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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 06853242 (England and Wales) REGISTERED CHARITY NUMBER: 1138854

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

MARSH FARM FUTURES

FKCA Limited 260 - 270 Butterfield Great Marlings Luton Bedfordshire LU2 8DL

MARSH FARM FUTURES

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 8
Report of the Independent Auditors 9 to 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 27
Detailed Statement of Financial Activities 28 to 29

MARSH FARM FUTURES

REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 MARCH 2021

TRUSTEES Mr D E Crean
Mr R J Davis
Mr A R Khan (resigned 22.11.21)
Mr B Patel
Ms A M White
Ms S T L Power
Ms A Donelon
Mr N A Reid (resigned 28.9.20)
Mr R J Goodwin
Miss Y Waheed (appointed 24.9.20)
REGISTERED OFFICE Futures House
The Moakes
Luton
Bedfordshire
LU3 3QB
REGISTERED COMPANY 06853242 (England and Wales)
NUMBER
REGISTERED CHARITY 1138854
NUMBER
AUDITORS FKCA Limited
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL
SOLICITORS Taylor Walton
28-44 Alma Street
Luton
LU1 2PL
Russell-Cooke
2 Putney Hill
Putney, London
SW15 6AB
BANKERS NatWest
Market Hill Branch
31 George Street
Luton
Bedfordshire
LU1 2YN
Santander
54-56 George Street
Luton
Bedfordshire
LU1 2AB
Page 1

MARSH FARM FUTURES

REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 Objectives and Activities

The Organisation has 5 key objectives:

  1. The provision of affordable, well-managed and sustainable facilities for enterprise and community activities;

  2. The Development of a vibrant local economy where businesses can prosper and community enterprise can flourish, creating jobs and a skilled and competitive workforce;

  3. Promoting effective partnership working between all sectors to build capacity and create a sustainable community 'anchor' organisation to ensure that the needs of the community are understood and addressed;

  4. Supporting local youth programmes which develop skills and confidence engaging young people as active decision makers, and encourage a healthy, confident community who feel safe, and have a range of accessible facilities;

  5. Improving education standards for all with a wide range of learning opportunities and experiences.

The Board believes that through strong partnership working it will assist in job creation, and skills development and training. Community engagement will continue to be a key factor in enabling the ongoing success of Futures House and other MFF project initiatives and use by local residents. Long term sustainability of MFF will rely on income generation, providing services and benefits to the residents of Marsh Farm and the surrounding area, both through the use and letting of Futures House, and through the funding and delivery of current and planned projects. Identifying risks and the likelihood of each assessed with management proposals and contingency plans as well as an action plan has been set out from the outset of the five year plan which demonstrates what tasks are required under the business plan headings of management, finance, governance, personnel, marketing, and operations. These plans and activities will be key to achieving MFF's aims and furthering its legal purpose over the coming years.

The Board will work towards meeting its stated aims and objectives through;

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when setting their grant making policy for the year, in line with the Charity's aims and objectives.

Page 2

MARSH FARM FUTURES

REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2021

OBJECTIVES AND ACTIVITIES

Social investments

Grant making - Community Chest Grant Funding, as part of our social investment actions that build capacity of small community groups and organisations to become more effective enterprises operating in the area or from Futures House. MFF encourages local community groups/organisations to apply for small funding grants called Community Chest. When applications are received, they are checked; a panel of Board Members is formed where applicants are invited to give a 3-5-minute presentation on why they want the money and talk about their project. Afterwards, the panel decides to agree or not and may put down some conditions. Successful groups/organisations are then notified, and funding is provided subject to meeting any conditions that the panel may have set.

Our social investment activities are based on supporting local residents, businesses and young people, this includes The Fun Factory's Marsh Farm resident's discount days on a Monday and a Friday as well as supporting local childminders with a discount morning every Thursday from 10:00am - 2:00pm. However due to the pandemic, Futures Fun Factory, the indoor play facility of Marsh Farm Futures, was closed to the public in March 2020, as such, none of the usual events for children took place during the year.

Other provisions include use of space, meeting rooms, community halls at low cost to enable access to individuals and groups to develop themselves, their groups and sustain themselves for the future.

Due to the COVID 19 Lockdown, no activities could take place during the year, including the Annual Enterprise Day, Futures Community Fun Day, Marsh Farm Fireworks, Winter Wonderland, 50+ Christmas Party, Futures Business Voice Events as well as Eid and other celebrations in Futures Fun Factory. Other events that did take place this year include the Community Quiz Nights via zoom and the very successful Children's' Christmas Presents project where over 3000 wrapped gifts were given to children in primary schools. in the Marsh Farm and surrounding areas by Marsh Farm Futures.

We were also able to deliver the Better Futures Programme supporting and assisting the community with food and care, parcels, a befriending, and support service as well as an employability programme to help residents back into work during and post pandemic. These events, facilitated by MFF as its social responsibility, mobilise the community and create a sense of belonging and social cohesion.

