEVEMENTS (continued)

Mental Health and Wellbeing (continued)

This year the Lottery funded Thinking Ahead Project has gathered momentum. It focuses on building skills and confidence amongst members, enabling access to educational opportunities, promoting and enabling volunteering and enabling members to contribute to their community.

The service delivers a broad range of high quality services:

The Orb Space

This year we have offered workshops and courses, and have particularly focussed on building up a community of new parents. We have offered Baby Massage and Baby Dance courses, and used the space in our Atrium to allow participants to spend time together and build friendships and mutual support. This is something we will be continuing and developing further.

Legal Clinic

At the beginning of the year the legal clinic ran using telephone appointments but then switched back to face to face in the building. We continue to work closely with City University of London Law School and our partner lawyers to deliver free housing and employment legal advice. There is a high demand for this service.

PERFORMANCE INDICATORS

The actual performance of services is set out in the table below. Year on year comparison where data is available, demonstrates the impact of covid on our different services this period. Comparative data is not provided where measurement was introduced for the first time during 2021-22.

Key Performance Indicator 2021-22 2020-21 2019-20 2018-19
MHWB
No of members supported 93 108 140 72
No of referrals 41 46
No of new members 20 13 23

Page 6

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

PERFORMANCE INDICATORS (continued)

Key Performance Indicator 2021-22 2020-21 2019-20 2018-19
PA
No of members supported 584 529 413 407
No of new members 86 Clubs 39 Clubs
98 64
Befriending Befriending
Total: 184 Total 103
No of people attending sessions 289 219 272 262
No of attendances 8,805 5,460 6,551 7,295
No befriended members 124 180 142 145
No befriending referrals 98 64 61 61
Adult Education
No of students 703 189 617 716
No of enrolments 1,360 451 1,040
Orb
No of attendances 63 54 356 75
Legal Clinic
Client appointments 78 124 186 288
Volunteering Hours
MHWB 1,023 872 2,179
PA 6,931 4,894 8,475
Orb 0 0 10
Total 7,954 5,766 10,646

FINANCIAL REVIEW

The period ended 31[st] July 2022 continued to be challenging for the Settlement as the Senior Management Team focused on rebuilding key activities impacted by the longer term effects of Covid-19. Building and maintaining relationships with existing funders continued to be a priority, along with seeking new and/or renewed sources of funding as the Settlement seeks to build a more secure future for its clients and other partners.

The Settlement has sought to maintain activities with older people and with people suffering from mental healt good quality administrative and back office support. Following the merger in May 2018, a significant part of the responsibility for administrative, back office and senior management support was taken on by Mary Ward Settlement. This has continued to develop over the year under review, with the now established, dedicated Settlement Director and the Senior Management Team bringing much needed stability, strategic direction and support during a challenging time.

While Covid-19 continued to have a significant impact on both income and service, 2021-22 saw a significant shift back towards the type of face to face activities our members and other vulnerable people in the community rely on and enjoy. While the Covid-19 funding streams largely ceased, the return to a fuller range of activity meant that membership funding increased, which, alongside generous funding and donations from corporate sponsors and trust funders, helped to facilitate the delivery of our essential services.

The financial environment continues to be challenging, with a reported deficit of £9,174 for the period ended 31[st] July 2022 (2021: deficit £29,624). This is an improvement from the previous year, and reflects

Page 7

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

FINANCIAL REVIEW (continued)

both the strong level of support from regular funders noted above, and continued tight control over the cost base. The Settlement is continuing its plans to re-build the income stream and to control costs whilst continuing to deliver the activities of the Settlement.

Income

Income for the Settlement's charitable purposes was £673,702 for the period (2021: £624,865), reflecting the continued support from existing funders at similar levels including the London Borough of Southwark through ce and a strong contribution from Learning and Development Funding, which has continued to grow.

Income in kind

The value of the services for the purposes of our accounts for the period was £nil (2020-21: £ nil). Local traders have contributed with generous discounts. Teams have appeared from corporate partners offering their time for tasks ranging from serving dinners to befriending isolated older people. Although not valued in the financial statements we are very grateful to those who have donated their time and service.

Expenditure

Our cost base has increased modestly, in response to the increase in activity during 2021-22 compared with the previous year which was significantly affected by Covid-19. For the period under review, expenditure on charitable activities was £682,584 an increase of approximately 3% on the previous period (2021: £658,771).

TREASURY MANAGEMENT

The Board maintained a policy of holding the majority of funds on cash deposit. Together with the portfolio of shares and unit trusts, this policy resulted in bank and investment income of £2,302 in the period under review (2021: £3,552).

RESERVES POLICY AND GOING CONCERN

The Settlement aims to hold reserves equivalent to between 1 and 3 continue to provide a service in the event of unexpected financial crisis. At 31[st] July 2022 reserves totalled £2,830,434 (2020-21: £2,857,941). The principal reserve represents the value of the leasehold premises in Rushworth Street and is therefore not currently available as a source of funds for use in our charitable activities. At the period end, it amounted to £2,813,683 (2021: £2,881,185) and is held as a reserve for future

The Settlement also held two further unrestricted, but designated, funds as part of the reserves during the period under review: a reserve for future depreciation of fixed assets of £32,388 (2021: £41,875) and a designated bursary fund to support ESOL students of £1,457 (2020-21: £1,457). It also held a general unrestricted fund which, at 31[st] July 2022, had a surplus of £1,239 (2021: deficit £66,576).

Good progress had been made, since the merger with the Mary Ward Settlement group, on 1[st] May 2018, with the annual operating deficit until the Covid-19 pandemic took hold. As a result of the Covid-19 pandemic, the grow income has been slower than hoped. However, the operating deficit for 2021-22 was ultimately lower than expected, reflecting a steady movement towards financial stability, including a controlled growth in essential services following a return to more normal activity after the pandemic lockdowns it is encouraging to see this has been steadily reducing over recent years and it is expected these will turn positive within the next financial year or two.

