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2023-03-31-accounts

Registered number: 01903408 Charity number: 292440

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

(A Company Limited by Guarantee)

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2023

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

Legal & Administrative Details

Trustees D Sanghrajka -Chair
B Wee -Treasurer
S Abdallah
N Khabirpour
R Johnson
S Scott – appointed 25 January 2022
S Raniga – appointed 26 September 2022
J Jennings – appointed 28 March 2023
Company registered number 01903408
Charity registered number 292440
Registered office 150 Ossulston Street
London
NW1 1EE
Company secretary S J Elie
Key Management S J Elie – Executive Director
J Allen – Business Enterprise Manager
Z Rahman – Job Hub Manager
J King – Youth & Community Manager
Auditors Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London SE18 6SS
Bankers CAF Cash Limited
Kings Hill
West Malling
Kent
ME19 4TA

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

Contents

1-6 Trustee’s report 7-9 Independent auditors’ report Accounts comprising; 10 Statement of financial activities 11 Balance sheet 12 Statement of cashflows 13-22 Notes to the accounts

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Management Committee submit their Annual Report together with the Accounts for the year ended 31st March 2023.

Governance

The members of the Board of Trustees constitute Directors for the purpose of the Companies Act 2006 and are appointed in accordance with the Articles of Association dated June 2021.

Somers Town Community Association (STCA) is a registered charity and a Company Limited by Guarantee. It is run by a voluntary Board of Trustees, the only members of the charity shall be those persons appointed as Trustees of the charity and all persons appointed as Trustees shall be admitted as members.

Appointment and induction of Trustees

The present Board of Trustees are responsible for the induction and training of any new members, when considering co-opting trustees, the Board has regard for any specialist skills needed.

All new trustees undergo an orientation day to brief them on their legal obligation under Charity and Company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the organisation plan/sand the recent financial performance of the charity. During the induction day they will meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events which will facilitate the undertaking of their role.

Organisation

The charity is organised in accordance with its governing documents and the deliverance of Association business. The Board of Trustees meets on a quarterly basis so as to manage its affairs and the day to day management is the responsibility of the Executive Director Mrs. S Elie M.B.E. The remaining staff are employed to run key services, programme activities, or have specific administrative or building responsibilities.

Risk Management

The Board of Trustees have assessed the major risks to which the Association is exposed, in particular those related to the operations and finances of the Association and are satisfied that systems are in place to mitigate exposure to risk inclusive of:-

During this year the board reviewed/updated the Association Risk Register template and its contents, whilst also updating our Charity Checklist.

1

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

Fundraising activities

The Foundation does not carry out any fundraising activities.

Objectives and activities

Somers Town Community Association is a Charity dedicated to providing cohesive, inclusive and innovative services. We strongly support empowering our community to create and spearhead an active and responsive organization. This organization aims to produce a meaningful and positive influence at every level of people's lives. We value community in all its diversity and work vigorously with others to pursue these values.

The principle objectives and principle activities continue to be to promote the benefit of the inhabitants of the Somers Town Electoral Ward and the neighbourhood without distinction of race, colour, nationality, ethnic or national origin, sex, marital status, gender reassignment, sexual orientation, religious belief, disability, health, age or other opinions by associating with the local authorities, voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants.

The strategies employed to achieve the charity's objectives are to:-

Strategic aims

  1. Enabling better awareness of and access to health and wellbeing for everyone in the community.

  2. Reducing inequalities around access to education, training and employment for everyone in the community.

  3. Building resilience and advocacy: empowering everyone in the community to access knowledge and be better equipped to help themselves.

Values

STCA's values identify what is most important to the organisation in the way it delivers the vision, mission and strategic aims. STCA aims to be:

2

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

Public Benefit Test

Under the terms of The Charities Act 2011, the Board of Trustees have a statutory duty to report on the Charity's compliance with the Public Benefit Test. The Board of Trustees consider that the aims and objectives of the Association are able to deliver a public benefit and have given due regard to that fact.

Our Mission Statement and Strategic Aims, both of which have been reconsidered and revised as part of the development of our 2020-2025 Business Plan ensure that at all times we are accessible and inclusive in both our delivery and in our on-going development.

Activities

The principle activities during the year in the delivery of our aims and objectives included the provision of:-

This year we continued to work with local partners inclusive of Camden Mobile food bank to ensure local families had access to healthy food boxes, working closely with Edith Neville Primary school and Camden Council Community Response team, which also saw us support refugee’s fleeing the war in Ukraine.

