Charity registration number 1187421
Company registration number CE020341 (England and Wales)
PROJECT 16:15
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
PROJECT 16:15
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rev S Robertson |
|---|---|
| Miss FA Matthews | |
| Charity number | 1187421 |
| Company number | CE020341 |
| Principal address | Unit 122, K2 House |
| Heathfield Road | |
| Dallington | |
| Northampton | |
| NN5 7QP | |
| Registered office | Unit 122, K2 House |
| Heathfield Road | |
| Dallington | |
| Northampton | |
| NN5 7QP | |
| Independent examiner | Jervis & Partners |
| 30 Harborough Road | |
| Kingsthorpe | |
| Northampton | |
| NN2 7AZ |
PROJECT 16:15
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 10 |
PROJECT 16:15
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 JANUARY 2022
The trustees present their annual report and financial statements for the year ended 31 January 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The charity's objects are to promote social inclusion for the public benefit by preventing people from becoming socially excluded, particularly the homeless, relieving the needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this clause 'socially excluded' means being excluded from society, or part of society, as a result of being a member of a socially and economically deprived community.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Rev S Robertson
Miss FA Matthews
The trustees' report was approved by the Board of Trustees.
Rev S Robertson Trustee
22 November 2022
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PROJECT 16:15
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PROJECT 16:15
I report to the trustees on my examination of the financial statements of Project 16:15 (the charity) for the year ended 31 January 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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 that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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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4 the financial statements 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 financial statements to be reached.
Jervis & Partners
30 Harborough Road Kingsthorpe Northampton NN2 7AZ
Dated: 22 November 2022
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PROJECT 16:15
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ |
Unrestricted Restricted funds funds 2022 2022 Notes £ £ |
Unrestricted Restricted funds funds 2022 2022 Notes £ £ |
Total Unrestricted Restricted |
Total Unrestricted Restricted |
Total Unrestricted Restricted |
Total |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Income from: | ||||||
| Donations and legacies 3 |
32,921 | 9,602 | 42,523 | 42,861 | 8,750 | 51,611 |
| Expenditure on: | ||||||
| Raising funds 4 |
12,719 | - | 12,719 | 5,783 | - | 5,783 |
| Charitable activities 5 |
27,495 | 8,600 | 36,095 | 24,519 | 8,666 | 33,185 |
| Total expenditure | 40,214 | 8,600 | 48,814 | 30,302 | 8,666 | 38,968 |
| Net (outgoing)/incoming resources before transfers Gross transfers between funds Net (expenditure)/income for the year/ Net movement in funds Fund balances at 1 February 2021 |
1,002 | |||||
| (7,293) | (6,291) | 12,559 | 84 | 12,643 | ||
| 1,002 | 84 | |||||
| (1,002) | - | (84) | - | |||
| - | ||||||
| (6,291) | (6,291) | 12,643 | - | 12,643 | ||
| 12,643 | - | 12,643 | - | - | - | |
| Fund balances at 31 January 2022 |
||||||
| 6,352 | - | 6,352 | 12,643 | - | 12,643 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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PROJECT 16:15
BALANCE SHEET
AS AT 31 JANUARY 2022
| Notes | 2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Fixed assets | ||||
| Tangible assets 9 Current assets |
6,590 (1,200) |
962 5,390 6,352 6,352 6,352 |
12,618 (600) |
625 |
| Cash at bank and in hand Creditors: amounts falling due within one year 10 |
||||
| Net current assets | 12,018 | |||
| Total assets less current liabilities | ||||
| 12,643 | ||||
| Income funds | ||||
| Unrestricted funds | 12,643 | |||
| 12,643 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2022.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 22 November 2022
Rev S Robertson Trustee
Company registration number CE020341
