OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

entre qive homeless Oin young people a future NANCIAI STATEMENTS ￿_ , 2020-21

CENTREPOINT SOHO FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS

2

Centrepoint Soho Financial Statements 2020-21

TRUSTEES’ REPORT

The directors, who are also the charity’s Trustees, present their annual report and the audited financial statements for the year ended 31 March 2021. In preparing this report, the Trustees have complied with the Statement of Recommended Practice for social housing providers: Housing SORP 2018. This report contains the Trustees’ Report and Strategic Report as required by company law.

Centrepoint Soho (Centrepoint) is both a registered charity and a registered provider and sees both of these areas represented significantly in its activities. In addition to Housing SORP 2018 where appropriate, Centrepoint also follows the Statement of Recommended Practice applicable to charities: Charities SORP (FRS 102).

Please refer to the accounting policies, on page 62, for further information. In addition, a list of the Board, officers and advisers can be found on page 83.

3

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

WELCOME

FROM SEYI OBAKIN OBE, CHIEF EXECUTIVE OFFICER

Thank you for taking the time to read and review Centrepoint’s annual report and financial statements for 2020-21. Alongside the figures, we have included an overview of the activities that Centrepoint delivers and stories about the life-changing impact on the homeless young people we serve.

2020-21 has been a year like no other. Unprecedented challenges brought on by the COVID-19 pandemic were felt across the UK and indeed across the globe. Our key priorities from the outset have been the safety and well-being of the young people in our care and our staff and keeping our services open.

Our senior executive team moved swiftly to implement our business continuity plans. Our crucial support and housing teams continued to provide our front line service and support staff working from home where possible. Alongside delivering essential services to young people, we immediately offered food, support and guidance to those who faced difficulties.

We could not have done this without the continued support of so many people; donors, fundraisers, ambassadors, volunteers and campaigners. Remarkably, we have been so generously supported even amid a global pandemic by so many.

Thanks to their kindness, we have been able to continue changing the story of youth homelessness and ensure that we have been able to continue lifting young people from unfathomable challenges into brighter futures.

I thank our staff, who has shown outstanding commitment and resilience through such a turbulent year. I also thank our local authority partners, our key suppliers and our development partners for working with us to take a proactive response to the pandemic over the last year.

But now, we face new and even more significant challenges. We know that more than 100,000 young people approach their Local Authority every year because they are homeless or at risk; there is a substantial lack of affordable homes for young people; youth unemployment is rising at a greater rate,

particularly in response to the global pandemic; and we are in a mental health crisis. Centrepoint is needed more than ever before.

During the year, we, therefore, developed a new strategy for 2021-26, ‘Change The Story: Ending Youth Homelessness All Together’. This was created through consultations with young people and a whole range of our stakeholders.

Our vision is bold; to end youth homelessness by 2037 so that no young person born in 2021 will experience homelessness and need Centrepoint services as they turn 16. However, we know we cannot do this alone and thus, to make our vision a reality, we need all the help we can get – from other organisations, volunteers, campaigners, partners and supporters. We look forward to embarking on this journey over the coming years to end youth homelessness altogether.

From me, the staff team and all the young people we support – thank you.

Seyi Obakin OBE, Chief Executive Officer

4

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

YOUTH HOMELESSNESS: THE ISSUE

Centrepoint’s research estimates that

young people in the UK asked for help from their local council 121,000 because they were homeless of at risk of homelessness

This is the scale of the challenge we face every day, and we thank everyone who supports our work to alleviate and eventually eradicate youth homelessness for good.

Young people become homeless for various reasons but mainly because of relationship breakdown that makes it impossible for them to remain at home. Without a safe place to stay, young people are highly vulnerable to being manipulated and exploited. As a result, they may take huge risks with their safety by wandering the streets, sleeping rough, or trusting strangers in return for a bed for the night.

Homeless young people must be reached as soon as possible to prevent them from rough sleeping or making desperate decisions to find shelter from the streets. Sleeping rough or living in unsafe housing has a devastating impact on young lives. Physical health deteriorates through poor diet and living conditions. Mental health suffers from the effects of abandonment and the loneliness and isolation of homelessness. Education, training and employment are disrupted, and momentum is lost in the activities that will be the key to independence and a sustainable home.

This is where Centrepoint steps in to provide a safe and welcoming home, and the support young people need to get their lives back on track.

Our homes provide a good standard of accommodation and support from staff that is proactive and psychologically informed. Our health services tackle physical health problems through diet and nutrition, mental health problems through counselling and psychotherapy, and relationship difficulties through support and advice. We ensure that young people can look to the future by helping them to reconnect with education and training and to develop the skills and experience to find and keep work.

Ultimately, we strive to help those young people who find themselves homeless live sustainable independent lives and reduce the chances of other young people becoming homeless in the future. This involves more than just dealing with the symptoms of youth homelessness. It involves tackling the causes of youth homelessness too.

Our telephone helpline provides advice and guidance to thousands of young people who are homeless or at risk of becoming homeless across the country. Our campaigning and influencing work shows evidence of the challenges homeless young people face and lobbies the government for changes in policy and legislation that will improve their lives. Our Independent Living Programme is tackling the problem of good quality affordable housing for young people by working with the property and construction sector to create more homes for single young people.

5

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

OUR APPROACH

The Centrepoint approach is focused on three themes:

1

SAFETY AND SECURITY

2 INSPIRE, ENABLE AND MOTIVATE

3 LIVE INDEPENDENTLY

----- Start of picture text -----
FIRST, we offer young people safety and security from homelessness.
The range of services we offer are below: Complex
support
needs
Crisis
Management
Medium
support
needs
SAFETY
PREVENTING SAFE PLACE
AND
HOMELESSNESS TO STAY
SECURITY
Low
support
Crisis
needs
Advice
Floating
support
----- End of picture text -----

6

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

SECOND, we enable, inspire, and motivate young people by offering the following services:

----- Start of picture text -----
ENABLE
INSPIRE
MOTIVATE
GET SKILLS SKILLS
HEALTHY FOR LIFE FOR WORK
Lifewise
Emotional Wellbeing Functional skills
Nutrition (Dietetics) Engagement Vocational skills
Moneywise Bursaries
Legal support Into work
Mentoring & coaching Into further education
Healthy relationships
----- End of picture text -----

----- Start of picture text -----
FINALLY, we support young people to live
independently once they are able to do so:
Centrepoint Subsidised rent
apprenticeship in Centrepoint
house starter homes
LIVE
INDEPENDENTLY
Connecting Connecting
young people young people
with the private with public
rented sector
sector housing
----- End of picture text -----

7

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

STRATEGIC REPORT

OBJECTIVES AND ACTIVITIES

Centrepoint exists to give homeless young people a future. We believe every young person should be supported to have a home and a job, regardless of their background or start in life.

Our 50 years of experience tell us that no young person is the same and, therefore, the path they each take to independence will be different. With that in mind, our specialist staff works with each young person to support them to take their next step, wherever they are on their journey.

In the following pages, we highlight some of Centrepoint’s vital support services that have been offered to thousands of homeless young people during the course 2020-21. This includes; a telephone helpline, supported accommodation, mental health counselling, psychotherapy, diet and nutrition, relationships advice, the delivery of qualifications and support into education, training and employment.

We continue to be inspired and driven by the talent and potential that we see in young people every day.

We have changed the names and used stock images of many young people who feature in this annual report and financial statements (*) to protect their identity. Nevertheless, their stories and experiences are genuine, as is the strength and determination that young people have shown to overcome the challenges they face.

8

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

ACHIEVEMENTS AND PERFORMANCE

COLLABORATION

We know that we cannot end youth homelessness on our own. We work within a diverse and complex environment where many charities, statutory services, companies, institutions, and individuals come together to improve the lives of homeless young people. We collaborate with a wide range of partners to ensure that we can offer the best advice, support and opportunities to every young person.

At the core of our collaboration work is a network of more than 100 local and regional charities that are just as committed to ending youth homelessness as we are. We call this network Centrepoint Partnering, and it unites the youth homelessness sector to be more influential and impactful than the sum of its parts. Collectively Centrepoint Partnering reaches over 10,000 young people, and we draw upon this reach to undertake extensive research upon the scale and scope of youth homelessness.

This evidence is used to lobby the government for changes in policy and legislation and improve homeless young people’s lives and experiences.

Members of the network benefit from this support that helps raise the profile of youth homelessness, develop and share best practices, and build the sector’s capacity.

9

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

ENGAGEMENT

The engagement was particularly challenging as much of our traditional face to face delivery was prevented by social distancing measures. However, young people needed connection and reassurance more than ever during successive lockdowns where their freedoms and movements were restricted. To counter this, we adapted our support and delivery to virtual models, including phone calls, e-mail, text, and virtual platforms such as Zoom and Teams. This was a challenge for our staff to learn new skills and for our operating environments that did not have the technology and connectivity to deliver this at scale.

Through our fundraising efforts, we invested in technology so that young people without devices and data could remain connected to the broader world. This was important for education, training, and work and to stay connected socially to protect mental health and well-being. Our IT team worked tremendously hard to set up and distribute Chromebooks and data loaded SIM cards to young people. Social distancing measures inside our homes meant that young people could not congregate around Wi-Fi hotspots in communal areas. Consequently, we began the installation of broadband into our housing services with a connection into every bedroom.

The Corona virus pandemic highlighted the injustice of the digital divide and Centrepoint made significant progress during this time to make sure young people were not digitally excluded.

The technological improvements enabled our service delivery to continue virtually. For example, our health team connected with young people to help maintain their mental health. Our employment and skills team moved onto Google Classrooms to help young people maintain education and training and find employment. During this period our staff developed new skills and our services were improved by the flexibility of delivering virtual support alongside more traditional methods.

10

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

HEALTH – TRANSFORMING HEALTH

Over the past 12 months our Health & Wellbeing Team supported

young people and delivered over 5,000 798 individual interventions

MILLIE’S STORY: SUPPORT WITH MENTAL HEALTH

Millie was 17 and in the middle of her A-levels when her mum told her to leave.

Their work was needed more than ever during the pandemic as the fears and restrictions of lockdown began to impact young people’s physical and mental health. Our psychotherapists and mental health advisors continued to meet the needs of young people with existing mental health conditions whilst responding to a significant increase in the numbers of new young people requiring support. This increase in capacity was achieved by employing more health professionals and delivering support over virtual platforms.

Similarly, young people’s physical health began to suffer during the lockdown. Young people were unable to go out to exercise and socialise as regularly as they had before, and they had less to keep them occupied indoors. In addition, those who lost work had less money to live on and shortages in supermarkets and the fear of going out impacted diet and nutrition.

Our dietetics teams experienced an increase in demand for their services more than two and a half times on the previous year. Much of this support was for essential food items and we worked with supermarkets and food banks to secure supplies. The food provided was not convenience food and young people began to develop their cooking skills and a better understanding of diet and nutrition.

“When I first approached the council, I felt like they didn’t take my situation seriously. They told me to go back home but it got worse and wasn’t good for my mental health,” she reflects.

Millie spent a month sofa surfing with friends, but that took its toll on her, both emotionally and mentally.

After searching online, Millie found Centrepoint and requested a referral from the council. A month before her 18th birthday, she moved in.

Millie’s key worker supported her in a variety of ways, from filling out forms and updating her CV to assisting her with official phone calls. She also helped Millie with her application to university and securing her with social housing before she started university.

“I knew if I had a problem, I could go to someone I could trust and that was really important,” Millie says. “I felt looked after.”

Millie was further supported by Monica, one of Centrepoint’s

psychotherapists. Millie says it was having sessions with Monica for the past year that have had the biggest impact on her getting through this difficult period.

“I’ve had support I didn’t even know I needed,” Millie says. “Monica has helped me so much; I wouldn’t have been able to do all this without her support.”

11

Centrepoint Soho Financial Statements 2020-21

HOUSING & LIFESKILLS – PROVIDING A SAFE PLACE TO STAY

Currently, Centrepoint supports or houses just over 2,100 young people every day through our supported housing, floating support, rough sleeper and resettlement services.

IN 2020-21

of the young people we work with moved on positively from 92.6% the service we (2019-20 88%) offered and…

of young people moved on from our services needing no further support at all.

Throughout 2020-21 every one of Centrepoint’s 61 residential services remained open for every single day of the year across the country. This is a testament to the dedication and professionalism of our staff, who put the safety and wellbeing of homeless young people above that of their own—keeping our services operational involved an immense effort. Physical adaptations were made to maintain social distancing, PPE was provided to staff and young people, cleaning regimes were increased and intensified, and infection control protocols were introduced.

This was a worrying time for young people who had their movements and freedoms restricted and felt isolated and scared. To alleviate this, we distributed devices and data to help young people stay connected, and we embarked on an extensive programme to introduce Wi-Fi connection into every bedroom. This remains an ongoing target to tackle digital disadvantages for homeless young people. The digital and connectivity improvements helped our health team and our employment and skills team continue supporting young people throughout the pandemic. The introduction of virtual delivery built our capacity and enabled us to reach more young people more quickly. This has remained as part of a new blended delivery method to supplement our face to face delivery.

12

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Responding to our satisfaction survey with young people we have put considerable work into improving our property management. We have brought in a new platform for managing our property repairs to enable a faster and more effective response to call-outs. We have created a new ‘Centrepoint Property Standard’ to ensure that every young person living with Centrepoint has a home that they can be proud of. This includes a stock condition survey introducing a new planned maintenance programme across all our properties in the coming year. We are scrutinising the headline indicators for building safety and broadening the scope of our compliance work to achieve even higher building and property safety standards beyond our legal obligations.

In 2020-21 we developed a comprehensive change programme for our support and housing services in consultation with young people and staff. The new operational model called HOMES will overhaul how we appoint, induct, train, monitor and set the standard of all our frontline services. It does so through the delivery of a psychologically- informed model of support for young people. We have every expectation that it will bring even greater consistency and performance across our frontline homelessness services.

CAMERON’S STORY: EVERY PROBLEM HAS A SOLUTION

Cameron, 19, was referred to Centrepoint following a family breakdown. He sofa surfed for a year before social services placed him in the care of a relative. This turned out to be an inappropriate placement for Cameron, and he made contact with social services that placed him in a Centrepoint hostel. After a year, Centrepoint has supported Cameron into his own flat, and he has now started a degree at university. He eventually wants to go into teaching.

“Before Centrepoint, I didn’t have any stability,” Cameron adds. “I was in toxic situations with toxic people, living a toxic life. I was doing stuff I shouldn’t be doing, taking stuff I shouldn’t be taking, but that was because I didn’t have a secure place. When I moved to Centrepoint, I had that headspace; I had security. I wasn’t around those people. I had support. I had a reason to live so I could do something with my life.”

