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2025-03-31-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 2025

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THE MARKFIELD PROJECT LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Secretary
Senior Management Team
Charity number
Company number
London Borough of
Haringey representatives
Registered office
Independent examiner
Bankers
Website		 Malgorzata Dymerska - Chair
Claire Bendall
Clare Croft-White
Warren Hoskins
(Treasurer)
Melian Barbara Mansfield
Michelle Simmons-Safo
Natalie Sutherland
Philip Naylor
Keith Alexander Fair
Silvia Hurtado – Chief Executive Officer
Marie Corrigan - Adult Services Manager
Keith Fair – Operations Manager
Janaya Pickett - Play & Youth Services Manager
Ian McCarthy – Family Support Manager
(Until December 2024)
289904
01693876
The following people served as representatives from the London Borough of
Haringey, without voting rights:
Councillor Sean O’Donovan
Councillor Barbara Blake
Markfield Road
London
N15 4RB
Samir Shah FCA, ATII
Chartered Accountants
Ramon Lee Ltd
93 Tabernacle Street
London
EC2A 4BA
CCLA Investment Management Ltd
80 Cheapside
London
EC2V 6DZ
The Co-operative Bank Plc
P.O. Box 250, Delf House
Skelmersdale
WN8 6WT
www.markfield.org.uk

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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 - 26

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

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 2025.

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.

The broad goals we set in our strategic plan for 2023 to 2028 were to: Build and grow our core services to meet local needs; everyone’s voice matters; ensure participation of our users in decision making; Star of the show, continue to develop our centre as a unique community hub; and hear all about it improve information sharing with our members and partners.

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 2025 a total of over 2100 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 2024 to March 2025 in each of the areas of our work: adults’ services, family support, children & young people’s services, and training & participation.

Family support services 2024-2025

We have provided a range of family support services both online and face-to-face services. The following services have benefitted a total of 1,221 service users over the year:

As part of the SENDIASS offer we now run services to support children and families that have been recently diagnosed or are on the waiting list. The project includes advice sessions, parents groups training, family days and a monthly group for young people.

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Services for children and young people 2024-25

Our clubs and playschemes for disabled children and siblings, and drop-in sessions for all families in the community, offer an amazing range of inclusive play activities at our centre and playground.

70 children & young people have attended our term-time after-school clubs and holiday playschemes, which 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 have the opportunity to be in an open outside, safe space and have access to our adventure playground with climbing structures, zip wire, bonfire pit, trampoline, swings, slides, and indoors a large hall, soft playroom, sensory room and music equipment. Inside we offer several different activities suitable to a range of ages and abilities. 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.

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

Services for disabled adults

Our daytime and evening social clubs and travel training for adults with learning disabilities and/or autism have continued to be highly popular with emphasis on service users participating in the running of the sessions. The services were funded this year with grants from The Bloomfield trust and London Sport. Session fees from local authority social care personal budgets have as usual been a main source of income for adult sessions. 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 2025

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:

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 2025

Financial review

The Statement of Financial Activities shows a net deficit of £38,582 (2024: £106,324) for the year resulting in reserves standing at £184,937 (2024 : £223,519) as on 31 March 2025.

The total income received by the charity in 2024-25 of £587,747 (2024 - 556,826) was higher than the previous year by 6 percent.

The total income received through fees for children and adults sessions from Local Authority Personal Budgets of £196,632 (2024 - £188,758) was higher than the previous year by 4 percent.

The total amount received in grants from charitable trusts and Lottery funding was £342,563 (2024 - £318,421), higher by 8 percent on the previous year. The income received in 2024-25 in individual donations £11,600 (2024 - £19,325) lower by 40 percent than previous year.

The overall expenditure of the charity was £626,329 (2024 - £663,150) (lower by 6 percent 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. The key measures to mitigate the risk is 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 are 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. The demand for services over the last years has continue to increase despite the decrease in funding available. In the year 2024-25 Markfield Project Limited provided more services for parents, adults and children than was budgeted for and this had an effect in our reserves. To ensure our operational costs were not compromised, we carried out an exercise to ensure our reserves find out operational costs where we calculated the following:

3 months wages/salaries, redundancy, expenditure, the cost remaining on contracts, balance due on water, light & heat bills. The operational costs for 3 months works out to £139,500. This is to ensure our operational costs are robust.

