KUUMBA IMANI MILLENNIUM CENTRE LIMITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH ] MARCH 2022
Company Number: 03970577 Charity Number: 1091041
KUUMBA IMANI MILLENNIUM CENTRE LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
CONTENTS
| Page | |
|---|---|
| Trustees’ Annual Report | 1 |
| Statements of Trustees’ Responsibilities | 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30[TH] MARCH 2022
The trustees are pleased to present their annual report for the year ended 30[th] March 2022.
The financial statements comply with the Charities Act 2011, Companies Act 2006, Accounting and Reporting by Charities; Statement of Recommended Practice (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1[st] January 2019).
OBJECTIVES AND ACTIVITIES
The Objects of the Charity are "to promote any charitable purpose for the general benefit of the inhabitants of Liverpool with particular emphasis on the inhabitants of Liverpool 8 and to provide support and advice, education and training for all black women wherever they may live.”
Significant Activities
The centre provides rental office space, meeting rooms, a conference and events suite, and a community development team service and community space. KIMC provides services that enables many people, particularly those from disadvantaged backgrounds to access and be involved in opportunities they would not otherwise do via its tenant charities and its own Community Development project, L8 A Better Place.
A number of charities and services are tenants, who all have based their teams in KIMC due to the centre being recognised within the local community as a multi-cultural, multi-purpose centre that is a safe space for people to access services .
Public Benefit Statement
The trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding the activities undertaken by the charity during the year. The trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements.
ACHIEVEMENTS AND PERFORMANCE
Kuumba Imani Millenum Centre (KIMC) recorded 2,940 attendance to the building during this year, this was broken down by 1,916 attendees to events and 1,024 visitors to staff in the centre.
We were successful during this period with receiving a number of grants for the further sustainability of the organisation and the continuation of the community development and engagement team called L8 A Better Place .
KIMC received its final 1[st] phase grant from National Lottery Reaching Communities for its community development work of £50,382.00 and was successful with a new grant National Lottery Community Fund for (2021 to 2025) for the second phase of this work.
KIMC is currently reviewing the operations of the organisation. The board and CEO have been working on a revised business and board recruitment plan to ensure that we remain fit for purpose and continue to meet the needs of the charity and community. We will continue to hold annual reviews in these areas.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30[TH] MARCH 2022
FINANCIAL REVIEW
Total income in the year was £249,911 (2021: £356,006) of which £163,198 (2021: £263,385), related to funding for projects upon which restrictions are placed.
Total expenditure in the year was £335,025 (2021: £296,479) leaving a deficit for the year of £85,114 (2021: surplus £59,527).
At 30[th] March 2022 the charitable company’s reserves stood at £772,325 (2021: £857,439 ) of which £20,958 (2021: £148,208) represented restricted funds.
RESERVES POLICY
The trustees have resolved to adopt a reserves policy to have free reserves (after those used to fund fixed assets) equating to redundancy costs plus three months’ operating expenditure, in order to ensure the long term viability of the organisation.
At the end of the financial year the balance on unrestrited funds was £751,367 (2021: £709,231), less tangible assets net book value £1,092,732 leaving the unrestricted reserves in a deficit of £341,365. Three months’ operating expenditure, based on current year’s expenditure not relating to projects upon which restrictions are placed, is £11,144, redundancy costs of £30,797 totalling to £41,941.
The trustees are aware of the need to implement the reserves policy. KIMC is aiming to increase revenue from additional tenants, and fundraising grants income. KIMC has also completely paid off the majority of creditors in order to reduce monthly payment plans and expenditure
Risk Management
The charity continues to be exposed to financial risk as it relies on income mix of rental income and grants and the board are aware of the continuing need to pursue various avenues of short, medium and long term funding.
The current board is dedicating the time needed via regular meetings and an annual board/staff development day to assess, review and restructure the needs of the centre each year.
KIMC will continue to seek further board members with specific expertise in order to further strengthen the skills of the Board.
Internal control risks are minimised by the implementation of procedures for authorisation of all transactions. Procedures are in place to ensure compliance with all relevant laws and regulations applicable to the charity. Procedures are reviewed periodically to ensure they continue to meet the needs of the charity.
PLANS FOR THE FUTURE
KIMC board recognise that the forthcoming years are going to be very challenging for them due to the austerity of economy on all sectors and are committed to endeavour to maximise grant opportunities and increase earned income during this period.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30[TH] MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The organisation is a charitable company limited by guarantee, incorporated on 12th April 2000 (company number 03970577) and registered as a charity (charity number 1091041) on 12th March 2002.
