Registered number: 02544583 Charity number: 1013148 MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company. tts Trustees and Advisers Trustees. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet 10-11 Statement of Cash Flows 12 Notes to the Financial Statements 13-29
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Peter Sutton, Trustee Brett Alligan Melanie Beck MBE Chris Chapman Stevie Pattison-Dick Lucy Bradban Janice Flawn CBE Lisa Speamian Christopher Kemp Andrew Harris Sinem Bilen {appointed 9 November 2023) Company registered number 02544583 Charity registered number 1013148 Registered office 20 Bourton Low Walnut Tree Mitton Keynes Bucks MK7 7DE Page 1
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors for the purposes of company law. present their report and financial statements for the year ended 31 March 2024. The financial statements have been Prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association. the Companies Act 2006 and 'A¢¢ounting 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 from 1 January 2019). Objectives and activities MK SNAP provides education, life skills and work training for adults over the age of 18 with learning and physical disabilities. Working in a purpose-built premises, the dedicated team ensures all learning is delivered in a 5UPPOrtive, friendly and structured way. MK SNAP is dedicated to.. improving the skills, confidence and selfésteem of the leamers to enable them to live rich and fulfilling lives in the community providing real work training opportunities to empower those who are able to move into paid employment or volunteering activities. Our vision is to transform our community through the promotion of independence. inspiration and opportunity. Our aim is to provide a safe, progressive and professional service through the delivery of a unique blend of education and work opportunities in a stimulating environment. Our values are: Fun - To provide a fun environment which builds key life skills through the creativity of the innovative MK SNAP offer. Respectful - To have respect for others creating a supportive and beneficial atmosphere where difference can thrive. Inclusive- To ensure that everyone is fully included as a member of our dynamic community through Celebration and difference. Safe To provide a safe environment where everyone in the MK SNAP community is comfortable with themselves and others. Progressive- To continually improve the standards of Service and positive outcomes in all aspects of MK SNAP. Professional - Ensuring and maintaining a high standard of professionalism in all dealings with our stakeholders. Page 2
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance 31 Mah 2024 One of the priorities for the year was to get the centre back to pre-covid levels for the number of learners per week. The optimum level for the business is 300 learner days per week and this was achieved in the second half of the year. We ensured that learner numbers increased in line with staffing capacity and within the constraints of the building capacity. We have also been working closely with MK Council to help overcome any barriers to learners returning to MK SNAP. The increase in learner numbers has boosted our SNAP Enterprise project. SNAP Enterprise provides opportunities for people with learning disabilities to be involved in 'the world of work,. For some it cars lead to part-time work either paid or voluntary. For others Ft provides real work in a supportive and creative environment, unlocking and developing skills. The five areas of SNAP Enterprise are a community café, horticulture. fulfilling packing and assembly contracts. hand-made crafts and canvas art for sale. The cafe opened at the start of 2023 for two mornings a week and it continues to be a good opportunity for learners to develop work skills as well as providing us wilh an opportunity to showcase other aspects of the work at MK SNAP to the wider community. The key fund raising event of the year was the Fire Walk held in September 2023. A number of staff, volunteers and trustees joined with members of the wider community and £20k was raised from the evenl. We are also grateful to all those who chose MK SNAP as their charity when running the London Marathon - £10k was raised through this source. Last year we reestablished the Learner Council. This is a democratically elected council and provides the learners with a formal means to raise issues with the senior team. The members of the council were also invited to attend the Milton Keynes Council Chamber, an experience they all enjoyed. A few of the learners also had the opportunity to visit the Houses of Parliament which was a memorable experience for those involved. Partnering with local businesses is key to raising our Profile in the community and provides the opportunity for new funding streams. We would like to thank all our partners and supporters who have contributed to the success of MK SNAP this year in particular.. M&M Supplies, Dawson Group, Ringway, The