The Settlement has developed detailed financial projections, which include modelling its plans for growth financial impact of the challenges and uncertainties created by the Covid-19 pandemic and of other key risks. As such, it considers that the Settlement has adequate resources to continue in operational existence for the foreseeable future and until at least 12 months from the date these financial statements are signed. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

Page 8

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

CURRENT AND FUTURE DEVELOPMENT AND PERFORMANCE

STRATEGIC PLAN

The -24, of which the most important element is the Property Strategy which will have seen the purchase and redevelopment of a new, purpose built, Centre for the Mary The Property Strategy was originally scheduled for completion by the end of 2021-22. However, delays arising from planning and funding decisions primarily caused by the Covid-19 pandemic have set back the schedule for completion until April 2023. Consequently, taking into account the importance of the Property Strategy to the -22 Strategic Plan until the end of the 2023-24 financial year.

Looking forward, the Settlement expects to be able to achieve the following, as part of the current Strategic Plan:

The Strategic Plan of Mary Ward Settlement includes the relocation of Mary Ward Settlement to a new site in Stratford in the London Borough of Newham, which is likely to happen in April 2023. It is envisaged that the Settlement will continue to operate from its property at Rushworth Street but will be able to extend the range of its community services to the new site, operating a variety of activities in both the Boroughs of Newham and Southwark, alongside the wider offering of Mary Ward Settlement.

FUNDRAISING

The Settlement aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. ensures that communication preferences can be changed at any time. The Settlement manages its own fundraising activities and, during the period under review, have employed the services of a professional fundraising organisation who has made one of their employees available to provide hands-on expertise and operational input. The Settlement undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service.

During 2021-22, the Settlement received no complaints about its fundraising activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The following statement is provided to enable readers of the Annual Report and Financial Statements of the Settlement to obtain a better understanding of its governance and legal structure. The statement covers the period from 1[st] August 2021 to 31[st] July 2022 and up to the date of the approval of the Annual Report and Financial Statements.

The Settlement is a registered charity. The Board confirms that it has had due regard for the Charity Commission's guidance on public benefit and that the required statements appear elsewhere in these Financial Statements.

Page 9

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

THE BOARD

The directors of the Settlement, a charitable company are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as follows:

Mark Bassett (resigned 11[th] November 2021) Rachel Brain Nadine Cartner Graham Collins James Collins Christine Cryne Chair Kim Duong Treasurer Filipe Martins Beatriz Montoya Andrew Peck (resigned 9[th] June 2022) Simone Selzer Sally Todd

Company Secretary: Suzanna Jackson Ms B Campbell acts as clerk to the Board.

APPOINTMENTS TO THE BOARD

The Settlement operates selection criteria for recruitment of trustees to the Board so as to ensure that their skills and experience reflect the governance and operational needs of the Settlement. Prospective trustees are interviewed by the Mary Ward Settlement Governance and Nominations Committee, which includes at least one trustee from the Settlement. On selection, references will be taken up as to their suitability to be a trustee

TRUSTEE INDUCTION AND TRAINING

Each new trustee will have an induction programme designed to meet their needs as a trustee. The content of the programme will vary depending on their level of experience as a charity trustee and their knowledge and understanding of the Settlement.

The programme will include spending time with each of the key management personnel. They are also encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

ORGANISATION

The Settlement has its own Board of up to 14 members who are nominated by Mary Ward Settlement. For the period under review Ms R Brain and Mr F Martins are also trustees of the Mary Ward Settlement Board, which provides overall leadership and strategic direction. Sub-committees of the Mary Ward Settlement Board meet as necessary to manage key staffing, finance, fundraising and equal opportunities matters within a clear framework.

Day-to-day operational management of the Settlement is delegated to the Chief Executive who is supported by a small Senior Management Team primarily consisting of the Director of the Settlement, and the Director of Finance and Resources. The Chief Executive and her Senior Management Team oversee the smooth running of

Page 10

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

RELATED PARTIES AND CO-OPERATION WITH OTHER ORGANISATIONS

None of the trustees receive remuneration or other benefit from their work with the Settlement, unless they are separately employed by the Settlement as a member of staff. For the year under review, no trustee received remuneration in the year for their role as a trustee. There were no expenses and no related party transactions for the year ended 31[st] July 2022 (2020-21: none).

Any connection between a trustee or senior manager of the Settlement and any organisation associated with the Settlement must be disclosed to the Board in the same way as any contractual relationship with a related party. In the current year no such related party transactions were reported.

The Settlement has built up strong relationships over many years with a range of agencies in the public, private and charity sectors. The Settlement continues its delivery of activities to the local community, primarily aimed at the elderly and people experiencing mental health issues, helping people to improve their lives through a range of activities, educational classes and projects and by hosting legal advice clinics. As such, the Settlement enjoys good co-operative working relations with an ever-growing number of partners and stakeholders in relation to a range of borough-based projects and activities that meet core charitable objectives.

PAY POLICY FOR KEY MANAGEMENT PERSONNEL

The trustees and the Senior Management Team comprise the key management personnel of the Settlement in charge of directing and controlling, running and operating the Settlement on a day to day basis.

The pay of the Senior Management Team is reviewed annually by the Remuneration Committee, which then makes recommendations to the full Board. The employment costs of the Senior Management Team for their work in relation to the Settlement are allocated to the Settlement.

RISK MANAGEMENT

The Board has a risk management strategy which comprises the following:

The major risks facing the Settlement are:

Other operational risks are considered to be at a low level and are monitored by management.

