COMPANY REGISTRATION NUMBER: 01804906 CHARITY REGISTRATION NUMBER: 290493
The Holloway Neighbourhood Group Company Limited by Guarantee Unaudited Financial Statements
31 March 2023
GROMAN & COMPANY
Chartered Accountants 5 Violet Hill St. John's Wood London NW8 9EB
The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
Registered charity name The Holloway Neighbourhood Group Charity registration number 290493 Company registration number 01804906 Principal office and registered The Old Fire Station office 84 Mayton Street London N7 6QT Trustees John Rockel (Chair) Toby Lovell (Treasurer) Sandrine Palmer Munal Mehta (Company secretary) Will Lewis Thomas Neumark Barry O'Donovan Chief Executive Officer Lucy Bingham Independent examiner AI Groman FCA 5 Violet Hill St. John's Wood London NW8 9EB
The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Structure, governance and management
Governing Document
Holloway Neighbourhood Group is constituted as a Company Limited by Guarantee (No. 01804906) incorporated on 30 March 1984 and a Registered Charity (No. 290493) registered on 9 November 1984. The company is governed by its Memorandum and Articles of Association and in the event of the company being wound up all members present and twelve months past are required to contribute an amount not exceeding £1.
Recruitment and Appointment of Trustees
Trustees are sought who have professional skills and experience and who represent the users of our services. The Board of Trustees regularly carries out a skills audit and seeks candidates with complementary skills and experience. We have identified a need to broaden the diversity spectrum of Trustees, both in terms of protected characteristics and lived experience. We are developing a recruitment strategy with the aim of both increasing the diversity of the Board so as to better represent the communities we serve and to fill recently identified skills gaps. Potential Trustees are asked to observe a number of meetings of the Board of Trustees before the existing Trustees approve their application and formally vote them onto the Board of Trustees. One third of Trustees stand down from the Board of Trustees at the company's AGM, and elections (or reelections) of Trustees are carried out by the membership. At the first meeting after the AGM, Trustees vote to appoint the Chair, Treasurer, and Secretary.
Organisational Structure
The governance of the organisation is the responsibility of the Board of Trustees which delegates to the Chief Executive the day to day running of the organisation, including operational management and ensuring that the organisation's objectives are met. The Chief Executive attends Board of Trustees' meetings but has no voting rights.
Objectives and activities
Vision: Empowered, happy and inclusive communities where all people are valued.
Mission: We provide support and services and build connections to empower people to lead fulfilled lives as part of their community.
Values:
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Respecting diversity
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Connecting and Connected
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Listening and Empowering
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Compassionate
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Striving for Quality
Statement on Public Benefit
Holloway Neighbourhood Group operates solely for the public benefit. When reviewing the charity's aims and objectives and in planning its future activities, the Trustees have referred to the Charity Commission's general guidance on public benefit.
The Charities Act 2011 sets out twelve kinds of activity that are recognised as charitable provided that there is sufficient demonstrable 'public benefit'. All our beneficiaries are individuals or communities that are socially and economically deprived and Holloway Neighbourhood Group carries out work in the following areas identified in the Act:
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Statement on Public Benefit (continued)
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Prevention or relief of poverty - whilst we do not provide grants, our work addresses the causes and consequences of poverty by providing services ourselves, supporting others to provide them from our buildings, or by encouraging local people to help themselves and each other.
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Advancement of health or saving of lives - our work includes health and wellbeing programmes for disadvantaged or isolated community groups as well as counselling and complementary therapy designed to support people with mental health issues.
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Advancement of citizenship or community development - we encourage and support volunteering and community action; we host MP and councillor surgeries, organise community events, support the development of smaller community organisations, and encourage participation in civic life and society.
ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE
While lockdown restrictions may seem a bizarre, blurry, ‘did that really happen’ memory, many in our community remained anxious about returning to in person activities. To encourage the widest participation we stretched our resources (and selves) continuing to offer blended activities and online therapy, meaning people could return to in person visits when they were comfortable to do so. This approach was supported by our Covid response projects, In Touch and Digital Inclusion where we offer regular telephone check ins and support to help people get online. We are very proud of this broadening offer which we know has made a huge difference for many in our community. That said it’s been a joy to see old faces return as well as welcome new people to the two centre’s – the Stress Project and the Old Fire Station. We’ve seen a huge demand for all activities and Holloway Neighbourhood group remains a busy, central hub for our community.
