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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 03433217 REGISTERED CHARITY NUMBER: 1070839

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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FOR
MEADOW WELL CONNECTED
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Read, Milburn & Co 71 Howard Street North Shields Tyne and Wear NE30 1AF

MEADOW WELL CONNECTED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 1 to 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Financial Statements 17 to 30
Detailed Statement of Financial Activities 31 to 32

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The organisation presents as a social enterprise, developing its own income streams whilst supporting residents' needs. A review of the purpose and strategic direction of the organisation was undertaken in 2021-22. Our updated Strategic Business Plan was published in 2021-22 which confirmed the following vision, mission, and values:

Our Vision: A thriving community that's a great place to live, work and play.

Our Mission: To work positively with local people to achieve our shared vision.

Our Core Values: The way we work is to build trusted relationships with others including staff, volunteers, local people and partners. We are...

Trustworthy

We will continue to build trust amongst residents, clients, staff, volunteers, and stakeholders by being open, honest and leading by example.

Open

Our services will be accessible to residents and we will remain open and accountable to our stakeholders.

Adaptable

We are responsive to the needs of the local community and will adapt our delivery to reflect change.

Creative

We will continue to find creative solutions to problems and build creativity into our approach as this encourages the engagement of our community.

Our Strategic Aims

  1. Community Involvement - to develop a sense of ownership of Meadow Well Connected amongst residents through creative engagement, e.g., events, outreach work, community-led activities.

  2. Skills Development - to provide inspiration and support for local people who wish to develop new skills and new ways of enriching their lives.

  3. Wellbeing - to strengthen and support the physical, mental, and social resilience of residents.

What we do

Meadow Well Connected is the Resource Centre at the hub of the community in the two most deprived wards in North Tyneside, namely Riverside and Chirton.

We work with the local community to identify the most significant needs and develop programmes of support with them to enable them to flourish and become more independent, both economically and socially.

Page 1

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES - continued

Current programmes are in four key areas: Community Involvement, Skills Development, Well-being, and Organisational Development. They include environmental & horticultural skills development through volunteering & traineeships in our extensive gardens; debt and money management support; alcohol reduction programmes; digital and employability support using our IT suite; health & wellbeing initiatives to improve the mental & physical health of local people; affordable after-school provision to support children aged 5-13 and help their parents manage work commitments; a number of community-led workshops and activities; horticulture, joinery and enrichment programmes to support adults with additional needs and young people who have disengaged from school to develop skills to give them greater independence.

Community Involvement: this is central to our service delivery and links to our mission of working positively with local people to achieve our shared vision. We seek to involve local people in our service development and take their opinions into account when shaping the service we provide. We undertake continuous contact with local people through focus groups, door-knocking, and surveys. In November 2021 we commissioned an independent community consultation which received over 200 responses from local households. The report demonstrated a large increase in awareness of Meadow Well Connected since our previous community consultation which was undertaken in 2018 and highlighted the priorities for local people around:

We have developed responses to these findings which were implemented in 2022-23.

Skills Development: all aspects of our charitable provision and social enterprise work is shaped to ensure skills development is central to our delivery model. Staff, clients, and volunteers agree personal goals for skills development and this links with our vision of a thriving community.

Wellbeing: we work to create a safe, welcoming space where individual differences are recognised and valued. We have a unique mix of clients, staff and volunteers working shoulder-to-shoulder to create a supportive and varied environment where people can gain self-confidence and build self-reliance.

Organisational Development: we recognise the challenging environment in which we operate and seek to work in a creative and forward-looking way to maximise the assets of the organisation through developing sustainable business offers. We currently operate local authority contracts; room hire and training as income generating activities to support the core costs of the organisation. We are working to develop strong links to business and have made several successful links including Capita, Open Lab at Newcastle University, Sage, TLW Solicitors, Tesco Extra North Shields, JTF Wholesalers, Lord Tool Hire, Jesmond Tree Surgeons, and Azure Garden Centre.

During 2022-23 we worked collaboratively with VODA and the Yes We Can Community C.I.C. to deliver a collaborative leadership programme which is funded by North Tyneside Council and is called Leaders Together. The programme ran from February 2022 until June 2023 and created a shared culture of collaborative leadership in North Tyneside. The programme involves:

Page 2

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES - continued

The programme has helped us deepen existing relationships and build new trusted relationships to provide a firm footing for future for further collaboration. This has already borne fruit with the creation of a Community Research Network and the opportunity for our Chief Officer to share learning from the programme to the North East Together: Social Leaders Network. VODA are reviewing the impact of the programme and looking for ways of sharing learning across the sector in 2023-24.

