THE SALMON YOUTH CENTRE IN BERMONDSEY Company Limited by Guarantee Registered Charity TRUSTEES, ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Company RegislratK*n Number 958986 Chanty Registration Number 278979 THE SALMON YOUTH CENTRE IN BERMONDSEY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 CONTENTS Page 1. Trustees. Report 2-10 2. Independent Auditors. Report 11- 13 3. Statement of Finanoal Activities 14 4. Balance Sheet 15 S. Cash Fbw Statement 16 6. Notes to the Financial Statements 17-26 "Inspiring all young people to fvlfil Ihwrpotential and contnbute to the Gommunity within a framewort( of Christian life and values" TFIE SALMOhl YOUTH CEblTRE IN BERMONDSEY EFJnP j. Aili[) FlThliifiif'iAL ) r.4 I"'.=PJlFiill"" CiP jHI": 'l&IlV &hlDEL) 3 1 DhAPf."ki jod i Company rng18tratlon nUm￿r. 958986 Charlty reglstratlon numb•r. 278979 Trn8tee1: D.C. Greenwcod (Chair) M. ASk¥￿th (Relired 29 January 2022) C. G Bauer Dr. H.F. Crov R. S. Gleaves RICS Kazim P. Knight FCA S. Manwel Rev. Dr. R.W. Mayo {Retired 10 October 20201 M. Skelt (Honorary Treasurer) Flnance Commlttee: P. KnNJht FCA A.D.C Greenwocmj R. S. Gleaves RICS In attendance.. S. Ad¢Jfo C. Bascom (Chairl (Director} (Fwiance Dir￿rI Company Secretary: S. Adofo Prlnclpal ¢)ffic• and R•gistsred offlc•: 43 Old Ro•J London SE16 4TE Audhorn: Haysmacintyre LLP Chartered Accountants 10 Queen Street P*e, London EC4R 1AG Bankern: Unrty Trust Bank Nine Brindleyplace Binningham B12HB Governlng doed: Cles of AS8￿￿9￿0n TklE SALMON YOUTH CF.NTRE Ifvl BERMONDSEY PEpf)Fi r. All1￿ klillAIVK-IAL STA rFM,'= ill fi r)p. r,'i£." 'K&ArJ, EhlK_)ED i I ￿￿1,:￿JGI4 iQ 1. TRUSTEES, REPORT The Tru51ees. who are also the Director5, present their reF*Xt and the audited financial ststements for the year ended 31 March 2021. The financial statements have been prepared in accordan¢e with the Statement of Recommended Pracb'ce 'Accountsng and Reporting by charit￿5,, appI￿able law and the Charity's goveming document. Reference and Administrative informabon is shown on page 1. Public 8•nefit The Trustees confirm that they have had regard to the Charity CommissKJn's guidance on Public Benefit in planning the charity's aims. aCtIwt￿ and future plans. 1.1 OBJECTIVES AND ACTIVITIES Our Wi•ion (descri￿.n9 what we seek to achieve arKI the drfference we seek to make through our workl At the Salmon Youth Centre, we aim to inspire all young people to fulfil their potential and contribute lo their community wrthin a framework of Christian values. Our Mi88lon (describing what do) At the Salmon Youth Centre, V*e". art open to and we1¢ome all young peO￿e and Iheir families- provide open-a¢¢ess, targeted and spe¢Jalised youth work ¢p￿unIties. which a￿ safe, enjoyabk, challenging and edu¢ational, strive to buikl long-term relat￿nshIpS that inspire young people to develop their ambitM for learning and work. relevant skills and healthy lifestyth. Our Activities The Salmon Youth Centre has teen ￿a¢hIng out to young people and their families in inner city London for 115 years from our site at 43 Old Jam&ca Road. We inspire young people to reach their potential and contribute to their Communitios. We promole positive change in young people and support their transibon to adutthood in three key ways.. Improving young people's h••lth and wollbolng, P￿parIng young people for •duratlon and work. Involving young people in positive ¢ommunlty engagement Al Salmon, we provide g•n•rle youth work for young people from age 6 to 25 across sesstons including adventure. art. dance, drama, music and sports. Alongside this, we delrver targ•t•d youth worf( prow$b)ns induding." an appr¥nti¢oshlp schem•, offering young people the opportunity lo study and work,. Harmonies of Hope, our youth musl¢ emFowemient programme., Mentorlng. one-to-one support for young people, induding our d18ablllty befrlendlng schemes,, Mixables and Mixters. our work wth young wplo wlth dlsabllltles; work oxperlence and student placements, offering training opportunities in youth work.. our Young L•ad¢rn' programme• youn9 people volunteering at Salmon and working towards their Duke of Edinburgh Award. 1.2 ACHIEVEMENTS AND PERFORAIANCE The year to 31 March 2021 has been unlike any other with COVID affecting our lives in ways we could nev8r have expected or imagined. Salmon was forced to dose the Youth Centre for face-trpface youth work on 211t March 2020 and it remained dosed until July 2020 when we re-opened briefly. Further penods of national lockdown required us to close again at the end of Ocloter 2020 through to the end of the financial year (apart from a brief respite over the Christmas perKxJl. Overall. we were only able to deliver 12 weeks of centre-based face to face youth work. THE SALMON YOUTH CENTRE IN 8ERMONDSEY r4LpfJKJ'f AIIID fil}IIAIVC.'lJll_ STA-, FPA&l¥l i Fi JP I '/L-Aie E.NDED 31 dfj Most of the children and young peop￿ who come to the Salmon Youth Centre are disadvantsged and live on the surrounding coun￿4 estates as well as in parts of Cambefftll and Peckham. These areas are in the top 10 to 20% of the most depriveé neighbourhoods in England. Many of these young people are exposed to adverse childhoc*l expriences (ACES) in their homes. For example, they may exFerience dornest￿ violence, have a parent wrth a mental health condition, be a vidim of abuse (phys￿1, sexual andlor emotional}. be the victim of neglect (physical and emobonal), or grow up in household in which there are adults experiencing alcohol and drug problems. Our task is to ￿￿ce the risk of Vulnerab￿ young Feople becoming s(Kially excluded or marginalised. Our work is preventative, whereby we engage young people at the first s￿n that they need support. In this way we reduce risk and build resilience by ensuring that the key factors that young people need a￿ available in their lives. The long-tern nature of our work affords an in-depth understanding of local and social issues affecting children, young people and their families. We are often the bes1-plac&Y organisation to provide positive early intervention and support for the most vulnerable chiklren and young people. Of th8 young people we SUPFQrt, around 47% a￿ young carers. 