Page 11

BLACKFRIARS SETTLEMENT STATEMENT OF RESPONSIBILITIES OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JULY 2022

The trustees (who are also directors of the Settlement for the purposes of company law) are responsible for Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors of a company to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Settlement and of the income and expenditure of the Settlement for that period.

In preparing these Financial Statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information -site. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO THE DISCLOSURE TO OUR AUDITORS

In so far as the trustees are aware at the t eport:

By order of the Board

Chair

Christine Cryne

Page 12

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BLACKFRIARS SETTLEMENT

Opinion

ended 31 July 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements, including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom porting Standard applicable in the UK and Republic of (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements: 

  - 2 and of its income

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those stand audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, these. 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

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 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 trustees 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

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.

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.

Page 13

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BLACKFRIARS SETTLEMENT

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial st to 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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 is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 14

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BLACKFRIARS SETTLEMENT

(continued)

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 part

Use of this report

accordance with Chapter 3 of Part 16 of the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street

London EC2V 6DL

Date: 6 April 2023

Page 15

BLACKFRIARS SETTLEMENT STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2022

Unrestricted Restricted Total Total
Funds Funds Funds Funds
Year Year Year Year
ended ended ended ended
31 July 31 July 31 July 31 July
Notes 2022 2022 2022 2021
£ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 91,840 25,000 116,840 83,016
Charitable activities
Grants, contracts, donations, fees for:
Community Buildings 257,537 257,537 225,992
Community Care 6,667 215,051 221,718 222,887
Learning and Development 28,416 28,416 24,307
Other trading activities
Fundraising Activities 46,889 46,889 14,811
Investments 2,302 2,302 3,552
Other
CJRS income		 - 50,300
------------------ ------------------ ------------------ ------------------
TOTAL INCOME 4 405,235 268,467 673,702 624,865
------------------ ------------------ ------------------ ------------------
EXPENDITURE ON:
Raising funds 13,396 13,396 13,046
Charitable activities
Community Buildings 76,988 188,164 265,152 266,510
Community Care 54 367,858 367,912 365,848
Learning and Development 36,124 36,124 13,367
------------------ ------------------ ------------------ -------------------
TOTAL EXPENDITURE 2 90,438 592,146 682,584 658,771
------------------ ------------------ ------------------ -------------------
Gains (losses) on investments (292) (292) 4,282
------------------ ------------------ ------------------ -------------------
NET INCOME (EXPENDITURE) 314,505 (323,679) (9,174) (29,624)
Transfers between funds (323,679) 323,679 - -
------------------ ------------------ ------------------ -------------------
NET MOVEMENT IN FUNDS (9,174) - (9,174) (29,624)
RECONCILIATION OF FUNDS:
Total funds brought forward 2,857,941 2,857,941 2,887,565
------------------ ------------------ ------------------ --------------------
Total funds carried forward 2,848,767 2,848,767 2,857,941
========== ========== ========== ==========

All income and expenditure derive from continuing activities. The charitable company has no recognised gains or losses other than those shown above. A full comparative statement of financial activities is included in note 24. The notes on pages 19 to 33 form part of these accounts.

Page 16

BLACKFRIARS SETTLEMENT BALANCE SHEET (COMPANY NUMBER 31105) AS AT 31 JULY 2022

31 July 2022 **31 July ** 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 2,846,070 2,923,060
Investments - listed investments 9 31,078 31,370
------------------- -------------------
2,877,148 2,954,430
CURRENT ASSETS
Debtors 10 174,058 114,898
Cash on deposit 7,047 4,746
Cash at bank and in hand 130,970 109,743
------------------ -------------------
312,075 229,387
CREDITORS:amounts falling due
within one year 11 (270,898) (229,558)
------------------ --------------------
NET CURRENT ASSETS / (LIABILITIES) 41,177 (171)
------------------ ---------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,918,325 2,954,259
CREDITORS:amounts falling due
after one year 12 (69,558) (96,318)
------------------ ---------------------
NET ASSETS 2,848,767 2,857,941
========== ==========
FUNDS OF THE SETTLEMENT
Unrestricted funds
- Designated Reserves 15 2,847,527 2,924,517
- General reserves 1,240 (66,576)
------------------ ------------------
2,848,767 2,857,941
Restricted funds 14 - -
------------------ -------------------
16 2,848,767 2,857,941
========== ==========

These Financial Statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The Financial Statements were approved by the trustees and authorised for issue on th 2023 and signed on their behalf, by:

Christine Cryne

Suzanna Jackson

Approved by the trustees on

Company registration no. 31105

Page 17

BLACKFRIARS SETTLEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022

STATEMENT OF CASH FLOWS
Year Year
ended ended
31 July 31 July
2022 2021
Notes £ £
Cash Flows for operating activities:
Net cash provided by operating activities 18 53,288 52,042
-------------- --------------
Cash flow from investing activities:
Dividends, interest and rent from investments 2,302 3,552
-------------- --------------
Net cash provided by investing activities 2,302 3,552
=========== ===========
Cash flows from financing activities:
Interest paid (5,304) (3,554)
Repayment of borrowings (26,758) (23,771)
-------------- --------------
Net cash used in financing activities (32,062) (27,325)
=========== =========
Change in cash and cash equivalents in the year 23,528 28,269
Cash and cash equivalents at the beginning of the period 19, 20 114,489 86,220
-------------- ---------------
Cash and cash equivalents at the end of the period 19, 20 138,017 114,489
=========== ===========

Page 18

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the Financial Statements are laid out below.

