Charity Registration Number.- 1143542 Company Registration Number.. 06812087 IEnBland and Wales) Petit Miracle Interiors Limited (Limited by guarantee) Trustees, Report and Accounts For the Year Ended 28th February 2022 PETIT MIRACLES A8trWCQ8 28111r2022 COMPANIES H(JJSE A17
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Petit Miracle Interiors Limited (Limited by guarantee) Legal and Administrative Information Trustees Vincenzo Dalaimo Allison Gislason Gary Roberts IresiBned 24 ju 20211 Paul Kelly (appointed 8 February 20221 Charfty Number 1143542 Company Number 068127 RegSstered Office Address 64 Southwark 8ridge Road London SEI OAS Independent Exami15 Aviatrix Accountsncy Terminal E2138 Farnborough Airport Farnborough Hampshire GU14 6XA Accountants Whitby Accouniin8 Ltd 34 Oaks Way Carshalt Surrey SM54NQ
Petit Miracle Interiors Limited (Limited by guarantee) Contents Page Trustèès Report Independent Examinerfs Reports io Statement of Financial Artivilies li Balae St*et 12 Notes to the kcounts
Petit Miracle Interiors Limited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2022 The Trustees present this annual report together with the financial statements of Petit Miracle Interiors Ltd for the year ending 28 February 2022. The Trustees confirm that thi5 report and ststements comply with the charity's Memorandum and Articles of Association. 1.1 Strurture and governance Constitutlon Petit Miracle Interiors Limited is a registered charity111434521 and company limtted by guarantee1068120871 and is governed by tts Articles of Association. The Trustees of the charity are the Directors and Members of the company. All meetings must. at a minimum. have a quorum present, which is Set at two. At èad) annual general meeting one+third of the dtrectors musi retire. In the event of the company beinE wound up, rnèmbers are required to contribute an amount not exceeding £l.CO. The Chari$ place of business is Penhurst House. 352-356 Battersea Park Road, London, SWII 3BY. The trading address is Unit C, West 12 Shopping Centre, Shepherd Bush Green, London, W12 8PP. Trustees Any person who is willing to be and may lawFulty art as a Trustee may be appointed by ordinary resolution. New appointments are only made if such person is deemed capable of providing relevant skills and deterniined to further the aim5 of the charity. In the evènt of particular ski115 being lost duÈ to rètirement. individuals are approached to offer themselves for elertion to the Trustee board. lknsk mana8•ment The risk register is updated annually however. a second review was conducted as 3 fèSLblt of Covid-19. Risks range from th05e associated with 50urce5 of income, or lack thereof due to unforeseen matters such as Cgvid- 19. and lone working. Our system5 have been reviewed and additional support measures in place to help cope with the Ioss of key.staff and changes in the trading environment. Procedure5 are in place to ensure compliance with health and safety of 5tsff, volunteer5. clients and visitors to the premises. These procedures will be periodically reviewed to ènsure that they continue to meet the needs of the charity. 1.2 ObJertl¥es arKI arti¥itles Objects ilThe relief of Ltnemployment in particular but not exclusive by providing training and work experience in the painting & decorating and interior desi8n trades for the homeless. formerly homeless, vulnerable women. and other socially or economically disadvantsged members of society l-the beneficiarbes"). ill The relief of need for the beneficiaries by providing education, training and work experience with a view to helping them bLbild their confidence and meet their own needs. Publlc benefit The Trustee5 are aware of the Charity Commis&on's guidan on public benefit in reviewing and planning its future activities. The trustees are satlsfied thatthe aims are carried out in pursLrit of the charitable aims and are for the public benefft.