15% are looked-after Child￿n or have recently left the care system and 80% have one or mre ACES. The vast maionty are at hwJh risk of ￿CoMing NEET {nol in educath?n. empbymenl or training) or are al￿adY NEET. We Gurrenlty work intensively with approximatety 120 young peO￿e aged 6 to 18. %tho are at h￿h risk of engaging in crime or who are already caught up in crime. Tho impact of Covld-19 on our young peoplo Despite lockdown and Covid disruption we delive￿ $28 hours of youth work seswrJ)s to a total of 594 young people, opening every night Monday through FrKlay. We opened 4 new dubs and expanded on our existing work supporting &11s1187 young people}, 11-16s 1109 young people). 4-19s1237 young pea￿e) and19-25 age groups161 young people). These included our disabled young people. Young Leaders and Apprenti￿. During the period we were open we delNered 256 youth work session and had a total of 4422 attendan￿. H•alth and Wollbelng The stslislics show that bets￿en 4.00 pm and 7.1)) pm. or after school. is the most dangerous time for young people lo be on the streets where they are most at risk of becorning involved in knrfe crime. Gang grooming takes place outSKle fast-food shops when young people are hungry coming out of ￿h0O1. In Septemter 2020. Salmon adopted a new way ofworking by opening our Youth Centre at 4.00 pm (previously 6.00 pm) on 4 n(qhts a week. On each evening, we provide our young people y￿th a heatihy meal Ino charge) and a safe place to explore their skills and talents. Using our fantastic Stale of the art building, young people are able to explore healthy eating in our kitchen. use our art. dance and music studios to leam new skills lo enhance their personal and sooal development. We extended our opening hours until 10.00 pm for our 14+ young people eX￿oring, ernployakn"lty, healthy relkn'onships and good hearth and wellbeirrfJ. Addressing Poor Mentsl Health During l¢xkdown we spoke to many young people who were struggling with poor mental health. panK attacks, anxiety. self-hann and suicidal thoughts. Salmon also provided training for staff to educate them on the effects of lockdown. to better enable them to get alongside those young peopb who were struggling with mental health issues. In some cases. Salmon provided 1•on-1 support and directed them Irhvards the professional servicès that can provide further support. Salmon continued to make a wethming space available and provKled wykshops in the clubs for teaming about the 5 steps to wellbeing.. Be Active. Keep Leaming. Gr¥e, Take Nth"ce and Connect. "rHE SALMOhl '(ou rH CENTRE IN BE.RMONDSEY iJ&H()P I. AIVD I-'INA.hlr.'i￿.& a IAF&Mfrhl IJ F.r)R I 'lr-"AP &hlDE.I) S I hAAFJ!'Fl Éok i Addw$ing Hiqh Obesty Rates Lo¢kdown rneant litue or no exercise for many young people but easy access to cheap anrj unhealthy fast-food obesity rates increased. Salmon provided 1.827 free healthy meals for dub members an provided them wlh the opportunity of three to four hours a night of phystsl activity making use of our top- class sports hall. outdoor climbing wall and multi￿Ym. New sports such as wallball were introduced in this period, following appropriate staff training. Young people aLw had th8 opportunity to learn new skills in tennts. trampoline, clirnbing and adventure. basketball and football. Edu¢4llon and Work Homework Club Young people's education also suffered during l¢xkdown. Many have fallen behind hwth school work and those struggling in school often had Irtue or no home schcctling. therefore falling even futher behind their peers. Not all parents have the time or ¢apa¢ty to support their child's eduCat￿n. Salmc>n provided a total of 82 homework clubs. hiring 8 new volunteers, to support young people in their studies and provide private tutoring. One of the most urgent issues to be addressed post-ktkdown is that disadvantaged young people in our area have lost so much schooling. Local schools tell us that they cannot make up for missed teaching time, but instead must focus on the next aspects of the curriculum. Although we understand this, we know thal this approach coukl be potentsally disastrous for rnany young people. most of whom, for reasons such as a lack of IT equipment. poverty, overuowding and lack of parental SUPFQrt. have had Ititle or no home schooling. We fear, sadly, that this lack of schooling wll pky out as poor behaviour wi the classroom disrupting other students. leaming, ￿adIng to a spale of expulsh?ns amongst disadvantaged young people. These expulsion$ will. in turn, lead lo increased slress and pressure for struggling and Vulnerab￿ famil￿ and will increase the likelihood of yourwj people bwng groomed by criminal gangs Ai these issues need to be undersloc¥J and addressed together from the support that a young person needs to catch up in school lo the types of intervents'ons that Salmn can provhle lo support schools. through lo managing family stress so that he likelihoc#J of young peopk being drawn into crime is reduced Training Apprentices Apprentices come to Salmon eilher b￿aUSe they specifKalty want to train as youth y•￿TkerS or. more commonly. because they have become disengaged from education or work and need direction. Many face multiple difficulties in their day-to-day lives, such as homelessness, separation from families. mental health 15sues, financial problems. discrimination, or invofvemenl with the criminal justice system, disability, chaolic horne lives and bereavement Salmon provides an environment in which our Apprentices can get involved wth all the youth work sessions we deliver. They are a valuable part of our team arKI. being closer in age lo our young people. are often able lo relate to them in a drfferent way. We continue lo laib)r each Apprenti￿,$ experience to their likely future career direction by ¢￿atIng suitable training opportuniljes. We also enable our Apprentsces lo gain work ex￿e￿nCe outside Salmon and seek to develop their personal, social and lrfe skills. Considering the multtple drfficutties that many of our Apprent￿ face. it is a great achievement that most of them move on into employment or further edu¢ats"on after leaving Salmon. We contsnue to support those who are still looking for their next step. During the year. Saknon supptyted 14 Apprentices from a diverse variety of backgrounds and situations. THE SALMOhl YOUTH CEN'fRE IN BERMOPIDSEY P¥.P(JKJ r AIIID kli',l*liiif'iill. .)"lsl TEtlAFI.JT'.) FfJp i HE 'IEAP ￿￿10￿D .?1 IlAiipf"Ii 102 1 Communlty Engagement Open Access Clubs 19 6-11s sessions vme delivered wilh 857 atteThlarte$. 53 11-16 sessions were delivered wth 970 attendan¢es. 31 14+ sessions were delivered wrth 738 attendan￿$. 