|**CONTENTS**|**CONTENTS**|||
|---|---|---|---|
||**Page**|||
|**Minutes of the 2020 A.G.M.**|||**1**|
|**Chairman’s Report**|**5**|||
|**Treasurer’s Report**||**7**||
|**Trustee Report**||**8**||
|**Accountants Report**|**11**|||
|**Financial Statements**||**12**||
|**Centre Resident Organisations**||**14**||
|**Centre Users during 2020/2021**||**16**||
# **MINUTES OF THE CHARING CROSS CENTRE ANNUAL GENERAL MEETING HELD VIA ZOOM ON THURSDAY 12[th] November 2020**
**Presen** t: 10 members, 2 staff.
## **1. Apologies:**
No Apologies were received
David Ford welcomed those gathered virtually for this somewhat historic AGM.
**2.** The Minutes of the AGM held on 24[th] October 2019 were approved and signed as a true record.
Proposed by Antony Jarrold. Seconded by Philip Hunt. Carried unanimously.
## **3. Chairman’s report**
## **:**
This year’s AGM is a very different meeting, but I am pleased to present the Chairman’s Report for the extraordinary year of 2020.
The Treasurer’s Report deals with the Centre’s finances up to the end of March this year, a period largely unaffected by the Coronavirus pandemic.
It is a great reflection on the efficient operation of the Centre that we are able, for the second year running, to report a modest surplus for the year up to April 2020. This has allowed us to continue with improvements to the fabric of the building. The roof has been repaired; energy saving lighting has been installed in a number of rooms and more offices have been decorated. The ground floor stationary room has been adapted as an occasional counselling room/ breakout space, which we hope will allow us a little more flexibility when booking hirers.
We have set aside monies for essential repairs to an external wall. Work on this has been delayed due to the lockdown, but it has been surveyed and a specification has been produced. So we know what needs to be done. We hope that this work can be carried out next year.
The careful management of our accounts ensures that we retain good financial reserves and with continuing care, we hope these will see us through this extraordinary and challenging year. This will be the main focus for the Trustees and the Centre Manager in the coming months as we feel the dramatic effects of our closure since March. Our thanks must go to Philip, our treasurer, for his hard work and expertise.
When we had to close the Centre in March, we didn’t know if our staff were eligible for the Government’s Job Retention Scheme. Thanks to Thecla, our Vice Chair, and Andrew, this was quickly investigated and as a result our staff were able to be furloughed. Andrew was successful during lockdown in obtaining a £25k grant from the City Council which will help in combatting the financial challenges over the coming months.
The Treasurer’s Report confirms that we have been able to award staff bonuses and make salary adjustments which reflect all the hard work of the staff. During lockdown Andrew has been in the Centre almost each day, checking that all was satisfactory and dealing with day to day matters. During this time Compkey was operating as key worker status and the Indigo office was work on a reduced basis.
The Management Committee held a meeting in July on Zoom which must be a first for the Centre! It went very well and enabled us to keep in touch safely and discuss key issues.
Since lockdown has been slightly eased, we have seen some regular users and some new hirers booking rooms, but this has been very slow progress as expected.
Before opening the Centre, we have had to introduce safety measures, safe distancing, sanitiser stations, a careful cleaning regime and other protection requirements including a risk management strategy which is
available for potential hirers to inspect. Our thanks to Andrew for sourcing and arranging all these essential needs and ensuring they are maintained.
We are very pleased to announce that Beverley Bulcock has joined the Trustees and we were sad to see Linda Sullivan stand down as a Trustee after many years and we wish her well for the future.
We hope that Paul Belham, one of our caretakers, will be re-joining us in October after a year’s absence.
The Trustees would like to take this opportunity of once again thanking Sandra, Sarah and James for their hard work and understanding during the lockdown period. And in particular to Andrew for his commitment and management of the Centre in the last year and over difficult recent months.
My personal thanks to Thecla and the other Trustees for their support in the last year.
After some years in which the Centre has been operating at full capacity, it is sad to see it being underused. But we all hope that business will pick up once again in the coming year when we’ll be able, and ready, to offer our unique service in the City.
We note that Roberta Firth-Clark has tendered her resignation as a Trustee due to her forthcoming move to North Wales. We are grateful for all she has done and wish her and her partner well for their future.
It is with great sadness that we note the tragic death of Trudy Johnson (ex Trustee). _Silence kept for a few moments in memory of her._
Sue Seeley asked whether Roberta knew of anyone who could take her place. The Manager will ask. Jan Roberts suggested a Centre user might be a suitable trustee.
## **4. Treasurer’s Report:**
Philip Hunt presented the Treasurers report.
Acceptance proposed by Sue Seeley, seconded by Antony Jarrold and carried unanimously.
**5.** It was agreed that Hines Harvey Woods be appointed Independent Examiners for 2019/20.
Proposed by Philip Hunt, seconded by David Ford and carried unanimously.
