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Company number: 3228965 Registered charity number: 1058559
MALT CROSS TRUST COMPANY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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MALT CROSS TRUST COMPANY CONTENTS FOR THE YEAR ENDED 31 MARCH 2021
Contents
| Pages | |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees’ annual report including directors report | 4– 7 |
| Independent Auditor’s report | 8 – 10 |
| Statement of Financial Activities | 11 – 12 |
| Balance Sheet | 13 |
| Notes forming part of the Financial Statements | 14 - 21 |
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MALT CROSS TRUST COMPANY LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021
LEGAL AND ADMINISTRATIVE INFORMATION
TRUSTEES:
Mr C Berens Mr W P Kordula (resigned 31.03.21) Mrs A K Shea (resigned 31.03.21) Mr R W Wakefield Mr I A Powell
SECRETARY:
Mr W P Kordula (resigned 31.03.21)
REGISTERED OFFICE:
The Malt Cross Music Hall 16 St James Street Nottingham Nottinghamshire NG1 6FG
REGISTERED COMPANY NUMBER:
03228965 (England and Wales)
REGISTERED CHARITY NUMBER:
1058559
INDEPENDENT AUDITORS:
UHY Hacker Young 14 Park Row Nottingham NG1 6GR
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MALT CROSS TRUST COMPANY TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2021
TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS REPORT)
The Trustees are pleased to present their Annual Report together with the consolidated financial statements of the charity and its subsidiary for the period ended 31 March 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, 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) (effective 1 January 2015).
Our focus for 2021 and beyond
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Reducing crime and anti-social behaviour around the city centre through our Street Pastors and ‘Safe Space’ projects and other initiatives
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Influencing policy and practice in the management of the night-time economy.
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Educating people about the history of the Malt Cross, and the social impact that Music Halls had on the world of popular entertainment.
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The upkeep of our beautiful Music Hall by continuing to implement our Heritage Outreach Project 10-year management and maintenance plan following the completion of a Heritage Lottery Funded Project
Context
Nottingham has over 476 licensed premises in the city, and in a normal non-covid year between 30,000 and 40,000 people visit the city centre on Friday and Saturday nights. An established night-time economy brings associated risks to our city centre such as binge drinking, drug usage and the care of vulnerable people at night which are currently managed effectively through partnership working.
The Malt Cross Trust has played a key part in this partnership, which has seen the city transform its reputation. Since 2010, Nottingham has achieved Purple Flag accreditation every year, which is a mark of excellence awarded to cities offering an entertaining, diverse and safe night out. Through Nottingham Street Pastors the charity has received both local and national recognition of how partnership working between local authorities and volunteer organisations can enable local people to play an active role and make a real impact within their communities.
The charity seeks to encourage its audience with opportunities to invest back into their community through suspended (pay it forward) schemes that enable the Malt Cross Trust’s partner charities to provide meals and practical gifts to vulnerable people in Nottingham.
Structure, Governance and Management
Governing Document
Malt Cross Trust is a charitable company limited by guarantee, incorporated and registered as a charity (1058559). The charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the Association being wound up members are required to contribute an amount not exceeding £10.
Recruitment and Appointment of Board
The directors of the charity are also charity trustees for the purposes of charity law and under the Memorandum & Articles are known as members of the Board. Throughout the financial statements they will be referred to as board members.
Board members are recruited through the means of advertisement in appropriate local media and by personal recommendation. Prospective board members make an application and are met on an individual basis by the board members.
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MALT CROSS TRUST COMPANY TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2021
Candidates are interviewed and measured against a skills requirement. If successful, they attend one or more board meetings as an observer, prior to accepting the position and being voted in. Board members are appointed annually at the Annual General Meeting, or in other full board meetings as required.
Payment of Board Members
No fees or remuneration have been paid to any member or Board member of the charity during the year for their role as board members.
Board members induction and training
Prospective board members receive an induction covering their obligations, the operational framework for the charity, current financial position and future plans and objectives.
