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2023-07-31-accounts

COMPANY NUMBER 31105 CHARITY NUMBER 210558

B LACKFRIARS SETTLEMENT

(LIMITED BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

BLACKFRIARS SETTLEMENT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

CONTENTS

Report from the Chair Report from the Chair 2
Reference and Administrative Details 3
Report of the Board of Trustees 4 - 14
Statement of Responsibilities of the Board of Trustees 15
Members 16-18
Statement of Financial Activities 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 -36
Detailed Income and Expenditure Account 37 -38

Page 1

BLACKFRIARS SETTLEMENT REPORT FROM THE CHAIR FOR THE YEAR ENDED 31 JULY 2023

REPORT FROM THE CHAIR

This year has been busy, rewarding, and challenging. We continue to celebrate the local people we work with and new contacts who have found us during the year.

This year we have increased our staff, reflecting the higher levels of need being experienced by local people. This has been recognised by City Bridge Trust which funded us for an additional Befriending Officer in the Positive Ageing service, and the Lottery in funding an additional Cost of Living Project Officer, in the Mental Health & Wellbeing service. Both of these posts were desperately needed in order to manage greater levels of need and more complex support.

local people to come and be warm. We provided 50+ healthy soups each week to take away for a quick and cheap re-heat at home. These were much appreciated by local people. We expect that this need for warmth and cost or living support will continue and we are planning that our support will also continue.

Positive Ageing continues to work with our COPSINS partners to deliver the Ageing Well contract. It is going well, attracting more older people into the Settlement and enabling coordinated support from the partners. We were delighted that this contract has now been extended by one year, and we can continue partnership working to deliver these services.

Once again we have had worked with a huge number of fantastic volunteers. As well as our committed core group of volunteers who work with us each week to deliver activities in the Settlement and as befrienders in the community, we have also increased the number of corporate partners we are working with. Over 400 ice, cooking for the older people, getting to know them, and arranging afternoon entertainment. We are very thankful for the continued support of all our volunteers and corporate partners, who together have provided 6,444 hours of volunteering, helping us meet need and deliver services way above and beyond those we could pay for.

Other developments this year have included Create Space, our graphic design service, which has expanded its team and taken on additional work from internal and external clients, including redeveloping the Blackfriars Settlement website. With support from The Plant (theplant.co.uk), the team ran a Crowdfunder to raise funds needed to further develop the service.

This year has also seen the Settlement hosting the SE1 Stories exhibition: social action and photography at We were also delighted to welcome back the University College of Osteopathy, which resumed free weekly clinics for local older people: which booked up straight away.

A huge thank you to our funders, many of whom we have worked with over a number of years, and in particular those that have helped with our core costs, without whom we could not do what we do.

We remain indebted to Mary Ward Settlement, our volunteers, referrers, partner organisations, and 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

Frances Bates

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 Mary Ward Settlement and were represented by the following in 2022-23:

Chief Executive Suzanna Jackson (until 20[th] March 2023) Therese Reinheimer Jones (from 20[th] March 2023) Director of Finance and Resources Juliet Woodford Director of Blackfriars Settlement Elizabeth Ranger

BOARD OF TRUSTEES

A full list of trustees is given on page 12 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 Validera 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 2023

REPORT OF THE BOARD OF TRUSTEES

The Board of Trustees pleased to present its Annual Report together with the Financial for the year ended 31[st] July 2023. 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 2023

CORE VALUES AND OBJECTIVES (continued)

Core Values (continued)

ACHIEVEMENTS AND PERFORMANCE

KEY ACHIEVEMENTS

Positive Ageing

Positive Ageing has received a steady flow of new referrals over the year, from a wide range of services and people walking in the Settlement. This year we have supported 670 people, an increase of 15% on 2021-22. Needs have continued to 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.

The graph below demonstrates the concentration of our members in areas of the borough with the highest levels of need.

The Ageing Well Southwark contract serving older people across the borough, has continued this year, and in are coordinated and, that by whatever afforded the same access. The Positive Ageing service continues to work closely with the other members of the COPSINS Consortium and the Borough to ensure the service for older people has continued to develop and evolve.

Page 5

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

KEY ACHIEVEMENTS (continued)

Positive Ageing (continued)

The Befriending service has been very busy this year, but with more staff time being taken up recruiting volunteers. This remains a challenge: part of the national picture of declining volunteering. This year it meant we had to put new referrals on hold for three months. Although we are very aware of the increasing need in this area, it has been challenging to respond. We have done so through the increasing use of telephone volunteers, but our aim remains to increase visiting volunteers in line with the need.

