Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB Charity registration number 296034 Company registration number 01963453 (England and Wales) BARONS COURT PROJECT LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Andrew Magowan (Chair until 16th September 2024 and resigned on the same day) (Resigned on 25 September 2023) (Resigned on 20th May 2024) (Appointed as Chair on 16th September 2024) (Appointed as Treasurer on 16th September 2024) {Appointed on 14th June 2023) {Appointed on 20 May 20241 (Appointed on 25th September 2023) (Appointed on 16th September 2024) (Appointed on 16th September 2024) Sarah Booth Deborah Holt Andrew Mccoll Michael Edward Pope Agata Elliott Shauleen Mpofu Sue Fennimore Yvonne Obuaya Caryn Vanniekerk Secretary MichaelAngus Senior Management Team Michael Angus Charity number 296034 Company number 01963453 Registered office 69 Talgarth Road London W14 9DD Independent examiner Samir Shah FCA, ATII Ramon Lee Ltd Chartered Accountants 93 Tabernade Street London EC2A 4BA Bankers Natwest Bank PIC OQD 22 Kings Mall Hammersmith London
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED CONTENTS Page CHAIRMAN'S REPORT Trustees report Independent examinerfs report Statement of financial activities Balance sheet 10-11 Notes to the financial statements 12-26
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 I could not start this report without going straight to the heart of the Barons Court Project.. our Director, Michael, our staff, Volunteers, all of our guests, and our generous donors. Together they create a community providing vital support for people experiencing homelessness and those living wth mental health conditions in Hammersmith and Fulham, from wherever they come. This year has seen many changes for the BCP, a huge and sudden influx of refugees has meant the Project had to adapt quickly to be able to manage these new guests and provide the support they need. As Michael outlines in his report, it is a great credit to the community at BCP that this challenge has been embraced. We have also seen changes to the BCP home, with new facilities and a redesign to ensure we continue to provide our core services whilst feeling like a home away from home. This would not be possible without our donors, from the Trusts and Corporates to the Friends of BCP and every generous gift, whether small or large. One particular gift, a legacy from the sorely missed Councillor Michael CarfvKight, wll help renovate the BCP garden, which provides a place of tranquillity for guests and stsff alike. Inevitably there have been funding challenges during the year and we have more and more difficulty raising funds for our core services. Funding challenges mean it can be difficult to maintsin staffing and plan for the immediate future, but we remain constantly vigilant to ensure the BCP remains financially stable. Stsffing issues are also exacerbated by a very dfficult market in the charity sector. We are very gratefvl for the high quality staff we have but continue to strive to bring additional long temi staff to the BCP. In the year ahead we wll seek to bolster our fundraising capacity, add a couple more Trustees to strengthen further out skillset and, with great excitement, the whole team vlill be planning for the 40th anniversary in 2025. It is with great pride that I write on behalf of all the Trustees to congratulate Michael and his team on everything they have achieved this year, and l am certain they will meet vthatever challenges lay ahead in the year to come. 052BD3B6131240F... Andrew M¢Coll Chair of the Management Committee 12/8/2024 Date:.........................
