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2024-03-31-accounts

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Charity registration number 289904

Company registration number 01693876 (England and Wales)

THE MARKFIELD PROJECT LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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THE MARKFIELD PROJECT LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Claire Bendall
Clare Croft-White
Warren Hoskins (Treasurer)
Melian Barbara Mansfield
Michelle Simmons-Safo
Natalie Sutherland
Philip Naylor (Appointed on 01 January 2023)
Malgorzata Dymerska Chair (Appointed 01 January 2023)
Secretary Keith Alexander Fair
Senior Management Team Silvia Hurtado – Chief Executive Officer
Robin Walton – Play & Youth Services Manager (until April 2023)
Roz Corrigan - Adult Services Manager
Keith Fair – Operations Manager
Janaya Pickett - Play & Youth Services Manager(Since August 2023)
Ian McCarthy – Family Support Manager (Since May 2023)
Charity number 289904
Company number 01693876
London Borough of The following people served as representatives from the London Borough of Haringey,
Haringey representatives without voting rights:
Councillor Sean O’Donovan
Councillor Barbara Blake
Registered office Markfield Road
London
N15 4RB
Independent examiner Samir Shah FCA, ATII
Chartered Accountants
Ramon Lee Ltd
93 Tabernacle Street
London
EC2A 4BA
Bankers The Co-operative Bank Plc
Skelmersdale
WN8 6WT
CCLA Investment Management Ltd
80 Cheapside
London
EC2V 6DZ

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THE MARKFIELD PROJECT LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 27

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees who are also directors of the charitable company for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the Charitable company's Memorandum and Articles of Association, 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

Markfield is an inclusive community hub in Haringey where people can play, socialise and get information & support. Our purpose is:

Markfield provides a wide range of services for children, young people, adults and carers, mainly from the Markfield community centre, a historic Grade II listed building in Markfield Park in Tottenham, plus outreach services at other local venues.

Our Volunteers

Volunteers make a huge contribution to the work of our charity, both working behind the scenes on administration tasks and the maintenance of our building and playground, as well as helping to deliver our frontline services: children’s after-school clubs and playschemes, adult social clubs, family drop-ins, carers groups, and advice and information services. During the year to the end of March 2024 over 1,450 hours of time were given by volunteers to support the work of Markfield.

Achievements and performance

This report describes our activities and achievements during the year April 2023 to March 2024 in each of the areas of our work: adult’s services, family support, children & young people’s services, and training & participation.

Family support services 2023-2024

We have provided a range of family support services both online and face-to-face services. The following services have benefitted a total of 1,239 service users over the year:

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Services for children and young people 2023-24

Our children & young people services are funded by the Tottenham Grammar School Foundation, the Mayor’s Fund, the Holiday Activities And Food Programme and local authority short breaks personal budgets. Children and young people engage in a wide range of activities in our huge accessible adventure playground with climbing structures,

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

zip wire, bonfire pit, trampoline, swings, slides, and indoors a large hall, soft play room, sensory room and music equipment. Activities that the children can choose at the centre include: arts & crafts, messy play, water play, football, basketball, music, table football, relaxation sessions, woodwork, den building, BBQs, cooking, nature walks, berry picking, dressing up, and face painting.

Markfield’s garden and Adventure Playground enables children to enjoy outdoor play which is essential to the healthy physical, social and emotional development of all children, and to have a connection with nature which enhances wellbeing. Children, especially those with complex needs, benefit from exploring sights, smells, textures and sounds in natural environments. Play brings the world to life for children - allowing exploration of their abilities - and develops their awareness which helps prepare them for their future lives. This year we have been able to develop an area of the playground as a sensory garden with the support from groundwork.

We also received food donations from The Felix Project, which have widened the range of quality meals we have offered to children and young people attending after school clubs and playschemes and has given children the opportunity to do cooking activities on the sessions. We received funding from the Mayor of London’s Kitchen Social project, which has helped alleviate the growing issue of food insecurity and social isolation in school holidays.

Playschemes: 48 children and young people have attended our programme of play schemes for disabled children and young people in virtually every school holiday over the year: summer, Easter, Christmas and half terms. Over half of the children that have attended playscheme need a support ratio of 1:1. This means that the playschemes are small as children need a lot of input and support.