----- Start of picture text -----
I have learned new skills / tried new things. 82% agree/strongly agree
Since coming to Blackfriars I feel more socially included 92% agree/strongly agree
Blackfriars Settlement feels like a friendly and safe place to be 98% agree/strongly agree
If I need support, I know I can ask the Positive Ageing team at 95% agree/strongly agree
Blackfriars Settlement
Overall, how happy are you with our services in the Settlement? 99% happy/very happy
----- End of picture text -----

What Positive Ageing members said about the service this year:

Positive Ageing is always there and within

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 saw a range of classes and courses delivered, including through the Positive Ageing and Mental Health & Wellbeing services.

The offer from Mary Ward Centre also increased and the building was busy with a 4% increase in enrolments on 2021-22.

Mental Health and Wellbeing

This year the service has continued to grow. The number of people supported was 112, an increase of 20% on 2021-22. Of these 35 of these people were new to the service, 75% more than 2021-22, partly due to new referrals joining a Healthy cooking on a budget group which ran through the autumn and spring.

The service continues to take referrals from a wide variety of sources, and this year has worked specifically with the Social Prescribers in the borough.

The needs of our members are complex. Most have severe and enduring mental health challenges, and many have a dual diagnosis. The graph below shows that almost exclusively they are drawn from the areas of the borough with the highest levels of deprivation.

This year the service has seen a rising number of referrals from a wide variety of agencies and services. We have continued 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. This leads to a higher level of retention of referred people.

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.

Page 6

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

KEY ACHIEVEMENTS (continued)

Mental Health and Wellbeing (continued)

The service delivers a broad range of high-quality services:

In partnership with professional design studio, the Plant, our Social Enterprise Design Studio Create Space, has continued to provide high quality design to internal services and external clients and is promoting the service offer to attract more external clients.

Page 7

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

KEY ACHIEVEMENTS (continued)

Mental Health and Wellbeing (continued)

Member meetings take place every two weeks. Meetings are chaired and agenda set by members. These meetings shape the service offered. Staff also meet with members individually and monitor the outcomes of the service. This year the satisfaction level for the service was 96%. Other outcomes monitored:

Some comments from members about what they gain from the service:

The Orb Space

The Orb Space was slightly scaled down this year. However we offered a range of courses, events and a large This was popular and there were a number of requests to make this a regular event. We ran a Creative Week in July, with a number of different creative sessions which proved extremely popular and all had a waiting list.

Warm Spaces

During the winter months the Settlement was a Warm Space for local people to use. Funded by the borough and local funders, we offered healthy soup to take away and re-heat quickly and cheaply at home.

Legal Clinic

During Covid our free legal advice clinic, run in partnership with City Law School moved online. This was a successful move, making the service more efficient and accessible. From the beginning of 2022-23 this move was made permanent, ending our role physically hosting the clinic.

PERFORMANCE INDICATORS

Key Performance Indicator 2022-23 2021-22 2020-21 2019-20
MHWB
No of members supported 112 93 108 140
No of referrals 51 41 46
No of new members 35 20 13 23
PA
No of members supported 670 584 529 413
No of new members 72 184 103
No of people attending sessions 280 289 219 272
No of attendances 9,462 8,805 5,460 6,551
No befriended members 112 124 180 142
No befriending referrals 52 98 64 61

Page 8

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

PERFORMANCE INDICATORS (continued)

Key Performance Indicator 2022-23 2021-22 2020-21 2019-20
Adult Education
No of students 714 703 189 617
No of enrolments 1,415 1,360 451 1,040
Orb
No of attendances 108 63 54 356
Legal Clinic
Client appointments 0 78 124 186
Volunteering Hours
MHWB 2,554 1,023 872 2,179
PA 8,650 6,931 4,894 8,475
Orb 35 0 0 10
Total 11,239 7,954 5,766 10,664

FINANCIAL REVIEW

The period ended 31[st] July 2023 continued to be challenging for the Settlement as the Senior Management Team focused on continuing to rebuild 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 health issues and, during 2022-23, has seen strong attendance and support, following a return to fuller activity in 2021-22 after the impact of the Covid-19 pandemic. The Settlement has continued to offer a full complement of face to face activities for our members and other vulnerable people in the community who rely on and enjoy what the Settlement offers.

