Company No: 07693277 Charity No: 1143600
MIND IN FURNESS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
MIND IN FURNESS LIMITED
CONTENTS
| Pages | |
|---|---|
| Reference and administrative information | 1 |
| Report of the trustees | 2 |
| Independent examiner's report to the trustees | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 |
MIND IN FURNESS LIMITED
REFERENCE AND ADMINISTRATIVE INFORMATION
(Registered Company Number: 07693277) (Registered Charity Number: 1143600)
Trustees/Directors Mrs H Bingley Mr D Le Mare (Secretary) Dr A Page Mr S Blezard Ms S Jackson Mr M Mahony Mr B Garsden Mr K Murphy Mr D Webber (resigned 10 July 2021) Registered Office 64 School Street Barrow in Furness Cumbria LA14 1EW Independent Examiner Colin Johnson FCCA MHA Moore and Smalley Chartered Accountants Kendal House Murley Moss Business Village Oxenholme Road Kendal Cumbria LA9 7RL
Page 1
MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report and the financial statements of the Trust for the year ended 31 March 2021. The Reporting by preparing the annual report and financial statements of the Trust.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Trust document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities applicable in the UK and Republic of Ireland published in October 2019.
Structure Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee and is governed by its memorandum and articles of association.
We work closely with Mind the leading mental health charity in England and Wales as part of a federation structure.
The Trustees have committed to reviewing all their governing documents in line with Mind guidance in 2021/22.
Trustees of the Charity
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end are detailed on page 1.
The trustees oversee the running of the charity. The Chief Officer, Karen Dobson, is responsible for operational management an team consisting of an Office Manager, Service Managers and Shop Managers. Day to day service delivery is delegated to a team of staff and volunteers.
There are no connected charities or branches. Transactions with trustees and related parties are disclosed in the notes to the accounts. The Trustees have had due regard to the guidance published by the Charity Commission on Public Benefit
Recruitment and Appointment of the Management Committee
Existing Trustees/Directors as members of the organisation invite potential trustees to serve on the board. Trustees are invited based on the skills required for the role and to fill any skills gap. A potential trustee will complete an application and meet with the Chair and Chief Officer to discuss the role and their suitability. They will be proposed and seconded at a trustee meeting by existing trustees and these appointments are officially confirmed at the AGM. Once appointed induction procedures are undertaken.
None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of winding up.
Risk Management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that adequate systems are in place to mitigate any exposure to the major risks. A Risk Analysis is collated and updated annually.
Page 2
MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Objectives and Activities
The charity's objects are to reduce mental health stigma, influence the shape of services and to support and promote the interests of those who experience mental health problems, their families, friends and supporters.
Mind in Furness Limited offers:-
Wellbeing Centre
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Recovery Focused groups and activities
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Advice, information and signposting
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Peer support
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Supported volunteering
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Counselling
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Crisis Support
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Training and Anti Stigma Work
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Eco therapy opportunities
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Two charity shops (Mental Health on the High Street')
Supported Housing
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24/7 Supported Housing under contract
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Dispersed self-contained housing
Active Monitoring (GP based Guided self-help)
The objects are met through the operation of the centres below.
Wellbeing Centre (The William Bingley Centre, 64 School Street)
The William Bingley Wellbeing centre is open Monday to Friday delivering recovery focused services to anybody experiencing poor mental health or emotional distress.
The centre serves as a head office for all Mind in Furness's services and the staff and volunteer team deliver a range of projects from this community-based centre, with the overall aim of improving people's understanding and experiences of episodes of poor mental health.
As well as providing a full range of activities to improve resilience and coping skills, we also offer advice, information and a signposting service to the general public. We are active in local community networks and work in partnership with other local projects to ensure mental health is considered and represented throughout our community.
Page 3
MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Objectives and Activities (continued)
Supported Housing (Coniston House, Lesh Lane)
In association with partners Accent Foundation Limited, and under a sub-contracting arrangement with Richmond Fellowship, Mind in Furness manages a group home for 6 tenants with enduring mental issues. The unit is staffed 24 hours a day, 7 days per week by a team of trained and qualified support workers, there are 6 individual bed-sit flats with the use of a communal kitchen, lounge, conservatory and large garden. Our aim is to provide self-contained supported accommodation in the community and to encourage and support clients to achieve independence by supporting them to develop good daily living skills and coping skills. The scheme is registered with the Care Quality Commission and was awarded a GOOD rating at our 2019 inspection. During the year there was a change in landlord and Sanctuary Housing took over.