Petit Miracle Interiors Limited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2022 Our Year The 2022021 year was overshadowed by the cov-19 pandemic. whith severely limited our ability to deliver our usual programmes. however 2021-2022 saw our beneficiaries and volunteers increase their confidence to ttend the workshop and participate in our programmes agatn. Despite the vulnerability of some of the people we support, wè manè8ed to èngage with 140 benèficiaries thioughout the year. This past year has been one of significant change. our Founder and CEO moved abroad and is acting CEO with strategic involvement. however, is no longèr involved in the day-tts-day actlties. The Èxciting aspect of this change is that the long-term senior staff team have been promoted and are now Dire¢tors of the ¢harity. They are both passionate about the charrt(s purpos* and knowthe local tommunity and the people WÈ sèrve very well. The Trustees and the team are excited for this new phase and a fresh approach it will bring. Although there are new and exating changes to come. one constant goal remains.. wè continueto striveto betome the UK'S leading upcyclingsocial enterprise to support people. ¢ommunity, and the environment. In March 2021. the 5tsff were back to work full-time. and the shop and maker5pace reopened fvll time. too. We were able to run our Roadshow events for organisations who were comfortable with in-per50n visits. And for those who were not qyite ready to leave their site5, we hosted virtual sessions. Essentially. the team were extremely flexible to ensure beneficiaries could acce55 the seNce5. while feelin8 safe and comfortable. In some cases. this meant running a few sessions in small groups for the Same organ+5ation or providing our online sessions with project packs that were sent to each benefiriarfs home before the session. We have provided exibility and adaptability to deliver iraining best suited to tyjr beneficiaries needs. Our experience from the pandemic ensured that wè could. where needed. continue to run our troinfrnB online. hosting virtual sessions and online tasters for our students from organisations such as Happify and City of Westminster College. Although we were back in the shop and makerspa¢e. it was importsnt for us to continue with the organisational improvements we had started during partial furtouBh. This included continuing to use our new streamlined monitoring and evaluation tracking pro¢e55, this has helped the day-to4ay Smooth onboardin8 and tracking of volunteers and beneficiaries. In April, we started work with an intem from Imperial College stU01ft Design En8ineerinB. Shè completed a 6- month placement with us. learnin8 restoration ski115 in the workshop and helping to deliver training for our beneficiaries. She also created markèt research materials and created furniture desiens. This was her first experience of a full-time job and she gained new expertise and built a wider tangible set of skills while with u5. She enjoyed her placement with us, as a resu. she retumed to volunteer with us after her placement officiallv ended. As well. our oper3tiorb5 manager was tnvited to take pary and successfully completed, a leadership proBramme. provided free of charge from Imperial College- Agents ofchange. This 6-month course was created to 5UPPOrt women who work or live in Hammer5mith and Fulham and work in the third sector. WÈ welcomed our first inclusive hirè to the team in May. She had initially participated in our programme after being referied through Pursuing Independent Pathways. She successfully completed our traineeship, and work experience progiamrne5. After 8rowin8 in confidence in the workshop. she started to volunteer independentlv. We were pleased to offer her a paid part-time rde. which she accepted in May 2021. In october.we gratefullyreceived multi-yearfundin8 from Henrysmith Foundationto supportthe core attivities of our work. With the rebrand underway. plus a downturn in fvrniture sa5 due to covid, we wanted to ptjt a larger emphasis on our marketing strategy. With support from a long-term volunteer who works in rnaeting. we began mèetr'ngs in October. With her support. and the teams hard work. we are building a robust marketing strategy that we hope will help us to communicate our brand message and storyto ovr stakeholders and customers. This year, we continued to engage youn8 people (ages 18-301 through our traineeships and work experien placements. funded by our 3-year grant from John Lyon's Char5ty and Het)ry Smith. The grant started in