## **– 6. Election of Ofcers Schedule 1**
**Honorary Secretary: No appointment**
Proposed by: Seconded by: **Honorary Treasurer: Philip Hunt**
Proposed by: Thecla Fellas Seconded by: Jan Roberts
**Honorary Assistant Treasurer: Linda Hunt**
Proposed by: Sue Seeley Seconded by: Bev Bulcock
## **7. Election of Management Committee/Trustees – Schedule 2**
Those standing for election are as follows:
Philip Hunt Beverley Bulcock Linda Hunt David Ford Sue Seeley Thecla Fellas Antony Jarrold Jan Roberts
**Proposed en bloc by:** Philip HuntSeconded by: Ron Ingamells
## **8. AOB**
David invited Ron Ingamells to speak about the History of the Charing Cross Centre he has prepared. He would like a few more press cuttings and an Introduction from the Chair of Trustees. A draft will then be sent to the Trustees for comments. It will be available online and a number of hard copies wil be made.
## **Chairman’s Report**
It is very encouraging to be writing this year’s Chairman’s report knowing that we will be holding a live AGM once again.
This follows another twelve months when the centre’s normal operations have been drastically reduced due to the Pandemic.
Our 2020 AGM was held on line with just the trustees and the centre manager attending. This satisfied the Charity Commission to hold a meeting each year.
I am delighted to present my report for 2021.
The trustees have met on line for our usual management meetings to deal with routine matters to maintain continuity throughout the lockdown periods.
The Treasurer’s report highlights the financial challenges resulting from the centre being closed for so long. We were still paying regular bills with very little income coming in!
Like so many charities we have taken advantage of the Government’s Job Retention Scheme (Furlough Scheme) and we have also received generous grants from Norwich City Council which have helped enormously. This has helped maintain reasonable financial stability. The furlough scheme finished at the end of September.
In spite of the centre being closed, or open for very limited activity, some significant changes have taken place.
In January this year Indigo Foundation Charity moved out of their offices to larger premises nearby. Their accommodation was immediately taken by Asperger East Anglia who have opened a new charity shop as well as using the ground floor office accommodation. We wish them well in this new venture.
Asperger East Anglia previously occupied an office in the first floor Tudor Room. This space has been taken by Breakeven who have expanded their
services. This move has released the Norfolk Room for more hiring opportunities.
Recently, Compkey Healthcare have moved out of the centre and their ground floor space was immediately taken by the YMCA for teaching space and associated offices. They have moved from Room 1 into these larger spaces. This releases Room 1 for more hirings.
So, as you see, our manager has been very busy playing musical chairs with all these important changes!
During these challenging times we have still endeavoured to do modest improvements to the fabric of the building. We have installed energy saving lighting in all three ground floor rooms for hire. This will help in maintaining our bills to a minimum and provide an up to date quality of lighting.
It is encouraging to report that with the changes of office use mentioned above, all our office accommodation is occupied and bookings for our rooms for hire is picking up well particularly during daytime. At the moment, evening bookings are limited.
We still have Covid safety measures in place and no doubt these will continue for some time to come.
This is a great opportunity to thank Andrew, Sarah, Sandra and Paul for their commitment to the centre over the last year, working in the centre as and when required. The furlough scheme has allowed us to be flexible in our staffing needs. It was good to welcome Paul back to his caretaker job. Special thanks must go to Andrew whose management of the centre has been outstanding.
My personal thanks also to my fellow trustees who have attended our on line meetings so well.
Like all other charities and businesses, we have gone through a difficult year, but our good financial management and increasing bookings will see us through the coming months allowing us to once again, offer our unique service to the City.
David Ford Chair of the Trustees
## **Treasurers Report**
I have great pleasure in presenting my report to the trustees together with the Auditors Report and the statement of Financial activities for the year to 31[st] March 2021 together with the Balance Sheet as at 31[st] March 2021. In presenting the Financial statements of the Charing Cross Centre for the year to 31[st] March 2021 I have to remind you that the year has been phenomenally unique due to the effects of Covid 19 and to add that without governmental support we would have seen a huge deficit in our final figures. I would also like to add that the figures of income are distorted too by the early payment of a re-start grant on reopening in some measure in April 2021, post the accounts year end. The effect of Covid 19 on the centre’s finances consequently is likely to feature to a greater extent in the current financial year, with a gradual increase in activity and income combined with a reduction in government support. Dealing with income that generated by Centre activities amounted to £50,836 but council grants and furlough payments of £61,526 bolstered
overall income to £112,362. Expenditure was, of course, reduced simply through lack of activity. The result is that we show a surplus for the year but affected by the early payment of the restart grant in March 2021, which more or less accounts for the whole of that surplus.
Looking at the investment assets, which are our reserves for future unplanned major costs, last year at the start of the pandemic we saw a very sharp decline in the value of that investment as the stock market plummeted, but as we have moved through the effects of the Covid 19 and the tackling of the problem we have seen a strong recovery in stocks which is reflected in the significant increase in the value of that investments. As a general comment though, markets remain volatile, and values can significantly vary on a day-to-day basis. We do, however, have a strong Balance Sheet and having weathered the initial effects of the Covid pandemic I look forward to a growing recovery of our income sources as we become more active.
