Company registration nuimber.. 07024301 Cliarily regislralion niimber: 1154113 M3 Project Limited (A company limiled by guaraniee) Ani)u41 Reporl and Financial Slatemeiils for Ihc Year Ended 30 Sepleinb¢r 2024
M3 Project Llmited Contents R¢feren¢e and Administrative Detai15 Trnsl¢es' Report 2to5 Staleiiienl of TSlees, Responsibilities Ii)dependenl Examiner's Reporl Sialeiment of Financial Activities Balance Sheet Notes lo tlie Financial Slal¢menl$ 1010 19
M3 Project Limlted Reference and Administratli'e Delalls Trustees G Helm J Coopcr C Nelson R Iveinhold Cllarlty Reglstratlon Number 154113 Compan}, RegtslrAtloii Nuniber 07024301 The Charity is incoq)oial¢d in England and Wlales. Sui1¢ 2 Si John's Couil Baciip Road Rossendale BB4 7PA ReEl$tered Offlte Independent Exanilner Helen Binns FCA Beever and Siruihers Charlered Accountants One Express l George Leigl) Sireel Manchesler M4 5DL Page I
M3 Project Limlted Trustees, Report The twslees, who are directors for Ihe purposes of conipany law, PTesent tlK anjiual report together with tli¢ finaiicial slalen)ents of the cliarilable company for ihe year ended 30 SeplenibeT 2024. Objectives and actlvltles Objecls qliiis Th¢ objeclivcs of Ihe charity are lo provide relief to yoiing people belw¢¢n the ag¢s of 16-25 years old in East Laiicashire atid surroiiiidiiig areas. by Ihe provision of soci41 housiiig and aecoiitsnodatioii, including ¢m¢rgeiicy supi)orted lodgings. supported Lodgings and move-on ac¢onm]odalioJi. M3 Projecl supports young singles and parents wlio find thcmsclves living iii iiise¢i)re or unsafe accomii)odalion. iiioving froin one place to another and '$ofa $urfiiig'. Ive believe Ihal every young person slioiild liave u safe plA¢e to call liome, a placc Whe Ihcy can thrive, aiid we Iiave worked loivards this aiii) since 2003 wlieij a gap in service provision was tdentifled and Siipporled Lodgings were sel up. Over the past 20 yeaTS the projed has developed setviccs to reflecl that, and now have Ihree distinct selvice areas lo support yoiing people who face homelessness. Supported Lodgings (ages 16-21): A service where youiig people liave Il)eir owi bedioom in soiiieoi)e's lioiiie aild gel day-lo-day supporl froni the household¢r along M'illi iailoTed suppori froin a M3 Siipporl Worker. Ivorking iliTougli a supporl plan, youiig pcople eventually I0ve on iiilo Il)cir own accomniodalion with lh¢ skills gnd knowlcdge lo suslain a lenancy. Teenage Faniily Servi¢e (ages 16-21): A service for yoiing ihiinjs and niiii))s lo be, who inove into an assiir¢d shorthold tenancy aiid receive Siipport aroiind pareiiliilg and t¢iian¢y inanagemenl lo ei)siwe a positive Inove-on. Tlic Lislciiing Project: A unique young person led 5CTvice for 16 and 17-ycar olds who are experieiicii)g difficullies in Il)¢ir relationships 01 liojne and niay be al risk ofhotiiclessii¢s$. lJsing a trained peer nienlor, il gives n you1)¥ person space lo IhTnk Ihroiigli oplions and families an opporlunily lo lalk logeiher and find ioliilioiis for a beller way forward and prcvenl unplaimied Inovu and polenlial sofo surftng. As o sniall leain of 2 full-time and 5 parl-lime einployees. Ihe projecl works with young people across Easl Lancasliire encoiiraging Ilieiii 10 develop neiv skills. re4iigage willi family and frieiids, access education and Iraii)ing or 8¢1 inlo ivork. Tailored supporl packages enable young people lo evenliially iiiove 01) into Ilicir owi independenl accoinniodalion with ilie skills and knowlcdge lo suslain a tenancy; Il)¢ir safe place to call hoinc. Tlie organisalion continues lo campaign 81 local and national level around Ihc issues of hoii)¢lcssncs$ and Ili¢ iinpacl it llay on yoiing people, Piiblic beiiefil Tlic trustees coiifiri)I Il)at they have coii)plied wilh the requirements of se¢iion 17 of Ihe Charities Acl 2011 to haiie due regard lo Ilic publT¢ benefit guidance publislied by the Charity Commission for England and Mlales. Page 2
