HIGHBURY ROUNDHOUSE ASSOCIATION LIMITED {A company Jimited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDEI D 31 MARCH 2021 Charity Number: 288370 Company Number: 1759460
HIGHBURY ROL.NDHOUSEI ASSOCIATION LIMITED (A COMPAIYY LIMITCI D BY CUARAN'I'EE) INDE4 X TO FINANCIAL STATEMEIYTS FOR THE YEIARENDED31 MARCH 2021 Contents Page Report of the TNstees 1-12 Independeiit Auditors. Report 12-15 StatemenÉ of f]nanCIal Activities 16 Balance Sheet 17 Stalcmcnt of Cash Flows 18 Notes to thc Financial Statements 19-28
HIGHBURY ROUNDHOUSE ASSOCIATION LIMITED (A COflPANY LIMITED BY GUARANTEE) REPORT OF TIIE TRusfci ES FOR THE YEAR EI NDED 31 MARCH 2021 {Cot]tÈnu¢dl Tli¢ ti'ustees ale pleased to pyesent theii. annual diiEctoi%' Kepoit together wÉtl) the financial statemenlsof the chai'ity, which are alsD pr¢par¢d to m¢¢t th¢ requirements foi. o dii'e¢1013' r¢portand a¢couiits foi. Compallies Act purposes. The fanallGial sttttements cott)ply with the Charities Act 2011. the Coittpanies A¢t 2006, Ihe Memorandum &nd Ai'ticles of Association and Accountin8 and Reportln8 by Charities.. Stat¢Jnent of Re¢ommettde Pi'a¢ti¢e Applicable to chai'itie5 preparinE theii. accounts rn accordance with the Fiiiancial Reportii)g Standard applicable in the UK and R¢publi¢of IIElandlCharities SORP (FRS 1021), (effective I" January 2019) OBJECTIVES AND ACTIVITIES The Highbury Rovndhouse was fom]ed to provÈde, mailltait] aiid develop a range of social, educational and recreational opportunities for people living and work-ing in Highbury aiid the surrounding area. In particular, pTr)vid¥ 4 yuulh Llub for young people between the axes of I I to 19. We also prOVde pcn$ionei's' clubs for older people; wtivities for iinder.fiv¢'s. extended school s¢rv2ces, after school club8 and support various ustr15elf-htlp giDups. By the provtsion of the above, we aim lo chl¢t 2nd develop the ijihabitants, physical, nientsl and n?oral ¢&pacity, so they are able to coiilribute positively to society and thereby iinprove theii. quality of life. Our aims fully r¢fl¢Gt th¢ puJp05¢ that the orgattisation was set up to further find has re8&id to the ChaNty ComrnEssiot2'S 8Eiidance on public benefit. nt¢e The oi'ganisation is grateful foi. the ¢fforts of its volunteers who woi'k an average oftwetity-fjve hours per week for fifiy we¢ks in diff¢reiit areas of our work. 1¢ is ¢8timated tlwt over 1,250 volunteer hour5 wei prnvidEd dursng the year. If this is conseNa¢iv¢ly valued at £13.46 an hour the volunteer efforts amouJ]ts to ovei. £16,825. Their ljas beeD no change in the policies adopted to achieve our charitsble objectÈves. srRATEGIC REPORT The followTrJig statcments form part of the eompajiy's stYate81¢ report Achievement and perfojanance FinHiicial review Plall5 for futuir peTiods ACHIEVEMENTS AND PERFORMANCE We currently use three different buildings to accommodate 0r groups and delivci. soine of oiir work and will coiitiiiue to do so, until we ar¢ able to move into our ttew building. W¢ may mntinue to se some of the bllilditigs afiei. we have rnoved unfortunately dur to thE COVID-19 pand¢mi¢, the buildings weie ¢losed for part of the year. Covid- 19 Res nse Whcn the UK weill into lockdown in Mairh 2020, our rnan priority was to colltinue to provide, as Tnany services as possible and safegard our uscrs and staff. We were able to ¢ontinu¢ pi'ovidii)g Holiday playschernes throiiglioutthe year and mrked cotktinuously with tslingts)n Coiin¢il to provide dftei. school Glub5 &nd seiviLes for dldcr people ensuringtliat we adliered to Govel'lllllent guidelines. Fortunately. both 151Englon Council and th¢ Gov¢i'nnient were Very helpful. lThe siipport mechanism introduced to a5SlSt CharEties and oilier oi'ganssations was extremely helpful. Tli¢ oi'gani.8ation was ablc to access the Govemmciit furlough scheme. whi¢h ensuved ihal it did not need to itY]plemet)t any redundancies dui'iiig tlie Pdijdeinic. Isliiigloii Counoil coiltinucd to suppoi'l organis4ltions ii) the Ix)rougli by cotltinuiiig to pay Ih¢ii'granls. This assjStanc¢ was extremely helpful, a5 It meant ihat not all our staff where furloughcd and we were ablc to Jneet tlie full cost of staff holiday5 during the year and continue to pl¢ staff on trainng
HICHBIJRY RQIJNDHOUSE ASSOCIATION LIMITID (A COMPAII'Y LIMITED BY GUARANTEE) REPORT OF THE TRUS'fEES FOR THE YEAR ENDEI D 31 MARCH 2021 (Continued) and other tourses. Fund5 also stepped lip to the make and provided organisRtions WFth additional fundin& which meant that we were able to colltinue to meet other opei2tlOllal costs. such as light & heat, telecomtnunicatTons. loan repayments atjd oihei%. Wc arc plca%ed to repoit that COVID - 19, had tto financial impact on the Irsulis for the year etided 31sl March 2021. One of the uninlelldcd benefits of thc COVID- 19 pand¢iniG wa5 to foTC¢ IIE organisation to look at dtfferent ways it could plVIde seivices and to advocate cost saving5. It may not have Consideird before. We Inentioned iii last year's IEport that we believed, tIt opportUE]ities will come froni tlie teTrÉble pandemio and that we must not be 3fi?id to tak¢ advantage of &iiy lessotis leamt. Lessons were learnt and we have niade some operational cliat]ges Én the way we deliver services aiid maiiage OiLI' core adiiiinislrativc fiiiictions. For ¢xampl¢. we will continue to we Zoom And othei. Inodels lo liold meetings and some staff will continue to woi'k from hoine, evEn when we niove into our new buTlding. We wÉll totjtinuc to evolvc and Icayn to hclp us b¢tter undcrstand and mect thc needs of 01 comtnunity. This approa¢h will help make the organisatioll more respollsÈve, to E)tw nmrkets and areas of llecd. During the year we a150 implern¥nted (he following measures.. ii. fundiaisin8 Strategy focu5eiS on COVID - 19 tt5 and 50urce$ of addiltonal helpfor charities. PrepaTed a i'evi5ed budBd and Enonitored the budget monthly during the year. Utjdertake a i'eview of costs a]id reduced OUF Outgoings whei'c possible. Ensuyeil that we adliered to the Government guidelittes and only opened wlien it wa5 safe to do 50. Worked closely with Isliiigton Coutt¢il to ensure that our servi¢es and the PlEllliS¢S that w¢ used Iv¢r¢ safe. Reviewed our risk assessments and considei'ed ourRisk Man&gemeiit policy. Ensured that our staff re¢eived Appropriat¢ Personal Prot¢¢¢Év¢ Equipment IPPE) and traintng. Enabled staff to work froin honie wh¢TE possibl¢. We limited access io our head offjce alld ensured social distallcillg was adhEL'ed to at all tlmC5. Provide support to oui. staff and service users. Accessed financial assistance from the Governtn¢nt and othcr source5 where possible. RerruitEd aBu%tness DevclDpmtnt Maiiagcr to help maximise the income streaEllS from the rtew buildin& This way. Ihe new s¢r¢aJns would be i# place when the new building opens. New coin1ni BlEd1 under Con5truGtion Our efforts to ¢onstru¢t a new community building is now in its final phase. We were able to bridg¢ thc funding gap and ¢ommen¢e what w¢ thought at the time. wa5 the fjnal phase of construction in 2019. Unfortutiately, we we*e not able lo gel Ilie building signed-off, by Islitigton buildijig control. We had to engage the serviccs of a fire ¢ollsult&Tht, to dixft a retiDspective fire strdtegy and undertake a cotEsiiltatÈon with the Lottdon FiiE Brigade. Due to the COVID-19 pand¢MiG. this work was delayed and was not £IlY completed utjtil Iuly 2021. Wc are now workEng to liavc thc costs and work pix)grnmi#e ¢0 Complete this final phase agreed before Cliristm3s. Our aijn to have the work completed a5 soon a5 possibl¢. Howand to whom our artivit1¢5 d¢liver ublic betlEfEt and tm act We are pleased to report another successful yeAI'. even with the pand¢mÉc atour door. Our main activities have IEmained unchallged .¢., woi'k with cliildrefi, young people. the cld¢rly attd families. We encoui?ge mernber5 of BA groups to access our services and work to ensure that oui. services are accessible to Services foj. tbt elderl Wc Ènanagc tlie Sothebymews Day Centre behalfof Fsliiigtotk Council. The cet]tIE provldes meals aiid activities to the elderly at sub5idi5ed rate5. Th¢pJ¢ctalso provides al1ge ofactivities andtrips thiu¥}lltthe year for mEJnbax Previously, we provid ov. 1900 n%aLs and aLlivities such as k¢¢p fil cla&tse4 TnusiL and I)r¢t rilmclub,OIllg$,3nd meinor&bleClYistmasparties. Someoftheactiv&tlCsa free, Otherswui &$nlI chafge. aaS56saI Jal1an8M0unted to jusrtunder4,51Xlservicehits intbe yearbefDJECOVID-19.