The Stress Project
At the Stress Project we provide counselling and wellbeing support for people who experience mental health issues. In total, the Stress Project supported 483 people in 2022/23.
Counselling
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
The mental health crisis that has started to hit the headlines is clearly playing out in our services. We are responding and adapting quickly, increasing provision, expanding free/ means tested support and improving our fast-track access to assessments and programmes of free counselling. With grant funding from Cloudesley and Islington Council, we paid experienced, fully qualified counsellors to support people with more complex needs in addition to our usual service delivered by part-qualified volunteer counsellors.
Using the CORE Outcome Measure, of the people who received counselling this year, 95% were above the clinical cut off score of 10, indicating high levels of distress. This is the highest proportion, for the past 5 years, of people commencing counselling at the Stress Project above the clinical level of distress. 49% showed improvements above the level of clinical significance – with their levels of distress moving from the clinical to non-clinical (healthy) population. 61% showed a reliable improvement in their wellbeing.
We delivered 2,359 counselling sessions (including transitions to private provision within our network). A total of 223 individuals accessed this service.
Testimonials
A wonderful 26 weeks of therapy. Easy to speak to therapist and feel totally supported and safe. Made me more aware of my own behaviour patterns and triggers for stress. Thoroughly positive experience. Thanks so much for providing this for me.
Accessible local professional counselling has provided me with more self-confidence and understanding of myself and my issues. Thanks so much.
I have been coming to the Stress Project for many years. The funded counselling helped me access services at a difficult time for me. I have been on a reduced dose of my medication. Thank you.
Mindfulness Services
With continued grant support from Cloudsley, we continued to deliver our very popular Mindfulness services. This year we delivered five 8-week courses. 70% of course participants continue to practice Mindfulness after completion of their course, and we introduced monthly Refresher Sessions to support them with this.
‘This has been an incredibly helpful, detailed and lifechanging course”.
We expanded the offer to include weekly drop-in Mindfulness classes. This is a good example of the challenges we faced in offering widest access, with tutors having not only to ‘read the room’ but to bring that together with the online participants. Without question it has been the right thing to do, but it has added new challenges for our tutors and highlighted weaknesses in our tech set up.
In total we delivered 116 Mindfulness sessions which benefited 146 individuals.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Other Activities
The wellbeing group which we launched in Oct 21 has grown rapidly, with 73 people (up from 23 last year) regularly attending the weekly drop in’s. This popular complimentary therapy offer has grown to include acupuncture, massage, reiki, and reflexology.
It’s always great to see our activities so well attended, but this increased demand indicates a very concerning trend in mental health. Not only is the need growing, the mental health level at which people reach us is higher (more extreme).
Testimonials
A great course with some very useful techniques. Important to have follow-up support sessions and to maintain regular contact with mindfulness meditation practice.
An amazing course that has tremendously helped my mental health
Chris was great. He taught me how to be present in the moment to help control and reduce my anxiety.
Chris’ lessons and weekly guidance are essential to my good mental health. I also take comfort in the sense of community from the weekly sessions and the WhatsApp groups
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
During one of the most stressful period of my life, has allowed me to step back and breathe and check in with my body before reacting.
I found the stress project really useful because it helped me acknowledge my needs and deal with any stressful situation.
The Old Fire Station Community Centre
The Old Fire Station is a multi-purpose community centre where we provide a range of activities to support local people to build social connections and enhance their wellbeing. In total, the Old Fire Station supported 344 people in 2022/23.
Classes
Our programme has continued to expand and adapt to the needs of attendees. We’ve worked hard to support people return to in person activities, ensuring they feel safe in our space. We’ve maintained the online offer as well, meaning those who have not been able to come to the centre have benefited from participation.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Classes on offer included gentle exercise (mixed and men-only), yoga, chair yoga, tai chi, art, creative writing, Egyptian dance, a men’s social club, and a women’s conversation group. In total we delivered 375 classes which benefited 250 people.
“In-Touch” Telephone Support
“In-Touch” is our telephone support service, offering a regular friendly chat, support with accessing services, and encouragement to keep active in mind and body. We established the service at the start of the pandemic and have continued to support people by phone who are unable to visit our centres for reasons such as frailty, caring responsibilities, and high levels of anxiety. As well as calling people who previously visited the Old Fire Station and Stress Project, we also welcomed new people referred to us from local agencies. We expanded this provision, training volunteers and reaching 85 people with around 305 calls made.