After school and evening clubs: This year we have continued to run our five clubs a week in term-time: two afterschool clubs each week for disabled children and siblings aged 5-13 years, and three youth clubs for 14 to 25 year olds. These clubs have been funded by a combination of individual short break personal budgets, with additional funding from Tottenham Grammar School Foundation and Charles S French. Children develop friendships in the weekly sessions and have the chance to try out new experiences. 40 Children and young people have attended our afterschool clubs. 13 of these children attended as 1 to 1 support and a further 4 children as 1 to 2 basis. This means that each group has between 7 and 12 children ( excluding the siblings club) and between 4 to 6 staff member for each club.

Partnership with Step-By-Step: Markfield has continued our longstanding partnership with a local charity, Stepby-Step, which provides culturally specific services for the large Orthodox Jewish community in the local area. Stepby-Step’s weekly club for teenage boys with learning disabilities takes place every Sunday in the Markfield centre.

Partnership with Palace for All: Palace of all is an Islington organization that offers playschemes during holidays, the same as Markfield. Over the years Markfield and Palace have been developing a partnership, it starting with Palace using the building to run playschemes when not in use by Markfield but this year we successfully tried to run our playschemes at the same time.

Services for disabled adults

Our daytime and evening social clubs and travel training for adults with learning disabilities and/or autism continue to provide fun and lively activities for our service users. The services were funded this year through local authority personal budgets with the exception of All for One club which is funded through with The Bloomfield trust. We run 4 clubs for adults a week– see details below:

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Services promoting training, development, and participation of disabled people

Service user and community involvement is at the heart of our charity’s ethos and has influenced all of Markfield’s service areas in a variety of ways:

Towards the end of the year we have also started a new project matching young people with mentors to help them transition to adulthood, thanks to Funding from City bridge. They also received one to one advice on a range of topic.

Public benefit statement

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PD2)’. The achievements and activities above demonstrate the public benefit arising through the Charity’s activities.

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The Statement of Financial Activities shows a net deficit of £106,324 (2023: net surplus of £22,417) for the year resulting in reserves standing at £223,519 (2023 : £329,843) as on 31 March 2024.

The total income received by the Charity in 2023-24 of £556,826 was lower than the previous year by 13 percent.

The total income received through fees for children and adults sessions from Local Authority Personal Budgets of £188,758 was slightly lower than the previous year by 1 percent.

The total amount received in grants from charitable trusts and Lottery funding was £318,671 in 2023-24, down by 22 per cent on the previous year. The income received in 2023-24 in individual donations £19,235 higher by 56% than previous year.

The overall expenditure of the Charity was £663,150 (higher by 8 per cent compared to last year).

Looking ahead, the key factors that are likely to affect the financial position of the charity going forward have not changed much since last year and are firstly the continued financial pressure on adults’ and children’s social care funding faced by Local Authorities, as Haringey Council is one of our principal funders, and secondly the increasingly competitive environment in relation to bidding for grants from trusts and foundations. We have the added pressure to maintain appropriate pay levels for staff in an ever increasing cost of living crisis that affects staff and families alike. We continue to aim to develop a fundraising strategy that seeks to maintain a wide diversity of different funders and income sources, and to increase the funds we raise from non-local authority sources. We have been working hard in developing partnerships that may offer a broader range of services to our community.

Reserves Policy

The Trustees consider it prudent to maintain an adequate balance of unrestricted funds to cover the Charity’s contractual commitments and ideally would like these to be at a minimum level of three months expenditure. We have carried out an exercise to find out shut down costs and they are around £133,000 for a 3 month period.

In order to ensure an adequate level of reserves is maintained, we are seeking more core funding opportunities as well as reducing non-essential/restricted expenditure.

The Trustees consider that the Charity’s reserves will enhance the services offered and provide financial security for the future. The reserves held in unrestricted funds, which have not been designated or invested in fixed assets, as of 31 March 2024 were £139,283 (2023: £245,880).

Principal funding sources

Markfield’s principal funding sources this year have been from contracts with Haringey Council, income from individual session fees (paid for with social care Personal Budgets), and grants from a range of Trust funders. These funds are used to provide services in furtherance of the Charity’s objectives, as described above.

Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

During our AGM we presented our new five year strategic plan, which very much will continue the work set in the previous one. Our strategic plans are created following a wide-ranging review with input from all stakeholders. The overarching strategic goals for the next five years are:

The services we are planning to run in 2024-25 are:

Structure, governance and management

Governing document

The Company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The organisation is a charitable company limited by guarantee, incorporated on 24th January 1983 and registered as a charity on 5th September 1984.

