CHARITY REGISTRATION NUMBER: 1194520 COMPANY REGISTRATION NUMBER: CE026298
SIGNIFICANCE
Trustees’ Annual Report & Financial Statements Year ended 31 May 2024
STEPHENSON COATES AUDIT LIMITED
Chartered Accountants & Statutory Auditor West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD
SIGNIFICANCE
Financial Statements
Year ended 31 May 2024
| Page | |
|---|---|
| Chair’s statement & Trustee’s annual report | 1 |
| Independent examiner’s report to the Trustees | 6 |
| Statement of financial activities (incorporating the income and expenditure | |
| account) | 7 |
| Balance Sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
SIGNIFICANCE
Trustees' Annual Report
Year ended 31 May 2024
Chair’s statement
The Trustees continue to be dedicated and determined to continue and develop the work and legacy of its founder, Fr Donnelly. At the heart of SIGNIFICANCE is the belief that young people are not called to live lives of survival or even lives of success, but to live lives of happiness and significance. Once they come to know their ‘significance’, they can go on to enable others and inspire the world to be a better place.
Following the successful planning application to expand the facilities of the Youth Ministry Trust in December 2023, made possible thanks to the generous donations provided by the Sisters of Mercy, work to fully cost and plan the works has commenced. During that process, some additional works have been identified and how this might be funded, in conjunction with the costs of the overall project, is currently being considered and investigated. It is hoped that work on the project may commence towards the end of 2025. We once again wish to record our sincere thanks to the Sisters of Mercy for the overwhelming level of support they have continued to provide via the third generous donation which was made during the year under review.
We also wish to say a big thank you to all our other supporters and donors for the kind and generous donations, be that one-off donations, regularly monthly giving, fundraising on behalf of the charity, or volunteering and supporting the work of the charity. In particular, we thank everyone who promoted and participated in our first Grand Draw, enabling us to promote and publicise our work more widely, and culminating in the Draw in November 2023 on the occasion of Youth Sunday. As Trustees, we commit to be responsible stewards of both your donation and your trust by ensuring that the charity continues to meet its objectives by continuing to provide grants for projects that support and encourage the development of young people.
Following on from the previous year’s celebration on the first anniversary of Fr Dermott’s death, SIGNIFICANCE and the Youth Ministry Trust hosted a SIGNIFICANCE Festival weekend in July 2024. This was a great opportunity to showcase the work of the charity over the last year. We hope that this will be an annual event to celebrate Fr Dermott’s legacy, share its vison and fundraise so that we can develop and support more opportunities for young people.
……………………………..
Mary Hughes Chair
Date: 25 February 2025
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SIGNIFICANCE
Trustees' Annual Report
Year ended 31 May 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2024.
Reference and administrative details
Registered charity name SIGNIFICANCE Charity registration number 1194520 Company registration number CE026298
Principal Office
Emmaus Village Pemberton Road Allensford Consett DH8 9BA
The Trustees
M Hughes (Chair) Fr S Weymes (Resigned 14 March 2024) Dr R Stanley D Robinson A Lawless S Donnelly (Appointed 13 June 2024) Fr J J Dodds (Appointed 19 September 2024)
Independent examiner
John Oswald BA FCA Stephenson Coates Audit Limited West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD
Bankers
NatWest 12 Market Place Durham DH1 3NG
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SIGNIFICANCE
Trustees' Annual Report (continued)
Year ended 31 May 2024
Structure, governance and management
Governing document
The charity is a Charitable Incorporated Organisation (CIO) established on 18 May 2021, governed by its constitution. The Charity Registration number is 1194520 and the Company number is CE026298.
Recruitment and appointment of Trustees
Recruitment of trustees is undertaken by the trustees as the need arises in order to ensure that charity trustees collectively have the necessary skills, knowledge and experience for the effective administration of the CIO.
The trustees who served during the year were:
-
Mary Hughes
-
- Fr Simon Weymes (Resigned 14 March 2024) - Dr Roy Stanley - Daryn Robinson - Anthony Lawless
Induction and training of trustees
New trustees are briefed on the powers and responsibilities of the trustees and are provided with a copy of the charity’s current constitution. They are also briefed on the grant making process and the recent financial performance of the charity, as well as being provided with a copy of the latest Trustees’ Annual Report and statement of accounts.
