REGISTERED COMPANY NUMBER: 08137149 (England and Wales) REGISTERED CHARITY NUMBER: 1167858
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
MY LIFE LEGACY (A COMPANY LIMITED BY GUARANTEE)
NRB
1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ
MY LIFE LEGACY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Report of the Independent Auditors | 7 | to | 10 |
| Statement of Financial Activities | 11 | ||
| Balance Sheet | 12 | ||
| Cash Flow Statement | 13 | ||
| Notes to the Cash Flow Statement | 14 | ||
| Notes to the Financial Statements | 15 | to | 21 |
| Detailed Statement of Financial Activities | 22 | to | 23 |
MY LIFE LEGACY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
My Life Legacy was formed initially in 2012 as a Community Interest Company and converted into a Charity in July 2016. These accounts are for our eighth year as a Charity.
Report of the Chair of Trustees
All of society has been affected by the 'cost of living' crisis, which has impacted on us all. Charities were not exempt from it, and so our costs rose as did the National Minimum Wage, but our funders, themselves under great financial pressure, were very tardy in reflecting these pressures in the rates they supported. Indeed, the uplift of some of our charges have not been paid by some funders for months.
This has meant that a disproportionate amount of management time has had to be spent on financial matters, and we have been consolidating the activities of the Charity, and where possible and sensible, rationalising our estate. We have though invested in a much more robust structure and greater capacity in our senior team which we are sure will prove to be a wise investment in the coming year. At the end of the year we managed to appoint to the two most senior posts to work with our Chief Executive which will make our activities more sustainable.
We commissioned an external review of the Charity's Governance which was timely given the rapid growth of the Charity. It helped us decide to strengthen the Board of Trustees and its small but necessary committees. Our Audit Committee, for example, has led the Board in developing a Board Assurance Framework and much of our decision making is now patterned around it.
Most pleasing has been an even greater emphasis on the quality of care and support we provide, with more robust quality assurance and reviews. This we can see reflected in the demand for our services. Extending our offer to more Members is now only constrained by our ability to recruit high calibre staff and funders' willingness to pay at the appropriate competency level.
The year that ended in March 2024 has not been without its challenges, but the Charity has continued to provide high quality personalised care and support and has helped to positively change the lives for our Members. For that we are indebted to the dedication and skills of our staff. We now have a better infrastructure to continue our consolidation in the coming year and thereafter welcome an increasing number of new Members
Steve Jones CBE Chair of the Board of Trustees
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MY LIFE LEGACY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities Objectives and aims
To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the need of those people who are socially excluded and assisting them to integrate into society by the provision of support, education and practical advice throughout England and Wales. (For the purpose of this clause 'socially excluded' means being excluded from society or parts of society as a result of age, ill-health, or disability).
My Life is based across 4 sites, an 84 acre Eco/Equestrian Centre in Standish, Leigh Sports Village, Harlor House and an office base at Smith Court in Pemberton for My Life Support where we work within the community providing registered bespoke care and support to individuals within their own homes.
Our mission is 'To Create a Community where Everyone Belongs' and work with a wide range of individuals of all ages and abilities.
We lease the sites we use from the respective landlords, at the Standish site we have had to invest in construction of new buildings being the physical infrastructure. We have received funding in some areas to enhance the respite facilities, however we have had to make the choice to invest any surplus into the sites to keep them up to standard.
Information, Advice and Support
My Life Legacy was built on giving free information, advice and support to families with a loved one with disabilities and or support needs. We continue to do this and bring a wide range of experts in to help families with their ongoing journey.
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MY LIFE LEGACY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities
Significant activities
My Life Legacy has seen an increase in activity throughout 2023/2024 as the country continues to recover from the pandemic. The post pandemic financial crisis across the country has started to impact the funding available from statutory organisations, who are our prime funders. This has made this year a challenging year as the minimum wage increased by 9.7% which impacts on all our employees, we need to ensure people are paid the right rate for the job they are doing. Negotiations to uplift individual care packages has been significantly slow, or haven't happened, which has meant the charity has had to 'bridge the gap'. This impacts significantly on the charity being able to build a funding surplus which is essential to support all our employees in case of a significant event happening - such as the pandemic, where our surplus became depleted.
