ommunlty Wellbeing MAIDSTONE COMMUNITY SUPPORT CENTRE Annual Report 2023/24 AlTr..
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Contents
Agenda The Mission and Vision of MCSC Chair’s Report Chief Executive’s Report Financial Director’s Report MCSC’s Member Groups Staff, Trustee and Contact Information
37th MCSC AGM Agenda
Welcome and Chair’s Report - Peter Cox
Apologies
Minutes of the previous AGM (14th November 2023)
- -To be agreed and signed
Treasurer’s Report and Accounts - John Hawkins
-
-Accepting the 2023/2024 Reports and Accounts
-
-Appointment of Reporting Accountants Chief Executive’s Report -Tad Taberer
A.O.B
Who are we?
The MCSC Mission
To support charitable organisations and community groups to effectively deliver their services to the community of Maidstone and surrounding areas by providing good quality affordable offices and meeting spaces in our Maidstone based community building.
What does our Centre mean to the local Community?
MCSC aims to unlock local potential by helping organisations, agencies and groups reach out to the neighbouring population and workforce to promote, to encourage and to educate.
The Home of Community and Voluntary work in the heart of Maidstone
MCSC has been providing office space and services for various charitable organisations and affordable meeting space for local community groups and businesses since 1986.
Our Vision
Working with our Members, visitors and the community in our area, Maidstone Community Support Centre aims to provide:
An attractive and affordable office base for charities, voluntary organisations and community groups.
A nurturing and encouraging environment for ideas, partnerships and developments.
A range of innovative and creative community services in response to local needs.
Chairman’s Report
I am pleased to present my report for the 37th Annual General Meeting of Maidstone Community Support Centre. For those attending the AGM in person, a very warm welcome!
Since its founding, MCSC has remained committed to providing affordable, secure accommodation to charities and not-for-profit organisations in and around Maidstone. This mission continues in 2023-2024, as we support over forty organisations delivering vital services to our community. These organisations tirelessly address a broad spectrum of needs across Maidstone and its surrounding areas.
Our users appreciate that MCSC offers a safe and supportive environment for their work. Our building, though older, is well-maintained, and our flexible terms cater to the specific needs of each organisation. The support from our dedicated staff team is highly valued, and we continuously strive to enhance our services.
In this year’s reports from Tad, our Chief Executive, and John, our Finance Director, you will hear about the positive progress we’ve made. We are pleased to report full occupancy for our rental spaces. However, we are still working to rebuild our 'sessional' hire business to prepandemic levels and remain focused on growing this important income stream.
MCSC faces challenges similar to other organisations in the voluntary sector. Having emerged from the pandemic, we now contend with the cost-of-living crisis and rising energy costs. In response, the Trustee Board decided to absorb the significant energy price hikes of 2022, limiting the impact on you our users during 2022/23/24. This difficult decision has supported our users through a very challenging period.
Despite these challenges, we have much to celebrate. A major infrastructure development this year has been the progress on our much-anticipated sliding door project. Thanks to the team's efforts, the door has now been installed, greatly improving building access and ambiance. We are also planning more significant improvements for the next financial year,
At MCSC, we pride ourselves on being a true community. To foster this sense of community, we plan to introduce more networking opportunities within the Marsham Street space. We will encourage organisations to present to each other, share best practices, and highlight their incredible work, thereby strengthening connections and amplifying our collective impact in the local area.
Looking ahead, we remain committed to supporting the growth and success of the organisations that call MCSC home. We are excited about the opportunities for collaboration and continued positive change in the coming year.
Thank you to all the groups that use MCSC. Thank also to our Board of Trustees and to Tad and the staff team, for your ongoing support. Together, we will continue to make a real difference to the lives of those who need it most. I look forward to working with you all in the year ahead.
Peter Cox
Chairman
CEO’s Report
It has now been 10 years since I was given the incredible opportunity to serve as the CEO of Maidstone Community Support Centre (MCSC). These years have gone by quickly, but the last four have been particularly challenging, not just for me personally, but for many within the charity sector. I can attest to the demanding nature of these times, as evidenced by the grey hairs I now possess.
The reported year 2023-2024 has been one of continued recovery and progress for MCSC. We have managed to maintain a 100% occupancy rate for our office space rentals, and our sessional hire rooms have shown gradual improvement, though they have yet to reach pre-pandemic levels.
The ongoing issue of rising energy costs has posed challenges; however, our Board of Trustees continued to make the prudent decision to absorb a substantial portion of these costs, minimizing the financial impact on our tenant organisations. We remain optimistic that the upcoming financial year will bring a significant reduction in energy costs.
In our continuous effort to enhance our facilities, we have undertaken several key projects. A notable improvement has been the installation of a sliding door at the front entrance. This upgrade has greatly facilitated accessibility for individuals with disabilities, elderly visitors, and parents with prams and buggies, while also brightening the lobby area. This project was made possible through generous grants from the Cobtree Trust (£5000) and South East Water’s Community Fund (£1500), along with some smaller donations from individuals, allowing us to match fund and cover the total cost.
To further improve the lobby area, we have invested in a new non-slip floor by the reception window and repainted the main entrance and waiting area, creating a more welcoming atmosphere for all building users. We are planning additional major improvements to the building in the upcoming financial year.
I must acknowledge the departure of two long-serving team members, Jackie Avery and Andrew Usher. Jackie has relocated to Norfolk, and Andrew has retired. We extend our heartfelt thanks to both for their invaluable contributions and wish them all the best for the future.
In conclusion, I would like to express my gratitude to all the groups and organisations based at and use MCSC for their unwavering support. Also I would like to add sincere thank you to our Board of Trustees for their guidance, and to my dedicated team Jo, Matt, Pip, Sinead, Mike, Jay and Shupi for their hard work and steadfast support.
