Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees’ Report | 2-3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes forming part of the Financial Statements | 7-9 |
| Detailed Income and Expenditure Account | 10 |
OUR VISION:
To be recognised as a centre of excellence through generating funds that will contribute to developing the organisation which directly support and enhance our clients and community groups when using the centre.
FORWARD BY CHAIR:
May I first of all, welcome you to this Annual Report and Financial Statements of the Trustees for the year ending 31[st] December 2021. This is my third report since I was appointed Chair of Trustees.
I’m sure you will agree, 2021 was another year that was dominated by the continuing worldwide coronavirus pandemic. This continued to have a profound impact on our income generation for the second year running through the lack of use of our facilities. Once again the government's furlough scheme was a welcome help in contributing to our overhead costs in running the Centre.
However, in mid-September, we were able to start welcoming some community groups back to the Centre with the limited relaxing of the government restrictions, which enabled us to start building up our business and we remain optimistic the Centre will again become a welcome and vibrant Centre for the local community.
Rob Wood, Centre Manager and his team have worked tirelessly to ensure our groups felt safe and secure when using the Centre. On behalf of the Trustees, I would like to record our thanks and appreciation for their commitment and dedication which they have shown on a daily basis.
Finally, I would like to thank my fellow Trustee colleagues for their support and contribution during the most difficult and challenging year.
David Blythe
Chair of Trustees
12 May 2022
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021
Page 1
| TRUSTEES: | B Gibson |
|---|---|
| S E Carroll | |
| M H Powell | |
| A Willdridge | |
| C McDermott | |
| D F Blythe | |
| D V Thomas | |
| J Ashton | |
| C Robinson | |
| N Zhao | |
| SECRETARY: |
C McDermott |
| REGISTERED OFFICE: | Meadow Lane |
| West Derby | |
| Liverpool | |
| Merseyside | |
| L12 5EA | |
| COMPANY NUMBER: | 03559818 (England and Wales) |
| CHARITY NUMBER: | 1071799 (England and Wales) |
| BANKERS: | Lloyds Bank PLC |
| 88-94 Church Street | |
| Liverpool | |
| Merseyside | |
| L1 3HD | |
| INDEPENDENT EXAMINER: | D S Glover FCA |
| John Kerr - Chartered Accountants | |
| 375 Eaton Road | |
| West Derby | |
| Liverpool | |
| Merseyside | |
| L12 2AH |
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Page 2
The trustees, who are the directors for the purpose of company law, present their annual trustees’ report together with the financial statements of the charitable company for the year ended 31 December 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes. The legal and administrative information set out on page 1 forms part of this report.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the 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) issued in October 2019.
Our purposes and activities, achievements and performance
The purposes of the charity are to provide a community centre for the benefit of the Community in West Derby and the surrounding neighbourhood in the City of Liverpool and the County of Merseyside, without distinction of political or other opinions by associating together the community and the local authorities, voluntary and other organisations in a common effort to advance the education of the said community and provide facilities for recreation or other leisure time activities and to maintain and manage the facilities.
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. Affordability and access to our facilities are important to us and is reflected in our pricing policy.
For the second year, the worldwide COVID pandemic presented the charity with some challenging situations, which had a profound impact on our finances due to the forced government closures of the Centre.
Despite the difficulties we encountered throughout the year, positive changes continued to be made to the day to day running of the Centre and with the assistance of the employees the Centre continues to provide users with the high standards they have come to expect and we look forward with optimism to continuing to positively adapt and develop the experiences of all users.
We have a diverse range of users from all areas of the community including the very young to the more experienced folk. The Trustees and staff are committed to providing a Centre that is welcoming and meets users’ needs. We continued our policy to provide some organised events for the community and support for the Church.
We were particularly pleased to support and provide our car park for the community Food Pantry which was a new initiative introduced last October by Fans supporting food banks. This mobile pantry service provides discounted food for people who are experiencing financial problems and is open every Friday morning from 10 am to 12 noon.
Financial review
The financial activities for the year and the financial position of the charitable company are shown in the annexed financial statements. There was a net decrease in funds of £18,612. Details of reserves held are set out on the balance sheet.