Petit Miracle Interiors Limited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2022 December 2020 and provides job and personal skills training through furnrf(ure up¢yclinE. In February 2021 we received a 3-year grant from The Henry Smith Charity for our core costs. We continue our work with young people and disadvantaged adults.thanks tothesè8rants. We have become members ofyoung Ealing Foundation and in January the Young Brent Foundation in Ortoberto reach more young people who would benefit from our traintng opportunities. We hopeto signpost our programmes to potential students in the surrounding boroughs. 2021 was a year of uncertainty, with Ouf team remainin8 cautiously optimistic about the year ahead. We have found that the work we had put in place durin8 the5È trying times have helped to propel us foThvard and we remain optimistic for the future. 2021-Z022 Oemo8raphi¢s Number of respondents 156 Benèflclaries 140 % Male 41% % Femalè 92 % BAME 71 %18-30 44% 69 %31-55 61 5+ io% 16 %1Sve In H&F 64% % Disabl*d
Petit Miracle Interiors Limited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2022 Genèrnl Outcomes % W¢re happy ¥th the trainitigthat T$ provided (top box) 25 % Leamed a lot from the traiAlng7 (top box) 67% 20 % Enloyed time at pdlt Miratles? loo% % Met new people whllst worklng t*Ath Petit Mlrxles 29 % Would strongly encourage people to participate in PM arti¥ities? (top l>oxl 73% 22 % Fèlt more conr 97% 29 % Felt more motivated 29 % Felt they had enhanced thetr employabllSty potentlal 87% 26 % Enhanted théir understandln8 of workplace safety 29 % In¢reased confidence in being in a work enwronmert 87% 26 % Impro¥¢d environmental awarene55 and prartice 24 % Expanded outlook on work•ng and le•rnln8 93% 28 % Improved networkinz 5ki1157 24
Petit Miracle Interiors Lirnited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2022 Projerts Pètit Miracle Interior5 15 a combined workshop and retsil space. where we teach furniture restoratlon. upholsteryand basic DIY. the vpcycled items restored bytrainees are sold in our Marketshop which help fund the project. The core of the programme is job training and personal skill development. Petit Miracle Interiors artivities provide up-skillin& environmental awareness and social indusion opportunitie5 by providing Iraineeships, work experien and volunteer positions for long-temi unemployed people andlor facing multiple barriers to employment andlor leisufe pursuits. In preparation to feopen in April 2021, we reor8anised our maker$pa to increase the amount of space allocatèd to the workshop5 and divhded them into sections. We now have a separatè upho15tery workshop. lunch, and chill out area with hopes to create a space for screen printing. The sertioned workshop space has helpe(l u5 to support more students at once. with a %wder variety of tasks. We have created new partnerships this yeaf. working wTrth students mpletIng traineeships and work experiencè placements at Crty of Westminster College. MOAT School. Key 4 tsfe. Option5 Day Centre and Riverhousè Trust. Wè are plèased to say that this year we have oflered 2 Roadshtsws with 16 attendees, 10 Tastèr Oay events with 55 students attendine. And. we have provided 4-week traineeship placements for 35 voung people, and our 12-week work experience had 21 students onboard. In total, we have worked with over 115 individual beneficiaries. of all ages. vulnerabilities. and walks of life. We created a partnership with West London Waste Authority IWLWAI a statutory waste disposal aLrthority serving over 1.7 million résidents atr05s six borouEhs. WLWA is committÈd to achieving net-zero by 2050 through actions that address important social needs. They work with us to find meaningful reuse projects for the furniture that is donated tothemthat would othenvi5e be incinerated ortaken to landfill. Ourpartnership is a shining example of how social value has been aChIed alon8side climate commitments. Using an accredited social value enginè, we have calculated £4.39 worth of social benefrt5 for every £1 invested, including redvcing isolation." boosting employability and 5ki11s in the repair sertor.. and a550ciated carbon savings of over 6 tonnes. We held a work4hop tour of our Maker$pa and retail shop where WLWA rnet the chariWs statrand benèficiaries. They saw first-hand how our diversion work is supporting our beneficiaries, changing live5 and helping the environment. Our dedicated team. volunteers. beneficiaries and stakeholders all helped LL5 to divert 2025k8 of furnittsre this year. £4.39 per £1