Organisation
The charity is managed by the trustees, who meet at least quarterly, or more frequently if the need arises. The number of trustees may not be less than three and is subject to a maximum of 12. The quorum for the transaction of business is one third of the trustees or two trustees, whichever is greater.
Risk management
The trustees have carried out a risk assessment to identify the major governance, financial, operational and compliance risks which the charity faces and this is reviewed each year. Procedures have been established to enable the trustees to monitor and mitigate those risks.
Objectives and activities
SIGNIFICANCE was formally established as a CIO on 18 May 2021. Prior to this, in 2017, Fr Dermott Donnelly, on the occasion of his Silver Jubilee, marking 25 years of priestly ministry working with young people in the region, began the work of SIGNIFICANCE on a personal level. “Young people have so much to give to our society and our world and I want to give them every opportunity to develop their potential. Through the projects SIGNIFICANCE will support, young people will be inspired to reach high and achieve their best” (Fr Dermott Donnelly). At the heart of SIGNIFICANCE is the belief that young people are not called to live lives of survival or even lives of success, but to live lives of happiness and significance. Once they come to know their ‘significance’, they can go on to enable others and inspire the world to be a better place.
The objective of the CIO is to advance, for the public benefit, the education (including social, physical, spiritual and mental development) of young people in the North East of England.
The main activities of the CIO is that of fundraising, so that the funds raised can be used to provide grants to other charities, ministries and organisations who are seeking to achieve materially similar objectives.
The CIO has a grant-making policy which sets out the principles, criteria and processes that govern how it awards grants. The trustees have ultimate collective responsibility for all grant-making decisions in accordance with the objectives of the charity. Eligible applicants will be from the North East of England, with a focus on the Diocese of Hexham and Newcastle areas.
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SIGNIFICANCE
Trustees' Annual Report (continued)
Year ended 31 May 2024
Achievements and performance
During the year to 31 May 2024, the charity was active in its principal activity of fundraising. A third donation of £210,000 was received from The Sisters of Mercy Sunderland so that the CIO is able to further assist the Youth Ministry Trust (“YMT”) by providing grant funding to YMT for the primary purpose of contributing to the modernisation and development of YMT’s facilities, thereby enabling it to be self-sufficient.
Additional donations were received by the charity in the financial year totalling £25,140 (2023: £26,599).
Going Concern
The charity has reviewed its cash flow forecasts and there is a reasonable expectation that it has adequate resources to continue in operational existence for at least the next twelve months and on this basis the charity is considered to be a going concern.
Financial review
During the year ended 31 May 2024, in addition to the restricted grant income of £210,000 (2023: £570,000) from The Sisters of Mercy Sunderland, SIGNIFICANCE received unrestricted funds from donations and fundraising of £33,635 (2023: £26,599), as well as investment income of £32,756 (2023: nil). Total expenditure for the year was £112,803 (2023: £211,513) resulting in a net income result for the charity of £164,237 (2023: £385,086).
Of the total expenditure, grants were paid from the restricted funds to YMT totalling £100,000 (2023: £173,000). In addition, there were 8 successful grant applications paid from the unrestricted fund totalling £8,800 (2023: £36,960). Details of grants paid in the year are in Note 7 of the financial statements.
The total charitable funds at 31 May 2024 were £1,247,722 (2023: £,1,083,485), of which £1,163,936 are restricted funds. Free reserves are considered to be the unrestricted reserves of the charity, being £83,786 (2023: £29,549). Owing to the voluntary nature of time expended on the charity’s activities, the day to day running costs of the charity is minimal, meaning that most of the unrestricted reserves are expected to be utilised for future potential activities that advance the objectives of the CIO. As such at the year end, the trustees believe that SIGNIFICANCE is in a strong financial position.
Reserves policy
As the day to day running costs of the CIO are minimal, the trustees do not feel that a formal reserves policy is currently necessary. At regular intervals, such as a meeting of the trustees, the cash reserves are noted at the same time as reviewing any grant applications received. When making a decision whether to approve any grant applications, the trustees take into consideration the level of reserves, both restricted and unrestricted depending on the application received, to ensure that the CIO will retain sufficient reserves if the grant is approved. Should the activities and/or costs of the CIO change in the future, it might become appropriate for the trustees to formalise an appropriate reserves policy.