While the financial environment continues to be challenging, generous funding and donations from corporate sponsors and trust funders, helped to facilitate the delivery of our essential services, and has resulted in a surplus of £24,869 for the period ended 31[st] July 2023 (2022: deficit £9,174). This is the first

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BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

FINANCIAL REVIEW (continued)

year since the merger with the Mary Ward Settlement group in 2018 and for several years prior - in which an operating surplus has been reported. This represents a continued and sustained improvement over the period since the merger, reflecting both the strong level of support from regular funders noted above, and continued tight control over the cost base. The Settlement will continue its plans to re-build and maintain the income streams and to control costs whilst continuing to deliver the activities of the Settlement.

Income

Total income for the year was £731,562 for the period, an increase of approximately 8% on the previous period (2022: £673,702), reflecting the continued support from existing funders at similar levels including the London Borough of Southwark through the COPSINS Partnership and their Common Purpose Fund, the Big which has continued to grow.

Volunteers

In accordance with the Charities SORP (FRS102), the time of general volunteers is not recognised. 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. Local traders have also contributed with generous discounts.

Expenditure

Our cost base has increased modestly, in response to the increase in activity during 2022-23 compared with the previous year which continued to be impacted by the aftermath of the Covid-19 pandemic. For the period under review, total expenditure was £706,693 an increase of approximately 4% on the previous period (2022: £682,584).

TREASURY MANAGEMENT

The Board maintained a policy of holding the majority of funds as cash. Together with the portfolio of shares and unit trusts, this policy resulted in bank and investment income of £761 in the period under review (2022: £2,302).

RESERVES POLICY AND GOING CONCERN

The Settlement aims to hold free reserves equivalent to between 1 and 3 continue to provide a service in the event of unexpected financial crisis. At 31[st] July 2023 this was represented by the general unrestricted reserve fund which had a surplus of £89,502 (2022: surplus £1,240) which represents 150% of the lower end of this target, and 51% of the higher end. At 31[st] July, total reserves were £2,873,636 (2022: £2,848,767) which includes designated reserves not currently available as a source of funds for use in our charitable activities. At the period end, these included the building reserve representing the un-depreciated value of the which amounted to £2,746,181 (2022: £2,813,683) and is held as a reserve against future depreciation of the premises. 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 £36,496 (2022: £32,387) and a designated bursary fund to support ESOL students of £1,457 (2022: £1,457).

Good progress has been made, since the merger with the Mary Ward Settlement group, on 1[st] May 2018, with has had the impact of steadily reducing the annual operating deficit year by year. While this progress was interrupted during the Covid-19 pandemic, the return to face to face activities in the years since has enabled the Settlement to free reserves at the balance sheet date exceed the lower end of the target and the operational cash balance has returned to a more sustainable level with which to manage everyday operations.

Page 10

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

CURRENT AND FUTURE DEVELOPMENT AND PERFORMANCE

RESERVES POLICY AND GOING CONCERN (continued)

The Settlement has developed detailed financial projections, which include modelling its plans for growth and the impact of key risks and unc

financial impact of the challenges and uncertainties and other key risks arising from its operations. As such, it considers that the Settlement has adequate resources to continue in operational existence for the foreseeable future and until at least March 2025. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

STRATEGIC PLAN

-24, of which the most important element is the Property Strategy which, during 2022-23, saw the continuing redevelopment of a new, purpose built, centre for 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 set back the schedule a relocation finally took place over the summer of 2023, opening for face to face activity after the end of the 2022-23 financial year. Consequently, taking into account the importance of the Property Strategy to the Mary Ward Settlement group -22 Strategic Plan until the end of the 2023-24 financial year.

At a Strategy Day in June 2023, the Board met to consider the Strategic Plan for the period 2023-28, and subsequently, the following Core Values and Strategic Aims have been agreed across the Mary Ward Settlement group.

Core Values

Strategic Aims

Contributing to local and London economies

We will contribute to social and economic prosperity by extending our work into new areas whilst supporting more vibrant, tolerant, safe and healthy communities where everyone has the opportunity for learning, build skills and meet personal or professional goals.

Page 11

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

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. It 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 2022-23, 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 2022 to 31[st] July 2023 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.