The Governing Instruments under which the charitable company operates comprise of the Memorandum and Articles of Association dated 12[th] April 2000 and amended by special resolution dated 14[th] February 2002.
The property of Kuumba Imani Millennium Centre is vested in the company
The Directors of the company are also Charity Trustees for the purpose of charity law and under the company's articles are known as Members of the Board. The Trustees have overall responsibility for the affairs of the company. Day to day decisions are taken by the Chief Executive Officer.
Trustee Induction and training
The board have adopted an induction pack for all new members in line with the new Business Development plan and which was introduced and implemented in early 2019.
All new members will be given a copy of the recruitment pack and will undertake training to cover all aspects including: overview of organisation and its operations, stakeholders, legal status, financial regulations, roles and responsibilities of trustees.
Organisational Structure
The centre has a Board of up to 5 people who meet regularly and are responsible for the strategic direction and policy of the charity. The Board has members from a variety of backgrounds relevant to the work of the charity.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30[TH] MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Name Kuumba Imani Millennium Centre Limited Company number 03970577 Charity number 1091041 Registered Office 4 Princes Road Liverpool Merseyside L8 1TH Board of Trustees The Board of Trustees are also its Directors. Members are elected by Annual General Meetings of the members of the council in accordance with the Articles of Association. Trustees R Bashir L Castilho J Jagne H Milne R Ross-Williams Board Advisor E Bowman, John Moores Foundation Independent Examiner Paula Sanchez, ACCA c/o LCVS 151 Dale Street, Liverpool, L2 2AH Bankers NatWest Bank 5 Oxford Street Liverpool L7 7HL
Signed on behalf of the Board of Trustees
---------------------------------------- ------------------------------------- Lily Castilho Rebecca Ross-Williams Trustee Trustee
Date: 22[nd] December 2022
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED STATEMENT OF TRUSTEES’ RESPONSIBILITIES
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 as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principle in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue as a going concern;
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state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the financial statements.
The Trustees are responsible for maintaining 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.
The financial statements have been prepared in accordance with the charity’s trust deed, the Charities Act 2011 and 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 published (FRS 102) as amended for accounting periods commencing from 1[st] January 2019.
By Order of the Board,
L Castilho Trustee
Kuumba Imani Millennium Centre Limited 4 Princes Road Liverpool Merseyside L8 1TH
Date: 22[nd] December 2022
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF KUUMBA IMANI MILLENNIUM CENTRE LIMITED FOR THE YEAR ENDED 30[TH] MARCH 2022
I report on the accounts of the charitable company for the year ended 30[th] March 2022 which are set out on pages 7 to 18.
Respective The trustees (who are also the directors of the company for the responsibilities of purposes of company law) are responsible for the preparation of trustees and examiner the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and
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to state whether particular matters have come to my attention.
Basis of independent My examination was carried out in accordance with general examiner’s statement Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
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Independent examiner’s In connection with my examination, no matter has come to my statement attention:
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(1) which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name : Paula Sanchez
Relevant professional qualification or body: ACCA Address: c/o LCVS 151, Dale Street, Liverpool, L2 2AH
Dated : 22[nd] December 2022
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30[TH] MARCH 2022
| Notes | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| Income and endowments | £ | £ | £ | £ | |
| from | |||||
| Charitable activities | 3 | 86,713 | 163,198 | 249,911 | 356,006 |
| ------------ | ------------ | ------------ | ------------ | ||
| Total income | 86,713 | 163,198 | 249,911 | 356,006 | |
| ------------ | ------------ | ------------ | ------------ | ||
| Expenditure on | |||||
| Charitable activities | 4 | 44,577 | 290,448 | 335,025 | 296,479 |
| ------------ | ------------ | ------------ | ------------ | ||
| Total expenditure | 44,577 | 290,448 | 335,025 | 296,479 | |
| ------------ | ------------ | ------------ | ------------ | ||
| Net income/(expenditure), net movements in funds |
42,136 | (127,250) | (85,114) | 59,527 | |
| Total funds brought forward | 10-11 | 709,231 |
148,208 | 857,439 | 797,912 |
| ------------ | ------------ | ------------ | ------------ | ||
| Total funds carried forward | 9-11 | 751,367 | 20,958 | 772,325 | 857,439 |
| ======= | ======= | ======= | ======= |
The notes on pages 9 to18 form part of these accounts.