The group will have created 2 new frameworks: A Framework for Collective Leadership and A Framework for Involving People & Communities.

Public benefit

In reviewing our strategic objectives and planning our activities for the year, the trustees have considered the Charity Commission's guidance on public benefit. The trustees are satisfied that the strategic objectives are in line with the charity's objects as set out in the governing document.

ACHIEVEMENT AND PERFORMANCE

Our Projects & Services

Supported Volunteers

This programme, funded by The National Lottery Community Fund ended in May 2022. We continue to provide support for volunteers but no longer have specific grant funding for this work.

This 2-year programme enabled 68 volunteers to offer over 2,000 hours of volunteering - this was lower than expected due to lockdown restrictions. We recruited 48 new volunteers during the period of the programme.

Wise Steps

We are delivery partners of Phase 3 of the Wise Steps project which is managed by Wise Group. The project ran until February 2023 and seeks to provide bespoke support to individuals who are struggling with complex life challenges. Wise Steps Coaches work with the individual to explore ways to address these challenges and activities to improve their confidence and wellbeing. This project is part of a partnership programme managed by Wise Group and funded by European Social Fund and the National Lottery Community Fund.

Steps to Employment & Building Brighter Futures Consortium - ESF Funded

A partnership consortium led by North Tyneside Council to provide employability support to people aged 18+ in North Tyneside, this programme ended in September 2022.

Connected Kids Club & Mini Kids

We have been offering an affordable after-school club for children aged 8-13 for over 10 years. Thanks to funding from the Holiday Activities Fund we were able to provide summer holiday provision for children aged 5-13. Funding has been secured to continue both clubs in 2022-23. Connected Kids Club was supported by the Community Foundation in 2022-23. During the year we have provided over 14,365 combined hours of activities to 140 individual children in Connected Kids Club and 5,536 hours to 78 individual children to Mini Kids Club.

Mini Kids Club was also supported by Success4All who provided STEM sessions every Monday during term time.

Page 3

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE - continued

Positive Pathways

Our Positive Pathways group meets twice a week led by group members and kindly supported by TLW Solicitors who provide support for refreshments, trips, and activities. The group provides a friendly space where people can meet, make friends, and reduce social isolation. During the year 50 individuals attended over 1,230 times, equivalent to 3,724 hours of time spent together.

Well Together

Well Together is our health & wellbeing project which includes specialist support for those with alcohol dependency. This programme was funded by the North Tyneside NHS CCG VCSE Large Grant Programme until October 2022. The programme includes a wide range of activities to support and improve the physical and mental wellbeing of residents.

During 2022-23 we supported 191 individuals to enjoy a range of activities such as yoga, sing together, chairbased exercise, beekeeping sessions, walking group and much more.

Since the funding ended, we have sought to continue some wellbeing activities under our Community Development Team.

The newly created Integrated Care Board agreed to continue to fund the Specialist Alcohol Worker position for a further 18 months.

Sue Wharton had been working as our Specialist Alcohol Worker for many years, she retired from the role in October 2022 but was replaced by Ali Colthart who had been work shadowing for 6 months. Demand for this service remains high with 132 people receiving support during 2022-23.

Digital Support

We offer access to our IT Suite so residents can manage their online life including their Universal Jobsmatch Account and other job-seeking activities. We support people to gain digital skills and create an action plan to make small steps towards improving their circumstances.

We have supported people to access digital equipment such as tablets and SIM cards to increase their connectivity with family, friends, and other online opportunities. 170 individuals were supported this year.

We have completed the work to fit-out our new DigiSuite with extra technology to enable people to learn coding and music technology.

Community Development

We have continued to understand the needs of our community through our Community Development Coordinator and in March 2023 employed a further member of staff and moved a former Wise Steps Coach into the Community Development Team.

During 2022-23, 350 individuals enjoyed one or more of our community activities.

In addition, we delivered 25 community and volunteer events which were attended by 1,235 people.

Page 4

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

ACHIEVEMENT AND PERFORMANCE - continued

Ensuring our work delivers impact and outcomes.

We undertake robust monitoring and evaluation of all we deliver. This includes engaging directly with a wide variety of stakeholders to understand their needs and what impact they require through our delivery. We complete this at the outset to determine outcomes and measures and thereafter undertake regular reviews to enable improvements or adjustments to our activities. Wherever possible we commission independent consultants to evaluate at the end of projects. Those directly benefitting provide regular feedback through several mechanisms including video/audio diary. We operate an online impact management system - Evide - to collate and analyse client data.

We have created new, easy to use, online surveys to improve our data collection and better underpin the difference that we make.