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:

Frances Bates appointed (1[st] March 2024) Chair (from 1[st] March 2024) Rachel Brain Nadine Cartner Graham Collins James Collins Christine Cryne Chair (until 29[th] February 2024) Kim Duong Treasurer Filipe Martins Beatriz Montoya Simone Selzer Sally Todd Company Secretary: Suzanna Jackson (until 20[th] March 2023) Therese Reinheimer-Jones (from 20[th] March 2023)

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.

Page 12

BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

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 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

RELATED PARTIES AND CO-OPERATION WITH OTHER ORGANISATIONS

None of the trustees receive remuneration or other benefit from their work with the Settlement. 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 2023 (2022: 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 Mary Ward 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 Mary Ward Settlement Remuneration Committee, which then makes recommendations to the full Board. The employment costs of the Mary Ward Settlement 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:

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BLACKFRIARS SETTLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

RISK MANAGEMENT (continued)

The major risks facing the Settlement are:

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

Page 14

BLACKFRIARS SETTLEMENT STATEMENT OF RESPONSIBILITIES OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 JULY 2023

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;

make judgements and estimates that are reasonable and prudent;

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 of Trustees

Frances Bates Chair

Page 15

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF BLACKFRIARS SETTLEMENT

Opinion

ended 31 July 2023 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:

and expenditure for the year then ended;

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.

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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

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:

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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:

tested journal entries to identify unusual transactions;

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 Financ www.frc.org.uk/auditorsresponsibilities. This description forms part

Use of this report

members, as a body, in accordance with Chapter 3 of Part 16 of the those matters that we are required to stat fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity members as a body, for our audit work, or the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 11 April 2024

Page 18

BLACKFRIARS SETTLEMENT STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

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 2023 2023 2023 2022
£ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 77,894 34,877 112,771 116,840
Charitable activities
Grants, contracts, donations, fees for:
Community Buildings 290,746 - 290,746 257,537
Community Care 28,840 212,306 241,146 221,718
Learning and Development - 19,250 19,250 28,416
Other trading activities
Fundraising Activities 66,888 - 66,888 46,889
Investments 761 - 761 2,302
------------------ ------------------ ------------------ ------------------
TOTAL INCOME 4 465,129 266,433 731,562 673,702
------------------ ------------------ ------------------ ------------------
EXPENDITURE ON:
Raising funds 13,067 - 13,067 13,396
Charitable activities
Community Buildings 76,661 223,140 299,801 265,152
Community Care - 368,452 368,452 367,912
Learning and Development - 25,373 25,373 36,124
------------------ ------------------ ------------------ ------------------
TOTAL EXPENDITURE 2 89,728 616,965 706,693 682,584
------------------ ------------------ ------------------ ------------------
Losses on investments - - - (292)
------------------ ------------------ ------------------ ------------------
NET INCOME (EXPENDITURE) 375,401 (350,532) 24,869 (9,174)
Transfers between funds (350,532) 350,532 - -
------------------ ------------------ ------------------ ------------------
NET MOVEMENT IN FUNDS 24,869 - 24,869 (9,174)
RECONCILIATION OF FUNDS:
Total funds brought forward 2,848,767 - 2,848,767 2,857,941
------------------ ------------------ ------------------ ------------------
Total funds carried forward 2,873,636 - 2,873,636 2,848,767
========== ========== ========== ==========

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 22 to 3636 form part of these accounts.

Page 19

BLACKFRIARS SETTLEMENT

BALANCE SHEET (COMPANY NUMBER 31105) AS AT 31 JULY 2023

31 July 2023 **31 July ** 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 2,782,677 2,846,070
Investments - listed investments 9 31,078 31,078
------------------- -------------------
2,813,755 2,877,148
CURRENT ASSETS
Debtors 10 130,506 174,058
Cash on deposit 7,053 7,047
Cash at bank and in hand 19 200,124 130,970
------------------ ------------------
337,683 312,075
CREDITORS:amounts falling due
within one year 11 (241,333) (270,898)
------------------ ------------------
NET CURRENT ASSETS 96,350 41,177
------------------ ------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 2,910,105 2,918,325
CREDITORS:amounts falling due
after one year 12 (36,469) (69,558)
------------------ ------------------
NET ASSETS 2,873,636 2,848,767
========== ==========
FUNDS OF THE SETTLEMENT
Unrestricted funds
- Designated Reserves 15 2,784,134 2,847,527
- General reserves 89,502 1,240
------------------ ------------------
2,873,636 2,848,767
Restricted funds 14 - -
------------------ ------------------
16 2,873,636 2,848,767
========== ==========

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 and with section 1A of FRS 102.