HIGHISURY XOL.NDHOUSb ASSOCIATION LIMITED (A COMPANY LIMITfi D BI, GUAIUNTKE) REPORT OF'fHE TRUSTEES fioR THE AR ENDED 31 MARCH 2021 Icoiitinu¢d) The project had an iiiteresting range of aGlivitie5 planned for 202012021. Uijfoitunately) thishadto change due to the COVID-19 pandemic, which impacted on the group for Enost of tlie ye&i'. However, we did manage to keep in regular cont2Ct wtth the Jn¢mbtrs,by condLECtillg weekly welfare check5 aiid piDviding a5SiStance whel'e we coiild. At the start of the yeai'tht Centre was vandalÉsed by bquatteT5. whv brvke into the building atjd Laused enorn>ous ainoulll of dainage. We worked hard to Tepair all the dainage to ensMr¢ th¢ building could be re-opened. once the government restrictions were lified. We have drawn up an action plan. which we have alitady imple1ert[ed aiid woi'king with the members. Tlje building ts currently opet] and we ale agaEn prepaTSng m¢Rls for our tneillbers. Attndan¢¢ is not as high as Et previously was, but g¢tting highei. each Inontli. We a150 anticipate tliat the new buildittg will be complete in 2022. Ive will need tts consideÈ' how we will deliver tlie service frorn the new building. Our iiewly appointed Buslliess Developmeiit Manager, w&ll be tacklijig this challetige Wth the Sejvices MRllagei'. The new space will offcT giEatBr opportuniti¢s for intergenerational a¢tivities for all age5. Aiinual farnil fitndraisin eyent Due to the pandemie our annual Halloween event was cancelled thi5 year. I'hi5 wa5 very diffiGult for us to a¢¢ept and we all wished, we could deliver the evejit. That was the fii3É tIe in over 25 yeais. we did not hold the ¢veiit. We look forward, lo delivering this event in our new building iji 2022. We will ailm to tn&ke up for th61055 of the past two years and ensure 2022, is a sp¢¢tacular event. Under-five's Sei'vices We have two projects that aim to deliver services to undci'_five4 oiir aiildjnindcrs, project aEid Slay and Play group. The aim of the service is to pjovide infornTration on howchildminders and other practitioners, canmeettherEquirem¢nts' vf the E¥rlyYeai"'s Fuunddiurt Stage. Esvly yea¥s' p12Ctttioners aye requiird by Ofsted to implen)ent the EYFS framework within the selting io plan a¢tiYilies and extend cliildrei)'s leaming. The earlyyear's managergivesguidanceto rhildmin4J¢T5andcarers,aboultheimpoitgnceofusing 'Birth to Threematters" frarnewoJ, how it is used aiid lio1¥ it Can influence the outcomes foi'tlie children in their care. Our Slay & Play project has attraGted a few dads, who now &ttend the piDje¢l on a I'egular basis. The projects aimto delivei"anumberofgroupa¢tivities duri&igtheyear, with plenty of5inging. storyt¢115ng and circle tijne. We always aim to c¢lcbTdle cultural events and this y¢ai' the childiEn created Chiiiese lonterns. Ille also encouiaged yarentstoellrol ona free fii'bt wurse, vr¥dnised by IsltnRloii Early Years and provide the childminders with & calelldar of traiF]ing cour5cs and othei. job opyorlunities. Unfortunately the giDUP was Closed for most of 202012021, due to the coronavÉrus pand¢mi¢. The service has now re-opened. itt line with Government and Islington Couneil guideline5. Tlie 5ervice5 continue to be very popular, with new members regislei'ing. We will of eourse provide you with more inforfflation on seivice dclivtiy in the 2022 repoTI. We aTe also wovking on plan to deliver tlie strvice froEn our new commutjity building, the project most ceitasnly ha5 a bright future. Out of Scliool Scrvi0¢5 Highbury lioundhouse mallages a numbcr of ali¢r schvul aiid enr&chmenl cliibs across the boiliugh for schaols. The club5 Rr6 5ubskdised by grants from Isliiigtoj Council. The grants provided by the LounGil ensulrs that tl)e servsce is affordable for paTent& We achi¢v¢ this by offeying conc¢5SlOnS to fainilies on low in¢omes. The classes can be dance, draiiia, football, gyittlst]¢S, karate, boat Clubs, swiininiE]2 alld much mol'e. We are able to access additional fundiiig to subsidise the clubs fi]rth¢r, so that more childreji are able to acccss the Classes. We currently work paitnership with four schools aeross the Borough. During 202012021, 60 Ghildren used our services iii any one week. This is a rnai'ked itdu¢tion on the previous year. diie to tlie cOV- 19 p8nd¢iMic8. Resulting in a mai'kes i'cduclion in seivityE hits fr()in dtl¥r school clubs to ljoliday play scheme5. Diiring Ihe Pdiid¥tniL tiur ralios weit hiEh alld nuinbers of childirn attendiIig low. due to the iieed to keep the children in bubbles. We also oftered a nuiiibcr of free places to vulnerable famili¢5 in lleed aiid w¢ie able to apply foi. a5sislan¢e to deliver the services from 151ington Council, whi¢h IindeiTrvrote thc deficEtS On tlie lioliday provisioii. Staff developtnent and ti'aiJiinE of Ouf exteiided SGliools' tean) is very iinporlanl to us, so we continiie to look at ways in whi¢li we can furthei. develop alld support our staff.
HIGHIIURY ROLNDFIOU.STr: ASSnC.'IATION LIMITED (A COMPANY LIMITED BY GUARANTEE) REIPORT OF THE TRUSTEES FOR THF YEAR ENDED 31 MARCH 2021 {Continiied) Highbury Roundhouse also provides a nui*b¢rofplays¢hemes. 410 childirn manag¢d to enjoyand access our seivices ovei. th¢ holidays. We weir able lo access Counctl funding to provide ¢on¢essions for families, we also hav¢ a Sibling ratc, which is important when regisfcring more than one ¢hild. The ¢hildicn are ablc to enjoy ihany outdoor and iiidoor sports, su¢h as.. football games. bike-riditi& badmitttot], archery, ciicus skills. Unfortunately, due to COVID- 19, Ihe trips wei'e cancelled. The PlDje¢t would rtormally enjoy trip5 to plaG¢5 Such as: kayakin& trips to the 5easEde. t¥ampoltne, Islington Ecology Cenlir, London Eye, London Ti'an5POrt Museum, horse ridÉng at Lee Valley. Paradise Wildlife Park, and much rnore. We will be working v¢i'y closely with Islington Council, to d¢livei' 111¢ service iij post COVED-19. Youth Club During the COVID- 19 crisis the building wljere we deliver our young club, was ¢losed for most of the year. We continued t() providc scrviccs to young people, via ouryouth club. We have been abl¢to suprK>rt our youttg people via virtual and face-to-fa¢¢ offers this year. We liave Ye&ch¢d uut lu uvtr 110 youn8 people duriiig the pandemic. W¢ have guided th05¢ who needed our suppoitwith irgulai. phone calls and w¢lfare checks. We have deliveid outreach support sessions on doorsteps to tjie mor¢ vvln¢rable membei% of oul. community and eng&g¢d targeted youth agenci¢5 to help support youiig people through issues su¢h as beiEavement. Just some brief examples of w,liat we Iiave bcen doing with oui. youn¥ peopl¢-. We are tackling holidily huii2ry by distributing take And make boxes th&t f¢Ed5 a family of 4 throughout the Easter and Suminei. lioliday5. As P¢iri of the governmellt HAF in¢¢ntive (Holiday Actkvity and fond Prograinmc) wc are TuTrni]]g a ¢ooking session 8cco]Mpani¢d by keep fit class to address health and wellbeill£ anjongst YP. We supplied laptops to YP'S who were experiencirtg IT poveily Virtual mentoi'ing and SUPPOTt.. Those who wer¢ unable to attend youth ¢lub were Contacted by phone and w¢r¢ upd8t¢d about activEties they can get involved with other networks. The aitn is to keep them engaged afler SchiK)IICollege in activities they take itilei'e5( in. Edii¢ation and einploytneni- 7 YP'S who unfortunately did not a¢hi¢ve tlieir requid grades to gel on to Iheij. choice of course to City and Islington sixth foTtn. We wei'e able to eurol all 7 YP'S IA A 'Level or B'I-LL COU¢. We olso woi'ked in partnership with a number of oihcr ag¢ncies.' such a5 IslillKton Coiin¢il's Targeled Youth Support Team. UE]foi'lunately,the coronaviiuspandemic ha¥rofacC-to-[a¢B HY)rk in202012021.However. we look foiward to working in the post COVID -19 world, where many things h&ve changed. We wÈll also b¢ planninghowwE will deliv.1¢ piY>jectfromoui'n¢wbuildiiigduriiig 202112022. User ou One of the Tnany ways that we work with local people is to assist users to piDvide a i?nge of services and a¢tii'ities that are of Enteresi to local people. Tliis ¢an be dance projects. kai?l¢, pÉlates artd spectal intcrest oups. The organi5ation hii'es out the facilities, at reduced Fates to assist groups. Weoften use core incoine Streams and ndraising to 5ub5idise these gi'oups. We &i'e always looking at ways of iGreasing our user roups and happy to exploiE New ideas and project5 that will beneflt local people. Unfoilunat¢ly, for most of 202012021 most of our groups had to close or where open for litnited period5, wheii the rE51ribtiuiis were lifled. This i5 cvident in ihe level of incoTn¢ we r¢G¢iv¢d diirtng the year, whi¢h was £69.00, the previous y¢ar was £33,550. FINAF4CIAL RCIVIEW 202012021 was a difficultyl.. biit wt Inaiiaged lo pldce and InaÈIitain a balan¢ed budget. This was not without difficult}'J we weir cxtrern¢ly fortunate and relied on the siipport of Islingtoii Counctl and the Govttiminent furlough s¢lien)¢. This siipporl ha5 rn6ant that we weiE able to reinain a financially viable
