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2021-12-31-accounts

Sievemk Gateway Ltd

Charity No. 1146451

Company No. 07886477

Trustees' Report and Unaudited Accounts

31 December 2021

Sievemk Gateway Ltd

Contents

Pages
Trustees' Annual Report 3 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Summary Income and Expenditure Account 10
Balance Sheet 11
Statement of Cash flows 12
Notes to the Accounts 13 to 20
Detailed Statement of Financial Activities 21 to 22
Financial Review 23

Page 2 of 23

Sievemk Gateway Ltd Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07886477(England and Wales)

Registered Charity number 1146451

Registered Office Holding Forth Christian Centre, Bradwell Road, New Bradwell, Milton Keynes Buckinghamshire. MK13 0EJ

Trustees

Rev Olabiyi Ajala ( Resigned 30 October 2021) Miss Jessica Oyakhire Miss Kerrie Bradburn Mrs J A Gilzene Mrs Olaitan Ogunmoyela Mr Stuart Burke (Chair)

Independent examiner Alex Parantuca Parantuca and Bowman Limited Office 1, Unit 11 Ro24 Twizel Close Stonebridge Milton Keynes. MK13 0DX

Bankers NatWest Bank 501 Silbury Boulevard Saxon Gate East Milton Keynes. MK9 3ER Metro Bank

One Southampton Row London. WC1B 5HA

Page 3 of 23

OBJECTIVES AND ACTIVITIES

Mission, Vision, Values and Principles

Our mission is to provide a gateway through which our community is inspired, mentored, and empowered. Our vision is that members of our community are inspired to realize their full potential

Our values which are driven by our Christian faith are Hope, Inclusiveness, Partnerships and collaboration, Positive communication, Innovation and Excellence

Our Activities

Our primary objective is to address the problem of educational underachievement among mostly BME young people in our local community by developing accessible and cost-effective programmes and seeking opportunities which will help them acquire employability skills and/or qualifications required for further education or career advancement.

In partnership with a wide range of firms and community organisations we continue to create opportunities to overcome obstacles such as poor language skills, a lack of role models, limited aspirations and low employability skill levels.

We seek to provide processes and bespoke projects that engage with the real needs of individuals and seek to provide individuals with the confidence, employability skills and the all-round development they need to reach their full potential wherever possible.

Our learning and mentoring programs are making a real difference to individuals, giving our participants real confidence. We continue to live out our mandate to-

Creating Opportunities, Delivering Excellence and Changing Lives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

SIEVEMK Gateway is a company limited by guarantee by its Memorandum and Articles of Association dated 13th March 2012. It is registered as a charity with the Charity Commission.

Appointment of Trustees

Trustees are appointed on the basis of their individual skills and experiences for the position and need SIEVEMK Gateway has which they are able to fill or contribute to by their commitment to SIEVEMK Gateway and its vision, ethos, aims and objectives. They are met by all existing board members who will then agree and vote on the new appointment.

Trustee Induction and Training

Newly appointed trustees are briefed on the company’s Memorandum and Articles of Association, the current Strategic Business Plan, and given an overview of the company’s recent financial performance. The functions of the board and its decision-making processes are also explained, as are their individual roles, responsibilities and legal obligations under both charity and company law. Each trustee is given a clear role and responsibilities and is expected to attend board meetings and the Annual General Meeting when arranged. Trustees are also encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

The board of trustees administers the charity and seek to meet regularly. Certain individuals have particular areas of expertise and therefore responsibilities such as Teaching, Legal, Finance, Fundraising, HR and PR. The employed Chief Executive Officer of SIEVEMK Gateway is appointed by the trustees to manage the day-to-day operations and has an agreed level of delegated authority for operational matters including vision, direction, finance, employment and performance related activity. The Chief Executive Officer is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.

Risk Management

We continue to assess, review, monitor and plan for all risks which the organisation may face, now or in the future. Our Risk Management Strategy comprises a risk register of all aspects of the organisation and its activities, for each project we undertake, outlining possible risks that may occur, procedures to mitigate the risks identified and regular re-assessments both of the risks already outlined on the register and of project and activities for potential new risks. All projects and activities run by SIEVEMK Gateway undergo a risk assessment before they begin. This process leads to a heightened awareness to potential risk faced and assist with the development of robust contingency plans.

Page 4 of 23

Public Benefit Statement

SIEVEMK Gateway has always and will continue to take its responsibilities of ensuring that its charitable activities contribute significantly to the lives of those we work with and specifically within the local areas in which those activities are undertaken. With reference to the Charities Act 2006, all our charitable activities are directed towards having a lifelong impact on the local area and these activities are undertaken to further our charitable purposes for the public benefit. The examples below are a testament of our commitment to the public benefit requirement.

