Company registration numbèr. 05321062 Charity rtStratIon number. 1109843 The Myriad Centre Limitecl IA company limfted by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2023
The Myriad Centre Limitsd Contents Reference and Administralwe Details Ttustees. Report 2106 Statement of Trustees, Responsibilf£ies lftdependent Auditors, Report 8tr)11 statement of Financial Artivlcies 12 Balance Sheet 13 statement of Cash Flows 14 Notes to the Financial Statements 15to24
The Myriad Centre Limited Reference and Administrative Details Chief Executive Officer Richard Whaleley Trustees Gillian Swindin Jan Butterworth Deirdre Myers Carol Shirley Bawden John Wincenl Michael Caruedge Mohammed Toqueer Erica Annette Lawry Strudley David Strudley CBE (resigned 27 August 20241 Secretary John Vincent Principal Office The Myriad Centre St George's Watk Worcester WR1 1QY Company Regtstration Number 05321062 Charity Registration Number 1109843 Auditor Ballards LLP Chartered Accountants Oakmoore Court 11C Kingswood Road Hampton Lovett Droitwich Worcesletshire WR9 OQH Page 1
The Myriad Centre Limited Trustees, Report The trustees, some of whom are Llirectors for th& purposes of company law. present the annual report together with the financial statements of the charttablè company for the year ended 31 Decemb&r 2023. Objective5 and activities Objects and aims The MyriaLI Centre is a not for profrt charitabl& organisalion based in wo9$1er whose aims are to prDvide daytime support and facilities lo aduks and young people wi£h Profound and MuItiple Learning Disabilities that affect every facel of their lives. We provide the high&st qualty specialist care and development opportun((iÈs, challenging limitations and Gombating loneliness. These èssential support serwces for families, provided in a Day Centre env(ronment for clients from youth to maturity, are delivered in contractual partnership wrth the local authority Social Care Team and through agreements wth the NHS Continuing Heahc8re ¢ommissioners. The Cenlie is run by professional and experienced staff who are dedicated to providing a caring, safè and rgsponsive service of the highest standard for the well-being and recreation of Its clients. Achievements and perfomiance At the beginning of the year, the trustees issued a new three-y8ar Strategic Plan, including a revised Vision and Mission statèmenL The plan included five key objeclwes, namely.. Rebuild The Myriad Centre Improve financial sustainability Use evidence-based research to demonstrate the impact of our service Increase awareness of Myri8d and understanding of profound and muitiple learning disabilili8s Cre?te a WOTkplace where opportunities for clients and staff ar¢ maximised The objeGlive to rebuild thè Myriad Centre's premises posed signrficant challenges and consumed much of the Board's attention during 2023. Plans to demolish the existing Centre and replace it with a new, modernised, more *il for purpose, building were submitted in January 2023. WhiLst the planning application was being Considered the Trustees supported the proposal to move lo temporary accommodation at Greenhill Lodge in Worcesler, which look place in earty September under a lease tsking us to March 2025. Regrettab, delays in the planning pemiission decision m8ant that there was no further progress on the building development project fDr thè remainder of the year. However. permission was finally granted in April 2024, subject lo a Section 106 condition, and the Trustees are now considering all availabk options before decidiftg Dn the best long term location for the Centre. Page 2
The Myriad Centre Limited Trustees. Report Operationally, 2023 proved challenging for The Myriad. Attendance numbers bui]t steadily throughout the year with the Centre supporting up to 17 clients a day by the end of the summer, closè to ils maximum capacity. During the last four months of the year however. two full-time clients moved from the Centre and, after a short periDd of illness in November and December, one of the Charity's long-lem clients very sadly died in hosprtal earty in 2024. This coupled with several inlermitteftt client absences due lo illness in the last quarter led to a drop in income late in 2023 and for the first two quarters of 2024. An increase in thè National Lwing Wage INLW) without a commensurate increase in statutory funding also added to our financial pressures. In particular. successive increases to the NLW have signrficantly exceeded the ¢hariVs annual funding increases, which have risen by 40/0 or less during the last three yeats and 5/D in April 2L)24 when the NLW rose by 9.8D/o. The Trustees remain concèrned about the level of statutory funding from Worcester County Council IWCCI, which is inadequate for providing the developing and stimulating environment we seek lo offer our clients. The Board continues to make representations on this subject lo the commissioners and the PDlitical èstablishment. In this regard, we are grateful fgr the sUPPOrt of our Patron, Lord Faulkner, in championing thg cause of PMLD. In particular, he has challenged the GDvernmenl to support small but vital chartties