We aim to ensure our reserves cover these operational costs.

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 2025 were £137,247 (2024: £139,283).

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 2025

Plans for future periods

We have a five year Strategic Plan, 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 2025-26 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 2025

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 2025 was 98 (2024: 79).

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 single 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

During this year some of Markfield’s services were provided in partnership with various other organisations: advice surgeries and information talks have been provided at local schools, libraries and Children’s Centres, a weekly Sunday youth club at Markfield run by the charity Step-by-Step. 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; Haringey Play Association; Haringey Autism; the Council for Disabled Children; Tynemouth road NHS Child Development Centre; NHS speech and language team; NHS Occupational Therapy Team; Autism Advisory Team; and The Bridge Renewal Trust. We have also run playschemes alongside an Islington organization Palace for All.

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THE MARKFIELD PROJECT LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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)

30 September 2025

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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 2025.

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: 30 September 2025

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THE MARKFIELD PROJECT LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Designated
Restricted
funds
funds
funds
Notes
£
£
£
Income from:
Donations and legacies
3
41,600
-
12,500
Charitable activities
4
198,489
-
298,206
Income from trading activities
5
29,252
-
-
Investments
6
7,700
-
-
Total income
277,041
-
310,706
Expenditure on:
Raising funds
7
22,493
-
-
Charitable activities
8
258,802
-
345,034
Total expenditure
281,295
-
345,034
Net expenditure for the year/
Net movement in funds
(4,254)
-
(34,328)
Fund balances at 1 April 2024
149,519
12,000
62,000
Fund balances at 31 March 2025
145,265
12,000
27,672		 Total
Total
2025
2024
£
£
54,100
31,985
496,695
494,679
29,252
23,238
7,700
6,924
587,747
556,826
22,493
16,294
603,836
646,856
626,329
663,150
(38,582)
(106,324)
223,519
329,843
184,937
223,519

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 26 form part of these financial statements.

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THE MARKFIELD PROJECT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

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		 2025
£
55,061
195,737
250,798
(73,879)
12,000
145,265		 £
8,018
176,919
184,937
27,672
157,265
184,937		 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

The notes on pages 13 to 26 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 2025.

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 30 September 2025 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 2025

2025
Notes
£
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Investment income received
7,700
Net cash generated from investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
The notes on pages 13 to 26 form part of these financial statements.		 £
(13,553)
7,700
-
(5,853)
201,590
195,737		 2024
£
£
(126,064)
6,924
6,924
-
(119,140)
320,730
201,590

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THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 £38,582 (2024: £106,324) for the year and free reserves of £137,247 (2024: £139,283). 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 2025

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.

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THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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
£
£
Garfield Weston Foundation
30,000
-
Comic Relief
-
12,500
Mayor's fund for London
-
-
Michael Davies Charitable Settlement-Park Studios
Fund
10,000
-
Other donations
1,600
-
41,600
12,500
For the year ended 31 March 2024
19,485
12,500		 Total
2025
£
30,000
12,500
-
10,000
1,600
54,100		 Total
2024
£
-
12,500
250
10,000
9,235
31,985
31,985

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4
Charitable activities
Services for
children &
youth
Adult
services
Project
Training &
user
participation
Family
Support
Services
£
£
£
£
Session Fees
86,159
110,473
-
-
BBC Children In Need
-
-
-
9,999
Bloomfield Trust
-
-
-
-
Bridge Renewal Trust
-
-
-
4,874
City bridge trust
-
-
-
45,154
Comic Relief
-
-
-
58,994
Fees- membership
-
-
-
135
Haringey Council (SENDIASS
contract)
-
-
750
118,251
Haringey Council (integrated care
board)
-
-
-
-
Jack Petchey awards
-
-
1,800
-
Jack Petchey Foundation
1,000
-
-
-
London Borough of Haringey
10,383
-
-
-
London Play Resources
-
-
-
-
Mayor's Fund for London
2,192
-
-
-
National Lottery Community Fund
-
-
-
-
Other donations
-
-
130
1,217
St James's Place Charitable
Foundation
-
-
-
-
The Charity for Richard Whittington
-
-
-
25,909
The Henry Smith Charity
-
-
-
-
The Tottenham Grammar School
Foundation
18,900
-
-
-
Training Fees
-
-
-
375
118,634
110,473
2,680
264,908
Analysis by fund
Unrestricted funds
86,159
110,473
130
1,727
Restricted funds
32,475
-
2,550
263,181
118,634
110,473
2,680
264,908
For the year ended 31 March 2024
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		 Total
2025
£
196,632
9,999
-
4,874
45,154
58,994
135
119,001
-
1,800
1,000
10,383
-
2,192
-
1,347
-
25,909
-
18,900
375
496,695
198,489
298,206
496,695		 Total
2024
£
188,758
9,999
16,640
4,874
22,406
45,557
70
35,138
71,184
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