Organisationally we continued to place at the heart of all that we do the environment and sustainability within the wider planetary boundaries, which will also become one of our principle activity areas moving forward. A position that saw us in our role of community lead continue to deliver on the Future Neighbourhood 2030 programme phase 1 and 2 and successfully deliver the Climate Action Lottery project, for which we were the lead partner.

Outcomes

STCA's service and project provision is focussed on the outcomes we seek for our community and beneficiaries. Some of these outcomes are listed below:

3

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

Achievements and performance The financial results for the year are set out in the Statement of Financial Activities on Page 13. The Association has a surplus position of £62,904 which is made up of a surplus of £71,673 on core funds & a deficit of £8,769 on restricted funds as at 31 March 2023.

The Board of Trustees considers the following to be key achievements on this year:-

New incoming resources

  1. John Lyons - £51,600

  2. Big Lottery - £84,890

  3. LB Camden – Future Neighbourhood - £104,441

  4. Resilience Community Funding - £8,500

  5. Camden Youth Foundation - £30,000

  6. Phoenix Court Works donation - £25,000

Performance

During this year the strongest statement that can be made is that we are financially sound, we have held onto all of our staff for this financial year and at least the next 12 months ahead and we have the requisite six months of running expenditure for both STCA core and the Living Centre.

Financial review

The statement of Financial Activities shows income for the year as £926,865 (2022: £739,113) and total expenditure of £863,961 (2022: £762,081). There is an overall surplus position for the year of £62,904 (2022: surplus £22,968) which is made up of a deficit of £8,769 on restricted (2022: deficit of £84,861) and a surplus on unrestricted of £71,673 (2022: £61,893)

Reserves Policy

The Board of Trustee has examined the Charity's requirements for reserves in light of the main risks to the association. It has established a policy whereby the unrestricted funds not committed, but held by the charity should be 6 months of the planned Centre and Governance expenditure. Budgeted expenditure for 2023-24 is £165,722 for the core hence the Board of trustees consider the year end balance to be sufficient to meet this commitment. Similarly, the Living Centres budgeted expenditure for 2023-2024 is £294,000 is sufficient to meet this commitment. The reserves are needed to meet the working capital requirements of the charity and the Board of Trustees are confident that at this level they would be able to continue the current activities of the association in the event of a significant drop in funding.

The reserves are needed to meet the working capital requirements of the charity and the Board of Trustees are confident that at this level they would be able to continue the current activities of the association in the event of a significant drop in funding.

Enabling better awareness of and access to health and wellbeing for everyone in the community

4

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

accessible programme of health activities/servies at the Living Centre

• To work closely with older persons delivery partners to increase awareness and access to health and wellbeing services delivered in the centre/s and within the locality

• To continue to develop our youth programme to include Youth and Community Development and the development of a Youth and Community Hub

Reducing inequalities around access to education, training and employment for everyone in the community

• To continue to deliver a ‘Day in the Life’ event with partners to showcase/highlight the many and varied routes taken into employment

Building resilience and advocacy: empowering everyone in the community to access knowledge and be better equipped to help themselves

• To continue to build our network of partners, with whom we work to deliver the programme of services/activities on offer across our two centres and Make Space

• To expand the programme of activities available at the Make Space and actively engage the community to get involved and present new programme ideas

• Lead on educational narrative through the development of the Learning Hub/s of the Somers Town Future Neighbourhoods Programme 2030, phase 2 & 3

• Lead on the development of the Area Based Strategy for the Somers Town Future Neighbourhoods 2030 Programme, phase 3

• To build a closer working relationship with STLAC (Somers Town Legal Advice Corner)

Somers Town Community Association (STCA) is a registered charity and a Company Limited by Guarantee. It is run by a voluntary Board of Management Committee members made up of groups using or based at the centre and people who live or work in the local community, who have come together in a common effort to provide low cost activities for people who would not otherwise be able to access them.

Statement of the Board of Trustees Responsibilities

The members of the Board of Trustees are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.

5

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023

Company law requires the members of the Board of Trustees to prepare financial statements for each financial year. Under that law, the members of the Board of Trustees have elected to prepare the financial statement in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements the members of the Board of Trustees are required to:-

The members of the Board of Trustees are responsible for the management of the Association's activities in accordance with its Memorandum and Articles of Association and the keeping of proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association, to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

In accordance with company law, as the Members of the Board of Trustees, we certify that:

The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Signed on behalf of the board of Trustees on 28 November 2023

……………………………. D Sangharika

6

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN) FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of The Somers Town Community Association (Camden) (the ‘Charity’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit,

7

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN) FOR THE YEAR ENDED 31 MARCH 2023

we have not identified material misstatements in the Trustees’ Annual Report.