Cameron says that despite the challenges of starting a degree during a pandemic, he is looking forward to the future. His advice to other young people is this: “There is always hope. My partner always says to me, ‘There’s always a solution to a problem. Every problem can be overcome.’ So there is no point in giving up.”

13

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

PROGRESSING TO INDEPENDENT LIVING

The availability of good quality affordable housing remains one of the most significant barriers to young people moving out of supported housing accommodation or escaping overcrowded and unsafe homes. To tackle this, we must increase supply and ensure that the rent young people pay is affordable in relation to the level of their earnings. Without that, young people will never be able to live independent and sustainable lives. To do this, we have launched our Independent Living Programme intending to provide.

new homes for single young people in London and Greater Manchester by 2026.

To increase the number of affordable homes, we have been working with local authorities and the property and construction sector to build selfcontained, one-bedroom units of accommodation for single young people. In 2020 we began to transform an eight-bed property we own in Southwark into a 33-bed modular housing development offering self-contained living at rents linked to one-third of a young person’s earnings. A smaller project was completed in Waltham Forest, redeveloping a six-bed property into six self-contained flats for young people

moving out of supported housing and into work. Alongside our completed properties and works in progress, we have several other developments (new builds and refurbishments) in plan in London and Greater Manchester.

We have a confirmed development pipeline of 130 new homes and an agreed strategy and roadmap to deliver the remaining 170. The Independent Living programme has established a Growth Board comprising senior professionals, investors and developers from the property sector. They have been tasked with supporting our aim to raise £6m of income and investment to meet our 300 home target.

Centrepoint would like to thank The Zochonis Charitable Trust for supporting the expansion of the independent living programme in Greater Manchester. The support of The Zochonis Charitable Trust has helped to provide safe homes for some of the most vulnerable young people in Greater Manchester, enabling them the chance to work towards a positive future. Our independent living programme is crucial to tackling the lack of affordable homes for young people. – Seyi Obakin.

The Independent Living programme is committed to providing affordable housing where we will never charge a young person more than 1/3 of their salary in rent.

14

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

THE IMPORTANCE OF A PSYCHOLOGICALLY INFORMED ENVIRONMENT (PIE)

Centrepoint is committed to developing services that are psychologically informed. This means that the day to day running of our services is designed to take the psychological and emotional needs of young people into account. For example, homeless young people have often experienced neglect and abuse, and the impact of that trauma is carried with them and expressed in their behaviour and responses.

Throughout 2020-21 we have continued to train and develop our staff to understand psychological principles and practice and bring that traumainformed approach to their work with young people. Alongside our operational delivery, we have been improving the physical spaces where young people live to create a psychologically informed environment that enables and sustains recovery.

Creating and maintaining a psychologically informed environment ensures that there is a focus on the psychological well-being of our young people and staff. It prioritises staff training, reflective practice, the creation of a ‘homely’ and safe physical environment, and the use of evidence to inform and improve our work.

15

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

POLICY & INFLUENCE – INFLUENCING GOVERNMENT POLICY THROUGH QUALITY RESEARCH

The fast-changing policy environment created by the pandemic has dominated our work past 12 months, and we have been working throughout to raise the needs of young people on the national stage. As part of this, we published a series of 9 research reports: Locked Out, drawing on a survey with local authorities, left-wing on a survey with frontline youth homelessness agencies from across the UK and A Year like no other, reviewing the impact of the first 12 months of the pandemic on young people’s levels of homelessness, unemployment, and health. By working with others across the sector, we successfully campaigned for an extension of the £20 a week uplift in Universal Credit to September 2021 and more significant funding for frontline homelessness services to cope with the increased demand and challenges. Alongside this COVID-19 focused work, we also continued to push on our existing priorities.

Following our successful campaign for homeless young people to be eligible for a greater level of housing support when they move on (by making them exempt from the Shared Accommodation Rate as announced in the March 2020 budget), we successfully called for this change to be brought forward. It was initially not scheduled to come into force until 2023, but following ongoing pressure from Centrepoint and support from our campaigners, DWP brought his forward to 31 May 2021.

Thanks to support from Trust for London, we also started a peer-led research project into Universal Credit. As a result, a group of 10 young people have been trained in research and campaigning skills, which they have used to conduct quantitative and qualitative research with young people across Centrepoint and partner agencies.

We also conducted our latest annual estimate of the scale of the youth homelessness crisis in the UK. Under the freedom of information act, Centrepoint requests and collates data from local authorities to develop the most comprehensive data on the scale of youth homelessness in the UK. This year’s report showed that in 2019-20, 121,000 young people approached their local authority because they were homeless or at risk of homelessness. You can see the scale of the issue in your area by visiting our dedicated databank website.

www.centrepoint.org.uk/databank

16

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

PREVENTION – PREVENTING YOUTH HOMELESSNESS

The Centrepoint Helpline has seen unprecedented demand this year as a direct result of COVID-19 and lockdown measures. Call volumes were up 33% on the previous year, and the Helpline supported over 6,500 young people (2019-20 over 5,000).

Each young person who calls the Helpline has personal circumstances that put them at risk of homelessness, including domestic violence, abuse, family breakdown and poor mental health. The Helpline team is trained to take their time in listening to callers to make sure they understand their circumstances before providing bespoke advice to support them to take their next step in leaving homelessness behind.

Centrepoint would like to thank The Co-operative Bank for another year of ongoing support. This long-standing partnership has been instrumental in supporting the expansion of the national Centrepoint Helpline and the growth of our regional service in Manchester through their support for The Future Foundations refurbishment programme. – Seyi Obakin.

Centrepoint provides legal support to young people to ensure their rights are defended. For example, in 2020-21, through our partnership with Law Works, a charity providing welfare and benefits advocacy, we offered and supported young people with an avenue to challenge their housing benefit decisions. A successful challenge often means receiving backdated payments, thereby relieving the burden of debt for young people and supporting them to sustain their homes, which might otherwise be at risk.

17

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

SKILLS & EMPLOYMENT – INTO EDUCATION AND WORK

The pandemic severely hit education and training. Colleges, Universities and training organisations closed their doors and began to offer virtual learning online. However, many of our young people did not have a suitable device to access online learning or the data or internet connection. Digital exclusion severely disadvantaged homeless young people in relation to their peers. We began to fundraise for data and devices for young people and provide internet connection into hostel bedrooms so that young people could access the internet whilst maintaining social distancing.

Digital exclusion remains an ongoing challenge, but we have circulated hundreds of Google Chromebooks and data cards to young people and provided Wi-Fi to around a quarter of all bedrooms. Our delivery of qualifications moved onto Google Classrooms, and we trained our delivery staff to operate the system and engage learners online. Delivery of qualifications slowed whilst we could not meet face-to-face with young people, and we transitioned to a virtual learning environment. The number of qualifications that we delivered in 2020-21 fell on the previous year by 50% from 163 to 81 as we struggled to bridge the digital divide for young people. However, by the end of 2020-21, all our staff was trained, and progress was made on digital inclusion, providing an excellent foundation for our work in 2021-22.

The Furlough scheme saved many jobs, but the number of lost jobs disproportionately impacted young people during the pandemic. Customer-facing roles in retail, entertainment, catering and hospitality suffered the most significant losses, and this is traditionally a sector where young people are employed. Our employment teams could not meet with young people face to face in traditional support settings, and we had to move our support online and over the telephone. The digital exclusion was a challenge for many young people as employers moved to recruiting online and using virtual interviews.

Community facilities with free Wi-Fi, such as libraries and day centres were closed. Towards the end of the year, our performance picked up as we distributed devices and data and installed internet connection in our housing services. By the end of the year, we had supported 490 young people into education, training and employment and this was only 10% behind the previous year’s figure of 538.

of Centrepoint residents who took Centrepoint training courses in 2020-21 60% finished with a qualification. (2019-20 63%)

TOM’S STORY: PHYSICAL WORK IS THERAPEUTIC

After studying dance at college, Tom secured a scholarship in New York. However, poor mental and physical health meant he had to return to London, ending up unemployed. Then the pandemic hit. Tom has completed a construction traineeship through Centrepoint’s training team, which he loved, and is now moving on to start an apprenticeship.

And where does Tom see himself in five years? “I’d like to have my apprenticeship under my belt, but also to be focusing on my dance career – building my studio and becoming a dance teacher.”

Great Portland Estates have been a vital corporate partner to Centrepoint since 2018. Supporting Centrepoint services in London, Great Portland Estates has enabled young people to access various work placement opportunities from their head office to placements within their property portfolio and with their clients/suppliers. With the support and consistency of partners such as Great Portland Estates, young people supported by Centrepoint can take advantage of such a wide variety of work opportunities.

18

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

RESPONSE TO COVID-19

The World Health Organisation classed COVID-19 as a pandemic on 11 March 2020. Following that announcement, the UK Government introduced various measures to address the impact in the UK, resulting in lockdown from 23 March 2020.

We adopted several measures to ensure the safety of the young people in our care, staff and business partners during this time. Thankfully, Centrepoint’s housing services have remained open throughout the COVID-19 pandemic. Maintaining our staffing levels has helped to reassure and support young people through the crisis. We are supporting young people to practice social distancing and, for those who have COVID-19 symptoms, to self-isolate. This restriction of movement within hostel buildings that have small rooms and limited communal spaces can be challenging. We have undertaken health and safety assessments across our properties, implementing changes such as installing Perspex screens and handle less doors that help prevent the spread of the virus.

Centrepoint’s health and learning teams are experiencing increased demand for their services, and they are using technology to reduce travel and restrict face-to-face sessions. We are exploring ways to provide young people with their own devices and data to connect to the internet. This technology will enable the health team to provide virtual support over the internet. Our learning team will help young people access online education and training and apply for work. These devices and data will reduce the loneliness and isolation that young people have felt during the lockdown.

We are cleaning our supported housing services more frequently and to a higher standard. We have sourced masks, gloves, anti-bacterial wipes and hand sanitisers for young people. Our staff has been issued personal protective equipment to protect their health whilst caring for and supporting vulnerable homeless young people. We have secured food donations to help the young people living on minimal budgets: improving their diet and nutrition and reducing their journeys for essential food items. Where donations have not been available, we have paid for supermarket deliveries. To provide more activities for young people during the lockdown phase, we have explored subscription and streaming services to help occupy young people and help them comply with the movement restrictions.

Centrepoint launched an emergency fundraising campaign in April 2020 to help fund the increased costs of COVID-19 but also to mitigate against any anticipated shortfall of income during 2020-21. The emergency campaign raised a fantastic £2m, and we would like to thank all Centrepoint supporters and donors for their generosity at this challenging time.

The length of the COVID-19 outbreak and the measures taken by the Government to contain this are not known and outside of our control. Still, we have put processes in place to manage the cash flow regularly and review financial stability as matters progress.

We received government grants of £466,000 under the coronavirus job retention scheme during the first national lockdown.

Volunteers critical to Centrepoint COVID-19 response

Thank you so much to Centrepoint’s wonderful volunteers. We could not have responded to the needs of vulnerable young people facing hardship during the pandemic without the support of a team of COVID-19 Responder Volunteers, like Max:

“Throughout the pandemic, I have been mainly delivering food prepared by The NED by both car and bicycle to different centres around London. I’ve also been delivering non-perishable loads on an ad hoc basis as and when needed. It’s been great to help out during such a tough time and is something I hope to continue with as we start to return to a new normal.”

19

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

FUTURE PLANS

In 2021-22, despite the COVID-19 crisis, Centrepoint will continue to focus efforts on supporting homeless young people in finding a home and a job. Some of our plans and activities have been adjusted to allow for this new environment, while others will evolve as our world keeps changing.

Centrepoint’s 2021-26 strategy Change The Story: Ending Youth Homelessness All Together sets out our vision to end youth homelessness by 2037. Why 2037? Well, because any young person born in 2021 will turn 16 in 2037, the year in which they may need help from Centrepoint. We, therefore, aspire to end homelessness for the next generation.

The threat of homelessness can never be removed for young people due to the multiplicity of factors that cause it. However, we believe it is eminently possible to reduce the number of young people facing homelessness significantly so that there is a clear, accessible, and practical pathway for each of those young people at the point of crisis. Therefore ending youth homelessness requires three things:

  1. Firstly undertaking preventative action so that the number of young people being made homeless is negligible.

  2. Secondly, there is a quick solution to provide a safe and stable place for every young person when it happens.

  3. And thirdly, ensuring that each young person for whom a temporary safe place to live has been provided is supported and settled into a permanent home as soon as they are ready to live independently.

Systemic change is required to meet these challenges. Centrepoint cannot end youth homelessness alone – this can only be achieved by organisations and individuals across society working together.

As the UK’s leading youth homelessness charity, Centrepoint will spearhead the endeavour to end youth homelessness by 2037 by delivering exemplar services for young people and using these insights to campaign, influence, and orchestrate systemic change. However, for this vision to become a reality, we must:

  1. Optimise the way that we work to build the optimum capacity needed to deliver this strategy.

  2. Prevent those young people who face immediate homelessness from experiencing it.

  3. Support those young people who become homeless by delivering exemplary and innovative services that lead to a home and a job.

  4. Amplify the voices of homeless young people, promoting solutions that break the youth homelessness cycle so that they can be undertaken at scale.

By working all together across society, we can end youth homelessness altogether.

20

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

OPTIMISE

Centrepoint will have the optimum capacity to deliver our strategy.

  1. We will invest in our people, through Centrepoint’s People Strategy, to be a resilient organisation that is inclusive, efficient, productive and adaptable.

  2. We will become a digitally enabled organisation. Our staff will have the ability to be connected wherever they are, young people will be digitally included, services will be delivered digitally, and data will drive decision making.

  3. We will invest in our properties so that every residential service meets a pre-defined minimum standard.

Given the pandemic, we will fast track several initiatives to continue supporting young people through digital channels. These include:

PREVENT

Those who face immediate homelessness are prevented from experiencing it.

  1. We will increase the reach of the Centrepoint Helpline, working in partnership with local authorities and other organisations.

  2. We will partner with and support organisations that provide direct prevention advice and support, including but not limited to Local Authorities, Youth Offending Institutions, and those working in early identification of children and young people at risk, the mental health of children and young people, family mediation and support for looked-after young people.

  3. We will orchestrate and campaign for prevention activity to be undertaken across the welfare, housing, education, and care sectors.

