Company registration number: 05133540 Charity registration number: 1110830
Meetings Industry Meeting Needs
(A company limited by guarantee)
Annual Report and Financial Statements for the Year Ended 31 May 2022
Lambert Chapman LLP Chartered Accountants and Registered Statutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB
Meetings Industry Meeting Needs
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 15 |
Meetings Industry Meeting Needs
Reference and Administrative Details
Mr B R Kirsch, Hon. Treasurer Ms K Conway Mr D Dodgeon Ms L Corgan Mr M Lewis, Hon. Chairman Mrs L Lernoux-Dock Ms K R Small Mr M Curran Ms S J Greenhill Mr C J Peacock, Chairman Ms H Kelly Ms C E Windsor Ms S M Devereaux Ms G Bassett Mr B R Kirsch, Hon. Treasurer
Trustees
Secretary Mr B R Kirsch, Hon. Treasurer Charity Registration Number 1110830 Company Registration Number 05133540 The charity is incorporated in England. Registered Office 3 Warners Mill Silks Way Braintree CM7 3GB Independent Examiner Lisa Greenwood FCCA Lambert Chapman LLP Chartered Accountants and Registered Statutory Auditors 3 Warners Mill Silks Way Braintree Essex CM7 3GB
Page 1
Meetings Industry Meeting Needs
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 May 2022.
Objectives and activities
Objects and aims
The main objective of Meetings Industry Meeting Needs (MIMN) is to raise funds for worthy causes in the UK and overseas that are relevant to or have a connection with the events industry which may not have the resources to raise sufficient funds without additional contributions.
Many needy causes do not have access to public funding contributions and MIMN can provide financial support to these types of organisations through various fundraising initiatives.
Public benefit
The charity undertakes activities to relieve poverty, hardship and distress among those in need by reason of their social or economic circumstances and therefore is acting for reasons of public benefit.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
During the year, the charity has continued to provide grants to worthy causes to meet its objectives.
Financial review
Policy on reserves
The board of trustees meets approximately once a quarter to review the financial position and to consider and make decisions on grant applications. The trustees have decided that they need to maintain a reserve of approximately £12,000 to ensure that sufficient funds are available to ensure that the charity is able to run effectively. The Charity's available reserves at the Balance Sheet date amount to £40,135. Where reserves exceed the required reserve, this arises where fundraising takes place in advance of applications for grants being agreed.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Structure, governance and management
Nature of governing document
The charity was incorporated on 20th May 2004 and the governing document is the organisation's Memorandum and Articles of Association as amended by written resolution dated 2nd June 2005.
Recruitment and appointment of trustees
The appointment of trustees is by having regard to the job description and person and by interview of interested parties.
Induction and training of trustees
Any new trustees are provided with an appropriate amount of training to ensure that they understand their role and responsibilities within the charity.
Organisational structure
The organisation is managed and run by the Board of Trustees.
Page 2
Meetings Industry Meeting Needs
Trustees' Report
Major risks and management of those risks
Risks facing the Charity
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Charity's Trustees ensure that they appropriately review their procedures in respect of grant making.
The annual report was approved by the trustees of the charity on 12 December 2022 and signed on its behalf by:
......................................... Mr B R Kirsch Company Secretary and Trustee
Page 3
Meetings Industry Meeting Needs
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Meetings Industry Meeting Needs 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
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 its 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 apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can 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.
Approved by the trustees of the charity on 12 December 2022 and signed on its behalf by:
......................................... Mr B R Kirsch Company secretary and trustee
Page 4
Meetings Industry Meeting Needs
Independent Examiner's Report to the trustees of Meetings Industry Meeting Needs
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2022.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also 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 your charity’s accounts as 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of Meetings Industry Meeting Needs as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
...................................... Lisa Greenwood FCCA Chartered Accountants and Registered Statutory Auditors
3 Warners Mill Silks Way Braintree Essex CM7 3GB
3 January 2023
Page 5
Meetings Industry Meeting Needs
Statement of Financial Activities for the Year Ended 31 May 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Other trading activities 4 Total Income Expenditure on: Raising funds 5 Charitable activities 6 Total Expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 15 |
Unrestricted £ 23,410 68,145 91,555 10,293 84,835 95,128 (3,573) (3,573) 43,708 40,135 |
Total 2022 £ 23,410 68,145 91,555 10,293 84,835 95,128 (3,573) (3,573) 43,708 40,135 |
Total 2021 £ 12,471 52,008 |
|---|---|---|---|
| 64,479 | |||
| (1,350) 73,035 |
|||
| 71,685 | |||
| (7,206) | |||
| (7,206) 50,914 |
|||
| 43,708 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 15.
The notes on pages 8 to 15 form an integral part of these financial statements. Page 6
Meetings Industry Meeting Needs
(Registration number: 05133540) Balance Sheet as at 31 May 2022
| Note Current assets Debtors 12 Cash at bank and in hand 13 Creditors: Amounts falling due within one year 14 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 15 |
2022 £ 13,706 36,630 50,336 (10,201) 40,135 40,135 40,135 |
2021 £ 7,454 36,788 |
|---|---|---|
| 44,242 (534) |
||
| 43,708 | ||
| 43,708 | ||
| 43,708 |
For the financial year ending 31 May 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 12 December 2022 and signed on their behalf by:
......................................... Mr B R Kirsch Company secretary and trustee
The notes on pages 8 to 15 form an integral part of these financial statements. Page 7
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is:
3 Warners Mill, Silks Way, Braintree, CM7 3GB.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Meetings Industry Meeting Needs 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity has not included a cash flow statement in these financial statements due to the exemption as a result of the level of income reported.