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Icharitable company limited by guaranteel, the Charities Act 2011 and "Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities The object, for which the charity was established, as stated in the Memorandum and Articles of Association, is to provide services for people vulnerable through mental health problems and homelessness in the Hammersmith and Fulham Area. We achieve our objectives by running a DroTrin Day Centre at our operational address and to provide practical, supportive and empowering services to vulnerable people. Achievements and performance The past year has been incredibly busy. With Covid behind us, thanthlly, we have been called upon and able to operate at full stretch. The cost of living continues to have an impact wth many people seeking our support, sadly we had to turn away those that were not homeless or living wth a mental health condition, but who nevertheless were in need. We signposted to ServIS that could help. The year started with something very special. TP Caring Spaces came in and offered to redesign our front drop-in room, TV Lounge and hallway. They visited three times to listen and get a full understanding of what the project does and what we are for. The heard that our aim is to be a home for those who do not have one and for those who may not feel at home within themselves and that we seek to be a community where all can belong, contribute and thrive. Using their creativity and vision to see what the SPaS could become they have created stunning rooms that have made our project feel more homely. Gone are Ihe carpet tiles and tub chairs, new laminate flooring, comfortable sofas and modem chairs have lifted the TV Lounge. The front room has a large table for undertaking 1- 1 work with a bespoke bench in the bay window to maximise the spa. New colours of paint on the walls have made the spaces warm and welcoming and lighting and blinds have been carefully selected to complement. They chose artwork by our guests, and had it professionally framed, even a rug was made wth one of our artists designs. It feels like the guests own the space, which is how it should be. That vision for the spaces and what they could become now allows us to have a vision for our guests and vtho they Can become. The autumn and winter were extremely difficult. The govemment rushed through 50.000 asylum seeker decisions. granting people refugee status. Having done that, they then evicted people from asylum seeker hotels, with often just a few days, notice. Given that Asylum Seekers are not permitted to work or daim benefits it was impossible for them to find places to live, and many ended up on the streets. We started to gain 5-6 new guests every day from the end of September. At one point I thought we might need to switch back to slots and we had prepared guests that they might only be able to shower or access some of our services once or twi a week, as numbers rose. Pushed to the limit this policy had a huge impact upon us. We had to work with people from a lot more varied backgrounds. first languages and diets. We were ready for a backlash from our regular guests and perhaps questions over whether we should be helping them, they never came. l am deeply proud of how the community responded to a huge change in dynamic and did their very best to get along and welcome all who needed us. l also want to pay tribute to my staff team who adjusted the servi$ so we could try and meet everyone's needs and thank goodness for Google Translatel We also developed a close relationship with the Refugee and Asylum Seeker team from Hammersmith and Fulham Council, so that we were able to provide a joined-up service. distribute items we didn't need and supply 300 winter coats, this partnership continues. With funding proving very difficult right up until the last quarter we had to manage YthOUt staff in posts we would have liked to fill, and non-urgent repairs had to wait. Expenditure was closely monitored to ensure thal we would balance the books. Thankfully in the final quarter we did receive grants that eased the problem and allowed us to undertake works at the centre.
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A new shower room on the ground floor to rectify the leaks to the basement and works in the garden have improved the facilities even further. Statistics: Body - the practical services to meet the basic human needs of those living on our streets. 900 people supported wth over 200 new guests. 10,800 attendances with remote support seniice many more 9,000 meals 7.500 showers 1,000 loads of laundry 2,160 items of clothing distributed and many more ordered and sent to the asylum seeker team. Mind - 1-1 support to help access housing. beneffts and employmerrt. Two thirds of guests received 1-1 advice and support. 100 supported housing referrals made, 90 people received employment support, with 35 successfully gaining employment. Spirit- Activities and Groups that enable our guests to live a fuller life Trips have been made lo a number of places induding bowling and museums. The art classes continue to thrive th Guan, a HomeLess Made Artist leading these. The Women's group averages 8 participants each week for peer support and to do something fun. Case Studies: (Names have been changed for anonymity). Conor, is 22, originating from Ireland. He left his homeland for reasons that are complicated and difficult and travelled to the UK, to start a new life. Without sufficient resources he was staying with his mate Declan in a bedsit. Declan was working as a labourer but sadly had an accident and broke his wrist and leg. Losing his job and his ability to pay the rent they both ended up on the streets. Both found a home at Barons Court Project, where we catered for their physical needs, made referrals into a night shelter, sorted out a benefits claim and assisted with employment searches. Conor is now employed and saving for a deposit to rent his own place. One week, along with others, both were relaxing in our new TV lounge. I saw a chess set brought out. 'Can you play chess?" l asked, "Ah for sure, we'll get by and make up the rules if we need to. Conor replied. Laughter, smiles and spirit restored. Daryan came to Barons Court Project as he was homeless . He moved to the UK 11 years ago from Turkey but is Kurdish. He claimed Asylum and has been waiting for a decision for 10 years. He was granted refugee status and housed in temporary accommodation by Southwark council. Daryan then started to work., however the council gave him 28 days, notice to leave his accommodation as they claimed he was no longer vulnerable. He ended up in Glassdoor Wnter night shelter and that's how he came to Barons Court Project. We met his immediate basic human needs access to shower, meals and support with housing. Assistance to address a housing benefit overpayment from Southwark of £979.09. Use of Imfi and phone charging, meals, laundry, clothes, and being part of a community. Daryan is now housed, and we supported a BEAM Campaign to raise funds for training courses, I am pleased that he is now employed. Corporate Partners Our Corporate Partners are incredibly important to us. enabling things that we would not be able to undertake without them. We have been pleased to continue to work with: Olympia London, Immediate Media, The Sylner Group, Tates Estate Agents and many more.