ACHIEVEMENTS AND PERFORMANCE 2021 SIEVEMK Gateway and Post COVID-19

The year continued in the country emerging from lockdown due to the pandemic.

We continued our activities primarily online and limited in person services that were authorised by the government.

The key achievements of our Learning Centre and Adult Learning Platform during this financial year are summarised below: -

Learning Centre

  1. All our classes were delivered via Zoom.

  2. We also moved our funded project- RAC4LAC online and 15 out of 20 adults were able to engage

  3. We continued to have weekly Zoom meetings with our Royal SpringBoard scholars and their family to offer support.

  4. Our Key Stage 2 (years 3 to 6) in Mathematics and English classes continue to be well subscribed

Adult Learning

  1. No adult learning was provided in 2021

Exam Centre

  1. Our exam centre continued to be severely disrupted by COVID-19.

  2. a. Exam room was restructured to cater for social distancing in the room. We had to reduce our capacity from 8 to 4 that is a 50% reduction.

  3. b. As a result of the reduction, we stopped all Pearson VUE testing.

  4. c. AAT testing continued

  5. d. AQA & OCR (GCSE and Vocational)- was provided for in the autumn for about 10 candidates.

FUNDRAISING ACTIVITIES

Due to the COVID-19 disruption, we had to find new ways of running our services and supporting our learners and their families. More focus placed on promoting and increasing our supporter base via Localgiving.com

  1. British and Foreign School Society (BFSS) approved a grant of £58k over 3 years but disbursed half yearly. This funding bid was written during the lockdown and its primary purpose is to help looked after children attain after COVID-19. We successfully delivered Year 1 of the project.

  2. Our fundraising continued for our New home Project- The Seed Centre

  3. Localgiving.com- £2.6k- Supporters donating through the fiscal year

Page 5 of 23

ACHIEVEMENTS AND PERFORMANCE YEAREND 31DEC 2021

Below is a summary of our achievements

Milestone Target Measure Outcome
1 Ensure our values and vision are
well communicated to our staff
and our service users can see
them in action		 Above 70% positive feedback
from surveying our service
users and staff		 Postponed
2 Secure funding to augment our
normal income		 Any funding achieved Year 2 BFSS funding approved
3 Creating opportunities Placing pupils One student processed even
during COVID_19 times
4 Changing Lives University Placement
RAC4LAC		 One of our Scholars went on
to start her medical career at
University of Leicester
Delivered year 1 BFSS funding
to 20+ looked after children
5 The Seed Centre Project Planning Application
submitted 31 July 2021
following 3 months design
process		 9thDecember Planning
Approved!

Future Plans

In pursuance of the charitable objectives, the trustees have identified and agreed the following plan for 2021 Objective Target/Measure

Page 6 of 23

5

a. Develop and implement our information management

system

b. Achieve relevant accreditation and recognition

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

O. Ogunmoyela Trustee 30 September 2022

OGUNMOYELA

Page 7 of 23

Sievemk Gateway Ltd Independent Examiners Report

Independent Examiner's Report to the trustees of Sievemk Gateway Ltd

I report to the charity trustees on my examination of the financial statements of Sievemk Gateway Ltd for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

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 financial statements to be reached.