like the Mwiad Centre, which a struggling lo raise the necessary funds to meet their increased wage bill. Despite the financial challenges, Myriad's fundr8isiThg effort attracted sufficient income to enable the team to deliver a wmprehensiv& range of therapeutic SeICeS lo clients. Specialised and bespoke physiotherapy is prov(ded onsite lo delwer effective posture management to individuals, ensuring that their movement range and mobility are maintained, enabling them to carry out routine daily function5, such as Sitting upright lo eat meals al a table, which we all take for granted. The positive effect of this s&Nice is vtsibfe to families and carers when clients relum home. Hydrotherapy and regular leisure SWIM5 log&lher with spe¢ialised 'Rebound' physio, vthich takes place on a trampoline, are experienced by clients offsite. Art therapy and a range of therapeutic musical experiences are also ènjoyed al the Centre. These necessary therapiès ar? essential lo the well-being and general good hèalth of our cliènls and crucial, are not funded by the local aulhoiity. Consequentty, during 2023, as in previous years, approaches to indèpendent granl-making trusts and organisalions are undertakgn, lo endeavoui lo raise the income which enables the delniery of these specrfic Servi$. staff recruitment and retention were also challenging and this became parti¢ularfy problematic in the second haw of the year. A subcommittee of the Board was Breated to combat these challenges and an operational plan was implementecl in November leading lo a successful rise in recruitrnenl and an environment where staff retention is less of an issue. A new Fundraising ConSUnt for the charty was appointed in the autumn and is already building on the firm base provided by her predesor. This wll include the introduction of an income generation strategy in 2024, the principal function of which wtll be to try and increaso th? level of non-slalutory funding lo bridge any gap in slatutDry funding and lo further enhanc& the experience our clients receive at tho Cenlre. Unfortunately. the vehicles we use to transport our elienls to and from the Centre were vandalised during th& first weekend of OGcupation al Greenhill Lodge. However, due to a highly supportive publi¢ fundraising campaign the costs of repairs and income lost were all eovered. Page 3
The Myriad Centre Limited Trustèès. Report Public benèfit The Cenlrè is run by professK)nal and expertencerl staff who are dedicated lo providing a caring, safe and responsive Servi of the highest standard for the well-being and recreation of its clients. The tnjstees confirni that they have ¢omplied with th8 requirements of section 4 of the Charities Act 2011 to havè due regard to the public benefit guidance published by the Charity Commission for England and Wales. Financial review Despite the ongoing challenges raised by inflationary pressures in all cost areas experienced during the year. the support received from local authorities. parents and both inclwidual and inslilutional donors, together wtth careful control of all of our costs. ensured Myriad reported a small opèrational surplus for the year. Our Balan Sheet value ancl SerVeS al the end of 2023 therefore remained stable. Cash reseNes also remained fairty constsnt with 2 net cash position at the end of Dernber 2023 of £266,805 12022 £290,439) ex¢luding all restricted reserve commitments which, in line with our reserves policy, wll provide sufficient cover for our ongoing operational costs and development plans for the Centre in 2024. During the year, Twstees implemented a cash management strategy to maximise income from the investment of any surplus funds. Board approval was s0 granted for th new minibuses for dèlwery in the second haw of the year to replace the current buses which are very rnuch past their economic life. This is a large but necessary expenditure to ensure clients continue to have a safe and reliable joumey lo and from the Centre and to any outside activities. The increas8 to the living wage and a sk)w builci up of client numbers will put increased financial pressure on the Centre during 2024. We have returned a small operaliDnal loss in the first quarter and whilst we expect this posttion to gradually improv8 over the rest of the year our current forecasts still project a deficit for the year. We continue lo look at all areas of income generation to eover these ongoing challenggs and our long8r 18rm plans mentioned elsewhere in this report form an important part of this overall strategy. We regularly review our financial position not On historically but also in the preparation of future forecasts to ensure our cash reserves are sufficient to cover Dur projected operational costs for 81 least three months all anticipated future capital costs to SUPPDrt any of our strategic development plan5 - any unforeseen GOSts or circumstances The Board considèrs this policy appropnate to provide the necessary financial stability of the Centre. Page 4