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Income from trading activities

Unrestricted
funds
£
Premises hire
29,252
29,252
For the year ended 31 March 2024
23,238
Investments
Unrestricted
funds
£
Cash deposit interest
7,700
7,700
For the year ended 31 March 2024
6,924
Raising funds
Unrestricted
funds
£
Staff costs
5,945
Other fundraising costs
9,050
Share of Support costs
7,069
Share of Governance costs
429
22,493
For the year ended 31 March 2024
Fundraising and publicity
16,294
16,294		 Total
2025
£
29,252
29,252
Total
2025
£
7,700
7,700
Total
2025
£
5,945
9,050
7,069
429
22,493		 Total
2024
£
23,238
23,238
23,238
Total
2024
£
6,924
6,924
6,924
Total
2024
£
5,720
5,184
5,107
283
16,294
16,294
16,294

6 Investments

7 Raising funds

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Charitable activities

Services for
children &
youth
Adult
services
Project
Training &
user
participation
Family
Support
Services
£
£
£
£
Staff costs
110,195
93,621
359
159,514
Staff training, recruitment
and travel (including
volunteers)
1,794
395
676
7,355
Motor expenses
4,948
7,213
-
947
Direct Project costs
1,109
1,396
1,217
11,820
118,046
102,625
2,252
179,636
Share of support costs
(see note 9)
55,647
48,378
1,062
84,680
Share of governance
costs (see note 9)
3,375
2,934
65
5,136
177,068
153,937
3,379
269,452
Analysis by fund
Unrestricted funds
66,873
60,316
3,020
128,593
Restricted funds
110,195
93,621
359
140,859
177,068
153,937
3,379
269,452
For the year ended 31 March 2024
Unrestricted funds
119,770
129,467
-
190,690
Restricted funds
47,605
16,000
15,856
127,468
167,375
145,467
15,856
318,158		 Total
2025
£
363,689
10,220
13,108
15,542
402,559
189,767
11,510
603,836
258,802
345,034
603,836		 Total
2024
£
387,973
12,706
11,200
20,982
432,861
202,754
11,241
646,856
439,927
206,929
646,856

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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
£
£
108,300
5,945
-
-
2,218
-
36,774
-
5,875
-
26,645
-
7,570
-
441
-
9,013
-
-
5,940
-
54
196,836
11,939
7,069
429
189,767
11,510
196,836
11,939		 Total
2025
£
114,245
-
2,218
36,774
5,875
26,645
7,570
441
9,013
5,940
54
208,775
7,498
201,277
208,775
2025
£
2,218
4,080
1,860		 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

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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: 30 (2024: 31)
Employment costs
Wages and salaries
Temporary staff
National Insurance
Pension		 2025
Number
10
3
13
2025
£
437,687
1,599
34,393
10,200
483,879		 2024
Number
13
3
16
2024
£
460,545
225
34,171
11,325
506,266

No employee received remuneration in excess of £60,000 during the year (2024 - £nil).

No Trustee received any remuneration during the year (2024 - £nil). One (2024 – one) of the Trustees received reimbursement of travel expenses of £54 during the year (2024 - £44).

The key management personnel of the charity comprise of the Chief Executive Officer, Operations Manager, Family Support Manager, Adults Services Manager, Children and Youth Services Manager. The total employee benefits of the key management personnel of the charity were £190,672 (2024- £177,178).

