MONTSERRAT PATrONS SOCIErf Flnan¢lal Statements For th• Y•ar End•d 31%¢ July 2024 MONTSERRAT PATRONS SOCIETY A CIO- FOUNDATION Registered 17th May 2021 Report and Financial Statement$ Forthe yèar ended 311t July 2024 Chartty number 1194487
MopifsERRAT PATRONS SOCIEr¢ Flnan¢lal Statsm•nts Forthe Y•ar Ended 31" July 2024 Contsnts Pag? Background Trustee's Report Stalement of Trustee's Responsibilities Independent Examinerfs Report Statement of Financial Adivities Statement of Financial Position Notes to the Financial Statements 11>12
mopSERRAT PATRONS SOCIETY Financial &latements For the year Ended 31$1 July 2024 Background R•f•r•n¢• and Administrativ• Informotlon Charity Nam&: moSERRAT PATRONS SOCIETY Charity registration number.. 194487 Company regIStraOn number.. CE026117 Registered Offic•: 387 Calodonian Road London N79DQ Trust••s Mrs. Denise Meade-Hill Chalr Mr. Peter Ca88ell Member Mi. Glfford Duberry TTo8sumr SeGrelory Mrs. Margaret Bramblo M•mbgr Bank•rs HSBC, 31 Euston Road. London. NW1 2ST Page 3 of 12
MOrsERRAT PATRONS SOCIErY Finaneial &temwts For th• y•ar End•d 31" July 2024 Trustees Report Montserrat Patrons Society was establishèd on 17 May 2021 wilh the purpose of supporting urban and rural regeneration In areas of soclal and economic deprivation. Areas supported focused specrficalty on the fdtowing.. Relief of financial hardship Relief of unemploymenl The advancement of edu¢alion, tralnlng. or retrainifto, particulady among unemployed people In Montserrat. and providing unemployed people with work experience. Th& provi$ion of finan¢ial &$¥i¥tan¢&, tethni¢o1 assistsnce or busintrtss advice or consultancy to provide training and employment opporbJniti0$ in Montsorrat and in ca8eg of financial or other charitable need through hèlp.. In settlng up thelr own buneSS In Montserrat, or to exlsttng bu8lnosses In Montsorr8t. K•y ohl•v•m•nts To d•to th• work h8$ d•volop•d ¢oftt$¢ts with tho lo¢•1 Montserrat Gov•rnmonl Dopartments to discu88 the project rr&nIlY oc¢urilng at the Davy Hill Cornmunity Centre. It focu¥es on bu¥ine83 development. aquaponics, ond career development. Th8 Montserrat Patron Society (MPS) has been r8cognis8d by the Departmént for Agriculturè 88 a potenti81 valuable asset to executing thè project. There aro 8 NGOS Signed up 88 parti¢iP8nt$ to tho Aquaponi¢8 Project There have been two r8dlo Interviews in Monlserrat by M8rg8ret Allen to promot& th& Charlty and to secure engagement with the areas of focus (as oullined abov8). There are discusBiOllS ongoing betw8•n Montsorrat Secondary School {MSS) and MPS in relation to the d•liv•ry of 8 Communication and Interp•rsonal Skills workshops. A propos41 oulining the proiects that MPS is equipped to deliver, in line wth Montserrat Government priorities. has been submitted for further consideretion by the rfrlevanl Govemm8nt dèpgrtm•nts. Th• purp•s• and vlslon of lh• oryanlsall¢Jn Our mission is to provide a market for ser¥ices and products as set out in the Objects below.. 'The promotion for the benefit of the public of urban or ruial migratson in areas of social and economlc d•prlvallon (and in Montserratl by 811 or any of the following means.. a) the relief of fin8naal hardship. b) the relief of unèmployment. c) the advancement of education. training. or retraining, parlicularly among unemploy•d people in MontseTtat, and promding unemployed people wrlh work experience Page 4 of 12
