Registered number- 01880755 Charity number- 291214 ELFRIDA RATHBONE {CAMDENI {A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ELFRIDARATHBONE (CAMDEN) IA Company limited by guarantee) CONTENTS Page Reference and administrative details of the charity. its trustees and advisers Trustees. report Independent audltor's report Statement of financial activities Balance sheet 10 ststement of Cash flows 11 Notes to the financial statements 12- 21
ELFRIDA RATHBONE {CAMDENI (A company limited by guarantee) REFERENCEAND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Hazel Saunders Ichair resigned as Chair and Trustee 26 April 20231 Fabian Frederik Van Essen (Chair from 26 April 20231 Sade Alade Alastair Neil McDonald (resigned 17 April 20241 Mei-yee Man Oram Alan David Ward (Treasurer) George David Jackson (resigned 17 April 20241 Andy Cole lappoinled 26 April 20231 Hui Wang lappoinled 26 April 20231 Nebulae Adams lappoinled 26 April 2023 and resigned 17 April 2024}1 Minu Mangal lappoinled 26 April 2023 and resigned 17 April 2024} Company rggistergd numbgr 01880755 Charity registered number 291214 Registered office CIO Goldwins 75 Maygrove Road London NW6 2EG Company secretary Nicole Francis (resigned 22 July 20241 Malcolm Woolven (appointed 22 July 20241 Chief executive officer Nicole Francis until 31 st July 2024 Malcolm Woolven - Director from 1st August 2024 Independent auditor Goldwins Limited 75 Maygrove Road West Hampslead London NW6 2EG Bankers CAF Bank Ltd PO Box 289 Wesl Malling ME19 4TA Page 1
ELFRIDA RATHBONE {CAMDEN} (A company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are the Directors of the Charity for the purposes of the Companies Act, and Trustees for ¢harily 18w purposes, submit their annual report and the financial stslemenls of Elfrida Rathbone (Camden) for the year ended 31 March 2024. The Trustees confirm that the annual report and financial slalements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice ISORPI 'Accounling and Reporting by Charities (revised 20051,. The company also trades under the names the "Leighton College" Structure. governance and management The company is registered as a charitable company limited by guarantee. The Trustees form the Board of Trustees which consists of not less than five or more than 17 Trustees. At each Annual General Meeting, one-third of the Trustees must retire bul are eligible for re-elecb'on. The Board of Trustees led by the Chairperson and TreasLJrer, governs the organisation. The Trustees are responsible for the govemance of the organisation and delegate the day-to-day management of the organisation to the Chief Execulivelcompany Secretary. The Chief Executive works with the Head of College and Head of Finance to ensure that the Charity develops and delivers quality services for our beneficiaries. Nicole Francis Chisom Nene Chinenye Chigbu Chief Executive until 31st July 2024 Head of College until 1fh July 2024 Head of Finance until 6, May 2024 Malcolm Woolven will be taking over as the Director of ERC from the 1st August 2024. Trustees are recruited through advertising in community and voluntary sedor resources and direct links with local service users and networks. Currently, the Board has 6 Trustees with a diverse range of backgrounds including social care and family support, accountancy, law, local government, supplementary and further education, community development, services for disabled people and the retail sector. Potential new Trustees are encouraged to meet with the Chief ExecutivelDireclor to discuss the activities and operations of the charity and lo find out about the current challenges and opportunities facing ERC. They are also invited lo observe a Board of Trusl&s meeting before their application is accepted and confirmed. There is no entitlement for any other external person or organisalion to appoint Trustees. Ensuring our work delivers our aims Each year the management team and Trustees review our projects and services and update the strategic objectives of ERC in line with our aims and values. We have referred lo the Charity Commission's general guidan on public benefit when reviewing our aims and objectives and in planning our future activities. Overview of our work Elfrida Rathbone Camden IERCI has been making a difference for children, young people and adults in Camden for more than 30 years. Early intervention is key lo a disabled childlyoung person, who relies upon additional support lo navigate the complex and demanding world we inhabit, helping them lo form healthy, positive relationships as they grow and develop into young adults. ERC transforms the lives of marginalized individuals and families, young people and parents, disabled and non- disabled through our comprehensive programmes. Our work helps beneficiaries access opportunities, which are unaffordable or unavailable due lo their circumstances or reduced slatulory funding. Page 2
