THE FITZROVIA TRUST LIMITED
(A COMPANY LIMITED BY GUARANTEE)
Charity No. 296025 Company No. 01950030 (England & Wales)
Report of the Council and Financial Statements
For the year ended 30 September 2024
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THE FITZROVIA TRUST LIMITED
CONTENTS
For the Year Ended 30 September 2024
| PAGE | |
|---|---|
| Legal and administrative information | 3 |
| Report of the Council | 4 - 8 |
| Independent examiner’s report | 9 |
| Statement of Financial Activities | 10 |
| Balance sheet | 11 - 12 |
| Notes to the financial statements | 13 - 18 |
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THE FITZROVIA TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
For the Year Ended 30 September 2024
| Company number | 01950030 (England & Wales) |
|---|---|
| Charity number | 296025 |
| Registered office | John Astor House, |
| 2 Foley Street, | |
| London W1W 6DN | |
| Council Members | |
| Susan Blundell ...................................…Chairperson | |
| John Mortimer.....................................…Honorary Treasurer | |
| Nicholas Bailey.................................….. | Member |
| Barbara Corr...........................................Member | |
| Gwilym Harbottle..............................….. | Member |
| Ali Yazdi………….............................….. | Member |
| Secretary | Susan Blundell |
| Bankers | Unity Trust Bank |
| Nine Brindley place | |
| Birmingham, | |
| B1 2HB | |
| Independent Examiner | Verdant Accountants Limited |
| 20-22 Wenlock Road | |
| London NI 7GU |
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THE FITZROVIA TRUST LIMITED
REPORT OF THE COUNCIL
For the Year Ended 30 September 2024
Structure, Governance and Management
The Fitzrovia Trust Limited is a company limited by guarantee and not having a share capital. It is governed by Memorandum and Articles of Association. The liability of the members in the event of the company being wound up is limited to £10 each.
The company is a registered charity and acts entirely as a non-profit making organisation. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014.
Appointment of council members
The directors of the charitable company are its council members for the purpose of charity law and throughout this report are collectively referred to as the council.
As set out in the articles of association one third of all members retire every year and may be proposed for re-election at the annual general meeting.
The members at the annual general meeting elect a council annually and the council elects the chair person and treasurer.
Risk management
The council has a risk management process to assess and manage risks. This involves identifying the types of risks the trust faces and means of mitigating them. The council ensures that the trust’s internal financial controls conform to guidelines issued by the Charity Commission and this is checked annually.
Organisational structure and internal control
The council takes overall accountability for ensuring the financial, legal and personnel responsibilities of the trust are met. It decides policy and strategy; and ensures the trust fulfils its objectives.
There is a system of internal control, which is designed to provide reasonable but not absolute assurance against material misstatement or loss. They include;
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regular consideration by the council of financial results;
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delegation of authority;
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risk identification and management.
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THE FITZROVIA TRUST LIMITED
REPORT OF THE COUNCIL (continued)
For the Year Ended 30 September 2024
Related parties
In so far as it is complementary to the charity’s objects, the charity is guided by local and national policy, with particular emphasis on local authority guidelines for the Fitzrovia area.
Objectives and Activities
The principal objective of the trust is to preserve for the benefit of the townspeople of Camden and Westminster in the County of London and of the nation at large whatever of the English historical, architectural and constructional heritage that may exist in and around the area known as Fitzrovia in the form of buildings of particular beauty or historical, architectural or constructional interest.
To prevent or relieve poverty in the London Borough of Camden and Westminster and surrounding areas by:
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Providing affordable accommodation to individuals in need and/or charities or other organisations working to prevent or relieve poverty,
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or working in partnership with charities or other organisations in the provision of services or facilities in Fitzrovia.
The main areas of charitable activity are refurbishment of mixed-use property in order to retain the commercial to fund future activity and where possible, provide affordable rented homes and other forms of accommodation for homeless families. The Trust also acts as an enabler for other projects of importance to the local community.
Public Benefit
To facilitate the provision of affordable housing in accordance with our ‘objectives and activities’ (as above)
5
THE FITZROVIA TRUST LIMITED
REPORT OF THE COUNCIL (continued)
For the Year Ended 30 September 2024
Financial Review
The net incoming resources for the year resulted in a surplus of £87,356 (2023 – £76,452).
