REGISTERED COMPANY NUMBER: 09583007 (England and Wales) REGISTERED CHARITY NUMBER: 1163636
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
FOR
MICHAEL STREETE FOUNDATION
Blue Rocket Accounting Accountants and Tax Advisers 8 Twisleton Court Priory Hill Dartford Kent DA1 2EN
MICHAEL STREETE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Public benefit
To support disadvantaged and vulnerable young lives, primarily those with discernible medical conditions for the public benefit principally but not exclusively in the local government area of the Royal Borough of Greenwich and other surrounding areas.
The member confirms that she has complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09583007 (England and Wales)
Registered Charity number
1163636
Registered office
8 Twisleton Court Priory Hill Dartford Kent DA1 2EN
Trustees
Ms M Jacob-Hayles Director Ms L Mcdonald Director Ms N Streete Director
Company Secretary
Ms M Jacob-Hayles
Independent Examiner
Blue Rocket Accounting Accountants and Tax Advisers 8 Twisleton Court Priory Hill Dartford Kent DA1 2EN
Approved by order of the board of trustees on 19 February 2024 and signed on its behalf by:
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MICHAEL STREETE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MAY 2023
Ms M Jacob-Hayles - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAEL STREETE FOUNDATION
Independent examiner's report to the trustees of Michael Streete Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michele Calabrese
Blue Rocket Accounting Accountants and Tax Advisers 8 Twisleton Court Priory Hill Dartford Kent DA1 2EN
Date: February 2024
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MICHAEL STREETE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 119,190 EXPENDITURE ON Raising funds 2,363 Charitable activities Direct charitable activities 59,597 Other 2,322 Total 64,282 NET INCOME 54,908 RECONCILIATION OF FUNDS Total funds brought forward 35,194 TOTAL FUNDS CARRIED FORWARD 90,102 |
Restricted fund £ 60,400 - - - - 60,400 - 60,400 |
31.5.23 Total funds £ 179,590 2,363 59,597 2,322 64,282 115,308 35,194 150,502 |
31.5.22 Total funds £ 175,984 5,590 152,612 1,694 159,896 16,088 19,106 |
|---|---|---|---|
| 35,194 |
The notes form part of these financial statements
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MICHAEL STREETE FOUNDATION
BALANCE SHEET
31 MAY 2023
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 6 6,894 CURRENT ASSETS Stocks 7 4,500 Debtors 8 64,000 Cash at bank 30,000 98,500 CREDITORS Amounts falling due within one year 9 (15,292) NET CURRENT ASSETS 83,208 TOTAL ASSETS LESS CURRENT LIABILITIES 90,102 NET ASSETS 90,102 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - 60,400 - 60,400 - 60,400 60,400 60,400 |
31.5.23 Total funds £ 6,894 4,500 124,400 30,000 158,900 (15,292) 143,608 150,502 150,502 90,102 60,400 150,502 |
31.5.22 Total funds £ 6,343 4,500 - 31,960 36,460 (7,609) 28,851 35,194 35,194 |
|---|---|---|---|
| 35,194 - 35,194 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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MICHAEL STREETE FOUNDATION
BALANCE SHEET - continued
31 MAY 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 19 February 2024 and were signed on its behalf by:
M Jacob-Hayles - Trustee
The notes form part of these financial statements
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MICHAEL STREETE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance Computer equipment - 20% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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MICHAEL STREETE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.5.23 | 31.5.22 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 2,238 | 1,512 |
3.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Supporting Staffs | 31.5.23 9 |
31.5.22 25 |
|---|---|---|
| No employees received emoluments in excess of £60,000. | ||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| INCOME AND ENDOWMENTS FROM | Unrestricted funds £ |
|
| Donations and legacies | 175,984 | |
| EXPENDITURE ON | ||
| Raising funds | 5,590 | |
| Charitable activities | ||
| Direct charitable activities | 152,612 | |
| Other | 1,694 | |
| Total | 159,896 | |
| NET INCOME | 16,088 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 19,106 | |
| TOTAL FUNDS CARRIED FORWARD | 35,194 |
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MICHAEL STREETE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
6. TANGIBLE FIXED ASSETS
7.