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 HomeLess Made Tim Philips has continued to take the lead on HomeLess Made and it continues to grow and develop. We have held a number of successful art exhibitions across London thanks to St James Facilities and Immediate Media. Pop Up Stalls have given us a chance to sell our cards, wthout people having to buy online and pay postage. These are also a great way to offer something to volunteers who often run these for us. We have continued to exhibit at Top Drawer and Ideal Home Exhibition and have increased the number of stockists who buy cards from us wholesale. We have partnered with Labres Hope and sell their candles and soap on our stalls, as they employ people who have experienced homelessness. We had a number of commissions for Christmas Cards, including The Girdlers, Company and Savills. Our work is done with love at the heart, that is our starting point. Love for our guests who may not feel loved. so that they can love themselves and in tum others. We are grateful to all who have supported and enabled us to joumey through the year with those seNe. Financial review The Statement of Financial Activities showed net surplus of £70,777 (2023- surplus £7,091) for the year and reseNes stand at £547,631 (2023 - £476,854). The financial position at the year end revealed by the Balance Sheet shows net current assets or working capital of £264,377 (2023 - £221,490). The net book value of fixed assets held, all of which are used directly for charitable purposes. amounted to £283.254 (2023- £255,364). In 2018, London Borough of Hammersmith and Fulham transferred the propety 69 Targarth Road, London W14 9DD valued at £240,000 to the charity to further its aims and objectives. The property is recognised as a restricted fixed asset in the financial statements. The net book value of the propety is £206,400 at the year end and is shown as a restricted fund balance carried forward. Investment Powers and Policy Investment decisions for Barons Court Project are taken on the advice of the Management Committee whose members have a finance, investment or commercial background. Barons Court Project's investment policy is to hold some reserves in a deposit account Principal Funding Sources The main funding sources for the charity are grants and donations. Breakdovm of the Charity's funders are provided on pages Notes 3 and 4 to the Financial statements. Reserves Policy The Management Committee has considered the level of reserve which should be maintained within the Charity and this is reviewed annually. Such reserves are needed to cover the working capital. the risk of possible shortfalls in charitable income and other contingencies. As at the year end, financial statements showed reserves of £547.631 (2023 - £476,854), of which £207.935 (2023 - £215,016) was restricted. The Trustees have set aside designated funds totalling £220,000 {2023 - £170,000) for specific purposes as follows.. 1. The Major Repairs Contingency Fund We want to ensure our building is very well maintained, it is a home for those that do not have one. We therefore hold a fund for major repairs and renewals that we might need to make to keep the building in top shape. At the year end the fund had a balance of £10,763. 2. Tangible Fixed Assets Tangible Fixed Assets funded by unrestricted funds recognised separately from General Funds which are freely available for expenditure. At the year end the fund had a balance of £76,852. 3. Second Fundraiser As we need to work on new funding streams, we are going to appoint a second fundraiser to work on bringing in funds from events. community sources and corporate partnerships. At the year end the fund had a balance of £32,000.
