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Charity registration number 1127604
Company registration number 06203804 (England and Wales)
MANOR HOUSE DEVELOPMENT TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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MANOR HOUSE DEVELOPMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A R Essex | (Appointed 31/05/2023) |
|---|---|---|
| C E Selman | ||
| E P Mitchell | (Resigned 01/04/2023) | |
| J L Powell | ||
| J R Arthur | (Appointed 16/03/2023) | |
| K Stave | ||
| L Clark | ||
| M Andressen | (Resigned 12/12/2022) | |
| S Cheadle | ||
| Charity number | 1127604 | |
| Company number | 06203804 | |
| Secretary | S P Donovan | |
| Senior Management | S P Donovan – Chief Executive Officer | |
| Dr Miriam Burke - Director | ||
| S Kamaliporshokouh – Finance Manager | ||
| Registered office | Redmond Community Centre | |
| Kayani Avenue | ||
| London | ||
| N4 2HF | ||
| Independent examiner | Samir Shah FCA, ATII | |
| Ramon Lee Ltd | ||
| Chartered Accountants | ||
| 93 Tabernacle Street | ||
| London | ||
| EC2A 4BA | ||
| Bankers | Co-Operative Bank | |
| 15 St Botolph Street | ||
| London | ||
| EC3A 7QU |
DocuSign Envelope ID: F72E19F4-5929-4BBF-9A77-85EE96870EA7DocuSign Envelope ID: EA1C420D-8581-4238-B31B-1DF0DA829893
MANOR HOUSE DEVELOPMENT TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Independent Examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Notes to the financial statements | 11 - 26 |
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MANOR HOUSE DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 charitable company's Memorandum and 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).
Objectives and activities
Founded in 2007, Manor House Development Trust (MHDT) has grown into the key partner for the delivery of social economic regeneration in its area of operation. It provides much-needed services for the local communities of North West Hackney, which is one of the most deprived areas in London and Great Britain and one of the most diverse London boroughs in terms of ethnicity.
Its mission statement is:
“Manor House Development Trust is a community-led charitable Trust that works in partnership with local residents, community groups, voluntary sector and public agencies to bring about lasting social, economic and environmental improvements for the benefit of all in the Manor House area.”
The main objectives of the Trust are:
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The relief of unemployment
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The advancement of education, training or retraining, particularly among unemployed people and providing unemployed people with work experience.
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The creation of training and employment opportunities by the provision of workspace, buildings and / or land for use on favourable terms
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The maintenance, improvement or provision of public amenities
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The provision of recreational facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances, have need of such facilities.
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The protection or conservation of the environment
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The provision of public health facilities and childcare
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The promotion of public safety and prevention of crime.
The role and contribution of volunteers
A total of 50+ volunteers helped support the work of the paid staff and its Board Whilst not relying on volunteers to undertake any activity, providing volunteering opportunities for residents and service users is a key output for MHDT, as it allows MHDT to enhance and grow community services. At the same time volunteers gain valuable work experience for their CVs and report enhanced happiness and wellbeing in their every-day lives. The organisation seeks to involve volunteers across its work measuring the impact through its 'Empowerment' business strand.
Achievements and performance
Connecting - This keystone challenges the Trust and others to work together around common goals and Theory of Change.
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Hidden River Festival took place the first after Covid restrictions and attracted around 3000 visitors to its 3 stages, stalls and peripatetic acts.
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Winterfest took place in December and was a great success with around 800 residents attending and taking part in a range of activities.
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MANOR HOUSE DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Empowerment - Most of the projects that MHDT manages fall under our Empowerment Keystone. Over the course of 2022/23 MHDT was able to deliver a variety of projects. Highlights include:
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Woodberry Connect (6-month pilot )– Volunteers will receive 2-4 weeks training with Community Fibre to become certified Digital Ambassadors and will then be paired with local residents in need of digital skills training. The aim of the project is to reduce digital and social isolation and boost people’s digital skills so they can safely access basic and essential online services.
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MHDT's continued partnership with The Felix Project, a charity which collects surplus food from various supermarkets into their warehouse in Enfield and delivers to local charities providing community meals continued throughout the year. We were the first charity in Hackney to partner with the Felix Project. Receiving the weekly deliveries has reduced stress for the communal meal leaders and allowed them more time to focus on organising and preparing for the meals, as well as ensuring a steady flow of surplus food coming into the Community Fridge. The project improves the health and wellbeing of the beneficiaries and improved each beneficiary's confidence in cooking and using different ingredients. It also encouraged them to cut down on meat and eat more vegetables and cook healthy meals at homes, as well as enjoying them as part of the project.
