Charity Registration No. 1114525
Company Registration No. 5544581 (England and Wales)
THE MARY DOLLY FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Kalculus Limited
Chartered Accountants & Business Advisers
THE MARY DOLLY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A Howard |
|---|---|
| M Porter | |
| S Warren | |
| A Ward | |
| Charity number | 1114525 |
| Company number | 5544581 |
| Registered office | 84 College Road |
| Bromley | |
| Kent | |
| BR1 3PE | |
| Independent examiner | Kalculus Limited |
| 119 Marylebone Road | |
| London | |
| NW1 5PU |
THE MARY DOLLY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE MARY DOLLY FOUNDATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Structure, governance and management
The Mary Dolly Foundation is a company limited by guarantee incorporated under the Companies Act 1985 as a Private Limited Company. The Company number is 5544581. The Company is also a Registered Charity (number 1114525).
The objectives of the company are to provide support, counselling and therapeutic activities to children, families and other persons. Whilst some Grants from statutory bodies were not available in the year, the Charity managed to expand and develop its services. The Trustees are looking to widen the Charity's activities and continue to expand its services.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were: A Howard
M Porter S Warren A Ward
The Board of Trustees has assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate their exposure to the major risks.
Objectives and activities
The Mary Dolly Foundation was founded to help and support children and young people in need, and to give their families and elderly citizens access to services they may otherwise not be able to use. The charity's aim is to promote and provide opportunities for real change for those we work with, helping to alleviate the effects of emotional distress and facilitating those involved to reach their full potential and enhance quality of life.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The results for the year are set out on page 4. The Charity's incoming resources decreased in 2022. The excess expenditure has arisen as funds received in earlier years have been expended and is perfectly normal, otherwise the money in the bank would continually increase. There are sufficient resources at the year end to cover future expenditure. The Trustees are pleased to acknowledge with thanks the contributions of all donors and funders who donated to the cause during the year.
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THE MARY DOLLY FOUNDATION
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s 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 consideration is given to ways in which additional funds may be raised. This level of reserves has not always been maintained but the Trustees continually monitor the funding of the Charity.
On behalf of the board of Trustees
..............................
M Porter Trustee Dated: .........................
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THE MARY DOLLY FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARY DOLLY FOUNDATION
We report to the Trustees on our examination of the financial statements of The Mary Dolly Foundation (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied ourselves that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, We report in respect of our examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 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 fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements 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).
We 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.
Kalculus Limited
Chartered Accountants & Business Advisers
119 Marylebone Road
London
NW1 5PU
Dated: .........................
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THE MARY DOLLY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Restricted funds funds Notes £ £ Incoming resources from generated funds Incoming resources from charitable activities 3 70,404 199,754 Bank interest received 4 237 - Total incoming resources 70,641 199,754 Resources expended Charitable activities 5 Direct Charitable Expenditure 36,307 228,264 Management and Administration 8,777 - Total resources expended 45,084 228,264 Net movement in funds 25,557 (28,510) Fund balances at 1 January 2022 10,984 175,865 Fund balances at 31 December 2022 36,541 147,355 |
Total 2022 £ 270,158 237 270,395 264,571 8,777 273,348 (2,953) 186,849 183,896 |
Total 2021 £ 398,646 14 |
|---|---|---|
| 398,660 | ||
| 269,217 11,919 |
||
| 281,136 | ||
| 117,524 69,325 |
||
| 186,849 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE MARY DOLLY FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 7 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Income funds Restricted funds Unrestricted funds |
2022 £ 188,885 (6,530) |
£ 1,541 182,355 183,896 147,355 36,541 183,896 |
2021 £ 189,170 (4,666) |
£ 2,345 184,504 |
|---|---|---|---|---|
| 186,849 | ||||
| 175,865 10,984 |
||||
| 186,849 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The Directors/Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Trustees on .........................
..............................
M Porter Trustee
Company Registration No. 5544581
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THE MARY DOLLY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
The Mary Dolly Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 84 College Road, Bromley, Kent, BR1 3PE.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's constitution, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of any sales related taxes.
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THE MARY DOLLY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The grants awarded by the Trustees are recognised in the Statement of Financial Activities in the year that they are made to the extent that a legal or constructive obligation exists.
Fixtures, fittings & equipment
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.6 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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THE MARY DOLLY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10 Fund accounting
The financial statements of a charity must differentiate between restricted and unrestricted funds.
Restricted funds are subject to conditions imposed by the donor.
Designated funds are amounts that have been put aside at the discretion of the Trustees out of unrestricted general funds for specific future purposes or projects.
Unrestricted general funds comprise accumulated surpluses and deficits after transfers to designated funds.
1.11 Grants payable
The grants awarded by the Trustees are recognised in the Statement of Financial Activities in the year that they are made to the extent that a legal or constructive obligation exists.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE MARY DOLLY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
3 Incoming resources from charitable activities
| Grant Founded Projects Donations £ £ Income within charitable activities 263,479 6,679 Analysis by fund Unrestricted funds 63,725 Restricted funds 6,679 263,479 6,679 For the year ended 31 December 2021 Unrestricted funds 12,625 15,055 Restricted funds 370,966 - 383,591 15,055 199,754 - |
Total 2022 £ 270,158 70,404 199,754 270,158 |
Total 2021 £ 398,646 |
|---|---|---|
| 27,680 370,966 |
||
| 398,646 |
4 Bank interest received
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Interest receivable | 237 | 14 |
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THE MARY DOLLY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 5 Total Resources Expended Provision of services Unrestricted Counsellors Staff costs Insurance Legal and professional Accountancy Sundry expenses Depreciation Computer expenses Bank charges Restricted Counsellors Staff costs Training |
2022 £ 273,348 273,348 2022 £ 18,670 17,637 1,400 1,717 3,900 847 804 - 109 45,084 208,455 19,809 - 228,264 |
2021 £ 281,136 |
|---|---|---|
| 281,136 | ||
| 2021 £ 1,015 15,235 1,240 1,795 4,403 1,133 804 2,364 180 |
||
| 28,169 | ||
| 229,868 23,099 - |
||
| 252,967 |
6 Employees
The average monthly number of employees during the year was: 1 (2021 - 1)
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THE MARY DOLLY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 6 | Employees | (Continued) | |
|---|---|---|---|
| Employment costs | 2022 | 2021 | |
| £ | £ | ||
| Counselling | 227,125 | 230,882 | |
| Wages and salaries | 36,627 | 37,430 | |
| Other pension costs | 819 | 905 | |
| 264,571 | 269,217 | ||
| 7 | Tangible fixed assets | ||
| Fixtures, fittings & equipment | |||
| £ | |||
| Cost | |||
| At 1 January 2022 | 4,020 | ||
| At 31 December 2022 | 4,020 | ||
| Depreciation and impairment | |||
| At 1 January 2022 | 1,675 | ||
| Depreciation charged in the year | 804 | ||
| At 31 December 2022 | 2,479 | ||
| Carrying amount | |||
| At 31 December 2022 | 1,541 | ||
| At 31 December 2021 | 2,345 | ||
| 8 | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Borrowings | 144 | 174 | |
| Accruals and deferred income | 6,386 | 4,492 | |
| 6,530 | 4,666 |
9 Fund Balance
The Mary Dolly Foundation is a Charitable company limited by guarantee and is governed by its trust deed. Accordingly, no share capital account is presented.
10 Capital commitments
The Mary Dolly Foundation does not have any capital commitments at the end of this period.
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