Reserves policy and going concern
Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The trustees have examined the charity’s requirements for reserves in the light of the main risks to the organisation. The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should be between 6 and 12 months of the resources expended. This equates approximately to £28,500 to £57,000 in general funds. At this level, the trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding. It would obviously be necessary to consider how the funding would be replaced or activities changed. At present the free reserves marginally exceed this target level. The trustees have reviewed the circumstances of the charity and consider that adequate resources continue to be available to fund the activities of the charity for the foreseeable future. The trustees are of the view that the charity is a going concern.
Plans for future periods
The trustees intend to continue to seek further users for the facilities of the community centre and to build upon past successes.
Structure, governance and management
The St. Marys Millennium Centre Liverpool Limited is a charitable company limited by guarantee incorporated on 7 May 1998 and registered as a charity on 2 October 1998. The Governing Instruments under which the charitable company operates comprise the Memorandum and Articles of Association dated 7 May 1998 as amended by Special Resolutions dated 4 November 2010 together with the policies made from time to time by the trustees. In the event of the company being wound up the liability in respect of the guarantee is limited to £10 per member of the charity.
Company Number: 03559818
THE ST. MARY’S MILLENNIUM CENTRE LIVERPOOL LIMITED
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Page 3
The trustees during the year under review, who are appointed by the members in accordance with procedures set out in the Memorandum and Articles were B Gibson, S E Carroll, M H Powell, A Willdridge, D F Blythe, A G Grocott, C McDermott, D V Thomas, R W Williams – resigned 13/05/2021 J Ashton C Robinson and N Zhao.
The trustees meet regularly and are responsible for the strategic direction and policy of the charity. A scheme of delegation is in place and day to day responsibility for the provision of the services rests with the employed staff. There is shared responsibility for ensuring that the charity delivers the services specified, that key performance indicators are met and that the staff team continue to develop their skills and working practices in line with good practice. All trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Related parties
None of the trustees receive remuneration or other benefit from their work with the charity and any contractual relationship with a related party must be disclosed to the full board of trustees. In the current year no such related party transactions were reported.
Risk management
The trustees have a risk management strategy which comprises: an annual review of the principal risks and uncertainties that the charity faces; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
Financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due and active management of trade debtors and creditor balances to ensure sufficient working capital is available.
Attention has also been focussed on non-financial risks arising from fire, health and safety and hygiene. These risks are managed by ensuring procedures and accreditations are up to date, having robust policies and procedures in place, and regular awareness training for staff and volunteers operating in these operational areas.
Trustees’ responsibilities in relation to the financial statements
The charity trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires that the charity trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its income and expenditure for the period. In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue on that basis.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
By order of the board of trustees
D F Blythe – Trustee
12 May 2022
Company Number: 03559818
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
Page 4
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 December 2021 which are set out on pages 5 to 9.
This report is made to the charity’s trustees, as a body, in accordance with the terms of the engagement. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the trustees, as a body, for my work or for this report.
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 report
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
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2) the accounts do not accord with those accounting records; or
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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
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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.