8.
| Fixtures and fittings £ COST At 1 June 2022 78 Additions 1,694 At 31 May 2023 1,772 DEPRECIATION At 1 June 2022 44 Charge for year 226 At 31 May 2023 270 NET BOOK VALUE At 31 May 2023 1,502 At 31 May 2022 34 STOCKS Stocks DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income |
Fixtures and fittings £ COST At 1 June 2022 78 Additions 1,694 At 31 May 2023 1,772 DEPRECIATION At 1 June 2022 44 Charge for year 226 At 31 May 2023 270 NET BOOK VALUE At 31 May 2023 1,502 At 31 May 2022 34 STOCKS Stocks DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income |
Computer equipment £ 9,605 1,095 10,700 3,296 2,012 5,308 5,392 |
Computer equipment £ 9,605 1,095 10,700 3,296 2,012 5,308 5,392 |
Totals £ 9,683 2,789 12,472 3,340 2,238 5,578 6,894 |
Totals £ 9,683 2,789 12,472 3,340 2,238 5,578 6,894 |
|---|---|---|---|---|---|
| 34 | 6,309 | 6,343 | |||
| 31.5.23 £ 4,500 31.5.23 £ 115,400 9,000 124,400 |
|||||
| 31.5.22 £ 4,500 |
|||||
| 31.5.22 £ - - - |
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MICHAEL STREETE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 10) Trade creditors Social security and other taxes Other creditors Net Wages payable Accruals and deferred income LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts MOVEMENT IN FUNDS Unrestricted funds General fund Services income Restricted funds private foundations TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Services income Restricted funds private foundations TOTAL FUNDS |
At 1.6.22 £ 35,194 - 35,194 - 35,194 Incoming resources £ 110,190 9,000 119,190 60,400 179,590 |
31.5.23 31.5.22 £ £ - 24 7,834 875 74 205 5,096 4,986 1,522 895 766 624 15,292 7,609 31.5.23 31.5.22 £ £ - 24 Net movement At in funds 31.5.23 £ £ 45,908 81,102 9,000 9,000 54,908 90,102 60,400 60,400 115,308 150,502 Resources Movement expended in funds £ £ (64,282) 45,908 - 9,000 (64,282) 54,908 - 60,400 (64,282) 115,308 |
31.5.22 £ 24 |
31.5.22 £ 24 |
|---|---|---|---|---|
| 875 205 4,986 895 624 7,609 |
||||
| 31.5.22 £ 24 |
10. LOANS
11.
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MICHAEL STREETE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.6.21 £ Unrestricted funds General fund 19,106 TOTAL FUNDS 19,106 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 175,984 TOTAL FUNDS 175,984 A current year 12 months and prior year 12 months combined position is as follows: At 1.6.21 £ Unrestricted funds General fund 19,106 Services income - 19,106 Restricted funds private foundations - TOTAL FUNDS 19,106 |
Net movement At in funds 31.5.22 £ £ 16,088 35,194 16,088 35,194 Resources Movement expended in funds £ £ (159,896) 16,088 (159,896) 16,088 Net movement At in funds 31.5.23 £ £ 61,996 81,102 9,000 9,000 70,996 90,102 60,400 60,400 131,396 150,502 |
|---|---|
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MICHAEL STREETE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MAY 2023
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Services income Restricted funds private foundations TOTAL FUNDS |
Incoming resources £ 286,174 9,000 295,174 60,400 355,574 |
Resources Movement expended in funds £ £ (224,178) 61,996 - 9,000 (224,178) 70,996 - 60,400 (224,178) 131,396 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 May 2023.
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MICHAEL STREETE FOUNDATION
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 MAY 2023 | ||
| 31.5.23 | 31.5.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 30,230 | 47,396 |
| Grants | 119,360 | 128,588 |
| Admissions | 30,000 | - |
| 179,590 | 175,984 | |
| Total incoming resources | 179,590 | 175,984 |
| EXPENDITURE | ||
| Other trading activities | ||
| Opening stock | 4,500 | 4,500 |
| Fundraising costs | 2,363 | 5,590 |
| Closing stock | (4,500) | (4,500) |
| Charitable activities | 2,363 | 5,590 |
| Insurance | 275 | 275 |
| Postage and stationery | 2,020 | 64 |
| Subscriptions | 426 | 937 |
| Computer expenses | 2,369 | 701 |
| Repair and Maintenance | 812 | - |
| Support costs | 5,902 | 1,977 |
| Finance | ||
| Sundry expenses | 84 | 183 |
| Depreciation of tangible fixed assets | 2,238 | 1,511 |
| Human resources | 2,322 | 1,694 |
| Wages | 9,538 | 126,077 |
| Social security | 44 | 2,386 |
| Governance costs | 9,582 | 128,463 |
| Professional fees | 42,497 | 20,710 |
| Accountancy and legal fees | 1,616 | 1,462 |
| 44,113 | 22,172 |
This page does not form part of the statutory financial statements
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MICHAEL STREETE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
| Total resources expended Net income |
31.5.23 31.5.22 £ £ 64,282 159,896 115,308 16,088 |
|---|---|
This page does not form part of the statutory financial statements
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MICHAEL STREETE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |