Registered Number: 246884 (England and Wales)
Registered Charity Number: 200492
MITCHAM GARDEN VILLAGE AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Charity registration number: 200492 Company registration number: 00246884
Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Contents
REPORT OF THE TRUSTEES .............................................................................................................................. 3 STATEMENT OF TRUSTEES' RESPONSIBILITIES ................................................................................................ 6 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF MITCHAM GARDEN VILLAGE ........ 7 STATEMENT OF FINANCIAL ACTIVITIES ........................................................................................................... 9 BALANCE SHEET............................................................................................................................................ 10 CASH FLOW STATEMENT .............................................................................................................................. 12 NOTES TO THE FINANCIAL STATEMENTS ...................................................................................................... 13
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Reference & Administrative Information
Trustees Mr. P.E. Flowers - Chairman Ms. S. McDonagh MP Mr. E.J. Brunton Ald. T.I. Munn (resigned 29[th] Sep 2021) Ms. S. Vogel Mr. A.D. Halstead Mr. C.P. Worley Ms. S. Dark (resigned 30[th] Sep 2021) Registered Office 151 Wickham Road Croydon Surrey CR0 8TE Registered Number 246884 Charity Number 200492 Auditors KWSR & Co Chartered Accountants & Registered Auditors 136 Merton High Street London SW19 1BA Bankers Lloyds Bank Plc 25 Gresham Street London EC2V 7HN
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Report of the Trustees
The Trustees, who are also the Directors of the Company for the purposes of the Companies Act 2006, submit their report and accounts for the year ended 30 September 2021.
Reference and Administrative Details
The Company is a registered charity no. 200492, is limited by guarantee and has no share capital. In the event of a winding up of the Company, the Trustees are each liable to a maximum of £1. The Company has received a license from the Board of Trade to allow it to omit the word "Limited" from its name.
Structure, Governance and management
The affairs of the charity are governed by the Trustees, who meet regularly to oversee the activities and day to day running of the charity. All of the Trustees are volunteers, and no remuneration is paid to any trustee, apart from reimbursement of expenses incurred.
The Trustees, who are all directors of The Company as defined by the Companies Act 2006, are as set out below;
Mr. P.E. Flowers - Chairman
Ms. S. McDonagh MP Mr. E.J. Brunton Ald. T.I. Munn (resigned 29[th] Sep 2021) Ms. S. Vogel Mr. A.D. Halstead Mr. C.P. Worley Ms. S. Dark (resigned 20[th] Sep 2021)
Objectives and Activities
The Company's principal activity is the management and maintenance of the memorial homes known as Mitcham Garden Village for the benefit of deserving local poor persons of good moral character.
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Achievements and Performance
The results for the year, and the financial position as at the year end, are as set out in the attached financial statements. The Trustees consider the results to be satisfactory. The policy regarding reserve funds is that a minimum cash reserve fund of £25,000 be maintained.
The minimum level of cash reserves, whilst forming part of the working capital, is regarded by the Trustees as being available solely to meet unforeseen expenditure outside the scope of normal day-to-day activities. The requirement was fulfilled or exceeded throughout the year.
Risk Review
The Trustees have established a policy of reviewing the major risks which the Company faces and will take any measures necessary to minimize those risks.
Important events since the year end
There have not been any events since the balance sheet date which necessitate a revision of the amounts included in the financial statements, report and accounts for the year ended 30 September 2021.
Financial Review
The Trustees aim to achieve a modest operating surplus each year, to enable them to maintain the operating capacity of the charity. In the year to 30 September 2021, there was a surplus of £54,400 (2020- £178,361).
Plans for Future Periods
The Trustees plan to continue the charity's work in providing suitable affordable housing for deserving persons in the Mitcham area, whilst maintaining and improving the existing housing stock.
Funds held on behalf of others
The Charity does not hold funds on behalf of anyone.
Auditors
KWSR & Co. have indicated their willingness to continue in office in accordance with the Companies Act 2006.
4
Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Statement of disclosure to auditors
So far as the Trustees are aware, there is no relevant audit information of which our Company's Auditors are unaware. Additionally, the trustees have taken all steps that they ought to have taken to ensure that the Company's Auditors are aware of that information.
