MALVERN CUBE PROJECTS (CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charlty Reglstratlon Number: 1165875
MALVERN CUBE PROJECTS LEGAL AND ADMINISTRATIVE INFORMATION TNst88S JDTery C E BennKJn M Chuck K Gant (resh> 23.1123) J Gleaves B Niels8n CE Bennion Charltablo Reglstratlon No 1165875 Roglstsrnd Offl Albert Road North Malvem WR14 2YF Independ•nt Examlmr Elizabeth Eyre Limited Bank Street Buslness Centre 6 Bank Street Malvem worces19 WR14 2JN
MALVERN CUBE PROJECTS CONTENTS TRUSTEES. REPORT INDEPENDENT EK4MINER'S REPORT STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL POSITION NOTES AND ACCOUNTING POLICIES 9-20
MALVERN CUBE PROJECTS TRUSTEES REPORT FOR THE YEAR ENDING 31 MARCH 2024 The Twsle8s present their repyt and CoUnts for the year eThJed 31 Marth 2024. The accounts hav8 beon wepared in accordance wilh th8 accounting p1¢109 set out in Note 1 to thè accounts and comply wrth the CIO'S constitution, the Charities Act 2011. and'Accounting and Reporting by Charities: Statement of Recommended Practice applicabFe to dntle$ prepariThJ their accounts in accordance wlth the Financial Reporting Standard applk8tde in Ihe UK aThJ Republic of Iland IFRS 102) Section 1A small entlt188 (from 1 January 2019y. Oblectlv• and acllvltle• The objects of the CIO are: To adv8nce In Irfe end hdp youro people livry in Mthem and Ihe surrwndin9 m through.. (al The provision of recreational and18isure time activities provided in the inlerast of social welfaro. d&slgn8d lo irnprove their COnd.0S of Ilfe., Ibl th8 provision of supwt and activilw whth devebp their skills. capaciti88 and cap8bilili08 to enable them lo partKipale 80ci8ty 88 matur8 and reswnsible indNiduaL8. Tho Trustees have paid due regard lo gutdancè is5d by Charity Comm158K)n kn dechjlng what 8ctlvitie8 the CIO ShOd undertake. The CIO'S pdlcy is lo consult and discu with employees. through unn8, staff council$ and at meetlngs. matters likety lo affect employaos. interests. Information of matters of cor¢cem lo 6mpk)yees is glven through Informafi Illetin8 and rep)rts whlch seek lo achlev¢ a common awareness on lh8 part of al employees of the flnartial and economk factors aff8Cting the gr9up's performan¢e. Appllcath)ns empbyment by disabled petsth% arg a14¥ays fuly consideTwI, I)earl In mlnd the aplltudes of the applkanl concemed. In the event of mambers of staff becoming (Jisabled, every effort Is made lo ensur6 that their employment wlthin the CIO continues and that the appfopriale training is arrarrfJed. rt is the policy of the CIO that tha training. career devdopment and promotIc of dwt4ed per$ slyjuld. as afar as possib. be idenltcal to thal of other empbyeets. Achlevem•nt8 and Perfofmanc• Malvem Cube Proiocts IMCP) exists to provide positive youth athitw in Malvem for young peop aged 10- 18. The strong financi81 position established over the lasl (pIe of years has enabled il to grow and develc a model of a wèekty open access Youth Café. SUPFX)rted ty range ofweekty or fortn3hty largeted aCtNiS. While the model was successfvl, it became increasiryly dear that Ihe name 'Mafvem Cube Projects. did not convey what Ihe organisation was aut or who it was for, and was regularty confrjsed in the public mind with Malvem Cube Itself. Indeed. the youlh workers and the young peop]e themselves wantsd a Simp worklng name they ojuld Klentty with, so after som8 Ihought and livety disojssion, and endor5emènl from the Iruslees. they setued on, and are happy lo tX8nd themsefves 'CUBE YOLKfH' . the new wthing namo of tho activity run by MCP. Cube Youth now offer tsvo open access ses8k)ns (Youth Café and Games Café) wrfh fve targeted adiwty programmes at Malvem Cube, and three actNity s@son$ at two olher o)mmunity cntres in Malvem. 11 atso provides a one-1(ne mentoring prcgramme at a IL] Secondary Sc(d and bs 8ble to offer 8ddFtional mentoring services at Malvem Cube. Its current largeted activity wogrammes dude a Youth InnovatDn Fund prc¥8Ct Wh provides $ts to tennis lesxms, a Traiblazer fijnded music proi&t arKI a dl¢ated
