Registered number: 05080555 Charity number: 1103999
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 10 |
| Independent examiner's report | 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Notes to the financial statements | 14 - 22 |
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Linda Brown, Chair Steven Marshall, Trustee Milly Webster, Trustee Goerge Waly Mane, Trustee Kyle Addy Miranda Dipino
Company registered number
05080555
Charity registered number
1103999
Registered office
Mildmay Community Centre, Woodville Road, Islington, London, N16 8NA
Chairperson
Linda Brown
Accountants
Accounting People Ltd, Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS
Page 1
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the company for the 1 April 2021 to 31 March 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015).
Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and Activities
a. POLICIES AND OBJECTIVES
Principally, Mildmay Community Partnership exists to support the residents, organisations and businesses in the Mildmay Ward; in particular to relieve poverty and to develop the capacity and skills of its constituency.
Our Vision is of…
• A Fairer Islington
Our Mission is to…
• Tackle inequality and empower our local communities for social change and support health and wellbeing.
We will achieve this by:
Strategic Objective 1: Reducing social isolation and loneliness
We will develop a sustainable multi-functional facility at the heart of the community that brings local communities together, to reduce social isolation to increase and improve community cohesion.
Strategic Objective 2: Bringing people together to break down barriers, promote shared understanding and strengthen social cohesion
We will increase the enhancement of community-led participation, by way of activities, services and events that help bring people together from differing cultural backgrounds and demographical circumstances, to gain mutual understanding.
Strategic Objective 3: Improving health and wellbeing (in its broadest sense)
We will continue to create conditions for us all to thrive; by way of a fully accessible, welcoming, safe community space for the benefit of its local residents to work, play and learn. A space that serves to bring children, young people and their families together, to help build a sense of belonging, wiithin their community.
Strategic Objective 4: Advancing education and skills
We will provide and or deliver educational services and activities that lend themselves more prominently, to the needs of sections of the community experiencing social and economic exclusion.
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MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
b. OBJECTIVES AND AIMS
The objective (purpose) of which the Company is formed shall be predominantly but not exclusively for the benefit of the inhabitants of Mildmay in the London Borough of Islington to relieve poverty and to develop the capacity and skills of the said inhabitants in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society with the object of improving their quality of life.
•The strategic initiatives of the organisations to achieve its objectives are in summary;
•Management of the Mildmay Community Centre for and on behalf of the local community with the Mildmay ward of Islington and surrounding areas.
•To apply for funds from grant funding bodies to develop and deliver services and activities for and on behalf of the local community within the Mildmay ward of Islington.
- •Work in partnership with other statutory and third sector organisations to achieve the primary objectives.
•The dissemination of information gathered from the local residents in relation to services and activities for and on behalf of the local community and partner organisations.
•Development and delivery of services and activities that seek to improve community cohesion, health and wellbeing and equality.
•Creating a welcoming, safe space for sections of the community, experiencing social or financial exclusion.
Key objectives
- To maintain a fully DDA compliant accessible building.
• Reduce the carbon footprint by introducing the renewable technologies integrated into the building. • Reduce the operating cost of the centre so as to provide a greater proportion of its resources to services and activities for an on behalf of the community.
c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
In setting our vision, mission and objectives the board of Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. An example of the organisation’s provision is the management of the Mildmay Community Centre, of which the delivery of community-led services in partnership with our stakeholders. Include provision of free and reduced rates for services, activities and venue space for residents, charities, community-led projects and events, that are open to All.
Achievements and performance
a. KEY FINANCIAL PERFORMANCE INDICATORS
As the government restrictions were gradually lifted and the centre could reopen to the public our beneficiaries were slow in returning to the centre up until the month of August.
From the month of September 2021 through to March 2022 we saw an increase of hires. However, being ,mindful that should another virus transpire during the winter months. This could again, bring about fear of regular interaction. And so, a reduction in hires and invariably a loss of income.
Having continued to apply for funding, with partnership work having taken precedence. This has provided us with the opportunity to work with other organisations that has in turn provided us with the benefit of extending our reach to other communities within Islington as well as within the Mildmay ward. Of which for the year end 31 March 2022 MCP has been successful in applying for grant funding totalling at £102,077.
