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2022-06-30-accounts

Registered Charity Number 1179490

BEAUTIFUL MIND

TRUSTEES REPORT AND ACCOUNTS

30 June 2022

BEAUTIFUL MIND Financial statement Year ended 30 June 2022

Contents Page
Charity information and professional advisers 3
Trustees’ report 4
Independent Examiner’s Report 6
Income statement 8
Statement of financial position 9
Notes to the financial statements 10

2

BEAUTIFUL MIND Charity Information Year ended 30 June 2022

Registered charity name BEAUTIFUL MIND
Charity number 1179490
Registered office 1 MATTHEWS LANE
MANCHESTER
LANCASHIRE
M12 4QW
Trustees Funmilayo Adefila (Chair)
Pauline Limen
Doris Oyegade
Timi Patani
Independent Examiner BC NWAIWU & CO LTD
Building 1 Suit 4A Office 6
Wilsons Park Business Centre
Manchester
M40 8WN
Bankers Lloyds Bank Plc

3

BEAUTIFUL MIND Trustees’ Report Year ended 30 June 2022

The Trustees, present their annual report with the unaudited financial statements of the charity for the year ended 30 June 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2022 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019).

Reference and administrative details

The Charity is a charitable incorporated organisation and was formed on 08 August 2018 as Beautiful Mind.

Objectives

The objects of the charity for the public benefit include;

  1. to advance in life and relieve needs of young people by providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals, and.

  2. to promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those who are socially excluded and assisting them to integrate into society by helping people to improve their lives and participate actively in society and thrive through their own efforts.

Public Benefit

The board of trustees have given due consideration to Charity Commission’s published guidance on the operation of the public benefit requirement and confirm that these requirements are met by the charity.

Going concern

The trustees have assessed the ability of the charity to continue operating and discharging its role for the foreseeable future, and have made financial projections, taken into consideration the current economic climate because of the cost-of-living crises and its potential impact on the various sources of income and planned expenditure. The trustees are confident that the charity can fulfil its commitments to its beneficiaries for the period ending 30 June 2023.

4

BEAUTIFUL MIND Trustees’ Report Year ended 30 June 2022

Statement of responsibilities of the trustees

The trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022.

Funmilayo Adefila Chair of Trustees

5

Independent Examiner’s Report To the members of BEAUTIFUL MIND

I report on the accounts of Beautiful Mind, for the year ended 30 June 2022, which are set out on pages 8 to 15.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking such explanations from you as trustees concerning any matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect:

6

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

______ Bernard Nwaiwu, FCA (ICAN)

BC NWAIWU & CO LTD

Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN

Date: 04 May 2023

7

BEAUTIFUL MIND

Income Statement

For the period ended 30 June 2022

Note
Income from:
Donations and legacies
2
Charitable activities
3
Total income
Expenditure on:
charitable activities
4
Total expenditure
Net income/(expenditure)
for the year
5
Transfer between funds
Net movement in funds for the year
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
£
500
-
500
350
350
150.00
(1,220)
(1,070)
650
(420)		 Restricted
£
-
32,500
32,500
34,554
34,554
(2,054)

1,220
(834)

1,160
326		 2022
£
500
32,500
33,000

34,904
34,904
(1,904)
-
(1,904)
1,810
(94)		 2021
£
150
10,000
10,150
8,990
8,990
1,160
-
1,160
650
1,810

The notes on pages 10 to 15 form part of these financial statements

8

BEAUTIFUL MIND

Statement of Financial Position As at 30 June 2022

Note
Fixed assets
Tangible assets
6
Total fixed assets
Current assets
Cash at bank and in hand
7
Debtors
8
Total current assets
Liabilities
Creditors - Amount falling due
within one year
9
Net current assets
Total assets less current liabilities
Creditors -Amount falling due
after more than one year
10
Net assets
The funds of the charity:
Unrestricted funds
11
Restricted funds
11
Total charity funds		 £
3
-
3
(350)		 2022
£
253
253
(347)
(94)
-
(94)
(420)
326
(94)		 £
1,623
-
1,623
(150)		 2021
£
337
337
1,473
1,810
-
1,810
650
1,160
1,810

Funmilayo Adefila Chair of Trustees

Approved by the board on 04 May 2023

The notes on pages 10 to 15 form part of these financial statements

9

BEAUTIFUL MIND Notes to the Financial Statements For the period ended 30 June 2022

1. Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a. Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Beautiful Mind meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b. Judgments and estimates

The trustees have made no key judgments which have a significant effect on the accounts. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

c. Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

e. Income

The 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 grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