HIGHBURY ROUIYDHOUSE ASSOCIATION LIMITE (A COMPANY LIMITED BY GUARANTEI C) REPORT OF THE TRLisfEES FOR THL YEAR ENDED JI MARCH 2021 {Continu¢d> oi'ganisation. The overall financial perfortnallce for 2020112021 is a 5urplu5 of £54,660. This consists of a net inflow on unrestricted funds of £48,897 and £5,763 on restricted fvtids. Princi al Fil ene Th¢ or8ani5ation's inco]ne has decreased lo £666.819 from £1,052.301. Miis was iai'gely due to the reduction i]1 capital gTanls for tlie llEW building and the Etnpart of the ¢oronavi¥us pandemic. Grants re¢eived for the new biiilding in the ciii'reiit year £Nill12020.. £165.6011. Theye was also a i'educlion i operatioiial income lo £666,819 from £886,760. Incoine fi[n ftes & charges, reduced to £76,397 from £444,713. Our in¢om¢ from lettin8s also badly hil by the pat]demic, it was reduced to £69 fiDm £33.550. We expt¢tow'iDwtllBto gwasmt move outoflockdomn andal Inove iftto our new buklding. The organisatioji received £327.864 {2020'. £352.2671 from Islinglon Council to deliverseveral pix>jecls under SeIce Level Agreements. Income from reslrictcd funds reduced to £581,593 from £933,447 atkd expendittve redv¢ed to £575,830 from £764.163' Ihis resulted in a net intlow in restricted funds of£5.763 for thr y¢ar. The main reason for the Chage in TCStri¢ttd fuiids was due to the reduced services delTrvered during the COVID- 19 pandemic. ThB details of the movemen¢ itt restricted funds ean be seet) ill nole 12 of the financial stalem1tS. There was a itduction in itjteresl J'eceived to £12 from £17. This was due to timittg (fiffeYen¢es on Éhe inflow and outflow of funds dui'ing the year. The organisation has completed a budget foi. 2021r2022, which indÉcates a balanced budget for the year. The bud%el was adjusted dui'iiig the year. duc to the ¢orot)aviriis pattdemic and still indieated a balanced budget. Investment Poli¢ The org2ni5ation continues to be prudent in the way it handles its fund. Flowever. in the shoit term. due to the fimding cycle of most PToje¢t5 It is not able lo ¢oiisider long term investtnent5 at present. HavEng considered the options available, the organTsati0 will wheir possible transfer any grants received in advanc¢ to an on-demond deposit account. FuTJdraisin Th¢ trustees h&ve reviewed the fulldraising atrangements ond the revised budget for 202112022 and coiisidered the IEturn on fundraising costs. FLindraising wsls weJE £2,77512020..£8,067).The decir&5e I fundi'aising costs was due to the change in fundraising for the new buildEng. The decrease foi'the year has been considered agaii)st the organisalion's fiJndi?ising plans and is Considered to be appropriate. The or8anisatiota conlinues with lis poli¢y of atti7cting fundtng froin diffeirnt sources. Th¢ oi'ganisation's budget for 2021r2022 lias indicated that additional funds will be required to sustain a tiumbEr of pry)je¢is and meet the repayments of the Social investment loaiis. The truslees h&ve consideird tlie biidget and indicdle ihat it is achievable. ResELV¢S Poli Ind Goin The trLlStees liavc reviewcd thc re5etYes of the ¢harity and understand the different reserve5 we hold.'fiiE review encompa55ed the nature of the illcorne and expenditure streams, tli¢ need to rnatGli variable incom¢ with fixed commitments ajid the natUTe of the reserves. The aim of the iEview was also to corJsideT the financial resouires ofihe organisa(Éon and to considtrthe ability to In¢et its ongoing eommittnenl8 in the event of a significaiil dix)p in fuiiding. the light of the coronavirus pandcmie the organisation dectded it tteeded to review tht reserves policy and set a cash irservc5 polsoy, which was a¥r¢ed by tlie trust¢e5 on I" December 2021. A SiJEn]ttaiy of the poli¢y is reported below. A full copy of the poli¢y is available froin tlie Or£IlsatiOn's i'egistered off*ce.
HIGHBLRY ROUNDHOIISE ASSOCIATION LIMITED (A COMPAYY LIMI'fbD BY GUARA1rE[) REPORTOFTHE TRL'sfEES FOR THE YEAR ENDED31 MARCH 2021 (Continued) Cash RerYt5 PoliG Charities should Jnaintatn a certain level of cash reserves to protect against dTOPS iii incorne and lo take advantage of any llew opportllRltitS that May aiise. TheiE is no specifIc legal requii'einellt to rnaintoin a defined amount of cash reserves (altliough three months of operating expenses 15 often quoted). It is impoitant that A cash reserve poli¢y specifies an appropi'iate minimum amount of ¢ash r¢s¢Jves to be held. If tli¢ cash FesetvE level 15 5¢t too high. it Gan make fiilldi'aising li10 difficiili a5 jt niay appeRI' that HRH ts hoardiiig cash so i5 not focused on frot)t IiT]e service delivery. Conversely. setting the minimum cash reserve level too low may m&k¢ HRI.I look vulnerable OT appeaT that HRH is sufftring from poor ringiiciAI management aiid ¢ontrol. The Cash Rtseive Poli¢y details.. Assumptiolls used in setting Ihe eash i'eserve requirement Cash trseive rnonitoj'ing Threshold breach respotjse Poli¢ ovei'view The polÈcy iEquires that a series of triggci. levels are set based on one moiith of core expeThdite pliis the plJeCt redundancy r¢s¢rve as follow5.. GREI EN: cash reserves higher than 3 months of ¢or¢ expenditure plus redundAn¢y reserve AMfsER: cash reserves are between I month of core expenditurc plus reduiidancy re5¢rve and 3 inonth5 of core expendilui'e plus reduiidancy reseive RED: cash reserves are below I month of col'e expenditure plus r¢duJidancy i'eserve. Each tTigger level requi5 a differEtEt SEt of responses as follows.. GREEN (no se foi. concern): No wtion requed Cash reserve leve15 are monitored on a monthly basis AMBER {heighttned avarleSS). Cash i'eserves are beltsw desiird level Any capital expe2iditiire to be appiVed by the Trustees Material {greatcr than £2,000) non-disciclionai'y rEVene expendilut'e to be approved bythe Trustees Cash I'eservE requiretnent% continue to he mnnittsred on a mtsnthly hasi RED {exu$È for concern): All capit&l expchditur¢ stopp¢d All Inaterial non-discretioi)aiy revenue expendsture stopped Director to prepare a ftstidraising plan clearly 8rliciil&tinE the necess&i'y step5 to Èncrease cash res¢rv¢s back to d&ired level rundrai5ing plan to be appiV£d and ]nonitored by th¢ Trustec5 Increase Énonitoring freqenCY lo weekly Th¢ ttU5tees r¢ 5atlsfied th&t th¢ organisation has suffi¢i¢nt funds to meet its operational ¢ommitm¢nts. Tj'iistees, review the level and need for I"eseives anrtually.. the next review will be ¢on)pleled once the audilcd accounts foi. 2022 is cotnplete. A5 at the irporling datt th¢ cash balances w¢re £130,057, which results in statu5 green.
HIGHBURY ROUNDHOUSI ASSOCIATION LIIWiTED (A COMPA.NY LIIVIITED BY GUARANTEE) BEPORT OF THE TRusfEEI S FOR THE YEAR ENDED 31 MARCH 2021 {Contilled) Restricted Funds Restricted have iJ]creased fron) £2,918.283 to £2.924.046 du¢ to good mmgement of the restricted funds. The oanISation has & number of designated funds the detai15 of which arc shown iiote 12 of the finat]rial 5tat¥m¢nts. Ians for future Periods We regutai'ly review our work and makE Trnprovemetr where po8stble. Oui. plot)s for the futurear¢ as follows.. Seek additIon funding to support OUT project5 to deliver addition&] services. Re-establish the woi'k done by oui. user groups. Ensure that we delivei. our savices in line with the Government COVID- 19 guidelittes. Deliv. After Sehool & Youth Club activEties, at differ¢nt locations #nd work with over 2,000 children, yollng people, and thelr familtes. Complete oui. new community building. Pi'ovide support to our ward partnership Eneclings. Develop SerVceS for early year's children and their famili¢s. Consult and work with our members and users with the ti?nsition tnto olli. newbuilding. Recruit additional stsff, once our new building is Goillplete. These a¥e just some ofthedevelopments we hav¢ pl&nlled forthe comingyl.. Theorganisation has modt COI]5EdBrable prDgress in its efforts to become Rll independent community centir. We are ¢ommEtt¢d to delivering new and illnovative pTojeGts for local people. This is your ¢ommuhity ccntre, so please get involved.