Alexandru Parantuca Parantuca

IFA

Parantuca and Bowman LTD

30 September 2022

Page 8 of 23

Sievemk Gateway Ltd Statement of Financial Activities

for the year ended 31 December 2021

Notes
Income and endowments
from:
Donations and legacies
4
Other trading activities
5
Other
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Other
9
Total
Net gains on investments
Net income
10
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
funds
funds
Total funds Total funds
2021
2021
2021
2020
£
£
£
£
4,527
-
4,527
40,386
205,140
-
205,140
74,677
2,508
-
2,508
24,788
212,175
-
212,175
139,851
1,111
-
1,111
-
536
-
536
60
185,548
-
185,548
139,791
187,195
-
187,195
139,851
-
-
-
-
24,980
-
24,980
-
-
-
-
-
24,980
-
24,980
-
24,980
-
24,980
-
89,203
99,700
188,903
188,903
114,183
99,700
213,883
188,903		 Unrestricted
Restricted
funds
funds
Total funds Total funds
2021
2021
2021
2020
£
£
£
£
4,527
-
4,527
40,386
205,140
-
205,140
74,677
2,508
-
2,508
24,788
212,175
-
212,175
139,851
1,111
-
1,111
-
536
-
536
60
185,548
-
185,548
139,791
187,195
-
187,195
139,851
-
-
-
-
24,980
-
24,980
-
-
-
-
-
24,980
-
24,980
-
24,980
-
24,980
-
89,203
99,700
188,903
188,903
114,183
99,700
213,883
188,903		 Unrestricted
Restricted
funds
funds
Total funds Total funds
2021
2021
2021
2020
£
£
£
£
4,527
-
4,527
40,386
205,140
-
205,140
74,677
2,508
-
2,508
24,788
212,175
-
212,175
139,851
1,111
-
1,111
-
536
-
536
60
185,548
-
185,548
139,791
187,195
-
187,195
139,851
-
-
-
-
24,980
-
24,980
-
-
-
-
-
24,980
-
24,980
-
24,980
-
24,980
-
89,203
99,700
188,903
188,903
114,183
99,700
213,883
188,903		 Unrestricted
Restricted
funds
funds
Total funds Total funds
2021
2021
2021
2020
£
£
£
£
4,527
-
4,527
40,386
205,140
-
205,140
74,677
2,508
-
2,508
24,788
212,175
-
212,175
139,851
1,111
-
1,111
-
536
-
536
60
185,548
-
185,548
139,791
187,195
-
187,195
139,851
-
-
-
-
24,980
-
24,980
-
-
-
-
-
24,980
-
24,980
-
24,980
-
24,980
-
89,203
99,700
188,903
188,903
114,183
99,700
213,883
188,903
212,175
1,111
536
185,548
-

-

-

-		 212,175
1,111
536
185,548
139,851

-

60

139,791
187,195
-
-

-		 187,195
-
139,851

-
24,980
-
-

-		 24,980
-
-

-
24,980
-		 24,980
-
24,980
89,203
-

99,700		 24,980
188,903
-

188,903
114,183
99,700		 213,883
188,903

Page 9 of 23

Sievemk Gateway Ltd Summary Income and Expenditure Account

for the year ended 31 December 2021

Income
Gross income for the year
Expenditure
Depreciation and charges for
impairment of fixed assets
Total expenditure for the year
Net income/(expenditure) before tax
for the year
Net income /(expenditure )for the year		 2021
£
212,175
212,175
182,431
4,764
187,195
24,980
24,980		 2020
£
193,432
193,432
123,998
4,764
128,762
64,670
64,670

Page 10 of 23

Sievemk Gateway Ltd Balance Sheet

at 31 December 2021

Company No. 07886477
Notes
2021
£
Fixed assets
Tangible assets
12
11,966
11,966
Current assets
Stocks
13
160
Debtors
14
24,587
Investments
15
(46,322)
Cash at bank and in hand
251,991
230,416
Creditors:Amount falling due within one year
16
8,661
Net current assets
239,077
Total assets less current liabilities
251,043
Creditors:Amounts falling due after more than one year
17
(37,160)
Net assets excluding pension asset or liability
213,883
Total net assets
213,883
The funds of the charity
Restricted funds
18
Restricted income funds
99,700
99,700
Unrestricted funds
18
General funds
114,183
114,183
Reserves
18
Total funds
213,883		 2020
£
16,410
16,410
-
23,977
(81,594)
277,328
219,711
(7,218)
212,493
228,903
(40,000)
188,903
188,903
99,700
99,700
89,203
89,203
188,903

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the

Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 30 September 2022 And signed on its behalf by:

O. Ogunmoyela OGUNMOYELA

Trustee

30 September 2022

Page 11 of 23

Sievemk Gateway Ltd Statement of Cash flows

for the year ended 31 December 2021

Cash flows from operating activities
Net income/(expenditure) per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
Increase in stocks
Increase in trade and other receivables
(Decrease)/Increase in trade and other payables
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Dividends, interest and rents from investments
Net cash from/(used in) investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash (used in)/from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2021
£
24,980
4,764
(2,508)
(160)
(610)
(2,960)
23,506
(320)
2,508
2,188
(2,840)
(2,840)
22,854
195,734
218,588
205,669
205,669		 2020
£
64,670
4,764
(7,865)
-
(7,054)
6,122
(9,867)
(11,178)
7,865
(3,313)
40,000
40,000
26,820
-
26,820
195,734
195,734

Page 12 of 23

Sievemk Gateway Ltd Notes to the Accounts

for the year ended 31 December 2021

1 Accounting policies

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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.

Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.

Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 13 of 23

Sievemk Gateway Ltd Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other 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.

Page 14 of 23

Sievemk Gateway Ltd Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net

income/expenditure. Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 15 of 23

Sievemk Gateway Ltd

Notes to the Accounts

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Other trading activities
Other
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4Income from donations and legacies
5Income from other trading activities		 Unrestricted
funds
2020
£
40,386
74,677
78,369
193,432
60
128,702
128,762
64,670
64,670
64,670
89,203
83,369
Unrestricted
£
4,527
4,527
Unrestricted
£
197,872
7,268
205,140
Restricted

funds

2020

£
-
-
-
-
-
-
-
-
-
-
99,700
99,700
Total
2021
£
4,527
4,527
Total
2021
£
197,872
7,268
205,140		 Total funds
2020
£
40,386
74,677
78,369
193,432
60
128,702
128,762
64,670
64,670
64,670
188,903
183,069
Total
2020
£
40,386
40,386
Total
2020
£
68,332
6,345
74,677

Page 16 of 23

Sievemk Gateway Ltd Notes to the Accounts

6 Other income

7
Expenditure on raising funds
Fundraising trading costs
8
Expenditure on charitable activities
Expenditure on charitable
activities
Grants made
Governance costs
9
Other expenditure
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
10Net income before transfers
This is stated after charging:
Depreciation of owned fixed assets		 Unrestricted
£
2,508
-
2,508
Unrestricted
£
1,111
1,111
Unrestricted
£
536
536
Unrestricted
£
715
48,643
4,020
3,568
4,764
16,136
107,702
185,548
2021
£
4,764		 Total
2021
£
2,508
-
2,508
Total
2021
£
1,111
1,111
Total
2021
£
536
536
Total
2021
£
715
48,643
4,020
3,568
4,764
16,136
107,702
185,548		 Total
2020
£
16,998
7,790
24,788
Total
2020
£
-
-
Total
2020
£
60
60
Total
2020
£
9,000
80,549
3,166
6,607
4,764
11,909
23,796
139,791
2020
£
4,764

Page 17 of 23

Sievemk Gateway Ltd Notes to the Accounts

11 Staff costs
Salaries and wages
Social security costs
No employee received emoluments in excess
12 Tangible fixed assets
£
Cost or revaluation
At 1 January 2021
11,178
Additions
-
At 31 December 2021
11,178
Depreciation and
impairment
At 1 January 2021
-
Depreciation charge for the
-
year
At 31 December 2021
-
Net book values
At 31 December 2021
11,178
At 31 December 2020
11,178
13Stocks
Raw materials and consumables
14Debtors
Trade debtors
Other debtors
15Current asset investments
Listed investments
Unlisted investments		 of £60,000.
£
13,727
320
14,047
7,159
126
7,285
6,762
6,568		 2021
45,939
2,704
48,643
£
12,100
-
12,100
10,575
1,525
12,100
-
1,525
2021
£
160
160
2021
£
2,398
22,189
24,587
2021
£
(46,322)
-
(46,322)		 £
4,078
-
4,078
6,939
3,113
10,052
(5,974)
(2,861)		 2020
46,407
(404)
46,003
£
41,083
320
41,403
24,673
4,764
29,437
11,966
16,410
2020
£
-
-
2020
£
17,737
6,240
23,977
2020
£
(73,939)
(7,655)
(81,594)

Page 18 of 23

Sievemk Gateway Ltd Notes to the Accounts

16 Creditors:

amounts falling due within one year

Trade creditors
Other taxes and social security
Loans from trustees
Accruals
17 Creditors:
amounts falling due after more than one year
Bank loans and overdrafts
18Movement in funds
At 1 January
2021
Restricted funds:
Restricted income funds:
99,700
Total
99,700
Unrestricted funds:
General funds
89,203
Total funds
188,903
19 Analysis of net assets between funds
Fixed assets
Net current assets
Creditors due in more than one year
and provisions		 2021
£
3,723
(631)
70
(11,823)
(8,661)
2021
£
37,160
37,160
Incoming
resources
(including
other
gains/losses
)
£
-
-
212,175
212,175
Unrestricted
funds
£
11,966
110,179
(37,160)
84,985		 Resources
expended
£
-
-
(187,195)
(187,195)
Restricted
funds
£
-
128,898
-
128,898		 2020
£
5,382
740
-
1,096
7,218
2020
£
40,000
40,000
At 31
December
2021
£
99,700
99,700
114,183
213,883
Total
£
11,966
239,077
(37,160)
213,883