Tad Taberer Chief Executive
MCSC Income vs Expenditure for 2023/2024 202>2024 £J59,151.LK IrKom• ll Exp•ndltur•
Financial Directors Report
I am pleased to present the accounts for the Maidstone Community Support Centre (MCSC) for the year ended 31st March 2024.
At the time of writing, we are proud to report that the Centre is operating at full occupancy. This is critical in ensuring the funds necessary to provide the highest level of services and to maintain our facilities to the highest standards, thereby offering a safe and enjoyable environment for our groups.
While a significant portion of our income can be accurately quantified, our results are subject to fluctuations due to sessional hire income, which has not yet returned to pre-pandemic levels. However, I am pleased to report that income from sessional hire has increased by approximately 9%, reaching £72,067. We are confident that our team will further increase sessional room bookings to pre-pandemic levels over the coming years.
The Board is delighted to report a surplus of £22,633 for the reported year and is optimistic that this trend will continue into 2024/25. However, as of this writing, Tad has submitted our comments to Maidstone Council in response to their consultation document regarding the discretionary relief for business rates for charities and non-profit organizations. The recent changes in the law mean that, although we should still qualify for 80% relief, the additional 20%, from which we have historically benefited, will be subject to the Council's decision from 2025/26, based on whether its absence would cause the Centre hardship. In our response to the consultation, we highlighted that charities like ours need to retain substantial reserves to finance future capital expenditures. Should the Council decide not to continue granting us full relief, we will argue this point based on future needs.
MCSC will continue to invest significantly in improvements over the next financial year, including a new boiler system, solar panels, and other necessary maintenance. This investment aligns with our five-year capital investment plan for building repairs and renewals.
I would like to close by expressing my heartfelt thanks to Tad and the entire MCSC team, who have worked exceptionally hard and have continued to produce timely and comprehensive reports.
John Hawkins
Finance Director
The Kent Archaeological Society has been based at the Maidstone Community Support Centre for a couple of years. The society currently operates from two offices and a number of storage areas within the Centre. Throughout this time, the team at MCSC have been overwhelmingly helpful, positive and interested in the work of the society, bringing the past to the present for everyone. The Society have utilized the Centre for conferences, meetings, volunteer projects and multiple working environments.
Through the Centre, we have also built a number of useful relationships with other local charities and schools, running a very successful student placement with Five Oaks School and The Education People. CEO of the Centre, Tad, has a passion for maritime archaeology and diving. He recently gave a very well-received online lecture on his involvement with the SS T.R Thompson Project to our members as part of our online zoom series. Tad also joined us during our excavation of the Lees Court Estate in Faversham. An invitation which is open to all at MCSC.
Finally, the society attended the inaugural MCSC open day which was an amazing day filled with great networking, conversations, and new opportunities. The community here at MCSC is an extremely welcoming one, and one which the society is very proud to be a part of
I would just like to say that I believe that things at MCSC appear to be on the up and up. There is a noticeable increase in the warmth shown to both myself and my clients. I believe that the new staff appointments have greatly contributed to this.
As people coming into the centre are often feeling very sensitive and stressed. This caring, happy demeanour is a very important aspect of the services that you provide and it sets the tone for both expectations and standards of behaviour.
The staff are easier to speak with and your time and efforts are very much appreciated.
We have rented office space at MCSC for 18 years and its the best place to work from.
The MCSC staff have always been an absolute pleasure to work with. They are all dedicated to the aims and values of MCSC, and are always ready to help and support us as a charity. They work hard to create a 'family' and community feeling throughout the centre.
Thank you for all the support you provide to us as organisations within the building, and all the ways you help the local community. And you do it all with smiles on your faces!!
A Big Thank You... to our supporting Organisations here at our Centre
A Big Thank You... to our supporting Organisations here at our Centre
Staff & Trustee Information
Staff
Tad Taberer - CEO
Matt Wright - Centre Support Manager
Jo Mitchell – Centre Lettings & Finance Officer
Pip Chandler - Reception/Administrator
Sinéad Fitzgerald - Centre Support Worker
Mike Farmer - HandyMan
Shupi Makina - Evening and Weekend Centre Support Worker
Jay Wild Mitchell – Evening and Weekend Centre Support Worker
Trustees
Peter Cox - Chair Ray Harris - Vice Chair John Hawkins - Finance Director Fiona Marriner Dorothy Phillips Sandie Turner
Contact Us
MCSC
39-48 Marsham Street Maidstone Kent ME14 1HH
01622 690369
www.mcsc.org.uk
admin@mcsc.org.uk
Twitter - @MCSCMaidstone Facebook - MCSC Maidstone
LinkedIn - Maidstone Community Support Centre
Registered number: 02045986 Charity number: 295143
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 31 March 2024
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 18 |
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 31 March 2024
| Trustees | Peter Cox, Chair |
|---|---|
| Raymond Harris, Vice Chair | |
| John Hawkins, Financial Treasurer | |
| Dorothy Phillips | |
| Sandra Turner | |
| Fiona Marriner | |
| Company registered number 02045986 Charity registered number 295143 Registered office 39 - 48 Marsham Street Maidstone ME14 1HH Company secretary Rowland Taberer Chief executive officer Rowland Taberer Accountants UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent ME10 4BJ |
Page 1
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 31 March 2024
The trustees present their annual report together with the financial statements of the company for the period 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
Maidstone Community Support Centre was established to promote any charitable purpose for the benefit of the community in South East England and, in particular, the advancement of education, the protection of health and the relief of poverty, distress and sickness. The principal method of delivery of our charitable aims has been through the provision of affordable office and meeting space to charities and like minded organisations. These facilities and the infrastructure supporting them are provided on a mutually acceptable but cost effective basis. We further promote our charitable aims through the provision of a range of activities that support the community who are disadvantaged by social or health issues.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the company's purposes for the public benefit
The charity's income is derived in the main from licence fees from the provision of rented office accommodation and the sessional hire of its meeting and training room facilities to the charities and other like-minded organisations.
