Registered number.. 6388343 Charity number: 1122801 THE MATTHEW PROJECT (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE MATTHEW PROJECT (A company limited by guarantee> CONTENTS Page Reference and admlnlstratlve detslls of the company, Its Trustees and advlsers Trustges, report Independent audltors. report on the financlal statemenls Statement of financial actlvitles 2-14 15-18 19 Balance sheet 20 Statement of cash flows 21 Notes to the flnanclal slatements 22-41
THE MATTHEW PROJECT (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Trustees Stephen Lock, Vice Chair (resigned 20 November 2023) Neil Lawrence. Treasurer Elizabeth Wiggins, Chair Gregory Gibson (resigned 18 November 2024> Margaret Wade (resigned 18 November 2024) Alison Lamont Keith James (resigned 18 November 2024) Robin Graham Hepbum Richard Cadman Elizabeth Cahir Richard Gilbert Aravind Satheesh (appointed 15 July 20241 lan Fifield (appointed 18 November 2024> Company registered number 6388343 Charlty regl$ter•d number 1122801 Reglstèred offl¢e 70-80 Oak Street Norwich Norfolk NR3 3AQ Company secretary Rachel Chapman Chlef executlve officer Rachel Chapman Independont audltors Larking Gowen LLP Charlered Accountants 1 st Floor, Prospect House Rouen Road Norwich NR1 1RE Bankers Lloyds Bank PIC Norwich NR2 1LZ Sollcltors Birketts LLP Kingfisher House Gilders Way Nowch NR3 1UB Page 1
THE MATTHEW PROJECT (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the company for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company Comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended practi ISORP) applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effectlV8 1 January 2019>. Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Slrategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlves and actlvltl•s . Purposes and alms For 39 years, the Matthew Project has been empowering young people and adults to overcome drugs, alcohol. and mental health issues so they can live their lives more fully. We support young people and adults tho.. have problems wilh drugs or alcohol are al risk of exploitation in County lines aclivily suffer from anxiety, depression and self-esteem issues face barriers to education, employment and training We also have specialist seNices'. run by veterans for velerans affected by drug and alcohol issues and living with PTSD for family members isolated and impacted by others. drug and alcohol issues The Charity's objects (the "Objects") are: For the benefit of young people and adults in the East of England and elSeere by- a> advancing education and b> providing counselling, advice. information. support Services and other assislance for those in need with the aim of improving their physical. emotional, mental and spiritual well-being. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relatlng to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Achievements and performance a. Main achievements of the company During these 12 months we have supported over 1.700 people through our varied programmes and SeiCeS, working across Norfolk and beyond wth peoplo who are struggling with drugs, alcohol and mental health issues. Our dedicated and experienced teams of caring professionals see the person not Ihe problem. They offer hop8 and a space in which to be listened to. We tailor our support rather than expecting everyone to fit into a standard model. We work one-to-one with individuals as well as in groups, face -to- fa and 'virtually' to help young people and adults to understand their behaviours and motivations- make choices Ihal are righl for them, and to develop skills and interests. Page 2
THE MATTHEW PROJECT (A company Ilmlted by guarantee) TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance (contlnued) In this way we work to prevent or reduce subslance misuse, build confidence and self-esteem, and help people to reintegrate into everyday life, including, in many cases, supporting them wth education and into employment. By doing this benefit vulnerable communities through improved physical and mental health. better relationships with others, and overall better quality of life. along wilh access to more opportunities. Our achievements over the past year have also helped us in working towards our long-term goals, which include- Being a trusted provider of substance misuse services across Norfolk and beyond and providing excellent care and service for our beneficiaries. Widening our sources of funding to sustain and continue to develop our charilable services. Continuing to support and develop our team with training and volunteer development opportunities, because the Matthew Project is a great place to work. Supporting those with whom traditional services fail to engage. Specific highlights over the year Snclude.. Followng the retender of the Children and Young People's Drug and Alcohol Service and Children and Young People's Affected Others Service. we submitted a bid for this work for the next four years starting April 2024. We were delighted to win this contract to work with Norfolk County Council Public Health. The ending of Building Better Opportunities funding for On Track in March 2023 reduced considerably the work we could do wth young people who are not in education, employment or training. However, we have maintained a smaller service and begun to expand On Track support for young people across Norfolk, We have developed our work in Wayland, Bure and Norwich prisons. The board was strengthened by the appointment of Richard Gilbert as deputy chair of trustees. After a period as Interim CEO, the Board appointed Rachel Chapman as permanent CEO with effect from 1 April 2023. We were awarded the Safe and Secure Flourish award in Ihe inaugural Norfolk County Council FLOURISH awards ceremony recognising the value of our work to children and young people. We were shortlisted for the 'Behind the Scenes, award by ERSA {Employment Related Services Association). We hav8 explored social enterprise opportunities lo diversify our income. This has been enabled by securing seed funding. With the help and support of excellent local chefs, we have developed 'DINE' events, to bring potential supporters into our Oak Street Hub rented out rooms and delivered Iraining in Subslance misuse. Page 3
THE MATTHEW PROJECT (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomlance (continued) Some of our key outcomes over the year include the followng.. On Track worked wlfh 92 young ppoplo lind dolivered 1740 67% people supported by TMP over the pasc 12 months 347 of chlldren affected by , parental substance, mlsu5e. have developed better coplng, strategles brlef Interventlon5 to familles 70 Ouiside the Wire are supportlng an average of 70 members each month. 75% 5.009 ofyoun8 rriein reported Irnprovement In SUbnCe rnlSts*ln8 Meals served In Ihe cenlre 165 300 members accessed drop Ins/ additional activlties adults affected by substance misuses/ involved in offending assisted by Project Adder 192 105 work5bops tackllng substance mlsu5e and PTSD dellvered In last 12 èhonth5 Veterans & their families given 1- 2-1 and group support 73% 69% 3677 ol young members dealing witl) substance misuse reported Improved wellbeing l young peoi)li) liavLi mnved Into ed(Ichtioii, eiTlI)loyiiieflf. Ifiiiiiiny, i)r voliiiii eorlng 5inre Jijly 2024 sessloft.. ttendan.ces In the centre ovRr 10 OTW support groups run by staff and volunteers .•.• Page 4