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Community Fridge: This project works to reduce food waste. Food which cannot be sold but is in date to be eaten is diverted from landfill and delivered to the Redmond Community Centre. Members of the community can then benefit from a free bag of shopping. Excess vegetables are stored in the community fridge and freezer for use in community meals. The Community Fridge will operate from the Redmond Centre.
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Woodberry Down Regeneration MHDT continues to play a key role in the 20-year regeneration of Woodberry Down. MHDT continues to attend various meetings such as communications and security.
Influence - This keystone refers to the ways that the Trust is influenced by those who benefit and use our services, coupled by how we use the information we collect and analyse to influence those with power and authority to make a difference to policy.
During the year, MHDT published a number of Impact Reports on our work. This has included a report on use of Blue and Green spaces by residents over the pandemic.
Measuring impact remains a key objective for MHDT and all projects undergo a deliberate planning process to ensure that the social impact created is appropriately measured. MHDT focused on collecting data and evidence at key intervals of our project's life cycles.
MHDT has implemented ‘Time to Spare’, a new digital monitoring and evaluation system that will enable us to streamline and organise our monitoring and evaluation processes and assist in accurate reporting and safe data management. The teams across both sites have been trained in using the software.
Space - MHDT works in spaces it controls and across the public realm. MHDT continued to lease the Redmond Community Centre and 2 small shop units on the Woodberry Down estate.
Redmond Community Centre (RCC) - MHDT continued to run the Redmond Community Centre which represented its main asset and venue for delivering community activities and raising revenues. Its lease of the building is not affected by governance changes outlined below.
Employability - As part of its partnership with the London Borough of Hackney Works Team, MHDT has let one of the Redmond Community Centre offices to the Team to support their delivery of employability services, such as job brokerage and help with CVs and interview skills.
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Other Spaces
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Woodberry Blooms
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HQ Office
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Other Spaces - MHDT assisted groups to run other spaces such as the Grow Bag Project and a number of other community growing spaces. The Grown Bags have now been replaced by more durable wooden planters which MHDT funded.
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MANOR HOUSE DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Staffing – Staff TUPE’d to London Development Trust at the end of this financial year and MHDT no longer directly employs staff moving into year 23/24.
Legal Actions - MHDT was not involved/ subject to any ongoing or new legal action during the course of the year.
Public benefit statement
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.
Financial review
There is net deficit for the year of £11,891 (2022 – £44,295 in deficit) and reserves stand at £680 (2022 - £12,571). The financial position at the year revealed by the Balance Sheet shows net current assets negative of £27,413 (2022 - net current assets £7,712). The net book value of fixed assets held, all of which are used directly for charitable purposes, amounted to £28,093 (2022 – £4,759).
Agreement has been reached with LBH/NHG on a new contract for delivering community services on Woodberry Down. Out-Comes and Out-Puts have been revised to fit with wider Hackney and NHG objectives.
Partners have agreed to fund the My Place Project Woodberry Down in addition to core funding. The project fits in well with these wider objectives and we benefit from the networks and Borough wide support networks etc.
Reserves policy
The Directors and Trustees consider it prudent to maintain an adequate level of unrestricted reserves to cover the community centre’s contractual commitments and provide sufficient working capital and have set this at minimum of six months expenditure approximately £30,000 (£60,000 per annum) for core running costs.
As at the year end, accounts showed reserves of £680 (2022 – £12,571), of which £23,421 (2022 - £89,846) was restricted. The unrestricted funds not designated or invested in tangible fixed assets held by the charity are negative £50,834 (2022 – £82,134 in negative).
In order to build up its reserves to a prudent level, MHDT:
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will carry out changes in layout to the Redmond Community Centre to increase revenues generated by this asset;
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has cut non-staffing elements of the budget to a minimum.
The Directors consider that the Charity’s reserves will enhance the services provided and provide financial security for the future.
Principal Funding Sources
Principal funding sources are currently:
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London Borough of Hackney
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Nothing Hill Genesis
Investment powers and policy
Under the Memorandum and Articles of Association, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.