Volunteers

Volunteers are a vital source of support to us. All of our Board members are also volunteers offering their expertise and time at no cost to MFF. In addition, normally over 80 volunteers contribute their support to our annual community and business events, mainly from Luton and the surrounding areas. Charles Hazel is one of our key volunteers who has been with MFF since 2011. Charles regularly contributes his time and helps with several tasks including facilities support. Due to the pandemic we have been unable to use volunteers and Charles, except the Board members.

As part of the Children's Christmas present project, we had a number of volunteers from the community who gave their time to help wrap 4,500+ presents for Santa to take to the local schools.

Key Outputs

The measures it uses to assess success in the reporting period is through key output delivery: During this reporting period, April 2020 - March 2021, Futures House was closed to the public.

Page 3

MARSH FARM FUTURES

REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2021

ACHIEVEMENT AND PERFORMANCE Charitable activities

During the year 2020-21 MFF has achieved the following:

Yearly Outcome Measurement

Output Total
Jobs Created (f/t) 0
Jobs Created (p/t) 0
Jobs safeguarded 8
People trained obtaining qualifications 0
Residents accessing employment 0
Training weeks 0
Young people benefiting 0
New business start ups 0
Businesses advised 2
Benefiting from safety initiatives 0
50+ benefiting from safety initiatives 0
Women benefiting from safety 0
Community safety initiatives 0
Youth crime prevention initiatives 0
Attending youth crime initiatives 0
Locals access new health facilities 0
New health facilities 0
New sports facilities 0
Community cultural facilities improved 2
Voluntary organisations supported 2
Community Groups supported 3

Partnership work

Building - Futures House, closed during the reporting period due to COVID 19, though many groups and individuals were assisted with support over the telephone and sign posting to various other service providers.

Reserves for local investment

MFF Board will need to clarify any applications and use of MFF reserves, and plan for appropriate investment in new projects. One such project is the local Market which may have potential but requires investment of time and money to thoroughly review its operation, and then to plan and implement changes to arrest the recent decline and build a new customer base. The Board has agreed to create a project investment fund of £50,000 to provide for options appraisals and feasibility studies for new initiatives. Due to COVID-19 the Board will need to take a careful and planned considered view on what projects can be started, implemented, and sustained in the future.

MFF has identified several capital projects on Futures House land that may require capital investment over the next few years. Last year MFF carried out a feasibility study to determine the most appropriate development solutions. These options were considered by the Board in terms of how they address the local planning context, their deliverability, and their ability to attract resources. The study also considers how the project/s can be managed moving forward and in the long-term by considering how MFF can develop as an organisation and the key external relationships necessary. As part of the commission three options had been considered for development. The initial feasibility study suggests that it may require an estimated investment of between £7-8m Pounds. The Board considered a smaller development scheme around the Futures Fun Factory, which is undergoing further discussions. The main projects under this development are Futures Fun Factory Climbing wall, youth and community hub and extension to the Futures House. These projects are continuing further work but may be subject to further revisions due to COVID-19 as we progress into next year.

Depending on potential sources of finance, future projected income, and the strategy for their development, this will affect how the Charity might execute the capital projects. If external finance is to be used, MFF will need to carefully consider all the factors and ensure that its investment is planned and delivered with users and with the financial modelling that makes it sustainable.

Page 4

MARSH FARM FUTURES

REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2021

Overview of meeting room and other services

Approx. 200 people made use of the meeting rooms for essential training, we lost other bookings as a result of mandatory Covid 19 restrictions. LBC Housing advisors, who would usually be available twice a week at the front desk, were unable to offer their services throughout and after the lockdown period. Marsh Farm Futures, Foodbank and another charity, Joseph Store Basket were able to support the community with food and other essentials whilst the building was closed to the public and help via phone with signposting and general queries.

Visitors experience

Car parking in the area is much improved but at times still overloaded, hence a second area at the front carpark has now been lined out to add another extra 18 bays, which will assist in reducing congestion.

New Units

We have invested in building one new office on the ground floor and three new offices on first floor. This has resulted in the move for L&D Radio, from Luton and Dunstable Hospital to a new home at Futures House where they have installed two studios for their operations. We have also managed to secure extra five new licences and a tenancy with the new Labour MP, Sarah Owen, to provide a mix of valuable services to local residents.

Information and Technology

Having invested in improving the infrastructure of our IT across the site replacing existing out-of-date hardware and installing new Wi-Fi access points across the building and then installing new PCs and screens to enable staff to work more efficiently and have better workstation spaces in the atrium area of the building for residents to access free use of computers. Due to the pandemic these services have not been fully used to their potential in the current year.

Website and social media

The MFF website and social media channels have been used to promote various MFF activities and events through press releases, interviews with local residents using our services and tenants within the building.