I have to thank and commend the loyal staff we have which enables the centre to maintain this first class city centre facility supporting charities and voluntary activities within Norwich and its surrounds. It remains second to none. I would also like to thank, in particular Andrew, our centre manager who has throughout the whole of the pandemic made sure that the centre was covid safe for our users and for dealing with issues as they arise and keeping us the committee fully appraised of these. I would also like to thank my fellow trustees for their support to me as treasurer.
Finally, we are indebted to Hines, Harvey, Woods for all their work on our accounts.
Philip Hunt Treasurer.
## **ORGANISATIONS RESIDENT WITHIN THE CHARING CROSS CENTRE**
## **Asperger East Anglia**
Provides a comprehensive and integrated service for children and adults with Asperger Syndrome. Assists those with Asperger Syndrome, their families and
those who come into contact with them.
## **BREAK EVEN**
Gambling and Addiction Counselling
## **Fiona Duncan**
Cognitive Behavioural Therapist
## **Inspire Norfolk**
Leading a generation into work.
## **The Family Mediation Trust**
Helps clients to reach agreement over practical issues when they separate or divorce and matters such as child contact and how to split their property and finances. They hold a contract with the Legal Aid Agency and, for people who are eligible for public funding, mediation is free.
## **Shekinah**
Is a program set up to relive poverty, sickness and distress of the widows, widowers and orphans especially in Africa by raising awareness, disseminating information and advancing education among orphans, widows and widowers.
## **Susie Philips**
Psychotherapist
## **YMCA**
Helping young people to enhance life skills & opportunities through employable training, business courses with functional skills in Maths & English.
## **CHARING CROSS CENTRE USERS**
## **- DURING 2020 2021**
## **Acorn Environmental Solutions**
## **Age UK**
**Amnesty International Asperger East Anglia**
**Breakeven**
**CF Social Work Clarion Housing Compkey Healthcare Marianne Cornish Fiona Duncan Eating Matters**
**EMS Clinical Psychology Services Ltd Fresh Start – New Beginnings Josef Greenfield Indigo Solutions Ltd Inspire Norfolk**
**Intrepid Hydrographic Ltd MCS Charitable Foundation Meningitis Now Martha O’Brien Olivia Nichols**
**Norwich Samatha Meditation Susie Philips Qube Learning**
**Beth Reeks**
## **Cecilia Roberts**
# **Shekinah**
**Skills for Life – Adult Education (English, Maths, ESOL, French, Spanish)**
**Gill Stewart**
**Eleanor Sutton**
**The Bridge Plus+**
**The Family Mediation Trust The Pottergate Centre Well Being**
**Derek Woods**
**YMCA**
**THE CHARING CROSS CENTRE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021**
**THE CHARING CROSS CENTRE**
## **Contents**
||**Page no.**|
|---|---|
|Charity information|1|
|Statement of trustees’ responsibilities|2 - 4|
|Independent Examiner’s Report|5|
|Accounts comprising:-||
|Statement of fnancial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 13|
|**Charity Information**||
|Charity registration number: 304027||
|Location of principal activity:-||
|17-19 St John Maddermarket||
|Norwich||
|Norfolk||
## **Trustees/Management Committee**
A Jarrold T Fellas (Vice Chair) P Hunt (Treasurer) J Roberts S Seeley R Firth-Clarke (resigned 12 November 2020) B Bulcock D Ford (Chair) L Hunt
## **Accountants**
Hines Harvey Woods Limited Queens Head House The Street Acle Norwich NR13 3DY
## **Bankers**
HSBC 18 London Street Norwich NR2 1LG
1
**THE CHARING CROSS CENTRE TRUSTEES’ REPORT**
The trustees present their annual report and financial statement of the charity for the year ended 31 March 2021.
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) (second edition effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Objectives and activities for the public benefit**
The charity is governed by its constitution which was revised in 1987 and amended in 1999. Its objects are to assist young people to mature and develop by providing facilities, further education, training and recreation. The trustees confirm that they have referred to the Charity Commissions guidance on public benefit when reviewing the charity’s aims and objectives.
## **The accounts**
The Statement of Financial Activities for the year is set out on page 6 of the financial statements. A summary of the financial results and the work of the charity are set out below.
## **Income generation**
Incoming resources decreased against the previous year due to effect of the pandemic.
## **Covid 19**
The charity conformed to the government COVID regulations from March 2020 to the present day. The trustees are grateful for the support given by the City Council in the form of grants totalling almost £40,000 and the Government’s Job Retention Scheme amounting to over £21,000.
## **Investment policy and returns**
The trustees’ policy is to invest funds that are not immediately required into the CAF UK Equity Fund and bank savings accounts.
## **Fund-raising**
The funds raised by the charity are set out on page 12 of the Financial Statements.
## **Resources expended and services**
The resources expended are set out on page 12.
8
## **THE CHARING CROSS CENTRE TRUSTEES’ REPORT (Continued)**
## **Reserves**
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately twelve months of unrestricted charitable expenditure (£105,000). In addition, the trustees have set aside sufficient funds to support the purchase of the freehold property (£73,665) and to set up a fund of £108,000 in respect of future major repairs which may be required to the freehold property, based on quotes obtained.