In our policy and research work, we will support our peer researchers to complete their research into Universal Credit and help them campaign for change to address the issues they identify. Alongside this, we will continue to campaign for the government to increase the amount of Universal Credit young people living independently receive (currently, under 25s get less Universal Credit than over 25s). We will also continue to report on youth homelessness across the UK by monitoring the number of young people approaching their local authority for help and their subsequent support.

21

Centrepoint Soho Financial Statements 2020-21

SUPPORT

Those who suffer homelessness are supported to achieve a job and a home.

  1. We will provide exemplar support and psychologically informed homes, including some that can be accessed directly by young people, and we will test innovative new models of housing and support provision.

  2. We will provide specialist learning and employment work, focusing on securing qualifications and sustainable job opportunities for young people.

  3. We will offer health interventions, focusing on providing young people with the mental health support that they need to reach their full potential.

  4. We will build lifeskills, working with young people to help them develop the necessary skills to live independently.

  5. We will develop independent living opportunities, proving that housing for young people can be genuinely affordable and sustainable by linking rent payable to jobs and income.

In Manchester, we will be transforming our front-line support service in Oldham Street with a £1.9 million refurbishment that will give thousands of homeless young people across Greater Manchester a safe, welcoming and inspirational environment to recover and grow to help them leave homelessness behind for good. We will also be collaborating with partner organisations. Centrepoint hopes to confirm further PIE focused developments later this year.

“I am fully behind Greater Manchester Future Foundations, which will be a fantastic addition to our support in the city region.”

– Andy Burnham, Mayor of Greater Manchester.

Our Independent Living programme is on course to make significant headway in 2021-22. In London, planning permission and preparation work on our flagship property in Southwark has been completed, and the construction of 33 homes is underway. Centrepoint has also established a partnership with Barnet Local Authority, and plans for at least one development in the area will be agreed soon. In Hounslow, in collaboration with the Methodist church, Centrepoint

hopes to create a 26 modular homes development, providing employment and homes for young people. Centrepoint is also in discussions with other London boroughs and is currently conducting feasibility studies on further development opportunities that have been identified.

AMPLIFY

Solutions that break the youth homelessness cycle are undertaken at scale.

  1. We will undertake and share evaluation of the interventions that we deliver both internally to improve outcomes and externally to influence the scaling of leading practice.

  2. We will encourage and support other organisations to deliver services that are proven to reduce youth homelessness. This includes innovations in supported housing services and independent living.

  3. We will seek partnerships with others who deliver the services that we do not provide ourselves. Such partnerships will range from joint advocacy through to joint ventures where necessary.

Centrepoint’s supporters and donors have continued to show incredible generosity during the pandemic, which has enabled us to keep all of our frontline services open to young people during this challenging year. During 2021-22, the Fundraising team will continue to build on the past year’s successes. We have re-started our face-toface activity in line with the lifting of restrictions, and the team have already had strong sign-up rates in recruiting new donors. Following on from the outstanding results of our pilot STAY:UP event, which challenged people to stay awake from 8pm – 8am, the event will now form a regular part of the Fundraising calendar to take place each May. We plan to hold Sleep Out in November following its cancellation during 2020 because of the pandemic. Sleep Out will likely become a hybrid virtual and in-real-life event, with COVID-19 restrictions still a strong possibility for the coming winter. In addition, we are planning our first integrated Christmas campaign, which will develop shared planning, creative and messaging across the Fundraising department. Throughout the year, we will continue to invest in fundraising for the long term so that we can continue to provide the best support for homeless young people as they move out of the pandemic.

22

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

APPROACH TO FUNDRAISING

Centrepoint works with several agencies and suppliers to enable us to deliver our campaigns and other activities. The partnerships are essential to raising income to fund our vital work with young people. We do not have the resources in-house to deliver many of these activities, so it is much more cost-effective for us to work with third parties for certain aspects of our work.

23

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

FUNDRAISING PRACTICE

Centrepoint always follows best practices and complies with all fundraising regulations. We are members of all the fundraising regulatory bodies, including the Fundraising Regulator, Institute of Fundraising, the Direct Marketing Association and the Information Commissioner’s Office.

We have never failed to comply with the Fundraising Regulator’s Code of Practice. Likewise, all of our partner agencies adhere to their relevant regulations.

We have a clear set of due diligence guidelines that we monitor our agencies by regularly. In addition, all of our agencies have data protection and vulnerable person and complaints policies in place.

HOW WE MONITOR FUNDRAISING ACTIVITY

COMPLAINTS

We received 50 complaints in 2020-21, compared to 112 in 2019-20. This 50%+ drop can be mainly attributed to the significant reduction in fundraising activity, most notably in public fundraising activities. In 2019-20, public fundraising complaints accounted for more than 40% of the total complaints received. In 2020-21, they accounted for just over 20%. We have also seen decreased complaints from other fundraising channels, as expected in line with reduced activity in Q1 and Q2. All complaints were resolved, and none were escalated beyond the first stage of Centrepoint’s complaints procedure.

PROTECTING VULNERABLE PEOPLE WHEN FUNDRAISING

Our partner agencies that communicate with new or existing supporters have a vulnerable person policy in place. Before working with any agency, we review their policy. With face-to-face and door-to-door agencies, we attend all fundraiser training that covers talking to vulnerable people.

Centrepoint and its agencies’ monitoring guidelines include:

24

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

OUR SUPPORTER PROMISE

  1. Donations are the supporters’ decisionWe are committed to making a difference in the lives of homeless young people. That is why we encourage people to donate to Centrepoint if they can. But we also recognise it’s their decision, and supporters need to make it in their own time.

6. We’ll act quickly

If people acting on our behalf fail to meet our high standards, we’ll always take appropriate action.

  1. We’ll check with our supporters first Before we call our supporters, we will always ask them first to check that they are happy to speak to us.

  2. We’ll always respect privacy Donations are entirely personal for our supporters. We adhere to General Data Protection Regulation, and our privacy policy is available on our website.

  3. We’ll respect our supporters’ wishes If a supporter tells us they do not want to hear from us again or wants to hear from us less, we will change the details on their record.

  4. We’ll never sell or swap details Any information given to us will be kept confidential. We’ll never pass on personal details to a third party for marketing or fundraising purposes.

  5. We’ll keep our supporters updatedWe want our supporters to feel connected to the work their donations are making possible. So if they’re going to receive updates from us, we’ll regularly let our supporters know how they are helping to change young people’s lives.

For more information about how we work with supporters, please visit our website.

  1. We make sure we are as cost-effective as We’ll use all donations carefully possible so that donations can have the most significant impact on homeless young people.

25

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

FINANCIAL REVIEW

INCOME

Income for the year ending 31 March 2021 was £44 million, comparable to 2019-20 total income. However, in 2019-20 profit on the sale of fixed assets of £4.2m was included in total income. The main driver for the increase in the other categories of income has been donations and legacies, which amounted to £26.5 million, an increase of £3.1 million from 2019-20.

Income from charitable activities was £16.9 million, which was slightly more than 2019-20, at £16.4 million. Income from rent and charges amounted to £7.3 million, an increase on the previous year at £6.6 million, resulting from intensive housing management included in rents. Income from supported housing grants reached £8.4 million (2019-20 £8.2m) and income from other grants and contracts was £1.2m (2019-20 £1.6m).

EXPENDITURE

Expenditure during the year ending 31 March 2021 was £37.9 million, a decrease of £1 million from 2019-20

Expenditure on charitable activities was £27.5 million. This is £0.8 million less than the previous year. The prior year included a loss on disposal of fixed assets of £1.2 million. Centrepoint’s Single Operating Model focuses on ensuring that every young person has access to the opportunities they need to achieve a job and a home. We have continued to invest in prevention, housing, health, skills and employment, and life skill services to meet the needs of young people.

The cost of raising donations and legacies was £10.4 million, a slight decrease from the previous year. This reflects the impact of the pandemic with reduced activities.

Expenditure on support costs increased slightly to £3.6 million in 2020-21 from £3.4 million in 2019-20. In 2019-20 we invested and transformed our IT infrastructure to provide a solid foundation to deliver sustainable services. We will continue to strive to improve efficiency and increase the number of young people we can support.

NET INCOME

The net income for the year was £6.1 million (2019-20 £5.5 million). £0.3 million (2019-20 £1.2 million) of this is for restricted projects, and £5.8 million (2019-20 £4.3 million) is for unrestricted reserves.

STATEMENT OF FINANCIAL POSITION AND CASH FLOW

The statement of financial position and cash flow remains strong. . The working capital ratio at year-end was 4.75:1 (2019-20 4.3:1). The active capital ratio is a measure of liquidity showing Centrepoint’s ability to meet its payment obligations.

26

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

VALUE FOR MONEY

This report outlines our approach to value for money (VfM). What we have achieved over the last financial year is to make sure we have achieved the outcomes required under the Regulator of Social Housing’s Value for Money Standard and get the most out of our resources.

Every year the critical decision taken by the Board is the approval of the business plan and budget, which sets the framework for the Group’s operations.

Centrepoint has a clear framework for achieving VfM, incorporating the following:

The approach agreed by the Board to achieve VfM in meeting Centrepoint’s strategic objectives and demonstrate delivery of VfM to stakeholders

Our business planning, decision-making process, and VfM strategy are designed to work together to obtain better outcomes for young people, ultimately leading to a job and a home. VfM is an integral part of our planning, from our strategic plan, business plan, and team plans to our individual objectives. It is not just about cost savings – it is about getting the most from our money for young people.

Our approach to VfM will:

Decisions about how we use our resources to deliver Strategic Objectives

Centrepoint’s strategy to 2021 outlines our strategic choices:

Our resources are aligned to achieve the objectives of our strategy, which also contributes to achieving our overall mission – to give homeless young people a future.

The Board has approved relevant strategies and oversees their implementation through appropriate Board committees and the senior executive team. The strategies inform our objectives and priorities for the year, and we remain focused on delivering our overall organisational objectives.

27

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

We have outlined in this report how we have performed against our 2020-21 plans. These include:

Through our strategic objectives, we articulate our strategy for delivering homes that meet a range of needs.

At the end of the financial year, we had the capacity for 2,218 young people in supported housing and general needs. This included 821-bed spaces in London and 1,397-bed spaces in regions outside of London, including Barnsley, Bradford, Manchester and Sunderland.

We have a robust property strategy, which outlines our plan to increase bed spaces towards our goal of 300 additional independent living bed spaces to ensure that we are using our resources to increase the supply of affordable housing for young people where it is needed the most. Our investment activity will focus on London and Manchester, where the lack of affordable housing for young people is most acute within our operating areas.

We will seek to divest ourselves of property in areas with an ample supply of affordable housing and reinvest funds into these target areas. Centrepoint opened our first Independent living home in November 2019 for seven young people. Despite the COVID-19 pandemic, we have made progress on several developments in London and Manchester.

We expect to have completed our flagship 33 modular homes development in Southwark, London by the end of 2021. We have confirmed the development pipeline of 130 new homes and an agreed strategy and roadmap to deliver the remaining 170. Our communications with various local authorities and property developers continue at pace.

We are continuing our positive engagement and development proposals with local authorities and certain private developers to grow this pipeline to 300.

Ensuring that optimal benefit is derived from resources and assets and optimising economy, efficiency and effectiveness in the delivery of our strategic objectives

This report covers our aim to work collaboratively, harnessing the innovation and creativity of our staff, our young people and stakeholders to deliver improvements in efficiency, effectiveness and economy.

The Board measures our VfM performance against targets set under the critical elements of economy, efficiency and effectiveness. The measures below combine Centrepoint’s standards and those required by the Regulator of Social Housing. The Regulator of Social Housing metrics are designed for social housing; however, what Centrepoint delivers is more comprehensive than this – for example, skills and employability, helpline, engagement, CP partnering and our influencing work. Those metrics in bold are the seven metrics required by the regulator.

----- Start of picture text -----
Over
had a positive move on
from Centrepoint’s
94%
supported accommodation
----- End of picture text -----

28

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Economy:

quarterly management accounts, procurement exercises, budget proposals and benchmarking results.

2020-21 2020-21 Target 2019-20
Fundraising return on investment1 £2.54 £2.31 £2.21
Business support cost2 9.6% 12.0% 8.7%
Void loss3 9.1% 7.4% 9.9%
Costperyoung person worked with(£’000)4 £1.96 £2.06 £1.96
Headline social housing costper unit(£’000)5 £26.59 £23.99 £26.63

Efficiency:

2020-21
2020-21 Target
2019-20
Repairs completed on tme % 80.5%
80%
44.7%
Reinvestment in housing units foryoung people %6 3.1%
NA
3.6%
Operatng margin %7 Overall8 13.9%
1%
12.4%
Social Housing letng (33.4%)
(22%)
(22.8%)
Return on capital employed9 13.3%
1%
13.7%
Earnings Before Interest, Tax, Depreciaton, Amortsaton, Currently, Centrepoint do not have any borrowing or
Major Repairs included (EBITDA MRI) Interest Cover %10 interest on borrowing. However, a property strategy is
Gearing % being developed which will likely result in increased
investment in propertes and lead to Centrepoint
borrowing in the future.

Economy:

Efficiency:

29

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Effectiveness:

invested
2020-21 2020-21 Target 2019-20
Number ofyoung people worked with 13,874 NA 14,405
Positve move on % 94% 85% 88%
Young people in educaton, employment or training (EET) on departure
or made signifcant progress during stay
Young people managingtheir mental health beter		 60%
66%		 60%
75%		 57.5%
80%
Young people’s satsfacton with services 88% 85% 94%
New supply delivered %11 (Social housing units) 1% 3.9% 3.0%

Effectiveness:

30

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Benchmarking our performance against other organisations delivering similar services We complete VfM reviews of our activities, including:

We recognise the importance of comparing our performance with others, and our activities are benchmarked in several different ways.

Centrepoint is an active member of a benchmarking group with other homelessness organisations that provide supported housing.

We use the benchmarking data to inform our housing targets, being mindful that our client group of young people, predominantly in supported housing, have lives that can be more chaotic than other general needs clients.