New board members receive the Trustees Handbook induction pack which provides helpful information covering their obligations as Trustees.
The Association insurance package includes professional liability cover for the trustees of the Association and senior staff.
Organisational Structure
Malt Cross Trust’s Articles require a Board of no less than three members who during a normal non-covid year meet at least bi-monthly and are responsible for the strategic direction and policy of the charity. During the financial year, the Board had four members from a variety of professional backgrounds relevant to the work of the charity and recruitment plans are in place to expand this number.
A scheme of delegation is in place and day-to-day responsibility for the provision of services rests with the Senior Management team.
The Association ensures compliance with Companies House and Charity Commission directives.
Public Benefit
We have referred to the guidance on public benefit issued by the Charity Commission and are satisfied that the charity’s activities as described in our review of 2018-19 do provide wider public benefit. Board members consider how planned activities will contribute to the aims and objectives they have set for the charity via review and approval in meetings.
Principal Activities
Nottingham Street Pastors
The Nottingham Street Pastors haven’t been able to operate during the financial year following the closure of the night time economy due to Covid-19. Staff were placed on furlough throughout the year. With the exception of salaries, which were mainly covered by the furlough scheme, operational costs still remained and were funded by Nottingham BID and Police and Crime Commissioner. Safe spaces were not needed during the pandemic.
Heritage Outreach Project
The completion of the project, which saw the successful restoration of the Malt Cross Music Hall, has resulted in a desire for the delivery of activities exploring and sharing our heritage but these were halted due to the pandemic. The focus for the activity programmes going forward includes the recommencement of tours that increase in onsite heritage information available to the attending public and the development of complementary activities to those successfully support such as the gin tasting events incorporating a more heritage focus.
Our partnership with Heritage Lottery Funding is an on-going relationship, as they will retain a charge of the site for 25 years following the completion of the restoration project.
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MALT CROSS TRUST COMPANY TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2021
Future Focus
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Seeking further investment for the Malt Cross Music Hall in an increasingly competitive market to support in the maintenance and upkeep of this historic building.
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The recruitment of additional trustees with a more diverse range of operational knowledge to support the Malt Cross Trust’s growth
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Securing future funding for the Nottingham Street Pastors project with the aim of extending existing funding commitments from our major donors and seeking out new sources of income
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Expanding the Nottingham Street Pastors project so there are teams out every Friday and Saturday night and in other Nottinghamshire regions.
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Support more events happening citywide to increase awareness of the importance of staying safe in the nighttime economy.
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Exploring the possibility of Nottingham Street Pastors running educational projects with young people about risks faced in the night-time economy
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Developing new ways to share the story of the Malt Cross music hall’s heritage through activities and events
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Continuing and building upon the facilitation of donations to support partner charities working with local vulnerable people
The Malt Cross Trustees, staff and all those whom we have helped during this challenging year would like to sincerely thank all who have supported us both financially and in other ways.
Restricted reserves
Where restrictive conditions are placed upon any income receivable, it is accounted for within a restricted fund, in accordance with latest SORP recommendations.
Policy on reserves
The board members have examined the requirement for free reserves (referred to as General Reserves in the balance sheet), which are those unrestricted funds not invested in fixed assets, designated for specific purposes or otherwise committed. The board members consider that given the nature of the Association’s work, it is appropriate to ensure positive net assets are maintained and to avoid any significant net expenditure in the year. The reserves policy is reviewed on an annual basis.
Trustees’ responsibilities in relation to the financial statements
The charity trustees (who are also the directors of the Malt Cross Trust Company for the purposes of company law) are responsible for preparing the Trustees’ annual report and 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 period, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP/2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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MALT CROSS TRUST COMPANY TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS REPORT) FOR THE YEAR ENDED 31 MARCH 2021
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant information of which the charitable company’s examiner is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charitable company’s independent examiner is aware of that information.