Bookings and sole occupancy hires continue to be one of our main sources of earned income. We also continue sourcing alternative funding streams such as storage facilities, plant and seed sales, a weekly Community Cook Up! hot and cold drink sales and the Community Coop. An income albeit marginal, helps towards the sustainability of community-led projects. Of which as of the 31 March 2022, totalled at
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MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
£91,985.
.
As was the concern a variant of covid-19 emerged during the winter months whereby, many beneficiaries became unwell with Omicron. And so one-off bookings and regular hires alike decreased and thereafter, earned income.
We continue to seek ways to reduce the running costs for the building by way of annual cost comparisons of suppliers, without compromising the required standards of Passivhaus. So, the carbon footprint of the building is further reduced by introducing the renewable technologies integrated into the building as follows;
Photovoltaic panels that converts sunlight into energy to produce electricity for the building.
Ground source heat pump, connected to a single solar thermal vacuum tube panel that provides hot water for heating and washing
. Rainwater harvesting system which allows the re-use of rainwater on site from the two roofs used for WC flushing, to minimise the amount of mains water used in the building.
Electric lighting operated on the principle of manual off/on and presence detection.
Renewable air and ventilation, heat recovery system to help provide fresh air and reduce energy consumption and heating requirements.
Triple glazing and high specification insulation, to retain heat and reduction of noise pollution.
External blinds, to provide shading on the south side of the building. So as to avoid heating up the building continuously and reducing the interior temperature during the summer months.
To meet the Passivhaus standards, in our efforts to progress environmental sustainability principles and practice and whilst endeavouring to reduce running cost for the building. There are associated costs for the service, maintenance and replacement of parts of the equipment, to take into consideration and of which has a consequence on reduction of utility costs.
Subsequent to the pandemic, in conjunction with the cost-of-living increases. We continue to seek ways to reduce running costs, in our efforts to provide a greater proportion of our resources for services and activities for and on behalf of our community.
The Charity's income was £205,940 in the year ended 31 March 2022 compared to £202,613 in the year ended 31 March 2021. This comprised of £91,985 that was generated through hires & licensee fees and £102,007 that was received through Grants. The total expenditure was £257,397 in the year to 31 March 2022 compared to £194,271 in the year ended 31 March 2021. The fund balance carried forward at 31 March 2022 was £163,758 on unrestricted funds. The restricted funds were £1,489,089 at 31 March 2022.
b. REVIEW OF ACTIVITIES
As the gradual transition from the pandemic and lift of government lockdown restrictions were lifted. Many of our residents continued to struggle both socially and economically.
As of April 2021 we changed from a food bank to a community Coop, due to grant funding becoming less available, and we could foresee we would be unable to fully support our food bank beneficiaries with the much-needed hygiene and cleaning products, as well as sufficient food supplies.
Page 4
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
The cost-of-living increase had seen our Community Coop numbers rise, with employed and unemployed, alike, using the Community Coop. With over 7,000 parcels having been distributed to date. We have kept the cost low. However, this will impact on the sustainability of the Community Coop in the near future. As we continue to purchase supplies at a cost. Therefore, we to seek alternative methods of support, such as our community garden produce growing project. We also continue to receive donations from London Borough of Islington, Fareshare, Felix trust, City harvest, Islington council, edible London, as well as our local shops, pub, and residents.
Community Outreach Programme
Having commenced in 2019, is continuing to help us to build an up-to-date picture of our local community’s current issues and need. As we actively engage with our community, inviting local people to become involved and to take the lead in projects, services and activities. With a strong focus on empowering our neighbours to initiate their own ideas. Of which to date we have developed and delivered the following:
Community Garden
As evidenced by our previous foodbank numbers and now the steady increase of numbers of our Community Coop usage at the centre. In response to this problem, we had been developing the community garden in preparation for the spring 2022. To grow produce for distribution to the Coop, our Community Cook Up! And the selling of produce; not only to provide food supplies to the Community Coop and Community Cook Up! but to also maintain the continuation of the produce growing project.
Youth Club
As of February 2022 we successfully applied for enough funding to commence running an estate-based youth club. The youth club was at the request of the young people who access our other activities, such as the homework club and Outta Skool Art Club. With the fear of safety, within the local neighbourhood, having been raised as a primary concern. Local parents, carers and young people alike, wanted somewhere locally where young people could meet friends, learn and play within a safe environment.
