in Harrow Mind in Harrow Registered Charity Number 1067480 Registered Company Number 03351324 Trustees, Annual Report & Financial Statements Year Ended 31 March 2024
Contents TRUSTEES, ANNUAL REPORT Legal and Administrative Information Chair's Foreword Our Vision, Mission, Values, & Strategic Priorities Delivering Public Benefit Achievements & Performance Policy Review Our Services other Income Generation Structure, Governance & Management Acknowledgements - Funders & Partners Financial Review 9-10 11 12 Approval 13 AUDITED ACCOUNTS Report of the Auditors Statement of Financial Activities 14-15 16 Balance Sheet 17 Statement of Cash Flows 18 Notes to the Accounts 19-32
LEGAL and ADMINISTRATIVE Name: Mind in Harrow Company Number: 3351324 Charity Number: 1067480 Principal Address: 132-134 College Road Harrow Middlesex HA1 1 BQ Trustees.. Jeffrey Defries (Chair) Kanchan Desai Adelle Henry Robert Pender Colin Powell Komal Raja Jillian Anderson Nitasha Dhiri Resigned 0810312024 Resigned 3010412024 Co-options: Raymond Bannerman, Harrow User Group Leroy Rose, Harrow User Group Company Secretary: Anna Ware Appointed 1610512023 Senior Management Team Anna Ware Sabrina Solomon Neil Hedgecock Chief Executive Head of Services Head of Finance Auditors: Goldwins Limited 75 Maygrove Road, West Hampstead, London NW6 2EG Bankers: HSBC Harrow Branch, 26-28 St Ann's Road, Harrow HA1 1 LA Solicitors: Bates Wells, 10 Queen Street Place, London EC4R 1 BE
CHAIR'S FOREWORD Let me start by thanking all those- trustees, We are seeking to improve awareness of staff and volunteers- who have played a part the charity and what we do, and it is in ensuring that Harrow Mind has pleasing to note that we have seen greater maintained its programme of support for the recognition and positive feedback from community we serve. I particularly want to commissioners and the community. This is mention Jillian Anderson, who was a trustee reflected most notably in the report we and one of our Vice Chairs and Nitasha produced working with Harrow Council on Dhiri another trustee, both of whom stepped what support and services are needed for down from the board this year. good mental health. And l am pleased to say our first appointed There is no doubt that what we represent Patron- Lord Daniel Finkelstein is still and what we do and the services we provide supporting our charity. are of vital importance to the people and families of Harrow. We cannot pretend that it has been an easy year and, in particular, we have had to cope The need for improved mental health and with the loss of what for many years has wellbeing lies at the heart of what we do and been our largest contract and area of work what we shall continue to do. In order to in Talking Therapies,. the contract being meet this challenge, we shall need to be taken back into the NHS. positive in our outlook and, in particular, in raising income, In this endeavour we will Under Anna Ware's leadership and with the work whenever possible with both support of a mixture of old and new staff, we neighbouring Minds and other charities. have set out on a growth strategy that recognises that we need to concentrate on l am confident that we have the team in specific areas of mental health support and place- staff and trustees- to deliver on these awareness rather than to try to cover ambitions. everything in this busy and over-stretched field. Over the past year our staff have delivered a wide range of services to support those living with mental ill-health. Jeffrey Defries Chair of Trustees We are working hard to adapted to various challenges including the worst mental health crisis in recent history, the continuing cost- of-living crisis and changes in the commissioning landscape. During the year we have done some important "groundwork" enhanced our operational functioning with an overhaul of our IT systems and a review of our safeguarding policies and procedures.
OUR VISION, MISSION AND VALUES Public Benefit Statement The Trustees consider that they have complied with Section 17 of the Charities Act 2011 with regards to the guidance on public benefit published by the Charity Commission. Our Charitable Objectives The objects of Mind in Harrow, as stated in the Articles of Association, are: • to promote the preservation of good mental health in particular by enabling The Trustees review the aims, objectives, and empowering any person experiencing and activities of the charity each year. This mental health problems to live with, report considers the charity's achievements manage and recover from their condition. and its outcomes in the reporting period. and • to relieve the needs of people with mental The Trustees report the success of each key health problems and those who support activity and the benefits the charity has them by working to increase the brought to those groups of people that it is understanding of mental health and set up to help. mental health issues through gathering and disseminating information and working to raise awareness, promote understanding and challenge stigma and discrimination. The review also helps the Trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set. Our vision We will not give up until everyone experiencing a mental health problem gets both support and respect. Our mission We provide information and support to empower anyone experiencing a mental health problem from all our local communities. We campaign together with people experiencing mental health problems to improve local services, raise awareness, and promote understanding. Achievements & Performance All its charitable activities focus on the delivery of services for clients who suffer mental health distress andlor emotional needs residing in the borough of Harrow. Our Values and Culture Our values are at the heart of what we do: These charitable activities are undertaken to further Mind in Harrow's charitable purposes for the public benefit. Open - We reach out to anyone who needs us. Together - We're stronger in partnership. Responsive - We listen, we act. Independent - We speak out fearlessly. Unstoppable - We never give up. During the year working with national Mind, our neighbouring Mind, s in West London, and other partner agencies, Mind in Harrow campaigned to challenge discrimination and reduce stigma around mental health.
