Company Registration No. 07917713 Charity Registration No. 1146001
MK MONEY LIFELINE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
MK MONEY LIFELINE
LEGAL AND ADMINISTRATIVE INFORMATION
| Directors & Trustees | I N Anderson | Chair |
|---|---|---|
| A Audu | ||
| G D Bird | Resigned 1 January 2022 | |
| B E Hampson | ||
| J A Hampson | ||
| C E Hession | ||
| R R Hudson | Appointed 16 November 2021 | |
| D L Wyatt | ||
| Company secretary | B E Hampson | |
| Company number | 07917713 | |
| Financial Conduct Authority registration | 618802 | |
| Charity number | 1146001 | |
| Principal address | Acorn House | |
| 391a Midsummer Boulevard | ||
| Central Milton Keynes | ||
| MK9 3HP | ||
| Independent examiner | Steve Brentnall FCIE | |
| 1 Meadow View Cottages | ||
| Town Littleworth, | ||
| Cooksbridge | ||
| Lewes | ||
| East Sussex | ||
| BN8 4TH | ||
| Bankers | CAF Bank Ltd | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent | ||
| ME19 4JQ |
MK MONEY LIFELINE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 ‐ 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 ‐ 17 |
MK MONEY LIFELINE
TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT)
FOR THE YEAR ENDED 31 OCTOBER 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 31st October 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Articles, the Companies Act 2006, 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 applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and aims
The aim of the charity is to provide a debt advice service to members of the local community of Milton Keynes.
We offer this free service to all regardless of age, nationality, race/ethnicity, caste, class, physical or mental state, appearance, gender, HIV status, religion, illness, sexuality, marital status, political beliefs and criminal convictions.
Charitable activities
The office is in Central Milton Keynes and is the base for the charity’s administration with a facility to meet clients. The Trustees thank Milton Keynes Community Foundation for their support.
Free, confidential and impartial advice is offered and follows a triage process as each problem and solution is unique. During this year advice was given by appointments either face to face or over the telephone. The charity has one unpaid manager, a salaried operations manager supported by three part‐time salaried administrators, a part‐time fund‐raising and publicity officer on a one year contract together with a number of volunteer advisers. Those involved in debt advice with clients are required to undertake a comprehensive training and examination process accredited by Community Money Advice.
The pandemic outbreak from March 2020 resulted in a complete change of working with client interviews taking place by telephone and via on‐line video. During the year the charity continued to operate a virtual call centre for those seeking help with debt under the ‘Signpost’ banner. This service does not give personalised, tailored, debt advice but, as the name suggests, “signposts” callers to sources of help either on the telephone or on‐line; in the course of providing this service several callers have been identified as needing bespoke debt advice and have been enrolled into the main programme. The Signpost service currently operates only on weekday afternoons, excluding bank holidays.
A support network is available to the volunteer advisers, particularly after helping clients with demanding problems.
A comprehensive set of policy documents has been prepared, implemented and discussed with all volunteer advisers, in line with the requirements of the Financial Conduct Authority. Advice on financial management and related skills is provided to some school students in Milton Keynes, although this programme is on hold as a result of the effects of the pandemic.
MKML networks with other agencies and organisations in Milton Keynes that can offer clients assistance with non‐financial problems. MKML refers or signposts clients as appropriate to these groups.
Trustees provide their services on a voluntary unpaid basis.
MK Money Lifeline is a member of Community Money Advice – a national charity providing the resources, training and support needed to establish and maintain local, free, face to face money advice services. MK Money Lifeline is registered with the Financial Conduct Authority (No 618802) and also with the Information Commissioner.
The trustees thank the centre manager, administration staff and volunteers for all their efforts in setting up this charity and the on‐going help and support to clients with their problems.
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MK MONEY LIFELINE
TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) ‐ CONTINUED
FOR THE YEAR ENDED 31 OCTOBER 2021
Public Benefit
The Trustees acknowledge the requirement to demonstrate clearly that MK Money Lifeline has charitable purposes or aims that are for the public benefit. Details of how the charity achieved this are provided elsewhere in this report. In selecting their activities, the Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit.
Financial review
Income has been received from local churches, individuals and trusts. Expenditure primarily covers the administration expense of the office (salaries, rent, stationery, telephone) and insurance, and training.
Banking facilities are provided by CAF Bank.
The charity is insured for general cover and, specifically, for advice given to clients.