David S Glover FCA John Kerr - Chartered Accountants
375 Eaton Road West Derby Liverpool Merseyside L12 2AH
12 May 2022
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
Page 5
| Restricted UnrestrictedTotal FundsTotal Funds Funds Funds 31.12.21 31.12.20 £ £££ INCOME: UK rents, letting fees & charges - 33,863 33,863 27,121 Loss of earnings claim - 8,434 8,434 - Coronavirus Job Retention Scheme Grants - 14,22114,221 19,127 Donations & fundraising 2,102 1,0133,1159,394 Investment income: UK interest receivable - 88150 TOTAL INCOME2,102 57,53959,64155,792 EXPENDITURE: Charitable activities – operation and maintenance of centre 1,176 74,017 75,19371,858 Governance costs - accountancy & reporting - 3,060 3,0602,820 TOTAL EXPENDITURE1,176 77,077 78,253 74,678 |
|
|---|---|
| NET INCOME/(EXPENDITURE) BEFORE TRANSFERS926(19,538) (18,612) (18,886) |
|
| Gross Transfers between funds(Note 6) (20,107) 20,107-- | |
| NET MOVEMENT IN FUNDS FOR YEAR (19,181)569(18,612) (18,886) | |
| RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 367,590 94,450462,040480,926 |
|
| TOTAL FUNDS CARRIED FORWARD348,409 95,019443,428462,040 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
BALANCE SHEET 31 DECEMBER 2021
Page 6
| Notes FIXED ASSETS Tangible assets 3 CURRENT ASSETS Debtors 4 Investments – UK COIF Charities Deposit Fund Cash at bank and in hand LIABILITIES Creditors falling due within one year 5 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES THE FUNDS OF THE CHARITY Restricted income funds 6 Unrestricted income funds TOTAL CHARITY FUNDS |
31.12.21 £ 14,350 52,965 21,601 88,916 5,395 |
£ 359,907 83,521 443,428 348,409 95,019 443,428 |
31.12.20 £ 6,653 52,959 29,196 88,808 7,757 |
£ 380,989 81,051 |
|---|---|---|---|---|
| 462,040 | ||||
| 367,590 94,450 |
||||
| 462,040 |
The charitable company was entitled to exemption from an audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to the members of the company.
The financial statements were approved by the Board of Trustees and authorised for issue on 12 May 2022 and were signed on its behalf by:
D F Blythe – Trustee
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Page 7
1. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of preparation
The financial statements have been prepared in accordance with the 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)) (issued in October 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The St. Marys Millennium Centre Liverpool Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Preparation of the accounts on a going concern basis
The charity reported net expenditure of £18,612 for the year. The trustees are of the view that the charity holds sufficient reserves to secure the immediate future of the charity for at least the next 12 months and on that basis the charity is a going concern.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are grants and donations which the donors have specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
Income recognition
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the fulfilment of a booking or provision of other specified service is deferred until the criteria for income recognition are met. Income from grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. Restricted grants towards the cost of fixed assets are recognised in the statement of financial activities upon receipt and are reduced by an annual transfer of an amount equivalent to the depreciation charged. The value of services provided by volunteers has not been included in these accounts. Interest on funds held on deposit and lettings income is included when receivable and the amount can be measured reliably by the charity.
Expenditure recognition and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Fixed assets
Fixed assets are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows: Long leasehold property - over 40 years, Equipment - over 8 to 10 years.
STAFF COSTS, TRUSTEE REMUNERATION AND STAFF NUMBERS
| FF COSTS, TRUSTEE REMUNERATION AND STAFF NUMBERS | |
|---|---|
| 31.12.2021 | 31.12.2020 |
| £ | £ |
| Salaries and wages (No employee had employee benefits in excess of £60,000)34,217 | 33,408 |
| Social security costs (Employers National Insurance)- | - |
| Pension costs – defined contribution schemes335 | 313 |
| **34,552 ** | 33,721 |
The average monthly head count was 5 staff (2020: 5) involved in centre management and caretaking. The trustees were not paid neither were they reimbursed expenses nor did any trustee receive payment for services supplied to the charity (2020: nil).
