## **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 2024** 


Company Registration Number 958986 Charity Registration Number 278979 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 

|**CONTENTS**|**Page**|
|---|---|
|Trustees’ Report|2 - 14|
|Independent Auditor’s Report|16- 18|
|Statement of Financial Activities|19|
|Balance Sheet|20|
|Cash Flow Statement|21|
|Notes to the Financial Statements|22 – 34|



_“Inspiring all young people to fulfil their potential and contribute to their community within a framework of Christian values”_ 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Legal and administrative information** 

## **Board of Trustees** 

|**Trustees:**|A.D.C. Greenwood|(Chair)|
|---|---|---|
||C. G Bauer||
||Dr. H.F. Crowe (resigned 6thSeptember 2023)||
||R. S. Gleaves RICS||
||K. Kazim||
||P. Knight FCA<br>|(Honorary Treasurer)|
||S. Manwell||
||M. Skelton||
||D. Cruz (appointed 15thOctober 2023)||
||E. Larbi-Odam (appointed 25thMarch 2024)||
||J. Thompson (appointed 25thMarch 2024)||
||K. Miller (appointed 25thMarch 2024)||
|**Finance Committee:**|P. Knight FCA|(Chair)|
||A.D.C Greenwood||
||R. S. Gleaves RICS||
||E. Labi-Odam||
||D. Cruz||
||_In attendance_:||
||J. Anglesea|(Director)|
||C. Bascom|(Finance Director)|
|**Company secretary:**|J. Anglesea||
|**Principal office and Registered office:**|43 Old Jamaica Road||
||Bermondsey||
||London SE16 4TE||
|**Auditors:**|Jacob Cavenagh & Skeet||
||5 Robin Hood Lane,||
||Sutton,||
||Surrey||
||SM1 2SW||
|**Bankers:**|Unity Trust Bank||
||Nine Brindleyplace||
||Birmingham||
||B1 2HB||
|**Governing deed:**|Articles of Association||
|**Charity registration number:**|278979||
|**Company registration number:**|958986||



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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **TRUSTEES’ REPORT** 


## _**HRH The Duke of Edinburgh, in his role as Patron of London youth, visited Salmon in February 2024.**_ 

Salmon Youth Centre is one of the largest youth centres in the UK and is a model of youth work excellence. Thanks to the support of our six full-time, five part-time and five sessional staff, our apprentices, trainees, and over 70 volunteers, we ran 840 sessions in 2023/24 and logged over 45,000 contact hours with 1,564 young people. 

Salmon provides an outstanding recreational facility where young people have fun, form healthy friendships and develop their interests and skills. Salmon is a welcoming, safe and encouraging environment where they develop their self-worth, their communication skills and their interpersonal relationships. This transforms their prospects when they transition from primary to secondary education and from there to college or work. 

Accessible to everyone aged 6-19 for a nominal contribution of just 50p per visit, members enjoy a wide variety of activities, starting with a free hot meal, which is a vital help to many families struggling with the cost-of-living crisis. This provides a healthier alternative to fast food restaurants where young people can often be found after school engaging in anti-social behaviour. 

In everything, we encourage young people to realise and develop their gifts and talents; to develop their sense of self-worth and self-respect; and to develop their interpersonal skills. Our aim is to inspire belief in their own potential and agency. We aim to promote and improve their health and wellbeing; improve their prospects in their education and work; and encourage them to engage positively with their community. 

## **Our Vision** 

We aim to inspire all young people to fulfil their potential and contribute to their community within a framework of Christian values. 

## **Our Mission** 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## We seek to: 

- improve young people’s physical and mental health and wellbeing by encouraging healthy diets and active lifestyles; 

- prepare young people for further education and work by improving their educational attainment, providing access to training and supporting their transition into further education or employment; 

- involve young people in community engagement by encouraging volunteering and by boosting their political and spiritual awareness, so increasing their ability to relate to others. 

## **Our Method** 

- We are open to all: we welcome all young people and their families. 

- We provide open-access, targeted and specialised activities which are enjoyable, educational, challenging and safe. 

- We build relationships that inspire young people to develop their ambition to achieve a fulfilling life by discovering and developing their talents, and increasing their enthusiasm for learning and training. 

## **Our Area** 

## **In Southwark:** 

- 50% of young people come from single-parent, non-working homes 

- 67% of children suspended from school live in the top 20% of most deprived areas in the country 

- 43% of suspensions were of children eligible for free school meals 

- 32% do not achieve five GCSEs 

- 1 in 3 under 25s are claiming universal credit. 

- Bermondsey has experienced one of the highest increases in unemployment amongst 18-24 year olds recording a 54% increase since 2020, the House of Commons Library (Feb, 2023) 

## **Our young people** 

- Many young people who come to Salmon have behavioural, communication and relationship problems. They tend to lack confidence and exhibit low self-esteem. 

- Most live on local housing estates ranked among the top 16% most deprived areas in England. Their deprivations include irregular meals, lack of suitable space to do homework or to pursue interests, lack of stimulating reading material, lack of finances for clothing, holidays or social activities. 

- Most have suffered Adverse Childhood Experiences (ACEs) such as bullying, verbal and physical abuse, seeing their parents abusing drink or drugs, and other traumatic experiences such as living with a parent who has mental health problems. 

- Many witness domestic violence or street crime. Children as young as six have recounted seeing knife and gun crime and tell us that these events have made them feel fearful. These traumatic experiences result in poor mental health, behavioural problems, low academic achievement and school absenteeism. 

- Without successful positive interventions, teenagers can become involved with gangs, anti-social behaviour, drug abuse, drug dealing, crime, and teenage pregnancy. Nearly all our members have talked with staff about stress, anger, depression, bullying, family and relationship issues. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Increasing mental disorders and obesity** 

We see links between poverty, childhood deprivation, inactivity, obesity, isolation, depression, and other mental health issues such as panic attacks and suicidal thoughts. 

The NHS reports that since 2017 rates of mental disorders in 6- to 16-year-olds have increased by 50%. Eating disorders increased by more than 25%. Children with mental disorders were twice as likely to miss more than 15 days of school. (NHS Mental Health of Children and Young People in England (November 2022)) 

|**The demographics ofyoung people attending Clubs**|**_2021-22_**|**_2022-23_**|**_2023-24_**|
|---|---|---|---|
|Boys|_56%_|_57%_|_55%_|
|Girls|_43%_|_41%_|_45%_|
|Aged 6-10|311|350|232|
|Aged 11-13|254|357|278|
|Aged 14-18|295|456|470|
|Aged 19-25|94|129|97|
|**Total club attendees inyear**|**954**|**1,292**|**1,077**|



## **Our performance statistics** 

|**Attendance and activity statistics**|**_2021-22_**|**_2022-23_**|**_2023-24_**|
|---|---|---|---|
|Total number of club attendees inyear|954|1,292|1,077|
|Total attendances inyear|15,043|17,893|17,566|
|Total number of contact hours|40,635|49,938|45,785|
|Total number of sessions|665|803|840|
|Total number of free hot mealsprovided|6,599|9,752|8,423|
|Number of hours ofphysical activitiesprovided each week|28hrs|28hrs|28hrs|
|Number ofyoung people mentored|199|99|101|
|Number ofyoung people engaged in TherapyServices|N/A|116|55|



The total number of young people we worked with during 2023/24 in all aspects of our youth work, including both club sessions and other activities, was 1,564. 