ELFRIDA RATHBONE {CAMDEN} (A company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 For 202312024 our programmes included= 1. The Leighlon College- a person-centred Ihree-year further education facility for 16-25-year-olds with mild lo moderate learning disabilities. We aim for young adults with learning disabilities lo have the same opportunities as everyone else lo fulfill their polenlial. This programme helps them lo learn, develop and work together on the path to independence, whilst promoting the importance of how inclusion, individuality and friendship can positively inform and shape a disabled young adult's life. Impact in 2023124.. We have had 17 full lime leamers al the College this academic year. The College runs four days a week and 36 weeks a year. All of our learners who left this year progressed onto other learning programmes or supported work experience. 2. Our Creative Therapies worker uses arts techniques lo directly address Adverse Childhood Experiences and past trauma for young people who require emotional andlor mentsl health support. Impact in 2023124= We have provided ongoing intensive creative therapy support to 10 young people. This has involved weekly sessions dLJring term lime for a minimum of one term per learner. 3. Our Community Champions project supports residents and volunteers to lead and deliver activities that improve the health and wellbeing of residents in the Kentish Town area. The project supports individuals, families, and groups. An independent leaming and evaluation review was conducted by Collaborate CIC. This review provided evidence that 'the Community Champions programme has supported improved health and wellbeing outcomes for participants, especially in mental health and community connection, but also in food access, physical activity, and community safety. It has developed individual capabilities like confidence and leadership skills, as well as enhancing community assets including public spaces and support networks.. The report also recognised that these'oulcomes have been enabled by the persislenl and creative efforts of coordinators to engage residents, the infrastructure lent by host organisalions, and the growing participation of champions and communities 4. Our Young People for Inclusion project works with 16-25 year olds who are disabled, learning disabled or neurodivergenl. Vve organise activities that increase their socialisation, life skills and independence, youth empowerment. personal development, and can help them lo create change in the wider community. Impact in 2023124.. 20 young disabled people were supported to influence positive change in their community. 20 young disabled people were supporled lo increase their employability, Workpla and job skills. 40 young disabled people look part in group and community activities which increased their awareness of their rights and the responsibilities of Servi providers, leading lo assertive work with servi$ to increase the quality of support received by disabled people. Learning and Training ERC staff continue to access a range of slatulory and voluntary sector training opportunities. We continue to be grateful for the opportunities offered and shared by voluntary and slalulory sector partners including London Borough of Camden, Voluntary Action Camden and Locality. Funding and sustainability ERC has maintained a diverse range ofservice delivery and funding sources. Our majorfunding partners during this financial year were the Education and Skills Funding Agency, the London Borough of Camden, the individual local authorities who fund places for students on the Leighton Education project. City Bridge and Camden and Islington Health Authority. Reserves Pollcy The Trustees have maintained a policy whereby the unreslricled funds not committed Ilhe "free reserves") held by the company should be approximately 250/0 of the annual costs, which equates to approximately £218,000. The current level of free reserves is 185,058. This includes designated reserves for Fixed Assets, Premises Refurbishment and Project Contingency costs. The Fixed Asset Fund represents the net book value offixed assets included in the unrestricted fund. Trustees have reviewed operations and our current liabilities and feel that this level is sufficient lo allow for contingency and for equipment replacement. Page 3
ELFRIDA RATHBONE {CAMDEN} (A company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Rlsk Management The Trustees undertake an annual risk review, looking al those risks related lo operations and finances. The Trustees are confident that sufficient measures including a monitoring and feedback structure implemented by the Cl)efEX8trVe and management team have been put in pla to minimise any significant risks. Trustees will continue lo monitor the situation. The key risk facing the organisation during this year was the implications of the inadequate grading by Ofsted in their full inspection in June 2022. Elfrida Rathbone Camden had its full re-inspection in November 2023 and was very disappointed to be graded as "inadequate" by Ofsted. On the 19th March 2024 we announced that Leighton College would be closing al the end of this academic year117th July 20241- Leighton College has been committed to supporting young people with special educational needs and disabilities ISENDI. However, due to the financial viability of the college, and issues highlighted by Ofsted, we took the incredibly difficult decision lo close the