Basis of Preparation
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006, and in accordance with the Financial Reporting Standard 102.
By order of the Trustees
Paul Flowers (Jun 23, 2022, 12:44pm) Mr. P.E. Flowers – Chairman Mr. C.P. Worley Colin Worley (Jun 23, 2022, 7:18pm) 151 Wickham Road 151 Wickham Road Croydon Croydon Surrey CR0 8TE Surrey CR0 8TE 13[th] June 2022 13[th] June 2022
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Statement of Trustees’ responsibilities
The trustees (who are also the directors of Mitcham Garden Village for the purposes of company law) 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).
Company law requires the directors to prepare financial statements for each financial year. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to
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select the most suitable accounting policies and then apply them consistently;
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observe the methods and principles set out in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charitable company and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Trustees
Paul Flowers (Jun 23, 2022, 12:44pm) Colin Worley (Jun 23, 2022, 7:18pm) Mr. P.E. Flowers – Chairman Mr. C.P. Worley 151 Wickham Road 151 Wickham Road Croydon Croydon Surrey CR0 8TE Surrey CR0 8TE 13[th] June 2022 13[th] June 2022
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Independent Auditor’s report to the members and trustees of Mitcham Garden Village
We have audited the financial statements of Mitcham Garden Village for the year ended 30 September 2021 which comprise a Statement of Financial Activities, Balance Sheet, Cash Flow Statement and related notes. The financial reporting framework that has been applied in their preparation is UK law and FRS 102 the Financial Reporting Standard applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Respective Responsibilities of the Trustees and Auditors
Trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK & Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standard for Auditors.
Scope of the Audit
An audit involves obtaining evidence about the amount of disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements.
Opinion on the Financial Statements
In our opinion the financial statements:
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give a true and fair view of the state of the company’s profit or loss for the year ended 30 September 2021;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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Adequate accounting records have not been kept; or
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Certain disclosures of trustees’ remuneration specified by law are not made; or
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We have not received all the information and explanations we require for audit; or
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• The Trustees were not entitled to prepare the financial statements in accordance with the Small Companies regime and take advantage of the Small Companies Exemption in preparing the Report of the Trustees.
On behalf of KWSR & Co.:
Susan Rahman (Jun 24, 2022, 9:54am)
Susan Rahman, BSc FCA (Senior Statutory Auditor)
KWSR & Co. Chartered Accountants & Registered Auditors 136 Merton High Street, London SW19 1BA 13[th] June 2022
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Statement of Financial Activities
| Notes INCOMING RESOURCES Incoming resources from charitable activities Other Income Investment income 3 Total incoming resources RESOURCES EXPENDED Cost of generating funds Charitable activities Management charges Establishment expenses Administrative expenses Mortgage interest 4 5 6 Governance costs Audit fees TOTAL RESOURCES EXPENDED Net incoming resources RECONCILIATION OF FUNDS Total brought forward Trust funds at 30 September Investment property revaluation reserve TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted Funds £ 530,295 5,248 36 535,579 151,387 318,510 7,749 2,303 479,949 1,230 481,179 54,400 1,061,350 1,115,750 6,874,944 **7,990,694 ** |
2020 Unrestricted Funds £ 515,243 - 352 |
|---|---|---|
| 515,595 138,057 188,023 2,805 3,550 |
||
| 332,435 4,800 |
||
| 337,234 | ||
| 178,361 | ||
| 882,989 | ||
| 1,061,350 6,874,944 |
||
| 7,936,294 |
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Balance Sheet
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Debtors (amounts falling due within one year) Cash at bank and in hand CREDITORS: Amounts falling due within one year 10 NET CURRENT ASSETS/(LIABILITIES) TOTAL CURRENT ASSETS LESS LIABILITIES CREDITORS: Amounts falling due after more than one year 11 NET ASSETS CAPITAL AND RESERVES Retained Funds 12 TOTAL FUNDS |
3,395 484,510 |
2021 £ 7,505,745 |
4,250 477,268 |
2020 £ 7,507,182 |
|---|---|---|---|---|
| 7,505,745 484,949 |
7,507,182 440,306 |
|||
| 487,905 2,956 |
481,518 41,212 |
|||
| 7,990,694 - |
7,947,488 11,194 |
|||
| 7,990,694 | 7,936,294 | |||
| 7,990,694 | 7,936,294 | |||
| 7,990,694 | 7,936,294 |
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.