Our Environmental Impact & Carbon Reduction Plan

In 2022-23 we were successful in receiving support from VONNE's Becoming Green Together initiative. This has enabled us to gain access to the SmartCarbon Calculator© to better understand our carbon footprint through clear benchmarking metrics.

In addition, we have begun the process of preparing to achieve our Bronze Investors in the Environment Award.

We have received support from a volunteer who has helped us better understand how we can act to reduce our carbon emissions. We have:

FINANCIAL REVIEW

The 2022/23 financial year saw a reduction in income (£75.0k) and an increase in expenditure (£70.9K) from the previous financial year.

At year end, we achieved a surplus of £6.7k (2021/22 - £207.2K), after transfers on the general unrestricted fund. Reserves amounted to £655.9k (2021/22 - £652.2k) of which £137.8k (2021/22 - £140.8k) was subject to restriction and a further £210.5k (2021/22 - £210.5k) was designated by the trustees.

Included within unrestricted general funds is an amount of £54.0k (2021/22 - £57,5k) which is represented by illiquid assets; the free reserves of the charity (after allowing for restricted, designated and committed amounts) total £256.6k (2021/22 - £243.4k).

Based on these assessments and the current reserves position, the trustees have concluded they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Page 5

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL REVIEW - continued

Reserves policy

Meadow Well Connected is currently dependent on grant income to sustain its activities, as earned income alone would not currently allow MWC to continue operating. This means that if there were to be a gap in grant income it is likely that MWC would have to close.

To avoid closure if funding difficulties were to happen the MWC Board has agreed to keep a certain level of financial reserves to ensure that main operations can continue for a period of 12 months.

The main concerns of the Board are to ensure:

FUTURE PLANS

Improvement focus for 2023-24

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Meadow Well Connected is a company limited by guarantee governed by its Memorandum and Articles of Association as amended 25 March 2022.

Recruitment and appointment of new trustees

As set out in the Articles of Association the chairperson of the trustees shall serve a two-year period and is entitled to be re-appointed by nomination. The vice chairperson and directors shall serve a two-year period and are entitled to be re-appointed by nomination.

Marjory Burdis served in the role of Chair in addition to her role as Finance Chair throughout the period. Katherine Forbes was appointed as Vice Chair in May 2022 and joined the Finance and Fundraising Committee. David Slater resigned due to ill-health in July 2022 but was reappointed in January 2023. Christine Calbraith joined as a new resident trustee in July 2022. Elizabeth Robson resigned from the board in October 2022 due to family commitment and we welcomed Mark Thompson as a new trustee in January 2023.

The current board is made up of 3 resident trustees who support the organisation locally and advocate on behalf of both residents and other beneficiaries. An additional six professionals make up the rest of the board bringing skills in finance, commercial activity, governance, education, the charitable sector, health, and research.

In 2022, we reviewed our Trustee Recruitment Pack and held a Trustee Open Event to attract new trustees. We continue to monitor our trustee recruitment to ensure there is local representation and diversity in the board.

Page 6

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

Induction and training of new trustees

All staff, volunteers and Trustees undergo an induction upon commencement at the Centre which includes:

Separately each group then receive specific induction relevant to their role and are linked to specific project areas on a rotational basis to deepen their understanding of the work we do.

All staff engage in an initial probationary period where upon they are given support to enable their transition into the organisation and development in post. Thereafter, staff participate in annual performance reviews, which are supported by our monitoring and evaluation processes in terms of their particular provision. Any learning or development needs are assessed, and appropriate measures taken to support the individual's ongoing evolution within their role and the charity.

Volunteers are supported by staff to ensure they are gaining from their time volunteering, supported in accessing additional services and provisions and that their work has mutual benefit for the individual and the organisation. A new Volunteer Coordinator, who was appointed in March 2023 to further develop our volunteer offer to ensure volunteers are fully trained and vetted in relation to our safeguarding procedure. During 2022-23, we recruited 21 new volunteers and had support from 58 individuals across the organisation (excluding trustees).

In addition, we had 8 volunteers from PwC, 11 from BT, 8 from Capita who all worked in the garden for a full day. In addition, Capita supplied 16 volunteers at Christmas to prepare, cook, and tidy up 2 community Christmas meals.

Key management remuneration

Salary and other benefits payable to key management personnel are benchmarked against comparable roles with other organisations in the voluntary sector.

Organisational structure

The appointed Chief Officer leads the organisation, setting strategy and overseeing the growth and development of its services and offer to the community. She is supported by the Delivery & Development Manager, Office Manager and Facilities Coordinator to ensure all areas of the operational, project and financial management is effectively monitored and developed. The Board of Trustees meet eight times a year to oversee strategic priorities and ensure governance and adherence to the organisations mission, vision, and values.

