Michael Streete Foundation
Charity No. 1163636
Company No. 09583007
Trustees' Report and Unaudited Accounts
31 May 2024
Michael Streete Foundation Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 to 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Balance Sheet | 6 | |
| Notes to the Accounts | 7 to | 12 |
| Detailed Statement of Financial Activities | 13 to | 14 |
Page 1
Michael Streete Foundation 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 May 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 09583007
Charity No. 1163636
Registered Office
8 Twisleton Court Priory Hill Dartford Kent DA1 2EN
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
C. Ferrara Y. Golding M. Jacob-Hayles L. McDonald N. Streete
Company Secretary
M. Jacob-Hayles
Accountants
Blue Rocket Accounting 8 Twisleton Court Priory Hill Dartford Kent DA1 2EN
OBJECTIVES AND ACTIVITIES
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
Page 2
Michael Streete Foundation Trustees Annual Report
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.
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
M. Jacob-Hayles Company Secretary 04 March 2025
Page 3
Michael Streete Foundation Independent Examiners Report
Independent Examiner's Report to the trustees of Michael Streete Foundation
I report to the charity trustees on my examination of the financial statements of Michael Streete Foundation for the year ended 31 May 2024.
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 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:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements 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 financial statements to be reached.
Michele Calabrese ACCA Blue Rocket Accounting 8 Twisleton Court Priory Hill Dartford Kent DA1 2EN 04 March 2025
Page 4
Michael Streete Foundation Statement of Financial Activities for the year ended 31 May 2024
| Notes Income and endowments from: Donations and legacies 4 Other 5 Total Expenditure on: Raising funds 6 Other 7 Total Net gains on investments Net income 8 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 funds 2024 £ 194,566 3,345 |
Total funds 2024 £ 194,566 3,345 |
Total funds 2023 £ 149,590 30,000 |
|---|---|---|---|
| 197,911 - 149,460 |
197,911 - 149,460 |
179,590 2,363 61,919 |
|
| 149,460 - |
149,460 - |
64,282 - |
|
| 48,451 - |
48,451 - |
115,308 - |
|
| 48,451 | 48,451 | 115,308 | |
| 48,451 150,502 |
48,451 150,502 |
115,308 35,194 |
|
| 198,953 | 198,953 | 150,502 |
Page 5
Michael Streete Foundation Balance Sheet
at 31 May 2024
| Company No. 09583007 Notes 2024 £ Fixed assets Tangible assets 10 8,324 8,324 Current assets Stocks 11 4,500 Debtors 12 124,400 Cash at bank and in hand 77,198 206,098 Creditors:Amount falling due within one year 13 (15,469) Net current assets 190,629 Total assets less current liabilities 198,953 Net assets excluding pension asset or liability 198,953 Total net assets 198,953 The funds of the charity Restricted funds 14 Unrestricted funds 14 General funds 198,953 198,953 Reserves 14 Total funds 198,953 |
2023 £ 6,894 |
|---|---|
| 6,894 4,500 124,400 30,000 |
|
| 158,900 (15,292) |
|
| 143,608 150,502 |
|
| 150,502 | |
| 150,502 | |
| 150,502 | |
| 150,502 | |
| 150,502 |
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 May 2024 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 04 March 2025
And signed on its behalf by:
M. Jacob-Hayles Trustee 04 March 2025
Page 6
Michael Streete Foundation Notes to the Accounts
for the year ended 31 May 2024
- 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.
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
| 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 7
Michael Streete Foundation 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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Fixtures & fittings 15% Reducing balance Computer equipment 20% Straight line
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.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 8
Michael Streete Foundation
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 Total Expenditure on: Raising funds 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 4 Income from donations and legacies Donations and sponsorships Grants 5 Other income |
Unrestricted funds 2023 £ 119,190 119,190 2,363 59,597 2,322 64,282 54,908 54,908 54,908 35,194 90,102 Unrestricted £ 58,590 135,976 194,566 Unrestricted £ 3,345 3,345 |
Restricted funds 2023 £ 60,400 60,400 - - - - 60,400 60,400 60,400 - 60,400 Total 2024 £ 58,590 135,976 194,566 Total 2024 £ 3,345 3,345 |