## **Our Impact** 

|**Response**|**Survey questions**|
|---|---|
|**88%**|ofyoung people said theyhave made new friends.|
|**100%**|ofyoung people said theyhave learnt somethingnew.|
|**71%**|ofyoung people said beingat Salmon makes them more confident in school.|
|**71%**|rated the club as excellent,with 29% ofyoung people the club asgood.|



## **Staffing, apprentices, volunteers and leaders** 

We can only provide our range of activities thanks to our fantastic team of trained staff, volunteers and others. All are DBS-checked and have been trained as mental health first-aiders. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Adult Volunteers** 

We have a fantastic team of 74 local volunteers, most of whom support at least one session a week. Most find themselves acting as mentors to specific children, either occasionally or on a regular basis. They help with homework club, CV preparation, job search and interview rehearsals. They also share their skills in cooking, art, music, boxing, gym instruction and podcast expertise. Most importantly, they vastly increase our capacity to show kindness, patience and a consistent interest in each child. 

## **Apprentices** 

Five apprentices aged 18–25 worked full-time gaining vital work and leadership skills and improving their employability. The Hargreaves Foundation also funded four sports trainees. They worked alongside the staff to deliver sport and physical activity in clubs. They have gained coaching qualifications in basketball, gymnastics and football as well as completing a number of work-related courses in safeguarding, traumainformed practice, mentoring and first aid. They have been a great addition to the team creating five new sports teams and delivering over 150 sporting accreditations. 

## **Work Experience Volunteers** 

Our 40 work experience students were aged 14–19. Some were City of London School students doing community service for nine months. Some did weekly volunteering as part of their Duke of Edinburgh award for three months. Some volunteered on a weekly basis on school or college work experience placement. All of them engaged with our various activities with enthusiasm and energy. 

## **Young Leaders** 

Ten young leaders aged 14–19 took part in the programme this year. The aim is to provide them with vital skills to raise their aspirations and improve their employability whilst contributing positively to their community through volunteering. The young leaders help support the primary age club sessions, termly trips and a holiday scheme for over 100 primary school children. They also take part in weekly training learning about youth work. They are an integral part of the team, they led with great maturity and were able to use their training to solve problems and manage issues that arise.  This year’s highlight included travelling to Germany for an exchange in the summer and a visit to the Gallup team in the shard and complete the Gallup strengths finder assessment and then have some professional strengths coaching from the Gallup coaches. The day also included support with employability skills, job applications and interview skills. 

|**Staffing**|**_2020-21_**|**_2021-22_**|**_2022-23_**|**_2023-24_**|
|---|---|---|---|---|
|Staff members(full time)|**_5_**|**_8_**|**_6_**|**_5_**|
|Staff members(part-time)|8|21|8|7|
|Volunteers|42|40|53|74|
|Apprentices|7|22|12|5|
|Work experience students|37|30|49|40|
|Youngleaders|9|23|10|10|



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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **OUR SUPPORT FOR YOUNG PEOPLE** 

## **Fitness** 

The Salmon Youth Centre has facilities for badminton, basketball, boxing, climbing, dance, fitness training, football, gymnastics, trampolining and volleyball. These take place in our four-court sports hall, our wellequipped exercise gym, and on our 30-metre climbing wall. We have had six sports teams take part in competitions this year with our young people achieving over 150 sporting accreditations. Both under 15s and under 19s basketball teams went on to win London wide tournaments this year. 

Games and sports are what young people expect to enjoy at a youth centre. The sports hall enables a wide variety of team games to be played, while the well-equipped gym enables people to develop their personal fitness using rowing-, walking- and weight machines. These physical activities help to increase people’s sense of wellbeing and help to reduce obesity. 

## **Diet** 

In 2023/24, we provided 8,423 nutritious hot meals to children in the after-school sessions. These healthy meals, which always include fruit and vegetables, are much appreciated by parents, many of whom are struggling to provide regular cooked meals due to the escalating cost of food and the overall cost-of-living crisis. 

## **Creative arts** 

Our young people can express themselves artistically in our music studio, dance studio, and visual arts studio. The music studio is equipped with keyboards, guitars, drums and other instruments, and a recording suite where demos and podcasts can be made. Each week we delivered 22 hours of facilitated sessions in music, art and dance. The young people have continued creating podcasts, all the content including artwork, music and voices is exclusively the young people’s own. 

## **Homework support** 

The After School Club provides tutoring by trained teachers in STEM subjects and provides support through peer-directed learning, alongside mentors who help them with their homework. The club has helped address the difficulties young people have faced as a result of falling behind with their schoolwork. Instead of falling further and further behind, club members have increased their ability and appetite for learning, which has increased their confidence about attending school lessons. This has certainly had an effect on reducing or even eliminating their school truancy. 

## **Mentoring** 

We provided mentoring to 101 young people through several mentoring schemes: 

- school mentoring to support young people who are on the verge of expulsion; 

- mentoring to improve educational outcomes at GCSE and A Level; 

- special case support for at-risk young people, working with families, social workers, schools and the police to provide the best outcome for the young person; 

- mentoring to support next steps in work and education; as well as 

- mentoring to support general personal and social development. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

We hope to provide more intensive support for our most at-risk young people by recruiting more volunteers. Mentoring helps children and young people develop the tools to learn, grow and evolve in the face of adversity and stress. We take a gendered approach to mentoring, recognising girls’ and young women’s needs are often different from those of boys and young men. 

## **Disability Work** 

Our trained and experienced staff support the integration of young people with disabilities and offer them mentoring. We work closely with parents, carers and special needs schools to enable young people to develop their communication skills, personal safety tactics, money management, independence and leadership. Our aim is to be an ‘in between’ space between their home, their school settings and the chaotic world outside. We encourage them to step out of their comfort zones and gain confidence. 

## **Mental health support** 

We have identified increasing numbers of young people attending Salmon who have experienced four or more Adverse Childhood Experiences (ACEs). We employ a part-time qualified psychotherapist to provide individual support through weekly sessions. The aim is to help young people find coping mechanisms to manage the trauma they have experienced. 

## **Integrated Therapy service** 

55 young people engaged with our Integrated Therapy Service. The service provides support at individual, group and whole club levels, offering informed and relevant interventions that are both preventative and attentive to existing mental health experiences. The service provides specialist support surrounding trauma, complex trauma, identity and holistic wellbeing experiences at SYC. Young people often described symptoms and experiences of stress, low-mood, fatigue, apathy, anxiety, anger, isolation, desensitisation and deflection (avoidance of feelings). 

There were interventions made identifying and managing mental health symptoms, cultivating self-care practices and raising awareness around relationship dynamics and empowering young people to make healthy choices. (e.g. recognising and communicating feelings, needs, boundaries, reflecting and building self-esteem). 