Other Activities
The pandemic has led to more agencies’ services only being accessible online, which has left many of our service users experiencing digital exclusion. In response we delivered 306 one-to-one tech support sessions, supporting 67 people.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Volunteers
As a small team we are extremely grateful for the contributions of our wonderful volunteers. An amazing 76 people volunteered with Holloway Neighbourhood Group this year. With great generosity and kindness, they exemplify our values around compassion, respecting diversity and connecting people. They acted in various roles including providing counselling and complementary therapies, facilitating group activities, maintaining our premises, making In-Touch phone calls, administrative support, and gardening.
Future Priorities
The Trustees are grateful to our funders who have enabled us to deliver services in a flexible way, responding to the changing needs in the community. With increased financial pressures and high levels of mental ill health and social isolation we are needed more than ever.
Next year will be a transitional one as we change CEO and look to expand services in response to the growing crises. As always, our priority is to our service users and we work with community partners to plan and deliver services as part of the Islington VSC. All our services from counselling to chair yoga to digital inclusion are in high demand and we are looking at how we can continue to step up to meet these needs.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Our Funders
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
Financial review
The financial statements have been prepared in accordance with the requirements of the latest Statement of Recommended Practice (SORP).
The Statement of Financial Activities shows total income received in 2022/23 of £348,374 (2021/22: £349,784). Expenditure for the year was 377,497 (2021/22: £381,019). This resulted in a deficit, after taking account of losses on investments, of £37,045 (2021/22: £1,146). Total funds carried forward to 2022/23 are £614,624 (2022/23: £651,668).
Reserves Policy
The Trustees have examined the charity's requirements for reserves in light of the main risks to the charity. The target is to hold between 3 and 9 months running costs in unrestricted reserves, and it is confirmed that the existing level of reserves is appropriate:
-£395,000 is held in a Designated Property Fund - which would allow us to fulfil our obligations under our current leases, and enable us to acquire and fit out alternative premises to continue or expand our services. We are likely to draw upon this Designated Fund when the lease for one of our Centres expires in 23-24 or when the Landlord at our other centre chooses to commence negotiations about our future tenure.
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£30,000is held in a Designated Staffing Fund - which would allow us to honour our obligations regarding redundancy or to allow for staff cover during prolonged periods of absence.
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£170,204 is held in a General Fund - which represents 5 to 6 month's running costs. This General Fund would help us to avoid closure by ensuring staff could continue working, to seek new sources of funding and support service users to move on to other services. The Trustees review the level of reserves needed yearly, and whenever there are significant changes in our property requirements or staffing levels.
Risk Management
On a regular basis, the Board of Trustees actively reviews the major operational and business risks which the charity faces, and confirm that they have established systems to mitigate the significant risks. In our plans for service delivery, we have taken account of fast-changing needs in our local communities and a difficult to predict funding environment. Assessment of risks and threats to the organisation is the ongoing responsibility of the Chief Executive and such issues as they arise are taken to the Board of Trustees for discussion and action.
Responsibilities of the trustees
The Trustees (who are also the Directors of Holloway Neighbourhood Group for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 charitable company and the income and expenditure of the charitable company for that period.
In preparing these financial statements, the Trustees are required to:
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2023
· select suitable accounting policies and then apply them consistently;
· observe the methods and principles in the Charities SORP;
· make judgements and accounting estimates that are reasonable and prudent;
· state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Examiner
A. I. Groman FCA of Groman & Company has been re-appointed as independent examiner for the ensuing year.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on .......13[th] December 2023....................... and signed on behalf of the board of trustees by:
John Rockel Trustee
Wil Ifan Lewis Trustee
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Holloway Neighbourhood Group
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of The Holloway Neighbourhood Group ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
AI Groman FCA Independent Examiner
5 Violet Hill St. John's Wood London NW8 9EB
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ |
£ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 66,220 |
117,815 | 184,035 | 209,569 |
| Investment income | 6 | 5,040 |
– | 5,040 | 3,416 |
| Other income | 7 | 159,299 |
– | 159,299 | 136,799 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 230,559 | 117,815 | 348,374 | 349,784 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | – |
3,821 | 3,821 | 8,176 |
| Expenditure on charitable activities | 9,10 | 259,681 |
113,994 | 373,676 | 372,843 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 259,681 | 117,815 | 377,497 | 381,019 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Net (losses)/gains on investments | 11 | (7,922) |
– | (7,922) | 30,089 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net expenditure and net movement | in | ||||
| funds | (37,044) | – | (37,045) | (1,146) | |
| ================================ | ================================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 651,668 | – | 651,668 | 652,814 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 614,624 | – | 614,624 | 651,668 | |
| ================================ | ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 23 form part of these financial statements.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 16 | 2,106 | 4,212 | |
| Current assets | ||||
| Debtors | 17 | 20,583 | 26,825 | |
| Cash at bank and in hand | 676,068 | 691,113 | ||
| -------------------------------- | -------------------------------- | |||
| 696,651 | 717,938 | |||
| -------------------------------- | -------------------------------- | |||
| Creditors: amounts falling due within one year | ||||
| Other creditors including taxation and social security | 18 | 41,278 | 47,819 | |
| Accruals and deferred income | 42,855 | 22,663 | ||
| -------------------------------- | -------------------------------- | |||
| 84,133 | 70,482 | |||
| -------------------------------- | -------------------------------- | |||
| Net current assets | 612,518 | 647,456 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 614,624 | 651,668 | ||
| -------------------------------- | -------------------------------- | |||
| Net assets | 614,624 | 651,668 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 614,624 | 651,668 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 21 | 614,624 | 651,668 | |
| ================================ | ================================ |
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
John Rockel (Chair) Trustee
Wil Ifan Lewis Trustee
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Old Fire Station, 84 Mayton Street, London N7 6QT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: - No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer & office equipment - 20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
That charity is limited by guarantee of £1 per member without share capital.
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The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 1,220 | – | 1,220 |
| Grants | |||
| The London Community Foundation | – | 5,000 | 5,000 |
| LB Islington Local Initiatives Fund | – | 580 | 580 |
| LB Islington VCS Grant | 65,000 | – | 65,000 |
| Clarion Futures | – | 13,296 | 13,296 |
| LB Islington S106 | – | 24,855 | 24,855 |
| Octopus Stay Well Live Well | – | 24,420 | 24,420 |
| Islington Giving | – | 982 | 982 |
| Cloudesley | – | 35,228 | 35,228 |
| Sport England | – | 385 | 385 |
| Good Things Foundation | – | 2,000 | 2,000 |
| LHC Community Benefit Fund | – | 2,130 | 2,130 |
| LB Islington - Active Spaces | – | 2,000 | 2,000 |
| Postcode Society Trust | – | 6,939 | 6,939 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 66,220 | 117,815 | 184,035 | |
| ============================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 1,251 | – | 1,251 |
| Grants | |||
| LB Islington VCS Grant | 65,000 | – | 65,000 |
| LB Islington Retail, Leisure & Hospitality Grant | 29,000 | – | 29,000 |
| Clarion Futures | – | 6,610 | 6,610 |
| LB Islington S106 | – | 40,978 | 40,978 |
| Octopus Stay Well Live Well | – | 13,063 | 13,063 |
| Islington Giving | – | 1,000 | 1,000 |
| Cloudesley | – | 30,000 | 30,000 |
| Sport England | 1,815 | – | 1,815 |
| GLA - Active Londoners | – | 16,642 | 16,642 |
| LHC Community Benefit Fund | – | 3,610 | 3,610 |
| LB Islington - Active Spaces | – | 600 | 600 |
| Postcode Society Trust | – | – | – |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 97,066 | 112,503 | 209,569 | |
| ============================ | ================================ | ================================ |
- 18 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
6. Investment income
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 |