The Myrlad Centra Limrted Trustees. Report Governance During 2023 The Myriad Cèntse had 9 trustees with a range of 8xpertise and experience including, fundraising, human resources, healthcare delivery, finance, governan, commercial management and leadership. In addition, one of our Iruslees was a parent of a child who suffered from PMLD, and therefore prDvides a very valuable insight from a family's peTspeclive. The membèrship of the Trustee team is regularfy remewed lo ensure the appropriate CDmbination of skills and experience to support the leadership and development of the organisalion. In addition to quarterty Board meetings. various suboroups meet at regular intervals lo consider spectfic areas in more depth, allowing the full Board meetings to keèp a strategic focus. Board membership remained stable during the year, with all trusteès actively engaged and in high attendance al quarterly board me&lings, ¢ommittee me8lings, and the AGM. The Finance, Clinical Govemance, and Income Generalion committees all maintained detailed oversight of their areas of responsibility. The PrDjecl Oversight Group, set up to oversee the rebuildinglrelocalion of the Centre, was suspended during the year whilst we warted for the out¢Dme of thè planning application regarding the st George's Walk building. In the final quartor of the yèar, the Vicèrychair deputised for the Chair during his medical absence. Nature of governing document The charity is coritrolled by its Memorandum and Articles of Association dated 24 December 2004 las amended on 31 August 20211, w(th subsequent Special Resolutions. and constilutèg a limited Company, limited by guarantee, as defined by the Companies Art 2006. Recruitment and appointment of trustees Trustees are local to the 8rea and are recruited through advertisement and personal recommendation. They are elected based on the skills, knowledge and experience appropriate lo the d?velopmenl and best interests of the organisalion. Page 5
The Myriad Centre Umited Trustees. Report Major rtsks and management of thosg risks The trustees have a duty to identify and review the risks lo which the charity is expos&d and lo ensure appropriate Controls are in place to provide reasonable assurance against fraud and etror. All risks to which the charity is exposed and the mainlenan¢e of appropriate controls to provide reasonable assurance against fraud and error are monitored and managed through a Risk Regist&r which is reviewed by the sub-groups and Board &ach quarter. We k)ok forward to another demanding and rewarding year in which we trust we shall resolve our accommodation issue, achieve greater financial sust8inability through incr&ased client numbers and robust income-generalion strategy. 24 Sep 2024 The annual report was approved by the trustees of the charty on behalf by.. and slgned on rf£s JDhn Vincent Company Secretary and Trustee Page 6
The Myriad Centre Limited Statement of Trustees, Rèsponsibilities The trustees (some of whom arè also the directors of Th¢ Myiiad Centre Limited for the purposes of company lawl are responsible for preparing the trusteès, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generalty A¢¢epted Accounting Pradicel and applicablg law and Tegulalions. Company law rèquires the trustees to prepare financial ststernents lor esch financial year. Under company law the trustees musl not approve the financial statements unless they are satisfied that they givè a true and fair view of the state of affairs of the charilabl@ company and of its incoming r@SDur¢es and application of resources, including its ineome and expendrture, for that period. In preparing these financial statements, the ITU51ees are required lo.. select suitabl? accounting policies and apply them constst&ntly', obsetve the methods and principles in the Chariti&s SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK AGcounting Standards have been followed, stjbject to any material departures disclosed and explained in the financial slalements., and prepare the financial statements on thè going concern basis unless it is inappropriate to presume that the charttable company will continue in business. The trustees are responsible for keeping adequat? accounting records that arè sufficient lo show and èxplain the charitable companys transaclK)ns and disclose with reasonable accuracy at any time the Inancial position of the charitable company and enable them to ensure that the financial Statements comply wrth the Companies Act 2006. They are also reonSIble for safeguarding the assets of the charitable Company and hence for taking reasLinable steps for thè prevention and delectiDn of fraud and other irregularitiès. 24 Sep 2024 Approved by the trustees of the charity on .................... and signgd on its beha by. John Vincent Company Secretary and Trusteè Page 7