## **Residentials, Trips, and Holiday Activities** 

Salmon outings and holidays are often the highlight of the year for many young people, especially if their family cannot afford holidays. 

There have been **41 excursions** this year all free of charge or at nominal cost. Trips have included a visit to Lion King at the Lyceum Theatre,; paintballing; Go Ape!; five days outward bound residential; a week’s camping at Limitless festival; travelling to Germany for an exchange; and trips to London attractions such as the Natural History Museum, the Victoria and Albert Museum, and London Zoo. We believe that trips like these stimulate the young people’s wonder and interest in the world. Altogether, 150 young people came on trips in 2023/24. 

During the school summer holidays we delivered several daytime holiday schemes with more than 300 young people taking part in our weekly Centre-based activities. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

|**Special activities**|**_2021-22_**|**_2022-23_**|**_2023-24_**|
|---|---|---|---|
|Trips|9|26|41|
|Residentials|2|3|3|
|Trips and Residentialsparticipants|105|131|150|
|Holidayscheme attendees|199|295|353|



## **The Duke of Edinburgh’s Visit** 

In February, His Royal Highness The Duke of Edinburgh visited Salmon Youth Centre. The visit was part of The Duke’s patronage of London Youth, which he took over in 2020 from his father, who had held it for over 70 years. 

During the visit, The Duke of Edinburgh met Salmon Salmon’s team of youth workers and young leaders, as well as senior staff and Chair of Trustees Adrian Greenwood. The Duke was given a tour of the facilities, which included the opportunity to participate in activities such as t-shirt painting in the art room, mixing tracks and writing lyrics in the music studio, and table tennis in the club’s social area. He also observed trampolining and dodge ball being led by dedicated youth workers in the sports hall. 


## **Community engagement** 

## **Large Youth Events** 

Salmon has brought together youth leaders from local churches to run joint events featuring food, music, talks and discussion. These are bi-monthly and are attended by around 80-100 young people. 

## **Partnerships and liaison** 

Where individual young people have social or behavioural problems, we liaise with their parents, their school, social workers, the police, doctor or mental health professionals, Southwark Youth Offending Team, Southwark Works (the family support unit), so multi-agency interventions are joined up. We firmly believe in communication and liaison in order to optimise the beneficial impact on our young people. 

Our local corporate partners include Gallup, Inc. and The Thirdway Group Limited both of whom provide volunteers, training and work experience for our young people. They also fundraise for Salmon. 

## **Sharing our facilities** 

We share our facilities with local schools, churches, partners, charities and youth services. This enables other groups of young people to enjoy the facilities at Salmon and provides a source of income to off-set running costs of the Centre. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Family support** 

We also support some families whose children are suffering from mental illness, possibly because a parent is involved with the criminal justice system or where the family is facing poverty or family breakdown. This work is intensive and highly individualised to the cases we address. It is fundamental for ensuring positive outcomes for our young people. 

## **Youth advisory board** 

The young people’s own views and experiences are greatly valued in planning and deliver our youth work. Our youth advisory board helps us to shape the services we provide. We actively engage with the young people and their families in evaluating the impact of our services and discussing how we can best develop them. We also informally gather the views of parents about what their children find most helpful. 

## **LOOKING TO THE FUTURE** 

Our business plan sets targets for all our regular and annual activities. During 2023/24, we developed a ‘Be Kind to Your Mind’ programme specifically designed to monitor and improve teenagers’ mental health. We already use a basic self-assessment form, provide counselling and mentoring and liaise with schools, social workers or other professionals if needed. This helps teenagers recognise unhealthy traits such as masking, binary thinking and thought distortions, and gives them the tools and techniques to develop positive attitudes to manage their thinking, emotions, behaviour and relationships with others. 

We are developing this programme in collaboration with experts at the South London and Maudsley NHS Trust and selected members of the Thriveldn mental health initiative. We plan to pilot it with organisations such as the Complete Works Pupil Referral Unit and XLP. 

Salmon has a history of creating innovative projects which benefit youth work across the UK. In the 1960s we helped to found the Frontier Youth Trust and in the 1990s the Centre for Youth Ministries based at Ridley Hall, Cambridge. 

## **Thank you!** 

Finally, we are most grateful for the generous financial support given to Salmon by individuals, churches, local businesses, Southwark Council and many Trust Funds. We say a huge ‘thank you’ to all these donors who enable Salmon to transform the lives and prospects of the many inner-city young people who are part of the Salmon family. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **FINANCIAL REVIEW** 

## **Results to 31 March 2024** 

The results for the year are set out in the attached Financial Statements which have been prepared in accordance with FRS102 and the reporting requirements for charities under the Charities SORP FRS102 (second edition, effective 1 January 2019). 

Our financial results for the year to 31 March 2024, although much improved, continued to be impacted by the additional costs, particularly insurance, arising from the discovery in 2020 of combustible cladding on part of our site. We reported a small surplus of £7,999 on General Funds compared with a significant deficit £125,262 in 2022/23. 

Total income for 2023/24 totalled £968,715, an increase of 4.8% over the £923,610 reported the previous year.  Donations from individual supporters, churches and corporate donors amounted to £340,465, a significant increase of 62% over the £219,757 received in 2022/23, mainly attributable to three large one-off donations, which may not be repeatable. However, Grants for restricted purposes of £173,386 were down by 33% from the previous year, mainly as the result of a large capital grant in that year. 

Income from other trading activities, which mainly includes letting our facilities to third parties, totalled £154,282, an 11% increase over the previous year, reflecting higher rents and higher occupancy of our resident volunteers’ accommodation offset by a small reduction in letting income. 

Operating costs (excluding depreciation on freehold buildings) in 2023/24 totalled £1,004,479, a decrease of 6% on the previous year’s total of £1,085,652. 

At 31 March 2024, our General Fund reserves stood at £164,508, an increase of £7,999 during the year. 

## **Designated Funds** 

As described in Note 13 to the Financial Statements, Designated Funds comprise the Jim Guild Legacy Fund and the Freehold Land and Buildings Fund.  During the year, £nil (2022/23: £1,178) was released from the Jim Guild Legacy Fund and depreciation on freehold buildings of £182,078 (2022/23: £182,078) was charged to the Freehold Land and Buildings Fund. 

## **Cash Balances** 

Cash balances at the year-end amounted to £398,746 (2022/23: £304,905). Of this total, £37,785 (2022/23: £81,548) was being held to meet our obligations to fulfil the terms of restricted grants in future periods. 

Net worth decreased to £6,789,007 (2022/23: £7,006,849) mainly as a consequence of the accounting requirement to charge depreciation, which is a non-cash item, on freehold buildings. 

## **Extraordinary Item** 

In connection with the removal of combustible cladding from the Phase 2 building, the Government’s Building Safety Fund (BSF) has provided grant funding under a Trust Fund arrangement solely for the purpose of defraying eligible pre-tender costs which may be incurred by Salmon. (See Note 20 to the Financial Statements - Combustible Cladding) 

Salmon withdrew £3,454,014 from the Trust Fund in reimbursement of costs incurred during the year (2022/23: £138,276). 