Total funds 2023 £ 179,590 |
| 179,590 2,363 59,597 2,322 |
|||
| 64,282 | |||
| 115,308 | |||
| 115,308 | |||
| 115,308 35,194 |
|||
| 150,502 | |||
| Total 2023 £ 30,230 119,360 |
|||
| 149,590 | |||
| Total 2023 £ 30,000 |
|||
| 30,000 |
Page 9
Michael Streete Foundation Notes to the Accounts
- 6 Expenditure on raising funds
| Fundraising trading costs 7 Other expenditure Advertising/promotional expenses Employee costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 8 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 9 Staff costs Salaries and wages Social security costs No employee received emoluments in excess of £60,000. |
Unrestricted £ 10,878 109,453 - 22,321 6,808 149,460 2024 £ - 2024 109,318 - 109,318 |
Total 2024 £ - - Total 2024 £ 10,878 109,453 - 22,321 6,808 149,460 |
Total 2023 £ 2,363 |
|---|---|---|---|
| 2,363 | |||
| Total 2023 £ - 9,582 2,238 5,986 44,113 |
|||
| 61,919 | |||
| 2023 £ 2,238 2023 9,538 44 |
|||
| 9,582 | |||
Page 10
Michael Streete Foundation Notes to the Accounts
10 Tangible fixed assets
| Cost or revaluation At 1 June 2023 Additions At 31 May 2024 Depreciation and impairment At 1 June 2023 At 31 May 2024 Net book values At 31 May 2024 At 31 May 2023 11 Stocks Raw materials and consumables Carrying value analysed by activities General activities 12 Debtors Trade debtors Prepayments and accrued income 13 Creditors: amounts falling due within one year Trade creditors Other taxes and social security Other creditors Accruals Deferred income |
Fixtures & fittings £ 1,772 - 1,772 270 270 1,502 1,502 2024 £ 4,500 4,500 2024 £ 4,500 4,500 2024 £ 124,400 - 124,400 2024 £ 13,107 74 1,522 - 766 15,469 |
Computer equipment £ 10,700 1,430 12,130 5,308 5,308 6,822 5,392 |
Total £ 12,472 1,430 |
|---|---|---|---|
| 13,902 | |||
| 5,578 | |||
| 5,578 | |||
| 8,324 | |||
| 6,894 | |||
| 2023 £ 4,500 |
|||
| 4,500 | |||
| 2023 £ 4,500 |
|||
| 4,500 | |||
| 2023 £ 115,400 9,000 |
|||
| 124,400 | |||
| 2023 £ 7,836 74 6,618 (2) 766 |
|||
| 15,292 |
Page 11
Michael Streete Foundation Notes to the Accounts
14 Movement in funds
| Restricted funds: Unrestricted funds: General funds Total funds 15 Analysis of net assets between funds Fixed assets Net current assets 16 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 June 2023 150,502 150,502 |
Incoming resources (including other gains/losses ) £ 197,911 197,911 At 1 June 2023 £ |
Resources expended £ (149,460) (149,460) Unrestricted funds £ 8,324 190,629 198,953 Cash flows £ |
At 31 May 2024 £ 198,953 |
|---|---|---|---|---|
| 198,953 | ||||
| Total £ 8,324 190,629 |
||||
| 198,953 | ||||
| At 31 May 2024 £ |
||||
| 30,000 | 47,198 | 77,198 | ||
| 30,000 30,000 |
47,198 47,198 |
77,198 | ||
| 77,198 | ||||
| 17 Related party disclosures Controlling party |
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 12
Michael Streete Foundation Detailed Statement of Financial Activities
for the year ended 31 May 2024
| Income and endowments from: Donations and legacies Donations and sponsorships Grants Other Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Other expenditure Advertising/promotional expenses Employee costs Salaries/wages Employer's NIC Staff entertainment General administrative costs, including depreciation and amortisation Depreciation of Fixtures & fittings Depreciation of Computer equipment Bank charges General insurances Postage and couriers Stationery and printing Subscriptions Sundry expenses Legal and professional costs Accountancy and bookkeeping Consultancy fees |
Unrestricted funds 2024 £ 58,590 135,976 194,566 3,345 3,345 197,911 - - - 10,878 10,878 109,318 - 135 109,453 - - 8,461 1,500 - 339 9,751 2,270 22,321 - 6,808 |
Total funds 2024 £ 58,590 135,976 194,566 3,345 3,345 197,911 - - - 10,878 10,878 109,318 - 135 109,453 - - 8,461 1,500 - 339 9,751 2,270 22,321 - 6,808 |
Total funds 2023 £ 30,230 119,360 |
|---|---|---|---|
| 149,590 | |||
| 30,000 | |||
| 30,000 | |||
| 179,590 2,363 |
|||
| 2,363 | |||
| 2,363 - |
|||
| - | |||
| 9,538 44 - |
|||
| 9,582 | |||
| 226 2,012 - 275 2,020 - 3,607 84 |
|||
| 8,224 | |||
| 1,616 42,497 |
Page 13
Michael Streete Foundation Detailed Statement of Financial Activities
| Michael Streete Foundation Detailed Statement of Financial Activities |
|||
|---|---|---|---|
| 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 |
6,808 149,460 149,460 - 48,451 48,451 - 48,451 150,502 198,953 |
6,808 149,460 149,460 - 48,451 48,451 - 48,451 150,502 198,953 |
44,113 |
| 61,919 | |||
| 64,282 - |
|||
| 115,308 | |||
| 115,308 - |
|||
| 115,308 | |||
| 35,194 | |||
| 150,502 |
Page 14