The Myriad Centre Limited Independent Auditors Report to the Members of The Myriad Centre Limited Opinion We have audited the financial statements of The Myriad Centre Limf(ed (th& 'charty'l for the yèar nded 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, statement of Cash Flow5, and Notes to the Financial Slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pparatIOn 1$ United Kingdom Accounting Standards, comprising Chartties SORP FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law Iuniled Kingdom Generally Accepted Aceounting Practice). This Teport is made solely to the Gharilable company's trustees, as a body. in accordance with Section 144 of the Charities Act 2011 and reguktions made under Sèction 154 of that Ael. Our audtt work has been undertaken so that we might state lo the charity's trustees those matters we arè required to state lo them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyonè other than the charitable company and its trustèes as a body, for our audft work, for this report, or for the opinions we have formèd. In our opinion the financial statem@nls'. give a true and fair view of the state of the eharity's affsits as al 31 December 2023 and of its results for the year then ended., have been propedy prepared in accordance with Uni(ed Kingdorn Generalty Aceepled Accounting Pra¢tice,' and have been prepared in accordan wfth the requirèments of the Compani8s Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UKII and applicable law. Our responsibilities under those standards are further deseribed in the Autjrtor's responsibilities for the audrt of the financial statements Section of our report. We are indepèndent of the charty in accordance with the ethical requirements that are relevant to Dur audit of the financial slalements in the UK, including thè FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibiltties in accordance wtth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing lo report in respect of the follDwing matters in relalioft lo which the ISAS IUKI Tequire s lo report to you where.. the trustees use of thè going conGern basis of accounting in the preparation of the ffnancial Statements is not appropriate., or the trustees have not disclosed in the financial statements any identrfied material uncertainties that may cast significant doubt about the charity's ability lo continue to adopt the going conrn basis of accounting for a period of at least twelve months from the dale when th8 financial statements are authorised for issue. Other infomiation The Iruslees are responsible for the other information. The other infomation cotnprises the infomalion included in the annual report, other than the financpl statements and our audrtor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicrf(ly slatèd in our report, W8 do not &xpress any form of assurance conclusion thereon. Page 8
The Myriad Centre Limitsd Indepgndent Auditor's Report to the Members of The ktyriad Centre Limlted In connection with our audit of the financial statem8nts, our responsibillty is lo read the other infomation and, in doing so, consider whether the other infomialion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identfy such material inconsisten¢ies or apparent material misstaternenls, we are required to determine whether there is a mateoal misststement in the financial statemen15 or a material misslatftment of the other information. If, based on the work we have performed, we conclude that therè is a material misstatement of thi$ other information, wè #re required to rèport that fact. We have nothing to repDrt in this règard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identtFied material misstatements in the Trustees, Rèport. We have nothing to report in respect of the following mattets where the Charities Act 2011 requires us tts report lo you if, in our opinion.. adequate accounting rewrds have not been kept, or returns 8dÈquate for oui audft have not been reiVed from branches not visited by us," or the ffinaneial statements are not in agreèment with the accounting records and returns., or rtain disclosures of Iruslees remuneration spÈcrfi8d by law are not made,. or we have not Teceived all the information and explanations wè require for our audit. Responsibilities of trustees As explained more fully in the Statement pf Trusteès. Responsibilities Isel out on page 7], the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees dètermine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whelhei due lo Iraud or error. In preparing the financial statements, the trustees are responsible for assessing the Gharity's ability lo continue as a going concern, disclosing. as applicable, matters related to going concem and using the going concern basis of a¢¢Dunling unless the trustee5 either intend to liquidate the chartty or to eease operations, or have no r@alistic alternative but to do sts. Pag& 9