All the above amounts relate to continuing activities of the charitable company.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED Company Number: 03970577 BALANCE SHEET AS AT 30[TH] MARCH 2022
| Notes | 30th March 2022 | 30th March 2022 | 30th March 2021 | 30th March 2021 | |
|---|---|---|---|---|---|
| Fixed assets | £ | £ | £ | £ | |
| Tangible fixed assets | 5 | 1,092,732 | 1,102,983 | ||
| Current assets | |||||
| Debtors | 6 | 2,367 | 1,530 | ||
| Cash at bank and in hand | 180 | 59,450 | |||
| ---------- | ---------- | ||||
| 2,547 | 60,980 | ||||
| Current liabilities | |||||
| Creditors: amounts falling | |||||
| due within one year | 7 | (63,463) | (47,033) | ||
| ---------- | ---------- | ||||
| Net current (liabilities)/assets | (60,916) | 13,947 | |||
| ------------ | ------------ | ||||
| Total assets less current liabilities |
1,031,816 | 1,116,930 | |||
| Creditors : amounts falling due after one year |
8 | (259,491) | (259,491) | ||
| ------------ | ------------ | ||||
| Net Assets | 772,325 | 857,439 | |||
| ======= | ======= | ||||
| Funds: | |||||
| Unrestricted funds | 9,10 | 751,367 | 709,231 | ||
| Restricted funds | 9,11 | 20,958 | 148,208 | ||
| ------------ | ------------ | ||||
| 772,325 | 857,439 | ||||
| ======= | ======= |
These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP.
For the period covered by these accounts the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The trustees, who are the directors of the company, acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Approved by the Board on: 22[nd] December 2022
Lily Castilho – Trustee
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
1. Limited Liability
The charity is a company limited by guarantee. Each member’s liability is limited to £1.
2. Accounting Policies
Basis of accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2019) (effective 1[st] January 2019), Charities Act 2011 and the Companies Act 2006.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the charitable company has plans in place to build adequate reserves to continue in operational existence for the foreseeable future. The Trustees are confident that the levels of liquidity and free reserves will not affect the charity’s operations. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
Fund accounting
Unrestricted funds are the charity’s free reserves available for the trustees to apply in accordance with the charitable company’s charitable objectives.
Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund.
Income recognition
All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations and legacies comprise of donations and general grants which are recognised in the accounts when received, with the exception of known legacies which are accounted for when their receipt is certain.
Income from charitable activities is recognised on an accruals basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor.
Income from investment relates to bank interest received and is recognised when the amount is certain.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
Expenditure recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor.
Expenditure on charitable activities relate to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charitable company. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable company.
Fixed Assets
Capital expenditure is stated in the balance sheet at cost less accumulated depreciation. Depreciation is provided to write off the cost of each asset over its expected useful life as below:
Leasehold Property Term of lease Office Equipment 10-25% per annum straight line basis Nursery Fixtures, Toys & Equipment 20% per annum straight line basis
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
Taxation
Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The charitable company benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions.
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
3. Income and endowments
| 3. Income and endowments | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| Funds | Funds | Funds | Funds | |
| 2022 | 2022 | 2022 | 2021 | |
| Charitable activities: | £ | £ | £ | £ |
| British Council | - | - | - | 1,564 |
| HMRC Job Retention Scheme | 8,588 | - | 8,588 | 17,334 |
| John Moores Foundation | - | 10,000 | 10,000 | 10,000 |
| Liverpool City Council Business Support | 12,000 | - | 12,000 | 25,000 |
| Liverpool City Council Energy Grant | - | 4,000 | 4,000 | - |
| Liverpool City Region – Merseytravel | - | 42,108 | 42,108 | 42,108 |
| National Lottery Community Fund | - | 44,529 | 44,529 | - |
| National Lottery Coronavirus Community Support |
- | - | - | 49,824 |
| National Lottery Reaching Communities | - | 50,382 | 50,382 | 99,358 |
| Power to Change Emergency Covid -19 | - | - | - | 60,531 |
| Rank Foundation | - | 12,179 | 12,179 | - |