provision. Since that announcement we have been working with parents and carers and Local Authority colleagues to ensure all of our learners transition successfully to altemalive provision or supported employment. The staff and trustees of Leighlon College worked tirelessly lo improve the quality of our provision since the first "inadequate. grading by Ofsled in June 2022. We had a lot to do in a short period of lime. We had made 8 lol of progress along the journey to improve the quality of our provision. In our view we should have been graded as "requires improvement. by Ofsted. not'inadequate" Plans for future perlods Trustees and the management team have agreed that Elfrida Rathbone Camden should continue operating after the closure of Leighton College. They recruited a new part lime Director to run the organisation. Malcolm Woolven will be taking over as the Director from the 1st August 2024. Nicole Francis the current Chief Executive will be leaving on the 31st July 2024. The Head of Finance Chinenye Chigbu left on the 6th May 2024 and the Head of College left on the 17th July 2024. The projects that will be continuing are.. 1. Young People for Inclusion 2. Community Champions 3. Elfrida Ralhbone Camden was awarded a Camden Community Partner Fund grant for the next 7 years. The new Director will be working with trustees to identify new project opportunities and activities that ERC can lead and develop. ERC will operate wtthout premises initially bLJI will look to rent office space within Camden on an ad hoc basis. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Annual Report and the financial statements in accordan with applicable law and United Kingdom Generally Accepted Accounting Practice. Company and charity law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing those financial statements the Trustees have selected suitable accounting policies and applied them consistently, made judgements and estimates that are reasonable and prudent, staled whether applicable accounting standards have been followed, subject to any material departures diselosed and explained in the financial slatemenls., and prepared the financial statements on a going concern basis (unless it is inappropriate to presLJme that the Charity will continue in operation). Page 4
ELFRIDA RATHBONE {CAMDEN} (A company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have overall responsibility for ensuring that the Charity has an appropriate system of Controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for s8feguarding the assets of the Charity and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities. We, the directors of the company who held office al the dale of approval of these Financial Statements as set out on page 1 each confirm, so far as we are aware, that.. there is no relevant audit information ofwhich the company's auditors are unaware,. and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. Small Company special provisions The report of the Trustees has been prepared in accordance with the special provisions relating to small companies. This reF)Ort was approved by the Trustees on an.21,2Q25..........................and signed on its behalfby.. Fabian Van Essen (Chairl Alan David Ward {Treasurer) Page 5
ELFRIDA RATHBONE (CAMDEN) IA Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELFRIDARATHBONE ICAMDENI FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Elfrida Rathbone (Camden} Ilhe 'Charily'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. give a true and fair view of the stale of the Charity's affairs as al 31 March 2024 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: have been prepared in accordance with the reqLJiremenls of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounling in the preparalion of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concem for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The Iruslees are responsible for the other information. The other infomialion comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially in¢onsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstalemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters proscribed by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the audit= the information given in the Iruslees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial slalements., and Page 6
ELFRIDA RATHBONE (CAMDEN) IA Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELFRIDARATHBONE ICAMDENI FOR THE YEAR ENDED 31 MARCH 2024 the trustees, report {incorporaling the directors, report) have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the Charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing lo report in respect of the following mallers in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us., the financial statements are not in agreement with the accounting records and returns., certain disclosures of trustees, remuneration specified by law are not made,. or we have not obtained all the information and explanations nssary for the purposes of our audit. Responsibilities of the trustees As explained more fully in the trustees, responsibilities slalement, the trustees are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation ol financial statements that are free from material misstslemenl, whether due lo fraud or error. In preparing the financial statements, the Irusleès are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative bul to do so. Our responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assLJrance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. Iwww.frc.org.uklaudilorsresponsibilitiesl. This description forms part of our auditor's report. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irgUIarl1ies, including fraud are set out below. In identifying and assessing risks of material misstalemenl in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting documentslion, conceming the charity's policies and procedures relating to the internal controls established to miligale risks related lo fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. Page 7
ELFRIDA RATHBONE (CAMDEN) IA Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELFRIDARATHBONE ICAMDENI FOR THE YEAR ENDED 31 MARCH 2024 We reviewed the financial statement disclosures and tested these to supporting documentation lo assess compliance with applicable laws and regulations. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are Ljnusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a materi81 misstalemenl in the fin8nci81 statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fmud involves intentional concealment, forgery, collusion, omission or misrepresentation. This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audtt work has been undertaken so that we might state to the Charity s members those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Anthony Epton {Senior Statutory Auditor) for and on behalf of Goldwins Lirnited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 21 January 2025 Page 8
ELFRIDA RATHBONE (CAMDEN} STATEMENT OF FINANCIAL ACTIVITIES lincorporaling an income and expenditure account) For the ear ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Note Income from- Donations and legacies Charitable aclivilies.. Family Services and Advocacy Leighton Project Other income Investment income 21,911 21,911 23,708 108,987 30,900 108,987 720.742 ,672 5.191 140,131 517,215 3,376 1,702 689,842 8,672 5,191 Total income 725.616 139.887 865,503 686,132 Expgnditure on: Raising funds Charitable activities.. Family Services and Advocacy Leighton Project 5,814 5.814 4,316 54,452 673,825 114,849 25,474 169.301 699,299 188,442 480,697 Total expenditure 734,091 140,323 874,414 673,455 Net income l (expenditure) before transfers 18.4751 1436) (8,9111 12,677 Transfers between funds Net income l (expenditure) for the year 18.4751 14361 {8,911} 12,677 Reconciliation of funds- Total funds brought forward 193,533 88,354 281,887 269,210 Total funds carried forward 185.058 87,918 272,976 281,887 All of the above results are derived from continuing activities. There were no oth8r recognis8d gains or1055eS Oth8r than those stated abov8. The attached notes form part of these financial statements. Page 9
ELFRIDA RATH80NE (CAMDEN) BALANCE SHEET As at 31 March 2024 2024 2024 2023 2023 Note Fixed assets: Tangible assets 10 8.520 8,520 9,664 9,664 Current assets: Debtors Cash al bank and in hand 11 74,989 221,498 296,487 148,190 239,472 387,662 Liabilities: Creditors.. amounts falling due within one year 12 32,031 115,4391 Net current assets 264.456 272,223 Total net assets 272.976 281,887 Funds Reslricled funds Unrestricted funds.. Designated funds General funds Total unrestricted funds 15 87,918 88.354 61,125 123.933 61,125 132,408 185.058 193,533 Total funds 272.976 281,887 Approved by the trustees on . Jan 21. 2025 and signed on their behalf by.. Fabian Van Essen Ichairl Alan David Ward (Treasurer) Company registration number- 01880755 The attached notes form part of the financial stalemenls. Page 10
ELFRIDA RATHBONE (CAMDEN} STATEMENT OF CASH FLOWS For the year ended 31 March 2024 Note 2024 2024 2023 2023 Cash flows from opgrating activities: Net cash provided by I lused inl operating activities 16 114,030) {39,104) Cash flows from investing activitias: Salel Ipurchasel of fixed assets 13,9441 111,0391 Cash provided by I (used inl investing activitios {3.944) {11,039} Cash flows from financing a¢tivitlOS: Cash inflows from new borrowing Cash provided by I (used inl financing activities Change in cash and cash equivalents in the year 117.974) {50,143} Cash and cash equivalents al the beginning of the year Change in cash and cash equivalents due to exchange rate movements 239.472 289,615 Cash and cash equlvalents at the end of the year 17 221.498 239,472 Page 11
