KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TH 30 MARCH 2024 Company Number: 03970577 Charity Number: 1091041
KUUMBA IMANI MILLENNIUM CENTRE LIMITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 CONTENTS Page Trustees, Annual Report Statements of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30TH MARCH 2024 The trustees are pleased to present their annual report for the year ended 30th March 2024. 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 advi, 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 Pla. 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 Spa for people to access servIs. 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 charty 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 Millennium Centre (KIMC) continues to support individuals and communities by: Offering "value for money" affordable rental and conference space to support all sectors. Delivering quality community development and engagement activities. Providing signposting and support to BAME businesses and startups via the Nia Business Support project. Managing the L8 Organisations Support Whats app group, with over 160 members, to support local organisations and encourage collaborative working. Hosting monthly Coffee@theKuumba meetings with 120 representatives from 45 organisations to discuss issues affecting service users and the wider community. Evaluating community development work annually to ensure alignment with the charity's objectives. Supporting activists who have launched projects such as L8 Business Collective, Cycle of Life, Women on Bikes, and L8 Education Hub.
KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30TH MARCH 2024 Delivering the "L8 Law Project,. which offers career exploration opportunities for young people interested in law, including mini-pupillages, work experience, and networking opportunities. Fostering inter-faith conversations and events to enhance community cohesion, including an inter-faith walk in August 2023, attended by 150 participants of various faiths and ages. Convening the "L8 Climate Action" group to explore local actions for supporting climate activists in the community. KIMC recorded 7,126 attendances during the year. including 5,295 attendees at events and 1,831 visitors to staff at the centre. KIMC is currently in the second phase of funding from the National Lottery Community Fund for its community development activities. This funding runs until October 2025 and alternative funding SoUrS will be explored to sustain this work. The charity also successfully applied for several grants to support its community development work through L8 ABP. The Chief Executive Officer, who had been with the organisation for 17 years, resigned in the final quarter of the year to pursue new opportunities. A key focus during this period was the recruitment and induction of a new CEO, who began their role on 1 st April 2024. FINANCIAL REVIEW Total income in the year was £253,124 {2023: £525,362) of which £130,133 (2023: £140,858), related to funding for projects upon which restrictions are placed. Total expenditure in the year was £369,605 (2023: £296,841) leaving a deficit for the year of £116,481 (2023: surplus £228,521). At 30th March 2024 the charitable company's reserves stood at £884,365 (2023: £1,000,846) of which £5,000 (2023: £1,500) 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 unrestricted funds was £879,365 (2023: £999,346), less tangible assets net book value £1,068,128 (2023: £1,080,753) leaving the unrestricted reserves in a deficit of £188,763 (2023: deficit £81,407}. Three months, operating expenditure, based on current year's expenditure not relating to projects upon which restrictions are plad, is £60,743, redundancy costs of £24,415 totalling to £85,158. The Trustees acknowledge the current deficit in unrestricted reserves and in response, will be working closely with the newly appointed CEO to actively develop a new business plan that will include a targeted fundraising strategy and a strengthened marketing approach. This plan will also seek to grow revenue through increasing tenancy occupancy and expanding conferencing and events income. These efforts are intended to steadily reduce the current deficit and build a sustainable level of unrestricted reserves, ensuring the ongoing financial viability and resilience of KIMC.
KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30TH MARCH 2024 Risk Management The CEO conducts annual reviews of the risk assessment and policy plan. New systems and procedures are introduced where neSSary to mitigate risks. The charity continues to face financial risks, primarily due to its reliance on a mix of rental income and grants, as well as rising utility costs. While KIMC submitted a bid for capital refurbishment to update lighting and heating systems throughout the building. the bid was unsuccessful due to delays in receiving planning permission from the City Council, which caused the submission to miss the funders, deadline. The Board is committed to pursuing various funding options to improve the building's energy efficiency and reduce operating costs. Internal control risks are minimized through procedures for authorising transactions, and compliance with relevant laws and regulations is ensured. These prOdureS are periodically reviewed to ensure their effectiveness. PLANS FOR THE FUTURE The Board acknowledges that the coming years may present ongoing challenges due to economic austerity and the evolving funding landscape. The current business plan ends in March 2025. With the arrival of a new CEO, the Board plans to re-establish the charity's vision, mission, and values to better serve the communities we support. 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 12th April 2000 and amended by special resolution dated 14th 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.
