THE COVENT GARDEN SOCIAL AND CRAFTS CENTRE ASSOCIATION Charity No. 276616 Report and financial statements For the year ended 31 March 2025 I GOLDWINS
The Covent Garden Social and Crafts Centre Association Report and financial ststements For the year ended 31 March 2025 Contents Page Reference and administrative infomation Trustees, annual report Independent examine5 report ststement of financial activities (incorporating an income and expenditure account) Balance sheet Notes to the financial statements
The Covent Garden Social and Crafts Centre Association Reference and administrative infomiation For the year ended 31 March 2025 Trustees: Sue Vincent Laurence Lynch Kathryn Pimlott Charity nUmr. 276616 Address: 42 Earfham Street London 2H 9LA Independent Examlner. Anthony Epton BA FCA CTA Goldwins Limited 75 Maygrove Road Wesi Hampsiead London 2EG Banker: Metro Bank One Southampton RTr London 1B5HA Page | I
The Covent Garden Social and Crafts Centre Association Report of the Trustees For the year ended 31 March 2025 The Iruslees Psent their report and financial statements for the year ended 31 March 2025. The trustees have adopted the provisions of Accounkn"ng and Reporb"ng by Charib"es' Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financral Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effectNe 1 January 2019). Objects ofthe Charity The Objects of the AsscKiation are.. al To promte the benefft of the inhabitants of central London. including Covent Garden. St Giles and Bloomsbury, the area bounded by the Strand, ACh. lthngsway. Great Russell Street and Charing Cross Road without dists"nction of sex. political. religious or other opinions, by a$slatIng the local authorities. Voluntary organisalions and the inhabitants in a common effort lo advance education and to provide facilities in the interests of sccial welfare for recreatson. leU-b"me occupations with the object of improving the condition of life for said inhabrtants. bl To maintain and manage. or to Co-operate with any Ictal authority and the Covent Garden Community Association in the maintenance and management of the Community Centre for activities promoted by the Associatson and its nStituent todies in fvrtheran of the above objects. The association shall be non-party in politics and non-sectsrian in relign. The Association shall have the power to affiliate wtlh the National Federatp)n of Community Associations and with similar other organisations with similar charitable objects. Covent Gardgn Community Centre 2024-25 - Twstee Report The CGCC Trustees are pleased to report a tight Ihough stable year on commercial activitios. as noted from room hire income that helps subsldisg community events. Howev9r. alongside this steady hlrlng of space. we have wltngssgd a drastlc decline in bar salès income as people continue to reduce thelr consumptlon and days 'ln the office.. or move out of London altogethor. Our thanks go to the Chinese Church and Jusl Add Water for their loyal support over this last year and to Shaftesburycapital for their generous support of the annual and weekty mmUr*Ity luncheon club with over 3000 attendees. Our thanks to the Shaftesburycapital team who volunteer weekty and who continue to support the fabulous. infrdmous Christmas lunch. Other activities this year have fOsed on the health. wellbeing and soaal interaction of our over 55's and sessions include Chair Yoga, Tai Chi, Qi Gong. Tango, Salsa, Sequence and Line Dancing as well as Bridge and other games. Wth our food panty and finanaal advice service in partnership with the Mary Ward Centre, we have been able to offer a holistic servKe lo our users. We thank our local Councillors and Camden Council for the support of Local CIL income to provide panty conten1$. This has been a tough year financially for many and the activities. food and support provided by CGCC and its partners has been gratefully received. Of note this year are the high overheads and repairs and maintenance expenditure. In line wrth households all our wre costs and bills a rising, and we had to ensure a fiJncty"onal M&E system and relain the quality of space for hirer5 and the community. Wth his usual foresight Phil Walls has planned ahead and the increase spend in marketing will. with luck. bear fruf( this coming year. Our appreciation and thanks lo Phil for his continued alertness and darity in ably steering the CGCC and increasing the acbvities with users. Long May il last. Page 12
