OpenCharities

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

2023-03-31-accounts

Annual Report & Consolidated Financial Statements

Annual Report & Consolidated

Financial Statements

for the year ended 31st March 2023

~~CENTRE 404~~

1 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Our Mission

Centre 404 is working towards a world where people with learning disabilities, autism, and their families have the support they need to enjoy the same rights, freedoms, responsibilities, respect, choices, and quality of life as people within the wider community.

~~CENTRE 404~~

2 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Financial Statements for the year ended on 31[st] of March 2023

Contents Page
Reference and Administrative Information 4
Report of the Trustees 5
Independent Auditors Report 26
Statement of Financial Activities 28
Balance Sheet 29
Statement of Cash Flows and Consolidated Statement of Cash Flows 30
Notes to the Financial Statements 31

~~CENTRE 404~~

3 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Reference and Administrative Information

Trustees and Directors:
Company Secretary:
Chief Executive:
Registered Office and
Principal Address:
Website:
Bankers:
Auditors:
Solicitors
Legal Advisors:
Company Number
Charity Number		 Paul Formosa (Chairperson)
Samantha Dunne (Vice Chair)
Derek Weist (Treasurer)
Susan Pearson
Tara Willson
Copeland Ingram
Etienne Makosso
Felix Arnold
Paul Formosa
Linda McGowan
404 Camden Road
Islington
London
N7 0SJ
www.centre404.org.uk
Lloyds Bank plc
31/33 Holloway Road
London
N7 8JU
Moore Kingston Smith LLP
Floor 6,9 Appold Street
London
EC2A 2AP
Reculver Solicitors
12 – 16 Clerkenwell Road
London
EC1M 5PQ
Bates Wells
10 Queen Street Place
London
EC4R 1BE
2270299
299889

~~CENTRE 404~~

4 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Trustees’ Annual Report (Incorporating a Directors Report)

The Trustees (who are also the directors) are pleased to present their report for the year ended on 31 March 2023.

This report describes what Centre 404 is set up to do and what we have been doing in the last year. It also explains our structure and governance processes. It includes our annual accounts and explains our plans for the coming year. Additional information about our activities can be found in our Annual Review, which can be obtained from our main office and our website.

Statement of Trustees Responsibilities

The Trustees (who are also the directors of Centre 404 for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give 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 charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transaction and disclose with reasonable accuracy at any time the financial position of

the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

~~CENTRE 404~~

5 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Auditor

In accordance with the Companies Act 2006, a resolution proposing that Moore Kingston Smith LLP will be officially appointed as the auditor will be put to the Annual General Meeting.

Structure and Legal Status

Centre 404 is a registered charity and constituted as a company limited by guarantee. The instruments governing the charity are the Memorandum and Articles of Association.

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The Trustees are members of the charitable company, but this entitles them only to voting rights.

The charity is governed by a Board of Trustees collectively referred to as the Trustees. These Trustees are also the Directors of the company for Companies Act purposes.

Governance

Trustees are members of the Executive Committee. In addition, they chair the following sub-committees: Independent Living, Supporting Families, Learning and Leisure, Personnel and Finance. These subcommittees are directly accountable to Executive Board and are jointly responsible for advising and overseeing the work of the organisation’s service areas.

The Executive Committee meets at least five times a year and is attended by the Chief Executive and the Head of Finance. The Heads of Service attend when requested. The sub-committee for each service area meets every six to eight weeks, and minutes of these meetings are presented to the Executive Committee.

As outlined in the Articles of Association, the number of Directors/Trustees forming the Executive Committee (including Officers) shall be not less than eight, or more than fifteen.

The Executive Committee may at any time appoint any member of the Charity as a Trustee of the Executive board. Trustees so appointed shall retain their office only until the next Annual General Meeting, where they shall be eligible for re-election.

The Executive Committee reviews its membership annually to ensure it is representative of the service users and the community we serve. The Board of Trustees comprises a mixture of individuals from a wide range of backgrounds including family carers of children or adults with a learning disability, current service users, individuals with specific professional skills and individuals from the charitable and housing sectors. Centre 404 needs to keep this balance as we are committed to the organisation having strong service user involvement at all levels and being user-directed.

The Executive Committee also reviews the skills and professional expertise of Trustees to ensure there are no knowledge or experience gaps which would put the strategic management and development of the organisation at risk. The training needs of Trustees are reviewed throughout the year and at away days. Trustees are regularly kept up to date with training opportunities and conferences that will further enhance their knowledge and confidence in their role.

~~CENTRE 404~~

6 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Potential candidates for the Board of Trustees receive a briefing pack about the roles and responsibilities of a Trustee and have the opportunity to attend a Board meeting and visit Centre 404 to understand its work before being elected. Trustees are invited to meet senior staff members and visit as many activities or projects as they are able to once, they are elected.

Management

The Executive Committee is responsible for the overall strategy and management of the organisation. The day-to-day management of the charity, including staff and financial matters, is delegated to the Chief Executive Officer (CEO).

The CEO is supported by a senior management team comprising of Heads of Service for the following areas of our work: Finance and IT, Supporting Families, Learning and Leisure, Independent Living, and People and Resources.

The senior management team reports directly to the CEO. The Centre 404 remuneration committee is made up of the Chair, vice Chair, and the treasurer. They meet when required to review the salary of the CEO and other key management personnel. The committee carefully benchmarks these senior salaries against similar roles in similar organisations and where possible aim for the median salary.

They also utilise the annual ACEVO pay survey. The length of service, qualifications, experience, and specialist knowledge of the person are also taken into consideration when deciding a final salary.

Risk Assessment

The charity has in place a risk management process to assess potential areas of risk and to implement strategies to ensure that these are managed and minimised.

This involves identification of the types of risk the charity faces, prioritising them in terms of potential impact, the likelihood of occurrence and identifying and tracking the progress of measures to mitigate them.