THE MATTHEW PROJECT (A company limited by guaranteel TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achlevemenls and performance {contlnued} b. Future developments We have secured funding to open our Next Steps Centre on Saturdays and Sundays in the next financial year. This will provide support for adults in recovery 7 days a week. It will also enable people with weekday work and caring responsibilities to gain support, as well as the many people for whom weekends are particularly difficult time. We will be expanding our offer to young people who are not in education. employment and training. We will further implement our participation strategy developing the link beeen the people we work with and decision-making at all levels across the organisalion. We will continue to develop social enterprise by creating a range of "Sober evenings" offering nights out wilhoul alcohol. Over the year we have developed our strategy. Getting Input from managers we have identified the key goals are to.. Focus our servic8s on Substance Misuse and Mental wellbeing Diversify our sources of income Build synergy across client groups and seNices SMART objectives for the year ahead have been set as we work towards these goals. c. Our servlces The Matthew Project provides a range of services for adults and young people across the East of England. These include: Youn eo e's servlces Unlty Unity provides support for children and young people across Norfolk. Funded by Norfolk County Council's Public Health department, the service supports under19s experiencing Substan misuse issues, as well as those affected by somebody else's substance misuse such as a parent, a guardian, or anolher close family member {affected others). During this year we secured a four-year contract with Norfolk County Council Public Health lo continue the delivery of Children and Young People's Drug and Alcohol Service and Children and Young People's Affected Others Service. It has the potential of a further four years extension thereafter. The new contract starts in April 2024. Over the past 12 months, Unity has supported a total of 440 young people across Norfolk. This includes.. 208 affected others; and 232 substance misuse clients.. Young people we have worked with have seen numerous improvements.. Improved wellbeing - 73 /0 of substance misuse clients and 720/0 of affected others Improved Gonfidence.. 560/0 of substance misuse clients and 560/0 of affected others Engaged in education - 58.10 of substance misuse clients and 590/0 of affected others Better able to cope - 670/0 of affected others Improvemenl in substance misuse = 75 % of substance misuse clients Family relationships - 520/0 of substance misuse clients and 61 % of affected others Page 5
THE MATTHEW PROJECT {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance (contlnued) On Track The On Track Team primarily works with 13-24-yearaolds who are furthest from the labour mark8t and who are, or at risk of being not in education, employment or training. We work wilh them to help them overcome th8ir barriers lo progression. For those that are eligible, we provide one-towone sessions andlor positive activities. Over the past year the On Track team provided support through a number of projects. Norwich Coaching Support, funded by Anguish's Education Foundation, helps 16-24-year-olds tackle range of barriers including emolional health and wellbeing needs thich prevent them from engaging in education, employment, or training. Stepping Out. funded by Norfolk County Council, supports 1>18-year-olds tho are not in employment, education or training {NEET} to better understand and improve the management of their mental health, so reducing the need for referral for sp8cialist support, and to enable th8m lo reengage with education and explore their options. Hangout, funded by Ormiston Families and partnered with NSFT, is a Norfolk-based project for young people aged belween 15-19 years old. It delivers positive activities to support those currently on a mental health waiting list.. This service involves working with young people and their parents by supplying information and guidance around mental health and providing positive activities. Safe SPACE, funded by Norfolk Community Foundation is a two-year project, supporting young people aged 13-18 0 are NEET to access regular positive activities and community engagement. The projecl aims to raise young people's motivation and support them by buildin9 resilience and hope for the future. Engagement, Careers and Transitions Coaching, funded through Right to Succeed by National Lottery is located in central Great Yarmouth and started in January 2023.we offer individual coaching, group work and activities for year 10 students at risk of nol being in education, employmenl or training offering engagement, careers and transition support. These young people have told us they benefit from speaking to a trusted advisor who is not part of the education system and makes them feel heard. Adult servl¢es The Next Step5 rècovery hub Next Steps, based in central Norwich, is Norfolk's flrst ever community recovery hub. The hub provldes a safe space for those in recovery from addiction to learn new ski115, build new friendships, and maintain their recovery. The centre also provides additional support for affected others, veterans, and young people. The core of Next Steps is the Recovery Support Programme (RSP), a programme of therapeulic and skills support based at the hub. Following participation in the RSP, people can access work ready training and get support into paid work or volunteering. Drop-in activities are offered to enable those we work with to further their development of recovery capital and conlinued connection with a recovery community. Over the past year, Next steps has supported 234 adults in recovery through a range of therapeutic and skills- based programmes. Of these, 69 individuals have progressed through the structured RSP, with the remainder accessing drop-ins and additional activities, including volunteering. This amounted to 3,677 attendances at sessions in Ihe Centre. Building community is a significant part of our support offering and for this. our cafo area is a particularly useful resource. In the last year. we have served 2,409 lunches and 2,600 breakfasts. 19 graduates of the RSP have gone onto to volunteer in the centre over the 12 months, gaining maturity in their recovery and benefiting newer members. Page 6
THE MATTHEW PROJECT (A company limited by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance (continued) In addition, we have also supported 300 adults affected by substance misuse, who have become involved in offending, as part of the Project Adder programme delivered in partnership with Norfolk Constabulary. Outslde the Wire IOTW) Since its launch in 2013, OTW has been supporting veterans, current serving personnel, and close family members in the East of England. This includes Norfolk, Suffolk, Essex, and Cambridgeshire. OTW is run by armed forces veterans, helping to create more effective, tailored support for those affected by druglalcohol misuse. The SeiCe has been primarily funded by the Royal British Legion with three yearly grants. The most recent of which was due to end in October 2024. Unfortunately, RBL are not able to support OTW and we have taken the difficult decision to reduce the size of the service as of 1st November 2024. We will retain 3 members of staff to deliver this service instead of the current 8. In this way we are confident that we will be able lo continue to support veterans in Norfolk and Suffolk in the long term. OTW takes a holistic approach, involving additional issues including homelessness, financial