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Recruitment and appointment of Trustees

The company is governed by an elected Executive Committee that is comprised of service users, parents and carers, and volunteers with relevant skills and experience, elected by members at the Annual General Meeting. The Executive Committee may at any time appoint any member of the charitable company as a member of the Executive Committee either to fill a casual vacancy or by way of addition to the Executive Committee. Potential New Executive Committee members are appointed after satisfactory completion of a criminal record check, references, statement of eligibility, and observation of Executive Committee meetings.

Organisation

The staff are managed by the Director, who is appointed by and is accountable to the Executive Committee. The Committee makes final decisions on the mission, values and strategic direction of the organisation; the organisational structure, personnel appointments and salaries; policies and procedures and internal controls; ensuring the organisation is financially viable, has sufficient resources, and is operating within appropriate and effective financial and resource management controls, and monitoring of organisational performance. The Executive Committee has two sub-committees: the finance, resources and administration committee, and the personnel committee.

All members of the Executive Committee are members of the company and guarantee to contribute to the assets of the company in the event of it being wound up such amounts as may be required, not exceeding £1 each. The number of guarantors at 31st March 2024 was 79 (2023: 98).

Trustees’ induction and training

On appointment they are expected to sign a Code of Conduct and complete an induction which includes: roles and responsibilities of trustees; the Memorandum and Articles of Association; strategic plan; latest organisational risk assessment; Committee minutes and decisions since the last AGM; and the organisational financial accounts and fundraising strategy. Executive Committee members are expected to participate in an annual skills audit and undertake relevant training to enable them to carry out their roles.

Risk management

The Executive Committee has in place a risk management strategy comprising:

Pay policy for senior staff

The pay structure for all employees is based on a pay point spine. Pay scale reviews and the pay scale that is set for each role, including for all senior staff, is considered by the personnel sub-committee of the Executive Committee (EC), which makes recommendations to the full EC to make the final decisions.

Partnership working and related parties

Effective support to families is only possible with meaningful partnership working with relevant organizations. Markfield appreciated the added value to families that comes from different services working together. Thats why many of the services we deliver are provided in partnership with various other organisations: advice surgeries and information talks have been provided at local schools and Children Centres, a weekly Sunday youth club at Markfield run by the charity Step-by-Step. Palace for All, an Islington organization, has shared playschemes in our premises. Young students from Riverside School have done work experience cooking for Markfield families. Markfield has continued to work closely with other statutory and voluntary sector organisations in relation to referrals between services, liaising about service users’ needs, and support for users in gaining access to services. These organisations have included Haringey Children & Young People’s Service; Haringey Combined Team for Adults with Learning Disabilities; Haringey Educational Psychology Service; local schools and children’s centres; Child and Adolescent Mental Health Services; Open Door, School Home Support; Tynemouth road NHS Child Development Centre; NHS speech and language team; NHS Occupational Therapy Team; Autism Advisory Team; Haringey Play Association; and The Bridge Renewal Trust. We have continued to benefit for the partnership with the Felix Project, who deliver food to be used in the sessions and shared with parents.

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of trustees' responsibilities

The trustees, who are also the directors of The Markfield Project Limited for the purpose 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 trustees to prepare financial statements for each financial year which 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees' report was approved by the Board of Trustees and signed on its behalf by:

Malgorzata Dymerska (Chair)

23 September 2024

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THE MARKFIELD PROJECT LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARKFIELD PROJECT LIMITED

I report to the trustees on my examination of the financial statements of The Markfield Project Limited (the Charitable company) for the year ended 31 March 2024.

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the Charitable company (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 Charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable company’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

Since the Charitable company’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 ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Samir Shah FCA, ATII

Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA

Dated: 23 September 2024

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THE MARKFIELD PROJECT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Designated
Restricted
Total
funds
funds
funds
2024
2024
2024
2024
Notes
£
£
£
£
Income from:
Donations and legacies
3
19,485
-
12,500
31,985
Charitable activities
4
296,919
-
197,760
494,679
Income from trading activities
5
23,238
-
-
23,238
Investments
6
6,924
-
-
6,924
Total income
346,566
-
210,260
556,826
Expenditure on:
Raising funds
7
16,294
-
-
16,294
Charitable activities
8
439,927
-
206,929
646,856
Total expenditure
456,221
-
206,929
663,150
Net (expenditure)/income for the year/
Net movement in funds
(109,655)
-
3,331
(106,324)
Fund balances at 1 April 2023
259,174
12,000
58,669
329,843
Fund balances at 31 March 2024
149,519
12,000
62,000
223,519		 Total
2023
£
28,442
584,641
22,570
2,090
637,743
11,831
603,495
615,326
22,417
307,426
329,843

CONTINUING OPERATIONS :

None of the Charity’s activities was acquired or discontinued during the above two financial periods.