The Financial Statements were approved by the trustees and authorised for issue on 26[th] March 2024 and signed on their behalf, by:

Frances Bates (Chair)

Company registration no. 31105

Page 20

BLACKFRIARS SETTLEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF CASH FLOWS
Year Year
Ended ended
31 July 31 July
2023 2022
Notes £ £
Cash Flows for operating activities:
Net cash provided by operating activities 18 113,728 53,288
-------------- --------------
Cash flow from investing activities:
Purchase of fixed assets (13,268) -
Dividends, interest and rent from investments 761 2,302
-------------- --------------
Net cash provided by investing activities (12,507) 2,302
=========== ===========
Cash flows from financing activities:
Interest paid (3,915) (5,304)
Repayment of borrowings (28,146) (26,758)
--------------
 --------------
Net cash used in financing activities (32,061) (32,062)
===========
 ===========
Change in cash and cash equivalents in the year 69,160 23,528
Cash and cash equivalents at the beginning of the period 19, 20 138,017 114,489
-------------- --------------
Cash and cash equivalents at the end of the period 19, 20 207,177 138,017
=========== ===========

Page 21

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 2023. 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)), section 1A of 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 has been effective with a surplus reported for the 2022-23 financial year for the first time, and a return to a positive general reserves position. The Mary Ward Settlement group has confirmed its intention to continue to support the operations of the Settlement.

(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:

(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 22

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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 23

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1. ACCOUNTING POLICIES (continued)

(k) Donated goods and 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.

(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 24

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. ANALYSIS OF TOTAL EXPENDITURE Total
Year
ended
Support 31 July
Direct costs Costs 2023
£ £ £
Raising funds:
Fundraising costs 13,067 - 13,067
Charitable activities
Community Buildings 202,310 97,491 299,801
Community Care 173,469 194,983 368,452
Learning and Development 25,373 - 25,373
-------------------- -------------------- --------------------
Total year ended 31st July 2023 414,219 292,474 706,693
========== ========= ==========
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
========== ========= ==========
Support costs are broken down as follows:
Total Total
Year ended Year ended
31 July 31 July
2023 2022
£ £
Wages and salaries 181,095 192,199
Other costs 111,379 125,774
-------------------- --------------------
Total 292,474 317,973
========= ========

All of the above expenditure is restricted except for fundraising costs of £13,067 (2022: £13,396), depreciation of £76,661 (2022: £76,990) and other costs of £nil (2022: £52).

Page 25

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

Comty Comty Total Comty Comty Total
Buildings Care 2023 Buildings Care 2022 Basis
£ £ £ £ £ £
Strategic & HR Management 89,246 178,492 267,738 97,281 193,978 291,259 By staff hours
Finance 3,906 7,811 11,717 4,218 8,436 12,654 By staff hours
IT 4,340 8,679 13,019 4,687 9,373 14,060 By staff hours
--------------- --------------- --------------- --------------- --------------- ---------------
Totals 97,492 194,982 292,474 106,186 211,787 317,973
--------------- --------------- ---------------- --------------- --------------- ----------------
Governance costs included within support costs
consist of: Total Total
Year Year
ended ended
31 July 31 July
2023 2022
£ £
Audit fees 10,000 7,146
---------------- ----------------
Total year ended 31st July 2023 10,000 7,146
========= =========

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 2023
Costs Equipment Costs Costs Exp
£ £ £ £ £
Grants from the London Borough
of Southwark
Common Purpose 18,360 - - - 18,360
Older Peoples
 COPSINS Partnership 64,410 11,063 - 21,978 97,451
MHWB Personal Support 3,293 92 - 308 3,693
Workforce 20,000 - - - 20,000
Salary & Materials Total
Other staff Activities Premises Running 2022
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 52,187 12,923 754 65,864
MHWB Personal Support 4,771 - - - 4,771