Plans for future years
Our priorities for the future are to continue to support YMT by providing grant funding, utilising the restricted funds generously provided by the Sisters of Mercy Sunderland, for the primary purpose of contributing to the modernisation and development of YMT’s facilities, thereby enabling it to be self-sufficient. Further fundraising activities will also be undertaken with the aim of generating further unrestricted donations, in addition to the £83,786 at the year end (2023: £29,549), so that the charity can also seek to advance the education of young people in the North East by providing grants to help fund appropriate projects.
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SIGNIFICANCE
Trustees' Annual Report (continued)
Year ended 31 May 2024
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate 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 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charities governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 25 February 2025 and signed on behalf of the board of trustees by:
Mary Hughes Trustee (Chair)
Daryn Robinson Trustee (Treasurer)
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SIGNIFICANCE
Independent Examiner's Report to the Trustees of SIGNIFICANCE
Year ended 31 May 2024
I report to the trustees on my examination of the financial statements of SIGNIFICANCE ('the charity') for the year ended 31 May 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
John Oswald FCA Member of the ICAEW
Stephenson Coates Audit Limited West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD
25 February 2025
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SIGNIFICANCE
Statement of Financial Activities
(incorporating the income and expenditure account)
Year ended 31 May 2024
| Notes Income and endowments from Donations, legacies and grants 4 Other trading activities 5 Investment income 6 Other income Total income Expenditure on Raising funds Charitable activities 7, 8 Total expenditure Net income and net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 25,140 8,495 32,756 650 67,041 362 12,442 12,804 54,237 29,549 83,786 |
Restricted funds £ 210,000 - - - 210,000 - 100,000 100,000 110,000 1,053,936 1,163,936 |
2024 Total funds £ 235,140 8,495 32,756 650 277,041 362 112,442 112,804 164,237 1,083,485 1,247,722 |
2023 Total funds £ 596,599 - - - |
|---|---|---|---|---|
| 596,599 | ||||
| - 211,513 |
||||
| 211,513 | ||||
| 385,086 | ||||
| 698,399 | ||||
| 1,083,485 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 - 16 form part of these financial statements.
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SIGNIFICANCE
Balance Sheet
31 May 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Net assets Funds of the charity Unrestricted funds Restricted funds Total charity funds 14, 15 |
2024 £ 1,249,108 1,249,108 (1,386) 1,247,722 1,247,722 1,247,722 83,786 1,163,936 1,247,722 |
2023 £ 1,084,745 |
|---|---|---|
| 1,084,745 (1,260) |
||
| 1,083,485 | ||
| 1,083,485 | ||
| 1,083,485 | ||
| 29,549 1,053,936 |
||
| 1,083,485 |
These financial statements were approved by the board of trustees and authorised for issue on 25 February 2025, and are signed on behalf of the board by:
Mary Hughes Trustee (Chair)
The notes on pages 10 - 16 form part of these financial statements.
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SIGNIFICANCE
Statement of Cash Flows
Year ended 31 May 2024
| Cash flows from operating activities Net income Adjustments for: Other interest receivable and similar income Increase in creditors Net cash provided by operating activities Cash flows from investing activities Interest received Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ 164,237 (32,756) 126 131,607 32,756 – 164,363 1,084,745 1,249,108 |
2023 £ 385,086 – 260 |
|---|---|---|
| 385,346 – – |
||
| 385,346 699,399 |
||
| 1,084,745 |
The notes on pages 10 – 16 form part of these financial statements.
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The charity is registered charity in England and Wales and is a charitable incorporated organisation. The address of the principal office is Emmaus Village, Pemberton Road, Allensford, Consett, DH8 9BA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. SIGNIFICANCE meets the definition of a public benefit entity under FRS 102.
Going concern
The charity has reviewed its cash flow forecasts and there is a reasonable expectation that it has adequate resources to continue in operational existence for at least the next twelve months and on this basis the charity is considered to be a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no key judgements or estimates that impact on the financial statements.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to income:
- Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT, and is classified under headings of the statement of financial activities to which it relates:
- Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity.
Grants payable are recorded once the charity has made an unconditional commitment to pay the grant which is communicated to the beneficiary or the grant has been paid, whichever is the earlier. Grants offered subject to conditions which have not been met at the balance sheet date are noted as a commitment, but not provided as expenditure.
Governance costs represents expenditure incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.
