COMPANY REGISTRATION NUMBER: 5136364 CHARITY REGISTRATION NUMBER: 1105830 Mission in the Economy Company Limited by Guarantee Unaudited Financial Statements 31 December 2024 MATTOCKS GRINDLEY Chartered accountants 18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 OWN
Mission in the Economy Company Lirnited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 17 Notes to the detailed statement of financial activities 18
Mission in the Economy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 The trustees. who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. Chairfs report Ray Pealing - Interlm Chair It would be remiss of me to open my report without paying tribute and off8ring enormous thanks to my predecessor, Rev Canon Dr Crispin Palling, who guided Mission in the Economy for over 10 years prior to his leaving sacred ministry and MitE in the middle of 2024. 1 wish him well in his new endeavours. Whilst I was still attempting to get my head round his departure, my Trustee colleagues were already plotting to elect me as Acting Chair. I was proud to accept. only because l am very proud of MitE and all that it stands for. We closed out a suGGessful 2024 with our finances slightly in the red. Time lo wor. Certainly not! Our underlying finances are robust and we don't exist to make a profit. Since our last Chairfs Report, we have grown from strength to strength, increasing our geographic footprint into Sefton and Skelmersdale together with a re-strengthening of our relationship with Churches Together Merseyside Region. Our volunteer base has grown. yet again, during the year. Our existing strongholds of Merseyside Police, Liverpool John Lennon Airport. YMCA, St Helens. Warrington and Liverpool City Centre have continued to flourish. though I would normally avoid highlighting specific contributions, the events in Southport last July ompel me to do so. The efforts of the PoliGe Chaplaincy, paid and unpaid, were truly Herculean and I annot thank them enough for all that they delivered during those extremely difficult days. To robustly continue our efforts into the future, we need to ensure we are resilient lo any pittalls ahead. We shall, as a Board, spend some time during the coming year, bench-testing our Charity's Objectives and analysing any perceived risks, financial or otherwise, which the Charity may face. In closing. I would wish to thank all our stakeholders and benefactors for their financial contribution to our work,. our Chaplains, both paid and unpaid. whose work ethic never ceases to amaze me. Finally, I would wish to thank Laura and Emily at Head Office and my fellow TrusteelDirectors for their unstinting support throughout the year. Onward and upward! Ray Pealing Interim Chair
Mission in the Economy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢ontlnuedl Year ended 31 December 2024 Reference and administrative details Registered charity name Mission in the Economy Charlty gIStratIon number 1105830 Company registratlon number 5136364 Principal office and reglstered Liverpool Parish Church office Old Churchyard Chapel Street Liverpool L2 8TZ The trustees Mr R Pealing Mrs B Ellis Mrs J Keefe Rev Dr C A Palling Rev Dr M Threlfall-Holmes Rev Dr R J Reid Mr SJV Eardley (Retired 17 May 2024) Company secretary Mrs L Hutcheon Independent examiner G Mattocks FCA 18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 OWN Structure, governance and management The company was incorporated on the 24th May 2004 and registered as a charity on the 10th September 2004. The company began operating from 1st January 2005 and took over the assets, liabilits'es and engagements of the Mission in the Economy, an unincorporated Trust, charity number 509749. The company is limited by guarantee and is govemed by its memorandum and articles. None of the Directors has any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £1 in the event of a winding up. Mission in the Economy has taken out Indemnity Insurance for the TrusteeslDirectors.
Mission in the Economy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnu8d) Year ended 31 December 2024 structure, governance and management (contlnu•d) The Directors were originally appointed by the leaders of the Anglican Church, Roman Catholic Church and the Free Churches in the area bounded by the Churches Together in the Merseyside Region. The Co-ordinator who is responsible for the day to day activities, and Administrator are appointed by and accountable to the Directors. The Directors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate those risks. Objectives and activities The principal activity of the company is the furtherance of the mission of the Christian Church within the economy and prinGipally in the economy in the North West of England. PUBLIC BENEFIT The Direclors have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities undertaken by the Charity in the year. The Directors are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements.
Mission in the Economy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2024 Achievements and perforniance 2024 continued with our chaplaincy teams maintaining a strong presence within their respective settings. As ever, the continued rise in the cost of living remains a wory for everyone, including businesses. which has shaped the topic of conversations with our chaplains. Employees are worried about their job security, employers are worried due to th8 imminent rise in the National Insurance Gontributions and the uncertainty of their own finances, as well as the continued rise in grocery and fuel prices. Despite all of this uncertainty in the economy, our chaplains have reported that their presence has been a welcomed respite from the day to day worry of every day life. Our teams within Liverpool John Lennon Airport, Merseyside Police, Liverpool Cty Centre, Warrington and St Helens markets, Skelmersdale and the YMCA both in St Helens and Liverpool remain committed to serving their settings. As we move into 2025. we hope to maintain these strong relationships with our supporting partners and support our service users with our usual grace and comforting presence as we all leam to live with the changes within the UK economy. I would personally like to express my continued thanks to all who are involved with Mission in the Economy and would like to extend these thanks to the board of trustees who have been a pillar of supportto us all. Our chaplains, both paid and volunteers, have worked extremely hard during 2024 and have faced many challenges, induding some very distressing situations. Their dedication to chaplaincy shines a light in the darkest of times. To finish I would like to also thank Ray Pealing for stepping into the role of interim Chair of Trusteas following the deparlure of Rev Canon Dr Crispin Palling who served as Chair of Mission in the Economy for over 10 years. We look ahead to 2025 and are ready to face any challenges that are put in our way. Laura Hutcheon Executive Director February 2025 Flnancial review During the year. net outgoing resources were £11,600 {2023." net incoming resources £8,297). Unrestricted reserves at 31 December 2024 stand at £108,035 (2023.. £119,635). RESERVES POLICY It is the policy of the charity Ihat unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. 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 Gonsideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Surplus funds are placed on deposit with COIF or the Central Board of Finance of the Church of England.
