Charity registration number 303332
Samuel Montagu Youth Centre
Financial Statements
Year ended 31 March 2023
Samuel Montagu Youth Centre Report and accounts Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the trustees | 2 |
| Report of the independent examiners | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Cash flow statement | 9 |
| Notes to the financial statements | 10 |
Samuel Montagu Youth Centre Financial Statements for the year ended 31 March 2023
| Registered charity | |
|---|---|
| number | 303332 |
| Registered office | 122 Broad Walk |
| London | |
| SE3 8ND | |
| Trustees | Dr Terry Alan Powley |
| Mr Stephen James | |
| Mr Clive Efford MP | |
| Mr David Stevenson | |
| Clr Odette McGahey | |
| Bankers | HSBC Bank plc |
| 38 High St, Dartford | |
| DA1 1DG | |
| HSBC Investments | |
| 78 St James's Street | |
| London | |
| SW1A 1HL | |
| Independent Examiners | Michael Adamson and Co |
| 21 The Drive | |
| Hullbridge | |
| Hockley | |
| Essex SS5 6LZ |
1
Report of the Trustees to the members of Samuel Montagu Youth Centre
The Trustees present their annual report and the financial statements for the year ended 31 March 2023.
Governing documents
Samuel Montagu Youth Centre is a registered charity and it is governed by the Deed of Trust dated 25 May 1961 as amended by supplemental deeds dated 11 June 1999 and 30 April 2002.
Objects of the charity, principal activities and organisation of our work
The Charity's object and the principal activities continue to be that of providing or assisting with the provision of facilities for recreation, education and other leisure time activities by the delivery of services to those living in Greenwich, which it has done for over fifty years by offering:
-
a youth centre which meets the variety of needs presented by young people;
-
a community centre, which responds to the needs of other sections of the community and brings the Centre into use for the continued benefit of community groups; and
-
a sports facility, which makes the specialist facilities of SMYC available to all groups in the Community and the London Borough of Greenwich.
The provision of facilities are for public benefit for which the community has need by reason of their youth, special needs, social and particularly economic circumstances which will improve the quality of life for such by promoting their physical and mental well being. Activities are undertaken in a manner which respects individuals and empowers them to take an active role in the running of the scheme.
New SMYC Vision, mission and aims
The SMYC Vision is to work continually with the community in achieving a modern, vibrant and welcoming centre, that is fit for purpose, with a focus of supporting local communities to grow and achieve.
The SMYC Mission Statement is:
“Working together to develop the best facilities and initiatives for the continued benefit of young people and local communities”
SMYC Charity’s Aims
-
Support and motivate young people to achieve their full potential, by giving them opportunities to have enjoyable, meaningful experiences and to learn skills in order to make a positive difference in their lives.
-
Support local communities to participate in sports and physical activities, by providing high quality and affordable facilities and sports development programmes.
Structure, Governance and Management
The Charity is organised so that the Trustees are responsible for its overall governance within the terms of the Charity’s Trust Deed but delegates operational delivery issues to the Centre Director, Tuan Pham, to make decisions in accordance with policies and procedures approved by the Trustees.
The Centre has an extensive networking capacity through affiliation to the Federation of London Youth Clubs, UK Youth (previously known as Clubs for Young People), the Football Association and the Amateur Boxing Association and locally Greenwich Action for Voluntary Service.
The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit when deciding what activities the charity should undertake.
2
Report of the Trustees to the members of Samuel Montagu Youth Centre (cont.)
Activities, development and achievements for this year
SMYC continues to steadily develop its services to local communities. This year, our charity achieved high numbers of engagement from all members of our communities. There is an increase in attendance by young people engaging in various youth club activities and sports sessions. We continue to work with our partnership sports clubs, to promote sports and physical activities to all members of our community.
With the high energy costs and cost of living crisis felt by all across the country, SMYC managed to navigate through this challenging time, by careful management of funds and reducing cost wherever possible. Additional resources and services were implemented during the winter months, to support our local community groups get through this difficult period.