MALVERN CUBE PROJECTS TRUSTEES REPOIU (CONTINUED) FOR THE YEAR ENDING 31 MARCH 2024 wellbeing focused grwp. The progr8mme is deSed with partlcular consideralk)n ofthe feedbac from thg area's young p80ple when they completed The Bigger Plcture survey. This emdenced that areas of partiClaT ccrfThm currenuy for yourKJ people were mantal heallh and wellbeing. crvne and a futu pc&st-sdKrf)l. Providing opportunitie5 whore youTrJ people and staff can have access to (PprtUnitieS lo address those concems has resulted in Cube Youth building new relationshlps wth partners Inding Mantal Health UK, CritopperS. local employers and Hope UIL Staffing levels intxeased from 6 81 Ihe beginning ol the year to a leam of 118t the end. so that Cub8 Youth coukl run and manage the increased numbgr of young pgople attending and the varlety of aciivitigs offered. AJI are ernOyed on varying part4ime contracts but are a Committ team wNh a woalth of skills and knowledge. Thls created its own chatleng8s, both in finding and retainlng the quality of youth wrykgT we needed. and in Manag the inevitable ttsrrr. However. with a eombinalK•n of IncentNes such as an hourfy rate sIgnificanY higher th8n the 81 livlng wag8 and providlng training of youth workers to a 18vel 2 certification. cu Youth has maintalned a cohcrt of ontfvJslaslic and very tapable youth workers. Cube Youth's Youth W(xkefS are atAy aThJ effecw SUPFrt)rted by a growlng band of regular volunleers who work alongslde them. Recent anatysis that Cube Youth benefrts from avewe 15 h¢yJrs of weakly $upport from voluntee. These range from y(xJng volunteers who are compbetiry thelr Duke of Edinburgh Award. to 8 Teachin9 Assistant at a k)cal Seidary School. a local muslcian and a retired Horticultural tutor and lo parents. keen lo show their apprecéation by voluntserir¥J some tlme. Their help and support are Invaluable in managing and engaging the large and dlverse group of sffxHYJ pe, and of c¥)uw h&lp8 to embed Cube Youth's pos1Ve yothh work in the wd6r communrty. Cube Youlh also enwloyed lor the flrst line a FInae administrator to suptKJrt Youth Managar wlth the extra admlnistrallve load arising from the offJanisation'$ growlh. Cube Youth mlnlained its place as a popular HAF rKovvJw. whkh P$98 ebled{l to offer a wbde rangè of aclivilie8 and outings for young peoFAe duriro the thr88 main sch(K)I holidays. {HAF is shorthand for the govemment'8 Hc4iday Activities arKI Fo(xJ fund. managed kThlfy by Rgady Steady Worceslernhirel. Being able to offer thls has onat4ed Cube Youth lo further grow its reach to those young people who are from ewnomically dlsadvantaged f8milies. Due lo the positive fee(Jback HAF r1Ved a1 Cub8 Youth's programmes from parents and young people, they increased the bLkJget slgniflc8nty from last year.. Cube YoLth WckS yth young people ad 1¢>18. Most attendees are in the 12-14 a9e br8¢ke( alihough Ih&re are a signfficant number of 15 and 16yr olds enjoy the weW Youth Cafo sessNJns. The split belween males and females is even, arKI there are several your¥J people attending who identify as non-binary tCKJ.' Over 50% of the attendees at many actsvrties were in recelpt of Free Meals 8n(Vor have an EHC (EdUcan. Healih and Care) Plan place. The term tlme progTamm8 Th)w has attetxlance of arou1 140-1fg) twile rvbjst weeks. Recent analysis shows Ihal in some sesSK)ns as many as 65% of the ylxry peoF4e are from areas dass&J as 'in need,, 8ndlor are da8sett as Vulnerab because of a disaknlity or pwsonal cinimstanc6s (such as being a knked aftgr chikl or being a schod reluswl. Most young people &)me frorn Mafvwn but soveral travel in ftom the ouUyEng villagès and towns induding Kempsey. Upton Snodsbury and Uptyi Ni Sevwn. Thfjre are many young people wth disabilities: eXaMe, we wrih many young peorAe wlth ASD IAJJtism Spectrum Disorderl. and they are often young wheTr kJnelines$ 8nd isoLation has been a real conrn for their parents. Home schooled chrfdren are another component of the c#Jffenl coTrKML Cube Y¢yJth takes prKJe in crffering indusive sessicyts TANch a rarwJe ofyour¥J can. and do. att8TrJ.
MALVERN CUBE PROJECTS TRUSTEES REPORT {CONTINUED FOR THE YEAR ENDING 31 MARCH 2024 The young pgwl8 are predominanty White British (su1rj ex)ns¥Jering the demographics of M81v8m) but different ethniciti8s and backgrounds ar8 rewesented. Thwe are regukr attendees are dualthrftag&. Romany, Asian, Indian and Ukrainian. The reaSSUrar ofthe new fund¥ arrangements d8scnl>ed below. Coup with the direciion and ambition laid out in Cube Youth's Strategic Ptan, enable the actIlIeS and str(9 W partnehiP WIng described above. This not only demonstrates the value of a strateg Flan arJ wcKktng lo It, but also reinforces Cube Youth's rol8 In providing engaging and sustainable acbvities for Mafvem's young p8ople. The financial supp( from the local District C(MJncil, described In rnc detail below, is very cl8ar, and muth appre(aated. outcome of th81. Flnanchl R•vl•w Th88e accounts have been prepared for the fmanclal year enthThJ 31 March 2024. A$ bgfore. almost all Cube YoLth's Inwme me from grants and donations. bul th18 year saw a slgnffi¢ant and very positive change In the malor (h)nrxs. Athough thi$ resulted in the ratlo of unrestled lo rasmcled funding falling lo roughly 30'.70 {50..$0 last year). there We gtlll sufficient Unrestri funds to cover corg costs, the restdcted balar8 fundtng the wlde varlety of arKI activttles. A5 last year. tsvo large.grants fcffjied the bedrock of Cube Youth's fund9. but they are nèw and pledged for tha n6xl 5 years. These wer8 from Mahfem Hills District C(MJncrf IMHDCI of £20k pgr annum. and Publ Health England (PHE} of £30k per annum. Meam¥hile. th8 Lottary grant continued at its feduced lavel, and thè WCC grant thot had sustsined us slnee 2016 finalty 6rKled wlth a final tranchg of £12k. The HAF funding 1£15k) covered the bulk of the much-valued hrAiday activitjes. while a major grant from Youlh MUS1£15k) enabled us to aUIre inusicd instruments and very popular music tuitson sessKmS. These 6 80urces amounted lo £107k. and three new sources contrknrtad another £13k at th8 end of tho yoar lor activihes in 2024125. A further 9 sourcès rangtt from £5.(#)O to £250 supplied the rest. m8king nearly 20 sources of fundlrg in The year finished wrth over £80k in the ba. ofwhkh £3(N( Is e8r4norked for sFw1f in 2024125. In line with ow strategic objective of keeping 8 minimum of £50k in the bank. While this is a healthy position. 8ThJ somt kjnger-term funding is assur8d. the truslBaS are already in welimlnary discuss)ns Mth other potential fvnders, glven that lurther kjng-tem sources of inmne wil b8 ne$Sary to ensure Cub& Youth's ftjture. Finalty, and in line wlth good wactice. Cub8 Yojth has established wilhin the £50k above a tN8 'rainy day. cash reserve. equivalent to 2 months, experKtituTr, with the aim of bringing Ihis up to 3 months as soon as possible. Thls will enable Cube Youth to consthr applying fry unrestricted funds from fundeTS sh 8$ Childron kn Need, WIK) requir8 an esta1AiSh reT¥0 as evidence of a well-managed organisalion th a lon lemi future. The sU11 for tho year was a surplus of £9,508 {2023- £25,459). The amount of reservès as at Ihe balance sheet date amounted to £83,30712023- £73,799) indLKling $trIcted of £58.72012023- £58.354). Free reserves, whith includes unrestricted fu1$ after eliminating t8rMJible red assets anYJunted to £23,79112023 £15.103}.,
MALVERN CUBE PROJECTS TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDING 31 MARCH 2024 Whlk th8 curreni fvndlng arrangements and h&althy bank balan ryll sustaln the cKganisation well In¢0 2024. the Trustees are acLrtety aware that further sustsinable scoJrees of inC(e wll be necessary tyond then. and are 8Ctlvety seeknng funds from Publ wivale and charitabte sources to make the Organtsatlc suslainable longer term. and that will enable a tdiny d8Y tash reseThF equivaleth to 3 months. exp8ndtture to b8 estsblished and maintained. Rlsk m•nagoment The Tnjstees have assessed the major risks lo whKh the CIO 19 exFrfd. and ar8 88t15r that 8yStems ar6 in place lo mitigat8 exposure to the major risks. MCP revtew8 ils wlicies on Safeguar(Jing and Health and Saf8ty annually. and maintalns rrvehenSlVQ Insurance covering Its activi$ arKI melhod ol ddvery. D•v•lopm•nt The TTU8tees are delennined th8t MCP conllnu8 lo wowde onhanc•d )SitIVe actNities for young pèople In the Malvern area. The devobjpmI effort Iherefore ctinUes to have two parallel arMJ interr?ted strands. basgd on the Strategic Plan: 1- further davdoping the sefvice. combining ¢Ne provisk)n by MCP itself and partn8rships wlth other I81 providers, and 2- s8curing the bng4em) funding that will enable the model to wn successfully as the Lottery funding lapels off. Structurn, governtAKe and Mgemrt MYem Cub8 Projects Is a Charltable Incoted Oryanisatlon (CIO), was roglsternd the Charlty ComMissKJn on 25th February 2016. with the regisfration numb8r 1165875. The Trustees who served durbw the year arKI up to the wgning of this rewt were.. J.D.Terry C.E Bennion M Chuck K Ganl Ireslgnod 23.111023) J