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MANOR HOUSE DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Plans for future periods
Community Projects
Drawing upon the findings of a recent community survey done in May 2022 with the aim of gathering information about the needs of the Woodberry Down Community, MHDT looks to engage the community in various ways. The findings of the survey suggest that residents would be most interested in Film screenings, Fitness exercise classes, Arts and crafts, Community festivals/cultural events, Gardening sessions, social clubs/groups, and Skill learning activities. Furthermore, several survey respondents highlighted that they would like to see more family activities for children aged 0-4, playgroups and activities for children with autism.
Fundraising
MHDT continued to apply for grants to fund a variety of community projects. It has also implemented a Just Giving Campaign to pay for other activities such as an Eid Party.
Impact
In order to improve the management and quality of our Impact and Evaluation, MHDT has invested in Time to Spare, an impact management tool which has allowed the Trust to streamline data collection processes, produce high quality impact reports and use the evidence and findings to develop a better understanding of the impact we have on the local community. Upshot has proved a worthwhile investment and it remains a key aspiration of the Trust to be able to measure its total impact across Woodberry Down, linking key outcomes with the UN Sustainable Development Goals.
HR & Governance
MHDT as part of its relationship with London Development Trust is incorporating a HR Management for Personia a holistic solution which will streamline and automate all back-room HR services the Trust provides, ensuring that MHDT is meeting all legal obligations in regard to its staff and facilities.
Governance Changes
The MHDT Trustees have made significant changes to the Memorandum and Articles of the Trust which came into effect at the end of this financial year. MHDT has changed its relationship with London Development Trust. These changes have been made to ensure financial sustainability and increase transparency of governance arrangements across the group.
MHDT alongside LDT has made the necessary governance and organisational changes to its Articles and Memorandum.
The advantages of this approach are that there is a very clear sense of where strategic responsibility sits, which is with London DT. MHDT is enabled to focus on its own local area, whilst benefitting from the strategic oversight of a board and management team with a pan London remit. The core management team can provide support to each subsidiary, as required, and recharge as necessary. This enables a relationship which is much more than just a commercial service provider.
MHDT Trustees have discussed the advantages of becoming a subsidiary of London Development Trust and have agreed a SLA and Intra Group agreement provided by LDT.
Structure, governance and management
Governing document
Manor House Development Trust (the word ‘Limited’ being omitted by licence from the Department of Trade) is registered as a company limited by guarantee and not having a capital divided by shares.
The company was incorporated on 1st April 2007 and is a registered charity constituted as a Limited Company under the Memorandum and Articles of Association. The charity registration number is 1127604 and the company registration number is 06203804.
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MANOR HOUSE DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Recruitment and appointment of Trustees
MHDT believes it is important that trustees reflect the diversity of the local community. Therefore, trustees come from a range of backgrounds and interests including local community representatives and local stakeholders. New trustees are invited to stand for election or by introduction through services or by direct recruitment. A selection process for potential new trustees has agreed. This process includes an analysis of skills required by the board, interviews with the Director and Chair of the board and attendance at the board meeting followed by a review meeting.
The Directors of the organisation are also the charity trustees for the purposes of charity law.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Trustee induction and training
New trustees receive an induction pack outlining their responsibilities and duties and meet individually with the Senior Management Team as part of their induction.
Organisation
The company is structured so that the Directors and Trustees meet regularly in order to manage its affairs, with MHDT Board meeting approximately every quarter. The Management Board comprises individuals from a variety of backgrounds, stakeholders and users. Board members’ backgrounds include care, advice and legal professions as well as finance and management.
Woodberry Blooms Limited -. Woodberry Blooms is a company entirely owned by MHDT. However due to a difficult trading environment Trustees took the decision to close the company down.
Related parties
The charity works closely with other similar organisations as detailed in the achievements and performance section of the Trustees Report. None of the charity’s trustees are directors or trustees of these other organisations.
Pay policy for senior staff
All senior staff salaries are reviewed annually to take into account performance and the cost of living.
Risk Management
The trustees have assessed the major risks to which MHDT is exposed and are satisfied that systems are in place to mitigate exposure to such risks.
Trustees reviewed the risk register, which identifies the major risks to which the organisation is exposed, on a regular basis, documenting the potential impact of each risk, recording actions planned to reduce the potential impact of risks and monitoring progress of these actions.
In the past year the trustees have continued to focus attention on the financial position of the charity, and a review of risks and opportunities, with a view to securing the long-term sustainability of the charity. In addition, the trustees have launched a recruitment drive so that a full complement of trustees is available to take MHDT on to its next stage.