Financial Results
The trustees report a total income during the period ending 31[st] October 2021 of £34,886 with expenditure of £48,022. Expenditure exceeded income by £13,136. This resulted in decreased funds carried forward, of £50,658.
Reserves policy
Sufficient funds are set aside (“designated” by the Trustees) to facilitate the managed closure of the charity should this be necessary. This is intended to include funding to enable the charity to pay redundancy costs to remunerated staff and to meet outstanding financial obligations. The amount so designated is £10,000.
Free reserves beyond this enable the charity to plan and deliver an increased scope of operation with confidence that this will not be inhibited by the inevitably variable nature of some charitable donations.
However, approximately 90% of projected income for the next year is provided on the basis of regular giving. MK Money Lifeline is grateful to all individual and organisational donors who contribute to support the work of the charity
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Expansion and future developments
The charity exists for the benefit of its clients. There is an ever‐increasing need for our service and we find clients are subjected to limited household income, a rapid increase in consumer lending and the effects of the Covid‐19 pandemic.
The charity has taken steps to expand its operations within Milton Keynes with a continuing focus on areas of deprivation within the city.
The future of the charity depends on the continued commitment by staff and volunteers to help clients and the ability to raise sufficient funds to cover expenses.
The 5‐year strategy review was completed in the year and, until 2026, will inform the charity’s business planning processes.
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MK MONEY LIFELINE
TRUSTEES' ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) ‐ CONTINUED
FOR THE YEAR ENDED 31 OCTOBER 2021
Structure, governance and management
The charity was incorporated, as a company limited by guarantee, on 20th January 2012 and was registered by the Charity Commission for England & Wales as a charity on 21[st] February 2012.
The directors and trustees who served during the year and up to the date of signature of the financial statements were:
I N Anderson (Chair)
A Audu G D Bird Resigned 1 January 2022 B E Hampson J A Hampson C E Hession R R Hudson Appointed 16 November 2021 D E Robinson Resigned 3 February 2021 D L Wyatt
None of the trustees has any beneficial interest in the charity.
Governance changes
There were no changes to the Governing documents during the year.
The trustees' report was approved by the Board of Directors and Trustees.
B E Hampson Company Secretary Date: 15[th] March 2022
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MK MONEY LIFELINE
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS AND TRUSTEES OF MK MONEY LIFELINE Charity Registration number: 1146001 and company registration number 07917713
I report to the trustees on my examination of the financial statements of the company for the year ended 31 October 2021 set out on pages 5 to 17.
Responsibilities and basis of report
As the charity’s trustees of the company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 Act (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act..
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention which give me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with the relevant accounting requirements under section 396 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination;
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the accounts have not been prepared in accordance with the Charities SORP (FRS102)
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.
Steve Brentnall FCIE
1 Meadow View Cottages Town Littleworth Cooksbridge Lewes East Sussex BN8 4TH
Date: 18[th] March 2022
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MK MONEY LIFELINE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 33,647 1,237 Other income 4 2 ‐ Total income 33,649 1,237 Expenditure on: Raising funds 5 465 ‐ Charitable activities 6 42,022 5,535 Total resources expended 42,487 5,535 Net expenditure/(income) for the year/net movement in funds (8,838) (4,298) Fund balances at 1 November 2020 58,911 4,883 Fund balances at 31 October 2021 50,073 585 |
Total 2021 £ 34,884 2 34,886 465 47,557 48,022 (13,136) 63,794 50,658 |
Total 2020 £ 74,691 7,086 |
|---|---|---|
| 81,777 | ||
| 96 | ||
| 43,512 | ||
| 43,608 | ||
| 38,169 25,625 |
||
| 63,794 |
The statement of financial activities includes all gains and losses recognised in the year.
Details of the various funds are provided in Notes 16 and 17. All income and expenditure derive from continuing activities.
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MK MONEY LIFELINE
BALANCE SHEET
AS AT 31 OCTOBER 2021
| Notes Tangible fixed assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Net assets Capital and reserves Share Capital 14 Reserves ‐ unrestricted 16 Reserves ‐ restricted 17 |
2021 £ 1,330 48,198 49,528 (854) ‐ 50,073 585 |
2020 £ £ 1,984 810 63,066 63,876 ( 1,629) 48,674 ______ £50,658 ‐ 58,911 4,883 50,658 £50,658 |
£ 1,547 62,247 _ £63,794 |
|---|---|---|---|
| 63,794 | |||
| £63,794 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2021. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 15[th] March 2022 and signed on their behalf:
I N Anderson Director & Trustee
Company Registration No. 07917713
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1 Accounting policies
Charity information
MK Money Lifeline is a company limited by guarantee incorporated under the Companies Act on 20[th] January 2012 and registered by the Charity Commission for England and Wales as a charity on 21[st] February 2012.
