THE SALMON YOUTH CENTRE IN BERMONDSEY Company Limlted by Guarantee Reglstered Charity TRUSTEES, ANNUAL REPORT AND AUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 I111111y1,,..'- tk Slon Company Registration Number 958986 Charity Registration Number 278979
THE SALMON YOUTH CENTRE IN BERMONDSEY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Trustees, Report 2-15 Independent Audilorfs Report 16- 18 Statement of Financial Activities 19 Balance Sheet 20 Cash Flow Statement 21 Notes lo the Financial Slalemenls 22-34 "Inspiring all young people to fulfil theirpotential and contribute to their Gommunity within a frameworf( of Chnstian values"
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEJVTS FOR THE YEAR ENDED 31 MARCH 2025 Legal and administrative information Board of Truslees Trustees: A.D.C. Greenwood (Chairl C. G Bauer E. Larbi-odam (Honorary Treasurer) R. S. Gleaves RICS K. Kazim P. Knight FCA (resigned 13th October 20241 S. Manwell M Skelton D. Cruz K. Miller J. Thompson J. Hughe5 (appointed 1311 October 20241 Finance Committee: E. Labi-odam A.D.C Greenwood R. S. Gleaves RICS D. Cruz In attendance.. J. Anglesea C. Bascom (Chairl (Director) (Finance Director) Company secretary: J. Anglesea Prlnclpal offl¢e and Regi$tered office: 43 Old Jamaica Road Bermondsey London SE16 4TE Audltors: Xeinadin Audit Limited 5 Robin Hood Lane, Sutton. Surrey SM12SW Bankers: Unity Trust Bank Nine Brindleyplace Bimingham B12HB Governing deed: Articles ofAssociation Charity registratlon number". 278979 Cornpany reglstration number. 958986
THE SALMON YOUTH CENTRE IN BERMONDSEY REPORTAND FINANCIAL STA TEMEMTS FOR THE YEAR EIVDED 31 MARCH 2025 Trustees Report Celebmting the endof the clGdding replOcenntProlect. Salmon Youth Centre 15 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, thirteen part-time and one sessional staff members, our apprentices, trainees and over 80 volunteers, we ran 803 sessions in 2024125 and logged over43,000 contact hours with 1254 young people. Youth club sessions typically last between I hour and 45 minutes to 3 hours, with many young people attending multiple times each week. Salmon provides an outstanding recreational facility where young people have fun, form healthy friendship5 and develop their interests and skills. Salmon is a welcoming, safe and encouraging environment where thev 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 WOTk. Accessible to everyone aged 6-19 for a nominal contribution of just 50p per vislt, member5 enjoy a wide variety of activities, starting with a free hot meal, which is a vital help to many families struggling Wlth the cost-of-living crisis. This provides a healthier alternative to fast food restaurants where young people can sometimes be engaging or at risk of being victims of anti-social behaviour after school. In everything, we encourage young people to realise and develop their gifts and talents, to develop their sense of 5elf-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 positwely with their community.
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FIIVAtVClAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Our Vlsion We aim to inspire all young people to fulfil their potential and contribute to their community within a framework of Christian values. Our Mission 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 thelr ambition to achieve a fulfilling life by discovering and developin8 their talents and increasing their enthusiasm for learning and training. Young People in Southwark Our beneflciaries predominantly live in areas of high social deprivation in Southwark, where a Significant proportion of children grow up in low-income households, often in lone-parent families1Southwark Council, 20231. Many live in local estates that rank among the most deprived in England IIMD, 20191, with Bermond5ey itself, where we are located, ranked in the top 3% for child poverty ILoughborough University for the End Chilij Poverty Coalition, 20231. Children living on local housing estates also report that crime is omnipresent and we have noticed an increase in the number of beneficiaries affected and reporting high levels of anxiety about leaving their homes. Housing instability and temporary accommodation is also a notable concern (Shelter. 2022,. Southwark CoLFncil, 20231. The young people we support are experiencing increasingly complex needs. The Institute of Educatlon's 120221 external review of our service reinforces this observation. Stakeholder consultations highlight a range of intersecting issues, including food insecurity, poverty, low academic achievement and young people's perceptions that institutions discriminate against them due to their ethnicity, disability, or other factors. The majority of our beneficiarie5 come from minoritised communities and up to 20% have EHCP recognised, but sometimes unrecognised, Special Educational Needs and Disabilities ISENDI. Our youth worker5 frequently hear about gang involvement, antisocial behaviour and Substance misuse among our young people, often affecting those who are experiencing one or more risk factor/s. Increasing Mentsl Health Support Unfortunately and too often, we encounter young people who have experienced adverse childhood experiences IACES), such as bullying, verbal or physical abuse and exposure to substance misuse within the home. A Significant proportion come from families described by the Government as'Troubled Families,, which are characterised by worklessness, mental health issues and criminal or antisocial behaviour. These young
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 37 MARCH 2025 people's past and present circumstances often hinder theii ability to access support and the long-term effects of trauma, neglect and abuse have severely impacted their development, leading to issues such as low self- worth, anxiety and depression. Our recent review indicates that: 30% of our young people have experienced four or more ACES, compared to the London average of IO% IBullock, 20201. 60% face neglect. A Significant number first disc105e their experiences of ACES to us, with younger cohorts often not yet recognising the impact of their experiences or viewing them as normal. Additionally, Salmon targets young people who are 'off-radar' and at risk of emerging mental health difficulties. This includes those with histories of care experience, school exclusions or offending behaviour, many of whom lack basic qualifications and are not in education, employment, or training INEETI. Structural inequalities further exacerbate their challenges, with inadequate support for SEN and disabled children, for whom mental health needs are often misattributed to their neurodiver51ty Imencap, 20211 or who face ongoing cycles of household poverty (Southwark, State of the Borough, 2021; Southwork SEND Strategyi 2022-251. The demographics of young people attending Clubs Boys Girls Aged 6-10 ABed 11-13 Aged 14-18 Aged 19-25 Total number of young people club attending clubs 2021-22 2022-23 57% 41% 350 2023-24 2024-25 56% 44% 252 219 459 56% 43% 311 55% 45% 232 254 295 94 954 357 456 278 470 129 97 73 1,292 1077 1003 Our Performance Statistics Attendance and activity stat15tics Total number of club attendees in year Total attendances in year Total number of contact hours Total number of sessions Total number of free hot meals provided Number of hours of physical activities provided each week Number of young people mentored 2021-22 2022-23 1.292 17,893 49,938 803 2023-24 2024-25 1055 15,679 43,659 816 7,515 28hrs 117 954 15,043 40,635 665 6,599 28hrs 1077 17,566 45,785 840 8,423 28hrs 9,752 28hrs 99 199 ioi The total number of young people we worked with during 2024125 in all aspects of our youth work, including both club session5 and other activitles, was 1,254. Our Impart Response 94% Survey questions of yOLJng people rated the club as Excellent or Good.