Glgavos 8 Nielsen The three cviginal partner3, Malvwn YJth and Communty Trust {MYCT}, Flalform Houswy Group (PHG) and Malvem Hills Distrirt Councll (MHDCI supplied twstoBs to the chwity from its b9ginning in 2016. Jim Tory Is a fomw trustee of MYCT, while Carola Bennion and Matthvw ChLK arn 8111 truste88 of MYCT. 8evertey Nielsen18 the MHDC Topresentativg. The PHG rekwesentative regned in 121 and hos rK)t been roFdaced. The Trustees Tecognlse the need for strong and effe gfftma. They aTr therefore actsvety recruiknng suitable new members to join the t#Jard of trustees. to pmhje the conllnulty, knowledge, exper1er. wlsdom and commitinenl necessary to Nn the chanty effeGtiv. The d8y-t&day prowsion and managemert ofthe service is delega to the Youu) Manw {Ms. Jo Hine), wilh the Trustee Chair (Jlll Te) acting as her line n. The femun9ralion of tKth the Youth Manager and othw empbyees B set by the iwd ofT{ust. None of
MALVERN CUBE PROJECTS TRUSTEES REPORT ICONTINUED) FOR THE YEAR ENDING 31 MARCH 2024 th8 Trustees has any benefic*l interest in the tharlty. Statem•nt of Truste••' R•sponslIltlOS The Trustees are responsible f preparing the Tnjslees, Report and the accounts Sn a(wrdance with applicable law and UK Accounllng Stand8rds (United K¥igdom GenOTalty Acc6plèd Accounting Practice). The law-applic8bl8 to charities In England and Wales requires the Truste8s lo pr8para accounts for aach financial year which give a tru8 and fair vi&w of the stsle of affairs of tho CIO and of tha incDming resource8 8nd aFWlcation of resources ol thg CIO for thet year. In preparfng these accounts. Ihe Trust6as are required to: select sultsble aecwntiry pcAicies and Ihen appty them 1st•n. ob8eNe th8 methods and principles in the Cherflles SORP.. make judgements and estlmales that are reasonable and prudent: ststo whethor apFAicablè accounting standards have been folk)wed, subi•rt lo any material departures disck>sed and explained in tho actounts wepare the accounts on th8 going concem basis unle8S itls inappropriate to presumg that thg Gharlty wlll continue in op6r8tion. Tho Trustees arg resF¥)nsibl8 for kg9)ing suffi¢ignt >>an11J records that dlsdose with r885onabl8acoJracy at any Ilme the financlal posillon of the CIO and enable Ihsm to ensure that thg accounts CANnply wSth the Charitles Act" 2011, th8 char (Aceounts and Reports) R8gulations 21x18 and lh6 provblon8 of the trust deed. Thay are also responslble for safeguarding the assets of the CIO and hence for taking reasonable sleps for th& prevention and delection of fraud arKI other Irregularlb'es TnJst8a Ock 2024
MALVERN CUBE PROJECTS INDEPENDENT EXAMINERE REPORT TO THE TRUSTEES OF MALVERN CUBE PROJECTS I rgport to the trustees on my ex8mwth of the acLWrts of MCP for the y9ar 8nd8d 31 March 2024, whith ar6 set out on pages 7 to 20. Rosponslbllftles and b•81s of rnport As tho charity's trustees. you are reSp1b13 for the preparntkjn of the aeo)unts in 8wd8nc8 wth the requlrements of the Charftles Act 2011 fthe N£f). I ropirt In resped of my examinatb)n of the ¢haTtys accowts carrled out undar section 145 of the 2011 Act and In caryin9 Out my Oxarninaln, I have folowed all Ihe appllcable Directl$ given by Ihe Charlty CommissK)n und8r se(aion 145151(b) of the ACL Indop•nd•nt •xamln•f• ¥t•t•m•nl . I have completed Tny ex8minatlon. I confwm that no mateiial mattws have oJme to my attent)n In connection wlth Ihg oxamlnatM)n whlth gfves m8 cause to balieve thal in, any mat8rlal rgspeGt'. the atunIln9 rowds wwe rK>l kept in 8rd8 with soction 130 of the Charltles kt., or ' the acwunts did not acccrfd with thè accwnting records; or tha accounts did nol comply wllh the app1kae rtyuireffts C0mI the form and CCtent of accounts set out in the Char5ti08 (Accounts ar Rewts) RagulalM)ns 2008 other than any requirement that Ihe 8nts glve a and fairf vi8w which is not a matter consid8red as part of an indepgndent ex8minatx. I have no eoncems and have come a¢r0s8 rn other mallers kn CQMecllon wlth the examlnation to whlch attènllon ShOd be drawn kn this reFQrt in order to enable a rffoper uTrJ8rslandln9 of the accounts to be reachgd. Elixabelh Eyre FCA Elizabeth Eyre Limited Bank Street Business Centre 6 Bank Street Mafvem WR14 2JN Is" oetebor 2024
MALVERN CUBE PROJECTS STATEMEKf OF FINANCIAL ACTIVITIES (Including Income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrictsd Total funds funds 2024 Total 2023 Ineomo & Endowments Oon81ions and grants Investment intt*me Charltable aclivllles 41.046 851 5.819 92,982 134.028 .851 5.819 114.690 1,926 Total Incomè 47.716 92.982 140.698 116.682 Expendltur• on: Charitable activities 51.384 79.806 131.1 91.223 Not Inme for th• yearl Movom•nt In Funds {3.668} 13.176 9.508 25,459 Trnnsfor• 12,810 15.445 Fund balanc•s at 1 Ap.rf12023 (12.810> 58.354 73.799 48.340 Fund balanc•8 al 31 March 2024 24.587 58.720 83,307 73,799 The statement of financial activhles in¢kvJes al gains aThJ kjsges rwi5ed n Ihe peritsj. All Inccrfne and expendllure derive from continuing aclp4itios.