KUUMBA IMANI MILLENNIUM CENTRE LIMITED TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30TH MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Name Kuumba Imani Millennium Centre Limited Company number Charity number Registered Office 03970577 1091041 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 S Olayiwola R Ross-williams (Resigned 12th April 2023) (Resigned 25th October 2023) (Appointed 14th May 2024) Board Advisor E Bowman, John Moores Foundation Ying Huang, ACCA clo LCVS 151 Dale Street, Liverpool, L2 2AH Independent Examiner Bankers National Westminster Bank PLC Liverpool City Office (B) Chatham Customer Service Waterside Court Chatham Maritime, Chatham, ME4 4RT Signed alf of the Board of Trustees Lily Castilho Trustee R Ross-williams Trustee Date: 3010412025
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 practi and: select suitable accounting policies and then apply them consistently,. observe the methods and principle in the Charities SORP; make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue as a going concern; 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.. 3010412025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KUUMBA IMANI MILLENNIUM CENTRE LIMITED report on the accounts of the charitable company for the year ended 30th March 2024 which are set out on pages 7 to 18. The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of 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: examine the accounts under section 145 of the 2011 Act, 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 to state whether particular matters have come to my attention. Res ective res onsibilities of trustees and examiner Basis of inde endent examiners statement My examination was carried out in accordance with general 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 prOdureS 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 fairf view, and the report is limited to those matters set out in the statement below. Inde endent examiner's In connection with my examination, their lack of support evidence statement for cash transactions has come to my attention." (1) which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006" and 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: Ying Huang Relevant professional qualification or body: ACCA Address: clo LCVS 151, Dale Street, Liverpool, L2 2AH Dated C24
KUUMBA IMANI MILLENNIUM CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30TH MARCH 2024 Notes Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income and endowments from Donations and legacies Charitable activities Other income 6,200 116,791 6,200 246,924 420 259,176 265,766 3b 3c 130,133 Total income 122,991 130,133 253,124 525,362 Expenditure on Charitable activities 242,972 126,633 369,605 296,841 Total expenditure 242,972 126,633 369,605 296,841 Net {expenditure)lincome, net movements in funds (119,981) 3,500 (116,481) 228,521 Total funds brought forward 10-11 999,346 1,500 1,000,846 772,325 Total funds carried forward 9-11 879,365 5,000 884,365 1,000,846 The notes on pages 9 to 18 form part of these accounts. All the above amounts relate to continuing activities of the charitable company.
KUUMBA IMANI MILLENNIUM CENTRE LIMITED BALANCE SHEET AS AT 30TH MARCH 2024 Company Number: 03970577 Notes th 30 March 2024 th 30 March 2023 Fixed assets Tangible fixed assets 1,068,128 1 ,080,753 Current assets Debtors Cash at bank and in hand 1,768 2,192 985 7,825 3,960 8,810 Current liabilities Creditors: amounts falling due within one year (187,723) (88,717) Net current asset5 (183,763) (79,907) Total assets less current liabilities 884,365 1,000,846 Funds: Unrestricted funds Restricted funds 9,10 9,11 879,365 5,000 999.346 1,500 884,365 1,000,846 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 accordan 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 b the Board on 2910412025 Lily astilho - Trustee Date 30104125
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 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 sl 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 eXption of known legacies which are accounted for when their receipt is certain. Income from charitable activities is recognised on an accrual's basis except for grants receivable. which are recognised on the date on which their unconditional payment is confirmed by the donor. Income from other income relates to bank loan written off and is recognised when the amount is certain.
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 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 accrual 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 governan costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relates 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 Ilte off the cost of each asset over its expected useful life as below: Leasehold Property Office Equipment Nursery Fixtures, Toys & Equipment 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. Term of lease 10-25 % per annum straight line basis 20 % per annum straight line basis Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balan 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 pri 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. -10-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 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. 3. Income and endowments Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Donations and Legacies Donation 6.200 6,200 420 Donations and legacies income for 2023 related wholly to unrestricted fund.