14 Disability sessions were delivered with 190 attendances. Mentoring During lockdown, we increased our mentoring provisk)n in support of our most al-risk young people, 18 of whom received 1-10-1 mentoring outside clubs sessions. This was in addition to our regular mentoring provision within club sessKsns. where staff members SFend 15 minutes each week with the same young person discussing personal deveh¥ment and support INe delivered 351 Ment￿ing sessions involving 30 young Feople. Residentials, Trips and Holiday Adivities. The Salmon Youth Cenlre ￿-opened in Augusl 2020 with a four-week holKlay provision during August. 141 6- 13-year-olds and 196 young people a9ed 14+ p8￿CIpated in the 24 youth work sessions that were de5ivered. Week one of the holiday provision was oversubscribed as we had to limit numbers to ensure Compliance with Covid pre¢aulions. A number of our Young Leaders helped lead the sessions alongsbye Apprentices and Stsff. Aclivrties included trampolining. climbing. sports, arts and many team challenges. Each day ther& was sbt expbring the Chrisban faith. The highlight of the summer s¢heme was a visit to the London Zoo. Young Leadefs Young Lea¢JefS is our leadership programme for young peopk aged 14+ They volunteer for at least one Club session each week and attend weekly training meeting$. The Young Leader5 are a real asset to Salmon because they provide a wlal bridge belween our youth workers and the young people attending our Sessions. Family Work Although advocating for young people and their families has akvays been an important part of our work, the need for adv¢XW became even more evident during Ic¢kdown. Having ¢losed Ihe Youth Centre, we maintained weekly ¢onta¢t with Vulnerab￿ young people and their families. Parents, appre¢iation of this weekly communicaty'on highlighted the po$￿Ve view thal Pa￿nts have of SYC. We observed that the rel*ional and non-judgmental nature of our work has earned us much trust and ¢on (CUM Trust Limited). New Articles of Association were adopted in October 2014. In the event of being vKund up, members may be required to contribute an amount not exceeding £1 each. Organlsatlonal Structure The Trustees normally meet 6 times a year. There is one fomal sulKommrtlee. namely the Finance Committee, which aims to meet three ts'mes a year to review the finan￿al Frt)sition in detail. The Financa Committee is chaired by the Honorary Twsurer. Rocrultment. appolntment and electlon of Tr￿t•0¥ Trustees are elected and reoleeled at the Annual General Meeting I"AGM"I. A third of existing Trustees must retire by rotation al e￿h AGM. New Trustees can k appointed during the year, but they musl then b8 elected at the next AGM. In searching for new Tmstees, the Trustees. whilst recognising diversity issues. look for people who ara committed to the Christian ethos of the ofganisats"on, who have relevant skills and experience as well a$ the time to fulfil the duties effectively. At present the Trustees are seeking to apF(Jinl new trustees with bLtsines$, commercial and fundraising experience, human resources management experience and connections with the City of London. Induction, training and other forms of supp)rt are offered to new and exi8tsng Twstees, both specific to the Organisat￿n and ￿lating to the general duties of charitable trustees. Councll of Refer•nc• This is the informal name given to the members of the charrtable company. They are admitted into membership by the Trustees. They have the nght to attend and vole at the AGM. There are tsvelve members of the Council of Reference. in additson to those nine who are Trustees. The Art￿leS of Assocwb'on restrict the maximum number of members of the company to 30 (of such greater number as the Trustees may resolvel. Members of the company must SUPF4)rt and continue to support the objects of the company. Employ•0 rnmunorallon The pay of the Charity's staff including Ihe Director is reviewed annualty and linked lo Nab'onal Joint Council INJCI and Joint Negolialing Committee {JNCI pay s¢a*. Al in¢￿ase$ are direcuy linked to the NJC and JNC pay awards. In view of the nature of the Charity. the Trustees consider that this is appropriate. Fundrnlslng Salmon does not receive a sunrfThnt propybon of its income from public fijndraising. However, the Tnjstees aim to follow best practice wherever Fossib￿. Rlsk manag•m•nt In lin& with best practice. the Trustees rwew the major risks lo which the organisation is exposed al least once a year and keep the risk register under regular ￿vIeW_ The major risks facing Salmon that could affect its ability to maintain its operations at the current level are.. Buildings risk- financial los$ arising from the obligation to replace combustible cladding l￿ferred lo on pages 7 and 8 above) Financial nsk- loss of fvnding from grants {many of which are of short-term duration} vrithout replacement., Human Re$our¢e$ risk- shortages of appropriately qualified staff and volunteers., Reputstional risk- failure of child protection and safeguarding pOl￿e$. THE SALMON YOUTH LENTRE IN BF.RMONDSEY r!&-iJ<)P, l AhlD Fif%iANf.-iAI_ o rk. IEOAriV CS fjQF! ri IF_ IEAP L.NDEL) 31 MApr"pi èrJE I We seek to mil￿ate the finawal risk by implementing agreed quality c4)ntrol$ ￿th regular reporting lo funders. Regular staff appraisals and targeted training mitMJate the human resources risk and strict procedures on safeguarding, including DBS checks for all Trustees, staff and volunteers. mTb"gale the reputational risk. Code ot Govefnan¢e The Trustees aim lo compty. as appropnale. the priwples set oul in the Charrty Governance Code. A comprehensive set of policies and procedures is maintained and re¥￿d on a Cy￿￿1 basis. 1.5 STA TEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are aL￿ the Direclors of The Salmon Youth Centre for the purposes of company lawl are responsible for preparing this report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts'ng Practice). Company law requires the Directors lo prepare financial statemellts for each financial year whth give a true and fair view of the slate of affairs of the charitable Company and of the incoming resources and applicabon of resources, including the income and expenditu￿ of the chantable ath"vth'es for that P8n'od. In preparing these financial statements. the directors are required to.. select suitable accounting pOI￿aeS and then apply them consi8tentty. observe the meth¢)ds and ofthe charib.es SORP. make ILMIg￿ts and estimates that are reasonable and prudenL stste whether applicable accountrrg stsndards have been folh)wed, subject to any material departures discI￿ed and explained in the financial statements. p￿pare the financial statements on the g￿ng ￿ne￿n basis unless il k8 inapproprHte to presume that the ¢ompwy wll continue in operation. The Oirectors are re$Fon$ible for keeping proper accounting recA)rds th* disclose with reasonable accuracy at any lime of the th'nan¢ial posrtion of the charitable company and enable them to ensure that the financial statements comply wth the cornpan￿ Act 20C6. They are also responsible for safeguarding the assets of the charitable company and henco for ts￿ng reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Directors 1$ aware at the b'me Ihe report is approved." there is no relevant audrt informalh)n of which the Company's audrtors are unaware,. and the Directors have taken all steps th* they ought to have tsken to make themselves aware of any r&￿vant ￿dit inf0nnabC￿ and to estsblish that the auditors are aware of that infomiation. Small Compani08 Provlslons In preparing this report. the Trustees have taken advantage of the small companies exemptions provhled by se¢tion 415A of the Companies Act 20LK. Board .C. Green Chair- on behalf of the Trustees 43 Old Jamaica Roa London SE16 4TE 5 April 2022 10 THE SALMON YOUTH CEMTRE IN BERMONOSEY p&.prJR I" ANifJ fiillADI(.-IAI. .% T A fL-HIfvN? T, Ic ENDE.0 37 M*lPnH dQ¥l 2. INDEPENDENT AUDITORS. REPORT Oplnlon We have audit￿ the financial statements ofThe Salmon Youth Centre in Bermondsey for the year ended 31 March 2021 which comprise the SLgtement of Financial ActNities. the Balance Sheet. the Statement of Cash Flows and notes to the financial slatements. including a summary of signfficanl accounting policies. The fi'nancial reporting framework that has been aPPl￿d in their ￿paratIOn is applicable law and United Kingdom Accounting Standards, including Financial Reporb"ng Standard 102 The Financial Repo￿n9 Standard applicab18 in the UK and Republic of Ireland (Unrted lfjngdom Gen8ralty Accepted Acctiunting Practice). In our opin￿n, the financial statements- give a true and fair v￿W of the stale of the charitable ¢ompany's affairs as al 31 March 2021 and of the ¢haril8ble cornpanys nel movement in funds. including the income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in a¢¢ordan¢e V*4th the requirements of the Companies A¢1 2006. Bas18 for oplnlon We conducted our audit in accordance wth International Standards on Auditsng IUKI IISAS {UKII and applicable law. Our responsibilities under those standards a￿ further descnbed in the Audrtor's responsibilities for the audit of the financial statements SeCt￿n of our feporL We a￿ independent of the chanty in accordance wrth the elhral requirements that are relevant lo our audit of the financial statements in the UK. induding the FRC'S Elhi¢al Standard. and we have fvlfilled our other ethical ￿Sponsibl1rtles in accordance wrth these requirements. We believe that the audrt ewdence have obtained is Sufficient and appropriate to provK4e a basis for our opinion. Concluslons rolatlng to going concern In auditing the financial slatemenls. we have concluded that the trustees, use of the wng concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfoffned, we have not identffieé any material uncertainties relating to events or condition5 that. individually or collectively. may cast signfficant doubt on the charitable company's ability to continue as a going concern for a perio(l of at least months from when the financial statements are aulhorised for issue. Our responsibilities and the responsikmlities of the truslees with ￿Fect to going concern are described in the relevant sections of this report. Empha818 of matter. ¢ontlngont Ilablllty rngardlng combustlble claddlng We draw attention to the contingent liability regarding combustible cladding, which is described in note 19 {Conlingent Liabilrtyl on page 26. Our opinion is not mc#Jified in respect of this matter. Other Infomiatlon The trustees are ￿$￿)nsIble for the other infonnation. The other infomation comprises the inf0m1at￿n included in the Trustees, Report. Our opinion on the financial statements does not cover the other infomalion and, except to the extent otheN4ise expliThtly stated in our report. we do not express any fom of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to ￿ad tl)è other information and, in doing so, consider whether the other info￿a￿On is materially inconsistent with the financial stalernenls or our kno￿edge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslalement 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 matenal misststement of this other infomiation. we are reqUI￿d lo report that fact. We have nothing to report in this regard. 11 "IH£ SAI.IJION YOUTH CEINTRE Ibl BERMONOSEY Jtr,, f A￿1￿) i."IhJAiiiniAII $7"A IEIlA&Il} I. Oplnlons on other matterd prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatKin given in the Trustees. Report (whKh indudes the dI￿lor5, report prepared for tho purposes of company LAW) for the financial year for which the ffinancial ststements a￿ prepared is consistent wth the financial ststements", and the directors. report induded wilhin the Twstees, Rep)rt has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by •xc•p In the light of the knowledge and understsnding of the charrtable company and rls environment Obtair￿ in the course of the audit. we have not identffied material misststements in the Trustees, Report {which incorporates the dIr￿torS, report). We have nothing to report in ￿Fect of the following matters in rekqtion to which the Companw Act 2C4J6 requires us to report lo you rf. in our opinion.. adequate accounting records have not been kept by the charitable company,. or the charitable company financial stalements are not in agreement wth the a￿nting ￿COrdS and relufns,. or certain disclosures of twstees. remuneration $pe¢ifEd by law are not made.. or we have not received all the information and explanakn.ons we require for our audit. the directors were not ents"Iled lo prepare the financial statements in ￿COrdanCe with the small companies, regime and lake advantage of the small companies, exemptions in preparing the directors. report and from the requirernenl to prepare a strategic rewrt Ro8pon•lbllftlo8 ol tru$tO08 lor tho finan¢ial 8tstsmont• As explained MO￿ fvlly in the trustees, responsibilib'es