The Covent Garden Social and Crafts Centre Assoclation Report of the Trustees For the year ended 31 March 2025 Rlsk Managemont The Trustees have assessed the major risks to whh the charity 1$ exp)sed and ale satisfied that the systems are in pla to mitsgate exposu to those risks. Financial review Total income for the charity during the year was £464,305 {2024.. £476,782). Total Expenditure increased to £465,21712024.. £413.S26). resulting in a deficit for the year of £91212024.. surplus of £63.2561. The charity has unrestricted reserve$ of £258,905 at the year*nd12024". £259.8171. Going conc•m At the present b.me the Trustees have a reasonable expectation that the charity has adequate resources to continue to operate. For this 0¥On, they conts.nue to &Jopt the going concem basis in preparing the financial statements. Statement of rtsponslbilities of the trustoes The trustees are responsible frjr preparing the trustees. annu81 report and the financial statements in accordance with applicable law and United ngdoM Accounting Standards (United Kingdom Generdlly Accépted Acwunting Practice). Trustees are required by law to prepare finanaal statements for each finanaal year which gNe a true and fair view of the state of affairs of the charity and of the incoming resources and application of resourees, including the income and expenditure, of the charity for that period. In preparing these financial Statements, the trustees are required to". Select SLbftable accounting Foli¢ies and then appty them consistently ObSee the methods and principles in the Charities SORP Make judgements arHI estimates that are reasonable and prudent Stale whether appli¢able UK Accountsng Standards and ststements of rernrnended practice have been followed, subject to any material departures dilOSed and explained in the financial statements Prepare the financial statements on the going coneem basis unless li is inappropriate to presume that the charity will continue in operation The tnjstees are responsible for keeping proper aCUnb"ng records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensu that the financial statements comply with the Statement of Recommended Practice. They are also responsible for safeguarding the assets of the charity and. hence for taking reasonable steps for the prevention and detection of traud and other irregularities. The trustees. nu Lslslis port has been approved by the tru$tees on ..... . and signed on their behalf by; Sue Vincent Trustee Laurence Lynch Trustee Kath Trust•C Pimlott Pagel 3
Independent examiner's report To the Trustees of The Covent Garden Social and Crafts Centre Association For the year ended 31 March 2025 I rewrt on the accounts of the charity for the year ended 31 Math 2025, whKh are set out on pages 5 to 9. Responslbllltles and basls of report As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 kl'l. l pOrt in Spect of my examination of your Charity's a¢¢ounts as Carried OLrt under section 145 of the Charities Act 20111.the 2011 ACYI. In carrying out ry examination I have followed the ditionS given by the Charity Comrnission under section 14515) Ibl of the 2011 A¢L Indendon* examinerfs ststemènt Since the charity's gross income exceeded £250.000, I confim that l am qualrfied to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirn that no matters have come to my attention in Connection with the examination giving me cause to believe". aceounling records were not kept in respect of the Trust as required by section 130 of the Att, or 2. the accounts do not accord wrth those records", or 3. the accounts did not comply with the applicable requirements conmIng the form and content of accounts set out in the Charities {Accounts and Reportsl Regulation5 2008 other than any requiffment that the accounts gtve a 'true and fairf view which is not a matter considered as part of an independent examination.. or 4. the accounts have not been prepared in accordan with the methods and principles of the ststemenl of Recommended Practice for accounting and reporting by charrties 8ppIic8ble lo charities preparing their accounts in accordance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. I have no concerns and have come across no other mattets in connection wrth the examination to which attention should be drawn in this report in order lo enable a proper understsnding of the accounts to be reached. Anthony Epton BA. FCA. CTA Goldwins Limited Chartered Accountants 75 Maygrove Road W9St Hampstead London NW6 2EG Page14