Page 26

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

4. INCOME ANALYSIS
BY SOURCE		 Total
Year ended
Unrestricted Restricted 31 July 2023
£ £ £
Public authority grants - 186,806 186,806
Public authority contracts - 19,250 19,250
Other grants and contracts 32,965 44,250 77,215
Donations and subscriptions 85,126 16,127 101,253
Activities to generate income 55,531 - 55,531
Rental income 290,746 - 290,746
Bank and investment income 761 - 761
-------------------- ------------------ -----------------
Total year ended to 31st July 2023 465,129 266,433 731,562
========== ========= =========
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 25,000 116,840
Activities to generate income 46,889 - 46,889
Rental income 257,537 - 257,537
Bank and investment income 2,302 - 2,302
-------------------- ------------------ -----------------
Total year ended to 31stJuly 2022 405,235 268,467 673,702
========== ========= =========
Year ended
Year ended
31 July 31 July
5. NET INCOME (EXPENDITURE) 2023 2022
£ £
Operating deficit is stated after crediting/(charging)
Investment income - listed 761 2,302
Depreciation (76,661) (76,990)
Operating lease rentals (4,830) (3,120)
audit services (10,000) (7,476)
======= =======
Year
Year
ended
ended
31 July
31		 July
6. INTEREST PAYABLE AND SIMILAR CHARGES 2023
2022
£ £
Bank charges and interest 3,915
5,304
=======
========

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 27

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. STAFF NUMBERS AND COSTS

STAFF NUMBERS AND COSTS
Year Year
ended ended
31 July 31 July
The aggregate costs of staff were: 2023 2022
£ £
Salaries and wages 322,618 327,980
Social security costs 26,441 26,630
Pension costs 17,540 16,449
--------------- ---------------
366,599 371,059
========= =========

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: 2023 2022
No. No.
Community Buildings 1 -
Community Care 4 4
Learning and Development 1 1
Shared Services 4 5
--------------- ---------------
10 10
--------------- ----------------

The average number of employees, full and part-time, during the period was 16 (2022 - 17).

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 were the Chief Executive, Director of Finance and Resources and the Director of Blackfriars 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 £141,455 (2022: £155,456), of which £79,508 (2022: £76,387) related to the Senior Management Team.

Termination payments totalling £nil were made in the period (2022: £nil).

No trustees received remuneration during the year (2022: none). No staff member was paid in excess of £60,000 (2022: none). No travel or incidental expenses were reimbursed to trustees during the period (2022 - £nil).

Page 28

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. TANGIBLE FIXED ASSETS Furniture,
Fittings
Leasehold and
building equipment Total
£ £ £
Cost or valuation
At 31stJuly 2022 3,375,116 123,942 3,499,058
Additions in period - 13,268 13,268
-------------------- ------------------ --------------------
At 31st July 2023 3,375,116 137,210 3,512,326
------------------- ------------------ --------------------
Depreciation
At 31stJuly 2022 561,433 91,555 652,988
Charge for the period 67,502 9,159 76,661
------------------ ---------------- ------------------
At 31stJuly 2023 628,935 100,714 729,649
------------------ ---------------- ------------------
Net Book Value
At 31stJuly 2023 2,746,181 36,496 2,782,677
=========== ======== ==========
At 31stJuly 2022 2,813,683 32,387 2,846,070
=========== ======== ==========
9. INVESTMENTS Listed
31 July 31 July
2023 2022
£ £
Market Value
At 31stJuly 2022 31,078 31,370
Loss on revaluation - (292)
--------------- ---------------
Market value at 31st July 2023 31,078 31,078
========= =========
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 30,448
========= ========

Page 29

BLACKFRIARS SETTLEMENT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

31 July 31 July
10. DEBTORS 2023 2022
£ £
Grant and contract payments receivable 43,896 47,320
Other debtors 1,620 1,620
VAT recoverable 7,039 -
Prepayments and accrued income 14,872 16,862
Owed by group entities 63,079 108,256
------------- -------------
130,506 174,058
======== ========

There were no debtors due after more than one year (2022: none) included above.