Maintenance and building works
We are faced with one of our biggest maintenance works to date. The Artificial Grass Pitch is in need of complete resurfacing works. A fundraising programme is on the way to raise the required funds to cover the cost of the resurfacing works. The funding strategy will involve crowdfunding champagnes, national and local award grants and donations from commercial businesses.
This year the Charity managed to repair the sports hall sub floor, which had rotted away and updated the halls lighting system. The sports hall flooring surface will need to be replaced shortly.
Alternative Education Provision
Wize-up Education have successfully completed their second year of operations at our centre. We continue to support Wize-up Education to develop their services and provide a good service for those out of main stream education.
Projects
Youth Club
We have increased our open access youth club and the centre is open each night from 4.30 to 9pm. Young people have access to the facilities and services of our centre directly and via our sports clubs’ partners.
Women’s
Women’s Fitness Project remains to be delivered, with higher number of participants. We have achieved a core group of women and girls who regularly participates in the fitness session on a weekly basis. The free sessions continue offer women and girls the opportunity to remain active and enjoy getting together on a regular basis and to engage those who are less active.
Boxing
The two boxing clubs have both increased their delivery of boxing activities, with increasing numbers of members enrolled on both clubs. The club delivered their first boxing showcase and attracted high numbers of fighters and spectators. This event really showcased all the good work taking place at the centre. Current boxing facilities are running at full capacity and we will need to look at ways to maximise the space to accommodate growing numbers of members.
Beach Volleyball
The beach volley club (Fireball Beach Volleyball Club) have renewed their lease with us to continue to develop Beach Volleyball in South East England.
Jiu Jitsu
The Jiu Jitsu club paused their clubs’ activities, due to operational issues. We are looking to support the club to restart their martial arts club in the following year.
Table Tennis
We are working with a new partner, to start a new table tennis club within our centre. Through successful application, we received new table tennis tables and equipment to open a new table tennis club.
3
Report of the Trustees to the members of Samuel Montagu Youth Centre (cont.)
Football Club
Samuel Montagu Football Club continues to grow. At present they have 14 teams registered. We are continually working to the football club to support their growth and maximise the usage on the football pitches.
We continue to work with smaller community organisations, to offer a range of community and educational projects, to support our diverse community groups.
Development plans for the centre
We are looking to increase our youth service delivery and planning to work with Turning Pages Community centre, to set up joint youth and sports provisions across both sites.
Plans in place to devise a more targeted youth project to deliver targeted youth support and help reduce levels of young people engaging in risky behaviour and criminal activities.
Transactions and financial position
Transactions for the year and balances at the year-end are shown in the accounts on pages 7 to 14 attached
Tangible fixed assets for use by the Charity
Details of movements in fixed assets are set out in note 9 to the accounts
Investment policy and returns
Under the constitution, the Charity has the power to make any investment which the Trustees see fit. At present, no funds have been invested by the Trustees.
Reserves
The Trustees are conscious of the need to build unrestricted reserves equivalent to three months operational costs, currently £50K in addition to designating staffing funds (currently £25K). This is as outlined in the SMYC reserves policy which is reviewed annually by the Trustees.
Trustees
All of the Trustees named on page 1 served throughout the year.
Risk management
The Trustees actively review the major risks which the Charity faces on a regular basis in accordance with the SMYC Risk Management Policy and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse operating conditions.
The Trustees are satisfied that adequate Health & Safety, Risk Assessment policies, and Employers and Public Liability insurance cover are in place.
The Trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate any significant risk.
4
Report of the Trustees to the members of Samuel Montagu Youth Centre (cont.)
Statement of trustees responsibilities
The Trustees are required by law to prepare financial statements for each year which give a true and fair view of the financial activities of the Charity and its financial position at the end of the year.
In preparing those financial statements the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether the policies adopted are in accordance with the Charities Act 2011 and with applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to assume the charity will continue in operation
A resolution proposing Michael Adamson and Co be re-appointed as independent examiners of the charity was put to the governing body.
Approval
The report was approved by the Board of Trustees and signed on its behalf
on _____ Trustee ________
Dr T Powley
Trustee ________ Clive Efford MP
5
Samuel Montagu Youth Centre
Report of the Independent Examiners to the Members of Samuel Montagu Youth Centre
We have examined the financial statements on pages 7 to 14 for the year ended 31 March 2023, which have been prepared under the accounting policies set out on page 10.