The risk register, which records this information, is regularly reviewed by the relevant sub-committees and senior management team in the light of any changing circumstances. The Trustees review the risk register annually and satisfy themselves that adequate systems and procedures are in place to manage the risks identified.

The financial risk register was reviewed and updated in March 2023. The personnel risk assessment was also reviewed and agreed in the last financial year in February 2023.

The major risks identified in for the period April 2022 to March 2023 are the following:

~~CENTRE 404~~

7 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

highlights an increase in the rise of people economically inactive and increases to long term sickness. Economic inactivity particularly in the age range 16 -24 was cited.

With regards to the above, we have a robust and detailed action plan in place to mitigate these risks. Plans and targets to increase the effective recruitment and retention of quality staff have been implemented. We are confident we will be successful in managing these risks and to greatly reduce any adverse impact.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Mission and Vision

Centre 404 is working towards a world where people with learning disabilities and their families have the support, they need to enjoy the same rights, freedom, responsibilities, respect, choices, and quality of life as people within the wider community. We aim to contribute to this vision by providing excellent quality services and by supporting people with learning disabilities and their families to get their voices and views heard.

To achieve our mission, we provide the following:

The above activities fit into the following three main service delivery areas: Independent Living, Learning and Leisure, and Supporting Families.

Outlined in the sections under each service heading is a report on the achievements and performance of that area of our work and plans for the coming year.

~~CENTRE 404~~

8 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

ACHIEVEMENTS PERFORMANCE AND FUTURE PLANS

Key highlights in terms of the impact we achieved were:

Independent Living and Specialist Services

Support is provided through our Supported Living, Outreach Services, and Positive Behaviour Support (PBS) Frameworks.

We remain registered as domiciliary care with the Care Quality Commission (CQC) and were rated as good in our last full inspection in November 2019. We were inspected on the 8 December 2022 but were not rated as part of the inspection. We completed a Provider Information Request for CQC in March 2023 but have not had a subsequent contact with the CQC since.

Our service users have a wide range of needs, and some have high and/or complex needs, additional physical disabilities, complex health needs, sensory impairments, autism, behaviour support needs, dementia, or a dual diagnosis. We also provide support for end-of-life care.

Supported Living is where people with learning disabilities are supported to live either in their own home or in shared accommodation. Some of our supported living services have good communal spaces, so even though people are living in their own flats, they have the opportunity to spend time with others as they wish, either for set activities or to eat meals together. Centre 404 is commissioned to provide support for people to live a fulfilled life, with meaningful activities, training, employment opportunities and to be as independent as possible. Funding for these services is through core support payments to Centre 404 and ISF (Independent Service Fund) payments made directly to the service user so they can purchase support and activities. This model enables more choice and control for service users in how their money is spent.

Outreach Services in Islington and Camden provide community-based support to people living in their own homes or with their family and assist with developing specific independent living skills. The focus is very much on teaching skills and coping strategies, whilst getting people engaged and linked in with their community and developing support networks that are not paid services. Whilst the people we support will always need some level of input, the focus is on enablement and independence, reducing paid support over time. Supporting people with volunteering, training, education, work experience and employment opportunities are service aims.

Our Islington drop-in service continued into its second year. Through this we provided support and information sessions to some of our outreach service users, but we targeted more people in the wider learning disability community in the borough. The service generated community links with signposting to relevant services. We supported people with correspondence, benefit queries and applications, as well as general advice to help people with their finance or other issues.

The Positive Behaviour Support (PBS) Framework in Haringey is also signed up to by several other London Boroughs, namely Camden and Islington. This enables us to set up bespoke packages of PBS support for people living in their own home, in shared accommodation, through day opportunities, and as outreach support. Our PBS and Autism Lead has a small team of PBS qualified coaches and assessors to ensure quality services, who all receive clinical supervision in line with PBS Framework Standards.

~~CENTRE 404~~

9 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Our annual operational objectives for the service are monitored through the CEO, the Board of Trustees, and the Centre 404 Independent Living sub-committee, which meets bi-monthly. Digital transformation will be an objective carried forward into the coming year.

The service maintains tight monitoring of income and expenditure with the Head of Service meeting fortnightly with the Head of Finance. This ensures a quick response to any budgetary needs and enables us to plan for service development and investment.

Current Contracts

Anson Road, Kiver Road, Tollington Way, Mildmay Avenue, Leigh Road and Vivian Comma Close have all maintained Good/excellent services which have been verified by London Borough Islington audits and from the User-Led Monitoring team in Islington. All of these services operate using a core and ISF model for support. We currently have one long term vacancy at Anson Road and two vacancies at Leigh Road. Our vacancy at Kiver Road is about to be filled.

Our Islington Outreach Service was under the Islington 1:1 and Day Opportunities contract. We are waiting to hear about the new contract arrangements for this service from London Borough Islington. The drop-in service was being delivered by the outreach team and is in its final year with an end date of June 2023.

Our Floating Support Service in Camden North continues to receive excellent feedback and is achieving good outcomes for people. The service has grown in line with growth targets set over the last year and is projected to grow further in the coming year.

Kendal House and Independent Support Service (ISS) at Queensland Road are delivered on a spot purchase arrangement with London Borough of Islington. Both services support people with complex health conditions and end-of-life care. In November 2022, the person living at ISS passed away. Funding for this service stopped in Dec 2022 and as the service was a bespoke package set up in someone’s own home, we no longer have this service going forwards.

We also provide one domiciliary care package to a service user in Camden. This person was outside the remit of the floating support contract. Due to the persons complex needs and epilepsy support, the team from Leigh Road provide the support.

During the last year we also completed a 12-week project with Islington Learning Disability Partnership board as a trusted partner to complete a designated number of mini reviews for service users who had overdue reviews within the borough.