IIGHBURY ROLNDHOUSE ASSOCIATION LIIVIITED (A COfvIPANY LIMITED BY GUARANTEE) REPORTOF THETRUSTEES FOR TIIC YEAR ENDED 31 MARCH 2021 (Contitkued) Refercnce and administrative details CHARITY NAME: Higlibury Roundhouse Asso¢iation Liinited REGISTERED OFFICE AND OPERATIONAL ADDRESS.. 71 Ronilds Road LoDdoD N5 IXB REGISTERED CHAKITY NO.. 288370 COMPANY REGISTRATION NO.. 1759460 (Englaiid & Wales) BOARD OF TRUSTEES.. Neville Cowton Anthony Mill¢r AndrewMy¢r Scott Wadlow Sai? Zavaleta Steffan Taylor Amy Ellington Martin Jottes Chair Secret&ry Deputy Chair Tivasurer BANKERS.. Lltsyds Bank PIC 31133 Holloway Road tA>ndon N7 8JP AUDITORS: PerlÈn Franco Limited Chart¢lEd Aecountants & Statutory Auditors Solar House- PF 915 High Road North Finchley London N128QJ SOLJCITOR- Russell Cooke 2 Piitney Hill London SW15 6AB SENIOR MANAGEMENT TEAM.. Andirw Berthier Savanah Popal Julie Day Ni¥el William5 RuthAllen Lesley Palliiig Carmel Zallre Chief Exec1Ve Head vfset¥ices Ex¢¢Dded school services caordiiiatoi. Older people's servicc5 maiiager Ollt of school seivices manager Oiit of SGhool servi¢e5 manager Under-five's seYvi¢es manager Young peoiile's services managei. Oiit of school 5ervi¢¢5 manager Business Development Managei. Ndidi Okoye Dinisha Shibnauth EneEda Capaldi
HIGHBLIRY ROUNDHoLs ASSOCIATION LIMITED (A CONIPANY LIMI'IED BY GUARANTEI) REI PORT OF THE TRUSTELS FOR THE YEAR NDED 31 MARCH 2021 (Continued) STRUCTURE GOVERNANCE AND MANAGEIVIENT Govei'iiin Document The oi'ganisation is a cliaritable company limited by gUntee and was Set up in 1974 by a group of local people. The oi'ganisatioii was fii'st i'egistei'ed as a charity on 27 J2niiary 1978 under ihe naine of Highbuiy Roundhouse Group and was incoi'porated on 6 October 1983. The Company was established uiider a Meinorandum of Association, which incorpoi'aled the objettts and powers ofthe Ch'Itable coinpany and is govemed undei. its Articles of Association and eonslitution. 1.he ¢l)arity has no share upilal; each ii)emliei s guai"anlee is liiniled to £1. At an Ai)Dual General Meeting held on 20, FebYu2ry 2017 the member8 agreed to delete the Articles of Associalioii iii its ¢Liiirnl form and i'eplace tliem with a cutyent mi)del. This change was considei'ed necessary to help safeguai'd tlie oi'ganisation's assets and cl)anges iii eompAIiy law. Consent for ihe change was received fi'oin the chai'ity commissioii on the 7 ' Marcli 2017. Reci'uilmcnl and A oinlmenl c>f Ti'ustees The dii'ectors of the company are also charity trustees for the pui'w5e5 of charity law and linder th¢ company's Aiti¢lEs are known as members of the Management Cointnittee. Members of dic Manageinent Cominittee retire by i'otation annually at the oi'ganisation's AGM and can iE I'e- elected by the meJnbers. All Jncinhers olthc Managcmcnt C.ominittee give their timc voluntarily and receive no payment fi'om the charity. Any expenses Irclaimed fi'om th¢ chai'ity al'e set out in note 8 to the accounts. Most of the organisation's ivork 15 focused ai'ound woi'king with young p£opl¢ aiid children. The Management Committee seeks to ensure that the needs of these groups are &ppi'opriately i'efleoted through the diversily of the trustee body. The organi$atitsn actively en¢oiii'ages local peopleand users of its services tobecome meinbers ofthe fvlanagemenl Comtnittecatthe AGM. Wheir particulai. skills are required, the orgallisation would approach itLdividuals with the appropi'iat¢ skills lo see if they would offer themselves for election to the Managemeiit Committee. Trustee Induction and Trainin Most li'ustees are alitady familiar with the work of the charity having been involved in some way. eithei. as a ier or pi'ovid¢J' of services. New trustees al'e invited aiid encouyaged to attend a shoi't tt'aining session of iio Inor¢ than an hour to familiarise themselves with the organisation. These sessions are jointly led by the Chair of the MaiiagF¢invnl CuJnmill¢e IlTid Ihe CEO and ¢ovei': 1.he obligat10115 0fManag¢Tnent Committee members. The maiii documeiits, which set out tlie operational fi?mewoi'k for the ¢harity including the Memorandum aiid Aiticles of Association. Discussion of the orgai)isation's latest kmnual report and audited accounts. Fului'e plans and objectives. Safeguarding. (All trustees are required to undei'go safeguarding 1raini1)
HICHIJIIRY ROUNDHOUSE ASSOCIATION LIMITFD (A COMPANY LIMITED IIY GUARAN'fEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3J MARCH 2021 (Contilluedl The chai'ity also circulates a copy of the Commission's guide':the Essential TIStee, along with a copy of the Meinorandum and Articles of Association and the latest financial stateinentS to all triistees. Tlie organisalion continues lo review how best to enhance training and induction for Iruslees. Risk Mana ement The trustee5 have overall I'esponsibilily foi. ensuTing that the organisation has appropriate systems of contiY)I, financial and otheiwise. The day-to-day opei'atioii of tliis is delegaled to the CEO. They are also respoiisible foi. safeguarding the assets of the charity and hence for takii)g reasoiiable steps for ihe prevention and detectiOEI of fi'aLid and othei. iri'egularities. Tliey also piovide re&sonable assui'anees to the best of their knowledge that.. The charity is operating efficiently and effectively,. Its a55ets ait 5afBguarded agaillsl unaiithorised use or disposition by the applI110n of systems of internal conti'ol; Propel. records a]'e maintained and financial information used within the charity or for publication is reliable- The charity complies with relevant laws and regulations Th¢ systeins of inlemal ¢ontrol are designed to provide reasonable, but not absolute, assurance against material misslaleinent oi. loss. They include.. An annual budg¢l approv¢d by the Irusl¢¢s' Regulai. consideration by the trustees of financial infonllaliott. Delegation of authority and segregation of duties- Identification and manageinent of risks The ti'uslees i'eview I'isk inanagement to SeSS financial risks and iinpleinent risk managein¢nt sti'ategies where Appi'Dpiiate. This will involve idetIfyIIIg the types of i'isks the charity faceg, pi'ioritisiiig tiiem in terms of poteiltial inipact Hnd likelihood of occui'reiice, and identifying vneans of mitigating the i'isks. Significant extei'nal risks to funding have led to the developinent of an active pyogramine, which will enhp&nee the diversification of funding aiid sei'vices. Intei'nal risks are minimised by the implemenlalion of pruvedur¥s for auih0ri6alion uf all iriinsuclions for projects and the core function. Proeediires are in place to ensure compliance with health and safety of staff, volunteei's, users and visitoi's to sites where we deliver services. We regularly work to itnpi'ove our Of5ted ratings wherever we delivei. Out of Soliool Seivice5. Threc of the oi'ganisation's Out of School olubs ai'c raled Outstanding by Ofst¢d. Or nisational Sti'ucture Tlie trustees Ineet monthly where the Inanagement coinmittee review sti'ategy and perforniancc and sel operalioiial plans and biidgets foi. the year. At pi'esent the coininitlee has 8 Inembet from & vai'iety of professional baCk.OUnds. The organisation has a Youth Club sub-cornmittee which is made up of ti'ustees ld other individuals. The sub-committee operate under specifi¢ terms of i'efei'ence, whicli delegate oerlain functions from tlie trust¢e's boai.d. 10