## **Reserves Policy** 

The Trustees, having considered the financial risks, have set a reserves policy which aims to maintain free reserves at a level sufficient to cover a loss of 50% of grant income for a period of up to 12 months while replacement funding is sourced; this equates to approximately £280,000. The level of free reserves at 31 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

March 2024 on unrestricted funds of £347,056 (General funds of £164,508 and Legacy fund of £233,062, less other fixed assets of £50,515) is therefore sufficient to comply with this policy. 

## **Plans for the Future** 

We plan to continue to respond to the needs of young people and their families in our community (as highlighted previously). Those needs have been compounded by the Covid-19 pandemic and have become more now urgent in view of the potentially significant, long-term consequences.  Our aim is to continue to improve young people's physical and mental health, as well their engagement with education and work, but we are now starting from an adjusted baseline of worse physical and mental health and decreased engagement with education and work that the majority now find themselves at. 

## **Going concern** 

There remains uncertainty over the timing and the extent, if any, of the eventual liability that may accrue to SYC as a consequence of its obligation as freeholder to replace combustible cladding on the Phase 2 Building, a building which was designed and constructed by the head leaseholder. 

The Trustees have reviewed the budgets and cash flow forecasts for a least 12 months beyond the date of signing these financial statements. Taking into account the potential to recover from the head leaseholder any costs not funded by the Building Safety Fund, the Trustees consider that it remains appropriate to prepare the financial statements on the basis that SYC continues as a going concern for the foreseeable future. 

## **Concrete** 

Concrete is a separate youth work project which was hosted by SYC up to 31 July 2023 when its assets and liabilities were transferred to a newly-formed Community Interest Company.  Up to that date, Concrete had been accounted for separately as a restricted fund.  Concrete works with, and supports, Christian youth workers nationally through a process of mutual development. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing Document** 

The organisation, founded in 1906, is a charitable company limited by guarantee and governed by its Articles of Association. It changed its name in 1995 to The Salmon Youth Centre in Bermondsey, formerly being known as the Cambridge University Mission (CUM Trust Limited). New Articles of Association were adopted in October 2014. In the event of being wound up, members may be required to contribute an amount not exceeding £1 each. 

## **Organisational Structure** 

The Trustees normally meet 6 times a year. There is one formal subcommittee, namely the Finance Committee, which aims to meet three times a year to review the financial position in detail. The Finance Committee is chaired by the Honorary Treasurer. 

## **Recruitment, appointment and election of Trustees** 

Trustees are elected and re-elected at the Annual General Meeting (“AGM”). A third of existing Trustees must retire by rotation at each AGM. New Trustees can be appointed during the year, but they must then be elected at the next AGM. 

In searching for new Trustees, the Trustees, whilst recognising diversity issues, look for people who are committed to the Christian ethos of the organisation, who have relevant skills and experience as well as the time to fulfil the duties effectively. At present the Trustees are seeking to appoint new trustees with business, commercial and fundraising experience, human resources management experience and connections with the City of London. Induction, training and other forms of support are offered to new and existing Trustees, both specific to the organisation and relating to the general duties of charitable trustees. 

## **Council of Reference** 

This is the informal name given to the members of the charitable company. They are admitted into membership by the Trustees. They have the right to attend and vote at the AGM. There are twelve members of the Council of Reference, in addition to those nine who are Trustees. The Articles of Association restrict the maximum number of members of the company to 30 (or such greater number as the Trustees may resolve). Members of the company must support and continue to support the objects of the company. 

## **Employee remuneration** 

The pay of the Charity’s staff including the Director is reviewed annually and linked to National Joint Council (NJC) and Joint Negotiating Committee (JNC) pay scales. All increases are directly linked to the NJC and JNC pay awards. In view of the nature of the Charity, the Trustees consider that this is appropriate. 

## **Fundraising** 

Salmon does not receive a significant proportion of its income from public fundraising. During 2023/24, Salmon appointed a professional fundraising service to assist with preparing and submitting grant applications. Their services are monitored by Salmon's management through regular meetings. 

## **Risk management** 

In line with best practice, the Trustees review the major risks to which the organisation is exposed at least once a year and keep the risk register under regular review. The major risks facing Salmon that could affect its ability to maintain its operations at the current level are: 

- Buildings risk – financial loss arising from the obligation to replace combustible cladding (referred to above) 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

- Financial risk – loss of funding from grants (many of which are of short-term duration) without replacement; 

- Human Resources risk – shortages of appropriately qualified staff and volunteers 

- • Reputational risk – failure of child protection and safeguarding policies. 

We seek to mitigate the financial risk by implementing agreed quality controls with regular reporting to funders. Regular staff appraisals and targeted training mitigate the human resources risk and strict procedures on safeguarding, including DBS checks for all Trustees, staff and volunteers, mitigate the reputational risk. 

## **Code of Governance** 

The Trustees aim to comply, as appropriate, with the principles set out in the Charity Governance Code. A comprehensive set of policies and procedures is maintained and reviewed on a cyclical basis. 

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**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Statement of Trustees’ Responsibilities** 

The Trustees (who are also the Directors of The Salmon Youth Centre for the purposes of company law) are responsible for preparing this report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable activities for that period. In preparing these financial statements, the directors are required to: 

- select suitable accounting policies and then apply them consistently, 

- observe the methods and principles of the Charities SORP, make judgements and estimates that are reasonable and prudent, 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. 

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

So far as each of the Directors is aware at the time the report is approved: 

- there is no relevant audit information of which the company's auditors are unaware; and 

- the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **Small Companies Provisions** 

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. 

## _**By order of the Board**_ 

A.D.C. Greenwood Chair – on behalf of the Trustees 

43 Old Jamaica Road London SE16 4TE 

2024 

14 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **INDEPENDENT AUDITOR’S REPORT** 

## **Opinion** 

We have audited the financial statements of The Salmon Youth Centre in Bermondsey (the ‘charity’) for the year ended 31 March 2024which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the 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, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of 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 or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

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

15 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

- the information given in the trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report included within the trustees' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included with the trustees' report. 

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

- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemptions in preparing the trustees' report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees' responsibilities statement, the trustees'(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 statements, the trustees are responsible for assessing the charity’s ability 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 company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our 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. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment, financial reporting legislation and safeguarding regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. 

We determined that the principal risks were related to: recognition of income in the correct accounting period, management bias in accounting estimates, presentation of separately disclosed items and management override of controls. 

16 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

In response to the risks identified we designed procedures which included, but were not limited to, reviewing grant documentation, agreeing financial statement disclosures to underlying supporting documentation, identifying and testing journal entries, reviewing Board and sub-committee meeting minutes, and evaluating the company’s internal controls. 

There are inherent limitations in the 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. 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 Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Miriam Hickson FCA (Senior Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor Chartered Accountants** 

5 Robin Hood Lane Sutton 

Surrey SM1 2SW 

Dated: ......................... 