problems. employment. court appearances, and family relationships. OTW is made up of a team of seven staff, including outreach onetoone practitioners, an affected others practitioner. group practitioners, and a prisons practitioner. Over the past year, Outside the Wire has provided onetoone and group support lo 192 people. This includes: 145 veterans in the community provided wth specialist onetoone outreach support 28 family members provided with specialist onetoone support and activities 21 veterans in custody supported with advice and guidance in prison forums In addition, we also ran groups across the region, totalling 10 support groups run by staff and volunteers and supporting an average of 70 group members, An additional focus of Outside the Wire is to raise awareness of the issues faced by veterans, as well as tackling stigma around PTSD and substance misuse within the armed forces. To do this, staff have delivered presentations and training lo an estimated 330 veterans and professionals over the course of the year. d. Volunteers We have 44 volunteers, 37 of whom help to deliver groups and activities in Next Steps, Ihis can be help running the allotment, delivering art or pottery sessions, or helping with reception. Five volunteers help run our veterans, groups and two help with fundraising and social media. We have also offered successful student placements that benefit our clients, the organisation as well as the studenvtrainee. Placements range from long-term social worker placements where the students can develop a client base to 1-day shadowing arrangements. We hosted a social work student, medical students, a trainee nurse, and an occupational therapist. We recruit volunteers via word of mouth, Voluntary Norfolk, previous beneficiaries. colleges, and universities. Page 7
THE MATTHEW PROJECT (A company limlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance Icontlnued) e. Envlronmental impact We take a range of measures to ensure that our environmental impact is kepl to a minimum. Next Steps.. the Norwchbased hub has been designed to reduce environmentsl impact. For example,: Repurposing an old industrial building {including reusing many of the original fixtures). Using OSB cladding from sustainable for8Sts', and Using LED lighting throughout Next Steps. Encouraging ecofriendly practices among staff and volunteers.. a focus on recycling,. growing vegetables at our allotment,. clothes collections,. and materials reused for arts and crafts. Offices.. reducing energy consumption by controlling temperature and promoting swtching off devicesllights when not in use., having a recycling plan in place. using environmentally friendly stationary products and printing. Travel.. we support a cycle-to-work scheme., a carsharing initiative. a blended model of online and facetoface support to reduce mileage clustering outreach work to see more people more efficiently. f. Equallty, dlvorslty and Incluslon Individuals with different cultures, perspectives and experienc8s are at the heart of the way the Matthew Projecl works. We wanl to recruil, develop and relain the most talented people. As an organisation we recognise that being a diverse and inclusive employer helps us fulfil our responsibility to make a difference for our clients. We recognise the importance of lived-experience of our staff and volunteers and have creat8d paid internships that provide opportunities for those wllh lived-experience to enter our workforce In a supported way. We are very pleased that it has provided opportunities for individuals who we have supported as cllents, to become volunteers and then paid members of staff. We seek to develop a vK)rk environment where we treat all employees as individuals, fairly and in a consistent way. We work within the spirit and the practice of the Equality Act 2010 by promoting a culture of respect and dignity and actlV8ly challenging discrimination. We will remove unnecessary barriers for our 8mployees' seeking opportunities through Iraining and development, promotion and career planning. We will continue to support our leaders, managers and employees to d8monstrate the principles of diversity and inclusion in their everyday activities, roles and functions through training and awareness-raising activities. Flnanclal revlew a. Flnanclal review Income for the year was £2,001,332 (2023 - £2,631,311) and of this £1.804,477 (2023- £2,456,370) came from grants and contract income. Resources expended for the year amounted to £2,188.876 (2023 - £2.498,575). The work of the Charity consists mainly of providing advice and support, and this is reflected in staff costs which form approximately 740/0 of total gross expenditure. Net movement in funds for the year was a defi¢il of £187,544 (2023- surplus of £132,736>. Page 8
THE MATTHEW PROJECT (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves pollcy Note 16 shows the movement in all the charity's funds in the year. An explanation of the nalure and purpose of restricted funds is also given. Restricted Funds The balance of funds at 1 April 2023 was £1,444,796. Incoming resources for the year totalled £1,774,962 (2023 £2,430,616). Resources expended tolalled £1,926,949 {2023 £2.319,192). The balance was £1,301,199 on restricted funds al 31 March 2024. Further detail on individual restricled funds can be found in note 16 of the financial statements. Unr88trlcted Funds The opening balance on the general fund al the beginning of the year was £609,516. Incoming reSoUrS totalled £226,370 {2023 £200,695) and resources expended totalled £261,927 (2023 £179,383) giving deficit of £35,557 {2023 - surplus of £21,312) for the year. The balance was £565,569 al 31 March 2024. The Trustees review th8 r8S8rv8s policy on an ongoing basis at bi-monthly finance committee meetings. In delermining the level of unrestricted reserves required, the Truslees have taken into account.. Working capital requiremenls.. as payments under several major contracts are now made in arrears there is a need to maintain sufficient working capilal to finance the on4Joing expenditure and also build up working capital in anticipation of winning additional major contracts. Expenditure which might arise if a major contract is lost.. this would mainly relate to the levels of central overheads that could be recovered (with the potential requirement lo reorganise parts of The Matthew Project) and the costs of vacating premises that would no longer be required. Expenditure required to continue to support a service where the funding has reduced and further funding is being soughl. Investment in consuttancy lo support bids for new services. Investment in buildings and IT. Investment in professional development. An allowance for exceptional maintenance costs of buildings and equipment. Other potential risks as identified in the Risk Register. The need for a contingency to Ver unforeseen events. The target for unrestricled reserves is £538,100 and this compares with UnstrICted funds at 31 March 2024 which amounted to £565,569. Excluding £7,325 of fixed assets within unrestricted funds, reserves therefore amounted to £558,244. The Truslees are satisfied that the Charily will have adequate funds available to fulfil its obligations for the year ended 31 March 2024. C. Materlal Investments policy The Trustees have considered the most appropriate policy for investing funds. They have concluded that holding monies in bank treasury deposit and COIF deposit accounts meets the fequirements to generate income whilst minimising risk and maintaining liquidity. d. Fundraising Under Section 13 of the Charities {Protection and Social investment) Acl 2016, charities that are subject to audit must make specific statements in their annual reports that provide information about their fundraising Page 9