The last time we benchmarked housing management data was in 2018-19, with eight other peers. Here are the areas where benchmarking tells us that we perform relatively well compared to our peers:

2020-21 2018-19 Peer results Peer results
Centrepoint Centrepoint Group Mean Group Median
% of all departures that were to known destnatons 95.5% 85.2% 77.0% 78.8%
% of departures which were evictons 6.0% 12.9% 10.3% 13.2%
Rent collected as aproporton ofgross annual rental income(%) 98.0% 87.1% – 96.5%
Amount writen-of as bad debt as % of annualgross rental income 2.2% 3.8% – 2.3%

Here are the areas where benchmarking shows us that there is room for improvement:

2020-21 2018-19 Peer results Peer results
Centrepoint Centrepoint Group Mean Group Median
% of all repairs completed to deadline 80.5% 52.0% – 85.0%
Complaints responded to on tme(%) 71.5% 73.0% – 73.9%
Void loss as % of the annual rent due 9.8% 11.6% – 6.4%
Current tenant arrears as % of annualgross rental income 10.7% 10.3% – 6.8%
Former tenant arrears as % of annualgross rental income 9.1% 7.7% 5.4% 4.7%

31

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Repairs completed on time

Complaints responded to on time

Void loss

Rent collection

Ensuring that performance is managed and monitored

In addition to the key performance measures, we have also achieved the following through procurement activity focusing on quality and price:

Our planning process starts with our strategic plan and identifies the direction we are heading. The business plan and financial plan show how we will achieve our goals and what they will cost. During the annual budget process, resources are allocated based on the business plan and financial plan. We also consult individual teamwork plans, so all teams work together to achieve efficiencies alongside our strategic objectives.

We have policies and procedures in place which guide our staff in day-to-day activities. For example, our procurement policy and procedure, alongside our financial regulations and delegations, guides staff on purchasing decisions and the interconnection of quality and price.

We are committed to getting feedback from young people through regular surveys and regular resident speakouts. This year, we have invested in our young people’s involvement strategy to ensure we continue getting their feedback and shaping and influencing our services.

We publish evidence in the financial statements to enable our stakeholders to understand:

We also provide evidence regarding the following:

32

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Effectiveness plans for 2021-22

We shall address areas of underperformance to improve VfM in these areas:

We want to build on our success and learn from experience to fulfil our vision that young people involvement is embedded in every team and in all aspects of our strategy.

We will continue our work to ensure we positively impact the lives of the young people we support. Over the next year, we plan to review our approach to outcomes and move better to demonstrate the effectiveness and value of our interventions.

We also review our approach to move on and resettlement to do more in helping young people make positive moves.

Centrepoint’s Single Operating Model development will help us deliver our mission: a job and a home for every young person. It will reduce administrative tasks, improve performance management and improve the young person experience and outcomes.

Centrepoint’s Single Operating Model focuses on ensuring that every young person has access to the opportunities they need to achieve a job and a home. We have continued to invest in prevention, housing, health, skills and employment, and life skills services to meet the needs of young people.

We have accelerated the work to make Centrepoint a PIE. PIEs are services where the day-to-day running has been designed to take young people’s psychological and emotional needs into account. Reflective practice is now offered in every Centrepoint service, whilst training and changes to the physical environment have commenced.

We want to build on our success and learn from experience to fulfil our vision that young people involvement is embedded in every team and all aspects of our strategy.

33

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

How the Board has gained assurances

Our Board receives regular reports on:

Investment policy

We hold our investments to earn revenue on designated and restricted funds until they are required. We also have reserves for any future shortfall in income to ensure we can continue to provide uninterrupted high-quality service to young people. Our policy is to hold investments in cash on short-term deposits to be readily available.

Reserves

We hold reserves to ensure the uninterrupted provision of high-quality services to young people. This includes keeping their homes in a good state of repair and continuing to campaign on their behalf to influence public policy appropriately.

Through its Audit and Risk Committee, the Board annually reviews the minimum level of reserves it needs to maintain the continuation of activities in the event of financial difficulties. The review takes account of the risks attached to all categories of our income and expenditure. Based on this review, the Board has set a target of achieving general reserves (i.e. free reserves) of at least £4.7 million (2019-20 £3.6 million).

At the end of 31 March 2021, our unrestricted reserves stood at £28.8 million, of which £24.3 million has been designated for the various essential activities we plan to carry out in the immediate future or has already been invested in fixed assets. Of the £24.3 million designations, £10.1 million represents the housing assets where young people live and other fixed assets such as computers. A further £8.1 million has been designated to invest in property, including new housing and safe spaces for young people. These funds will be used to purchase properties to help young people move to

Independent Living. In the current year, the trustees have designated a further £6.2 million to advance the five-year strategy to end youth homelessness. This includes capital projects for an extensive planned maintenance programme, digital for young people, office accommodation and capacity building.

The remaining £4.4 million of our unrestricted reserves is held in general reserves as an essential part of our financial management and planning. This funding will ensure we maintain essential services for young people in the event of financial difficulties or an unplanned setback. However, this is slightly lower than the £4.7 million target set by our Board. Therefore, we will continue our efforts to strengthen the reserves through cost control.

Transfers between funds primarily represent the designation of funds by the Trustees for use for specific purposes and fixed assets purchased through restricted funds.

Financial position

The board reviewed Centrepoint’s detailed annual forecasts for 31 March 2022 and the long-term financial plan in February 2021. In addition, stress testing of the long term economic plan was completed to consider other income and expenditure scenarios based on our risk profile. As part of signing off these financial statements, the board has revisited these forecasts and is assured that future plans are affordable and that the financial statements should be prepared on a going concern basis.

Given the strength of the statement of financial position and availability and liquidity of cash and deposits, the board believe that, while uncertainty exists, scenario planning assures them that this does not pose a material uncertainty that would cast doubt on Centrepoint’s ability to continue as a going concern. The board, therefore, consider it appropriate for the financial statements to be prepared on a going concern basis.

34

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Internal controls

In recognition of its responsibilities for Centrepoint’s system of internal control, the Trustees have established control systems that aim, in part, to provide reasonable but not absolute assurances against material misstatement or loss.

The controls in place include:

In addition to the general controls described above, specific control systems in respect of computer systems are also in place. These include restricting access to computer equipment, systems, and programmes, including amendment of standing data to designated personnel through approved measures such as compulsory use of passwords and access rights.

The Trustees have reviewed and continue to review the effectiveness of the internal control system through delegated authority to appropriate personnel or by engaging outside agencies.

The reviews carried out in the financial year ended 31 March 2021 have not revealed weaknesses in internal control resulting in material losses, contingencies, or uncertainties which the Trustees regard as material and therefore requiring disclosure in the financial statements.

35

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

RISK MANAGEMENT

The Board has direct responsibility for overseeing the management of risk.

We seek to be a ‘risk intelligent’ organisation, which means balancing risk and innovation. This may involve providing assurance for risk management processes, and managing key risks and reporting of risks. It also means creating the appropriate culture and performance management systems to deal with risk appropriately.

We have a formal register that identifies the key risks facing Centrepoint. These are risks that, in our judgement, may have significant effects on the achievement of our mission, our objectives and our operational performance.

The register is updated on an ongoing basis and is formally presented to and reviewed by the Audit and Risk Committee at each meeting. It has also contributed to the Board every quarter.

The current top five risks are:

The key risks identified in our risk register are prioritised in terms of potential impact and likelihood of occurrence. In addition, we consider ways of mitigating the risks and identifying a lead executive to be responsible for taking necessary actions.

As well as the register of significant risks, senior managers review risks in their own area and take appropriate action to mitigate emerging threats.

36

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

STREAM LINED ENERGY AND CARBON REPORT

The combined energy consumption for the reporting period for Centrepoint was 5,665,605kWh for the year ended 31 March 2021 (2019-20 7,197,275kWh).

The combined greenhouse gas emissions for Centrepoint was 1,165.1tCO2e for the year ended 31 March 2021 (2019-20 1,569.9tCO2e).

These include the emissions associated with UK electricity and natural gas consumption and business travel in Centrepoint vehicles, as required to be disclosed by legislation. An intensity ratio of 26.6 tonnes CO2e per £million of income (20192035.7 tonnes CO2e) has been calculated to enable future year-on-year comparison against the normalized income.

Energy consumption

The combined energy consumption for the reporting period for Centrepoint was 5,665,605 kWh for the year ended 31 March 2021 (2019-20 7,197,275kWh).

Table 1: Energy consumption by fuel (kWh)

Metric
Total energy use		 FY 2020-21 Disclosure
5,665,605		 Unit
Kilowat-hours(KWh)
Centrepoint CharityIncome 2020-21
Intensity metric
Electricityconsumpton
Gas consumpton
Purchased transport fuel consumpton		 £44,022,000
128,764
2,486,626
3,164,470
14,509		 £GBP
Kilowat-hoursper £million charity income(KWh/£million)
Kilowat-hours_(KWh)
Kilowat-hours(KWh)
Kilowat-hours(KWh)_

Energy disclosure comparison with previous years

----- Start of picture text -----
Centrepoint energy use – 2020-21 vs 2019-20 ELECTRICITY
8,000,000 GAS
Total KWh: 7,197,275
7,000,000
TRANSPORT
6,000,000 Total KWh: 5,665,605
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
8,000,000
2020-21 2019-20
Kilowatt-hours Kilowatt-hours
Kilowatt-hours
----- End of picture text -----

37

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Methodology for energy disclosure – property

Property energy use has been calculated from invoices and billing data for electricity and gas provided for Centrepoint’s property in the UK. Primary consumption data from invoices was not available in aggregate, so a calculation has been made from financial data covering the disclosure period.

The energy calculation consists of:

Methodology for energy disclosure – transport

The scope of SECR for transport covers situations where Centrepoint pay for the fuel – either for their vehicles or when reimbursing employees for claims made for using private vehicles for business purposes (mileage claims).

For this disclosure – Centrepoint had two data sets:

This data set was used to estimate total energy consumption in kilowatt-hours from transport fuel by first converting to an estimate of associated carbon emissions (using the 2020 UK Government conversion factors for company reporting of greenhouse gas emissions.

www.gov.uk/government/collections/government-conversion-factors-for-company-reporting)

This figure was then converted into litres of diesel and then kilowatt-hours using conversion factors from the same source.

38

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Table 2: Carbon disclosure (greenhouse gas emissions)

Metric FY 2020-21 Disclosure Unit
Total carbon disclosure 1,165.1 Tonnes carbon dioxide equivalent_(tCO2e)_
Intensity metric 26.5 Tonnes carbon dioxide equivalent per £million charity income
(tCO2e/£million)
Breakdown:
Scope 1 direct		 582.2 Tonnes carbon dioxide equivalent(tCO2e)
Scope 2 indirect 579.7 Tonnes carbon dioxide equivalent(tCO2e)
Scope 3 indirect 3.1 Tonnes carbon dioxide equivalent(tCO2e)

Scope 1. Direct carbon emissions

Scope 1 covers direct emissions from owned or controlled sources.

For Centrepoint, this includes greenhouse gas emissions from gas consumed in boilers for hot water and space heating and emissions from a company van.

Scope 2. Indirect carbon emissions

Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company.

For Centrepoint this includes greenhouse gas emissions from all electricity taken from the National Grid.

Carbon comparison with previous years

Centrepoint carbon footprint – 2020-21 vs 2019-20 1800.0 ~~Tonnes CO2e~~ 1569.9 1600.0 1400.0 ~~Tonnes CO2e~~ 1165.1 1200.0 1000.0 800.0 600.0 400.0 200.0 2020-21 2019-20 Tonnes carbon Tonnes carbon dioxide equivalent dioxide equivalent Scope 1 Scope 2 Scope 3

Scope 3. Indirect carbon emissions

Scope 3 includes all other indirect emissions that occur in a company’s value chain..

For Centrepoint, this includes emissions from employee use of their vehicles for business travel. However, it should be noted that this excludes other sources of indirect Scope 3 emissions such as those related to other forms of business travel (e.g. public transport), procurement, investments, waste disposal and others.

39

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Carbon footprint calculation methodology

The carbon disclosure was calculated using the methodology set out in The Greenhouse Gas Protocol – Corporate Accounting and Reporting Standard . This is downloadable from www.ghgprotocol.org/sites/default/files/standards/ghg-protocol-revised.pdf.

The greenhouse gas emission factors used in the calculations were the 2020 UK Government conversion factors for company reporting of greenhouse gas emissions .

These are downloadable from:

www.gov.uk/government/collections/government-conversion-factors-for-company-reporting

Energy and carbon reduction narrative

Centrepoint aims to develop a collaborative approach to environmental management that can be maintained and improved over the long term, creating opportunities for our staff and young people in our offices, services and other accommodation to contribute to its success.

The previous 12 months have been a challenging period for all organisations due to the global pandemic, which has meant that there has been little capacity for strategic work in reducing energy consumption and carbon emissions. However, due to decreased activity across some of Centrepoint’s operations – our energy and carbon footprint has reduced by approximately a third over the previous period mainly due to a significant reduction in business mileage.

Senior Management at Centrepoint has given their backing to commencing work towards implementing the international Environmental Management System Standard ISO14001:2015, which will complement Centrepoint’s existing environmental policy. Part of implementing ISO14001:2015 will be developing objectives on reducing energy consumption and carbon emissions and putting in place systems to drive emissions reduction. Centrepoint also has the work undertaken as part of the Energy Savings Opportunities Scheme (ESOS) in 2019 with several recommendations from energy audits still to implement.

40

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

HEALTH AND SAFETY

We are committed to continual improvement in health and safety performance. We recognise our duty of care to staff, volunteers, members of the public and young people using our services. To ensure our policy is implemented and maintained, we have a health and safety management system that has been put in place to assist in compliance with health and safety legislation and good practice.

We review our health and safety policies on a rolling programme and review them all at least annually. In addition, the Chief Executive Officer will check the health and safety policy and its arrangements on a biannual basis with the Board of Trustees.

COVID-19 HEALTH AND SAFETY

The Health and Safety of our staff and young people, together with keeping all of our services open, has been Centrepoint’s top priority during the COVID-19 pandemic. Our response has been governed by the COVID-19 Business Continuity Group, of which both the Health and Safety Manager and the Head of Facilities & Building Safety are core members.

In early March 2020, a Task Group was established to work on pandemic preparedness and infection control in relation to the potential threat of COVID-19. The development of the Management of Viruses and Influenza (Coronavirus) Procedure also supported this. This procedure has been reviewed

and amended as required in alignment with Government guidance throughout the pandemic.

Risk control measures were rapidly put in place across all services and offices to respond appropriately to COVID-19. This included an audit of all services, an update of local infection control plans and spot checks in multiple services.

Infection Control Leads were appointed for every service and office location, who were responsible for overseeing the implementation of their local COVID-19 risk assessments and safe systems of work. These outline operational arrangements for staff and young people and have been updated throughout the period to reflect the changing environment.

Services have enforced strict protocols for working in communal areas and homes, particularly near vulnerable residents. This includes wearing correct Personal Protective Equipment (PPE), measures to prevent infection, social distance arrangements, and use of hygiene measures, e.g. alcohol gels.