17 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Statement of Financial Activities for the year ended 31 March 2024** 

(incorporating an income and expenditure account) 

|**Notes**<br>**Income from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Other trading activities<br>4<br>**Total income**<br>**Expended on:**<br>Raising Funds<br>Charitable activities<br>Other<br>**Total expenditure**<br>8<br>**Net income/(expenditure)**<br>**before extraordinary item**<br>**Extradordinary item:**<br>9<br>Building Safety Fund:<br>Income<br>Expenditure<br>**Net income/(expenditure)**<br>**after extraordinary item**<br>**Transfers between funds**<br>13<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Fund balances brought forward<br>at 1 April 2023<br>**Fund balances carried forward**<br>**at 31 March 2024**|**Unrestricted**<br>**General**<br>**Funds**<br>**£**<br>583,465<br>-<br>154,282<br>**737,747**<br>28,315<br>701,433<br>-<br>**729,748**<br>7,999<br>-<br>-<br>-<br>**7,999**<br>-<br>**7,999**<br>156,509<br>164,508|**funds**<br>**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>182,078<br>**182,078**<br>(182,078)<br>-<br>-<br>-<br>**(182,078)**<br>-<br>**(182,078)**<br>6,768,792<br>6,586,714|**Restricted**<br>**Funds**<br>**£**<br>173,386<br>57,582<br>-<br>**230,968**<br>-<br>274,731<br>-<br>**274,731**<br>(43,763)<br>3,454,014<br>(3,454,014)<br>-<br>**(43,763)**<br>-<br>**(43,763)**<br>81,548<br>37,785|**Total**<br>**2024**<br>**Total**<br>**2023**<br>**£**<br>756,851<br>581,417<br>57,582<br>203,043<br>154,282<br>139,150<br>**968,715**<br>**923,610**<br>28,315<br>15,800<br>976,164<br>1,069,852<br>182,078<br>182,078<br>**1,186,557**<br>**1,267,730**<br>(217,842)<br>(344,120)<br>3,454,014<br>138,276<br>(3,454,014)<br>(138,276)<br>-<br>-<br>**(217,842)**<br>**(344,120)**<br>-<br>-<br>**(217,842)**<br>**(344,120)**<br>7,006,849<br>7,350,969<br>6,789,007<br>7,006,849|
|---|---|---|---|---|



All transactions are derived from continuing activities. 

All recognised gains and losses are included in the Statement of Financial Activities. 

The accompanying notes form part of these financial statements. 

Full comparative figures for the year ended 31 March 2023 are shown in Note 19. 

18 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **BALANCE SHEET AT 31 MARCH 2024** 

## Company No. 00958986 

|**Notes**<br>**FIXED ASSETS**<br>Freehold land and buildings<br>10<br>Other fixed assets<br>10<br>**CURRENT ASSETS**<br>Debtors<br>11<br>Cash at bank and in hand<br>**CREDITORS: amounts falling**<br>12<br>**due within one year**<br>**Net Current Assets**<br>**NET ASSETS**<br>**FUNDS**<br>Restricted funds<br>14<br>Unrestricted funds:<br>13<br>Land and Buildings fund<br>Jim Guild Legacy fund<br>General funds|**£**<br>**£**<br>**£**<br>**£**<br>6,353,652<br>6,535,730<br>50,515<br>55,234<br>6,404,167<br>6,590,964<br>47,520<br>182,499<br>398,746<br>304,905<br>446,266<br>487,404<br>(61,426)<br>(71,519)<br>384,840<br>415,885<br>6,789,007<br>7,006,849<br>37,785<br>81,548<br>6,353,652<br>6,535,730<br>233,062<br>233,062<br>164,508<br>6,751,222<br>156,509<br>6,925,301<br>6,789,007<br>7,006,849<br>**2024**<br>**2023**|
|---|---|
||6,353,652<br>233,062<br>164,508|
|||



Approved and authorised for issue by the Trustees on                        2024 and signed on its behalf: 

> A.D.C. Greenwood Peter Knight 

> Chair of Board of Trustees Honorary Treasurer 

The accompanying notes form part of these financial statements. 

19 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Cash flow Statement for the year ending 31st March 2024** 

|**Cash flows from operating activities:**<br>Net cash (used in)/provided by operating activities<br>MAIN CONTENTS PAGE'!A1<br>**Cash flows from investing activities:**<br>Purchase of fixed assets<br>Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents at the beginning of the reporting period<br>**Cash and cash equivalents at the end of the reporting period**<br>**Notes to the Cash flow Statement**<br>**Reconciliation of net income to net cash flow from operating activities**<br>Net expenditure for the reporting period<br>Adjustments for:<br>Decrease / (increase) in debtors<br>(Decrease) / increase in creditors<br>Depreciation charges<br>**Net cash (used in)/provided by operating activities**<br>**Analysis of cash and cash equivalents**<br>Cash at bank and in hand|**Total**<br>**2024**<br>**Total**<br>**2023**<br>**£**<br>**£**<br>103,668<br>(161,233)<br>(9,827)<br>(34,489)|
|---|---|
||93,841<br>(195,722)<br>304,905<br>500,627|
||398,746<br>304,905|
||**Total**<br>**2024**<br>**Total**<br>**2023**<br>**£**<br>**£**<br>(217,842)<br>(344,120)<br>134,979<br>(25,103)<br>(10,093)<br>9,694<br>196,624<br>198,296|
||103,668<br>(161,233)|
||398,746<br>304,905|



20 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **1. NOTES TO THE FINANCIAL STATEMENTS** 

## **ACCOUNTING POLICIES** 

## **Basis of preparation** 

The financial statements 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 Statement of Recommended Practice for Charities (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The Salmon Youth Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are prepared in sterling and monetary amounts are rounded to the nearest £. 

## **Preparation of financial statements on a going concern 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 to 31 March 2026, and for the reasons given in the Trustees’ Report on pages 10 and 11, the Trustees consider it appropriate to prepare these financial statements on the basis that the Charity continues as a going concern for the foreseeable future. 

## **Critical accounting judgements and estimates** 

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## **Fund accounting** 

Unrestricted funds comprise accumulated surpluses and deficits and are available for use at the discretion of the Trustees in furtherance of the general charitable objectives. 

Restricted funds comprise grants received for, and their use restricted to, specific purposes, as specified by the donor. 

## **Income recognition** 

All income is recognised once the charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably. 

## **Donations and legacies** 

Donations and gifts and are recognised in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receivable can be measured reliably. 

## **Grants** 

Grants are recognised in full in the Statement of Financial Activities in the year in which the charity has entitlement to the income, the amount of income receivable can be measured reliably and there is probability of receipt. 

## **Income from charitable activities** 

Income from charitable activities is recognised as earned as the related services are provided. Income from other trading activities is recognised as earned as the related goods or services are provided. 

