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2024-03-31-accounts

THE SIMON COMMUNITY

Trustees’ report and financial statements Company number: 01602161 Charity number: 283938

31 March 2024

The Simon Community Company number: 01602161 Trustees’ report and financial statements 31 March 2024

Contents

Contents
Reference and administrative details 1
Trustees’ report 2
Statement of Trustees’ responsibilities in respect of the Trustees’ report and financial statements 6
Independent auditor’s report to the members of The Simon Community 7
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13

The Simon Community Company number: 01602161 Trustees’ report and financial statements 31 March 2024

Reference and administrative details

eference and administrative details
Charity number 283938
The Board of Trustees Chris Hunton (Chair)
Alexander Pickering (Treasurer)
Alan Cole
Gesa Bukowski
Mark Pritchard
Dagnija O’Connell
Peter McKay
Registered office 129 Malden Road
Kentish Town
London
NW5 4HS
Auditors Haysmacintyre LLP (resigned 23 April 2024)
Chartered Accountants
Registered Auditors
10 Queen Street Place
London
EC4R 1AG
Mercer & Hole LLP (appointed 10 June 2024)
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP
Bankers HSBC
176 Camden High Street
London
NW1 8QL
Investment Managers Brooks Macdonald
21 Lombard Street
London EC3V 9AH

1

The Simon Community Company number: 01602161 Trustees’ report and financial statements 31 March 2024

Trustees’ report

Below the trustees present their annual report and the financial statements of the company for the year ended 31 March 2024.

Objectives and activities

The principal objective of the charity is the relief of poverty of persons who by reason of mental or physical infirmity are unable to fulfill their duties as citizens or their obligations to their families or to their employers. This objective is put into practice via the following:

Public benefit

The trustees ensure that the activities of the charity are consistent with its charitable objectives and aims. In agreeing our annual plans, the trustees take into account public benefit as set out in the Charity Commission's general guidance on public benefit in relation to the prevention and relief of poverty, the advancement of education and health and the relief of those in need. The trustees believe there is clear public benefit derived from the activities of the charity.

Achievements and performance

Chair’s note

Summarized below are the services undertaken during the year ended 31 March 2024:

Service Description
No. Guests
seen in the
year
Services
provided in the
year		 Description
No. Guests
seen in the
year
Services
provided in the
year
Street work
-
-
-
-		 Street Work involves walking along the streets of London at night,
between 8.30 and 11pm. We go out to offer a cup of tea or coffee and
food and spend some time with and talk to people.
We use this service as a grapevine to get provisions for people who are in
need. Our regular guests will often alert us to someone who is new or in
trouble and we can get them what they need quickly, such as shoes, a
coat or a sleeping bag. If we find someone who is very ill prepared, we are
able to get word back to the house to get them what they need.
We aim to develop supportive relationships with those who are
vulnerable and isolated. We kept in touch with people as they went in and
out of emergency accommodation in the lockdowns and were able to give
them news of each other which was important when they had no way of
keeping in touch.
Meeting people for the first time is a chance to build a rapport with them
and to try to understand their needs.
9533
156
Residential - Our residential project (129 Malden Road) is a truly unique space. Unlike
Project any homeless hostel you may have seen before, it is a space for our
guests to heal through living in community, developing stronger
relationships, and supporting people still on the streets.
- Staffed by three full time staff and one live in volunteer, together with the
resident group, staff and volunteers prepare and deliver outreach
services. We support other volunteers on services, some of whom have
given years of service to London’s street homeless population.
- From our house hundreds of meals are prepared and distributed to those
still on the streets each week.