This year we planned a year of consolidation across Life Opportunities and My Life Support. We have concentrated on ensuring each person we support is funded at the right competence rate so we can attract the right staff to deliver bespoke, person centred support for each individual. This has been a significant time-consuming task and one that we anticipate will continue into 24/25, due to big changes from Clinical Commissioning Groups (CCGs) to Integrated Care Boards (ICBs), who are our prime funders.
Our workforce is our greatest asset and part of our plan was to review the staffing structure, so we can continue to provide high quality services within the new CQC framework and regulations coming into force. The proposal to appoint a Senior Team to oversee the two main parts of the charity My Life Support and Life Opportunities was agreed by the Board. The journey to appoint the appropriate people for the roles started and in 24/25 we should start to see the positive impact.
My Life Support (MLS) has continued to provide excellent person-centred support to people in the wider community. We have made significant differences to many individuals including 3 people we have moved from long stay hospitals into their own homes, with their own bespoke teams. The outcomes have reached beyond all expectations from the health professionals' perspective. We have concentrated efforts in growing the support to individuals from MLS for their chalet stays due to demand, as people are struggling in finding their own staff. We successfully recruited a high skilled 'chalet team' who provide support for chalet stays upon assessment and request, this equates to approx. 45% of chalet stays, whilst 65% bring their own support, we anticipate this demand to increase due to national staffing shortages of PAs employed by Direct Payments.
We supported a Ukrainian family with a daughter with significant complex needs in the chalets, after fleeing the Ukraine war zone and travelling through 7 countries to get here. We have successfully found the family an accessible home in the community and continue to support them - their lives have changed beyond measure.
Life Opportunities have continued to develop with us investing in the workforce and wider partnerships in the community. We have wider options that people can choose from including developing the My Life Works model - where individuals can join a pathway to develop their skills - this includes site maintenance, woodwork, hairdressing and horticulture. An example is where we have developed a partnership with a local eco gardening tools company Bimpsons. We do their gardens; in return they supply us with eco-friendly gardening tools which we can use on site and wider.
We have been funded by Wigan Council to deliver the Holiday Activities and Food (HAF) programme. This is part of the Marcus Ratchford initiative to feed children eligible for free school meals during the school holidays. This grew significantly at Christmas when we delivered to 400 children in a week. This is well received by the families and motivates our members and the workforce by making a difference to a wider community. 'Together we are better'.
Stable Door has become a catering and hospitality training centre providing opportunities to learn the trade in a real work-based environment. By taking over the Equestrian Centre we have increased our facilities to include several kitchen spaces, laundry, drying room so we can serve our chalets and learn real housekeeping skills as well as catering in house and external events. Next year we expect to move individuals into wider community opportunities, enabling more people to travel through this pathway.
Thompson House Equestrian Centre (THEC) has experienced its first full year of trading. We have successfully become approved with British Horse Society (BHS), Pony Club, Riding for the Disabled Association (RDA) and as a BHS Changing Lives Through Horses Centre. This has included investing significantly in the professional coaching and development of all the riding instructor/coaches. This has opened a wide range of possibilities beyond liveries and riding lessons by using the facilities to support young people who may be struggling at school for many reasons. The proven concept of utilising learning through horses as an alternative educational provision, widens our scope to bring in an income whilst meeting our charitable objectives. The delivery of education is complex, and we are working with specialist advisors to support the Board of Trustees in understanding how this may work in practice. In the meantime, this part of the charity continues to hire out the facilities, delivers riding lessons and looks after horses for others on full livery.
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MY LIFE LEGACY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities
The delivery of events finally returned with the hugely popular 'Tough Swampy ' family mud run, which hosted approx. 350 runners. This event whilst raising money for our charity, raises funds for local football, rugby teams enabling them to build their ability to survive. We raised £3500 for My Life Legacy, but if we included the fundraising from all other community groups it is likely to be more like £15,000. Other events included our Easter Picnic, My Life My Moment and Christmas with our animals.
We have invested in two long standing founder employees as Ambassadors, towards the end of this financial year. Their role is to raise awareness, engage and build partnerships in the wider community - an essential since the pandemic. We will see the impact of their work next year, which isn't all about growth but about creating wider opportunities for our members and the people we support.
The year has been tough from a financial perspective yet continues to be positive as we see so many of the people we support continue to flourish. Making a difference 'one person at a time' is how we achieve our vision and mission as a charity, and we know next year we will create more opportunities for more people as demand increases on a weekly basis.