By providing enhanced facilities to users of the Centre, we seek to further support our key stakeholders during difficult economic times.
The centre currently employs 8 staff at the time of signing this report.
Maidstone Community Support Centre continues to look at developing and growing its role as an important asset to the local community.
Achievements and performance
a. Review of activities
Maidstone Community Support Centre continued its strong recovery following the challenging period of the Covid Pandemic. Full occupancy levels were maintained throughout the review period and the slow but steady recovery of Sessional Hire continued. The charity can report that it is in a sound financial position. Despite significant external cost pressure MCSC was able to contain increases in licence fees to well below the then inflation rates.
One change resulting from the turnover of Licence Holders during the past 24 months is that MCSC is now less dependent on a few larger organisations than was the case. MCSC is now engaged with a more varied range of charities and Not for Profit organisations.
While MCSC was able to ride out the storm resulting from the higher energy costs, trustee and management have taken the decision to future proof energy cost impacts. The decision has been taken to replace the four ageing boilers with modern equipment during the financial year 2024/25 In addition, Solar Panels will also be installed to further reduce dependency on an unpredictable energy market. These decisions together with a renegotiation of current energy contracts will significantly reduce future energy bills but also reduce future maintenance and service costs.
We are delighted that Age UK has taken over the Café at Marsham Street and has additionally based some of its ‘Meals on Wheels’ service at the café. Age UK has also relocated some of its service provision to Marsham St.
Early in 2024 we saw the long-awaited upgrade of the entrance lobby and access to the reception area. The upgrade saw the installation of a new sliding door arrangement which has significantly reduced the risk of a heavy door opening into the waiting area. We are
Page 2
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Achievements and performance (continued)
grateful to the Cobtree Trust and South East Water who together with several smaller donations enabled this improvement to be commissioned.
Together with our communications and IT advisers we embarked on a programme to increase media facilities throughout the building. Every room now has the ability to link into media and conference facilities and no longer has to book time in one of the specially equipped ‘conference’ rooms. This media improvement was coupled with an overall upgrade of IT facilities and IT security. In addition, Surge Protection will be installed in 2024/25.
The Re-Carpeting programme will continue into 2025 with the completion of the programme to replace the Stair Carpeting throughout the building.
b. Investment policy and performance
In the past most of the Centre’s funds were required to be spent in the short term and funds were not available for long term investment. Recent years have seen a sensible increase in rental charges both for office space and sessional room hire. A determination to keep offices at 100% occupancy and increased marketing of dramatically improved facilities has seen a surplus year on year in recent times. The bulk of this surplus is earmarked for future works under the aforementioned maintenance and improvement plan and is invested in an interest bearing account. Given the current economic climate, options for secure investment opportunities are limited but the Board keeps this policy under constant review. In 2023-24 the balance in Wave Community Bank was £15,265. This deposit is loaned or reinvested for community benefit.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Please see accounting policy 2.3 for further details of why the trustees have reached this conclusion.
b. Reserves policy
The trustees have reviewed the current financial position and any changes are detailed below. Additionally they have agreed to maintain the current reserves policy. The charity endeavours to ensure sustainable reserves for future years.
At 31 March 2024 the charity held total reserves of £626,147 (2023: £598,752), of which £174,410 (2023: £169,648) were restricted. Unrestricted funds of £451,737 (2023: £429,104) included a designated fund of £52,176 (2023: 56,798) related to the charity's operational fixed assets, as detailed in note 15. The charity therefore had completely free general reserves of £399,561 (2023 - £372,306).
Detailed budgeting and financial reviews take place at regular intervals during the year. The organisation's trustees maintain a prudent approach to the current reserves.
c. Principal risks and uncertainties
This year’s financial performance has continued in the previously established pattern with the continuing Government squeeze on public sector expenditure having some impact on our users. Against this background sufficient funds have been generated to maintain the building at the required level and to add some additional facilities needed to keep our offering at a competitive level.
Page 3
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
d. Financial risk management objectives and policies
The trustees' principal financial management policies are in respect of managing reserves and managing risk. These are described in (b) and (c) above.
e. Review of results for 2023-24
The overall financial result for 2023/24 shows a net increase in funds of £27,395. This result mainly due to the increase in office licence fee and more hall hire sessions income in the year.
The overall surplus was therefore in line with trustees' expectations, and they were pleased with the underlying result.
Charitable income from licence fees and session income was up by £32,389 compared to 2022/23. Whilst the trustees were pleased to see the increase, they noted this source of income had still not recovered to pre-pandemic levels (licence fee and session income in 2019/20 was £355k).
Staff costs, followed by light and heat costs, were the greatest expense.
The result for the year split between funds is shown on the face of the Statement of Financial Activities, with the great majority of all income and expenditure during the year passing through general unrestricted funds.