Art and Crafts
An Outta Skool Art Club, a creative club for primary aged children. Has continued to be a tremendous success. With children provided with the opportunity to expand their creativity by way of a series of projects such as the Mayville Estate Carnival, a Fair and weekly activities such as creating their own musical instruments, fancy dress costumes and a Post Card Project; celebrating their community.
Coffee and Crafts , whereby adults explored a variety of art techniques and activities including printmaking, painting, drawing and collage.
Stirring up a Story , for parent/carers, a mix of puppetry, storytelling, play, rhymes and eating together a safe space in which they can discuss child rearing and feel supported to try new things, make a mess and be playful.
c. INVESTMENT POLICY AND PERFORMANCE
The Memorandum & Articles of Association provides that the organisation invests monies not immediately required for its own purposes in or upon such investments, securities or property, as may be thought fit. At the present time the Trustees' policy is to maintain all such monies on deposits earning a market rate of interest.
The trustees are pleased to report this year that subsequent to the submission of the application. Mildmay Community Partnership awarded the Voluntary and Community Sector grant by the London Borough of Islington Council, are in their first year of the award. - In conjunction with additional grant funding from Active spaces grant (LBI), Charles S French Charitable Trust, community fund and the National Lottery Grant Fund. Mildmay Community Partnership have combined with earned income generated from the
Page 5
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
centre, achieved one of it’s a key objectives. That the organisation would obtain sufficient funds, to further develop the service provision within the Mildmay Community Centre for the local communities within the Mildmay ward and surround areas.
We are also pleased to report that although a decrease in hires was seen this past year. A total of 37 regular services, activities and projects were delivered and or developed during 2021-22.
Financial review
a. GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. RESERVES POLICY
The Trustees’ are aware that the organisation needs to have sufficient reserves to allow the charitable company to manage its affairs. It is the aim of MCP that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least three months expenditure - in line with Charity Commission expectations. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.
At current levels of expenditure (as at 31 March 2022) this amounts to £33,391. At the year-end free reserves (not tied up in fixed assets) amounted to £163,758. The trustees will actively review the major risks to MCP throughout the year. Procedures have been established for identifying significant risks and developing and implementing strategies to mitigate such risks. For 2022-23 the Trustees will be reviewing the Risk Register and its impact on our reserves policy.
Structure, governance and management
a. CONSTITUTION
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association .
The company is constituted under a Memorandum of Association and is a registered charity number 1103999.
b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
c. ORGANISATIONAL STRUCTURE AND DECISION MAKING
The organisation is a charitable company limited by guarantee, incorporated on 22nd March 2004 and registered as a charity on 27 May 2004. The Company was established under a Memorandum of Association which established the objects and the powers of the charitable company and is governed
Page 6
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding a pound. The simplified criteria for being a member of MCP is a member has to be over the age of 18 years and either live or work in the Mildmay ward of the London Borough of Islington: In the financial year 2021-22 there were 46 registered members.
Recruitment and appointment of new trustees
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 Trustees Board. Under the requirements of the Memorandum and Articles of Association the Trustees shall comprise not less than three and not more than sixteen members elected by and from the members at the Annual General Meeting, provided that if the company is receiving fifty percent or more of its core funding from the Local Authority the proportion of Local Authority associated persons on the Trustees board shall not exceed nineteen percent of the total number of the Trustees board members.
The Trustees can co-opt members of the company to fill casual vacancies on the Trustees board provided the appointment comes to an end at the Annual General Meeting following co-option and provided that the total number of co-opted Trustees boards members does not exceed one third of the Trustees board.
d. RISK MANAGEMENT
The Trustees have formulated a risk management strategy which is summarised as follows:
-
Ensure continuity by way of a strong operating model.
-
Listening, designing and adapting to customer demand and need.
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Growth of influence.
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Maximise impact.