MALVERN CUBE PROJECTS STATEMEKf OF FINANCIAL posrrioN AS AT 31 MARCH 2024 2024 2023 Flxed A¥sfjl• Tanglble Assets 342 Cufrnnt As8Ots Trad8 and oth8r receivaL4è9 Cash al bank and in hand 11 228 84.614 21 75,138 84,842 TS,1S9 Crgdltorn: amounts falllng duo wlthln one year 12 (4.575) (1,702) N•t Cuvr•nt As•ots. 80.267 73,457 Total Jssets l•s8 Currgnt Ilablllllos 83,307 73,799 Inc¢)me Funds ReStred Fund8 Unreslrl¢t8d Funds 13 58.720 24.587 15,445 83.307 73.799 Thase account5 were appyoved by the trustees on 2024. J.D.Tery Trustee M.Chud( Ttea
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounllng pollcles Company Info4110 Malvem Cube preCts is a Charftsble IneorpcKth (WIsati. Its reglstered office is Albart Roa North, Malvem, Worceslershlre, WR14 2YF. 1.1 Accounllng conventlon The accounts have boen preparad in ¥ance th the Cl(Y8 ¢($1t)n, tho Charities Act 2011 and 'Accounting and Reporting by Charitles: Statement of Re(x)mmended PracUc applKable to chariues preparing their 8ccounts in accordance with the Financial Retxxting Standard applble in the UK and Republlc of Ireland IFRS 1021 seCtn 1A small entities. (as amended for accounbng periods commendng from 1 J8nuwy 2019). The CIO Is a pU1C Bengfft Enw as defined by FRS 102. The CIO has taken advantage of the prov5slons in the SORP for chartts applyin9 FRS 102 Update Bullglln 1 not lo prepare a Statem8nt of Cash Flry* The4¢Gounts are prepared in sterling. whh is Ihe functhjnal cuffency of thè CIO. M8ry amounts in these fin8ncial statements are rounded to the rreSt £. The accounts have been prepared on th8 hi8totsl cost ConVkn,. the wincipal acc¢yJnting Pol8 a¢knpled are set out bolow. 1.2 Golng COnrn The TTusts8s have a reasonable expectatlon that the CIO has adequate resourcès to contlnue In tlonal existence for the foreseeable fuiure, and therot(xe continue to 8(W the going concem b88 ac(#)unting In preparlng the 8ccounls. 1.3 Charftabl• funds Unresfficled funds arè available for use at the dLscretlon of the Trustees mi furtheTanc& of th8ir charltab objeciives unless the funds have been d&slgnaled for other purp)ges. Restrfcted fund5 a subjacl tr) specffie condrtK)ns ty dorKJts as to may be ed. The purposes and uses of the restricted fijrS are set oui in the noles to the ac¢%xmts. 1A Incomlng rnsourcos Income is recognised when the CIO is legally anlllled to it after any Fknnca conditkJn8 havè been mèt. ts amounts ean be measured reabty, aThJ bl Is wobable Ih8t incorne 7MM be receiv.. Cash donations are recognised on recept. Ottw daIkTh are rerAgnlsed the CIO has been notified of the donation, unless perfoThance c4)nditiLTh r8wire deferral of ts amount. Income tsx overabl& in latiOn to donation5 recewed uThler Gift hid or deeds of venant is re(xyJnised at ttr t• of the dCallOn. Legac$ are recognised on receipt or otheTh¥i8e rfthe CIO has b8en Th)tified of an imw)diro distribution, the amount Is knob¥TI. arKI recelpt ts expe(ad. If tho amount is rnl krKY. legaGy treated as a contInt asseL Revenue is measured at the fair value of the consKleralton recei¥6d or receivable and rewesents amounts recewable for gc¥)ds and services provKled in lh8 normal course of business. nel of discounts, VAT and other sales relatefl tsxes.