Our services community based mental health services to address the social are needs of those with lived experience and provided feedback on what local residents want and need from this service. Harrow Talking Therapies Mind in Harrow delivered the 'Step 2, element of Harrow's Talking Therapies service in partnership with CNWL NHS Foundation Trust until 31 sl December 2023, when it was then taken back in house. The service supported individuals experiencing common mental health problems such as depression, low mood, anxiety andlor stress, providing free access to therapies including Cognitive Behavioural Therapy (CBT), guided self-help, time-limited counselling, and employment support. Treatments are personalised so can be accessed via workshops or one-to-one (over the telephone, online or face-to-face). Other achievements in the year included 2 Section 75 forum prep meeting and 9 in patient ward visits. We held 3 Stigma Busting Masterclasses delivered to over 150 delegates (students and teaching fellows). 800/0 of delegates reported that their perception of mental health inpatients had shifted following the masterclass. Mental Health champions Mental Health champions is a project with peer volunteers, who go out into the community to start conversations about mental health, helping to break down barriers, dispel myths and reduce stigma. Our Champions help to sign post and provide information on services in Harrow. In the year we inducted 12 champions, who reached 431 people and 152 of those with one-to-one outreach support and signposting. Over the nine months we manged the service there were over 4000 referrals with 3042 completed first treatments. Recovery rates were an average of 57 % , higher than the target of 50 % . There were over 10,000 booked contacts in total, with over 7,500 appointments completed. Service user Involvement & Harrow User Group (HUG) Our Service User involvement project has three funding streams.. Harrow Council, ICB, and CNWL Trust the User Involvement Stepping Stones Stepping Stones offers a tailored course programme, following term times, for adults with mental health needs. Over the year Harrow User Group (HUG) has over 190 registered members. We hosted 4 forums, reaching 146 residents. There was a total of 33 meetings that the HUG representatives participated in. The project enables service users to move into mainstream courses, leisure activities and volunteering, giving them greater control over their lives and renewed confidence and independence. Stepping Stones aims to help people with mild to moderate mental health issue to.. reduce isolation, develop relationships, develop routines, learn new skills, develop confidencelself-esteem, and act a bridge to move back into mainstream activities. The Hugs representatives held 9 advisory meeting. Working with the Hug reps we looked at strategy development, holding an away day and 3 further strategy development sessions. The HUG reps also receive supeNlSlOn. During this financial year we supported the co production of the redesign of Harrow's In 2023124 funding for Stepping Stones was provided by NHS and London Marathon and
there was a focus on delivering physical activity courses in mainstream venues. The service supported 785 people across the year, this is an increase of nearly 100 more than the previous year, with complex We held a total of 94 people attended 28 support needs and information requests classes. Many of our service users attended including counselling, accessing services, more than one class. Classes included, advocacy, housing, and financial concerns. Yoga, online yoga, Bollywood Dancing, walking and forest therapy. The online Mental Health Directory (directory.mindinharrow.org.uk), lists over 300 local, regional, and national services and a range of accessible factsheets. The mental health information service has been funded by NHS Harrow and Harrow Council. Befriending Services Our one-to-one befriending service came to an end in December 2023. Funding from the grant provider ended March 2023. We still had personal funding for several clients from Harrow Council, CNWL Trusts and family members until the end of December. A total of 22 service users were supporting in the year. SWISH Information Service Our Mental Health Information Service is part of the Support and Wellbeing Information Service Harrow (SWISH), which The service enabled us to reduce social offers the local Care Act Information and isolation and improve the quality of life for Advice Service through a consortium with adults in Harrow experiencing mental health four other local charities; Age UK HH&B, issues who feel isolated and lonely. Harrow Carers, Community Connex and HAD. The combined service supported nearly 6000 individuals, taking over 12,000 contacts an increase of over 4000 contact on the previous year. SWISH is funded by Harrow Council. On Your Side On Your Side offers peer advocacy, helping people to navigate through the welfare and mental health systems. We provided 17 people with 3 - 10 sessions in the year. Service users were supported to achieve Headsup their chosen goals, helping them to deal with Headsup is a young-people's mental health the welfare benefits system, accompany service run in a consortium partnership led them to assessment meetings or access by Mind in Harrow with four other voluntary timely mental health support. The project is organisations.. Mosaic LGBT Youth Centre, funded by Henry Smith. Paiwand (Solidarity & Support for Refugees), Centre for ADHD and Autism Support and The WISH Centre. Mental Health Information Service The Information Service is the only mental Mind in Harrow delivers peer-led mental health specialist service of its type in wellbeing workshops, and Headsup Harrow. The telephone helpline is delivered partners deliver specialist one-to-one and jointly by our staff and a team of skilled group sessions. volunteers. The information service is also provided via email and through our online Mental Health Directory and offers one-to- one casework if a caller needs extra support. We also lead a Single Point of Access where we receive self-referrals and referrals from other services for young people to be signposted to Headsup Partners or other available support services.
Additionally, Headsup partnership delivered project is peer led, and sessions include 12 specialist mental health support training cultural festivals, activities such as yoga, sessions for professionals working with arts and crafts as well as mental wellbeing Harrow's young people. talks and discussions The project was funded by Jasper Conrad. In 23124, Mind in Harrow reached 3,179 young people, of which 93 /0 report increased mental health awareness and Cost of Living 89.5 % report improved resilience to care for The Cost-of-Living crisis has affected so their own or a friends, mental health. many of our community. During the year we ran two programmes to support people with workshops providing tips and advise and making people aware of what support tis out there and available. Mind in Harrow also offered 43 specialist mental wellbeing workshops co-designed & co-delivered by trained young people with a lived experience of mental ill-health in schools, youth services and colleges. Furthermore, we partnered with Compass Elevation to form Youth Drugs and Wellbeing Awareness Council, where we planned to work with 13-20-year-olds to research and shape awareness of the Funded by Jean & Derek King Trust Mind relationship between substance misuse and in Harrow provided 14 cost of living mental wellbeing. workshops specifically aimed at older people. 332 older people attended our workshops. We also delivered 12 outreach session supporting a further 311 older people. Funded my national Mind we provided 8 workshops, 6 in person and 2 online helping over 200 people. Hayaan Project Hayaan is a unique Somali mental health project promoting equality & civil rights for 4,000 Somalis experiencing multiple- disadvantage locally and across London. The Hayaan project recruits Somali volunteer 'Peer Educators, to assist in facilitating support and information sessions with Somali community members to increase their access and knowledge of local services. The project also offers advocacy support for a limited number of clients with crisis mental health needs. The workshops were delivered with staff and peer volunteers, and we provide training to 17 peer volunteers to support this project. Homes in Mind Mind in Harrow is the Custodian of Homes in Mind, a charity set up to develop affordable homes for people experiencing mental health problems. Working in partnership with Zigzag Housing, Gollings Architects and Harrow Council housing department. The project has secured GLA funding to take it to planning stage, with an application to build 10 flats across two sites in Harrow ready to be submitted. The project is currently with Harrow Council at planning applications stage. As well as fortnightly workshops on topics relating to health and mental health, we provided one to one support to 44 families. The project was funded by national Mind. DIYA South Asian group Mind in Harrow's groups for the South Asian Community address stigma and provide culturally-appropriate mental health support The group ran 10 sessions over the year, with over 34 participants each session. The
Other Income Generation Mind Sho in Harrow Working in partnership with national Mind, We are very grateful to the extraordinary the hard work of the staff and volunteers, work of staff and particularly our Board of and the generosity of the donors and Trustees, dedicated volunteers and funders customers, has meant the income to Mind in who have sustained our services and Harrow from the shop in 20203124 was over support to the community through the year. £10,000. Thank you Communit fundraisin In the face of such a challenging environment, we are monumentally grateful to the individuals, companies and organisations who donated or organised fundraising to support our work, with special thanks listed in our acknowledgements on page 11.
OUR STRUCTURE, GOVERNANCE, & MANAGEMENT Scheme of Delegation The Trustees have independent control over and legal responsibility for the charity. The Board of Trustees meet 5 times in the year. The Board sets strategic direction and holds Governing Document an overview of the organisation. Mind in Harrow is a charitable company Responsibility for strategic management and limited by guarantee, incorporated in April team leadership lies with the Chief 1997 and re-registered as a charity in Executive, who presents reports regularly to January 1998. Its governing document is its the Board of Trustees. The senior Memorandum and Articles of Association. management team supervise service staff, In the event of the company being wound volunteers and the day-to-day work. Staff up, the trustees are liable for a maximum supervision and training are valued as a key sum of £1.00. way of ensuring the highest standards of practice are maintained. The Board of Trustees (Management Committee) Remuneration of key management We offer an opportunity for people to be co- personnel opted members of the Board of Trustees. The key management personnel at Mind in Co-opted members are non-voting and act Harrow are the Chief Executive, Head of as advisors. There are two co-opted places Finance and Head of Services. Annual pay available for the Harrow Mental Health User awards for all staff are set by the Board of Group (HUG). Trustees by applying a similar percentage increase across all posts. In accordance with its commitment to user empowerment, Mind in Harrow aims for a minimum of 50 % of Trustees to have lived experienced of mental health problems, Principal risks and uncertainties - How the trustees plan to manage them Princi al risks and uncertainties Other trustees are drawn from local Mind in Harrow conducts organisation-wide organisations, are ex-volunteers or risk assessments usually annually in interested individuals with relevant skills and accordance with Charity Commission expertise. A list of trustees, elected and co- guidance and recommended framework. A opted, is at the beginning of this report. risk register is updated by the Chief Executive and reviewed at each board meeting. Sub-groups of the Board There are 2 sub-groups of the Board, the The principal risks currently identified relate Finance and Business Sub-committee, and to being able to retain existing and obtaining the Performance and Quality Sub- new contracts and funding for our work Committee. How the trustees lan to mana e these risks The charity has been able to maintain the confidence of funders, commissioners, and wider stakeholders through the year. We hold a risk register which is reviewed at each board meeting. The Finance Sub-committee met twice during the year. the Performance and Quality Sub-committee also met twice, Each -committee is made up of 3 trustees.
Goin concern The Trustees have reviewed the charity's projections and forecasts and have assessed the use of the going concern basis in the preparation of the financial statements. Trustees have concluded that Mind in Harrow has adequate resources as at the date of approval of the financial statements such that the going concern status is secure. ETHICAL FUNDRAISING POLICIES Protecting Vulnerable People Mind in Harrow has a Safeguarding Children and Young People Policy, a Safeguarding Adults Policy (both reviewed annually) and a Fundraising with People in Vulnerable Circumstances Policy (reviewed every three years).which explain how we support and work with vulnerable people. During the year Mind in Harrow did not work with any third Quality Assurance parties and agencies in relation to Mind in Harrow is committed to providing the fundraising. However, we will ensure that highest quality community mental health when we do, they adhere to our policy on services, which anticipate, meet and exceed working with vulnerable people which we will the expectations of service users, workers monitor annually or at the end of their and other stakeholders. contract with us, whichever is sooner. The Mind Quality Mark (MQM) is Mind's quality assurance framework and standards, which have been developed from best practice guidance and with reference to other quality systems and Mind in Harrow passed this in July 2023. Our Income Generation Approach Mind in Harrow has a fundraising policy and a 3-year Growth Strategy for 2024 - 2026 which sets out our approach to income generation. The growth strategy aims to diversify our income sources. In order to pass the MQM all Local Minds are required to: complete a self-assessment toolkit for evaluating achievements and areas for improvement across 20 quality standards structure across four areas and 150 quality indicators. develop a plan of continuous quality improvements following the self- assessment. undergo an external quality review by the Mind Quality Panel. In 2023 - 2024 no complaints were received regarding our fundraising practices. 10
ACKNOWLEDGEMENTS Jean & Derek King Charitable Trust Jaspar Foundation London Community Foundation London Marathon Charitable Trust Mind Mahavir Foundation Young Harrow Foundation Thank you to everyone who has supported us during the year We are grateful to the individuals, charitable trusts and other organisations who have supported our work through donations, collections and fundraising events and through the Mind in Harrow Charity Shop. INDIVIDUALS, CHARITY OF THE YEAR & Lottery & national Funders LOCAL ORGANISATIONS Special mentions to go KPSUK, Rotary Club National Lottery Community Fund of Pinner, Charterhouse Accountants, Life in National Lottery Awards for All London Trust, Kingsbury Lions Club, Nower Sport England Hill School and to the many wonderful donors and fundraisers who have skydived, cycled and even completed 'Tough Mudders, for Mind in Harrow. Our Partners We also thank and are grateful for the commitment and expertise of all the partner organisations and individuals with whom we have worked during the year. IN-MEMORY A very special thank you to the families and friends who generously donated to Mind in Harrow in memory of their loved ones or gave us a gift in their will. Our Volunteers We are particularly indebted to our wonderful team of volunteers who support the organisation and its work in so many different and creative ways. Statutory Funders Central and North West London NHS Our grateful thanks for your inspiring and Foundation Trust highly valued contribution to Mind in Harrow Council Harrow's success. NHS Harrow So many of our seNices and activities could not run without your dedication, commitment, and enthusiasm. Lottery & National Funders National Lottery Community Fund National Lottery Awards for All Sport England Grant making Trusts & Charities Access Group Foundation City Bridge Trust Crown Street Endowment Fund Community-led Housing London Harrow Giving The Henry Smith Charity Garfield Weston 11
FINANCIAL REVIEW groups. In total, over 50 volunteers contributed over 3,000 hours to Mind in Harrow activities during the year. Summary In 2023-24 our annual income is £1,255,187, a decrease of 13 % on the prior year, and is attributed to the loss of the Talking Therapies contract Principal Funding Sources Our main sources of funding are statutory bodies (Harrow Council, NHS Harrow CCG, and CNWL NHS Foundation Trust), which fund our core activities and direct senlices through Service Level Agreements. Grant making trusts provide grants to a number of specific time-limited projects, and accounted for 300/0 of our income during 2023-24 (25 % 2022-23). In 2023-24 our reserves decreased by £71,619 from £768,189 to £696,570. Following the loss of the Talking Therapies contract action was taken to mitigate the impact on unrestricted funds resulting in a deficit of £26,948 which has been met from general funds. £44,671 of restricted reserves carried forward has been applied to give the overall deficit of £71,619. Investment Pollcy The Board of Trustees reviews its investment policy annually. During the 2023 -24 Mind in Harrow held 3-6 month notice accounts with each of Shawbrook Bank, Cambridge & Counties Bank, Hampshire Trust Bank, and Redwood Bank,. a one-year fixed rate account with United Trust Bank; instant access deposit accounts with Aldermore Bank and Virgin Money; and a current account with HSBC. We have been fortunate to have continued funding for our Somali Hayaan project, Stepping Stones courses, User Involvement Project, Headsup youth wellbeing project, and the Support & Wellbeing Information Service. Fundraising performance We employ a professional Grants & Community Fundraising Manager who specialises in applications to grant-making trusts and the Big Lottery Fund, and one day per week on other fundraising activities. Reserves Policy The trustees carry out an annual review of the charity's free reserves policy in light of known risks and future plans. Free reserves are those funds which are not committed to specific contingencies or invested in fixed assets. The Chief Executive submits priority public sector grant funding or commissioned service applications. The Trustees have resolved that Mind in Harrow should aim to maintain free reserves to 6 months, staff salaries in response to th8 continued risk of income reductions from public sector bodies, low returns from bank interest, and competition for charitable trust applications. Our voluntary donations income for 2023 - 24 was £59,986 exceeded our target for the year of £20,000. Volunteer Contribution Mind in Harrow is greatly indebted to all its volunteers for their commitment, time and skills, who help with a wide variety of Mind in Harrow's work. This includes the running of our services, administration tasks in the office and fundraising activities. Many people with mental health problems contribute in a voluntary capacity to our services or undertake leadership roles on our planning and service development The Trustees hold funds in designated reserves for specific purposes and following a review resolved to release £186,746 to general reserves. Based on current plans the Trustees resolved to release the Project, Development and Office Relocation Funds and continue with: 12
Sustainability Investment Fund to invest in the organisation's sustainability and infrastructure through diversification of income sources (£129,288). Employment & Pensions Fund in light of a recent actuarial valuation provided by The Pensions Trust (£27,105). APPROVAL The Trustees, Annual Report on pages 3-14 was approved by the Trustees on 29th October 2024 and signed on their behalf by.. 44< A target for free reserves is around £407,000 based on projected salary costs for 2024125. This will enable the charity to meet its objectives if it faces loss of income, increases in unfunded costs or delayed receipt of grants. The free reserves at 31 March 2024 are £486,144, from £326,346 at the same time last year. The increase of £159,798 is attributed to £186,746 released from Designated Reserves and the unrestricted reserve deficit of £26,948 for the year. Jeffrey Defries, Trustee (Chair) Funding for the Year Ahead In the light of the current cost of living crisis, and despite extraordinary support from donors and grant-makers during 2023-24, we are aware that we will face considerable challenges to maintain and develop funding streams for the current and future years. We are grateful to existing funders for their ongoing support, particularly those trusts including Jaspar Foundation and Henry Smith Charity which have been able to commit to funding our work across a number of years. As the fundraising landscape changes, we are keeping under constant review our income generation strategy and costs. We are pursuing our strategy to diversify our funding streams and are delighted that the Mind charity shop in Harrow is continuing to trade well. We are also continue to work closely with other local Minds through the West London Mental Health Collaboration to explore further opportunities and partnership options. 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIND IN HARROW Oplnlon We have audited the financial statements of Mind in Harrow for the year ended 31 March 2024 which comprise the Slalement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Slandard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practice). Oplnlon on Financlal Statèments In our opinion the financial slalements.. give a true and fair view of the slate of the Charity's affairs as al 31 March 2024 and of ils Sncome and expenditure for the year then ended. have been properfy prepared in accordance with United Kingdom Generally Accepted AGcounling Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducled our audit in accordance with Inlernallonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further descrlbed in the Audilols responsibilities for the audit of the financial slalemenls section of our report. We are independent of the Charity in accordance with the ethical requlremenls 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 responsibllities in 8ccord8nGe with Ihese requirements. We believe that the audit evidence we have obtained is suffiGlenl and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial stalemenls, we have concluded that the trustees, use of the going concern basis of accounting in Ihe preparation of Iha financial statements is appropriate. Baged on the work we have performed, we have not identified any material uncertainties relating lo evenls or conditions that, individually or collectively, may C8St significant doubt on the charity's ability lo continue as a going ncern for a period of at leasl iwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the directors with respect lo going concern are described in the relevant sections of this report. Other informatlon The Iruslees are responsible for the other information. The other infomialion Gomprises Ihe informatlon included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the finanGlal slalements does not Gover the other information and, except to the exlent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge ob18ined in the audil or otherwise appears lo be malerSally mSsslaled. If we identify such materi21 inconsistencies or apparenl material misstatements, we are requlred lo delemiine whalher there is 8 malerlal misslatement in the financial statements or a material misslalement of the other information. If, based on the work we have performed, we conclude th21 there Is a material misslalement of this other Information, we are required lo report that faGI. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. •lhe infomialion given in the trustees, report (incorporating the directors, report) for the flnancial year for which the financial slalemenls are prepared is consislenl with the finanGial statements,. and .the tr¢Jslees' report (incorporating the directors, report) have been prepared in accordance with applicable legal requirements. Matters on which we are requlrèd to report by exception In the light of the knowledge and understanding of the Charity and ils environment obtained in the course of the audit, we have not idenllfied material missl8lements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requSres us lo report to you if, in our opinion.. 14
•adequale accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., .Ihe financial slalemenls are not in agreement with the accounting records and relums,. 'certain disclosures of trustees, remuneration specified by law are not made,. or 'we have not obtained all the Information and explanations necessary for the purposes of our audit. Responsibilities of the trustees As explained more fully in the Iruslees, responsibilities statement, the trustees are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as they determlne is necessary lo enable the preparation of financi81 slalemenls that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, matters rel8ted lo going concern and using the going concem basls of accounting unless the Iruslees either intend lo liquidate the Ch8rily or lo cease operations, or have no realistic alternative bul lo do so. Our r8sponsibilltlgs for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether Ihe financial slalemenls as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an audilor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-comp118nce with laws and regulations. We design procedures In line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularitles, including fraud are sel out below. In identifying and assessing risks of material misslalemenl in respect of irregularities, including fraud and non- compliance with laws and regulalions, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting documenlalion, concerning the Gharily's policies and procedures relating lo.. Detecting, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting of the risks of fraud and responding whether they have knowledge of any actual or suspected fraud., We obtained an understanding of the legal and regulatory framework Ihal Ihe charity operates in, focusing on those laws and regulallons Ihal had a material effect on the financial slalemenls or that had a fundamental effect on the operations of the charity from our professional and sector experlence. We performed analytical procedures lo delecl any unusual or unexpeGled relationships that may indicate risks of material misslalemenl due lo fraud. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, Including those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website 21.. Iwww.frc.org.uk12udilorsresponsibililiesl. This description forms part of our auditor's report. This report is made solely lo the Charity'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 slate lo the Charity's members those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responslbilily lo anyone other than the Charity's members as 8 body, for our audit work, for this report, or for the opinions we have formed. Anthony Epton Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 14 November 2024 15
Mlnd In Harrow statement of flnanclal actlvlrles (Incorporatlng an Income and expendlture account) For the ear ended 31 March 2024 2024 Total Unrestrlcted 2023 Total Unrestricted Restricted Reslricred Note Income from.. Donations and legacie5 Charitable activities Other trading activities Investments 59,986 1,002,139 59,986 1,171,402 41,380 991,799 1,400 18.411 41,380 1.376,015 1,400 18,411 169,263 384,216 23,799 23,799 Total Income 1,085,924 169,263 1,255,187 1,052,990 384,216 1.437,206 Expendlture on: Charitable actSvitles Raising Funds 1,082,788 30,084 213,934 1,296,722 30,084 1,036,748 30,084 462,012 1,498,760 30,084 Total expendlture 1,112,872 213,934 1,326,806 1.066,832 462,012 1,528,844 Ner movement In funds (26,9481 144,6711 171,6191 113,8421 177,7961 191,6381 Reconclllatlon of funds.. Total funds brought foward 669,485 98,704 768,189 683,327 176,500 859,827 Total funds carried forward 642,537 54,033 696,570 669,485 98,704 768.189 All of the above resulrs are derlved from continuing activities. There were no other recognised gains or losses other than those stated above. The airached notes form part of these financial statement5 16
Mlnd In Harrow Balance sheet Company no. 03351324 As at 31 March 2024 2024 2023 Note Flxed assets: Tangible asset5 1,178 2,203 1,178 2,203 Current assets: Debtors Cash ai bank and in hand 95,330 640,062 47,776 803,097 735,392 850,873 Llabllltles: Creditors.. amounts falling due within one year (40.000) 184,887} Net current assets 695,392 765,986 Total assets less current Ilabllltles 696,570 765,986 Total net assets 696,570 768,189 The funds of the charlty: Restricted income funds 54,033 98,704 Unrestricted income funds: Designated funds General funds 156,393 486,144 343,139 326,346 Total u n restricted funds 642.537 669.485 Total charlty funds 696,570 768,189 The financial stateme nts are prepared in accordance with the special provis ions for small com panies under Part 15 of the Companies Act 2006 Approved by the Board and authori5ed for issue on 29th October 2024 (e Jeffrey Defrles. Trustee (Chalr) The attached notes form part of these financial statements 17
Mlnd In Harrow Statement of cash flows For the ear ended 31 March 2024 Note 2024 2023 Cash flows from operatlng actlvltles Net Incorne for the reportlng perlod (as per the statement of flnanclal actlvltles) <71,619) {91,6381 Depreciation charges Interest. dividends and rent from investments (Increase) / Decrease in debtors Increase in creditors 1.025 (13,795) (47,554) (44,887) 4.984 12,9411 35,809 10,632 (105,211) 48,484 Net cash provlded by operatlng actlvltles (176,830) (43,154) Cash flows from Investlng actlvltles: Donations re Mind Retall Harrow Shop Bank Interest Purchase of fixed assets 13.795 2,941 12,494) Net cash used In Investlng actlvltles 13,795 447 Change In cash and cash equlvalents In the year (163.035) (42,707) Cash and cash equivalents at the beginning of the year 803,097 845,804 Cash and cash equlvalents at the end of the year 640,062 803,097 Analy51s of cash and cash equlvalents At l Apr51 2023 Other changes At 31 March 2024 Cash flows Cash in hand 803.097 (163,035) 640,062 Total cash and cash equlvalents 803,097 (163,0351 640,062 18
I) ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basis of re aralion 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 (FRS1021 (effective 1 January 20151- (Charities SORP IFRS 102)>, Ihe Financial Reporting Standard applicable in the UK and RepLAblic of Ireland (FRS 1021 and the Companies Act 2006. Mind in Harrow meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hislorical cost or transaction value unless otheiSe stated in the relevant accounting policy note{sl. b) Fund accountin Restricted funds are subjeGled to restriclions on their expenditure imposed by the donor or through the terms of an appeal. Expenditure, which meets these restrictions, is identified to the fund. Designated funds are unreslricled funds earmarked by the Board of Trustees for particular purposes. c) Incomin resources All incoming resources are included in the statement of financial activities when the charity is enlilled lo the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular income.. VolLAnlary income is received by way of grants, donations, gifts and membership subscrlptions and is included in full in the Statement of Financial Activities (SOFA) when receivable. Grants, where enlillemenl is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally enlilled lo the grant Donated services and facilities and the value of services provided by volunteers are acknowledged bLtt have not been included in these accounts Investment income is included when receivable Incoming resources from grants, where related lo performance and specific deliverables, are accounted for as the charily earns the right to consideration by ils performance For legacies, entitlement is taken when the charity has been notifiad by the executors that they will make a confirmed payment of a specified amount. d) Resources ex ended Expendilure is recognised on an accrual basis as a liability is incurred. All costs are allocated between the expenditure categories of the SOFA on a basis designed lo reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. staff time spent on that activity. Expendilure on raising funds comprises the costs associated with attracting donations and legacies Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activilies and those costs of an indirecl nature necessary lo support them ('Support Costs,), as well as governance cosls 19
Governance expenditure includes those costs associated with meeting the constitutional and slatutory requirements of the charity and includes the audit fees and costs linked to the strategic management of the charity. e) Unlisted investments Contribution to capital costs of shop refurbishment are amortised over the term of the lease until the first break clause. ible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation. The costs of additions below £200 are nol Gapitalised. Depreciation is provided at rates calculated to wrile off the cost of each asset over its expected useful life, as follows: Leasehold Improvements over term of lease Furniture, Fixlures & Fittings 250/0 on cost Office Equipment 33.3010 on cost eratin leases Renlals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against income as incurred. h) Pension costs The charity operates a defined contribution pension scheme with The Peoples Pension and participates in a multl-employer scheme with The Penslons Trust. The pension cost charge represents contributions payable by the charitable company to the schemes and Ghanges to the provision recognised for future deficit reduction payments required. i) Goin concern The Trustees have assessed whether the use of the going conrn basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of Ihe charityto continue as a going concern. The trustees have made this assessm8ntfor a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charlty's forecasts and projections and have taken account of pressures on events. The Truslees have also considered the impact of the COVID-19 pandemic and measLrres taken in the UK. The charity has a strong cash and reserves position at the time of approval of these financial statements. Having produced forecasts and made enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources lo continue in operational existence for at least 12 monlhs from the date of the audit report of these financial statements. The charily therefore continues to adopt the going concern basis in preparing its financial stalements. j) Financlal Instruments The charitable company only has basic financial instruments measured at amortised cost, with no financial instruments classified as olher, or basic financial instruments measured at fair value. k) Cash and cash e uivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of twelve months or less. 20
Mlnd In Harrow Notes to the flnanclal statements For the ear ended 31 March 2024 Income from donations and legacles (all unre5trlctedl 2024 Total 2023 Total Donations 59,986 41,380 59,986 41,380 Income from charltable actlvltles 2024 2023 Unrestricted Restricted Total Unrestricted Restricted Total Cllnical Services Adult Servlces Youth Servbces 540,853 293,356 167,930 99,920 69,343 640,773 362,699 167,930 882,428 86,762 22,609 65,892 118,028 200,296 948,320 204,790 222,905 1,002,139 169,263 ,171,402 991,799 384,216 1,376.015 4 Other Tradlng Actlvltles 2024 Total 2023 Toral Soclal Work students ,400 1,400 Unrestricred income in both 2022 and 202 3 Mind in Harrow is Ehe Custodian Member of Homes in Mind, a company limited by guarantee, and appoints 50% of Irs dlrector5 as Custodian Dlrecfors. There is a consultancy agreemenr in place for Mind in Harrow to provide support to Home5 in Mind. Investment Income 2024 Total 2023 Total Donations re Mind Retail Harrow Shop Bank Inrerest income 10,004 13,795 15,470 2,941 23,799 18,411 21
Mlnd Sn Harrow Notes to the flnanclal statements For the ear ended 31 March 2024 6a Analysls of total expendlture 2024 Staff Other Support Total Cllnlcal Services Adult Services Youth Services Support Cosrs 502,508 217,443 70,099 238,757 7,732 25,884 100,071 164,312 222,641 106,175 74,253 (403,0691 732,881 349,502 244,423 i 01a1 Èxpenoiture I,u£o,ou/ £y/,yyy Analysls of total expendlture (20231 2022 Staff Other Support Total Clinical Services Adult SeNlces Youth Services Support Costs 797,693 146,681 107,343 190,051 9,030 53,911 119,627 104,S07 192,522 47,871 54.166 (294,5581 999,245 248,463 281,136 i 01a1 txpenoiiure oi,v/) 1,)£0,049 6b Analysls of Governance Cost5 2023 2022 Total Total Audltor's fees 4,000 4.000 Total Governance Costs 4,000 4,000 22