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Develop social enterprise approach. Underpinned by developing capacity across the organisation.
e. Operations of the company
The Trustees of the Board;
acknowledge they have overall responsibility and accountability of the organisation in accordance with its vision, mission, objectives and values of the charity.
delegates the responsibility for the day-to-day business, operational and transformational strategy of the organisation to the Centre Manager; in accordance with the organisations vision, mission, objectives and values of the charity.
the dedication of their team of staff play a crucial role in the organisation; of which their outstanding work has helped to support the development and delivery of community-led services to ensure genuine buy-in by the communities of which we serve.
Mildmay Community Partnership are an Accredited London Living Wage Employer.
recognises the organisation receives a great deal of invaluable support from residents who volunteer their time to support their community and the organisation; without numeration.
Page 7
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Plans for future periods
a. Plans for the future
As we move into 2022 to 2023. The impact on the community and organisation alike is yet unknown until we are to establish the affect the current social and economic climate will have on us all.
As a charity we are committed to making Islington a fairer place because we believe everyone should have the best start in life and the best opportunities to succeed regardless of their background, race, social class, gender, sexuality or disability. We see our role as facilitator, champion and servant to our local communities.
And so, in partnership with our stakeholders, we work to tackle the challenges, to empower residents and encourage our local communities to come together, to break-down barriers, promote shared understanding and strengthen social cohesion.
KEY PARTNER ORGANISATIONS
In our efforts to meet the needs of the local communities we serve. Mildmay Community Partnership (MCP) continue to work in partnership with other organisations including,
Social Investment Business Islington Council Fairer together o Bright Start Islington o Challenging Inequalities Coalition o Social Connectedness Network o Challenging Inequality Coalition Islington Food Partnership Manor Gardens Little Angel Theatre Barbican London Gypsies and Travellers Octopus Community Network Voluntary Action Islington Stuart Low Trust Sweet Patootee Arts Culture Mile; Barbican Mutual Aid
New groups and organisations based at the centre
Amurt UK Mer-IT Women’s Cooperative Octopus Community Network London Borough of Islington Little Angel Theatre Workshop Leaways School Hackney Carers Betaminds Pumpkin Jigsaw Capoeira Kids Project UK
Page 8
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Sports and LifeSkills CIC Cut Above Creations Men in Motion Empress Rising New Testament Church of God MRS Independent Living Bright Start Central Single Homeless Project Targeted Youth Support (LBI) Safer Neighbourhood Team Mildmay Ward Arsenal in the Community North London Cares Golden Oldies South Mildmay Coop Housing Association MACE Housing Highbury Table Tennis Club National Food Service Mildmay Pensioners Association African and Caribbean Senior Citizens Association Mildmay Medical Practice Prospex Underground Youth Centre
Mildmay Community Partnerships contribution towards net zero carbon emissions
Mildmay Community Partnership (MCP) in its efforts to continue to maintain a carbon neutral building, is committed to minimising the environmental impact of its operations. This shall be achieved by incorporating suitable measures and monitoring of the Passivhaus standards, and managing its resources effectively and efficiently, in its efforts to minimise negative impact.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of Mildmay Community Partnership for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
make judgments and accounting 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 charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
Page 9
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the Trustees, on 30.01.2023 and signed on their behalf by:
Linda Brown Chairperson
Page 10
MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MILDMAY COMMUNITY PARTNERSHIP (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2022.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the company (and 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 the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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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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.
Signed:
Dated:
Murray Ian Luke FCCA
Accounting People Ltd
Page 11
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted funds Note 2022 £ INCOME FROM: Grants and other income 2 113,955 Charitable activities 3 91,985 TOTAL INCOME 205,940 EXPENDITURE ON: Cost of charitable activities 3 198,980 Governance cost 4 58,417 TOTAL EXPENDITURE 257,397 NET INCOME / (EXPENDITURE) BEFORE TRANSFERS (51,457) Transfers between Funds 12 168 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES (51,289) NET MOVEMENT IN FUNDS (51,289) RECONCILIATION OF FUNDS: Total funds brought forward 215,045 TOTAL FUNDS CARRIED FORWARD 163,756 |
Restricted funds 2022 £ - - - - - - - - - - 1,489,089 1,489,089 |
Total funds 2022 £ 113,955 91,985 205,940 198,980 58,417 257,397 (51,457) 168 (51,289) (51,289) 1,704,134 1,652,845 |
Total funds 2021 £ 140,760 61,853 |
|---|---|---|---|
| 202,613 | |||
| 136,034 58,237 |
|||
| 194,271 | |||
| 8,342 - |
|||
| 8,342 8,342 1,695,792 |
|||
| 1,704,134 |
The notes on pages 14 to 22 form part of these financial statements.