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
PROJECT 16:15
1 Accounting policies
Charity information
Project 16:15 is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 122, K2 House, Heathfield Road, Dallington, Northampton, NN5 7QP.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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PROJECT 16:15
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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PROJECT 16:15
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ |
Unrestricted Restricted funds funds 2022 2022 £ £ |
Unrestricted Restricted funds funds 2022 2022 £ £ |
Total Unrestricted Restricted |
Total Unrestricted Restricted |
Total Unrestricted Restricted |
Total |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 32,921 | - | 32,921 | 42,861 | - | 42,861 |
| Grants | - | 9,602 | 9,602 | - | 8,750 | 8,750 |
| 32,921 | 9,602 | 42,523 | 42,861 | 8,750 | 51,611 |
4 Raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fundraising | and publicity | ||
| Advertising | 426 | 785 |
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PROJECT 16:15
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
| 4 | Raising funds | (Continued) | (Continued) |
|---|---|---|---|
| Trading costs | |||
| Support costs | 12,293 | 4,998 | |
| 12,719 | 5,783 | ||
| 5 | Charitable activities |
| Charitable Expenditure Charitable Expenditure 2022 2021 £ £ |
Charitable Expenditure Charitable Expenditure 2022 2021 £ £ |
Charitable Expenditure Charitable Expenditure 2022 2021 £ £ |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Motor expenses | 9,378 | 10,442 |
| Equipment | 5,692 | 5,447 |
| VAT unrecoverable | 7,195 | 4,622 |
| Accommodation and food | 4,197 | 1,845 |
| Emergency clothing | 251 | 365 |
| Protective clothing | 782 | 1,798 |
| Lottery grant costs | - | 5,224 |
| Northamptonshire Community grant costs | - | 3,442 |
| Charitable expenditure heading 9 | 8,600 | - |
| Analysis by fund | ||
| 36,095 | 33,185 | |
| 36,095 | 33,185 | |
| Unrestricted funds | 27,495 | 24,519 |
| Restricted funds | 8,600 | 8,666 |
| 36,095 | 33,185 |
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PROJECT 16:15
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
6 Support costs
| Support costs | Support costs | Support costs | ||||
|---|---|---|---|---|---|---|
| Support costs Governance costs £ £ |
2022 Support costs Governance costs |
2021 | ||||
| £ | £ | £ | £ | £ | £ | |
| Depreciation | 389 | - | 389 | 208 | - | 208 |
| Printing, postage and stationery |
||||||
| 63 | - | 63 | 299 | - | 299 | |
| Bank charges | 697 | - | 697 | 224 | - | 224 |
| Computer costs | 2,305 | - | 2,305 | 595 | - | 595 |
| Insurance | 1,221 | - | 1,221 | 1,882 | - | 1,882 |
| Subscription | 63 | - | 63 | 52 | - | 52 |
| Pastoral care | 122 | - | 122 | 558 | - | 558 |
| Telephone | 703 | - | 703 | 180 | - | 180 |
| Support costs heading 8 | 300 | - | 300 | - | - | - |
| Support costs heading 9 | 102 | - | 102 | - | - | - |
| Support costs heading 10 | 5,728 | - | 5,728 | - | - | - |
| Audit fees | - | 600 | 600 | - | 600 | 600 |
| Legal and professional | - | - | - | - | 400 | 400 |
| 11,693 | 600 | 12,293 | 3,998 | 1,000 | 4,998 | |
| Analysed between | ||||||
| Trading | 11,693 | 600 | 12,293 | 3,998 | 1,000 | 4,998 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2022 | 2021 | |
| Number | Number | |
| Volunteers | 12 | 12 |
There were no employees whose annual remuneration was more than £60,000.
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PROJECT 16:15
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
9 Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Computers | ||
| £ | ||
| Cost | ||
| At 1 February 2021 | 833 | |
| Additions | 726 | |
| At 31 January 2022 | 1,559 | |
| Depreciation and impairment | ||
| At 1 February 2021 | 208 | |
| Depreciation charged in the year | 389 | |
| At 31 January 2022 | 597 | |
| Carrying amount | ||
| At 31 January 2022 | 962 | |
| At 31 January 2021 | 625 | |
| Creditors: amounts falling due within one year | ||
| Trade creditors Accruals and deferred income |
2022 | 2021 |
| £ | £ | |
| 600 | - | |
| 600 | 600 | |
| 1,200 | 600 |
10 Creditors: amounts falling due within one year
11 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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