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounllng pollcles contlnued 1.5 Rfjsourc oxpgnded Eynditure is reu)gnised on an accnth bas18 as a liablfjty is Incurrod. Expenditur8 incle$ any VAT which cannot be recovered. Charitable eXpendItu comprts8s those costs by the chanty in the delivery" of ils activities serv5 for its beneficJar16s. 11 includes tN)th costs that can be alkuted directy lo swh aclivltles and tP#xe costs of an Indlrect nabjre necessary to supp)rt them. Creditors rapresent the arnnI Ihg chanty anti¢ipat8s it will pay to 88ttle a debt or a provislon for wcrfjs aThJ services it has received not yet invoicad, measurèd at S8tdement anxMJnL 1.8 Tanglbl• lIx aMts Tangible frAed assets are inttially measured al cost and subw• mgasured at o)st or valuatlon, not of depwigtion and any impaIrmt losses. Dopredationls rewis&J 80 as to vrtite off thg cost or v8hl10n of as8ets1886 thelr resKtU85 valu86 ovgr thelr useful lives on the folkming bases: Plant and equipment 33.3% 1)n c08t The gain or loss arislng on the disposal of an asset is deterni1nJ as the difference botsvoen tha Sale proceeds and the carrying value of the asgel. and 1$ rec(wis¢d in nel incomgllexpanditure) for the year. 1.7 ithpalrmont olllx•d a•Mts Al each reporting end dal8. tho CIO revw8 tha cwrylng awthnts of118 tangible an¢J htangible ats to determin8 whether there bs any indution that those assets have suffored an ImpalmnI loss. W any suGh indication exists, thg rgcoverable amount of the assèt is estimaigd in ordeTr lo dolermlne tha extent of tha impalmienl loss {if any). Intanglljo assets wllh IndrfirAte useful and kntangi14e assets Th)t yet av8lLgble for use are tssled Impairment annvalty. aThl whengvar there Is an indication that the asset may be Impalred. 1.8 Cash and ¢tsh gqulvahnts Cash arTd cash equfvalgnts include cash In hand. dgPO81ts heid at Call banks. 1.9 FlnaD¢ial instrum•nts The CIO has elected to appty the provisions of Se(aion 11 'BasiG Financ1 Instruments. and Sedion 12 'Othar Fnancial Instruments Issues. of FRS 102 to all of its ffnarKial instnjments. Financial instruments are reccwised in thg Cl(Ys balarKe sheet th8n ts CIO boc4ynes wty lo th8 ctsitractual provisions of the inslrument FIrnG181 assets and IFatMlilies are offset the t wesonted in the financial st*ments. when there is a tegalty enforceab18 right lo set off the recognised amounts and thero is an Intent lo setue on a n&t basfis Thlo reakn the awl setdg the IHbdity simultaneousty.
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polldes continued Baslc flnanclal assets Basic financial assets. whKh In¢de trade aThJ ottw reLxlvables and cash and bank balances, are initially measured al transaclion pric8 indudlng trart5action costs and are subsequenlty carried al amort15ed cost using the effedive intere51 method unFess the arrangement constitths a fiar1n9 tr8nsaclion, where the Iransa¢tK)n is 3Surèd at the prn1 value of the future receipts discovnt8d al a market r8te of interest. Financial assets classffied as receivable wilhin year are not amortis&J. Baslc flnanclal Ilabllltlos BasK finartial Ikobililies. induding credltors •rKI bank loans are inili81ty r8cogni$gd at tranS&n price unlass the arrangement rnnstilut6s a financing tr8nsadion. where lh6 debt instrumant is maasured at the present valua of tho fvlure receipts discounted at a markel rate of interesL F)andal lia.111¢89 dassbfied as payab withtn one year are not amortised. Debt Instruments are subsequenlty carried at amcffused cost. uslw the effe¢tlvo Irrtergst rata thOd. Trodg cred0(9 am obllgatkjns to pay for goods or servi(x that have been a1r8d In the ordinary. coutse of operations from suppllers. Amounts payable are classified as current liabilitles if payment Ss due within year or $$. If not, they are presented as n¢)n-current liabilities. Trade creditors are recognised initialty at transaction pru and subsequenlty measured at amorfjsed cost using the effective Intsrest method. D•Brncognltlon of flnanclal Ilablllli Financial Ilabilttlas are de-recognised when the ci(Y¥ contrathal oblh3alkJns explre or are dlschargad ( cancdled. 1.10 Èmploy•e b•nofl The cost of any unused holiday enlt1lemI * wec4yJnlsed In the Fwk)d In whth the employa8& servtC8S are received. Temiinalion beneffts are rgcowbsed iMFdIateIY as an expense CIO L8 demon$tr8bly commltied to termlnate the eTnoynt of an employee or to tyovide temiinallon beneffts. Crltlcal accountlng •8llmaas and Judgements In the application of the Clo's &DJunbng th8 Trustees arè required lo make judgements. esllmates and assumpttons al)out the Ying amount of assets and liabfiibes thot are not readily apparent from othw sources. The estimates al aaled assumptions are based on historical exp8rienc& and other faclors Ihat are considered to be r8lpvanL Actual results may diff8r from these estfmal8S. IThe estimates undffitying assumptions are revlewed on an cfftJoing [s. RevisK)ns to accounllng estirnales a recognised in the perb)d in which the estimate Is revised where Ihe revision affects onty that period, or in Ihe pwi(KJ of the revlskn) and fulwe perKKts where ts revtswjn affects th current and fvtur8 periods.