Strategic report
Financial review
Financial position
Income levels have still increased in this period, despite the pandemic. The main area of increase being My Life Support income as we have continued to onboard new clients. The main income streams of Day Opportunities and My Life Support equate to 86% of the total income.
The costs for year have all increased and this is due to the increase in activity levels and the growth of the charity. The biggest increase being that of wages.
Principal funding sources
The principal source of funding in the year was income from Day Opportunities and My Life Support. Although the pandemic has had a significant effect, we have been fortunate to have received funding in whole or part from the various funding bodies. This income has funded expenditure on salaries and administrative expenses in relation to projects undertaken throughout the year, which support the key objectives of the charity.
Investment policy and objectives
The charity's investment policy is to retain all available funds on deposit to give sufficient liquidity to meet ongoing day-to-day needs.
Reserves policy
My Life Legacy is a charity which aims to be a sustainable organisation, so we are here for many years to come enabling us to continue to provide help and support to individuals and their families.
We help to make lives better for people of all ages who need support to live a good life, including children, young people and adults with disabilities, people with ill health or age-related problems, and people who generally feel lonely or isolated within their communities.
We work across health, education and social care sectors, as well as providing a wide range of events, opportunities, catering and hospitality for all of our members, students and their families to benefit from. Every individual who we work with has individualised funding, which enables them to proactively choose to use My Life. The very essence of what we do is to coach, teach and facilitate individuals to develop their skills, gifts and talents. Therefore, many go on to experience new opportunities in different places which we celebrate. This enables more individuals to benefit from the great work of the charity, as people move on it creates spaces for others.
This however needs to be managed responsibly as we can have a lag between people moving on and new people starting. This period can be between 3-6 months, for example a student may leave in July and new students may not start until September. Therefore, we need to manage our finances responsibly to ensure we are sustainable. Therefore, we aim to hold between 3-6 months of operating costs as unrestricted reserves to enable us to allow for this aspect of our service as well as any other unpredictable situation such as an international pandemic..
For the purpose of this Policy, our reserves shall be defined as the Balance Sheet item "Unrestricted Reserves" minus the "Fixed Assets" value. This figure is to help reflect the ease and availability of liquidity.
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MY LIFE LEGACY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management
Governing document
The charity is controlled by its governing document, its articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The charity is governed by the Board of Trustees which includes the trustees and meets regularly to oversee the work and development of the organisation.
The management team is responsible for overseeing the strategic development of the organisation, including long-term sustainability, recruitment, retention and supervision of staff, project developments and seeking funding, budget management and the day to day running of the organisation
Induction and training of new trustees
Initially, new trustees are inducted into the Organisation by attending the same induction course as staff, volunteers and placements. Additionally, trustees have access to guidance information provided by the management committee which covers such items as roles and responsibilities, legal obligations under charity and company law, the content of the Memorandum and Articles of Association, organisation structures and decision making processes, business planning and understanding financial information. Trustees are encouraged to attend appropriate external training courses which will facilitate their understanding of their role and meet their individual training needs.
Risk analysis
The Charity has carried out a review to identify major risks and has taken steps to mitigate against them which includes the development of a Board Assurance Framework (BAF)
The major risks identified are in the BAF are.:
Workforce
o Inability to recruit suitable staff to carry out the function of the organisation
o Retention of appropriately qualified and experienced staff
Finance
o Reserves are enough to pay the workforce in the event of unforeseen circumstances such as a pandemic. Digital Infrastructure
o Is the technology fit for purpose which brings efficiencies and rigour to the organisation.
The Board receive regular updates on the BAF to assurance the risk mitigation is effective and the risk is appropriately managed.
It is of the opinion of the trustees that the Charity has policies, procedures and controls adequate to maintain its future financial viability. Current staffing and volunteer levels are adequate.
Reference and administrative details Registered Company number
08137149 (England and Wales)
Registered Charity number
1167858
Registered office
Thompson House Equestrian Centre Pepper Lane Standish Wigan Lancashire WN6 0PP
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MY LIFE LEGACY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Trustees
Mr Alan Bell Mr Stephen Morris Jones Mrs Amanda Mcdonough Mrs Caroline Tomlinson Mr Steve Noonan (resigned 27.9.23) Mr Kevin Massey Ms Kay Heath (resigned 19.7.23) Mr Michael Nuttall Ms Hazel Joanna Waddington (appointed 15.11.23) Mr Esmail F M Lakdawala (appointed 15.11.23) Mr Jon Stewart Sharrock (appointed 16.8.23)
Auditors
NRB 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ
Statement of trustees' responsibilities
The trustees (who are also the directors of My Life Legacy for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
The auditors, NRB, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, 21/11/2024 on ............................................. and signed on the board's behalf by:
..........................................................................