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MANOR HOUSE DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees' responsibilities
The trustees, who are also the directors of Manor House Development Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The Trustees' report was approved by the Board of Trustees and signed on its behalf by:
K Stave Trustee
4 October 2023
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MANOR HOUSE DEVELOPMENT TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MANOR HOUSE DEVELOPMENT TRUST
I report to the trustees on my examination of the financial statements of Manor House Development Trust (the charitable company) for the year ended 31 March 2023.
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charitable company (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 myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I 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 charitable company’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 ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) accounting records were not kept in respect of the charitable company 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).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Samir Shah FCA, ATII
Ramon Lee Ltd
Chartered Accountants 93 Tabernacle Street London EC2A 4BA
Dated: 4 October 2023
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MANOR HOUSE DEVELOPMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 90,576 - Charitable activities 4 147,069 32,382 Other trading activities 5 27,756 - Total income 265,401 32,382 Expenditure on: Raising funds 6 78,729 - Charitable activities 7 126,545 98,807 Other Expenditure 11 5,593 - Total expenditure 210,867 98,807 Net income/(expenditure) for the year/ Net movement in funds 54,534 (66,425) Fund balances at 1 April 2022 (77,275) 89,846 Fund balances at 31 March 2023 (22,741) 23,421 |
Total 2023 £ 90,576 179,451 27,756 297,783 78,729 225,352 5,593 309,674 (11,891) 12,571 680 |
Total 2022 £ 128,857 208,285 83,188 420,330 243,077 213,463 8,085 464,625 (44,295) 56,866 12,571 |
|---|---|---|
CONTINUING OPERATIONS
None of the Charity’s activities was acquired or discontinued during the above two financial periods.
TOTAL RECOGNISED GAINS AND LOSSES
The charity has no recognised gains or losses other than the above movement in funds for the above two financial periods.
The notes on pages 11 to 26 form part of these financial statements.
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MANOR HOUSE DEVELOPMENT TRUST
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 12 | 28,093 | 4,759 | ||||
| Investments | 13 | - | 100 | ||||
| 28,093 | 4,859 | ||||||
| Current assets | |||||||
| Stocks | 15 | 550 | - | ||||
| Debtors | 16 | 47,638 | 55,059 | ||||
| Cash at bank and in hand | 1,961 | 10,167 | |||||
| 50,149 | 65,226 | ||||||
| Creditors: amounts falling due within | |||||||
| one year | 17 | (77,562) | (57,514) | ||||
| Net current (liabilities)/assets | (27,413) | 7,712 | |||||
| Total assets less current liabilities | 680 | 12,571 | |||||
| Income funds | |||||||
| Restricted funds | 18 | 23,421 | 89,846 | ||||
| Unrestricted funds | (22,741) | (77,275) | |||||
| 680 | 12,571 |
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MANOR HOUSE DEVELOPMENT TRUST
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
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 March 2023.
The directors acknowledge their responsibilities for:
a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 11 to 26 form part of these financial statements.
The financial statements were approved by the Trustees on 4 October 2023 were signed on its behalf by:
K Stave
Trustee
Company registration number 06203804
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The charity's financial statements show net deficit of £11,891 for the year (2022 – £44,295 in deficit) and free reserves of negative £50,834 (2022 - negative £82,134).
Trustees took the decision during the financial year to join the London Development Trust Group of Charitable Companies. This included a TUPE Transfer of all existing staff to London Development Trust. Salaries made up the majority of expenditure for Manor House Development Trust and this move significantly reduces the amount of finance that the Trust needs to continue as a going concern.
At the Redmond Community Centre the trustees are taking steps to reduce costs and secure additional grant funding so that the charity is able to operate on a satisfactory basis this includes changes in layout to the Redmond Community Centre which will provide extra space for rentals.
MHDT alongside London Development Trust is implementing a new on-line booking system which will promote the RCC and it is anticipated will increase bookings. The online booking system reduces the need for staff to invoice customers directly and will free up time and resources to help market the RCC locally, increase applications for grant funding etc.
In addition Trustees took the decision to close its social enterprise Woodberry Blooms which had not be able to produce a surplus. The retail unit in which Woodberry Blooms was based is now available for rent which will bring income into MHDT. If a suitable tenant or project cannot be found Trustees will consider selling the lease of the unit following an independent valuation during the financial year.