Funds | 2022 | |
| £ | £ | £ | £ | |
| Bank interest received | 5,040 | 5,040 |
3,416 | 3,416 |
| ======================= | ======================= | ======================= | ======================= | |
| Other income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
| Funds | 2023 |
Funds | 2022 | |
| £ | £ | £ | £ | |
| Old Fire Station: Other income | 3,000 | 3,000 |
726 | 726 |
| Old Fire Station: Hall & room hire | 34,783 | 34,783 |
19,832 | 19,832 |
| 38 Mayton Street | 36,400 | 36,400 |
36,491 | 36,491 |
| Stress Project: Fees & outreach | ||||
| services | – | – |
37,067 | 37,067 |
| Stress Project: Rent & room hire | 53,923 | 53,923 |
42,683 | 42,683 |
| Stress Project: Therapy fees | 31,193 | 31,193 |
– | – |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 159,299 | 159,299 |
136,799 | 136,799 | |
| ================================ | ================================ | ================================ | ================================ | |
| Costs of raising donations and legacies | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Costs of generating income - Voluntary income | – | 3,821 | 3,821 | |
| ============== | ======================= | ======================= | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Costs of generating income - Voluntary income | 8,005 | 171 | 8,176 | |
| ======================= | ============== | ======================= |
7. Other income
8. Costs of raising donations and legacies
- 19 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
9. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Old Fire Station | 127,206 | 43,045 | 170,252 | |
| Stress Project | 117,431 | 66,264 | 183,695 | |
| Support costs | 15,044 | 4,685 | 19,729 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| 259,681 | 113,994 | 373,676 | ||
| ================================ | ================================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Old Fire Station | 119,993 | 49,346 | 169,338 | |
| Stress Project | 125,147 | 62,736 | 187,884 | |
| Support costs | 15,371 | 250 | 15,621 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| 260,511 | 112,332 | 372,843 | ||
| ================================ | ================================ | ================================ | ||
| Expenditure on charitable activities | by activity type | |||
| Activities | ||||
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Old Fire Station | 170,252 | 2,643 | 172,895 | 171,607 |
| Stress Project | 183,695 | 7,458 | 191,153 | 193,858 |
| Governance costs | – | 9,628 | 9,628 | 7,378 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| 353,947 | 19,729 | 373,676 | 372,843 | |
| ================================ | ============================ | ================================ | ================================ | |
| Net (losses)/gains on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Gains/(losses) on cash held for | ||||
| investment purposes | (7,922) | (7,922) |
30,089 | 30,089 |
| ======================= | ======================= | ============================ | ============================ | |
| Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 2,106 | 1,977 | ||
| ======================= | ======================= |
10. Expenditure on charitable activities by activity type
11. Net (losses)/gains on investments
12. Net expenditure
Net expenditure is stated after charging/(crediting):
- 20 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
13. Independent examination fees
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,220 | 2,220 |
| ======================= | ======================= |
14. Staff costs
The average head count of employees during the year was 12 (2022: 6). The average number of full-time equivalent employees during the year is analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Number of staff - Management | 1 | 1 |
| Number of staff - Other | 11 | 5 |
| -------------- | -------------- | |
| 12 | 6 | |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
SORP 2015 requires the following statement to be made:- no remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
16. Tangible fixed assets
| Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| At 1 April 2022 and 31 March 2023 | 9,888 | 9,888 |
| ======================= | ======================= | |
| Depreciation | ||
| At 1 April 2022 | 5,676 | 5,676 |
| Charge for the year | 2,106 | 2,106 |
| ----------------------- | ----------------------- | |
| At 31 March 2023 | 7,782 | 7,782 |
| ======================= | ======================= | |
| Carrying amount | ||
| At 31 March 2023 | 2,106 | 2,106 |
| ======================= | ======================= | |
| At 31 March 2022 | 4,212 | 4,212 |
| ======================= | ======================= | |
| Debtors | ||
| 2023 | 2022 | |
| £ | £ | |
| Debtors | 20,583 | 15,278 |
| Prepayments and accrued income | - | 11,547 |
| ============================ | ============================ | |
| 20,583 | 26,825 | |
| ============================ | ============================ |
17. Debtors
- 21 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
18. Other creditors including taxation and social security falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Social security and other taxes | 4,085 | 2,967 |
| Rental deposits | 29,334 | 28,203 |
| Other creditors | 7,859 | 16,649 |
| ---------------------------- | ---------------------------- | |
| 41,278 | 47,819 | |
| ============================ | ============================ | |
| Deferred income | ||
| 2023 | 2022 | |
| £ | £ | |
| Amount deferred in year | 42,855 | 22,663 |
| ============================ | ============================ |
19. Deferred income
20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £9,913 (2022: £8,603).