2

The Simon Community Company number: 01602161 Trustees’ report and financial statements 31 March 2024

The Simon Community
Company number: 01602161
Trustees’ report and financial statements
31 March 2024
-
-
-		 We currently offer 4 spaces to people experiencing homelessness that we
have met through our street outreach. We prioritise people who are not
suited to alternative provision or a quick move to independent living due
to complex needs, trauma and PTSD.
We give people the time they need to heal, whether that is a few months
or a few years. This is the opposite of a quick fix, but ultimately it will save
government decades of investment in sticking plaster solutions that do
not address the trauma of experiencing long-term street homelessness.
Visits - Once guests or residents move on to alternative accommodation they are
supported by the community through visits. We also visit people who
have moved from the streets into accommodation who are in need of
community if they have not been residents in the residential project but
are known to the community through the street homeless community. In
the year we undertook 166 hours of visits.
- We have ex-residents that need our help for many years after they leave.
The pandemic has propelled a digital revolution that excludes many of the
people that we help. Without a digital presence it is extremely difficult to
navigate any health and social care systems, those who get left behind
tend to opt out of a system that they cannot access, which puts their
income, health and tenancies in jeopardy. We advocate for and support
people who are unable to access these systems. Following the lockdown
restrictions, guests and members have been able to come to the house
for this support. Many of our visiting hours were taken up with hospital
visits to ex-residents or community members who rely on the community
as their main source of support

Source: Simon Community

Over the course of the year to March 2024 we delivered 156 services to London’s hardest to reach street-homeless people.

Our AGM was held on 4[th] November 2023.

Coming together at the AGM in the way that we have done annually since inception gave the charity the opportunity to mark a chapter following the pandemic. It was brilliant to see everyone and to see the support from all corners of the Community, old members and new.

We had a picnic to celebrate the 100[th] birthday of our founder Anton Wallich Clifford on the 27[th] July 2023. This was attended by older community members who came to share memories, as well as guests and residents. We didn’t have the best weather that day, but everyone still enjoyed getting together.

In January 2024 we were proud to see one of our Trustees and committed long term volunteer Peter McKay recognized for his services to volunteering with a British Citizen’s Award.

As one of the oldest homeless charities we had the joy of celebrating our 60th Anniversary on September 2nd 2023, with an event to say thank you to all those involved with the Simon Community over the years. This was held in the hall of the Church which held the funeral for our Founder, Anton Wallich-Clifford, who was born 100 years ago this year. A former probation officer at Bow Street Magistrates Court, Anton was a visionary whose work changed the way we view homelessness and who inspired the formation of a number of charities that dominate the homelessness sector today.

We want to take a special moment to appreciate all our donors. Thank you for your support particularly during these challenging and difficult times. Your loyalty and commitment to our cause has meant that we can adapt quickly to the changing needs of our guests and continue to provide consistent support.

The charity does not fundraise from on-the-street public sources and there were no fundraising complaints received in the year.

3

The Simon Community Company number: 01602161 Trustees’ report and financial statements 31 March 2024

Trustees’ report (continued) Structure governance and management

The charity is governed by its memorandum and articles of association and is incorporated as a company limited by guarantee. Every member of the Simon Community undertakes to contribute to the assets of the charity in the event the charity is wound up whilst he/she is a member, such sum as may be required not exceeding £1.

Financial Review

Total income for the year is £316k (FY23: £415k) and total expenditure £290k (FY23: £210k), resulting in £45k net income (FY23: £175k net income), after unrealised investment gains of £19k (FY23: £30k unrealised losses). Once again, we are immensely grateful to our donor base who continue to support us including those who leave legacies to us in their death estates which have contributed greatly in recent times to our overall income. Furthermore, the focus of the operational team continues to ensure a manageable cost base.

The trustees acknowledge the increasing pressures on the charitable sector particularly given the wider economic environment in the UK, including unprecedented levels of high inflation, translating into a cost-of-living crisis for many individuals and families. The charity’s cash position was £250k (FY23: £387k) providing sufficient funds in the near term to absorb expected lower donations in the coming year.

Investment management

The trustees have an investment policy setting out the investment objectives, attitude to risk, time horizon and ethical policy. During the year unrealised gains amounted to £19,424 (FY23: £30,056 unrealised losses).