(a) Basis of preparation

The Financial Statements have been prepared for the year to 31[st] July 2022. They have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the accounting policies below or the Notes to these Financial Statements. They 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 to the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Blackfriars Settlement meets the definition of a public benefit entity under FRS102.

The Financial Statements are presented in sterling and are rounded to the nearest pound.

(b) Preparation of the accounts on a going concern basis

Having considered future plans and cash flows, the trustees confirm that they are not aware of any material uncertainties with regard to the Settlement future and therefore have prepared the accounts on a going concern basis. its merger with the Mary Ward Settlement group, to improve its financial position by reducing costs and increasing new sources of income, focusing on its key activities was effective until the impact of the Covid19 pandemic took hold. The Mary Ward Settlement group continues to support the Settlement in its long term strategy, with a long term goal of addressing the negative free reserves. It is expected that, postCovid-

(c) Estimation uncertainty

Preparation of the financial statements requires the trustees to make significant judgements and estimates.

The item in the financial statements where these judgements and estimates have been made consist of:

Determining the useful economic life of tangible fixed assets for the purposes of determining the annual depreciation charge; and

Estimating the value of donated goods and services.

(d) Tangible fixed assets and depreciation

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Furniture and fittings - Computer equipment - Leasehold building at 1 Rushworth Street -

Over 10 years on a straight line basis Over 4 years on a straight line basis Over 50 years on a straight line basis;

Page 19

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. ACCOUNTING POLICIES (continued)

(e) Investments

Investments are a form of basic financial instrument. They are initially recognised at their transaction value and subsequently valued at their fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

(f) Financial instruments

The Settlement only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basis financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(g) 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.

(h) Cash at bank and in hand

Cash at bank and in hand includes bank accounts, 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.

(i) Creditors and provisions

Creditors and provisions are recognised where the Settlement 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.

(j) Income

Income is included in the Statement of Financial Activities once the Settlement has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific policies apply to categories of income:

Donations & Grants, where related to performance and specific deliverables, are accounted for as the Settlement earns the right to consideration by its performance. Where income is received in advance of its recognition, it is deferred and included in creditors. Where entitlement occurs before income being received, the income is accrued.

Income from Public Authorities is credited to the Statement of Financial Activities during the period to which it relates except where the income is conditional upon meeting identified targets. Such income is only credited once the targets are expected to be achieved.

Investment income is credited to income when it is receivable and the amount can be measured reliably by the Settlement. For interest income, this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Page 20

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1. ACCOUNTING POLICIES (continued)

(k) Donated services

Donated professional services are recognised as income when the Settlement has control over them, any conditions associated with the donated service having been met, the receipt of economic benefit from the use by the Settlement of the item is probable and that the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), the time of general volunteers is not recognised.

On receipt, donated professional services are recognised on the basis of the value of the gift to the Settlement which is the amount that the Settlement would have been willing to pay to obtain those services on the open market; a corresponding amount is then recognised in expenditure in the same period as the receipt.

In the period to July 2022, the following donated goods or services were included in the accounts:

Cash donations £125,174 (2021: £53,567) Gifts in kind £ nil (2021: £ nil) Total £125,174 (2021: £53,567)

(l) Operating Lease Commitments

Annual rentals are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

(m) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Settlement to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.

Expenditure is recognised on an accruals basis as a liability is incurred, inclusive of VAT, where it cannot be recovered.

(n) Allocation of Expenditure

Charitable expenditure, including governance expenditure, is generally apportioned between the funds on the basis of direct costs plus a percentage of indirect costs Support costs are identified as the costs of strategic and financial management, accounting and project monitoring, IT procurement and maintenance, publicity and general administration.

(o) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Board in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Board for particular purposes. The aim and use of each designated fund is set out in the notes to the Financial Statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Settlement for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the Financial Statements.

Page 21

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. ANALYSIS OF TOTAL EXPENDITURE Total
Year
ended
Support 31 July
Direct costs
Costs		 2022
£ £ £
Raising funds:
Fundraising costs 13,396 - 13,396
Charitable activities
Community Buildings 158,966 106,186 265,152
Community Care 156,125 211,787 367,912
Learning and Development 36,124 - 36,124
Total year ended 31st July 2022 364,611 317,973 682,584
========== ========= ==========
Year
ended
Support 31 July
Direct costs
Costs		 2021
£ £ £
Raising funds:
Fundraising costs 13,046 - 13,046
Charitable activities
Community Buildings 149,354 117,156 266,510
Community Care 131,536 234,312 365,848
Learning and Development 13,367 - 13,367
-------------------- -------------------- --------------------
Total year ended 31st July 2021 307,303 351,468 658,771
========== ========= ==========
Support costs are broken down as follows:
Total Total
Year ended Year ended
31 July 31 July
2022 2021
£ £
Wages and salaries 192,199 243,977
Other costs 125,774 107,491
--------------------
Total 317,973 351,468
========= =========

All of the above expenditure is restricted.

Page 22

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. ANALYSIS OF TOTAL EXPENDITURE (continued) SUPPORT COSTS BY FUNCTION

Comty Comty Comty Total Comty Comty Total
Buildings Care 2022 Buildings Care 2021 Basis
£ £ £ £ £ £
Strategic & HR By staff
Management 97,281 193,978 291,259 103,907 207,815 311,722 hours
By staff
Finance 4,218 8,436 12,654 5,038 10,076 15,114 hours
IT 4,687 9,373 14,060 8,211 16,421 24,632 By staff
hours
--------------- --------------- --------------- --------------- --------------- ----------------
Totals 106,186 211,787 317,973 117,156 234,312 351,468
--------------- --------------- ---------------- --------------- --------------- ----------------
Governance costs included within support costs
consist of: Total Total
Year Year ended
ended 31 July
31 July
2022 2021
£ £
Audit fees 7,146 7,224
---------------- --------------
Total year ended 31st July 2022 7,146 7,224
========= =========

All of the above expenditure is restricted.