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 4. Social Enterprise Manager HomeLess Made continues to grow and develop. We wll use funds to pay for this part time role for the next years. At the year end the fvnd had a balance of £40,000. 5. Building Extension We are exploring the option to convert the attic into another floor. Architects have been commissioned to draw plans and we will seek to fund works to add capacity to our centre. Money has been put aside to work on this. At the year end the fund had a balance of £28,790. 6. Existing Committed Funds Existing committed funds represent financial resources specffically allocated to support project workers in the upcoming financial year. These funds are essential for ensuring that we can effectively manage and sustain our project, providing the necessary support and resources for our staff. At the year end, the fund had a balance of £31,595. The charity's free resetves at the end of the year stood at £119,696 (2023 £91,838). This is calculated by taking unrestricted funds, totalling £339,696, and deducting designated funds of £220,000. The charity aims to have 3 months running costs in reserves to ensure continuity- In line wth the Charity Commission guidance free reserves are calculated as the Charrty's unrestricted net assets that are freely available to spend wthout negatively impacting the Charity's operations. The Management Committee has set a target range of free reseNes based upon an analysis of the potential financial impacts of significant risks identified through the Charity's risk management framework. weighted for likelihood and impact. The principal sources of information which were taken into account when setting the reserves target range included.. Risk management framework Budgets and forecasts taking into account expected sour$ of income and their stability along with expected costs. Cash flow forecasts A going concem review undertaken as part of the year end prOsS Plans for future periods Rough sleeping continues to rise, and the future is always a little unknown. After a difficult year we know that we need to further diversify our fundraising and will appoint a new Individual and Corporate Fundraiser. Our Corporate Partnerships allow us to do so much more and give an opportunity for many more people to get involved, we will develop new partnerships and seek to maintain our existing ones. We will look to continue to improve our spaces so that really are a home for those that do not have one or may not feel at home ythin themselves. Structure, governance and management Governing Document Barons Court Project Limited is registered as a company limited by guarantee and not having share capital. Its operations are governed by its Memorandum and Artides of Association (M&AA). The company was incorporated on 22nd November 1985 and registered as a charity on 26th January 1987. The charity registration number is 296034 and the company registration number is 01963453.
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Appointment of Trustees As set out in the Articles of Association, the Chair of the Trustees is nominated by Barons Court Project Limited. The Directors of the organisation are also the charity Trustees for the purposes of Charity law. The Board of Trustees have power to appoint additional Trustees as it considers fit to do so. The Trustees have no beneficial interest in the Company other than as members. When considering vacancies for membership. the Chair of the Management Committee y11 first examine member skills audits to identify any skills gaps. Suitable applicants would then be sought from.. Current Management Committee members (although Management Committee members are advised to avoid recommending people who are dose colleagues, friends or relatives as this may affect the balance and objectivity of the Management Committees as a whole). Local area advertisement Local Volunteer Centre Individual applications (direct enquires to BCP from members of public) Specialist recruitment organisations. such as REACH. Business on Board and so on. Organisational Structu Our organisational structure is made of up to eleven members. However, there are currently only seven seNicing. They meet a minimum of four times a year to develop strategic plans and review the operational guidelines and policy of the Project. The Management Committee holds a range of reserve matter and delegates certain authority to the Director in order to run the organisation efficiently. Matters such as policy, strategy and budgets are prepared by the project team for consideration and approval by the Management Committee members who then monitor implementation of this plan. Risk Management The Management Committee has a duty to identify and review the risks which the Charity faced and put in place appropriate controls to provide reasonable assurance. Risks are identified and assessed at different levels against the agreed strategic aims and objectives. Periodic reports are provided to the Management Committee members highlighting the key risks in specific areas and significant changes in risks. Health and safety monitoring is carried out by the Director on a regular basis to implement policy and procedures Risk is an everyday part of the charitable activity and managing it effectively is essential if the trustees are to achieve their key objectives and safeguard their charity's fvnds and assets. Therefore, the Project has developed an appropriate Risk Management Framework which consists of the Risk Management policy and the Risk Management procedures as OLrtlined in the Project operats'onal guidelines. The Project has an efficient reseNe policy to mitigate against financial risk by setting up a designated fund to minimise the impact of unexpected fall in income and provide for rise in charitable activities and operational cost. Induction and Training of New Trustees Management Committee members have a detailed understanding about the scope of the Project's operations, having had a tour of the project. New members of the Management Committee are given an infomiation pack onsisting of the Charity Commission guide 'The Essential Trustee". together with a copy of the Memorandum & Articles of Association, the Project's own Governan Guideline and a Copy of the latest audited financial statements. The Management Committee receive regular updates about the activities of the DroFFln Centre from the Director at the management committee meetings. Related Parties The charity has relationships with related parties and other charities and organisations wth which it Cctroperates in pursuit of its charitable objectives. Public Benefit Statement In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit. including the guidance 'public benefit.. running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the Charity's activities.