In order to increase MFF's online presence we have been working on having SEO (search engine optimisation) for our website and have taken on the services of a local company to achieve this. Ultimately this will lead to Futures House coming up in search engines for people looking for halls, meeting room spaces, activities for children and annual community events.

Internal and external factors

Lack of numbers in the Community Voice has still been an issue over the last few years, however because of the involvement of the Community Voice in the Junior Youth Club and the Resident Coffee Morning and other events, there is now interest from local residents in joining the 'Voice'.

Meeting Halls - Whilst the reductions in price for hall hire, as previously reported, encouraged users, once COVID 19 restrictions were in place, halls were only used for mandatory training and showed a loss of income as a result.

Education Programmes - MFF is not in a position to make an impact on this directly, however, a staff member has been assigned to lead on education provision with a Board member supporting him.

Futures Young Voice - No activity on this or the Junior Youth Club due to COVID 19. We hope to build on both as Covid 19 restrictions are lifted.

Page 5

MARSH FARM FUTURES

REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2021

FINANCIAL REVIEW

Financial position

The trustees wish to report a net surplus of £58,984 within unrestricted funds and a surplus of £11,330 within restricted funds respectively for the year under review. The unrestricted general reserves stand at £2,021,187 and restricted funds at £26,590.

Details of the major items on the balance sheet can be found in the notes to the financial statements.

Expenditure on Gas and Electric has been slightly reduced this year due to prudent management of the heating and lighting the building and negotiating robustly with the utilities companies and changing the contracts as required.

Delays in payment of invoices from tenants and suppliers has an impact on our cash flows but not an adverse impact on our collection of invoices, as we monitor aged debtors each month and have systems in place to recover funds owed to the charity.

Loss of some of the larger and key tenants from Futures House has had a significant effect on the financial performance of charity, particularly with COVID-19 likely to have a major influence on loss of income and some services to local people for best part of next year. There have been some changes to larger tenants in the building, specifically to Elite Day Care Services whose lease expires at end of September 2020 and Luton Borough Council whose leases expired at the end of the financial year.

The Board had agreed a community chest budget of £10,000 during the current year, and due to demand the Board had allocated additional resources to this budget in the 4th Quarter of the previous year. Due to the pandemic and social distancing in place, no applications were received for grants in the current year.

These factors and any other key risks identified that do not get addressed will have an impact on the long-term sustainability of MFF, in particular, it may have an impact on its four financial objectives, i.e.:

c) Revenue funding for projects of community benefit.

Principal funding sources

Rents and Service Charges pay for staffing and other running costs of the charity as well as the community chest funding. Futures Fun Factory pays for its staffing, rent and service charge plus any training for staff and provide a much-needed service to local people in Marsh Farm and the surrounding areas, which has been shut due to the pandemic in this year. Donations from local businesses towards an annual firework display that we deliver in early November are helpful in meeting some of the costs. In addition, often a small amount of income is generated through business events.

Investment policy and objectives

There are no investments in external entities and the Board will develop a policy as and when required.

Reserves policy

In order to protect Marsh Farm Futures against variation in income, and to allow for new opportunities, Marsh Farm Futures has an unrestricted reserves policy setting out guidelines on setting money aside rather than using it for immediate issues/projects. This is money that can be spent on anything which furthers the objectives of Marsh Farm Futures and secures its viability beyond the immediate future to provide reliable services over the longer term. The replacement costs for the main features of the Futures House building (e.g., roof, heating, lift, etc), were originally calculated at £1,895,064 at 2011 prices. Assuming a 25 to 50-year lifecycle for the various features, an annual average allocation of about £50,000 at current prices has been made to a sinking fund. Business Continuity will largely be covered by the organisation's insurance given that MFF's primary income source is from the letting of Future House. A small contingency of £100,000 has been set aside to facilitate working capital during any period when insurance claims are being processed in the event of sudden loss of income. A Project Investment Fund of £50,000 is created to provide for options appraisals and feasibility studies for new initiatives.

A separate bank account is in place for the sinking fund with a separate account for the tenants' deposits.

Page 6

MARSH FARM FUTURES

REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2021

FUTURE PLANS

There are no plans by the Trustees to change the charities aims and objectives at the moment. The focus of the activities for MFF over the next three to five years are to be within four primary areas:

The Board are planning to invest in new climbing walls for the Futures Fun Factory when it is possible to open the facility late 2021 / early 2022. The Board forecast costs to construct this facility to be between £100,000 and £150,000. Plans have been made in order to raise funds from external sources as well as using some of our reserves.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Decision making

Decisions on policy and direction of the charity are taken by the Board, but operational decisions to implement these are a matter for staff through the Chief Executive Officer. Directors approve the budget and work programme and monitor progress of each through Officer's reports throughout the year. They also consider and approve the Annual Accounts. There is a long-term forward planning process, which is based on three-year financial forecasts, and additional meetings of the Board to consider future plans and activities.