Page 19 of 23

Sievemk Gateway Ltd Notes to the Accounts

20 Reconciliation of net debt

Reconciliation of net debt
Cash and cash equivalents
Bank loans
Net debt		 At 1 January
2021
£
277,328
277,328
(40,000)
(40,000)
237,328		 Cash flows
£
(25,337)
(25,337)
2,840
2,840
(22,497)		 At 31
December
2021
£
251,991
251,991
(37,160)
(37,160)
214,831

21 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 20 of 23

Sievemk Gateway Ltd Detailed Statement of Financial Activities

for the year ended 31 December 2021

Income and endowments from:
Donations and legacies
Other trading activities
Other
Total income and endowments
Expenditure on:
Costs of other trading activities
Total of expenditure on raising
funds
Charitable activities
Grants made
Total of expenditure on
charitable activities
Other expenditure
Employee costs
Salaries/wages
Employer's NIC
Temporary staff
Motor and travel costs
Vehicles - General costs
Vehicles - Fuel
Vehicles - Insurance and licences
Vehicles - Repairs and
maintenance
Fares		 Unrestricte
d funds
2021
£
4,527
4,527
197,872
7,268
205,140
2,508
-
2,508
212,175
1,111
1,111
1,111
536
536
536
715
715
45,939
2,704
-
48,643
-
1,555
648
1,628
189		 2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2021
£
4,527
4,527
197,872
7,268
205,140
2,508
-
2,508
212,175
1,111
1,111
1,111
536
536
536
715
715
45,939
2,704
-
48,643
-
1,555
648
1,628
189		 Total funds
2020
£
40,386
40,386
68,332
6,345
74,677
16,998
7,790
24,788
139,851
-
-
-
60
60
60
9,000
9,000
46,407
(404)
34,546
80,549
3,008
-
-
-
158

Page 21 of 23

Sievemk Gateway Ltd

Detailed Statement of Financial Activities

Premises costs
Premises cleaning
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Depreciation of
Depreciation of
Bank charges
General insurances
Information and publications
Postage and couriers
Software, IT support and related
costs
Stationery and printing
Subscriptions
Sundry expenses
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Consultancy fees
Management charges Other
legal and professional costs
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income
Net income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 4,020
-
684
-
626
-
2,258
-
3,568
-
1,525
-
3,239
-
2,330
-
559
-
-
-
34
-
10,981
-
1,146
-
713
-
(701)
-
1,074-
20,900
-
-
-
46,624
-
-
-
61,078
-
107,702
-

185,548
-

187,195
-
-
-
24,980
-
24,980
-
-
-
24,980
-
89,203
99,700
114,183
99,700		 4,020
3,166
684
-
626
704
2,258
5,903
3,568
6,607
1,525
1,525
3,239
3,239
2,330
1,210
559
559
-
298
34
644
10,981
8,117
1,146
830
713
(2,123)
(701)
699
1,0741,675
20,900
16,673
-
1,907
46,624
683
-
2,063
61,07819,143
107,702
23,796

185,548
139,791

187,195
139,851
-
-
24,980
-
24,980
-
-
-
24,980
-
188,903
188,903
213,883
188,903

Page 22 of 23

FINANCIAL REVIEW

Financial position

The charity recorded a net income of £25193 and ££64,670(2020). SIEVEMK Gateway's management have implemented robust budgetary controls and continue to monitor costs in an effort to effectively and efficiently fund the activities of the organization.

Incoming Resources - The total income for the year under review was £200,183 (2020: 193,432). This represents an increase in income of 3.49% on last year's income. This increase is a combination of additional income stream from SESF Grant General Gifts & Donations and Coronavirus Job Retention grant received during the period of nation al lockdown.

Expenditure - The total expenditure for the year was £187,195 (2020: £128,761). This represents 45% increase on the previous year's expenditure. Over 90% of our operational expenditure was spent on direct charitable activities.

Reserves policy

The organization maintains sufficient Free Reserves to always cover its liabilities and commitments. SIEVEMK's reserves policy aims to ensure that the organization can maximize the value of its net income without incurring unnecessary risk. The general reserves provide a level of financial protection to SIEVEMK to mitigate against changing financial circumstances, such as downturn in income or unscheduled additional expenditure. The policy is reviewed in a strategic context annually, aiming at establishing an appropriate level of general reserves to meet potential short to medium term needs.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 30.10.2022 and signed on its behalf

Mrs Olaitan Ogunmoyela On behalf of the board of Trustees.

OGUNMOYELA

Page 23 of 23