On behalf of the board of Trustees:
C Berens Trustee
Dated:
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MALT CROSS TRUST COMPANY INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
Opinion
We have audited the financial statements of Malt Cross Trust Company for the year ended 31[st] March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statement, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31[st] March 2021, and of its incoming resources and application of resources, including income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statement is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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MALT CROSS TRUST COMPANY
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and the charitable company’s net income for the year.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, including correspondence, review of correspondence with legal advisors, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.
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MALT CROSS TRUST COMPANY INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Roger Merchant BSc FCA (Senior Statutory Auditor) for and on behalf of
UHY Hacker Young, Statutory Auditor
14 Park Row Nottingham NG1 6GR
8 December 2021 Date: ……………………..
UHY Hacker Young is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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MALT CROSS TRUST COMPANY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Income: Note Income from donations and gifts: Grants and donations 4 Gift aid donations from subsidiary Income from charitable activities: Events Rent receivable Arts Investment income Other income Total income Expenditure on: Cost of raising funds: Raising funds Expenditure on charitable activities: Charitable activities Governance costs Total expenditure 5 Net (expenditure)/income before transfers Transfers between funds Net movement in funds for the year Reconciliation of funds: Total funds brought forward: Total funds carried forward 14 |
Unrestricted Funds 2021 £ 124,951 - - 13,656 - 21 - 138,628 (220) (127,422) - (127,642) 10,986 - 10,986 984,428 995,414 |
Restricted Funds 2021 £ 5,012 - - 37,151 - - - 42,163 - (41,812) - (41,812) 351 - 351 45,453 45,804 |
Total Funds 2021 £ 129,963 - - 50,807 - 21 - 180,791 (220) (169,234) - (169,454) 11,337 - 11,337 1,029,881 1,041,218 |
Total Funds 2020 £ 53,769 - - 104,943 650 9 40 159,411 (515) (206,770) - (207,285) (47,874) - (47,874) 1,077,755 1,029,881 |
|---|---|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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MALT CROSS TRUST COMPANY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2020
| Income: Note Income from donations and gifts: Grants and donations 4 Gift aid donations from subsidiary Income from charitable activities: Rent receivable Arts Investment income Other income Total income Expenditure on: Cost of raising funds: Raising funds Expenditure on charitable activities: Charitable activities Governance costs Total expenditure 5 Net (expenditure)/income before transfers Transfers between funds Net movement in funds for the year Reconciliation of funds: Total funds brought forward: Total funds carried forward 12 |
Unrestricted Funds 2020 £ 2,764 - 101,343 - 9 40 104,156 (515) (156,868) - (157,383) (53,227) - (53,227) 1,037,655 984,428 |
Restricted Funds 2020 £ 51,005 - 3,600 650 - - 55,255 - (49,902) - (49,902) 5,353 - 5,353 40,100 45,453 |
Total Funds 2020 £ 53,769 - 104,943 650 9 40 159,411 (515) (206,770) - (207,285) (47,874) - (47,874) 1,077,755 1,029,881 |
Total Funds 2019 £ 57,767 - 92,356 757 6 2,714 |
|---|---|---|---|---|
| 153,600 | ||||
| (1,343) (277,208) - |
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| (278,551) | ||||
| (124,951) - |
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| (124,951) 1,202,706 |
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| 1,077,755 |
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MALT CROSS TRUST COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021
BALANCE SHEET AS AT 31 MARCH 2021
| Notes Fixed assets Tangible assets 6 Current assets Debtors Cash at bank 7 Total current assets Creditors Amounts due within one year 8 Net current assets Total assets less current liabilities Creditors Amounts due after more than one year 9 Net assets The funds of the charity: Unrestricted revenue Restricted funds Total charity funds 15 |
£ 1,456,740 |
2021 £ 1,456,740 (106,630) |
£ 1,291,979 |
2020 £ 1,291,979 (145,842) |
|---|---|---|---|---|
| 95,646 47,609 |
15,706 80,639 |
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| 143,255 | 96,345 | |||
| (249,885) | (242,187) | |||
| 1,350,110 (308,892) |
1,146,137 (116,256) |
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| 1,041,218 | 1,029,881 | |||
| 995,414 45,804 |
984,428 45,453 |
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| 1,041,218 | 1,029,881 |
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
C Berens Trustee Dated: ���������
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting Policies
Accounting convention
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)) and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the Charity and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist that would cast significant doubt on the ability of the trust to continue as a going concern. Nottinghamshire YMCA has agreed not to request repayment of any balance due for at least 12 months from the accounts signing date and has agreed to provide a parental guarantee for the forthcoming 12 months.
Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP. Further detail is given in the Trustees’ Annual Report.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
The charity receives government and other grants. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Costs of raising fund;
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Expenditure on charitable activities; and
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Other expenditure represents those items not falling into the categories above.
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting Policies (continued)
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - On a straight line basis over 50 years Long leasehold - On a straight line basis over 50 years Fixtures and fittings - 5 years on cost Fixtures and fittings - 10 years on cost Computer equipment - 3 years on cost
Funds
Funds held by the charity are either;
Unrestricted general funds - these are funds available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds - these 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 - these are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and sue of each restricted fund is set out in the notes to the financial statements..
Taxation
The charity is exempt from corporation tax on its charitable activities.
2
Staff Costs
| Staff Costs | ||
|---|---|---|
| Wages and salaries Social security costs Pension |
2021 £ 35,066 1,892 972 37,930 |
2020 £ 41,856 283 931 |
| 43,070 |
There are no employees who receive total emoluments exceeding £60,000 in any one year.
The average number of employees during the year was as follows:
| The average number of employees during the year was as follows: | ||
|---|---|---|
Management Outreach Administration |
2021 1 - 2 3 |
2020 1 1 1 |
| 3 |
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3 Operating deficit
The operating deficit is stated after charging:
| The operating deficit is stated after charging: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation - owned assets | 48,936 | 49,262 |
| Auditors Remuneration | 3,200 | 3,100 |
4 Voluntary Income
Voluntary income relates to grants and donations from charities, grant making organisations and individuals supportive of the Malt Cross Trust objectives.
The grants and donations received in the year were as follows:
| RESTRICTED FUNDS Street Pastors (City) Nottingham PubWatch Nottinghamshire BID Nottinghamshire Police Oasis Christian Centre Community of The Holy Cross St Luke’s Parochial Church Council Wollaton W.I St Nic’s Church Parochial Church East Bridgford W.I Queensbury Baptist Church Individuals and Other Total restricted funds UNRESTRICTED FUNDS General GT LittleFair Trust FH Charitable Trust Coronavirus Job Retention Scheme Grant Covid-19 Business Support Grant Heritage Lottery Fund Grant Individuals and Other Total unrestricted funds |
2021 £ - - - 1,200 500 1,800 - - 750 50 170 542 5,012 2021 £ 500 300 16,910 55,593 49,000 2,649 124,951 |
2020 £ 2,000 17,957 17,957 1,200 500 2,250 1,000 1,000 - - - 7,141 51,005 2020 £ 500 300 - - - 1.964 2,764 |
|---|---|---|
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5 RESOURCES EXPENDED ON CHARITABLE ACTIVITIES
| Unrestricted Funds 2021 £ Expenditure by area: Street pastors – City and Safe Space - Heritage Lottery project - Support costs 78,486 Depreciation 48,936 Total expenditure on charitable activities 127,422 6 TANGIBLE FIXED ASSETS Freehold Long property leasehold £ £ COST OR VALUATION At 1 April 2020 1,228,524 131,052 Additions 205,961 - Disposals - - At 31 March 2021 1,434,485 131,052 DEPRECIATION At 1 April 2020 143,469 16,407 Charge for year 24,593 2,621 Eliminated on disposal - - At 31 March 2021 168,062 19,028 NET BOOK VALUE At 31 March 2021 1,266,423 112,024 At 31 March 2020 1,085,055 114,645 |
Restricted Funds 2021 £ 40,732 1,080 - - 41,812 Fixtures and fittings £ 216,144 7,737 - 223,881 125,762 21,010 - 146,772 77,108 90,382 |