Mrs Caroline Tomlinson - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MY LIFE LEGACY
Opinion
We have audited the financial statements of My Life Legacy (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MY LIFE LEGACY
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MY LIFE LEGACY
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonable be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the trustees and other management (as required by auditing standards), and from inspection of the charity's regulatory and legal correspondence and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the charity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), pensions legislation and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: GDPR compliance, health and safety and product liability, anti-bribery and corruption, employment law, tax, environmental legislation, recognising the nature of the charities activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Independent Auditors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MY LIFE LEGACY
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Catherine Rogers BSc FCA (Senior Statutory Auditor) for and on behalf of NRB 1st Floor Waterside House Waterside Drive Wigan Lancashire WN3 5AZ 21/11/2024 Date: .............................................
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MY LIFE LEGACY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Charitable activities 5 Day Opportunities SEND MyLife Support Other charitable activities 4 Total EXPENDITURE ON Charitable activities 6 Training, support and activities NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 21,639 1,369,900 - 4,075,463 766,932 6,233,934 6,252,678 (18,744) 619,052 600,308 |
Restricted fund £ - - - - - - - - - - |
Restricted funds £ 11,571 - - - - 11,571 - 11,571 - 11,571 |
31.3.24 Total funds £ 33,210 1,369,900 - 4,075,463 766,932 6,245,505 6,252,678 (7,173) 619,052 611,879 |
31.3.23 Total funds £ 15,233 1,283,149 726,454 2,948,167 611,303 5,584,306 5,421,634 162,672 456,380 619,052 |
|---|---|---|---|---|---|
The notes form part of these financial statements
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MY LIFE LEGACY
BALANCE SHEET 31 MARCH 2024
| 31.3.24 | 31.3.23 | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Restricted | Total | Total | ||||
| fund | fund | funds | funds | funds | ||||
| Notes | £ | £ | £ | £ | £ | |||
| FIXED ASSETS | ||||||||
| Tangible assets | 10 | 437,170 | - | - | 437,170 | 524,001 | ||
| CURRENT ASSETS | ||||||||
| Debtors | 11 | 484,275 | - | - | 484,275 | 360,146 | ||
| Cash at bank and in hand | 487,621 | - | 11,571 | 499,192 | 470,775 | |||
| CREDITORS | 971,896 | - | 11,571 | 983,467 | 830,921 | |||
| Amounts falling due within one | ||||||||
| year | 12 | (785,858) | - | - | (785,858) | (696,570) | ||
| NET CURRENT ASSETS | 186,038 | - | 11,571 | 197,609 | 134,351 | |||
| TOTAL ASSETS LESS | ||||||||
| CURRENT LIABILITIES | 623,208 | - | 11,571 | 634,779 | 658,352 | |||
| CREDITORS | ||||||||
| Amounts falling due after more | ||||||||
| than one year | 13 | (22,900) | - | - | (22,900) | (39,300) | ||
| NET ASSETS | 600,308 | - | 11,571 | 611,879 | 619,052 | |||
| FUNDS | 17 | |||||||
| Unrestricted funds | 600,308 | 619,052 | ||||||
| Restricted funds | 11,571 | - | ||||||
| TOTAL FUNDS | 611,879 | 619,052 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
21/11/2024
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mrs Caroline Tomlinson - Trustee
The notes form part of these financial statements
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MY LIFE LEGACY
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Loan repayments in year Capital repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.24 £ 70,619 (864) 69,755 (24,938) (24,938) (10,000) (6,400) (16,400) 28,417 470,775 499,192 |
31.3.23 £ 58,942 (1,116) 57,826 (44,214) (44,214) (10,000) (6,400) (16,400) (2,788) 473,563 470,775 |
|---|---|---|
The notes form part of these financial statements
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MY LIFE LEGACY
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| 1. | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING | RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING | ACTIVITIES |
|---|---|---|---|
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Net (expenditure)/income for the reporting period (as per the Statement | |||
| of Financial Activities) | (7,173) | 162,672 | |
| Adjustments for: | |||
| Depreciation charges | 111,769 | 110,946 | |
| Interest paid | 864 | 1,116 | |
| Increase in debtors | (124,129) | (50,946) | |
| Increase/(decrease) in creditors | 89,288 | (164,846) | |
| Net cash provided by operations | 70,619 | 58,942 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash | At 1.4.23 £ |
Cash flow £ |
At 31.3.24 £ |
At 31.3.24 £ |
|---|---|---|---|---|
| Cash at bank and in hand | 470,775 | 28,417 | 499,192 | |
| 470,775 | 28,417 | 499,192 | ||
| Debt | ||||
| Finance leases | (16,533) | 6,400 | (10,133) | |
| Debts falling due within 1 year | (10,000) | - | (10,000) | |
| Debts falling due after 1 year | (29,167) | 10,000 | (19,167) | |
| (55,700) | 16,400 | (39,300) | ||
| Total | 415,075 | 44,817 | 459,892 |
The notes form part of these financial statements
Page 14
MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. STATUTORY INFORMATION
My Life Legacy is a charitable company, limited by guarantee and has no share capital and is registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees.
The presentation currency of the financial statements is Pound Sterling (£).
2. 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
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
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 grant have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
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 on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life, using rates between 10% and 25%.
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.
Hire purchase and leasing commitments
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
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MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Going concern
After reviewing the company's forecast and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements.
3.
4.
5.
DONATIONS AND LEGACIES
| Donations Grants and funding OTHER CHARITABLE ACTIVITIES Membership fees Events Training - skills for care Merchandise sales Other Respite Advocacy Cafe and kitchen INCOME FROM CHARITABLE ACTIVITIES Activity Day opportunities Day Opportunities SEND (My Life Learning) Day Opportunities SEND (My Life Learning) SEND MyLife Support MyLife Support |
31.3.24 £ 21,710 11,500 33,210 31.3.24 £ 674 59,574 700 10,422 467,609 55,719 2,470 169,764 766,932 31.3.24 £ 1,375,363 (5,463) - 4,075,463 5,445,363 |
31.3.23 £ (3,633) 18,866 15,233 31.3.23 £ 837 142,843 4,550 11,124 226,671 36,067 8,800 180,411 611,303 31.3.23 £ 1,283,149 - 726,454 2,948,167 4,957,770 |
|---|---|---|
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MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. CHARITABLE ACTIVITIES COSTS
7.
| Training, support and activities NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.24 £ Depreciation - owned assets 111,769 Other operating leases 278,122 |
Direct Costs £ 6,252,678 31.3.23 £ 110,946 218,132 |
|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
The Founder Trustee and former Director of the CiC was appointed CEO on 1 August 2016 and received remuneration in the period totalling £77,069 (2023 £65,120).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
No charity trustee received payment for professional or other services supplied to the charity.
9. STAFF COSTS
| Wages and salaries | 31.3.24 31.3.23 £ £ 4,283,680 3,638,581 |
|---|---|
| Other pension costs | 69,812 57,372 |
| 4,353,492 3,695,953 |
|
| The average monthly number of employees during the year was as follows: | |
| Management | 31.3.24 31.3.23 17 1 |
| Finance | 4 4 |
| Charity administration and activities | 151 152 |
| The number of employees whose employee benefits (excluding employer pension | 172 157 costs) exceeded £60,000 was: |
| £60,001 - £70,000 | 31.3.24 31.3.23 1 1 |
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MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Hire purchase (see note 15) Trade creditors Social security and other taxes VAT Accruals and deferred income |
Fixtures and fittings £ 915,271 24,938 940,209 421,030 106,009 527,039 413,170 494,241 |
Motor vehicles £ 38,400 - 38,400 8,640 5,760 14,400 24,000 29,760 31.3.24 £ 447,651 - 36,624 484,275 31.3.24 £ 10,000 6,400 137,940 158,961 5,455 467,102 785,858 |
Totals £ 953,671 24,938 978,609 429,670 111,769 541,439 437,170 524,001 31.3.23 £ 273,676 892 85,578 360,146 31.3.23 £ 10,000 6,400 223,241 53,169 27,414 376,346 696,570 |
|---|---|---|---|
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MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 14) Hire purchase (see note 15) 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years 15. LEASING AGREEMENTS Minimum lease payments fall due as follows: Net obligations repayable: Within one year Between one and five years Within one year Between one and five years In more than five years 16. SECURED DEBTS The following secured debts are included within creditors: Bank loans |