The Trust has now found a long-term partner project to occupy its retail unit at Hornbeam House on Seven Sisters Rd. Previously used as a Head Quarters for the Trust the project will now pay rent and cover bills again reducing costs for MHDT.
1.3 Charitable funds
The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Management Board.
The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor imposed conditions.
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.4 Income
Grant income
Grants are credited to the SOFA when the charity is entitled to the funds. Income is only deferred where there are time constraints imposed by the donor or if the funding is performance related.
Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions will be met.
Grants supporting the core activities of the charity and with no specific restrictions placed upon their use are included within donations and legacies. Grants that have specific restrictions placed upon their use are included within income from charitable activities.
Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Deprecation on the related fixed assets is charged against the restricted fund.
Donations and legacies
Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.
Contract income
Income from charitable activities include income recognised as earned (as the related goods and services are provided) under contract.
Room hire and service charge income
Room hire and service charge income are credited to income in the year in which they are receivable.
Investment income
Investment income is included when receivable.
1.5 Expenditure
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 under the following activity headings:
-
a. Cost of raising funds comprises costs of seeking grants and donations and, space hire and their associated support costs.
-
a. Expenditure on charitable activities includes the costs directly associated carrying out activities that champion social and economic regeneration activities in North Hackney including running The Redmond Community Centre, to further the purposes of the Charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and administration personnel, payroll and governance costs which support the Charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. All the general support and governance costs have been apportioned to the various charitable activities on the basis of staff time allocated to each activity.
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets (excluding investments) are stated at cost less depreciation. The cost of minor additions or those costing less than £250 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold property 9.5 years Fixtures and fittings 6 years
1.7 Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 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.
1.10 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.11 Taxation
The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
1.12 Volunteers and donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time are not recognised and refers to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
1.13 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.14 Pension
The charity operates a defined contribution pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable. The assets of the scheme are held separately from those of the charity in an independently administered fund.
1.15 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2 Critical accounting estimates and judgements
In the application of the charitable company’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.
3 Donations and legacies
| Unrestricted funds £ London Borough of Hackney 30,000 HMRC Job Retention Scheme grant - Notting Hill Genesis 60,000 Donations 578 90,576 For the year ended 31 March 2022 128,857 |
Total 2023 £ 30,000 - 60,000 578 90,576 |
Total 2022 £ 50,000 78,428 - 429 |
|---|---|---|
| 128,857 | ||
| 128,857 |
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4 Charitable activities
| Empowering Connecting £ £ Notting Hill Genesis 22,382 117 The London Borough of Hackney 5,500 - The Mayor’s Fund for London 2,275 - The Big Bike Revival 2,250 - Hackney Council 30 1,248 NHS North East London CCG - - Community Investment and Partnerships Team - - Space hire - - Contract Income 535 - Donations in kind - - 32,972 1,365 Analysis by fund Unrestricted funds 1,955 - Restricted funds 31,017 1,365 32,972 1,365 For the year ended 31 March 2022 Unrestricted funds 60,000 4,760 Restricted funds 128,860 - 188,860 4,760 |
Space Influencing £ £ - - - - - - - - 15,000 - - - - - 130,114 - - - - - 145,114 - 145,114 - - - 145,114 - 9,665 - - 5,000 9,665 5,000 |
Total 2023 £ 22,499 5,500 2,275 2,250 16,278 - - 130,114 535 - 179,451 147,069 32,382 179,451 |
Total 2022 £ 68,798 2,000 3,850 2,770 26,855 42,695 11,892 9,665 4,760 30,000 |
|---|---|---|---|
| 208,285 | |||
| 74,425 133,860 |
|||
| 208,285 | |||
| 74,425 133,860 |
|||
| 208,285 |
The charity is indebted to several organizations who provide services to vulnerable households, i.e. food, books, art packs, hygiene products, referring volunteers, providing training for staff. The value placed on this donation in kind by the trustees is £nil (2022 – £30,000). The income equivalents are recognised within income from charitable activities, and corresponding charges included within expenditure as other direct costs.
Space hire income is disclosed under income from charitable activities from current year for better understanding and presentation of charity activities. Consistent approach will be adopted by the charity for income presentation in future years. Comparatives of space hire income were allocated partly to income from charitable activities and partly to income from trading activities.