Structure, governance and management
a. Constitution
Maidstone Community Support Centre is registered as a charitable company limited by guarantee (company registration no. 02045986) and was set up by a Memorandum of Association. It was incorporated on 12 August 1986. The Members of the company are the Trustees and such other persons or bodies corporate as are eligible for membership. Persons wishing to become members are required to make a formal application for consideration. Membership is not transferable. The company is constituted under a Memorandum of Association and is a registered charity, no. 295143.
b. Methods of appointment or election of trustees
Trustees, who also act as directors for the purposes of company law, are appointed at the company’s Annual General Meeting. Under the requirements of the Memorandum and Articles of Association directors are elected to serve for a period of up to three years after which they must apply for re-election at the Annual General Meeting.
c. Risk management
The trustees have established an annual procedure to review risks and set or confirm strategies and policies. Day to day management of risk policies and their effectiveness is carried out by the Chief Executive.
Members' liability
In the event of the company being wound up, members are each required to contribute an amount not exceeding £1. The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.
Management
The Centre is managed by a Board of Trustees appointed at the Annual General Meeting. The Centre employs a Chief Executive who reports, and is responsible to the Honorary Chairman.
Page 4
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Statement of trustees' responsibilities
The trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of trustees and signed on their behalf by:
Peter Cox
(Honorary Chairman)
Date:
Page 5
(A Company Limited by Guarantee)
Maidstone Community Support Centre
Independent Examiner's Report For the Year Ended 31 March 2024
Independent Examiner's Report to the Trustees of Maidstone Community Support Centre ('the company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the 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 company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the 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 the Institute of Chartered Accountants in England and Wales, 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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company'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 company and the company's trustees as a body, for my work or for this report.
Signed: Dated:
Allan R. Hickie BSc FCA
UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent. ME10 4BJ
Page 6
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ - 362,367 6,708 369,075 346,442 346,442 22,633 429,104 22,633 451,737 |
Restricted funds 2024 £ 7,039 - - 7,039 2,277 2,277 4,762 169,648 4,762 174,410 |
Total funds 2024 £ 7,039 362,367 6,708 376,114 348,719 348,719 27,395 598,752 27,395 626,147 |
Total funds 2023 £ - 312,592 1,941 |
|---|---|---|---|---|
| 314,533 | ||||
| 348,138 | ||||
| 348,138 | ||||
| (33,605) | ||||
| 632,357 (33,605) |
||||
| 598,752 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 7
Maidstone Community Support Centre
(A Company Limited by Guarantee) Registered number: 02045986
Balance Sheet As at 31 March 2024
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
14,198 446,725 460,923 (51,493) |
2024 £ 226,586 409,430 636,016 (9,869) 626,147 174,410 451,737 626,147 |
5,893 417,000 422,893 (37,491) |
2023 £ 226,446 385,402 |
|---|---|---|---|---|
| 611,848 (13,096) |
||||
| 598,752 | ||||
| 169,648 429,104 |
||||
| 598,752 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006, and the members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
Peter Cox
Raymond Harris
(Honorary Chairman)
Date:
The notes on pages 9 to 18 form part of these financial statements.
Page 8
(A Company Limited by Guarantee)
Maidstone Community Support Centre
Notes to the Financial Statements For the Year Ended 31 March 2024
1. General information
Maidstone Community Support Centre is a charitable company limited by guarantee, registered in England and Wales. The registered office is 39 - 48 Marsham Street, Maidstone, ME14 1HH.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 March 2018), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Maidstone Community Support Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Company status
The company is a company limited by guarantee. The legal members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2.3 Going concern
The Trustees have considered whether they believe the charitable company will have adequate resources to continue in operational existence for the foreseeable future, and whether there are any material uncertainties about the charity company's ability to continue as a going concern for a period of at least one year from the date of authorisation of the financial statements.
At the time of approval of these financial statements the charitable company has healthy cash at bank and free reserve balances, and with year-to-date management accounting information and forecasts for the coming twelve months indicating that there are no material uncertainties over going concern, the Trustees have concluded that it remains appropriate to prepare the financial statements on the going concern basis.
2.4 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. The costs of the one activity for the entity is made up of direct costs as well as support costs involved in undertaking said activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 9
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
| Freehold property | - 2% per annum straight line on cost |
|---|---|
| Freehold property improvements | - 10% per annum straight line on cost |
| Fixtures, fittings and equipment | - 20% per annum straight line on cost |
2.7 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Restricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 7,039 | 7,039 | - |
Page 10
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
4. Income from charitable activities
| Licence fees and session income Analysis of 2023 total by fund |
Unrestricted funds 2024 £ 362,367 312,592 |
Total funds 2024 £ 362,367 312,592 |
Total funds 2023 £ 312,592 |
|---|---|---|---|
5. Investment income
| Investment income Analysis of 2023 total by fund |
Unrestricted funds 2024 £ 6,708 1,941 |
Total funds 2024 £ 6,708 1,941 |
Total funds 2023 £ 1,941 |
|---|---|---|---|
6. Analysis of expenditure on charitable activities
Summary by fund type
| Direct charitable purposes Analysis of 2023 total by fund |
Unrestricted funds 2024 £ 346,442 345,920 |
Restricted funds 2024 £ 2,277 2,218 |
Total 2024 £ 348,719 348,138 |
Total 2023 £ 348,138 |
|---|---|---|---|---|
Page 11
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
7. Analysis of expenditure by activities
| Direct charitable purposes Analysis of 2023 total |
Direct costs 2024 £ 285,444 235,732 |
Support costs 2024 £ 63,275 112,406 |
Total funds 2024 £ 348,719 348,138 |
Total funds 2023 £ 348,138 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Water, sewerage and waste Light and heat Repairs and maintenance Property management and cleaning Other direct costs |
Total funds 2024 £ 167,033 1,714 62,176 29,034 25,038 449 285,444 |
Total funds 2023 £ 157,152 6,898 23,114 25,806 22,420 342 |
|---|---|---|
| 235,732 |
Analysis of support costs
| Depreciation Repairs and maintenance Insurance Accountancy and payroll charges Postage, stationery and telephone/broadband costs Computer supplies Sundry expenses |
Total funds 2024 £ 13,768 14,392 6,029 5,326 15,504 5,238 3,018 63,275 |
Total funds 2023 £ 14,791 68,820 5,629 4,642 13,465 1,478 3,581 |
|---|---|---|
| 112,406 |
Page 12
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,790 (2023: £3,660), and other services of £1,536 (2023: £982).