THE COVENT GARDEN SOCIAL AND CRAFfs CENTRE ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES lincorporating an income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Total funds Unrestrlded Restricted funds funds Total funds Income from: Donab'ons and Grants 153.954 153.954 74,402 Charitable activities 171.617 171,617 265,041 Investment Income 138 734 138 734 137 339 Total income 464.305 464.305 476,782 Expendlture on: Charitsble activities 465,217 465.217 413,526 Totsl expenditurn 465,217 465.217 413,526 Net in¢om• I Itxpendlturel belore translers (9121 19121 63.256 Transfers beeen fund$ Net income l (expenditure) for the year {912) {912) 63.256 Reconclllatlon of funds: Total funds brought forward 14 259,817 259,817 196,561 Total funds carrled forward 258.905 258,905 259,817 l of the above resutts are derived from rA)nlinuing adiviti85. There were no other fe¢gnZed gains or losses other than those stated atrfjve. The 8tt8ch6d notès ftsmi part of thèsè finanaal Sements. Page 5
THE COVENT GARDEN SOCIAL AND CRAFfs CENTRE ASSOCIATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2025 2024 2024 Fixed assets: Tangible assets 10 10,318 10.318 20,513 20,513 Current assets: Debtors Stock Cash at bank and in hand 11 26,086 8,286 245.828 280,200 13,031 7.416 248,685 269,132 Liabilities: Creditors.. amounts falling due within one year 12 31.613 29,828 Net current assets 248,587 239,304 Total net assets 258,905 259.817 Funds 14 Unrestricted funds: General funds 258,905 259,817 Totsl funds 258.905 259,817 Approved by the t and sig edonth on Suo Vincent L•urence Lynch Kathry Plmlott Trust•8 Trustse Twsteg The attached notes fomi part of the financial statements. Page 6
THE COVENT GARDEN SOCIAL AND CRAFTS CENTRE ASSOCIATIOh NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 l Accounting policies a) Basis of preparation The financial statements have been prepared in accofdanee with Accounting and Reporting by Charities.. Statement of Recommended Prackn"ce applicable lo charities preparing their accounts in accordance with the Financial Reportrng Standard applicable in the UK and Republic of Iland {FRS 102 - effective 1 January 2019}- {Charities SORP FRS 1021 and the Chthes Act 2011. The eharity meets the definition of a public benefit entsty under FRS 102. Assets and liabilities are initially recognised al historical cost or transactn value unless otherwise staled in the relevant a¢xounling p)licy or note. b} Going concgm The trustees Consider that there a no material uncertainties about the charity's ability to continue as a going eoneern. The trustees do not consider that there are any sources of estimation uncertainty al the reporting date that have a SnCan1 risk of causing a material adjustment to the carying amounts of assets and liabilities within the next reporting perpjd. ¢1 In¢ome Income is rxognised when the charity has entitlement to the fijnds. any perfomiance ¢ondits'ons att%hed to the income have been met, it is probable that the inCce will be receNed and that the amount can be measured reliably. Income from government and other grants. whether 'capital' grants or 'revenue' grants. 1$ recognised when the eharity has entiuement to the funds. any perfomiance eonditions attached lo the grants have been mel. il is probable that the income will be received and the amount be measured reliabty and is not deferred. Income received in advan¢e for the provision of speethed service is deferred until the criteria for income recoonition a mel. For legacies, entitlement is taken as the eartier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and noltfication has been made by the execulor(sl lo the charity that a distribution will be made. or when a distribution is receNed from the estate. Receipt of a lega, in whole or in part, is only considered probable when the amounl ean be measured reliably and the charity has been notified of the executorfs intention lo make a distribution. Where legacies have been notified lo the charity, or the charity is aware of the granting of probate. and the criteria for income recoonition have not been mel. then the leoacv is a treated as a ContinTrt asset and disclosed rf material. dl Donatlons of glfts, services and facilities Donated professional servi$ and donated facilities are rwnised as income when the charity has eonlrol over the item or e1Ved the service. any conditions associated with the donation have been mel, the receipt of economie benefft from the use by the charity of the ttem is probable and that economic benefit Can be measured reliabty. In aordanCe with the Ch8fTb"es SORP IFRS 1021, volunteer lime is not recoonised so refer to the