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
5 Other trading activities
| Unrestricted funds £ Space hire and services - Management charges 27,756 27,756 For the year ended 31 March 2022 83,188 6 Raising funds Unrestricted funds £ Staff costs 71,903 Discount of charitable space hire - Share of Support costs 4,638 Share of Goverance costs 2,188 78,729 For the year ended 31 March 2022 Fundraising and publicity 243,077 243,077 |
Total 2023 £ - 27,756 27,756 Total 2023 £ 71,903 - 4,638 2,188 78,729 |
Total 2022 £ 73,250 9,938 |
|---|---|---|
| 83,188 | ||
| 83,188 | ||
| Total 2022 £ 193,342 8,081 29,291 12,363 |
||
| 243,077 | ||
| 243,077 | ||
| 243,077 |
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
7 Charitable activities
| Empowering Connecting £ £ Staff costs 33,043 - Other direct costs 17,757 7,874 Premises and equipment costs 39 - Discount on charitable space hire - - 50,839 7,874 Share of support costs (see note 8) 2,974 - Share of governance costs (see note 8) 1,404 - 55,217 7,874 Analysis by fund Unrestricted funds 19,736 7,874 Restricted funds 35,481 - 55,217 7,874 For the year ended 31 March 2022 Unrestricted funds 34,982 14,032 Restricted funds 66,874 - 101,856 14,032 |
Space Influence £ £ 52,143 - 21,967 - 67,618 - 14,456 - 156,184 - 4,128 - 1,949 - 162,262 - 98,935 - 63,326 - 162,262 - 74,403 23,172 - - 74,403 23,172 |
Total 2023 £ 85,186 47,598 67,657 14,456 214,897 7,102 3,353 225,352 126,545 98,807 225,352 |
Total 2022 £ 67,246 94,334 36,215 1,494 |
|---|---|---|---|
| 199,289 9,967 4,207 |
|||
| 213,463 | |||
| 146,589 66,874 |
|||
| 213,463 | |||
| 146,589 66,874 |
|||
| 213,463 |
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DocuSign Envelope ID: F72E19F4-5929-4BBF-9A77-85EE96870EA7DocuSign Envelope ID: EA1C420D-8581-4238-B31B-1DF0DA829893
MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Staff costs 3,221 2,323 Depreciation 1,538 - Premises and equipment costs 50 - Communication costs - - Information Technology and Website 3,308 - Legal and Professional Fees 95 - Miscellaneous Expenses 2,448 - Independent examiner's fees 1,080 3,000 Trustees' expenses - 218 11,740 5,541 Analysed between Fundraising 4,638 2,188 Charitable activities 7,102 3,353 11,740 5,541 |
Total 2023 £ 5,544 1,538 50 - 3,308 95 2,448 4,080 218 17,281 6,826 10,455 17,281 |
Total 2022 £ 44,465 1,950 20 247 1,046 2,780 1,120 4,200 - |
| 55,828 | ||
| 41,654 14,174 |
||
| 55,828 |
The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between charity’s key activity undertaken (see note 7) in the year. All the general support and governance costs have been apportioned to the various charitable activities on the basis of staff time allocated to each activity.
| 9 Net movement in funds Net movement in funds is stated after charging/(crediting) Depreciation of owned tangible fixed assets Independent examiner's fees Independent examination Other Services |
2023 £ 1,538 1,800 2,280 4,080 |
2022 £ 1,950 |
|---|---|---|
| 3,000 2,280 |
||
| 5,280 |
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
10 Employees
The average monthly number of employees during the year was:
| 2023 Number Empowering 1 Connecting - Space 2 Influencing - Fundraising 2 Support and governance 1 Total 7 Staff costs 2023 £ Salaries 328,960 National Insurance 26,879 Pension 24,027 Seconded staff (217,231) 162,635 |
2022 Number 1 - 1 1 5 1 |
|---|---|
| 9 | |
| 2022 £ 321,552 24,398 21,819 (62,715) |
|
| 305,054 |
The average monthly number of persons employed by the company during the year was 14 (2022 – 14.5).
None of the trustees received any remuneration during the year. One of the trustees received reimbursement of expenses during the year amounting to £218 (2022- £nil).
The key management personnel of the charity comprises of the Chief Executive Officer, Director and Finance Manager. The total employee benefits of the key management personnel of the charity were £47,821 (2022 - £96,955).