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 152,967 7,273 6,793 167,033 |
2023 £ 145,278 6,292 5,582 |
|---|---|---|
| 157,152 |
The average number of persons employed by the company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 8 | 8 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel received remuneration (including employer national insurance and pension contributions) of £120,855 (2023 - £113,287) .
10. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no trustee expenses have been incurred (2023 - £NIL) .
Page 13
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
11. Tangible fixed assets
| Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Freehold property £ 221,765 - 221,765 52,117 2,218 54,335 167,430 169,648 |
Freehold property improvements £ 529,662 12,537 542,199 489,648 8,840 498,488 43,711 40,014 |
Fixtures and fittings £ 147,132 1,371 148,503 130,348 2,710 133,058 15,445 16,784 |
Total £ 898,559 13,908 |
|---|---|---|---|---|
| 912,467 | ||||
| 672,113 13,768 |
||||
| 685,881 | ||||
| 226,586 | ||||
| 226,446 |
Page 14
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
12. Debtors
| Trade debtors Other debtors Prepayments and accrued income |
2024 £ 11,333 2,045 820 14,198 |
2023 £ 4,770 - 1,123 |
|---|---|---|
| 5,893 |
13. Creditors: Amounts falling due within one year
| Other loans Trade creditors Other taxation and social security Pension fund loan payable Other creditors Accruals and deferred income |
2024 £ 3,226 3,658 3,988 584 413 39,624 51,493 |
2023 £ 3,226 411 - - 2,460 31,394 |
|---|---|---|
| 37,491 |
14. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other loans | 9,869 | 13,096 |
Page 15
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
15. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund General funds General funds Total Unrestricted funds Restricted funds Capital fund Total of funds Summary of funds |
Balance at 1 April 2023 £ 56,798 372,306 429,104 169,648 598,752 |
Income £ - 369,075 369,075 7,039 376,114 |
Expenditure £ (11,491) (334,951) (346,442) (2,277) (348,719) |
Transfers in/out £ 6,869 (6,869) - - - |
Balance at 31 March 2024 £ 52,176 |
|---|---|---|---|---|---|
| 399,561 | |||||
| 451,737 | |||||
| 174,410 | |||||
| 626,147 | |||||
Unrestricted funds
The designated fixed asset fund represents the net book value of tangible fixed assets funded from unrestricted general funds. The difference between the carried forward balance on this fund and the value of tangible fixed assets in note 11 relates to the balance on the restricted capital fund for fixed assets acquired out of restricted funding.
General funds represent the 'free' reserves readily available to trustees to spend as they see fit in accordance with the charity's objectives.
Restricted funds
The capital fund is in respect of capital grants received for the purchase and improvement of freehold buildings and purchase of items and equipment. In accordance with the accounting policy, depreciation on the assets concerned is charged as an expense of the restricted fund.
Transfer
The transfer of £6,869 into the fixed asset funds represents fixed asset additions our of general funds in 2023-24.
Page 16
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund General funds General funds Total Unrestricted funds Restricted funds Capital fund Big lottery grant Total of funds |
Balance at 1 April 2022 £ 46,516 412,174 458,690 171,866 1,801 173,667 632,357 |
Income £ - 314,533 314,533 - - - 314,533 |
Expenditure £ (12,573) (333,347) (345,920) (2,218) - (2,218) (348,138) |
Transfers in/out £ 22,855 (21,054) 1,801 - (1,801) (1,801) - |
Balance at 31 March 2023 £ 56,798 |
|---|---|---|---|---|---|
| 372,306 | |||||
| 429,104 | |||||
| 169,648 - |
|||||
| 169,648 | |||||
| 598,752 |
16. Analysis of net assets between funds Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2024 £ 52,176 460,923 (51,493) (9,869) 451,737 |
Restricted funds 2024 £ 174,410 - - - 174,410 |
Total funds 2024 £ 226,586 460,923 (51,493) (9,869) |
|---|---|---|---|
| 626,147 |
Page 17
(A Company Limited by Guarantee)
Maidstone Community Support Centre
Notes to the Financial Statements For the Year Ended 31 March 2024
16. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2023 £ 56,798 422,893 (37,491) (13,096) 429,104 |
Restricted funds 2023 £ 169,648 - - - 169,648 |
Total funds 2023 £ 226,446 422,893 (37,491) (13,096) |
|---|---|---|---|
| 598,752 |
17. Pension commitments
The company operates a defined contribution scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. There were £584 payable to the fund at the balance sheet date (2023 - £Nil) .
18. Operating lease commitments
At 31 March 2024 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2024 £ 3,281 2,424 5,705 |
2023 £ 8,081 5,705 |
|---|---|---|
| 13,786 |
19. Related party transactions
The company engaged in transactions with related parties, as noted below. Each of these transactions were at open market value or on terms equivalent to those that prevail in arm's length transactions.
The company charged rent of £4,321 (2023 - £4,075) to Fernleigh Consulting, a firm where Peter Cox, a trustee of Maidstone Community Support Centre is a consultant. At 31 March 2024 Fernleigh Consulting was owed £1,906 (2023 - £2,375) by the company, as a result of payments in advance.