Petit Miracle Interiors Limited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2022 Petit Mirades 15 a place for the community to Connert and we felt the need. more so than ever, to connect with our local neighbours after the pandemic. People needed encour3Eement to get back to life and get involved in something meanrngful and fLsn. In answer to this. we ran 2 cornmunity workshop sessions in November 2021 and January 2022, offering a reduced-price ticket1£51 to those living in Hammersmith and Fulham. We also welcomed our partners and customers into our space by holding Open Days. providing tours. allowinE people to see our workshop in artion. This also le(1 to networking and lotal people making worthwhile connections. The Petit Miracle Market Ilormedy Yhe Hub") is a retail business incubation package for residents. providing opportunities for people to Create their own jobs. The project is geared to people who have a disadvantaged background. and the drive and talent to start their own busine55. People are provided with training, busine55 workshops. coaching and free trading spa. The Market brings professional trainin8, Opportunity, and personalized support to iheir d¢>orstep. which keeps them ¢lose to vital emotional. social. and cultural 5UPPOrt networks. The Market is a platform for tommunrty events and seThices that inteS residents. local busine5se5, as well as local counol and other charities to learn and share knowled8e, all in an effort to create community cohesion and further our objectsves. This year. after compleiing a pilot for this project in the winter. the need for digital support for Market members became clear. Market members were offered a place on the'Busine5s in 3 800 programme with a local business mentoring service to deliver support for 10 members. This includes a review of the busine$5 strategy incorporating online marketin& prlsiOn of a functioning Wordpress site with all legally required documentation. and a bespoke domain for a URL and email addres5. As we do every year. we provided frequent. relevant and free training workshops for our Market members. This year the list induded so¢ial media support. bLtsiness finance5, nkedIrt for small businesses, and product photography. We listened to our members when they told us they don't have space in their own homes to work on their products and cannot yet afford a dedicated studio or workspace. So. we have converted part of our storage space into a product development area for creative members to work and store their work5 in progre55. We have also created a workspace on the shop floor. with an industrial sewing machine which is free for all members to usè. A5 mentioned. we realised technology was an issuefor many members. with multiple people not having access to their own computer. In response to this. we set up a computer in the store for them to use for their business. The sense of Community within the Market projett is important to our members and to our team, however. it Can be difficult to foster this at times. due to their busy and conflicting schedules. In response to thi5. our Market manager arranged for a coffee mornin8 in january. Members could meet. share ideas. their struggles, and stories. It was a huge success. and we plan for these to be a permanent fixture at the Market. In summary, the Petit Miracle staff team and volvnteers are the reason behind the succe5S that we cultivate year on year. Due to the expertise and experience of the team. our beneficiaries receive qualty support from everyone who works at Petit Miracles. We always try to rece¢ve and listen io their feedback to ensure we are offerin8the best support for our benefrciaries. when and where they need it most. The Trustees unreservedly and with great appreciation thank you for everything that you do and your dedication to ensure we achieve our charitablè objertives. We would like to take this opportunity to thank all our funders and stakeholder5 who support the work of our charity. London Borough of Hammersmith and Fulham John Lyon's Foundation Gatheld Weston Landsec