Risk management

The trustees continue to monitor the risks to the charity using a risk register. This is reviewed annually, and all trustees are made aware of the risks and their duty to assist in mitigating them.

Going concern

Based on the charity's reserves position and the board’s reasonable expectation that the charity has the resources to continue in operational existence for the foreseeable future, we believe there are no material uncertainties that call into doubt the charity's ability to continue as a going concern. The accounts have therefore been prepared on the basis that the charity is a going concern.

Reserves

The board of trustees believe that the charity should hold financial reserves because:

The trustees have a reserves policy which states that the target minimum level of free reserves should be equivalent of six months' unrestricted operating costs (FY23: six), calculated and reviewed annually, which amounts to approximately £100k on a pro-rata basis, based on current cost levels. At the financial year-end, there was £561k in general funds, as a result of un-budgeted legacies received during the financial year. It is expected that these excess funds will be utilized in the normal course of operations in the financial year ended 31 March 2025 and for renovations at one of the existing properties.

The Charity has designated £225,672 in a fixed asset fund to represent funds tied up in the Simon Community property portfolio and the Community Van used in the provision of services. The Charity has also designated £347,651 in a property fund to cover the future purchase of property (potentially with additional proceeds from the sale of another property, to be decided by the board in the coming financial year) and £17,600 for a new website, work for which took place in the financial year.

4

The Simon Community Company number: 01602161 Trustees’ report and financial statements 31 March 2024

Trustees’ report (continued)

Structure governance and management (continued)

Board of trustees

The board consists of the Chair, Treasurer and not less than 3 nor more than 12 other persons, all elected by the members. At each Annual General Meeting (AGM), the Chair and Treasurer retire from office and are eligible for re-election. Members are also eligible for election at the AGM. Up to one third of trustees can be drawn from residents or service users. The policy of the charity is that all trustees receive training about their roles and responsibilities as trustees. Trustees are recruited through the networks of members and are appointed through vote at the AGM.

The trustees who held office during the year were as follows:

Chris Hunton, Chair Alexander Pickering, Treasurer Alan Cole Gesa Bukowski Mark Pritchard Dagnija O’Connell Peter McKay (Appointed 17 July 2023)

Organisational structure

The charity is organised so that its trustees meet regularly (a minimum of 8 times per year) to manage its affairs and take strategic decisions on behalf of the charity. The day-to-day running of the Community is delegated to a Community Manager who is supported by an Assistant Community Manager, both of whom are full time and report to the board.

Disclosure of information to the auditor

The trustees who held office at the date of approval of this trustees' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware; and each trustee has taken all the steps that he/she ought to have been taken in their capacity as a director of the company to make him/her-self aware of any relevant audit information.

Auditors

Haysmacintyre LLP resigned on 23 April 2024 as auditors. There were no circumstances surrounding their resignation that needed bringing to the Trustee’s attention.

Mercer & Hole LLP were appointed as auditors on 10 June 2024.

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company was accepted at the General Meeting on 2 November 2024.

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

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The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Statement of Trustees’ responsibilities in respect of the Trustees’ report and the financial statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

This report was approved by the board of trustees on 18 November 2024 and signed on its behalf, by:

Chris Hunton, Chair 129 Malden Road, Kentish Town London, NW5 4HS

6

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SIMON COMMUNITY

Opinion

We have audited the financial statements of The Simon Community for the year ended 31 March 2024 which comprise The Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and 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).

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 charity 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

7

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SIMON COMMUNITY (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ 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:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 6, 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 charitable company’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 charitable 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of noncompliance with laws and regulations related to compliance with regulatory requirements of company law, employment law and health and safety 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, Charities Act and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: 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. 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 Auditor's 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

……………………..