THE MATTHEW PROJECT {A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 standards. Accordingly, the Trustees make the following statements in compliance with the requirements of the Act: All fundraising activities have been undertaken by the employees of the Charity or by supporters tho have chosen The Matthew Project as their nominated charity for fundraising purposes. The Charity has not used a professional fundraiser or commercial participator during the year ended 31 March 2024. The Charity is not currently a member of the Fundraising Standards Board. However, the Charity complies with the Code of Fundraising Practice. In the past year there have been no instances where the Charity has failed to comply with the requirements and a complaint made. The Charity continually reviews and monitors activities involving fundraising carried out by intemal staff. There have been no complaints received by the Charity or any person acting on ils behalf about activities by the Charity or by a person on behalf of the Charity for the purpose of fundraising. The Charity has protected vulnerable people and other members of the public from behaviour constiluting.. a) Unreasonable intrusion on a person's privacy b) Unreasonably persistent approaches for the purpose of soliciting or othernise procuring money or other property on behalf of the Charity, or c) Placing undue pressure on a person to give money or other property, in the course of, or in connection with, such activities by avoiding the use of any fundraising practices that may be considered to give effect to such behaviours. The Charity actively promotes and markets its fundraising events and activities., however, il is entirely voluntary matter for individuals, groups or business8S to decide whether they wsh to participate in events or make donations. . Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation Ihat the company has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies, Structure, govèrnance and management a. Constltutlon The charity was incorporated as a company limited by guarantee on 2 October 2007, and on 1 April 2008 took over the assets, liabilities, and undertakings of The Matthew Project lan unincorporated charity established by a trust deed dated 9March 1982). The charity s Trustees, who are members of the board of directors, are detailed on page 3, b. Methods of appolntment or election of Trustees Trustees are elected al the annual general meeting for a term of three years. They are recruited based on skills. experience, and background to contribute lo the effective govemance of the charily. Trustees are recruited through a variety of means including advertising through websites, responding lo interest, and approaching relevant professional and voluntary organisations. Each Trustee receives an information pack, a role description, and a thorough induction package which involves meeting the Chair of Trustees, the CEO, and members of slaff and observing the work of the charity. Page 10
THE MATTHEW PROJECT (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (conllnued) Trustees are also then enrolled on two online safeguarding courses, one for children and one for vulnerable adults. Truslees attend regular training and update sessions concerning governance facilitated by local providers. The Matthew Project is grateful to the Trustees for their hard work and commitment. In the past year Trustees have taken responsibility for specific governance areas based on their particular skills and expertise. including.. Ethos Performance Compliance and legal Volunteers Safeguarding Training ICT Action continues to be taken to recruit Trustees with specialist knowledge and 6xperience of substance misuse and social work,. and governance of charitable organisations. The Trustees have also taken aclion lo raise their profile and understanding of the work of the Matthew Project by attending a range of events and visiting teams in their various workplaces. c. Governance and management The Trustees are responsible for the overall governance of the charity and its strategic direction and development wilh the Chief Executive Officer and the senior management team. Aspects of this, including the day-to-day management and development of Ihe charity, are delegated to the CEO and the management team. Trustees have areas of responsibility and a working group melhod has been adopted to address key tasks and areas of work. which also involves relevanl staff members. Regular reports are produced for the Trustees every o months. Over the past year, the Board has met bi-monthly. At each meeting the Board considers the finances of the Charity and receives a report from the Chief Executive Officer. The Board also operates three sub-commitlees: the Finance Committee, the Development Committee, and Operational Governance Group. Each of these are attended by at least two Trustees, as well as relevant staff members. We are undertaking a review of trustee roles and procedures to ensure more effective governance and in doing so are taking into account the recommendation5 of the governanc8 code. d. Pay policy for senlor staff The remuneration for senlor staff is determined by the Board of Twstees. Remuneration is subject to periodic market reviews and independent evidence and advice is obtained to inform the decision-making process, before any changes are made. Any proposed changes will be recommended to the Board of Trustees for consideration and approval. In addition, the remuneration for senior staff will be subject lo annual review as part of the organisation's evaluation of pay inflation and consequential recommendations to the Board of Truslees to make a pay award. if any. The Trustees received no r8muneration for their time during the year. Page11
THE MATTHEW PROJECT (A company Ilmlted by guarantee) TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Structurei governance and management (contlnued) e. Rlsk assessment The Trustees have, during the year, continued to review the major risks to which the charity is exposed and to establish systems to mitigate Ihose risks identified not alfeady covered by the charity's existing systems and risk management strategies and controls. This is designed to minimise any polenlial impact to the Charity and its beneficiaries, should these risks malerialise. All potential new seryices are assessed Ihrough a risk management process. This includes a periodical review of the risk register and organisational governance. The Trustees have identified two main risks to the charity: Reduction in funding from public sector. trusts and foundations. In response the charity has.. diversified its income through the development of earned and donated Income streams. A programme of continued engagement with relevant public s8Ctor funding bodies, trusts and foundations to keep abreast of upcoming changes and developments, annual review of our reserves figure to ensure we have sufficient financlal headroom to adapt to changes in the underlying polilical l economic situation, Staffing risks Including risk of staff stress, absence, retention and difflcultles recrultlng due to increasing complexity and volalilily of clients, exacerbated by contextual pressures such as the cost-of-living crisis. In response the charity has.. provided staff wth effective managerial supervision and ensures that managers, expectations are reasonable provided slaff with access to a range of employee assistance services. f. Publlc benefit Under the Charities Acl, the Trustees are required to report on the extent to which The Matthew Project has provided public benefit during the year. The Charity Commission guidance recommends that this should be reported by means of.. a review of significant activities.. details of aims and objectives.. stralegies adopted and activities undertaken to achieve aims and objectives., and achievements by reference to aims and objectives. We report on the above four areas in detail in the sections headed 'our aims and objectives, and 'achievements and perfonnance,. The Trustees consider that the operations of The Matthew Project during the year were in accordance with general charitable principles and the charitable purposes set out in the Memorandum and Articles of Association and were wholly for the benefit of the public. g. Trustees, imdemnities The charity has purchased professional indemnity insurance on behalf of the Trustees. Page 12