Page 18
Registered number: 02045986 Charity number: 295143
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 31 March 2024
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 18 |
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 31 March 2024
| Trustees | Peter Cox, Chair |
|---|---|
| Raymond Harris, Vice Chair | |
| John Hawkins, Financial Treasurer | |
| Dorothy Phillips | |
| Sandra Turner | |
| Fiona Marriner | |
| Company registered number 02045986 Charity registered number 295143 Registered office 39 - 48 Marsham Street Maidstone ME14 1HH Company secretary Rowland Taberer Chief executive officer Rowland Taberer Accountants UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent ME10 4BJ |
Page 1
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report For the Year Ended 31 March 2024
The trustees present their annual report together with the financial statements of the company for the period 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
Maidstone Community Support Centre was established to promote any charitable purpose for the benefit of the community in South East England and, in particular, the advancement of education, the protection of health and the relief of poverty, distress and sickness. The principal method of delivery of our charitable aims has been through the provision of affordable office and meeting space to charities and like minded organisations. These facilities and the infrastructure supporting them are provided on a mutually acceptable but cost effective basis. We further promote our charitable aims through the provision of a range of activities that support the community who are disadvantaged by social or health issues.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the company's purposes for the public benefit
The charity's income is derived in the main from licence fees from the provision of rented office accommodation and the sessional hire of its meeting and training room facilities to the charities and other like-minded organisations.
By providing enhanced facilities to users of the Centre, we seek to further support our key stakeholders during difficult economic times.
The centre currently employs 8 staff at the time of signing this report.
Maidstone Community Support Centre continues to look at developing and growing its role as an important asset to the local community.
Achievements and performance
a. Review of activities
Maidstone Community Support Centre continued its strong recovery following the challenging period of the Covid Pandemic. Full occupancy levels were maintained throughout the review period and the slow but steady recovery of Sessional Hire continued. The charity can report that it is in a sound financial position. Despite significant external cost pressure MCSC was able to contain increases in licence fees to well below the then inflation rates.
One change resulting from the turnover of Licence Holders during the past 24 months is that MCSC is now less dependent on a few larger organisations than was the case. MCSC is now engaged with a more varied range of charities and Not for Profit organisations.
While MCSC was able to ride out the storm resulting from the higher energy costs, trustee and management have taken the decision to future proof energy cost impacts. The decision has been taken to replace the four ageing boilers with modern equipment during the financial year 2024/25 In addition, Solar Panels will also be installed to further reduce dependency on an unpredictable energy market. These decisions together with a renegotiation of current energy contracts will significantly reduce future energy bills but also reduce future maintenance and service costs.
We are delighted that Age UK has taken over the Café at Marsham Street and has additionally based some of its ‘Meals on Wheels’ service at the café. Age UK has also relocated some of its service provision to Marsham St.
Early in 2024 we saw the long-awaited upgrade of the entrance lobby and access to the reception area. The upgrade saw the installation of a new sliding door arrangement which has significantly reduced the risk of a heavy door opening into the waiting area. We are
Page 2
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Achievements and performance (continued)
grateful to the Cobtree Trust and South East Water who together with several smaller donations enabled this improvement to be commissioned.
Together with our communications and IT advisers we embarked on a programme to increase media facilities throughout the building. Every room now has the ability to link into media and conference facilities and no longer has to book time in one of the specially equipped ‘conference’ rooms. This media improvement was coupled with an overall upgrade of IT facilities and IT security. In addition, Surge Protection will be installed in 2024/25.
The Re-Carpeting programme will continue into 2025 with the completion of the programme to replace the Stair Carpeting throughout the building.
b. Investment policy and performance
In the past most of the Centre’s funds were required to be spent in the short term and funds were not available for long term investment. Recent years have seen a sensible increase in rental charges both for office space and sessional room hire. A determination to keep offices at 100% occupancy and increased marketing of dramatically improved facilities has seen a surplus year on year in recent times. The bulk of this surplus is earmarked for future works under the aforementioned maintenance and improvement plan and is invested in an interest bearing account. Given the current economic climate, options for secure investment opportunities are limited but the Board keeps this policy under constant review. In 2023-24 the balance in Wave Community Bank was £15,265. This deposit is loaned or reinvested for community benefit.
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Please see accounting policy 2.3 for further details of why the trustees have reached this conclusion.
b. Reserves policy
The trustees have reviewed the current financial position and any changes are detailed below. Additionally they have agreed to maintain the current reserves policy. The charity endeavours to ensure sustainable reserves for future years.
At 31 March 2024 the charity held total reserves of £626,147 (2023: £598,752), of which £174,410 (2023: £169,648) were restricted. Unrestricted funds of £451,737 (2023: £429,104) included a designated fund of £52,176 (2023: 56,798) related to the charity's operational fixed assets, as detailed in note 15. The charity therefore had completely free general reserves of £399,561 (2023 - £372,306).
Detailed budgeting and financial reviews take place at regular intervals during the year. The organisation's trustees maintain a prudent approach to the current reserves.
c. Principal risks and uncertainties
This year’s financial performance has continued in the previously established pattern with the continuing Government squeeze on public sector expenditure having some impact on our users. Against this background sufficient funds have been generated to maintain the building at the required level and to add some additional facilities needed to keep our offering at a competitive level.
Page 3
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
d. Financial risk management objectives and policies
The trustees' principal financial management policies are in respect of managing reserves and managing risk. These are described in (b) and (c) above.
e. Review of results for 2023-24
The overall financial result for 2023/24 shows a net increase in funds of £27,395. This result mainly due to the increase in office licence fee and more hall hire sessions income in the year.