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 April | Gains and | At 31 March | |||
| 2022 | Income | Expenditure | losses | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 226,668 | 230,559 | (259,681) | (7,922) | 189,624 |
| Property Fund | 395,000 | – | – | – | 395,000 |
| Staffing Fund | 30,000 | – | – | – | 30,000 |
| -------------------------------- | -------------------------------- | -------------------------------- | ----------------------- | -------------------------------- | |
| 651,668 | 230,559 | (259,681) | (7,922) | 614,624 |
|
| ================================ | ================================ | ================================ | ======================= | ================================ | |
| At 1 April | Gains and | At 31 March | |||
| 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 227,814 | 237,281 | (268,516) | 30,089 | 226,668 |
| Property Fund | 395,000 | – | – | – | 395,000 |
| Staffing Fund | 30,000 | – | – | – | 30,000 |
| -------------------------------- | -------------------------------- | -------------------------------- | ---------------------------- | -------------------------------- | |
| 652,814 | 237,281 | (268,516) | 30,089 | 651,668 | |
| ================================ | ================================ | ================================ | ============================ | ================================ |
- 22 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2023
21. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | 1 April | Gains and | At 31 March |
|||
| 2022 | Income | Expenditure | losses | 2023 |
||
| £ | £ | £ | £ | £ | ||
| Restricted Funds | – | 117,815 | (117,815) | – | – |
|
| ============== | ================================ | ================================ | ============== | ============== | ||
| At 1 April | Gains and | At 31 March |
||||
| 2021 | Income | Expenditure | losses | 2022 |
||
| £ | £ | £ | £ | £ | ||
| Restricted Funds | – | 112,503 | (112,503) | – | – |
|
| ============== | ================================ | ================================ | ============== | ============== |
22. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Later than | 1 | year and not later than | 5 | years | 39,000 | 39,000 |
| ============== | ============================ |
- 23 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Management Information
Year ended 31 March 2023
The following pages do not form part of the financial statements.
- 24 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 1,220 | 1,251 |
| The London Community Foundation | 5,000 | – |
| LB Islington Local Initiatives Fund | 580 | – |
| LB Islington VCS Grant | 65,000 | 65,000 |
| LB Islington Retail, Leisure & Hospitality Grant | – | 29,000 |
| Clarion Futures | 13,296 | 6,610 |
| LB Islington S106 | 24,855 | 40,978 |
| Octopus Stay Well Live Well | 24,420 | 13,063 |
| Islington Giving | 982 | 1,000 |
| Cloudesley | 35,228 | 30,000 |
| Sport England | 385 | 1,815 |
| Good Things Foundation | 2,000 | – |
| GLA - Active Londoners | – | 16,642 |
| LHC Community Benefit Fund | 2,130 | 3,610 |
| LB Islington - Active Spaces | 2,000 | 600 |
| Postcode Society Trust | 6,939 | – |
| -------------------------------- | -------------------------------- | |
| 184,035 | 209,569 | |
| -------------------------------- | -------------------------------- | |
| Investment income | ||
| Bank interest received | 5,040 | 3,416 |
| ----------------------- | ----------------------- | |
| Other income | ||
| Old Fire Station: Other income | 3,000 | 726 |
| Old Fire Station: Hall & room hire | 34,783 | 19,832 |
| 38 Mayton Street | 36,400 | 36,491 |
| Stress Project: Fees & outreach services | – | 37,067 |
| Stress Project: Rent & room hire | 53,923 | 42,683 |
| Stress Project: Therapy fees | 31,193 | – |
| -------------------------------- | -------------------------------- | |
| 159,299 | 136,799 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 348,374 | 349,784 |
| ================================ | ================================ |
- 25 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Detailed Statement of Financial Activities (continued)
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of raising donations and legacies | ||
| Wages and salaries | 3,821 | 7,036 |
| Employer's NIC | – | 788 |
| Pension costs | – | 352 |
| -------------------------------- | -------------------------------- | |
| 3,821 | 8,176 | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | ||
| Wages and salaries | 199,278 | 183,272 |
| Employer's NIC | 12,664 | 10,984 |