Work in Other Boroughs

We were successful in being awarded a contract in Brent for two Supported Living Services. The start of these services were further delayed. As we had been delayed multiple times and had started to recruit team members, we started to receive contract funding from November 2022. Due to further building delays, service users will start to move in during May 2023. These 2 services will use a core and ISF funding model and use PBS approaches.

The DPS in Waltham Forest, which is also opened to surrounding boroughs, has not offered any relevant contracts but we continue to monitor any opportunities.

~~CENTRE 404~~

10 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

The framework in Enfield has also not offered any relevant contracts. They are often very small packages of support which are not cost effective for us to deliver.

We remain on a DPS and PBS framework in Haringey, which is open to several other boroughs. Developing work in other Boroughs remains a primary objective for the service.

Quality

Over the last year we have been focussing on getting people out and about. Services have been sharing pictures and stories to inspire and encourage each other to try new things. A number of holidays were booked, and we are aiming to increase the number of people going on holiday over the next year.

We were successful in securing funding for our safeguarding group for the second year in a row. The group managed to deliver hate and mate crime training to 28 people with learning disabilities and we held 2 large hate and mate crime events with 93 people attending across the 2 events. We delivered a range of bespoke training and coaching sessions to staff and set up activity groups to help support people who had experienced or were at risk from cuckooing.

Our in-house PBS and Autism Team had their training accredited and they have developed further work around Quality of Life and how we can assess and build upon this for the people we support. Our data capture Kickstarter was developed into a Smartdesc apprenticeship, and his work will continue with us to support digital transformation.

Learning and Leisure Services

Over the past year, the Learning and Leisure Service has expanded its reach and is now supporting children, young people, and adults across six London Boroughs to access the support they need to socialise, learn, and have fun.

Over the last year, we increased the level of support that we are providing to children and young people across London by 41%, and we are now supporting 185 children.

We have continued offering PBS support for children and young people in Enfield and Islington and increased support in Camden. From 2023, we will be delivering PBS support in Hammersmith and Fulham.

Our **childrens home** in Tower Hamlets achievedGood` rating from Ofsted and we welcomed 10 new children.

In early 2023, we have been successful in joining Waltham Forest short breaks framework and look forward to supporting children in Waltham Forest.

Our Playschemes continue to grow in attendance and popularity. We delivered 50 playscheme sessions in Islington and Enfield, and 25 sessions in Camden. During the year, the children had amazing adventures exploring Central London and the local community, and participated in exciting day trips, such as: London Zoo, Willows Farm, Trent Park, Natural History Museum, Science Museum, and Sea Life London. In 2022 we were shortlisted for the Children and Young People Play award. Despite not winning the award being shortlisted as the finalist of national awards was a great achievement.

~~CENTRE 404~~

11 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Day Opportunities have continued to grow, and we now support 32 people across 3 different sites. We are pleased to welcome back service users that returned to the service following pandemic.

The Personal Support Worker Finding and Matching Service has been greatly affected by Coronavirus and recruitment elated difficulties, but the service was now reached pre pandemic levels of support and now we are offering over 400hrs of support per week.

Adult Clubs have continued running and providing much needed support to adults with learning disability and/or Autism. Our Friday Night Social has seen steady growth since returning post pandemic and we now have a regular attendance of 35 service users every Friday.

Supporting Families Services

The Supporting Families Service provides specialist advice, information, and support to families who care for a child or adult with learning disabilities or Autism. We also run regular support groups, workshops and activities, empowering family carers in speaking up for their own rights and those of other carers.

The Children and Families Act 2014 includes a duty for each Local Authority to provide an information, advice, and support service to support children, young people and their parents on matters relating to a child or person’s special educational needs or disability (SEND)from birth to 25 years. Our service offer is independent from the Local Authority, delivering free, confidential, and impartial services. We are also providing a direct telephone helpline, support through our website or emails, 24-hour voicemail, call backs, and one-to-one appointments . The service is an all-year-round flexible service, open during office hours.

We also operate a signposting service directing clients to like-minded network organisations who provide free advice and support on a range of matters relating to SEN and Disability in England, who make up the Special Educational Needs and Disabilities Information Organisations group known as SENDIOG. It includes organisations whose support is impairment specific which children, young people, parents, and professionals can access. The network includes organisations such as The Advisory Centre for Education (ACE), Contact, Down's Syndrome Association, National Autistic Society, National Deaf Children's Society, Sense, and SOS! SEN.

Our support to family carers is vital to many London families and our projects heavily rely on funding from charitable trusts.

We continue to support and engage with families across several London boroughs including Islington, Camden, Haringey, Hackney, and City of London, Enfield, Waltham Forest, and Tower Hamlets. We are also pleased to report the success of our projects for Wellbeing Activities such as gentle stretch and flex.

Supporting families services expanded our offer of free, impartial advice, information and support in 2021 to include Enfield Special Educational Needs and Disabilities Information Advice and Support Service (SENDIASS), and in 2022 to include Waltham Forest SENDIASS . These services are open to any resident aged 0-25 years with special educational needs, their parents and carers, and professionals who support these families. This service is impartial, confidential, and free to use. It includes a phone line open 9am 5pm, Monday. Evening appointments available by appointment for families unable to access the service during business hours.

~~CENTRE 404~~

12 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

One-to-one and group support is available face to face, over the phone, through email, and online on matters relating to special education needs and disabilities such as:

We continue to deliver workshops and information sessions to parents and carers, drop-in sessions for parents and carers in community centres across the borough and focus groups for young adults to ensure that they are consulted with and included in the design of service provision.