TOTAL RECOGNISED GAINS AND LOSSES :

The Charity has no recognized gains or losses other than the above movement in funds for the above two financial periods

The notes on pages 13 to 27 form part of these financial statements.

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THE MARKFIELD PROJECT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds
Designated funds
17
General unrestricted funds		 2024
£
45,252
201,590
246,842
(33,559)
12,000
149,519		 £
10,236
213,283
223,519
62,000
161,519
223,519		 2023
£
48,597
320,730
369,327
(52,778)
12,000
259,174		 £
13,294
316,549
329,843
58,669
271,174
329,843

The notes on pages 13 to 27 form part of these financial statements.

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 March 2024.

The directors acknowledge their responsibilities for:

a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.

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 23 September 2024 and were signed on its behalf by:

Malgorzata Dymerska (Chair)

Warren Hoskins (Treasurer)

Company registration number 01693876

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THE MARKFIELD PROJECT LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
22
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(126,064)
-
6,924
6,924
-
(119,140)
320,730
201,590		 2023
£
(2,852)
2,090		 £
54,339
(762)
-
53,577
267,153
320,730

The notes on pages 13 to 27 form part of these financial statements.

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THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charitable company'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 Charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The Charity’s Financial Statements show a net deficits of £106,324 (2023 – Net Surplus of £22,417) for the year and free reserves of £139,283 (2023 - £245,880). The trustees are of the view that these results have secured the immediate future of the Charity for the next 12 to 18 months and on this basis the Charity is a going concern.

1.3 Income

All income is included in the statement of financial activities when the Charity is legally entitled to it, receipt is probable and the amount can be measured with sufficient reliability.

Grant income

Grants are credited to the statement of financial activities when the Charity is entitled to the funds. Income is only deferred where there are time constraints imposed by the donor or if the funding is performance related.

Where entitlement to grants receivable is dependent upon fulfilment of conditions within the charity’s control, the income is recognised when there is sufficient evidence that conditions will be met.

Grants supporting the core activities of the Charity and with no specific restrictions placed upon their use are included within donations and legacies. Grants that have specific restrictions placed upon their use are included within income from charitable activities.

Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Depreciation on the related fixed assets is charged against the restricted fund.

Donations and legacies

Donations are recognised in the period in which they are received. Legacy income is recognised when the charity’s entitlement is judged to be probable and where the amount can be reliably measured.

Contract income

Income from charitable activities include income recognised as earned (as the related goods and services are provided) under contract.

Premises hire

Premises hire income is credited to income in the year in which they are receivable.

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THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.5 Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, management, finance and administration personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities in the proportion of direct costs.

1.6 Funds structure

The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Management Board.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Management Board.

The restricted funds are monies raised for, and their use restricted to, a specific purpose or donations subject to donor imposed conditions.

1.7 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

1.8 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. The cost of minor additions or those costing less than £500 are not capitalised. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful life on the following basis:

Leasehold improvements Over the length of the lease
Fixtures and fittings Over 4 years straight line
IT equipment Over 3 years straight line
Motor vehicles Over 5 years straight line
Playground equipment Over 10 years straight line
Playground equipment (containers) Over 3 years straight line

1.9 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.10 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.

1.11 Financial instruments

The Charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charitable company's balance sheet when the Charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.12 Creditors and Provisions

Creditors and Provisions are recognised when the Charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the Charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.13 Leases

All leases are operating leases, and rentals are charged to the Statement of Financial Activities on a straightline basis over the lease duration. No assets are held under hire purchase agreements.

1.14 Pension

The charity operates a defined contribution pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period in which they are payable. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

1.15 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refers to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the Charitable company’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
funds
Restricted
funds
£
£
BBC Children in Need
-
-
Comic Relief
-
12,500
Marsh Christian Trust
-
-
Mayor's fund for London
250
-
Michael Davies Charitable Settlement-Park Studios
Fund
10,000
-
Other donations
9,235
-
19,485
12,500
For the year ended 31 March 2023
13,442
15,000		 Total
2024
£
-
12,500
-
250
10,000
9,235
31,985		 Total
2023
£
500
15,000
400
250
10,000
2,292
28,442
28,442

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4
Charitable activities
Services for
children &
youth
Adult
services
Project
Training &
user
participation
Family
Support
Services
£
£
£
£
Session Fees
88,229
100,529
-
-
BBC Children In Need
-
-
-
9,999
Bloomfield Trust
-
16,640
-
-
Bridge Renewal Trust
-
-
-
4,874
City bridge trust
-
-
-
22,406
Comic Relief
-
-
-
45,557
Edward Gostling
-
-
-
-
Fees- membership
-
-
-
70
Groundwork
-
-
-
-
Haringey Council (SENDIASS
contract)
-
-
-
106,322
Home Cooked
-
-
-
-
Jack Petchey awards
-
-
1,200
-
Jack Petchey Foundation
600
-
-
-
London Borough of Haringey
11,212
-
-
-
London Catalyst
-
-
-
-
London Community foundation
-
-
-
-
London Play Resources
-
-
400
-
Mayor's Fund for London
2,250
-
-
-
National Lottery Community Fund
-
-
-
1,500
Other donations
-
-
586
1,183
St James's Place Charitable
Foundation
-
-
10,000
-
The Charity for Richard Whittington
-
-
-
22,672
The Henry Smith Charity
-
-
-
29,750
The Tottenham Grammar School
Foundation
18,700
-
-
-
120,991
117,169
12,186
244,333
Analysis by fund
Unrestricted funds
88,229
100,529
586
107,575
Restricted funds
32,762
16,640
11,600
136,758
120,991
117,169
12,186
244,333
For the year ended 31 March 2023
Unrestricted funds
92,054
106,589
265
176,872
Restricted funds
30,228
32,000
25,160
121,473
122,282
138,589
25,425
298,345		 Total
2024
£
188,758
9,999
16,640
4,874
22,406
45,557
-
70
-
106,322
-
1,200
600
11,212
-
-
400
2,250
1,500
1,769
10,000
22,672
29,750
18,700
494,679
296,919
197,760
494,679		 Total
2023
£
190,507
9,999
32,000
2,836
-
17,448
10,000
160
4,895
174,995
8,997
-
2,650
8,136
2,000
7,615
-
2,000
-
1,982
10,000
20,993
59,200
18,228
584,641
375,780
208,861
584,641

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Income from trading activities

Unrestricted
funds
£
Premises hire
23,238
23,238
For the year ended 31 March 2023
22,570
Investments
Unrestricted
funds
£
Cash deposit interest
6,924
6,924
For the year ended 31 March 2023
2,090
Raising funds
Unrestricted
funds
£
Staff costs
5,720
Other fundraising costs
5,184
Share of Support costs
5,107
Share of Governance costs
283
16,294
For the year ended 31 March 2023
Fundraising and publicity
11,831
11,831		 Total
2024
£
23,238
23,238
Total
2024
£
6,924
6,924
Total
2024
£
5,720
5,184
5,107
283
16,294		 Total
2023
£
22,570
22,570
22,570
Total
2023
£
2,090
2,090
2,090
Total
2023
£
5,550
4,193
1,978
110
11,831
11,831
11,831

6 Investments

7 Raising funds

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Charitable activities

Services for
children &
youth
Adult
services
Project
Training &
user
participation
Family
Support
Services
£
£
£
£
Staff costs
108,014
88,652
1,627
189,680
Staff training, recruitment
and travel (including
volunteers)
-
-
702
12,004
Motor expenses
3,592
6,037
185
1,386
Direct Project costs
398
2,654
8,096
9,834
Website and Marketing
costs
-
-
-
-
112,004
97,343
10,610
212,904
Share of support costs
(see note 9)
52,463
45,596
4,970
99,725
Share of governance
costs (see note 9)
2,908
2,528
276
5,529
167,375
145,467
15,856
318,158
Analysis by fund
Unrestricted funds
119,770
129,467
-
190,690
Restricted funds
47,605
16,000
15,856
127,468
For the year ended 31 March 2023
Unrestricted funds
112,518
121,893
2,089
128,568
Designated funds
-
-
-
5,104
Restricted funds
43,544
16,001
5,345
168,433
156,062
137,894
7,434
302,105		 Total
2024
£
387,973
12,706
11,200
20,982
-
432,861
202,754
11,241
646,856
439,927
206,929		 Total
2023
£
357,898
7,215
14,338
16,360
917
396,728
195,886
10,881
603,495
365,068
5,104
233,323
603,495

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Support costs

The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between Charity’s five key activities undertaken in the year. All the general support and governance costs are allocated to activities based on the proportion of direct costs.