In total there were 24 staff members (17.8FTE), with 1.9 directly funded through the Wise Steps Project, and the remainder funded through a combination of project and core income. During 2022-23 we supported 2 Kickstart staff to complete a 6-month, government funded work placement.

The organisation has developed to generate its own income and as such has two main functions: social enterprise activities and charitable activities.

Page 7

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

Risk Management

The trustees actively review the major risks that the charity faces on a regular basis and systems are in place to mitigate such risks. Internal risks are minimised by the implementation of procedures for authorisation of transactions and projects to ensure consistent quality of delivery for all operational aspects of the Charity. These systems are periodically reviewed to ensure they meet the requirements of the Charity. In addition, the trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate significant risks.

During 2021-22, trustees considered the ongoing risks to the organisation and agreed to establish a Safeguarding and Risk Management Committee and terms of reference were agreed during the year. The committee began meeting early in 2022-23. The purpose of the Safeguarding and Risk Management Committee is to scrutinise, monitor and advise on matters relating to our policy for safeguarding vulnerable adults and children and to ensure our non-financial risk management is effective and up to date. They have undertaken a Safeguarding Audit and two Health & Safety Audits and made recommendations for improvements which the organisation has acknowledged and implemented.

Resources Management

We undertake strict monitoring of resources and regularly review contracts with suppliers to ensure we are achieving best value and utilising grant funding in the most efficient and effective way.

In line with this approach, we do not produce a glossy annual report, rather more we focus on producing materials our local community have told us is via community consultation are of interest to them, this includes 4 newsletters per year.

Our partners, supporters, and funders

Meadow Well Connected is enormously appreciative of the support it receives through all its partners, funders, supporters, volunteers, and users.

Partners

Capita are our Strategic Partners, offering funding, support, advice, and volunteers.

TLW continue to provide financial support for our Positive Pathways group enabling them to undertake a range of activities both in the centre and as external trips.

The Bay Foodbank - we continue to support the food bank working to help local people. We are very grateful for the support they give to our Connected Kids Club, Positive Pathways group, Community Garden and Wise Steps well-being activities.

We have attracted new tenants including United Response and NT Recovery College and are exploring ways of working together for mutual benefit. KLX Dance Studio and 1st Meadowwell Scouts continue to base themselves in the centre. We have also been working with Success4All to provide STEM activities for children aged 5-7 once a week during term time.

Changing Lives continue to base their Recovery Café in the centre on a Friday morning.

Page 8

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT - continued

We have continued to build a positive relationship with Phoenix Detached Youth Project (PDYP), we have developed a Street Play Project together which was piloted in 2022-23. We are exploring ways to fund this further and have developed a Memorial Bench project together. We are supporting one another with crisis support for those impacted by the cost-of-living crisis.

We delivered several Platinum Jubilee related activities jointly with Cedarwood Trust and United Response, culminating in a joint garden party which took place in May 2022 and over 450 people attended. The event was broadcast live on BBC Newcastle Radio and was opened by the then High Sheriff of Tyne & Wear, David Bavaird.

Funders

We would like to thank all our funders and supporters for the generosity they have shown us in 2022-23, including:

The National Lottery Community Fund Wise Steps: Building Better Opportunities Fund [National Lottery Community Fund/European Social Fund] Henry Smith Charity Virgin Money Foundation Dept of Education Holiday Activities Fund Ballinger Trust NHS ICB North East (formerly North Tyneside NHS CCG) North Tyneside Council Community Foundation The Joseph Strong Frazer Trust Good Things Foundation TLW Solicitors

Our supporters remain constant in their passion and belief in our organisation and what we do. Many act as ambassadors for the organisation and the people we serve, making connections and building networks with and through Meadow Well Connected.

Over the year we have had the benefit of the unyielding support of fifty-eight volunteers who provide much needed talent, skills and helping hands to enable us to focus on what really makes a difference. Our special thanks therefore go to those volunteers who dedicate so much time, effort, and passion to supporting who we are and what we do. We still benefitted from 4,545 hours of volunteer time, an increase of 17% on the previous year.

We are very grateful to all our clients, volunteers, staff and supporters for their hard work, commitment, and adaptability during 2022-23.