THE SALMON YOUTH CENTRE IN BERMONDSEY REPORfAND FINANCIAL STA TEMENTS FOR fHE YEAR ENDED 37 MARCH 2025 75% 80% 77% 70% 70% of young people said they have made new friends. of young people said they have learnt Something new. of young people said being at Salmon makes them more confident of young peo le said being at Salmon allows them to do better in school of young people said being at Salmon meant they felt safer in their community Staffing, Apprentices. Volunteers and Leaders We can only provide our range of activities thanks to our dedicated team of trained staff, volunteers and others. All are DBS-checked and have been trained as mental health first-aiders. This year, we were pleased to welcome Jan and Paul Knight to the staff team. They are overseelng the resident community, a role made possible through the generous support of the Maurice and Hilda Laing Trust. Volunteers We have a fantastic team of 82 local volunteers. with over 30 supporting at least one session a week. Most find themselves acting as mentors to specific children, either occasionally oron a regular basis. They help with homework club, CV preparation, job search and inteNiew rehearsals. They also share their skills in cooking, art, music, boxing. Eym instruction and podcast expertise. Most importantly, they vastly increase our capacity to show kindness, patience and a consistent interest in each child. Apprentices This year, six apprentices aged 18-25joined the staff team, gaining valuable work experience, leadership skills and improvlng their overall employability. They successfully completed Level 2 and Level 3 Youth Work qualifications, along with a range of job-related training courses. Working directly alongside young people, they made a meaningful contribution to programme delivery. In addition, with generous support from The Hargreaves Foundation, four sports trainee5 were funded to support the delivery of physical activity sessions in our clubs. These trainees obtained coaching qualifications in basketball, gymnastics and football, and completed additional training in safeguarding, trauma-informed practice, mentoring and first aid. Work Experience Volunteers 43 young people aged 14-19 took part in work experience placements. volunteering alongside our staff and engaging directly with children and young people in our clubs. These young people gained valuable insights into youth work by learning on the job and supporting a wide range of activities. Participants included City of London School students completing nine months of community service, as well as others undertaking weekly volunteering as part of their Duke of Edinburgh Award or school and college work experience placements. Across the board, they demonstrated enthusiasm, energy and a strong commitment to making a positive impact. 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
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 highlights included hosting a group from Germany for an exchange in the summer a visit to Cambridge University to meet the Master and students from Jesus College. They also vi51ted The Gallup team in the Shard and completing the Gallup strengths finder assessment and then have some professional strenEths coaching from the Gallup coache5. The day also Included 5UPPOrt with employability skills, job applications and intetview skills. 5tsffing Staff members (full timel staff members Ipart-timel Volunteers Apprentices Work experience students YounE leaders 2021-22 2022-23 2023-24 2024-25 21 13 40 22 30 23 53 12 74 82 49 io 40 io 52 io How We Support Young People Sport and Fitness The Salmon Youth Centre has facilities for badminton, basketball, boxiTrg, climbing, dance, fitness trainin& football, gymnastics, trampolining and volleyball. These take place in our four-court sports hall, our well- equipped exercise gym and on our 30-metre climbing wall. Sport is a gateway to healthy lives and a magnet for young people of all ages and abilities. By engaging young people who face multiple and complex social issues, including care experience. disrupted education, unsafe home environments and more, our sports activities help put them on pathways that change the course of their lives. Many of our previous beneficiaries have gone on to train and secure accreditations in sport. Some have become youth workers. But Eettingyoung people on a path to physical wellbeing is the firststep towards wider well-being outcomes and for which we are seekin8 your sUPPOrt. We offer coaching sessions.. climbing and adventure, trampoline, basketball, dance and football and some have-a-go sessions.. wallball, teqball, dodgeball, volleyball, tennis, badminton and table tennis. Our experienced youth workers challenge young people to discover what they can achieve, so they.. Have the opportunity to participate in at least 60 minutes of physical activity daily. Build positive attitudes to sport and physical health, including healthy diets and active lifestyles. Increase their physical literacy from an early age, so they are more likely to pursue sports as they grow. Foster goals and social bonds around healthy sports activities. Enhance their physical, mental and emotional wellbeing. Diet In 2024125, we provided 7,515 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.
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR EtVDED 31 MARCH 2025 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 reeordinE 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 This year, we continued to offer academic support through GCSE and A Level tutoring in STEM subjects, delivered by qualified tutors. This was complemented by peer-led learning and mentoring, providing additional homework support. These initiatives have played a crucial role in addressing the challenges faced by younE people who have fallen behind in their studies. Rather than continuing to struggle, many club members have shown marked improvements in their academic ability, motivation, and confidence in the classroom. Mentoring This year, we provided mentoring to 117 young people through a range of tailored programmes designed to meet diverse needs. These included.. School-based mentoring for students at risk of exclusion. Academic mentoring to support improved outcomes at GCSE and A Level- Intensive support for at-risk young people, delivered in collaboration with families, schools, social workers and police to achieve the best Possible outcomes- Guidance on next steps in education, training, and employment,. and Mentoring to promote personal and social development. Our mentoring programmes equip young people with the resilience and skills needed to navigate adverslty and stress. We are committed to expanding our capacity to offer more intensive, one-to-one support bv recruiting additional volunteer5. We also take a gender-informe¢J approach, recognising and responding to the distinct needs of girls and young women as well as boys and young men. Dlsablllty Work Our trained and experienced staff play a vital role in supporting the integration of young people with disabilities into our mainstream club5. We work in close partnership with parents, carers, and special educational needs schools to help these young people build key life skills, including communitation, personal safety, money management, independence and leadership. Our clubs serve as a vital 'in-between' space bridging the gap between home, school, and the often-overwhelming wider world. We encourage the young people to step beyond their comfort zones and grow in confidence. Their presence also enrithes the wider club community, f05tering greater understanding, empathy and inclusion around neurodiversity and disability.