The seconded staff cost received by the charity, includes staff cost of one of the trustees of the related party London Development Trust, recharged by the Manor House Development Trust of £Nil (2022- £14,400),
The number of employees whose annual remuneration was more than £60,000 is as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| Number | Number | ||
| £70,001 | to £80,000 | - | 1 |
| £80,000 | to £90,000 | 1 | - |
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
11 Other Expenditure
| Unrestricted funds 2023 Other expenditure 5,593 5,593 For the year ended 31 March 2022 8,085 |
Total £ 2023 5,593 5,593 |
Total £ 2022 8,085 |
|---|---|---|
| 8,085 | ||
| 8,085 |
Of the £5,593 expenditure in 2023 (2022 - £8,085), £5,593 was charged to unrestricted funds (2022 - £8,085) and £Nil was charged to restricted funds (2022 - £Nil). This expenditure represents a bad debt provision towards inter-company debtor balance due from the subsidiary Woodberry Blooms Ltd. written off to expenditure during the year, to the extent that the trustees have estimated the debt is not recoverable.
12 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Leasehold property Fixtures and fittings £ £ Cost At 1 April 2022 - 39,381 Transfer from group companies 24,872 - At 31 March 2023 24,872 39,381 Depreciation and impairment At 1 April 2022 - 34,622 Depreciation charged in the year - 1,538 At 31 March 2023 - 36,160 Carrying amount At 31 March 2023 24,872 3,221 At 31 March 2022 - 4,759 |
Total £ 39,381 24,872 |
| 64,253 | |
| 34,622 1,538 |
|
| 36,160 | |
| 28,093 4,759 |
13 Fixed asset investments
| Unlisted | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2022 & 31 March 2023 | - |
| Carrying amount | |
| At 31 March 2023 | - |
| At 31 March 2022 | 100 |
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
13 Fixed asset investments
(Continued)
Costs of investments was written off as loss on impairment of investments on the closing of the subsidiary company Woodberry Blooms Limited as on 31/03/2023 and is included in miscellaneous expenditure.
Leasehold property includes net book value of leasehold property previously occupied by wholly owned subsidiary Woodberry Blooms Ltd. The property was transferred to Manor House Development Trust on the closing of the subsidiary company on 31 March 2023. The subsidiary company has prepared its last set of accounts for the year ended 31 March 2023 and is in the process of winding up.
The original lease started in September 2018 and runs up to September 2032. Depreciation will be charged over the remaining period of lease.
14 Net Income from Trading Activities of Subsidiary
The wholly owned trading subsidiary Woodberry Blooms Limited, which is registered in the United Kingdom (company number 11549365). The principal activity of the subsidiary company is that of a flower shop. The charity owns the entire issued share capital of 100 Ordinary Shares of £1 each. Accounts are filed with the Registrar of Companies. The subsidiary company prepared its last set of accounts for the year ended 31 March 2023 and is in the process of winding up. A summary of the trading results for the year ended 31 March 2023 is shown below:
| 2023 | 2022 | |
|---|---|---|
| Income | 2,746 | 63,774 |
| Cost of sales and administration costs | (39,359) | (72,485) |
| Net Loss | (36,613) | (8,711) |
| Retained in subsidiary | - | (124,601) |
| The assets and liabilities of the subsidiary were: | ||
| Fixed assets | - | 29,863 |
| Current assets | 56 | 4,178 |
| Current liabilities | (161,271) | (158,642) |
| Total net assets | (161,215) | (124,601) |
| Bad debts and provision | 161,215 | - |
| Aggregate share capital and reserves | - | (124,601) |
At the balance sheet date, the trading subsidiary owed £161,271 (2022 - £155,678) to the charity, which is written off as bad debts, the amount considered not recoverable. The charity had an opening bad debt provision of £155,678. During the year balance amount of £5,593 was written off as bad debts which is disclosed as other expenditure on statement of financial activities.