Red Thread Partnership. Naturalty TIWA, Poorly Paws, Indium, Retriever Sports, MK Foodbank, Cygnus, MK City Council, Buckinghamshire County Council, Q Alliance, Red Giraffe, Rotary MK, Diversity Marketplace, Howes Percival and Ball Corporation. Financial Review MK SNAP reported a surplus of £107,313 {2023: £200,975) for the year. Income was higher than the prior year primarily due to increased learner numbers which have risen steadily through the year and we finished the year averaging 300 learner days a week. We have also been successful in the award of grants over the financial year. We continue to receive the support of longer term supporters including Forbes, the National Lottery and Sport England and we had new grants from Sobell, the Jeffcoate Foundation and L&Q. The cost base has continued to be closely managed. MK SNAP has been impacted by the higher cost of living with the costs to heat and light the building increasing significantly. We have continued to make every effort to reduce our carbon footprint in the delivery of the service and Ihis helps to minimise the impact of higher utility bills. Our 5 year fixed rate mortgage came to an end in December and the new interest rate agreed is significantly higher than before. Reserve levels have been impacted by the surplus and remain very healthy. The Board's policy is that a minimum of 6 months expenditure is maintained in a designated reserve to ensure that learners could be provided with a safe alternative learning experience. Reserves above this level are maintained lo support the investment in the Charity's activities. Page 3
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The charity's premises are secured against a £1.25m bank loan from CAF Bank. The interest rate for this loan is fixed until December 2028 and the arrangement is well managed. Risk and Governance The Board manages the risks faced by the oharity through its Governance Committee and a newly established Risk Committee. All risks a reviewed, mitigations to each risk analysed and progress on necessary actions checked. The systems of internal control are designed to provide reasonable assurance against material misstatement and loss. These controls include- A strategic plan and annual budget approved by the Board Regular review by the Board of financial results, variance to budget, future I0caSt$, key performance indicators and cash position. Delegation of authority and segregation of duties Identification and management of risks Futu Plans The landscape for charities of all kinds remains very difficult. Fundraising is very competitive and inflation is impacting the costs of running the premises as well as impacting staffing costs. The impact of the rising cost of living is one of the highest risks the Board is managing this year. The level of funding paid by commissioners for services remains out of line with the actual costs incurred and we will continue to work with local authority commissioners to increase the rates they pay service providers to cover a greater proportion of the costs of seNice provision. Grants and donations where possible will be targeted to fund Core delNery and so support the maintenance of the cost base and the service delivery provided as well as investing in enhancing the current level of service. As we move into the 32nd year of the chartiy, it is with the Same care, spirit and detemiination demonstrated by the parent and carer founders in 1992 that we will tackle our challenges this year and beyond. MK SNAP'S cost base will be further impacted by the Budget increases in nation81 minimum wage and employer Nl from April 2025. Structure, governance and management Milton Keynes Special Needs Advancement Project (MK Snap) is a company limited by guarantee governed by its Memorandum and Articles of Association and a registered charity. MK Snap provides a unique range of training and education services for adults with learning difficulties and disabilities, living in the Milton Keynes and surrounding areas. Our secondary objective is to advance the understanding of the public in relation to the Challenges experienced by persons with special needs. Page 4
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 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.. Peter Sutton, Trustee Brett Alligan Melanie Beck MBE Chris Chaprnan Stevie Pattison-Dick Lucy Bradban Janice Flawn CBE Lisa Spearman Christopher Kemp Andrew Harris Sinem Bilen (appointed 9 November 2023) Appointment of Trustees The minimum number of Trustees l Directors as per the Articles of Association is 4. The majority of the Trustees are drawn from the local business community, and it is hoped to recruit more Truslees with experience in disability issues, education and training. The Twstees at the year end are shown on page 1. The company is limited by guarantee, and no Trustee has a beneficial interest in the capital of the charitable company. All Trustees are directors of the company. Oryanisation The Board of Trustees administer the Charity and meet on a regular basis. all are unpaid volunteers. The Charity is managed on a day to day basis, by the Chief Executive Officer appointed by the Trustees. The Chief Executive Officer is supported by the Head of Learner Services and the senior management team. Trustee Induction and Training New and prospective trustees are invited to meet the Chair of Trustees and other trustees as well as visiting the premises. in order to understand our work as well as the responsibilities of being a Trustee before accepting the appointment. Existing trustees are kept up to date with changes in charity sector legislation through circulation of Charity Commission material on a periodic basis. Page 5