Charity shops Mental Health on the High Street
Mind in Furness runs two charity shops one in Barrow and one in Millom. Both shops employ a manager and the rest of the staff are volunteers. As well as raising funds and offering volunteering opportunities these shops provide information services on the high streets of Barrow and Millom for people with mental health problems. Any profits generated are invested back into delivering wellbeing services.
Ulverston
Following the closure of Mind in Ulverston in October 2020, Mind in Furness decided to begin delivering services in Ulverston. At this point our aim is to ensure some continuity of support to existing clients and Mind in Furness will be considering how the support offer develops as we move forward. We have purchased new premises at 5 Upper brook St and are still holding a short term lease for the premises formally used by Ulverston Mind at 9 Queen Street.
The Trustees have paid due regard to guidance in section 17(5) of the 201 1 Charities Act issued by the Charity Commission in deciding what activities the charity should undertake.
Page 4
MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Financial Review
We maintain Quick-Books internally as a way of keeping our financial records. Our Office Manager resigned in May 2021 but was replaced with immediate effect, our new Office Manager is responsible for the financial aspects of the organisation and as she was new to Quick Books we are aware we have lost some progress and there are still areas of improvement for us in terms of the information we can access.
This year's financial management and income generation were seriously impacted by the Covid-19 pandemic and it has been incredibly challenging in terms of bringing in funds through alternative streams as many funders put a hold on their usual grant schemes to manage Covid emergency funding.
Our desire to increase capacity by shaping a new management team has not yet fully materialised due to some unexpected changes, ongoing covid restrictions, increased workloads and new developments. However we are now confident we have the right team in place which will allow us to build capacity and ensure areas of work are not neglected.
Post Covid there is a renewed need to review funding streams and spending. Increasing and diversifying our funding streams remains a main focus for the Board of Trustees and the Chief Officer despite the fact it is more challenging as we move forward from the pandemic.
We have maintained accurate records and submitted reports for funders where this is required .
We have a continued desire to review salaries to bring them nearer to being in line with other providers however our trustees are aware this must be an ongoing aim and as such the trustees have a commitment to review salaries annually and salaries will be set at the start of the financial year. Trustees will make decisions on rates of pay based on funding available and comparable local rates of pay.
In relation to Coniston House we are grateful for the support of our partners and contract holders Richmond Fellowship and continue to deliver services under a spot purchasing arrangement. We maintain our place as a quality provider of mental health supported housing as the contracted framework tender process was put on hold. Our longstanding landlord Accent proceeded with the sale of all their supported housing stock and we acquired a new landlord, Sanctuary Housing from 1[st] April 2021. We await details of whether they will support the development of the space at Coniston House to ensure it stays fit for purpose.
Our Sutherland Street housing project has been fully allocated for a short period but as at year end 2021 we have 1 x void and are having some ongoing issues claiming housing benefit which impact on income streams for this project
We are in the second year of contractual /funding relationship with the Primary Care Network to deliver Active Monitoring across their footprint of Barrow and Millom, offering the service in 10 GP surgeries. The PCN have agreed to fund this valuable service until March 2022 and we hope the excellent outcomes being reported will mean they consider longer term funding. Since the start of the pandemic we have been offering this service over the phone instead of GP surgeries, this has adapted well.
We continue ongoing investment in staffing to develop our Community Fundraising to grow our unrestricted income streams from donations and events at the same time of building good relationships with local donor and fundraisers. This has been, as for many charities an area of concern during the pandemic with many fundraising events cancelled and income we receive from long standing major events lost. However we have been heartened .
We have also had to consider the loss of income from our two charities shops over the duration of the pandemic due to enforced closure/lockdown restrictions and have accessed both the Government furlough scheme and the Local council Business Support grants for both our Barrow and Millom shops. This income has been invaluable in allowing us to keep our shops open post pandemic and to manage the loss of retail income. The return to being fully open has been challenging with a loss of volunteers, issues around isolation and the loss of our Millom Shop Manager (now replaced).
Page 5
MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and Performance
Mind in Furness Ltd is satisfied that it has met all its contractual requirements for the year ending 2021. We have continued to monitor the health and social care arena and continued the process of developing our services in line with national agendas and our effective networking and partnerships have placed us in a stronger position. We have managed this against the backdrop of a national pandemic and on occasions this has been incredibly difficult.