3. EXPENDITURE AGAINST SOME SPECIFIC GRANTS

The terms and conditions of some grant agreements with the London Boroughs of Lambeth and Southwark require that expenditure is analysed in the Financial Statements.

Salary & Materials Total
Other staff Activities Premises Running 2022
Costs Equipment Costs Costs Exp
£ £ £ £ £
Grants from the London Borough
of Southwark
Common Purpose 13,046 - 4,954 - 18,000
Older Peoples
 COPSINS Partnership 52,187 12,923 754 65,864
MHWB Personal Support 4,771 - - - 4,771
Salary & Materials Total
Other staff Activities Premises Running 2021
Costs Equipment Costs Costs Exp
£ £ £ £ £
Grants from the London Borough
of Southwark
Core
Common Purpose 13,046 4,954 18,000
Older Peoples
 COPSINS Partnership 47,984 11,850 2,950 3,080 65,864
MHWB Personal Support 3,831 35 125 3,991

Page 23

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

4. INCOME ANALYSIS
BY SOURCE		 Total
Unrestricted Restricted Year ended
31 July 2022
£ £ £
Public authority grants - 175,157 175,157
Public authority contracts - 28,416 28,416
Other grants and contracts 6,667 39,894 46,561
Donations and subscriptions 91,840 25,000 125,174
Activities to generate income 46,889 - 20,222
Rental income 257,537 - 257,537
Bank and investment income 2,302 - 2,302
Other income
CJRS grant		 - - -
Total year ended to 31st July 2022 405,235 268,467 673,702
========== ========= =========
Total
Unrestricted Restricted Year ended
31 July 2021
£ £ £
Public authority grants - 167,343 167,343
Public authority contracts - 24,307 24,307
Other grants and contracts - 55,544 55,544
Donations and subscriptions 46,316 - 46,316
Activities to generate income 51,511 - 51,511
Rental income 225,992 - 225,992
Bank and investment income 3,552 - 3,552
Other income 50,300 - 50,300
-------------------- -------------------- --------------------
Total year ended to 31st July 2021 377,671 247,194 624,865
========== ========= =========
Year ended Year ended
31 July 31 July
5. OPERATING (DEFICIT) 2022 2021
£ £
Operating deficit is stated after crediting/(charging)
Investment income - listed 2,302 3,552
- non listed -
Depreciation 76,990 77,382
Operating lease rentals 3,120 3,120
audit services 7,476 7,224
======= =======
Year
Year
ended
ended
31 July
31		 July
6. INTEREST PAYABLE AND SIMILAR CHARGES 2022
2021
£ £
Bank charges and interest 5,304
8,329
=======
========

The Social Investment Business advanced £280,000 in 2013 to complete building works at 1 Rushworth Street. It is at a fixed rate of 5% per annum for 12 years.

Page 24

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

7. STAFF NUMBERS AND COSTS

STAFF NUMBERS AND COSTS
Year Year
ended ended
31 July 31 July
The aggregate costs of staff were: 2022 2021
£ £
Salaries and wages 327,980 368,267
Social security costs 26,630 29,900
Pension costs 16,449 18,470
--------------- ---------------
371,059 416,637
========= =========

The average number of staff on a full time equivalent basis, excluding trustees, employed by the Settlement during the year was as follows:

Settlement during the year was as follows:
Year Year
ended ended
31 July 31 July
Staff numbers: 2022 2021
No. No.
Community Buildings - -
Community Care 4 5
Learning and Development 1 1
Shared Services 5 5
--------------- ---------------
10 11
--------------- ----------------

The average number of employees, full and part-time, during the period was 17 (2021 - 16)

The key management personnel during the period under review comprised members of the Senior Management Team of Mary Ward Settlement who provided services to Blackfriars Settlement as part of their role for the Mary Ward Settlement. These members of staff did not receive any additional remuneration for their work on behalf of Blackfriars Settlement, however, a portion of their costs were recharged by the Mary Ward Settlement. Total recharged costs from the Mary Ward Settlement for recharged staff was £155,456 (2021: £192,156), of which £76,387 (2021: £75,708) related to the Senior Management Team, and included the cost of the Director of Blackfriars Settlement.

Termination payments totalling £nil were made in the period (2021: £17,622).

No trustees received remuneration during the year (2021: none). No staff member was paid in excess of £60,000 (2021: none). No travel or incidental expenses were reimbursed to trustees during the period (2021 - £nil).

Page 25

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

8. TANGIBLE FIXED ASSETS Furniture,
Fittings
Leasehold and
building equipment Total
£ £ £
Cost or valuation
At 31stJuly 2021 3,375,116 123,942 3,499,058
-------------------- ------------------ --------------------
At 31stJuly 2022 3,375,116 123,942 3,499,058
------------------- ------------------ --------------------
Depreciation
At 31stJuly 2021 493,931 82,067 575,998
Charge for the period 67,502 9,488 76,990
------------------ ---------------- ------------------
At 31st July 2022 561,433 91,555 652,988
------------------ ---------------- ------------------
Net Book Value
At 31stJuly 2022 2,813,683 32,387 2,846,070
=========== ======== ==========
At 31stJuly 2021 2,881,185 41,875 2,923,060
=========== ======== ==========
9. INVESTMENTS Listed
31 July 31 July
2022 2021
£ £
Market Value
At 31stJuly 2021 31,370 27,088
(Loss) / Gain on revaluation (292) 4,282
--------------- ---------------
Market value at 31st July 2022 31,078 31,370
========= =========
Securities listed on UK Stock Exchange 30,448 30,740
Unlisted securities 630 630
--------------- ---------------
31,078 31,370
========= =========
Historical cost of investments 3,216 3,216
========= =========
Included above at 31stJuly are investments valued at more than 5% of the
total value:
COIF Charities Investment Fund Income 30,448 30,740
========= ========

Page 26

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

31 July 31 July
10. DEBTORS 2022 2021
£ £
Grant and contract payments receivable 47,320 30,800
Other debtors 1,620 1,620
VAT recoverable - 939
Prepayments and accrued income 125,118 81,539
------------- -------------
174,058 114,898
======== ========

There were no debtors due after more than one year (2021: none) included above.