31 July 31 July
11. CREDITORS:amounts falling due within one year 2023 2022
£ £
Trade payables 13,314 8,629
Other taxes and social security 3,680 3,330
Secured loans (note 12) 29,517 24,574
Other creditors 20,490 1,377
VAT payable - 4,572
Accruals and deferred income 174,332 177,871
Amounts owed to group undertakings - 50,545
------------- -------------
241,333 270,898
========= =========
Deferred Income movements:
Opening balance at 1stAugust 2022 111,739 80,561
Additions 108,391 111,739
Transfers out (111,739) (80,561)
------------- -------------
Closing Balance at 31stJuly 2023 108,391 111,739
========= =========

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
2023 2022
£ £
Loans 36,469 69,558
----------------- -----------------
36,469 69,558
========= =========

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 30

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

13. LEASE OBLIGATIONS

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

31 July 31 July
2023 2022
£ £
Equipment
Not later than one year 7,245 -
Between one and five years 16,906 -
----------------- -----------------
24,151 -
========== =========
14. RESTRICTED FUNDS 31 July 31 July
2022 Income Expenditure Transfers 2023
£ £ £ £ £
MH&WBS-Well Connected-Big Lottery - 50,150 (127,870) 77,720 -
LB Southwark Adult Learning - 19,250 (46,124) 26,874 -
LB Southwark COPSIN Grant - 70,781 (173,815) 103,034 -
LB Southwark Common Purpose Grant - 18,360 (36,168) 17,808 -
LB Southwark Workforce Grant - 20,000 (41,577) 21,577 -
LB Southwark
various other		 - 15,827 (32,902) 17,075 -
Southwark Charities - 22,500 (55,252) 32,752 -
The Mercers Company - 18,750 (47,451) 28,701 -
City Bridge Foundation - 16,127 (37,398) 21,271 -
Other - 14,688 (18,408) 3,720 -
--------------- ----------------- ----------------- ----------------- -----------------
Total - 266,433 (616,965) 350,532 -
======== ======== ========= ======= =========

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 13 (2022: 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:

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 activities to keep older people well.

LB Southwark Common Purpose Grant Funding contributes to the costs of Blackfriars Settlement Director

Page 31

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. RESTRICTED FUNDS (continued)

LB Southwark Workforce Grant Funding contributes to the costs of staff retention and recruitment in the provision of adult social care services

LB Southwark various other - Funding contributes to the costs of Blackfriars Settlement

The Mercers Company - Funding contributes to a wide variety of activities for the Positive Ageing group

City Bridge Foundation For the provision of a second befriending officer for the Positive Ageing service

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 -
======== ========
=========		 ======= =========
15. DESIGNATED FUNDS Balance at Inter fund Balance at
31 July Income Expenditure transfers 31 July
2022 2023
£ £ £ £ £
Buildings assets reserve 2,813,683 - (67,502) - 2,746,181
Designated
Bursary
1,457		 - - - 1,457
Fund
Fixed asset reserve 32,387 13,268 (9,159) - 36,496
------------------ ------------------ ------------------ ------------------ ------------------
Total Year ended 31st 2,847,527 13,268 (76,661) - 2,784,134
July 2023
========== ========== ========== ========== ==========
Total Year ended 31st 2,924,517 - (76,990) - 2,847,527
July 2022
========== ========== ========== ========== ==========
Designated funds 2,847,527 13,268 (76,661) - 2,784,134
General fund 1,240 451,861 (13,067) (350,532) 89,502
------------------ ------------------ ------------------ ------------------ ------------------
Total Year ended 31st 2,848,767 465,129 (89,728) (350,532) 2,873,636
July 2023
========== ========== ========== ========== ==========
Total Year ended 31st 2,857,941 405,235 (90,730) (323,679) 2,848,767
July 2022
========== ======== ======== ======== ==========

Page 32

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15. DESIGNATED FUNDS (continued)

Designated Funds Purpose

Buildings Assets Reserve

which depreciation of those assets is written off.

Designated Bursary Fund

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.

Balance at Inter fund 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 - (9,488) - 32,387
------------------ ------------------ ------------------ ------------------ ------------------
Total Year ended 31st July 2022
2,924,517		 - (76,990) - 2,847,527
========== ========== ========== ========== ==========
Designated funds 2,924,517 - (76,990) - 2,847,527
General fund (66,576) 405,235 (13,740) (323,679) 1,240
-------------------- ------------------ ------------------ ------------------ ------------------
Total Year ended 31st July 2022
2,857,941		 405,235 (90,730) (323,679) 2,848,767
========== ========== ========== ========== ==========
16. ANALYSIS OF NET ASSETS
Tangible Long term Net Current 2023
Fixed assets Investments Liabilities Assets Total
£ £ £ £ £
Designated funds 2,782,677 - - 1,457 2,784,134
General reserves - 31,078 (36,469) 94,893 89,502
------------------ ---------------------- ---------------------- ------------------- -------------------
Total at 31st July 2023 2,782,677 31,078 (36,469) 96,350 2,873,636
========= ========== ========== ========== ==========
Tangible Long term Net Current 2022
Fixed assets Investments Liabilities Assets Total
£ £ £ £ £
Designated funds 2,846,070 - - 1,457 2,847,527
General reserves - 31,078 (69,558) 39,720 1,240
------------------ ---------------------- ---------------------- ------------------- -------------------
Totals at 31st July 2022 2,846,070 31,078 (69,558) 41,177 2,848,767
========== ========== ========== =========== ==========