Approved by the Board of Trustees on 8[th] June 2022 and signed of their behalf by:
Paul Flowers (Jun 23, 2022, 12:44pm) Mr. P.E. Flowers – Chairman Colin Worley (Jun 23, 2022, 7:18pm) Mr. C.P. Worley 151 Wickham Road 151 Wickham Road Croydon Croydon Surrey CR0 8TE Surrey CR0 8TE 13[th] June 2022 13[th] June 2022
11
Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Cash Flow Statement at 30 September 2021
| 2021 | |
|---|---|
| OPERATING ACTIVITIES | £ |
| Net Income | 54,400 |
| Adjustments to reconcile Net Income to Net Cash provided by operations: | |
| Payroll Liabilities | (707) |
| Accruals | (2,548) |
| Accounts Receivable | 323 |
| Prepayments | 532 |
| Total Adjustments to reconcile Net Income to Net Cash provided by | |
| operations: | (2,400) |
| Net cash provided by operating activities | 52,000 |
| INVESTING ACTIVITIES | |
| Furniture & Fittings: Accum. Depreciation | 1,436 |
| Net cash provided by investing activities | 1,436 |
| FINANCING ACTIVITIES | |
| Mortgage Account | (46,194) |
| Net cash provided by financing activities | (46,194) |
| Net cash increase for period | 7,242 |
| Cash at beginning of period | 477,268 |
| Cash at end of period | 484,510 |
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Notes to the Financial Statements
1. Company status
The Company is a registered charity no. 200492, is limited by guarantee and has no share capital. In the event of a winding up of the Company, the Trustees are each liable to a maximum of £1. The Company has received a license from the Board of Trade to allow it to omit the word "Limited" from its name.
2. Accounting Policies
Statement of compliance
The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entries (effective April 2008), the Companies Act 2006 and the requirements of Statement of Recommended Practice, Accounting and Reporting by charities.
Incoming resources
All incoming resources are included on Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Rent is recognised when they are due on monthly basis and adjustments are made to defer any fees paid in advance.
Resources expended
Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where cost cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Freehold investment property is included in the balance sheet at the Trustees' conservative estimate of market value. The last formal valuation was carried out in 1996 and indicated a then market value of £1,857,631. Depreciation is provided to write off fixtures and equipment, and car parks over their estimated useful lives at a rate of 20% per annum on cost.
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
Taxation
The charity is exempt from corporation tax.
3. Investment Income
| Interest receivable 4. Establishment expenses Salaries & NI Property maintenance Depreciation Insurance Council tax Water rates Light & heat 5. Administrative expenses Telephone Community support services Professional fees Sundry expenses Bank charges |
2021 £ 36 2021 £ 17,077 264,030 1,436 9,456 644 21,852 4,015 318,510 2021 £ 565 2,915 3,272 905 92 7,749 |
2020 £ 352 2020 £ 11,318 141,309 1,795 8,364 1,195 21,076 2,966 |
|---|---|---|
| 188,023 | ||
| 2020 £ 276 932 - 1,505 92 |
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| 2,805 |
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
6. Mortgage interest
Interest on mortgages repayable after more than one year
| nterest on mortgages repayable after more than one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Mortgage interest | 2,303 | 3,550 |
| et Incoming/ (Outgoing) Resources | ||
| et resources are stated after charging/(crediting): | ||
| 2021 | 2020 | |
| £ | £ | |
| Depreciation – owned assets | 1,436 | 1,795 |
| Auditor’s remuneration | 1,230 | 4,800 |
7. Net Incoming/ (Outgoing) Resources
Net resources are stated after charging/(crediting):
8. Trustees’ Remuneration and Benefits
There were no Trustees’ remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
9. Tangible Fixed Assets
| Cost/Valuation At 1 October 2020 Additions At 30 September 2021 Depreciation At 1 October 2020 Charge for the year At 30 September 2021 Net Book Value At 30 September 2021 At 30 September 2020 |
Car Park £ 28,292 - 28,292 28,291 - 28,291 1 1 |
Freehold Investment Property £ 7,500,000 - 7,500,000 - - - 7,500,000 7,500,000 |
Fixtures & Fittings £ 283,639 - 283,639 276,459 1,436 277,895 5,744 7,182 |
Total £ 7,811,931 - |
|---|---|---|---|---|
| 7,811,931 | ||||
| 304,750 1,436 |
||||
| 306,186 | ||||
| 7,505,745 | ||||
| 7,507,182 |
Freehold investment property is included in the balance sheet at the Trustees' conservative estimate of current market value. The last assessment of value was made by the Trustees in 1996 and indicated a then market value of £1,857,631. In the Trustees' opinion, the value of the freehold property is at least £7,500,000 and the current valuation has been adjusted to reflect this.