trustees. annual report for more information about their contribulton. On receipt. donated gifts, professional services and donated facilib.es are recognised on the basis of the value of the gift lo the charity which is the amount the Charity would have been willing lo pay lo obtain services or facilities of equivalent economic benefft on the open market,. a corresponding amount is then recoqnised in expenditure in the pefitrj of receipt. e) Interest receivablo Interest on fijnds held on deposil is included when receNable and the amount Can be measured reliably by the charity.. this is nomialty upon notificat.on of the interest paid or payable ty the bank. Fund accounting Unrestricted funds are available to spend on activities that fvrther any of the purposes of charity. Designated funds are unrestricted fiJnds of the charity which the trustees have decided al their discretion to set aside lo use for a specific purpose. Restricted ftjnds are donab.ons which the donor has specified ore lo be solely used for particular areas of the charity's work 01 for specific projects being undertaken by the charity. Page 7
THE COVENT GARDEN SOCIAL AND CRAFTS CENTRE ASSOCIATIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 A¢¢ountlnq poli¢ies (Continued) gl Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or eonstnJth"ve obligation lo make a payment lo a third party, il is probable that settlement will be required and Ihe arnounl of the oblvJation can be measured reliably. Expenditure is classified under the following activity headings". Costs of raising funds comprise of trading St$ and the costs incurred by the charity in inducing third parties lo make volunlary contribukn'ons lo it. as well as Ihe cost of any activitbes with a frJndraising purpose. Expenditure on charitsble aclivrties includes the costs of delivering services and other xlivrties undertaken lo further the purposes of the Charity and their associated support $ts. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT 1$ ¢harged a$ a ¢osl against the for whh the expendilure was incurred. h) Allocation of support costs Support costs are those functions that assist the Wofk of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel. payroll and govemance costs which support the Trusts artistic programmes and activities. These cosls have been allocated between cost of raising funds and expenditure on charilable ath"vits"es. The bases on which support costs have been allocated are sel out in note 6. 11 Oporating l•a$8s Rental charges are charged on a straight line basis over the term of the lease. jl Tangible fixed assets Depreciation is provided, after taking aecount of any grants receivable at the follchving annual rates in order lo write off each asset over rts useful lrfe". Building Wofk$ 10% straKJht line basis Bar Area Fumishings 20% reducing balance basis Kitchen Equipment 20% reducing balance basis C*eTing EqLFipment 20% reducing balance basis Office Equipment 25% straight line basis Seven Dials Club Ltd Plant & Machinery 25% straight line basis k} Debtors Trade and other debtors are rewgnised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. l) Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highty liquid investments wtth a short maturity of IhTee months or less from the date of 8equisilion or opening of Ihe deposit or similar account. ml Creditors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resurt in the transfer of fvnds tr) a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomally recognised at theif settlement amount after allowing for any trade discounts due. n) Financial instrumgnts The charity onty has financial asset5 and firn¢la4 liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recojnised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequenlty measured at am0.sed cost usinq the effeclwe interest method. Page 8
THE COVENT GARDEN SOCIAL AND CRAFTS CENTRE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Dotalled comparatlves for the statemenl of finan¢ial actlvltles 2024 Unrestricted 2024 Restricted 2024 Total Income from: Donations and Grants Charitable activitses Investment Income 74,402 265,041 137.339 74,402 2S5,041 137 339 Total income 476.782 476,782 Expèndlture on: Charitable activities 413526 413526 Total expendilur• 413 $26 413526 Net Income l expenditurn b•forn trnnsfe Transfers betsveen fijnds 63.256 63,256 Net income l expendlture Re¢onciliation of funds: 63,256 63,256 Total funds brought foTrvard Total funds carried fonyard 259817 259 817 3 In¢om• from donations and Grants 2025 Totsl 2024 Total Unrestricted Restricted Donations and grants 1S3.954 153.954 74 402 74 402 153 954 4 Income from charitable activities 2025 Totsl 2024 Total Bar Sales and Catering Income Assets Transfer from Seven Dials Total incorno from ¢haritsble a¢tivities 171.617 171.617 251.956 13,085 265 041 171617 171617 5 Inveslmgnt Incorno 2025 Total 2024 Total Unrestrithd Restricted Room Hire 138.734 138 734 138 734 137.339 137.339 Page 9