New Trustees

Induction and training of new trustees or suitably experienced representatives from such Organisations or persons as it determines, for persons to be appointed as Directors because of their experience of, skills in or understanding of working in the relevant sector, so that the Board in total is as follows:

New trustees are normally chosen as they have a track record of working with or within public or community organisations and are introduced to the specific workings of the Charity by the Chief Executive. Before appointment they are normally interviewed by the Board, and the nature of the decisions they will be faced with are explained at this time. Any specialist training required by an individual Director is available on request.

Staff remuneration

Staff numbers have increased progressively since the charity was formed with a mixture of full time, part time and flexible staff all on contract and at least on the living wage. Each addition or replacement of a staff member is appointed within an appropriate advertised salary range, and external advice is sought on this when necessary to ensure that they are properly benchmarked. Annual salaries for all staff are readjusted annually in respect of cost of living, using the Local Government settlement made nationally as a guide. Due to the pandemic all staff in Futures Fun Factory were made redundant in 2020 and the operation closed for the foreseeable future. We are planning to re-open in 2021-22 with additional investment in capital infrastructure.

Page 7

REPORT OFTHK TRUSTEES forthe Year 31 MARCH 2021 The land at FubJJYs House at the y¢4r end ownul by People's Property Marsh Farni Limitel which is a wholty OWDpJ $ub5idiary of Marsh Farm Futwrs. and it ts It￿d to MaT5h Fwrn Futures at peppeycorn rent The same ThjStet￿DiKectors are reSP￿sIble for COMp￿les, thirs. EaAy IJJ the next fll]a￿ y¢Hr the prowty was 1rnSft￿ to Matsh Farni Futures 0Th1 th¢ subsidiaryhas been subsequeDtly dimlved in N¢)vember2021. EVEiYfssiNcETHE EIYD OF THE YEAR Jnfornwtion r¢l¥bng ￿ evejts sincethe end ofth¢ye4ris ID the notesto the fiDJncial slalern￿ STATEMENT OF TRUSTEES. RESPONSIBILrrIEs The tr￿Stee9 {wlJo also th¢ dirtths of Marth Fami Futures fcr the pwpose8 of kl)mpany 18w) Are re￿￿51Th1¢ fr preparitig the Rqxt of the Th￿e¢S and th¢ stthA¢nts in Wra￿Ce with appli¢Able law United KiDgdc A¢¢ounting Standwds OJnid Kingth)m C¢ne]31ty Accept￿ Acco￿t￿￿ Prxtice). Comparty law requiRs th¢ In￿¢$ to prep3re fiDancial statements for each financial year which &iv¢ a tn]e aT¥J far Yiew of th¢ sl of affairs of the elwitsble company and of the incomiog r¢s(rt￿ ond applic￿10￿ of includirt8 the i￿)Me &)d exF¢DditwA of the charitable L>)rnF￿y for period. Itt pre￿Ing thos¢ financi￿ stath¢ll￿ tbe seknt suitable ￿counting w11ci￿ ottd then gpply them Co￿lStentty. obsave themdiods and prin¢iples in thE Charity SORP. . jud8cments and that a[¢ r¢&4)n¥bl¢ and pnMkn¢ . pRpor¢ the fuw)¢ial ￿atements on the 80iD8 concern btsis Whless it is inappiKwiAt¢ trj prE￿ne that the d￿ltable company wi]1 ¢£￿tinUe in trMJsit)¢5S. the fin8n¢ial positi¢￿ of the tharitsble C￿lP￿ 8tyJ to enable them to ￿SUre that the fin8nci81 stakn¢thS compty with the Compauids Act 2fy)6. Tlw aTe also r¢spy)nsibl¢ for saf¢guardiDg th¢ ¥ssets of the dwytable ￿MpanY and hellc¢ for tsking sty fwthe prwention and dd¢rtiOD of fi3ud and other irregu]arities. In so far&8the tn]51ce5 aTe aware: thtt¢ is nOrelevanta￿lit inforn?8tion of which th¢ thllritsblc eomFony's wdit(ffS Are Ut￿￿4￿. and thc tr￿￿te& have a]1 steps th8t they to bave tskell ￿ make themselves aware of ony relevant audit inforniation a￿110 &tsblish the auditors ar¢ awate ofth* AUDITOKS The audit￿ FKCA Limitc4 will bepDpos¢d for rtraFwintin¥rt atth¢ forthcoming Annual GeAe4yI Meeting. A￿0¥¢￿ by orderof the of bv5tees (XJ....... .. ..... ... .......... its behalf by:

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MARSH FARM FUTURES

Opinion

We have audited the financial statements of Marsh Farm Futures (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work 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 authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 9