statement set out on page 10. the trustees (who are also the directors of the ¢haritabb cornpany for the purposes of company lawl are responsible for the preparation of the financial statements and for being sab"sfEd that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable the preparats'on of financial statements that are free from material misstatsment, whether due to fraud or error. In preparing the financial statements, the trustees a￿ responsible for assessing the charitable company's ability lo continue as a going ¢on¢em, di$¢lo$ing, as appluble, matters related to going concern and using the going ¢on¢ern basis of ac¢ounting unless the trustees erther intend to Iw4UKlate the charrtable company or lo cease operations, or have no r&alIst￿ atsmative but to do $0. Audltorfs respon8lbllltle8 for the audtt of th• flnan¢lal $tst•m•nts Our obje¢lives a￿ to obtain ￿0$Onab￿ assuran¢e about whether the financial ststements as a whole are free from material misstslement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hKJh level of assurance, but is not a guarantee that an audit conducted in accordance with ISA$ IUKI wll a￿ayS delect a material misstatement when il exists. Misstatements can arise from fraud or error and are COns￿ered material rf. individualty or in the aggregate, they could reasonably be expected to influen¢e the economi¢ decisi￿$ of users taken on the basis of financkil statements. Irregularities, including fraud, a￿ instances of nOn￿¢0mplianC*Wrth laws and regulat￿Tr$. We design procedures in line wrth our responsibilities, oudined above, io detect matenal misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. Based on our underyJtanding of the charitsble company and the environment in which it operates, we identified that the prin¢ipal risks of nOn-￿mplI8n¢e wth kws and regu￿tK)nS related to safeguarding regulations, employment law, the use of ￿$tr￿ted funds and Chanty Law, and we cor¢sidered the extent to which non- )MplIan￿ might have a material effect on the ffinanual staternents. We also considered those laws and regulations that have a direct impact on the pRparatth of the finan￿al statements such as the Companies Act 2006, Charities Act 2011 and Charit*s SORP. We evaluated managemenys i1￿ntiVeS and opportunities for fraudulent manipulatson of the financial $tstemenl$ linduding the risk of override of controls). and detennined that the principal risks were related to recognition of income. Audit Pr¢xedu￿S perfom*d by the engagement team induded: Inspecting minutes of Tnjstees. meetings" 12 THF. SALIMON YOUTH C.ENTRE IN BERMONDSE'I P.F-_FJrJp. r Ii,'IID Trlf'lAL. .) l A T'L-IllLf,I I. r JF) Tkig /L.AP, LIllDf-0 37 MAFtr.'r.' godl Reviewing allocations and disclosures relating to restricted funds.. Discussions management induding consideration of known or SUSF*rted instances of non-compliance with laws and regulation and fraud: Evaluaty'ng management's Controls desKJned to prevent and detect Irregulant￿S., and Identifying and testing journals, in part￿ulaT Joumal entries wsled wrf(h unusual account combinats'ons or with unusual descrip1K￿s. and those posted around the financial year end. A further description of our respongbilit￿s for the audit of the financial ststements is located on the Financial Reporting Council's webwte at vrnw.frc.or .ukl uditorsres e& This descripts'on forms part of our auditorfs report. Use of our report This report is made SO￿lY to the Charitab￿ companls members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our auditwork has teen undertaken x) thalwe might state to the charitable company's members those matters we a￿ required lo stste to them in an Audilorfs report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility io anyone other than the charitable company and the Charitab￿ compatys members. as a body. for our audit work, for this report. or for the opinions we have fonned. Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP. Statutory Auditor5 10 Queen Street P￿ce London EC4R 1AG 14April 2022 13 THE SALIMOII YOUTH CEblTRE IN BERMONDSE'I PEPij,ry r iiNIl) r :'IVril'.lrti*li_ STil i E"MkfiiT) FCJF., I"hlE /FAP. E￿iDE.D * I DAAP.CH 31jj I STATEMENT OF FINANCIAL ACTIVITIES INCOME AND EXPENDrruRE Unrostrl¢ted fund8 General Designatod Ro8tritt•d funds 2021 2020 Not• In¢om• from Donations and legacies Charitable activities Other trading acliwts'es Other 151.444 184.427 102,148 162 151,444 720.936 102.148 162 276,474 444,431 143.953 829 536,509 Total Incom¢ 438,181 536,809 974,690 865,687 Exp•ndltur• on Raising funds Charitable aclr¥it Building deprecialv)n 74,880 65.417 74,880 793,350 182,078 35.853 818.130 182,078 727.933 182.078 Totsl •xpondltur• 140,297 182,078 727,933 1.050.308 1.036.061 Not In¢om•l{•xp•ndlturn) 297.884 {182.0781 (191.4241 175.6181 (170.374} Transfern between funds 12 (313,748) (14.4001 328,148 Nel movement In funds (15,864) 1196A78) 136,724 175,618) (170A741 Fund balances broughl foThYard at l April 2020 294.346 7.353.580 92.402 7,740.328 7.910,702 Fund balanc¢8 ¢arrled fornard at 31 March 2021 £278,482 £7,157,102 £229,126 £7,664,710 £7,740,328 All transactions a￿ derived from continuing activities. AJI recognised gains and losses are induded in the Siatement of Financial A¢tNlties. The accompanwng notes fomi part of these ftnancial statements. Full comparative fvJur8s for the year ended 31 March 2020 are shown in Note 18. 14 rHE SALMON YCIUTH CENTRE IN BERMONDSEY PEi)ni[! l AIIIL) i. l!',I,,.11.ICIAIL 8 Ill IL-MF.hl [=. Fcif.; THE V,- 'F) fj.f4ni"i3 3 I IblAPI.'H ?fJi I BALANCE SHEEf AT 31 MARCH 2021 Company No. 958986 2021 2020 FIXED ASSETS Freehold land and build#)gs Other fixed assets 6.899.886 43.015 7,081,964 60.125 6.942,9)1 7.142.089 CURRENT ASSETS Debtors Cash al bank and in hand 10 220.965 576.3( 181.490 456.369 797.271 637.859 CREDITORS: amounts lalllng duo wlthln one year 11 {75.462} {39.6201 Nel Curr?nt A88ets 721.809 598,239 NET ASSETS £7.664.710 £7.740,328 FUNDS Restricted funds Unrestncted funds.. Land and Buildings fund Jim Guild Legacy fund General funds 13 229.126 92,402 6,899,886 257,216 278.482 7,081.964 271.616 294.346 12 7.735.584 7.647,926 £7.664.710 £7,740,328 Approved and authorised lor issue by the Trustees on S April 2022 and signed on its behalF.' A.fs A.D.C. Greenwood Chair of Board of Trustees eter Kn￿ht Honorary Treasurer The accompanying notes fomi part of these financial statements. 15 THE SAL.MON YOUTH CETrITRE IPI BERMONDseY 6pnpT *.￿11￿ Fif,I,lillf-lili i r.4 1 &'McNf.i F--OP Thlc Yrlir,. ENDEU 3 1 OA31FftnH 202 1 CASH FLOW STATEMENT 2021 2020 Cash Ilow8 from op•ratlng actlvttles: Net cash provided byllused in} operah'ng acbvit 120,916 (62,9931 Cash flows from Inv•stlng actlvllles: Interest income Adjuslment tol{purchase on fixed assets 162 11,1411 829 841 Net ¢a8h u8ed In Inve8tlng actlvttl•s (979} 1.670 Change in cash and cash equivalents in the reporting period Cash and ¢ash equivalents al the beginning of the reporting period 119.937 456,369 161,3231 517,692 Cash and ca8h equlvalents at the end of the rnportlng perfod £576,306 £456.369 P40TES TO THE CASH FLOW STATEMENT 2021 2020 Ro¢on¢iliation of n•t In¢omo to n•t cash Ilow from operatlng activitie Net expendi(ure for the reporting period AdjLt$lments for". Increase in debtors Increaselldecreasel in ¢￿dItorS Interest income Depreciation Charges 175.618) 1170,3741 139,476 35.843 11621 200.329 (79.5811 {15.4451 18291 203.236 N•t ca•h provlded byl{used in) operating activitie• £120.916 £162.9931 Anatysls of cash and cash equlvalents Cash at bank and in hand £576,306 £456.369 16 'rFIE SALMI OFI You'fH CENTRE IN BERMONDSEY p.&prJp. T AIIID Fl!IIAiiif'iAIL $7"tl"Ik,,IA[Ill r)P ltrlE-. cNI)cD i I Il*APfH 2f)è I 1. NOTES TO THE FINANCIAL STATEMENTS ACCOUNnNG POUCIES Basls of preparatlon The financial statements have been wepared in ac(x)rd￿ce ￿ A(xounting and Reporting by CharitEs.' Statement of RecommeTrJed Practic£ applicable lo charities prepanng their accounts in accordance with the Statement ol Recommended Practice for Charities {SORP 20151 (Second Edits'on, effective 1 January 20191, the Financial ReFXNting Standard applicable in th8 UK and Republ￿ of Ireland IFRS 102) and the Companies Act 2006. The Salmon YrArth Centre meetsthe definthn ofa public benefft entsty under FRS 102. Assets arKI Irabilil are initially WC¢Jnised at histor￿1 ¢x>sl or Irar)s&lion value unless olherwse stated in the rekvanl a￿OuntIng policy nolels). Preparatlon of financlal statements on a golng conc•rn basis The Trustees have reviewed the budgets and cash flow forecasts for at least 12 months beyond the date of signing these financial statements. Having reviewed the cash flow forecasts and budgets for the year 10 31 March 2023, and for the reasons given in the Trustees, Report on pa9es 7 and 8, the Trustee5 consider it appropriate to prepare these financial statements on the basis that the Charity continues as a going Col￿eM for the foreseeable future. Crltlcal accounllng Judgements and estlrnatss In preparing these financkil statements. management has madejudg8mentS, 8stimate5 and assumptions that affect the appI￿atiOn of the charity's accounting Folicies and the reported asset5, liabilities, income and expenditure and the disclosures rnade in the financral ststements. Estimates and judgements a continually evaluated and are based on hisioncal exPer￿nce and other factor5, including expectations of future events that are telieved to be reasonab￿ under the circumstance5. Fund accountlng Unrestricted funds comprise accumu(ated surpluses and defirJts and are available for use * the discretion of the Trustees in furLherance of the general charitable obJ"e¢tives. Restrthd funds comprise grants received for. arKI their use ￿$tricted to, spe¢fft purposes. as specffied by the donor. Income recognition l income is recognised once the charity has enbtlement to rlcome. it ts probable that inc4)me will be received and the amount of irKome r￿l¥ab￿ can be measurwj reliably. Donallons and legaci Donat￿nS and gifts and are recognised in full in the Statement of Financial Activities when there is entl￿eMent. probabilty of receipt and the amount of income re¢eNable can be measured reliably. Grants Grants are recognised in full in the Statement of Financial Acb'vilies in the year in which the charity has entitlement to the income, the amount of inccme re¢ervable can be measured reliably and there is probability of receipt. Incorn• from Charitable •¢tivltlos Income from charitable xb"vib"es is recc¥Jnised as eamed as the related seNi¢es are provided. Income from other trading activities is reccgnised as eamed as the related gc*)ds or se￿￿£$ are provided. Exp•nditure Expenditure is accounted for on an a¢¢rual$ basis and indudes irrecoverable VAT which is reported as part of the expendrture lo wh￿h it relates. Costs of rdisirKJ fvnds are those wsts incurred lo raise voluntary income and costs of trading activths for the purF¢se of ratsing funds. Chartsble exFenditUfe relates to costs incurred in delivering the ¢haritls actiwties and $wices to its beneficiarEs. Govemance costs are ￿$ts incurred in rneetirKJ the conststuticfial and ststutory requirements of the tharity. 17 THE SALMOII IOIJTH CF.Tri fRE IN BERMONDSEY I--JLKJf)li.' [ fjillij { jiVAillflAL i rt.. IrilJlcN I- ) FCJP TklF" /E.slP EIliLiEiJ J I IlL¢IlPLI.1 21)21 Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments wilh a short maturity of three months or less from inception. Debtors Short tenn debtors are measured at transa¢twM price. less any impaiment. Deprnclatlon Depreciation is calcutaled to YKite off the cost of fixed assets over their estimated useful lives using Ihe following rates.. Freehold buildings Fixtures and fittings Motor vehicles - 2% straight line basis 15% to 33 113% strawJht line basis - 25% straight line basks Freehold tand is not depreckated. Crndltorn and provl8lon$ Creditors and provisions are recognised where the charity 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 obligalion can be measured or estimated reliably. Credrtors and provisions are normally reGognised at their sethement amount after allowing for any trade discounts du&. Efflployoe benefits: Short terni beneftts Short term beneffts including holiday pay are recognised as an expense in the peri¢xI in which the serwce is received. Employee temilnatlon benefrts Teminatijn benefits are accounted ijn an axrual basls and in line V￿1h FRS 102. Pen8lon• The charity operates a defined contribution pension scheme. Contributions are charged to the $latemeftt of financial activities as they become payable in ￿OrdanCe with the rules of the scheme. Fln•n¢l•l In$tNmonts The charity only has financial assets and financial liabilities that qualify as baslc financial instruments. Basic financial instruments, including trade and other debtors and credrtors are initialty recognised at transaction value and subsequently measured at their setuement value. DONATIONS AND LEGACIES 2021 2020 Consists of donations from.. Individuals Churches Corporate and Events Legacies 97.419 12.826 24.999 16.2C 265,143 8,330 3,001 £151,444 £276.474 18 THE SAL￿10￿1 YOUTFI f.ETrl'fRE Ibl 8ERMONDSEY PE.Pfjrf, r liilllj F"jill,4iiini*iL ) lil rti1Ati.'Nr"' Rok? rhis. 