THE MATTHEW PROJECT (A company Ilmited by guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responslbllltles The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees, report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . 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 stale of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that Period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102): make iudgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriale to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records Ihal are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for Ihe prevention and detection of f raud and other irregularities. Dlsclosure of Informallon to audltor• Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit infomiation of which the charity's auditors ar8 unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit informalion and to establish that the charity's auditors ar8 awa of that information. Page 13
THE MATTHEW PROJECT IA company limited by guarantee> TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosure of Informatlon to audltors (contlnued) Audltors The auditors, Larking Gowen LLP, have indicated their wllingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the member of the board of Trustees and signed on their behalf by.. Nell Lawrence {Truslee} Date: Page 14
THE MATTHEW PROJECT (A company Ilmlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MATTHEW PROJECT Opinion We have audited the financial statements of The Matthew Project (the 'charitable company'} for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its ir)coming resources and application of resources, including ils income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requlrements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibililies for the audit of the financial statemenls section of our report. We are independent of the charitable company in accordance wtlh the ethical requiremenls that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu$lon$ relating to golng concorn In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the vnrk we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this report. Page 15
THE MATTHEW PROJECT (A company Ilmlted by guarantee INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE MATTHEW PROJECT (CONTINUED) Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other infomialion contained within the Annual report. Our opinion on the financial statements does not cover the Other information and. except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance Conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to determine whether Ihis gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, w8 are required lo report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrlbod by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, report for the financial year for thich the financial statements are prepared is consistent with Ihe financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and Its environment obtaSned in the course of the audit, WR have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the followng matters in relation to which Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting COrdS have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial stalements are not in agr&em8nl with the accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the Truslees were not entitled to prepare the financial statements in accordance wth the small companies regime and lake advantage of the small companies. exemptions in preparing the Trustees, report and from Ihe requirement to prepare a Strategic report. Page 16
THE MATTHEW PROJECT (A company Ilmlted by guarant•e) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MATTHEW PROJECT (CONTINUED) Respons5bilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees {who are also the directors of the charitable company for the purposes of company law) 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going Concern basis of accounting unless the Trustees eilher intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltors. responslbllltles for the audit of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditors, report thal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could aSOnablY be expected to influence the economic decisions of users taken on th8 basis of these financial statements. Irregularities, including fraud, are instanGes of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of delecting irr8gularilies, including fraud is detailed below: Due to the field In whlch the Charity operates, we identified the following areas as those most likely to have a material impacl on the financial statement.. health and safety,. employment laws; GDPR, safeguarding, serious incident reporting and compliance with the UK Companies Act. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Challenging assumptions and judgments made by management in their significant accounting estimates., and Auditing the risk of managemenl override of controls, including through testing journal entries and other adjustments for appropriateness. A further description of our responsibilities for the audit of the financial stalements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 17
THE MATTHEW PROJECT (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MATTHEW PROJECT (CONTINUED) Use of our report This report is made solely to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might state to the charilable company's members those matters we are required lo state lo Ihem in an Auditors, report and for no other purpose. To the fullest exlent permitted by law. we do not accept or assum8 responsibility lo anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Glles Kerkham FCA (Senlor statutory audltor) for and on behalf of Larklng Gowen LLP Chartered Accountants Stalutory Auditors 1 st Floor, Prospect House Rouen Road NoNich NR1 1RE Date.. Page 18
THE MATTHEW PROJECT (A company Ilmited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 ReslrScted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 82,015 63,039 74,051 7,265 28,019 1,741,438 5,505 110,034 1,804,477 79,556 7,265 98, 151 2,456. 370 74, 633 2, 157 Total Income 226,370 1,774,962 2,001,332 2,631,311 ExpendStura on: Raising funds Charitable activities 16,645 244,981 1,106 1,926,144 17,751 2,171,125 23,155 2,475,420 Total expendlture 261,626 1,927,250 2,188,876 2, 498, 575 Net (expendlturo)Ilncome Transf8rs between funds (35,256) {8.390) (152,2881 8,390 (187,544) 132, 736 17 Nel movement In funds {43,6461 1143,898) {187,544 132, 736 Reconclllation of funds: Total funds brought forward Net movement in funds 609,516 (43,646) 1.444,796 (143,898} 2,054,312 (187,544) 1,921,576 132, 736 Totsl funds carried forward 565,870 1,300,898 1,866,768 2,054,312 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 22 to 41 form part of Ihese financial statements. Page 19