Mission in the Economy Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllnued) Year ended 31 December 2024 Plans for future periods MitE plans to.. Explore new opportunities for chaplaincy around the region. Develop training resources for new and existing workplace chaplains. Continue to grow existing chaplaincy projects and events. Financial instruments Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaclion, where it is recognised at the present value of the future payments discounted at a market rale of interest for a similar debt instrument. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small Companies exemption. The trustees, annual report was approved on . trustees by: 26 and signed on behalf of the board of R Pealing Trustee
Mission in the Economy Company Limited by Guarantee Independent Examinerfs Report to the Trustees of Mission in the Economy Year ended 31 December 2024 I report to the trustees on my examination of the financial statements of Mission in the Economy (Ihe charity.) for the year ended 31 December 2024. Responsibilities and basis of report The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements. 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. l am qualified to undertake the examination by being a qualified memberof'AcGounting body.. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection wtth the examination giving me cause to believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records- or the financial statements 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 fai¢ view which is not a matter considered as part of an independent examination" or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended PraGtice 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 Goncems 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. G Mattocks FCA Independent Examiner 18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 OWN /412f
Mission in the Economy Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Investment income 123,679 2,070 123,679 2,070 141,547 1,934 Total income 125,749 125,749 143.481 Expenditure Expenditure on charitsble activities Totsl expendlture 137,349 137,349 135.184 137,349 137,349 135,184 Net ¢expenditure)lincome and net movement in funds {11,600) (11,600} 8,297 Reconciliation of funds Total funds brought forward Totsl funds carried forward 119,635 119,635 111,338 108,035 108.035 119,635 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from corstinuing activities. The notes on pages 9 to 15 fomi part of these flnancial statemènts.
Mission in the Economy Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Current assets Debtors Investments Cash at bank and in hand 14 15 200 45,000 64,444 185 45.000 75,659 109,644 120,844 Creditors: amounts falling due within one year Net current assets 16 1,609 1,209 108,035 119,635 Total assets less current liabilitles 108,035 119,635 Net assets 108,035 119,635 Funds of the charity Unrestricted funds 108,035 119.635 Total charity funds 18 108,035 119,635 For the year ending 31 December 2024 the charity was entided to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities- The members have not reqUId the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These fina ial statements were approved by the board of trustees and authorised for issue on .zfand are signed on behalf of the board by". R Peal ng Trustee The notes on pages 9 to 15 fonn part of these financlal statements.
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is LNerpool Parish Church. Old Churchyard. Chapel Street. Liverpool, L2 8TZ. Statement of compliance These financial statements have been prepared in compliance with FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting pollcles Basls of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fvnctional currency of th8 entity. Going concern There are no material uncertainties about the charity's ability to continue. Dbsclosure exemptions The entty satisfies the criteria of being a qualifying entity as defined in FRS 102. As such. advantage has been taken of the following disclosure exemplions available under paragraph 1.12 of FRS 102.. (a) No cash fiow statement has been presented for the company. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectstions of future events that are believed to be reasonable under Ihe circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Destgnated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expendtlure dedared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements (conllnu8dJ Year ended 31 December 2024 Accounting policies (¢ontinued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to Particular G8tegories of income: Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entillement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and ServIS are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of ServIS is recognised with the d81iv8ry of the contracted service. This is dassified as unrestricted funds unless there 15 a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is reGognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to whiGh it relates.. expenditure on raising funds inGludes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. induding those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justs'fiable and consistent basis. Tangible assets All fixed assets are initially recorded at cost. 10
