MAXIMUM IMPACT RESOURCE CENTRE CIO
REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2023
Charity Number 1162440
MAXIMUM IMPACT RESOURCE CENTRE CIO
TRUSTEES ANNUAL REPORT For year ended 31 March 2023
The trustees are pleased to present their annual report together with the financial statements of the charity for the period ended 31 March 2023
The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, 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) (effective 1 January 2015)
1. Objectives and Activities
Review of purpose/objects clause
The Trustees in line with the Charity Commission guidelines have reviewed MIRC CIO (the charity) objects to make sure that they are still appropriate, relevant, and up to date. Circumstances have changed over time, and they believe that this could affect the charity’s beneficiary group which still exists and is still a ‘sufficient section’ of the public but with limited potential for growth.
The trustees are satisfied that the geographical ‘area of benefit’ in which the charity can operate is still very relevant .
• The trustees are also satisfied that the need that the charity was set up to meet still exists, and meeting it is still for the public benefit
• However, their review shows that there are better ways of meeting the need for which the charity was set up without alienating any section of the public and having a wide enough object that will not make it difficult or exclude any one from the benefits that the charity has to offer. Therefore, in line with the guidance the trustees decided to update the charity’s objects by modifying ONLY ‘clause a’ while retaining the others.
COMMUNITY CONSULTATIONS
Consultations with various stakeholders and the community particularly the Southwick community where the Former Church of St Columba is situated have shown that many people whose grandparents attended the church or those who attended the infant school are no longer religious but would still want to associate with the building. In fact, the community together with the Charity procured a blue plaque to designate the building as being of historical importance to the community.
Consultations with our Business advisors at the Business Innovation Centre also, during a periodic review on what the charity could achieve, what difference, it makes, how effective and how well received are its activities found that updating object clause a - advancing religion element makes it more accepted and attract more people who are no longer people of faith to come into the building, support it and enjoy its heritage and history while object clause c – advancing education is not limited and would include religious education.
The Faith/ Religious community also agreed that the MIRC CIO will be community facing, preserve the Grade II listed building of artistic, architectural, religious and historical importance and make it accessible to the entire public while the sister Charity- MICC Chapel of Light (1134921) will remain focused on the religious element.
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MAXIMUM IMPACT RESOURCE CENTRE CIO
TRUSTEES ANNUAL REPORT For year ended 31 March 2023
However, their review shows that there are better ways of meeting the need for which the charity was set up without alienating any section of the public and having a wide enough object that will not exclude or make it difficult for anyone to benefit from the purposes of the charity. Therefore, in line with the Charity Commission's guidance, the trustees have updated the charity’s objects.
(1). The Objects of the MIRC CIO are, for the public benefit: -
(a) Advancement of arts, culture, and heritage, by encouraging the preservation, appreciation, and maintenance of the former church of St MIRC CIO Columba Southwick as a building of historical, artistic, architectural, and religious importance to the Southwick community in particular, and as a national heritage through exhibitions, cultural kitchens, publications, seminars, heritage open days and other related activities for public enlightenment and engagement.
(b) To relieve sickness and financial hardship and to promote and preserve good health by the provision of funds, goods, or services of any kind, including through the provision of counselling and support in such parts of the United Kingdom or the world as the Trustees from time to time may think fit; and
(c) To advance education in such ways and in such parts of the United Kingdom or the world as the Trustees from time to time may think fit.
(2) The Trustees must use the income and may use the capital of the CIO in promoting the Objects.
Nothing in this constitution shall authorize an application of the property of the CIO for the purposes that are not charitable.
GOVERNANCE AND DECISION-MAKING Trustees meet four times a year and have a meal together. They are also joined by the Steering Committee in preparing and casting visions for the new financial year.
They together with the chief executive consider how policies are adhered to within the charity’s values and risk appetites. We aim to apply the Charity Governance Code and have an agreed action plan.
Community outreach through street musical shows, Altar of worship concerts and Southwick Maximum Impact Choir .
Community outreach by rendering free cleaning services and litter picking.
Volunteers are given platforms which enable them discover their own potentials, develop social skills while at the same time giving reality to our public benefits objectives.
2. Achievements and Performance
We have encouraged activities for the elderly through fun events and coffee mornings. Volunteers have a good platform to discover their potential.
Children Holiday Club and monthly fun times.
Community outreach by rendering free cleaning services and litter picking. Culture Kitchen, Community Choir initiative & community garden
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MAXIMUM IMPACT RESOURCE CENTRE CIO
TRUSTEES ANNUAL REPORT For year ended 31 March 2023
| 3. Reference and administrative details of the | 3. Reference and administrative details of the | charity, its trustees and advisors |
|---|---|---|
| Charity Name | Maximum Impact Resource Centre CIO | |
| RegisteredCharity | 1162440 | |
| Number | ||
| Operational address | 5 Havanna | |
| Killingworth | ||
| Newcastle upon Tyne | ||
| Trustees | Revd Dr Peter Adegbie | Chair |
| Caroline Afolabi-Deleu | Trustee |
|
| Keith Vincent Cooke | Trustee | |
| Independent | Michelle Wright | |
| Examiner | ||
| Bankers | HSBC Plc |
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MAXIMUM IMPACT RESOURCE CENTRE CIO
TRUSTEES ANNUAL REPORT For year ended 31 March 2023
4. Structure, Governance and Management Governing documents
Maximum Impact Resource Centre is a Charitable Incorporated Organisation and was entered on the register of charities on 26 June 2015, with registered charity number 1162440.
Appointment of Trustees
Trustees are appointed and can serve more than one term.
Organisation
The Trustees meet as scheduled and deal with the administration of the charity encompassing the strategic vision, financial accountability and risk management.
The pastoral, ecclesiastical and operational management of the organisation are undertaken by the paid staff team.
Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
5. Financial Review
Maximum Impact Christian Centre CIO is primarily funded by donations. The total income for the year was £13,837 (2022: £100).
The Statement of Financial Activities for the year ended 31 March 2023, shows a surplus across all funds of £5,549 (2022: -£6,333).
The Balance Sheet at 31 March 2020 shows total funds carried forward of £10,739 of which there are £0 restricted funds (2022: £5,190).
6. Public Benefit Statement
The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the charity's objectives and planning its future activities. The trustees have also reviewed the charitable purposes of Maximum Impact Resource Centre CIO, and the external environment, to make sure the Charity is still relevant and needed. This annual report will aim to demonstrate the link between our charitable activity and how this benefits our service users.
7. Statement of Trustee Responsibilities
The charity trustees are responsible for preparing a trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The charity trustees are required to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of incoming resources and application of resources. In preparing financial statements, the trustees are required to:
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Select suitable accounting policies and apply them consistently.
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Observe the methods and principles in the Charities SORP.
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Make judgements and estimates that are reasonable and prudent.
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MAXIMUM IMPACT RESOURCE CENTRE CIO
TRUSTEES ANNUAL REPORT For year ended 31 March 2023
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on …31/01/2024…………………. and signed on their behalf by:
Revd Dr Peter Adegbie ……
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MAXIMUM IMPACT RESOURCE CENTRE CIO
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
For the year ended 31 March 2023
I report on the financial statements of Maximum Impact Resource Centre CIO for the year ended 31 March 2023, which are set out on pages 7 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than if the requirements that the accounts give a "true and fair" view which is not a matter considered as part of an independent examination.
I 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.
Michelle Wright MW Accounting, Bookkeeping & Training Woodgate House Wood Street Gateshead NE11 9NP Date: 31/01/2024
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MAXIMUM IMPACT RESOURCE CENTRE CIO
STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2023
| 5 Expenditure on: 6 Operation of the charity Total expenditure Net movement of funds Charitable activities Total funds carried forward Reconciliation of funds Total funds brought forward Total income Income from: Grants and contracts Notes |
Unrestricted Funds £ 13,837 13,837 3,289 3,289 10,549 190 10,739 |
Restricted Funds £ - - 5,000 5,000 ( 5,000 ) 5,000 - |
Total 2023 £ 13,837 13,837 8,289 8,289 5,549 5,190 10,739 |
Total 2022 £ |
|---|---|---|---|---|
| 100 | ||||
| 100 | ||||
| 6,433 | ||||
| 6,433 | ||||
| ( 6,333 ) 11,523 |
||||
| 5,190 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
The notes on pages 9 to 14 form an integral part of these accounts.
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Charity Number 1162440
MAXIMUM IMPACT RESOURCE CENTRE CIO
BALANCE SHEET
As at 31 March 2023
| £ Current assets Cash at bank and in hand 12 10,739 Total current assets 10,739 Net current assets Total assets less current liabilities Total net assets or liabilities Funds of the charity Unrestricted income funds Restricted income funds Total funds and are signed on its behalf by: These financial statements were approved by the Board on: Reverend Dr Peter Trustee Notes The notes on pages 9 to 14 form an integral part of these accounts. |
£ Current assets Cash at bank and in hand 12 10,739 Total current assets 10,739 Net current assets Total assets less current liabilities Total net assets or liabilities Funds of the charity Unrestricted income funds Restricted income funds Total funds and are signed on its behalf by: These financial statements were approved by the Board on: Reverend Dr Peter Trustee Notes The notes on pages 9 to 14 form an integral part of these accounts. |
Total 2023 £ 10,739 10,739 10,739 10,739 - 10,739 31/01/2024 |
£ 5,190 5,190 |
Total 2022 £ |
|---|---|---|---|---|
| 5,190 | ||||
| 5,190 | ||||
| 5,190 | ||||
| 190 5,000 |
||||
| 5,190 | ||||
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MAXIMUM IMPACT RESOURCE CENTRE CIO
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
1 Accounting Policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2 Basis of accounting
2.1 Basis of preparation
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 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 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Maximum Impact Resource Centre CIO meets the definition of a public benefit entity under FRS 102.
2.2 Preparation of the accounts on a going concern basis
The charity reported total unrestricted funds at the year end of £10,739 and has already secured a significant amount of funding for the current year. The trustees are of the view that the immediate future of the charity for the next 12 to 18 months is secure and that on this basis the charity is a going concern.
3 Income
3.1 Recognition of income
Income is recognised when the charity has entitlement to the resources, any performance conditions attached to the item(s) of income have been met, it is more likely than not that the resources will be received and the monetary value can be measured with sufficient reliability
3.2 Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS102 SORP or FRS102.
3.3 Grants and donations
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria of income recognition are met.
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MAXIMUM IMPACT RESOURCE CENTRE CIO
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
3.4 Donated goods and services
Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.
Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided that the value of the gift can be measured reliably. Donated services and facilities that are consumed immediately are recognised as income with the equivalent amount recognised as an expense under the appropriate heading in the SoFA.
3.5 Volunteer help
The value of volunteer help received is not included in the accounts but is described in the trustees' annual report.
3.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
3.7 Income from membership subscriptions
Membership subscriptions received in the nature of a gift are recognised in donations and legacies.
Membership subscriptions which gives a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.
3.8 Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
3.9 Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.
4 Expenditure and liabilities
4.1 Liability recognition
Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
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MAXIMUM IMPACT RESOURCE CENTRE CIO
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
4.2 Charitable activities
Expenditure on charitable activities includes the costs of outreach work and other activities undertaken to further the purposes of the charity and their associated support costs.