We were able to deliver ongoing financial resilience support via a 6 month covid emergency Big Lottery Grant which allowed us to continue delivering our Help through Crisis project (in partnership with other local organisations). As part of Barrow Advice HUB with CAB, Barrow and District Disability Association and Project John and Barrow Foodbank we have been delivering Help through Crisis"- since July 2016 and were due to finish June 2020. With various covid emergency grants the organisations managed to continue delivery till March 2021 and by that stage had made an application to the Lottery for ongoing support (in June 2021 we were successful in receiving another years funding).
At Coniston House we continue to work in a sub-contracting capacity in partnership with the Richmond Fellowship to deliver a part of the "Mental Health Rehabilitation and Recovery Pathway" Framework contract. Our last CQC rating w he framework and our relationship continues.
We continue to have issues with the amount of Housing benefit we are able to claim at our Sutherland Street properties as the systems tightened up the procedures and the pandemic made it difficult to fill the existing void. We intend to invest more time and energy into managing this aspect of our housing arm as we move forward into 2021.
We have conducted a strategic review of how we deal with housing support and expect to concentrate on projects to expand our owned provision and have built up cash reserves to enable to do so. We expect to develop our plans further in 2021-22.
We have nurtured and invested in our existing partnerships and this has enhanced our service delivery, in partnership with other local and county wide groups. The charity has traditionally worked in partnership with other Mind branches across Cumbria but the period of 2019/2020 saw the closure of Mind in West Cumbria, South Lakeland Mind and Mind in Ulverston, we are now one of county and Carlisle Eden Mind in the North). With changing health boundaries we find ourselves aligned more with Lancashire Mind and are forging positive relationships with them where we can.
We continue to engage in the wider Mind Network and hope to see this relationship develop further having accessed funding late in 2020 from the Mind managed Pears funding to deliver support around the issue of loneliness.
Following our 2019 pilot of "Active Monitoring" in 4 GP surgeries offering guided self-help the service is now operating through 10 GP surgeries. We were able to react and adapt the service quickly during early 2020 to a phone based support service. This is working well and showing good outcomes for those using the service.
We have found that the pandemic has led us into closer working relationships with many other local voluntary providers as we all face the same situations and understand the importance of working together to access funding, shared resources and ensure we can all provide support for our clients .
We took advantage of the maximum £50,000 Bounce-back loan facility which was initially to be repaid over 6 years but which we have now extended to a 10 year repayment period. The loan was interest free for the first year and then incurs a 2.5% annual interest rate thereafter.
Nationally we are aware that there will be a full NHS reorganisation in 2022 as CCGs cease to operate and Integrated Care Partnerships come into being. NHS England will announce its Mental health transformation Fund with a package of funding directed at statutory bodies but with a clear instruction that a percentage must be paid to voluntary/charitable sector to work in partnership to enhance community mental health, this will hopefully bring opportunities of both funding, new projects and positive partnerships.
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MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and Performance (continued)
Beyond Places of Safety (Department of Health and Social Care)
In 2018 Mind in Furness were awarded a capital grant from DHSC to extend and modernise the existing Wellbeing Centre on School Street. Work commenced November 2019, unfortunately due to several delays and the impact of the Covid -19 pandemic the work due to be completed in May 2020 was not completed until December 2020. Some of the Mind in Furness staff moved back in in January 2021 with a phased return to all the other staff who had been working from home throughout the pandemic. Due to the ongoing nature of infection rates we are still operating an invitation only and appointment only service in the building. It is Mind in Furness intention to work with statutory partners to utilise the building to support people in crisis, with po expanded provision.
Ulverston
Following the closure of Ulverston Mind in October 2020, Mind in Furness were concerned about the loss of support services in the area (an area significantly closer than the areas covered by previous Mind group closures.) We agreed to develop services in Ulverston and to expand our area of operation. Our initial support was simply to maintain what had previously been on offer from Ulverston for a small group of clients. Throughout 2021 this has begun to expand and in Summer of 2021 we completed on a purchase of some premises in the centre of Ulverston and have begun some service delivery from 5 Upper Brook Street.