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees responsibilities The Trustees, who are also the directors of Barons Court Project Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going con¢em basis unless it is inappropriate to presume that the Charity will continue in operats'on. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Chanty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. The Trustees report was approved by the Board of Diredors and Trustees and signed on its behalf.. 052BD3B6131240F... Andrew Mccoll Chair 3 December 2024
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BARONS COURT PROJECT LIMITED I report to the Trustees on my examination of the financial statements of Barons Court Project Limited (the Charity) for the year ended 31 March 2024. Responsibilities and basis of report This report is made solely to the charity's trustees, as a body, in accordan wth the Charities Act 2011. My work has been undertaken so that I might stste to the charity's trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent pemitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report. or for the opinions I have formed. As the Trustees of the Charity (and also its directors for the purposes of company law} you are responsible for the preparation of the financial statements in accordan with the requirements of the Companies Act 2006 {the 2006 Act). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinats-on. I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011 {the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){b) of the 2011 Act. Independent examinerfs statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of , Institute of Chartered Accountants of England and Wales (ICAEII4 which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act,. or the financial statements do not accord wth those records" or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. SvJned by= BFA8442682BF4CE.. Samir Shah FCA, ATII Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA Dated: 3 December 2024
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Designated Restricted funds funds funds Total 2024 Total 2023 Notes Income from: Donations and legacies Charitsble activities other trading activities Investments 192,762 164,542 22,186 1,615 192,762 329,486 22,186 1,615 180,198 235,861 21,897 442 164,944 Total income 381,105 164,944 546,049 438,398 enditure on: Raising funds 56.068 56,068 56,439 Charitable activities 247.179 172,025 419,204 374.868 Total expenditure 303.247 172,025 475,272 431.307 Net movement in funds 77,858 (7,081) 70,777 7,091 Gross transfers beeen funds (50,000) 50,000 Net incomingl{outgoing) resources 27,858 50,000 (7,081) 70,777 7,091 Fund balances at 1 April 2023 91.838 170,000 215,016 476,854 469.763 Fund balances at 31 March 2024 119.696 220,000 207,935 547,631 476.854 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 12 283.254 255.364 Current assets Stocks Debtors Cash at bank and in hand 13 14 7,840 17,565 308.558 3,938 11,551 303,926 333,963 319,415 Creditors: amounts falling due within one year 15 (69.586) (97.925) Net current assets 264.377 221.490 Total assets less curnt liabilities 547,631 476,854 Income funds Restricted funds Unrestricted funds Designated funds General funds 17 207,935 215,016 18 220,000 119.696 170,000 91,838 339.696 261,838 547.631 476.854 10-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The company is entided to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024. The members have not required the company to obtsin an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge Iheir responsibilities for. ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relats'ng to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance Vth the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 3 December 2024 and were signed on their behalf by.. 2BD3B613124LF... Andrew Mccoll Chair Company registration number 01963453 11
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's [Charrtable company limited by guaranteel, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102°) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. 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 £. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwse ststed in the relevant note(s) to these accounts. 1.2 Going concem The Charity's Financial Statements show net surplus of £70,777 for the year and free reserves of £119,696. The trustees are of the view that these results have secured the immediate fvture of the Charity for the next 12 months and on this basis the Charity is a going concem. 1.3 Charitable funds Unrestricted funds are available to spend on activities that rther any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. 