Investment income
Interest receivable is accounted for when receivable by the Charity.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Voluntary assistance
Time is expended on the charity’s activities and governance which is donated free of charge. It is impractical to quantify the value of the time given, and accordingly it is neither recorded as donated income nor as an expense in the financial statements.
4. Donations, Legacies and Grants
| Donations, Legacies and Grants | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations & Legacies | |||
| Donations | 25,140 | – | 25,140 |
| Grants | |||
| The Sisters of Mercy Sunderland | – | 210,000 | 210,000 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| 25,140 | 210,000 | 235,140 | |
| ================================ | ================================ | ================================ |
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
4. Donations, Legacies and Grants ( continued )
| 4. | Donations, Legacies and Grants (**continued) ** | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Donations & Legacies | ||||
| Donations | 26,599 | – | 26,599 | |
| Grants | ||||
| The Sisters of Mercy Sunderland | – | 570,000 | 570,000 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| 26,599 | 570,000 | 596,599 | ||
| ================================ | ================================ | ================================ | ||
| 5. | Income from charitable activities | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Social lotteries | 8,495 | – | ||
| ============================ | ============================ | |||
| 6. | Investment income | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Interest on cash deposits | 32,756 | – | ||
| ============================ | ============================ | |||
| 7. | Expenditure on charitable activities by fund type | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Grants payable (Note 9) | 8,800 | 100,000 | 108,800 | |
| Other activities | 2,256 | – | 2,256 | |
| Legal & Professional fees | 1,386 | – | 1,386 | |
| ---------------------------- | -------------------------------- | ---------------------------- | ||
| 12,442 | 100,000 | 112,442 | ||
| ============================ | ================================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Grants payable (Note 9) | 36,960 | 173,000 | 209,960 | |
| Other activities | 93 | – | 93 | |
| Legal & Professional fees | 1,460 | – | 1,460 | |
| ---------------------------- | -------------------------------- | ---------------------------- | ||
| 38,513 | 173,000 | 211,513 | ||
| ============================ | ================================ | ================================ |
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
8. Expenditure on charitable activities by activity type
| 8. | Expenditure on charitable activities by activity type | |||
|---|---|---|---|---|
| Activities | Total funds | |||
| undertaken directly | Support costs | 2024 | ||
| £ | £ | £ | ||
| Grants payable (Note 9) | 108,800 | – | 108,800 | |
| Other activities | 2,256 | – | 2,256 | |
| Legal & Professional fees | – | 1,386 | 1,386 | |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| 111,056 | 1,386 | 112,442 | ||
| ================================ | ================================ | ================================ | ||
| Activities | Total funds | |||
| undertaken directly | Support costs | 2023 | ||
| £ | £ | £ | ||
| Grants payable (Note 9) | 209,960 | – | 209,960 | |
| Other activities | 93 | – | 93 | |
| Legal & Professional fees | – | 1,460 | 1,460 | |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| 210,053 | 1,460 | 211,513 | ||
| ================================ | ================================ | ================================ | ||
| 9. | Grants payable | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Youth Ministry Trust | 2,000 | 100,000 | 102,000 | |
| Pope John Paul II Award Ceremony | 2,000 | – | 2,000 | |
| Grants to other institutions – Community grants | 2,000 | – | 2,000 | |
| Grants to other institutions – Religious grants | 1,000 | – | 1,000 | |
| Grants to individuals – World Youth Day Travel costs | 1,200 | – | 1,200 | |
| Grants to individuals – Education grants | 600 | – | 600 | |
| ---------------------------- | -------------------------------- | ---------------------------- | ||
| 8,800 | 100,000 | 108,800 | ||
| ============================ | ================================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Youth Ministry Trust | – | 173,000 | 173,000 | |
| Flame | 31,960 | – | 31,960 | |
| Catholic Scouts | 3,000 | – | 3,000 | |
| Pope John Paul II Award Ceremony | 2,000 | – | 2,000 | |
| ---------------------------- | -------------------------------- | ---------------------------- | ||
| 36,960 | 173,000 | 209,960 | ||
| ============================ | ================================ | ================================ | ||
| 10. | Net incoming resources | |||
| Net incoming resources for the charity is stated after charging: | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,386 | 1,050 | ||
| ================================ | ================================ |
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
11. Staff costs
There were no staff costs in the year (2023: None).
The average head count of employees during the year was Nil (2023: Nil). The charity considers its key management personnel to be the trustees. See note 12.