Total Funds 2021 £ Total Funds 2020 £ 40,732 39,522 1,080 10,380 78,486 107,606 48,936 49,262 169,234 206,770 Computer equipment Totals £ £ 8,463 1,584,183 - 213,698 - - 8,463 1,797,881 6,566 292,204 712 48,936 - - 7,278 341,140 1,185 1,456,740 1,897 1,291,979 |
Total Funds 2020 £ 39,522 10,380 107,606 49,262 |
|---|---|---|---|
| 206,770 | |||
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6 TANGIBLE FIXED ASSETS (Continued)
Cost or valuation at 31 March 2021 is represented by:
| Freehold Long property leasehold £ £ Valuation in 2005 (968,110) - Valuation adjustment in 2010 (259,980) 50,021 Valuation adjustment in 2013 (195,249) (54,751) Cost 2,857,824 135,782 1,434,485 131,052 DEBTORS Trade Debtor Prepayments Other debtors Amounts due from group undertakings CREDITORS: Amounts falling due within one year Amounts owed to group undertakings Bank Loans Trade creditors Taxation and social security Other creditors |
Fixtures and fittings £ - - - 223,881 223,881 |
Computer equipment £ - - - 8,463 8,463 2021 £ 362 597 26,417 68,270 95,646 2021 £ 183,288 - 31,404 531 34,662 249,885 |
Totals £ (968,110) (209,959) (250,000) 3,225,950 1,797,881 2020 £ 1,062 1,150 13,494 - 15,706 2020 £ 159,239 6,171 52,087 (3,044) 27,734 242,187 |
|---|---|---|---|
7 DEBTORS
8 CREDITORS: Amounts falling due within one year
Included within Amounts owed to group undertakings is a loan from Nottinghamshire YMCA. Repayment of this loan commenced in February 2021, being monthly repayments of £1,686 (including interest) over 20 years. The interest rate is Bank of England Base Rate + 2.4%, payable monthly in arrears. This loan is secured on 14 and 16 St James’ Street. Nottinghamshire YMCA has agreed not to request repayment of any balance due for at least 12 months from the accounts signing date.
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9 CREDITORS: Amounts falling due between one and two years
| Bank loans Amounts owed to group undertakings |
2021 £ - 13,046 13,046 |
2020 £ 111,256 - 111,256 |
|---|---|---|
Included within Amounts owed to group undertakings is a loan from Nottinghamshire YMCA. Please see note 8 for specific repayment terms and conditions.
10 CREDITORS: Amounts falling due between two and five years
| Amounts owed to group undertakings | 2021 £ 41,069 41,069 |
2020 £ - **- ** |
|---|---|---|
Included within Amounts owed to group undertakings is a loan from Nottinghamshire YMCA. Please see note 8 for specific repayment terms and conditions.
11 CREDITORS: Amounts falling due after 5 years
| Amounts owed to group undertakings Other Loans |
2021 £ 249,776 5,000 254,776 |
2020 £ - 5,000 5,000 |
|---|---|---|
Included within Amounts owed to group undertakings is a loan from Nottinghamshire YMCA. Please see note 8 for specific repayment terms and conditions.
12 SECURED DEBTS
The following secured debts are included within creditors:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans | - | 117,428 |
The Heritage Lottery Fund took out a second charge over the freehold land and buildings as well as the leasehold building until such a time as the conditions of the funding have been fulfilled by the Trust. The conditions of the funding have since been fulfilled by the Trust.
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13 CONTINGENT LIABILITY
A number of funders make grant payments dependent on detailed submissions by Malt Cross Trust Company. They reserve the right to audit these submissions retrospectively and insist that information is recorded in particular formats. Malt Cross Trust Company make every effort to comply with funders’ requirements and to maintain the specified records but there is a risk that, at audit, some amount of grant may be disallowed. Malt Cross Trust Company is not aware of any significant risk in this respect.