The Myriad Centre Limited Independent Auditorfs Report to the Pjlèmbers of The Myriad Centre Limited Auditor's responsibilities for the audit of the financial statements Our objectlves are lo obtain reaSDnable assuTance about whether the financial statements as a whole ar& free from material misstalemenl, whèther due to fraud or error, and to issue an audrf(orfs report thal includes our opinion. Reasonable assurance is a high level Df assuran, bul is not a guarantee that an audit conducl8d in accordance with ISAS lu will aayS delecl a material misstatement when it exists. Misstaternenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeGtsd lo influence the economic decisions of users taken on the basis of these financial statements. As part of an audrt in accordance with ISAS IUKI, we exercise professional judgement and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misslatemenl of the financtal statements, whether due to fraud or èrror, design and pèrform audrfc procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatemènt resuknng from fraud rs higheT than for one iesuV£ing from error, as fTaud may involve collusion, forgèry, intentional omissions, misrepresenlalions, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit ProdureS that are appropriate in the circumstances, bul not for the purposè of expressing an opinion on the efflIveneSS of the charity's internal control. Evaluate thè appropriateness of accounting policies used and the reasonableness of coUntIng estimates and related disclosures made by the Iru51e8S. Conclude on the appropriateness of the trustees use of the going concern b8sis of acwunling and, based on the audit evidence obtsined, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the charity's ability to continue a5 a going eoncern. If We conclude that a material uncertainty exists. we are required lo draw attention in our aurlilor's report to the relatèd disclosures in the financial slalemenls or, if such disclDSLJs are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tr) thè dale of our audttorf5 report. However, futLJre events or conditions may cause the charity to cease to continue as a going Goncern. Evaluate the overall presentation, structure and nIellt of the financial statèments, including the disclosures, and whethèr the financial slalemenls represent the underlying transactions and events in a manner that a¢hieves fair presentation. Obtain sufficient appropriate audit evidenGe regarding the financial information Df the entrf(ies or business 8Ctivilies within the charty to express an opinion on the financial statements. We are responsible for the direction, supervision and perfomance of the charity audit. We remain solely responsible for our audit opinion. We communicate with those charged with g0veMan regarding, among other matters, the planned scope and timing of the audit and signtficanl audit findings, including any signrficanl deficiencies in internal control that we identify during Oltr audit. Page 10
The Myriad Centre Limrted Independent Auditor's Rgport to the M8mbets of The Myriad Centre Limited M A Skellum jsenior Statutory Audilorl For and on behalf of Ballards LLP, Statutory Auditor Oakmoore Court 11C Kingswood Road Hampton Lovett Droitwi¢h Worcestershire WR9 OQH Date.. P8ge 11
The Myriad Centre Limited Statement of Financial Activitios for the Year Ended 31 Decèmber 2023 Ilncluding Income and Expenditure Account and StstsTnent of Total Recognised Gains and Losse51 Unrestrictèd funds Restricted funds Total 2023 Note Incomè and Endowments from: Donations and legacies Charitable a¢tivities Other trading &lNrties Totsl Income 43,165 512,221 124,047 100,390 143,555 512,221 124,047 679,433 100,390 9,823 Expenditure on". Charitable activiltes 1704,8791 157.2041 762,0831 Total Expenditure Net lexpenditureifincDme Transfers beiween ftjnds 1704,8791 157,2041 1762,0831 125,4461 33,448 43,186 133,448 17,740 Net movemènt in funds 8,002 9,738 17,740 Reconciliation of funds Total funds brought foiward Total funds cairied forward 860,261 167.201 1,Ct27,462 1,045,202 Total 2022 18 868,263 Unrèstricted funds 176,939 Restricted funds Note Income and Endowrnents from: Donations and legacies Charitable activities other trading actNities Other income 15,082 4E5,215 90,226 200 590,104 605,186 485,215 90,226 200 Total Income 590,723 590,104 1,180,827 Expenditure on: Charitablè aetivilies 1590,9441 74,3851 665,3291 Total Expenditure Net (expenditure)lincom& Transfers bebNeen funds 590.9441 74,3851 665,3291 1221) 444,922 515,719 1444.922 515,498 Nel movement in funds 444,701 70,797 515.498 Reconciliation Df funds Total funds brought forward Total funds carried forward 415,560 96,404 511,964 18 860,261 167,201 1,027,462 All of the charty's adivities dèrive from continuing operations during the above cl periods. Page 12
The Myriad Centre Limited (Registration number: 053210621 Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Intangible assets Tangiblè assets 12 13 5,388 554,145 3.280 529.413 532,693 559.533 Current assets Debtors Cash at bank and in hand 14 72,725 443,744 58,442 457,640 516,469 516,082 Creditors: Amounts falling due within one year Net current assets 15 130,8001 485,669 21,313 494,769 Net assets 1,045,202 1.027,462 Fund$ of the charity.. Restricted funds 176,939 167,201 Unrastricted income funds Unrestrided funds 868,263 860,261 Total funds 18 1,D45,202 1,027,462 For the financial year ending 31 D8cember 2023 the charity was entit to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. TrLtsleès' responsibilities.. Tho members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476,. and The directors acknowledge thèir responsibilities for complying wi(h the requirements of the Act with respect to a¢countirig records and the preparation of aGcounls. These accounts have been prepared in accordan with the provisions applicable lo companies Subject lo the small companies regime. These financial statem?nls have been audited under the requirements of Section 144 of the Charities Act2011. TW&pIlements on pages 12 tts 25 were approved by the trustees, and authottsed for issue on. and signed on their behalf by.. John Winc8nt Company Secretary and Trustee Page 13