Income Maximisation Work

During this period family carers received support in the following areas:

Our funding from Cloudesley Principal Grants allowed us to continue supporting families in or at risk of poverty. We support families with advice, information, and support such as:

~~CENTRE 404~~

13 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Central Administration and Management Activities that Support Frontline Service Delivery

Our People Plans

This has been a really challenging year in the recruitment and retention of staff. In addition to these challenges that are faced on a national scale, Centre 404’s workforce development strategy needs to create a growing sustainable workforce as we expand our reach across London.

Against this challenging background we have: -

Strengthened our initiatives to grow and develop young talent throughout the organisation by hosting work experience and student placements, taking part in monthly college presentations, schools and local educational establishments visits and our work with The Princes Trust.

We have created and launched new apprenticeship programmes in Youth Support Worker, Residential Childcare and Adult Support Worker.

Relaunched our management development programme to provide a supportive framework and best practice guidelines.

Expanded our equality, diversity, and inclusion training to include confident with difference specific training to further support staff in frontline roles to embrace diversity.

Reviewed and increased compensation for our bank workers and frontline staff to ensure staff are adequately remunerated in the current difficult economic climate.

Developed our health and well-being programmes and framework to ensure initiatives are in place to support healthy workplace practices aimed at minimising ill-health and strengthening workforce resilience to enable staff to better manage their own health. We have piloted a wellbeing toolkit to support this and have run wellbeing workshops on cancer awareness, menopause support and guidance and understanding health issues related to night shift workers.

Plans for 2023/2024

Launch a new values competency framework that helps to strengthen our culture and drive performance.

Achieve Best Places to Work Quality accreditation to better understand how our employees think and feel about their work.

Volunteering

Work continues on our fledgling corporate volunteering programme, and we are pleased to report our new partnership with Volunteering Matters to support us in driving this forward.

We have strengthened our volunteer offer for young people by hosting students undertaking work experience, volunteering through The Duke of Edinburgh Scheme and through our continued work with IES Abroad an internship programme for students.

~~CENTRE 404~~

14 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Our service user offer continues to be strong with roles in clubs, activities, recruitment, volunteering, facilities management and the Have your Say Group being the most active roles.

Plans for 2023/2024

Increase the range of volunteering opportunities with the introduction of our fun and events working group providing opportunities for a number of one- off volunteering opportunities.

We will continue to work with our volunteers by building roles around people’s skills, interests, and talents, and enabling people to try new skills and grow. We will find opportunities that fit what people want to do and improve on ways of showing volunteers the impact of what they are doing.

Strengthening our relationships with local community organisations to work in partnership on joint volunteering opportunities.

Communications and Engagement

We are pleased to report that our social media presence grew across all platforms. The biggest growth in our social media platforms came from LinkedIn, Instagram and TikTok. Specific campaigns such as The Big Give benefitted from a wider audience allowing us to meet 100% of our fundraising target. Recruiting using social media continues to be a major influence in candidate attraction and our aim of ensuring a locally engaged workforce.

Plans for 2023/2024

The coming year will focus on:

Facilities

This year we have focussed on increasing the usage of our head office and community centre enabling increased drop-ins, playschemes, after school activities and new groups to be held alongside local organisations and community partners. This has ensured that more people with a learning disability/and or autism benefit from the increased space and functionality.

We have strengthened the security of the building by enhanced protocols for staff, implementing new CCTV and the introduction of a new key fob system.

Sustainability continues to be at the centre of our plans and an environmental audit was commissioned in order that we can benchmark where we are and drive forward further changes in the coming year.

~~CENTRE 404~~

15 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Plans for 2023/2024

Throughout the coming year we will focus on:

Continuing to increase the usage of our building by local organisations and people living with a learning disability and/or autism.

Further ensure our head office and community buildings sustainability through increasing our use of solar energy, replacement of LED lighting and initiatives to increase biodiversity and to educate our people on sustainable practices and the introduction of a bike to work scheme.

~~CENTRE 404~~

16 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

FINANCIAL REVIEW

Total income for the year as reported in the Statement of Financial Activities was £7,188,981, which is a record level of income.

Total expenditure for the year was £7,504,447.

Centre 404 therefore recorded a deficit of £315,466 for the year.

The past year has seen a number of challenges, with pressure on wages arising from labour shortages in the sector, and from a more challenging fundraising environment. However, Centre 404 has continued to be able to provide a high quality of support despite these challenges and is able to manage its costs effectively, such that an improved position is expected during the next financial year. In the meantime, we remain financially secure with healthy cash balances.

We continuously monitor the effectiveness, quality, and cost-efficiency of all our activities to ensure that our limited resources are put to best use. We remain committed to these activities and committed to subsidising services from Central funds where there is evidence of their need and effectiveness.

RESERVES POLICY

The Trustees are committed to ensuring the charity has sufficient reserves available both for operations to continue during any period of reduced income and to provide the cash required to meet the costs of major fundraising events where outgoings may precede income. Our reserves policy is to maintain free reserves of at least three months of budgeted expenditure to enable operating activities to be maintained, taking into account potential risks and contingencies that may arise from time to time. When considering our reserves policy, we look at just the reserves that will be available at short notice to cover potential risks and contingencies. We therefore exclude restricted funds and fixed assets from the calculation.

The reserves as at 31 March 2023 were £1,810,634. This equates to 2.46 months of budgeted expenditure. This is below the preferred level of three months, but expenditure is expected to increase significantly in 2023/24 in line with anticipated increases in income, Reserves in excess of £1.8 million represent a significant buffer for any unforeseen risks and contingencies.

The Trustees have considered very carefully the adequacy of the current reserves and are comfortable that they are sufficient to adequately protect Centre 404 from unforeseen expenditure or income shortfalls.

~~CENTRE 404~~

17 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Major Achievements for the Last Year

Below is an update on the progress and outcomes of the goals we set ourselves in last years report. These are only a selection of the objectives and priorities we set for the last financial year. Following on from this are the goals we want to achieve for 2023-2024.