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MARSH FARM FUTURES

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 MARCH 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
5
Charitable trading costs
Project expenses
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
113,182
509,559
419
623,160
564,176
-
564,176
58,984
1,962,203
2,021,187		 Restricted
funds
£
49,011
-
-
49,011
37,681
-
37,681
11,330
15,260
26,590		 2021
Total
funds
£
162,193
509,559
419
672,171
601,857
-
601,857
70,314
1,977,463
2,047,777		 2020
Total
funds
£
52,959
674,956
2,677
730,592
589,199
58,107
647,306
83,286
1,894,177
1,977,463

The notes form part of these financial statements

Page 11

MARSH FARM FUTURES

BALANCE SHEET 31 MARCH 2021

Notes
FIXED ASSETS
Tangible assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
15,262
4,000
19,262
178,732
2,098,062
2,276,794
(274,869)
2,001,925
2,021,187
2,021,187		 Restricted
funds
£
-
-
-
-
26,590
26,590
-
26,590
26,590
26,590		 2021
Total
funds
£
15,262
4,000
19,262
178,732
2,124,652
2,303,384
(274,869)
2,028,515
2,047,777
2,047,777
2,021,187
26,590
2,047,777		 2020
Total
funds
£
22,454
4,000
26,454
151,573
2,051,912
2,203,485
(252,476)
1,951,009
1,977,463
1,977,463
1,962,203
15,260
1,977,463

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 12

31 MARCH 21J21 These financial ytat¢m¢nts have been prqmyd in with the provisic&8 applKable to ch￿Ilable eompatiie5 subjectto the small regim The fuj8nc.al sta*ments w¥¢ approv￿ by th¢ Board of TnL8tees for issue and were sI￿d rn its beh￿f by". The nc4e$ f<￿ m ofthese )Inawial statem Page 13

MARSH FARM FUTURES

CASH FLOW STATEMENT for the Year Ended 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2021
£
72,321
72,321
-
419
419
72,740
2,051,912
2,124,652		 2020
£
208,733
208,733
(10,094)
2,677
(7,417)
201,316
1,850,596
2,051,912

The notes form part of these financial statements

Page 14

MARSH FARM FUTURES

NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 MARCH 2021

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2021 2020
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 70,314 83,286
Adjustments for:
Depreciation charges 7,192 7,318
Interest received (419) (2,677)
(Increase)/decrease in debtors (27,159) 102,011
Increase in creditors 22,393 18,795
Net cash provided by operations 72,321 208,733

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Total		 At 1.4.20
£
2,051,912
2,051,912
2,051,912		 Cash flow
£
72,740
72,740
72,740		 At 31.3.21
£
2,124,652
2,124,652
2,124,652

The notes form part of these financial statements

Page 15

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The presentation currency of the financial statements is the Pound Sterling (£).

Marsh Farm Futures meets the definition of a public benefit entity under FRS 102.

The trustees have considered the financial health of the charity along with the various government measures in place to support businesses and charities through the COVID-19 pandemic and with this in mind the trustees believe that the charity at the date of signing, will continue as a going concern for the foreseeable future.

Preparation of consolidated financial statements

The financial statements contain information about Marsh Farm Futures as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income

Nature of Income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchased.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

Income recognition

Income, whether from exchange or non-exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity's assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

Investment income is included when receivable.

Incoming resources from charitable activities are accounted for when earned.

Page 16

continued...

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

Income

All income is accounted for gross, before deducting any relate fees or costs.

Gift aid

The income and any associated Gift Aid or other tax refund received by the charity in the nature of a gift, is accounted for on the same basis as a donation.

Expenditure on goods and services

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.

Liabilities arsing from future funding commitments and constructive obligations, including performance relating grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increase in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution from volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in the trustee's annual report.

Allocation and apportionment of costs

All costs are directly allocated to the activity to which they relate.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - Straight line over 4 years

No provision has been made this year for depreciation of leasehold improvements. The trustees are of the opinion that the recoverable amount of the leasehold improvements would not materially differ from the carrying value of that class of assets.

Taxation

As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applied towards the charitable objects of the charity and for no other purpose. Value Added Tax is recoverable by the charity

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 17

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Government grants

Government grants are recognised in the profit and loss accounts within income when it is deemed to be receivable by the company.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

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.

Financial instruments, cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Financial instruments are measured as fair value. In the case of unlisted investments they are valued at cost less impairment.

Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

Investment in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

2. DONATIONS AND LEGACIES

Donations
Grants
Job retention scheme
Grants received, included in the above, are as follows:
Other grants
Power to change
Better futures programme
Government grants		 2021
£
1,452
94,641
66,100
162,193
2021
£
-
-
49,010
45,631
94,641		 2020
£
31,575
21,384
-
52,959
2020
£
2,000
19,384
-
-
21,384

continued...