21 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **1. NOTES TO THE FINANCIAL STATEMENTS (continued)** 

## **Expenditure** 

Expenditure is accounted for on an accruals basis and includes irrecoverable VAT which is reported as part of the expenditure to which it relates. Costs of raising funds are those costs incurred to raise voluntary income and costs of trading activities for the purpose of raising funds. 

Charitable expenditure relates to costs incurred in delivering the charity’s activities and services to its beneficiaries. Governance costs are costs incurred in meeting the constitutional and statutory requirements of the charity. 

## **Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from inception. 

## **Debtors** 

Short term debtors are measured at transaction price, less any impairment. 

## **Depreciation** 

Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives using the following rates: 

Freehold buildings - 2% straight line basis Fixtures and fittings - 15% to 33 1/3% straight line basis Motor vehicles - 25% straight line basis 

Freehold land is not depreciated. 

## **Creditors and provisions** 

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 obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **Employee benefits** 

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. Employee termination benefits are accounted for on an accrual basis and in line with FRS 102. 

## **Pensions** 

The charity operates a defined contribution pension scheme; contributions are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme. 

## **Financial instruments** 

The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value. 

22 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**2**<br>**Donations and legacies**<br>**Consists of donations from:**<br>Individuals<br>Churches<br>Legacies<br>Corporate & Events<br>**Grants for general purposes:**<br>The Bernard Sunley Foundation<br>The Childhood Trust<br>United St Saviours Charitable Trust<br>Merriman Charitable Foundation<br>Benefact Trust<br>Small grants<br>**Grants for restricted purposes:**<br>The Hargreaves Foundation - for apprentices and young<br>leaders programme.<br>Gallup - for provision of hot meals for local young people.<br>Greener Futures - leadership programme for BAME youth.<br>The Bernard Sunley Foundation - for building improvements<br>and fixed asset acquisitions<br>The Metropolitan Police - donation in kind for replacement<br>security doors<br>Southwark Council - contribution towards legal fees in<br>connection with cladding issues.<br>Thirdway Interiors Ltd - donation in kind for replacement<br>security lights<br>Tom ap Rhys Pryce Memorial Trust  - Young Leaders Program<br>for disadvantaged children and young people.<br>The Alan & Babette Sainsbury Charitable Fund - towards core<br>costs.<br>Garfield Weston Foundation - towards youthwork program<br>costs.<br>Chambers Wharf Community Enhancement Fund - Summer<br>scheme costs.<br>Other restricted grants under £10,000**|**2024**<br>**2023**<br>**£**<br>**£**<br>194,481<br>187,485<br>8,804<br>5,000<br>137,180<br>1,573<br>-<br>25,699<br>**340,465**<br>**219,757**<br>35,000<br>10,000<br>22,500<br>50,000<br>50,000<br>40,000<br>10,000<br>-<br>125,000<br>-<br>500<br>-<br>**583,465**<br>**319,757**<br>49,196<br>50,000<br>-<br>16,800<br>-<br>25,249<br>-<br>110,000<br>-<br>18,000<br>-<br>29,846<br>10,180<br>-<br>10,000<br>-<br> <br>30,000<br>-<br>25,000<br>-<br>13,790<br>-<br>35,220<br>11,765<br>**173,386**<br>**261,660**<br>**756,851**<br>**581,417**|
|---|---|



23 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

## **2 Donations and legacies** 

- **Restricted grants under £10,000 included: £7,000 from Southwark Council from the Cleaner, Greener Safer fund; £3,400 from Southwark Council from the North East Multi-Ward Neighbourhood Fund; £7,700 from the Jack Petchey foundation for the Achievement Awards Scheme; £5,000 from The Souter Charitable Trust for specific youthwork projects; and £5,000 from the Caring Foundation towards the cost of provision of food. 

|**3**<br>**Charitable activities**<br>**Restricted income:**<br>Big Lottery  Young Leaders Programme - funding for<br>apprentices and Clubs Development Manager<br>Mayor's Young Londoners Fund - funding for an arts project<br>Southwark Aiming High - funding for clubs and activities<br>including clubs for young girls<br>Sport England - funding for 'Active for Life' project<br>London Diocese - funding for 'Concrete' project  supporting<br>youth workers nationally through a process of mutual<br>development.<br>**Unrestricted income:**<br>Small grants|**2024**<br>**2023**<br>**£**<br>**£**<br>-<br>52,240<br>-<br>39,460<br>51,582<br>77,373<br>-<br>6,330<br>6,000<br>24,000<br>**57,582**<br>**199,403**<br>-<br>3,640<br>**57,582**<br>**203,043**|
|---|---|



24 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**4**<br>**Other trading activities**<br>Lettings<br>Resident volunteers’ accommodation<br>Club subscriptions<br>**5**<br>**Staff costs and numbers**<br>The weekly average number of employees was:<br>Full-time<br>Part-time<br>Staff costs were as follows:<br>Wages and salaries<br>Social security costs<br>Pension contributions|**2024**<br>**2023**<br>**£**<br>**£**<br>94,123<br>100,675<br>56,682<br>34,938<br>3,477<br>3,537<br>**154,282**<br>**139,150**<br>**2024**<br>**2023**<br>**Number**<br>**Number**<br>5<br>6<br>7<br>8<br>**12**<br>**14**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>262,040<br>361,410<br>26,612<br>35,624<br>13,311<br>15,899<br>**301,963**<br>**412,933**|
|---|---|



No employees received emoluments exceeding £60,000 in the range £60,000 to £70,000 in the year (2023: 1). 

The Charity’s key management are considered to be the Trustees, the Director, the Assistant Director and the Clubs Development Manager. The total employee benefits of the key management personnel of the Charity were £140,924  (2023: £174,825). 

Included in the above staff costs are termination payments of £nil (2023: £29,258). 

## **6 Trustee's remuneration and related party transactions** 

No trustees received any remuneration for their services nor any reimbursed expenses during the year. Trustees donated £28,740 to Salmon during the year (2023: £44,280).  J Skelton, the spouse of Trustee Marie Skelton provided electrical services during the year amounting to £11,600 (2023:£11,045). T Bauer, the spouse of  Trustee Carl Bauer, was employed as a cook and earned £16,503 during the year (2023: £15,402 ). Ben Gillam, son-inlaw of Trustee Adrian Greenwood, is a Director of Thirdway Interiors Ltd which donated security lighting to the value of £10,180 (2023: £nil). There were no other related party transactions in either year. 