Complete the next 5-year strategy

I am pleased to report we have completed the five-year strategy and begun the process of achieving operational objectives under each main strategic objective. There are five strategic objectives which we have called pillars for illustrative purposes. We will display a summary of the strategy on our website. An accessible easy read version will also be produced. Our new 5 -year strategy will be promoted using social media channels, Centre 404’s website, community events, partnerships and collaborations.

Research the potential to enabling greater access to a wider range of services, including working with people with dementia and supporting people with palliative care across London.

One of the main pillars in our strategic plan is to ‘widen choice and opportunities’ and within this the priority to work with people with dementia as well as supporting people in need of palliative care. We have just begun promoting this area as one of Centres 404’s specialisms and this year will be focusing on updating our dementia and palliative care policies. Following the successful training pilot to one of our teams at Leigh Road we will be developing our training to staff throughout this coming year in these specialist areas.

Commit to achieving the Great Places to Work and Trusted Charity accreditation and the re-

accreditations for staff and management (UKIED) and the Advice and Quality Management (AQS).

We achieved our AQS reaccreditation in September 2022 and undertook a UKIED pre-audit in July 2023 our reaccreditation will be completed in September 2023. We have committed to achieving Great Places To Work, identified areas for improvement based on employee feedback, implemented changes to align to the Great Places to Work Standards and are currently working to achieve recognition which we anticipate will be completed by November 2023. However, we have not gone as far as we could on achieving Trusted Charity accreditation. This was largely due to staff shortages within the team leading on this objective. We look forward to them taking this goal forward to the following year.

Advance our Digital Transformation effort by fully implementing People XCD, providing digital skills training, updating our conferencing facilities to improve hybrid meetings, and continue to grow and enhance our social media presence.

We are pleased to report that we have provided digital skills training to the people we support. IT workshops have also been undertaken to enhance IT skills. We have updated our conferencing facilities. It has made a positive difference to hybrid meetings, and we plan to extend this technology to other spaces where hybrid meetings are held.

We have implemented People XCD within the HR Team and have some further consultation to do to fully implement this across our frontline teams, but we are looking to have it embedded in our systems by November 2023.

We are using our social media platforms more than ever before to promote jobs and the work of the charity. Our followers on TikTok as increased by 9% And on Instagram and LinkedIn have increased by 3% with YouTube, Facebook and Twitter remaining at similar followers throughout the last year. Moreover, we

~~CENTRE 404~~

18 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

are pleased to see increased engagement from staff, service users and key stakeholders in our posts with many more comments and reposts.

Another strategic priority going forward will be sustainability on all levels. For example, we will develop more training for our staff regarding recycling and a host of other carbon reducing efforts, explore additional solar panels, and seek an external third-party review of our carbon-reducing efforts. Further training was developed as part of our mandatory training programme to engage staff in recycling and environmental sustainability. I am pleased to report that as a result of this staff have implemented soft plastic recycling, our food waste is composted, and second-hand repurposed office furniture has been purchased. Furthermore, we are seeking funding opportunities to increase our usage of solar panels We commissioned an external third-party audit of our carbon reducing efforts in 2022 it was interesting and rewarding to compare this audit to one commissioned by the City Bridge Trust for Centre 404 in 2016/17.

We were delighted to see we had achieved many of the recommendations of the first audit. Many of these sustainable improvements and additions were implemented during our phase 2 capital refurbishment programme in 19/2020. Consequently, we have travelled far down the road of our environmental sustainability journey.

We still want to go further and have highlighted our additional goals in our strategy for2023-28 Sustainability is a key pillar in this strategy, and we have segmented it to the following: -

In addition, we have included the economic wellbeing of our service users to this sustainability pillar due to cost of living and energy crisis and following on the back of the pandemic.

For the next year

As part of our strategic plan strengthen the governance of Centre 404 by reviewing, updating and enhancing our M&A or articles and governance policies thereby ensuring they align with current and future needs, best practice and legal requirements. To further empower our Board of Trustees with the knowledge and skills necessary to fulfil their roles effectively and in alignment with our mission and values by developing a comprehensive suite of training.

Improve our recruitment and retention by establishing and maintaining our organisation as a ‘Great Place to Work’ by promoting a positive workplace culture, leveraging social media for effective talent acquisition and retention and continuing to enhance our training and development programmes.

Continue to embrace technology to align processes and enable teams to be more efficient and effective. Key to this will be establishing and introducing new accountancy software that links with our other newly launched software as part of our digital transformation. This will ensure transparent real time data and reduce considerable administrative burdens on front-line staff. Continue to mitigate risk of malware and virus by becoming Cyber Essentials accredited. Develop the salesforce platforms to Improve our data recording systems and strengthen analysis to evidence impact.

~~CENTRE 404~~

19 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Expand funding to ensure our much-needed family support services and learning and leisure services are sustained and expanded and in addition innovative new services across London are able to be identified and developed.

Ensure the newly restructured Independent Living and Supported Housing and Community Out-reach project are running smoothly and meeting their quality and income generation targets.

~~CENTRE 404~~

20 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Small Company Provisions

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

Approved by the Executive Committee on and signed on their behalf by:

Paul Formosa, Chair _____________

~~CENTRE 404~~

21 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CENTRE 404

Opinion

We have audited the financial statements of Centre 404 (the company) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and 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 Auditors Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company 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 fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

~~CENTRE 404~~

22 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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

The trustees’ annual report has been prepared in accordance with applicable legal requirements. In our opinion, based on the work undertaken during the audit:

The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements, and material misstatements in the trustee’s annual report.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained during the audit we have not identified.

