REGISTERED COMPANY NUMBER: 08121374 (England and Wales) REGISTERED CHARITY NUMBER: 1184616
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
FOR
NEW MEANING FOUNDATION
Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH
NEW MEANING FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 14
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objects are building modular homes for ex-homeless residents and training ex-homeless and others from a background of hardship, in construction and functional skills.
Significant activities
During the year the charity constructed 6 SPACE microhomes for the "It takes a City" Cambridge Community Land Trust, and a further 6 SPACE homes at Wisbech. Using funding from the devolved authorities awarded in the previous year, the charity was able to complete a project for ex-homeless to complete supervised paid work experience, with 32 individuals competing various projects, including making a new garden fence for a disabled pensioner, laying new flooring for a single parent family, and clearing a communal garden at an autism centre. A peripatetic work experience and study programme was completed by 25 learners (functional skills and employability programme). SEN school groups gained supervised work experience and preparation for CSCS Card, with 10 learners for 2 days per week over 12 months. 2 of these participants were subsequently employed by the charity under "patient employment" approach.
Public benefit
The trustees have complied with the duty in S4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission on public benefit..
FINANCIAL REVIEW
Financial position
The financial statements for the year ended 30 September 2022 show a deficit, but this is mainly due to the spending of the grant from the GCP Skills Working Group that was received the previous year. Excluding this, there was a very small surplus on unrestricted income and expenditure over the year, and the trustees consider the overall result to be satisfactory.
Reserves policy
The trustees seek to hold 6 months of unrestricted reserves. In practice, limited grant funding has made it very difficult to build up reserves, and the charity relies on up front project funding to manage its cashflow. Despite the low reserves figure,cash remains at a healthy level.
FUTURE PLANS
The charity has now employed 4 peripatetic tutors and has extended its scheme from Cambridgeshire to North Hertfordshire and Bedfordshire. They are focusing on the NMF programme "Pro Active Work Skills and Foundations for Future." A community enterprise cafe is to be built and then operated at Chesterton Methodist Church. This will provide further on the job training, and patient employment in the kitchen, front of house, and customer service/food delivery. The charity is seeking a new factory location with the assistance of Cambridge City Council, with an aim of completing up to 54 SPACE microhomes per annum, and intends to launch a new training programme for plumbing trainees.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The company registered as a charity with the charity commission on 26 July 2020.
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
Trustees are recruited via advertising, contacts, and through the networks of existing trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08121374 (England and Wales)
Registered Charity number
1184616
Registered office
Unit 1, Cambridge House Camboro Business Oakington Road, Girton Cambridge Cambridgeshire CB3 0QH
Trustees
A G W Beckett Director J C Evans Director Mrs C G Evans Director D Lett Director P Zipp Director S Thompson Director (resigned 21/1/2022) Ms R I P Orde Director S Pickering (appointed 1/1/2023)
Independent Examiner
Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... J C Evans - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW MEANING FOUNDATION
Independent examiner's report to the trustees of New Meaning Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Pettifer FCA
The Institute of Chartered Accountants in England and Wales
Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH
Date: .............................................
Page 3
NEW MEANING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 20,253 Charitable activities 4 General 394,796 Total 415,049 EXPENDITURE ON Charitable activities General 414,688 NET INCOME/(EXPENDITURE) 361 RECONCILIATION OF FUNDS Total funds brought forward 15,436 TOTAL FUNDS CARRIED FORWARD 15,797 |
Restricted fund £ - - - 57,326 (57,326) 66,817 9,491 |
2022 Total funds £ 20,253 394,796 415,049 472,014 (56,965) 82,253 25,288 |
2021 Total funds £ 19,144 440,420 459,564 371,124 88,440 (6,187) 82,253 |
|---|---|---|---|
The notes form part of these financial statements
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
BALANCE SHEET
30 SEPTEMBER 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 11 - CURRENT ASSETS Debtors 12 55,457 Cash at bank 99,434 154,891 CREDITORS Amounts falling due within one year 13 (128,182) NET CURRENT ASSETS 26,709 TOTAL ASSETS LESS CURRENT LIABILITIES 26,709 CREDITORS Amounts falling due after more than one year 14 (10,912) NET ASSETS 15,797 FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 9,491 - - - - - 9,491 - 9,491 |
2022 Total funds £ 9,491 55,457 99,434 154,891 (128,182) 26,709 36,200 (10,912) 25,288 15,797 9,491 25,288 |
2021 Total funds £ 19,273 90,286 74,494 164,780 (87,817) 76,963 96,236 (13,983) 82,253 15,436 66,817 82,253 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
BALANCE SHEET - continued
30 SEPTEMBER 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J C Evans - Trustee
The notes form part of these financial statements
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. LEGAL FORM
The charity is a registered charity registered in England and Wales, and a company limited by guarantee having no share capital incorporated in England and Wales.
Its registered office is Unit 1, Cambridge House, Camboro Business Park, Girton, Cambs, CB3 0QH.
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
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost Computer equipment - 33% on cost
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.