Steve Robinson (Senior Statutory Auditor) for and on behalf of Mercer & Hole LLP Statutory Auditors

170 Midsummer Boulevard Milton Keynes MK9 1BP

Dated 22 November 2024

9

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Statement of financial activities

for the year ending 31 March 2024

Restricted Unrestricted Total Total
Funds Funds Funds Funds
2024 2024 2024 2023
Note £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 2 - 287,868 287,868 392,698
Investments 3 - 15,006 15,006 9,605
Charitable
activities – homelessness activities 4 - 13,020 13,020 13,040
------------------- ------------------- ------------------- -------------------
TOTAL INCOME - 315,894 315,894 415,343
========= ========= ========= =========
EXPENDITURE ON:
Raising funds 5 - (13,583) (13,583) (11,017)
Charitable activities - homelessness
activities 6 (1,063) (275,287) (276,350) (199,527)
------------------ ------------------- ------------------- -------------------
TOTAL EXPENDITURE (1,063) (288,870) (289,933) (210,544)
======== ========= ========= =========
Unrealised gains /(losses) on 15 - 19,424 19,424 (30,056)
investments
-------------------- -------------------- -------------------- -------------------
NET (EXPENDITURE)/INCOME (1,063) 46,448 45,385 174,743
Reconciliation of funds:
Total funds at 1 April 2023 17 48,909 1,105,140 1,154,049 979,306
---------------------- ---------------------- ----------------------- -----------------------
TOTAL FUNDS AT 31 MARCH 2024 13 47,846 1,151,588 1,199,434 1,154,049
=========== =========== =========== ===========

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The charity has no recognised gains or losses other than the net increase in funds for the year.

The notes on pages 13 to 23 form part of these financial statements.

10

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Balance sheet

as at 31 March 2024

2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible assets 10 225,672 240,349
Investment 15 549,838 527,643
------------------- -------------------
775,510 767,992
CURRENT ASSETS
Debtors 11 190,095 11,072
Cash at bank 249,849 387,337
------------------- ----------------------
439,944 398,409
CREDITORS:amounts falling due
within one year 12 (16,020) (12,352)
------------------- ---------------------
NET CURRENT ASSETS 423,924 386,057
------------------- -------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,199,434 1,154,049
========= =========
CHARITY FUNDS
Restricted funds 13 47,846 48,909
Unrestricted funds 13 1,151,588 1,105,140
------------------ -------------------
1,199,434 1,154,049
========= =========

The financial statements were approved by the board of trustees on 18 November 2024 and signed on their behalf, by:

Chris Hunton Chair

Alexander Pickering Treasurer

The notes on pages 13 to 23 form part of these financial statements.

11

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Statement of cash flows

for the year ended 31 March 2024

2024 2023
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year (as per the Statement of
Financial Activities) 45,385 174,743
Adjustments for:
Depreciation 14,677 16,322
(Gains) /losses on investments (19,424) 30,056
Investment income (9,126) (8,067)
Interest received (5,880) (1,538)
(Increase) /decrease in debtors (179,023) 54,555
Increase /(decrease) in creditors 3,668 (3,063)
-------------- --------------
NET CASH (USED IN) /GENERATED BYOPERATING (149,723) 263,008
ACTIVITIES
---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Investment acquisitions (115,986) (136,557)
Investment disposals 120,015 27,105
Movement in investment cash (6,800) 6,825
Investment income 9,126 8,067
Interest received 5,880 1,538
---------------- ----------------
NET CASH INFLOW /(OUTFLOW) FROM INVESTING 12,235 (93,022)
ACTIVITIES
---------------- ----------------
Change in net cash and cash equivalents in the year (137,488) 169,986
Cash and cash equivalents at 1 April 2023 387,337 217,351
---------------- ----------------
CASH AND CASH EQUIVALENTS AT 31 MARCH 2024 249,849 387,337
======== ========
ANALYSIS OF CHANGES IN NET DEBT
At 1 April Cash flows Other non- At 31 March
2023 cash 2024
changes
Cash and bank 387,337 (137,488) - 249,849
======== ======== ======== ========

The notes on pages 13 to 23 form part of these financial statements.