ELFRIDA RATHBONE ICAMDENI NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 1 Accounting policies al Basis of preparation The financi81 statements have been prepared in accord8n¢e with AOntIng and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102 - effective 1 January 20151- Icharities SORP FRS 1021 and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities a initially recognised at historical cost or transaction value unless othenmise stated in the relevant accounting policy or note. bl Going concern The trustees consider that there are no material uncertainties about the charitable company's ability lo continue as a going COnrn. The trustees do not consider that there are any SoUrS of estimation uncertainty at the rtrporting date that have a significant risk of Causing a material adjustment to the carrying amounts of asstrts and liabilities within the next reporting period. cl Income Income is recognised when the charity has entitlement to Ihe funds, any perf0rrnan conditions altached to the income have been mel, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has ents"tlemenl lo the funds, any performance conditions attached lo the grants have been met, il is probable that Ihe income will be reiVed and the amount can be measured reliably and is not deferred. Income received in advan¢tr for the provision of spectfied service is deferred until th8 criteria for income recognition are mel. For legacies, entitlornenl is tak8n as the earlier of the date on which eilh8r'. th8 charity is aware that probate has been granted, the estate has been finalised and nolificalion has been made by the execulorlsl lo the charity that a distribution will be made, or when a distribution is received from the estate. ReIpt of a lega¢y, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the execulorfs intention to make a distribLJtion. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. dl Donation5 of gifts, services and facilitie5 Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the servi. any conditions associated with the donation have been rnel, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be m$asurad reliably. In a¢¢ordan¢e with the Charititrs SORP IFRS 1021, volunte$r lime is not rtrcognis $0 rofgr lo the Iruslees, annual report for more information about their conlribulion. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing lo pay to obtsin services or facilities of equivalent economic benefit on the open marf(el', a corresponding amount is then recognised in expenditu in the period of receipt. el Interest receivable Interest on funds held on deposit Is included when receivable and the amount can be rneasured Teliably by the charity., this is normally upon notification of the interest paid or payable by the bank. fj Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unreslricled funds of the charity which the Iruslees have decided al their discretion lo set aside lo use for a specific purpose. Restricted funds are donats'ons which the donor has specified are to be solely used for particular 8re8s of the charity's work or for specific projects being undertaken by the charity. Page 12
ELFRIDA RATHBONE ICAMDENI NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 1 Accounting policies Icontinuedl gl Expenditu and ircover8b1e VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will b& required and the amount of the obligation Can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds Comprise of trading costs and the $ts incLJrred by the charitable company in inducing third parties lo make voluntsry contributions lo it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitsble activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support Costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. h) Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable adivities. Support costs include back office costs, finance, ptrrsonnel, payroll and govemance costs whi¢h support the Trusts artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditLJre on charitable activities. The bases on which support ¢osts have been allocated are set out in note 6. 11 Operatlng leases Rental charges are charged on a straight line basis over the term of the lease. jl Tangible fixed 8sset5 Items of eqLJipment are capitalised where Ihe purchase pri exceeds £2,000. Depreciation is prDvided at rales calculated to write down the cost of sach asset to ils eslimaled residual value over ils expected useful life. The depreciation rates in use are as follows.. Fixtures and fittings Computer equipment 25% 33% kl Debtors Trade and other debtors are recognised al the settlernenl amount due after any trade discount offertrd. Prepayments are valued at the amount prepaid net of any trade discounts due. 11 Cash at bank and in hand Cash at bank and cash in hand inclLJdes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or sirnilar account. ml Cradltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors and provisions are norrnally recognised al their settlement amount after allowing for any trade discoLJnts due. n) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement valLJe with the exception of bank loans which are subsequenlly measured at amortised cost using the effective interest method. ol Pansions The Charity operates a Defined Contributions pension scheTlle. Page 13
