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Registered Charity Number: 1058559 Registered Company Number: 03228965
MALT CROSS TRUST COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Docusign Envelope ID: BA03C256-9D13-4F54-A074-7E4F686E7A47
MALT CROSS TRUST COMPANY
| Contents | Page |
|---|---|
| Legal and administrative information | 3 |
| Report of the Trustees | 4 - 7 |
| Independent Auditors report | 8 - 10 |
| Statement of Financial Activities | 11 - 12 |
| Balance Sheet | 13 |
| Notes forming part of the financial statements | 14 - 23 |
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MALT CROSS TRUST COMPANY
Legal and administrative information
| Trustees | Mr C Berens |
|---|---|
| Mr R W Wakefield | |
| Mr G Piliero | |
| Independent Auditors | UHY Hacker Young |
| 14 Park Row | |
| Nottingham | |
| NG1 6GR | |
| Bankers | HSBC UK Bank PLC |
| East Midlands Commercial Centre | |
| Donnington Court | |
| Pegasus Business Park | |
| Derby | |
| DE74 2BU | |
| Registered Office | The Malt Cross Music Hall |
| 16 St James' Street | |
| Nottingham | |
| Nottinghamshire | |
| NG1 6FG | |
| Company Registration | 03228965 |
| Charity Registration | 1058559 |
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MALT CROSS TRUST COMPANY
Trustees' Report for the year-ended 31 March 2024
The Trustees present their annual 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 Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 (second edition)".
Our focus for 2024 and beyond
•Reducing crime and an�-social behaviour around the city centre through our Street Pastors and ‘Safe Space’ projects and other initiatives
•Educa�ng people about the history of the Malt Cross, and the social impact that Music Halls had on the world of popular entertainment.
•The upkeep of our beau�ful Music Hall by con�nuing to implement our Heritage Outreach Project 10-year management and maintenance plan following the completion of a Heritage Lottery Funded Project
Context
Nottingham city centre is home to over 200 licensed pubs, bars and night clubs and the city is seeing year on year growth in its night time economy. 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 inclusive of 2024, 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 Members
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.
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The Report of the Trustees for the year ended 31 March 2024 (continued)
Recruitment of Board Members
Board members are recruited through advertising in appropriate local media and by personal recommendation. Prospective Board Members apply and meet individually with the Chair, the Chief Executive and Group Company Secretary.
Candidates are interviewed and assessed against a skills matrix by a panel of current Board members and the Chief Executive. If successful, they attend one or more Board meetings as observers before accepting the position and being voted in. Board members are appointed annually at the Annual General Meeting or at other full Board meetings as needed.
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.
Organisational Structure
Malt Cross Trust’s Articles require a Board of no less than three members who meet at least annually and are responsible for the strategic direction and policy of the charity. During the financial year, the Board had three 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
Nottingham Street Pastors have operated throughout the year. Volunteers offer help to vulnerable people in the City Centre in Nottingham's night time economy.
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. The focus for the activity programmes going forward includes the recommencement of tours that increase in on-site heritage
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The Report of the Trustees for the year ended 31 March 2024 (continued)
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.
Future Focus
•Seeking further investment for the Malt Cross Music Hall in an increasingly compe��ve market to support in the maintenance and upkeep of this historic building.
•The recruitment of addi�onal trustees with a more diverse range of opera�onal knowledge to support the Malt Cross Trust’s growth
•Securing future funding for the No�ngham Street Pastors project with the aim of extending exis�ng funding commitments from our major donors and seeking out new sources of income
•Support more events happening citywide to increase awareness of the importance of staying safe in the night-time economy.
•Exploring the possibility of No�ngham Street Pastors running educa�onal projects with young people about risks faced in the night-time economy
•Developing new ways to share the story of the Malt Cross music hall’s heritage through ac�vi�es and events
•Con�nuing and building upon the facilita�on of dona�ons to support partner chari�es 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.
Going Concern
The trustees assess whether the use of going concern is appropriate ie whether there any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The trustees make this assessment each year in respect of a period of one year from the date of approval of the financial statements. The parent company (YMCA Robin Hood Group) has agreed support to ensure the company can meet it's commitments for at least 12 months from the balance sheet signing date. YMCA Robin Hood Group has also given a parent company guarantee under Section 479A of the Companies Act 2006.
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Trustees' Report for the year-ended 31 March 2024 (continued)
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,
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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.
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.
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
C Berens (Trustee) 18-10-24 DATED:
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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 and potentially undisclosed related parties.
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Audit procedures performed included:
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Review of the financial statement disclosures to underlying supporting documentation
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Enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud
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Enquiry of management regarding any instances of actual or potential fraud during the year.