Revenue was up on last year by 5% at £251,589. The Trust had a full year of revenue from the commercial at 57 Warren Street and the re-development of the residential at 54 Warren Street. Offsetting that somewhat was an historic VAT adjustment of £13,750 to the Nursey revenues.
The Trust is now in a position that all its properties are fully let.
Expenditure was broadly in line with last year with a slight overall increase of 1%. The largest one-off cost was £35,028 spent on extensive repairs to the nursery roof.
Reserves Policy
The general fund represents the unrestricted fund arising from past operating results. It also represents the free reserves of the charity. The council are satisfied that the balance of the general fund of £2,542,487 less £2,393,760 (net book value of fixed assets, less capital loans during the year) gave free reserves of £148,727. This reserve has reduced significantly recently because the Trust has invested in new residential properties.
Achievements and performance
We are pleased to report another successful year of delivering a range of much-needed services to the local community. Our residential units are all fully let and in partnership with Notting Hill Genesis and Clarion, continue to be utilised for those in housing need. The principal benefit of our partnership with these housing associations is their ability to provide specialised support and housing management services for the tenants.
The Whitfield Street Nursery which is operated by another agency, continues to expand its services and has seen growth in the number of families using its services.
Our playground which was refurbished last year still remains the only natural playground open to the public free of charge within the local area. The Trust maintains the playground at its own expense with the help of its two part-time caretakers.
6
THE FITZROVIA TRUST LIMITED
REPORT OF THE COUNCIL (continued)
For the Year Ended 30 September 2024
Achievements and performance (continued)
During the year the Trust issued a new commercial lease for its property at 57 Warren St. The new tenant is a speciality wine merchant which conducts wine tasting classes. This has brought an interesting new business to Fitzrovia while adding diversity to the types of businesses already operating within the area.
The Trust reported last year that it had renovated a block of flats at 54 Warren St, London W1. Having produced three high-quality units of affordable housing, we entered into a management agreements with Notting Hill Genesis which have been working extremely well and is similar to one we have with them at 52 Warren St.
Plans for the future
As a responsible landlord, the Trust will continue to invest in the maintenance and upkeep of its properties. In line with our commitment, we are working towards ensuring compliance with the new EPC regulations for 2025 and beyond. Some work will commence at the start of 2025 and will be ramped up as the year progresses.
39 Tottenham St, London W1
About 10 years ago the Trust was in dialogue with Camden Council about acquiring and redeveloping their property at 39 Tottenham St. It is a grade II listed building which is currently on the ‘At risk’ register of Heritage England. Unfortunately, nothing came of our efforts; Camden still owns the property which has now fallen into an even worse state of disrepair. Trustees approved an application to designate the property as an Asset of Community Value (ACV). This was approved by Camden Council.
We are now looking to acquire this property from Camden via their ACV process for a peppercorn consideration to enable the Trust to provide the much needed resources required to bring the property back into beneficial use for the community. The Trust aims to maximise the affordable rented housing that can be delivered at the property and make best use of the commercial element.
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THE FITZROVIA TRUST LIMITED REPORT OF THE COUNCIL (continued) For the Year Ended 30 September 2024 Responsibilities of the Council members Company and charity law require the members of the council to prepare financial statements for each financial year, which give a true and fair view of the state of affair5 of the trust and of its income, or expenditure for the period. In preparing those financial statements, the members of the council are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., prepare the financial stalements on the going concern basis unless it is inappropriate to presume that the trust will continue in business. The members of the council have overall responsibility for ensuring that the trust has appropriate system of controls, financial and otheNise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the trust and 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that: the trust is operating efficiently and effectively. its assets are safeguarded against unauthorised use or disposition- proper records are maintained and financial information used with the trust for publication is reliable., the trust complies with relevant laws and regulations. Mernbers of the Council Members of the council who are directors for the purposes of company law and trustees for the purpose of charity law, who served during the past year and up to the date of this report are set out on page one. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the council on . ..2025 and signed on its behalf by: Susan Blundell Chairperson
THE FITZROVIA TRUST LIMITED
INDEPENDENT EXAMINER’S REPORT
For the Year Ended 30 September 2024
I report on the charity trustees of the The Fiitzrovia Trust Limited (charity number 296025, company number 01950030) on my examination of the accounts of the Company for the year ended 30 September 2024 set out on pages 10 to 18.