12

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes

(forming part of the financial statements)

1. Accounting policies

Basis of Preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (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 Simon Community 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).

Preparation of the accounts on a going concern basis

Having considered future plans and cash flows, the trustees confirm that they are not aware of any material uncertainties with regard to the entity’s ability to continue as a going concern for the foreseeable future and therefore have prepared the accounts on a going concern basis.

Estimation uncertainty

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Tangible fixed assets and depreciation

All assets costing more than £100 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold Property - 2% straight line Motor Vehicles - 25% straight line Furniture and Fixtures - 20% straight line

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

1. Accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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.

Income recognition

Income is included in the SOFA once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following specific policies apply to categories of income:

Donations & Grants where related to performance and specific deliverables are accounted for as the charity earns the right to consideration by its performance. Where income is received in advance of its recognition it is deferred and included in creditors. Where entitlement occurs before income being received the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Investment income is credited to income when it is receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.

Expenditure is recognised on an accruals basis as a liability is incurred, inclusive of VAT, which cannot be recovered.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

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The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

1. Accounting policies (continued)

Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. The allocation of support and governance costs is analysed in note 7.

Investments

Investments in financial assets and securities are generally measured and reported at fair value. The initial ‘fair’ value being the original transaction price. Going forward such assets are subsequently carried at the current indicative trading price in the market, which is fair value. Where the asset has a spread the price quoted is the bid-price. Changes in fair value are recognised in the Statement of Financial Activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. Donations and legacies Total Total
funds funds
2024 2023
£ £
Donations and appeals 83,672 75,832
Legacies 185,646 311,866
Grants 18,550 5,000
------------------ ------------------
Total donations and legacies 287,868 392,698
======== ========
3. Investment income Total Total
Funds Funds
2024 2023
£ £
Investment income 9,126 8,067
Interest receivable 5,880 1,538
------------------ ------------------
Total investment income 15,006 9,605
======== ========

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The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes(continued)
4. Charitable activities Total Total
Funds Funds
2024 2023
£ £
Rental income from houses 13,020 13,040
========= =========
5. Raising funds Total Total
Funds Funds
2024 2023
£ £
Direct fundraising costs 2,536 1,751
Allocation of support costs 3,533 3,063
Management costs 7,514 6,203
------------------ ------------------
13,583 11,017
========= =========
6. Charitable expenditure–
homelessness activities Total Total
Funds Funds
2024 2023
£ £
Staff costs 112,044 110,366
Direct charitable costs 117,021 45,422
Support costs 20,018 17,356
Insurance costs 15,198 15,983
Governance cost -auditors’ 11,640 10,400
remuneration
Management costs 429 -
------------------ ------------------
276,350 199,527
========= =========

16

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

7. Analysis of support costs -2024

Analysis of support costs -2024
Charitable Total Total
Fundraising activities 2024 2023
£ £ £ £
Communication costs 116 660 776 3,405
Printing, postage & stationery 100 569 669 229
Utility costs 1,935 10,967 12,902 10,804
Other support costs 144 815 959 105
Governance costs 1,237 7,008 8,245 5,876
--------------- ------------------ ------------------- -------------------
3,532 20,019 23,551 20,419
======== ========= ======= =======
Analysis of support costs -2023 Charitable Total
Fundraising activities 2023
£ £ £
Communication costs 511 2,894 3,405
Printing, postage & stationery 34 195 229
Utility costs 1,621 9,183 10,804
Other support costs 16 89 105
Governance costs 881 4,995 5,876
--------------- ------------------ -------------------
3,063 17,356 20,419
======== ========= =======

17

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

8. Net income/(expenditure) 2024 2023
£ £
This is stated after charging:
Depreciation of tangible fixed assets:
- owned by the charity 14,677 16,322
Auditors' remuneration 11,640 10,400
========= =========
9. Staff costs and trustees 2024 2023
£ £
Staff costs were as follows:
Wages and salaries 97,761 96,089
Social security costs 4,716 4,940
Employer’s pension contributions 9,567 9,340
------------------- -------------------
112,044 110,366
========= =========
The number of employees during the year was as follows:
2024 2023
Number Number
Charitable activities 3 3
======= =========

No employee received remuneration amounting to more than £60,000 in either year.