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Mental Health Support We have seen a growing number of young people attending Salmon who have experienced four or more Adverse Childhood Experiences IACES). In response, we have appointed a part-time qualified psychotherapist to deliver weekly one-to-one 5e5sions, supporting young people in developing coping strategies to manage the trauma they have faced. This year, we were also pleased to welcome Dr Blessing Bakare, a Clinical Psychologist. to our team. Dr Bakare brings a wealth of expertise in young people's mental health, along with a personal connection to Salmon- having been a member herself and a fomier student at local schools, St Joseph's and St Michael's. As a local resident, her return to Salmon holds special significance. Her presence will be invaluable in raising awarene55 around mental health and providing specialised support to young people who are struggling. Wellbeing remains a central focu5 of our work. We have expanded our mental health team by recruiting volunteer counsellors and 3 student counsellorfrom the University of Greenwich. We continue to build strong partnerships with external agencies, particularly Child and Adolescent Mental Health Service5 ICAMHSI, and have applled for funding from the Maudsley Charity to further develop our mental health provision. To support everyday wellbeing, we introduced the "Wellbeing Challenge" into our club sessions this year. The initiative encourages young people to engage in five key actions.. being active, helping others, learning something new, being mindful, and connecting with others. These practice5 are already part of our core programmes and the challenge helps young people understand why these activities contribute to their wellbeing and how they can carry them into their daily lives. Residentials, Trips, and Hollday Activities Salmon outings and holidays are usually the highlight of the year for many young people. especially if their family cannot afford holidays. In 2024/25, we organised 39 trips for young people, all offered free of charge or at a nominal cost. These included educational visits to Cambridge University, art galleries, music studios, the Horrible Histories boat tour and an employability-focused trip with Gallup. Our sports teams also travelled to various basketball and football tournaments. For recreation and fun, young people enjoyed outings to Thorpe Park, the cinema, bowling, Air Thrill, swimming, Flip Out, and our much-loved annual pantomime trip. Residential highlights of the year included a fwe-day residential sailing experience on a 72ft tall ship* two outward bound adventure residential, a week-long camping trip to the Newday Festival and an international youth exchange hosting a group from Germany. These experiences play a vital role in broadening horizons, building confidence and sparking curiosity in the world around them. In total, 376 young people participated in trips and residentials this year. In addition, during the school summer holidays, we ran several daytime holiday schemes, with 404 of young people engaging in our vibrant programme of weekly centre-based activities. Special aclivities Trips Residentials Trips and Residentials participants Holiday scheme attendees 2021-22 2022-23 2023-24 2024-25 39 26 41 105 199 131 295 150 376 353 404
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FItVANCIAL STA TEMENrs FOR THE YEAR ENDED 31 MARCH 2025 Community Engagement Large Youth Events Salmon has brought together youth leaders from local churches to run joint events featuring food, mus1C, 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 professiona15, 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 who provide volunteers, training and work experience for young people, and also fundraise for the Centre. Sharing Our Facilities We share our facilitie5 Wlth local schools, churches, partners, charities and youth services. This enables other groups of young people to enjoy the facilities at Salmon at modest cost while providing a small source of income. 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 orfamily breakdown. This work is intensive and highly individualised to the cases we are addressing. It is fundamental to ensL*ring positive outcomes for our young people. Youth Advisory Board The young people's own views and experiences are fundamental to how we plan and deliver our youth work. Our youth advisory board helps u5 to shape the services we provide. We actively engage with the young people and their families in evaluating the impact of our seNices 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 and Helping Others Looking ahead to 2025, we are excited to launch Spark's Club a new initiative tailored specifically for neurodiverse young people. This dedicated space will offer opportunities for creative expression, social connection and personal growth. Recognising that many neurodiverse young people face challenges such as isolation and mental health difficulties, Spark's Club aims to provide a supportive, welcoming environment where participants can build friendships and develop a strong sense of belonging. Our Mental Health work will focus on three key areas..