THE MATTHEW PROJECT (A company limlted by guarantee REGISTERED NUMBER: 6388343 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Inveslmenls 13 14 892,513 923, 965 892,514 923, 966 Current ass•ts Debtors Cash at bank and in hand 15 92,448 1.178,285 140, 171 1. 362, 704 1,270,733 1,502.875 Creditors: amounts falling due within one year 16 (296,479) (372,529) Net current assets 974,254 1. 130,346 Total not assots 1,866,768 2,054,312 Charity funds Restricted funds Unrestricted funds 17 17 1.300,898 565,870 7,444,796 609,516 Total funds 1,866,768 2,054,312 The Trustees ackn0&dge their responsibilities for complying wth the requirements of the Act with respect to accounting r8cords and pr8paration of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements e approved and authorised for issue by the Trustees and signed on their behalf by.. Neil Lawrence {Trustee) Date.. The notes on pages 22 to 41 form part of these financial statements. Page 20
THE MATTHEW PROJECT (A company Ilmlted by guaranteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from oporatlng activities Net cash generated in operating activities (191,684) 89,061 Cash flows from Invesllng actlvlties Interest received 7.265 2, 157 Nel cash provided by investlng actlvltles 7,265 2,157 Change In cash and cash equlval•nts In the year Cash and cash equivalents at the b8ginning of the year 1184,419) 1,362,704 91,218 1,271,486 Cash and cash equlval•nts at the end of the year 1,178,285 1.362, 704 The notes on pages 22 to 41 form parl of these financial statements Page 21
THE MATTHEW PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Information The Matthew Project is a company, limited by guarantee and has no share capital, incorporated in England and Wales, registration number 6388343. The registered office is 70-80 Oak Street, Norwich, Norfolk. NR3 3AQ. Ac¢ountlng pollcles 2.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102> (effective 1 January 2019), the Financial Reporting Standard applicable in the UK arKI Republic of Ireland (FRS 102) and the Companies Act 2006. The Matthew Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othernvise stated in the relevant accounting policy. 2.2 Golng concern In approving these accounts, the Trustees have assessed whether the us8 of going concern is appropriate and whether there are any material uncertainlies related to events or conditions that may cast significant doubt on the ability of The Matthew Project to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of the approval of the financial stalements. The Trustees have reviewed the level of liquid assets and funds and the expecled income and expenditure for 12 months from authorising these financial statements. Taking particularly into consideration the level of unrestricte(J reserves and projected cashflows the Trustees conclude that the charily wlll meel its liabilities as they fall due for the period of assessment. For this reason, Ihe Trustees conslder the charity to be financially well positioned and that the financial statements should continue to be prepared on a going concern basis, 2.3 Legal status of the Charity The Charity is a company by limited guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. Page 22
THE MATTHEW PROJECT (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemls) of income have been met, il is probable that the income will be received and the amount can be measured reliably. Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities, Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid and tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors. Legacies ar8 included in the Statement of Flnancial Aclivitles when the charity becomes aware of its entitlement to gift, receipl is probable and the amount can be reliably quantified. Income from govemment grants, whether 'capital' grants or 'revenue' grants, are recognis6d when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amout can be measured reliably and is not deferred. Income received in advance for a future fundraising event or for a grant received relating to the following year are deferred until the criteria for income recognition has been met. Interest on d8POSIt funds held Is included when receivable and the amounl can be measured reliably by the Charity which is normally upon notification of the interest paid or payable by the bank. Sponsorship from events, fundraising and events registration fee are recognised in income when the event takes place. Trading income is recognised on point of sale for bolh donated and purchased goods. 2.5 Expenditure and irrecoverable VAT 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. All expendilure is accounted for on an accruals basis under the following headings: Cost of raising funds comprises fundraising costs incurred in seeking donations, grants and legacies. Fundraising costs do not include the costs of disseminating information of support of the charitble activities. Support costs comprise those costs which are incurred directly in support of expenditure on the objects transferred to the new provider. Support costs are allocated on the basis of the full time equivalent of staff to the resource. Expenditure on raising funds includes all expenditure incurred by Ihe company to raise funds for its charitable purposes and includes Gosts of all fundraising activities events and non-charitable trading. Page 23
THE MATTHEW PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.5 Expenditure and irrecoverable VAT (contlnued) Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. All expendlture is inclusive of irrecoverable VAT. 2.6 Taxation The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets Ihe definition of a charitable company for UK corporation tax purposes. Accordingly, the company 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 Seclion 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied excluslvely to charltable purposes. 2.7 Tanglblo flxod assets and depreclatlon All purchased fixed assets are initially recorded at cost. Assets donated for use by the Charity are recognised as income when receivable and capitalised al their open market value. Depreciation is charged so as to allocate the cost of tangible fixed assets less their r8sidual value over their estimated useful lives, Depreciation is provided on the foll0vn9 bases- Leasehold improvements Caravans Molor vehicles Equipment If ixed) Furniture and equipment (movable) Computer equipment over period of lease 25Q/o RB over period of lease 250/0 33°/. SL 2.8 Investments Investments In subsidiaries are valued at cost less provision for impairment. 2.9 Debtors Trade and other deblors are recognised at Ihe settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discount5 due. Accrued income and tsx recoverable is included at the best estimale of the amounts receivable at the balance sheet date. 2.10 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investmenls wth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 24