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

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 9-10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Audit response to risks identified

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

8

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN) FOR THE YEAR ENDED 31 MARCH 2023

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the Charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kate Taylor FCA (Senior Statutory Auditor) for and on behalf of Simpson Wreford LLP, Statutory Auditor Wellesley House Duke of Wellington Avenue Royal Arsenal London SE18 6SS Dated: 15 December 2023

9

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Unrestricted Restricted
2023 2023 Total 2023 Total 2022
£ £ £ £
Note
Income from:
Grants and donations 3.1 114,807 - 114,807 108,831
Charitable activities 3.2 159,081 648,349 807,430 630,172
Investment income 4,628 - 4,628 110
Total Income 278,516 648,349 926,865 739,113
Expenditure on:
Raising funds 703 610 1,313 3,850
Charitable activities - 709,889 709,889 625,838
Operation of centre 153,284 - 153,284 132,393
Total Expenditure 5 153,987 710,499 864,486 762,081
Transfer between funds 13 (53,381) 53,381 - -
Net Movement of Funds 71,148 (8,769) 62,379 (22,968)
Reconciliation of funds
Funds at 1 April 2022 438,516 148,469 586,985 609,953
Funds at 31 March 2023 509,664 139,700 649,364 586,985
----- End of picture text -----

The Statement of Financial Activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 22 form part of these financial statements.

10

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

BALANCE SHEET AS AT 31 MARCH 2023

----- Start of picture text -----
2023 2022
Note £ £
CURRENT ASSETS
Debtors 8 18,583 49,409
Cash at bank and in hand 676,332 580,646
694,915 630,055
CREDITORS: amounts falling due
within one year 9 (45,551) (43,070)
NET ASSETS 649,364 586,985
CHARITY FUNDS
Restricted funds 13 139,700 148,469
Unrestricted funds 13
Designated Youth Funds 5,975 -
Somers Town General Funds 272,474 218,976
Community Café General Fund 22,601 22,601
Living Centre General Fund 208,614 196,939
509,664 438,516
TOTAL FUNDS 649,364 586,985
----- End of picture text -----

The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102).

The financial statements on pages 10 to 22 were approved by the Trustees on 28 November 2023 and signed on their behalf by

D Sangharika, Chair Company Number: 01903408 (England & Wales)

11

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
2023 2022
Notes Funds Funds
£ £
Cash flows from operating activities:
Net cash provided by (used in) operating activities 18 91,058 (59,490)
Cash flows from investing activities:
Interest received 4,628 110
Net cash provided by (used in) investing activities 4,628 110
Change in cash and cash equivalents in the reporting period 95,686 (59,380)
Cash and cash equivalents at the beginning of the reporting period 580,648 640,028
Cash and cash equivalents at the end of the reporting period 676,334 580,648
----- End of picture text -----

12

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

1. Accounting Policies

1.1 Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The Somers Town Community Association (Camden) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern.

1.2 Charity information

The Somers Town Community Association (Camden) is a registered charity, registration number 292440 and in consequence is exempt from taxation on income arising from and expended on its charitable activities.

The charity is a company limited by guarantee, incorporated in England and Wales. The registered office is 150 Ossulston Street, London, NWl IEE.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

During the year, the affairs of the Association were managed by the Committee of Management who constitute Directors for the purposes of the Companies Act 2006. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

The financial statements are prepared under historical cost convention. The principal accounting policies, all of which have been applied consistently throughout the year.

1.3 Going Concern

At the time of approving the financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. There are no material uncertainties about the charity's ability to continue.

1.3 Fixed Assets

The cost of all equipment acquired is written off in full in the year of acquisition.

1.4 Income & Expenditure recognition and Support Costs allocations

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

13

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

The Charity derives a substantial proportion of its income from centre activities funding for specific projects and in recent years, letting income. Such funds are recognised and entered into the accounting records when they are received. Coronavirus Job Retention Scheme (CJRS) grant income is presented gross (and not netted off against expenditure). Income is deferred where there is no entitlement for the funds as at the balance sheet date. Other income, such as bank interest, is accounted for when receivable and the amount can be measured reliably by the charity; this is normally upon notification of interest paid or payable by the bank.

All expenditure is accounted for on accruals basis. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at both centres. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of expenditure on charitable activities on a basis consistent with use of the resources.