M3 Project Limited Trustees, Report Achlev¢ment$ and peYforni4n¢e In November 2023 we celebrated our 201h Anniversary with slaff, Trnslees, Volunteers, former Service Users and represenlalivc5 froni the Ial coi))Inunity. In spite of the cost of living CTiSiS we were also pleased lo reacli our anniial furtdraising larget. We have seen an increase in fundraisers organised by ¢on)ii)unity groups and Ilie aii)ounl received ilirougli coimnilted regular donations has alt))osl doubled. Iii ihe circuii)slances we have been able lo offer iiiore dire¢l fii)aii¢ial assistance to young p¢opl¢ experiencin8 IIArdsl)ip. as well as terIal supporl wlieii iiioving iii or i)ioviiig oi) froii) placenieiils. Regislralion will) Ofsled undcr Il)¢ Supported Acconiniodalioii R¢gulalioDS (2023) was successfiilly coini)leled on 2 January 2024. Inakii)8 the organizalion onc of th¢ vcry firsl in LaD¢asliirc lo gain rcgislralion slattis. Charity Manoger Alai) DotTingion was also accepted lls Registered Service Manager for boih services and Nryll lead the orgaiiizalioii into the Ofsl¢d liispeclion M'indow starting Sepleinber 2024. IVoTk for the orgaiiizalioj) lo b¢coine inspe¢lioii-re8dy w8s completed al the end ofsumnxr 2024. Tlie cliarily successfiilly ren¢ived ils main conlracts with Lancasliire County Council over tlie sullter of 2024. As part of a coinpelilive tendering process. both Supported Lodgings and Teenage family were awarded the coi)Iracls for the Ensl Laiicashire foolprinl, securing a further 4 aiid possibly 7 years fiindiiig lo conliijue oiir work in tliese spe¢iali$l a¢¢oiiimodation servic¢s. New ¢onlr4cls sl8rt in November 2024 and sce an expansion in Tccnagc Family supported properties froin I I lo 14. Lloyds Bank Fowidalion ¢ot)linued to support Ihe cliarity during 11)is peTiod a5 parl of tlieir core funding progrAn)i)ie. LBF lias consislenily championed sinall but vitsl charities across Ilie country aiid Ilieir bleftd of iiiireslricled ndS backed up will) specialisi supporl fToni exlemal parlners aild ¢onsullanls lias ¢nsure 11)al M3 conliiiues lo Ilirive aiid develop. Qiialily of Service revieivs are now carried out on a regular basis providing feedback froi)) yoiii)¥ peoplc Ilial iiifurins oiir praclice. Tlie feedbork we have receii'ed has becii overwlicliiJii)gly postliv¢ and coiislnicliye. Sojiie cxaimples ivlii¢li evidence our siiccesscs are as follows.. "M3 has conlribiiled lo my gr0h and development. I am now moTe confident. re5pecifiil and healthier. I have a better oiillook oli life ii'ilh a bcller iindcrslanding of life skills siich as cookiiig ai)d laiii)dry. Iviihoiil the siipport rToni M3 aiid my Host I woiild not be wher¢ l om today." 'Diie lo beiiig iji a settled home with M3 1 ivas able to focus more on me and iyhal I waiiled. I was able to go back lo college ivhi¢h was a big slep. My coiifjdence lias goiie lip ond l ai)) noiv able to cook and cleaii up for tnyself. l aiii lellniiiig lo driv¢ and have a lesl coming up. I liave also learnt to painl. decorate and do son)e gardening." 'I am grateful lo iiol only liave a liomc for me and n)y daiigliler bul to have a lovely sllPPOrt workeT supportiiig i))e wliile I'in here. I have learncd io n)anage a hoiisehold and organise bills. Il's giv¢ii iiie Ilie space lo beller ii)yself ai?d live comfortably willi i)Iy gill. Page 3
M3 Project Liinited Trustees, Report Ivvvibers in Sen'ices Over Ihe Ixsl year. 7 single young p¢ople and 14 youiig Mun)s iviih 18 Children have nintained a stay in our a¢¢oiniiiodation scrviccs for over 12 Inonihs. Tliere have been 5 successful niove ons wilh youi)g people taki118 up a¢¢omiiiodalion ofiheir iii order lo live indep¢nd¢ntly. Oiir iiniquc Listening Project inentored and siipported 22 young people with Inenlal health issues, isolalion, wellbeing issiies or wlio were al risk of hoiMel¢ssncss. Many referrals to this service have collie froni mental healtli servie¢s based its local schools And we continue lo see an ongoin8 need for young person led one-lo-oiie siipport and mentoring that is nol available elsewhere in the area. Clialleiiges Move on accomodfttlon One of Ihe biggest challenges fll¢ing boih the charily and the iiidividual young people is a severely reslricled supply of ii)ove-on accojninodalion. Private rented a¢¢oiikniiodalion is only affordable for youiig people wlio are Ivorking it) reasonably well-remiin¢ral¢d jobs, os Teni payable I1oUgh b¢nefils coi)linu¢ to foll wcll behind rapidly in¢rea6ii1g privule rents. So¢ial liousing is now uiider extreiiie pressure in all the areas we WOTk in, and young people who are ready lo niove are bidding for niany monilis wiihoul succes5 to secure Ilieir own social property. Tl)is is leadiiig lo st8gnalion for youiig people ivho have worked hard lo build Il)¢ir coi)fideti¢e and skills lo live independently bul are uiiable lo find Ilieir oii'ii 8c¢onimodalion lo niove on lo. Ive are working lo find solutions to Il)is issue, with LCC Coiiviiissioners and olher local partners. Hlgller needs young people In coiw)ion with inany partner organisations, M'e are seeing larger Jiiinib¢r$ of referrals for young people with higher support iieeds. These yoiitlg people are ofien coining froiii a ¢are-¢xperi¢ii¢ed backgroiiild aiid have niuliiple issues for support