The actual level of reserves at 31 March 2021 is in excess of this policy.
## **Governance and internal control**
The charity comprises a panel of existing trustees who are nominated for re-election annually. The trustees meet at least 6 times per year to review the charity’s performance. New trustees are appointed by the appropriate resolution prior to the Annual General Meeting.
The trustee’s review the financial and other affairs of the charity throughout the year and reviews the charity’s investments, reserves and risk management ensuring all necessary controls are implemented.
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to:-
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- prepare the financial statements on the going concern basis.
The trustees have overall responsibility for ensuring that the charity has appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provision of its constitution document. 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.
## **Risk Management**
The trustees carried out a detailed review of the risks to which it was exposed. The trustees monitor their risks at their regular meetings and review the overall risks annually. As part of this process the trustees have implemented a risk management strategy which comprises:
- annual review of the risks which the charity may face;
- the establishment of systems and procedures to mitigate those risks identified; and
- the implementation of procedures designed to minimise any potential impact on the charity should any of these risks materialise.
9
# **THE CHARING CROSS CENTRE TRUSTEES’ REPORT**
## **(Continued)**
**----------------------------------------------------------------------------------------------------------------------------**
**-------------------------------**
## **Employee involvement and employment of the disabled**
Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management.
The charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:
- Equal Opportunities policy
- Health & Safety policy
In accordance with the charity’s equal opportunities policy, the charity has long established fair employment practices in the recruitment, selection, retention and training of disabled staff. Full details of these policies are available from the charity’s offices.
## **Accountants**
A resolution proposing that Hines Harvey Woods Limited be re-appointed as accountants of the charity will be put to the Annual General Meeting.
This report was approved by the Board on 16 July 2021
**Mr D Ford** (Chair)
10
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF THE CHARING CROSS CENTRE**
We report on the accounts of The Charing Cross Centre for the year ended 31 March 2021
## **Respective responsibilities of trustees and independent 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 145 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 statement**
Our examination was carried out in accordance with general Directions given by the Charity Commission. 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 the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with our examination, no matter has come to our attention (other than that disclosed below):
(1) which gives us reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 386 of the 2011 Charities Act;
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Hines Harvey Woods Ltd Queens Head House The Street Acle Norwich NR13 3DY**
Date: 13 August 2021
11
## **THE CHARING CROSS CENTRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021**
|**2021**
**Unrestricted**
**Restricted**
**Total**
**general fund**
**fund**
**funds**
**£**
**£**
**£**
**Incoming resources**
Room hire
7,201
-
7,201
Ofce rent
42,891
-
42,891
Council grants
39,857
-
39,857
Coronavirus Job Retention Scheme
21,669
-
21,669
Bank interest
279
-
279
Catering services
15
-
15
Ofce cleaning
208
-
208
Donations
242
-
242
**Total incoming resources available for**
**charitable purposes**
112,362
-
112,362
**Resources expended (note 4)**
**Governance**
4,027
-
4,027
**Charitable activities**
91,851
1,000
92,851
**Total resources expended**
95,878
1,000
96,878
**Net incoming / (outgoing) resources for the year**16,484
(1,000)
15,484
**Unrealised market value adjustment**
**on investment assets**
46,852
-
46,852
63,336
(1,000)
62,336
**Fund balance brought forward 1st April 2020**
311,184
179,000
490,184
**Fund balance carried forward 31st March 2021** 374,520
178,000
552,520
The unrestricted general fund is made up as follows:-
**Designated funds** -
Purchase of property
73,665
-
12 months charitable expenditure
105,000
-
Provision for major property repairs
108,000
286,665
**General fund**
87,855
374,520|**2020**
**Total**
**funds**
**£**
74,557
55,625
-
-
135
645
412
119
131,493
4,158
105,761
109,919
21,574
(32,629)
(11,055)
501,239
490,184|
|---|---|
12
## **THE CHARING CROSS CENTRE BALANCE SHEET AT 31ST MARCH 2021**
|**Notes**
**Fixed assets**
Tangible fxed assets
5
Investments
6
**Current assets**
Debtors
7
Cash at bank and in hand
**Liabilities:**amounts falling due within
one year
8
**Net assets**
**Funds**
**Restricted funds:**
9
**Unrestricted funds:**
10
**Total funds**(page 6)|**2021**
**£**
**£**
251,716
179,903
431,619
2,767
121,916
124,683
3,782
120,901
552,520
178,000
374,520
552,520|**2020**
**£**
**£**
253,129
133,051
386,180
17,385
93,845
111,230
7,226
104,004
490,184
179,000
311,184
490,184|
|---|---|---|
Approved by the Board of Trustees on 16 July 2021 and signed on its behalf by:
**Mr P Hunt** (Treasurer)
13
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
## 1. **Accounting policies**
- 1.1 The financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom. A summary of the more important accounting policies of the charity, which have been applied consistently, is set out below.
## 1.2
## **Constitution**
The financial statements are governed by the terms of the constitution as revised in 1987 and amended in 1999.
## 1.3 **Basis of accounting**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) (second edition effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid.
The financial statements are prepared in accordance with the historical cost convention, with the exception of investments which are included at market value.