ELFRIDA RATH8ONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 2 Detailed comparatives for the statement of financial activities 2023 Unrestricted 2023 Restricted 2023 Total Income from: Donations Charitable aclivilies.. Family Services and Advocacy Leighlon Project Other income Investment income 23,708 23,708 9.481 496,008 3,376 1,702 534,275 130,650 21,207 140,131 517,215 3,376 1,702 686,132 Total Income 151,857 Expendlture on: Raising funds Charitable activities.. Family Services and Advocacy Leighlon Project Centre 4,316 4,316 27,631 472,437 160,811 8,260 188,442 480,697 Total expenditure 504,384 169,071 673,455 Net income l expenditure before transfers 29,891 {17,2141 12,677 Transfers between funds 10,817 {10,8171 Net Income l expendlture 40,708 128,0311 12,677 Reconciliation of funds: Total funds brought forward 152,825 116,385 269,210 Total funds carried forward 193,533 88,354 281,887 3 Incorne from donations and legacies 2024 Total 2023 Total Unrestricted Restricted Donations 21,911 21,911 21,911 21,911 23,708 23,708 Page 14
ELFRIDA RATH8ONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 4 Incorne from charitable activities 2024 Total 2023 Total Unrestricted Restricted Family Services and AdVa¢Y Camden Giving John Lyon's Charity The City Bridge Trust London Borough ofcamden Small Grants The Fitzdale Trust Charity of Sir Richard Whillinglon Other income Total 1,500 8,750 51,319 54,080 56,987 49,500 2,500 56,987 49,500 2,500 3,000 20,000 1,482 140,131 108,987 108,987 Leighton Project Education and Skills Funding Agency Small Grants Camden Resilience Fund Private Tuition Other income Total 246,908 246,908 900 30,000 86,154 356,780 720,742 239,866 900 30,000 15,000 86,154 356,780 689,842 262,349 517,215 30,900 Centre Room Hire Other Income Small Grants Total 4,764 1,422 2,486 8,672 4,764 1,422 2,486 8,672 3,376 3,376 Total income from charitable activitie 698,514 139,887 838,401 660,722 5 Income from investments 2024 Total 2023 Total Unrestricted Restricted Bank interest 5,191 5,191 5,191 5,191 1,702 1,702 Page 15
ELFRIDA RATH8ONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 6 Analysis of expenditure Cost of Charitable activities raising Family Services Leighton funds and Advocacy Project Basis of allocation 2024 Total 2023 Total Staff costs Direct Family Services and Advocacy Direct Leighlon Project Direct ort costs Staff time Staff costs Premises costs Office costs Governance costs 88,506 39,684 217,114 305,620 39,684 348,613 353,857 39,415 99,013 348,613 5,814 22,216 9,165 8,436 1,294 72,182 29,777 27,407 4,206 100,212 38,942 35,843 5.500 97,904 41,338 36,428 5,500 Totsl gxpgnditurg 2024 5,814 169,301 699,299 874,414 673,455 Total expenditure 2023 4,316 188,442 480,697 673,455 or the lotsl expenditure. £734,091 {2023.. £504,384) was unrestricted and £140,32312023.. £169,071) was restricted. Support costs are allocated based on the projected time spent by the employees on various charitable activities. Page 16
ELFRIDA RATHBONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 7 Net income I lexpenditure) for the year This is staled after charging I Icredilingl.. 2024 2023 Operating lease rentals- Property Depreciation Auditor's remuneration.. Net Audit fees 43,098 5,088 43,098 1,656 4,583 4,583 8 Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel staff costs were as follows- 2024 2023 Salaries and wages Social security costs Employer's contribution to defined contribution pension schemes 370,464 26,107 9,261 405,832 412,170 29,361 10,230 451,761 No employee received employee benefits (excluding employer pension) exceeding £60,000 during the year (2023.. No employee). The total employee benefits including pension contributions of the key management personnel were £ 98,470 {2023'. £56,118). None of the trustees received any remuneration and reimbursement for any expenses during the year12023'. £nill. No charity trustee received payment for professional or other services supplied lo the charity12023= £nill. Stsff numbers The average number of employees (head count based on number of staff employed) during the year was as follows.. 2024 2023 Charitable activities Support 23 18 26 21 9 Taxatlon The charitsble company is exempl from corporation lax as all ils income is charitsble and is applied for charitable purposes. Page 17
ELFRIDA RATHBONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 10 Tangible fixed assets Fixtures and Computer fittings equipment Total Cost At the stsrt of the year Additions in year At the end of the year 52,203 2,148 54,351 17,715 1,796 19,511 69,918 3,944 73,862 Depreciation At the start of the year Charge for the year At the end of the year 44,710 3,825 48,535 15,544 1,263 16,807 60,254 5,088 65,342 Net book value At the end of tho yoar 5,816 2,704 8,520 At the stsrt of the year 7,493 2,171 9,664 All of the above assets are used for charitable purposes. 11 Debtors 2024 2023 Trade debtors other debtors Prepayrnents Accrued income 53,594 94,600 513 29,207 23,870 148,190 21,395 74,989 12 Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors other creditors Accruals Deferred income 9,716 14,545 7,457 14,594 78,843 115,439 22,315 32,031 Deferred income 2024 2023 Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance al the end of the year 78,843 {78,8431 52,934 152,9341 78,843 78,843 13 Pension scheme The Charity operates a defined Contributions pension scheme. Page 18