MolSERRAT PATRONS SOCIETY Financial StateThnts Forth• y•ar End•d 31*t July 2024 d) the provision of financial assstance. technul assistance or business advice or consuttancy to provide training and employTrent opportunrties in Montserrat and In cases of financial or other charitable need through help.. a. in setting up their own business in Montserrat. or b. to existing businesses in Montserrat. e) the creation of training and empbymenl opportunities by th? provision of workspace. buildings. andlor land for use on favourable teffns. the maintenanc£, improvement or provision of publlc amenttbs. g) thé provision of rocr8ational facilitses for the public at large or those who by reason ol their youth. age. infirmty or disablement. finanpAal hardship or social and economic circumstanc6s, hav8 néed of such facilities. h) such other means as may from time to lime be detemiln8d subject to the prtor wrfften consenl of the Charity Commlssioners for England and Wales." 8lru¢tur•, Gov•rnano• and Manag•m•nt The commhte8 meets quarterly Of more frequernty (as requlred) to d188 ongolng projects, fln8nc8, fundralsing and speclfic projècas. Gov•rnlnq Docum•nts MPS was incorporated as a Soclèty ty Companbs House kn October 2019 Rl•k Management The Dlrectorsrrrustees Intend to establlsh systems and procedurès to miligate any rlsks klentffied in the future and the iMpmental10n of procedures deSned to miniml8e potential impact on the charity company. TN•ts•s' Indu¢tlon and tralnln9 er& thore is a need lo invite new Trustees. Ihese will be identifi8d and appointed by tho current Trustees. FlnAnelil r•vl•w The Charitls financial statomenls fortho year ondod 31 st Juty 2023 sh¢yN Net Assets of £8,137 R•s•N• p•ll¢y is the inlenlK)n of the Direclors rUSteeS to eslablish unresiricted reserves and other Pufposes. PaBe 5 of12
MONTSERRAT PATRONS SOCIETY Finarbcial Statements Forth• Year Endod 31 July 2024 Statement of Trustees Responsibilities The Tiu$tees are responsible for preparing the Report of the Trustses and the financial ststements in a¢¢ordance wlth Applicable Laws. The law 8ppllcable to chafltable companies is to prepare Financial Stataments for each financial year which yeS 8 true and fair view of tho statg of affairs of th8 eharitable ompany, the incoming resource and application of resources. including the incomo and expendIre, for that pèTlod. In preparing thoso financial statoments. the Truste¢8 are required to.. S8lect 8ultabl& accounting policie$ and then apply them consistenlly. Observe the methods and prlndple In the Charity in a¢¢ordance with the Ststaments of Recommend8d Practices {SORP). Make judgement and •stimate$ that 8r8 roesongblè and pwdent. Prepare the fin8ncial ststement on the going concem basls unless it 1$ In8ppropriat8 to pr88umo that thè charlty wlll conknu• In bus8$$. The Trustees aro responslblo for keeplng proper 8G¢ountlng records and disclosing with reasonable accuracy al any tlme the financial position of the charitablè company. Thèy are also responsible for safeguardlng the assel of the charity and hence for tsking reasonable Steps for the prevention arsd detection of froud and olhèr irregularitios. Accountsnts The accountsnts. Allen Robyn & Assodatss Limlted will bo proposed for r•-appointment at tho forthcomlng Annual Gon9ral Meeng. ApY0v by the Trte09 on .................... ON BEHALF OF THE BOARD: 08nise MÈade-Hill Gifford Duberry CHAIRrrRUSTEE TREAsURERRusTEE Page 6 of 12
MopirsERRAT PATRONS SOCIETY Financial Statements For the Yr Ended 31 July 2024 Independent Examiners Reportto the Executive of Montserrat Patrons Society We report on the accounts of Montserrat Patron Society for the year èndèd 31st July 2024. which is set out on pages 10-12. R•SP•1v• r•sponsibilrti•s of •x•cutiv•s and examiner Th• Company's execulive is r8spon$lblo for the preparatlon of the 8¢counts. They consldgr that an audit is not required for this period under the arlidos, but Section 8lb} of the Artlcles $latgs that distributions ¢lG. must be in accordance with yu¢h provi8ion8 as are ¢ontain&d in Part IV of the Companies Act 8$ shall be opplicable and noted that an independent