based aroiind Iheir lived experience and adverse childhood experieiice5. In Iiiany cases we are unable Io Tesponsibly meet Ihose supporl iieeds iviillin our two ac¢omJnod81ioii services, a situation Ihai IiAS been uiiderpiiined by Ofsted re¢on)Inendaliotis Ilial young people willi liigl)er. ¢oJiiplcx or care needs sliould nol be placed in regulaied services. Sadly, Illese yoiing people are nol 8livays receiving Ihe support and advice Ilial they need. Siipport aiid advice was delivered in boih acconiniodalioii services aroiind Ihe following issues: Benefils or money Ediication or training Geii¢r#l issiies Hoiisiiig oplioiis lildepeiidenl Living Skills Mett181 Heallli Pareiiling skills Physical health Placenienl issues Relalionsliips at home incl donieslic abuse Self l)arii) Ivork ai)d en)ploymenl The Tnislees woiild like lo Iliank all staft and Host voliiiileeTS acros5 Ilie charity for all their hard Work aild coivmilineiil in delivering high quality 5eTvices lo iqilnerable young people in oiir local area5. Page 4
M3 Project Limited Trustees, Report Flnanclal revltw The cllarily's income for Ihe year was £381,496 (2023: £354,881) and expenditure of £357,007 (2023.. £344,541) leaving siwplus funds of £24.489 (2023: £10,340). Pollcji oil resenies After n)akitig appropria1¢ ¢nqiiiries, the Trusl¢¢s hay¢ a reasonable expeclalion that th¢ chfirity has adequale resource3 lo conliiiiie iii operation for th¢ forceable fiiftire. The Chartty ll)aiiitains a reserves policy in order to pron1¢ sustainability and Broh. This policy aiiiis lo reserve 6 nionllis operating cosls alongside fi)nds allocaied lo ruwiing costs. staff training and cliarily gTowIII, cUent fr¢e reserves lield by M3 Project are sufficieiil lo cover 6 nionlhs opeTaling costs, in addilion lo prol¢cl¢d r¢servcs ai'ailable for redundoncy c051s foT all slaff. M3 Projeel is conlinuing lo iiiake good progress toivard a Inixcd aiid sustainable fvndinE s¢enaTiO based on grant funding. cl)8rilable giving and conlracls for servi¢¢ d¢liv¢ry. Grant application aclivity is planned and nionilored on a quarlerly basis. The total fuiids al 30 Sepleniber 2024 was £161.153 (2023: £136,664) of wliich all are iiiireslrfftcl¢d fiinds. Free Teserves are £160.225 (2023: £135,426) after allowing for fiinds licd lip in fixed assels. Slruclure? govcrnanee and managemont Nftluie olgoileriilng docHNienl M3 Projecl Liiiiiled is a coinpany liJi)iled by 8uaTantee and is governed by it's Menioraiiduni and Arlicles of A350cialion dated 20 Seipember 2009, as aniended on 6 March 2021. Recriiiliiieml rtiid appoliiliNeiil oflriislees Truslees are appointed Iii Accordanee with Ib¢ Charity's Memoranduin and Articles of Asso¢ialioJi. Tlie Trustees a8 charity Iruslees have ¢onirol ofthe Charity. Majoy rlsks ffndiiirtiiageni¢iil ofihose rlsks The Iruslees have a duty io idenlify and review Ihe Tisks to whicli the charity is exposed Jnd lo ensure appropriate conlrols are iii place lo provide reasonable assurAnee against fraud and error. Tli¢ Trustees have 8ss¢ssed the niajor risks lo which the c118rily 18 exposed. in parlicular Ihose related to Ihe operalions and fii)8nce5 of Ili¢ chaTily, and ore satisfied Il)Ml sysleins and procedures aTe in place lo niiligale exposiire lo Ilic m&jor risks. Significanl consideration lias beeii 8iv¢n in re88rds lo ofsled coiijpliaii¢e and Iliere are aclii'c pla115 around iinplenieiilalion of the new siipporled Jccomiiiodalion regulalions. Sii)ftll coinpanle5 provl$lon stAtement This report has beeii piepared in accordance wilh Ihe sinall conipanies reginie under the Coinpanies Act 2006. Tlje anniial report was approved by the Intslees of the charity on ..... G Heli Page 5
M3 Project Limited Statement of Triistees, Responsibllities Tlie tnEsl¢es (who aTe also th¢ direclors of M3 Project Limiled for Ihe purposes of compaiiy law) are responsible for preparing the trustees. reporl and Il)e fiiianci81 statements in accordance with applicable law and United Kingdoni A¢¢oui)ling Slandards (United Kingdom Geiierally A¢¢epled Accouiiliiig Pra¢li¢e), including FRS 102 "Tlie Financial Reportiiig Slalldard applicable in the UK at)d Republic of Ireland" Coi)Ip8ny law requires th¢ tnistees lo prepare financial slaleinents for each financial year. Under coinpany law the trustees miist not approve Ihe financial slal¢ments unless they are satisfied ihtti Ihey give a tnie and fair view of the slate of affairs of Ihe charitable coi)Jpany and of the incoming resoure¢s and application of resources, iiicliidiiig ils iiicojne and expeiidittire. of the Charilable company for iblll peTiod. lil prepari118 Iliese