Page 9

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Charity name

Meadow Well Connected

Company Number 03433217

Charity Number 1070839

Registered Office

The Meadows, Waterville Road, North Shields, Tyne and Wear, NE29 6BA

Independent Examiner

Read, Milburn & Company, 71 Howard Street, North Shields, Tyne and Wear, NE30 1AR

Bankers

Unity Trust Bank PLC, Nine Brindley Place, Birmingham, B1 2HB

Current Trustees

Ms M E Burdis - Chair Miss K L Forbes Ms W Hodgson Ms W King Ms A M T McCann Mr D C Slater (retired 26 July 2022, reappointed 30 January 2023) Mr M Thompson (appointed 30 January 2023) Mrs N Tullock (appointed 25 May 2023)

Retiring Trustees

Mrs C Calbraith (appointed 3 October 2022, retired 23 May 2023) Ms T Malthus (retired 23 May 2023) Ms E A Robson (retired 25 October 2023)

Key Management Personnel

Ms M Cresswell - Outgoing Chief Officer (resigned 14 July 2023) Ms K Ainsley - Chief Officer

Page 10

MEADOW WELL CONNECTED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Meadow Well Connected for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

Approved by order of the board of trustees on 8 December 2023 and signed on its behalf by:

Mrs M E Burdis, Chair

Page 11

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MEADOW WELL CONNECTED

Independent examiner's report to the trustees of Meadow Well Connected ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the ERROR - relevant professional body must be completed, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicholas Liley FCA

Read, Milburn & Co

13 December 2023

Page 12

MEADOW WELL CONNECTED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
15,502
Charitable activities
5
Skills Development
-
Community Involvement
-
Core Activities
75,739
Other trading activities
3
155,922
Investment income
4
238
Other income
20,099
Total
267,500
EXPENDITURE ON
Raising funds
6
1,592
Charitable activities
7
Skills Development
1,382
Community Involvement
583
Core Activities
244,621
Total
248,178
NET INCOME/(EXPENDITURE)
19,322
Transfers between funds
19
(12,587)
Net movement in funds
6,735
RECONCILIATION OF FUNDS
Total funds brought forward
511,369
TOTAL FUNDS CARRIED FORWARD
518,104		 Restricted
funds
£
452
56,505
260,466
21,781
-
-
24,917
364,121
-
73,599
266,993
39,108
379,700
(15,579)
12,587
(2,992)
140,792
137,800		 2023
Total
funds
£
15,954
56,505
260,466
97,520
155,922
238
45,016
631,621
1,592
74,981
267,576
283,729
627,878
3,743
-
3,743
652,161
655,904		 2022
Total
funds
£
25,630
107,282
271,533
141,791
139,419
196
20,775
706,626
-
126,754
326,550
103,657
556,961
149,665
-
149,665
502,496
652,161

The notes form part of these financial statements

Page 13

MEADOW WELL CONNECTED (REGISTERED NUMBER: 03433217)

BALANCE SHEET 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Designated funds
Restricted funds
TOTAL FUNDS		 2023
£
158,604
16,155
532,321
548,476
(51,176)
497,300
655,904
655,904
307,604
210,500
518,104
137,800
655,904		 2022
£
173,829
22,810
601,593
624,403
(146,071)
478,332
652,161
652,161
300,869
210,500
511,369
140,792
652,161

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 14

MEADOW WELL CONNECTED (REGISTERED NUMBER: 03433217)

BALANCE SHEET - continued 31 MARCH 2023

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

The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2023 and were signed on its behalf by:

Mrs M E Burdis, Chair

The notes form part of these financial statements

Page 15

MEADOW WELL CONNECTED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
21
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2023
£
(62,232)
(62,232)
(7,278)
238
(7,040)
(69,272)
601,593
532,321		 2022
£
147,498
147,498
(62,891)
196
(62,695)
84,803
516,790
601,593

The notes form part of these financial statements

Page 16

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

Going Concern

The financial statements are prepared on the going concern basis. In the opinion of trustees, no material uncertainties exist about the charity's ability to continue.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs

Support costs are those costs not directly related to undertaking charitable activities. Where support costs cannot be directly attributed to particular activities, they have been apportioned on a basis consistent with use of the resources in question.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - in accordance with the property Plant and machinery - 25% on reducing balance Renewable technologies - in accordance with the property

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

Page 17

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Trade and other debtors (including prepayments) are recognised at the settlement amount due or amount prepaid).

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount..

Financial instruments

All financial assets and financial liabilities of the charity qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
2023 2022
£ £
Donations 15,954 25,630

continued...