25 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**7**<br>**Analysis of expenditure**<br>Raising funds<br>Charitable activities<br>Building depreciation<br>**Comparative analysis**<br>Raising funds<br>Charitable activities<br>Building depreciation<br>**8**<br>**Analysis of expenditure**<br>**Direct and allocated costs**<br>Raising funds<br>Charitable activities<br>Building depreciation<br>**Comparative analysis**<br>**Direct and allocated costs**<br>Raising funds<br>Charitable activities<br>Building depreciation|**Staff costs**<br>**£**<br>522<br>301,441<br>-<br>**301,963**<br>**Staff costs**<br>**£**<br>10,016<br>402,917<br>-<br>**412,933**<br>**Direct costs**<br>**£**<br>28,315<br>336,963<br>-<br>**365,278**<br>**Direct costs**<br>**£**<br>15,800<br>413,490<br>-<br>**429,290**|**Other costs**<br>**Total costs**<br>**2024**<br>**£**<br>**£**<br>27,793<br>28,315<br>674,723<br>976,164<br>182,078<br>182,078<br>**884,594**<br>**1,186,557**<br>**Other costs**<br>**Total costs**<br>**2023**<br>**£**<br>**£**<br>5,784<br>15,800<br>666,935<br>1,069,852<br>182,078<br>182,078<br>**854,797**<br>**1,267,730**<br>**Allocated**<br>**costs**<br>**Total costs**<br>**2024**<br>**£**<br>**£**<br>-<br>28,315<br>639,201<br>976,164<br>182,078<br>182,078<br>**821,279**<br>**1,186,557**<br>**Allocated**<br>**costs**<br>**Total costs**<br>**2023**<br>**£**<br>**£**<br>-<br>15,800<br>656,362<br>1,069,852<br>182,078<br>182,078<br>**838,440**<br>**1,267,730**|
|---|---|---|



26 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**8b Analysis of allocated costs **<br>Raising funds<br>Charitable activities<br>Building depreciation<br>**Comparative analysis**<br>Raising funds<br>Charitable activities<br>Building depreciation<br>**8c Governance cost**<br>Governance costs include:<br>Staff costs<br>Auditor’s remuneration:<br>Audit fee|**Management**<br>**£**<br>-<br> <br>257,639<br>-<br> <br>**257,639**<br>**Management**<br>**£**<br>-<br>287,920<br>-||**Governance**<br>**Premises**<br>**Total costs**<br>**2024**<br>**£**<br>**£**<br>**£**<br>-<br>-<br> <br>-<br>27,551<br>354,011<br> <br>639,201<br>-<br>182,078<br> <br>182,078<br>**27,551**<br>**536,089**<br> <br>**821,279**<br>**Governance**<br>**Premises**<br>**Total costs**<br>**2023**<br>**£**<br>**£**<br>**£**<br>-<br>-<br>-<br> <br>24,580<br>343,862<br>656,362<br>-<br>182,078<br>182,078<br>**24,580**<br>**525,940**<br>**838,440**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>10,391<br>11,380<br>17,160<br>13,200<br>**27,551**<br>**24,580**|
|---|---|---|---|
||**287,920**|||
|||||
|||||



## **9   Extraordinary item** 

As described more fully in Note 20 Combustible Cladding, the Government’s Building Safety Fund has provided funding under a Trust fund arrangement for the purpose of defraying eligible costs in connection with the removal and replacement of combustible cladding. 

During the year, SYC withdrew £3,454,014 (2023: £138,276) from the Trust Fund in reimbursement of previously incurred costs of £3,454,014  (2023: £138,276). 

27 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**10 Tangible assets**<br>**Cost**<br>01 April 2023<br>Additions<br>Disposals<br>31 March 2024<br>**Depreciation**<br>01 April 2023<br>Charge for the year<br>Disposals<br>31 March 2024<br>**Net book value**<br>31 March 2024<br>31 March 2023|**£**<br>119,838<br>-<br>-<br>119,838<br>-<br>-<br>-<br>-<br>119,838<br>119,838<br>**Freehold**<br>**land**|**£**<br>9,103,894<br>-<br>-<br>9,103,894<br>2,688,002<br>182,078<br>-<br>2,870,080<br>6,233,814<br>6,415,892<br>**Freehold**<br>**Buildings**|**£**<br>277,593<br>9,827<br>(17,353)<br>270,067<br>222,359<br>14,546<br>(17,353)<br>219,552<br>50,515<br>55,234<br>**Fixtures &**<br>**fittings**|**Total**<br>**£**<br>9,501,325<br>9,827<br>(17,353)|
|---|---|---|---|---|
|||||9,493,799|
|||||2,910,361<br>196,624<br>(17,353)|
|||||3,089,632|
|||||6,404,167|
|||||6,590,964|



Sport England, the Big Lottery Fund and the London Borough of Southwark, hold legal charges over the freehold land at 43 Old Jamaica Road, London SE16 4TE. Grants given by these entities towards the redevelopment of the Salmon Youth Centre may become repayable should the freehold buildings cease to be used for the purpose for which the grants were given. 

|**11 Debtors**<br>Grants receivable<br>Gift aid tax recoverable<br>Accrued income<br>Sundry debtors and prepayments<br>**12 CREDITORS: amounts falling due**<br>**within one year**<br>Accrued expenses and other creditors<br>Tax and social security|**2024**<br>**£**<br>19,343<br> <br>3,376<br>-<br>24,801<br> <br>**47,520**<br>**2024**<br>**£**<br>54,360<br>7,066<br>**61,426**|**2023**<br>**£**<br>97,373<br>4,075<br>61,800<br>19,251|
|---|---|---|
|||**182,499**|
|||**2023**<br>**£**<br>65,375<br>6,144|
|||**71,519**|



28 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**13 Unrestricted funds**<br>**Designated funds**<br>Land and Buildings (a)<br>Jim Guild Legacy (b)<br>General funds<br>**Comparative movement**<br>**Designated funds**<br>Land and Buildings (a)<br>Jim Guild Legacy (b)<br>General funds|**Balance at**<br>**01-Apr**<br>**2023**<br>**£**<br>6,535,730<br>233,062<br>156,509<br>**6,925,301**<br>**Balance at**<br>**01-Apr**<br>**2022**<br>**£**<br>6,717,808<br>234,240<br>281,771<br>**7,233,819**|**Income**<br>**£**<br>-<br>-<br>737,747<br>**737,747**<br>**Income**<br>**£**<br>-<br>-<br>462,547<br>**462,547**|**Expenditure**<br>**£**<br>(182,078)<br>-<br>(729,748)<br>**(911,826)**<br>**Expenditure**<br>**£**<br>(182,078)<br>-<br>(588,987)<br>**(771,065)**|**Transfers**<br>**Balance at**<br>**between**<br>**31-Mar**<br>**Funds**<br>**2024**<br>**£**<br>**£**<br>-<br>6,353,652<br>-<br>233,062<br>-<br>164,508<br>**-**<br>**6,751,222**<br>**Transfers**<br>**Balance at**<br>**between**<br>**31-Mar**<br>**Funds**<br>**2023**<br>**£**<br>**£**<br>-<br>6,535,730<br>(1,178)<br>233,062<br>1,178<br>156,509<br>**-**<br>**6,925,301**|
|---|---|---|---|---|



Note (a). Represents the extent to which funds are invested in freehold land and buildings for use by the Charity and therefore are not available for any other purpose. 

Note (b). The Jim Guild Legacy Fund is being / will be applied towards: 

- (i) youth work, by funding a youth worker for the 6-9’s club and providing for the cost of trips and residentials for young people; 

- (ii) fundraising, by funding additional fundraising support to secure additional sources of grant funding, and 

- (iii) upgrading the facilities at the Salmon Youth Centre on capital projects that will reduce running costs in future years. 