Covid-19-A Global Pandemic
As we moved forward into 2020/2021 our finances and our services faced the same degree of uncertainty and unprecedented challenges that all charities faced during the pandemic, this continues to be the case. In previous years we have made significant steps to diversify our income streams but unfortunately the covid-19 pandemic impacted on all current income streams and we faced uncertainty in what funding would be available at the start of 2021. There remains some limits on the opportunities as funders try to hastily reassess their own strategy to ensure funding is directed where it can have maximum benefit.
Community donations and events have started to be held again and we have been able to adapt to various online giving platforms to make donating easier for our supporters. It has been a source of joy to see some of the annual fundraiser start to happen again- not just because they bring in much needed donations but because of the opportunity to once again raise awareness and the opportunity to bring the community together.
We were incredibly grateful to funders who were able to provide us with short term emergency funding through the pandemic to support us and recognise that reviewing strategies is now a challenge for foundation trusts and other grant givers. The absence of longer term funding creates anxiety, uncertainty and additional work in the form of constantly reviewing applications etc.
The uncertainty of the current economic and political climate exacerbated by the impact of Covid 19 mean we must be vigilant of our financial situation and the trustees and management at Mind remain committed to ensuring they seek out opportunities for new funding streams wherever appropriate. However the funding environment for 2021/2022 and going forward remains challenging.
We anticipate the impact of Covid -19 and the global pandemic will impact heavily on mental health -we hope as we move forward this is recognised by funders and commissioners and reflected in the funding available.
Reserves Policy
The trustees consider that it would be prudent and desirable to have free reserves equivalent to 4 months operating expenditure. This would be in the region of £70,000. At the year-end free reserves were £337,629.
Page 7
MIND IN FURNESS LIMITED
REPORT OF THE TRUSTEES (continued)
FOR THE YEAR ENDED 31 MARCH 2021
The trustees (who are also directors of Mind in Furness Limited for the purposes of company law) are responsible d the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Trustees
Mr M Mahony Trustee 31/01/2022
Date:
Page 8
OF MIND IN FURNESS LIMITED
MIND IN FURNESS LIMITED
INDEPENDENT EXA
I report to the Charity Trust trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 10 to 26.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your com accounts as carried out under section 145 of examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Basis of independent examiner's statement
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the
Independent examiner's statement
eeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than an
independent examination; or
- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Colin Johnson FCCA MHA Moore and Smalley Chartered Accountants Kendal House Murley Moss Business Village Oxenholme Road Kendal Cumbria 31/01/2022 LA9 7RL Date:
Page 9
MIND IN FURNESS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income and endowments from: Donations and legacies - Donations and gifts - Grants receivable Charitable activities - School St. drop in centre - Coniston House - Primary Care Network Active Monitoring - ESF/BSO - Sutherland Street support housing Other trading activities - Barrow Shop - Millom Shop Government grants Investments - Bank interest received Total income and endowments Expenditure on: Raising funds 3 - Barrow Shop - Millom Shop Charitable activities 4 - School St. drop in centre - Primary Care Network Active Monitoring - Counselling services - Recovery Star - Orsted - Coniston House - Help Through Crisis - ESF/BBO - Sutherland Street support housing - Millom project - Ulverston MIND - National lottery Covid-19 response fund Total expenditure Net income 2 Transfers between funds 13 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 14 |
Unrestricted Funds £ 41,337 128,918 23,785 186,431 59,383 - 19,177 10,139 8,928 42,849 241 521,188 26,114 19,032 77,169 36,058 2,905 - 138,815 - - 25,150 6,601 - - 331,844 189,344 499,126 688,470 351,702 1,040,172 |
Restricted Funds £ 100 296,614 - 51,059 - 6,790 - - - - - 354,563 - - 70,107 - - 1,204 51,059 109,604 6,790 2,799 - 2,783 11,000 255,346 99,217 (499,126) (399,909) 403,617 3,708 |
2021 Total £ 41,437 425,532 23,785 237,490 59,383 6,790 19,177 10,139 8,928 42,849 241 875,751 26,114 19,032 147,276 36,058 2,905 1,204 189,874 109,604 6,790 27,949 6,601 2,783 11,000 587,190 288,561 - 288,561 755,319 1,043,880 |
2020 Total £ 68,008 434,968 27,272 221,788 - 11,141 1,167 31,228 28,166 - 552 |
|---|---|---|---|---|
| 824,290 | ||||
| 32,955 20,282 191,949 - - - 206,942 107,738 17,554 26,766 9,594 - - |
||||
| 613,780 | ||||
| 210,510 - |
||||
| 210,510 544,809 |
||||
| 755,319 |
The statement of financial activities includes all gains and losses recognised in the year.