finaiicial $toleiiiei)Is. 11)e truslees aTe required 10: select suilable accounling polTcie5 and apply thein consislenily: observe Ihc m¢ihods nnd principle5 in the Ch8rilics SORP. niake judgeinenls and esliniaies Ihal arc reasonable and pwdenl: Stole wh¢ilier applicable accoiinling slandards, comprising FRS 102 liave been followed. subject lo ai?y material depdrliires disclosed and explained in Ihe financial slaleiiienls- and prepar¢ 11)e fiiiancial statements on the going concern basis unless il is inappropriate lo presuine Ilial tlie cl)8rilable company will conlinu¢ in business. The Iruslees are responsible for keeping proper a¢couiilii)g Tecords thal can disclose w'ill) reasonable accLif8cy al any lime the fiiiaT)cial position of Ilie ¢118rilabl¢ company aiid enable Iliem lo ensiire Il)al th¢ financial slaleilients coinply wilh Ilie Coiiipanies A¢1 2006. Tliey 8re also Tespoiisible for Safe13rding Ihc assels of tlie cliarilable coiiipany and hence for laking reasonable steps for 111¢ pr¢i'enlion and d¢le¢lion of fraiid and oillcr irr¢gularili¢$. Tlie Iru51ces are respo11b1¢ for Ilie maintenance and inl¢grily of the ¢OTporate and fiiiaiicial iiiformalion iiicluded on Ihe charitable ¢OinpanS website. Legislation 8overniiig 11)e preparaiion and disseiliinalion of riiiancial slateJi)enls niay differ fTOlh legislation in other jurisdiclions. Approv¢d by Ihc Inislees of Ihe charity on . signed on its behalf by: Tnistee Page 6
M3 Project Limited Independent Examlner's Report to the trustees of M3 Project Limited ('the Compaiiy,) I report lo th¢ Charity lrn$le¢s on n)y examiDalion of ihe accounls of Ihe Company for the year ended 30 Septeinber 2024. Respoiislbllltl¢s bas1$ of report As Ihe charily's Iruslees of Ihe Conipany (and also its direclors for ihe purposes of company laii,) you are respoiisible for Il)e preparation of the accounts in accordance willi th¢ requireii)ei)Is of tlie Compnnics Acl 2006 ('the 2006 Act.). Having satisfied myself th81 Ihc accounts of the Compaliy are not TequiTed lo be audited linder Part 16 of the 2006 Act and ar¢ eligible for illd¢pendent cxaminalion, I report in respect of my exhmination of your charity's a¢¢oiinls as c8rricd oiil iiiidcr seclioii 145 of the Charities Acl 2011 {'Ihc 2011 Act.). lil caryiiig out niy exaiiitnalioii I have folloiyed Ilie Directioiis given by Ihe Charity ColilISsi0n ui)der seclion 145(5)(b) of Ihe 2011 Acl. Independont examlner's statement Since (lie CoinpanJ4s gross incoiiie exceeded £250,000 your ex8miner musl be a i))ember of a body listed in seclion 145 of 111¢ 2011 Act. l ¢onfinn Il)al l ani qualtfied lo undertake ilie cxaniinalion because l am a ii?eniber of ICAEW, wliicli 15 one of Ilie listed bodies. I have completed my exjminalion. I confirni Ihal no matters have come lo my altenlioii in connection with Ilie exaininAlioii giving me ca115e lo believc.. accouijliiig records were nol kepl in respecl ofM3 Projeel Limited as required by se¢lion 386 of Ilie 2006 2. tli¢ ac¢oiinl8 do not accord iviih those r¢¢ord$' or 3. Ilie accounts do nol ¢oi))ply iyilh Ilie 4¢couiiliiig requiTemenls of section 396 of ihe 2006 Act oll)er Ihaii aiiy requirciiient tlial the actounls giv¢ a 'lNe aiid fair vieiv which is not a iiialler considered as parl of an ind¢peiidenl examination: OT 4. thc accoiiiils have nol been prepared in accordance wiih the rneihods and prin¢ipl¢s of ihe Stalemeiit of Recoinmendcd Practice for accoijnling and Tepoming by charilics [npplicabl¢ lo charilics prephring their a¢couiils iii accordaiice with the Finai)¢ial Reporliilg Stand8rd applicable iii the UK and Repiiblic of Ireland (FRS 102)]. I liaiie no coiicems aiid l)ave conie across no olh¢r mallers in coniieclion willi Ilie cxuii)in4lion to ivhich Allei)lion shoiild be drai in Ihis rcpoil iii order lo enablc a proper iinderslanding of Ilie accounts lo be rcaclied. Helen Binns FCA Beever aiid Siruthers Cliailered Accountants Olle Express l George Leigh Slreel Mancliesler M4 5DL Dale'....l?..I,Q3.J..a.%.,. Page 7
M3 Project Limited Statenient of Financial Aetivities for Ihe Year Ended 30 September 2024 (liicludiiig Income and Expenditure Account and Statenient of Total Recognised GAins and Losses) Unre$trlcted fund$ Restrltted funds Total 2024 Total 2023 Note In¢oiiie Hnd EJidoivnient$ from; Donalion5 alid legacies Choritable oclivilics lftiveslment income 46.831 322,260 ,520 9,938 56,769 322,260 ,520 55,500 298,693 688 Total incoine 370,611 9.938 380.549 354,881 Expelldlture on: Raising funds Cliarilobl¢ aclivilies (812) (345,309) (812) (355,247) {712) (343,829) {9.938 Total expenditiire {346.121 9,938 356,059 344,541 Nel iiiconi¢ 24,490 24,490 10,340 Nel inov¢ti)enl in funds 24,490 24,490 10,340 ReconclllAtlon of funds Tol81 funds brought fonvaTd Total fiinds carTied fonvard 136,664 136,664 126,324 18 161.154 161,154 136.664 All of tlie cliarity's activities derive froni continuing operations during Ilie above livo periods. The funds breakdow for 2023 is shown in nole 18. The notes on pages 10 to 19 fonn an inlegral parl of these finai)cial slRtei)ienls. Page 8