THE SALMON YOUTH CENTRE IN 8ERMONDSEY REPOR T AND FINANCIAL sfA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Community Engagement- We Serve as a trusted first point of contact for families and local organisations, helping to direct young people to appropriate 5UPPOrt while fosterlng community understanding and commitment to youth mental health. Integrated Speclalist Support- Mental health support is embedded within everyday youth activities such as sports, arts and music. Professional toun5ellors engage with young people during these sessions to normalise mental health care, reduce stigma, and encourage further access to services. Oursport for Development model a150 uses performance and re5ilience-building to support mental wellbeing. Youth-led Advocacy-Through peer-led initiatives such as podcasts, workshops and creative platforms, young people are empov4ered to shape the conversation around mental health. They co-develop resources, reframe language le.8., 'mental fitness'l and share their lived experiences to influence services and reduce stigma. We are developing these three strands of the mental health the programme in collaboration with experts at the South London and Maudsley NHS Trust. Greenwich Universlty. Dr Blessing Bakare (Clinical Psyehologistl and Thriveldn mental health initiative and plan to pilot it in clubs and 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 19605 we helped to found the Frontier Youth Trust and in the 19905 the Centre for Youth Mini5trie5 based at Ridley Hall. Cambridge. Thank you! Finally, we are generously financially supported by individuals, churches. local businesses, Southwark Council and Trust Funds. We say a huge 'thank you, to all these donors who enable Salmon to transft)rm the lives and prospects of the inner-city young people who are part of the Salmon family. 10
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINAf4lCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Results to 31 Mar¢h 2025 The results for the year are set out in the attached Financial Statements which have been prepared in accordance with FRS102 and the reporbng requirements for charities under the Charities SORP FRS102 (second edition, effecllve 1 January 20191. Results for the year showed a small surplus of £7,187 on the general fund, holding steady with List year's performance £7,999. The cladding project was completed in September 2024. this led to a significant decrease in building insurance costs. Income at £942,627 was £26,088 down on the previous year. Income from individuals, churches, legacies and ¢Otporale donors lotalled £383,418 an increase of 130/0 on the previous year. Income from other trading aclivilies which mainly in¢ludes lelling our facilities lo third parties tolalled £129.463 which was down 16010 on the previous year's total of £154,282. Grants for general purposes lolalled £93.000 against £243,000 the previous year, this was 18rgely due to a significant grant the previous year not being repealed. Grants for restricted purposes tolalled £238.446, an increase of 38Yo on the previous year. Total expenditure al £1,149.805 was down £36,752 on the previous year. Within this figure was building depreciation, a non-cash item of £182,078 which is set off against the designated fund. Expenditure on charitable activities was £924,349, a decrease of 50/0 on the previous year. Designated Funds As described in Note 13 to the Financial Stalemenls, Designated Funds comprise the Jim Guild Legacy Fund and the Freehold Land and Buildings Fund. During the year £15,000 12023124'.£nill was spent from the Jim Guild Legacy Fund and depreciation on freehold buildings of £182,07812023124'. £182,078} was charged to the Freehold Land and Buildings Fund. Cash Balances Cash balan$ at the year end amounted to £374.69012023124= £398,746>. Of this total £20,498 12023124.. £37,785) was being held to meet our obligations to fulfil the terms of restricted grants In future periods. Nel Worth deereased lo £6,581,829 12023124.. £6,789,007} mainly as a consequence of the accounting requirement to Charge depreciation, which is a non-cash item, on freehold buildings. Extraordinary Item In connection wlh the removal of combustible cladding from the Phase 2 building. the Govemmenl's Building Safety Fund IBSFI 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 £1,796,832 from the trust fund in reimbursement of costs incurred during the year12023124.' £3,454,014). Reserves Policy The Trustees, having considered the financial risks, have said a reserves policy which aims to maintain free reserves al a level sufficient to cover loss of SO'A of grant income for a period of up lo 12 months while replacement funding is sought,. this equates lo approximately £280,000. The level of free reserves al 31 March 2025 of unrestricted funds of £332,732 Igeneral fund of £171,695 plus the Jim Guild Legacy fund of £218.062 less other fixed assets of £57,025) is therefore Sufficient lo comply with this policy. 11
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINAIVCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Going ¢oncgm Wrth the completion of the cladding project, there is a little uncertainty over the final 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 Truslees 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 lo recover from the head leaseholder any costs not fvnded by the Building Safety Fund, the Trustees consider that it remains appropnate to prepare the finan¢ial statements on the basis that SYC conb'nues as a going Gonrn for the foreseeable future. 12
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The organisalion, founded in 1906, is a charitable company limited by guarantee and governed by ils Articles of Association. It changed its name in 1995 to The Salmon Youth Centre in Bermondsey, fr)rmerly being known as the Cambridge University Mission (CUM Trust Limiledl. New Articles of Association were adopted in October 2014. In the event ol being wound up, members may be required trj contribute an amount not exceeding £1 each. Oryanisational Structure The Trustees normally meet 6 times a year. There is one formal subcommillee, namely the Finance Committee, which aims to meet three limes a year to review the financial position in detail. The Finance Committee is chaired by the Honorary Treasurer. Recrultment, appointment and election of Trustees Trustees are elected and re-elected al the Annual General Meeting I'AGM'I. A third of existing Trustees musl retire by rotation at each AGM. New Trustees can be appointed during the year, bul they musl then be elected at the next AGM. In searching for new Trustees, the Trustees, whilst recognising diversity issues, look for people who are commilled lo the Christian ethos of the organisalion, who have relevant skills and experience as well as the lime lo fulfil the duties effeelively. Al present the Trustees are seeking lo appoint new trustee5 Wlth 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 lo new and existing Trustees. both specific to the organisalion and relating lo the general duties of charitable twslees. Councll of Reference This is the infomal name given to the members of the charitable company. They are admitted into membership by the Trustees. They have the right to attend and vole al the AGM. There are twelve members of the Council of Reference. in addition lo those nine who are Trustees. The Att'cles of Association restrict the maximum number of members of the company to 30 lor such greater number as the Trustees may resolve). Members of the company must support and continue to support the objects of the company. Ernployee remuneratlon The pay of the Charity's staff including the Director is reviewed annually and linked lo National Joint Council INJCI and Joint Negotiating Committee IJNCI pay scales. All increases are directly linked lo 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 2023124, Salmon apF)ointed a professional fundraising service lo assist with preparing and submilling grant applications. Their services are monitored by Salmon's management through regular meetings and regular oversight of the Finance Committee and Board,. Risk management In line with best practice, the Trustees review the major risks lo which the organisatlon is exposed at least once a year and keep the risk register under regular ieview. The major risks facing Salmon that could affect its ability to maintsin ils operations at the current level are. 13
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Buildings risk- financial loss arising from the obligation lo replace combustible cladding lferred lo above) Financial risk- loss of funding from grants (many of which are of short-term duralionl without replacement., Human Resources risk- shortages of appropriately qualified staff and volunleeTS 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 largeled training miligale the human resources risk and strict procedures on safeguarding, including DBS checks for all Trustees. staff and volunteers, mitigate the reputabonal risk. Code of Governance The Trustees aim lo comply, as appropriate. with the principles sel out in the Charity Governance Code. A comprehensive sel of policies and procedures is maintained and reviewed on a oyclical basis. 14
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T ANJD FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees, Responsiblllties 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 Standard$ (United Kingdom Generalty Accepted Accounting Practicel. Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of reSoUrs, including the income and expenditure of the charitsble activities for that period. In preparing these financial statements, the directors are required to,. select suitable accounting policies and then apply them consistenlty, observe the methods and principles of the Charities SORP, make judgements and eslimales 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 il 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 al any lime of the financial position of the charitable company and enable them to ensure that the financial slalemenls ¢omply 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 al the time the report is approved.. there is no relevant audr( information of which the company's auditors are unaware,. and the Directors have taken all steps that they ought lo have taken to make themselves aware of any relevant audit inforrnalion and to establish that the auditors are aware of that information. Small Companies Provlslons In preparing this report, the Trustees have taken advantsge of the small companies exemptions provided by Part 15 of the Companies Act. y order of the Board A.D.C. Greenwood Chair- on behalf of the Trustees 43 Old Jamaica Road London SE16 4TE 281071 2025 15
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEMTS FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT Opinion We have audited the financial statements of The Salmon Youth Centre in Bermondsey (Ihe'charty'l for the year ended 31 March 2025 which comprise the Stslement of Financial Aclivilies, the Balance Sheet, the Slalement of Cash Flows and the notes to the financial stalemenls, including a summary of significant accounting policies. The financial reporting framewo¥k that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Thg Financial Reporting St8nd8rd appIable 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 stale of the charitable company's affairs as at 31 March 2025 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 Pracb'ce,. and have been prepared in accordance with the requirements of the CompanEs Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 ehaTitable company in accordan with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethieal 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 lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls. we have concluded that the Iruslees, 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 lo events or conditions that, individually or collectively, may cast significant doubt on the Charity s ability to continue as 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 respe¢t lo going concern are described in the relevant seth'ons of this report. Other infomiation The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our audrtoff 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 slated in our reF)Ort, 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 knowleclge obtsined in the course of the audit, or otheIse appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required lo 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.. 16
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TSMENTS FOR THE YEAR ENDED 31 MARCH 2025 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. Pdlattgrs on whlch we are requlred to report by exceptlon 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 Iruslees, ieport. We have nothing to report in respect of the following rrtatters in relation lo which the Companies Act 2006 requires us lo report lo you if, in our opinion". adequate and proper accounting records have not been kept, or returns adequate for our audrt have not been received from branches not visited by us,. or the financial slalemenls are not in agreement with the accounting records and returns,. or rtain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the Iruslees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies exemptions in preparing the twstees, report and from the requirement to prepare a strategic report. Responslbllities of trustees As explained more fully in the trustees, responsibilities statement, the Irustees'lwho are also the directors of the charitable company for the purposes of company lawl are responsible fol 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 lo enable the preparation of financial statements that aff free from material misstatement, whether due to fraud or error. In preparing the financial stalemenls. 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 accounts'ng unless the Iruslees either intend to liquidate the company or lo cease operations. or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of tho Ilnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mateiial 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 IUKI will always delecl a material misstatement when it exists. isslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could aSOnablY 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 wf(h laws and regulations related to employment, financial reporting legislation and safeguarding regulations and we eonsidered 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 slalements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, ¢onsidering the internal controls in place and discussion amongst the engagement team. Vve determined that the principal risks were related to.. recognition of income in the corwt accounting period, management bias in accounting estimates, pSentatIOn of separately disclosed items and management override of conlrols. 17