THE MATTHEW PROJECT (A company limlted by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.11 Llabllltles and provlslons Liabilities are recognised when there is an obligation at th& Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation, Wh8re the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at Ihe pre-tax discount rate that reflects Ihe risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.12 Flnanclal Instruments The company only has financial assets anrj financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recogni5ed at transaction value and subsequently measured al their settlemenl value wilh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Operating leases Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term. Benefits received and receivable as an incentive to slgn an operating lease are recognised on a straight-line basis over the lease lerm, unless another systemaliG basis is representative of the time paltern of the lessee's benefit from the use of the leased asset. 2.14 Penslons Contributions to the charitys defined contribution pension scheme and to the Norfolk Pension Scheme are charged to the profit and loss account in the year in which they become payable. 2.15 Fund accountlng General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Restricled funds are funds which are to be used in accordance wth specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 25
THE MATTHEW PROJECT (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and areas of judgment No judgements (apart from those involving estimates) have been made in the process of applying the above policies. The key assumption conceming the future and key sources of estimation uncertainty at the key reporting date that has significant risk of causin9 a material adjustment to the carrying amounts of the assets and liabiliti8S Within th8 next financial year is.. The estirnalion of the useful economic life of the fixed ass8ts. Income from donatlons and legacles Unrestricted Restrlcted funds funds 2024 2024 Total funds 2024 Donations 82,015 28.019 110,034 Unrestricted funds 2023 Restricted funds 2023 Tot81 funds 2023 Donations Legacies 85,562 15 12.574 98, 136 15 85,577 12,574 98,157 Income from charltable actlvltles Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Young Persons Adult Services Community Justice 965,668 775,770 965,668 775,910 62,899 140 62.899 63,039 1.741,438 1,804,477 Page 26
THE MATTHEW PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Incomo from charitable activltles (continued) Unr8StriGted funds 2023 Restricted funds 2023 Total funds 2023 Young Persons Adult Services Community Justice 1.576,770 836, 031 1,576, 770 836.031 43, 569 43,569 43,569 2,412,801 2,456,370 Income from other tradlng actlvltles Income from non charltable tradlng actlvltles Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Fundraising events Other trading activities 36,478 37,573 36,478 43,078 5,505 74,051 5,505 79,556 Unrestricted funds 2023 Restricted funds 2023 Tot81 funds 2023 Fundraising events Other trading activities 46,610 22, 782 46,610 28,023 5,241 69,392 5,241 74, 633 Page 27
THE MATTHEW PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestrlcted funds 2024 Total funds 2024 Bank interest 7,265 7,265 UnTrstricted funds 2023 Total funds 2023 Bank interest 2, 757 2, 157 Expendlture on ralslng funds Costs of ralslng voluntary Incomo Unrestrl¢led Re$tri¢ted funds funds 2024 2024 Total funds 2024 Young Persons Adult Services 70 1,036 70 7,800 9,881 6,764 9,881 Support Costs 16,645 1,106 17,751 Page 28
THE MATTHEW PROJECT (A Company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on ralslng funds (conllnuedl Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Young Persons Adult Services Support Costs 100 1,434 100 2,913 20, 142 1,479 20, 142 21,621 1,534 23, 155 Analysls of expendlture by actlvltles Actlvltles undertaken directly 2024 Support costs 2024 Total funds 2024 Young Persons Adult Services 912.032 818,304 198,654 242,135 1,110,686 1,060,439 1,730,336 440,789 2.171,125 Activitl8S undertaken directly 2023 Support Gosts 2023 Total funds 2023 Young Persons Adult SeNices 1,458,461 679,216 153,215 184,528 1,611,676 863, 744 2, 137,677 337, 743 2,475,420 Page 29
THE MATTHEW PROJECT (A company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by actlvltles {¢ontinuod) Analysis of direct costs Young Persons 2024 Adult Servlces 2024 Total funds 2024 Stsff and volunteer costs Service costs Premises and office running costs Depreciation including loss on disposal 838,254 13,474 57,448 2,856 686,130 25,767 78,687 27,720 1.524,384 39,241 136,135 30,576 912,032 818,304 1,730,336 Young Persons 2023 Adult Services 2023 Total funds 2023 Staff and volunteer costs Service costs Premises and office running costs Depreciation including loss on disposal 1, 105, 746 223, 738 108, 004 21,573 546,997 38,590 60,286 33,343 1, 652, 743 261, 728 168,290 54,916 1,458,461 679,216 2, 137,677 Page 30
THE MATTHEW PROJECT (A company Ilmitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expendlture by activities {contlnued) Analysis of support costs Young Persons 2024 Adult Services 2024 Total funds 2024 Salaries Staff costs Volunteer costs Training Staff travel Vehicle costs Premises costs Office running costs Telephone IT Finance and legal costs Audit, consultancy and professional fees Deprecialion 128,132 16,435 266 547 239 97 10.374 17.741 2.722 7.715 354 13,638 394 156,605 20,087 325 284,737 36,522 591 547 532 216 23,053 39,425 6,049 17,145 788 30,308 876 293 119 12,679 21,684 3,327 9,430 434 16,670 482 198,654 242,135 440,789 Page 31
THE MATTHEW PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of oxpenditure by activities (continued) Analysis of support Costs (continued) Young Persons 2023 Adult Services 2023 Total funds 2023 Salaries Staff cosls Volunteer costs Training Staff travel Vehicle costs Service costs Premises costs Offlce running costs Telephone IT Finance and legal costs Audil, consultancy and professional fe88 Depreciation 107,636 5,512 204 2,019 651 456 26 7,805 10.215 2.711 6.716 60 8,417 793 131,367 6, 727 248 239, 003 12,239 452 2,019 1.446 1,017 57 17,331 22,681 6,020 14,912 133 18,677 1, 762 795 555 31 9,526 12,466 3,309 8, 196 73 10,266 969 153,215 184, 528 337, 743 Costs are allocated on the basis of the full time equivalent (FTE) of staff allocated to the resource. 10. Audltors. remuneration 2024 2023 Fees payable to the company's auditor for the audit of the company's annual accounts 10,650 10,010 Page 32
THE MATTHEW PROJECT IA company Ilmited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs 2024 2023 Wages and salaries Social security costs Pension costs 1,422,518 121,037 82,364 1,438, 659 127, 128 79, 065 1,625,919 1, 644, 852 During the year redundancy payments of £4,536 (2023.. £2,570> were paid. These are recognised on the basis set out In accounting policy 2.5. The average number of persons employed by the company during th8 year was as follows., 2024 No. 2023 No. Average monthly head count 61 63 No employee received remuneration amounting to more than £60,000 in either year. The charity considers that the key management personnel comprise the trustees and senior management team. The total employee benefits of key management personnel of the charity were £308,539 <2023: £335,756). 12. Trustees. remunerallon and expenses During the year. no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. no Trustee expenses have been incurred (2023 - £NIL). Page 33