1.1 Accounting convention
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with the Companies Act and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Donations:
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies:
Legacy income and grants receivable are recognised when the Trustees have been formally notified of the amount due to the charity.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1 Accounting policies (continued)
1.5 Resources expended
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment: 25% writing down basis
Any 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.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short‐term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. All amounts payable are classified as current liabilities if payment is due within one year.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11 Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds £ £ Donations and gifts 33,647 1,237 Legacies ‐ ‐ For the year ended 31 October 2021 33,647 1,237 For the year ended 31 October 2020 71,201 3,490 |
Total 2021 £ 34,884 ‐ 34,884 |
Total 2020 £ 34,739 39,952 |
|---|---|---|
| 74,691 | ||
| 74,691 |
Donations and gifts includes amounts received from individuals, parishes and in response to particular appeals. The Trustees gratefully acknowledge all these gifts; without this generous support the charity would be unable to fulfil many of its objectives.
Due to the constantly changing nature and frequency of the services provided by volunteers it is not possible to attribute a value to the services so provided.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
| 4 5 |
Other income Unrestricted Restricted funds funds 2021 2021 £ £ Grants ‐ ‐ Interest 2 ‐ Other income ‐ ‐ For the year ended 31 October 2021 2 ‐ For the year ended 31 October 2020 1,586 5,500 Raising funds Fundraising and publicity Other fundraising costs |
Total 2021 £ ‐ 2 ‐ 2 2021 £ 465 465 |
Total 2020 £ 6,500 13 573 |
|
|---|---|---|---|---|
| 7,086 | ||||
| 2020 £ 96 |
||||
| 96 |
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
6 Charitable activities
| Direct relief Debt advice and counselling £ Staff costs (included in note 9) - ‐ Direct costs 517 810 Share of support costs (see note 7) - 46,004 Share of governance costs (see note 7) - 225 517 47,040 Analysis by fund Unrestricted funds 42,022 Restricted funds 517 5,018 517 47,040 For the year ended 31 October 2020 Unrestricted funds – general - 39,405 Restricted funds ‐ 4,107 - 43,512 |
Total 2021 £ ‐ 1,327 46,004 225 47,557 42,022 5,535 47,557 |
Total 2020 £ ‐ 1,990 40,907 615 |
|---|---|---|
| 43,512 | ||
| 39,405 4,107 |
||
| 43,512 |
The Trustees wish to record their thanks to a number of qualified volunteer advisers who donate their time and bear their own expenses in provision of advice and support to clients.
MK Money Lifeline's work could not be accomplished without this generosity. It is not possible to attribute a monetary value to these gifts in kind.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
| 7 Support costs Support costs Governance costs £ £ Staff costs (included in note 9) 34,185 ‐ Office accommodation and administration costs 11,158 ‐ Depreciation 661 ‐ Independent Examination costs (*) ‐ 225 46,004 225 |
2021 £ 34,185 11,158 661 225 46,229 |
2020 Basis of allocation £ 27,425 Estimates of time spent by paid staff 12,966 Pro rata to staff costs 516 Actual cost incurred 615 Pro rata to staff costs 41,522 |
|---|---|---|
(*) The cost of the Independent Examination charged in the 2020 accounts comprised the costs for two years because the required accrual at 31 October 2019 was overlooked.
| Analysed between | ||||
|---|---|---|---|---|
| Charitable activities | 46,004 | 225 | 46,229 | 41,522 |
8 Trustees
None of the trustees received any remuneration during the year (2020: Nil).
Details of transactions undertaken with connected or related parties are provided in Note 20.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Centre manager | 1 | 1 |
| Administrative staff | 4 | 4 |
| 5 | 5 | |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 34,090 | 27,318 |
| Social security costs | ‐ | ‐ |
| Other pension costs | 95 | 94 |
| 34,185 | 27,412 |
The average number of full time equivalent employees for the year was 2 (2020: 2). There were no employees whose annual remuneration was £60,000 or more.