1.4 Income All income is included in the consolidated SOFA when the charity is legally entitled to it, receipt is probable and the amount can be measured with sufficient reliability. Grant Income Grants are credited to the SOFA when the charity is entitled to the funds. Income is only defeed where there are time constraints imposed by the donor or if the funding is perfomiance related. ere entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the income is recognised when there is sufficient evidence that conditions will be met. Grants supporting the core activities of the charity and with no specific restrictions plad upon their use are included within donations and legaaes. Grants that have specffic restrictions placed upon their use are included within income from charitable activities. Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the eadier date of when they are reiVed or receivable. Deprecation on the related fixed assets is charged against the restricted fund. 12-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) Donations and Legacies Donations are recognised in the period in which they are received. Legacy income is recognised when the charity's entitlement is judged to be probable and where the amount can be reliably measured. Contract Income Income from charitable activities indude income recognised as eamed (as the related goods and services are provided) under contract. Investment Income Investment income is included when receivable. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings-. Cost of raising funds comprises the costs in inducing others to make voluntary contributions to the charity and their associated support costs. Expenditure on charitable activities includes the costs directly associated with supporting people with mental health problems and homelessness in the Hammersmith and Fulham area, to further the purposes of the Charity and their associated support costs. Irrecoverable VAT is Charged as a cost against the activity for which the expenditure was incurred. Allocation of Support Costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, management. finan and administration personnel, payroll and govemance costs which support the Charity's programmes and activities. These costs have been allocated to expenditure on charitable activities. 1.6 Tangible fixed assets Tangible fixed assets are stated at cost less depreciation. Individual fixed assets costing £500 or more are capitalised at cost. Tangible fixed assets purchased from restricted funding but for general use are transferred to unrestricted funds. Depreciation is recognised so as to write off the Cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold land and buildings Building Improvement Fixtures, Fittings and Equipment 50 years 5 years 200A straight line The gain or loss arising on the disposal of an asset is determined as the difference betsveen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 13-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.7 stocks Stocks are staled at the lower of cost and estimated selling pri less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling Pri less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, and short temi cash deposits. 1.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortized cost using the effective interest method. 1.10 Taxation The Charity is a registered charity and. therefore. is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 1.11 Creditors and Provisions Creditors and provisions are recognised vthere the charity has a present obligation resulting from a past event that will probably result in the transfer of ftjnds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. 1.12 Volunteers and Donated Services and Facilities Donated professional services and donated facilities are recognised as income when the charity has control over the ilem, any conditions associated wth the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). the general volunteer time of the Charity is not recognised in the main body of the financial accounts but detail is contained in the Trustees report. On reipt, donated professional services and donated faalities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. 1.13 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.14 Operating Leases All leases are operating leases. and rentals are charged to the Statement of Financial Activities on a straightline basis over the lease duration. No assets are held under hire purchase agreements. 1.15 Cash Flow Statement The charitable company qualifies as a small company and advantage has been taken of the exemption provided by SORP {FRS 102), not to prepare a cash flow statement. 14-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 carying 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 vthere the revision affects both current and future periods. 