1.5 Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.6 Charitable funds

Unrestricted funds are revenue funds, principally Grant Aid, and Letting income used to run the association on a day-to-day basis. These are available as general funds or for purposes as designated and agreed by all the Trustees. The Association have discretion to use such funds within the framework of its annual grant application to Camden Council and in line with the conditions of Grant Aid.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted Funds are grants received from any source for the sole use of specific projects for which the funding was granted. At the discretion of the Management Committee, once a project has fulfilled its conditions, remaining balances are permitted to be transferred between appropriate funds.

1.7 Financial instruments

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

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

14

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Basic financial liabilities, including creditors and accruals are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9 Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straightline basis over the period of the lease.

2. Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3.1 Grants and donations

----- Start of picture text -----
Unrestricted Restricted
2023 2023 Total 2023 Total 2022
£ £ £ £
Grants and Donations
Donations 29,807 - 29,807 13,439
London Borough of Camden
-
Strategic Partner Funding 85,000 85,000 85,000
Electrical Cost Reimbursement - - - 10,392
-
114,807 114,807 108,831
----- End of picture text -----

15

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

3.2 Charitable income

Charitable activities
BBC Children in Need (New)
Big Lottery
BME Employment Project (LB Camden)
Breakfast Club
Camden Advice Partnership
Camden Central Neighbourhood
Camden Giving Covid 19 Response
Camden Giving (Employment Fund)
Camden Impact Fund
Camden Youth Foundation
Camden - Future Neighbourhood
Designated Youth Fund
Francis Crick Institute
Furlough Grant
Future Neighbourhood Fund
John Lyons
Kickstart scheme
Letting Income
Living Centre Hire
National Lottery Awards for All
Resilience Community Funding
Café Income
Sundry Income		 Unrestricted
2023
Restricted
2023
Total 2023
Total 2022
£
£
£
£
-
-
-
23,538
-
84,980
84,980
28,710
-
57,306
57,306
35,226
-
1,900
1,900
-
-
20,000
20,000
20,000
-
28,280
28,280
28,280
-
-
-
-
-
29,804
29,804
29,804
-
-
-
70,000
-
30,000
30,000
11,032
-
-
-
10,560
8,000
-
8,000
-
-
220,108
220,108
192,727
-
-
-
1,821
-
104,441
104,441
-
-
43,600
43,600
44,000
-
-
-
17,172
37,923
-
37,923
44,910
94,114
-
94,114
58,784
-
9,520
9,520
-
-
8,500
8,500
-
7,650
-
7,650
-
11,394
9,910
21,304
13,608
159,081
648,349
807,430
630,172
273,888
648,349
922,237
739,003

16

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

4. Income by activity

----- Start of picture text -----
Unrestricted Restricted
Activity 2023 2023 Total 2023 Total 2022
£ £ £ £
Children In Need - - - 23,538
Advice - 20,000 20,000 20,000
Awards For All - 9,520 9,520 -
-
Camden Giving Employment fund 29,804 29,804 29,804
-
Camden Central Neighbourhood 28,280 28,280 28,280
Climate Action Fund - 84,980 84,980 30,210
Crick 112,244 220,108 332,352 251,511
- - -
Impact Fund 70,000
- -
Future Neighbourhood 104,441 104,441
-
John Lyons 40,000 40,000 40,000
Kickstarters - - - 17,172
BME Employment Project 4,466 57,306 61,772 35,226
- - -
Make Space 10,000
Summer Youth 9,910 9,910 15,032
Youth CIL - 30,000 30,000 -
Youth Residential - 3,600 3,600 -
- -
Resilience Community 8,500 8,500
- -
Designated Youth 8,000 8,000
Somers Town Centre 154,721 - 154,721 143,258
- - -
Somers Town Future Neighbourhood 10,560
-
Sundry 6,405 6,405 2,414
277,836 654,449 932,285 727,005
273,888 648,349 922,237 739,003
----- End of picture text -----