Judgements
Apart from those judgements involving estimations, management has not made any judgements in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the accounts.
Key sources of estimation uncertainty
There are no key assumptions concerning the future or other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 8
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date, in the majority of cases this will be upon receipt of the funds.
Other trading activities
Fundraising income is recognised once the event to which the funds relate has occurred.
Investment income
Bank interest is recognised once receipt is probable and the amount receivable can be measured reliably.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Raising funds
These are costs incurred in respect of fundraising events held.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but the grant payment will be made in a subsequent accounting period, or there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including the preparation and examination of the accounts, strategic management and trustees’ meetings.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within 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 or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Page 9
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
3 Income from donations and legacies
| Donations and legacies; Donations 4 Income from other trading activities Events income; Fundraising income |
Unrestricted funds General £ 23,410 23,410 Unrestricted General £ 68,145 68,145 |
Total 2022 £ 23,410 23,410 Total 2022 £ 68,145 68,145 |
Total 2021 £ 12,471 |
|---|---|---|---|
| 12,471 | |||
| Total 2021 £ 52,008 |
|||
| 52,008 |
Page 10
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
5 Expenditure on raising funds
a) Costs of trading activities
| Fundraising trading costs; Fundraising costs 6 Expenditure on charitable activities Grant funding of activities (see note 8) Management expenses Bank charges Insurance IT and communications Other Charges Consumables Sundry expenses Governance costs |
Unrestricted General £ 10,293 10,293 Unrestricted General £ 61,155 21,600 138 249 302 108 354 53 876 84,835 |
Total 2022 £ 10,293 10,293 Total 2022 £ 61,155 21,600 138 249 302 108 354 53 876 84,835 |
Total 2021 £ (1,350) |
|---|---|---|---|
| (1,350) | |||
| Total 2021 £ 50,138 21,600 72 325 288 - - - 612 |
|||
| 73,035 |
7 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements |
Unrestricted General £ 876 876 |
Total 2022 £ 876 876 |
Total 2021 £ 612 |
|---|---|---|---|
| 612 |
Page 11
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
8 Grant-making
Below are details of material grants made to institutions
| Below are details of material grants made to institutions | ||
|---|---|---|
| Name of institution Action for Aspergers African Promise Central Tanganyika Diocesan Trust Champion Chanzige Chance for Childhood Clowns Without Borders Disasters Emergency Committee Ukraine Appeal Driven Forward Eventwell Pledge Happy Days Children's Charity Inter Care Ltd Kohima Educational Trust Leaders 4 Change Legs4Africa Livingstone Tanzania Trust New Horizon Youth Centre North London Cares Pink Flamingo Social Club Project Harar Redundancy Roadmap (Blue Phoenix) Remember Niger Sparkle Foundation Songhaven Street Children Iringa The Gambian Children's Fund The Uphill Trust Unicef Young Star Mentoring |
2022 £ - - 3,000 5,000 - 4,855 10,000 500 - 2,000 2,800 4,500 5,000 - 2,500 - 2,000 - - - 5,000 5,000 5,000 2,000 - - 2,000 - 61,155 |
2021 £ 2,500 500 - 1,600 500 2,500 - - 1,000 2,000 2,695 - - 5,000 - 1,250 803 500 5,000 1,050 5,000 - 5,000 - 5,400 5,000 - 2,840 |
| 50,138 |
Page 12
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year.
10 Independent examiner's remuneration
| 10 Independent examiner's remuneration | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Examination of the financial statements | 876 | 612 |
11 Taxation
The charity is a registered charity and is therefore potentially exempt from taxation.
12 Debtors
| Prepayments Accrued income 13 Cash and cash equivalents Cash at bank 14 Creditors: amounts falling due within one year Grants payable Accruals |
2022 £ 7,250 6,456 13,706 2022 £ 36,630 2022 £ 9,500 701 10,201 |
2021 £ 7,000 454 |
|---|---|---|
| 7,454 | ||
| 2021 £ 36,788 |
||
| 2021 £ - 534 |
||
| 534 |
Page 13
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
15 Funds
| 15 Funds | ||||
|---|---|---|---|---|
| Unrestricted funds General Unrestricted funds General |
Balance at 1 June 2021 £ 43,708 Balance at 1 June 2020 £ 50,914 |
Incoming resources £ 91,555 Incoming resources £ 64,479 |
Resources expended £ (95,128) Resources expended £ (71,685) |
Balance at 31 May 2022 £ 40,135 |
| Balance at 31 May 2021 £ 43,708 |
The specific purposes for which the funds are to be applied are as follows:
The unrestricted fund relates to funds that are available for use at the Trustees' discretion in furtherance of the objectives of the Charity.
16 Related party transactions
There were no related party transactions in the year.
Page 14
Meetings Industry Meeting Needs
Notes to the Financial Statements for the Year Ended 31 May 2022
Charity Partners 2022
During the period, income was received from our Charity Partners as listed below:
Berry Marketing Brands at Work City of London (Barbican Conference Centre) Conference Care Dataflow Events DRP UK Ltd Eclipse Presentations First Events Invoyage Ltd Jack Morton Ltd Leaf Hospitality MacDonald Hotels Ltd Micebook Noble Events Shangri La International Specta Travel The Meetings Space Top Banana Turner Agency Wedgewood Travel Worldspan
Page 15