2021-03-31-accounts - Milestones Trust

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	Legal and Administrative Information
2-16	Trustees' Annual Report (incorporating	Strategic Report)
17-19	Independent Auditor's Report
20	Statement ofFinancial Activities
21	Statement ofFinancial Position
22	Statement ofCash Flows
23-39	Notes to the Financial Statements

Registered	office	and
principal	address:		Unit 10,Eclipse Office		Park
			High Street, Staple Hill
			Bristol BS16SEL
Trustees and directors:			DNordberg (Chair)
			RHNash			D DWilson
			PM Collins			JEBuswell
			JH Self			KPattison
			SCummings (appointed		14September 2020)
			SJJones (appointed	16November 2020)
			N LMcKen (appointed		14December 2020)
			TSJenkinson (appointed 29			March 2021)
			KHeath (resigned 30October			2020)
			M A Shovelton (retired		31December 2020)
			V Fuller (resigned 26March 2021)
			KD Guy (retired 30	June 2021)
Secretary:			H A Pearce
Key Management		Personnel:	H Crowhurst			Chief Executive (appointed	1 April 2020)
			JHoskinson OBE			Chief Executive (retired 30	June 2020)
			H A Pearce			Director ofFinance
			JParry			Director ofOperations
			GMeehan			Director ofHuman Resources
			N Mandleker			Director ofBusiness Development
						(resigned 30April 2021)
Auditor:			Mazars LLP
			90Victoria Street
			Bristol BS16DP
Solicitors:			Royds Withy King
			5-6 Northumberland	Buildings
			Queens Square
			Bath BA12JE
			Lyons Davidson
			43 Queens Square
			Bristol BS14QP
Bankers:			National Westminster	Bank
			Floor 2, Trinity Quay	2
			Avon Street
			Bristol BS2OPT
Investment	advisors:		Barclays Wealth Management
			1 Churchill Place
			Canary Wharf
			London E145HP

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			Unrestricted			Unrestricted
			Income	Restricted		IncomeRestricted		Restated
		Notes	Fund	Funds	Total	Fund	Funds	Total
			2021	2021 8	2021f	2020 8	2020	2020
FIXED ASSETS
Tangible assets		13	12,130,607	2,044,392	14,174,999	12,533,087	2,094,600	14,627,687
Intangible assets		14	280,720		280,720	143,451		143,451
Investments		15	1,419,806		1,419,806	1,165,771		1,165,771
Total fixed assets			13,831,133	2,044,392	15,$75,525	13,842,309	2,094,600	15,936,909
CURRENT ASSETS
Debtors		16	1,772,433		1,772,433	1,786,783		1,786,783
Cash at bank snd in hand			5,$87,207	64,878	5,952,085	4,723,339	63,438	4,786,777
Total current assets			7,659,640	64,878	7,724,518	6,510,122	63,438	6,573,560
CREDITORS: Amounts
falling due within one year		17	(1,908,655)		(1,908,655)	(2,143,228)		(2,143,228)
Net current assets			5,750,985	64,878	5,815,863	4,366,894	63,438	4,430,332
TOTAL ASSETSLESS CURRENT LIABILITIES			19,582,1182,109,270		21,691,3$8	18,209,203	2,158,038	20,367,241
CREDITORS: Amounts
falling due in over one	year	18	(19,958)		(19,95$)	(30,845)		(30,$45)
PROVISIONS for liabilities
and charges		20	(62,988)		(62,988)	(74,633)		(74,633)
NET ASSETS			19,499,172	2,109,270	21,608,442	18,103,725	2,158,038	20,261,763
FUNDS OF THE CHARITY
Funds invested in fixed	assets		12,380,482		12,380,482	12,634,807		12,634,807
Investment revaluation	reserve		5,651		5,651
Funds available for use			7,113,039		7,113,039	5,468,918		5,468,918
Unrestricted income funds		23	19,499,172		19,499,172	18,103,725		18,103,725
Restricted funds		24		2,109,270	2,109,270		2,158,038	2,158,038
TOTAL CHARITY FUNDS			19,499,172	2,109,270	21,608,442	18,103,725	2,158,038	20,261,763