'KcAF'. 6IllDcD J I IlAiipf"Li dQ21 CHARrrABLE ACTIVITIES 2021 2020 Re8trf¢ted Income: Bwj Lottery- Young Leaders Programme GLA Young Londoners Peer Research Jack Petchey Foundats'on Jerusalem Trust Alan & Babette Sainsbury Twst Soulhwark Counctl- Young peop￿ with Disabilities Soulhwark Counal- Youthwork Commissioning Mayorfs Young Londoneis. Fund United St Saviours Southwark Counal- Summer Projramme Charterhouse in Southwark Bemard Sunley Chantable Trust Sl James charitab￿ Trust BBC Children in Need Headstart Action Mayor of London Southwark Community Response Fund The Julk? and Hans Rausing Trust Other grants 97,576 95,517 11.620 6.500 30.000 20,000 77,000 45,296 18,878 45,142 10,500 8,000 10,000 10,000 2,249 20,000 18,000 38.686 30,962 9,832 45,000 5,500 18,124 52,889 47.5C() 21.500 75.000 10.477 15.293 Grants for'concrete. project: London Diocese Jerusalem Trust Church Amy HMRC Job Retention Scheme 24,000 16,000 20,000 1,935 19.214 536,509 441.681 Unrestrlcled Incom•: Other grants HMRC Job Retention Scheme 2.750 184,427 £720,936 £444.431 The Big Lottery Fund grant fijnded the 'Young Leaders, programme. the Apprentices and the Clubs Development Manager. The Jerusalem Trust partly fvnded the ro￿ of the Director. The B8C Children in Need grant fvnded homework cknbs and employabilty workshops. London Diocese funded the'concrete. project supporting youth workers nabonally through a process of mutual devebpment. Southwark Counol Young People with Disabilities grant funded slaff and acts'vity costs for the 'Young people with mild to moderate disabilthes. programme. Soulhwark Council Commissioning grant funds the work of a number of yOLrthwork clubs and a¢twities. The Southwark Community Response grant funded various youlhwork actNiti"es. The Julia and Hans Rausng TrusL United St Saviour5, Alan & Babette Sainsbury Trust grants funded core administraty'on and staff costs. Thè HMRC Job Retention Scheme grant CA)ntributed ttrwards the cost of retaining staff on furlough. We also aCknO￿edge wth grateful thanks grants from the Jack Pet¢hey Foundats"on and the Bernard Sunley Charitable Foundats'on. 19 'rHE SALMON YOUTH CENTRE IN BERMONOSEY EIlAEI1J?-¢' FrJFJ I Pl& l&.*'.P E,IID&u J"? IWAk•f"rl 202 OTHER TRADING ACTIVITIES 2021 2020 Lettings Resident volunteers. accommodat￿In Club subscriptions 69,228 32,920 111,237 30,916 1,800 £102,148 £143,953 STAFF COSTS AND NUMBERS 2021 Number 2020 NuMb•r The weekly avewe numter of employees was.. Full-lime Part-time 14 13 Staff costs were as follows: Wages and salaries So¢￿1 security ¢o$ts Pension 297,621 33,184 12,443 289,192 26.824 11.074 £343.248 £327,090 No employee received emoluments exceeding £60,000 in the year {2020.' none). The Charity's key management a￿ considered to be the Trustees. the Director. the Assistant Director and the Clubs Development Manager. The totsl empk)yee benefits of the key management personnel of the Charty were £135.417(2020." £138.6681. TRUSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS No trustees received any remuneTatM)n for their seThi¢es nor any reimbursed expenses during the year. Trustees donated £14,240 to Salmon during the year12020.' £136,240). The spouse of a Trustee prowded electncal serv￿$ during the yearamounting lo £2,C6012020.' £2,946}. There were no other related paty tran&￿tiOnS in erther year. ANALYSIS OF EXPENDrruRE 2021 Total Staff co•ts Oth•r Raising funds Charitable activities uilding depreciation 40,817 302,431 34.063 490.919 182.078 74,880 793,350 182,078 £343,248 £707.060 £1,050.308 Comparativ• analysls 2020 Totsl Staff costs Raising fvnds Charitable activities Building depreciation 837 326.253 35.016 491,877 182.078 35.853 818,130 182,078 £327.090 £708.971 £1.036.061 20 'rHE SALMON 'IOUTH C.F.NI'RE IN 8ERMONDSEY REPf)p, r ANLI hlNii,'Ilf."IAI. .) l*. [t,.blF-IN r: rfjp. iilF. '/EdH r-IIIOE.L) J1 MiiPf'kl )0¥ I ANALYSIS OF EXPENDITLIRE Dlre¢t Allocated CO8t8 Total 2021 DIr0￿ and allocated cost• Raisiry funds charitab￿ aclivilie$ Building depreciation 55.070 401.437 19,810 391,913 182,078 74,880 793,350 182,078 £456,507 £593,801 £1,050.308 Comparalfve anatysls Dlre¢t Allocated Costs Total 2020 Direct and allocatod ¢0gts Raising fvnds Charitable activities Building depreciab'on 19.041 486.081 16,812 332.049 182,078 35.853 818.130 182.078 £505,122 £530,939 £1.036.061 8b Anaty818 of allocaled costs Total 2021 Management Governan¢• Promisos Raising fijnds Charitable adivities Building depwlat￿n 11.64 248.750 627 12,322 7,538 130,840 182,078 19.811 391.912 182,078 £260,396 £12.949 £320,456 £593,801 Comparallva anaty$ls Total 2020 Man•ggm•nt Govemance Prem18es Raising ftJnd5 Charitable activities Buikling dep￿cIat￿n 7.403 167.179 703 13,827 8.7C6 151,043 182.078 16,812 332,049 182,078 £174.582 £14,530 £341.827 £530,939 8c Governance c08t 2021 2020 Govemance costs include" Staff costs Auditor's remunerats'on.. Audit fee 1.429 3.490 11.520 11.040 £12,949 £14,530 21 THE SALMOPI YOUTH CENTRE IN BERMONDSEY PEpopf iiiVD i. Il￿All11..1AL. ) I M, IEMEtN", ' F.f)A 7"H&. YLAR &fllDEu 31 fiHA4nH lQd I TANGIBLE ASSETS Freehold land Frn•hold Bullding• Flxtures & flttlngs Plotor Vohiclgs Total 1 April 2020 Additsons Disposals 119,838 9.103.894 229.980 1,141 66.192 9,519,904 1.141 (66,1921 166.1921 31 March 2021 £119,838 £9.103.894 £231.121 £9,454.853 D•prgclation l April 2020 Charge for the year Disposals 2.141.768 182.078 169,855 18,251 66.192 2.377,815 200,329 {66.1921 166,1921 31 March 2021 £2,323,846 £188.106 £2,511,952 Not book value 31 March 2021 £119.838 £6,780,048 £43.015 £6,942,901 31 March 2020 £119.838 £6,962,126 £60,125 £7,142.089 St￿rt England, the Big Lottery Fund and the London Borough of Southwark, hold legal charges over the freehokl buikling at 43 Old Jamaica Road. London SE16 4TE. 10 DEBTORS 2021 2020 Grants receivable Grft aid tax recoverable Accrued income Sundry debtors and prepayments 173,729 2,816 37,340 7,080 63,269 4,779 104,425 9,017 £220,965 £181,490 11 CREDrroRS.' amounts falllng du• wlthln one year 2021 2020 Accrued expenses and other credttors Grants in advance Tax and sccial security 