M3 Project Llmlted (Registratlon niimber: 07024301) Balance Slieet as at 30 Septeniber 2024 2024 2023 Note Flxed assets Tangible assets 14 928 1,238 Current assets Debiors Cash al bank and in hand 15 16 14.933 152,828 16,508 126,884 167.761 143,392 Cr¢dltots: Ainounls f*lllng due wilhln one )'eAr 17 (7,535 7,966 Net current Y455els 160,226 135,426 Net assets 161,154 136664 Fuiids of tlie ¢l)Arlt}': Unresti'lcted Ineoine fiinds Unreslricled fvnds 161,154 136,664 Total fiinds 18 161,154 136,664 For Ili¢ fiiignci81 year eliding 30 Seplember 2024 Ilie charily was enliilcd lo exeii)plion froin audil under section 477 of Ilic Coiiipaiiies Acl 2006 Telaliiig lo small companies. Directors, responsibilities,. The mciiibers havc not TequiTed ih¢ ¢hnrity lo obtain an audil of ils a¢coiinls for th¢ y¢ar in qii¢$lion in accordanc¢ with section 476. aiid The directors ackiiowledge their responsibilili¢s for con)plying with Ihe requiremenls of Ille Act iviili respecl to Rccounlin8 records and ihe preparalion ofa¢¢ounls. The finaiicial slaleinenls oil pages 8 10 19 w¢r¢ approv¢d by the Inistees, aiid auihorised for issii¢ on (.){¥S2,£ and si)ed on Iheir belialf by: TNslee Tlie notes on pages 10 to 19 fom] an integral part of these financial staleinenls. Page 9
M3 Project Llinited Notes to the Flnancial Statements for the Year Ended 30 September 2024 Charlty statiis Tlie cliarity is liiniled by guaraiilee. incorporated in Englaiid and Wales, and consequenily does not have share capilal. Eacli of Ihe Inislees is liable to ¢onlribule an ainounl nol exceeding £ I lowards Ihe assets of tl)e charity in the event of liquidalion. The address of ils regislered officc is: Suite 2 Sl John's Court Bicup Road Rossendale BB4 7PA 2 Aecounllng pollclei Suminar}' of slEnl(A¢Allt w¢¢ountln% poll¢le$ and ke>, A¢¢ounilng estlnig1¢$ Tli¢ principal a¢¢oiinling policies applied in the pr¢parAtion of Il)es¢ financial slaleineiils are sel out below. Thesc policies l)av¢ been consi51cnlly applicd to all Ihc years presenled, unless oilicnyise slated. StRt¢iiieiil of ¢onipllan¢¢ The finftiicial slalei))enls have been prepared li) acconlonce wilh Accoiinling aJ)d Reporting by Clihrilies: Slaleinenl of Recoihinended Praclice (applicable lo charilies preparii)g Ilieir accoiinls in accordgnce with Ihe Financial Reporting Standard applicable in Ihe UK and Repiiblic of Ireland (FRS 102)) (is511ed in October 2019) (Ch&rili¢s SORP (FRS 102)), the Finaiicial Reportill8 Standard applicable in Il)e UK aiid Repiiblic of Ireland (FRS 102) atid the Coimpfjiites Acl 2006. Ba515 of preparatlon M3 Project Liiiiiled meets Ilie definition of a publi¢ benefil entity under FRS 102. Asse15 and liabilities are iiiili8lly recogiliscd al llislorical ¢osl or Irailsaclion valuc uiiless oilierwise slated in Ihe relevaiit ac¢ounlin8 policy noles. Goliig coiicorn Tlie Inislees ¢onsid¢r that there #re no iAl¢nal iiiieertainlies Mboiil Ilie charitys abilily lo conlinue as a going oiicem nor any 5ignifi¢anl aT¢a5 of iincertainly Illat aifecl the carrying value of assels held by the chaTiIy. Exeniptlon from preparing fi cash Ilom stitemenl The ¢harity opted lo early adopl Bulletin I published on 2 FebTU8ry 2016 ond have Ilierefore not include<5 8 cash floiv slatenienl in Il)ese finailcial slaleiiienls. Inconie and endowments All iiicoiile is recognised once Ihe charity has enliileii)enl lo ihc incoiiie. il is probable 11181 Ilie income will be received and the Ainoiinl ofihe income receivable Can be measuTed reliably. Page IQ