HIGHBURY ROL,NDIIOUSC ASSOCIATION LIMITED (A COMPANY LIMITED BY CUARANTEE) REPORT OF THE TRUSTEES foR THE YEAR ENDED 31 MARCH 2021 {Continued) We have a sub-committee that manage the dev¢lopineiil and funding foi. the new coinmunity buildiiig. The sub-committee operat¢ under specific teiins of I'eference, which delegate5 certain functions from the ti'ustee's boai'd. The sub-committees ar¢ as follows: New BLiildiiig Consti'u£tion SU1commIttee- Chair Anthony Miller Youth Club sub-committec- Cliair StBffan Taylor The committees operate linder specific terms of i"¢f¢r¢nce that can be ratified by the full Board. A system of deleg&lion is in pla¢e and day.to-day iesp)nsibility for the provision of serviee5 iesl with the CEO along with thc Senior Inanagemenl.leam. The CEO is responsible for ensurii)g thal the organisaliondelivei's the servicey specified and tliatkey pei'forinance indicators are m¢t. Em ee Ii)volvement and Em ment of the Disabled Employees al'e consulted on issues of concern to Ihein by ineans of regular staff meetings aiid are kept infoi'ined on specific matters dii'ectly by the senior tnanagenient lea. Whenever possible tlie organisation caryies out ¢xit inteThiews when staff leave ai)d has a piocedure of upward feedback to trustees. Tli¢ f)rganisalioi) has a number of detailed policies in relation to aspects of personnel mattel's including.. Equal Opportunities policy Voluntee15' policy Health & Safety policy Confidentiality policy Whistleblowing policy ChildiEn and Young People Safeguarding policy Adult Safeguardiiig policy In accoi'dance with the chai'ity's equal opportiinitie5 policy. the cliari¢y has long established fair employment practices in the reciltillent, selection, I'etention and traiiiing of staff. Th¢ cliarily is comniitted lo the prii)¢iples of the Islinglon Fairness Coinmission. Fiill details of these policies al'e available froill the organisation's registered office. Remuneration of ke Inana ement ersonnel The pay of the Senior Managemeilt team and all staff al'e reviewed annlY during the settiiig of the annual budget and nornially increased in accordaiice wtth avei"ag¢ earnings lo refle¢l a cost of liviiig adjustmeiit. The budget is agiyed by the trustees. TRUSTLLS RESPONSIBILITIES IN RELATION TO THE FINAIYCIAL STATEMEt44TS The triteeS who are also the directots for the purpose5 of company law IEsponsible foi. ensuring th¢ ¢hai'ity prepai'es a ti'ustees. ann41al repoit and financial stateinents in accoi'dance with applicable law and United Kingdoin Accounting Staiidards (United Iciiigdoin Geiierally Ac¢¢pted Accounting Pi'acticc). Coinpaiiy law i'equiiES the charity trustees to prepare financial slalemenls foi. ea¢l) financial yeaT which give a true and fair view of the state of affairs of the charitable company an6 of its incoming reSoUeS and application of I.esou¢s. including income and expeiiditure, for the
Iiic.IiiitillY IIOUNI)IIOUSLf ASSOCIA'I'ION LifvllTED (A cottrlPANY LIMITED BY GUARANTII ) REPORT OF THE TRUSIEES FOR YEAR ENDED 31 MARCH 2021 (Continved) financial year. In pi'eparing the finall¢ial statements, the trustees are required to.. Select 5Ultable a¢countingpoli¢ies and then apply ttiem consislently* observe the methods and pi'inciples in the Charities SORP. make judgements and ¢stimat¢s that are reasonable and prudent. state whethei. applicable UK accounting gtandards have been followed, subject to any materÉal departure5 di5Glosed and explained ill the fInancial statemenls,. prepare the financial statements on the going concern basis unless it is inappropriate to pr¢sume that lh¢ company will ¢ontinue on that basis. The trustees are rPonSible for maintaining adequ8te accounting reoords that disclose with reasonable accuracy at any time the financial position of the cliaritable company and to ¢nabl¢ them to cnsure that the financial 5tat¢inent5 comply with the Companles Act 2006. They are also responsible foi. safeguarding the assets of the chaiity and hence for taking reasonable steps forthe prevention and deteGlion of fraud and other irregularities. The trustees are responsible for the maintenance and inteIty of the corporate and f]nancial infot'mation included on the charitable coinpany's website. Legislation ill the Unitsd Kiiigdom governing the pr¢paration and dtssemination of financial st&tements may differ fi'om legislation in other jiwisdi¢lions. Statement as to dis¢losMre of Information to auditors In 50 far the tlwstees are aware.. there is no r¢levant information, b¢ing iiifoimation ne¢ded by th¢ auditor in connection with prep2Ting theii. report. of whioh the auditor is unaware. and the trustees have takeft all steps that they ought to have taken to make themselves aW.e of any relevant audit information and to establish that the auditor is aware of the information. Chan e in fixed assets The movement ill fixed assets duiingthe year are set out in iiote 9 to the financial statements. Auditors Th¢ Auditors Perlin Franco will be proposed for re-appointment at the forthcoming ADnual Genei'al Meetin Approv d by the Bow'don....... owton Chair of the Botll'd of Trustees 12
INDEPENDLN'f AUDI I'ORS, ,:Oi1-'"I'0'l'Ilb.. MTr:MIIF.RS OF HIC.IIBINRY ROIJNDHOIISE ASSOCIATION LIMITCI D {A C.OMPANY LIMITED BY GUARANTEE) Opinio We have audited tlie financial statenienls of Highbury Roiindhouse Association Ltd foi. the yeai. cnded 31 Maitl) 2021, which compi'ise the Statement of financial ActÉvities, tlie Balance Sheet, the Cash Flow Slalciment and notes lo the finaiicial statctnenls, incliiding a suinmary of sigiiiticant accountijig policies. I'he fiiiaiicial reporting framework that has been applied in their prepai'alioii is applicable law and Uiiited Kingdoin Accouiiting Staiidards (United Kingdoin Genei'ally Accepted Accounting Pi'actice). In our opÈTrion the financial 5tatements'. ~give a true and fair view of the state of the eharitable compai)y's affairs as at 31 March 2021 and of its incointng I'esources and application of resouices, including its income and expenditI.e, foi. the year then endcd- -havc been propei'ly prepared ii) accol.dai) with Uftiled Kingdom Generally Accepted Acc()unting Pi'aetEcc' and -have beeii pr¢paT¢d in accordance with t])e requirements of the Companies A¢t 2006. Basss foi. opinion We condLleted oui. audit accoi'dance with Iiiternational Standards oil Audilillg (UK) {ISAs (UK)) and applicable law. Our responsibilili¢s under those standai'ds are further desci'ibed in tlie Auditois responsibilities foi. tlic aiidit of tlie fiftancia] statements section of our repoi'l. We iiidepciident of the chai'itable compaiiy in accordance with tlie ethical requireinenls that arc relevantto oui. audit of tlie financial stateinents in the UK, ii)cluding the FRC'S Etliical .8tandai.d, and we hav¥ fiiifill¥d uur oihei. ethical re5ponsibilitics in aocordatice witl) these requiremeiils. We bclievc that the audit evidence we have obtained is suffiLieiil and apprvpi'iale to provide a basis for our opiiiion Conclusions relkting to going concern In auditing the fiiiancial sl8lenients, we have concluded that tlie Ii'u51ee5' us¢ of the going Coiicern bases tsf a¢¢oiiiiling on tlie preparation of tlie finaiicial stateinents is appi'opi'iate. B&sed on the work we have performed, we have not identified any material iin¢ertainties relating to events or conditioi?s that, individually or collectively, niay cast significant doubt on the charitable conipany's ability lo ooi)tinue as a going ooncern for a period of at least Iw¢lv¢ months from wheii the financial statetnents are autliorised for issue. Our responsibilities ai)d ihe responsibilitie5 of th¢ truste with respect to going concei'n 2¢t described in the I'elevant sectioiis of this report. Othei. inforniation The trustees are responsible for the other infoi'mation. The othei. infomiatioi) ¢ompi'ises the infomiation included in the annual report, other than the finaiicial statements ]d our Rcport of the Independent Auditors thereon. Oui. opinion on the financial statements does not cover the other information and, except to the extent otheiivise explicitly stated li) oui. report, we do nol express aiiy form of assui'ance conclusion theiEon In connection with our audit of the fii)aiicial statcments, our I'esponsibility is to read the other iiiforination and, in doing so, considei. whetliei. the other intoirnation is Inatei'ially inconsistcnt widi tlie fiiiaiicial staleineiils oi. our knowledge obtained iii the aiidit or otherwise appeals to be matei'ially misslaled. If we identify siich matei'ial iiiconsisÉertcies ()r appareiit niaterial misstateinents, wc al'e reqiiired to deterniirke whether tliis gives Tise to a material inisslateinent in the financial statemeiit5 Ihcm5¢1ves. If, based on tlie woi'k we have perforined, we conclude 13
