**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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Page
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.
Page 1
**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
Page 2
**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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
Page 4
## **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
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (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
Page 5
continued...
## **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
Page 6
**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...
Page 7
**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...
Page 8
**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...
Page 9
**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|
continued...
Page 10
**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...
Page 11
**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...
Page 12
**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...
Page 13
**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.
Page 14