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AIVD FINANCIAL STA TEMENTS FOR THE YEAR EIVDED 31 nOARCH 2025 In response lo the risks identified we designed procedures which included, but were not 5imiled to, reviewing grant documentation, agreeing financial statement disclosures lo underlying supporting documentslion, idenlfying and lesling 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 law5 and regulations are from financial transactions, the less like il is that we would become aware of non- compliance. Material misslatemenls that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment tsr ¢ollusion. A further description of our responsibilities for the audit of the financial slalements is located on the Financial Reporting Council's website at.. htk).'Ilwww.frc.org.ukJaudilorsresponsibilities. 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 slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we clo 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 Xelnadln Audlt Limited Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM1 2SW Dated. .z.sl o.?.l.ZoZS 18
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINAIVCIAL STA TEMEIVTS FOR THE YEAR ENDED 37 MARCH 2025 Statement of Financial Activities for the year ended 31 March 2025 (incorporating an income and expenditure account) Unrestricted funds General Designated Funds Funds Restyirted Funds Total Total 2024 Notes 2025 Income from: Donations and legacies Chaiitable aLtivitie5 Other trading activities Tota5 income 476,418 238,446 98,3Ck) 714,864 98,3tXJ 129,463 941627 756,851 57,582 154,282 968,715 129,463 605,881 336,746 Expended on: Raising Funds Charitable activities Other Totsl expenditure 43,378 555,316 43,378 924,349 182,078 1,149,805 28,315 976,164 182,078 L186,557 354,033 182,078 197,078 598,694 354.033 Net incomellexpenditurel before extraordinary item 7,187 1197,0781 117.2871 1207,1781 1217,8421 Extradordinary Item: Building Safety Fund: Income Expenditure 1,796,832 1,796,832 3,454,014 11,796,832) 11,796.8321 13,454,0141 Net Incomellexpenditurel after extraordinary item 7,187 1197,0781 117,287) 1207,1781 1217.8421 Transfer5 between funds 13 Net movementin funds 1197,0781 117,2871 1207,1781 1217.8421 Reconciliation of funds: Fund balances brought forward at IApril 2024 164,508 6,586,714 37,785 6,789,1X)7 7,006,849 Fund balance5 carried foThvard at 31 March 2025 171,695 6,389.636 20,498 6,581,829 6,789,W7 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 forthe year ended 31 March 2024 are shown in Note 19. 19
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND Fif4lANCIAL STA TEMENTS FOR THE YEAR ENDED 31 JWARCH 2025 BALANCE SHEET AT 31 MARCH 2025 Company No. 00958986 Notè5 2025 2024 FIXED ASSErs Freehold land and buildings Other fixed assets io 6,171,575 57,025 6,228,6QK) 6,353,652 50,515 6,404,167 io CURRENT ASSErs Debtors Cash at bank and in hand li 105,292 374,690 479,983 47,520 398,746 446.266 CREDITORS: amounts falling due within one year 12 1126,7541 161,4261 Net Current Assets 353,229 384,840 NET A55ETS 6,581,829 6,789,007 FUNDS Restricted funds Unrestricted f unds: Land and Buildi ngs fund Jim Guild Legacy fund General funds 14 20,498 37,785 13 6,171,574 218,062 171,695 6,561,331 6.353,652 233,062 164,508 6,751,222 6,581,829 6,789,007 These Financial Statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companles. Approved and authorised for issue by the Trustees on 2slo?J2025 and signed on its behalf.. A.D.C. Greenwood Ernestina Larbi-odam Honorary Treasurer Chair of Board of Trustees 20
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2Q25 Cash flow Statement for the year ending 31st March 2025 Totzl 2025 Total 2024 Cash flows from operating activities: Net cash lused inl/provided by operating activities 16.9591 103.6&9 Cash f lows from investing actlvltles: Purchase of fixed assets 117,0971 19,8271 Change in cash and cash equivalents in the reporting period 124,0561 93,841 Cash and cash equivalents at the beginning of the reporting period 398,746 304,5 Cash and cash equivalents atthe end ofthe reporting period 374,690 398,746 Notes to the Cash flow Ststement Total 2025 Total 2024 Reconciliation of net income to net cash flow from operatlng actlvities Net expenditure for the reporting period Adjustments for: Ilncreasel / decrease in debtors Increase / Idecreasel in creditors Depreciation charges 1207,1781 1217,8421 157,7721 134,979 65,327 110,0931 192,664 196.624 Net cash (used inllprovided by operating activities 16,9591 103,668 Analysls of cash and cash equivalents Cash at bank and in hand 374,690 398,746 21
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR EIVDED 31 MARCH 2025 1. NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordan with Aecounling 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 Editron, effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 staled in the relevant accoLJnting policy nolelsl. The financial statements are prepared in sterling and monetary amounts are rounded to the nearest £. Preparatlon 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 stalemenls. Having reviewed the cash flow forecasts and budgets for the year lo 31 March 2027, and for the reasons given in the Trustees, Report on pages 11 and 12, the Trustees consider il appropriate to ppare these financial statements on the basis that the Charity continues as a going conrn for the foreseeable future. Critical accountlng judgements and estimates In preparing these financi81 slatemenls, management has made judgements, eslimales and assumptions that affect the application of the charity's accounting policies and the ported assets, liabilities, income and expenditure and the disclosures made in the financial slalemenls. Estimate5 and judgements are continually evalual8d 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 al the discretion of the Trustees in furtherance of the general charitable objectives. Restricted funds comprise grants received for, and their use restricted lo, specific purposes. as speufied by the donor. Income recognition All income is recognised once the charity has entitlement lo 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 lo the income, the amount of ineome receivable can be measured reliably and there is probability of receipL Income from charitable activities Income from charitable activities is [ecniSed as earned as the related services are provided. Income from other trading activities is recognised as earned as the related goods or seNices are provided. 22