| Rent & conference income | 66,125 | - | 66,125 | 50,287 |
| ----------- | ----------- | ----------- | ----------- | |
| 86,713 | 163,198 | 249,911 | 356,006 | |
| ====== | ======= | ======= | ======= |
Income from charitable activities in 2021 comprised £92,621 unrestricted funds and £263,385 related to restricted funds
4. Expenditure on charitable activities
| 4. Expenditure on charitable activities | ||||
|---|---|---|---|---|
| Direct | Support & | |||
| Charitable | Governance | Total | Total | |
| Expenditure | Costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Provision of office space and conference facilities and project delivery |
74,404 | 260,621 | 335,025 | 296,479 |
| ======= | ======= | ====== | ====== | |
| a.Analysed as follows: | ||||
| 2022 | 2021 | |||
| Direct charitable expenditure: | £ | £ | ||
| Activities and events | 1,600 | 79 | ||
| Project delivery | 32,210 | 41,977 | ||
| Heat, light and rates | 36,457 | 33,816 | ||
| Repairs and maintenance | 4,137 | 6,045 | ||
| ----------- | ----------- | |||
| 74,404 | 81,917 | |||
| ====== | ====== |
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| Support & Governance costs: | £ | £ |
| Staff salary costs | 180,606 | 156,803 |
| Pension | 3,226 | 2,829 |
| Telephone | 2,630 | - |
| Printing, postage and stationery | 1,785 | 1,123 |
| Advertising and publicity | 8,450 | - |
| Security costs | 2,316 | 2,195 |
| Equipment hire and photocopier | 2,762 | 1,518 |
| Cleaning and waste disposal | 1,349 | 2,781 |
| Professional and legal fees | - | 4,104 |
| Insurance | 7,594 | 6,339 |
| Training | 1,060 | 2,650 |
| Travel | - | 513 |
| Consultancy | 22,285 | 7,056 |
| Loan interest | 479 | 6,654 |
| Recruitment | 165 | - |
| Computer costs | 5,643 | 3,953 |
| Office costs | 5,068 | 2,175 |
| Companies House | 13 | - |
| Sundries | - | 414 |
| DBS fees | 176 | - |
| Payroll fees | 1,100 | - |
| Accountancy | 1,320 | 725 |
| Bank charges | 363 | 372 |
| Depreciation | 12,231 | 12,358 |
| ----------- | ----------- | |
| 260,621 | 214,562 | |
| ----------- | ----------- | |
| Total expenditure on charitable | 335,025 | 296,479 |
| activities | ||
| ====== | ====== |
£290,448 (2021: £124,737) of the above expenditure relates to restricted funding.
b. Staff Costs
| Staff Costs | 2022 | 2021 |
| £ |
£ | |
| Staff salaries | 172,102 | 145,896 |
| Social security costs | 8,504 | 10,907 |
| Pension costs | 3,226 | 2,829 |
| ------------ | ------------ | |
| 183,832 | 159,632 | |
| ======= | ======= |
c. Particulars of employees:
The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:
Charitable activities
2022 2021 8
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
No employee received emoluments of more than £60,000 during the year.
The trustees are not remunerated for their services and are not included in the number of employees shown above.
No out of pocket expenses were reimbursed to trustees in the year (2021: £nil).
5. Tangible Fixed Assets
| Tangible Fixed Assets | |||
|---|---|---|---|
| Leasehold | Office | Total | |
| Property | Equipment | ||
| Cost | £ | £ | £ |
| As at 31stMarch 2021 | 3,111,678 | 28,585 | 3,140,263 |
| Additions | - | 1,980 | 1,980 |
| --------------- | ----------- | -------------- | |
| Balance as at 30th March 2022 | 3,111,678 | 30,565 | 3,142,243 |
| ======== | ====== | ======== | |
| Accumulated Depreciation | |||
| As at 31stMarch 2021 | 2,015,129 | 22,151 | 2,037,280 |
| Charge for the year | 10,346 | 1,885 | 12,231 |
| -------------- | ----------- | -------------- | |
| Balance as at 30th March 2022 | 2,025,475 | 24,036 | 2,049,511 |
| ======== | ====== | ======== | |
| Net Book Value at 30th March 2022 | 1,086,203 | 6,529 | 1,092,732 |
| ======== | ====== | ======== | |
| Net Book Value at 30thMarch 2021 | 1,096,549 | 6,434 | 1,102,983 |
| ======== | ====== | ======== |
Liverpool City Council provided a 125 year lease dated 3[rd] April 2022 for the land to build the Millenium Centre owned by KIMC
6. Debtors
| Debtors | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Trade debtors | 2,367 | 1,530 |
| ====== | ====== | |
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Trade creditors | 3,000 | 7,086 |
| Accruals | 7,141 | 4,344 |
| Tax and social security costs | 29,923 | 19,628 |
| VAT liability | 16,745 | 8,321 |
| Other creditors | - | 1,000 |
| Loan due in one year | 6,654 | 6,654 |
| --------- | --------- | |
| 63,463 | 47,033 | |
| ====== | ====== |
7. Creditors: amounts falling due within one year
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
8. Creditors: amounts falling due after more than one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Adventure Capital Fund loan | 259,491 | 259,491 |
| ====== | ====== |
The Adventure Capital Fund loan balance of £266,145 is secured by debenture with a fixed and floating charge over all assets of the company.