31.3.24 31.3.23 £ £ 19,167 29,167 3,733 10,133 22,900 39,300 31.3.24 31.3.23 £ £ 10,000 10,000 19,167 29,167 Hire purchase contracts 31.3.24 31.3.23 £ £ 6,400 6,400 3,733 10,133 10,133 16,533 Non-cancellable operating leases 31.3.24 31.3.23 £ £ 40,000 40,000 120,000 120,000 140,000 140,000 300,000 300,000 31.3.24 31.3.23 £ £ 29,167 39,167 |
|---|---|
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MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
17. MOVEMENT IN FUNDS
| At 1.4.23 £ Unrestricted funds General fund 619,052 Restricted funds Restricted - TOTAL FUNDS 619,052 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 6,233,934 Restricted funds Restricted 11,571 TOTAL FUNDS 6,245,505 Comparatives for movement in funds Net movement At 1.4.22 in funds £ £ Unrestricted funds General fund 453,374 162,672 Restricted funds Restricted 3,006 - TOTAL FUNDS 456,380 162,672 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 5,584,306 TOTAL FUNDS 5,584,306 |
Net movement in funds £ (18,744) 11,571 (7,173) Resources expended £ (6,252,678) - (6,252,678) Transfers between funds £ 3,006 (3,006) - Resources expended £ (5,421,634) (5,421,634) |
At 31.3.24 £ 600,308 11,571 611,879 Movement in funds £ (18,744) 11,571 (7,173) At 31.3.23 £ 619,052 - 619,052 Movement in funds £ 162,672 162,672 |
|---|---|---|
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MY LIFE LEGACY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Net movement At 1.4.22 in funds £ £ 453,374 143,928 3,006 11,571 456,380 155,499 |
Transfers between funds £ 3,006 (3,006) - |
At 31.3.24 £ 600,308 11,571 611,879 |
|---|---|---|---|
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 Restricted funds Restricted TOTAL FUNDS |
Incoming Resources resources expended £ £ 11,818,240 (11,674,312) 11,571 - 11,829,811 (11,674,312) |
Movement in funds £ 143,928 11,571 155,499 |
|---|---|---|
18. RELATED PARTY DISCLOSURES
During the period the charity was invoiced for services provided by Alocura Limited, a company in which two trustees are directors, totalling £706,128 (2023 - £697,838). There was a balance due to Alocura Limited as at 31 March 2024 of £54,249.82 (2023 - £178,899).
Page 21
MY LIFE LEGACY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants and funding Other charitable activities Membership fees Events Training - skills for care Merchandise sales Other Respite Advocacy Cafe and kitchen Charitable activities Day opportunities SEND (My Life Learning) MyLife Support Total incoming resources EXPENDITURE Charitable activities Wages Pensions Rent and utilities Insurance Telephone Postage and stationery Events Marketing Direct costs Associates fees Travelling Computer costs Repairs and renewals Sundry Consultancy fees Accountancy Bank charges HR & finance Training Bad debts Carried forward |
31.3.24 £ 21,710 11,500 33,210 674 59,574 700 10,422 467,609 55,719 2,470 169,764 766,932 1,375,363 (5,463) 4,075,463 5,445,363 6,245,505 4,283,680 69,812 278,122 23,367 41,149 12,773 2,241 34,220 127,907 103,182 50,994 22,549 143,952 32,143 22,072 10,231 8,544 828,358 15,497 28,416 6,139,209 |
31.3.23 £ (3,633) 18,866 15,233 837 142,843 4,550 11,124 226,671 36,067 8,800 180,411 611,303 1,283,149 726,454 2,948,167 4,957,770 5,584,306 3,638,581 57,372 218,132 25,759 41,754 16,802 4,279 42,007 181,795 45,659 57,196 32,826 119,255 103,393 16,644 9,069 7,339 669,673 25,678 (5,031) 5,308,182 |
|---|---|---|
This page does not form part of the statutory financial statements
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MY LIFE LEGACY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Charitable activities Brought forward HP Interest Fixtures and fittings Bank loan interest Total resources expended Net (expenditure)/income |
31.3.24 £ 6,139,209 835 111,770 864 6,252,678 6,252,678 (7,173) |
31.3.23 £ 5,308,182 1,390 110,946 1,116 5,421,634 5,421,634 162,672 |
|---|---|---|
This page does not form part of the statutory financial statements
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