Total benefits paid to key management personnel in the year amounted to £41,615 (2023: £41,242).

No remuneration was paid to trustees nor were any expenses reimbursed (2023 – the same).

18

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

31 M
Notes (continued)
10. Tangible fixed assets Freehold Motor Fixtures &
property vehicles Fittings Total
£ £ £ £
Cost
At 1 April 2023 335,442 22,020 15,041 372,503
Additions - - - -
------------------ ---------------- ------------------- --------------------
At 31 March 2024 335,442 22,020 15,041 372,503
------------------ ---------------- ------------------- --------------------
Depreciation
At 1 April 2023 108,033 16,644 7,477 132,154
Charge for the year 6,709 5,376 2,592 14,677
------------------ ---------------- ------------------- --------------------
At 31 March 2024 114,742 22,020 10,069 146,831
------------------ ---------------- ------------------- --------------------
Net book value
At 31 March 2024 220,700 - 4,972 225,672
========= ========= ========= ==========
At 31 March 2023 227,409 5,376 7,564 240,349
========= ========= ========= ==========
11. Debtors 2024 2023
£ £
Legacies receivable 182,595 11,072
Accrued income 7,500 -
------------------- -------------------
190,095 11,072
========= =========
12. Creditors: amounts falling due within
one year 2024 2023
£ £
Other creditors 3,016 1,521
Accruals 13,004 10,831
-------------------- -------------------
16,020 12,352
========= =========

19

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

13. Statement of funds -
2024 Brought Income/ Carried
forward gains Expenditure Transfers forward
£ £ £ £ £
Designated funds
Fixed assets funds 240,349 - (14,677) - 225,672
New property fund 347,651 - - - 347,651
New website fund 19,200 - (1,600) - 17,600
-------------------- ------------------ ---------------- ------------------- --------------------
607,200 - (16,277) - 590,923
-------------------- ------------------ ---------------- ------------------- --------------------
General funds
General funds 497,940 335,318 (272,593) - 560,665
---------------------- ------------------- ------------------- ------------------- ----------------------
Total unrestricted funds 1,105,140 335,318 (288,870) - 1,151,588
------------------- ------------------- ------------------- ------------------- ----------------------

The fixed assets fund represents amounts tied up in fixed assets. The new property fund represents amounts put aside to purchase new properties in the future. The new website fund represents funds put aside to develop a new website.

Brought Carried
forward Income Expenditure Transfers forward
£ £ £ £ £
Restricted funds 2024
129 Malden Road fund 48,909 - (1,063) - 47,846
---------------------- ------------------ ---------------- ------------------- --------------------
Total restricted funds 48,909 - (1,063) - 47,846
---------------------- ------------------- ------------------- ------------------- ---------------------
Total of funds 1,154,049 335,318 (289,933) - 1,199,434
========= ======== ======== ======== ========

The 129 Malden Road Fund was received towards the regeneration of our 129 Malden Road property.