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEMTS FOR THE YEAR ENDED 31 MARCH 2025 1. NOTES TO THE FINANCIAL STATEMENTS (continued) Expendlture Expenditure is accounted for on an accruals basis and includes irrecoverable VAT which is reported as part of the expenditure lo which il relates. Costs of raising funds are those costs incurred to ratse voluntary income and costs of trading activities for the purpose of raising fvnds. Charitable expenditure relates to costs incurred in delivering the charity's activities and setvices lo its beneficialies. Governance costs are costs incurred in meeting the conslilulional and slalulory requirements of the charity. Cash at bank and in hand Cash al bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from inception. Debtors Short term debtors are measured al transaction price, less any impainnenl. Depreciation Depreciation is calculated lo write off the cost of fixed assets over their estimated useful lives using the following rates.. Freehold buildings Fixtures and fittings Motor vehicles 20kn straight line basis 150/0 to 33 113010 slraighl line basis 250k stfftighl line basis Freehold Sand is not depreciated. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. Employ89 benefrts Short term benefits including holiday pay are recognised as an expense in the period in which the seNice is Te¢eived. 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 lo the ststement 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. 23
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEIVTS FOR TklE YEAR ENDED 31 MARCH 2025 Notes forming part of the Financial Statements (contlnued) 2 Donations and legacies 2025 2024 Consists of donations from: Individuals Churches Legacies Corporate & Events 265,291 8,664 194,481 105,463 383,418 137, 180 340,465 Grants forgeneral purposes: The Bernard Sunley Foundatio The Childhood Trust United St Saviours Charitable Trust Merriman Charitable Foundation Benefact Trust Small grants The Jacob Charltable Trust Tom's Trust 12,5Ql 22,5CX) 50.( io,( 125,LlXI 5C(I 20,CIXJ 10,SC 30,1 io.(KJJ 476.418 Grants for restricted purp05es". The Hargreaves Foundation- for apprentices and youn8 leaders programme. Thirdway Interiors Ltd - donation in klnd for replacement security lights Tom ap Rhy5 Pryce Memortal Trust - Young Leaders Program The Alan & Babette Sainsbury Charitable Fund - towards co Costs. Garfield Weston Foundation- towards youthwork program costs. Chambers Wharfcommunity Enhancement Fund- Summer scheme costs. Other restrirted 8rants under £lO,¢)OO* 49,169 49,196 10,180 iO,CMXI 30.IXO 15,C 25,(K(I 25,(KK) 27,580 13,790 34,322 35,220 The Hiscox Foundation- to fund delivery of the Young Leaders and Apprenticeshl p programmes Drapers Charitable Foundation - towards core costs BBC Children in Need - mentori ng. counselling. and wrap- around support Agilitas 2013 Charity Trust- to support work with young people David Riddell Memorial Fund- to provlde counselling in your Be Kind to Your Mind Phase 2 project Maudsley Charity- to provide counselling in your Be Kind to Your Mind Phase 2 project 1,125 11,250 173.386 756,851 24
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEIVTS FOR THE YSAR ENDED 31 MARCH 2025 Notes forming part of the Financial Statements Icontinued) 2 Donations and legacies **Restricted grants under £IO,(XK) included.. £9,622 f rom Sport England towards Sport and Adventure programmes, £7,0(J) from the Bally Thomas Charitable Fund towards the Mixable5 Club. £5,(Jx) from Buzzacott towards Salmon's hot and nutritious meals program, £5,(LK)from Gallup towards the Easter holiday programme, £5,(KK) from Peabody Community Foundation for young people aged 11- 16 in the Open Access youth club, and £2,700 from Jack Petchey to fund the AchievementAward scheme. 3 Charitable activities 2025 2024 Re5trirted income: Southwark Aiming High- funding for cl ubs and activities including clubs for young girls London Diocese - funding for'concrete, project supporting youth workers nationally through a process of mutual development. Charles Hayward Foundation - Targeted training and employment support for NEETyoung people Southwark Council Cleaner Greener Safer Fund - Safer Neighbourhood Fund Grant 51,582 19,8 8,500 Southwark Council Commissioning- Positive Futures for Young People Fund 2024-26. Youth and Play Comrnissioning 30.C The Maurice and Hilda Loing Charitable Trust- towards the Resident Manager's p05t Southwark Sustainable Food- towards providing sustainable food 30.OLK) io,(M) 98,3 57,582 25
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEIVTS FOR THE YEAR ENDED 31 MARCH 2Q25 Notes forming part of the Financial Statements (continued) 4 Other tradln8 activities 2025 Lettings Resident volunteers, accommodation Club subscriptions 84,172 43,175 2. 116 129.463 94,123 56,682 3,477 154282 5 Staff cost5 and numbers The weekly average number ofemployees was.. Full-time Part-time 2025 Number 2024 Number io 16 20Z5 2024 Staff costs were as follows: Wages and salaries Social security costs Pension contributions 355,731 32,076 16,644 404.451 262,040 26,612 13,311 301,963 One employee received emoluments exceeding £fA),otKJ in the year12024.. 11. The key management personnel of the charity, are consided to be the trustee5, the Chief Executive Off icer, the Manager (Clubs Development) and the Manager Isports and Artsl. The total employee benefits of the key management personnel of the Trust were £149,23312024'. £140.9241. 6 Trustee's remuneration and related party transactions No trustees received any remuneration for their seNices nor any reimbursed expenses during the year. Trustees and related parties donated £103,420to Salmon during the year 12024.. £28.7401. T Bauer, the spouse of Trustee Carl Bauer, was employed as a cook and earned £17,420 during the year12024= £16,503).
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMEIVTS FOR THE YEAR ENDED 31 MARCH 2025 Notes forming part of the Financial Statements (continued) Total costs 2025 7 Analysis of expenditure Staff costs Other costs Raising funds Charitable activities Building depreciation 43,378 519,898 182,078 745,354 43,378 924,349 182,078 1.149,805 404,451 404,451 Total costs 2024 Comparative analys15 Staff costs Other costs Raising funds Charitable activities Building depreciation 522 301,441 27.793 674,723 182,078 884594 28.315 976,164 182,078 L186.557 301,963 Allocated Total costs 2025 8 Analysls of expenditure Dlrect and #llocated costs Raising fund5 Charitable activities Building depreciation Dlrect costs costs 43,378 361,381 43,378 924,349 182,078 L149,805 562,968 182,078 745.046 404,759 Allocated Total costs 2024 Comparative analysls Dirert and allocated costs Raisingfunds Charitable activities Building depreciation Direct costs costs 28,315 336,963 28,315 976,164 182,078 1,186,557 639,201 182,078 825279 365,278 27
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 37 MARCH 2025 Notes forming part of the Financial Statements Icontinued) Totsl costs 2025 8b Analysis of allocated costs Management Governan Premises Raising funds Charitable artivities Building depreciation 235,936 28,515 298,517 182,078 480,595 562,968 182.078 745,046 235,936 28,515 Totsl costs 2024 Comparatlve analysi5 Management Govemance Premises Raising funds Charitable activitie5 Building depreciation 257,639 27,551 354,011 182,078 536,089 639,201 182,078 821.279 257,639 27,551 8¢ Governance cost 2025 2024 G0ManCe costs include.. Staff costs Audilorfs remuneration= Audit fee 11,355 10,391 17,IE 28,515 17,160 27.551 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 connectio with the removal and replacement of ¢ombuslible cladding. During the year, SYC withdrew £1,796,83212024.' £3,454,014) from the Trust Fund in reimbursement of previously inGuTred costs of £1,796,83212024.' £3.454.014). 28