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12
Tangible fixed assets
Leasehold
improvements
Playground
equipment
Fixtures and
fittings
Motor vehicles
£
£
£
£
Cost
At 1 April 2024
516,135
124,475
39,884
65,762
At 31 March 2025
516,135
124,475
39,884
65,762
Depreciation and impairment
At 1 April 2024
516,135
115,664
38,459
65,762
Depreciation charged in the year
-
1,505
713
-
At 31 March 2025
516,135
117,169
39,172
65,762
Carrying amount
At 31 March 2025
-
7,306
712
-
At 31 March 2024
-
8,811
1,425
-
13
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
48,923
Other debtors
187
Prepayments
5,951
55,061
14
Creditors: amounts falling due within one year
2025
Notes
£
Other taxation and social security
1,456
Deferred income
15
39,667
Trade creditors
8,438
Other creditors
4,656
Accruals
19,662
73,879		 Total
£
746,256
746,256
736,020
2,218
738,238
8,018
10,236
2024
£
38,448
372
6,432
45,252
2024
£
-
5,100
3,905
4,611
19,943
33,559

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Deferred income

Movements in the year:
Deferred income at 1 April 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025		 2025
£
5,100
(5,100)
39,667
39,667		 2024
£
7,575
(7,575)
5,100
5,100

Deferred income represents income deferred to 2025/26 towards Haringey Council £39,667 (2024: £5,100)

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 2023 resources expended 1 April 2024 resources expended 31 March 2025
£ £ £ £ £ £ £
Services for children & youth 6,076 32,762 (32,605) 6,233 32,475 (32,408) 6,300
Adult services 16,000 16,640 (16,000) 16,640 - (16,640) -
Training & user participation 12,795 11,600 (16,528) 7,867 2,550 (7,417) 3,000
Family support services 8,798 136,758 (126,796) 18,760 263,181 (263,569) 18,372
Comic Relief 15,000 12,500 (15,000) 12,500 12,500 (25,000) -
58,669 210,260 (206,929) 62,000 310,706 (345,034) 27,672

Description, nature and purpose of restricted funds:

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

Funding received to support delivery of services for training and user participation. Restricted funds carried forward represent funding from Jack Petchey Foundation for the Jack Petchey awards scheme.

Funding received to support delivery of Family Support Services. Restricted funds carried forward represent funding from City Bridge to run a transition to adulthood programme and the Charity of Sir Richard Whittington for the delivery of parenting courses.

Comic Relief funding receive to ensure pay levels for staff are increased according to London Living Wage.

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2023 resources expended 1 April 2024 resources expended 31 March 2025
£ £ £ £ £ £ £
Organisational
development fund 2,104 - - 2,104 - - 2,104
Maternity and sick leave
fund 9,896 - - 9,896 - - 9,896
12,000 - - 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 2012 £8,634 was spent on building improvements. During the year ended 31st March 2013 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 2025.

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 2025.

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18
Analysis of net assets between funds
Unrestricted
Designated
Restricted
funds
funds
funds
£
£
£
Fund balances at 31 March 2025 are represented
by:
Tangible assets
8,018
-
-
Current assets/(liabilities)
137,247
12,000
27,672
145,265
12,000
27,672		 Total Unrestricted
Designated
Restricted
2025
funds
funds
funds
£
£
£
£
8,018
10,236
-
-
176,919
139,283
12,000
62,000
184,937
149,519
12,000
62,000		 Total
2024
£
10,236
213,283
223,519

Docusign Envelope ID: F3E392E9-47BB-4C33-B0D6-10E0BB120EA5Docusign Envelope ID: F4585171-F6A1-4585-BB2E-191E6A85C97C

THE MARKFIELD PROJECT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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

During the year, £372 was paid to the daughter of the Chief Executive Officer for Session Work as an employee (2024 - £nil). Transactions with Trustees are disclosed in note 11.

21 Pension

The pension cost charge represents contributions payable by the charity to the fund and amounted to £10,200 (2024 - £11,325) Contributions totalling £4,656 (2024 - £4,598) were payable to the fund at the year end and are included in other creditors.

22
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase/(decrease) in deferred income
Cash absorbed by operations		 2025
2024
£
£
(38,582)
(106,324)
(7,700)
(6,924)
2,218
3,058
(9,809)
3,345
5,753
(16,744)
34,567
(2,475)
(13,553)
(126,064)