In July 2011, a 5 year capital repayment holiday was agreed in respect of the original advanced sum of £279,811. This holiday period was subsequently extended and capital repayments made subject to cashflow.
The Directors recognise their legal obligation to repay capital but currently interest only repayments are being made, to be reviewed every six months and increased payments to include capital to be determined by affordability.
Kuumba Imani Millennium Centre (KIMC) are in discussion with Social Investment Business (SIB) in relation to the loan charge on the building and are progressing developments during 2022. KIMC stopped paying the loan in May 2021 with permission from SIB whilst the discussion were taking place.
9. Analysis of Net Assets between Funds
| Tangible Fixed | Net Current Creditors due | Net Current Creditors due | Total | |
|---|---|---|---|---|
| 2022 | Assets | Liabilities | More than | |
| one year | ||||
| Unrestricted Funds | £ | £ | £ | £ |
| General Fund | 1,092,732 | (81,874) ( | (259,491) | 751,367 |
| Restricted Funds | ||||
| John Moores Foundation | - | 10,000 | - | 10,000 |
| Liverpool City Council Energy Grant |
- | 4,000 | - | 4,000 |
| Liverpool City Region – Merseytravel |
- | 6,958 | - | 6,958 |
| ------------ | ------------- | ------------ | ----------- | |
| - | 20,958 | - | 20,958 | |
| ------------ | ------------- | ------------ | ----------- | |
| Total Funds | 1,092,732 | (60,916) | (259,491) | 772,325 |
| ======= | ======= | ======= | ====== |
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
| Tangible Fixed | Other Net | Total | |
|---|---|---|---|
| 2021 | Assets | Liabilities | |
| £ |
£ | £ | |
| Unrestricted Funds | |||
| General Fund | 1,102,983 | (393,752) | 709,231 |
| Restricted Funds | |||
| LCVS VRU | - | 601 | 601 |
| Liverpool City Region – Merseytravel | - | 40,798 | 40,798 |
| National Lottery Coronavirus Community | - | 3,500 | 3,500 |
| Support | |||
| National Lottery Reaching Communities | - | 86,547 | 86,547 |
| Power to Change - Emergency Covid -19 | - | 16,762 | 16,762 |
| ------------ | ------------- | ------------ | |
| - | 148,208 | 148,208 | |
| ------------ | ------------- | ------------ | |
| Total Funds | 1,102,983 | (245,544) | 857,439 |
| ======= | ======= | ======= |
10. Unrestricted Funds
| 2022 Funds at beginning of year £ General Fund 709,231 ====== 2021 Funds at beginning of year £ General Fund 788,352 ====== |
Movements in the Year Income Expenditure Funds at end of year £ £ £ 86,713 (44,577) 751,367 ====== ======= ====== Movements in the Year Income Expenditure Funds at end of year £ £ £ 92,621 (171,742) 709,231 ====== ======= ====== |
|---|---|
The General Fund is used to finance the charitable company’s general activities as outlined in the Trustees’ Report.