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Page 8
3. TANGIBLE FIXED ASSETS
| Leasehold | Leasehold | Leasehold | |||||||
|---|---|---|---|---|---|---|---|---|---|
| land & buildings | Equipment |
Totals |
|||||||
| £ | £ | £ | |||||||
| COST | |||||||||
| As at 1 January 2021 | 712,065 | 55,001 | 767,066 | ||||||
| Additions | - | 1,005 | 1,005 | ||||||
| As at 31 December 2021 | 712,065 | 56,006 | 768,071 | ||||||
| DEPRECIATION | |||||||||
| As at 1 January 2021 | 358,347 | 27,730 | 386,077 | ||||||
| Charge for year | **17,802 ** | 4,285 | **22,087 ** | ||||||
| As at 31 December 2021 | 376,149 | 32,015 | **408,164 ** | ||||||
| NET BOOK VALUE | |||||||||
| As at 31 December 2021 | 335,916 | 23,991 | 359,907 | ||||||
| As at 31 December 2020 | 353,718 |
27,271 |
380,989 |
||||||
| 4. | DEBTORS | ||||||||
| 31.12.21 | 31.12.20 | ||||||||
| £ | £ | ||||||||
| Trade debtors | 360 | 1,950 | |||||||
| Prepayments, accrued income and other debtors | 13,990 | 4,703 | |||||||
| 14,350 | 6,653 | ||||||||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
| 31.12.21 | 31.12.20 | ||||||||
| £ | £ | ||||||||
| Trade creditors | 973 | - | |||||||
| Taxation and social security costs | 543 | 130 | |||||||
| Accruals, deferred income and other creditors | 3,879 | 7,627 | |||||||
| 5,395 | 7,757 | ||||||||
| 6. | ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS | ||||||||
| Balance at |
Income | Expenditure | Depreciation |
Funds | |||||
| 1 January 2021 | transfers 31 | December 2021 | |||||||
| Building funding: | |||||||||
| Big Lottery Fund | 175,494 | - | - | 8,855 |
166,639 | ||||
| West Derby Village Hall | 118,661 | - | - | 5,929 |
112,732 | ||||
| Public appeals | 56,350 | - | - | 2,892 |
53,458 | ||||
| Equipment funding: | |||||||||
| Defibrillator public appeals | 640 | - | 74 | - | 566 | ||||
| Hearing Loop |
655 | - | - | 175 | 480 | ||||
| Community Cinema | 15,790 |
- | - | 2,256 | 13,534 | ||||
| Millennium Pantry Funding | 2,102 | 1,102 | - | 1,000 | |||||
| Totals: |
£367,590 |
£2,102 | £1,176 | £20,107 £348,409 |
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Page 9
7. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Funds | Restricted Funds | Total Funds | |
|---|---|---|---|
| Tangible fixed assets | 26,598 | 333,309 | 359,907 |
| Investments | 52,965 | - | 52,965 |
| Other current assets | 20,851 | 15,100 | 35,951 |
| Creditors | (5,395) | - | (5,395) |
| Net assets at year end | £95,019 | £348,409 | £443,428 |
8. CONTINGENT LIABILITIES
Under the terms of the grant funding agreements, The Big Lottery Fund holds legal charges over the charity’s property and assets as security for the grants it provided towards the funding of the property and equipment asset acquisitions in previous years. These grants could become repayable in the event of a default by the charity under the terms and conditions of the grant funding agreements. The trustees are unaware of any such events of default.
9. LEGAL STATUS OF THE CHARITY
The St. Marys Millennium Centre Limited is a charitable company limited by guarantee and has no share capital. It is registered in England and Wales. The company’s registered no.and registered office address can be found on page 1.
10. TAXATION
The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects.
11. FRC ETHICAL STANDARD – PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other charities of our size and nature we use our Independent Examiner to assist with the preparation of our financial statements.
Company Number: 03559818
THE ST. MARYS MILLENNIUM CENTRE LIVERPOOL LIMITED
DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
Page 10
| Income: UK rents, letting fees & charges Coronavirus Job Retention Scheme Grants Donations and fundraising Loss of earnings claim Interest receivable Expenditure: Rates, water & service charges Light, heat and power Salaries, wages and NIC Employer pension contributions Telephone and communications Insurances Repairs, cleaning, defibrillators & maintenance Sundry expenses Postage, stationery and adverts Independent examination and accountancy Statutory filing fees Payroll administration Bank charges Donations Interest on employment taxes Depreciation Property Equipment Net expenditure |
31.12.21 £ 608 4,474 34,217 335 669 5,371 5,366 1,025 55 2,952 13 360 213 500 7 17,802 4,286 |
£ 33,863 14,221 3,115 8,434 8 59,641 56,165 3,476 22,088 (18,612) |
31.12.20 £ 492 4,458 33,408 313 662 1,936 5,754 1,959 218 2,820 13 360 244 - - 17,802 4,239 |
£ 27,121 19,127 9,394 - 150 55,792 52,637 3,155 22,041 (18,886) |
|---|---|---|---|---|