INDfi.pf4.NDF.NT AIIDITORS, REPORT TO THE MEMBERS OF HIGHBURY ROUNDHOUSL ASSOCIATION LIMITED (A COMPANY LIMITED BY GUARANTEE) that tliere is a material misstatement of this othei. information, we al'e required to I'eport that fact. We have nothing to I'eport in this regai.d Opinion on other mRtt¢J'5 prescribed by the Companie5 Aet 2006 In oui- opinitsn, based on the woi'k iindei'taken in the course of the audit-. -Ihc infvrniulion LTiV¢lI in the Report ofthe Ti'uslees foi'the financialyearfor whichthc financial 5tatemeiit5 are piypai'cd is consisteJ)I with the fin8nci81 glatements., and -tht RepL)rl of the Triistees has i¢ prepared in accordance with applicable legal requirenienls. Matters on Ivhich w¢ are required to repoi't by exeeptioll In the lit of the knowledge aiid undeTslanding of the chai'ilabl¢ company and its environment obtained in the coui'se of tlie audit, we havc nol idcntifi¢d Inaterial misstatements ii) the Report of the Trustees. We have no(hing to repoit in respect of tlie following matters where the Companies A¢t 2006 reqiiires us to I'eport to you if, in oui. opinion= -adequate accounting rfrords have not been kept or retLlI'ns adequate for our aiiditliavc not bcen received from branches not visited by us. or -the fiiiancial statemeiits aiE not ii) agreeinent with the a¢¢ounling records and returns. or -ceilain disclosui'es of Iruslees, i'emuneralion 5pecifi¢d by law al'e not made,. or -we have not reccived all the ii)foi'm&tion and explanations we require for our audit,. or -the trustees weie nol eiititled lo lake advantage of the small companies, exeinption from tlie requii'ement to prepare a StTalc8ic R¢port or in preparing the Report of the Ti'ustee8. Re8pon8ibilities of tru.4tees As explained more fully in the Statement of Ti'ustees Respotksibilities, the trustees {who al'e also the dii'ectoi's of the charitable company for the purposes of company law) al'e sPonSible for Ilie pr¢paralion of the financial statemeiils and foi. be&ng satisfi¢d that they give t tfLie and fatr view, ond for such inteinal control as the trustees detei'mine 15 necessaiy to enable Ihc prepai'ation of financial slatemeiils that are free from material misstatement. whetlieT due to fraud or eiiDI'. In preparing Ilic financial slal¢ments, the ti'ustees are i'esponsible for assessing the charitable company's ability to continiie as 8 going conceiii, disclosing, as applicable, mallers related to going concei'ii and using the goillg concei'n basis of accounting unless the Iruslees eitl)¢i' iiitcnd to liquidate the charitabl¢ ¢ompany or to cease opeY&tions, or l)ave no I'ealistic alternative but to do so. Our i'esponsibililies for tbe audit of the finanri5tl Statements Our obje¢lives al'e to obtain reasonable assuraiice about whether the financial 51atcinEnts as a whole are free from material mi551alein¢nl, wh¥th¥r du¢ lo fi'aud or eri'or, and to issue a Rcport of the Indepeiideiil Auditors th21 includes oiii. opinioii. Reasonable assurance is a high level of assurance, biit is i)ot & guai'antee that an audit condu¢led in ac¢ordAnce with ISAS (UK) will always detect a malei'ial Inisslateinent wheii il exists. Mlsstatemenls can ayise from fraud or en'or and al'e con5idei.ed matci'ial if, ii)dividually or in the aw'egate, they could reasonably be expected to influence the econon)ic decisions of usei's taken on the basis of Ili¢s¢ financial statements. Ii'i'¢giilarities, including fi)aud, are instaiices of non-¢oinplian¢e with Idws and regiulaliot)s. We design pi'oeedui'es iii line with ouj. responsibilities, outlined above, to detect Inatei'ial Ini55talcm¢nls in Irspect of ii'regularitie4 includiiig fraud. Thc cxlent to which our pro¢edures are capable of d¢tecting irreglllai'ities, incliiding fraud is detailed below.. We obtaiiied an iTiideistanding of the legal and relIat01'Y fr8n)eworks applicable to the Coinpaiiy and the sector in whicli they operate. 14
INDEPENI DbNTr' AUDITURS. RLPUR'I. I'O'I'HL MLI MBLI RS OF HJC.ITBIJRY ROIJNDFIQIJ.SE ASSOCIATION LIMITED (A COMPANY LIMI'fED BY GUARANTEI l) We determined tliat the following laws aiid I'egulations were most significant.. tlie Companies Act 2006 aiid the ChaL's1i¢s Act 2011. We assessed the susceplibiliry of Il)e Compai)y's financial statements to material misstateinent, i11cliIllg how fraud inight occui.. Audit pro¢¢dur¢5 pcrformed by us included.. identifying and assessiiig the d¢sign efft1ventss of ¢onlrols management has in place to prevent and detect fraud. uiiderstanding how tliose charged with governance considered and addi'e58ed the wtential for override of controls. challenging assumptio1 aiid judgments made by Inaiiagement in its significant accounting estimates. identify'iiig and tGsling jDurnal entries, in paiticular any journal entries ptssted with uiiusual account coinbinations,. aiid ass¢55ing the extent of complian¢¢ with th¢ relevant laws and Jtgu121ions. A fuitlier descriptioii of oui. responsibilities for the audit of the financial stateinents is lo¢aled oil tli¢ rinancial Repoiling Coiincil'5 websitc at www.frc.org.uklaudilorsr¢sponsibÉlities. Tliis description forms pait of our Repc>rt of the Independent Auditoi's. Use of our report This repoit is made solely to the chai'itable company's members, as a body, in a¢eoidanee with Chapter 3 of Pai't 16 of the Coinpanies Act 2006. Our audit work has been undertakei) so that we might state to th¢ clwi'itable company's members ihose matte13 we are required to state to tli¢m in an auditors, report and for no othei. purpose. To the fullest extent perniitted by law, we do not aeeept oi. assume I'esponsibility to anyone other tlian the chRritable company and the charilablc company's mcmb¢rs a3 a body, for our audit woi'k, foi. this I'eport, or for the opinioiis we have fornied. Faustino Franco (Senior Slalutory Auditoi.) for and behalf of Pei'lin Pranco Chartei'ed Accountants & Statutoiy Auditor5 Solar lIL)use 915 I-ligh Road Noi'ili FiiiGhley London N12 8QJ 23 December 2021 15
HIGHBIIRY ROUNDHOIISE ASSOCIATION LIMITED (A COMPANY LIMITEI D BY CUARANTEE) (Registered Number.. 017f9460) STATEMENT OF FINANCIAL ACTIVITIES ORcluding ItLcom¢ and Ei xpemditure Account) FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted Rcstrieted Total Funds riunds Fuii(ts 2021 2020 Notes Iijcomt Donations artd oihei. voluntary income Inconie from ch2ritsble activilies.. (2) 670 670 21,765 Grants. contracts and donations 131 14) 84,517 581,593 666,110 1,028,146 Otlier activities 27 27 2,433 Investment tneome 12 12 17 TotAI income (12) 85,226 581,593 666,819 1,052J61 Expenditure on: Raisin8 fua]ds Choritabl¢ a¢tiviti¢s {5) {5} 2,775 2,775 8,067 33.554 575.830 609 J84 838,312 Total Expenditur¢ Net income (51 36a29 48.897 S75,830 5,763 612,159 846J79 54,660 205,982 Reconciliation of funds Total fvnd5 brought forward 88,828 2,918,283 3,007,111 2,801,129 Total funds ¢atti¢d fOrrd (12) lJ7,725 2,924.046 3,061,771 3,007,1 IA The stat¢ment of financial acttvities includes all gaills and Io55es recDgn15ed in the year. All in¢om¢ and ¢xpendilure derive fi'om continuing activities. 16
HfcHBIJRY ROIJNDHOUSE ASSOCIATION LIP4llTED (A COMPANY LIMITCI D BY GUARAP4TEK) (R¢gist¢ied Number: 01759460) BALANCE SHEET AS AT31 MARCH 2021 NDt 2021 2020 Fix¢d Assets Tangible assets {9) 3,269,754 3,265,479 Curi'entA5sets Debtors C&sh at Bank in Hand (io) 86,257 130,057 216,314 99.586 100,713 200,299 Tot21 Cllrrent Assets Creditors: fxlllng dthe wffithin one yeAr N¢t cwri'ent assets TotAI a8Stts les8 ¢Ull*nt Ilabllltlos (147,410) (162,228) 68,904 3,338,658 38,071 3.303,550 Creditoi's: amount falllng due y more tlianoRe year Totsl Net As¥Èts'. (Ila) {276,887) 3 061771 (296.439) 3,007,I I I Restrleted 1COme ndS Unrestsicted funth: Getteral funds Designated fund TotRI charity funds (12) 2,924.046 1918283 (12) {12) 118,646 19,0791 3 061771 69,749 19.079 3,007,111 These financial stateEnents have bee prepared in aceordatt¢e with the special ptovisions of Part IS of th¢ Companies AGtIElating to small charitabl¢ comp8nies and constitut6 the annuRI accoullts required by Cojnpallies Act 2006 and ar¢ for ¢ir¢ulatioM to members of the company. The notes at pages 19 to 28 form phrt ofthese financial Statements Approved y the l)oard ott. 2. S¢ott Wadlow Treasuyer 17
HICHBUR Y ROUNDHOU.%E ASSOCIA'flON LIMI'I'ED (A COMPANY LIMITED BY GUARANTEE) STATEI MEI NT ofi CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 Note 2021 2020 Casli generated from operating activities 94.130 289,410 94,130 289,410 Cash floJY5 fTOEn investing aitivitie5 Interest income.. 12 17 Purchase of tangible fixed assets {11.496) (488,168) Ca$li pi'ovided by (used in) investing activities (11,484) (488,151) Cash Flows from Financing aetivities Loans repaid during the year Nrt Cash PTovidd by fillanGing activities 153,302) 153,302) (53,561) 246.439 Inci'ease (decTe8se) ill cash and cash Eqiiivalents in ihe year CAsh gnd eash equtv&lent at the begInIng of the yeai. Total eash hnd cash equiyal¢nt At the end of the year 29.344 47,698 53,015 100.713 130,057 100.713 18