31 July 31 July
11. CREDITORS:amounts falling due within one year 2022 2021
£ £
Trade payables 8,629 6,604
Other taxes and social security 3,330 6,771
Secured loans (note 12) 24,574 24,574
Other creditors 1,377 10,210
VAT payable 4,572 -
Accruals and deferred income 177,871 118,439
Amounts owed to group undertakings 50,545 62,960
------------- -------------
270,898 229,558
========= =========
Deferred Income movements:
Opening balance at 1stAugust 2021 80,561 48,248
Additions 111,739 80,561
Transfers out (80,561) (48,248)
------------- ---------------
Closing Balance at 31stJuly 2022 111,739 80,561
========= =========

Deferred income is income received in the period for activities rentals, trips, services, grant-funded projects - scheduled to happen after the period end.

12. CREDITORS:amounts falling due after one year 31 July 31 July
2022 2021
£ £
Loans 69,558 96,318
----------------- ------------------
69,558 96,318
========= =========

The above loan, held with the Social Investment Bank at a fixed interest rate of 5%, is repayable by instalments, falling due December 2024, and is secured by a fixed charge on the leasehold property.

Page 27

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

13. LEASE OBLIGATIONS

At 31st July the Settlement had minimum lease payments under non-cancellable operating leases as follows:

31 July 31 July
2022 2021
£ £
Equipment
Not later than one year - 3,120
----------------- ---------------
- 3,120
========== =========
14. RESTRICTED FUNDS 31 July 31 July
2021 Income Expenditure Transfers 2022
£ £ £ £ £
United St. Saviours - 15,462 (32,866) 17,404 -
MH&WBS-Well Connected-Big Lottery - 51,001 (120,470) 69,469 -
LB Southwark Adult Learning - 28,416 (67,771) 39,355 -
LB Southwark COPSIN Grant - 65,864 (140,001) 74,137 -
LB Southwark Common Purpose Grant - 18,000 (38,066) 20,066 -
Southwark Charities - 24,432 (51,933) 27,501 -
The Mercers Company - 25,000 (53,140) 28,140 -
Other - 40,292 (87,899) 47,607 -
- 268,467 (592,146) 323,679 -
======== ========= ======= =========

Where income has been received specifically for services provided by the Settlement it is shown as restricted income. Expenditure has been fully allocated to those services provided by the Settlement based on operational headcount. Unrestricted income and/or reserves are shown as transfers to the Settlement activities where allocated expenditure exceeds the sources of restricted income for each service.

Blackfriars Settlement managed 10 (2020-21: 10) separate restricted funds in this financial period. Funds with balances or movements during the year in excess of £10,000 have been listed separately above. Smaller they are to achieve a common purpose. If this has not been possible because of their purpose, they have been shown separately.

Restricted Funds Purpose:

United St Saviours Funding contributed to a wide variety of activities for the Positive Ageing group run by the Settlement until March 2022. A new core grant supporting all Settlement services began in April 2022.

Big Lottery- Funding for the MHWB Thinking Ahead project providing support, courses and activities for people experiencing mental distress.

LB Southwark Adult Learning Funding is provided for adult skills based courses.

LB Southwark COPSIN Grant Funding contributes to a wide variety of activities for the Positive Ageing group.

Southwark Charities - Core funding for the Positive Ageing service, providing activites to keep older people well.

Page 28

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

14. RESTRICTED FUNDS (continued)

LB Southwark Common Purpose Grant Funding contributes to the costs of Blackfriars Settlement Director The Mercers Company - Funding contributes to a wide variety of activities for the Positive Ageing group

RESTRICTED FUNDS 31 July 31 July 31 July
2020 Income Expenditure
Transfers
2021
£ £ £ £ £
United St. Saviours - 24,636 (63,035) 38,399 -
MH&WBS-Well Connected-Big Lottery - 47,631 (132,343) 84,712 -
LB Southwark Adult Learning - 24,307 (62,192) 37,885 -
LB Southwark COPSIN Grant - 65,864 (168,523) 102,659 -
LB Southwark Common Purpose Grant - 18,000 (46,056) 28,056 -
LB Southwark Community Capacity - 13,000 (33,262) 20,262 -
Grant
DCLG Pop-up cafe - 19,577 (50,683) 31,106 -
London Funders Wave 2 - 24,279 (62,121) 37,842 -
Other - 9,900 (27,510) 17,610 -
--------------- -----------------
-----------------		 -----------------
-----------------
- 247,194 (645,725) 398,531 -
======== ========
=========		 ======= =========
15. DESIGNATED FUNDS Balance at Inter fund Balance at
31 July Income Expenditure transfers 31 July
2021 2022
£ £ £ £ £
Buildings assets reserve 2,881,185 - (67,502) - 2,813,683
Designated Bursary Fund 1,457 - - - 1,457
Fixed asset reserve 41,875 - (9,487) - 32,388
------------------ ------------------ ------------------ ------------------ ------------------
Total Year ended 31st July 2022 2,924,517 - (76,989) - 2,847,528
========== ========== ========== ========== ==========
Total Year ended 31st July 2021 3,001,899 - (77,382) - 2,924,517
========== ========== ========== ========== ==========
Designated funds 2,924,517 - (76,990) - 2,847,527
General fund (66,576) 673,702 (282,208) (323,679) 1,240
-------------------- ------------------ ------------------ ------------------ ------------------
Total Year ended 31st July 2022 2,857,941 673,702 (359,198) (323,679) 2,848,767
========== ========== ========== ========== ==========
Total Year ended 31st July 2021 2,887,565 629,147 (260,240) (398,531) 2,857,941
========== ======== ======== ======== ==========
Designated Funds Purpose

Buildings Assets Reserve

which depreciation of those assets is written off.