Page 33

BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 2023 was £16,233 (2022: £16,598). At 31[st] July 2023, the Settlement was holding £2,040 (2022: £1,047) 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
2023 2022
£ £
Net income / (expenditure) for the year per the
Statement of Financial Activities 24,869 (9,174)
Adjustments for:
Depreciation charges 76,661 76,990
Loss on investments - 292
Dividends, interest and rents from investments (761) (2,302)
Loan interest repayable 3,915 5,302
Decrease/(increase) in debtors 43,552 (59,160)
(Decrease)/Increase in creditors (34,508) 41,340
----------------- ----------------
Net cash provided by operating activities 113,728 53,288
======== ========

19. ANALYSIS OF CASH AND CASH EQUIVALENTS

Year Year
ended ended
31 July 31 July
2023 2022
£ £
Cash deposits 7,053 7,047
Bank accounts 200,124 130,970
---------------- ----------------
207,177 138,017
======== ========
20. ANALYSIS OF NET DEBT
At 1 August Cash
At 31 July
2022 flows 2023
£ £ £
Total cash and cash equivalents: Cash at bank and
in hand 138,017 69,160 207,177

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BLACKFRIARS SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 (2021: none).

23. FINANCIAL INSTRUMENTS

Year Year
ended ended
31 July 31 July
2023 2022
£ £
Financial assets measured at fair value 31,078 31,078
======== ========
Financial assets measured at amortised cost 122,251 165,802
======== ========
Financial liabilities measured at amortised cost 169,410 228,716
======== ========

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 2023

24. FINANCIAL INFORMATION 2022

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

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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 2023

INCOME Year Year
ended ended
31 July 2023 31 July 2022
Totals Totals
£ £
PUBLIC AUTHORITY GRANTS
Community Care
London Borough of Southwark/- COPSINS 70,781 65,864
Partnership
London Borough of Southwark Other 35,827 10,000
London Borough of Southwark Personal 2,511
Accounts Grants 4,771
Bankside and Walworth Community Council 927 750
London Borough of Southwark Common 18,360
Purpose Grant 18,000
Big Lottery
Weathering Well Project		 50,150 51,001
Big Lottery
Coronavirus Community		 -
Support Grant -
Kickstart Grant - 7,899
DCLG Pop up Cafe - 10,350
Other various 6,522
--------------------- ------------------
TOTAL PUBLIC AUTHORITY GRANTS
178,556 175,157
---------------------- ------------------
PUBLIC AUTHORITY CONTRACTS
Learning and Development
London Borough of Southwark Adult
Training contracts 19,250 28,416
---------------------- ------------------
TOTAL PUBLIC AUTHORITY CONTRACTS
197,806 28,416
--------------- ------------------

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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 2023

Year ended Year ended
31 July 2023 31 July 2022
£
£		 £
£
INCOME
Income 731,562 673,702
EXPENDITURE
Salaries and wages 322,618 327,980
National insurance 26,441 26,630
Pension costs 17,540 16,449
Staff training and development & travel 772 522
Direct project expenses 64,491 61,284
Rent, rates and service charges 7,506 5,000
Insurance 6,672 7,705
Audit fee 7,780 7,476
Bank charges and interest 3,915 5,304
Light, heat and power 60,467 44,309
Repairs and maintenance 36,415 27,997
Cleaning and caretaking 32,570 27,525
Telephone and postage 6,146 3,514
Printing and stationery 7,899 7,343
Website and publicity 589 642
IT costs 11,695 17,879
Depreciation 76,661 76,989
Fundraising expenditure - 80
Cost of generating income 13,046 13,046
Bad Debts - 5,200
Other 2,750 -
-------------- --------------
706,693 682,876
SURPLUS / (DEFICIT) FOR THE YEAR 24,869 (9,174)
=========== ===========

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