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 b. Charitable activities: Citizen Advice Contract income Liverpool City Region - Merseytravel Merseyside Poli National Lottery Community Fund Nation21 Lottery Community Fund (Utilities) Rank Foundation Rank Foundation - Mental Health Rental & conference income Serious Violence Duty Burden Funding WO Street foundation Merseyside 2,000 18,000 12,680 4.000 89,059 89,059 89,059 35,624 35,624 25,000 8,119 116,791 100,318 450 5,000 116,791 450 5,000 116,791 130,133 246,924 259,176 Charitable activities income in 2023 comprised of £118,318 for unrestricted funds and £140,858 relates to restricted funds. c. Other Income Loan written off 265,766 Other income for 2023 related wholly to unrestricted fund. 4. Expenditure on charitable activities Direct Support & Charitable Governance Expenditure Costs Total 2024 Total 2023 Provision of Offi space and conference facilities and project delivery 306,362 63,243 369,605 296,841 -12-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 a. Analysed as follows: 2024 2023 Direct charitable expenditure.. Staff salary costs Pension Activities and events Refreshments Sessional fees Donation Volunteer expenses Utilities Rates Repairs and maintenance 184,731 3,475 1,695 985 22,299 200 1,305 72,913 3,522 15,237 97,692 1,851 13,343 5,808 217 21,781 4,190 6,716 306,362 151.598 2024 2023 Support & Governance costs." Staff salary costs Pension Telephone Printing, postage and stationery Equipment hire and photocopier Cleaning and waste disposal Legal fees Insurance Training Travel expenses Sundry Loan interest Grant returned Computer costs Office costs Companies House HMRC interest Professional fees Finance support Bad debts written off Loss of disposal of fixed assets Payroll fees Accountancy Bank charges Depreciation 93,091 1,674 2,709 1,952 1,688 840 3,872 3,024 9,053 1,784 2,365 497 67 2,979 1,566 1,608 5,915 493 7,988 11,928 1,456 761 2,040 960 13 13 14,249 1,500 1,000 1,508 1,406 686 1,370 605 11,219 816 1,427 385 11,979 63,243 145,243 Total expenditure on charitable activities 369,605 296,841 -13-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 £126,633 (2023: £160,316) of the above expenditure relates to restricted funding. b. Staff Costs 2024 2023 Staff salaries Social security costs Pension costs 176,278 8,453 3,475 181,397 9,386 3,525 188,206 194,308 Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2024 2023 Charitable activities No employee received emoluments of more than £60,000 during the year. The trustees are not remunerated for their ServIS and are not included in the number of employees shown above. No out-of-pocket expenses were reimbursed to trustees in the year (2023: £nil). 5. Tangible Fixed Assets Leasehold Office Property Equipment Total Cost As at 31st March 2023 Disposals during the year 3,111,678 30,565 3,142,243 (3,200) {3,200) Ih Balance as at 30 March 2024 3,111,678 27,365 3,139,043 Accumulated Depreciation As at 31 st March 2023 Charge for the year Disposals during the year 2,035,821 10,346 25,669 2,061,490 873 11,219 (1,794) (1,794) th Balance as at 30 March 2024 2,046,167 24,748 2,070,915 th Net Book Value at 30 March 2024 1,065,511 2,617 1,068,128 Net Book Value at 30th March 2023 1 ,075.857 4,896 1,080,753 Liverpool City Council provided a 125-year lease dated 3rd April 2002 for the land to build the Millenium Centre owned by KIMC. -14-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 6. Debtors 2024 2023 Trade debtors 1,768 985 7. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals Tax and social security costs VAT liability Deferred income Pension Loan due in one year 38,625 1.500 79,859 50,873 5,641 5,110 6,115 1,597 40,548 34,842 9,294 2,436 187,723 88,717 8. Creditors." amounts falling due after more than one year On 22nd September 2022 Adventure Capital Fund Loan balance of £265,766 was written off and the debenture has been taken off the assets of the company. 