10
Staff costs
Staff training, recruitment and travel
Depreciation
Premises costs
Information technology
Communication costs
Legal and professional costs
Sundry costs
Motor expenses
Independent examiner's fees
Trustees expenses
Analysed between
Fundraising
Charitable activities
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
Independent examiner's fees
Independent examination
Other services		 Support
costs
Governance
costs
£
£
106,853
5,720
415
-
3,058
-
40,697
-
11,491
-
11,382
-
18,760
-
878
-
14,327
-
-
5,760
-
44
207,861
11,524
5,107
283
202,754
11,241
207,861
11,524		 Total
2024
£
112,573
415
3,058
40,697
11,491
11,382
18,760
878
14,327
5,760
44
219,385
5,390
213,995
219,385
2024
£
3,058
4,080
1,680		 Total
2023
£
108,758
943
10,798
38,832
7,332
19,170
7,416
1,075
9,090
5,400
41
208,855
2,088
206,767
208,855
2023
£
10,798
3,840
1,560

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Employees

The average number of full time equivalent employees (including casual and part-time staff) was as follows:

Service delivery
Management & Administration
Total
The average monthly number of employees during the year was: 31 (2023: 38)
Employment costs
Wages and salaries
Temporary staff
National Insurance
Pension		 2024
Number
13
3
16
2024
£
460,545
225
34,171
11,325
506,266		 2023
Number
13
3
16
2023
£
428,867
901
32,282
10,155
472,205

No employee received remuneration in excess of £60,000 during the year (2023 - £nil).

No Trustee received any remuneration during the year (2023 - £nil). None (2023 – one) of the Trustees received reimbursement of travel expenses during the year (2023 - £41).

The key management personnel of the charity comprise of the Chief Executive Officer, Family Support Manager, Play and Youth Services Manager and Operations Manager. The total employee benefits of the key management personnel of the charity were £150,232 (2023- £162,305).

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12
Tangible fixed assets
Leasehold
improvements
Playground
equipment
Fixtures and
fittings
Motor vehicles
£
£
£
£
Cost
At 1 April 2023
516,135
125,199
44,733
65,762
Disposals
-
(724)
(4,849)
-
At 31 March 2024
516,135
124,475
39,884
65,762
Depreciation and impairment
At 1 April 2023
516,135
114,882
42,595
64,923
Depreciation charged in the year
-
1,506
713
839
Eliminated in respect of disposals
-
(724)
(4,849)
-
At 31 March 2024
516,135
115,664
38,459
65,762
Carrying amount
At 31 March 2024
-
8,811
1,425
-
At 31 March 2023
-
10,316
2,139
839
13
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
38,448
Other debtors
372
Prepayments
6,432
45,252
14
Creditors: amounts falling due within one year
2024
Notes
£
Other taxation and social security
-
Deferred income
15
5,100
Trade creditors
3,905
Other creditors
4,611
Accruals
19,943
33,559		 Total
£
751,829
(5,573)
746,256
738,535
3,058
(5,573)
736,020
10,236
13,294
2023
£
43,301
1,629
3,667
48,597
2023
£
1,432
7,575
20,978
3,008
19,785
52,778

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Deferred income

2024 2023
£ £
Movements in the year:
Deferred income at 1 April 2023 7,575 2,245
Released from previous periods (7,575) (2,245)
Resources deferred in the year 5,100 7,575
Deferred income at 31 March 2024 5,100 7,575

Deferred income represents income deferred to 2024/25 towards April play scheme £5,100 (2023: £7,575)