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 15 Stocks Raw materials and consumables 16 Debtors Amounts falling due within one year: Trade debtors Bad Debts provision Amounts owed by subsidiary undertakings Other debtors 17 Creditors: amounts falling due within one year Bank overdrafts Other taxation and social security Trade creditors Amount due to connected company Other creditors Accruals and deferred income |
2023 2022 £ £ 550 - 550 - 2023 2022 £ £ 47,358 54,875 - (155,678) - 155,678 280 184 47,638 55,059 2023 2022 £ £ 7,139 - - 6,823 549 4,327 49,840 39,710 8,520 1,364 11,514 5,290 77,562 57,514 |
|---|---|
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
18 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |
| 1 April 2021 | resources | expended 1 April 2022 |
resources | expended | 31 March | ||
| £ | £ | £ | £ | £ | £ | 2023 £ |
|
| NHS North East London CCG | - | 42,695 | - | 42,695 | - | (40,018) | 2,677 |
| Hackney Council | - | 26,855 | (13,793) | 13,062 | 1,248 | (14,310) | - |
| Community Investment and Partnerships Team | - | 11,892 | (11,892) | - | - | - | - |
| The Big Bike Revival | - | 2,770 | (1,103) | 1,667 | 2,250 | (1,360) | 2,557 |
| Notting Hill Genesis | - | 8,798 | (1,048) | 7,750 | 21,109 | (12,971) | 15,888 |
| London Borough of Hackney | 22,860 | 2,000 | (1,195) | 23,665 | 5,500 | (29,164) | - |
| The Mayor’s Fund for London | - | 3,850 | (2,843) | 1,007 | 2,275 | (983) | 2,299 |
| 22,860 | 133,860 | (66,874) | 89,846 | 32,382 | (98,807) | 23,421 |
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
18 Restricted funds
(Continued)
Description, nature, and purpose of restricted funds:
NHS North East London CCG : Project to provide wrap around care and support to the local community.
Hackney Council : Project in partnership with LBH and a consortium of local group to provide support i.e., food parcels to beneficiaries in and around Hackney.
Community Investment and Partnership Team : Project in partnership with LBH and a consortium of local group to provide support i.e., food parcels to beneficiaries in and around Hackney.
The Bike Bike Revival : Project to provide training on how to ride and care for bikes.
Notting Hill Genesis : £15,992 NHG match funding for the My Place Woodberry Down Youth Forum project - started in March 2023.
London Borough of Hackney : £2000 to cover the additional costs for covering the Northeast consortia.
The Mayor's Fund for London : Funding in 2021/22 received towards the Kitchen Social project/ Kitchen Social Annual grant 2022-2023 Kitchen Social Project(partnership agreement)
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
19 Deferred income
Deferred income is included in the financial statements as follows:
| Movements in the year: Deferred income at 1 April 2022 Released from previous periods Resources deferred in the year Deferred income at 31 March 2023 |
2023 £ - - - - |
2022 £ - (1,280) 1,280 |
|---|---|---|
| - |
| 20 Analysis of net assets between funds Unrestricted funds Restricted funds Total Unrestricted funds Restricted funds 2023 £ £ £ £ £ Fund balances at 31 March 2023 are represented by: Tangible assets 28,093 - 28,093 4,759 - Investments - - - 100 - Current assets/(liabilities) (50,834) 23,421 (27,413) (82,134) 89,846 (22,741) 23,421 680 (77,275) 89,846 |
Total 2022 £ 4,759 100 7,712 |
|---|---|
| 12,571 |
21 Share Capital
The company is limited by guarantee and does not have a share capital divided by shares.
22 Pensions
The pension cost charge represents contributions payable by the charity to the fund and amounted to £24,027 (2022 - £21,819). Contributions totalling £nil (2022 - £1,364) were payable to the fund at the year end.
23 Related party transactions
Details of transactions with trustees are in note 10.
During the year charity received from the related charity, London Development Trust, £217,231 (2022£46,255) for seconded staff. At the balance sheet date, the charity owed the related charity £49,840 (2022 - £39,710).
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MANOR HOUSE DEVELOPMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
24 Group Structure
London Development Trust, which is registered in the United Kingdom (company number 11736891) was a wholly owned subsidiary until 10th April 2022. The principal activity of London Development Trust is that of a community centre. Manor House Development Trust ceased to have significant control on the wholly owned subsidiary from 11th April 2022. Accounts are filed with the Registrar of Companies.
The MHDT Trustees have made significant changes to the Memorandum and Articles of the Trust which came into effect at the end of this financial year. MHDT has changed its relationship with London Development Trust. These changes have been made to ensure financial sustainability and increase transparency of governance arrangements across the group.
MHDT alongside LDT has made the necessary governance and organisational changes to its Articles and Memorandum.
The advantages of this approach are that there is a very clear sense of where strategic responsibility sits, which is with London DT. MHDT is enabled to focus on its own local area, whilst benefitting from the strategic oversight of a board and management team with a pan London remit. The core management team can provide support to each subsidiary, as required, and recharge as necessary. This enables a relationship which is much more than just a commercial service provider.
MHDT Trustees have discussed the advantages of becoming a subsidiary of London Development Trust and have agreed a SLA and Intra Group agreement provided by LDT.
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