IIIGIIIIUIIY ROUIYJ)JIOIISlI ASSnC.IATION LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES'fo THE FINANCIAL STATEMENTS FOR THE YEr AR ENDED 31 MARCH 2021 IConiTnuedl I. ACCOVNTINC POLICIFS The principal &ccounting policies are summariscd below. Thc accounting poli¢ies have been applied con8lSteJitly thivughoiii th¢ y¢ai and in the preceding ye&r. These accounts have been prepared under the hisloricaj cost conventjoll Wltb items reGognised atcostortsatssaGtion value unless otherwise slated ill the relevant notcs to these accounts. Basis ofoccoiinliF7g The financial statements have beell prewed iii accord811ce ivith Accounting and Reporting b}, Chariii¢s,' Stateinent of R¢coTnm¢nded Practice appli¢able to charities preparing theii. accout]t5 accoiYi£tnce wlh the finanLial Reporting Standard applicable ID th¢ UK attd Republic of Iirland {FRS 102> (effective 1° Janu4try 20191 Icliarilies SORP IFRS 10211. the Fillancial RepK>rtiiig Standard appli¢able in the UK atld liepublic oflY¢land IFRS 102) and ihe Companies Act 2006. The Charity meets the defanition of a public benefit entity undei. FRS 102. Assct5 and liabilities 4r¢ inilially J'ecogt)ised at liistoi'ical cost or tiBnsaction valu¢ unless otherwis¢ stated iii the relevant accoLlliting policy notes. 1.2 Prepai-alion ofihg accoiinl.T on a goEng c0cerN The overall financial pei'formance for 202012021 is a 511rplus of £54,660. This consists of a nel inflow on nTCStri¢ted funds of £48,897 and £5,763 on restricted funds. The orgallisation lixs a 5 y¢ar busines5 pldn and 15 working to COTnplettt ron51wction of a rÈew £3 Millton commuiiity building. At the time of approving the accounts, thedirectors hav¢ a reasonable expe¢tation that the Charity h&s adequate resourGe lo contiiiue in opei'atlD for the foreseeable future. The Truste¢5 or¢ ¢onfid¢nt that the ¢ha¥ity remains a 80ing concern for the foi"ese¢able fiEture 1.3 Jncoming rE3oiiree Income resources air included on an accruals basis itt the Statement of FijncIal ActivÈtie5 whell the ¢iiteria of entitlement, piDbability of receipt And measvrability have been met. Income from the local authority and other grants, whether "capital" oi ievenue" gyants, is recognised when ent*tl¢ment to the funds, any pei'formance conditioiis altach¢d to the grant have been m¢t, it is probable that the Èncome will be received and the amount call be measured reliably and is not deferred. Income iEceived ill advancc of ¢onttx¢ied setvi¢e delivery is deferred until the critci'ia for incomc recognition are met. Donated services and faciliti¢s are included in Éhe SOFA wheii received at the value of the gsft piY)vided the value call be measured reliably. Goods dot)ated for oD.going use are tt¢ognised as tangible fjxed assets and included in the SOFA as incoine from donations when receivable. InStMent inwine is included in the SOFA when received. Incorning resourGes from gnnts. where related to performance aThd specific d¢liv¢rables, ait accDUnted for as th¢ charity is entitled to C0115id¢ration by ils perfomanee. The value of any volulltaiy help received i5 not includ¢d in th¢ a¢¢ounts, but is described 5ll the tyiistces, annual rcport. Ra¥ources upended Exp¢J)diture is recogniscd on an acGTual basi5 as a liabil£ty 15 ii1Gurred. Expendilui'e i¢Jcllldes any VAT wbicli is not Ir¢ove12ble and S i'eported as part of the expendituie Éo wl)ich it relates atid Ilie amouiit of the liability can bt measured with reasDtiable certainty.. 19
HIGHBLRY ROUNDHObSE ASSOCIATION LIMITED (A COMPANY I,IMITED BY GUARANrEE) OTES TO THE FINANCIAL sfATEI MEPffS riOR THE YEARCINDED31 MARCH 2021 Iconlinuedl Costsof raising futjds comprise the costs asso¢iat¢d Mith artra¢tiftgvoluntary in¢ome and the ¢osls of fi]ndra(sin8 activity, 5Yo of COEE salRry costs are apportioned to fijndraising. ExpeJidEtUTe on ch&ritable activities comprises those costs inCUTird by the organisation in thc d¢liveLy of its ¢haritable acliviti¢s. It in¢ludes both ¢osts tliat ¢aD be allo¢ated diiE¢tly to $iich activities and those cost5 of an indii"eGt nature llEce55Hry to support thERI. Govemancc Gosts aTe includ¢d in expEndituir on charii&blE artivit1¢5 and inGlude those wsts asso¢iat¢d with eetiiig the constitutional and statutory re(J¥ir¢menis of the chaTlty and include the audit fees and cosis linked to tli¢ sli'ategic manaBtmeJit of the charity at)d have beui Galculated as follows.. Audit fee Lega] Costs AGM Expenses Full Full Full Con]mittee meetings Pi'inting Post&ge & Stationery Core Salaries Full All costs are allocated between the expenditure categories of the SOFA otk a basEs de5Egiied to r¢fle¢t the use of the resource. Costs relatin8 to a partEcular activity aiE allocated directly. others may be apportioned on all appTopriale basis. Th¢ basis of allocation is stated ai note 5. logibl&fiXÉda.9$els uKddepe¢iaiio Tangible fixed assets arc stated at cost less accumiilated depreciatioji. Where appropriate the c05t of minor additions oi. those ¢osting below £500.00 may not be capitalised. DepiEciation is provEded at rates calculated to wriie off the ¢ost or valuation of ¢a¢h asset, over its expected eful Irfe on the following bas1S.' Offjce Equiptnent Furniture & Equipment New Building Constt'udion 33 iij Yo Str2ight lille basis 25Q/D reduriThg bal&n¢e basis Dcpirciation will commence when the new buildin8 15 coitiplete and operational. 1.6 Fuivdttceoiiniing Unrestricted funds are irtcojning i'esourccs rcceivable oi. 8eneratcd foi'thc objccts of the charity without a specified purpose and are available as general funds. Designated furtds are unrestri¢ted fisnds earmarked by the trustees foi a particular purpose. The aim and use of ¢acli desÈgnated fund is set out in the notes to the a¢counts. Re%¢ricted fund8 are tn he uqed fov & spetifjc pujposc as laid down by the donor. ExpendittEi'C which mccts tliis critei'ion is chai'ged to the fijnd, together with iq fair allocation of matiagetjient and support Costs. Tlic aim and use of ch re5trirted fund is Set out in the not¢s to ihe a¢¢ounts. Debtors Trade and other debiors are recognised at the settlement amoua]t duc afier any ITade discount offeTed. Piepaytn¢tLts ale valued al th¢ &mDiint pirpaid n¢t of any ti?d¢ dis¢ounl due. 1.8 Cash at bank and itt hand Cash at bank and cash iii hand ittGludes GP5h and short te highly liquid d¢posit5 Wlth a 30 day noti¢e period or less held to meet short term cash commitments as they fall due. 1.9 Creditois and piDvisions Creditois and piovisions are Tecognised where their is a ptrsent obligAlion resiiliing from a past eveiit that will probably result in the transfer of fiitids to a thii'd party and the amount dve to settle the obligation can bc mtasurtd OF estimated liablY. CreiEiloTS and PiDViSÉOT15 al'e nomtslly r¢cognis¢d at their s¢ttlem¢ni amount aftei. allowing foi. anytj'ade discounts due. 20
HIC.HBIJRY Roll DHOUSb ASSOCIATION LIMITED {A COMPANY LI.NIITRD BY GUARANTEE) NOTES TO THE f4INAP4CIAL STATKMENTS FOR THEI YEI AR ENDED 31 MARCH 2021 Icontinued) 1.10 Pensions The trustees agreed that from l# July 2016 tlie orJo ni5atiOEJ will automati¢ally ¢iirol staff into the People's PensÉon schemc, which is funded by conti'ibulions frojll employee5 and Employer, unl¢s5.%taff thpt Dut of the sch¢me. The scheme is a money puicha5e d¢fined Contribution scheme and for 2021r2022 is estimated to Cost £18,269. No PLDViSiOll has been made iii the financial statements for any pait of thes¢ cos15. Cos15 will be ¢harged to the SOFA wljen they fall diie. l.1 l Financial instl'UlllEDt5 The organi5atEon tsnly has finan¢ial assels and fEllancÈal liabilities of a kiiid that quaiify fjs basic financial Inslrumellls. Basic finaiicial instruments are initially i¢cognised at trdnsaction value and subsequently meaxllred at theEr settlement value. 1.12 Employee benefits The cost of any unused holiday entitlement is reeognised the period in which the employee's service5 aTe Yeceived. Annual leave noi taken is not normally carried forward. 2021 2020 Totgl 2. DONATIONS AND OTHER VOLUNfARY INCOME Unre$trltted Restricted Fundraising Income Various donations 844 20,921 21,765 670 670 670 670 21
HIC.HBIIRY ROUNDFIOUSE ASSOCIATION LIMITED {A COMPANY LIMI'fED BY CUARAiYTCI 11 NOTES TO THI FINANCIAL SI'A'fEMENTS FOR THE YEAR ENDED 31 MARCEI 2021 Icontinuedl 3, INCOME FROM CHARITABLE AcfIviTIES 2021 Tot91 2020 Total Umiestricted Resti'Éet¢d LA)ndon Boi'ougli of Islit]8ton- Colltracts Power to Chang¢ Big iA)ttEry Gr¢8t¢r Loiidon Authority Coop Foundatio Inve5¢0 Perpetual Jack Petch¢y Foundation Sports Ellgland Grants Furlough scheme 29, May 1961 Cliartlable Trust Fees & Charges Lettillgs furthei'ing charitable objcGt5 Vai'ious GrAllts 48,750 35.698 279,114 327,864 352,267 35,698 9.640 46,492 20.000 2,50Q 750 46,492 46,492 95,000 176,768 176,768 10,000 444,713 33,550 13,234 76.397 76,397 69 69 2,822 2,822 666,110 84,517 581,593 1,028.146 GraDt8 irceived for the neiv buEldithg during 2021 I£Nil)12020 as folloivs w&s £165,601{Swrt Englalld £95,(M, May 1961 Clritable Triist£lO.IJOO, Islington Coiincil S106 Grant £50,000 and vaiiou5 donation5 £10,601). 4. OTHER ACTIVITIES 2021 Total 2020 Total Unrestricted Restrirted Parking Fees Sundrylncome 27 27 2J29 104 27 27 2,433 22