Designated Bursary Fund : a fund established to help former Development Services courses to pay for course fees.

Fixed Asset Reserve : the remaining value in the accounts of fixtures, fittings and computers against which depreciation of these assets is written off.

Page 29

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

15. DESIGNATED FUNDS(continued)
DESIGNATED FUNDS Balance at Inter fund Balance at
31 July Income Expenditure transfers 31 July
2020 2021
£ £ £ £ £
Buildings assets reserve 2,948,687 - (67,502) - 2,881,185
Designated Bursary Fund 1,457 - - - 1,457
Fixed asset reserve 51,755 - (9,880) - 41,875
-------------------- --------------- --------------- --------------- --------------------
Total Year ended 31st July 2021 3,001,899 - (77,382) - 2,924,517
========== ======== ======== ======== ==========
Total Year ended 31st July 2020 3,064,638 15,289 (78,028) - 3,001,899
========== ======== ======== ======== ==========
Designated funds 3,001,899 - (77,382) - 2,924,517
General fund (114,334) 629,147 (182,858) (398,531) (66,576)
-------------------- --------------- --------------- --------------- --------------------
Total Year ended 31st July 2021 2,887,565 629,147 (260,240) (398,531) 2,857,941
========== ======== ======== ======== ==========
Total Year ended 31st July 2020 2,964,089 655,829 (244,083) (488,270) 2,887,565
========== ======== ======== ======== ==========

16. ANALYSIS OF NET ASSETS

Tangible Long term Net Current 2022
Fixed assets Investments Liabilities Assets Total
£ £ £ £ £
Restricted funds -
Designated funds 2,846,070 - - 1,457 2,847,527
General reserves - 31,078 (69,558) 39,720 1,240
Total at 31st July 2022 2,846,070 31,078 (69,558) 41,177 2,848,767
========= ========== ========== ========== ==========
Tangible Long term Net Current 2021
Fixed assets Investments Liabilities Assets Total
£ £ £ £ £
Restricted funds - - - - -
Designated funds 2,923,060 1,457 2,924,517
General reserves - 31,370 (96,318) (1,628) (66,576)
------------------ ---------------------- ---------------------- ------------------- -------------------
Totals at 31st July 2021 2,923,060 31,370 (96,318) (171) 2,857,941
========== ========== ========== =========== ==========

Page 30

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

17. PENSIONS

Company Defined Contribution Pension Scheme

Two defined contribution schemes are available for staff, managed through Aviva PLC and National Employers Savings Trust (NEST). The schemes are compliant with auto-enrolment legislation and are the vehicles for the Settlement to comply with its obligations under this legislation. In addition to enrolling all eligible workers onto a scheme, staff members choosing to make increased pension contributions are eligible to receive a matching additional contribution from the Settlement to the same plan of up to 6% of gross salary. The cost of these schemes to the Settlement for the period ending 31[st] July 2022 was £10,519 (31[st] July 2021: £12,631). At 31[st] July 2022, the Settlement was holding £1,047 (31[st] July 2021: - £nil) of staff and company pension contributions that were due for remittance to Aviva and/or NEST.

18. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FOR OPERATING ACTIVITIES

Year Year
ended ended
31 July 31 July
2022 2021
£ £
Net (expenditure) for the year per the Statement of
Financial Activities (9,174) (29,624)
Adjustments for:
Depreciation charges 76,990 77,382
Loss / (Gain) on investments 292 (4,282)
Dividends, interest and rents from investments (2,302) (3,552)
Loan interest repayable 5,302 3,554
(Increase) / decrease in debtors (59,160) (49,447)
Increase / (decrease) in creditors 41,340 58,011
----------------- ----------------
Net cash provided by operating activities 53,288 52,042
======== ========

19. ANALYSIS OF CASH AND CASH EQUIVALENTS

Year Year
ended ended
31 July 31 July
2022 2021
£ £
Cash deposits 7,047 4,746
Bank accounts 130,970 109,743
----------------
138,017 114,489
======== ========

Page 31

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

20. ANALYSIS OF NET DEBT

ANALYSIS OF NET DEBT
At 1 Other non-
August cash At 31 July
2021 Cash flows changes 2022
£ £ £ £
Total cash and cash equivalents: Cash at bank and
in hand 114,489 23,528 138,017

21. CONTINGENT LIABILITY

In August 2017, the Settlement was contacted by requesting payment of £36,000 in relation to outstanding pension obligations for a former staff member. This staff member was employed by the Settlement for an approximate 2 year period between February 2014 and March 2016 following a TUPE transfer from a previous employer, the London Borough of The sum requested had apparently arisen on the actuarial revaluation carried out in March 2017, nine months after the Settlement had left the LGPS.

Having reviewed the original agreements and associated correspondence with both LB Lambeth and the LGPS, the trustees at the time, took the view that the sum demanded is not payable because, on joining the LPGS, the Admission Agreement clearly stated that all starting and terminating liabilities would be borne by LB Lambeth. This view remains unchanged and on this basis, no accrual has been made.