èxamlnotion is needed. It Is our reSPKinslbllty to.. •xamine the accounts undgr Companies Act. to follow the procedures laid down by th• International Finanual Reporting Standards IIFRS)., and to State wthother matter8 have come to our attention. Basls of Ind•p•nd•nt •xamin•fs rnport An èx8mln8On Includos 8 revlew ol the accounting recordg képt by tho Company. It also Includ88 consld•ration of any unusual item8 or di8clo8ur•s in tho 8ccounts. Th8 procedures undortaken do not provide all the evldence thal would bo rgqulred In 8n audlt and consequently no oplnlon is given 8S to whether the accounts present a Irue and falr vlew, and the report is limited to those matters set out in the statement below. Ind•p•nd•nt •x*min•rfs stat•m•nt In connecuon wlth our examlnatlon, no mattor has come to our attention: 1) which obv88 us reasonable cause to belleve Ihat In any m8terial respect the requIrents. lo keep accountino rècord$ and to prepare accounts which accord with tho a¢counting records and comply ith the accounting have not been met., or 21 to whlch, In our opinion, attertion should bo drawn to enable a proper unde¥¥tandlng ofthè a¢countsto be reathed. Rolston Allen FCCA Allen Robyn & Associatss Ltd Datg.. Page 7 of 12
MONTSERRAT PATRONS SOCIETY Financial Slatements For the Year Ended 31 July 2024 ststement of Financial Activities Forthe Year Ended 31"July 2024 thL* It)¢¢)TrM •Jftd5 Ygw 2024 Y•ar 2W23 Ino•ming r•souro•5 Donations, Legacl8s and Gfarts 2,360 Total In¢omlng Mour¢•• 905 2,360 Co•18 of 9•n•rallng fund• Charitable adibryte8-Re8our¢e8 exptndod (Nottr 2) Total rM•ur¢•• •xp•nd•d 1.671 1.871 2,032 1,671 1,671 2,032 (D•ficlllSuIU& forth• Perlod (7661 17661 328 B•lane•- Bought forward 12,3161 12,316) 12,6441 Total Carrl•d Fotward (£3,082) 1£3,0821 (£2,316) The stst&ment of ff nancial a¢tiviti•s includes 811 galns and Iossos In the year. In¢omlno resources and resources 8xpended derive from continulng activities. Page 8 of 12
MONTSERRAT PATRONS SOCIErY Financial Statements Forthe Year Ended %1 July 2024 ststement of Financial Position As at the 31st July 2024 X124 Flx•d As5•ts Intangible Asset 5,9TI 5.977 Tangib Asset 320 320 Lass D•preciation (240) (160) T•lal Fix•d Ass•¢ 6,057 6,137 Curr•nt Ass•ts Cash al bank and kn hd 904 Total Assets 7,041 Curr•nt Liabilili•s AaL8 1,160 6QJ Related Party Total Curr•nt U•bllhl•s 2,700 2.700 3,860 3.300 Total N•tAss•ts £2,975 £3,741 Contribut•d Capllal 6,057 6,137 unr•Strl•d Funds (3.082) (2,396) N•t Capltal £2,975 £3,741 Thesè financrdl stal¢ment$ have been prepared in accordance wlth the proNllsions of Sectkm. 1A {Small Entities) of Financial Reporting Standard Approved bythe Board ofTrusteeson......................... -and Pag¢ 9 of 12
IAoiifsERRAT PATRONS SOCIFrY Financial Statemènts For the Yr Ended 31" Juty 2024 Notes to the Financial Statements Notos foming part of tho Financial Stat•m•nis forthe yearended 31 July 2024 1. Regi8tYation of the Charitable Irwrporat4d Chpnisation Charitable Inc4)rporaled Organizations or CIOS are a rnlatively new legal structure availabl6 for charities or charitable groups that wished to be in¢ofporated available for ¢harltle$ or chartt8ble groups that wish to be incorporated. 11 eAn be pid(ed instead of rogistering as a charity and then as a ccffipary CIOS have been designed specmcalty for charftable groups, allowlng them lo reglster just once with the Chariiy Commission as an incorporated fom of charity which is not a company. This cuts out the ne8d to rngister wlth and report to Compan9 House. CIO members still hawi key rlghts in law and under the Constitution and trustees are stlll responsible for managin9 Ihe organlsatlon (ncrte that trustees for CIOS wlll only be trustees, thèy will not haTrM the dual role otthe Company Director. The