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publlc Beneflt In accordance with S17(5) of the Charities Act 2011, Trustees have referred to guidance Contained in the Charity Commission's general guidance on public benefit. Our charity's purpose is set out in the Objectives and Activities ststement contained earlier in this report and consider thal these objectives meet not only the needs of the adults with learning and physical disabilities but also provide a service to the society as a whole. Approved by order of the members of the board of Trustees and signed on their behalf by.. Melanie Beck MBE Chair of Tnjstees Date.. Peter Sutton Treasurer and Trustee Page 6
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of Milton Keynes Spe¢lal Needs Advancement Project ('the Company'} I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the a¢counts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of Ihe Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying OLrt my examination I have followed the Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act. Independent Examiner's Ststement Since the Company's gross income exceeded £250,000 your examinei must be a member of a body listed in section 145 of the 2011 Act. l confirm that l am qualrfied to undertake the examination because l am a member of the institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attenlion in connection with the examination giving me cause to believe. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act- or the accounts do not accord with those records. or the accounts do not comply wtth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable to charrties preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 7
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guaranteel INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This report is made solety to the Company's Trustees, as a body, in accordance with Part 4 of the Charities IAc¢ounts and Reports} Regulations 2008. My work has been undertaken so that I might state to the Companls Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Companvs Trustees as a body, for my work or for this report. Signed-. Dated. D6.c•n8ec &f2Q , ELIZABETH NEWELL BA (HONS) FCA Independent Examiner MHA Milton Keynes Page 8
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT {A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tofal funds 2023 Note Income from". Donations and legacies Charitable activities Other trading activities Other income 87,670 595,106 79,741 37,635 107,139 194,809 595,106 79.741 37.635 297, 629 494, 761 99,741 8,450 Total income 800,152 107,139 907,291 900. 581 Expenditure on: Raising funds Charttable activities 33,003 623,889 33,003 766.975 46.433 653, 173 143,086 Total expenditure 656,892 143,086 799,978 699, 606 Net movement in funds 143,260 {35,947) 107,313 200,975 Reconciliation of funds: Total funds brought fotward Net movement in funds 1.391,349 143,260 127,104 (35,947) 1,518,453 107,313 1,317,478 200,975 Total funds carried forward 1,534,609 91,157 1,625,766 1,518,453 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 29 form part of these financial statements. Page 9
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT IA Company Limited by Guarantee REGISTERED NUMBER: 02544583 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Current assets 12 1,685.693 1. 699,981 Debtors Cash at bank and in hand 13 63,948 767,048 43, 090 693,346 830,996 736,436 Creditors.. amounts falling due within one year 14 (65,585) (70,071) Net current assets 765,411 666,365 Total assets less current liabilities 2.451,104 2, 366,346 Creditors= amounts falling due after more than one year 15 (825,338) (847, 893) Net assets excluding pension asset 1.62S,766 1,518,453 Total net assets 1,625,766 1,518,453 Charity funds Restri¢tèd funds Unrestricted funds 17 17 91,157 1,534.609 127, 104 1,391,349 Total funds 1,625,766 1,518,453 Page 10
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) REGISTERED NUMBER: 02544583 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.The members have not required the company lo obtain an audit for the year in question in accordance with seclion 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mel nie Beck MBE Chair of Trustees Date: 31IL[2Lr The notes on pages 13 to 29 form part of these financial statements. Peter Sutton TaSUrer and Trustee Page 11