The overall surplus was therefore in line with trustees' expectations, and they were pleased with the underlying result.
Charitable income from licence fees and session income was up by £32,389 compared to 2022/23. Whilst the trustees were pleased to see the increase, they noted this source of income had still not recovered to pre-pandemic levels (licence fee and session income in 2019/20 was £355k).
Staff costs, followed by light and heat costs, were the greatest expense.
The result for the year split between funds is shown on the face of the Statement of Financial Activities, with the great majority of all income and expenditure during the year passing through general unrestricted funds.
Structure, governance and management
a. Constitution
Maidstone Community Support Centre is registered as a charitable company limited by guarantee (company registration no. 02045986) and was set up by a Memorandum of Association. It was incorporated on 12 August 1986. The Members of the company are the Trustees and such other persons or bodies corporate as are eligible for membership. Persons wishing to become members are required to make a formal application for consideration. Membership is not transferable. The company is constituted under a Memorandum of Association and is a registered charity, no. 295143.
b. Methods of appointment or election of trustees
Trustees, who also act as directors for the purposes of company law, are appointed at the company’s Annual General Meeting. Under the requirements of the Memorandum and Articles of Association directors are elected to serve for a period of up to three years after which they must apply for re-election at the Annual General Meeting.
c. Risk management
The trustees have established an annual procedure to review risks and set or confirm strategies and policies. Day to day management of risk policies and their effectiveness is carried out by the Chief Executive.
Members' liability
In the event of the company being wound up, members are each required to contribute an amount not exceeding £1. The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.
Management
The Centre is managed by a Board of Trustees appointed at the Annual General Meeting. The Centre employs a Chief Executive who reports, and is responsible to the Honorary Chairman.
Page 4
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Statement of trustees' responsibilities
The trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of trustees and signed on their behalf by:
Peter Cox
(Honorary Chairman)
Date:
Page 5
(A Company Limited by Guarantee)
Maidstone Community Support Centre
Independent Examiner's Report For the Year Ended 31 March 2024
Independent Examiner's Report to the Trustees of Maidstone Community Support Centre ('the company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the 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 company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the 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 the Institute of Chartered Accountants in England and Wales, 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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company'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 company and the company's trustees as a body, for my work or for this report.
Signed: Dated:
Allan R. Hickie BSc FCA
UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent. ME10 4BJ
Page 6
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ - 362,367 6,708 369,075 346,442 346,442 22,633 429,104 22,633 451,737 |
Restricted funds 2024 £ 7,039 - - 7,039 2,277 2,277 4,762 169,648 4,762 174,410 |
Total funds 2024 £ 7,039 362,367 6,708 376,114 348,719 348,719 27,395 598,752 27,395 626,147 |
Total funds 2023 £ - 312,592 1,941 |
|---|---|---|---|---|
| 314,533 | ||||
| 348,138 | ||||
| 348,138 | ||||
| (33,605) | ||||
| 632,357 (33,605) |
||||
| 598,752 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 7
Maidstone Community Support Centre
(A Company Limited by Guarantee) Registered number: 02045986
Balance Sheet As at 31 March 2024
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
14,198 446,725 460,923 (51,493) |
2024 £ 226,586 409,430 636,016 (9,869) 626,147 174,410 451,737 626,147 |
5,893 417,000 422,893 (37,491) |
2023 £ 226,446 385,402 |
|---|---|---|---|---|
| 611,848 (13,096) |
||||
| 598,752 | ||||
| 169,648 429,104 |
||||
| 598,752 |
The company was entitled to exemption from audit under section 477 of the Companies Act 2006, and the members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
Peter Cox
Raymond Harris
(Honorary Chairman)
Date:
The notes on pages 9 to 18 form part of these financial statements.
Page 8
(A Company Limited by Guarantee)
Maidstone Community Support Centre
Notes to the Financial Statements For the Year Ended 31 March 2024
1. General information
Maidstone Community Support Centre is a charitable company limited by guarantee, registered in England and Wales. The registered office is 39 - 48 Marsham Street, Maidstone, ME14 1HH.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 March 2018), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Maidstone Community Support Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Company status
The company is a company limited by guarantee. The legal members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2.3 Going concern
The Trustees have considered whether they believe the charitable company will have adequate resources to continue in operational existence for the foreseeable future, and whether there are any material uncertainties about the charity company's ability to continue as a going concern for a period of at least one year from the date of authorisation of the financial statements.
At the time of approval of these financial statements the charitable company has healthy cash at bank and free reserve balances, and with year-to-date management accounting information and forecasts for the coming twelve months indicating that there are no material uncertainties over going concern, the Trustees have concluded that it remains appropriate to prepare the financial statements on the going concern basis.