14 ACCUMULATED FUNDS
a) RESTRICTED
| a) RESTRICTED |
|
|---|---|
| Street Pastors (City) Total restricted funds |
01/04/19 Incoming Resources Outgoing Resources 01/04/20 Incoming Resources Outgoing Resources 31/03/21 £ £ £ £ £ £ £ 40,100 55,255 (49,902) 45,453 42,163 (41,812) 45,804 |
| 40,100 55,255 (49,902) 45,453 42,163 (41,812) 45,804 |
Restricted Reserves
Income receivable with restrictive conditions accounted for, in accordance with latest SORP recommendations, within a restricted fund.
Street Pastors (City)
The Nottingham Street Pastors haven’t been able to operate during the financial year following the closure of the night time economy due to Covid-19. The intention I for the Street Pastor project to restart when possible, and continue to support vulnerable people in the City Centre. Funding supports the management and training of our team of volunteers, as well as safe spaces across the city, supporting young people and street homeless. The project is supported by a number of small donations but predominantly by two donations from the Nottinghamshire Crime Commissioners Office as well as Nottingham Business Improvement District (BID).
b) UNRESTRICTED
| General Fixed assets Total Unrestricted funds |
01/04/19 Incoming Resources Outgoing Resources Transfers 01/04/20 Incoming Resources Outgoing Resources Transfers31/03/21 £ £ £ £ £ £ £ £ £ (111,672) 104,156 (157,383) (25,225) (190,124) 138,628 (127,642) (282,188)(461,326) 1,149,327 - - 25,225 1,174,552 - - 282,1881,456,740 |
|---|---|
| 1,037,655 104,156 (157,383) - 984,428 138,628 (127,642) - 995,414 |
Unrestricted Reserves
Fixed Assets reserve is a designated fund established to represent funds invested in fixed assets and so are not available for charitable donations
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MALT CROSS TRUST COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15 ANALYSIS OF FUND BALANCE BETWEEN NET ASSETS
| Restricted | Unrestricted | Total | ||
|---|---|---|---|---|
| Funds | Funds | Property | 2021 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | - | 1,456,740 | 1,456,740 |
| Debtors | - | 95,646 | - | 95,646 |
| Cash | 45,804 | 1,805 | - | 47,609 |
| Creditors < 1 year | - | (249,885) | - | (249,885) |
| Creditors > 1 year | - | (308,892) | - | (308,892) |
| Total | 45,804 | (461,326) | 1,456,740 | 1,041,218 |
16 ANALYSIS OF FUND BALANCE BETWEEN NET ASSETS – PRIOR YEAR
| Comparative | Restricted | Unrestricted | Total | |
|---|---|---|---|---|
| Funds | Funds | Property | 2020 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | - | 1,291,979 | 1,291,979 |
| Debtors | - | 15,706 | - | 15,706 |
| Cash | 45,453 | 35,186 | - | 80,639 |
| Creditors < 1 year | - | (236,016) | (6,171) | (242,187) |
| Creditors > 1 year | - | (5,000) | (111,256) | (116,256) |
| Total | 45,453 | (190,124) | 1,174,552 | 1,029,881 |
17 RELATED PARTY DISCLOSURES
The Trust, due to common management, has come under the control of Nottinghamshire YMCA. At the year end, there was an amount owed of £487,180 (2020: £166,813) to Nottinghamshire YMCA by the Trust. Included within this balance is a loan from Nottinghamshire YMCA. Repayment of this loan commenced in February 2021, being monthly repayments of £1,686 (including interest) over 20 years. The interest rate is Bank of England Base Rate + 2.4%, payable monthly in arrears. This loan is secured on 14 and 16 St James’ Street. Nottinghamshire YMCA has agreed not to request repayment of any balance due for at least 12 months from the accounts signing date.
During the year the Trust charged rent and service charges of £11,392 (2020: £98,321) to Malty Cross Limited, a subsidiary company of Nottinghamshire YMCA, for the occupation and use of the Malt Cross Music Hall. At the year end the Trust was owed £68,270 by Malty Cross Ltd (2020: £7,574).
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