Statement of funds -
2023 Brought Carried
forward Income Expenditure Transfers forward
£ £ £ £ £
Designated funds
Fixed assets funds 256,671 - (16,322) - 240,349
New property fund 347,651 - - - 347,651
New website fund 20,000 - (800) - 19,200
-------------------- ------------------ ---------------- ------------------- --------------------
624,322 - (17,122) - 607,200
-------------------- ------------------ ---------------- ------------------- --------------------
General funds
General funds 305,170 385,287 (192,517) - 497,940
---------------------- ------------------- ------------------- ------------------- ----------------------
Total unrestricted funds 929,492 385,287 (209,639) - 1,105,140
------------------- ------------------- ------------------- ------------------- ----------------------

20

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

13. Statement of funds (continued)

Brought Carried
forward Income Expenditure Transfers forward
£ £ £ £ £
Restricted funds – 2023
129 Malden Road fund 49,814 - (905) - 48,909
-------------------- ------------------ ---------------- ------------------- --------------------
Total restricted funds 49,814 - (905) - 48,909
---------------------- ------------------- ------------------- ------------------- ---------------------
Total of funds 979,306 385,287 (210,544) - 1,154,049
========= ======== ======== ======== ========

14. Analysis of net assets between funds -2024

Restricted Unrestricted Total Total
funds funds funds funds
2024 2024 2024 2023
£ £ £ £
Tangible fixed assets - 225,672 225,672 240,349
Investment - 549,838 549,838 527,643
Current assets 47,846 392,098 439,944 398,409
Creditors due within - (16,020) (16,020) (12,352)
one year
----------------- ------------------ ------------------- ---------------------
47,846 1,151,588 1,199,434 1,154,049
======== ========= ========= =========

Analysis of net assets between funds -2023

Restricted Unrestricted Total
funds funds funds
2023 2023 2023
£ £ £
Tangible fixed assets - 240,349 240,349
Investment - 527,643 527,643
Current assets 48,909 349,500 398,409
Creditors due within one year - (12,352) (12,352)
------------------ --------------------- --------------------
48,909 1,105,140 1,154,049
========= ========== ==========

21

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

15. Investments

Investments
2024 2023
£ £
Investment funds
As at 1 April 2023 527,643 455,072
Additions 115,986 136,557
Disposals (120,015) (27,105)
Unrealised gains on investments 19,424 (30,056)
Movement on investment cash 6,800 (6,825)
--------------------
_
Investment funds as at 31 March 2024 549,838 527,643
========= ==========
Investment funds consist of listed investments.

16. Related Party Transactions

There were no related party transactions in the year to be disclosed (2023 – the same).

As at 31 March 2024 the charity has been notified of one legacy that has not been included in full in income as uncertainties still remain over the measurement of the full entitlement. This legacy was notified to the charity in December 2023 and related in part to a property. The will includes provision for a life tenant and so the deceased’s house will only become part of the residuary estate on their death. The house was valued in January 2023 for estate purposes at £350,000. The remainder of the residuary estate has been recognised as a legacy during this financial year. The legacy is unrestricted.

22

The Simon Community Company Number: 01602161 Trustees’ report and financial statements 31 March 2024

Notes (continued)

17. Comparative Statement of

Financial Activities

17. Comparative Statement of
Financial Activities
for the year ended 31 March 2023
Restricted Unrestricted Total
Funds Funds Funds
2023 2023 2023
£ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies - 392,698 392,698
Investments - 9,605 9,605
Charitable
activities – homelessness activities - 13,040 13,040
------------------- ------------------- -------------------
TOTAL INCOME - 415,343 415,343
========= ========= =========
EXPENDITURE ON:
Raising funds - (11,017) (11,017)
Charitable activities - homelessness
activities (905) (198,622) (199,527)
----------------- ------------------- -------------------
TOTAL EXPENDITURE (905) (209,639) (210,544)
======== ========= =========
Net gains on investments - (30,056) (30,056)
NET (EXPENDITURE)/INCOME (905) 175,648 174,743
Reconciliation of funds:
Total funds at 1 April 2022 49,814 929,492 979,306
---------------------- ---------------------- -----------------------
TOTAL FUNDS AT 31 MARCH 2023 48,909 1,105,140 1,154,049
=========== =========== ===========

23