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 3 Donallcms and grnnts Totsl 2024 Total 2023 Funds Funds Donatlon8 and Grants Lottery grarFt Wofcaslershire County CourKil COMF thru MHDC Ywth Investmont Fund Wallrose MHDC Local Glvlng National Foundadon Positlve Thought Holklay Acw Fund (HAF) CO-OP Turner Trust Nallonal Grld Communty Fund Public Health England (through MHDC) CLA Communty Fund Eveson Tru8t Amoid Clark Weslam Power MHDC Youth FUNI MHDC Warm Spac88 Fund Malvern Theatres Woodward Trusi Platform Houslng Worcestershire Community FourKlalK)n .other 15,OCMJ 15.(KK) 12.279 5.195 51.800 29,470 12,279 5,195 12S 125 20,000 15.318 15.318 15,405 15.405 13,168 2.045 30.000 2.IXIO 2.045 30.000 10.000 1,000 250 403 71 750 215 215 337 41,046 92,982 134.028 114,69) 4 Charltsblo activitses 2024 2023 SprOVidj under ntra 5.819 1.926
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 5 Charttable Acllvllles T¢)tal 2024 Total 2023 Staff Costs Depreciation and Impairment Stsff Trainin9 Extern81 contractors Resources Equipment Sundry Room Hlra Advertising, Public Relaon8 & Web Office Administration axpgnr 74,731 1,825 1.211 18,959 16.811 52.388 332 212 6,874 15.376 94 150 991 2.503 116.198 78,770 Share lif support Ct)sls (see note 6) Share of Gov8mance cost81880 note 6) 13.510 11.025 1,428 131.190 Analy81s by Fund Unrestricted funds Re8trlcled fund8 51.384. 79.8( 46.752 44.471 131.190 91.223 Support Costs Ba818 of allocallon 2024 2023 Rent InSurCe Professional fees AcrA)untancy 11,185 1,514 11.185 1.514 811 1.482 9,285 1.182 558 1.428 Govemanis 1,482 Anal beiween charitsble activities 13.510 1.482 14.992 12.453 Governanqe ¢ts incmths payment of £1.482 {202& £1,428) for h)deFeThJenl examlnation fees.
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 None of the Trustees (or any pv$c3 than) any unalI0n or t)wffts from the CIO during the year. 8 Employe•8 Tha average numbar of empbyees durirKJ the yew was: 2024 nUmr 2023 numbw Youth manager Youth adMlStrator Youth w(wkers 2024 2023 Employment Costs Wages and Salaries Pension Costs 74,019 712 74.731 . 51,685 703 52.388 There.wore no empknyees vtW annual remuneratth was 8tNyffj £60,IXX).
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible Flx•d Assgts Plant and Equipmont Cost Al 1 Aprd 2023 Disposals Additions At 31 March 2024 6.298 6,298 4.523 4.523 Dopreclation and Impalrn)•nl At 1 April 2023 Di$posal8 Depreciation ch8rg8d in the ye8r At 31 March 2024 5.956 5.956 Carrylng Amount At 31 Marth 2024 At 31 March 2023 342 342 io thnanclal In8trum•nts 2024 2023 Carrylng Amount of Flnan¢6*l A$80ts Debt Instruments measured at Amortised Cost 21 Carrylng Amount of Flnancl•l Uabllltles Measured at Amort18ed Cost 4.575 11 Debtors. 2024 2023 Amounts Falling Dufr wlthln On• Year other debtors 228 21 12 Crgdltors: Amounts Falllng Due withln One Year PAYE Trade Cr8dÈtors 0th8r Creditors AccruaFs and Deferrad Incxjme 2024 2023 471 477 2,145 1,482 4.575 274 1,428 1.702
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 Rfjstrlcted Funds The Income funds of the charity IndtKIo restricted frjnds ccryrising th8 fokniing unexperthl balar$ of donatior and grants held on trust for sp8cffK purposes: B•l•n¢• 1 Apth kK(xnlw R••ourc•s Tr51• 31 March 2024 Youth Investment Fund Evesort Trust Holiday Actiwty Fund IHAFI INofCeStershire County Cnl COMF Youth Muslc Trailblazw Fund PosSUve Thoughts Worce¥tgrshlr8 Communlty Fund {1> Nauonal Grld Communlty Fund Public Health Enand {through MHDCI CLA Community Fund Woodw¥rd TNst Award3 Fry.AJl18ig Loltwy FLYKI) 8.815 {8,8151 115.122} 150 (22.308) 113.3061 13,122) (10,750) 15,405 12279 5,195 15.318 433 19,977 4.437 4.588 43,312 3M13 142091 112011 111.529) 12,¢M) {7) 18.471 79) Youth Inv88lmenl Fund- for tennls tuluon n sunww 2024. Eveson Trust- grant re(ived in February 2024 tlywards 0jeCts airnd at young people's mental and physical wdkbeing, and those with autism. Hol•Jay Activity Fund (HAFI - a series of grants r8cer4fJ 8cool &Xlv#le8 aThJ fwj. Worcesternhwe County CtrJndl- fwl tran( tvwards lJiolwry and sudnlng now projeds. A transfer wa8 made during the year from this fuThJ to U8strI5 fund8. TNS was du8 to rent In 2022r23 being red8s8ir as a restricted expense from Ihls fvnd. COMF IMHDC Communty Fundk grant rece1 frNn 2021 and t1ng year towards mentoring of secondary schwl ud8nts. Youth Mu81c Trallblazer Fund- ky MUS lull1 arKI instru. Posltfve Thoughts- for ac1mS aimed at mental health and well-b8irvJ. Worceslernhire Communrty Fund- grant re1ved fft Januory 2023 for resources tr thé Youlh Café. National Grid Communty FuThJ- for circus skills luition and equlpmenL Public heaNh Ennd Youth PEal Grani {through MHDC)- for sar£¥¥J café and outr8ath progfammes. CLA Community Fund- for Itse8 hBlt-temi to 'B8d( to the Wdrf. Wc¥xfvArd Trust-kn summer IdaY atapiilw. Awards 4 All {Big Lottery Fundl- grant rerEived in Juty 2017 towards various acbvsty materials 8NJ equipment. A small anUnt remaining al 31# 2023 has transferred to uwestricted reserves.