54,073 12.924 8.465 23,281 9.050 7.289 É75.462 £39.620 22 TklE SALMI ON YOUTH CF.NTRE IN BERMONDSE I 1=01? rkir 'YEIip Ei,IDEU 31 IlAAHnli 2Qll 12 UNRESTRICTED FUNDS Balance at 1 April 2020 Tr•n$fers b•tWo•n Fund$ Balan¢0 at 31 Mareh 2021 Incom• Expendlture De•lgnated funds Land and Buildings la} Jim Guild Legacy (b) 7.081,964 271.616 (182,0781 6.899.886 257.616 114.400) General funds 294,346 438.181 (140.297) 1313.748) 278,482 £7,647,926 £438.181 £{322.375) £1328,148) £7.435,584 Comparatlve movement Balan¢0 at 1 Apvll 2019 Trnnsfers between Funds Balance at 31 March 2020 In¢om• Expondlturo Deslgnated funds Land and Buildings la) Jim Guild Legacy (bl 7,264,042 290,295 {182.078) 7,081.964 271,616 118,6791 G•n•ral funds 288.439 424.006 (83.364) 1334.735) 294,346 £7,842.776 £424,006 £1265.442) £{353,4141 £7.647,926 Note {al. Repr￿nts the extent to which fvnds are invested in freehold larMI and buildings for use by the Charity and therefore are not available for any other purpose. Note {bl. The Jin Guild Legacy Fund is being I wll be applied towards {il youth work. by funding a youth worker for the 6-9,$ club and prov￿1ftg for the cost of trips and residentials for young people; lill fundraising. by fiJnding •Jditional fvndraising $UPPOrt to secure addf(ional sources of grant funding, and liiil upgrading the faaliti'es at the Salmon Youth Centre on capital projects that will redu￿ running ¢osl$ in future yea(s. The transfer from General Funds lo Restrthd Funds represents Salmon's financial contribution to project expenditu￿ to the extent that such expendrture is not covered by restricted grant income. 23 TFIE SALMON YOUTH CENTRE IN BERMONDSEY f-'CJF. 1'14E' ICAP UNDCD j i IIAARI'H 20'J 13 RESTRICTED FUNDS 8•lanc• at 1 April 2020 Transfer Between Fund$ Balanco at 31 Ma￿h 2021 Incomo Exp•nditur• YouthvA)rk projects 'cOnc￿te, project 34.340 58.062 493.295 43.214 1690.976) {36.9571 328,148 164,807 64,319 Restricted Funds £92,402 £536.509 £(727,9331 £328,148 £229,126 Comparatlve movom•nt Balance al 1 Aprll 2019 Transf•r Belw••n Fund8 Bal•n¢o at 31 Mar¢h 2020 Income Exp8Trdlture Youthwork proje¢ts 'Concrete' proje¢i 403.746 37.935 {722,8201 147,7991 353.414 34.340 58.062 67,926 Restricted Funds £67,926 £441.681 £1770,619) £353.414 £92,402 Restricted Funds represent amounts ￿¢¢I¥¢d and expended for various youthwork projects as described in Note 3. The balance carried foThvard of £229,126 represents funding received befor8 31 March 2021 but which will be expended in 2021-22 and later years. 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS G•n•rnl fund¥ D•signated nds R•gtrl¢tod funds Total 2021 Freehold laft¢Y and buildings Other fixed assets Net Current assets 6.899,886 6.899,886 43,015 721.809 43.015 235,467 257,216 229,126 Net assets £278,482 £7.157.102 £229,126 £7,664,710 Comparallve anatysl8 G•n•rnl fund• Designated fund• RoStrl¢tod funds Total 2020 Freehold Lqnd and buildings Other fixed assets Net current assets 7.081, 7.081.964 60.125 598.239 60.125 234,221 271,616 92.402 Net assets £294,346 £7.353,580 £92,402 £7.740.328 15 TAXATION The Salmon Youth Centre is a registered charity and therefore 1$ not liabk to income tax or corporation lax on income or gains derivtrj from its Charitab￿ ￿1VitieS. as they fall within the various exemptions available to registered charib'es. 16 LIABILITY OF MEMBERS The Salmon Youth Centre is conslituled as a cKJmpany limited by guarantee and has no share capital. The liability of each member is limited to the sum of £1 per memter. 24 THE SALMO￿1 YOUTH CENTRE IN BERMONDSEY F.EPfiPT AhlD FliliAIllCI'ii_ .)7A', TEnJlENFJ FOP 7-PIE fEAP EtsIDED .7 l DO11?CH 2021 17 OPERATING LEASES 2021 2020 Future minimum lease payments ccmmibnents under non-cancellable operating leases.. Operating leases which exw're: Within one year Betr￿n to five years 10,051 18,119 3.096 6.192 £28.170 £9,288 COMPARATIVE STATEMENT OF FINANCIAL ACTMTIES For the year end•d 31 March 2020 INCOME AND EXPENOITURE Unrestrfctod funds General Deslgnated Re8trl¢ted lund8 2020 Income from Donats'ons and legacies Charitable actNities Other trading xtivities Other 276.474 2,750 143.953 829 276,474 444,431 143.953 829 441.681 Total 424,IX16 441,681 865,687 Expenditur• on Raising funds Charrtabk activities Building depre0at￿n 35.853 47,511 35,853 818.130 182.078 770,619 182,078 Total 83,364 182,078 770.619 1,036,061 N•t In¢om•ll•xp•ndlturn) 340,642 (182.078) 1328,9381 (170,374) Trnnsfers ￿tw••n fund8 1334,7351 118.679) 353,414 Net mov•mgnt In fund• 1200,757) 24,476 (170,3741 Fund balances brought fcKward al 1 April 2019 288.439 7.554.337 67,926 8,C60,657 Fund balances carrled forward at 31 March 2020 £294,346 £7.353.580 £92,402 £7,740,328 25 THE SALMObl YOUTH CEhlTRE IN BERMONOSEY P.EpfJ[Jr /..IliD rliliAriif.'ii',: Fop r,4E /tAR EhlD&iJ •7 IblARnH 201 I -) fJ* i &-iiAfiilT' 19 CONTINGEKf LIABILtTY In 2008. as part ofthe redevelopment of the SYC freehokl stle, SYC granted Hyde Housing Association Limited (Hyde) a 127-year lease in consideration for the development of the 'Phase 2, building. Hyde procured the desMJn and construction of the 'Phase 2, building whith comprises three lower floors for SYC'S cccupation abjve which there 1$ a bl¢xk of 26 flats. In summer 2020. Hyde, as head leasehokjer. infomed SYC that the 'Phase 2. building was ￿Vered with combustible ckqd¢Jing and thal it was the SYC'S kgal responsibility. as freeholder. lo arrange removal and replacement of the combuskn"l￿e cladding. SYC has applied to the Govemment's Building Safety Fund IBSF) for funding to undertake the remedial work to remove and replace the combustsble cladding. Whilst the BSF have deemed the application as eligible for funding, no agreement has yet been reached wth the BSF on the extent of funding that may eventually be offered. To Ihe extent that the remedial costs are r￿t fully covered by funding from the BSF or other parties, SYC may be required to settle the unfunded obligation. However. the Trustees ore unable to measure that obligab'on wlh sufficient reliability because.. the total cost of repla￿n9 the cladding wll not be known until a fully ￿$ted tender Contract for the work has been obtained Inol expected before autumn 20221. fvrther building defects may be identified once the cladding has been removed which may need lo be rerned￿ under current building regulations, and the amount of any funding from the BSF or other parties has not yel been established. 26