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 67.959 180.259 Cash flows from Investlng activities Interest received 37,635 8,450 Net cash provided by investing activities 37,635 8,450 Cash flows from financing activities Repayments of borrowing {31,892) (33,070) Net cash used in financing activities (31,892) 133,070) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 73,702 155,639 693,346 537,707 Cash and cash equivalents at the end of the year 767,048 693,346 The notes on pages 13 to 29 form part of these financial statements Page 12
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General ffinformatlon Milton Keynes Special Needs Advancement Project is a private company limited by guarantee incorporated in England and Wales. The registered office is 20 Bourton Low, Walnut Tree, Milton Keynes, Bucks, MK7 7DE. Accounting pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities= Statement of Recommersded 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 Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Milton Keynes Special Needs Advancement Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting poli¢y. 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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 2.2 Income Income is recognised when the Charity is legally entitled to it after any perfomiance wndilions have been met, the amounts can be measured reliabFy, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charty has been nolified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of ¢ovenant is recognised at the time of the donation. Tumover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Page 13
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expendtture on charitable activities is incurred on directly undertaking the activities which further the Companys objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Tangible fixed asset5 and depreciation Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset Can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis.. Freehold property Long-temi leasehold property Motor vehicles Fixtures and fittings Computer equipment 1Qfi On cost 25 % On cost 20°A On cost 25Ph On cost Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities. 2.5 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Page 14
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less unless otherwlse stated from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a resutt of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimale of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks 5pecrfic to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance ¢ost. 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that quality as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Retirement benefits Payment5 to defined contribution retirement benefit schemes are charged as an expense as they fall due. 2.11 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designaled for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with spectfic restrictions imposed by donors or which have been raised by Ihe Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial slatements. Page 15
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations and gifts 87,670 107,139 194,809 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donations and gifts 96. 143 201,486 297, 629 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Training and school income SNAP Enterprises and outwork 594,263 843 594,263 843 595,106 595,106 Unrest17Cted funds 2023 Total funds 2023 Training and school income SNAP Enterprises and OUOrk 494, 348 413 494,348 413 494, 761 494, 761 Page 16
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading a¢tivltles Income from non charitable trading actlvlties Unrestricted funds 2024 Total funds 2024 Fundraising events Facility hire 32,988 46,753 32.988 46,753 79.741 79,741 Unrestricted funds 2023 Total funds 2023 Fundraising events Facilty hire 59, 822 39,919 59, 822 39,919 99,741 99.741 Other incoming resources Unrestricted funds 2024 Total funds 2024 Bank Interest recieved 37.635 37,635 Unrestricfed funds 2023 Total funds 2023 Bank Interest recieved 8,45Q 8,450 Page 17
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Charitable activities 623,889 143,086 766,975 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Charitable activities 526, 683 126,490 653, 173 Analysis of expenditure by activities Activities undertaken directly 2024 Total funds 2024 Charitsble activities 766,975 766,975 Activilies undertaken direclly 2023 Tolal funds 2023 Charitable activities 653. 173 653, 173 Page 18