M3 Project Limited Notes to the Financial Statements for the Year Knded 30 September 2024 Doiinlloiis aiid legacie Donalions are recogiiised wlien the charity has been notifi¢d in WTiling of boih Ilie ainounl and seiileinenl dale. In the eveiil Ihal k donalion is siibje¢l lo conditions Ihal requiTe a level of perfomlance by Ihe charity before lh¢ Iiarity is enlitled lo the fiinds. Ihe inconie is deferred aiid nol recogiiised unlil ¢iiher those condilioiis ar¢ llY i)iel, or tli¢ fulfilinenl of those ¢ondition5 is wholly within Ihe conttol of th¢ charity aiid it is probable Il)nl these condilioi)s will be fulfilled in the reporting pcriod. Grrtiils reeelvable Granls are Tecogiiised wlien Ilie charily lias an ¢nliilen)enl to th¢ ndS and any coiidilions lii)ked lo Ilic granls Iiai'e been iiiel. Where perforniaiice coildilions are allaclled lo Ille grant aiid are yel lo be Jiiel, Ilie incojne is r¢cognised as u liabilily and included on Ili¢ bll laiiee sh¢¢l as deferred incoine lo be released. liivejliiieiil iiicomie Dividends or¢ re¢ognis¢d once th¢ divid¢nd has b¢¢n declar¢d and nolification has been received of tlie dividend diie. I xpendltiire All expeiidiliire Is r¢¢o8nised once ihere is a l¢gal or coi)slThctivc obligation lo Ihnl expenditure, it is probable seiilemenl is required and th¢ amount clln be n)easured reliably. All cosls •Tc allocated to Ihe applicabl¢ ¢xpei)dittir¢ headii)g IhThl aggregate similar ¢osls lo Ihal ¢al¢gory. IVher¢ costs catuiot b¢ dir¢cily altribiilcd to particular lieaditigs Illey liave been allocated on a basis coiisisleiil wilh the use of resources, willi ceiilral 51aff costs &llo¢aled on the basis of lime spenl, and deprecialion charges allocated on Ille porlioii of lh¢ asset's us¢, 011)er support costs ore allocated based on the spread of slaff costs. Ralsliigfiinds These are eosls iiiciined in Aitra¢lii)g voluiilary income. the ittaiiAgement of inveslinenls aiid those in¢urr¢d in Iroding aclivilie5 th81 raise fiinds. Clifirliftble ficlivilies Charitable expenditiire coniprises those costs inciirred by thc chArity iii the delivery of ils aclivilies and seryices for ils b¢neficiRries. It incliides bolh ¢osls that can be allocated direcily lo such aclivities aiid those costs of ali ii)direcl Ati]r¢ ne¢ess8ry to siipport Ihein. Support costs Support costs iii¢lude Central fiJnclions aiid liave been allocaled lo aclivity cosl categories on a basis Coiisislent willi Ilie use of resources. for exainple. allo¢alii)g Properfy cosls by floor areas, or pcr capil8, slalT Costs by Ihc lime spent and other costs by their us88e. GovernAJiee eosls Tl)¢se iiicliide Ihe costs attribiilable lo Ilie cl)arily's coiiipliance with constilutionlll and slatulory reqiiireinents. including audit. stralegic nianagemenl and trnslees Inceliiigs and ieimbiirscd expeiises. Goveriiment grants Governn?enl grai)Is are recognised based on Ihe a¢¢nl niodel and 4r¢ measured al the fair value of ilie assel received or receiiyble. Grants are classified as TelaliDg eiilier to revenue or to assets. Gran15 r¢lalillg lo reveijue are Tecognised in income over ilie period iii ivliich the relaied costs are fecogtiised. Grants relating lo assels are recogiiised over Ilie expected useful life of Ilic asset. IVI)¢re parl of a giant relaling lo ali assel is deferred, il is recogiiised a5 deferred incoiiie. Pagell
M3 Project Llinited Notes to the Flnancial Statements for the Year Ended 30 September 2024 Taxatlon The cliarity is considered lo pas5 the le515 sel oul in Paragraph I Schedule 6 of the Fiiiance Act 2010 and therefore it meets the definition of a ¢liaiilable conipany for UK corporalioi) lax purposes. Accordiiigly, Ilie cliarity is polenlially exeiiipl from laxalion in respect of income or capital gains received ii'iihin categorte5 covered by Cliapler 3 Parl I l of Ilie Corporalion Tax Act 2010 or Se¢lion 256 of Ihe Taxation of Cliargeable Gains Act 1992, to tlie extent Ihal such income or gaiiis are applied exclusively to ¢liarilable purposes. Tonglble flxed assets Individual fixed assets are initially Tecorded at cost, less any siibsequenl accumulated deprecialion hjid siibseqii¢nl acciiTiiiilaled iiiipaitThcnt losses. DepreclAllon and AmDrilsAtion Deprecialioii is provided on tangible fixed 855els so as Io WTile off Ihe cost OT valuation, less any eslinialed re$idu81 value, over their expected useful e¢onorni¢ life as follows: Asset class Furniture and Equipni¢nl Depreel4tlon method and rale 25•/0 Redvcing balance TrAde debtors Trad¢ debtors are Hmoiinls diie from cu81011)ers for merchaiidise sold or services performed in Ihe ordii)ary Course of business. Trade debtors aTe Tecognised initially al the Iransaclion Prtce. They are subsequently nieasured al ainorlised cosl usii)g tl)e effe¢li%'e iiileresl m¢lhod. less provisioii for iinpaimient, A provision for the inlpoiriiienl of Iradc debtors is established iyhen there is objeciive evidence 1118t Ihe charity will not be able io colle¢t all amounls due according to Ilie ori8in81 teniis of the re¢eivable8. Casli Aiid easli equlvaleiit$ Casl) and cmsh CqUiVi11¢iils ¢oii)pris¢ cash on l)and and ¢011 deposils. Jnd olher short-lenn liigljly liqiiid inv¢stinenls that are r¢adily ¢onvertibl¢ to a known 8mounl of