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

~~CENTRE 404~~

23 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees (who are also the directors of the charitable company for the purposes of company law)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 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibilities for the audit of the financial statements

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

~~CENTRE 404~~

24 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

~~CENTRE 404~~

25 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CENTRE 404

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's 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 company’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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

~~CENTRE 404~~

26 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Neil Finlayson (Senior Statutory Auditor)

for and behalf of Moore Kingston Smith LLP, Statutory Auditor

Date:

~~CENTRE 404~~

27 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Statement of Financial Activities (Including Income and Expenditure Account) For the year ended 31 March 2023

Notes
Unrestricted Restricted
Funds
Funds
£
£
Income
Donations
8,448
-
Other trading activities
2
5,791
-
Income from charitable activities
3
7,030,797
122,616
Investments income: interest
receivable
9,391
-
Other income
11,937
-

Total income
7,066,364
122,616

Expenditure
Expenditure on raising funds.
Fundraising and publicity
26,482
-
Expenditure on charitable activities
5
7,325,495
152,471


Total Expenditure
7,351,977
152,471

Movement in Funds
6
(285,613)
(29,855)
Transfers between funds
13/14
6,329
(6,329)

Net income/(expenditure) and net movement
In funds for the year
(279,284)
(36,184)
Reconciliation of funds
Total funds brought forward
4,756,964
106,111

Total funds carried forward
13
4,477,680
69,927
 2023
Total
Funds
£
8,448
5,791
7,153,413
9,391
11,937

7,188,980

26,482
7,477,966

7,504,448

(315,468)
-

(315,468)
4,863,075

4,547,607
2022
Total
Funds
£
17,927
6,783
6,782,714
1,337
31,995

6,840,716

27,237
6,730,383

6,757,620

83,096
-

83,096
4,779,979

4,863,075

All amounts relate to continuing activities.

As all gains and losses are included above, no statement of total recognised gains and losses has been prepared.

The notes on pages 30 - 41 form part of these financial statements.

~~CENTRE 404~~

28 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Balance Sheet For the year ended 31 March 2023

Notes 2023 2022
£ £
Fixed assets
Tangible assets 9 2,597,121 2,760,697
Current assets
Debtors 10 1153,008 941,179
Cash at bank and in hand 1,400,870 1,854,520
2,553,878 2,795,699
Creditors: amounts falling due within one year 11 603,392 693,321
Net current assets 1,950,486 2,102,378
Total assets less current liabilities 4,547,607 4,863,075
Net assets 4,547,607 4,863,075
Funds
Unrestricted funds 12 4,477,680 4,756,964
Restricted funds 1214 69,927 106,111
Total funds 15 4,547,607 4,863,075

These financial statements have been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

The financial statements were approved by the Executive Committee and authorised for issue on:

2023 and signed on their behalf by: Paul Formosa DEREK WEIST Trustee Trustee Company Number: 2270299

The notes on pages 30 - 41 form part of these financial statements.

~~CENTRE 404~~

29 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Statement of Cash Flows For the year ended 31 March 2023

Notes
 2023 2022
Cash used in operating activities (a) (403,959) (8,069)
Cash flows from investing activities
Interest income 9,391 1,337
Purchase of tangible fixed assets (59,082) (79,666)
Cash provided by (used in) investing activities (49,691) (78,329)
Cash flows from financing activities
Repayment of borrowing - (32,963)
Cash used in financing activities - (32,963)
Increase/(Decrease) in cash and cash equivalents in the year (453,650) (119,334)
Cash and cash equivalents at the beginning of the year 1,854,520 1,973,854
Total cash and cash equivalents at the end of the year 1,400,870 1,854,520
(a) Reconciliation of net expenditure to net cash flow
from operating activities
Net income (expenditure) for the reporting period (as per the statement (315,468) 83,096
of financial activities)
Depreciation charges 222,658 224,900
Interest income shown in investing activities (9,391) (1,337)
Decrease/(increase) in debtors (211,829) (407,338)
Increase /(decrease) in creditors (89,929) 92,610
Net cash used in operating activities (403,959) (8,069)
(b) Analysis of cash and cash equivalents:Cash at bank and in hand 1,400,870 1,854,520

~~CENTRE 404~~

30 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

1. Accounting Policies

a) Accounting convention

The financial statements are prepared under the historical cost 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 (FRS 102) - (Charities SORP (FRS 102)) and the Companies Act 2006. There were no changes to accounting policy as a result of the transition to FRS 102.

Centre 404 meets the definition of public benefit entity under FRS 102.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the company 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. The trustees have considered the impact of cost-of-living crisis and the measures taken to contain it when forming their assessment of going concern. The trustees do not consider that the outbreak will impact the ability of the charitable company to continue its operations and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements.

b) Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land and property are situated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings, and equipment 33.33% of cost
Motor Vehicles 20.00% of cost
Freehold land and Building 05.00% of cost.
The company’s policy is only to capitalise assets costing more than £500.

The original cost of land £89,117 is not being depreciated. In the opinion of the trustees, this represents the land value of the site and hence no depreciation is charged. The property is used by the charity to fulfil its objectives.

c) Income

All income are accounted for in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. All grants and contractual income are included on a receivable basis. The income from fundraising events is shown gross, with associated costs included in fundraising costs.

~~CENTRE 404~~

31 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

1. Accounting policies (continued)

Funds received for the purchase of fixed assets are accounted for as restricted income. The treatment of the assets provided depends upon the restrictions imposed by the grant and if the fixed assets’ acquisition discharges the restriction, then the assets will be held in unrestricted funds. A corresponding transfer of the associated restricted income will be made to the unrestricted fund in the year of purchase.

d) Expenditure

All expenditure is accounted for on an accrual basis, and is allocated to the appropriate heading in the financial statements.

Costs of generating funds include the costs incurred in generating voluntary income and the costs of direct publicity intended to raise the profile of the charity.