Page 18

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

3. CHARITABLE ACTIVITIES

2021
£
Letting of property for charitable purposes
509,559
Futures Fun Factory
-
Sales of goods and services in accordance with the charity's objects
-
509,559
4.
INVESTMENT INCOME
2021
£
Deposit account interest
419
5.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 6)
£
£
Charitable trading costs
323,281
278,576
6.
SUPPORT COSTS
Financial,
legal and
Premises
Administrative
professional
Governance
expenses
overheads
costs
costs
£
£
£
£
Charitable trading costs
253,543
6,631
10,727
7,675
Support costs, included in the above, are as follows:
Premises expenses
2021
Charitable
trading
costs
£
Wages
79,926
Social security
7,074
Pensions
1,199
Rates and water
5,426
Insurance
9,685
Light and heat
69,756
Cleaning and waste management
24,531
Premises repairs and renewals
14,796
Security
23,856
Facilities management
1,693
Volunteer expenses
109
Accountancy
3,694
Legal fees
-
Telephone
765
Carried forward
242,510		 2020
£
539,095
135,182
679
674,956
2020
£
2,677
Totals
£
601,857
Totals
£
278,576
2020
Total
activities
£
76,163
6,847
-
9,877
13,675
62,649
24,997
11,935
33,715
1,503
535
-
6,476
746
249,118

continued...

Page 19

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

6. SUPPORT COSTS - continued

Premises expenses - continued

Brought forward
Software licences and expenses
Depreciation of tangible fixed assets
Administrative overheads
Telephone
Postage and stationery
Sundries
Membership subscriptions
Equipment expenses
Software licences and expenses
Financial, legal and professional costs
Legal and professional
Meeting expenses
Accountancy
Bank charges
Governance costs
Auditors' remuneration for group entities
Auditors' remuneration for group entities for
non audit work		 2021
Charitable
trading
costs
£
242,510
3,841
7,192
253,543
2021
Charitable
trading
costs
£
2,839
1,770
86
-
-
1,936
6,631
2021
Charitable
trading
costs
£
7,794
686
1,989
258
10,727
2021
Charitable
trading
costs
£
5,325
2,350
7,675		 2020
Total
activities
£
249,118
1,017
7,318		 2020
Total
activities
£
249,118
1,017
7,318
257,453
2020
Total
activities
£
2,882
3,542
1,246
777
622
7,835
16,904
2020
Total
activities
£
7,103
662
3,032
488
11,285
2020
Total
activities
£
6,400
3,700
10,100
10,100

continued...

Page 20

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2021 2020
£ £
Auditors' remuneration for group entities 5,325 6,400
Auditors' remuneration for group entities for non audit work 2,350 3,700
Depreciation - owned assets 7,192 7,318

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

9. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Staff		 2021
£
345,036
32,656
7,496
385,188
2021
10		 2020
£
340,931
25,548
7,693
374,172
2020
16

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£80,001 - £90,000
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable trading costs
Project expenses		 ACTIVITIES
Unrestricted
funds
£
32,075
674,956
2,677
709,708
567,517
-		 2021
1
Restricted
funds
£
20,884
-
-
20,884
21,682
58,107		 2020
1
Total
funds
£
52,959
674,956
2,677
730,592
589,199
58,107

continued...

Page 21

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
funds
£
Total
567,517
NET INCOME/(EXPENDITURE)
142,191
RECONCILIATION OF FUNDS
Total funds brought forward
1,820,012
TOTAL FUNDS CARRIED FORWARD
1,962,203
11.
TANGIBLE FIXED ASSETS
Leasehold
improvements
£
COST
At 1 April 2020 and 31 March 2021
7,394
DEPRECIATION
At 1 April 2020
-
Charge for year
-
At 31 March 2021
-
NET BOOK VALUE
At 31 March 2021
7,394
At 31 March 2020
7,394
12.
FIXED ASSET INVESTMENTS
COST LESS IMPAIRMENT
At 1 April 2020 and 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Restricted
funds
£
79,789
(58,905)
74,165
15,260
Plant and
machinery
£
50,806
35,746
7,192
42,938
7,868
15,060		 Total
funds
£
647,306
83,286
1,894,177
1,977,463
Totals
£
58,200
35,746
7,192
42,938
15,262
22,454
Shares in
group
undertakings
£
4,000
4,000
4,000

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

continued...

Page 22

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

12. FIXED ASSET INVESTMENTS - continued

People's Property (Marsh Farm) Limited

Registered office: Futures House, The Moakes, Luton, Bedfordshire, LU3 3QB Nature of business: Dormant

%
Class of share:
holding
Ordinary
100
2021
2020
£
£
Aggregate capital and reserves
3,002,129
2,467,528
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade debtors
166,207
151,573
Prepayments
12,525
-
178,732
151,573
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade creditors
22,008
6,483
Social security and other taxes
47,982
45,605
VAT
937
-
Other creditors
67,950
67,905
Deferred income
91,805
123,023
Accrued expenses
44,187
9,460
274,869
252,476
DEFERRED INCOME
Rental
Income
£
Deferred Income brought forward at 1 April 2020
123,023
Incoming resources deferred in the current year
91,805
Amounts released from previous years
(123,023)
Deferred Income carried forward at 31 March 2021
91,805		 %
Class of share:
holding
Ordinary
100
2021
2020
£
£
Aggregate capital and reserves
3,002,129
2,467,528
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade debtors
166,207
151,573
Prepayments
12,525
-
178,732
151,573
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade creditors
22,008
6,483
Social security and other taxes
47,982
45,605
VAT
937
-
Other creditors
67,950
67,905
Deferred income
91,805
123,023
Accrued expenses
44,187
9,460
274,869
252,476
DEFERRED INCOME
Rental
Income
£
Deferred Income brought forward at 1 April 2020
123,023
Incoming resources deferred in the current year
91,805
Amounts released from previous years
(123,023)
Deferred Income carried forward at 31 March 2021
91,805		 %
Class of share:
holding
Ordinary
100
2021
2020
£
£
Aggregate capital and reserves
3,002,129
2,467,528
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade debtors
166,207
151,573
Prepayments
12,525
-
178,732
151,573
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade creditors
22,008
6,483
Social security and other taxes
47,982
45,605
VAT
937
-
Other creditors
67,950
67,905
Deferred income
91,805
123,023
Accrued expenses
44,187
9,460
274,869
252,476
DEFERRED INCOME
Rental
Income
£
Deferred Income brought forward at 1 April 2020
123,023
Incoming resources deferred in the current year
91,805
Amounts released from previous years
(123,023)
Deferred Income carried forward at 31 March 2021
91,805
Rental
Income
£
123,023
91,805
(123,023)
91,805

Rental income is deferred to match income against the period it relates to.

continued...

Page 23

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated - Capital Investment
Programme
Designated - Sinking Fund
Designated - Business Continuity
Designated - Project Investment
Designated - Large Scale Capital Project
Restricted funds
Power to change
Police and Crime Commissioner
Better Futures Programme
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Power to change
Police and Crime Commissioner
Better Futures Programme
TOTAL FUNDS		 At 1.4.20
£
693,150
77,000
400,000
100,000
50,000
642,053
1,962,203
8,598
6,662
-
15,260
1,977,463
as follows:		 Net
movement
in funds
£
58,984
-
-
-
-
-
58,984
(8,598)
(6,662)
26,590
11,330
70,314
Incoming
resources
£
623,160
-
-
49,011
49,011
672,171		 Transfers
between
funds
£
(50,000)
-
50,000
-
-
-
-
-
-
-
-
-
Resources
expended
£
(564,176)
(8,598)
(6,662)
(22,421)
(37,681)
(601,857)		 At
31.3.21
£
702,134
77,000
450,000
100,000
50,000
642,053
2,021,187
-
-
26,590
26,590
2,047,777
Movement
in funds
£
58,984
(8,598)
(6,662)
26,590
11,330
70,314

continued...

Page 24

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated - Capital Investment
Programme
Designated - Sinking Fund
Designated - Business Continuity
Designated - Project Investment
Designated - Large Scale Capital Project
Restricted funds
Power to change
Police and Crime Commissioner
TOTAL FUNDS		 At 1.4.19
£
625,959
77,000
350,000
75,000
50,000
642,053
1,820,012
57,168
16,997
74,165
1,894,177		 Net
movement
in funds
£
142,191
-
-
-
-
-
142,191
(48,570)
(10,335)
(58,905)
83,286		 Transfers
between
funds
£
(75,000)
-
50,000
25,000
-
-
-
-
-
-
-		 At
31.3.20
£
693,150
77,000
400,000
100,000
50,000
642,053
1,962,203
8,598
6,662
15,260
1,977,463

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Power to change
Police and Crime Commissioner
Making a difference
TOTAL FUNDS		 Incoming
resources
£
709,708
19,384
-
1,500
20,884
730,592		 Resources
Movemen
expended
in funds
£
£
(567,517)
142,191
(67,954)
(48,570
(10,335)
(10,335
(1,500)
-
(79,789)
(58,905
(647,306)
83,286		 Resources
Movemen
expended
in funds
£
£
(567,517)
142,191
(67,954)
(48,570
(10,335)
(10,335
(1,500)
-
(79,789)
(58,905
(647,306)
83,286
(58,905
83,286

Page 25

continued...