THE MATTHEW PROJECT (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tanglble fixed assets Long-lerm leasehold property Motor Fixtures Computer vehicles and flttings equipment Caravans Total Cost or valuatlon At 1 April 2023 958,038 47,905 33,499 152,415 41,638 1,233,495 At 31 March 2024 958,038 47,905 33,499 152,415 41,638 1,233,495 Depreclatlon At 1 April 2023 Charge for the year 61,292 15,612 38,381 2,381 28,307 4,980 142,908 7,730 38,642 749 309,530 31,452 At 31 March 2024 76,904 40,762 33,287 150,638 39,391 340,982 Net book value At 31 March 2024 881,134 7,143 212 1,777 2.247 892,513 At 31 March 2023 896, 746 9,524 5, 192 9,507 2, 996 923, 965 14. Flxed asset Investmonts Investmonts in subsidiary companies Cost or valuatlon At 1 April 2023 At 31 March 2024 See note 26 for further details. Page 34
THE MATTHEW PROJECT (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Debtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 78,715 123 10,532 3,078 67,614 13,373 56,008 3,176 92,448 140, 171 16. Credltors: Amounts falllng due wllhln ono year 2024 2023 Trade creditors Amounts Owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 40,762 9, 995 35,732 750 219,234 39,898 750 321,885 296,479 372, 529 Deferred income comprises contract income received in advance for contracts to be performed in future accounting periods. 2024 2023 Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods 310,513 317,958 204,584 310,513 (310,513) (317,958) 204.584 310,513 Page 35
THE MATTHEW PROJECT (A company Ilmlted by guaranteg NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 Aprll 2023 Transfers Inlout Income Expendlture Unrestrlcted funds General Fund 609,516 226,370 (261,626) (8,390) 565,870 Rostflcted funds On Track Unity Outside the Wire Next Steps Nexl Steps Recovery Hub Early Intervenlions Voicebox and vehicles Other 35,435 811,364 258,514 435,859 (43,825) (897,227) (329,874) (434,063) (15,612) 1148,702) 1744 (57,203) 8,390 92,915 189,286 197,472 896,746 S1,977 10,287 6,113 7,052 117,926 199,268 881,134 32,263 9,543 53,712 132,779 (3,791) 101,011 3,791 1,444,796 1,774,962 (1,927,250) 8,390 1,300,898 Total of funds 2,054,312 2,001,332 {2,188,876) 1,866,768 Page 36
THE MATTHEW PROJECT IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (contlnued) General Fund: The general reserve represents funds of the charity which are provided on an unrestricted basis. It includes, donations, fund raising and surpluses and deficits arising from projects funded from various external sources. Restrlcted Fund: 1) The Unity project is funded by the Norfolk Counly Council Public Health and identifies and works with vulnerable young people affected by substance misuse. 21 Outside Ihe Wire provid8s advice and support to members and ex-mernbers of the Armed Forces and their families. il is currently funded by the Royal British Legion, the Armed Forces Covenant Fund, and the NHS through the Norfolk and Suffolk Foundation Trust. 3) Next Steps is a centre for people in recovery from substance misuse. The centre programmes also include being part of the Project Adder initiative and the extension in recovery services lo Kings Lynn and Great Yannouth through Universal Fundlng. It has developed with funding from charitable trusts and Norfolk County Council Public Health, 4) Next Steps Recovey Hub represents funds received to purchase and develop the Recovery Hub Centre on Oak Street Nopwich. The funds carried foardS will cover future years depreciation on the building. 5) The Early Intervenlion project aims to support children and young people wth mental well-being issues. 6) One volcebox caravan land towing vehicle) has been used In work to educate and support young people throughout Norfolk. The balances on the funds will cover future depreciation of these assets, which were originally purchased using restricted funds. Fund transfers During the year the charity made the follow7ng funds transfers.. 1) A transfer from Early Interventions to Other Restricted funds of £3,791. This represents a surplus on a completed projecl which the original funder has agreed can be used on other services. 21 A transfer of £8,390 from general funds to restricted funds to cover a deficit on a completed project. Page 37
THE MATTHEW PROJECT IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (contlnued) Statement of funds - prlor year B818nce at 31 March 2023 Balance at 1 April 2022 Transfers in/out Income Expenditure Unrestrlcted funds General Fund 599,367 200,695 (179,383) (11, 163) 609,516 Re$tri¢tod funds On Track Unlty Outside the Wire Next Steps Next Steps Recovery Hub Early Interventions Voicebox and vehicles Other 16,089 48, 665 174. 125 85, 166 972,353 28, 506 11,286 46,019 619,404 841,475 308, 638 437,267 (668, 262) (797, 225) (293,477) (324, 957) (15,607) (176,520) (999) (42, 145) 32, 769 92,915 189, 286 197,472 896, 746 51,977 10,287 6,713 (4) 203, 696 (3, 705) 20, 136 (17,897) 1,322, 209 2,430,616 (2,319, 192) 11.163 1,444, 796 Total of funds 1.927,576 2.631,311 (2,498,575) 2,054,312 18. Analys1$ of not assets between fund8 Analysls of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Tolal funds 2024 Tangible fixed assels Fixed asset investments Current assets Creditors due within one year 7,325 885,188 892,513 628,107 {69,563) 642,626 1,270,733 {226,916} (296,479) Total 565,870 1,300,898 1,866,768 Page 38
THE MATTHEW PROJECT (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysis of net as$els belw8en funds (continued) Analysls of net assets between funds - prlor perlod Unreslricted funds 2023 Reslricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 15.477 908,488 923.965 966, 567 (372, 529) 536, 308 1,502,875 (372, 529) Total 609,516 1,444, 796 2,054,312 19. Reconclllatlon of nel movement In funds to net cash flow from operatlng actlvities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Aclivitiesl (187,544) 132, 736 Adjustmènts for: Depreciation charges Decreasel(increase) in debtors Decrease in creditors Interest received 56, 679 (41,820) (56,377) (2, 157) 47,625 (76,050) (7,265) Net cash provlded byl(used Inl operatlng actlvltles (223,234} 89,061 20. Analysls of cash and cash equivalents 2024 2023 Cash in hand 1.178,285 1.362. 704 Page 39
THE MATTHEW PROJECT (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysls of changes In net debt At 1 April 2023 Cash flows Al 31 March 2024 Cash at bank and in hand 1.362,704 1184,419) 1,178,285 22. Ponslon commitments The Charity operates a defined contribulion scheme in respect of certain employees of the Charity. Conlributions are charged in the accounts as incurred and totalled £82,36412023.' £79,065). There were outstsnding contributions at the balance sheet date of 31 March 2024 of £8,569 (2023.. £7,894). 23. Operatlng leaso commltments At 31 March 2024 the company had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and nol later than 5 years Later than 5 years 6,324 24,576 303,025 6, 712 24, 756 309, 186 333,925 340,654 24. Related party transactlons The Company has not entered into any related party Iransaction during the year, nor are there any outstanding balances owng between related parties and the company at 31 March 2024. 25. Corporate status The company is a registered charily {No. 11228011 incorporated under the Companies Act and limited by guarantee. In Ihe event of Ihe charitable company being wound up members are required to contribute an amount not exceeding £1. Page 40
THE MATTHEW PROJECT (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Principal subsidiaries The followng was a subsidiary undertaking of the company.. Name Company number Prlncipal activity Holding Matthew Project Enterprises Limiled 10840324 Domiant 10001. The subsidiary was dormant for the year and its net position at 31 March 2024 was: Name Net assets Matthew Proj8cI Enterprises Limited Page 41