Mlnd In Harrow Note5 to the financlal statements For the ear ended 31 March 2024 Net Income for the year This is stated after charging I crediting.. 2024 2023 Depreciation Operating lease rentals.. Property Other Aud itor5' remuneration (excl ud ing VAT).. Audit 1,025 4,984 26,000 1,697 26,000 3,563 3,333 3,333 Analysls of staff costs, trustee remuneratlon and expenses. and the cost of key management personnel Staff costs were as fol lows: 2024 2023 Salaries and wages Social security costs Em ployer's contri bution to defi ned contribution pension schemes 910,274 86,956 29,048 1,095,353 102,937 43,480 1,026,278 1,241.770 No employee earned emoluments of more than £60,000 during the year. The total employee benefits including pension contributions of the key management personnel were £217,869 (2023.. £213,229}, split as follows.. Salaries £191,016, Social Security Costs £20.437. and Pensions £6,416. The organisation paid Nil redundancy costs (2023.. £Nil). The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023-. £nill. No charity trustee received payment for professional or other services supplied to the charity (2023.. £nil). Trustees. expenses represents the payment or reimbu rsement of travel and 5ubslstence costs totalling £nil (2023.. £nil). 23
Mlnd In Harrow Notes to the flnanclal statement5 For the ear ended 31 March 2024 Staff numbers The average number of employees (head count based on number of staff employed) during the year wa5 as follows.. 2024 No. 2023 Di rect Charitable Ad ministrration 28 36 32 40 l O Related party transactlons There were no related party transactions to disclose for 2024 {2023: £nil). I l Taxatlon The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 12 Tanglble flxed assets Uttice Equipment Fixtures and Fittings Unlisted Investments Total Cost or valuatlon At the start of the year Additions in year Disposals i n year 42,656 14,031 56,687 At the end of the year 42,656 14,031 56,687 At the start of the year Charge for the year Eliminated on disposal 40,453 1,025 14,031 54,484 1,025 At the end of the year 41,478 14,031 55,509 Net book value At the end of the year 1,178 1,178 At the start of the year 2,203 2,203 Al l of the above assets are used for charitable purposes. 24
Mlnd In Harrow Notes to the financial statements For the ear ended 31 March 2024 13 Debtors 2024 2023 Trade debtors Accrued Income 85,326 10,004 32.306 15,470 95,330 47,776 14 Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Other creditors Accruals Deferred income (Note 15) Pension Creditor Pension Provision within one year 4,245 9,493 20,484 14,993 18,409 14,682 29,091 4,082 3,630 4.082 1.696 40,000 84,887 15 Deferred Income 2024 2023 Balance at the beginning of the year Amount released to income in the year Amount deferred in the year 29,091 (29,091) 5,878 15,8781 29,091 Balance at the end of the year 29.091 The i ncome deferred relates to amou nts i nvoiced in advance for 5ervice5 to be undertaken in 2024125. 25
Mlnd In Harrow Notes to the flnanclal statement5 For the ear ended 31 March 2024 16 Analysls of net assets between funds Deslgnated General Restricted Total funds Tangi ble fixed assets Net current assets 7,178 155,215 1.178 695,392 486,144 54,033 Net assets at the end of the year 156,393 486,144 54,033 696,570 Comparatlve Analysls of net assets between funds (2023) Designated General Restricted Total funds Tangible fixed assets Net current assets Pension Provision 2,203 340.936 2,203 765,986 326,346 98,704 Net assets at the end of the year 343,139 326,346 98,704 768,189 26
Mlnd In Harrow Notes to the financlal statements For the ear ended 31 March 2024 17 Movements In funds At the start of the year At the end of the year Income Expenditure Transfers Restrlcted funds: Cllnlcal Servlces Hayaan Mind & Mercia fund Befriending Diya South Asian group SMI Physical Health Checks Promotion Cost of Living London Marathon Cost of Livi ng Jean & Ki ng 25,496 10,425 5,000 (25,496) (10,425) (5,000) (43,767) 43,767 21,000 37,999 21,000 3.333 (34,666) Youth Servlces Headsup CAMHS waiting list 34,735 134,7351 Adult Servlces Stepping Stones On Your Side HS 39.643 29.700 139,643) {20,202) 20,202 29,700 Total restricted funds 98,704 169.263 1213,934) 54,033 Unrestrlcted funds: Designated funds.. Projects Fund Development Fund Office Relocation Reserve 51,139 40,000 37,000 140,000 75,000 (51,139) (40,000) (37,000) (112,895) 54,288 Employment & Pensions Fund Sustainabi lity Investment Fund 27,105 129,288 Total designated funds 343,139 (186,746) 156,393 General funds 326,346 1.085.924 (1,112.872) 186,746 486,144 Total unrestricted funds 669,485 1.085.924 (1,112.872) 642,537 Total funds Includlng penslon fund 768,189 1,255,187 (1,326.806) 696,570 27
PURPOSE OF FUNDS Restricted Funds Cllnical Services Somali Hayaan Project- National Mlnd Provision of support, advice, and advocacy lo Somali refugees, asylum seekers and their families who experience poor mental health in Harrow & Brent. Befrlendlng- Harrow Council To support the delivery the community befriendSng service to people in Harrow isolated by their mental health. Diya South Aslan Group- Jasper Foundatlon Support ongoing activities with the South Asian community. SMI Physical Health Checks- NHS North West London To promote physical health checks within the Communlty Cost of Living- London Marathon Support people with their physical health workshops providing tips and advise and making people aware of what support IS available. Cost of Living- Jean & Derek Klng Trust Cost of living workshops and outreach sessions specilicalty aimed at older people delivered with staff and peer volunteers to support the projacl. Youth Servlcos Headsup CAMHS waiting list- Young Harrow Foundation Support young people in Harrow lo improve their mental health and resilience, and to build their self- esteem, in partnership with olh6r local providers. Adult Services Stepplng Stones - NHS North West London l Harrow Council Mainstream educational, leisure, and physical activity courses for users of mental health seNlces. On Your Slde Peer Support- Henry Smith Charity To deliver peer advocacy support as part of a 3-year project. Desi naled Funds Employment & Penslons Fund Funds held lo cover the additional cosls of compliance wlth Employment Legislation in respect of staff pension fund li2bililie8 Sustalnablllty Investment Fund Funds held lo invest in the organisalion's suslainabilily and infrastructure through diversification of income sources and more cost effective operations in accordance with Mind in Harrow's strategy. General reserves General reserves are those funds not restricted or designated as commilled lo specific contingencies. 28