An independent valuation carried out on behalf of the Ipswich Building Society for remortgaging purposes on 1st October 2008 indicated an open market valuation of not less than £10,000,000.
The Trustees believe that the cost of obtaining a formal valuation would outweigh the benefits to be derived therefrom. The Trustees have not been able to ascertain the original cost.
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
| 10. | Creditors: Amounts falling due within | Creditors: Amounts falling due within | one year |
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Mortgages | - | 35,000 | |
| Taxation and social security | (44) | 664 | |
| Other creditors | 3,000 | 5,548 | |
| 2,956 | 41,212 | ||
| 11. | Creditors: Amounts falling due after more than | ||
| one year | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Mortgage 2- 5 years | - | 11,194 | |
| Mortgage after 5 years | - | - | |
| Amount falling due within one year | - | 35,000 | |
| - | 46,194 | ||
| 12. | Reconciliation of movements | in funds | |
| 2021 | 2020 | ||
| £ | £ | ||
| Surplus/(Deficit) of income over expenditure | 54,400 | 178,361 | |
| for the year | |||
| Funds at 1stOctober 2020 | 7,936,294 | 7,757,933 | |
| Funds at 30thSeptember 2021 | 7,990,694 | 7,936,294 | |
| The funds comprise the following: | |||
| Property Revaluation Reserve | 6,874,944 | 6,874,944 | |
| Trust Fund | 1,115,750 | 1,061,350 | |
| 7,990,694 | 7,936,294 |
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Mitcham Garden Village Audited Financial Statements for the year ended 30 September 2021
13. Average number of employees
The average number of employees during the year was 1
14. Controlling entity
There is no overall controlling entity
15. Payment to Trustees
No remuneration was paid to any trustee during the year.
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Issuer
KWSR and Co LTD
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The envelope has been signed by all parties. (35.179.60.205) Susan Rahman signed the envelope. (35.179.60.205) Susan Rahman viewed the envelope. (35.179.80.221) Susan Rahman opened the document email. (77.97.36.117) Susan Rahman opened the document email. (82.132.247.174) Colin Worley viewed the envelope. (35.179.80.221) Document emailed to hello@kwsr.co.uk (18.133.245.178) Sent the envelope to Susan Rahman (hello@kwsr.co.uk) for signing. (35.179.80.221)
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Paul Flowers viewed the envelope. (35.179.80.221) Paul Flowers opened the document email. (146.75.168.38) Document emailed to paul.flowers@m3h.co.uk (18.133.134.105) Sent the envelope to Paul Flowers (paul.flowers@m3h.co.uk) for signing. (77.97.36.117) Susan Rahman has been assigned to this envelope (77.97.36.117) Colin Worley has been assigned to this envelope (77.97.36.117) Paul Flowers has been assigned to this envelope (77.97.36.117) Document generated with fingerprint 8de1d70cefd002e2a52eaa6f15f1868f (77.97.36.117) Envelope generated by Susan (77.97.36.117)