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MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee) REGISTERED NUMBER: 05080555
BALANCE SHEET AS AT 31 MARCH 2022
| Note FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS:amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:amounts falling due after more than one year 11 NET ASSETS CHARITY FUNDS Restricted funds 12 Unrestricted funds 12 TOTAL FUNDS |
£ 27,449 81,108 108,557 (10,579) |
2022 £ 1,903,832 97,978 2,001,810 (348,965) 1,652,845 1,489,089 163,756 1,652,845 |
£ 15,781 120,547 136,328 (9,332) |
2021 £ 1,950,103 126,996 2,077,099 (372,965) 1,704,134 1,489,089 215,045 1,704,134 |
|---|---|---|---|---|
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on 30 January 2023 and signed on their behalf, by:
Linda Brown Chair
The notes on pages 14 to 22 form part of these financial statements.
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MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Mildmay Community Partnership 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.
1.2 Reconciliation with previous Generally Accepted Accounting Practice
In preparing these accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required.
No restatements were required.
1.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 14
MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
1.5 Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
1.6 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures and fittings | - | 2% per annum |
|---|---|---|
| Office equipment | - | 25% per annum |
| Computer equipment | - | 25% per annum |
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
Page 15
MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (continued)
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.11 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 16
(A company limited by guarantee)
MILDMAY COMMUNITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. INCOME FROM DONATIONS AND LEGACIES
3.
| Unrestricted funds 2022 £ Government grant 102,007 Similar incoming resources 11,948 Total donations and legacies 113,955 Total 2021 140,760 Unrestricted funds 2022 £ Charitable Activity income Charitable activity income 91,985 Charitable activity expenses Telpehone and internet cost 4,325 Computer costs 6,698 Sundry expenses 4,717 Utilities cost 30,375 Repairs and maintenance 20,814 Insurance cost 1,581 Fundraising trading expenses - wages and salaries 102,307 Bank Charges 2,310 Travel and subsitence 1,587 Trade subscription 158 Community project cost 24,108 198,980 Net expenditure from trading activities (106,995) |
Restricted funds 2022 £ - - - - Restricted funds 2022 £ - - - - - - - - - - - - - - |
Total funds 2022 £ 102,007 11,948 113,955 140,760 Total funds 2022 £ 91,985 4,325 6,698 4,717 30,375 20,814 1,581 102,307 2,310 1,587 158 24,108 198,980 (106,995) |
Total funds 2021 £ 139,323 1,437 140,760 Total funds 2021 £ 61,853 4,934 9,256 2,104 20,079 11,712 1,437 76,918 1,018 1,577 158 6,841 136,034 (74,181) |
|
|---|---|---|---|---|
Page 17
(A company limited by guarantee)
MILDMAY COMMUNITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Governance cost
| Unrestricted funds 2022 £ Accountnacy and Independent Examiner costs 10,097 Governance - depreciation - tangible fixed assets 48,320 58,417 |
Restricted funds 2022 £ - - - |
Total funds 2022 £ 10,097 48,320 58,417 |
Total funds 2021 £ 10,425 47,812 |
|---|---|---|---|
| 58,237 |
5. TURNOVER
The turnover is attributable to council grants received and rent receivable from hire of building.
All turnover arose within the United Kingdom.
6. NET INCOME/(EXPENDITURE)
This is stated after charging:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets: | ||
| - owned by the charity | 48,320 | 47,812 |
During the year, no Trustees received any remuneration (2021 - £NIL). During the year, no Trustees received any benefits in kind (2021 - £NIL).
7. AUDITORS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £1,500 (2021 - £1,500), and for accountancy services of £1,800(2021 - £1,800).
Page 18
(A company limited by guarantee)
MILDMAY COMMUNITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. TANGIBLE FIXED ASSETS
| 8. TANGIBLE FIXED ASSETS |
8. TANGIBLE FIXED ASSETS |
||
|---|---|---|---|
| Fixtures and fittings Office equipment £ £ Cost At 1 April 2021 2,358,702 2,535 Additions - - At 31 March 2022 2,358,702 2,535 Depreciation At 1 April 2021 410,230 904 Charge for the year 47,176 632 At 31 March 2022 457,406 1,536 Net book value At 31 March 2022 1,901,296 999 At 31 March 2021 1,948,472 1,631 9. DEBTORS Trade debtors 10. CREDITORS: Amounts falling due within one year Trade creditors Other taxation and social security Other creditors 11. CREDITORS: Amounts falling due after more than one year Bank loans |
Computer equipment £ - 2,049 2,049 - 512 512 1,537 - 2022 £ 27,449 2022 £ 6,448 2,098 2,033 10,579 2022 £ 348,965 |
Total £ 2,361,237 2,049 2,363,286 411,134 48,320 459,454 1,903,832 1,950,103 2021 £ 15,781 |
|
| 2021 £ 6,052 1,868 1,412 |
|||
| 9,332 | |||
| 2021 £ 372,965 |
Page 19
MILDMAY COMMUNITY PARTNERSHIP (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at 1 April 2021 £ Unrestricted funds General Funds - all funds 109,716 General Fund 1 - Reserves 105,329 215,045 Restricted funds Restricted Funds - all funds 1,489,089 Total of funds 1,704,134 STATEMENT OF FUNDS - PRIOR YEAR General funds General Funds - all funds Reserves Restricted funds Restricted Funds - all funds |
Income Expenditure £ £ 205,940 (257,397) - - - - 205,940 (257,397) - - 205,940 (257,397) Balance at 1 April 2020 Income £ £ 101,374 202,613 105,329 - 1,489,089 - |
Transfers in/out £ - 168 - 168 - 168 Expenditure £ (194,271) - - |
Balance at 31 March 2022 £ 58,259 168 105,329 163,756 |
|---|---|---|---|
| 1,489,089 | |||
| 1,652,845 | |||
| Balance at 31 March 2021 £ 109,716 105,329 |
|||
| 1,489,089 |
SUMMARY OF FUNDS - CURRENT YEAR
| Balance at 1 April 2021 £ General funds 215,045 Restricted funds 1,489,089 1,704,134 |
Income Expenditure £ £ 205,940 (257,397) - - 205,940 (257,397) |
Transfers in/out £ 168 - 168 |
Balance at 31 March 2022 £ 163,756 1,489,089 1,652,845 |
|---|---|---|---|
Page 20
(A company limited by guarantee)
MILDMAY COMMUNITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. STATEMENT OF FUNDS (continued)
SUMMARY OF FUNDS - PRIOR YEAR
| Balance at 1 April 2020 £ General funds 206,703 Restricted funds 1,489,089 1,695,792 |
Income Expenditure £ £ 202,613 (194,271) - - 202,613 (194,271) |
Balance at 31 March 2021 £ 215,045 1,489,089 |
|---|---|---|
| 1,704,134 |
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2022 £ Tangible fixed assets 414,743 Current assets 108,557 Creditors due within one year (10,579) Creditors due in more than one year (348,965) 163,756 |
Restricted funds 2022 £ 1,489,089 - - - 1,489,089 |
Total funds 2022 £ 1,903,832 108,557 (10,579) (348,965) 1,652,845 |
|---|---|---|
Page 21
MILDMAY COMMUNITY PARTNERSHIP
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted funds 2021 £ Tangible fixed assets 461,014 Current assets 136,328 Creditors due within one year (9,332) Creditors due in more than one year (372,965) 215,045 14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW ACTIVITIES Net (expenditure)/income for the year (as per Statement of Financial Activities) Adjustment for: Depreciation charges Adjustment Net cash (used in)/provided by operating activities 15. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total |
Unrestricted funds 2021 £ Tangible fixed assets 461,014 Current assets 136,328 Creditors due within one year (9,332) Creditors due in more than one year (372,965) 215,045 14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW ACTIVITIES Net (expenditure)/income for the year (as per Statement of Financial Activities) Adjustment for: Depreciation charges Adjustment Net cash (used in)/provided by operating activities 15. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total |
|
|---|---|---|
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