Mlnd In Harrow Notes to the flnanclal statements For the ear ended 31 March 2024 Movements In funds (2023) At the start of the year At the end of the year Income Expenditure Transfers Restricted funds: Cllnlcal Servlces Hayaan- Mind & Mercia fund Befriendi ng Diya South Asian group SMI Physical Health Checks Promotion 33,741 27,494 4,099 13.492 20,486 (47,233) {47,980) (4,099) (8,633) 52,400 43,767 Youth Servlces Headsup (City Bridge) Headsup Comic Relief Headsup Build bac1< better Headsup CAMHS waiting lisi Headsup CPD wkshps YHF CNWL 34,687 29,044 59,772 63,081 7,972 69,471 (94,459) (92,125) (7,972) (34,736) (14,000) 34.735 14,000 Adult Servlces A4A Pandemic Recovery H/L & Info Stepping Stone5 On Your Side - HS MHA Training Mind CMHRF Coronavirus MH Head for Work EKTA 4,316 5,746 13,790 779 2940 4422 1442 26,527 39,270 29,400 (30,843) (45,016) (22,988) (1,8891 (2,940) (4,422) (2,677) 20,202 1,235 Total restrlcted funds 176,500 384,216 (462,012) 98,704 Unrestrlcted funds: Designated funds.. Projects Fund Development Fund Office Relocation Reserve 51,139 40,000 37,000 140.000 75,000 51,139 40.000 37,000 140,000 75,000 Employment & Pensions Fund Sustainability Investment Fund Total designated funds 343,139 343,139 General funds 340,188 1,052,990 11,066,832) 326,346 Total unrestrlcted funds 683,327 1,052,990 (1,066,832) 669,485 Total funds Includlng penslon fund 859,827 1,437,206 11,528,844} 768,189 29
Mlnd In Harrow Notes to the flnanclal statements For the ear ended 31 March 2024 18 Operatlng lease commltments The charity's total future minimum lease payments under non-cancellable operati ng leases Is a5 follows for each of the following periods Land and Buildings 2024 2023 Other 2024 2023 Less than one year One to five years Over five years 19.500 3,141 Total Operatlng Lease commltment 19,500 3,141 19 Legal status of the charlty The charity is a company limited by guarantee and has no Share capital. The liability of each member in the event of winding up is limited to £1. 30
Mlnd In Harrow Noies io the flnanclal statements For the ear ended 31 March 2024 20. Penslon schemes SCHEME: TPT Rerlrement 5olutlons The Groynh Plan The Cofnpany parilclpates In the scheme, a mulii-employer scheme whlch provides beneflts to some 638 non-as50claied participating employers. The scheme is a defined baneflt scheme in the UK. It Is noi posslble for the company ro obiain sufficieni Informatlon to enable li 10 accoijnt for the scheme a5 a defined beneflt scheme. Therefore li accounis for the scheme as a dellned ontrlbutlon scheme. The scheme is subjecl to the funding legislatlon outlined In the Pension5 Act 2004 whlch carne into force on 30 December 2005. Thls, together wlth documenis Issued by Ihe Pensions Regularor and Technlcal Actuarial Standards Issued by Ihe Flnanclal Reporting Councll, sei out the framework for funding dÈflned benefit occupaiional penslon schÈMe5 in the UK. The scheme Is classified as a 'lasi-man siandSng arrangerneni,. Therefore the cornpany Is Potertially liable for oiher parritSpaiing employers. obli9aiions if rhose Èmployers are unable ro meet thelr share ol the scheme deficlt following wlthdrawal from the scheme. Paiiicipatlng employers are legally requlied to meet thelr share of the scheme deflclt on an annulty purchase basis on wlihdrawal from the scheme. A full acruarial valuailon for the scherne was carried our at 30 September 2020. This valuatlon showed a55ers of £800.3m, Ilabllities of E831.9m and a deflcii of £31.6m. To ellmlnate thls fundlng shorifall, the Trustee ha5 asked the partlcipailng employer5 to pay addiiional conrributions to the scheme as lollows.. Deflclt contrlbutlons From l Aprll 2022 to 31 January 2025.. £3,312.000 per annum Ipayable monrhlvl Unless a concesslon ha5 been agreed with ihe Trustee the term to 31 January 2025 applle5. Noie that the 5£heme's previous valuation wa5 carried oui with an effectlve date of 30 September 2017. Thls valuatlon showed assets of £794.9m. li3bllllles of £926.4m and a deficlt of £131.5m. To ellmlnate thls fundlng shortfall, the Trustee asked the pariicipaiing ernployer5 to pay additional coniributlons to the scheme as follows.. Dellclt contrlbutlon5 From l April 2019 ta 30 Septembei 2025.. £11.243.000 per annum (payable manthl¥ and Increa51ng by 3% each on l st April) The recovery plan contrlbuiion5 are allocarÈd to each partlclpailng emplOr In Ilne with rhelr estlmaied share of the Serles l and 5erle5 2 scheme Itabilities. Where the scheme Is In deflcll and where ihe company has agreed to a deflcli funding arrangement thÈ company reioonlses liabiliiy for this obligation. The amount recognisÈd is the net preseni value of rhe deficlt reduction coniribuiion5 payable under the agreewenr rhai relaies 10 ihe defltli. The present value is calcu131ed uslng Ihe discouni raie detailed in these dlst105ures. The unwlnding of Ihe cliscounl rate 15 recognised as a finance cosi. PRESENT VALUE5 OF PROVISION March 2024 March 2023 March 2022 Present value of provision Idiscountedl 1,696 3,630 5,694 RECONCILIATION OF OPENING AND CLOSING PROVISION5 Perlod Period 31 March 2024 31 March 2023 Provlsion al Stari of perlod Unwinding of the dlscouni factor Ilnteresi expense) Deficit contributlon pald Remeasurernenrs impact of any change as51JmPtlon5 Remeasuremenrs amendmenis to ihe conirlbution schedule Provlslon at end of perlod 3.630 139 12.0741 5,694 107 12,0741 1971 1.696 3,630 31
Mlnd In Harrow Noles to the flnantlal statements For the ear ended 31 Mar¢h 2024 20. Penslon schemes contlnuedl INCOME AND EXPENDITUKE IMPAcr PerSod PerSod 31 March 2023 l£sl arch 2024 Interest expense Remeasurements Impacr of any change in assumptions Remeasurements amendments lo ihe contrlburion schedule Coniribuiions paid In respeci of future service Costs recognlsed In Income and expendlture account 139 107 1971 *lncludes deflned contribuiion schemes and future servlce contrlbutions 11.e. excludlng any deflclt reducrlon paymenrsl ro deflned beneflt 5cheme5 whlch are treated as deflned contribution schemes. To be completed by the company. 31 March 2024 31 March 2023 %per anDum 31 March 2022 %per annum %per annum ate of dlscount 5.31 5.52 2.35 The dlscount rates shown above are the equlvalent slnglÈ dlscoun¢ rares whlch. when used io discount the future recovery plan contriburions due, would give the same result5 a5 ustng a full AA corporate bond ySeld curve to dSscount the same recovery pla contributions. SCHEME.- TPT Retlrement Solutlons - The Growth Plan The following schedule details the deficSt contributions agreed beeen the company and the scheme at each year end period.. DEFICIT CONTRIBUTIONS SCHEDULE The non-discounted payments wlll be.. 31 March 2022 Year endSng March 2024 March 2023 l£sl Year I Year 2 Year 3 Yeai 4 Year S Year 6 Year 7 Year 8 Year 9 Yearlo 1,729 2,074 1.729 2.074 2,074 7,729 32
in Harrow Mind in Harrow 132-134 College Road Harrow Middlesex HAI IBQ 020 8426 0929 www.mindinharrow.org.uk info@mindinharrow.org.uk MinJ Qu211ty MINDFUL EMPLOYER