Centrepoint also followed the UK Government’s

guidance for employers arranging for employees to work from home where practical. A COVID-19 specific procedure and risk assessment was developed, staff have self-assessed their home workstations, and any required equipment was delivered to their home address.

PUBLIC BENEFIT

The Trustees have had regard to the Charity Commission’s general guidance on public benefit and its supplementary guidance on fee-charging. They are satisfied that we provide considerable public benefit, as demonstrated in this report. We have referred to the guidance when reviewing our purpose and mission. In particular, consideration is given to how planned future activities will contribute to our strategy.

All staff and Trustees are covered for professional indemnity under Centrepoint’s insurance policy.

Risk control measures were rapidly put in place across all services and offices to respond appropriately to COVID-19.

41

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

STRUCTURE, GOVERNANCE AND MANAGEMENT

STRUCTURE AND DECISION-MAKING PROCESS

Centrepoint is a registered charity legally organised in a company limited by guarantee and governed by its articles of association. The Board of Trustees are members of the company and their liability in the event of the company being wound up is limited to £1 each. Centrepoint is also a registered provider and acts entirely as a non-profit organisation.

It has two subsidiary companies:

These subsidiaries have been consolidated into these financial statements.

A Board of Trustees controls Centrepoint, as set out on page 83. The Trustees are volunteers who have distinguished careers in a wide variety of activities. They provide the full range of experience and expertise required to add significant value to the work of the charity. They do not receive any remuneration for their roles as Trustees.

Trustees are recruited through a combination of newspaper adverts, recruitment consultants and referrals. They are appointed for three-year periods but may be re-elected twice, subject to performance and need. Newly appointed Trustees receive a letter of appointment and an induction programme covering general responsibilities, committee membership and involvement outside formal Trustees’ meetings. Ongoing training for Board members consists of training courses, regular updates at Board meetings and a Board annual away day focused on sector developments and the impact on our strategy.

The Board sets the overall mission, direction and strategies for fulfilling Centrepoint’s purposes and continued development as a viable enterprise. It scrutinises performance to secure effective implementation of the strategy. It exercises overall accountability to major stakeholders and oversees significant policies and major policy positions.

Details of implementation and execution are the responsibility of the senior executive team, led by the Chief Executive Officer. The board has established the Audit and Risk Committee and the Resources Committee to perform its role effectively. The Audit and Risk Committee is responsible for detailed oversight of risk management and internal control, internal and external audits. The Resources Committee is responsible for thorough oversight of financial management and reporting and operational

performance. The committees comprise three Board members and meet at least three times per year.

The Remuneration Committee comprises three Board members and meets at least annually to review the salaries of the senior executive team. They are also responsible for nominations and Board renewal.

The entire Board meets every quarter to:

One further meeting is held each year in the autumn to review strategy.

The Trustees have implemented the recommendations of the National Federation of Housing Associations’ (NFHA) Code of Governance in the context of the particular features of Centrepoint and continue to abide by it.

The Trustees have reviewed the Governance and Financial Viability Standard Code of Practice, introduced by the Regulator of Social Housing, and have assessed that Centrepoint fully complies with it.

42

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

STATEMENT BY THE TRUSTEES IN CORPORATE SOCIAL PERFORMANCE OF THEIR STATUTORY RESPONSIBILITY DUTIES IN ACCORDANCE WITH S172(1) COMPANIES ACT 2006

----- Start of picture text -----
Business
for good
People at
the heart of our
development
community
involvement
Reducing climate
& environmental
impacts
----- End of picture text -----

The Board (both individually and collectively) acts in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard for the stakeholders and matters set out in s172 (1) (a-f) of the Act) in the decisions taken during the year ended 31 March 2021.

Key decisions made by the Board in the year have been as follows:

BUSINESS FOR GOOD AND COMMUNITY INVOLVEMENT

We are the UK’s leading charity for homeless young people. At Centrepoint, our vision is to end youth homelessness, and our mission is to give homeless young people a future. We support 14,000 homeless 16-25-year-olds into a home and a job every year, working directly in London, Manchester, Yorkshire and the North East of England, and partner with other organisations across the UK. We also influence government policy with the overall aim of ending youth homelessness. HRH, The Duke of Cambridge is our Patron.

The decisions of the Board have been made taking into account the views of our stakeholders. One key example is the Independent Living project: this involved listening to young people and committing to the provision of affordable housing.

Centrepoint works in partnership with local authorities through contractual relationships. Local authorities have statutory responsibilities to provide support and accommodation to certain groups of vulnerable young people. The first group are young people who are assessed by the authority to be at risk of homelessness (usually 16-17 year-olds, and 18 year-olds who have specific vulnerabilities). The second group are young people who are preparing to leave the care system who are 16-21 years old.

We also influence government policy with the overall aim of ending youth homelessness.

43

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

YOUTH HOMELESSNESS: THE BIG PICTURE

Our research estimates that

young people in the UK asked for help from their local council 121,000 because they were homeless of at risk of homelessness

OUR IMPACT FOR GOOD WITHIN THE COMMUNITY FOR THE FINANCIAL YEAR 2020-21:

of young people moving on from Centrepoint positively (sector standard measure – Positive Moves)

93.9%

We supported more than

young people directly and through our partners across the 13,874 UK during 2020-21

We operate supported housing bed spaces 823 We support

558 people through floating support

of young people moving on in EET 60% young people supported by the Centrepoint Helpline 6,527

young people helped into employment 101 65.6% of young people whose health has improved as a result of interventions (Positive Clinical or Reliable Change) 88% satisfaction from 2020 Satisfaction Survey

Trustees’ report (incorporating the Strategic Report)

44

Centrepoint Soho Financial Statements 2020-21

WHO WE SUPPORT

23%

of Centrepoint residents have slept rough

39%

of Centrepoint residents are care leavers

----- Start of picture text -----
8%
----- End of picture text -----

of Centrepoint residents are aged 16 or 17

of Centrepoint residents identify as male, 41% as female, 59% and 1% identify as transgender

57%

of Centrepoint residents are BAME

6% of Centrepoint residents are refugees (with Refugee Status only)

12% of Centrepoint residents have a disability

OUR COMMITMENT

We are committed to providing excellent service to our customers. Our Customer Satisfaction Survey 2020 results suggest that we have an 88% overall customer satisfaction. We have provided quality service, but we know that there is always room for improvement. To find ways we can improve, we involve our Young People and the community we serve in our continuous improvement process.

We are dedicated to offering young people a caring and considerate environment. We want to reflect that same level of care and consideration internally for all our team members. Although we focus on equality and respect for young people today, we want to extend that focus to create a similar experience for every team member at Centrepoint.

We want to build a resilient, caring and inclusive organisation where the way you develop your career, manage your work-life, receive recognition and get paid feels fair, consistent and transparent.

45

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

OUR PEOPLE

ENGAGEMENT

Empowering our people, and having all voices be heard, is of great importance to us. 64% of our employees felt that they could share their opinions, views and influence our future. 81% of employees felt that they receive appropriate recognition when they do good work. 62% of employees believed that all staff members have an equal opportunity to succeed at Centrepoint, with 82% reporting that their role is as they expected it to be, which tells us that we are on our way to becoming a fairer and more transparent organisation. Our last Employee Survey, reviewing April 2020-March 2021, found that 88% of employees gave a positive result (5 or above) and are likely to recommend Centrepoint to a friend or colleague.

on a scale from 0-10, how likely are you to recommend centrepoint to a friend or colleage?

----- Start of picture text -----
20%
15%
10%
5%
0%
0 1 2 3 4 5 6 7 8 9 10
----- End of picture text -----

Graph 1: 88% of employees gave a positive result (5 or above) and are likely to recommend Centrepoint to a friend or colleague.

Centrepoint’s Benefits

Staff have access to a wide range of benefits, detailed below:

Annual leave

All employees start with 25 days annual leave. This increases by a day with each full year of service to a maximum of 27 days. The annual leave year runs from 1 April until 31 March the following year. Employees are entitled to carry over up to five days of leave from one year to the next at the discretion of their managers.

Cycle to work scheme

We offer a bike loan scheme for staff who wish to purchase a bicycle.

Employee assistance programme (EAP)

Our EAP provider is Workplace Options. They provide practical information, resources, and counselling to help staff balance their work, family, and personal lives.

Osteopathy discount for staff

We are signed up to a community partnership with the British School of Osteopathy. This enables all staff and volunteers at Centrepoint to book osteopathy appointments.

46

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

Payroll Giving

We offer all employees access to a payroll giving scheme via the Charities Aid Foundation (CAF), allowing them to support any charity of their choice.

encourage staff to refer their friends to our vacancies. The employee refers their friend to apply for a vacancy, and if their friend is successful following the interview and passes their 6-month probation, the employee receives £150.

and Support has increased from 4.43% (2019-20) to 7.36% (2020-21). However, 4.12% of this was COVID-19 related sickness (2020-21); if we remove COVID-19 related sickness, sickness absence is 3.24%, lower than last year.

Pension

We want our employees to make the most of the pension we offer them. Created in conjunction with our financial advisers, Secondsight, it’s packed with videos, downloads and useful links. It can be used to enhance the economic wellbeing of our employees as it covers:

Perkz

Perkz is an online discount scheme open to all staff in Centrepoint. It provides discounts to over 80 leading retailers. Discounts can be accessed by visiting the Perkz website.

Refer a Friend

The HR team are launching a new staff benefit to

Travel Loan

We offer a travel loan to those using trains/buses to travel to and from work. We pay the gross amount upfront and deduct manageable amounts from wages for the year to reclaim the money.

Wellbeing

The mental, emotional, social, financial and physical wellbeing of our employees is essential to us, as we believe that happy, well and engaged people are a force for good, not only for us as an employer providing meaningful work, but for our young people and into the broader community.

For example, in our last Employee Survey reviewing April 2020-March 2021, we found that 90% of our employees feel supported in their wellbeing by their line manager, 66% think that it is safe to speak up and challenge the way things are done at Centrepoint and 85% of employees feel that Centrepoint is dedicated to diversity and inclusion.

Other indicators of our employee wellbeing are that 42% of staff have registered for the Employee Assistance Programme, and 43% are active users. 93% of cases were for EAP counselling cases, and 7% were for work-life cases. Usage is 6% lower than last year.

The overall sickness absence in London Housing

Mental health-related sickness, classified as anxiety, depression, low mood and stress-related absence, has decreased from 7.68% (2019-20) to 2.89% (2020-21). The more work we do around wellbeing, inclusion, culture, leadership and management capability, the more we foresee people taking time off that they need, as it is not just acceptable to do so but actively encouraged.

Psychologically Informed Environment (PIE)

We have endeavoured to make Centrepoint a Psychologically informed Environment (PIE). We do this as we believe that it is our responsibility to do so and because it is the right thing to do. Our objectives are to:

47

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

We offer all staff in the organisation a specific one-off PIE Training session and the opportunity to continue to build PIE skills and knowledge through the further development of the existing Centrepoint Training Programme.

The staff has been offered monthly Reflective Practice (RP) from Centrepoint’s appointed Clinical psychologist(s) adjunct to existing team meetings to embed PIE learning and provide opportunities to develop their reflective practitioner abilities in the longer term.

When we review ongoing property maintenance, we ensure that any building or maintenance projects are PIE informed and adhere to PIE physical environment principles. In addition, staff and young people ‘coproduce’ suggested changes to the physical environment of our services via an ideas application process that utilises both existing PIE funds and potential future fundraising opportunities.

We will evaluate PIE in conjunction with the University of Southampton, considering objective and subjective outcome measures from staff and young people. Data is collected via surveys over baseline, 1, 3 and 5 year follow up periods.

48

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

FUTURE PEOPLE PLANS

As a result of the Employee Opinion Survey, we are building an employee-informed and driven ‘people’ focused culture through important work related to our People Strategy, which will be delivered through 2021-23. This will comprise of six pillars, including a new performance capability framework, leadership programmes for all employees, a range of activities related to employee wellbeing and inclusion, as well as improvements to processes making them more fair and transparent for all of our employees.

THE SIX PILLARS OF PEOPLE STRATEGY

THE SIX
PILLARS OF
PEOPLE
STRATEGY		 THE SIX
PILLARS OF
PEOPLE
STRATEGY		 THE SIX
PILLARS OF
PEOPLE
STRATEGY
Manager
Capability:
We are investng in our
current and future
managers to feel
empowered to make
decisions and have the
right tools and resources
at their fngertps.
1		 Future proofng
the organisation:
Operatonal discipline
around proactve resource
planning to ensure we can
efectvely deliver. A
culture of learning and
growth supported by
refectve practce, use of
insights and evidence and
performance development.
6

49

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

ACHIEVEMENTS SO FAR

Over the last year, we have started implementing wellbeing, engagement, and people initiatives to improve our employees’ experience working within Centrepoint. As a result, we have seen some exciting achievements:

The impact of the People Strategy and its effect on our people, their wellbeing, engagement and experience within Centrepoint will be reviewed over the next year and continue to be examined into future years by speaking to our people, collecting survey data and looking at corresponding business metrics.

50

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

STATEMENT OF TRUSTEES’ RESPONSIBILITES

The trustees (who are also directors of Centrepoint for the purposes of company law) are responsible for preparing the strategic report, annual report and financial statements in accordance with applicable law and regulations.

Company law and social housing legislation require the trustees to prepare financial statements for each financial year in accordance with the 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 an accurate and fair view of the state of affairs of the group and charity and of net income or net expenditure of the group and charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the group and charity’s transactions and disclose, with reasonable accuracy and at any time, the financial position of the group and charity and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2015. They are also responsible for safeguarding the assets of the charity and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for ensuring that the trustees’ report is prepared in accordance with the Statement of Recommended Practice: Accounting by registered social housing providers 2018.

Financial statements are published on the group’s website in accordance with the legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the group’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

51

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

EMPLOYMENT

At all levels, we are committed to the elimination of all forms of discrimination. We promote equality and fulfil our duties as a registered provider and charity, particularly concerning equality and diversity legislation.

Centrepoint is an equal opportunities employer. All recruitment and selection decisions will be based on the relevant skills, knowledge and experience. At all stages of the process, it is essential to avoid judgements based on protected characteristics or other irrelevant factors. Selection for all roles must be based on merit, against objective criteria that avoid discrimination. Our policy and practices reflect all relevant UK legislation, ensuring that we continue to comply with future legislative changes. This policy promotes and supports good practice for those responsible for recruitment, applying fair and consistent procedures that are non-discriminatory and avoiding unconscious bias. We are a Disability Confident Employer (registered with the Disability Confident scheme). We are fully committed to supporting people with disabilities to work with us, including providing equal employment, training and promotion. Our policy includes making reasonable adjustments and the support required and providing development and training initiatives that ensure that all employees and volunteers are safe and effective in their roles so that they can maximise their contribution to the business and their ongoing personal development in relation to the position they are employed to deliver.