## 1.5 **Funds**
- 1.5.1 All incoming resources are recognised once the charity has entitlement to the resources.
- 1.5.2 Total funds are analysed appropriately between restricted and unrestricted funds.
- 1.5.3 Liabilities and expenses of the charity have been allocated to the general fund by the trustees and the appropriate proportion recharged to the restricted fund.
- 1.5.4 Overheads and support costs have been allocated between charitable activity and governance.
- 1.6 **Tangible fixed assets and depreciation**
- 1.6.1 Depreciation is provided on the cost of tangible fixed assets, to write them down to their estimated residual values over their expected useful lives. The principal annual rates used for the assets are:-
Freehold property buildings 1% straight line Equipment 20% reducing balance
14
**THE CHARING CROSS CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
1.6.2 The property is held as an asset used to assist the charity in the furtherance of its objective by giving young people the opportunity to train in the administration of its letting activities. The cost of this asset is its purchase cost together with any incidental costs of acquisition. Any subsequent improvements will be added to the value of this asset should the trustees consider that they will enhance the rental or capital value of the property. Other costs incurred, which in the trustees' opinion are not expected to generate future rental income or increase the property's capital value, will be written off against the appropriate fund.
1.7 Any information technology equipment and associated peripherals are written off in the year of purchase on the basis they have a limited residual sale value.
- 1.8 **Investments**
Investments are stated at market value of the balance sheet date. The SOFA includes the adjustment to reflect market value at the year end.
## 1.9 **Cash at bank**
Cash at bank includes cash and highly liquid deposit accounts.
## 1.10 **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.
2. **Net incoming resources**
Net incoming resources are arrived at after charging:-
3.
|Accountants remuneration
Committee expenses
**Staf costs**
Wages and salaries|**2021**
**£**
1,150
350
**2021**
**£**
67,029|**2020**
**£**
1,150
350
**2020**
**£**
72,643|
|---|---|---|
The average weekly number of employees during the year was made up as follows:-
|Ofce and management
Security
No employee earned £60,000 p.a. or more in either|**2021**
3
2
5
year.|**2020**
3
2|
|---|---|---|
|||5|
||||
15
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
## 4. **Allocation of resources expenditure**
|**Resources expended**
**Charitable expenditure-**
Wages
Cleaning
Training expenses
Telephone, post, and stationery
Repairs and renewals and
building maintenance contract
Sundry expenses
Audit and accountancy
Rates and water
Light and heat
Insurance
Depreciation
5.
**Tangible fxed assets**|**Unrestrict**
**ed**
**General**
**Fund**
**£**
**Governance**
**£**
**Charitable**
**Activities**
**£**
**Basis of**
**apportionment**
67,029
2,007
65,022
5% manager
salary
6,357
-
6,357
-
-
-
2,161
108
2,053
5:95
8,778
-
8,778
1,921
96
1,825
5:95
1,404
1,404
-
333
17
316
5:95
6,103
305
5,798
5:95
1,379
69
1,310
5:95
413
21
392
5:95
95,878
4,027
91,851|
|---|---|
|**Tangible fxed assets**||||
|---|---|---|---|
||**Freehol**
**d**
**Propert**
**y**
**£**|**Equipme**
**nt**
**£**|**Total**|
||||**£**|
|**Cost**
At 1st April 2020 and at
31st March 2021|282,465|29,712|312,177|
|||||
|**Depreciation**
At 1st April 2020
Charge for year|29,400
1,400|29,648
13|59,048
1,413|
|||||
|At 31st March 2021|30,800|29,661|60,461|
|**Net book value**
At 31st March 2021
At 31st March 2020|251,665
253,065|51
64|251,716|
||||253,129|
16
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
## 6. **Investments**
|
**Market value at 31st March 2020**
Market value adjustment
**Market value at 31st March 2021**|**2021**
**£**
133,051
46,852
179,903|**2020**
**£**
165,680
(32,629)
133,051|
|---|---|---|
The investment represents the CAF UK Equity Fund. The cost of the investment was £55,000.
## 7. **Debtors**
Trade and other debtors are recognised at the settlement amount due.
|Debtors
Prepayments|**2021**
**£**
2,597
170
2,767|**2020**
**£**
17,168
217
17,385|
|---|---|---|
## 8. **Liabilities falling due within one year**
Creditors with no stated interest and payable within one year are recorded at transaction price.
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Creditors and accruals|3,782|7,226|
17
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
**(Continued)**
## 9. **Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of grants held on trust to be applied for specific purposes:-
||**Balance **|**IncomingRepayment/**|**Balance**|
|---|---|---|---|
|**31st**|**March 2020resourcesExpenditure31st**||**March 2021**|
||**£**|**£**
**£**|**£**|
|Freehold property fund (Note 9.1)|179,000|-
(1,000)|178,000|
||179,000|-
(1,000)|178,000|
- 9.1 During the 1999 year the charity purchased freehold property, used for charitable purposes, with the assistance of grants received from:-
|Norwich Consolidated Charities
National Lottery Charities Board|**£**
50,000
150,000
200,000|
|---|---|
Both grants were restricted wholly for the purpose of purchasing the property. The trustees must consult the National Lottery Charities Board if they wish to sell the property within 80 years of purchase. The fund is reduced each year by an amount equivalent to the depreciation.