| Pension costs | 9,913 | 8,251 |
| Rent | 40,324 | 40,232 |
| Rates and water | 311 | 153 |
| Light and heat | 9,077 | 5,650 |
| Repairs and maintenance | 15,931 | 37,174 |
| Insurance | 2,958 | 4,228 |
| Other establishment | 12,761 | 11,012 |
| Other motor/travel costs | 240 | 327 |
| Legal and professional fees | 17,259 | 12,881 |
| Telephone | 1,996 | 1,999 |
| Other office costs | 5,661 | 11,744 |
| Amortisation | 476 | 8 |
| Depreciation | 2,106 | 1,977 |
| Other interest payable and similar charges | 364 | 582 |
| Direct project costs | 34,903 | 35,245 |
| Staff recruitment and training costs | 7,043 | 7,124 |
| Special events | 411 | – |
| -------------------------------- | -------------------------------- | |
| 373,676 | 372,843 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 377,497 | 381,019 |
| ================================ | ================================ | |
| Net (losses)/gains on investments | ||
| (Losses)/gains on cash held for investment purposes | (7,922) | 30,089 |
| -------------------------------- | -------------------------------- | |
| ---------------------------- | ----------------------- | |
| Net expenditure | (37,045) | (1,146) |
| ============================ | ======================= |
- 26 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities (continued)
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Costs of raising donations and legacies | ||
| Costs of generating income - Voluntary income | ||
| Wages and salaries | 3,821 | 7,036 |
| Employer's NIC | – | 788 |
| Pension costs | – | 352 |
| ----------------------- | ----------------------- | |
| 3,821 | 8,176 | |
| ----------------------- | ----------------------- | |
| ----------------------- | ----------------------- | |
| Costs of raising donations and legacies | 3,821 | 8,176 |
| ======================= | ======================= | |
| Expenditure on charitable activities | ||
| Old Fire Station | ||
| Activities undertaken directly | ||
| FS - wages/salaries | 108,377 | 91,625 |
| FS - employer's NIC | 5,677 | 5,170 |
| FS - pension costs | 5,443 | 3,976 |
| FS - rates & water | 223 | 1 |
| FS - light & heat | 5,082 | 3,667 |
| FS - repairs & maintenance | 14,492 | 31,334 |
| FS - insurance | 1,479 | 2,114 |
| FS - cleaning & sundry | 6,474 | 5,335 |
| FS - travelling costs | 29 | 99 |
| FS - telephone | 1,261 | 1,300 |
| FS - IT and office costs | 3,831 | 6,969 |
| FS - publicity material | 476 | 3 |
| FS - direct project costs | 15,482 | 17,083 |
| FS - staff recruitment, training and support | 1,645 | 662 |
| FS- special events | 281 | – |
| -------------------------------- | -------------------------------- | |
| 170,252 | 169,338 | |
| -------------------------------- | -------------------------------- | |
| Support costs | ||
| FS - bookkeeping/finance worker | 2,643 | 2,269 |
| ----------------------- | ----------------------- | |
| Stress Project | ||
| Activities undertaken directly | ||
| SP - wages/salaries | 90,901 | 91,647 |
| SP - employer's NIC | 6,987 | 5,814 |
| SP - pension costs | 4,470 | 4,275 |
| SP - rent | 40,324 | 40,232 |
| SP - rates & water | 88 | 152 |
| SP - light & heat | 3,995 | 1,983 |
| SP - repairs & maintenance | 1,439 | 5,840 |
| SP - insurance | 1,479 | 2,114 |
| SP - cleaning & sundry | 6,287 | 5,677 |
| SP - travelling costs | 211 | 228 |
| SP - telephone | 735 | 699 |
| SP - IT & other office costs | 1,830 | 4,775 |
| SP - publicity material | – | 5 |
| SP - direct project costs | 19,421 | 17,981 |
| SP - staff recruitment, training and support | 5,398 | 6,462 |
| SP - special events | 130 | – |
| -------------------------------- | -------------------------------- | |
| 183,695 | 187,884 | |
| -------------------------------- | -------------------------------- |
- 27 -
The Holloway Neighbourhood Group
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities (continued)
Year ended 31 March 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Support costs | ||
| Contract workers - Bookkeeping/Contract workers | 7,458 | 5,974 |
| ----------------------- | ----------------------- | |
| Governance costs | ||
| Accountancy fees | 2,220 | 2,190 |
| Professional fees | 4,938 | 2,448 |
| Depreciation | 2,106 | 1,977 |
| Bank charges | 364 | 582 |
| Governance costs | – | 181 |
| ----------------------- | ----------------------- | |
| 9,628 | 7,378 | |
| ----------------------- | ----------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 373,676 | 372,843 |
| ================================ | ================================ |
- 28 -