Page 10
MIND IN FURNESS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors amounts falling due within one year 10 Net current assets Total assets less current liabilities Creditors ~~a~~mounts falling due 11 after one year Net assets Funds of the charity Unrestricted income funds Restricted income funds 13 Total charity funds 14 |
£ 30,753 398,485 429,238 (40,251) |
2021 £ £ 702,543 75,378 345,646 421,024 (69,346) 388,987 1,091,530 (47,650) 1,043,880 1,040,172 3,708 1,043,880 |
2020 £ 403,641 351,678 |
|---|---|---|---|
| 755,319 - |
|||
| 755,319 | |||
| 351,702 403,617 |
|||
| 755,319 |
Page 11
MIND IN FURNESS LIMITED
BALANCE SHEET (continued)
AS AT 31 MARCH 2021
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- (i) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
(ii) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
These accounts were approved by the directors and authorised for issue on and are signed on their behalf by:
......................................
Mr M Mahony Trustee
Company Registration Number: 07693277
Charity Number: 1143600
Page 12
MIND IN FURNESS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
| Reconciliation of net income/(expenditure) to net cash flow from operating activities Net income for the year Depreciation of tangible fixed assets Decrease / (Increase) in debtors (Decrease) / Increase in creditors Net cash flow from operating activities Cash flow from investing activities Proceeds received from bank loan Payments to acquire tangible fixed assets Net cash flow from investing activities Net increase in cash and equivalents Cash and cash equivalents at 1 April 2020 Cash and cash equivalents at 31 March 2021 Relating to: Cash at bank and in hand |
£ 50,000 (318,947) |
2021 £ 288,561 20,045 44,625 (31,445) 321,786 (268,947) 52,839 345,646 398,485 398,485 |
£ - (125,395) |
2020 £ 210,510 10,919 (16,385) 52,802 |
|---|---|---|---|---|
| 257,846 (125,395) 132,451 213,195 |
||||
| 345,646 | ||||
| 345,646 |
Page 13
MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting Policies
Mind in Furness Limited is a charitable company limited by guarantee and governed by its memorandum and articles of association incorporated in England and Wales. The registered office is 64 School Street, Barrow in Furness, Cumbria, LA14 1EW.
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.
Mind in Furness Limited meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Voluntary income is received by way of grants, donations and gifts and is included in full in the SOFA when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of interest paid or payable by the Bank.
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting Policies ( continued )
Going concern
The financial statements have been prepared on a going concern basis. Trustees have considered the consequences of COVID-19 and other events and conditions, and have determined that they do not create a material uncertainty that casts significant doubt upon Mind in Furness ability to continue as a going concern. The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but the trustees have determined that they do not create a material uncertainty that casts significant doubt upon our ability to continue as a going concern.
Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Any overspends are met by unrestricted funds.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.
Operating Leases
Rentals payable under operating leases are charged against income on a straight-line basis over the period of the lease.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Only items costing over £100 are capitalised.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Land and buildings 2% straight line Fixtures and fittings 25% reducing balance Computers 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/ (expenditure) for the year.
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Debtors and accrued income
Debtors are recognised at the settlement amount due after any trade discounts allowed. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting Policies ( continued )
Cash at bank and in hand
Cast at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected t
ancial instruments.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Employee benefits
The cost of any unused holiday entitlement is recognised in the p received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pensions
The charitable company operates a defined contribution pension scheme and the pension charge represents the amount payable by the charity in respect of the year. The assets of the scheme are held separate from those of the charitable company in independently administered funds. Pension expense is allocated to where
Leases
Rental payable under operating leases, include any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease.
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
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2. Net income / (expenditure) for the year
2021 2020
£ £
This is stated after charging:
Depreciation 20,045 10,920
Independent Examination 3,010 4,302
3. Raising Funds
2021 2020
£ £
Mental Health on the High Street
Operating costs Barrow 15,862 21,759
Operating costs Millom 9,568 10,688
Staff costs Barrow 10,228 11,164
Staff costs Millom 9,464 9,594
Depreciation - Barrow 24 32
Costs of generating funds 45,146 53,237
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
5. Support costs
| Staff costs Legal and professional Bank charges Accountancy fee |
2021 2020 Basis of allocation £ £ 9,688 9,133 Time spent 10,995 3,574 Governance 966 1,341 Governance 3,010 4,302 Governance 24,659 18,350 |
|---|---|
6. Trustees
No trustees received remuneration in the current or previous year.