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated - Capital Investment
Programme
Designated - Sinking Fund
Designated - Business Continuity
Designated - Project Investment
Designated - Large Scale Capital Project
Restricted funds
Power to change
Police and Crime Commissioner
Better Futures Programme
TOTAL FUNDS		 At 1.4.19
£
625,959
77,000
350,000
75,000
50,000
642,053
1,820,012
57,168
16,997
-
74,165
1,894,177		 Net
movement
in funds
£
201,175
-
-
-
-
-
201,175
(57,168)
(16,997)
26,590
(47,575)
153,600		 Transfers
between
funds
£
(125,000)
-
100,000
25,000
-
-
-
-
-
-
-
-		 At
31.3.21
£
702,134
77,000
450,000
100,000
50,000
642,053
2,021,187
-
-
26,590
26,590
2,047,777

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,332,868 (1,131,693 ) 201,175
Restricted funds
Power to change 19,384 (76,552) (57,168)
Police and Crime Commissioner - (16,997) (16,997)
Making a difference 1,500 (1,500) -
Better Futures Programme 49,011 (22,421) 26,590
69,895 (117,470) (47,575)
TOTAL FUNDS 1,402,763 (1,249,163 ) 153,600
Detail of funds

Funds have been designated at the discretion of the board of Trustees as follows:

General funds:

This is money that can be spent on anything which furthers the objectives of Marsh Farm Futures and secures its viability beyond the immediate future to provide reliable services over the longer term.

Sinking fund:

Page 26

continued...

MARSH FARM FUTURES

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2021

15. MOVEMENT IN FUNDS - continued

Detail of funds - continued

An amount of £50,000 per year is set aside for this fund. The purpose of this fund is to accumulate reserves to cover replacement costs for the main features of the Futures House building (e.g. roof, heating, lift, etc) over a period of 25 to 50 years.

Business Continuity fund:

A small contingency of £100,000 is set aside to facilitate working capital during any period when insurance claims are being processed in the event of sudden loss of income.

Project Investment fund:

A fund of £50,000 is set aside to provide for options, appraisals and feasibility studies for new initiatives.

Large Scale Capital Investment Project fund:

A fund to cover any large capital investments in the foreseeable future.

Detail of restricted funds are set out in the Trustees report.

16. RELATED PARTY DISCLOSURES

People's Property (Marsh Farm) Limited

Wholly owned subsidiary of Marsh Farm Futures Limited.

A lease was assigned to Marsh Farm Futures from People's Property (Marsh Farm) Limited On 21 November 2013 for a term of 21 years expiring on 20 November 2034 at a peppercorn annual rent.

Excluding the above, there were no related party transactions for the year ended 31 March 2021 nor for the year ended 31 March 2020.

17. POST BALANCE SHEET EVENTS

On 30 April 2021, the charity obtained the property which was donated by Peoples Property Marsh Farm.

18. LEASING AGREEMENTS

Minimum lease receipts fall due as follows:

2021 2020
£ £
Net obligations receivable:
Within one year 257,508 390,017
Between one and five years 881,182 844,829
More than five years 214,432 293,830
1,353,122 1,528,136

Marsh Farm Futures Limited lease units within 'Futures House' to various external tenants.

Page 27

MARSH FARM FUTURES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Job retention scheme
Charitable activities
Letting of property for charitable purposes
Futures Fun Factory
Sales of goods and services in accordance with
the charity's objects
Investment income
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Advertising
Cost of services for primary purpose trading
Futures café expenses
Futures Fun Factory expenses
Project costs
Travel and subsistence
Temporary staff
Support costs
Premises expenses
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Cleaning and waste management
Premises repairs and renewals
Carried forward		 2021
£
1,452
94,641
66,100
162,193
509,559
-
-
509,559
419
672,171
265,110
25,582
6,297
274
-
-
6,631
18,790
-
597
323,281
79,926
7,074
1,199
5,426
9,685
69,756
24,531
14,796
212,393		 2020
£
31,575
21,384
-
52,959
539,095
135,182
679
674,956
2,677
730,592
264,768
18,701
7,693
2,721
218
155
11,462
43,024
390
2,432
351,564
76,163
6,847
-
9,877
13,675
62,649
24,997
11,935
206,143

This page does not form part of the statutory financial statements

Page 28

MARSH FARM FUTURES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2021

Premises expenses
Brought forward
Security
Facilities management
Volunteer expenses
Accountancy
Legal fees
Telephone
Software licences and expenses
Plant and machinery
Administrative overheads
Telephone
Postage and stationery
Sundries
Membership subscriptions
Equipment expenses
Software licences and expenses
Financial, legal and professional costs
Legal and professional
Meeting expenses
Accountancy
Bank charges
Governance costs
Auditors' remuneration for group entities
Auditors' remuneration for group entities for
non audit work
Total resources expended
Net income		 2021
£
212,393
23,856
1,693
109
3,694
-
765
3,841
7,192
253,543
2,839
1,770
86
-
-
1,936
6,631
7,794
686
1,989
258
10,727
5,325
2,350
7,675
601,857
70,314		 2020
£
206,143
33,715
1,503
535
1,061
6,476
746
1,017
7,318
258,514
2,882
3,542
1,246
777
622
7,835
16,904
7,103
662
1,971
488
10,224
6,400
3,700
10,100
647,306
83,286

This page does not form part of the statutory financial statements

Page 29