Page 18

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

3.
OTHER TRADING ACTIVITIES
Rent & hiring charges
Training income
Practically Connected income
Café sales
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Skills
Community
Development Involvement
£
£
Grants
56,505
260,466
Grants received, included in the above, are as follows:
Building Better Opportunities: Wise Steps
NHS England
National Lottery Community Fund
Ballinger Trust
Virgin Money
Henry Smith Charity
Henry Smith Community Match
Covid-19 Support
Kickstart
NTC Holiday Activities and Food
NE LEP
North of Tyne Community Centres
Postcode Neighbourhood Trust
Prime at the Community Foundation
NLCF - Jubilee Art Trail
Wellesley Trust at the Commmunity Foundation
Other grants		 Core
Activities
£
97,520		 2023
£
43,508
4,724
71,378
36,312
155,922
2023
£
238
2023
Total
activities
£
414,491
2023
£
51,775
95,992
-
-
18,000
25,000
-
-
-
25,929
-
39,438
23,850
12,639
36,096
10,000
75,772
414,491		 2022
£
30,340
8,140
84,914
16,025
139,419
2022
£
196
2022
Total
activities
£
520,606
2022
£
64,262
87,993
96,462
15,000
15,000
50,000
20,575
16,861
34,593
17,274
47,179
-
-
-
-
-
55,407
520,606

continued...

Page 19

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

6. RAISING FUNDS

Other trading activities
Bad debts
7.
CHARITABLE ACTIVITIES COSTS
Skills Development
Community Involvement
Core Activities
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Project expenses
Volunteer and staff expenses
Catering and activity costs
9.
SUPPORT COSTS
Community Involvement
Core Activities		 Direct
Costs (see
note 8)
£
74,981
232,173
137,555
444,709		 2023
£
1,592
Support
costs (see
note 9)
£
-
35,403
146,174
181,577
2023
£
363,056
51,594
108
29,951
444,709		 2022
£
-
Totals
£
74,981
267,576
283,729
626,286
2022
£
324,857
58,811
1,961
14,936
400,565
Managem't
and admin
costs
£
35,403
146,174
181,577

continued...

Page 20

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Deficit on disposal of fixed assets
Payments under operating leases
Independent Examiner's remuneration including irrecoverable VAT
Other fees paid to the Examiner including irrecoverable VAT		 2023
£
22,503
-
1,755
2,118
420		 2022
£
19,055
883
1,755
2,100
-

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2023
£
383,694
22,746
9,651
416,091		 2022
£
339,882
19,559
8,653
368,094

The key management personnel, including the trustees, are listed under Reference and Administrative Details. The total employee benefits of the key management personnel were £53,035 (2022 - £43,237).

The average monthly number of employees during the year was as follows:

Engaged in charitable activities 2023
22		 2022
20

No employees received emoluments in excess of £60,000.

continued...

Page 21

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
24,585
1,045
Charitable activities
Skills Development
-
107,282
Community Involvement
-
271,533
Core Activities
85,250
56,541
Other trading activities
139,419
-
Investment income
196
-
Other income
9,597
11,178
Total
259,047
447,579
EXPENDITURE ON
Charitable activities
Skills Development
-
126,754
Community Involvement
5,612
320,938
Core Activities
38,297
65,360
Total
43,909
513,052
NET INCOME/(EXPENDITURE)
215,138
(65,473)
Transfers between funds
(7,913)
7,913
Net movement in funds
207,225
(57,560)
RECONCILIATION OF FUNDS
Total funds brought forward
304,144
198,352
TOTAL FUNDS CARRIED
FORWARD
511,369
140,792		 Total
funds
£
25,630
107,282
271,533
141,791
139,419
196
20,775
706,626
126,754
326,550
103,657
556,961
149,665
-
149,665
502,496
652,161

continued...

Page 22

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Improvements
to
property
£
COST
At 1 April 2022
185,271
Additions
6,703
At 31 March 2023
191,974
DEPRECIATION
At 1 April 2022
27,675
Charge for year
19,198
At 31 March 2023
46,873
NET BOOK VALUE
At 31 March 2023
145,101
At 31 March 2022
157,596		 Plant and
Renewable
machinery technologies
£
£
37,342
19,731
575
-
37,917
19,731
31,875
8,965
1,512
1,793
33,387
10,758
4,530
8,973
5,467
10,766		 Totals
£
242,344
7,278
249,622
68,515
22,503
91,018
158,604
173,829

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income		 2023
£
11,227
4,928
16,155		 2022
£
15,322
7,488
22,810

continued...

Page 23

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 2023
£
6,619
5,174
1,666
37,717
51,176		 2022
£
8,716
5,574
1,994
129,787
146,071

Deferred Income

Included within Accruals and Deferred Income are the following amounts comprising income received in advance of delivery of the related services or expenditure incurred.