The Myriad Centre Limitsd Statement of Cash Fltsws for the Yoar Ended 31 Do¢eTnber 2023 2023 2022 Note Cash flow5 from operating activities Net Gash income 17.740 515,498 Adjustmènts to cash flow5 from non-¢ash item5 Depreciation Amortisalic)n 30,475 2,690 49,012 50,905 564,510 Working capital adjustments Increase in debtors Increase in creditors 14 15 114,2831 9,487 16,0661 6,214 Nel cash flows trom operating actniilies Cash flows from investing activities Purchase of intangiblè fLxed assets Purchase of tangible fixed assets Net flows from investing actDfities Net Idecreasellinerease in cash and cash equNalet Cash and cash equivalents al 1 January Cash and cash equivalents at 31 December 46,109 564,658 12 13 {4,7981 155,2071 13,2801 452,551 60.0051 1455,831) 113,8961 457,640 108,827 348,813 443,744 457,640 All of the cash flows are dernied from continuing operations during the above two periods. Page 14
The Myriad Centra Limltèd Notes to the Financlal Statements hr the Year Ended 31 Decembèr 2023 I Charity status The chaiity is a charity limited by guarantee and consequently doe5 not have share capital. Each of the trustees is liable lo contribute an amount not exceeding £1 towards the assets of the charty in the event of li4uidalion. 2 Accounting policies Summary of significant accounting pollcles and key accounting Èstimates Thè principal accounting policies applied in the preparation of these financial sta18ments are sel out below. These policies have been nsiStenttY applied to all the years prèsented, unless otherwise stated. Statement of compliance The financial ststements have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Re¢omrllended Practice applicable lo Charities preparing their accounts in accordance with the Financial Rèporting Standard appIlble in the UK and Republic of Ireland IFRS 102} - Icharitiès SORP IFRS 10211 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Basis of preparation The Myriad Centre Limrted meets thè definition of a public benefrt entity undei FRS 102. Assets and liabilities are initially recognised * historical cost or transaction valu& unless otherwise slated in the relevant accounting policy notes. Going concern The Irustees CDnsider that there are no material uncertainties about the charity's ability to continue as a going concern nor any signrfiGanl areas of uncertainty that affect the carrying value of assets held by the charty. performan has remained strong throughout the year and the charity has sufficient cash reserves to ensure that the charity's ability to trade as a going concern will rsot be affected. Income and endowments All income is recognised once the ehanty has entitlement to the income, it is prtsbable that the income will bo received and the amount of the income reCeable can be measur&d reliabty. Donati0115 and legacies Donations are recognised when the charty has been notified in writing of both the amount and settlement date. In the event that a donation is subjed to conditions that require a level of performance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilment of those conLlitions is whol within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Page15
The Myrlad Centre Limited Notes to the Financial Statements for the Year Ended 31 December 2023 Grants receÈvable Grants are reeognised when the charity has entitlernent to the funds and any conditions linked lo the grants have been met. Where performance Conditions are attached to the grant and are yel lo be mel, the income is recognised as a Ilability and included on the balance she81 as deferred income lo be released. Expendtture All expenditure is reeognised On th&rè is a legal or conslructwe obligation to that eXP2nditure, ft is probable settlèment is requirect 2nd the amount can be measured reliably. All costs are 811ocated to the appliGable expenditure heading that aggregate similar costs lo that category. Where costs cannot b& directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wrf(h ntral staff costs 8llocated on the basis of time spent, and deprectation charges all(taled on the portion of the asseys use. Othèr sUPPOrt costs are allocatect based on the spre&J of staff costs. Charitable a1VitieS Charit8ble expenditure comprises those costs incurred by the charity in the delivery of its actrniities and sèrvices for its beneficiaries. It includes both eosls that can be allocated dirèctly to such actimties and those costs of an indirect naturè necessary lo support them. Support costs Support costs include central fundions and have been allocated to actlvty Cost categories on a basis n5iStent with the use of resources, for example, allocating propety costs by flDor ar8as, or per capita. staff Costs by the time spent and other