			2021	2020
CASH FLOWS FROM OPERATING		ACTIVITIES
Net incoming resources			1,346,679	(836,154)
Adjustments for:
Depreciation and amortisation			490,180	442,799
(Surplus)/loss on sale ofproperty,		plant and equipment	(362,789)	(5,900)
Investments (gains)/losses			(254,035)	187,396
Investment income			(43,609)	(58,927)
Interest expense			1,676	1,146
Trade and other receivables			14,350	164,166
Trade and other payables			(254,997)	(272,358)
			937,455	(377,832)
CASH FLOWS FROM INVESTING		ACTIVITIES
Purchase ofproperty, plant and equipment			(137,872)	(720,633)
Purchase ofintangibles			(175,854)	(145,847)
Proceeds on disposal ofproperty,	plant and equipment		510,532	5,900
Interest received			43,609	58,927
			240,415	(801,653)
CASH FLOWS FROM FINANCING		ACTIVITIES
Interest paid			(1,676)	(1,146)
Finance lease repayments made			(10,886)	(10,886)
			(12,562)	(12,032)
NET INCREASE/(DECREASE)	IN CASH AND CASH EQUIVALENTS		1,165,308	(1,191,517)
Cash and cash equivalents at the	beginning ofthe year		4,786,777	5,978,294
CASH AND CASH EQUIVALENTS		AT THE END OF THE YEAR	5,952,085	4,786,777

Freehold	properties	(excluding land)	2%
Furniture,	fittings and equipment		10%- 20%
Motor vehicles			20%

3. INCOME FROM DONATIONS AND LEGACIES
	2021f	2020
Restricted donations
Restricted Covid related grants	901,963
Coronavirus Job Retention Scheme	571,219
Donations from Quartet	43,911	9,544
Health Education England grant	29,639
Skills for Care grant	8,580	4,350
Other restricted grants and donations	24,796	53,727
	1,580,108	67,621
Unrestricted donations
Unrestricted Covid related grants	600,086
Other unrestricted grants and donations	34,629	69,685
	2,214,823	137,306

			2021	2020
Interest	receivable		6,028	12,962
Income	from stock exchange	investments	37,581	45,965
			43,609	58,927

						2021	2020
							8
Health authority	grant					618,945	7&9,712
Contract income						25,474,793	26,767,495
Service user contributions						1,437,742	1,744,659
PCT funding re increased pension contributions					(note 27)	53,869	69,383
Other operational		income				13,973	78,588
						27,599,322	29,449,837
6. EXPENDITURE ON CHARITABLE ACTIVITIES
						2021	2020
							g
Staff costs
Employee costs						18,669,555	18,345,859
Agency staff costs						2,960,528	4,213,648
						21,630,083	22,559,507
Non-Pay costs
Food and household						638,724	658,099
Residents amenities						162,240	260,399
Travel costs						173,659	267,572
Telephone						111,303	90,585
Stationery and office			expenses			83,213	97,052
Hygiene and medical						421,369	304,498
Bad debts						(19,425)	(22,491)
						1,571,083	1,655,714
Property costs
Utilities						486,160	518,580
Registration fees						48,124	56,451
Loan interest						1,676	1,146
Rent						364,309	367,699
Fixtures, repairs	and maintenance					1,349,506	1,441,905
Property management			charges			42,817	42,515
Depreciation						372,275	367,557
Council tax						90,412	84,463
						2,755,279	2,880,316
Support costs reallocated (note 7)						3,129,769	3,141,930
Governance costs		reallocated		(note 8)		32,725	34,418
TOTAL EXPENDITURE						29,118,939	30,271,885

7.	SUPPORT COSTS
					2021f	2020
Head	oAice property costs				153,782	188,186
Head	office staff costs				1,784,964	1,721,312
Head	office agency costs				4,350	32,998
Staff	training and development				85,512	176,573
Staff	recruitment				47,320	111,120
Staff	and payroll support costs				349,175	191,601
Information technology					217,707	163,141
Insurance					133,914	125,345
Office consumables					91,946	110,896
Legal	and professional fees				67,402	93,473
Bank	charges				12,246	12,247
Marketing					61,761	91,115
Head	office depreciation				83,631	46,338
Other	head office expenses				51,786	93,374
					3,145,496	3,157,719
Less	0.5%recharge to expenditure		on raising funds (note 9)		(15,727)	(15,789)
					3,129,769	3,141,930
8.	GOVERNANCE COSTS
					2021	2020
Reimbursement ofTrustees'		expenses			118	2,419
Trustees' meeting, training		and recruitment		costs		2,192
External auditors' fees					21,420	20,568
Recharge 5%salary costs for Chief			Executive and Director ofFinance		11,187	9,239
					32,725	34,418

9. EXPE	NDITURE ON RAISING FUNDS
		2021	2020
Fundraising	staff costs	13,889	13,054
Recharge 0.5%ofsupport costs (note 7)		15,727	15,789
		29,616	28,843