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by actlvltles (continued) Analysis of direct costs Total funds 2024 Total funds 2023 Staff costs Depreciation Photocopier lease Water Light and heat Repairs and maintenance Insurance Refuse and skip hire Motor vehicle expenses other travel costs Sundry expenseslsubscription Legal and professional expenses Telephone and internel other office costs Interest on bank loans Other charitable expenditure 529,188 13,288 4,278 2,134 37,214 40,062 12.165 1.957 1,809 480 6,243 31.096 2,786 256 42.162 42,857 475.265 14,288 4. 193 1.370 20.361 25, 658 10,991 2,335 1,528 623 5,392 25, 141 428 35,262 30,338 766.975 653. 173 Independent examlner'5 remuneration 2024 2023 Fees payable to the Companls independent examiner for the independent examination of the Companls annual accounts 3,450 3,250 Page 19
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 500,962 35,170 18,140 452, 680 30,588 15,975 554,272 499,243 The average number of persons employed by the Company during the year was as follows: 2024 No. 2023 Charitable activities Costs of generating funds Management and administration 17 16 25 24 No employee received remuneration amounting to more than £60,000 in either year. The Key Management Personnel of the Charity comprises Angela Novell as CEO. Steven Carruthers as Director of Learning and Qualily, Sandra Adoley as Head of Learner Services, Claire O'Neill as Head of Enterprise, Steph Passfield as Head of Support seiceS, Reece Bromfield as Facilities Leads, Leah Pearman as Business Admin Apprentice and Katie James as Grants and Projects Co-ordinator. The total employee benefits of the Key Management Personnel of the Charity were £224,697 (2023.. £195,417). 11. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 20
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible flxed assets Long-term leasehold property Freehold property Motor Fixtures and vehicles fittings Total Cost or valuation At 1 April 2023 Disposals 2,118.554 225,000 12,450 14,000) 109,012 2,465.016 (4,000> At 31 March 2024 2,118,554 225,000 8,450 109,012 2,461.016 Depreciation At 1 April 2023 Charge for the year On disposals 643,573 14,288 12,450 109,012 765.035 14,288 14,000) {4.0001 At 31 March 2024 657,861 8,450 109,012 775,323 Net book value At 31 March 2024 1,460.693 225.000 1,685,693 At 31 March 2023 1,474,981 225,000 1, 699, 981 The leasehold land commenced on 23 January 2008 for a period of 125 years. The Trustees carry out an impairmenl review of the leasehold land on an annual basis to ensure the valuation in the accounts is correctly stated. 13. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepayments and a¢¢rued income 29,446 432 34,070 22,563 424 20, 103 63.948 43, 090 Page 21
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Creditors: Amounts falling due within one year 2024 2023 Bank loans Trade creditors Other taxation and social securty Other creditors Accruals and deferred income 26,347 14,172 9,710 1,220 14,136 35, 684 13,603 8,064 940 11,780 65.585 70,071 15. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans 825,338 847, 893 A bank loan was entered into on 23 March 2016 with CAF Bank Limited for £1.250,000 over 25 years. The loan is secured by a legal first charge over the Charitys leasehold land and buildings. The charity entered into a fixed rate of interest for 5 years from 20 December 2023, it is payable at 7.270/0 per annum and will revert ba¢k to the variable rate at the end of the fixed temi. 16. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 767.048 693.346 Page 22
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - Current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds Designated funds Designated Funds - all funds 379,142 379.142 General funds General Funds - all funds 1,012,207 800.152 1656,892) 1,155,467 Total Unrestricted funds 1.391,349 800,152 (656,892) 1,534,609 Restricted funds MK Community Foundation Eranda Rothschild The Forbes Charitable Trust The TNL Community Fund MKGU Rotary L&Q Speakers Art Fund The Band Trust Anton Jurgens Charitable Trust Childwick Trust The Anson Charitable Trust The Sobell Foundation Sport England Masonic Centenary Fund 9,288 9,199 (9,288) (9,199) {22,688} {41,924) (2,092) (10,000) 25,000 38,236 2,500 10.000 500 2,312 19,119 408 22,807 500 54,986 73,790 2.809 9,211 118,804) (2,809) (9,211) 11.178 (8,242) (3,768) {3,883) 2,000 15,000 10,020 3,883 822 6.758 6,252 127,104 107,139 (143,086) 91.157 Total of funds 1,518,453 907,291 {799,9781 1,625,766 Page 23
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (contlnued) £9,288 was brought forward in the year from Milton Keynes Community Foundation fund, of which £9,288 as spent in the year. The fund is used for paying salary and other expenses for Enterprise development (e.g online shop). £9,199 was brought fomard from Eranda Rothschild for Opening futures-catering and hospitalty hub of which £9,199 was spent in the year. £25.000 was received from Forbes Charf(able trust, of which £22,688 was spent in the year. The fund is used for paying salary and other expenses for Enterprise development. £22,807 was brought forward in the year from The TNL Community Fund. £38.236 was received in the year, of which £41,924 was spent in the year. The fund is used for salaries for Regional Centre5 in London and the South East region £2,500 was recieved from MKGU Rotary for refurbishment of the café counter area and café equipment. of which £2,092 was spent. £10.000 was received from L & Q, of which £10,000 was spent in the year. The fund is used for Sport England and provide5 activities such as yoga and dance. .