accnuntlng pollcles hawJ boon applied (J)nsistently throughout year and In the precedk)g year. Ba$1$ ala¢eounlkng The finanGial statemerrts have been pr•par•d und•r tho historical cost conventlon, as modifEd bythe inclusion of fixed asset investments at market value. and in accordance wilh the Companies Act 1985 and the Statement of Recommended Pracll¢e.' Accounting and Reportlrrfj by Charities issued in March 2CQ5. b. Fund aeeountlng l. Unrestrlcted funds are available for use at the dlscrellon ollhe trusteas in fvrtherance of the general objectives Of1 charity. 11. Designated funds are unrestricted funds eannathed by the Management Committee for partilar purp0s8S. iii. Reslricaed fijnds are subjected to restrictions on their eand[tUr0 imposed by the donor or through Iho te$ of an appeal. Pagc 10 of 12
MopifsERRAT PATRONS sIETy FinaneAI Statsments For the Year Ended 31 Juty 2024 c. In¢oming TrurceS All incoming resources are included in the statemenl of financial activities when the ch8rity is enlrued lo. and virlually certain to receive, the income and the amount can be quantiffied vllh reasonabla accuracy. The following policies are applied to particular categories of income- i. Voluntary incom¢ Is rec8iv8d by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when recèivable. Grants. where entrtlement Is not condltlonal on Ihe delivery of a specific performancg by the Chaty. alè r8¢ognised when the chartty becomes unconditionally entiled lo the grant. 11. Oonated gorvlces and f8cilities are included at the value to thg charlty where this can be qu8nlfied. Th8 Value of servlces provlded by volunteers has not been included in these fj¢counts. 111. In¢oming resources from charitabl• trading activity are accounted foT when eamed. d. R•s•ure•s •xpnd•d Expenditure is r6cognl$ed on an accrual basis 88 a liabllty Is InGurr•d. Expendbturé indud•s any VAT whlch cannot bo fijlly ro¢ovorod. and 1$ reportod as part ol the expenditure to whlcfi It relates= i. Costs of generating lunds cornprise the Costs assodat8d wilh attra¢llng voluntsry Income. 11. Ch8rltsble expenditure comprises those costs incurred by tho charity In Ihe dglivery of Its aclvitt98 and services for its b8nèflciarle8. It In¢ludos both c06ts that can be allocatgd directly to such activit'es and those ¢o$ts of an Indlrect nabjre necessary to support them. i. Govemance costs include those costs associatèd wlth meetlng the constitutional 8fKI stalwtory raquirements of the charity and includg tho
ccourrting fees And Co9 linked to tra strat8gle m8n8gèm•nt of the
charity. Iv. All costs are allocated b¥iwè tha 8xp•nthbJre categorie5 Of the SOFA on a baS designed to rèfi8Ct tho use of the resourcg. Costs relating to a particular adivty are allocated direclly. e. Flx•d ass•ls Fixed 855*ts are stated at Cost or knss accumuLgted deprecMlon where apwowiate. The costs of minor additions or those cosling loW £100 aro nol capitali5ed. Depreaation is provijwj al rales calcukt8d to write off the osu valuation of each asset over its expected useful life. Page Ilof 12
MONTSERRAT PATRONS SOCIETY Financial Statements For thg Year Ended 31t July 2024 2. Totsl Resources expended B#i¥ of alklI0ftE 2024 Total 2023 Totsl Direct Cost Direct 1,017 Bank charges and interest Tran&*t ions 65 65 55 Legal and professional Usage 360 300 Registered of usage 200 200 500 1.591 1.591 1.872 Depreciation Usage 80 160 Total Resources Expended £1,671 £1,671 £2,032 3. Contrfbuted Capltal Contributed Capital repres•nts PItal assets donated to the CIO with a view to generating Income in the fvture 4. R•latod Party Tran84Ctlong Related Party Transactions represants pre opergting èxpenses paid on bohalf of th CIO by Allen & Allen Consulting Limrted which was agr99d would be repaid. Page 12of 12