## 10. **Unrestricted funds**
The trustees consider it prudent that the unrestricted reserves should be sufficient:
- (a) To avoid the necessity of realising fixed assets held for the charities use (£73,665);
- (b) To cover one year’s administration, overhead and support costs (£105,000);
- (c) To provide a maximum pool equal to £108,000 to cover future major items of property expenditure based on quotes from suppliers.
The unrestricted reserves are currently above that range by approximately £88,000.
The trustees are constantly looking at further opportunities to contribute to projects that are compatible with the charity’s objectives.
## **THE CHARING CROSS CENTRE NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
18
## 11. **Analysis of net assets between funds reduced each year by an amount equivalent to the depreciation**
|Fund balances at 31 March 2021
are represented by:-
Tangible fxed assets
Investments
Current assets
Current liabilities|**UnrestrictedRestricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
73,716
178,000
251,716
179,903
-
179,903
124,683
-
124,683
(3,782)
-
(3,782)
374,520
178,000552,520|
|---|---|
19
**THE CHARING CROSS CENTRE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021**
**THE CHARING CROSS CENTRE**
## **Contents**
||**Page no.**|
|---|---|
|Charity information|1|
|Statement of trustees’ responsibilities|2 - 4|
|Independent Examiner’s Report|5|
|Accounts comprising:-||
|Statement of fnancial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 13|
|**Charity Information**||
|Charity registration number: 304027||
|Location of principal activity:-||
|17-19 St John Maddermarket||
|Norwich||
|Norfolk||
## **Trustees/Management Committee**
A Jarrold T Fellas (Vice Chair) P Hunt (Treasurer) J Roberts S Seeley R Firth-Clarke (resigned 12 November 2020) B Bulcock D Ford (Chair) L Hunt
## **Accountants**
Hines Harvey Woods Limited Queens Head House The Street Acle Norwich NR13 3DY
## **Bankers**
HSBC 18 London Street Norwich NR2 1LG
1
**THE CHARING CROSS CENTRE TRUSTEES’ REPORT**
The trustees present their annual report and financial statement of the charity for the year ended 31 March 2021.
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) (second edition effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Objectives and activities for the public benefit**
The charity is governed by its constitution which was revised in 1987 and amended in 1999. Its objects are to assist young people to mature and develop by providing facilities, further education, training and recreation. The trustees confirm that they have referred to the Charity Commissions guidance on public benefit when reviewing the charity’s aims and objectives.
## **The accounts**
The Statement of Financial Activities for the year is set out on page 6 of the financial statements. A summary of the financial results and the work of the charity are set out below.
## **Income generation**
Incoming resources decreased against the previous year due to effect of the pandemic.
## **Covid 19**
The charity conformed to the government COVID regulations from March 2020 to the present day. The trustees are grateful for the support given by the City Council in the form of grants totalling almost £40,000 and the Government’s Job Retention Scheme amounting to over £21,000.
## **Investment policy and returns**
The trustees’ policy is to invest funds that are not immediately required into the CAF UK Equity Fund and bank savings accounts.
## **Fund-raising**
The funds raised by the charity are set out on page 12 of the Financial Statements.
## **Resources expended and services**
The resources expended are set out on page 12.
8
## **THE CHARING CROSS CENTRE TRUSTEES’ REPORT (Continued)**
## **Reserves**
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately twelve months of unrestricted charitable expenditure (£105,000). In addition, the trustees have set aside sufficient funds to support the purchase of the freehold property (£73,665) and to set up a fund of £108,000 in respect of future major repairs which may be required to the freehold property, based on quotes obtained.
The actual level of reserves at 31 March 2021 is in excess of this policy.
## **Governance and internal control**
The charity comprises a panel of existing trustees who are nominated for re-election annually. The trustees meet at least 6 times per year to review the charity’s performance. New trustees are appointed by the appropriate resolution prior to the Annual General Meeting.
The trustee’s review the financial and other affairs of the charity throughout the year and reviews the charity’s investments, reserves and risk management ensuring all necessary controls are implemented.
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to:-
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
- prepare the financial statements on the going concern basis.
The trustees have overall responsibility for ensuring that the charity has appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provision of its constitution document. 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.
## **Risk Management**
The trustees carried out a detailed review of the risks to which it was exposed. The trustees monitor their risks at their regular meetings and review the overall risks annually. As part of this process the trustees have implemented a risk management strategy which comprises:
- annual review of the risks which the charity may face;
- the establishment of systems and procedures to mitigate those risks identified; and
- the implementation of procedures designed to minimise any potential impact on the charity should any of these risks materialise.
9
# **THE CHARING CROSS CENTRE TRUSTEES’ REPORT**
## **(Continued)**
**----------------------------------------------------------------------------------------------------------------------------**
**-------------------------------**
## **Employee involvement and employment of the disabled**
Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management.
The charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:
- Equal Opportunities policy
- Health & Safety policy
In accordance with the charity’s equal opportunities policy, the charity has long established fair employment practices in the recruitment, selection, retention and training of disabled staff. Full details of these policies are available from the charity’s offices.
## **Accountants**
A resolution proposing that Hines Harvey Woods Limited be re-appointed as accountants of the charity will be put to the Annual General Meeting.
This report was approved by the Board on 16 July 2021
**Mr D Ford** (Chair)
10
**INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF THE CHARING CROSS CENTRE**
We report on the accounts of The Charing Cross Centre for the year ended 31 March 2021
## **Respective responsibilities of trustees and independent 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 145 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 statement**
Our examination was carried out in accordance with general Directions given by the Charity Commission. 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 the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with our examination, no matter has come to our attention (other than that disclosed below):
(1) which gives us reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 386 of the 2011 Charities Act;
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Hines Harvey Woods Ltd Queens Head House The Street Acle Norwich NR13 3DY**
Date: 13 August 2021
11
## **THE CHARING CROSS CENTRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021**
|**2021**
**Unrestricted**
**Restricted**
**Total**
**general fund**
**fund**
**funds**
**£**
**£**
**£**
**Incoming resources**
Room hire
7,201
-
7,201
Ofce rent
42,891
-
42,891
Council grants
39,857
-
39,857
Coronavirus Job Retention Scheme
21,669
-
21,669
Bank interest
279
-
279
Catering services
15
-
15
Ofce cleaning
208
-
208
Donations
242
-
242
**Total incoming resources available for**
**charitable purposes**
112,362
-
112,362
**Resources expended (note 4)**
**Governance**
4,027
-
4,027
**Charitable activities**
91,851
1,000
92,851
**Total resources expended**
95,878
1,000
96,878
**Net incoming / (outgoing) resources for the year**16,484
(1,000)
15,484
**Unrealised market value adjustment**
**on investment assets**
46,852
-
46,852
63,336
(1,000)
62,336
**Fund balance brought forward 1st April 2020**
311,184
179,000
490,184
**Fund balance carried forward 31st March 2021** 374,520
178,000
552,520
The unrestricted general fund is made up as follows:-
**Designated funds** -
Purchase of property
73,665
-
12 months charitable expenditure
105,000
-
Provision for major property repairs
108,000
286,665
**General fund**
87,855
374,520|**2020**
**Total**
**funds**
**£**
74,557
55,625
-
-
135
645
412
119
131,493
4,158
105,761
109,919
21,574
(32,629)
(11,055)
501,239
490,184|
|---|---|
12
## **THE CHARING CROSS CENTRE BALANCE SHEET AT 31ST MARCH 2021**
|**Notes**
**Fixed assets**
Tangible fxed assets
5
Investments
6
**Current assets**
Debtors
7
Cash at bank and in hand
**Liabilities:**amounts falling due within
one year
8
**Net assets**
**Funds**
**Restricted funds:**
9
**Unrestricted funds:**
10
**Total funds**(page 6)|**2021**
**£**
**£**
251,716
179,903
431,619
2,767
121,916
124,683
3,782
120,901
552,520
178,000
374,520
552,520|**2020**
**£**
**£**
253,129
133,051
386,180
17,385
93,845
111,230
7,226
104,004
490,184
179,000
311,184
490,184|
|---|---|---|
Approved by the Board of Trustees on 16 July 2021 and signed on its behalf by:
**Mr P Hunt** (Treasurer)
13
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
## 1. **Accounting policies**
- 1.1 The financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom. A summary of the more important accounting policies of the charity, which have been applied consistently, is set out below.
## 1.2
## **Constitution**
The financial statements are governed by the terms of the constitution as revised in 1987 and amended in 1999.
## 1.3 **Basis of accounting**
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) (second edition effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid.
The financial statements are prepared in accordance with the historical cost convention, with the exception of investments which are included at market value.
## 1.5 **Funds**
- 1.5.1 All incoming resources are recognised once the charity has entitlement to the resources.
- 1.5.2 Total funds are analysed appropriately between restricted and unrestricted funds.
- 1.5.3 Liabilities and expenses of the charity have been allocated to the general fund by the trustees and the appropriate proportion recharged to the restricted fund.
- 1.5.4 Overheads and support costs have been allocated between charitable activity and governance.
- 1.6 **Tangible fixed assets and depreciation**
- 1.6.1 Depreciation is provided on the cost of tangible fixed assets, to write them down to their estimated residual values over their expected useful lives. The principal annual rates used for the assets are:-
Freehold property buildings 1% straight line Equipment 20% reducing balance
14
**THE CHARING CROSS CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
1.6.2 The property is held as an asset used to assist the charity in the furtherance of its objective by giving young people the opportunity to train in the administration of its letting activities. The cost of this asset is its purchase cost together with any incidental costs of acquisition. Any subsequent improvements will be added to the value of this asset should the trustees consider that they will enhance the rental or capital value of the property. Other costs incurred, which in the trustees' opinion are not expected to generate future rental income or increase the property's capital value, will be written off against the appropriate fund.
1.7 Any information technology equipment and associated peripherals are written off in the year of purchase on the basis they have a limited residual sale value.