Expenses of £nil (2020: £nil) were reimbursed to the trustees being travel and subsistence costs.
7. Employees
| Employee costs during the year: Wages and salaries Social security costs Pension costs The average number of employees during the year was as follows: Management Charitable activities |
2021 £ 355,850 16,817 6,987 379,654 1 26 |
2020 £ 330,842 17,289 6,272 354,403 |
|
|---|---|---|---|
| 1 23 |
There were no employees receiving more than £60,000 in the year (2020: Nil).
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
8. Tangible fixed assets
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Fixtures,
Land and fittings &
buildings equipment Computers Total
£ £ £ £
Cost or valuation
At 1 April 2020 413,477 37,031 29,517 480,025
Additions in the year 298,677 8,643 11,627 318,947
At 31 March 2021 712,154 45,674 41,144 798,972
Depreciation and impairment
At 1 April 2020 19,630 30,662 26,092 76,384
Depreciation charged in the year 9,763 3,753 6,529 20,045
At 31 March 2021 29,393 34,415 32,621 96,429
Carrying amount
At 31 March 2021 682,761 11,259 8,523 702,543
At 31 March 2020 393,847 6,369 3,425 403,641
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
9. Debtors
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Amounts falling due within one year: 2021 2020
£ £
Trade debtors 28,295 73,524
Prepayments and accrued income 188 427
Other debtors 2,270 1,427
30,753 75,378
10. Creditors: amounts falling due within one year
2021 2020
Notes £ £
Deferred income 12 21,333 29,305
Trade creditors 5,924 29,499
Other taxation and social security 6,162 4,802
Other creditors 1,471 1,438
Accruals 3,011 4,302
Bank Loan 2,350 -
40,251 69,346
11. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank Loan 47,650 -
47,650 -
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A government- secured bounce back loan for £50,000 was taken out with HSBC UK in December 2020, to ease the impact of the coronavirus restrictions.
The balance falling due after more than five years totals £7,500.
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
12. Deferred income
| 2. Deferred income | ||
|---|---|---|
| Other deferred income Deferred income is included in the financial statements as follows: Income for projects that run from November 2020 to November 2021 Income for projects that run from November 2019 to November 2020 Income for projects that run from September 2019 to September 2020 |
2021 £ 21,333 21,333 - - 21,333 |
2020 £ 29,305 |
| - 12,386 16,919 |
||
| 29,305 |
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
13. Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1 April 2020 £ Fixed assets 258,696 Coniston House running costs - Orsted - Help Through Crisis 15,672 ESF/ BBO - Garfield Weston - William Bingley Centre running costs - Beyond Places of Safety 129,249 Ulverston Mind - National Lottery Covid response Fund - 403,617 Balance at 1 April 2019 £ Fixed assets 141,243 Coniston House running costs - Lloyds TSB - Help Through Crisis 25,416 ESF/ BBO 2,414 National Lottery Awards for All 10,000 The Hadfield Charitable Trust 5,000 Beyond places of Safety - 184,073 |
Movement in funds 2020/21 Income Expenditure Transfers Balance at 31 March 2021 £ £ £ £ - (6,654) (252,042) - 51,059 (51,059) - - 5,060 (5,060) - - 97,573 (109,604) - 3,641 6,790 (6,790) - - 25,000 (25,000) - - 37,396 (37,396) - - 117,835 - (247,084) - 2,850 (2,783) - 67 11,000 (11,000) - - 354,563 (255,346) (499,126) 3,708 Movement in funds 2019/20 Income Expenditure Transfers Balance at 31 March 2020 £ £ £ £ - (3,298) 120,751 258,696 49,676 (49,676) - - 16,881 (16,881) - - 120,364 (107,512) (22,596) 15,672 11,141 (13,555) - - - (10,000) - - - (5,000) - - 250,000 - (120,751) 129,249 448,062 (205,922) (22,596) 403,617 |
Movement in funds 2020/21 Income Expenditure Transfers Balance at 31 March 2021 £ £ £ £ - (6,654) (252,042) - 51,059 (51,059) - - 5,060 (5,060) - - 97,573 (109,604) - 3,641 6,790 (6,790) - - 25,000 (25,000) - - 37,396 (37,396) - - 117,835 - (247,084) - 2,850 (2,783) - 67 11,000 (11,000) - - 354,563 (255,346) (499,126) 3,708 Movement in funds 2019/20 Income Expenditure Transfers Balance at 31 March 2020 £ £ £ £ - (3,298) 120,751 258,696 49,676 (49,676) - - 16,881 (16,881) - - 120,364 (107,512) (22,596) 15,672 11,141 (13,555) - - - (10,000) - - - (5,000) - - 250,000 - (120,751) 129,249 448,062 (205,922) (22,596) 403,617 |
|---|---|---|
| 403,617 |
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