Charitable expenditure comprises services supplied, and activities undertaken which are identifiable as wholly or mainly in support of the charity’s objectives. Support costs are those costs which enable fund generating and charitable activities to be undertaken and include finance costs, governance costs and general property maintenance. Where activities incurred relates to more than one cost category, it is apportioned on the most appropriate basis, predominantly with reference to staff time, and on a reasonable and consistent basis.

e) Value Added Tax

Value Added Tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.

f) Fund accounting

The unrestricted general funds are those funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are those unrestricted funds set aside by the trustees for specific purposes or projects.

Restricted funds are those funds which are to be used in accordance with specific restrictions imposed by the donors.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

g) Pension Scheme

The charity offers a Pension Plan to its employees, which is administered by People’s Pension. The charity makes contributions into the plan. Employees may also make individual contributions within the limits set by HM Revenue and Customs. Such contributions are held in funds administered completely independently of the Charity’s finances. The contributions made by the charity are accounted for on an accruals basis.

~~CENTRE 404~~

32 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

1. Accounting policies (continued)

h) Allocation of support costs

i) 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 amortised cost using the effective interest method.

With respects to the next reporting period for the year ended 31 March 2023, the most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level cash reserves and tangible fixed assets (see Reserves policy sections of the Trustees’ Report for more information)

k) Cash and cash equivalents

Cash and cash equivalents represent such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

~~CENTRE 404~~

33 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

2.
Other trading activities
Local fundraising
Rental Income
 2023
£
5,441
350
5,791		 2022
£
6,783
-

6,783

3. Income from charitable activities

Unrestricted Restricted 2023 2022
£ £ £ £
Learning & Leisure 1,968,335 53,630 2,021,965 1,728,433
Central 22,659 223 22,882 99,050
Family Support 209,988 68,763 278,751 159,444
Housing 4,829,815 - 4,829,815 4,795,787
7,030,797 122,616 7,153,413 6,782,714

4 (i). Analysis of governance and supports costs.

The breakdown of support costs and how these were allocated between governance and other support.

costs is shown in the table below:

Cost Type Total Allocated Governance Total Allocated Governance Support
Basis of
related support costs apportionment
costs
£ £ £
Staff Costs Note 8 703,656 31,439 672,217
Staff time.
Marketing, fundraising and publication
15,211		 761 14,450
Staff time.
Human Resources 29,880 1,494 28,386
Staff time
Premises costs 34,404 1,720 32,684
Staff time
Information technology 145,994 7,300 138,694
Staff time
Office running costs 104,287 5,215 99,072
Staff time.
Professional fees and finance costs 1,659 83 1,576
Staff time
Others and depreciation 228,698 11,434 217,264
Staff time
1,263,789 59,446 1,204,343
4 (ii). Governance costs 2023
2022
£
£
Governance and professional support for trustees 11,433
9,227
Audit fee 20,013
26,009
Support costs (based on apportioned staff time
Per note 4 (i)) 59,446
54,675
90,892
89,911

~~CENTRE 404~~

34 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

4 (ii). Total governance and support costs

Total governance and support costs
Total
£
Support costs (note 4 (i) 1,204,343
Governance costs (note 4 (ii) 90,892
1,295,235

4 (iv). Allocation of governance and support costs

Staff costs
Other
Note 8 allocated costs 2023 2022
£
£		 £ £
Learning & Leisure 199,529
167,748		 367,277 134,307
Family Support 27,513 23,131 50,644 16,084
Independent Living SS 476,614
400,700		 877,314 952,034
703,656
591,579		 1,295,235 1,102,426

5. Expenditure on charitable activities

Support and
Staff costs Other direct governance
Note 8 costs costs 2023 2022
£ £ £ £ £
Fundraising and Publicity 23,510 2,972 - 26,482 27,237
Learning & Leisure 1,651,572 277,016 367,277 2,295,865 1,681,577
Central 10,106 609 - 10,715 111,692
Family Support 260,982 38,086 50,644 349,712 172,032
Independent Living SS 3,842,255 102,105 877,314 4,821,674 4,765,082
5,788,425 420,788 1,295,235 7,504,448 6,757,620

Support and governance costs are apportioned on the basis of time spent on the projects. Professional support costs include the internal costs of strategic planning and providing training, advice, and other support to the trustees.

~~CENTRE 404~~

35 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

  1. Net movement in funds is stated after charging:
2023 2022
£ £
Auditor’s remuneration – audit (exclusive of VAT) 16,680 16,667
Under profession of audit fees -
6,009
Depreciation 222,658 224,900

7. Taxation

Centre 404 is a registered charity and is therefore potentially exempt from taxation of its income and gains as Centre 404 falls within the definition of a Charitable Company as defined in Part 1, Schedule 6 of the Finance Act 2010. No tax charge has arisen during the year.

8. Staff costs, trustees, and key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Agency costs
Total		 2023
2022
£
£
4,632,713
4,315,764
369,229
329,522
93,530
92,557

5,095,472
4,761,485
1,396,609
1,079,642

6,492,081
5,841,127

During the year the following number of employees whose total remuneration, on an annual equivalent basis, was in the excess of £60,000 were as follows:

2023 2022
No No
____________
£60,001- £70,000 1 1
£80,000 - £90,000 1 1
____________

The key management personnel of Centre 404 comprise the trustees, the Chief Executive Officer, the Head of HR and Resources, the Head of Housing, Head of Family and Head of Learning and Leisure. The total employee benefits of the key management personnel of Centre 404 were £398,512 (2022: £372,605).

~~CENTRE 404~~

36 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

The average monthly head count was 221 staff (2022: staff 244) and the average monthly number of fulltime equivalent employees (including casual and part-time staff) during the year was as follows:

Leisure and Learning
Central
Family Support
Housing

 2023
71.5
22.0
9.0
166.9

269.4
 2022
43.2
18.0
6.0
173.9

241.1

No remuneration is paid to the Trustees. No expenses were claimed or paid to Trustees during the year (2022: Nil).