5. Total expenditure

Insurance
Bank charges
Bad debt
Sundry
Accountancy
Audit Fee
Legal & professional
Utilities
Office costs
Direct project expenses
Premises costs
Staff costs
Training and recruitment
Fundraising
Reallocation of support costs
Audit Fee
Bank charges
Management recharge (inc in centre ops)		 Direct Charitable
expenditure
Centre
operations
Support
Costs
Total 2023
£
£
£
£
2,614
2,613
-
5,227
-
-
72
72
525
-
-
525
6,025
2,028
-
8,053
1,192
1,100
-
2,292
-
-
5,200
5,200
5,472
2,500
-
7,972
-
16,138
-
16,138
12,235
6,588
-
18,823
143,354
5,520
-
148,874
39,532
32,345
-
71,877
490,302
84,144
-
574,446
2,939
735
-
3,674
703
610
-
1,313
704,893
154,321
5,272
864,486
2,600
2,600
(5,200)
-
-
72
(72)
-
28,280
(28,280)
-
-
735,773
128,713
-
864,486		 Total 2022
£
4,976
120
-
9,587
2,581
5,000
10,426
13,124
17,465
129,120
69,498
490,655
5,679
3,850
762,081
Basis of apportionment
Governance
Allocated to centre operations
Allocated on time spent

17

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

6. Expenditure by activity


Activity
Children In Need
Advice
Awards For All
Camden Giving Employment fund
Camden Central Neighbourhood
Climate Action Fund
CIL
CCOLORS
Cookery Club
Crick
Crick Community Festival
Impact Fund
Food hub
Future Neighbourhood
People's fruit and veg
John Lyons
Kickstarters
Interview Lab
London Satellite Club
LCF Wave 3
BME Employment Project
Make Space
Stanhope
Youth CIL
Youth
Furlough
Resilience Community
Somers Town Centre
Summer Youth 2022
Other		 Unrestricted Restricted Total 2023
Total 2022
£
£
£
£
-
-
-
32,149
-
15,172
15,172
18,732
-
4,674
4,674
-
-
10,168
10,168
33,491
-
21,819
21,819
23,959
-
92,154
92,154
4,743
-
24,204
24,204
-
-
-
-
26,878
-
-
-
434
-
286,183
286,183
241,269
-
-
-
288
-
2,181
2,181
67,881
-
-
-
1,357
-
97,427
97,427
-
-
-
-
-
-
44,279

44,279
37,221
-
-
-
17,172
-
-
-
7,627
-
525
525
-
-
-

-
6,117
-
83,420
83,420
70,293
-
-
-
14,325
-
-
-
2,011
-
6,196
6,196
15,010
-
3,599
3,599
6,591
-
-
-
1,821
-
8,588
8,588
-
153,987
-
153,987
132,397
-
9,910
9,910
-
-
-
-
315
153,987
710,499
864,486
762,081

18

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

7. Staff costs

Staff costs for the year were as follows:
Wages and salaries
Social security costs
Other pension costs		 2023
2022
£
£
527,082
451,062
37,242

30,943

10,160

8,650
574,484
490,655
8. Debtors
. Creditors
The average number of employees during the year, calculated on the basis of full time staff, was as follows:
2023
2022
Number of Centre Staff
29
29
No employee was paid a salary greater than £60,000.
2023
2022
£
£
Trade debtors
4,878
21,894
Accrued income
1,947
10,560
Prepayments and other debtors
11,758
16,955
18,583
49,409		 8. Debtors
. Creditors
The average number of employees during the year, calculated on the basis of full time staff, was as follows:
2023
2022
Number of Centre Staff
29
29
No employee was paid a salary greater than £60,000.
2023
2022
£
£
Trade debtors
4,878
21,894
Accrued income
1,947
10,560
Prepayments and other debtors
11,758
16,955
18,583
49,409		 8. Debtors
. Creditors
The average number of employees during the year, calculated on the basis of full time staff, was as follows:
2023
2022
Number of Centre Staff
29
29
No employee was paid a salary greater than £60,000.
2023
2022
£
£
Trade debtors
4,878
21,894
Accrued income
1,947
10,560
Prepayments and other debtors
11,758
16,955
18,583
49,409
49,409
Trade creditors
Accruals and other creditors
Deferred income
Taxation and social security, pension		 2023
£
16,895
7,942
10,319
10,395
45,551		 2022
£
22,493
6,375
3,377
10,825
43,070

9. Creditors

10. Taxation status

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11. Related party transactions

The Key Management Personnel of the charity comprise the Executive Director, the Business Enterprise Manager, the Job Hub Manager, and the Youth & Community Manager (2022: 3). The total employee benefit of the key management personnel for the year was £190,121 (2022: £154,124).

The Management Committee have not received any remuneration and no travel or meeting expenses were reimbursed to trustees during the year (2022: Nil).

19

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

12. Trustees expenses

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2022: Nil).