THE SALMON YOUTH CENTRE IN BERMONDSEY PEPORTAND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes forming part of the Financlal Statements {continued) 10 Tangible assets Freehold land Freehold Bullding5 Fixtures & fittin8S Totsl Cost 01 April 2024 Addltions Disposals 31 March 2025 119,838 9,103.894 270,067 17,097 19,9101 277,254 9,493,799 17,097 19,9101 9,5.986 119,838 9,103,894 Depreclatlon 01 April 2024 Charge forthe year Disposals 31 March 2025 2,870,080 182,078 219,552 10,586 19,910 220,228 3.089.632 192.664 19,9101 3,272,386 3,052,158 Net bookvalue 31 March 2025 119,838 6,051,737 57,025 6,228,6(Xl 31 March 2024 119,838 6,233.814 50,515 6,404, 167 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 Centfe may become repayable should the freehold buildings cease to be used for the purpose for which the grants were given. 11 Debtors 2025 20Z4 Grants receivable Gift aid tax recoverable Accrued income Sundry debiors and prepayments 19,343 3,376 7,792 69,656 27,844 105.292 24,801 47,520 12 CREDITORS: amounts falling due within one year Deferred grants Accrued expenses and other creditors Tax and social security 2025 2024 49,272 63,451 14,031 126,754 54,3fA) 7,066 61,426 29
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TSMENTS FOR THE YEAR ENDED 37 MARCH 2025 Notes forming part of the Financial Statements (continued 13 Unrestricted funds Balance at 01-Apr 2024 Transfers between Fund5 Balance at 31-Mar 2025 Income Expenditure Designated funds Land and Buildings lal JIM Guild Legacy Ibl General funds 6,353,652 233,062 164,508 6,751.222 1182,0781 115.(NJOI 1598,6941 1795,7721 6,171,574 218,062 171,695 6,561,331 605,881 605,881 Comparatlve movement Balance at 01-Apr 2023 Transfers between Funds Balance at 31-Mar 2024 Income Expenditure Designated funds Land and Buildings lal Jim Guild Legary Ibl General funds 6,535,730 233,062 156,509 6,925,301 1182,0781 6,353,652 233,062 164,508 6,751,222 737,747 737.747 1729,7481 191L8261 Note lal. Represents the extent to which f unds are invested in freehold land and buildings for use by the Charity and therefore are not available for any other purpose. Note Ibl. The Jim Guild Legacy Fund is being / will be applied towards.. lil youth work, by funding a youth worker forthe 6-Y5 club and providing for the cost of trips and re5identials for young people: lill fundraisin& by funding additional fundraising support to secure additional sources of grant fundi ng, and liiil upgrading the facilities at the Salmon Youth Centre on capital projects that will redu running costs in future years. 30
THE SALMON YOUTH CENTRE IN 8ERMONDSEY PEPOR T AND FINAIVCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARGH 2025 Notes forming part of the Financial Statements {continued) 14 Restricted funds Balance at 01-Apr 2024 Transfers between Funds Balance at 31-Mar 2025 Income Expenditure Youthwork projects Cladding project 37,785 336,746 1,796,832 133,578 1354,0331 11,796,832) 12,150,865) 20,498 37,785 20,498 Comparative movement Balance at 01-Apr 2023 Transfers between Funds Balance at 31-Mar 2024 Income Expenditure Youthwork projects Cladding project Concrete, project 67,335 224,968 3,454,014 1254,5181 13,454,014) 20,2131 13,728.7451 37,785 14,213 81,548 3,684,982 37,785 Restricted Funds represent amounts received and expended for various youthwork projects as described in Note 3. The balance carried forward of £20,498 represents funding received before 31 March 2025 but which will be expended in 2025-26 and later years. 15 Analysis of net assets between funds General funds Designated f unds Restricted f unds Total 2025 Freehold land and buildings Other f ixed assets Net current assets 6,171,575 6,171,575 57,025 353,229 6,581,829 57,025 114,670 171,695 218.061 6.389,636 20,498 20,498 Comparative General funds Deslgnated funds Restricted f unds Total 2(124 Freehold land and buildings Other fixed a55ets Net current a55ets Net assets 6,353,652 6,353,652 50,515 384,840 6,789,IX)7 50,515 113,993 233,062 6,586,714 37,785 37,785 31
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL sfA TEMEMTS FOR THE YEAR EIVDED 31 MARCH 2025 Notes forming part of the Financial Statements (continued 16 Taxatlon The Salmon Youth Centre is a registered charity and therefore is not liable lo income lax or corporation lax on income or gains derived from ils charitable aclivilies, as they fall within the various exemptions available to registered charities. 17 Liability of members The Salmon Youth Cèntre is constiluled as a company limited by guarantee and has no share capital. The liability of each member is limited lo 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 Future mi nimum lease payments commitments under non-cancellable operating leases.. Operating leases which expire: Within one year Between two to five years 2025 2024 10,394 13,312 23.706 5,462 32
THE SALMON YOUTH CENTRE IN BERMONDSEY REPOR T AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes forming part of the Financlal Statements {continued} 19 Comparative Statement of Financial Activities Forthe yearended 31 March 2024 General Funds Designated Funds Restrlcted Funds Total 2024 Income and endowmentsfrom: Donations and legacies Charitable activities Other trading activities Total income 583,465 173,386 57,582 756,851 57,582 154,282 968,715 154,282 TJ7,747 230,968 Expended on: Raising Funds Chafltable activities Other Total expenditure 28,315 701,433 28,315 976,164 182,078 1.186.557 274,731 182,078 182.078 729,748 274,731 Net Income/(expenditurel before extraordinary items 7,999 1182,0781 143,7631 1217,8421 Extradordinary items: Buildingsafety Fund.. Income Expenditure Net incomellexpenditure) 3,454,014 3,454,014 13,454,0141 13,454,0141 {43,7631 1217,8421 11&078) Trdnsfers between funds Net movement in funds 7,999 1182,078) 143,763) 1217,8421 Reconciliation of funds: Fund balance5 brought forward at l April 2023 156,509 6,768,792 81.548 7,(K)6,849 Fund balances carried forward at 31 March 2024 164,508 6,586,714 37.785 6,789.CM)7 33
THE SALMON YOUTH CENTRE IN BERMONDSEY REPORT AND FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Notes forming part of the Financial Statements (continued) 20. Combustible Cladding In 2008, as part of the redevelopment of the SYC freehold sile. 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 construckn'on of the 'Phase 2, buikling which comprises three lower floors lor 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 combusb.ble cladding and that it was SYC'S legal responsibility, as freeholder, lo arrange removal and ieplacemenl 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 wmoval and replacement of combustible cladding. The whole of the Trust Fund is held upon bare trust for the beneficiaries Iwho are the leaseholders of the 26 flalsl 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. The practical completion certificate was SUed on 13 September 2024 after all of the cladding had been removed and replaced.