costs by their usage. Governance costs These include the costs attribLrtable lo the charity's compliance with Constitutional and statutory requirements, including audit, strategic management and trustees, meetings and reimbursed expenses. Taxatlon The charty is considered to pass the tests sel out in Paragraph I Schedul8 6 of the Financè Act 2010 and therefore it meets the Llefinilion of a charitable company for UK Corporation lax purposes. Accordingly, the charity is polenlialty exempl from tsxation in respect of income or capital gains received wfthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income Dr gains arè applied exclusivety lo charitable purposes. Intangible assets Intsngible assets are stated in the Balance Sheet at cost less accumutated amortisalion and impairment. They are amottisecl on a straight line basis oveT their estimated usefvl lives. Tanglblè flxed assets Individual fixed assets are Initial recorded at Gost, less any subsequent accumulated depreciation and subsequent accurnulaled impairment lossès. Page 16
The Myriad Centre Limited Notes to the Financial Statements for the Year Ended 31 December 2023 Amortisation Amortisation is provided on intsngible fixed assèts so as to wr*te off the cost, less any estimated residual value, over their expected useful economi¢ lrfe as follows.. Asset class Webstie costs Amortisation method and rate Over 3 years Deprectation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value. over their expected useful economiG life as follows". Asset class Long leasehold Equipment Motor vehicles Frèehold property Depreciation method and rate 4.10 on Cost 33.3O/u on cost 250A on cost 2Y¢ Dn cost Trade debtors Trade debtors are amounts due from clients for servtces perfornied in the ordinary course of charitable acliwties. Trade debtors are recognised initially al the transaction price. They are subsequently measured at amort15ed cost using the effective interest methool, less provision for impaitrllenl. A provision for the pairmenl of trade debtors is established when there is Dbjecttve evidence that the charity will not be ablè to collèct all amounts due according lo the original terms of the receivables. Cash and cash equivalents Cash and cash equ¥valènls ¢omprise cash on hand and call deposits, and other short4emi highty liquid investments that are readily convèrtible lo a known amount of cash and are subject to an insignfficant Ilsk of change in vslue. Trade creditors Trade creditors are obligations lo pay for goods or servises that have been aUired in the ordinary course of business from suppliers. Accounts payable are classified as current liabil((ies if the charity does not have an unconditional right, at the end Df the reporting period, to defer settlement of the ttrèdrtor for al lea51 e1ve months after thè reporting dale. If there is an unconclitional right to defer settlement for al least twelve months after the reporting date, they are presented as non-current Trade creditors are recognised inilialty al the transaGlion pric8 and subseqLtenlty measured at amortised cost using the effective interest method. Fund structure Unrestricted in¢ome funds are general funds that are available for use at the trustees. discretion in furthèran of the objectives Df the charty. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted lo that area or purpose. Page 17
Thè Myriad Centre Limited Notes to the Financial Statgments for the Year Ended 31 Docèmber 2023 Pensions and other post retirement obligations A defined contribution plan is a p&nsion plan under which fixed contributions are paid into a pension fund and the ¢harrty has no legal or conslruclive obligation to pay fvrthèr contr(bulions even rf the fund does not hold sufficient assets lo pay all employees the benefits relating lo employee serwce in thè current and prpjr pèriods. Contftbuli)ns to clefined contributiDn plans arè recogni5ed as employee benefit expens& whèn they are due. If contribution payments exeèed the contribution rlue for service, the excess is reco9nised as a prepayment. 3 Income from donations and legacies Unrestricted funds Restricted fund5 Total 2023 Total 2022 General Donations and legacies- Donations from indwiduals 43,165 100,390 143,555 605,186 43,165 100,390 143,555 605,186 4 Income from Charitable activities Total 2023 Total 2022 Client fees 512,221 485,215 5 Income from other trading activitie5 Unrestrictgd funds Total 2023 Total 2022 General Fundraising income 124,047 124,047 124,047 90,226 90,226 124,047 Page 18
The Myriad Centre Limited Notss to the Financial Statements for the Year Endèd 31 December 2023 6 Expendlture on charitable activtties Unrestricted funds Restrfcted funds Total 2023 Total 2022 Ggneral Note staff costs Allocated support costs Governance costs 474.915 615 475.530 400, 166 151,TT9 78,185 52,669 3,920 204,448 82,105 762,083 193.727 71,436 704,879 57,204 665,329 7 AnaSiS of governance and support Costs Governance costs Unrestricted funds Restricted funds Total 2023 Total 2022 General staff costs Social securty costs Pension costs Auclil fees Audtt of Ihe financial staternènls Legal & PTofessional fees Bookkeeping seNi¢es 22,164 8,227 22,164 8,227 15,776 6,782 S,868 41,106 82D 5,868 45,026 820 5,269 41,594 1,015 71,436 3,920 78,185 3,920 82,105 Net incomingloutgoing resources Nel incoming resourcès forthe year include.. 2023 2022 Audit fèes 5,868 5,269 9 Trustees remuneration and expenses No twstees, nor any persons connected wrf(h them, have reiVed any r8muneralion trom the charity during th& year. No trustees have received any reimbursed expenses from the charity during the year. Page 19