15-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestricted funds Total 2024 Total 2023 Assala Energy UK Ltd Carolyn Steyn Charity of Sir Richard INhittington Donations Fifflop Ltd Goodman Retail Limited TIA West London Audi Hamilton Hodell Limited Kenneth Hargreaves Trust Lyne and Longcross PPC Marsh Charitable Trust Mr J D Pegg - Executor for the Late Kenneth M Cartwright Souter Charitable Trust The Albert Hunt Trust The Charlotte Bonham-carter Charitable Trust The Girdlers, Company Charitsble Trust The Haramead Trust The JE Posnansky Trust The Sir Jules Thom Charitable Trust The W F Southall Trust Hammersmith Apollo Limited Olympia Limited Garfield Weston Foundation 20.000 20,000 15.000 5.000 20,000 43,317 1,548 1,500 2,000 1,000 1,000 750 50,000 3,000 5,000 833 12.250 10.000 2.000 3,000 3,000 10,000 58,562 10,000 58,562 1,150 1,150 50,000 3.000 50,000 3,000 4,167 12.150 4,167 12,150 1,208 7,525 25,000 1,208 7,525 25,000 192,762 192,762 180,198 16-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Charitable Income Total 2024 Total 2023 Access Foundation Grant {Social Investment Business Ltd) ACTS 435 Boeing Donations from Friends of BCP Earls Court Community Fund Enable Communication - Kickstart Programme Hammersmith & Fulham Giving Hammersmith United Charities {HUC) H&F Giving A Fair Deal Action Research Fund LB of Hammersmith & Fulham- 3SIF LB of Hammersmith & Fulham- Additional Funding LB of Hammersmith & Fulham- MHG The Leathersellers, Company London Borough of Hammersmith & Fulham Mrs Smith & Mount Trust Olympia London Limited Hammersmith United Charities -Resilience Grant The Daisy Trust The D'oyly Carte Charitable Trust The Eads Court & Olympia Charity The Fore - RAFT Transition Fund The Light Funds The London Community Foundation The London Community Foundation - Cost of Living Crisis The National Lottery Community Fund Trusthouse Charitable Foundation Dropin café income 5,500 440 14,571 5,500 440 14,571 7,000 1,030 14,571 2,514 5,000 2,170 10,094 833 7,000 7,000 9,167 19,780 5.000 47.250 75,000 30.000 9,167 19,780 5,000 47,250 75,000 30,000 46,710 75.000 30.000 20.000 4.000 5,000 5,000 700 500 3,500 1,400 5,000 500 3,500 1,400 5,000 5,775 5,175 5,292 4,286 78,333 5,000 2.292 5,175 5,292 4,286 78,333 5,000 2,292 7,226 1,667 1.571 329.486 329,486 235.861 Analysis by fund Unrestricted funds Restricted funds 164,542 164.944 164,542 164,944 153,280 82.581 329.486 329,486 235.861 17-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other trading activities Unrestricted funds Total 2024 Total 2023 Income from Homeless made card sales 22,186 22,186 21,897 other trading activities 22,186 22,186 21,897 Investments Unrestricted funds Total 2024 Total 2023 Bank Interest 1,615 1,615 442 1,615 1,615 442 Raising funds Unrestricted funds Total 2024 Total 2023 Staff costs Other fundraising costs Share of Support costs (See note 9) Share of Govemance costs (See note 9) 40,930 10,357 4,658 123 40,930 10,357 4,658 123 47,155 5,010 4.157 117 56,068 56,068 56.439 18-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Drop-in and outreach Total 2024 Total 2023 Staff costs Temporary project worker Volunteer costs Premises costs Consumables Trips and Guests, Activities Dropin Expenses Direct cost- Home(less) card sales Profit share of Home(lessl card sales 133,067 10,271 1,050 27,446 11,080 18,001 60,151 13,614 6.229 133,067 10,271 1,050 27,446 11,080 18,001 60,151 13,614 6,229 124,483 24,950 88 40,628 10,105 5,789 13,186 9.655 7.823 280.909 280,909 236.707 Share of support costs (see note 9) Share of governance costs (see note 9) 134,745 3,550 134,745 3,550 134,393 3,768 419,204 419,204 374,868 Analysis by fund Unrestricted funds Restricted funds 247.179 172,025 247,179 172,025 282,121 92.747 419,204 419,204 374.868 19-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Govemance costs and other support costs are apportioned separately between charity's key activity undertaken (see notes 7, 8) in the year. All the general support and governance costs are allocated to activities at different percentages, based on staff time and the number of seNice delivery hours attributable to each activity. General Governance support costs 2024 2023 Depreciation Office and administrative staff Recruitment and training Premises Communications cost Computer support and l.T. maintenance Professional expenses Insurance Bank charges Sundry expenses Independent Examiners fee 22.709 69.045 11.952 6.861 5.517 5,274 10,953 3,741 769 2,582 22,709 69,045 11,952 6,861 5,517 5,274 10,953 3,741 769 2,655 3,600 23.850 68.492 8.899 10.157 3,064 10,263 3,150 749 2,667 3,600 73 3,600 139,403 3,673 143,076 142,435 Analysed beeen Fundraising Charitable activities 4.658 134.745 123 3.550 4,781 138,295 4,274 138,161 139.403 3.673 143,076 142.435 10 Net movement in funds 2024 2023 Net movement in funds is stated after chargingl(credib'ng) Independent examination Depreciation of owned tangible fixed assets 3,600 22,709 3,600 23,850 11 Employees The average monthly number of employees during the year was". 