The centre manager provides his services as a volunteer and is not remunerated.
10 Taxation
The company is a registered charity and is exempt from taxation on income and capital gains where they are applied for charitable purposes.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
| 11 Tangible Fixed Assets Cost At 1 November 2020 Additions At 31 October 2021 Depreciation At 1 November 2020 Charge for the year At 31 October 2021 Net book value 31 October 2021 31 October 2020 12 Debtors and prepayments Other debtors Prepayments |
Office equipment 3,156 1,098 __ 4,254 _ 1,609 661 2,270 1,984 1,547 ___ 2021 2020 £ £ 520 ‐ 810 810 1,330 810 |
|---|---|
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
13 Creditors: amounts falling due within one year
| Other creditors Accruals |
2021 £ 579 275 854 |
2020 £ ‐ 1,629 |
|---|---|---|
| 1,629 |
14 Share capital
The charity does not have a share capital. The company is limited by the guarantee of the members to a maximum of £1 each.
15 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all employees unless they elect to opt out. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The total pension cost borne by the company for the year is disclosed in the Employees Note (Note 9).
16 Designated funds included within unrestricted funds
The unrestricted funds of the company include funds designated towards the following purposes:
| Movement | in funds | ||||
|---|---|---|---|---|---|
| Balance at | Income | Expenditure | Balance at | ||
| 1 November | 31 October | ||||
| 2020 | 2021 | ||||
| £ | £ | £ | £ | ||
| Closure | 10,000 | ‐ | ( | ‐) | 10,000 |
| Education | 656 | ‐ | ( | ‐) | 656 |
| 10,656 | ‐ | ( | ‐ ) | 10,656 |
Further particulars of the funds are as follows:
Closure:
Funds are designated to facilitate a managed closure of the charity, should this be necessary, to enable the charity to pay redundancy costs to its paid staff.
Education:
This amount is designated for the support of the charity’s education work in schools to teach school students good money management.
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
17 Restricted funds
| Movement | Movement | in funds | ||||
|---|---|---|---|---|---|---|
| Balance at | Income | Expenditure | Balance at | |||
| 1 November | 31 October | |||||
| 2020 | 2021 | |||||
| £ | £ | £ | £ | |||
| ‘Signpost’ administrator | 4,853 | ‐ | ( 4,268) | 585 | ||
| ‘Signpost’ communications | 30 | ‐ | ( 30) | ‐ | ||
| Direct relief of poverty | ‐ | 517 | ( 517) | ‐ | ||
| Statutory fees | ‐ | 720 | ( 720) | ‐ | ||
| 4,883 | 1,237 | ( 5,535) | 585 |
Further particulars of the funds are as follows:
‘Signpost’ administrator and ‘Signpost’ communications:
Funds received towards Signpost call centre set up and operating costs in the first full year.
Statutory fees:
Amounts given towards fees payable to the Insolvency service to meet the costs of applying for bankruptcies and Debt Relief Orders. Funds are attracted on a case‐by‐case basis from various sources.
Direct relief:
Income received to meet specific needs to relieve poverty.
18 Analysis of net assets between funds
| Unrestricted funds Restricted funds £ £ Fund balances at 31 October 2021 are represented by: Fixed assets 1,984 ‐ Current assets/(liabilities) 48,089 585 50,073 585 |
Total Total 2021 2020 £ £ 1,984 1,547 48,674 62,247 50,658 63,794 |
|---|---|
19 Key management personnel
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
| Remuneration of key management personnel The remuneration of key management personnel is as follows. |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Aggregate compensation of the centre manager | ‐ | ‐ |
The centre manager is also a trustee and director and provides his services as a volunteer
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MK MONEY LIFELINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
20 Related party transactions
During the year the charity was party to the following arrangements:
Employment
Mrs S Anderson, the wife of the centre manager (who is also a Trustee) is employed as an office administrator. Her total remuneration in the year amounted to £7,040 (2020: £6,864). The terms and conditions of her employment are identical to those of all other employed staff. The centre manager does not participate in any decision making processes affecting her employment and the specific arrangements have been disclosed to the Charity Commission who have raised no objection.
Donations by Trustees
Donations totalling £4,030 were made to the charity during the year by Trustees (or persons connected with them).
21 Future financial commitments
At the year end the charity had total commitments under operating leases for land and buildings expiring in two to five years of £6,885.
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