Staff also have direct access to the senior executive team regularly. These visits allow both staff and the team to share information and seek views on all issues. They complement other forms of internal communication, including On Point (our internal staff newsletter), and provide staff with an opportunity to consult on issues of direct relevance to them.

In 2020, Centrepoint launched its new People Strategy. A key pillar is a renewed commitment to creating a workplace in which wellbeing and inclusion are paramount. Our inclusion strategy will build on the positive steps Centrepoint has already put in place to ensure a diverse and inclusive working environment for all.

52

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

DISCLOSURE OF INFORMATION TO AUDITORS

In so far as the Trustees are aware:

Further information about getting help, the issue of youth homelessness, the solution and getting involved can be found on our website www.centrepoint.org.uk.

The Trustees’ Report, prepared under the Charities Act 2011, which also contains all information required in a Trustees’ Report by the Companies Act 2006, and the incorporated Strategic Report, prepared under the Companies Act 2006, were approved by the Board, as Trustees and Directors, on 4 August 2021 and signed on its behalf by:

Symon Elliott, Seyi Obakin, Chair Secretary

53

Trustees’ report

Centrepoint Soho Financial Statements 2020-21

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF CENTREPOINT SOHO

54

Independent auditors report

Centrepoint Soho Financial Statements 2020-21

OPINION ON THE FINANCIAL STATEMENTS

In our opinion, the financial statements:

We have audited the financial statements of Centrepoint Soho (the company) and its subsidiaries (the Group ) for the year ended 31 March 2021, which comprise the consolidated statement of financial activities (incorporating an income and expenditure account), the consolidated and company statement of financial position, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and Parent Company according to the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

CONCLUSIONS RELATED TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in preparing the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Company’s ability to continue as a going concern for at least twelve months from when the financial statements are authorised for issue.

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

55

Independent auditors report

Centrepoint Soho Financial Statements 2020-21

OTHER INFORMATION

The Trustees are responsible for the other information. Other information comprises the information included in the Trustees’ Report (incorporating the strategic report), other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the additional information. We do not express any form of assurance conclusion after. Our responsibility is to read the other information and, in doing so, consider whether the additional information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If we conclude that there is a material misstatement of this other information based on the work we have performed, we must report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give an accurate and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concerns and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Company or to cease operations or have no realistic alternative but to do so.

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the audit, we have not identified material misstatements in the Trustees’ Report (incorporating the strategic report).

56

Independent auditors report

Centrepoint Soho Financial Statements 2020-21

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect there under.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance. Still, it is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial statements.

The extent to which the audit was capable of detecting irregularities, including fraud are instances of non-compliance with laws and regulations. Accordingly, we design procedures in line with our responsibilities outlined above to detect material misstatements regarding irregularities, including fraud. The extent to which our operations are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to their registration with the Regulator of Social Housing, the Charities Commission and Companies House, and we considered the extent to which non-compliance might have a material effect on the Financial Statements or their continued operation. We also considered those laws and regulations that directly impact the financial statements, such as compliance with tax legislation.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting

57

Independent auditors report

Centrepoint Soho Financial Statements 2020-21

inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to the enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

The audit procedures to address the risks identified included:

Nevertheless, there are inherent limitations in the audit procedures performed. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the company members, as a body, in accordance with the Housing and Regeneration Act 2008 and Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken to state to the Association’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the members as a body for our audit work, this report, or the opinions we have formed.

Laurence Elliott, Senior Statutory Auditor

For and on behalf of BDO LLP, statutory auditor 2 City Place Beehive Ring Road Gatwick RH6 0PA

30 September 2021

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collaboration.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

58

Independent auditors report

Centrepoint Soho Financial Statements 2020-21

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note Unrestricted Unrestricted Restricted & Total Total
General Designated Endowment 2021 2020
£’000 £’000 £’000 £’000 £’000
Income from
Donatons & legacies 2a 23,832 – 2,626 26,458 23,448
Charitable actvites 2b 16,675 192 54 16,921 16,359
Investment income 16 – – 16 48
Proft on sale of fxed assets – – – – 4,218
Other 2c 590 – 37 627 306
Total income 4 41,113 192 2,717 44,022 44,379
Expenditure on
Raisingdonatons & legacies 2d 9,807 38 578 10,423 10,626
Raising Funds 9,807 38 578 10,423 10,626
Net income for charitable applicaton 31,306 154 2,139 33,599 33,753
Expenditure on charitable actvites
Collaboraton 226 3 2 231 156
Engagement 376 28 197 601 999
Health 656 20 687 1,363 1,220
Housing& lifeskills 20,014 1,261 416 21,691 21,589
Policy& infuence 253 6 7 266 355
Preventon 1,029 24 286 1,339 1,829
Skills & employment 1,638 80 295 2,013 2,116
Total charitable expenditure 2d 24,192 1,422 1,890 27,504 28,264
Net income/(defcit) 7,114 (1,268) 249 6,095 5,489
Transfers 13 (6,204) 6,347 (143) – –
Net movements in funds 910 5,079 106 6,095 5,489
Reserves brought forward 3,512 19,265 3,824 26,601 21,112
Reserves carried forward 13 4,422 24,344 3,930 32,696 26,601

All of the above results relate to continuing activities. These financial statements were approved and authorised for issue by the Board of Trustees on 4 August 2021 and signed on their behalf by:

Symon Elliott, Chair Robert Kerse, Treasurer

Consolidated statement of financial activities

59

Centrepoint Soho Financial Statements 2020-21

CONSOLIDATED AND PARENT STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021 COMPANY REGISTRATION NUMBER 01929421

Note 2021 2021 2020 2020
£’000 £’000 £’000 £’000
Company Group Company Group
Fixed assets
Intangible assets andgoodwill 8a 261 261 344 344
Housing propertes 8b 26,619 26,619 26,641 26,641
Depreciaton and impairment on housing propertes 8b (4,538) (4,538) (4,485) (4,485)
Net housing propertes 22,081 22,081 22,156 22,156
Other tangible fxed assets 8b 2,096 2,096 2,174 2,174
Investments 12 24 – 24 –
24,462 24,438 24,698 24,674
Current assets
Debtors 9 4,732 4,713 3,655 3,638
Cash deposits 3,202 3,202 3,202 3,202
Cash at bank and in hand 19,149 19,185 13,019 13,060
27,083 27,100 19,876 19,900
Creditors: amounts fallingdue within oneyear 10 (5,703) (5,703) (4,617) (4,617)
Net current assets 21,380 21,397 15,259 15,283
Total assets less current liabilites 45,842 45,835 39,957 39,957
Creditors: amounts fallingdue afer oneyear 11 (13,139) (13,139) (13,356) (13,356)
Net assets 32,703 32,696 26,601 26,601
Reserves
Restricted reserves
Permanent endowment fund 13 172 172 172 172
Restricted reserves 13 3,758 3,758 3,652 3,652
Total restricted reserves 3,930 3,930 3,824 3,824
Unrestricted reserves
Designated 13 24,344 24,344 19,265 19,265
General 13 4,429 4,422 3,512 3,512
Total unrestricted reserves 28,773 28,766 22,777 22,777
Total reserves 32,703 32,696 26,601 26,601

These financial statements were approved and authorised for issue by the Board of Trustees on 4 August 2021 and signed on their behalf by:

Symon Elliott, Chair Robert Kerse, Treasurer

Consolidated and parent statement of financial position

60

Centrepoint Soho Financial Statements 2020-21

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2021

Note 2021 2021 2020 2020
£’000 £’000 £’000 £’000
Net cash generated by operatons 18 7,324 1,758
Interest 16 48
Capital expenditure (1,010) (1,212)
Proceeds from sale of tangible fxed assets 309 4,953
Purchase of intangible fxed assets (87) (193)
Social housing grants and otherpublicgrants received (427) (387)
Cash(used in)/generated byinvestngactvites (1,199) 3,209
Increase in cash and cash equivalents 6,125 4,967
Cash and cash equivalents at the beginning of the year 19 16,262 11,295
Cash and cash equivalents at the end of theyear 19 22,387 16,262

Consolidated cash flow statement

61

Centrepoint Soho Financial Statements 2020-21

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered to be material in relation to the financial statements of Centrepoint.

advantage of section 408 of the Companies Act 2006 and has not included its own SOFA (Profit and Loss Account) in these financial statements. As a result, the parent company’s surplus for the year was £6.1m million (2020 £5.5 million).

a. Basis of accounting

The financial statements have been prepared under the historical cost convention. In accordance with UK General Accepted Accounting Practice (FRS102), the Statement of Recommended Practice Accounting for Registered Social Housing Providers 2018 (Housing SORP), the Accounting Direction for Private Registered Providers of Social Housing 2019 and Accounting and Reporting by Charities: Statement of Recommended Practice 2019 (Charities SORP). Centrepoint is a public benefit entity.

Centrepoint is both a registered charity and a registered social landlord and sees these areas represented significantly in its activities. In particular, it receives a large amount of charitable income and incurs expenditure to do this. As a leading UK charity, the Trustees have prepared these financial statements to comply with applicable accounting standards and reflect its purpose.

The financial statements are presented in Sterling (£) and rounded to the nearest whole £1,000, except where otherwise indicated.

The Board reviewed Centrepoint’s forecasts for 31 August 2023 and the long term financial plan for the five year period to 31 March 2026. It was assured that these plans were affordable and that the financial statements should be prepared on a going concern basis.

However, the impact of the COVID-19 outbreak and its economic effect has meant that the senior executive team (SET) and Board have reviewed financial plans for the next 12 months and the long-term financial plan to ensure Centrepoint can remain a going concern. Centrepoint has modelled several scenarios based on current estimates of donations. The Board will continue to review plans with SET to make the necessary changes to continue to work with our stakeholders to deliver exceptional services in a friendly, solution-focused way.

To ensure compliance with the Housing SORP, in addition to the inclusion of a Statement of Financial Activities, a separate Statement of Comprehensive Income and Statement of Changes in Funds have been presented in notes 24 and 25. Furthermore, the Statement of Financial Activities and related notes have been configured to separate the performance of housing and non-housing activities.

Centrepoint is a company incorporated in England and Wales and has taken

The length of the COVID-19 outbreak and the measures taken by the Government to contain this are not known and are outside of our control. Still, we have put processes in place to manage the cash flow regularly and review financial stability as matters progress.

Based on forecasts, given the strength of the statement of financial position and availability and liquidity of cash and deposits, the Board are assured that,

Notes to the financial statements

62

Centrepoint Soho Financial Statements 2020-21

1. ACCOUNTING POLICIES CONTINUED

while uncertainty exists, this does not pose a material uncertainty that would cast doubt on Centrepoint’s ability to continue as a going concern. The Board, therefore, consider it appropriate for the financial statements to be prepared on a going concern basis.

b. Income

Income is generally recognised on a receivable basis and is reported gross of related expenditure, where the amount is probable and when there is a reasonable probability of receipt. The specific bases used are as follows:

costs the grant income was provided to support. An analysis of the income received is shown in note 2.

c. Basis of consolidation

d. Adoption of FRS 102

Notes to the financial statements

63

Centrepoint Soho Financial Statements 2020-21

1. ACCOUNTING POLICIES CONTINUED

e. Expenditure

Expenditure is recognised when it is incurred and is reported gross of related income on the following bases:

Support costs represent centrally incurred costs, principally relating to Finance, Information and Communication Technology, Human Resources, Compliance, Information and Management, which cannot be attributed to specific activities but provide the organisational infrastructure that enables those activities to take place. Support costs are allocated per capita based on the number of people employed within an activity.

f. Fund accounting

g. VAT

All income and expenditure are shown exclusive of VAT. However, any irrecoverable VAT is included as part of the general expenditure.

h. Taxation

Centrepoint is a registered charity and is, therefore, exempt from taxation of income and gains falling within Sections 478-488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent these are charitably applied. Accordingly, no tax charge has arisen in the year.

i. Operating leases

Payments made under operating leases are charged to the statement of financial activities as incurred.

j. Fixed asset investments

Fixed asset investments comprise investments in subsidiary undertakings and are recorded at cost less provision for any impairment.

k. Intangible fixed assets

Intangible fixed assets include software licences and are capitalised and writtenoff evenly over the duration of the licence.

Goodwill is capitalised and written off evenly over ten years as in the opinion of the Trustees; this represents the period over which the goodwill is expected to give rise to economic benefits.

l. Tangible fixed assets – housing properties

Housing properties are properties for the provision of social housing and are principally properties available for rent.

Notes to the financial statements

64

Centrepoint Soho Financial Statements 2020-21

1. ACCOUNTING POLICIES CONTINUED

Hostel and housing properties are stated at cost less provision for any impairment in value. As a result of the introduction of component accounting in the RSL SORP 2018, components of properties are recorded at cost and depreciated over their estimated useful life.

The components of housing property and their estimated useful lives are:

Component Estmated useful
life in years
Land Not depreciated
Structure 100
Kitchens 15
Bathrooms 15
Central heatngsystems 30
Boilers 10
Lifs 30
Roofs 60
Windows 30
Doors 20
Electrical wiring 30

Leasehold properties are stated at cost and depreciated evenly over the length of the lease, or useful life, if shorter.

Other fixed assets are stated at cost and depreciated on a straight-line basis, as follows:


as follows:
Asset Estmated useful
life in years
Vehicles 5
Equipment 3
Furniture 4

m. Capitalisation of development overheads

Directly attributable development administration costs are capitalised. These include the staffing costs of employees arising from the acquisition or construction of the property and the incremental costs that would have been avoided if the property had not been acquired or constructed.

n. Impairments of fixed assets

An assessment is made at each reporting date, at the scheme level, of whether there are indications that a fixed asset (including housing properties) may be impaired or that an impairment loss previously recognised has fully or partially been reversed. If such indications exist, Centrepoint estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use of the asset based on its service potential, are recognised as impairment losses in the SOFA.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in income and expenditure. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

Notes to the financial statements

65

Centrepoint Soho Financial Statements 2020-21

1. ACCOUNTING POLICIES CONTINUED

o. Cyclical maintenance

Cyclical maintenance is carried out as required and charged to the SOFA in the year it is carried out.

p. Managed properties

All income and expenditure incurred by Centrepoint relating to services where the properties are owned by partner associations and managed by Centrepoint have been accounted for in these financial statements.

housing properties are recognised in income over the useful economic life of the asset structure and, where applicable, the individual components of the structure (excluding land) under the accruals model.