2024 Number 2023 Number Direct project work Fundraising Strategy, service management, finan and administration Total -20-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees {Continued) Employment Costs 2024 2023 Salaries National Insuran Pension 227,338 14,605 6,317 218,661 15,590 5,878 248,260 240,129 The average monthly number of persons employed by the charity during the year was 5 (2023 - 8). No Trustee received any remuneration during the year (2023 - £nil). No Trustees received reimbursed expenses during the year {2023- £nil). The key management personnel of the charty comprise of the Executive Offir. The total employee benefits (including employer's pension contribution) of the key management personnel of the charity were £67,734 12023 - £63,990). There were no employees whose annual remuneration was more than £60,000. 12 Tangible fixed assets Freehold land Building Fixtures, and buildings Improvement Fittings and Equipment Total Cost At 1 April 2023 Additions Disposals 240,000 93,997 26,744 {17,142) 44.797 23.854 (2.683) 378.794 50.598 {19.825) At 31 March 2024 240,000 103,599 65,968 409,567 Depreciation and impaimient At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 28,800 4,800 62,984 13,174 {17,142) 31.645 4.735 (2.683) 123.429 22.709 {19.825) At 31 March 2024 33,600 59,016 33,697 126,313 Carrying amount At 31 March 2024 206,400 44,583 32,271 283,254 At 31 March 2023 211,200 31,013 13,151 255,364 21
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Stocks 2024 2023 Finished goods and goods for resale 7,840 3.938 7,840 3.938 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 1,089 1,828 14,648 1,701 9.850 17,565 11.551 15 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Accrued expenses 8,155 31,595 24,881 4,955 6,350 83,491 3,140 16 69,586 97.925 16 Deferred income 2024 2023 Movements in the year.. Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year 83.491 (83,491) 31.595 {25.079) 25.079 83.491 Deferred income at 31 March 2024 31,595 83,491 Deferred income represents grant income of £2,100 from The D'oyly Carte Charitable Trust, £5,495 from Dr Edwards and Bishop King's Fulham Charity. £9.000 from Eads Court Community Funds, and £15,000 from Street of London
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Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Movement in funds Incoming Transfers resources Balance at 1 April 2022 Transfer5 Balance at 1 April 2023 Balance at 31 March 2024 Second Fundraiser Social Enterprise Manager Information Technology Major Repairs Contingency Fund Tangible Fixed Assets Warm Centre Garden Project Committed Funds Building Extension 30.000 30.000 2,000 32,000 40,000 20,000 40.000 20,000 40.000 {20,000) 20,488 54,512 82,000 8.000 9,348 (10,348} (82,000) (2.000) 29,836 44,164 (19,073) 32,688 10,763 76,852 6.000 (6,0001 31,595 28,790 31,595 28,790 165.000 5.000 170.000 50,000 220.000 The Major Repairs Contingency Fund - Vve want to ensure our building is very well maintained, it is a home for those that do not have one. We therefore hold a fund for major repairs and renewals that we might need to make to keep the building in top shape. Tangible Fixed Assets Tangible fixed assets funded by unrestricted funds recognised separately from General Funds which are freely available for expenditure. Second Fundraiser - As we need to work on new fijnding streams. we are going to appoint a second fundraiser to work on bringing in fvnds from events. community sources and corporate partnerships. Social Enterprise Manager - HomeLess Made continues to grow and develop. We will use funds to pay for this part time role for the next hvo years. Infonnation Technology - We need to overhaul out IT and have allocated fvnds to cover new hardware and the support costs. Garden Project- Our garden is utilised all year round in all weathers, it acts as another room. We have been given the chance to worf( with an amazing landscaper. who is offering his time pro bono, to undertake works to make the garden more appealing and useable throughout the year. Social Enterprise Manager- HomeLess Made continues to grow and develop. We wll use funds to pay for this part time role for the next years. Committed Funds - Existing committed funds represent financial reSoUrS specifically allocated to support project workers in the upcoming financial year. These funds are essential for ensuring that we can effectively manage and sustain our project, providing the ne$sary support and resources for our staff. Building Extension - We are exploring the option to convert the attic into another floor. Architects have been commissioned to draw plans and we will seek to fvnd works to add capacity to our centre. Money has been PLrt aside to work on this. -25-
Docusign Envelope ID.. 39E40c6E-D42DBC-8482c4E90674oBB BARONS COURT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of net assets between funds Unrestricted Designated Restricted funds funds funds 2024 2024 2024 Total Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current assetsl{liabilities) 76,854 143,146 206,400 1,535 283,254 264,377 255,364 221,490 119,696 119,696 220.000 207,935 547,631 476,854 20 Related party transactions There were no disdosable related paty transactions during the year (2023 - none). Liability of Members The charity is constituted as a company limited by guarantee and does not have a share capital divided by shares. -26-