12. Trustees’ remuneration and related party transactions
The trustees did not receive any remuneration during the year and were not paid or reimbursed for any expenses.
There are no related party transactions during the year ended 31 May 2024 (2023: None).
13. Creditors: amounts falling due within one year
| 13. | Creditors: amounts falling due within | one year | |||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Other creditors | 1,386 | 1,260 | |||
| ================================ | ================================ | ||||
| 14. | Analysis of charitable funds | ||||
| At | At | ||||
| 1 June 2023 | Income | Expenditure | 31 May 2024 | ||
| Unrestricted funds | £ | £ | £ | £ | |
| General funds | 29,549 | 67,041 | (12,804) | 83,786 | |
| ============================ | ================================ | ============================ | ============================ | ||
| At | At | ||||
| 1 June 2023 | Income | Expenditure | 31 May 2024 | ||
| Restricted funds | £ | £ | £ | £ | |
| The Sisters of Mercy Sunderland | 1,053,936 | 210,000 | (100,000) | 1,163,936 | |
| ============================ | ================================ | ================================ | ================================ | ||
| Total charitable funds | 1,083,485 | 277,041 | (112,804) | 1,247,722 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Comparatives: | |||||
| At | At | ||||
| 1 June 2022 | Income | Expenditure | 31 May 2023 | ||
| Unrestricted funds | £ | £ | £ | £ | |
| General funds | 41,463 | 26,599 | (38,513) | 29,549 | |
| ============================ | ================================ | ============================ | ================================ | ||
| At | At | ||||
| 1 June 2022 | Income | Expenditure | 31 May 2023 | ||
| Restricted funds | £ | £ | £ | £ | |
| The Sisters of Mercy Sunderland | 656,936 | 570,000 | (173,000) | 1,053,936 | |
| ============================ | ================================ | ============================ | ============================ | ||
| Total charitable funds | 698,399 | 596,599 | (211,513) | 1,083,485 | |
| ================================ | ================================ | ================================ | ================================ |
The Sisters of Mercy Sunderland – funding received to assist the Youth Ministry Trust (YMT) and provide grant funding to YMT for the purposes of meeting YMT’s ongoing operating costs and to contribute to modernising and developing YMT’s facilities, thereby enabling it to be self-sufficient and no longer reliant on grant funding from the Diocese of Hexham & Newcastle.
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
15. Analysis of net assets between funds
| 15. | Analysis of net assets between funds | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Current assets | 85,172 | 1,163,936 | 1,249,108 | |
| Creditors less than 1 year | (1,386) | – | (1,386) | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net assets | 83,786 | 1,163,936 | 1,247,722 | |
| ================================ | ================================ | ================================ | ||
| Previous year | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Current assets | 30,809 | 1,053,936 | 1,084,745 | |
| Creditors less than 1 year | (1,260) | – | (1,260) | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net assets | 29,549 | 1,053,936 | 1,083,485 | |
| ================================ | ================================ | ================================ | ||
| 16. | Analysis of cash and cash equivalents | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Cash in hand | 148,824 | 1,084,745 | ||
| Notice deposits (less than three months) | 200,123 | – | ||
| Notice deposits (more than three months) | 900,160 | – | ||
| -------------------------------- | -------------------------------- | |||
| 1,249,108 | 1,084,745 | |||
| ================================ | ================================ |
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SIGNIFICANCE
Notes to the Financial Statements
Year ended 31 May 2024
17. Prior period Statement of Financial Activities
| Period | ended 31 May | 2023 | |
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| £ | £ | £ | |
| Income and endowments | |||
| Donations, legacies and grants | 26,599 | 570,000 | 596,599 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| Total income | 26,599 | 570,000 | 596,599 |
| ============================ | ================================ | ================================ | |
| Expenditure | |||
| Expenditure on charitable activities | 38,513 | 173,000 | 211,513 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| Total expenditure | 38,153 | 173,000 | 211,513 |
| ============================ | ================================ | ================================ | |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| Net income and net movement in funds | (11,914) | 397,000 | 385,086 |
| ============================ | ================================ | ================================ | |
| Reconciliation of funds | |||
| Total funds brought forward | 41,463 | 656,936 | 698,399 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| Total funds carried forward | 29,549 | 1,053,936 | 1,083,485 |
| ================================ | ================================ | ================================ |
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