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HIGHBURY ROUNDIIOLSE ASSOCIA'I'ION LIMITED (A LUP¥lFAANY LIMI'I'LD BY GUARANTEE) NOTES TO THC FINANCIAL sfATEMEI NTS FOR THE YEAR INDED31 MARCH 2021 (Contint) 6. NET INCOMING RESOURCEI S FOR THE VEARThis is stAtcd After chargiT¥g: 2021 2020 D¢pre¢iatior¢ AiiditOT5' rejnuneration re external scrutiny 7.221 6,540 5,774 7.200 7. STAFF COSTS 2021 2020 Staff cost5 were Is follows: Salaries and wages Pension Costs 454,450 11.786 26 126 492,362 527,819 14,439 Social SEfUTlty ¢osts 57J.683 No enlployee rec¢iv¢d emoluments of mote thBn £60,QOO in the year {2020-. NIL) The key Inanagement personnel comprise th¢ tru51e¢s, th¢ c.hief EXttve, Flead of S¢rvi¢es, Ex¢¢nded Schools Service5CoordinJtor and seve n seivice maT]agers. The total employee emoluineiits of th¢ key management peTsonnel were £230,614. (2020.. £245,556). The Senior mattagement t¢Am, perform & role in the direct operatiottal activities of Ilie chwity. The avei2ge monthly headcount of eniployees during the ye&i' WdS= 2021 2020 No Charitable Activities 32 40 Mainlenanc¢ and Support Management and administs'atio 41 51 Re5tricled staff costs are met from funds specifically provided foi. that purpose. 8. REMUNERATIOIY OF TRUSYEES & RELATED PAR'fY TRANSACTIONS No i'cmurbcration was paid to Tn]stees ordid they receive any other bBftcfits fi an employment wlth anothercharity during the yeai., noT 1475 theTe any expenses iMbUr5ed to trustees (2020.. NIL). One of the trustees 55 a director of Cl2s%base, which delivris fitness ¢lasses in paitnerslup with the cliai'ity. No fees weiE paid to the trustee or Class base in cont)ection with this partneiship. No other trustee or other peTSQllS relard tu Ihe chzi'ily had any pef50nal interc5t in Jny ¢oiitract or tiatjsactioll enteT¢d iiitu durin¥ the yeai'12020.. NIL). The tsiganisalion has an it)terest frce brEdging loan of£77,940 {2020.. £111,690) is outstanding at th¢ balance sheet date. 24
HIGHBURY ROUIY1)IIOllb. A88nC.IATION LIMITE (A CUMI'ANY LIMI ITED IIY GUARANTEE) NOTEI S TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Iconllnuedl 9, TANGIBLE fiIXED ASSETS Office Equipment Funjitui'e Neiv BuÈlding Con5triiction TotJ)I Equipnient Cost A5 at l Apiil 2020 Addition$ 86,262 61,310 998 3,242,254 10,497 3.252.751 3,389,826 11.495 3,401,321 At 31 March 2021 86.262 62,308 Accumulated Depwialioij As at l ApL'iI 2020 Cliarge for thc ye. A5 at 31 March 2021 172,2151 14,6771 176.8921 (52,131) 12,544) (54,675) (124.346) 17,221) (131,567) Net bookvaliio As at 31 March 2021 9.370 3.252.75 1 3,269,754 As at 31 March 2020 14,046 9,179 3,242,254 3,265,479 The above fixed assets are all used to fvrth¢rthe comyany'5 Clritable abjectivts. The iiew Comtnunity building is ill the course of Mpletion. 10. DEBTOMS 2021 2020 Trade debtors- Contract income irceivables 433 9.157 2,004 88,425 99,586 Sundiy debtoiE and PJEpayments A¢¢rued Income 3,431 82,393 86. 257 Total Accrued inco2ne of £82.393 includes £45,855 due frDni the Big Lottery, £33.750 from London Marathon charity, £2,788 frotn HMRC. £79,605 of a¢¢rued income is recoveTabl¢ in n)ure than a year. 11. CREDITORS.. Amounts falling due within one year 2021 2020 Sundrycreditors & Accrki815 Bi'idging Finance Taxation aiid social se¢urity Pension Costs 33,358 77,940 6.701 1,743 27,668 147,410 42,577 111,690 5.740 2.221 Deferred Incon)e Total 162,228 Deferred Income of £27,668 includes £26,418 deferred to 202112022 from Powerto Chaiig¢ £1.250 to Islington Council. 25
HIGIIIIIIIIY ROTJN'DHOIISE ASSOCIATION I,IMITED (A COMPANY LIMITEI D BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS riOR THE YEAR ENDED 31 MARCH 2021 (conned) 110. CREDITORS-. Amount fallEng due in more t111 ojic ycai. 2021 2020 Bank Loan 145.775 131,112 £276,887 150,000 146,439 £296,439 other Loatis Amounts f811ing dlle in more th flve yeay, inteiest 2.75 /0 12. MOVEMENT IN FUNDS R¢$ti'icted fnds. Api'il 2020 liieome Eipcllditure 31 Mar¢h 2021 Mini bus fund 29,629 2,280 2,865.737 716 29,629 2,280 2,865,737 918 Pensioners Forum NewButlding Fund Pensioiiers club Youth Projects Childminders, Stay & Play project YDung inDthers & fainily learniiig pi'oject Holiday Playschemes Out of school club 95,811 78,557 14.115 (95.609) (77,7581 113,7911 1,867 1,092 80 2,666 1,416 80 1.857 15,025 2,918,283 84,717 308,393 581,593 5,393 5,927 2.924.046 1307.4911 1575,830) TotRI restrlcted funds Uni'ests'icted fund$: General funds 69,749 85,226 (36,329) 118.640 Designated fund$: Rdundan¢y fund Bay Hodgson I,'und plject development fund Tot81 UnYestrÉcted Fiinds 8,000 10,600 479 8,1)00 10,600 479 88,828 3,007,111 85,226 666,819 136.3291 (612.159) 137,725 3,061.771 TotRI fund5 12.1 I'he Redundan¢y fund is designated to ¢nsur¢ that the Cliarity i5 able lo fÉnattce the cos( of pos5ibl¢ staff redundanGit5, which il inay face in the futuir. The 1'rll8tees 8re aiming to a¢hi¢v¢ and maiThtain a level of Designated R¢serve sufficient to meet the minimum strdtutory redundallcy Costs. 12.2 Th¢ Bay Hodxson Fund i5 designated to provide additional suppoit foi youtl) projects. 26
IIIGIIIIIIJIY JIOIINI)IlnllSI,: A8.SOC.IATION LIMITED (A COMPAP4Y LIMITED BY GUARAN'fEE) NOTES TO TIIE FINANCJAL STATEMENTS riOR TH£YEAR &NDED31 MARCH 2021 (Continued) 12.3 The Project Developinent Fund is designated to provÈde addEtÉortal support for the charity and lo factlilate development wvrk on new ilTkd innovative projects. 13. IINALYSIS OF NET ASSETS BETWEEN FUNDS GenerAI Futids DesignAted Funds Restiicted Funds TotAI Funds Tangible ffxed assets cUertt aEsets CuTirntlLoHg Term liabilities Net assets at 31 Mw'¢h 2021 17,003 114,842 (13,199) 118646 3,252,751 82,393 (411,098) 2.924,U46 3,269,754 216,314 (424,297) 3,061.771 19.079 19,079 14. CAPITAL COMMITIVIENT The oi'ganisation cunrntly has capital COTnfflitmenls of £18,135 to ¢onipl¢t¢ the final phase of the new buildii?g. ND pK)vis2on has been niade in these accoun15. St És antiGipat¢d that this will be paid io May 2022 and will be paid the orgaiiisation's fund5. 15. TAXATIOIY As a ¢ha]'ity ihe oiganisatioj is exempt from fax on income ad gain5 fa115ng within s¢ctioft 505 of the Taxes Act 1988 or s256 of the Taxation of Chargtable Gains A¢t 1992 to the extent that these are applied to its charitable objects. No tax chai'ge5 have aiisen in the ChaTity. 16. GOVERNMENT GRANTS Income from government 7ntS ¢omprises perforn]ance relatd grdnts illadc by the loKal autlioi'ity and HMRC fijrlough schetnc to fund tht work of the organis&lion is provided in note 3 of the financial statement5. 17. DEFERRIID INCOME D¢f6rred iTh¢0i)J¢ compris¢s grants rece£ved for the perfo[alKe of a¢tivities in 202112022, llo grants werc released in 2021. 2021 2020 Balon¢¢ as &t l April 2020 Aniouiit released to in¢ome earned from charilable activitie8 1,904 11,904) Amount deferred in year alane¢ as at 31 MArch 2021 27.668 27,668 Details of the def¢]7ed Grants arc noted in note I I, of th¢ financial statements. 27
IIIGHBURY ROUIYDHOUSE ASSOCIATION LIMITED {A COMPANY I.IMITED BY GtiARANTlI E) NOTES TO TFIE FIIIANCIAL STATEMENTS FOR THE YEAR Kh'DED 31 MARCH 2021 (¢tinued} 18. REI CONCILIATION OF IYET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Nd rnovement in funds 54,660 7,221 (121 13,329 18.932 205,982 5.774 (17) 81,697 (4,0261 289,410 Add back depreciation Ch'£t Deduct illt¢rtSt incon]e sliown in iiivesting activities Decrease (1Crease) in debtois {Decrea5e) incirase in crdito Net eash generated froEn opei'atinE activities 94,130 19. LEASE COMMITMENTS On the 25 April 2017, the organisation signed a 99-year lease on.. 71 RO1]d'S Road, LondoTh N5 IXB. The Big Lottery Fund and CAF Bank have a legal charge onthe leasehold bNilding.'fhe lea5c has ground rent of £.500.00 payablc annually however, this sum will only become payablt once thc nrw building is complete. 20. SI'ATUTORY INFORMATIOPI Hishbury Roulldhou5e ASSOGiation Litnited Es a company limited by 8uarant¢E. Y¢gistered in EnglaÈJd and Walt5, r¢gisliition nuinber 1759460. The re8lStered oifice is: 71 Ronalds Road, London, N5 IXB The prc5Cntatiott ¢urrency ofthe finan¢ial statements is the Pound Sterling {£) and the level of rounding is the nearcst (£). 21. posr BALANCE SHEI ET EVENTS Thcr¢ were no post balance sheet ev&its. 22. IMPACTOFCOVID- 19 A¢ the lime of signing the accounts, tlie tiusltes #re aware of the potential ecollomic 2nd Social impart of the ¢oix)navii'us outbreak in the UK and around tlje world. The full inipRct on chariti¢s is yet to be Seen. The charity will ¢ontinue to mit&gat¢ the risks by following the Govei'niD¢lIt's giiidelities. adapting and dev¢lvping its own fiijancial and operational sti?tegy. Altliough COVID- 19 is m¥ntii)ned in Ilje *isteeS, report, it li&s no fEnanC1 impact on the cliarity due lo the support of Islington COUnGiI and the Government. 23. SECURED DEBTS Th¢ following secured debt5 included creditors-. 2021 2020 Bank Loan 145.775 £145,775 150,< £150,OOD Tjie loan is secured by way of fixed atEd floating charg¢ on.. 71 Roiialds Road N5 1 XB and the assets of ¢he chai£iy. 28