The transfer from General Funds to Restricted Funds represents Salmon’s financial contribution to project expenditure to the extent that such expenditure is not covered by restricted grant income. 

29 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

|**14 Restricted funds**<br>Youthwork projects<br>Cladding project<br>Concrete’ project<br>**Comparative movement**<br>Youthwork projects<br>Cladding project<br>Concrete’ project|**Balance at**<br>**01-Apr**<br>**2023**<br>**£**<br>67,335<br>-<br>14,213<br>**81,548**<br>**Balance at**<br>**01-Apr**<br>**2022**<br>**£**<br>58,103<br>-<br>59,047<br>**117,150**|**Income**<br>**£**<br>224,968<br>3,454,014<br>6,000<br>**3,684,982**<br>**Income**<br>**£**<br>407,577<br>29,486<br>24,000<br>**461,063**|**Expenditure**<br>**£**<br>(254,518)<br>(3,454,014)<br>(20,213)<br>**(3,728,745)**<br>**Expenditure**<br>**£**<br>(398,345)<br>(29,486)<br>(68,834)<br>**(496,665)**|**Transfers**<br>**Balance at**<br>**between**<br>**31-Mar**<br>**Funds**<br>**2024**<br>**£**<br>**£**<br>-<br>37,785<br>-<br>-<br>-<br>-<br>**-**<br>**37,785**<br>**Transfers**<br>**Balance at**<br>**between**<br>**31-Mar**<br>**Funds**<br>**2023**<br>**£**<br>**£**<br>-<br>67,335<br>-<br>-<br>-<br>14,213<br>**-**<br>**81,548**|
|---|---|---|---|---|



Restricted Funds represent amounts received and expended for various youthwork projects as described in Note 3. The balance carried forward of £37,785 represents funding received before 31 March 2024 but which will be expended in 2024-25 and later years. 

## **15 Analysis of net assets between funds** 

|Freehold land and buildings<br>Other fixed assets<br>Net current assets<br>**Comparative**<br>Freehold land and buildings<br>Other fixed assets<br>Net current assets<br>Net assets|**General**<br>**funds**<br>**£**<br>-<br>50,515<br>113,993<br>**164,508**<br>**General**<br>**funds**<br>**£**<br>-<br>55,234<br>101,275<br>**156,510**|**£**<br>6,353,653<br>-<br>233,061<br>**6,586,714**<br>**£**<br>6,535,730<br>-<br>233,062<br>**6,768,792**<br>**Designated**<br>**funds**<br>**Designated**<br>**funds**|**Total**<br>**2024**<br>**£**<br>**£**<br>-<br>6,353,653<br>-<br>50,515<br>37,785<br>384,839<br>**37,785**<br>**6,789,007**<br>**Total**<br>**2023**<br>**£**<br>**£**<br>-<br>6,535,730<br>-<br>55,234<br>81,548<br>415,885<br>**81,548**<br>**7,006,849**<br>**Restricted**<br>**funds**<br>**Restricted**<br>**funds**|
|---|---|---|---|



30 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

## **16  Taxation** 

The Salmon Youth Centre is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities. 

## **17 Liability of members** 

The Salmon Youth Centre is constituted as a company limited by guarantee and has no share capital. The liability of each member is limited to the sum of £1 per member.  It is incorporated in England and its registered office is 43 old Jamaica Road, Bermondsey SE16 4TE. 

|**18 Operating leases**<br>Future minimum lease payments commitments under<br>non-cancellable operating leases:<br>Operating leases which expire:<br>Within one year<br>Between two to five years|**2024**<br>**2023**<br>**£**<br>**£**<br>3,844<br>6,955<br>5,462<br>1,113<br>**9,306**<br>**8,068**|
|---|---|



31 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

## **19 Comparative Statement of Financial Activities** 

## **For the year ended 31 March 2023** 

|**General**<br>**Funds**<br>**Income and endowments from:**<br>**£**<br>Donations and legacies<br>319,757<br>Charitable activities<br>3,640<br>Other trading activities<br>139,150<br>**Total income**<br>**462,547**<br>**Expended on:**<br>Raising Funds<br>15,800<br>Charitable activities<br>573,187<br>Other<br>-<br>**Total expenditure**<br>**588,987**<br>**Net income/(expenditure)**<br>**before extraordinary items**<br>(126,440)<br>**Extradordinary items:**<br>Building Safety Fund:<br>Income<br>-<br>Expenditure<br>-<br>**Net income/(expenditure)**<br>**(126,440)**<br>**Transfers between funds**<br>1,178<br>**Net movement in funds**<br>**(125,262)**<br>**Reconciliation of funds:**<br>Fund balances brought forward at<br>1 April 2022<br>281,771<br>**Fund balances carried forward at**<br>**31 March 2023**<br>156,509|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>**-**<br>-<br>-<br>182,078<br>**182,078**<br>(182,078)<br>-<br>-<br> <br>**(182,078)**<br>(1,178)<br>**(183,256)**<br>6,952,048<br>6,768,792|**Restricted**<br>**Funds**<br>**Total**<br>**2023**<br>**£**<br>**£**<br>261,660<br>581,417<br>199,403<br>203,043<br>-<br>139,150<br>**461,063**<br>**923,610**<br>-<br>15,800<br>496,665<br>1,069,852<br>-<br>182,078<br>**496,665**<br>**1,267,730**<br>(35,602)<br>(344,120)<br>138,276<br>138,276<br>(138,276)<br>(138,276)<br>**(35,602)**<br>**(344,120)**<br>-<br>-<br>**(35,602)**<br>**(344,120)**<br>117,150<br>7,350,969<br>81,548<br>7,006,849|
|---|---|---|



32 



**THE SALMON YOUTH CENTRE IN BERMONDSEY** _REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024_ 

## **Notes forming part of the Financial Statements (continued)** 

## **20. Combustible Cladding** 

In 2008, as part of the redevelopment of the SYC freehold site, SYC granted Hyde Housing Association Limited (Hyde) a 127-year lease in consideration for the development of the ‘Phase 2’ building. Hyde procured the design and construction of the ‘Phase 2’ building which comprises three lower floors for SYC’s occupation above which there is a block of 26 flats. 

In summer 2020, Hyde, as head leaseholder, informed SYC that the ‘Phase 2’ building was covered with combustible cladding and that it was SYC’s legal responsibility, as freeholder, to arrange removal and replacement of the combustible cladding. 

In November 2022, the BSF awarded SYC a total grant of £5,786,241, inclusive of a pre-tender support award of £243,181 previously paid in December 2021. 

The BSF grant is provided under a Trust Fund arrangement solely for the purposes of defraying eligible costs incurred in connection with the removal and replacement of combustible cladding. The whole of the Trust Fund is held upon bare trust for the beneficiaries (who are the leaseholders of the 26 flats) and accordingly the outstanding balance is not included within SYC’s cash balances. Only amounts withdrawn from the Trust Fund to defray eligible costs are included within SYC’s income. 

33