Respective responsibilities of the trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is our responsibility to:
-
examine the accounts under section 142 of the Charities Act,;
-
to follow the procedures laid down in the general Directions given by the
-
Charity Commission under section 145(5)(b) of the Charities Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner's report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit and consequently we do not express an audit opinion on the veiw given by the accounts.
Independent examiner's statement
In connection with our examination, no matter has come to our attention:
- which gives us reasonable cause to believe that in any material respect the requirements
(a) to keep accounting records in accordance with section 130 of the Charities Act; and
(b) to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act, have not been met; or
- to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Michael Adamson and Co Chartered Accountants
21 The Drive Hullbridge Hockley SS5 6LZ
Date:
6
Samuel Montagu Youth Centre Statement of financial activities for the year ended 31 March 2023
| Restricted Unrestricted Notes funds funds 2023 Income and expenditure £ £ £ Incoming resources Grants receivable 2 67,100 41,400 108,500 Investment income 3 - 219 219 Other incoming resources 4 - 117,938 117,938 Total incoming resources 67,100 159,557 226,657 Resources expended Cost of generating funds Direct charitable expenditure 5 49,240 116,369 165,609 Governance costs 1,6,7 - 1,080 1,080 Total expenditure 49,240 117,449 166,689 17,860 42,108 59,968 Statement of other recognised gains and losses Net (outgoing)/incoming resources before other recognised gains - Net movement in funds 7 17,860 42,108 59,968 Total funds brought forward - 1,256,796 1,256,796 Total funds carried forward 17,860 1,298,904 1,316,764 Net incoming resources for the year |
2022 £ 102,612 - 94,093 |
|---|---|
| 196,705 | |
| 164,442 940 |
|
| 165,382 | |
| 31,323 | |
| 31,323 1,225,473 |
|
| 1,256,796 |
The surplus for the year represents the total recognised gains for the period.
None of the charity's activities were aquired or discontinued during the current or previous year.
The attached notes form part of these accounts.
7
Samuel Montagu Youth Centre Balance Sheet as at 31 March 2023
| Notes | 2023 | 2022 | ||
|---|---|---|---|---|
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 9 | 1,080,520 | 1,080,625 | |
| Current assets | ||||
| Debtors | 10 | 79,551 | 61,106 | |
| Cash at bank and in hand | 160,433 | 116,573 | ||
| 239,984 | 177,679 | |||
| Creditors: amounts falling due | ||||
| within one year | 11 | (3,740) | (1,508) | |
| Net current assets | 236,244 | 176,171 | ||
| Net assets | 1,316,764 | 1,256,796 | ||
| Funds | ||||
| Unrestricted funds | ||||
| Revaulation reserve | 13 | 918,873 | 918,873 | |
| General funds | 13 | 380,031 | 337,923 | |
| 1,316,764 | 1,256,796 | |||
| Approved by the trustees on | and | signed on their | behalf. | |
| Trustee ……………………………………………. | Date ……………………………………… | |||
| Dr T. Powley | ||||
| Trustee …………..……………..……………………. | Date ……………………………………… | |||
| Clive Efford MP |
The attached notes form part of these accounts
8
Samuel Montagu Youth Centre Cash Flow Statement for the year ended 31 March 2023
| Samuel Montagu Youth Centre Cash Flow Statement for the year ended 31 March 2023 |
||
|---|---|---|
| Net cash used in operating activities 15 Cash flows from investing activities Interest received Change in cash and cash equivalents in the period Cash and cash equivalents brought forward Cash at bank and in hand less overdrafts at 31 March Consisting of: Cash at bank and in hand |
Total funds 2023 £ 43,641 219 43,860 116,573 160,433 160,433 |
Total funds 2022 £ 31,695 - 31,695 84,878 |
| 116,573 | ||
| 116,573 |
The attached notes form part of these accounts
9
Samuel Montagu Youth Centre Notes to the Accounts for the year ended 31 March 2023
1 Accounting policies
Basis of preparation of accounts
The financial statements have been prepared under the historical cost convention, and are in accordance the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2019 and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
Incoming resources
Voluntary income and donations are included in incoming resourses when they are receivable, except when the doners specify that they must be used in future accounting periods or donors conditions have not been fulfilled, then income is deferred. The income from fees is recorded gross.