- 1.8 **Investments**
Investments are stated at market value of the balance sheet date. The SOFA includes the adjustment to reflect market value at the year end.
## 1.9 **Cash at bank**
Cash at bank includes cash and highly liquid deposit accounts.
## 1.10 **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.
2. **Net incoming resources**
Net incoming resources are arrived at after charging:-
3.
|Accountants remuneration
Committee expenses
**Staf costs**
Wages and salaries|**2021**
**£**
1,150
350
**2021**
**£**
67,029|**2020**
**£**
1,150
350
**2020**
**£**
72,643|
|---|---|---|
The average weekly number of employees during the year was made up as follows:-
|Ofce and management
Security
No employee earned £60,000 p.a. or more in either|**2021**
3
2
5
year.|**2020**
3
2|
|---|---|---|
|||5|
||||
15
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
## 4. **Allocation of resources expenditure**
|**Resources expended**
**Charitable expenditure-**
Wages
Cleaning
Training expenses
Telephone, post, and stationery
Repairs and renewals and
building maintenance contract
Sundry expenses
Audit and accountancy
Rates and water
Light and heat
Insurance
Depreciation
5.
**Tangible fxed assets**|**Unrestrict**
**ed**
**General**
**Fund**
**£**
**Governance**
**£**
**Charitable**
**Activities**
**£**
**Basis of**
**apportionment**
67,029
2,007
65,022
5% manager
salary
6,357
-
6,357
-
-
-
2,161
108
2,053
5:95
8,778
-
8,778
1,921
96
1,825
5:95
1,404
1,404
-
333
17
316
5:95
6,103
305
5,798
5:95
1,379
69
1,310
5:95
413
21
392
5:95
95,878
4,027
91,851|
|---|---|
|**Tangible fxed assets**||||
|---|---|---|---|
||**Freehol**
**d**
**Propert**
**y**
**£**|**Equipme**
**nt**
**£**|**Total**|
||||**£**|
|**Cost**
At 1st April 2020 and at
31st March 2021|282,465|29,712|312,177|
|||||
|**Depreciation**
At 1st April 2020
Charge for year|29,400
1,400|29,648
13|59,048
1,413|
|||||
|At 31st March 2021|30,800|29,661|60,461|
|**Net book value**
At 31st March 2021
At 31st March 2020|251,665
253,065|51
64|251,716|
||||253,129|
16
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
## 6. **Investments**
|
**Market value at 31st March 2020**
Market value adjustment
**Market value at 31st March 2021**|**2021**
**£**
133,051
46,852
179,903|**2020**
**£**
165,680
(32,629)
133,051|
|---|---|---|
The investment represents the CAF UK Equity Fund. The cost of the investment was £55,000.
## 7. **Debtors**
Trade and other debtors are recognised at the settlement amount due.
|Debtors
Prepayments|**2021**
**£**
2,597
170
2,767|**2020**
**£**
17,168
217
17,385|
|---|---|---|
## 8. **Liabilities falling due within one year**
Creditors with no stated interest and payable within one year are recorded at transaction price.
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Creditors and accruals|3,782|7,226|
17
## **THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
**(Continued)**
## 9. **Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of grants held on trust to be applied for specific purposes:-
||**Balance **|**IncomingRepayment/**|**Balance**|
|---|---|---|---|
|**31st**|**March 2020resourcesExpenditure31st**||**March 2021**|
||**£**|**£**
**£**|**£**|
|Freehold property fund (Note 9.1)|179,000|-
(1,000)|178,000|
||179,000|-
(1,000)|178,000|
- 9.1 During the 1999 year the charity purchased freehold property, used for charitable purposes, with the assistance of grants received from:-
|Norwich Consolidated Charities
National Lottery Charities Board|**£**
50,000
150,000
200,000|
|---|---|
Both grants were restricted wholly for the purpose of purchasing the property. The trustees must consult the National Lottery Charities Board if they wish to sell the property within 80 years of purchase. The fund is reduced each year by an amount equivalent to the depreciation.
## 10. **Unrestricted funds**
The trustees consider it prudent that the unrestricted reserves should be sufficient:
- (a) To avoid the necessity of realising fixed assets held for the charities use (£73,665);
- (b) To cover one year’s administration, overhead and support costs (£105,000);
- (c) To provide a maximum pool equal to £108,000 to cover future major items of property expenditure based on quotes from suppliers.
The unrestricted reserves are currently above that range by approximately £88,000.
The trustees are constantly looking at further opportunities to contribute to projects that are compatible with the charity’s objectives.
## **THE CHARING CROSS CENTRE NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Continued)**
18
## 11. **Analysis of net assets between funds reduced each year by an amount equivalent to the depreciation**
|Fund balances at 31 March 2021
are represented by:-
Tangible fxed assets
Investments
Current assets
Current liabilities|**UnrestrictedRestricted**
**Total**
**funds**
**funds**
**funds**
**£**
**£**
**£**
73,716
178,000
251,716
179,903
-
179,903
124,683
-
124,683
(3,782)
-
(3,782)
374,520
178,000552,520|
|---|---|
19