ELFRIDA RATHBONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 14 Analysis of net assets between funds Unreslricled Designated Restricted Total funds Tangible fixed assets Nel current 8ssets Net assets at the end of the year 8,520 115,413 123.933 8.520 264.456 272.976 61,125 61.125 87,918 87,918 Analysis of net assets between funds 2023 Unreslricled Designated Restricted Total funds Tangible fixed assets Nel current assets Net assets at the end of the year 9,664 122,744 132,408 9.664 272.223 281.887 61,125 61.125 88,354 88,354 15 Movements in funds Al 1 April 2023 At 31 Mar 2024 Income Expenditure Transfers Restricted funds: Family services and Advocacy: The Expat Foundation The Fitzdale Trust Grants for families Camden Giving London Borough of Camden London Borough of C8mden CIL Young Camden Foundation John Lyons City Bridge Trust Charity of Sir Richard Whittington WO Street Charitiable Foundation 18,142 3,658 856 2,374 27,659 16,425 711 117,9331 18601 209 2.798 856 2.374 21.972 9.323 711 49,500 155,1871 17,1021 7,624 56,987 133.7671 30,844 2,500 2,500 Leighton Project 10,905 30,900 125,4741 16.331 Total restricted funds 88.354 139.887 {140.3231 87.918 Unrestricted funds.. Designated funds: Project contingency fund Premises refubishmenl fund Family support Total designated funds 26,125 20,000 15,000 61,125 26,125 20.000 15.000 61.125 General funds 132,408 725,616 1734,0911 123,933 Total unrestricted funds 193.533 725,616 {734.0911 185.058 Total funds 281.887 865,503 874.414 272.976 Page 19
ELFRIDA RATHBONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Movements in funds 2023 Al 1 April 2022 Al 31 Mar 2023 Income Expenditure Transfers Rostricted funds: Family services and Advocacy- The Expat Foundation The Fitzdale Trust Grants for families Camden Giving London Borough of Camden London Borough of Camden CIL Young Camden Foundation John Lyons City Bridge Trust Charity of Sir Richard Whittington 44,419 2,707 856 1,874 19,178 28,000 711 9,559 177 126,2771 12,0491 18.142 3.658 856 2.374 27.659 16.425 711 3,000 1,500 50,500 11,0001 142,0191 111,5751 8,750 46,900 20,000 118,4381 139,4531 120,0001 129 7.624 Leighton Project 8,904 21,207 18,2601 (10,946) 10.905 Total restrided funds 116.385 151,857 {169,0711 {10,8171 88.354 Unrestricted funds.. Designated funds: Project contingency fund Premises refubishmenl fund Family support Total designated funds 26,125 20,000 26.125 20,000 15.000 61,125 15,000 15,000 46,125 General funds 106,700 534,275 1504,3841 14,1831 132,408 Total unrestricted funds 152.825 534.275 {504.3841 10,817 193.533 Total funds 269.210 686.132 673.455 281.887 Purposes of restricted funds Family Services and Advocacy - ERC works in partnership with statutory services to help vulnerable children and their families through casework and practical advice and help given in home, school or community settings. Families Together is funded by the Big Lollery. ERC is the lead agency working in partnership with Citizens Advice Camden to support families with multiple and complex problems. Creative Therapies - funded by the Ex Pat Foundation.. 1..1 and group creative therapy inlervenlions for Families Together parents and young people with a learning disability. HS2 Family Support Project.. a service offering support lo families in Camden with multiple needs with children aged 0-18 years old, and who are afFecled by the HS2 project (construction of the high speed railway) which is funded by Camden Giving. Building Relationships for Stronger Families funded by the Department of Work and Pensions parenting programmes in partnership with the Tavistock Centre for Couple Relationships. delivery of Young Disabled People- ERC runs the Leighton College for young people with learning disabilities aged 1 25 whose pla$ are funded by local authorities and the Education and Skills Funding Agency. Page 20
ELFRIDA RATHBONE (CAMDEN} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Purposes of designated funds The Trustees have designated £26,125 as a provision against projects closing, as funding changes. This includes provision for redundancies. The Premises refurbishment fund of £20,000 is a provision for any major works the landlords undertake in the premises, which would be allocated to the tenants through their service charge. The Family support fund of £15,000 is designated for futLJre expenditure on family services. 16 Roconciliation of ngt in¢omg11gxpgndituro) to ngt cash flow from operating activitigs 2024 2023 Net income I (expenditure) for the reporting period {as per the statement of financial activities) Depreciation Ilncreasell decrease in debtors Increasel Idecrease} in creditors Net cash provided by l {u5ed in) operating activities 18,9111 12,677 5,088 73,201 83,408 {14,0301 4,687 177,8231 21,355 139,104 17 Analysls of cash and cash equlvalents Al 1 April 2023 Cash flows Other At 31 March changes 2024 Cash al bank and in hand 239,472 117,9741 221,498 Total cash and cash equivalents 239,472 17.974 221.498 Total cash and cash equivalents 2023 289,615 50.143 239,472 18 Operating lease commitments Total fulure minimum lease payments under non-cancellable operating leases are as follows- Property 2024 2023 Less than 1 year 1-5years 43,098 43,098 43,098 43,098 19 Legal status of the charlty The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. 20 Related party transactions There We no related party transactions during the year12023.' none). Page 21