Balance at 1 April 2022
Released to income from charitable activities

Amount deferred in year
Balance at 31 March 2023		 £
124,237
(116,420)
24,889
32,706

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2023
£
1,549
2,722
4,271		 2022
£
1,755
4,271
6,026

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
53,988
Current assets
490,167
Current liabilities
(26,051)
518,104		 Restricted
funds
£
104,616
58,309
(25,125)
137,800		 2023
Total
funds
£
158,604
548,476
(51,176)
655,904		 2022
Total
funds
£
173,829
624,403
(146,071)
652,161

continued...

Page 24

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS

Net
movement
At 1/4/22
in funds
£
£
Unrestricted funds
General fund
300,869
19,322
Designated funds
210,500
-
511,369
19,322
Restricted funds
Capital grants
116,369
(14,501)
Connected Kids
-
1,832
BBO - Wise Steps
-
900
National Lottery Community Fund
8,038
(9,851)
NTC Holiday Activities and Food
-
7,244
Jubilee Art Trail
-
3,840
Other restricted funds
16,385
(5,043)
140,792
(15,579)
TOTAL FUNDS
652,161
3,743
Net movement in funds, included in the above are as follows:		 Transfers
between
funds
£
(12,587)
-
(12,587)
2,748
-
-
1,813
-
-
8,026
12,587
-		 At
31/3/23
£
307,604
210,500
518,104
104,616
1,832
900
-
7,244
3,840
19,368
137,800
655,904
Unrestricted funds
General fund
Restricted funds
Capital grants
Winter Pressures
Connected Kids
BBO - Wise Steps
NHS England
National Lottery Community Fund
NTC Holiday Activities and Food
Kickstart
North of Tyne Community Centres
Jubilee Art Trail
Other restricted funds
TOTAL FUNDS		 Incoming
resources
£
267,500
-
4,750
37,278
51,775
96,290
-
25,929
10,090
39,438
36,096
62,475
364,121
631,621		 Resources
Movement
expended
in funds
£
£
(248,178)
19,322
(14,501)
(14,501)
(4,750)
-
(35,446)
1,832
(50,875)
900
(96,290)
-
(9,851)
(9,851)
(18,685)
7,244
(10,090)
-
(39,438)
-
(32,256)
3,840
(67,518)
(5,043)
(379,700)
(15,579)
(627,878)
3,743

Page 25

continued...

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds
Restricted funds
Capital grants
Winter Pressures
BBO - Wise Steps
NHS England
National Lottery Community Fund
NE LEP Garden
Other restricted funds
TOTAL FUNDS		 At 1/4/21
£
304,144
-
304,144
96,664
3,714
10,025
43,221
28,646
-
16,082
198,352
502,496		 Net
movement
in funds
£
215,138
-
215,138
(11,194)
(3,714)
(10,025)
(43,221)
(20,608)
30,899
(7,610)
(65,473)
149,665		 Transfers
between
funds
£
(218,413)
210,500
(7,913)
30,899
-
-
-
-
(30,899)
7,913
7,913
-		 At
31/3/22
£
300,869
210,500
511,369
116,369
-
-
-
8,038
-
16,385
140,792
652,161

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Capital grants
Winter Pressures
Connected Kids
BBO - Wise Steps
NHS England
National Lottery Community Fund
Covid-19 Support
NTC Holiday Activities and Food
Kickstart
NE LEP Garden
Other restricted funds
TOTAL FUNDS		 Incoming
resources
£
259,047
-
-
22,611
64,262
88,182
96,462
42,770
17,274
34,593
47,179
34,246
447,579
706,626		 Resources
Movement
expended
in funds
£
£
(43,909)
215,138
(11,194)
(11,194)
(3,714)
(3,714)
(22,611)
-
(74,287)
(10,025)
(131,403)
(43,221)
(117,070)
(20,608)
(42,770)
-
(17,274)
-
(34,593)
-
(16,280)
30,899
(41,856)
(7,610)
(513,052)
(65,473)
(556,961)
149,665

Page 26

continued...

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS - continued

The Capital Grants Fund represents the fixed assets of the charity which were acquired using grant funding, annual depreciation on those assets is charged to this fund.

Other restricted funds comprise the income and expenditure on specific projects, further detail is provided below.

Connected Kids

Paid for after-school clubs for 8-13 year olds subsidised by grant funding from the Community Foundation

BBO - Wise Steps

Funding to support initial employment and development of staff.

NHS England

The promotion of health and wellbeing for residents in the short, medium and long term through the development of positive lifestyle behaviours.

NE LEP Garden / North of Tyne Community Centres

The North East Local Enterprise Partnership and North of Tyne Community Centres has funded the Meadow Well Community Garden Regeneration and Learning Project, including £30,899 of capital costs in accordance with the funding agreement and the charity's accounting policies.