Government grants relating to revenue are recognised as income over the periods when the related costs are incurred once reasonable assurance has been gained that Centrepoint will comply with the conditions and the funds will be received.

t. Financial instruments

q. Pension costs

Centrepoint has a defined contribution pension scheme. Accordingly, the amount charged to the SOFA regarding pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of financial position.

r. Current asset investments

Cash deposits

This includes cash on deposit and cash equivalents with a maturity of less than one year held for investment purposes rather than to meet short-term cash commitments as they fall due.

Cash at bank and in hand

This is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments.

s. Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the donations will be accepted. Government grants received for

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when Centrepoint becomes a party to the contractual provisions of the instrument and are offset only when Centrepoint currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

u. Employee benefits

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when Centrepoint is demonstrably committed to terminate an employee’s employment or to provide termination benefits.

v. Critical accounting estimates, assumptions and areas of judgement

The key assumptions relate to the valuable lives of social housing assets and components included in note 1(l) and note 8 (b) and the bad debt provision, set out in note 9, under tangible fixed assets and debtors. We undertake impairment reviews across our supported housing portfolio at each reporting date to ascertain whether an indicator of impairment exists. If such an indicator

Notes to the financial statements

66

Centrepoint Soho Financial Statements 2020-21

1. ACCOUNTING POLICIES CONTINUED

exists, we carry out an impairment assessment and estimate the asset’s recoverable amount or cash-generating unit (CGU). The carrying amount is compared to the recoverable amount to determine any impairment loss.

Critical judgements that Centrepoint has made which have a significant impact on the accounts include legacy income (see (b)(1) above and note two below). The trustees do not consider any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Notes to the financial statements

67

Centrepoint Soho Financial Statements 2020-21

2. ANALYSIS OF INCOME

a. Analysis of donations and legacies

a. Analysis of donatons and legacies
2021 2020
£’000 £’000
Individualgiving 16,860 12,739
Legacyand in memoriam 1,004 1,172
Corporate donatons(includingRegional and EYH) 5,421 5,882
Statutoryand trust donatons 1,473 796
Major donors 1,038 581
Other donatons andgifs 662 2,278
26,458 23,448

b. Analysis of income from charitable activities

Other
Rent and Supported grants and
charges housing grant contracts Total
£’000 £’000 £’000 £’000
2021
Collaboraton – – – –
Health – – – –
Housing& lifeskills 7,332 8,415 379 16,126
Preventon – – 545 545
Skills & employment – – 250 250
Total 7,332 8,415 1,174 16,921
2020
Collaboraton – – – –
Health – – 36 36
Housing& lifeskills 6,572 8,202 265 15,039
Preventon – – 915 915
Skills & employment – – 369 369
Total 6,572 8,202 1,585 16,359

c. Analysis of other income

c. Analysis of other income
2021 2020
£’000 £’000
Surplus on disposal of fxed assets – 4,218
Other income 161 306
Coronavirusjob retenton scheme 466 –
627 4,524

d. Analysis of expenditure

Staf Other direct Support Total
costs costs costs
£’000 £’000 £’000 £’000
2021
Charitable expenditure
Collaboraton 90 105 36 231
Engagement 389 141 71 601
Health 1,002 177 184 1,363
Housing& lifeskills 11,495 8,067 2,129 21,691
Policy& infuence 107 62 97 266
Preventon 802 232 305 1,339
Skills & employment 1,191 461 361 2,013
Total direct charitable expenditure 15,076 9,245 3,183 27,504
Raisingdonatons & legacies 2,727 7,232 464 10,423
Total expenditure 17,803 16,477 3,647 37,927
2020
Charitable expenditure
Collaboraton 86 37 33 156
Engagement 476 457 66 999
Health 859 195 166 1,220
Housing& lifeskills 9,987 9,617 1,985 21,589
Policy& infuence 131 135 89 355
Preventon 1,071 473 285 1,829
Skills & employment 1,230 546 340 2,116
Total direct charitable expenditure 13,840 11,460 2,964 28,264
Raisingdonatons & legacies 2,587 7,610 429 10,626
Total expenditure 16,427 19,070 3,393 38,890

Notes to the financial statements

68

Centrepoint Soho Financial Statements 2020-21

3. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Governance costs are included within the support costs above.

Human
Finance ICT Resources Management Governance Total
£’000 £’000 £’000 £’000 £’000 £’000
2021
Collaboraton 12 13 4 3 4 36
Engagement 22 26 9 6 8 71
Health 62 70 25 15 12 184
Housing& lifeskills 748 803 282 179 117 2,129
Policy& infuence 36 37 13 8 3 97
Preventon 108 116 40 26 15 305
Raisingfunds 171 177 62 39 15 464
Skills & employment 127 137 47 31 19 361
Total 1,286 1,379 482 307 193 3,647
2020
Collaboraton 11 12 5 3 2 33
Engagement 21 24 9 7 4 65
Health 55 63 24 18 7 167
Housing& lifeskills 628 735 275 205 142 1,985
Policy& infuence 30 34 13 10 2 89
Preventon 94 107 40 30 15 286
Raisingfunds 141 161 60 45 22 429
Skills & employment 111 127 47 35 20 340
Total 1,091 1,263 473 353 214 3,394

Notes to the financial statements

69

Centrepoint Soho Financial Statements 2020-21

4. PARTICULARS OF TURNOVER AND SOCIAL HOUSING ACTIVITIES

2021 2021 2021 2020 2020 2020
Turnover Operatng cost Surplus / (defcit) Turnover Operatng cost Surplus / (defcit)
Group £’000 £’000 £’000 £’000 £’000 £’000
Social housing letngs
Gross rental income 7,332 (9,781) (2,449) 6,572 (9,232) (2,660)
Supported housing grant 8,415 (11,226) (2,811) 8,202 (11,777) (3,575)
Other grants and contracts 379 (506) (127) 265 (372) (107)
16,126 (21,513) (5,387) 15,039 (21,381) (6,342)
Non-Social housing actvites
Collaboraton
Engagement		 –
–		 (231)
(601)		 (231)
(601)		 –
–		 (156)
(999)		 (156)
(999)
Health – (1,363) (1,363) 36 (1,220) (1,184)
Lifeskills – (178) (178) – (208) (208)
Policy & infuence
Preventon		 –
545		 (266)
(1,339)		 (266)
(794)		 –
915		 (355)
(1,829)		 (355)
(914)
Raising funds 26,458 (10,423) 16,035 23,448 (10,626) 12,822
Skills & employment 250 (2,013) (1,763) 369 (2,116) (1,747)
Other 627 – 627 4,524 – 4,524
Investment income 16 – 16 48 – 48
44,022 (37,927) 6,095 44,379 (38,890) 5,489
2021 2020
£’000 £’000
Social housing income
Rental income net of identfable service charges
Service charges		 5,235
2,831		 4,134
3,163
Gross rental income 8,066 7,297
Rental losses from voids (734) (725)
7,332 6,572
Statutory grants 8,794 8,467
16,126 15,039
Social housing expenditure
Services 20,758 20,431
Management 116 142
Routne maintenance
Planned maintenance		 627
59		 451
13
Bad debts 158 89
Impairment
Operatng cost on social housing letngs
Operatng defcit on social housing letngs		 (205)
21,513
(5,387)		 255
21,381
(6,342)

Notes to the financial statements

70

Centrepoint Soho Financial Statements 2020-21

5. GRANTS AND CONTRACTS

5. GRANTS AND CONTRACTS
2021 2020
£’000 £’000
Supported housing grant 8,415 8,202
Skills and employment contracts 250 369
Other 924 1,215
9,589 9,786

6. EMPLOYEE INFORMATION

a. Staff numbers

The average full-time equivalent number of persons (including executives) employed and calculated per week during the year was:

2021 2020
Group Number Number
Collaboraton 3 4
Engagement 6 13
Health 23 22
Housing& lifeskills 296 260
Policy& infuence 6 6
Preventon 20 24
Raisingdonatons and legacies 51 48
Skills & employment 39 40
Business support 68 61
512 478

The average number of persons (including executives) employed during the year was:


year was:
2021 2020
Group Number Number
Collaboraton 3 4
Engagement 6 13
Health 25 25
Housing& lifeskills 372 279
Policy& infuence 8 6
Preventon 20 27
Raisingdonatons and legacies 55 52
Skills & employment 42 42
Business support 74 64
605 512

b. Staff costs

b. Staf costs
2021 2020
Group £’000 £’000
Wages and salaries 16,720 15,108
Social securitycosts 1,591 1,422
Pension costs 615 599
Redundancycosts 110 82
19,036 17,211
Agencystaf & concierge 1,892 2,215
20,928 19,426

Notes to the financial statements

71

Centrepoint Soho Financial Statements 2020-21

6. EMPLOYEE INFORMATION (CONTINUED)

c. Emoluments of directors and employees

The number of employees, including the Chief Executive, whose emoluments as defined for taxation purposes exceeded £60,000 was as follows:

2021 2020
Number Number
£60,001 - £70,000 12 6
£70,001 - £80,000 3 3
£80,001 - £90,000 2 3
£90,001 - £100,000 2 –
£100,001 - £110,000 – 1
£120,001 - £130,000 – 1
£140,001 - £150,000
£150,001 - £160,000		 1
–		 –
1

7. SURPLUS FOR THE YEAR

The surplus for the year is stated after charging:

Audit fee(gross) 2021
£’000
50		 2020
£’000
50
Depreciaton 761 872
Impairment (205) 255
Operatngleases - ofce equipment 30 121
Operatngleases - other 675 662
Amortsaton of intangible assets 170 135
Net(loss)/proft on disposal of fxed assets (283) 2,919
Foreign change(loss)/gain (38) 18

8. FIXED ASSETS

a. Intangible fixed assets

a. Intangible fxed assets
IT Sofware Goodwill Total
Group and company £’000 £’000 £’000
Cost
At 1 April 2020 875 81 956
Additon of assets 87 – 87
At 31 March 2021 962 81 1,043
Amortsaton and impairment
At 1 April 2020		 (576) (36) (612)
Amortsaton (125) (45) (170)
At 31 March 2021 (701) (81) (782)
Carrying amount
At 31 March 2021 261 – 261
At 31 March 2020 299 45 344

Notes to the financial statements

72

Centrepoint Soho Financial Statements 2020-21

8. FIXED ASSETS (CONTINUED)

b. Tangible fixed assets

b. Tangible fxed assets
Group and company Hostels & housing propertes for letng
Freehold
£’000
Long leasehold
£’000
Short leasehold
£’000		 Assets under course
of constructon
£’000
Total
£’000
Other
propertes
£’000
Vehicles equipment
& furniture
£’000
Total
£’000
Cost
At 1 April 2020
 7,923
16,125
2,339		 254
26,641
2,410
2,405
31,456
Additons 47
106
–		 542
695
–
315
1,010
Transfers 170
3
–		 (175)
(2)
–
2
–
Disposals (95)
(544)
(76)		 –
(715)
–
(12)
(727)
At 31 March 2021 8,045
15,690
2,263		 621
26,619
2,410
2,710
31,739
Depreciaton and impairment
At 1 April 2020 (1,398)
(1,987)
(1,100)		 –
(4,485)
(862)
(1,779)
(7,126)
Charge for year (65)
(219)
(91)		 –
(375)
(52)
(334)
(761)
Disposals 4
57
56		 –
117
–
3
120
Reversal of past impairment –
205
–		 –
205
–
–
205
At 31 March 2021 (1,459)
(1,944)
(1,135)		 –
(4,538)
(914)
(2,110)
(7,562)
Net book value
At 31 March 2021 6,586
13,746
1,128		 621
22,081
1,496
600
24,177
At 31 March 2020 6,525
14,138
1,239		 254
22,156
1,548
626
24,330

Included above for the year is £205,000 in relation to the reversal of a past impairment of hostels and housing properties for letting.

Notes to the financial statements

73

Centrepoint Soho Financial Statements 2020-21

9. DEBTORS

9. DEBTORS
2021 2020
Group £’000 £’000
Residents occupancy 1,350 1,193
Lessprovision for bad debts (995) (950)
355 243
Accrued income 2,303 1,625
Trade debtors 1,673 1,396
Other debtors 17 24
Prepayments 365 350
4,713 3,638

Included in the above financial assets are financial instruments measured at amortised cost of £4.2m (2020: £2.9m).

Centrepoint has been notified of further legacies amounting to £495,000 (2020: £65,000), which have not been recognised as income at 31 March 2021 because the conditions of the accounting policy for legacies have not been met.

When these conditions are met, these amounts will be included in future years.

2021 2020
Company
Residents occupancy
Lessprovision for bad debts		 £’000
1,350
(995)		 £’000
1,193
(950)
355 243
Accrued income 2,303 1,625
Trade debtors 1,673 1,396
CP TradingLimited 3 2
The American Friends of Centrepoint 16 15
Other debtors 17 24
Prepayments 365 350
4,732 3,655

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021 2020
Group £’000 £’000
Trade creditors 831 1,149
Other taxes and social securitycosts 391 374
Accruals and deferred income 2,659 1,317
Deferred capitalgrants 178 183
Recycled capitalgrants 64 448
Other creditors 1,580 1,146
5,703 4,617

The above includes outstanding pension contributions of £98k (2020: £100k).

Included in above financial liabilities are financial instruments measured at amortised cost of £5.1m (2020: £4.1m).


amortsed cost of £5.1m (2020: £4.1m).
2021 2020
Company £’000 £’000
Trade creditors 831 1,149
Other taxes and social securitycosts 391 374
Accruals and deferred income 2,659 1,317
Deferred capitalgrants 178 183
Recycled capitalgrants 64 448
Other creditors 1,580 1,146
5,703 4,617

The above includes outstanding pension contributions of £98k (2020: £100k).

Recycled Capital Grant Fund 2021 2020
Group and Company £’000 £’000
As at 1 April 1,475 954
Capitalgrant released on sale 391 963
Recycledgrant repaid (448) (442)
As at 31 March 1,418 1,475
Due within oneyear 64 448
Due afer more than oneyear 1,354 1,027
1,418 1,475

The amount of the recycled capital grant fund which is over three years old and repayable is £63,000 (2019-20 £448,000).