THE COVENT GARDEN SOCIAL AND CRAFfs CETrtnlE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6 Analysis of oxpondituro Basis of albcation Charrtable acbvities Support costs 2025 Totsl 2024 Total Direct Expenses Temporary Chef & Bar Staff Salaries & Slate Insuranee Pension Costs Staff Training & Recrurtment Costs Administra*'on Rent, Rates & SeNice Charges Repairs. rnaintenan & cleaning Light and Heat Insurdnce Depreciation Audit & Accountancy Fees Consultancy Fees Bank Charges Inte$t paid Bookkeeping Donation Advertising Direct Direct Direct Direct Direct Direct Usage Usage Usage Usage Direct Usage Usage Usage Usage Usage Usage Usage 102.228 16.278 139,550 5.640 663 12,57S 102,228 16,278 139,550 5.640 663 12.575 55.296 74,843 17.677 1.762 10.996 5,435 4,993 6,014 125,504 14,506 120,591 5,156 882 6.625 55,338 38,802 10,473 7,690 6,947 2.550 664 8,155 1S 4,392 5.000 236 413,526 55,296 74,843 17,677 1.762 10,996 5,435 4,993 6,014 4.741 3.590 2936 177.287 4,741 3.590 287.930 465.217 Support costs allocatlon 177,287 (177.287) Total gxpgnditure 2025 465 217 Total expenditure 2024 413.526 413,526 Of the total expenditure, £465.217 12024.. £413,526) was Unrestr1rt and £Nil12024: Nil) was strIcted. Page 10
THE COVENT GARDEN SOCIAL AND CIIAFf8 CENTRE ASSOCIATrOP NOTES TO THE FINANCIAL STATEMENTE FOR THE YEAR ENDED 31 MARCH 2025 7 Net IMom• I l•xp•ndbtur•l for the ye 2025 2024 This B stsbj after tharuing I l(aBdrtwl'. OepreryatK)n Indep8ndÈnl examiners fees 10,996 J,soo 6.947 2,55(1. 8 Analysis of stsff oosts. trus1•• r•mun8ration and exp•r, and G¢>st ol key rnanagerKnt perJk)nl costs were as folkTh¥s'. 2025 2024 Salartss and wages Sooal seojnty o)sts Empknyerfs 0)rthbthK>n to defined contrUlb ptn5bJn sdmÈs 133.21JO 115.870 6.350 4.721 5.156 145190 125747 No am0yea recaNed 7Woy88 t•nefts lexdLJw [loyer penwnl exceeding £60.OC#) duiino the ye¥r12024. No ernploye¢l. The totdl employ beneffts inejuding cont1trts aTrJ lOyS nath?Ml InCe ofthe key m•n•JYnt personngl re £67.78312024.. £62.3821. None of the trustees receNed any remuneralJn or rewnbvrseffnI for anyexpenses durirwJ the (W24.. £nll. No th8rity trustee receNed payrrEntfor profes$ional or other servths supplk8d to the carity12W24.. £nll. Thera 7 effpb)>ws duriThJ the year12024.' n. 9 Taxa¢lon The tharty ts exempt from CO>[51 tax ss all Is In¢ty ar•J forthartabkn PU0585. 10 Tanglbl• fix•d as8•ts Buildin9 Bar Af Fumkshin Kitehen Catsying Offl Seven qUient Equiwent Eguipn•nt D6aL8 P&M Totsl ¢05t At the start of the year Additions in year SP05a1s in year At the eryl ofthe y*af 55,699 69,413 35.307 5.781 14,201 17,163 197,884 35.307 17964 158365 Depre¢i#tion At the start of the year Charge forthe year Eliminated on disposal At Ihe end of the year $5.165 60.135 33,159 430 5.105 135 10,487 3,550 13.020 177.061 4,491 10.996 55 699 33.589 14017 17511 168.047 Net book value Atth• end ofth• y•ai 541 453 At Ihe start olthe year 534 676 4 143 20 513 l of th8 abo¥e 858ets are used for tharitab purpose5. Page 11
THE COVENT GARDEN SOCIAL AND CRAFPd CENTRE A88OCIATIO NOTE5 TO THE FINANCIAL STATEMENT£ FOR THE YUR ENDED 31 MARCH 2025 11 Debto 2023 2024 Trade Debtor Prepayment 20.103 13.031 12 Qreditorn: 14llinll du¢ within y¢•r 2026 2tr24 Tarde Qditt)r$ other taxes and sooal seojiity cost Other Credrto 17.868 10,257 3.800 15,456 11,824 2,548 29 828 13 An•ty¥is ol net¥xls be1n fvnds Total funth Tangib fixed assets Net current asset5 N•1 a88•18 a¢ th• •nd of th• y•ar 10,318 248 587 10,318 Anatysis of nel assets betn lunds 2024 Totsl fvnds Tangib fixed assets Net wrrent as98ts Net a55ets at the end of th¢ )ar 20.513 20.513 259817 259817 14 Movemwts in fvnds At 1 Apnl 2024 At 31 Mar 2025 InLXTh EYpenditur8 Tfan5fe Un.Restrid funds Gera1 fvnds 259.817 464.305 1465.2171 258.905 Total fvnth 259 17 48$ 217 M¢)vem¢nts in fvrtd$ 2024 At 1 Npn"I 2023 come Ewdilure TTan5fer5 At 31 Mar 2tr24 Un-RestriBtrd funds General fvTrJs 1¥T.561 476.782 1413.5261 259,817 Total fvnds 196.561 476,782 413,526 259.817 15 Related Pa transaGtions There were nts r&ted party trartr4acl#Jnsdurry th• yearl2W24'. r¥)nel. Page 12