Company registration number: 07042873 Charity registration number: 1134486
Friends of Milnrow Parish
(A company limited by guarantee) Annual Report and Financial Statements
for the Year Ended 31 October 2023
==> picture [143 x 67] intentionally omitted <==
Friends of Milnrow Parish
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 to 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 16 |
Friends of Milnrow Parish
Reference and Administrative Details
Trustees Ivis Collins Geoffrey Cowling Andrew Harrison Walter Tann Charity Registration Number 1134486 Company Registration Number 07042873 The charity is incorporated in England and Wales. Registered Office Bank House 71 Dale Street Milnrow Rochdale OL16 3NJ Independent Examiner Shaw Mitchell Partnership Limited Bank House 71 Dale Street Milnrow Rochdale Lancashire OL16 3NJ
Page 1
Friends of Milnrow Parish
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 October 2023.
Objectives and activities
Objects and aims
Friends of Milnrow Parish is a registered charity (no. 1134486) and a company limited by guarantee (no. 07042873). Its objective is to assist in the care and preservation of Milnrow Parish Church buildings and to improve the provision of facilities available to benefit the wider community of Milnrow.
Objectives, strategies and activities
The Trustees are pleased to report that the charity has continued to make sound progress during the year. The majority of this year’s income has continued to be generated through Village Treasures, our 'boutique style' charity shop, which retails quality donated goods. Leading items include ladies wear, shoes, bags and accessories, children’s wear and toys, electrical and household items.
The charity continues to work on growing its income despite the pressure from competing local charities and other worthy causes and the restriction imposed by the physical size of our shop.
Fundraising disclosures
Total income for the year was £76,571 which was an increase of 6,466 on the 2022 amount.
After costs, the charity recorded a surplus of £33,518. Grants of £4,501 were made during the year which resulted in the reserves for the period increasing to £65,900..
Grant making policies
The charity aims to fulfil its objectives by providing a sustainable availability of funds for providing grant support. The trustees apply the funds of Friends of Milnrow Parish at their discretion and in accordance with the charitable purposes and objectives of the charity.
Grants of £4,501 were made during the year to Milnrow St James PCC to assist with the upkeep of the Church building.
Use of volunteers
The Trustees recognise the crucially important role our volunteers play. Volunteers operate at all levels within the organisation, without whom, success would not have been possible. In addition, special thanks are also given to the friends who have helped in many ways by providing their time and resources to assist with the management, administration and development of Village Treasures and the Charity itself.
Structure, governance and management
Nature of governing document
Friends of Milnrow Parish is a registered charity (no. 1134486) and a company limited by guarantee (no 07042873). The initial group of our five Trustees have continued to kindly volunteer their time and resources to further develop the charity into a long term, viable fundraising organisation from which we hope, the entire community of Milnrow can ultimately benefit.
The charity is governed by its Memorandum and Articles of Association, which were adopted on formation of the company on 14 October 2009.
Page 2
Friends of Milnrow Parish
Trustees' Report
Statement of trustees' responsibilities
The trustees (who are also the directors of Friends of Milnrow Parish for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 17 July 2024 and signed on its behalf by:
......................................... Andrew Harrison Trustee
Page 3
Friends of Milnrow Parish
Independent Examiner's Report to the trustees of Friends of Milnrow Parish ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of Friends of Milnrow Parish as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Barry Shaw
Bank House 71 Dale Street Milnrow Rochdale Lancashire OL16 3NJ
17 July 2024
Page 4
Friends of Milnrow Parish
Statement of Financial Activities for the Year Ended 31 October 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Other trading activities 3 Investment income 4 Other income 5 Total Income Expenditure on: Raising funds 6 Grant funding of activities 7 Staff costs 7 Staff costs 7 Auditors' remuneration 7 Other governance costs 7 Total Expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward Note Income and Endowments from: Other trading activities 3 Investment income 4 Other income 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward |
Unrestricted £ 75,313 898 360 76,571 (352) (4,501) (17,052) (1,433) (300) (19,415) (43,053) 33,518 33,518 32,382 65,900 Unrestricted funds £ 69,684 62 360 70,106 (170) (113,393) (113,563) (43,457) (43,457) 75,840 |
Total 2023 £ 75,313 898 360 76,571 (352) (4,501) (17,052) (1,433) (300) (19,415) (43,053) 33,518 33,518 32,382 65,900 Total 2022 £ 69,684 62 360 |
|---|---|---|
| 70,106 | ||
| (170) (113,393) |
||
| (113,563) | ||
| (43,457) | ||
| (43,457) 75,840 |
The notes on pages 8 to 16 form an integral part of these financial statements. Page 5
Friends of Milnrow Parish
Statement of Financial Activities for the Year Ended 31 October 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricted | Total | ||
|---|---|---|---|
| funds | 2022 | ||
| Note | £ | £ | |
| Total funds carried forward | 32,383 | 32,383 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note .