13. Reconciliation of funds

Restricted funds
Awards For All
Camden Advice Partnership (CAP)
Building
Breakfast Club
Camden Giving Employment fund
Camden Central Neighbourhood
Climate Action Fund
Francis Crick
Edward Harvist Trust
Impact Fund
CIL (Youth Programme)
John Lyons
London Satelitte Club
BME Employment Project
Resilience Community
Somers Town Future Neighbourhood
Summer Youth
Neighbourhood Forum
Space Hive Charlton Street		 Balance at 1
April 2022
Income
Expenditure
Transfers
Balance at 31
March 2023
£
£
£
£
£
-
9,520
(4,674)
-
4,846
1,268
20,000
(15,172)
-
6,096
3,752
-
-
-
3,752
-
1,900
-
-
1,900
44,937
29,804
(10,168)
(11,068)
53,505
4,321
28,280
(21,819)
(10,782)
-
25,467
84,980
(92,154)
(4,001)
14,292
-
220,108
(286,183)
66,075
-
22
-
-
(22)
-
2,181
-
(2,181)
-
-
24,204
30,000
(30,400)
-
23,804
2,779
40,000
(44,279)
1,500
-
-
-
(525)
525
-
15,047
57,306
(83,420)
11,067
-
-
8,500
(8,588)
88
-
6,235
104,441

(97,427)
-
13,249
22
9,910

(9,910)
-
22
3,965
-
-
-
3,965
14,269
-
-
-
14,269
Youth Residential -
3,600
(3,599)
(1)
-
Designated
Make space
Youth
Unrestricted
Core Community Centre
Living Centre Unrestricted
Capital		 148,469
648,349

(710,499)
53,381
139,700
-
-
-
-
-
-
8,000
-
(2,025)
5,975
218,976
176,402
(153,987)
31,083
272,474
196,939
94,114
-
(82,439)
208,614
22,601
-
-
-
22,601
438,516
278,516
(153,987)
(53,381)
509,664
586,985
926,865
(864,486)
-
649,364

14 Restricted funds

Awards for All fund – this fund is to pay for female youth safety worker, who will link in with the wider youth team and session delivery.

Camden Advice Partnership fund – this fund is to pay for a youth information, advice and guidance worker who will link in with the wider youth team and session delivery.

20

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Breakfast Club fund – this fund was secured from Camden Council to allow us to deliver breakfast to children from those families most in need, linking in with our warm spaces offer and community larder offer, providing a full family offer when linked to our work in the Somers Town Job Hub.

Camden Giving Employment fund – this fund is to run Job Hub links, inclusive of an admin post, management, training, and associated costs.

Climate Action fund – this fund was secured from the National Lottery to deliver an 18 month Climate Action Market on Chalton Street Market, STCA are the lead with partners inclusive of University of the Arts, Central Saint Martins, University of London, and the Knowledge Quarter.

CIL Youth fund – this fund is to pay for our sports and physical activity youth worker who will link in with the wider youth team and session delivery

Somers Town Future Neighbourhood fund – this is part of a £7 million fund being delivered by the GLA as part of the Mayor of London's New Green Deal programme, Somers Town was one of only two areas funded fully and Somers Town Community Association is one of the Community leads, with Camden Council being the named contract lead

Crick – this fund is an ongoing contract with the Francis Crick institute to deliver the St Pancreas and Somers Town Living Centre.

Resilience Fund – this fund is to support our Warm Monday session, staff support fund and community larder

Neighbourhood Forum fund – this fund is money we are holding for Somers Town Future Neighbourhood in the capacity of their banker

15 Funds Transfers

The following fund transfers have been made during the year:

Other small transfers have been where there is a cross sharing of services and costs between projects.

16. Operating lease commitments

At 31 March 2023 the company was committed to making the following payments under noncancellable operating leases:

2023 2022
£ £
Payments due 360,938 387,188

21

THE SOMERS TOWN COMMUNITY CENTRE ASSOCIATION (CAMDEN)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

17. Deferred income

Income of £10,319 (2022: £3,377) has been deferred either to match the period of terms on the grant documentation or the terms of the invoices. for the following:

2023
Letting income - £10,319
2022
Letting income - £3,377

Income of £3,377 was released in the current period.

18. Reconciliation of net income/(expenditure) to net cash flow from operating activities

----- Start of picture text -----
2023 2022
£ £
Net income/(expenditure) for the reporting period 62,904 (22,968)
Adjustments for:
Deduct interest received (4,628) (110)
Decrease in debtors 30,301 37,562
Increase/(decrease) in creditors 2,481 (73,974)
Net cash provided by (used in) operating activities 91,058 (59,490)
----- End of picture text -----

22