9. Analysis of Net Assets between Funds Tangible Fixed Net Current Assets Liabilities Total 2024 Unrestricted Funds General Fund 1,068,128 (188,763) 879,365 Restricted Funds WO Street foundation Merseyside 5,000 5,000 5,000 5,000 Total Funds 1,068,128 {183,763) 884,365 -15-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 Tangible Fixed Net Current Assets Liabilities Total 2023 Unrestricted Funds General Fund 1,080.753 (81,407) 999,346 Restricted Funds Rank Foundation 1,500 1,500 1,500 1,500 Total Funds 1,080,753 (79,907) 1,000,846 10. Unrestricted Funds Movements in the Year Income Expenditure 2024 Reserves at beginning of year Reserves at end of year General Fund 999,346 122,991 (242,972) 879,365 Movements in the Year Income Expenditure 2023 Reserves at beginning of year Reserves at end of year General Fund 751,367 384,504 (136,525) 999,346 The General Fund is used to finance the charitable company s general activities as outlined in the Trustees, Report. -16-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 11. Restricted Funds Movements in the Year Incorne Expenditure 2024 Reserves at beginning of year Reserves at end of year National Lottery Community Fund National Lottery Community Fund (Utilities) Rank Foundation Serious Violence Duty Burden Funding WO Street foundation Merseyside 89,059 (89,059) 35,624 (35,624) 1,500 (1,500) (450) 450 5,000 5,000 1.500 130,133 (126,633) 5,000 Movements in the Year Income Expenditure 2023 Reserves at beginning of year Reserves at end of year Citizen Advi John Moores Foundation Liverpool City Council Energy Grant Liverpool City Region - Merseytravel Merseyside Police National Lottery Community Fund Rank Foundation Rank Foundation - Mental Health 2,000 (2,000) (10,000) (4,000) 10,000 4,000 6,958 12,680 (19,638) (4.000) {89,059) (23,500) (8,119) 4.000 89,059 25,000 1,500 8,119 20,958 140,858 {160,316) 1,500 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: Citizen Advice Contribution towards 'Advice on Prescription, project -17-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH MARCH 2024 John Moores Foundation - additional salary costs for L8 A Better Place community development workers Liverpool City Council Energy Grant - Contribution towards core costs Liverpool City Region - Merseytravel - to support the costs for the Nia Black Business Hub. Merseyside Police - Contribution towards lebratiOn event. National Lottery Community Fund - Contribution towards staff salaries for community development team National Lottery Community Fund (Utilities) - Contribution towards the cost of the utility bills Rank Foundation - Contribution towards L8ABP training and resources. Rank Foundation - Mental Health - Contribution towards Mental Health and Wellbeing research into community activism. Serious Violence Duty Burden Funding - Contribution towards to facilitate a consultation group. WO Street foundation Merseyside - Contribution towards to facilitate workshops for young people 12. Operating Lease Commitments The charitable company has a 125 year lease for the land from Liverpool City Council, dated 3rd April 2002 under the terms of which an annual rent of one peppercorn of £5,000. 13. Related Party Transactions There were no related party transactions in the year. (2023: none). 14. Guarantees The charitable company is limited by guarantee. In the event of winding-up each member will contribute, if neSsary, the sum of £1. 2024 2023 Number of members Total guarantees £5 £5 -18-
KUUMBA IMANI MILLENNIUM CENTRE LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 MARCH 2024 TH 2024 2023 INCOME Grant income Donation Rental & Conferen income Contract income Other income 130,133 6,200 116,791 140,858 420 100.318 18.000 265,766 Total Income 253,124 525,362 EXPENDITURE Charitable Activities Staff salary costs Pension Activities and events Utilities Rates Printing, postage, and stationery Telephone Repairs and maintenan Refreshments Donation Equipment hire and photocopier Cleaning and waste disposal Insurance Training Sessional fees Loan interest Sundry Computer support Office costs Volunteer expenses Companies House Travel expenses Legal fees Grant retumed HMRC interest Professional fees Finan support Bad debts written off Loss of disposal of fixed assets Payroll fees Accountancy Bank charges Depreciation 184,731 3,475 1,695 72,913 3,522 1,688 1,952 15.237 985 200 840 3,872 9,053 1.784 22,299 67 497 1,566 190,783 3,525 13,343 21,781 4,190 2,709 6,716 1,608 5,915 7,988 11.928 5,808 761 2,040 960 217 13 1,456 493 1,305 13 2,365 3.024 2,979 14,249 1,500 1,000 1,508 1,406 686 1.370 605 11.219 816 1,427 385 11,979 Total expenditure on charitable activities 369,605 296,841 Net {expenditure)lincome for year (116,481) 228,521 -19-