					2021	2020
Wages and salaries					18,734,763	18,242,269
Social security		costs			1,348,752	1,315,590
Other pension		costs			425,386	454,623
					20,508,901	20,012,482
Apprenticeship		levy			76,862	76,981
					20,585,763	20,089,463
Remuneration		costs ofkey management		personnel	430,648	390,521
Redundancy	and termination		payments		248,575	93,840

The average	number ofemployees during t	he year was as follows:
				Whale time
		Average	number	equivalents
		2021	2020	2021	2021
Management	and administration	67	60	59	52
Care staff		999	1,034	795	801
		1,066	1,094	854	853

Employe	es	whose emoluments fell within the following	ranges were as follows:
			2021	2020
660,000	to	670,000
870,000	to	680,000
f80,000	to	690,000
K90,000	to	f100,000

12. NET INCOME	FOR	THE YEAR
					2021	2020
This is stated after crediting:
Profit on disposal oftangible fixed assets					362,789	5,900
and after charging:
Operating leases - property		rental			412,608	422,417
-motor vehicles					39,945	44,909
Auditor's remuneration	—audit fees				18,200	17,850
13. TANGIBLE FIXED		ASSETS
			Freehold	Fixtures dr	Motor
			properties	equipmentf	vehicles	Total g
COST
At 1 April 2020			21,112,497	357,995	344,952	21,815,444
Additions			118,946		17,000	135,946
Disposals			(220,228)	(18,720)		(238,948)
At 31March 2021			21,011,215	339,275	361,952	21,712,442
DEPRECIATION
At 1 April 2020			6,649,549	217,099	321,109	7,187,757
Charge for the year			376,061	45,605	19,225	440,891
Disposals			(72,485)	(18,720)		(91,205)
At 31March 2021			6,953,125	243,984	340,334	7,537,443
NET BOOK VALUE
At 31March 2020			E 14,462,948	I 140,896	I23,843	g 14,627,687
At 31March 2021			I 14,058,090	g95,291	g21,618	E 14,174,999

14. INTANGIBLE FIXEDASSETS
	Software
	costs
	8
COST
At 1April 2020	337,797
Additions	186,557
Disposals	(24,000)
At 31March 2021	500,355
DEPRECIATION
At 1 April 2020	194,346
Charge for the year	49,289
Disposals	(24,000)
At 31 March 2021	219,635
NET BOOK VALUE
At 31March 2020	143,451
At 31March 2021	280,720

15. INVESTMENTS
		2021	2020
		8	8
Listed Investments
Valuation at 1April 2020		1,165,771	1,353,167
Realised (losses)/profits	on disposal	(8,165)	144
Unrealised profits/(losses)	on revaluation	262,200	(187,540)
Valuation at 31March 2021		1,419,806	1,165,771

16. DEBTORS
	2021	2020
Operational debtors	1,466,892	1,492,638
Other debtors	62,085	19,639
Prepayments and accrued income	243,456	274,506
	1,772,433	1,786,783
17. CREDITORS —AMOUNTS FALLING DUE WITHIN ONE YEAR
	2021	2020
Finance lease creditor	10,886	10,&86
Trade creditors	870,843	832,352
Tax and social security	84,469	306,855
Other creditors	140,479	146,041
Accruals and deferred income	801,978	847,094
	1,908,655	2,143,228

18. CREDITORS —AMOUNTS FALLING DUE AFTER MORE	THAN ONE YEAR
	2021	2020
		8
Finance lease creditor	19,958	30,845
19. MATURITY OF LONG TERM CREDITORS
Finance leases
	2021	2020
Amounts falling due:
Within one year (note 17)	10,886	10,886
Within 1 to 2years	19,958	10,886
Within 2 to 5 years		19,959
	30,844	41,731
Less: amounts falling due
within one year (note 17)	(10,886)	(10,886)
	19,958	30,845

20. PRO	VISI	ONS FORLIABILITIESAND CHARGES
			Pension
			deficitf
At 1 April	2020		74,633
Paid during	the	year	(15,475)
Re-measurement		ofprovision	2,154
Unwinding	ofdiscount factor		1,676
At 31March 2021			74,633

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			Land and	Motor	Land and	Motor
			Buildings	Vehicles	Buildings	Vehicles
			2021	2021	2020	2020f
Expiring	within	one year	311,095	4,977	336,358	17,609
Expiring	in two	to five years	11,450		33,125	1,368
Expiring	in more than five years
			322,545	4,977	369,483	18,977