Petit Miracle Interiors Lirnited (Limited by guarantee) Trustees, Report For the Year Ended 28th February 2021 IA F•nancial Review The charity Show an increasè of 23% in total tumovèr figurès, with increases in almost all area5 of revenue includin8 grants 119%) training fees 115%), and a decrease in trading 179%) Grant funding made up approximately 87% of the charivs total turnover. Income generated from all these activities wa5 £185,750 with a net surplus of £36.577. Grant fvnding will remain essential and trustees aim to have grant funding represent 30% of total income. Wè tontinue to look to diversify our income base and increase the surpluses generated by social enterprise artivities to Cover more operatin8 Costs. Reserves policv Previously. Trustees examined the requirementsforfree reserves in 2018for3 months. &nce the on5etof Covid. this has increased to 6 months, to ensure the charity can meet all its obligations. Therefore. the aim 15 to build enough reserves for a period of 6 months of unrestricted funds with the long-term goal of building no more than 12 months of reseryes.. maintain a level of free reserves lunrestrirted reserves sess the value of fixed as5et51, equivalent to six months. essential operating costs. which CulnI1¥ amount to £70.(xxJ. The current reserye5 are held in the charity bank account. At the end of FY 2021-22. free reseTres stand at £56.199 which is below the threshold stated in our policy but a good improvement since the prior year and Covid restrirtions relaxed. We expert that the updated website and brand refresh will help us improve sales. enabling us to save monev into ourfree reservès. 1.5 Trustee< resporfjlbllitles The Trustees are resp)n5iblefor preparing this report arKI thefinanoal statements in accordancewith applicable law and UK Attounting Standards. Company law requires the Trustees to prepare accounts for each financial year which give a true and fair wew of the state of the chariiable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that year. In preparing the Oirectors. Report and financial statements, the Trustees are required to.. lil select suitable accounting policies and apply them con515tently.' lill make judgements and estimates that are reasonable and prudent.. and liiil preparethefinancial statements on the going concern basi5 unless it is inappropriate to assume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accountin8 record5 that are suffiaent to show and explain the company's transattions and disc105e with reasonable accuracy at any time the financial posits'on of the ¢harity and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity arbd hen for taking aSOnable steps for the prevention and detettion of fraud and other irregularities. Thè Trustees are responsible for the maintènance and integrity of the corporate and finanaal information included on the Institute's website. The report has been prepared in accordance wth the provtSlQn5 of the Compan5 Aci 21J% relating to small companies. Signed on behalf of the Board of Trustees. Ms.A on Gislason Date oz
Pet Mlracle Interiors Limited (Limited by guarantee) Independent Examiner's Report For the Year Ended 28th February 2022 I report to the Trustees on my t•115 of tt financfjal statements of Pellt Miracle InteTh)rs med for the yearded 28 FebnMry 2022. RPOnSIbIlIS and basls of rnport As ihe Trullee5 of the land also it5 dI(t5 for puvpos¢s of ¢¢vnpany lawl w>u are resp(rftr5ible lor the preparation d the finan1 Y•lennIS in at¢ordance wilh the requirements ol the Compan$ Art 2Q)6 Iihe 2(MJ6kil. Havlni 5ailsfied myself the hnoncial Matements Lif the are not required to be audited under Part 16 of ihe 2C4Y6 Art and are eli8ibte for Independeni eN2miThaiion. I feport in respect of my eminatIon of the's fifiaft¢ial sMements ¢arrled under se¢ttrJn 14$ of the Chartties kt 2011 (the 2011 Artl. In carfwng out my ex•minaiton I have folltyd all ihe applirkble Dweaions w¥en b¥ the Ch¥ity Commi55ion unde¥ Sec0 145lSllbl of the 2011 Act. I completed my examination. I confv.rrn ihat no mattels ha¥E toir to my attenoon in ¢onfte¢Oon the examination gi# me cause to bee¥e that in arry mateiial fespert: l accounong iecords were kept in $pett of the as requlred lryseaion 386ofthe 2rTh Act: or 2 Ihe fin•n¢ial llatements dc noi ac¢ord with those records.. or 3 the finantial gatements do Mt cornply the a(countinE requiremen15 of secbon 396 of the Atl other than any requirement that eive ¥ true and T44ew whith is not a matter con&dered a5 Part of an independeni examir•ati¢)n- or 4 The financial statement5 have not been prepared in 4¢¢Orda ¥hth the methods and princ6ples ol the Statemeni of Rec¢mmended Prxtke for accounnBaftd reporting by charities appllcable tocharlyes preparin8 their a¢counts In a¢¢ordarKe with the Financlal Rel5ndard applicable in the UK and Republic gl Ireland IFRS L021. I haw no concerns and have come no other maller5 in ¢onne¢16on with the tx•nirtaOon to whlth attention should be drawn in this repwt in order to enable a woier understsrtdln8 of the finoncial Aatements tobe reathed. Ms Ella M Doherty FCCA Forand oft behaifol Awlatrix Acrwntsnty Llled Terrnlnal E213 Farnborou8h Alrrt Farnborou8h Hampshirè GU14 6XA
