SHERBORNE_IN_THE_COMMUNIT - Accounts

The Trustees present their report and financial statements for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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) (effective 1 January 2019)".

The charity's main activity and objective is to support the mental, moral, spiritual and physical training; and education of boys and girls and youths in the Greater London area.

DePaul continued to rent the property for the duration of the year April 22-April 23. Rent was paid in four quarterly instalments. The cost of property insurance was also reimbursed by DePaul.

The results for the period are shown on the Statement of Financial Activities on Page 4.

Income from charitable activities for the year increased to £23,164 (2022: £21,004), and total income increased to £23.528 (2022: £21,277), Donations received were £300 (2022: £240). Expenditure on charitable activities was higher than income at £30,353 (2022: £13,985) which when combined with a decrease in the valuation of investments of £5,297 (2022 £9,280 increase) has resulted in an overall decrease on unrestricted funds of £12,122 (2022: surplus £16,572).

At the balance sheet date, the charity had unrestricted funds of £232,068 (2022: £244,190), which included investments totalling £162,729 (2022: £168,026).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that the trustees see fit and reasonable to continue operating their charitable activities. The Trustees considers that reserves at the current level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Cash is held on interest bearing bank accounts and easily realisable investments, with the exception of balances required for day to day expenditure.

The charity is a company limited by guarantee (Charity number: 1031238) (Company number: 02824034), incorporated on 4 June 1993. The company was previously known as Sherborne House Trust but changed its name to Sherborne in the Community on 26 February 2010.

The Memorandum and Articles of Association of the charity do not place any restrictions on the way in which the charity can operate or on its investment powers.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

A report by an independent external examiner is not required for the accounts in 2022/23 due to the low level of charity income. Regulations allow for an examination every two years when income is less than £25,000. However, an independent external examiner will be commissioned next year (2023/24).

The trustees' report was approved by the Board of Trustees.

The Trustees, who are also the directors of Sherborne in the Community for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that 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.

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2023.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Sherborne in the Community is a private company limited by guarantee incorporated in England and Wales. The registered office is 16 Johnsons Drive, Hampton, TW12 2EQ, England.

The financial statements have been prepared in accordance with the charity's Charities Act 2011, the Companies Act 2006 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity 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.

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Charitable Income

Charitable Income

Charitable Expenditure

Charitable Expenditure

Insurance

Sundry

Bank Charges

Advertising

Accountancy

Website

Charitable Expenditure

Charitable Expenditure

None of the Trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year. Administration costs of £270 were incurred by the Board which have been expensed.

At 5 April 2023 the charity owned the title to the property known as 34 Decima St, Bermondsey, SE1. The cost to the charity was £nil.

There were no disclosable related party transactions during the year (2022 - none).