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
| 3. DONATIONS AND LEGACIES Donations 4. INCOME FROM CHARITABLE ACTIVITIES Activity Primary purpose trading General Grants General Grants received, included in the above, are as follows: Other Grants Job Retention Scheme Grants GCP Grant EHCP B&Q Foundation Kickstart Grants 5. SUPPORT COSTS General 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2022 2021 £ £ 20,253 19,144 2022 2021 £ £ 355,200 252,740 39,596 187,680 394,796 440,420 2022 2021 £ £ - 4,805 193 1,875 - 181,000 5,270 - 8,000 - 26,133 - 39,596 187,680 Governance costs £ 15,688 2022 2021 £ £ 9,782 9,782 |
|---|---|
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
| Trustees' salaries Trustees' social security |
2022 £ 40,665 5,765 46,430 |
2021 £ 45,100 2,335 |
|---|---|---|
| 47,435 |
John Evans, a trustee was remunerated in accordance with the articles of the charity. This was in respect of services supplied for both project management and working as the full time CEO of the charity.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Operations No employees received emoluments in excess of £60,000. 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 19,144 Charitable activities General 259,420 Total 278,564 EXPENDITURE ON Charitable activities General 256,941 NET INCOME 21,623 RECONCILIATION OF FUNDS Total funds brought forward (6,187) TOTAL FUNDS CARRIED FORWARD 15,436 |
2022 7 Restricted fund £ - 181,000 181,000 114,183 66,817 - 66,817 |
2021 3 Total funds £ 19,144 440,420 459,564 371,124 88,440 (6,187) 82,253 |
|---|---|---|
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
10. INDEPENDENT EXAMINER'S REMUNERATION
The independent examiner received remuneration during the year of £1,586 (2021:£1,767).
11. TANGIBLE FIXED ASSETS
| Plant and machinery £ COST At 1 October 2021 and 30 September 2022 28,474 DEPRECIATION At 1 October 2021 9,491 Charge for year 9,492 At 30 September 2022 18,983 NET BOOK VALUE At 30 September 2022 9,491 At 30 September 2021 18,983 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors VAT 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 15) Trade creditors Social security and other taxes Other creditors Accruals and deferred income |
Computer equipment £ 871 581 290 871 - 290 2022 £ 55,457 - 55,457 2022 £ 3,400 - 1,945 31,787 91,050 128,182 |
Totals £ 29,345 |
|
|---|---|---|---|
| 10,072 9,782 |
|||
| 19,854 | |||
| 9,491 | |||
| 19,273 | |||
| 2021 £ 85,450 4,836 |
|||
| 90,286 | |||
| 2021 £ 3,017 1,076 - 76,013 7,711 |
|||
| 87,817 |
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 15) 15. LOANS Loans comprise a bounce back loan of £14,312 from HSBC Bank PLC. 16. MOVEMENT IN FUNDS |
2022 £ 10,912 |
2021 £ 13,983 |
|---|---|---|
| Unrestricted funds General fund Restricted funds GCP Grant Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds GCP Grant Fund TOTAL FUNDS |
At 1/10/21 £ 15,436 66,817 82,253 Incoming resources £ 415,049 - 415,049 |
Net movement At in funds 30/9/22 £ £ 361 15,797 (57,326) 9,491 (56,965) 25,288 Resources Movement expended in funds £ £ (414,688) 361 (57,326) (57,326) (472,014) (56,965) |
Net movement At in funds 30/9/22 £ £ 361 15,797 (57,326) 9,491 (56,965) 25,288 Resources Movement expended in funds £ £ (414,688) 361 (57,326) (57,326) (472,014) (56,965) |
|---|---|---|---|
| (56,965) |
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/10/20 £ Unrestricted funds General fund (6,187) Restricted funds GCP Grant Fund - TOTAL FUNDS (6,187) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 278,564 Restricted funds GCP Grant Fund 181,000 TOTAL FUNDS 459,564 |
Net movement At in funds 30/9/21 £ £ 21,623 15,436 66,817 66,817 88,440 82,253 Resources Movement expended in funds £ £ (256,941) 21,623 (114,183) 66,817 (371,124) 88,440 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds GCP Grant Fund TOTAL FUNDS |
Net At movement At 1/10/20 in funds 30/9/22 £ £ £ (6,187) 21,984 15,797 - 9,491 9,491 (6,187) 31,475 25,288 |
Net At movement At 1/10/20 in funds 30/9/22 £ £ £ (6,187) 21,984 15,797 - 9,491 9,491 (6,187) 31,475 25,288 |
|---|---|---|
| 25,288 |
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds GCP Grant Fund TOTAL FUNDS |
Incoming resources £ 693,613 181,000 874,613 |
Resources Movement expended in funds £ £ (671,629) 21,984 (171,509) 9,491 (843,138) 31,475 |
|---|---|---|
Purposes of Restricted Funds
GCP Fund
Grant funding from Cambridgeshire County Council towards training of people in basic construction skills, and qualifications in English, Maths, ICT and Employability up to level 2, and the set up of a dedicated training and construction centre in the Greater Cambridge area.
17. RELATED PARTY DISCLOSURES
| New Meaning Construction Limited A company with directors in common |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Amount due to/from related party at the balance sheet date | 30,618 | 39,382 |
| New Meaning Training Limited A company with directors in common |
||
| 2022 | 2021 | |
| £ | £ | |
| Amount due to related party at the balance sheet date | - | 70,000 |
| Mojo Foundation A charity with trustees in common |
||
| 2022 | 2021 | |
| £ | £ | |
| Amount due from related party at the balance sheet date | 45,093 | 45,093 |
| These amounts are disclosed in Other Debtors and Other Creditors as appropriate. |
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022
17. RELATED PARTY DISCLOSURES - continued
The loan to the Mojo Foundation was made by the directors in the knowledge that it may never be recovered due to the perilous economic situation in the Gambia, but are confident that the funds will be used for charitable purposes.
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