The Myriad Centre Limited Not95 to the Finanoial Statements for the Year Ended 31 December 2023 10 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs during the year were: Wages and salaries Social security costs Pension cosls 475.530 22,164 8,227 400,166 16,776 6,782 423,724 505,921 The monthly average number of persons (including senior manag@ment team) employed by the charity during the year expressed as full time equThial@nls was as follows.. 2023 2022 Average employees 35 36 The number of employe&s whose emoluments fell w(thin the following bands was.. 2023 No £60,001- £70,000 The total employee beneffts of th8 key management personnel of the charity were £60,167. 11 Taxation The charity is a registered charty and is therefore @xempl from taxation. Pag& 20
The Myriad Centre Limited Note5 to the Financial Ststements for the Year Ended 31 December 2023 12 Intangible fixed assets Othpr intangiblÈ asset Total Cost At 1 January 2023 Additions 3,280 4,798 2,280 4,798 At 31 December 2023 8,tr78 8,078 Amortt5ation Charge foT the year Al 31 December 2023 2,690 2,690 2,690 2,690 Net book value At 31 Dernbr2023 5,388 5,388 At 31 December 2022 3,280 3,280 13 Tanglble fixed assets Land and buildings Fixtures and fittings Motor vehicles Equipment Total Cost Al 1 Janugry 2023 Additions Disp0591s 628,279 6,068 4.985 166,196 16,640 73,223 872,683 32,499 55,207 58.C1991 163,0841 14,9851 At 31 D&c8mber 2023 634,347 182,838 47,623 864,806 Depreciation Al 1 January 2023 Charge for the year Eliminated on disposals Al 31 December 2023 114.726 15,823 4,487 498 161,327 4,869 62,730 9,285 343,270 30,475 14,985 58,099 63,0841 13D,549 166,196 13,916 310,661 Net book value Al 31 December 2023 503,798 16,64D 33,707 S54,145 At 31 Dècember 2022 513,553 498 4,869 10,493 529,413 Page 21
The Myriad Centre Limited Notes to the Financial Ststements for the Year Ended 31 Dècember 2023 Included within the net book value of land and buildings above is £435,983 12022 £438,307) in respect of freehold iand and buildings and £67,815 12022 £75,246) in respect of property improvements. 14 Debto 2023 2022 Trade debtors Prepayments 55,820 16,904 42,512 15,930 58,442 72,724 15 Creditors: amounts falling due within one year 2023 2022 Trade creditors Othèr taxation and social security Accruals 15,193 6,996 8,611 30,800 8,837 5.164 7,312 21.313 16 Pension and other schemes Defined contribution penslon scheme The charity operates a defined contribution pension sGheme. The pension cost charge for the year represents GontribulK)ns payable by the charty to the scheme and amounted to £8,227 12D22 £6,782). 17 Commitments Capital commitments Thè lolal amounl contiacted for but not providod in the fin8ncial statements was £Nil {2022 - £Nill. Other financial ¢ommlknents The lotal amount of othèr financial commitmen15 not provided in the financial statem8nls was £52,500 12022- £Nill. This relates lo a lease of land and building Page 22
The Myriad Cèntre Limited Notes to the Financial Statements for thè Year Ended 31 December 2023 18 Funds Balance at 31 December 2023 Balance at 1 January 2023 Incoming Rèsources resources expended Transfers Unrestricted funds General General fund 860,261 679,434 1704,8801 33,448 868,263 Restricted funds Capital resetve General restrictÈd 2,00Tr 165,201 12,000) (31,448 1 OQ,39D 157,204 176,939 Total restricted funds 167,201 100,390 157,2041 33,4481 176,939 Totsl funds 1.027,462 779,824 762,084 1,045,202 Balance at 31 December 2022 Balance at 1 January Incoming Resource$ 2022 resources expended Transfers Unrestrictèd funds General General fund 415,560 590,723 1590,944) 444,922 860.261 Restricted funds Capital resewe General rèstricted 18,QOO 78,404 116,0001 1428,9221 2,000 165,201 590,104 174,385 Total restricted funds 96,4D4 590,104 174,385 1444,9221 167,201 Total funds 511,964 1,18Ct,827 1665,329) 1,027,462 Restricted funds relate to various donations which have been received specifically for projects which are expected to commence after January 2024. Page 23
The Myriad Centre Limited Note5 to tha Financial Statements for the Year Ended 31 December 2023 19 Analysis of net assets bEeen funds Unrestrictsd funds Rèstricted funds General Total funds Intangible fiK&d assèts Tangible lixèd assets Current ass@ts Current liabilities 5,388 552,065 341,610 130,8001 86B,263 5,388 5S4,145 516,469 13D,8001 1,045,202 2.080 174,859 Total nel assets 176,939 20 Analysi5 of ngt funds At31 December 2023 At 1 January 2023 Cash flow Cash at baftk and in hand 457,640 113,8961 443,744 Net debt 457,640 113,8961 443,744 21 Related party transactions There were no related party transactions in the year. Page 24