cash and ale subje¢l lo an ii)sigi)ificanl Tisk of change in v81iie. Fund stru¢tur¢ Unreslricled iticotne funds are 8ener81 funds Ilial are available for us¢ al Ilie truslees discrelion in furilieran¢e of Ilie obj¢¢lives of the charity. Pe115tons ind other post retlrenienl obllgatlons Tlie ch2Tily opeTales a defincd conlribulion pension scheme wliich is a pension plan under whicli fixed ¢oi)Iribiilions are paid inlo a pension fiiiid and Ihe charily l)as iio legal or coi?slniclii'e obligalion lo pay furfl)er onlribiilions even if tlie fiind does iiol liold sufficienl assels lo pay all employees Ilie benefits relaling lo employe¢ service in the ru¢nI ond prior p¢riod5. Conlribiilions lo defined conlribiilTOii plans ore recognised in the Sialemeiit of Fiiiancial Activities when Ihey #re due. If ¢ontribiilion payments exceed the ¢onlribulion due for service. Ilie ex¢¢s5 is recognised a5 a pr¢paynieJit. Page l2
M3 Project Limited Notes to the Financial Statements for the Year Ellded 30 September 2024 Flnanclal Instrllmen¢5 Classificatlo Financial assels and financial liobililies ore recognised ivhen 11)e charity becomes a party lo Ilie conlractual provisions of lh¢ inslThixenl. Finaiicial liabilities and eqiiity iiistninienls are c13ssified according lo ilie substan¢¢ of Ilie conlracliial arraiigen)enls ciilcred ii)to. Ali eqiiily ii)slnimenl is any conlracl Ihal ¢vid¢n¢es a residual iiilerest ill ilie assels of th¢ Charity after dediicling all of its liabilili¢s. Recogniiloii ffiirf iiieasureineiil All fiiigncial assets and liabilities are ii)ilially n)e8sured al transa¢lion price (including transaciion costs), excepi for those financial assets classified as al fair value IhrouBli profil or loss, wliicli are inilially ineasiired al fair value (which is Tlonnally the Iratlsaction pri¢¢ ¢x¢ludiiig lrnnsa¢lion cosis). unl¢$s Ihe OTTangciiienl coiislitules A firtancing Iransaclion. If an arrai)g¢inenl conslilul¢s a financing traTisaclion, Ihe fiiian¢ial asset or financial liftbilily is m¢asiired al th¢ pr¢s¢nl value of Ili¢ panentS discounted al a inarkel rale of InteSt for a similar debi inslninienl. Financial ossels and liabilities are only olTsel in the slatemei)l of fvian¢ial posilion when, and only w'li¢ii Ilier¢ exisls a legally enforccablc right lo sel off Ilie recogniscd amounts and th¢ ¢l)arity intends eillier lo settle oil a net b88i$, or Io Tealise Ilie asset aiid seiile Ilie liability simulianeou$ly. Finaiicial as5els are derecognised ivlien and only when a) Ihe contra¢tU81 riglils lo Ihe ea$li floivs froni Ilie riiiancial assel expirc or are seiiled, b) Ilie chariiy trailsfers lo anoiher pally 5ubslanlially all of Ilie risks and rewards of ownersliip of Ihe financial asset, or c) th¢ ¢harily. despil¢ liaving r¢lained soiiie, bul nol all, 5ignificanl risks and rewards of ownership. has Iransferred control of tlie asset lo anolher party. Financial liabililies are derecognised only when the obli8alion specified in the conlract is discharged, cancelled or expires. 3 Incom¢ from donAtIoiis And legR¢les Unreslrlcled funds General Restrlcted funds Total 2024 2023 Donalions and le8a¢ies: Donations froin iiidivlduals Gift atd rcclaiined Granls, including capilal grants. Governmenl grants Gran15 froiii compailies 20.190 1,641 20,190 1,641 19,991 ,259 9.938 9.938 25,000 25.000 34,250 46.831 9.938 56,769 55.500 Page 13
M3 Project Limited Notes to the Financial Statements for the Year Ended 30 September 2024 4 Income from ¢hRrll8ble activl¢le5 Unr¢slri¢led funds General Total 2024 TotAI 2023 Grants received regarding accomoalioD and support Housing 182.185 140.075 182.185 140.075 171,727 126.966 322,260 322,260 298,693 5 Inveslment Income Unrestrlcted (und$ Geiieyal Totil 2024 Total 2023 Interest receivable Rild similar Income., Interest rcceivllble on bank d¢posils 1,520 1.520 688 6 Exp¢ndlture on rAisSng fuiids ) Costs of gen¢rAtlng donatlons And legacles Unrtslrlettd funds General TotAI 2024 Total 2023 Nott Fuiidraisiii8 Costs 812 812 712 7 Expeiidllure charllable activilles Unrestrlcled fund5 G¢iier41 Rcstrlcttd fuiids Totil 2024 TOIRI 2023 Note Hou5iiig ¢0515 Slaff travel Depre¢iaiion Staft"cosls Allocal¢d siipporl ¢osls Gov¢w])aiirc c051s 117.343 5.058 310 180.417 117.343 5,058 310 180,417 118,143 4,232 413 172,120 37,606 4,575 4.438 5,500 42,044 10,075 44,105 4,816 345,309 9.938 355.247 343,829 Page 14