Grants receivable
Grants receivable are recorded on the accruals basis.
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
Expenditure which is directly attributable to specific activities have been included in these cost categories. Where costs are attributable to more than one activity, they have been apportioned across the cost categories on a basis consistent with the use of these resources.
Depreciation
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided on all fixed assets at rates calculated to write off the cost on a straight line basis over their useful economic lives as follow:
Equipment
10% straight line
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiner's fees and costs linked to the stretegic management of the charity.
Value added tax
Value added tax is not recoverable by the charity, and as such is included in the relevant cost in the Statement of Financial Activities.
10
Samuel Montagu Youth Centre Notes to the Accounts for the year ended 31 March 2023
2 Grants receivable and donations
| Grants receivable and donations | |||||
|---|---|---|---|---|---|
| Royal Borough of Greenwich - Business support and COVID 19 grants Hoare Jack Petchey Foundation London Youth Sports England/L&Q HMRC Job Retention Scheme Neibourhood Growth Peter Harrison Foundation National Lottery National Grid Other grants and donations Samuel Montagu Facilities Limited |
Restricted funds £ - - 2,800 1,500 10,000 - - 19,300 10,000 20,000 3,500 - 67,100 |
Unrestricted funds £ - - - - - - - - 41,400 41,400 |
2023 £ - - 2,800 1,500 10,000 - - 19,300 10,000 20,000 3,500 41,400 108,500 |
2022 £ 30,800 15,300 1,700 3,000 10,000 18,767 4,000 - - - 1,045 18,000 |
|
| 102,612 |
| 3 Investment income Bank interest received 4 Other incoming resources Tuck shop income Other income Rental income |
Restricted funds £ - Restricted funds £ - - - - |
Unrestricted funds £ 219 Unrestricted funds £ 2,822 6,413 108,703 117,938 |
2023 £ 219 2023 £ 2,822 6,413 108,703 117,938 |
2022 £ - |
|
|---|---|---|---|---|---|
| 2022 £ 2,575 - 91,518 |
|||||
| 94,093 |
| 5 Direct charitable expenditure Grounds and premises expenses Water rates Insurance Salaries, wages and pension contributions Staff training Print, post, stationery and telephone Computer expenses Cleaning and sanitation Motor and travelling expenses Affiliation and licence fees Sundries Tuck shop expenses Activities Bad debts Legal and professional |
Restricted funds £ 10,000 - - 24,774 - - - - - - - - 14,466 - 49,240 |
Unrestricted funds £ 15,846 2,290 9,027 79,393 917 162 1,595 3,171 789 400 1,930 - 540 309 116,369 |
2023 £ 25,846 2,290 9,027 104,167 917 162 1,595 3,171 - 789 400 1,930 14,466 540 309 165,609 |
2022 £ 31,616 3,721 8,292 100,862 239 319 1,400 2,325 1 752 150 2,446 12,319 - - |
|
|---|---|---|---|---|---|
| 164,442 |
11
Samuel Montagu Youth Centre Notes to the Accounts for the year ended 31 March 2023
6 Governance costs
| Bank charges Independent examiner's fee Depreciation Net movement in funds for the year The net movement is after charging: Depreciation of tangible fixed assets Independent examiner's fee |
Restricted funds £ - - - - |
Unrestricted funds £ 175 800 105 1,080 |
2023 £ 175 800 105 1,080 2023 £ 105 750 |
2022 £ 85 750 105 |
|
|---|---|---|---|---|---|
| 940 | |||||
| 2022 £ 105 750 |
7 Net movement in funds for the year
8 Staff costs
No remuneration was paid to trustees. The staff costs of the remaining staff were:
| Wages and salaries Pension costs Social security costs |
2023 £ 98,710 2,322 3,135 104,167 |
2022 £ 95,405 2,322 3,135 |
|---|---|---|
| 100,862 |
The average weekly number of staff employed, calculated as full time equivalents during the year was as follows:
| Direct charitable work Governance costs |
2023 3 2 5 |
2022 3 2 |
|---|---|---|
| 5 |
No employee received remuneration of more than £60,000.