Notes to the financial statements

74

Centrepoint Soho Financial Statements 2020-21

11. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

2021 2020
Group and Company £’000 £’000
Deferred Capital Social HousingGrantgreater than oneyear 11,785 12,329
Recycled Social HousingGrantgreater than oneyear 1,354 1,027
13,139 13,356

12.SUBSIDIARIES

Centrepoint had two wholly-owned subsidiary undertakings during 2020-21. CP Trading Limited is incorporated in England and Wales. The principal activity is the organisation of fundraising events and activities. The American Friends of Centrepoint is registered in the United States of America. Its principal activity is to fundraise on behalf of Centrepoint.

All subsidiaries are wholly owned by Centrepoint. Cost of investment in subsidiaries is £24k (2020: £24k).

The only material transactions between Centrepoint and its subsidiaries, which are not registered providers of social housing, are gift aid and are shown below.

a. CP Trading Limited b. The American Friends of Centrepoint

2021
£’000
2020
£’000
Income
–
2
Expenditure
(1)
(3)
Operatng loss
(1)
(1)
Retained loss
(1)
(1)
Assets
26
26
Liabilites
(3)
(2)
Funds
23
24		 2021
£’000
2020
£’000
Income
1
2
Expenditure
(7)
(6)
Operatng loss
(6)
(4)
Retained loss
(6)
(4)
Assets
10
15
Liabilites
(16)
(15)
Defcit
(6)
–

Notes to the financial statements

75

Centrepoint Soho Financial Statements 2020-21

13. STATEMENT OF FUNDS

Our designated funds represent

The following designations have been set up as part of the strategy to 2026.

Our restricted funds represent

Transfers between funds primarily represent fixed assets purchased from restricted funds where the acquisition of the fixed assets has discharged the restriction, and the assets are transferred to unrestricted funds. In addition, it represents new designated funds created by the Trustees. This relates to £6.55 million to fund aspects of the new strategy to end youth homelessness in the year.

Notes to the financial statements

76

Centrepoint Soho Financial Statements 2020-21

13.STATEMENT OF FUNDS (CONTINUED)

13.STATEMENT OF FUNDS(CONTINUED)
1 April 2020 Income Expenditure Transfers 31 March 2021
£’000 £’000 £’000 £’000 £’000
Unrestricted reserves
Designated funds
Housing property 8,078 – – – 8,078
COVID-19 500 – (500) – –
Prevent – – – 750 750
Support – – – 3,150 3,150
Amplify – – – 750 750
Optmise – – – 1,554 1,554
Fixed assets 10,687 192 (960) 143 10,062
Total designated funds 19,265 192 (1,460) 6,347 24,344
General reserves 3,512 41,113 (33,999) (6,204) 4,422
Total unrestricted reserves 22,777 41,305 (35,459) 143 28,766
Restricted reserves
Collaboraton 19 21 (2) – 38
Engagement 176 121 (197) – 100
Health 544 513 (687) – 370
Housing& lifeskills 1,104 814 (416) (143) 1,359
Skills & employment 675 209 (295) – 589
Policy& infuence (2) 7 (7) – (2)
Preventon 77 270 (286) – 61
Raisingdonatons & legacies 1,059 762 (578) – 1,243
Total restricted charitable donatons andgrants 3,652 2,717 (2,468) (143) 3,758
Restricted endowment 172 – – – 172
Total restricted reserves 3,824 2,717 (2,468) (143) 3,930
Total funds 26,601 44,022 (37,927) – 32,696

Notes to the financial statements

77

Centrepoint Soho Financial Statements 2020-21

13.STATEMENT OF FUNDS (CONTINUED)

13.STATEMENT OF FUNDS(CONTINUED)
1 April 2019 Income Expenditure Transfers 31 March 2020
£’000 £’000 £’000 £’000 £’000
Unrestricted reserves
Designated funds
Housing property 2,974 4,218 – 886 8,078
COVID-19 – – – 500 500
50th Anniversary 90 – (90) – –
Fixedassets 12,000 – (1,262) (51) 10,687
Total designated funds 15,064 4,218 (1,352) 1335 19,265
General reserves 3,137 37,022 (35,637) (1,010) 3,512
Total unrestricted reserves 18,201 41,240 (36,989) 325 22,777
Restricted reserves
Collaboraton – 29 (10) – 19
Engagement 74 253 (151) – 176
Health 434 513 (403) – 544
Housing& lifeskills 583 953 (107) (325) 1,104
Skills & employment 467 243 (35) – 675
Policy& infuence – – (2) – (2)
Preventon 440 92 (455) – 77
Raisingdonatons & legacies 741 1,056 (738) – 1,059
Total restricted charitable donatons andgrants 2,739 3,139 (1,901) (325) 3,652
Restricted endowment 172 – – – 172
Total restricted reserves 2,911 3,139 (1,901) (325) 3,824
Total funds 21,112 44,379 (38,890) – 26,601

Included in the restricted raising donations and legacies noted above is End Youth Homelessness (EYH). EYH is a restricted fundraising campaign within Centrepoint that enables eleven youth homelessness organisations across the UK to form a national platform to generate voluntary income and share experiences. The financial outturn is noted opposite:

2021 2020
Group and company £’000 £’000
Donatons
Less cost of raisingdonatons		 1,232
(475)		 1,001
(488)
Net income for charitable applicaton 757 513
Distributed topartners’youth homelessness services (577) (299)
Distributed to Centrepoint’syouth homelessness services (90) (67)
Total distributed toyouth homelessness services (667) (366)
Net surplus 90 147
Funds brought forward 871 520
Transfer between funds – 204
Total funds 961 871

Notes to the financial statements

78

Centrepoint Soho Financial Statements 2020-21

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment Restricted Designated General 2021 Total
£’000 £’000 £’000 £’000 £’000
Fixed assets – – 24,438 – 24,438
Debtors – – – 4,713 4,713
Cash deposits 172 – 3,030 – 3,202
Cash at bank and in hand – 3,758 10,257 5,170 19,185
Creditors: amounts fallingdue within oneyear – – (242) (5,461) (5,703)
Creditors: amounts fallingdue afer oneyear – – 13,139 – (13,139)
172 3,758 24,344 4,422 32,696
Endowment Restricted Designated General 2020 Total
£’000 £’000 £’000 £’000 £’000
Fixed assets – – 24,674 – 24,674
Debtors – – – 3,638 3,638
Cash deposits 172 – 3,030 – 3,202
Cash at bank and in hand – 3,652 5,548 3,860 13,060
Creditors: amounts fallingdue within oneyear – – (631) (3,986) (4,617)
Creditors: amounts fallingdue afer oneyear – – (13,356) – (13,356)
172 3,652 19,265 3,512 26,601

15. FINANCIAL GUARANTEES AND CONTINGENT LIABILITIES

The total Social Housing Grant included in the Statement of Financial Position and SOFA, on 31 March 2021, is £14.1m (2020: £14.4m). These grants would require to be recognised as a liability if the properties funded were disposed of or ceased to be used for social housing purposes.

16. OPERATING LEASE COMMITMENTS

At 31 March, the future minimum operating lease payments are as follows:

2021 2021 2020 2020
Land &
buildings		 Ofce
equipment		 Land &
buildings		 Ofce
equipment
Group and company £’000 £’000 £’000 £’000
Within oneyear 356 24 476 24
Between one and fveyears 1,004 36 1,087 47
1,360 60 1,563 71

Notes to the financial statements

79

Centrepoint Soho Financial Statements 2020-21

17. ACCOMMODATION IN MANAGEMENT

As at As at
31 March
2020		 Additons Disposals Change
in tenure		 31 March
2021
Group and company Number Number Number Number Number
Owned or lease held by Centrepoint
Hostel bed spaces		 130 2 – 6 138
Other bed spaces 200
330		 –
2		 (10)
(10)		 –
6		 190
328
Owned by partner registered providers
Hostel bed spaces
Other bed spaces
Total Managed accommodaton		 312
161
473
803		 –
10
10
12		 –
–
–
(10)		 –
–
–
6		 312
171
483
811
Units managed by other
associatons
Total owned and managed		 18
821		 –
12		 –
(10)		 (6)
–		 12
823

18. RECONCILIATION OF NET INCOME TO NET CASH GENERATED BY OPERATIONS

2021 2020
Net income £’000
6,095		 £’000
5,489
Net loss/(gain)on disposal of fxed assets 298 (2,919)
Interest receivable (16) (48)
Depreciaton charges 761 871
Impairment charge (205) 255
Amortsaton of intangible assets 170 136
Amortsaton of social housing grant (179) (192)
Operatng cash fows before movement in working capital 6,924 3,592
Increase in debtors (1,075) (1,324)
Increase/(decrease)in creditors 1475 (510)
Cashgenerated by operatons 7,324 1,758

19. NET FUNDS

19. NET FUNDS
2021 2021 2020 2020
£’000 £’000 £’000 £’000
Company Group Company Group
Cash deposits 3,202 3,202 3,202 3,202
Cash at bank and in hand 19,149 19,185 13,019 13,060
Net Funds 22,351 22,387 16,221 16,262

20. COMPANY LIMITED BY GUARANTEE

Centrepoint is a company limited by guarantee. If, upon the winding-up or dissolution of the company, there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the company but shall be given or transferred to some other charitable institution or institutions having objects similar to the objects of the company. Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up, such amount as may be required not exceeding the sum of £1. There are currently 13 members (2020: 12).

21. CAPITAL COMMITMENTS

21. CAPITAL COMMITMENTS
2021 2020
Group and company £’000 £’000
Capital expenditure commitments - contracted but not provided for – –

Notes to the financial statements

80

Centrepoint Soho Financial Statements 2020-21

22. RELATED PARTY TRANSACTIONS

The following transactions are with 100% owned entities that Homes England does not regulate:

23. COMPARATIVE SOFA

23. COMPARATIVE SOFA
Note Unrestricted Unrestricted Restricted & Total
general designated endowment 2020
£’000 £’000 £’000 £’000
Income from
Donatons & legacies 2a 20,525 – 2,923 23,448
Charitable actvites 2b 16,189 – 170 16,359
Investment income 48 – – 48
Proft on sale of fxed assets – 4218 – 4,218
Other 2c 260 – 46 306
Total income 4 37,022 4,218 3,139 44,379
Expenditure on
Raisingdonatons & legacies 2d 9,826 62 738 10,626
Raising funds 9,826 62 738 10,626
Net income for charitable applicaton 27,196 4,156 2,401 33,753
Expenditure on charitable actvites
Collaboraton 146 – 10 156
Engagement 848 – 151 999
Health 817 – 403 1,220
Housing& lifeskills 20,282 1,200 107 21,589
Policy& infuence 291 62 2 355
Preventon 1,374 – 455 1,829
Skills & employment 2,053 28 35 2,116
Total charitable expenditure 2d 25,811 1,290 1,163 28,264
Net income 1,385 2,866 1,238 5,489
Transfers 13 (1,010) 1,335 (325) –
Net movements in funds 375 4,201 913 5,489
Reserves brought forward 3,137 15,064 2,911 21,112
Reserves carried forward 13 3,512 19,265 3,824 26,601

Notes to the financial statements

81

Centrepoint Soho Financial Statements 2020-21

24. STATEMENT OF COMPREHENSIVE INCOME

We present the Statement of Comprehensive income as required by the Housing SORP.

Unrestricted Unrestricted Restricted & Total Total
general designated endowment 2021 2020
£’000 £’000 £’000 £’000 £’000
Turnover 41,097 192 2,717 44,006 44,331
Operatngexpenditure (33,999) (1,460) (2,468) (37,927) (38,890)
Operatng surplus/(defcit) 7,098 (1,268) 249 6,079 5,441
Interest receivable 16 – – 16 48
Interestpayable and similar charges – – – – –
Surplus/(defcit) before tax 7,114 (1,268) 249 6,095 5,489
Taxaton – – – – –
Surplus/(defcit) for theyear 7,114 (1,268) 249 6,095 5,489
Other comprehensive income – – – – –
Total comprehensive income/(loss) for theyear 7,114 (1,268) 249 6,095 5,489

25. STATEMENT OF CHANGES IN FUNDS

We present the Statement of Changes in Funds as required by the Housing SORP.

Unrestricted Restricted & Total
General designated endowment
£’000 £’000 £’000 £’000
Balance as at 31 March 2019 3,137 15,064 2,911 21,112
Surplus 1,385 2,866 1,238 5,489
Transfers (1,010) 1,335 (325) –
Balance as at 31 March 2020 3,512 19,265 3,824 26,601
Surplus/(defcit) 7,114 (1,268) 249 6,095
Transfers (6,204) 6,347 (143) –
Balance as at 31 March 2021 4,422 24,344 3,930 32,696

Notes to the financial statements

82

Centrepoint Soho Financial Statements 2020-21

BOARD, OFFICERS AND ADVISERS

Board of Trustees

Symon Elliott Chair Tsion Balcha Sir David Carter Frances Corner Darren Douglas Amanda Holgate Robert Kerse Clare Montagu Ndidi Okezie Resigned 5 August 2021 Sally Scriminger Resigned 5 August 2021 Mike Westcott Thomas Wood Will Yerburgh Cheryl Avery Appointed 1 September 2021 Olubukola Olorunlogbon Appointed 1 September 2021

Secretary

Seyi Obakin

Senior Executive Team

Chief Executive Officer Director of Strategy & Performance Director of Policy & Communications Director of Finance & Compliance Director of People, Skills & Employability Director of Support & Housing Director of Fundraising Director of Fundraising

Seyi Obakin Robert Cade Balbir Chatrik Karen Gibson Sally Orlopp Ed Tytherleigh Julie Milnes Di Gornall

Resigned 4 June 2021

Appointed 7 April 2020 Appointed 16 November 2020 Resigned 30 September 2020

Registered office Central House 25 Camperdown Street London E1 8DZ

Solicitors

Bircham Dyson Bell McCarthy Denning Ltd 50 Broadway Minster House Westminster 42 Mincing Lane London London SW1H 0BL EC3R 7AE

Registration details

Charity registration number 292411 Company registration number 01929421 Homes England registration number H1869

Auditor

BDO LLP 2 City Place Beehive Ring Road Gatwick RH6 0PA

Bankers

Barclays Royal Bank of Scotland Group Level 12, 1 Churchill Place 9th Floor Canary Wharf 280 Bishopsgate London London E14 5HP EC2M 4RB

Notes to the financial statements

83

Centrepoint Soho Financial Statements 2020-21

Centrepoint Head Office, Central House, 25 Camperdown Street, London E1 8DZ Tel 0800 23 23 20 Fax 0845 466 3500 www.centrepoint.org.uk

Charity Number 292411