4.3 Governance and support costs
Support costs have been allocated between governance cost and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
4.4 Irrecoverable VAT
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
4.5 Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
4.6 Provisions for liabilities
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
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MAXIMUM IMPACT RESOURCE CENTRE CIO
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
Analysis of income
| 5 | Charitable activities Income from grants Other income |
Unrestricted Funds £ 13,837 13,837 |
Restricted Funds £ - - |
Total 2023 £ 13,837 13,837 |
Total 2022 £ |
|---|---|---|---|---|---|
| 100 | |||||
| 100 |
Income was £13,837 (2022: £nil) of which £13,837 was unrestricted or designated (2022: £nil) and £0 was restricted (2022: £nil)
Analysis of expenditure on charitable activities
| 6 | Charitable activities Direct costs Support costs Trustee training Governance costs Office costs Volunteer Expenses Independent examiner's fees for reporting on the accounts Outreach work and local projects |
Unrestricted Funds £ 3,289 - - - - 3,289 |
Restricted Funds £ 5,000 - - - - 5,000 |
Total 2023 £ 8,289 - - - - 8,289 |
Total 2022 £ |
|---|---|---|---|---|---|
| 5,316 100 17 1,000 - |
|||||
| 6,433 |
Expenditure on charitable activities was £nil (2022: £nil) of which £nil was unrestricted or designated (2022: £nil) and £nil was restricted (2022: £nil)
7 Fees for examination of the accounts
| Independent examiner's fees for reporting on the accounts | 2023 £ - - |
2022 £ |
|---|---|---|
| - | ||
| - |
There were no other fees paid to the examiner (2022: £nil)
8 Analysis of staff costs and the cost of key management personnel
The key management personnel of the charity, comprise the trustees. The total employee benefits of the key management personnel of the charity were £nil.
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NOTES TO THE FINANCIAL STATEMENTS
MAXIMUM IMPACT RESOURCE CENTRE CIO
For the year ended 31 March 2023
9 Transactions with trustees
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
Trustees' expenses
No trustee expenses have been incurred in the year.
Transaction(s) with related parties
There have been no related party transactions in the reporting period.
10 Defined contribution pension scheme
The charity does not operate pension scheme.
11 Corporation Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
12 Cash at bank and in hand
| Cash at bank and in hand | 2023 £ 10,739 10,739 |
2022 £ |
|---|---|---|
| 5,190 | ||
| 5,190 |
13 Events after the end of the reporting period
No events (not requiring adjustment to the accounts) have occurred after the end of the reporting period but before the accounts are authorised which relate to conditions that arose after the end of the reporting period.
14 Analysis of charitable funds
Analysis of movements in unrestricted funds
| Unrestricted funds General unrestricted fund Totals |
Fund balances brought forward £ 190 190 |
Incoming resources £ 13,837 13,837 |
Resources expended £ ( 3,289 ) (3,289) |
Transfers £ - - |
Fund balances carried forward £ |
|---|---|---|---|---|---|
| 10,739 | |||||
| 10,739 |
Purpose of unrestricted funds
General unrestricted fund
The 'free reserves' of the charity
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MAXIMUM IMPACT RESOURCE CENTRE CIO
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
15 Analysis of charitable funds continued Analysis of movement in restricted funds
| Restricted funds Other grants Totals |
Fund balances brought forward £ 5,000 5,000 |
Incoming resources £ - - |
Resources expended £ ( 5,000 ) (5,000) |
Transfers £ - - |
Fund balances carried forward £ |
|---|---|---|---|---|---|
| - | |||||
| - |
Purpose of restricted funds
Restricted funds represent income resources used for a specific purpose within the charity as identified by the donor.
Other grants
To fund the renovation of the building
16 Capital commitments
As at 31 March 2023, the charity had no capital commitments (2022 -£nil)
17 Analysis of net assets between funds
| Cash at bank and in hand | Unrestricted Funds £ 10,739 10,739 |
Restricted Funds £ - - |
Total 2023 £ |
|---|---|---|---|
| 10,739 | |||
| 10,739 |
18 Guarantee
There have been no guarantees given by the charity at 31 March 2022.
19 Debt
There is no debt outstanding which is owed by the charity and which is secured by an excess charge on any of the assets of the charity at 31 March 2022.
20 Governing document
The organisation is a Charitable Incorporated Organisation - Foundation registered on 26 June 2015 as a body corporate under part 11 of the Charities Act 2011.
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