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
11. Restricted Funds
| 2021 Funds at beginning of year £ John Moores Foundation - LCVS VRU 601 Liverpool City Council Energy Grant - Liverpool City Region – Merseytravel 40,798 National Lottery Community Fund - National Lottery Coronavirus Community Support 3,500 National Lottery Reaching Communities 86,547 Power to Change - Emergency Covid -19 16,762 Rank Foundation - ----------- 148,208 ====== 2021 Funds at beginning of year £ British Council - John Moores Foundation 7,379 LCVS VRU 931 Liverpool City Region – Merseytravel - National Lottery Coronavirus Community Support - National Lottery Reaching Communities - PH Holt Foundation 1,250 Power to Change - Emergency Covid -19 - ---------- 9,560 ====== |
Movements in the Year Income Expenditure Funds at end of year £ £ £ 10,000 (-) 10,000 - (601) - 4,000 (-) 4,000 42,108 (75,948) 6,958 44,529 (44,529) - - (3,500) - 50,382 (136,929) - - (16,762) - 12,179 (12,179) - ----------- ------------- ----------- 163,198 (290,448) 20,958 ======= ======== ====== Movements in the Year Income Expenditure Funds at end of year £ £ £ 1,564 (1,564) - 10,000 (17,379) - - (330) 601 42,108 (1,310) 40,798 49,824 (46,324) 3,500 99,358 (12,811) 86,547 - (1,250) - 60,531 (43,769) 16,762 ----------- ------------- ----------- 263,385 (124,737) 148,208 ======= ======== ====== |
|---|---|
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KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] MARCH 2022
Description of funds:
These are monies given to the charitable company to be spent at the discretion of the Board of Trustees for specific charitable purposes, as follows:
British Council - training and project costs for Active Citizens project
John Moores Foundation - additional salary costs for L8 A Better Place community development workers
LCVS VRU - youth gun, gangs and crime project costs
Liverpool City Council Energy Grant - Contribution towards core costs
Liverpool City Region – Merseytravel - to support the costs for the Nia Black Business Hub
National Lottery Community Fund - additional salary costs for L8 A Better Place community development workers
National Lottery Coronavirus Community Support - to support business costs due to the Covid-19 impact
National Lottery Reaching Communities - ‘ L8 A Better Place’ (L8ABP) project – to cover salaries, project delivery, evaluation and running costs
P H Holt Foundation - additional salary costs for L8 A Better Place community development workers
Power to Change - Emergency Covid 19 - to provide business support during the pandemic
Rank Foundation - Contribution towards Mental Health and Wellbeing research
12. Operating Lease Commitments
As at 30[th] March 2022, the charitable company had no commitments in respect of operating leases (2021: none).
13. Related Party Transactions
There were no related party transactions in the year. (2021: none).
14. Guarantees
The charitable company is limited by guarantee. In the event of winding-up each member will contribute, if necessary, the sum of £1.
| 2022 | 2021 | |
|---|---|---|
| Number of members | 5 | 5 |
| Total guarantees | £5 | £5 |
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DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30[TH] MARCH 2022
KUUMBA IMANI MILLENNIUM CENTRE LIMITED
| 2022 | 2021 | |
|---|---|---|
| INCOME | £ | £ |
| Grant income | 163,198 | 263,385 |
| Rent & conference income | 66,125 | 50,287 |
| HMRC Job Retention Scheme | 8,588 | 17,334 |
| Liverpool Cit Council Business Support | 12,000 | 25,000 |
| ------------ | ------------ | |
| Total Income | 249,911 | 356,006 |
| ------------ | ------------ | |
| EXPENDITURE | ||
| Charitable Activities | ||
| Staff salary costs | 180,606 | 156,803 |
| Pension | 3,226 | 2,829 |
| Activities and events | 1,600 | 79 |
| Project delivery | 32,210 | 41,977 |
| Heat, light and rates | 36,457 | 33,816 |
| Printing, postage and stationery | 1,785 | 1,123 |
| Telephone | 2,630 | - |
| Repairs and maintenance | 4,137 | 6,045 |
| Advertising and publicity | 8,450 | - |
| Security costs | 2,316 | 2,195 |
| Equipment hire and photocopier | 2,762 | 1,518 |
| Cleaning and waste disposal | 1,349 | 2,781 |
| Professional and legal fees | - | 4,104 |
| Insurance | 7,594 | 6,339 |
| Training | 1,060 | 2,650 |
| Travel | - | 513 |
| Consultancy | 22,285 | 7,056 |
| Loan interest | 479 | 6,654 |
| Recritment | 165 | - |
| Computer costs | 5,643 | 3,953 |
| Office costs | 5,068 | 2,175 |
| Companies House | 13 | - |
| Sundries | - | 414 |
| DBS fees | 176 | - |
| Payroll fees | 1,100 | - |
| Accountancy | 1,320 | 725 |
| Bank charges2410 | 363 | 372 |
| Depreciation | 12,231 | 12,358 |
| ------------ | ------------ | |
| Total expenditure on charitable activities | 335,025 | 296,479 |
| ------------ | ------------ | |
| Net (expenditure)/income for year | (85,114) | 59,527 |
| ======= | ======= |
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