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Assessment of fraud prevention and detection procedures within the company.
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Enquiry of management regarding actual and potential litigation and claims, or any potential breaches of laws and regulations.
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Substantive testing of revenue transactions and assessment of controls implemented by the company.
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Enquiry of management concerning any new or potentially undisclosed related parties based on reviews of accounting records.
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.
………………………………………………..
Dave Allum FCCA (Senior Statutory Auditor) for and on behalf of
UHY Hacker Young, Statutory Auditor
14 Park Row Nottingham NG1 6GR 18-10-24
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 2024
| Notes Income Income from grants and donations 3 Income from charitable activities - rent Total Income Expenditure Expenditure on charitable activities Total Expenditure Net Income/(Expenditure) 2 Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 £ £ £ £ 3,297 38,791 42,088 29,041 257,000 - 257,000 75,963 260,297 38,791 299,088 105,004 (234,647) (49,262) (283,909) (221,408) (234,647) (49,262) (283,909) (221,408) 25,650 (10,471) 15,179 (116,404) 835,953 41,121 877,074 993,478 25,650 (10,471) 15,179 (116,404) 861,603 30,650 892,253 877,074 |
|---|---|
Income and expenditure relate to both restricted and unrestricted activities derived from continuing activities.
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STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023
| Notes Income Income from grants and donations 3 Income from charitable activities - rent Total Income Expenditure Expenditure on Charitable Activities Total Expenditure Net Income/(Expenditure) 2 Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted Funds Restricted Funds Total Funds 2023 Total Funds 2022 £ £ £ £ 3,491 25,550 29,041 92,373 75,963 - 75,963 62,609 79,454 25,550 105,004 154,982 (196,290) (25,118) (221,408) (202,722) (196,290) (25,118) (221,408) (202,722) (116,836) 432 (116,404) (47,740) 952,789 40,689 993,478 1,041,218 (116,836) 432 (116,404) (47,740) 835,953 41,121 877,074 993,478 |
|---|---|
Income and expenditure relate to both restricted and unrestricted activities derived from continuing activities.
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MALT CROSS TRUST COMPANY
Company Number: 03228965 BALANCE SHEET AS AT 31 March 2024
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand |
£ £ 1,318,858 319,140 11,734 2024 |
£ £ 1,318,858 319,140 11,734 2024 |
£ £ 1,383,356 229,459 32,476 2023 |
£ £ 1,383,356 229,459 32,476 2023 |
|---|---|---|---|---|
| CURRENT LIABILITIES Amounts falling due within one year 8 |
(437,479) | 330,874 | (448,217) | 261,935 |
| (437,479) | (448,217) | |||
| NET CURRENT LIABILITIES | (106,605) | (186,282) | ||
| NON-CURRENT LIABILITIES Amounts falling due after more than one year 9 |
(320,000) | (320,000) | ||
| (320,000) | (320,000) | |||
| NET ASSETS | 892,253 | 877,074 | ||
| FUNDS Unrestricted revenue accumulated funds Restricted revenue accumulated funds |
861,603 30,650 |
835,953 41,121 |
||
| TOTAL FUNDS 11 |
892,253 | 877,074 |
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.
The financial statements were approved and authorised for issue by the Board of Trustees and signed on their behalf by:
C Berens Group CEO Date: 18-10-24
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparation
Malt Cross Trust Company is a limited company by guarantee, registered in England. The address of the registered office is given in the charity information on page 1 of these financial statements.
The Malt Cross Trust Company is a Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 (second edition)".
The financial statements are presented in sterling which is the functional currency of the charity and monetary amounts in these financial statements are rounded to the nearest £.
The financial statements are prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going Concern
The Trustees make an assessement each year, in respect of a period of one year from the date of the approval of the financial statements, whether there any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern and therefore whether the use of going concern is appropriate.
The parent company (YMCA Robin Hood Group) has agreed support to ensure the company can meet it's commitments for at least 12 months from the balance sheet signing date, and thus the Trustees continue to adopt the going concen basis in preparing the financial statements.
Incoming resources
All incoming resources are included in the Statement of Financial Activities when receipt is probable or more likely than not to be received, and the amount can be quantified with reasonable accuracy.
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.
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)
- ACCOUNTING POLICIES (continued)
Incoming resources (continued)
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 income from government and other grants which are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probably that the income will be received and the amount can be measured reliably. If the entitlement is not met then these amounts are deferred.
Resources expended
All expenditure is accounted for on an accruals basis, and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.
Funds
Unrestricted funds are incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criteria is charged to the fund, together with a fair allocation of management and support costs.
Fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets (less their estimated residual value) over their useful economic lives:
Freehold property 2% straight line Long leasehold 2% straight line Fixtures and fittings 10 - 20% straight line Computer equipment 33% straight line
Grants receivable
Grants are included in the Statement of Financial Activities when the conditions for receiving the grant have been met.
Where performance criteria is not yet met, grant income is deferred until such time as criteria is achieved.
Finance and operating leases
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)
2. NET INCOME/EXPENDITURE
| Net income/expenditure is stated after charging: Depreciation Auditors remuneration The fee above has been paid by the parent entity, YMCA Robin Hood Group. INCOME FROM GRANTS AND DONATIONS Grants and donations received in the year were as follows: RESTRICTED FUNDS Street Pastors (City) Awards for all Thomas Farr Charity Nottingham BID Lady Hind Trust Albert Hunt Grant JN Derbyshire Trust Jessie Spencer Trust Oasis Christian Centre St Luke's Parochial Church Council Individuals and other Warm Space Project - National Grid |
2024 2023 £ £ 64,726 59,175 6,063 5,270 2024 2023 £ £ 9,991 13,100 5,000 5,000 10,000 - 5,000 - - 2,000 - 3,000 - 1,000 - 200 - 1,000 - 250 8,800 - |
|---|---|
| 38,791 25,550 |
|
| UNRESTRICTED FUNDS General Individuals and other |
2024 2023 £ £ 3,297 3,491 |
| 3,297 3,491 |
3. INCOME FROM GRANTS AND DONATIONS
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)
4. STAFF COSTS
| Staff employed by the charity Salaries and wages Employer's National Insurance Pension costs |
2024 2023 £ £ 5,861 17,061 370 1,354 610 334 |
|---|---|
| 6,841 18,749 |
|
| Average employee numbers - full-time or full-time equivalents Management Administration |
- 1 1 1 |
| 1 2 |
|
| No employee received emoluments of more than £60,000 No trustees received remuneration or expense payments during the year TAXATION TANGIBLE FIXED ASSETS Freehold property Long leasehold Fixtures and fittings £ £ £ Cost As at 1 April 2023 1,434,485 131,052 256,185 Additions - 228 Taxation is not provided on the grounds that Part 11 of the Corporation Tax exemption for charitable companies). |
Computer Equipment Total £ £ 19,349 1,841,071 228 Act 2010 applies (tax |
| As at 31 March 2024 1,434,485 131,052 256,413 |
19,349 1,841,299 |
| Accumulated depreciation As at 1 April 2023 226,098 24,268 198,067 Charge for the year 28,690 2,621 29,786 |
9,282 457,715 3,629 64,726 |
| As at 31 March 2024 254,788 26,889 227,853 |
12,911 522,441 |
| NBV at 31 March 2024 1,179,697 104,163 28,560 |
6,438 1,318,858 |
| NBV at 31 March 2023 1,208,387 106,784 58,118 |
10,067 1,383,356 |
5. TAXATION
6. TANGIBLE FIXED ASSETS
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) 6. TANGIBLE FIXED ASSETS (continued)
Cost or valuation at 31 March 2024 is represented by:
| Cost Valuation in 2005 Valuation adjustment in 2010 Valuation adjustment in 2013 |
Freehold property Long leasehold Fixtures and fittings £ £ £ 2,857,824 135,782 256,413 (968,110) (259,980) 50,021 (195,249) (54,751) |
Computer Equipment Total £ £ 19,349 3,269,368 (968,110) (209,959) (250,000) |
|---|---|---|
| 1,434,485 131,052 256,413 |
19,349 1,841,299 |
|
| 7. DEBTORS Trade debtors Social security and other tax debtors Related party debtors Other debtors |
2024 2023 £ £ - 128 9,133 15,555 300,146 203,930 9,861 9,846 |
|
| 319,140 229,459 |
||
| 8. CREDITORS: AMOUNTS FALLING |
DUE WITHIN ONE YEAR |
| Trade creditors Accruals Amounts owed to group undertakings Deferred income Other creditors |
2024 2023 £ £ 7,348 4,923 20,283 4,950 404,848 418,353 - 14,991 5,000 5,000 437,479 448,217 |
|---|---|
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) 9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Amounts owed to group undertakings Amounts due between one and two years Amounts due between two and five years Amounts due after five years |
2024 2023 £ £ 320,000 320,000 12,994 12,994 40,905 40,905 266,101 266,101 320,000 320,000 |
|---|---|
Included within amounts owed to group undertakings is a loan from YMCA Robin Hood Group. At the balance sheet date there have been no repayments of the loan to the group company. This loan is secured on 14 and 16 St James' Street. YMCA Robin Hood Group has opted not to charge interest during the current financial year. YMCA Robin Hood Group has agreed not to request repayment of any balance due on this loan or other amounts due within short term creditors for at least 12 months from the accounts signing date.