13. Restricted funds (continued)
| Fixed assets | Relates to funds received to purchase and develop a tangible fixed | Relates to funds received to purchase and develop a tangible fixed | Relates to funds received to purchase and develop a tangible fixed |
|---|---|---|---|
| asset held by the charity. | |||
| Coniston House running costs | Housing benefit and rental income received for the use of Coniston | ||
| House. | |||
| Orsted | Grant received towards Recovery Star programme. | ||
| Help Through Crisis | This is a Big Lottery funded partnership project, Mind in Furness are | ||
| the lead organisation and distribute funds to 2 of the | |||
| partners (Barrow CAB and Project John). The project works with | |||
| people in financial crisis to assist them at that | point and moving | ||
| forwards to develop financial resilience. | |||
| ESF/ BBO | European Social Fund and The Big Lottery fund Building Better | ||
| Opportunities- | urthest from | ||
| the labour market, with Mind in Furness offering mental health | |||
| support to participants in Millom. | |||
| Garfield Weston | Grant received to assist the shortfall of funding for the refurbishment | ||
| of the William Bingley Centre. | |||
| William Bingley Centre | Funds received from a variety of supporters to assist with core costs | ||
| running costs | of all services delivered from the William Bingley Centre. | ||
| Beyond Places of Safety | This is a grant from the Department of Health | & Social Care for | |
| refurbishment of William | Bingley Centre. | ||
| Ulverston Mind | Funds transferred from Ulverston Mind (with the agreement of the | ||
| original grant givers) to assist in setting up new services in Ulverston | |||
| following the closure of Ulverston Mind in October 2020. | |||
| National Lottery Covid | Grant received which allowed us to restructure our management | ||
| Response Fund | team and recruit additional new managers to ensure we are fully | ||
| equipped to deal with the challenges presented during and beyond | |||
| the pandemic. | |||
| Lloyds TSB | Funding for staffing and associated costs for the Recovery Star | ||
| Programme. | |||
| National Lottery Awards for | Grant received for the renovation of the lifts. | ||
| All | |||
| The Hadfield Charitable Trust | Grant received for the renovation of the lifts. |
The transfer between funds represents the transfer of restricted fund monies received to purchase and develop a tangible fixed asset held by the Charity. The development was completed in December 2020 and at this point the terms of all funding requirements were satisfied, and there remains no further restriction on the property use by the Charity. On this basis, the Trustees have therefore considered the restricted fund to be fully satisfied and the funds transferred to unrestricted.
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
14. Analysis of net assets between funds
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Unrestricted Restricted Total
£ £ £
Fund balances at 31 March 2021 are represented by:
Tangible assets 702,543 - 702,543
Current assets less liabilities 337,629 3,708 341,337
1,040,172 3,708 1,043,880
Unrestricted Restricted Total
£ £ £
Fund balances at 31 March 2020 are represented by:
Tangible assets 144,945 258,696 403,641
Current assets less liabilities 206,757 144,921 351,678
351,702 403,617 755,319
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15. Operating lease commitments
At the reporting date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2021 2020 £ £ 3,678 811 2,047 608 5,725 1,419 |
|---|---|
16. Taxation
As a charity, Mind in Furness Limited is exempt from tax on income and gains falling within sections 472474 of the Corporation Tax Act 2010, section 478-489 of the Corporation Tax Act 2010, or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
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MIND IN FURNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2021
17. Related Parties
Remuneration of key management personnel
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The remuneration of key management personnel is as follows: 2021 2020
£ £
Aggregate compensation 32,294 30,444
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18. Control
No single individual has had control of the company in the current or previous year.
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