M3 Project Limited Notes to the Financial Statements for the Year Ended 30 September 2024 8 AnAlysl$ of 801'eriiaiice and supporl ¢0sts Supporl costs allocated to charllable A¢tlv111¢5 Tolal 2024 Total 2023 Pr¢inis¢s ¢osls Jnsurance Telephone Coinpuler and IT costs Bank cliarges Office Adinin cosls Suiidry ¢OSis Legal aiid professioiial 16,521 4,052 10,679 2,544 104 ,097 5,345 1,785 18.472 3,489 8,641 2,699 loo 1,673 6,974 2,057 44,105 42,127 Goi'trnanee costs Re$trlcled fuiids Total 2024 Total 2023 Independent exai))incr fees Exaniiiialion of the fiiiancial stslements Oil)er fees paid lo exainin¢rs oih¢r goiiernance costs 2,340 2,235 5,500 2,340 2,476 5,500 5,500 10,075 4,816 9 Nel Incomlngloutgolng resourcfs Net inco118 rcsoiirces for tlie year incliide: 2024 2023 Deprecialion of fixed asscls 310 413 10 Trustees i'eniuneyfttlon and expenses No Iruslees. A)or any persons connected with Iliem. have received any reniuneralioi) froii) Il)e charity during tlie year. No tnislecs have received any reimbiirsed expenses or any ollier benefils froin Ilie charity duriiig Ihe year. Page 15
M3 Project Limited Notes to the Financial Statements for the Year Ended 30 September 2024 I I Staff costs Tlie aggregale payroll costs were as follows: 2024 2023 StAff eo$t8 diirlng th¢ year iiere: Ivages and salaries Social seciirity Costs Pension costs 166,641 8,791 4,985 158,541 8,244 5,335 172,120 180,417 The tiionlhly average number of persons (including senior inanagem¢nl / l¢ad¢rship teani) employed by the charity during ihe year was as follows: 2024 2023 No Head eouni Full-lini¢ equivalcnl No ei))ployee received eiiiolumenls of inore than £6&,000 durin8 Ihe year. The total einployee b¢nefils of the key managemenl personnel of ihe clrity ivere £44,083 (2023 - £39,549), 12 Indep¢iident exRmlner'i remuneratlon 2024 2023 Exainiiialion ofiiie financial stalcmenls 2,340 2,340 Otlier fees to examliiers All other services 2.235 2,476 Page 16
M3 Project Llmited Notes to the Flnanclal Statements for the Year Ended 30 September 2024 13 TaxRtIoii The ¢harity is exempl froni 18x on income snd gains f811ing within seclion 505 of ihc Taxe5 Act 1988 or section 252 of tlie Taxaiion of Cliargeable Gains Aci 1992 10 Ilie exlenl tlial Ibese are applied to ils ¢liarAlable objects. 14 Tangible fixed assets Furnllure Ind equlpment Total Cost Ai l October2023 16,720 16,720 At 30 September 2024 16,720 16,720 Depreelatlon Al l October 2023 Cliarg¢ for the yeAr 15,482 310 15.482 310 AI 30 Septeniber 2024 15,792 15,792 Net book i'glue AI 30 SepiembeT 2024 928 928 AI 30 September 2023 1.238 1,238 I S D¢btors 2024 2023 Trade debloTS Prepayments 14,256 677 10.415 6,093 14,933 16,508 16 CA8h 4nd cash equlyfilenls 2024 2023 Clsli on l)Ind Cash al bank 138 152.690 54 126,830 152,828 126,884 Page 17
M3 Project Llmlted Notes to the Financial Statemenls for the Year Ended 30 September 2024 17 Credfitors: aniounts faRlfing dye N'lthln ont >¢ar 2024 2023 Other t¥txalion find so¢ial seciirily Otlier creditors Accrnals 2,633 1,063 3.839 2,865 1,261 3.840 7,535 7.966 18 Funds Bnlaiice at 30 Septembei. 2024 BAlance at I October 2023 Incomlng re50ur¢e$ Resourcts expended Unreilrlcted funds Gemerrfl Geiieral Funds 136.664 370,611 (346.121) 161,154 Restrlcted funds Lanca511irc CoLiiily Council 9,938 9,938 Tolal funds 136,664 380,549 356,059 161,154 Bmlaiiee ¢30 Septeniber 2023 Balance at I O¢lober 2022 Inconillig resoiirees Re5011r¢e$ expendtd Uiirestrleted funds Gemeinl General Funds 126,324 354.881 344.541 136,664 The specific purpose5 for which Ihc funds aTe lo bc applied are as follows: Liicasliirc Counly Coiiiicil - lo 1)d Ofsted regislralion fees and training costs. Poge 18
M3 Project Llmited Notes to the Ffillancial Statements for the Year Ended 30 September 2024 19 Analysls of ilet a$$ets between Unrc51rlef¢d unds Gcncral Total fiiiid$ at 30 Septeniber 2024 Tai)gible fixed assels Curr¢iit assels Current liabilities 928 167,761 (7,535) 928 167,761 (7,535) Total tiet assets 161,154 161,154 Unre$trlcttd funds Gener*1 TotAI fiinds at JO Scpleniber 2023 Tai)gibl¢ fixed Sssels irrenl assets irrenl liabilili¢s 1,238 143,392 (7,966 1,238 143,392 {7,966) Total iiet a5$els 136,664 136,664 20 R¢lat¢d party IransAetlon$ Tliere were no Telaied party transactions in Ihe yellr. 21 Prlor year Statement of Finaiiclal Acllvllles UnYestrlct¢d funds Tolal 2023 Inconie Aiid Eiidowmenls from: Doi)alions aIid leglicies Charitabl¢ #¢livilies Inveslmenl incoine 55,500 298.693 688 55,500 298.693 688 TolAI incoi)ie 354,881 354,881 Expendllure on: Raising fiiiids Cligrilable aclivilies (712) (343,829) {712} (343,829} Total expei)diliiT¢ {344,541 344,541 Nel illcoiiie 10,340 10,340 Net Inoveinenl in funds 10,340 10,340 Reconelllatlon of flind$ TotAI fiinds brought fonvard 126,324 126,324 Tolal fiinds carrled for%rdrd 136,664 136,664 Page 19