10

BEAUTIFUL MIND Notes to the Financial Statements For the period ended 30 June 2022

f. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

g. Tangible fixed assets

All expenditure of a capital nature on development work overseas is expensed as incurred, while tangible fixed assets in the UK costing more than £100 are capitalized and included at cost, including any incidental expenses of acquisition. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost by equal annual instalments over their expected useful economic lives as follows:

Freehold land and buildings Nil
Computer infrastructure 5 years
Computer equipment 4 years
Furniture, fixtures and equipment 4 years

Impairment reviews are conducted when events and changes in circumstances indicate that an impairment may have occurred. If any asset is found to have a carrying value materially higher than its recoverable amount, it is written down accordingly.

h. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

i. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

11

BEAUTIFUL MIND Notes to the Financial Statements For the period ended 30 June 2022

j. Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. Donations and legacies Unrestricted Restricted 2022 2021
£ £ £ £
Donations 500 - 500 150
Other income - - - -
Total 500 - 500 150
3. Charitable activities Unrestricted Restricted 2022 2021
£ £ £ £
Grants
Greater Manchester GMMH MWF - - - 500
Manchester Alliance SOMF - - - 500
Global Vision In - - - 1,000
Greater Manchester Centre for
Voluntary Organisation (GMCVO)		 - - - 1,000
Greater Manchester Centre for
Voluntary Organisation (GMCVO)		 - 900 900 3,000
Church Urban Near Neighbours - - - 4,000
National Lottery Community Fund - 10,000 10,000 -
Arnold Clark - 250 250 -
Arnold Clark - 2,500 2,500 -
Manchester City Council - 5,000 5,000 -
Manchester City Council - 5,000 5,000 -
Forever Manchester - 1,000 1,000 -
NHS Manchester CCG - 7,700 7,700 -
BHA - 150 150 -
- 32,500 32,500 10,000
Charitable trading
Charity sales - - - -
Support services - - - -
- - - -
Total income from charitable
activities		 - 32,500 32,500 10,000

12

BEAUTIFUL MIND

Notes to the Financial Statements For the period ended 30 June 2022

4.
Expenditure on charitable activities
Staff cost
Project costs
Depreciation
Professional fees
Governance costs
Support costs
Restricted expenditure
Unrestricted expenditure
5.
Net income/(expenditure) for the year
This is stated after charging/(crediting):
Depreciation
6.
Fixed assets: tangible assets
Land and
Buildings
£
Cost
At 1 July 2021
-
Additions
-
At 30 June 2022
-
Depreciation
At 1 July 2021
-
Charge for the year
-
At 30 June 2022
-
Net book value
At 30 June 2022
-
At 1 July 2021
-		 2022
£
880
21,337
84
3,295
350
8,957		 2021
£
-

6,888
112
-
150
1,840

8,990

8,840
150

8,990
2021
£
112
Computer
equipment
Total
£
£
449
449
-
-
449
449
112
112
84
84
196
196
253
253
337
337		 2021
£
-

6,888
112
-
150
1,840

8,990

8,840
150

8,990
2021
£
112
Computer
equipment
Total
£
£
449
449
-
-
449
449
112
112
84
84
196
196
253
253
337
337
34,904
34,554
350
34,904
2022
£
84
Fixtures
and
fittings
£
-
-
-
-
-
-
-
-
449
112
84
196
253
337

13

BEAUTIFUL MIND

Notes to the Financial Statements For the period ended 30 June 2022

7. Cash at bank and in hand 2022 2021
£ £
Cash at bank 3 1,623
Cash in hand - -
3 1,623
8. Debtors 2022 2021
£ £
Trading debtors - -
Grant debtors - -
Prepayments - -
- -
9. Creditors- Amount falling due within one year 2022 2021
£ £
Accountancy fee 350 150
350 150
10. Creditors-Amount falling due after more than one year 2022 2021
£ £
Trade creditors - -
Other creditors - -
- -

14

BEAUTIFUL MIND

Notes to the Financial Statements For the period ended 30 June 2022

11. Fund movements
Restricted funds
Restricted project fund
Unrestricted funds
General fund
The funds of the charity		 Balance
at 1 July
2020
£
1,160
1,160
650
650
1,810		 Income

£
32,500
32,500
500
500
33,000		 Expenditure
£
(34,554)
(34,554)
(350)
(350)
(34,904)		 Transfers
£
1220
1,220
(1,220)
(1,220)
-		 As at 30
June
2021
£
326
326
(420)
(420)
(94)

15