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 An•13 of N•1 Asjets 8•tw••n Funds Unrestrlcted Restrfcted Total Fund balances at 31 March 2024 are rewes0 ty TangltAe Assets Current Ass8tsl(knabltI08) 2.244 56.476 23.791 80.287 24,587 $8.720 83.307 15 R•lat•d Party Trans•ctlons Remuneratlon ol Key Managèm•nt Pernn01 Thé remunoralN)n of Key Management Pownnd is •s fckn.. 2024 2023 Aggregate Compensation 23,720 18.025 Tran•acth>ns wlth welat•d rtkn* The three partners, mVem Youth and Community Trust IMYCT). Platlomi Housing Group IPHG) end Malvem HFJIS Othct CounGil IMHDCI supplied the fthng tte8$ to thè cw: C E B8nnion (MYCTI M Chuck {MYCT) B Nielsen Mafvem Cube Projects paid £11.185 to MYCT for rent. and £771 for 115 contrbulion lo admln 8nd IT services, marketing and consurnables shared with arKI paid f by MYCT.
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 Statement of finaTrcl actl¥itles- wlor year Total 2023 Total 2022 nds Income & End0nts Donations and grants nvestment income chafftab activit $4.637 60.053 114,69) 81.137 1.926 Total lfftcoma .629 60.053 116.882 81.148 Eyndhur• OD.. ChaTi1ae activllies 46.752 44.471 91.223 60.525 N•t Income lor the yewl Not Movèment In Fund• 9,877 15.582 25.459 20,621 Trnnsforn (20) Fund batsnc•s •t 1 WI 2022 42,752 48.340 27.719 Fund b41•nces at 31 March 2023 15.44S 58.354 r3,799 48,340
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 Donatlons- prlor ygar Unrestrl¢t•d Restrfct•d Funds Funds Tot•1 2022 2023 Donallons and Grants Lottery want Worcaslershire County CounrAI COMF thru MHDC WCC Councilk)r {Discr. Fund) Waitros Mar9arel We8trNood Magic Llttle Mr Sigphen Fox Soil Assct69lion Sports Partnershlp Holiday Activty Fund IHAF) Eveson Trust Amold Clark Westerrb Power MHDC Yth Fund MHD¢ Warni Spacog FuThJ Malvem Theatros Woothyard Trust Pl8tlorffl Housi WorcestersNre Communlty Foundatknn Other 51.8 51.800 29.470 43.600 28.667 5,195 29,470 833 2SO 225 150 13.168 10,CM)O 13,168 10,0 400 250. 403 1,(M)O 250 4.862 337 337 717 54,637 60,053 114,65Y) 81.137
MALVERN CUBE PROJECTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18 R•strlct•d Funds- prfor yw The income fvnds ofthe charlty knclude reStr9d lurKls the folowlng unexpgndèd balances of donatlons and grants held on trust for spectfic wrposes". 2023 Sports partnershbp Woodward Tnjst Worcester8hlre Cornwnuty F {1) . Worc85ter5htre County CWKI COMF Margaret Waslvrttsj Worcesternhlrg Communbty Fund (21 WorceBler5hlrts CcmuThty FuTrJ11) Amold Clark Westeffl Pow$r bAalvem Thoatre Tnt MHDC Warm Se•S. Award8 F1 (By Lottory FU1) (11 1769} {1,185} 113.188) 121,9591 11.8221 14LJ)I 11.3461 11.049) 10.(KM) 13,168 29.470 8.815 35.801 4.188 43,312 2.364 3.813 (gj)) 1403) 1250) 250