Petit Miracle Interiors Limited (Limited by guarantee) Statement of Financial Artivities For the Year Ended 28th February 2022 Note Unrestrirted Funds Re5trirted Funds Total 2022 Total 2021 Income From.. Oonations 31.928 153.822 185,750 155,667 Charitable a¢tivitie5 5.7 40 Other tradinE attivities Irentall 20.981 20.981 11,756 Total incon 153W2 211431 172.273 E¥penditurè on". Charitable activitie5 7,625 168,229 175.854 141.752 Total expendityre 7.625 168.229 175.854 141.752 Net movement in funds before transfers {14A171 36,577 30.521 Translers between fund5 Net m4)vement bn fund5 {14A07) 36,577 30.521 Recontiliatlofi of fund5 Totsl funds brought forward 5.215 36.907 42.122 11.601 Total funds carrfed forward 56.199 S) 78.699 42,122
Petit Miracle Interiors Limited (Limited by guarantee) Balance Sheet For the Year Ended 28th February 2022 2022 2021 Fbxed Assets Tangible Assets io Current Assets Debtors li 24.829 23,431 Cash at bank 81.925 74,971 106.754 98.402 CredIt$.- amounts falling due wlthin one yèar {31.OlS) 160.2261 12 Net current assets 75.739 38.176 T¢)tsl assets less current liabilitles 78.699 42.122 Net assets The funds of the charity Restricted funds 14 2i5(X 36.907 UnreStri¢ted funds .199 5.215 78.699 42,122 For the financial year ended 28 February 2022 thecornpany was entitkd toexernption from audrt under settion 477 of the Cornpanies Att 2006 relatinBto small companies. The directors acknowledge their responsibilitie5 for Comp8 with the requirements of the Comwnies Act 2006 wfth respect to accounting record5 andihe preparation of financial 5taterrents. The members have not required the ci)mparry to obtain an audit of itsfinanckal statementsforthe year in questhm in accordance wrth section 476. These financial ststements have been prepared irt aecorthnce wtth the prtr4iwon5 to compan$ $ubJ'eLt to the small c¢)rnpanies' rewme. M5 Allison Gislason-. Date.. Company Registrat# No.. 068121x7 The notes on the fdlowing page$a part of ihesefinancial statew*nt> 12
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 l. Company Status Petit Miracle Interiors Limited is a private company limited by guarantee incorporated in England and Wales. The re8iStere(l office is 64 Southwark Bridge Road, London, SEI OAS. 2. Goin8 cOnrn At the time of approvingthe finanoal ststements. the Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for thè foreseeable future. Thus the charity continues to adopt the #oin8 concern basis of accounting in preparin8 the fin)n¢ial statements. 3. Accountin8 Policies 3.1 Basis of pr•paratitin of financial statements The financial statements have been prèpared in accordance with the 's tgoverning documentl. the Companies Act 2[ and "Accountin8 and Reporting by Charities.. Statement of Recommended Prartice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 20191. Thè is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the prov45ions in the SORP for charities applying FAS 102 Update Bulletin I The financial Statements are prepared in stedin& which is the functional currency of the. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 3.2 Cash Flow Statemènt In accordan with the Charities SORP IFRS 1021 the charity is claiming exernption from the requirement to prepare a cash flow statement on actount of it being a small charity. 3.3 Fund attountin8 Funds held by the charity are either= Unrestricted funds are available for use at the discreti of the Trustees in fvrtherance of their charitable objectives. Re5trirted funds are subjertto specific conditions by donors asto how they may be used. The purposes and uses of the restricted funds are Set out in the notes to the finanoal statements. 3.4 Income Income is recognised whèn the charity is legally entitled to it after any performance conditions have been met. the amounts can be me35ured reliably, and it 15 probable that income will be received. Cash donations are reco8nised on receipt. Other donations are recognised once the ha5 been notified of the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relats'on to donations received under Gift Aid or dèeds of covènant is recognised at the time of the donatfon. Legacies are recoBnisedon receipt or otherwise if the has been notifiedof an impending distribution. the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 13