9. Tangible fixed assets

Freehold Motor Furniture &
property vehicle equipment Total
£ £ £
Cost
At 1 April 2022 3,340,165 91,651 354,785 3,786,601
Additions 20,394 38,688 59,082
At 31 March 2023 3,340,165 112,045 393,473 3,845,683
Depreciation
At 1 April 2022 680,084 49,538 296,282 1,025,904
Charge for the year 162,552 19,690 40,416 222,658
At 31 March 2023 842,636 69,228 336,698 1,248,562
Net book value
At 31 March 2023 2,497,529 42,817 56,775 2,597,121
At 31 March 2022 2,660,081 42,113 58,503 2,760,697

All fixed assets are used for direct charitable purposes.

~~CENTRE 404~~

37 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

10. Debtors 2023 2022
£ £
Trade debtors 988,458 752,000
Prepayments 50,946 22,884
Accrued Income 71,132 138,935
Other debtors 42,472 27,360
1,153,008 941,179
11. Creditors: amounts falling due within one-year 2023 2022
£ £
Trade creditors 252,757 229,653
Other creditors 89,483 116,901
Accruals 233,715 328,330
Deferred income 27,437 18,437
603,392 693,321

~~CENTRE 404~~

38 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

12. Movement in accumulated funds

At 1 April At 31 March
2022 Income Expenditure Transfers 2023
£ £ £ £ £
Unrestricted funds
General funds 1,996,267 7,066,364 (7,351,977) 169,904 1,880,558
Designated Funds:
Fixed Assets Funds 2,760,697 - -
 (163,575) 2,597,122
Total unrestricted funds 4,756,964 7,066,364 (7,351,977)
 6,329 4,477,680
Restricted funds
Family Support 25,507 68,763 (91,739) 13,987 16,518
Learning & Leisure 58,183 53,630 (50,892) (20,316) 40,605
Central 22,421 223 (9,840)
 - 12,804
Total restricted funds 106,111 122,616 (152,471)
 (6,329) 69,927
Total funds 4,863,075 7,188,980
 (7,504,448)
 - 4,547,607

Designated Funds have been earmarked by the trustees for redevelopment of the building.

The fixed assets funds relate to the charity’s fixed assets including freehold land and building less the loan on 404 Camden Road as these funds do not represent liquid reserves available for the charitable purposes of Centre 404.

Restricted funds are shown in more detail in note 14.

Transfers

Transfers between funds are made for a number of reasons:

13. Off Balance Sheet Transaction

Holding Accounts :

The charity operates 'holding accounts' on behalf of the service users. The charity has no legal entitlement to the ownership of these accounts and is merely acting as an intermediary agent to receive funds and distribute them under instructions from the benefit recipient. As a result, these holding accounts are not reflected in the Statement of Financial Activities or the Balance Sheet of the charity. At the balance sheet date, the remaining accounts amounted to £20,744 (2022: £23,831).

~~CENTRE 404~~

39 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

14. Restricted Funds At 1 April At 1 April At 31 March
2022 Income Expenditure Transfers 2023
£ £ £ £ £
Family Support
Richard Cloudsley–Welfare Grants Programme 2,973 22,282 (17,238) - 8,017
Family Carer’s Reference Group - - (454) 454 -
Family Tower Hamlet - - (1,834) 1,834 -
Parents Forum 6,533 13,981 (27,067) 6,533 -
D’Oyly Carte 1,000 - - - 1,000
Lottery Award for All 2,500 - - - 2,500
Support for carers of all ages (R. Cloudesley)
7,500		 32,500 (45,146) 5,146 -
Older Career Views 2,500 - - - 2,500
Hampstead Wells & Camden Trust 2,501 - - - 2,501
Subtotal 25,507 68,763 (91,739) 13,987 16,518
Learning & Leisure
BBC CIN – 21stTraining Project 1,000 500 - - 1,500
Electric Bus Funding 24,372 - - (20,394)
3,978
Jack Petchey 5,483 6,360 (4,492) - 7,351
Juniors 1,807 15,200 (15,313) - 1,694
Siblings 418 14,535 (13,424) - 1,529
Youth Group - 14,535 (12,932) - 1,603
YAG 1,245 - (139) - 1,106
Siblings Activities 9,448 - (829) - 8,619
Young Catalyst - 2,500 (209) - 2,291
Music/Cooking Group 3,476 - (3,554) 78 -
Young Career Club 10,934 - - - 10,934
Subtotal 58,183 53,630 (50,892) (20,316)
40,605
Central
Garden Project 6,964 - (53) - 6,911
Mayor’s Charity - Donations 5,791 93 (121) - 5,763
Independent Living – A Plus 6,666 - (6,666) - -
Independent Living – CAF 3,000 - (3,000) - -
Willson Fundraising - 130 - - 130
Subtotal 22,421 223 (9,840) - 12,804
Total restricted funds 106,111 122,616 (152,471) (6,329)
69,927

~~CENTRE 404~~

40 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023

Annual Report & Consolidated Financial Statements

Notes to the financial statements For the year ended 31 March 2023

15. Analysis of net assets between funds

Unrestricted Unrestricted
General Designated Restricted Total
£ £ £ £
Tangible fixed assets - 2,597,122 - 2,597,122
Net current assets 1,880,560 - 69,926 1,950,486
Net assets 1,880,560 2,597,122 69,926 4,547,608

16. Members

The ultimate control of the company lies within the members who pledge to pay £1 in the event of the company winding up. There were 86 members at 31 March 2023 (2022: 86).

~~CENTRE 404~~

41 | Page

A company limited by guarantee and not having a share capital. Financial Statements 31 March 2023