Remuneration to key management personnel in the year amounted to £35,082 (2022 : £31,603)
9 Tangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Freehold land and buildings £ 1,080,000 1,080,000 - - - 1,080,000 1,080,000 |
Equipment £ 32,288 32,288 31,663 105 31,768 520 625 |
£ 1,112,288 |
|---|---|---|---|
| 1,112,288 | |||
| 31,663 105 |
|||
| 31,768 | |||
| 1,080,520 | |||
| 1,080,625 |
12
Samuel Montagu Youth Centre Notes to the Accounts for the year ended 31 March 2023
10 Debtors
| Trade debtors Other debtors |
2023 £ 3,441 76,110 79,551 |
2022 £ 4,396 56,710 |
|---|---|---|
| 61,106 |
11 Creditors : amounts falling due within one year
| Trade creditors Accruals |
2023 £ 1,687 2,053 3,740 |
2022 £ 413 1,095 |
|---|---|---|
| 1,508 |
12 Analysis of net assets between funds
| Tangible fixed assets Net current assets Movement in funds Restricted funds Unrestricted funds Revaluation reserve General funds Total unrestricted funds Total funds Restricted funds Unrestricted funds Revaluation reserve General funds Total unrestricted funds Total funds |
At 1 April 2022 £ - 918,873 337,923 1,256,796 1,256,796 At 1 April 2021 £ - 918,873 306,600 1,225,473 1,225,473 |
Restricted funds £ - 17,860 17,860 Incoming resources £ 67,100 - 159,557 159,557 226,657 Incoming resources £ 13,080 - 161,660 161,660 174,740 |
Unrestricted funds £ 1,080,520 218,384 1,298,904 Outgoing resources £ 49,240 - 117,449 117,449 166,689 Outgoing resources £ 13,080 - 130,337 130,337 143,417 |
Total £ 1,080,520 236,244 |
|||
|---|---|---|---|---|---|---|---|
| 1,316,764 | |||||||
| At 31 March 2023 |
|||||||
| £ 17,860 |
|||||||
| 918,873 380,031 |
|||||||
| 1,298,904 | |||||||
| 1,316,764 | |||||||
| At 31 March 2022 |
|||||||
| £ - |
|||||||
| 918,873 337,923 |
|||||||
| 1,256,796 | |||||||
| 1,256,796 |
13 Movement in funds
13
Samuel Montagu Youth Centre Notes to the Accounts for the year ended 31 March 2023
14 Comparative Statement of Financial Activities
| Notes Income and expenditure Incoming resources Grants receivable 2 Investment income 3 Other incoming resources 4 Total incoming resources Resources expended Cost of generating funds Direct charitable expenditure 5 Governance costs 1,6,7 Total expenditure Net (outgoing)/incoming resources for the year Statement of other recognised gains and losses Net incoming resources before other recognised gains - Net movement in funds 7 Total funds brought forward Total funds carried forward |
Restricted 2022 £ 35,045 - - 35,045 35,045 - 35,045 - - - - |
Unrestricted 2022 £ 67,567 - 94,093 161,660 129,397 940 130,337 31,323 31,323 1,225,473 1,256,796 |
Total 2022 £ 102,612 - 94,093 |
|---|---|---|---|
| 196,705 | |||
| 164,442 940 |
|||
| 165,382 | |||
| 31,323 | |||
| 31,323 1,225,473 |
|||
| 1,256,796 |
15 Reconciliation of net movements in funds to net cash flow from operating activities
| Net movement in funds Add back depreciation Less interest received Decrease / (increase) in debtors Increase / (decrease) in creditors Net cash used in operating activities |
2023 £ 59,968 105 (219) (18,445) 2,232 43,641 |
2022 £ 31,323 105 - 1,252 (985) |
|---|---|---|
| 31,695 |
14