The notes on pages 8 to 16 form an integral part of these financial statements. Page 6
Friends of Milnrow Parish
(Registration number: 07042873) Balance Sheet as at 31 October 2023
| Note Fixed assets Tangible assets 15 Current assets Cash at bank and in hand 16 Creditors: Amounts falling due within one year 17 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds |
2023 £ 179 66,084 (363) 65,721 65,900 65,900 65,900 |
2022 £ 10 32,608 (235) |
|---|---|---|
| 32,373 | ||
| 32,383 | ||
| 32,383 | ||
| 32,383 |
The financial statements on pages 5 to 16 were approved by the trustees, and authorised for issue on 17 July 2024 and signed on their behalf by:
......................................... Andrew Harrison Trustee
The notes on pages 8 to 16 form an integral part of these financial statements. Page 7
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
These financial statements were authorised for issue by the trustees on 17 July 2024.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Friends of Milnrow Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Page 8
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Fixtures and Fittings 20% on cost
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 9
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
3 Income from other trading activities
| Trading income; Shop income from sale of donated goods and services Total for 2023 Total for 2022 |
Unrestricted funds General £ 75,313 75,313 69,684 |
Total funds £ 75,313 |
|---|---|---|
| 75,313 | ||
| 69,684 |
Page 10
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
4 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Total for 2023 Total for 2022 5 Other income Rental income Total for 2023 Total for 2022 |
Unrestricted funds General £ 898 898 62 Unrestricted funds General £ 360 360 360 |
Total funds £ 898 |
|---|---|---|
| 898 | ||
| 62 | ||
| Total funds £ 360 |
||
| 360 | ||
| 360 |
6 Expenditure on raising funds
a) Costs of trading activities
| Note Costs of goods sold Total for 2023 Total for 2022 b) Investment management costs Note Allocated support costs 8 Total for 2023 |
Unrestricted funds General £ 310 310 170 Unrestricted funds General £ 42 42 |
Total funds £ 310 |
|---|---|---|
| 310 | ||
| 170 | ||
| Total funds £ 42 |
||
| 42 |
Page 11
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
Total costs £
7 Expenditure on charitable activities
| Note Grant funding of activities Staff costs Governance costs 8 Total for 2023 Total for 2022 |
Unrestricted funds General £ 4,501 17,052 21,148 42,701 113,393 |
Total funds £ 4,501 17,052 21,148 |
|---|---|---|
| 42,701 | ||
| 113,393 | ||
| Total expenditure £ |
In addition to the expenditure analysed above, there are also governance costs of £21,148 (2022 - £19,219) which relate directly to charitable activities. See note 8 for further details.
8 Analysis of governance and support costs
Governance costs
| Staff costs Social security costs Pension costs Audit fees Audit of the financial statements Other governance costs Total for 2023 Total for 2022 |
Unrestricted funds General £ 653 780 300 19,415 21,148 19,219 |
Total funds £ 653 780 300 19,415 |
|---|---|---|
| 21,148 | ||
| 19,219 |
Page 12
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
9 Grant-making
Analysis of grants
| Analysis Milnrow St James PCC The support costs associated with grant-making are £Nil (31 October 2022 - £Nil). |
Grants to institutions 2023 £ 2022 £ 4,501 78,499 |
Grants to institutions 2023 £ 2022 £ 4,501 78,499 |
|---|---|---|
10 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
| Audit fees 11 Trustees remuneration and expenses 12 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs |
2023 £ 300 2023 £ 16,646 653 780 406 18,485 |
2022 £ 300 |
|---|---|---|
| 2022 £ 15,294 - 780 381 |
||
| 16,455 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Average number of persons employed during the year | 2023 No 1 |
2022 No 1 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
Page 13
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
13 Auditors' remuneration
Audit of the financial statements
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| 300 | 300 |
Page 14
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
14 Taxation
The charity is a registered charity and is therefore exempt from taxation.