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements {¢ontlnu8d) Year ended 31 December 2024 Accounting pollcies (contlnued) Depreciation Depreciation is calGulated so as to write off the cost or valuation of an asset, less its residual value. over the useful economic lrfe of that asset as follows.. Fixtures and fittings 200/0 reducing balance Impairnient of fixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing. when it is not possible to ests'mate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. iffespective of whether other assets or liabilities of the charity are assigned to those units. Financial Instruments Basic financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised al the present value of the future payments discounted at a market rate of interest for a similar debt instrumont. Hedge accounting Hedge accounting is used where the hedging relationship is designated, documented and expected to be highly effective, and is only used for specific risks, as defined by FRS 102 section 12. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled vtholly within 12 months of the end of th8 reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arisos. 11
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements (¢onllnugd) Year ended 31 December 2024 Limited by guarantee The Charity is a Company Limited by guarantee and has no share capital. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations and gifts 183 183 518 518 Grants Anglican Diocese Roman Catholic Archdiocese URC Mersey Synod Methodist District Liverpool Airport Warrington Borough Council Merseyside Police YMCA CSL Seqirus 35,000 14,255 7,000 5.000 14,866 3,000 25.375 19,000 35,000 14,255 7,000 5,000 14,866 3,000 25,375 19,000 35,000 14,255 7,000 5,000 14,574 3,000 37,500 12.700 12.000 35,000 14,255 7,000 5,000 14,574 3,000 37.500 12,700 12.000 123,679 123,679 141.547 141.547 Investment income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 other interest receivable 2.070 2.070 1,934 1,934 Expenditure on charitsble activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Direct charitable activities Support costs 135,574 1,775 135,574 1,775 133,264 1.920 133.264 1,920 137,349 137,349 135,184 135.184 Expenditure on charitable activitles by activity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Direct charitable activities Governance costs 135,574 135,574 1,775 133.264 1,920 1.775 135,574 1,775 137,349 135.184 12
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements (ntinued) Year ended 31 December 2024 Analysis of support costs Analysis of support costs activity 1 Total 2024 Total 2023 Governance costs 1,775 1,775 1,625 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial ststements 660 660 11. Staff costs The average head count of employees during the year was 7 (2023.. 7). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 Number of staff No employee received employee benefits of more than £60,000 during the year (2023: Nil)- 12. Trustee reMun0Thlon and expenses no remuneration or other benefits from employment with the charity or a related entity were received by the trustees 13. Tangible fixed assets Fixtures and fittings Total Cost At 1 January 2024 and 31 December 2024 Depreciation At 1 January 2024 and 31 December 2024 Carrying amount At 31 December 2024 2,503 2,503 2,503 2.503 At 31 December 2023 14. Debtors 2024 2023 Prepayments and accrued income 200 185 13
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 December 2024 15. Investments 2024 2023 Other investments - COIF charity funds 45,000 45,000 16. Creditors." amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors - pension 1,200 409 800 409 1,609 1,209 17. Pensions and other post retirement benefrts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1.841 {2023: £2,097). 18. Analysls of charitable funds Unrestricled funds At 31 December 2024 At 1 January 2024 Income Expenditure General funds 119,635 125,749 (137,349) 108,035 At 31 December 2023 At 1 January 2023 Income Expenditure General funds 111,338 143,481 (135.184) 119.635 14
Mission in the Economy Company Limited by Guarantee Notes to the Financial Statements (¢ontlnugd) Year ended 31 December 2024 19. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 109.644 (1,609) 108,035 109,644 {1,609) 108.035 Unrestricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 120,844 (1,209) 119,635 120,844 (1,209) 119,635 15
Mission in the Economy Company Limited by Guarantee Management Infonnation Year ended 31 December 2024 The following pages do not fonn part of the ftnancial statements. 16
Mission in the Economy Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Income and endowments Donations and legacies Donations and gifts Anglican Diocese Roman Catholic Archdiocese URC Mersey Synod Methodist District Liverpool Airport Warrington Borough Council Merseyside Police YMCA CSL Seqirus 183 35,000 14.255 7,000 518 35,000 14,255 7,000 ij 5.000 14,866 3,000 25,375 19,000 5,000 14,574 3,000 37.500 12,700 12,000 123,679 141,547 Investment income Other interest re4vable 2,070 1,934 Total income 125,749 143,481 Expenditure Expenditure on charltable activities Wages and salaries Employe¢s NIC Pension costs Insurance Legal and professional fees Office rent and rates Travel Chaplains Events and outreach Office expenses other Training and subscriptions Sundry expenses 48,173 3,325 1,841 825 1,775 3,180 610 76,113 161 645 192 509 46,378 2.723 2,097 657 1,920 3,180 1.447 70,512 836 1.110 2.698 1,626 137,349 135,184 Total expendlture 137,349 135,184 Net (expendlture)Ilncome {11,600) 8.297 17
Mission in the Economy Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 December 2024 2024 2023 Expenditure on charitsble activlties Direct charitable activltles Activities undertaken directly Wages and salaries Employerfs NIC Pension costs Insurance Office rent and rates Travel Chaplains Events and outreach Office expenses other Training and subscriptions Sundry expenses 48.173 3,325 1,841 825 3,18D 610 76,113 161 645 192 509 46,378 2,723 2,097 657 3,180 1.447 70,512 836 1.110 2,698 1,626 135,574 133,264 Governance costs Governance costs - accountancy fees 1.775 1,920 Expenditure on charitable activities 137.349 135,184 18