Responsibilities and basis of the report
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
The charity’s gross income exceeded £250,000 I am qualified to undertake the examination because I am a registered member of the Association of Chartered Certified Accountants which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
- accounting records were not kept in accordance with section 386 of the Companies Act 2006;
or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
………………………………...… Date …3rd April 2025…...…………………….
Chaweevan Williams FCCA Chartered Certified Accountant Verdant Accountants Limited 20-22 Wenlock Road London N1 7GU
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THE FITZROVIA TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 30 September 2024 INCOME AND EXPENDITURE Restated 2024 2023 In¢omlng resources Rents Receivable Notes 245,319 1,186 1,455 227,472 3,806 6,000 Insurance recovered Playground grant and use Donabons 247,960 3629 237279 2032 Interest Receivable Total Incoming resources 251589 239 311 Resources Expended Direct Charitable activib'es 142,653 142,276 Management & Admin Expenses 21,580 20,583 Total Resources Expended 164 33 162 859 Net Movement In Funds 87,356 76,452 Tolal Funds Brought Forward 2,455,131 2,378,679 Total funds carried forward 2 542 487 2455 131 io
THE FITZROVIA TRUST LIMITED BALANCE SHEET As at 30 September 2024 Restatsd Notes 2024 2023 Fixed assets Tangible fixed assets Investmenl 2,449,527 2,444,496 10 Total Tangible fixed assets 2,449.529 2,444A98 CurrentAssets Debtors and Prepayments Shorttetm deposits Cash and bank 11 10,378 73,750 169513 253,641 11,858 71,751 114157 197,766 Current Llabllflles: Credltors: Amounts falling due within one year 12 (155,560) (134,641) Net current assets 2,547.610 2,507.623 Current Liabilities: Creditors: Amounts falling due after more than one year 13 (5,124) (52,492) Totsl assets less current liabilities 2 542 486 2455 131 Funds Financed by: Restricted fvnds Unrestn'cted general fvnds 15 2,542,487 2,455,131 Totsl funds 2 455 131 li
THE FITZROVIA TRUST LIMITED BALANCE SHEET (continued) As al 30 September 2024 For the year ending 30 September 2024, the company was entit(ed to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The council members acknowledge their responsibilities for= a) Ensuring that the trust keeps accounting which comply with the requirements of Section 386 and 387 of the Companies Act 2006 and b) Preparing financial statement5 which give a true and fair view of the state of affairs of the Irust as at the end of each financial year and of its surplus or deficit for each financial year in aGGordance with the requirements of Section 394 and 395 and which otherwise comply with requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the trust. The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating lo small companies. Approved by the council on the . 2025 and signed on its behalf: Susan Blundell Nicholas Bailey 12
THE FITZROVIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 September 2024
1. Charity and Statutory Information
The Fitzrovia Trust Limited is a private company limited by guarantee incorporated in England and Wales. The company’s registered number and registered office address can be found on page 1 of the Report of Council.
2. Accounting Policies
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102” (as amended for accounting periods commencing 1 January 2016).
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 pound.
Going Concern
At the time of approving the accounts the council members have a reasonable expectation the charity has adequate resources to continue in operational existence for the foreseeable future. The council members continue to adopt the going concern basis of accounting in preparing the financial statements.
Tangible Fixed Assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life. No depreciation is charged on freehold land. Freehold and Leasehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal instalments. Where buildings are maintained to such a standard that their estimated residual value is not less than their cost or valuation, no depreciation is charged, as it is not material.
Fixed Assets are stated at cost for the year ended 30 September 2024 and the comparative column year 2023, numbers have been restated to show fixed assets at cost and funds carried forward as at 30 September 2023 have been adjusted accordingly.
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THE FITZROVIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the Year Ended 30 September 2024
Tangible Fixed Assets (continued)
Freehold land and buildings - not provided
Leasehold property (short lease) - in equal instalments over the period of the lease
The leasehold property is held for the Fitzrovia Children’s Centre
Premises Fund
This fund is allocated specific grants made for the purchase and refurbishment of property.
Fund Accounting
Unrestricted funds consist of funds which the trust may use for its purposes at its discretion.
Restricted funds are those where the donor has imposed restriction on the use of the funds which are legally binding.
Operating and finance leases
Property leases are short-term and long-term and have been classified as operating and finance leases. When a lease expires on a property, irrespective of the term, the property will revert back to the trust and the value will be accounted for in freehold land and buildings.