Jubilee Art Trail

An 18-month project, funded by the National Lottery Community Fund, working with a local artist to inspire people to create an art and nature trail in our community graben.

continued...

Page 27

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

19. MOVEMENT IN FUNDS - continued

Designated Funds

The trustees have set aside the following amounts out of unrestricted funds to provide for future expenditure as follows.

Project Development & Innovation Fund
A project development fund to support new initiatives and unforeseen activities which
will strengthen MWC.
Repairs and Renewals Fund
To cover the cost of ongoing repairs and renewals to the building and IT equipment.
Maternity/Paternity Cover Fund
To meet the additional costs of maternity/paternity pay and cover.
Organisational Development Fund
To provide opportunities for staff to undertake training and other personal development
which will benefit the organisation.
Café Development Fund
To cover the cost of a more experienced person to drive forward the community café offer
in 2022 - 12 months trial period (to include salary, on costs and some promotion/offers).
Garden Development Fund
To provide a fund to explore and develop the garden and services related to the garden
for the benefit of local people.
Community Chest
A fund available to local people to develop their own ideas and initiatives which benefit
the local community.
Redundancy Fund
To meet the costs of redundancy which may result from restructures or funding streams
ending.		 £
35,000
12,000
41,500
11,000
25,000
33,500
10,000
42,500
210,500

continued...

Page 28

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

21. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2023 2022
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 3,743 149,665
Adjustments for:
Depreciation charges 22,503 19,055
Loss on disposal of fixed assets - 883
Interest received (238) (196)
Decrease/(increase) in debtors 6,655 (1,300)
Decrease in creditors (94,895) (20,609)
Net cash (used in)/provided by operations (62,232) 147,498
ANALYSIS OF CHANGES IN NET FUNDS
At 1/4/22 Cash flow At 31/3/23
£ £ £
Net cash
Cash at bank and in hand 601,593 (69,272) 532,321
Less: Deposits treated as
liquid resources (90,291) 90,291 -
511,302 21,019 532,321
Liquid resources
Deposits included in cash 90,291 (90,291) -
Current asset investments - - -
90,291 (90,291) -
Total 601,593 (69,272) 532,321

22. ANALYSIS OF CHANGES IN NET FUNDS

continued...

Page 29

MEADOW WELL CONNECTED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

23. LEGAL STATUS

Meadow Well Connected is a company limited by guarantee, registered in England and Wales and has no share capital. The company's registered number and registered office address can be found within Reference and Administrative Details.

The liability of the members is limited. Every member undertakes to contribute such amount as may be required not exceeding £ to the assets of the charity in the event of its being wound up while he is a member, or within one year after he ceases to be a member, as a contribution to the debts and liabilities of the charity contracted before he ceases to be a member and of the costs, charges and expenses of winding-up, and for the adjustment of the rights of the contributories themselves.

Page 30

MEADOW WELL CONNECTED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Rent & hiring charges
Training income
Practically Connected income
Café sales
Investment income
Deposit account interest
Charitable activities
Grants
Other income
Other income
Total incoming resources
EXPENDITURE
Other trading activities
Bad debts
Charitable activities
Wages
Social security
Pensions
Project expenses
Volunteer and staff expenses
Catering and activity costs
Support costs
Managem't and admin costs
Wages
Carried forward		 2023
£
15,954
43,508
4,724
71,378
36,312
155,922
238
414,491
45,016
631,621
1,592
337,445
17,347
8,264
51,594
108
29,951
444,709
46,249
46,249		 2022
£
25,630
30,340
8,140
84,914
16,025
139,419
196
520,606
20,775
706,626
-
301,819
15,527
7,511
58,811
1,961
14,936
400,565
38,063
38,063

This page does not form part of the statutory financial statements

Page 31

MEADOW WELL CONNECTED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Managem't and admin costs
Brought forward
Social security
Pensions
Insurance
Heat, light and water
Telephone
Postage and stationery
Sundries
Staff and volunteer costs
IT costs
Professional fees
Repairs and renewals
Advertising
Depreciation of tangible fixed assets
Loss on disposal of tangible fixed assets
Total resources expended
Net income		 2023
£
46,249
5,399
1,387
3,428
24,292
3,892
2,406
4,958
3,979
12,400
11,450
23,652
15,582
22,503
-
181,577
627,878
3,743		 2022
£
38,063
4,032
1,142
3,388
20,810
5,884
1,971
1,115
3,663
10,782
9,562
29,049
6,997
19,055
883
156,396
556,961
149,665

This page does not form part of the statutory financial statements

Page 32