£500 was recieved from Speakers Arl Fund for a piece of artwork called "democracy for all,. £73,790 was brought forward from The Band Trust. of which £18,804 was spent. The fund is used to help with gardening projecls. £2,809 was brought foward from Anton Jurgens Charitable Trust for Enterprise activities, of which £2,809 was spent. £9,211 was brought forward from Childwick Trust, of which £9.211 was spent. The fund is for Enterprise activities £2,000 was recieved from The Anson Charitable Trust, of which £1,178 was spent. The fund is used for work training programmes. £15,000 was recieved from The Sobell Foundation. of which £8,242 was spent. The fund is used for work placements. £10.020 was recieved from Sport England, of which £3,768 was spent. The fund is used for snap to it sports sessions. £3,883 was recieved from Masonic Centenary Fund, of which £3,8838 was spent. The fund was used to purchase iPads, cases and chargers. Page 24
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. ststement of funds (continued) Statement of funds - prior year Balance at 31 March 2023 Balance al 1 Apnl 2022 Income Expenditure Unrestricted funds Designated funds Designated Funds - all funds 379, 142 379, 142 General funds General Funds - all funds 886,228 699,095 (573, 116) 1,012,207 Total UnrestTlCted funds 1,265,370 699,095 (573, 116) 1.391,349 Restricted funds MK Community Founijation Eranda Rothschild The Forbes Charstable Trust L & Q September 2022 The TNL Community Fund JW Memorial Donation Draper Charitable Fund L&Q TVP Community Fund Speakers Art Fund The Band Trust Anton Jurgens Charitable Trust Childwick Trust The Anson Charitable Trust The Sobell Foundation Sport England 16,481 15,000 25,000 (32, 193) (5, 801) (25,000) (9, 998) (22, 681) (3.256) (10,000) (1,576) (795) (5, 000) (6,210) (1, 191) (789) (1, 000) (500) [500) 9.288 9,199 25.000 9, 998 45,488 22.807 3,256 10,000 7,576 795 5,000 80,000 4,000 10,000 1,000 500 500 73, 790 2, 809 9,211 52, 108 201,486 (126,490J 127, 104 Page 25
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) Total of funds 1,317,478 900,581 (699, 606) 1,518,453 18. Summary of funds Summary of funds- current year Balance at 31 Mar¢h 2024 Balan¢e at 1 April 2023 Income Expenditure Designated funds General funds Restricted funds 379,142 1.012,207 127.104 379.142 1,155,467 91.157 800,152 107,139 (666.892) (143,086) 1,518.453 907.291 {799,978) 1.625,766 The income funds of the Charity include designated funds which have been set aside out of unrestricted funds by the trustees for specrfic purposes. The Designated Fund has been transferred out of general unrestricted funds to ensure that the Charity is able to cover 6 months of running costs. Summary of funds- prior year Balance af 31 March 2023 Balance at l Apnl 2022 Income Expenditure Designated funds General funds Restricted funds 379, 142 886,228 52, 108 379, 142 1,012,207 127, 104 699,095 201,486 (573, 116) (126.490) 1,317,478 900.581 (699, 606) 1,518,453 Page 26
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Analysls of net assets between funds Analysls of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Difference 1,685,693 743.619 (65.585) (825,338) (3,780) 1,685,693 830,996 (65,585) (825,3381 87,377 3,780 Total 1.534,609 91,157 1,625.766 Analysis of net assets between funds - prior period Unrestricted funds 2023 Restncted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Credilors due in more than one year 1, 699. 981 609,332 (70,071) (847.893) 1,699, 981 736,436 (70, 071) (847, 893) 127, 104 Total 1,391,349 127, 104 1,518,453 Page 27
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Re¢onc115ation of net movement in funds to net cash flow from operating actlvities 2024 2023 Net income for the period las per Statement of Financial Activities) 107,313 200,975 Adjustments for: Depreciation charges Dividends. interests and rents from investments Decreasel(in¢rease) in debtors Increasel(decrease) in creditors 14,288 {37,635) {20,858) 4,861 14,288 (8,450) 6,039 (32,593) Net cash provided by operating a¢tivities 67,959 180,259 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 767,048 693,346 22. Analysis of changes in net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 693,346 135,684) (847.893) 73,702 9,337 22,555 767,048 (26,347) (825,338) (190,231) 105,594 184.637) Page 28
MILTON KEYNES SPECIAL NEEDS ADVANCEMENT PROJECT (A Company Ltmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Pension commitments Defined contribution schemes The Charity operates a defined contribution pension scheme for all qualfying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to income or expenditure in respect of defined contribution schemes was £18,140 (2023 £15.975}. Page 29