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2022 resources expended
1 April 2023		 resources expended
31 March 2024
£ £ £ £ £ £ £
Services for children & youth 19,391 30,228 (43,543) 6,076 32,762 (32,605) 6,233
Adult services - 32,000 (16,000) 16,000 16,640 (16,000) 16,640
Training & user participation 1,200 25,160 (13,565) 12,795 11,600 (16,528) 7,867
Family support services 37,448 121,473 (150,123) 8,798 136,758 (126,796) 18,760
Screwfix 8,470 - (8,470) - - - -
L B of Haringey - Building
improvements 737 - (737) - - - -
Percy Bilton Charity -
Sensory equipment 885 - (885) - - - -
Comic Relief - 15,000 - 15,000 12,500 (15,000) 12,500
68,131 223,861 (233,323) 58,669 210,260 (206,929) 62,000

Description, nature and purpose of restricted funds:

Funding received to support delivery of children and youth services. Restricted funds carried forward represent funding from Jack Petchey Foundation for resources for clubs, and Tottenham Grammar School Foundation to fund places on children’s after-school clubs.

· Training, and user participation:

Funding received to support delivery of services for training and user participation, as well as one off events. Restricted funds carried forward represent funding from Jack Petchey Foundation for the Jack Petchey awards scheme and St James Place Charitable Foundation to deliver a Youth Participation project.

· Family support services:

Funding received to support delivery of Family Support Services. Restricted funds carried forward represent funding from The Henry Smith Charity to run a volunteer befriending scheme; the Charity of Sir Richard Whittington for the delivery of parenting courses and London catalyst to deliver benefit advice sessions.

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Balance at Resources Balance at Incoming Balance at
1 April 2022 expended
1 April 2023		 resources
31 March 2024
£ £ £ £ £
Organisational development fund 2,104 - 2,104 - 2,104
Maternity and sick leave fund 15,000 (5,104) 9,896 - 9,896
17,104 (5,104) 12,000 - 12,000

Organisational development fund :

This fund was originally reviewed in July 2006 and included £26,500 to fund consultancy support to enable development of objectives in Markfield’s strategic plan, particularly in relation to enable development of social enterprise models. During the year ended 31st March 2009 £9,396 was spent to leave a balance available of £17,104. During the year ended 31st March 2014 £8,634 was spent on building improvements. During the year ended 31st March 2014 a further £6,366 was spent on building improvements leaving a balance of £2,104. There was no further movement in this fund in the year to 31st March 2024.

Maternity and sick leave fund:

Agreed on 6th July 2006 to set up a fund of £15,000 to cover potential maternity and sick leave costs. During the year 2018-19 £2,000 was spent from the fund, and during 2019-20 £5,000 was spent, leaving a balance of £8,000. During the year 2020-21 £7,000 was replenished into the fund from general reserves leaving a balance of £15,000. During the year 2022-23 £5,104 was spent from the fund, leaving a balance of £9,896.There was no further movement in this fund in the year to 31st March 2024.

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18
Analysis of net assets between funds
Unrestricted
Designated
Restricted
funds
funds
funds
£
£
£
Fund balances at 31 March 2024 are represented
by:
Tangible assets
10,236
-
-
Current assets/(liabilities)
139,283
12,000
62,000
149,519
12,000
62,000		 Total Unrestricted
Designated
Restricted
2024
funds
funds
funds
£
£
£
£
10,236
13,294
-
-
213,283
245,880
12,000
58,669
223,519
259,174
12,000
58,669		 Total
2023
£
13,294
316,549
329,843

Docusign Envelope ID: BE741A97-2914-4D78-B615-C053909C049BDocusign Envelope ID: 03750C93-A8FC-4CD4-9457-963F1AA44496

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

19 Share capital

The Charity is constituted as a company limited by guarantee and does not have share capital divided by shares.

20 Related party transactions

There were no disclosable related party transactions during the year (2023 - none) except the transactions disclosed in note 11.

21 Pension

The pension cost charge represents contributions payable by the Charity to the fund and amounted to £11,325 (2023 - £10,155) Contributions totalling £4,598 (2023 - £2,940) were payable to the fund at the year end and are included in other creditors.

22
Cash generated from operations
2024
£
(Deficit)/surpus for the year
(106,324)
Adjustments for:
Investment income recognised in statement of financial activities
(6,924)
Depreciation and impairment of tangible fixed assets
3,058
Movements in working capital:
Decrease/(increase) in debtors
3,345
(Decrease)/increase in creditors
(16,744)
(Decrease)/increase in deferred income
(2,475)
Cash (absorbed by)/generated from operations
(126,064)		 2023
£
22,417
(2,090)
10,798
(2,921)
20,804
5,330
54,338