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 3.5 Expendlture Expenditure is a¢¢ounted for on an a¢¢ruals basis with the irrecoverable element of VAT included with the item of expense to which it relates. Cost of raising fijnds includes costs incurred by the Charity in fundraisin& Charitable expenditure comprises those costs incurred bythe charity in the delNery of its actNities and services for its beneficiariÈs. Governance costs in¢lude those costs associated with meeting the Constitutional and ststutory requirements of the rharity and include auditfee5 and costs linked tothestrategicmana8ementof the tharity. These are included in support costs. All costs are allocated between èxpènditure categories of thè SOFA on a basis designed to refFect the use of the resource. Costs relating to a particular activity are allocated dirèrtly. others are apportioned based on estimated usage as a proportion of directly attributsble expenditure. 3.6 Tangible ftx¢d assets and depreciation Tangible fixed assets are statèd at COSt less depretiation. Depreciati¢)n is caltulatèd usin8 a 25% straight line for the leasehold improvements. fixtures and fittings. computer equipment. plant and machinery and oth. eqLSipment. 3.7 Impalrment ol fixed assets At each reporting end date. the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets havè SLrffered an impairment loss. If any SLKh indication exists. the recoverable amount of the asset is estimated in orderto detemine the extent of the impaimient loss lif anvl. 3.8 Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. 3.9 Credttors and provlslons Creditors and provisions are recognised where the Institute has a pent obligats.on SUlting from a past event that will likely result in the transfer of funds to a third party and the amunt due can be reliably measured. 3.10 Casth at bank and in hand Cash and cash equivalents include cash in hand, deposits held at call th banks. other 5hort-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in currentlsabilities. 3.11 Flnancial instruments The charity has elerted to apply the provisions of Sertion 11 'Ba5ic Financial Instruments, and Sertion 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are retognised in the rharity's balance sheet whèn thÈ bÈt¢Mnes party to the coniractual provisions of the instrument. Financial assets and liabilitie5 areoffset. with the netamounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability 5imultsneovsly 14
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 Basic finandal assets Basic financial assets. which include debtors and tash and bank balances. are initially measured at transartion price induding transalOn costs and are SLtbsequendy carried at amortised cost using the effective interest method un1è$5 the arran8ement constytutes a finantin8 transartion. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as ceivablè within one year are not amortised. Basic finarttial liabrlities Basic finantial liabilities. includin8 creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transartion. where the debt instrument is measured at the present value of the ftjture payments discounted at z market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subSequenV carried at amorti5ed c05L using the effertive interest rate method. Trade creditors are obligations to pay for 8oods or service5 that have been acquirèd in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditois are recognised initially at transaction price and subsequently measured at amortised cost using the effe¢tr¥e InteSt method. Derecognition of financial liabltieS Financial liabilities are derecognised when the charitys contrattual oblvaations expire or are di5charBed or ¢anctlled. Employee benefits The cost of any unused holiday entitlement 15 recOgned in the peri¢xl in whith the employee's Services are received. Teimination benefits are recoBnised immedtately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to prowde terniination benefits. Rètirement beneffts Payments to defined contribution retirement benefit sthemes are charged a5 an expense as they fall due. 4. Taxation The charitable company is registered as a charity and all of its income fa115 Wlthin the exemptions under Part 11 of the fyporation Tax Act 2010. 5 Critital accountin4 estimates In the application of the charitys accounting policies. the Trustees are required to make judgements, estimates and assumptions about the tarrw.ng amount of assets and liabilrties that are not readily apparent from other sources. The estimates and ass¢xiated 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 underlwng assumption5 are reviewed on an ongoing basis. Rewsions to accounting e5timate5 are recognised in the peritsd in which the estimate is revised where the revision affects only that peri¢)d, or in the period of thè rèvision and fvture periods where the revision affects both current and future periods. 15
Petit Miracle Interiors Lirnited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 6. lftcorne Income from donationsand grants UMestdL funds E Restrkted Tot•1 2022 £ fvnds £ Totsl 2021 Grants 31.928 153.822 185,75Q 155.667 31J28 1531 185.750 155.667 In¢Mie froffl dlaritable attO¥ltles Trainlngfees 5.7 5.7(Kl 4.850 Workshcp fees 5.70 4.850 Incomèfrom other trndiry actbvitses Rentsl incorne Trading income 20.981 20.981 11,756 20.981 20.981 11.756 7. Expendhure Staff DeprlatIOn £ Qther¢(sts É Tot•1 2022 Total ZOII Charitable adIlIeS Charitable projects 113.8S2 54.377 168.229 31,517 Support C0515 6,639 7.625 43.180 113.852 6L016 I7554 74.697 Analysis of supp)rt c¢)sts W4es and saL7ries 11,032 Depreciation 1.31S Offlce &Admin 5A39 29,110 ActountsrKY fees 1,023 IndeFendent examiner 700 7.625 43,180 16
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 The Independent Examiner was paid £1.20012021- £7CQI for examining and £nil12021- £nill for other seThices. 8. Staff 2022 2021 Wages and salarie5 112,514 99,788 Social security costs 5.361 3,466 Pension costs 1.302 1,020 119.177 104.274 There were no employees whose annual remuneration was £60.CNXI or more. The average number of workshop staff during the year was 412021- 41 and administrative staff was 312021- 31. The key management personnel of the charitable company comprise5 the Board of Trustees. CEO. During the vear remuneration £37.34312021- £32.9391 was paid to the CEO. No remuneration was paid to the tfustees. 9. Ttee$ None of the trustee5 Inor any person connected with them) CeIved any remuneration or expenses during the year. 17
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 10. Tangible lixed a55ets Leasehold Computer O(fKe IMprornents equipment equipmènt Plant and mathinéry Fiytures and rrttings Total Cost At l March 2021 10,107 3,329 3.783 1.526 423 19.168 Additions At 28 February 2022 10.107 3.329 3.783 1.526 423 19,168 Deprecialion At l March 2021 8.723 2.752 2.692 287 15,222 Charge for the year 346 144 273 19) 33 At 28 February 2022 9.069 1965 958 320 16.208 Net book Valuè At 28 February 2022 1.038 433 818 103 2.960 At 28 February 2021 1.384 577 1.091 758 136 3.946 11. Debtors 2022 2021 Trade debtors 22,231 Prepayments 1,2C(I Other debtors 1,531 2429 23,431 18
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 11 Crtditor5: due within one year 20ZZ 2021 Ac¢rLrals and deferred income 3,003 1.950 Borrowngs and other credrtors 5,552 Bank overdrafts and loans 22.013 45,C(JO Trade creditors 1.505 Social security and other taxes 5.118 6,219 31.015 60,226 13. Loans and overdrafts 2022 2021 Bank loans 22.013 45,(MX) 22,013 45,0 Payable within one year 22.013 45.000 14. Restri¢ted funds Balante brought forward E Incoming resources Resources expended Ba13nce Carried forward £ Transfers L8HF 35.353 42.261 Henry Smith 50.¢X 37,5 12.500 Furlough 28.469 28.4169 john Lyons 10.000 153,822 168.230 22,500 19
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 LBHF- Funding for the provision of upcycling workshop training and business incubation services through the Start Your Own Enterprise Project for H&F residents Henry Smith-Funding for core costs John Lyons- Funding for outreach proiert that promotethe life4hances of Children and young people through education Furlough- FundFng for core costs IS. Anatysis of net assets between funds Unrestricted funds£ Restricted funds £ Total As at 28 Fèbruary 2022 Tanw'ble fixed assets 2.960 Current assets 84,254 22,500 106.754 Creditors= due Mthin one year 131.0151 131.0151 56.199 22.SOO 78,699 Restricted funds £ Total f)d$ £ At 29 February 2021 Tangible fixed assets Current assets 61.495 36.9)7 98,402 Credr(ors.. due wthin one year 160.2261 {60,2Z6) 5.215 36,907 42,122 20
Petit Miracle Interiors Limited (Limited by guarantee) Notes to the Accounts For the Year Ended 28th February 2022 16. Comparative funds. Statemert of Hnancial A¢ti¥iti¢sforthe ytar ended 28 February 2021 Unrestrlrted Funds Restrirted Funds Total 2021 Income Frorn". Donations 36.375 119,292 155.667 Charitable activrties 4.850 4.850 Other tradinB activities Irentall 11,756 11.756 Totsl income 51981 119292 172.273 Expenditure on: Charitable activities 43.180 98.572 14L752 Total empendlture 43.l&J 98.572 141,752 Net M0ment In funds before translers 9,801 20.720 30.521 Transfers between funds Nei movement in funds 9.801 20,720 30.521 Re¢on¢iliation of lunds Total funds brought forward 14.586) 16.187 11.601 Total funds carried fOrnrd 5.215 36.)7 42,122 21