22. ULTIMATE PARENT UNDERTAKING AND RELATED PARTY TRANSACTIONS

Mary Ward Settlement, a registered charity (Charity Registration Number 223066) and company (Company Registration Number 46188) is the ultimate parent undertaking of the Centre. The Financial Statements do not include disclosure of transactions between the Centre and the Settlement. As a 100% controlled subsidiary undertaking, the Centre is exempt from the requirement to disclose such transactions under Financial Reporting Standard 102 Section 33.

There were no other related party transactions in the year (2020: none).

23. FINANCIAL INSTRUMENTS

Year Year
ended ended
31 July 31 July
2022 2021
£ £
Financial assets measured at fair value 31,078 31,370
======== ========
Financial assets measured at amortised cost 130,072 80,561
======== ========
Financial liabilities measured at amortised cost 162,942 200,092
======== ========

Financial assets measured at fair value include investments. Financial assets measured at amortised cost include grants receivable and other debtors. Financial liabilities measured at amortised cost include loans, trade payables and other creditors.

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BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

24. FINANCIAL INFORMATION 2021

Unrestricted Restricted Total
Funds Funds Funds
Year Year Year
ended ended ended
31 July 31 July 31 July
Notes 2021 2021 2021
£ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 83,016 - 83,016
Charitable activities
Grants, contracts, donations, fees for:
Community Buildings 225,992 - 225,992
Community Care - 222,887 222,887
Learning and Development - 24,307 24,307
Other trading activities
Fundraising Activities 14,811 - 14,811
Investments 3,552 - 3,552
Other
CJRS income		 50,300 - 50,300
------------------ ------------------ ------------------
TOTAL INCOME 4 377,671 247,194 624,865
------------------ ------------------ ------------------
EXPENDITURE ON:
Raising funds 13,046 - 13,046
Charitable activities
Community Buildings - 266,510 266,510
Community Care - 365,848 365,848
Learning and Development - 13,367 13,367
------------------- ------------------- -------------------
TOTAL EXPENDITURE 2 13,046 645,725 658,771
------------------- ------------------- -------------------
Gains (losses) on investments 4,282 - 4,282
------------------- ------------------- -------------------
NET INCOME (EXPENDITURE) 368,907 (398,531) (29,624)
Transfers between funds (398,531) 398,531 -
------------------- ------------------- -------------------
NET MOVEMENT IN FUNDS (29,624) - (29,624)
RECONCILIATION OF FUNDS:
Total funds brought forward 2,887,565 - 2,887,565
-------------------- -------------------- --------------------
Total funds carried forward 2,857,941 - 2,857,941
========== ========== ==========

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MANAGEMENT INFORMATION ONLY

THE FOLLOWING PAGES DO NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS

BLACKFRIARS SETTLEMENT INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022

INCOME Year Year
ended ended
31 July 31 July
2022 2021
Unrestricted Restricted Totals Unrestricted Restricted Totals
£ £ £ £
PUBLIC AUTHORITY GRANTS
Community Care
London Borough of 65,864 65,864 65,864 65,864
Southwark/- COPSINS
Partnership
London Borough of Southwark 10,000 10,000 13,000 13,000
Other
London Borough of Southwark 4,771 4,771 3,271 3,271
Personal Accounts Grants
Bankside and Walworth 750 750 - -
Community Council
London Borough of Southwark 18,000 18,000 18,000 18,000
Common Purpose Grant
Big Lottery
Weathering Well		 51,001 51,001 13,483 13,483
Project
Big Lottery
Coronavirus		 - - 34,148 34,148
Community Support Grant
Kickstart Grant 7,899 7,899 - -
DCLG Pop up Cafe 10,350 10,350 - -
MHCLH Communities - - 19,577 19,577
Other various 6,522 6,522
---------------------- --------------------- ---------------------- ---------------------- ------------------ ------------------
TOTAL PUBLIC AUTHORITY
GRANTS 175,157 175,157 167,343 167,343
---------------------- --------------------- ---------------------- ---------------------- ------------------ ------------------
PUBLIC AUTHORITY
CONTRACTS
Learning and Development
London Borough of Southwark 28,416 28,416 24,307 24,307
Adult Training contracts
---------------------- --------------------- ---------------------- ---------------------- --------------- ---------------
TOTAL PUBLIC AUTHORITY 28,416 28,416 24,307 24,307
CONTRACTS
--------------------- --------------- --------------- --------------------- --------------- ------------------

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MANAGEMENT INFORMATION ONLY

THE FOLLOWING PAGES DO NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS

BLACKFRIARS SETTLEMENT INCOME AND EXPENDITURE ACCOUNT (continued) FOR THE YEAR ENDED 31 JULY 2022

Year ended Year ended
31 July 2022 31 July 2021
£
£		 £ £
INCOME
Income 673,702 629,147
-------------------
EXPENDITURE
Salaries and wages 327,980 368,267
National insurance 26,630 29,901
Pension costs 16,449 18,470
Staff training and development & travel 522 111
Direct project expenses 61,284 26,492
Rent, rates and service charges 5,000 5,611
Insurance 7,705 4,000
Audit fee 7,476 7,224
Bank charges and interest 5,304 8,329
Light, heat and power 44,309 31,702
Repairs and maintenance 27,997 32,262
Cleaning and caretaking 27,525 18,670
Telephone and postage 3,514 3,711
Printing and stationery 7,343 2,610
Website and publicity 642 890
IT costs 17,879 10,092
Depreciation 76,989 77,383
Fundraising expenditure 80 -
Cost of generating income 13,046 13,046
Bad Debts 5,200 - -
-------------- --------------
682,876 658,771
----------------------
DEFICIT FOR THE YEAR (9,174) (29,624)
=========== ===========

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