10. 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.
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)
11. ANALYSIS OF FUNDS
| Unrestricted General reserve Fixed assets Restricted Street Pastors (City) National Grid Total reserves |
At 1 April 2022 Incoming Resources Outgoing Resources Transfers At 31 March 2023 Incoming Resources Outgoing Resources Transfers At 31 March 2024 (476,383) 79,454 (196,290) 45,816 (547,403) 260,297 (234,647) 64,498 (457,255) 1,429,172 (45,816) 1,383,356 (64,498) 1,318,858 952,789 79,454 (196,290) - 835,953 260,297 (234,647) - 861,603 40,689 25,550 (25,118) - 41,121 29,991 (40,462) - 30,650 - - - - - 8,800 (8,800) - - 40,689 25,550 (25,118) - 41,121 38,791 (49,262) - 30,650 993,478 105,004 (221,408) - 877,074 299,088 (283,909) - 892,253 |
|---|---|
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. Transfers are made form this reserve to account for the movement in the book value of the underlying assets.
RESTRICTED RESERVES
Street Pastors (City)
The Nottingham Street Pastors has continued to operate throughout the year in Nottingham's thriving night time economy. The project supports 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).
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MALT CROSS TRUST COMPANY
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued)
11. ANALYSIS OF FUNDS (continued)
National Grid - Warm Place at Malt Cross
National Grid provided funding in order for the Malt Cross to offer a warm place for the homeless population of Nottingham, twice weekly between December 2023 - March 2024. The program coupled a warm safe space for the homeless with a program of education, including financial advisors, local historians and heating solution practitioners.
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NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) 12. ANALYSIS OF FUND BALANCE BETWEEN NET ASSETS
| 2024 Fixed assets Debtors Cash Creditors < 1 year Creditors > 1 year 2023 Fixed assets Debtors Cash Creditors < 1 year Creditors > 1 year |
Restricted funds Unrestricted funds Property Total £ £ £ £ - - 1,318,858 1,318,858 - 319,140 - 319,140 30,650 (18,916) - 11,734 - (437,479) - (437,479) - (320,000) - (320,000) 30,650 (457,255) 1,318,858 892,253 - 1,383,356 1,383,356 - 229,459 - 229,459 41,553 (9,077) - 32,476 - (448,217) - (448,217) - (320,000) - (320,000) 41,553 (547,835) 1,383,356 877,074 |
|---|---|
13. RELATED PARTY TRANSACTIONS
YMCA Robin Hood Group (RHG)
YMCA Robin Hood Group exercises control over Malt Cross Trust Company due to common management. The company invoiced RHG £182,000 (2023 - £nil) for it's use of office space in Newcastle Chambers and 14 & 16 St. James' Street alongside utility costs incurred. RHG recharged the company expenses incurred on it's behalf of £147,528 (2023 - RHG £54,753). RHG also provided the company with related party funds of £15,000 (2023 - £90,000). Finally, the company donated a grant received from National Grid for the Warm Spaces Project (note 11) of £8,800 (2023 - £nil) due to RHG delivering the program.
At the year end, there was an amount owed of £724,848 (2023 - £738,353) to YMCA Robin Hood Group by the Trust. Included within this balance is a loan from YMCA Robin Hood Group amounting to £320,000 (2023 - £320,000) which has seen £nil repayments during the year (2023 - £nil).
Malty Cross Ltd
During the year, Malt Cross Trust Company charged rent and service charges of £75,0000 (2023 - £75,630) to Malty Cross Ltd, a subsidiary of YMCA Robin Hood Group, for the occupation and use of the Malt Cross Music Hall. Malty Cross Ltd recharged expenses paid on behalf of Malt Cross Trust Company of £6,090 (2023 - £4,118). At the year end the Trust was owed £300,146 (2023 - £203,930) from Malty Cross Ltd.
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MALT CROSS TRUST COMPANY
NOTES FORMING PART OF THE FINANCIAL STATEMENTS (continued) 14. TRUSTEES REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2024, nor for the year ended 31 March 2023.
There were no trustees’ expenses paid for the year ended 31 March 2024, nor for the year ended 31 March 2023.
15. MEMBERS
The Charity is incorporated as a company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute a sum of not more than £1 in the event of the Association being wound up. At 31 March 2024 there were 3 (2023: 3) members.
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