15 Tangible fixed assets
| Cost At 1 November 2022 Additions At 31 October 2023 Depreciation At 1 November 2022 Charge for the year At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022 16 Cash and cash equivalents Cash on hand Cash at bank Short-term deposits |
Furniture and equipment £ 5,951 211 |
Total £ 5,951 211 6,162 5,941 42 5,983 179 10 2022 £ 1,311 2,679 28,618 |
||
|---|---|---|---|---|
| 6,162 | ||||
| 5,941 42 |
||||
| 5,983 | ||||
| 179 | ||||
| 10 | ||||
| 2023 £ 2,472 34,061 29,551 66,084 |
||||
| 32,608 |
17 Creditors: amounts falling due within one year
| Other taxation and social security Other creditors |
2023 £ 362 1 363 |
2022 £ 129 106 |
|---|---|---|
| 235 |
18 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £780 (2022 - £780).
Page 15
Friends of Milnrow Parish
Notes to the Financial Statements for the Year Ended 31 October 2023
19 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets 20 Analysis of net funds Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 November 2022 £ 32,608 32,608 At 1 November 2021 £ 75,829 75,829 |
Unrestricted funds General £ 179 66,084 (363) 65,900 Unrestricted funds General £ 10 32,608 (235) 32,383 Financing cash flows £ 32,578 32,578 Financing cash flows £ (43,221) (43,221) |
Total funds at 31 October 2023 £ 179 66,084 (363) |
|
|---|---|---|---|---|
| 65,900 | ||||
| Total funds at 31 October 2022 £ 10 32,608 (235) |
||||
| 32,383 | ||||
| At 31 October 2023 £ 65,186 65,186 At 31 October 2022 £ 32,608 32,608 |
21 Related party transactions
Page 16
Friends of Milnrow Parish
Statement of Financial Activities by fund for the Year Ended 31 October 2023
Unrestricted Funds
| Unrestricted Funds | ||
|---|---|---|
| Income and Endowments from: Other trading activities Investment income Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total Unrestricted Funds 2023 £ 75,313 898 360 76,571 (352) (42,701) (43,053) 33,518 33,518 32,382 65,900 |
Total Unrestricted Funds 2022 £ 69,684 62 360 |
| 70,106 | ||
| (170) (113,393) |
||
| (113,563) | ||
| (43,457) | ||
| (43,457) 75,840 |
||
| 32,383 |
This page does not form part of the statutory financial statements. Page 17
Friends of Milnrow Parish
Detailed Statement of Financial Activities for the Year Ended 31 October 2023
| Other trading activities Sales of donated goods Investment income Interest on cash deposits Other income Rental income Raising funds Purchases Depreciation of fixtures and fittings Charitable activities Grants payable - institutions Wages and salaries Staff welfare Staff NIC (Employers) Staff pensions (Defined contribution) - pension scheme 1 Rent Rates Light, heat and power Insurance Repairs and renewals Telephone and fax Printing, postage and stationery Sundry expenses Travel and subsistence The audit of the charity's annual accounts Bank charges |
Total 2023 £ 75,313 75,313 898 898 360 360 (310) (42) (352) (4,501) (16,646) (406) (653) (780) (10,267) (541) (4,294) (784) (379) (129) (6) (1,339) (88) (300) (1,588) (42,701) |
Total 2022 £ 69,684 |
|---|---|---|
| 69,684 | ||
| 62 | ||
| 62 | ||
| 360 | ||
| 360 | ||
| (170) - |
||
| (170) | ||
| (78,499) (15,294) (381) - (780) (10,309) (322) (2,654) (773) (488) (83) (647) (1,572) (153) (300) (1,138) |
||
| (113,393) |
This page does not form part of the statutory financial statements. Page 18