Income from property letting is recognised in the income and expenditure account, on a straight-line basis over the period of the lease.
Income
Income represents net invoiced property letting, excluding value added tax.
Taxation
The company is exempt from taxation under the Income and Corporation Taxes Act due to its charitable status.
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THE FITZROVIA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 30 September 2024 3. Employees and Council PIAmbers The average mnlhly numberofcouncil members dunng the yearwas 2024 2023 4. Income The income and surplus are attn"butsble to the one principal ath.vity ofthe trust 5. Council Members No member oflhe council received any remunerab.ons during the year 01 Ihe previous year. 6. Taxallon No liability to UK corporation tax arose on ordinary activib'es for the year or the previous year. 7. Direct Charitsble Expendire 2024 2023 Properties. Warren Street 28,649 46,856 Filzrovia Children's Centre 77,260 60,373 Administralion and Development work 36,744 35.047 142 653 142 76 8. Management and Admlnlstrallon of the charlty 2024 2023 Administrats"on Fees 19,170 18,483 Accountancy Fees 2,410 2,100 15
THE FITZROVIA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 30 September 2024 9. Tangible Flxed Asse18 Leasehold Property Ishorti 2024 Freehold land and buildings 2024 Total 2024 Cost- 2024 1 October 2023 Additions: 54 Warren St FlatRedevelopment 184.660 2A07297 2.591,957 14,330 14,330 30 September 2024 184660 87 Depreclatlon 1 October 2023 Charge tor Ihe year 147,461 9.299 147A61 9299 30 September 2024 156760 156 760 Net book value 30 September 2024 30 September 2023 37199 2 407 297 2 444 496 16
THE FITZROVIA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 30 September 2024 10. Flxed Assets Investments 2024 2023 Shares in Polepoise "mited- A wholly owned subsidiary 11. Debtors: Amounts falllng due 1n one year 2024 2023 Trade Debtors Prepayments and accnjed incom 2.058 2,058 9800 11858 10378 12. Credltors: Amounts falllng due wlthln one year 2024 2023 Mortgage and Bank loan repayments Rentdeposits held Accruals and creditors Accountancy fee 50,645 73,750 28,755 2,410 50,645 71,751 10,145 2,100 155560 134641 13. Credltors: Amounts falllng due after more than one year 2024 2023 Bank loan- Unity Tnjst Bank 5,124 52,492 52 492 14. Secured Debts 2024 2023 Bank loan- Unity Tnjst Bank 55,769 103,138 55 769 103 138 The Unity Tnjst Bank hold a first and second legal charge over the prOpeeS_ 15. Unrestrlcted General Fund Restated 2023 2024 1 Cktober 2023 2,455,131 2,378,679 Net Movement in Funds 87,356 76,452 30 September 2024 2 542 487 2 455 131 17
THE FITZROVIA TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 30 September 2024 INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 Genernl Fund 2024 FCC 2024 Warren St 2024 Total Fund$ 2023 Totsl Funds Incomlng Resourc Rents receivable Insurance 18COV8red Playground grantgnd use Oonatyon InterestReceivable 16.250 229.069 1.186 245.319 1.186 1,455 227,472 3.808 6,000 1,455 3629 3629 2032 239311 230 55 RESOURCES EXPENDED Administration fe8s Rent, TrEebng room & tn811 addres5 Travelling èxpenses Post8ge. pnnling and stabonery Telephone in8r1 exp8ns8S Accounlancy Legal and prof fo8s Rent Council Business rates Insurance Adverbsing IT & Websi18 Lightand heat Maintènance and MIshIngS Relurt>ishnEnl costs Caretaker SubscnptsonAffillatOnS Bank charges Deprsciation Bad Debts provision 45.185 5,506 3,513 221 540 516 2,610 45.185 5,506 3.513 221 540 516 2,610 6.915 15,500 40.884 5,084 3.949 526 508 2,100 8.268 15.500 5.884 12.250 720 407 2,282 23.931 6.594 14.234 528 157 9.299 800 15,500 6.315 4.904 132 132 2,135 44.868 2,135 9.490 35.378 14,280 14.280 10? 102 9.299 9,299 58,324 75.057 22,844 Is65 153,872 Intere51payable135% & 65%> 2.803 5,?05 8,(X)8 8,987 TOtslexpendiTe 77 860 164 33 162 859 Netincome lexpendthrel 202 206 18