2.4 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. The costs of the one activity for the entity is made up of direct costs as well as support costs involved in undertaking said activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 9
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
2. Accounting policies (continued)
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
| Freehold property | - 2% per annum straight line on cost |
|---|---|
| Freehold property improvements | - 10% per annum straight line on cost |
| Fixtures, fittings and equipment | - 20% per annum straight line on cost |
2.7 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Restricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 7,039 | 7,039 | - |
Page 10
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
4. Income from charitable activities
| Licence fees and session income Analysis of 2023 total by fund |
Unrestricted funds 2024 £ 362,367 312,592 |
Total funds 2024 £ 362,367 312,592 |
Total funds 2023 £ 312,592 |
|---|---|---|---|
5. Investment income
| Investment income Analysis of 2023 total by fund |
Unrestricted funds 2024 £ 6,708 1,941 |
Total funds 2024 £ 6,708 1,941 |
Total funds 2023 £ 1,941 |
|---|---|---|---|
6. Analysis of expenditure on charitable activities
Summary by fund type
| Direct charitable purposes Analysis of 2023 total by fund |
Unrestricted funds 2024 £ 346,442 345,920 |
Restricted funds 2024 £ 2,277 2,218 |
Total 2024 £ 348,719 348,138 |
Total 2023 £ 348,138 |
|---|---|---|---|---|
Page 11
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
7. Analysis of expenditure by activities
| Direct charitable purposes Analysis of 2023 total |
Direct costs 2024 £ 285,444 235,732 |
Support costs 2024 £ 63,275 112,406 |
Total funds 2024 £ 348,719 348,138 |
Total funds 2023 £ 348,138 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Water, sewerage and waste Light and heat Repairs and maintenance Property management and cleaning Other direct costs |
Total funds 2024 £ 167,033 1,714 62,176 29,034 25,038 449 285,444 |
Total funds 2023 £ 157,152 6,898 23,114 25,806 22,420 342 |
|---|---|---|
| 235,732 |
Analysis of support costs
| Depreciation Repairs and maintenance Insurance Accountancy and payroll charges Postage, stationery and telephone/broadband costs Computer supplies Sundry expenses |
Total funds 2024 £ 13,768 14,392 6,029 5,326 15,504 5,238 3,018 63,275 |
Total funds 2023 £ 14,791 68,820 5,629 4,642 13,465 1,478 3,581 |
|---|---|---|
| 112,406 |
Page 12
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,790 (2023: £3,660), and other services of £1,536 (2023: £982).
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 152,967 7,273 6,793 167,033 |
2023 £ 145,278 6,292 5,582 |
|---|---|---|
| 157,152 |
The average number of persons employed by the company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 8 | 8 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel received remuneration (including employer national insurance and pension contributions) of £120,855 (2023 - £113,287) .
10. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no trustee expenses have been incurred (2023 - £NIL) .
Page 13
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
11. Tangible fixed assets
| Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Freehold property £ 221,765 - 221,765 52,117 2,218 54,335 167,430 169,648 |
Freehold property improvements £ 529,662 12,537 542,199 489,648 8,840 498,488 43,711 40,014 |
Fixtures and fittings £ 147,132 1,371 148,503 130,348 2,710 133,058 15,445 16,784 |
Total £ 898,559 13,908 |
|---|---|---|---|---|
| 912,467 | ||||
| 672,113 13,768 |
||||
| 685,881 | ||||
| 226,586 | ||||
| 226,446 |
Page 14
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
12. Debtors
| Trade debtors Other debtors Prepayments and accrued income |
2024 £ 11,333 2,045 820 14,198 |
2023 £ 4,770 - 1,123 |
|---|---|---|
| 5,893 |
13. Creditors: Amounts falling due within one year
| Other loans Trade creditors Other taxation and social security Pension fund loan payable Other creditors Accruals and deferred income |
2024 £ 3,226 3,658 3,988 584 413 39,624 51,493 |
2023 £ 3,226 411 - - 2,460 31,394 |
|---|---|---|
| 37,491 |
14. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other loans | 9,869 | 13,096 |
Page 15
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
15. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Fixed asset fund General funds General funds Total Unrestricted funds Restricted funds Capital fund Total of funds Summary of funds |
Balance at 1 April 2023 £ 56,798 372,306 429,104 169,648 598,752 |
Income £ - 369,075 369,075 7,039 376,114 |
Expenditure £ (11,491) (334,951) (346,442) (2,277) (348,719) |
Transfers in/out £ 6,869 (6,869) - - - |
Balance at 31 March 2024 £ 52,176 |
|---|---|---|---|---|---|
| 399,561 | |||||
| 451,737 | |||||
| 174,410 | |||||
| 626,147 | |||||
Unrestricted funds
The designated fixed asset fund represents the net book value of tangible fixed assets funded from unrestricted general funds. The difference between the carried forward balance on this fund and the value of tangible fixed assets in note 11 relates to the balance on the restricted capital fund for fixed assets acquired out of restricted funding.
General funds represent the 'free' reserves readily available to trustees to spend as they see fit in accordance with the charity's objectives.
Restricted funds
The capital fund is in respect of capital grants received for the purchase and improvement of freehold buildings and purchase of items and equipment. In accordance with the accounting policy, depreciation on the assets concerned is charged as an expense of the restricted fund.
Transfer
The transfer of £6,869 into the fixed asset funds represents fixed asset additions our of general funds in 2023-24.
Page 16
Maidstone Community Support Centre
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Fixed asset fund General funds General funds Total Unrestricted funds Restricted funds Capital fund Big lottery grant Total of funds |
Balance at 1 April 2022 £ 46,516 412,174 458,690 171,866 1,801 173,667 632,357 |
Income £ - 314,533 314,533 - - - 314,533 |
Expenditure £ (12,573) (333,347) (345,920) (2,218) - (2,218) (348,138) |
Transfers in/out £ 22,855 (21,054) 1,801 - (1,801) (1,801) - |
Balance at 31 March 2023 £ 56,798 |
|---|---|---|---|---|---|
| 372,306 | |||||
| 429,104 | |||||
| 169,648 - |
|||||
| 169,648 | |||||
| 598,752 |
16. Analysis of net assets between funds Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2024 £ 52,176 460,923 (51,493) (9,869) 451,737 |
Restricted funds 2024 £ 174,410 - - - 174,410 |
Total funds 2024 £ 226,586 460,923 (51,493) (9,869) |
|---|---|---|---|
| 626,147 |
Page 17
(A Company Limited by Guarantee)
Maidstone Community Support Centre
Notes to the Financial Statements For the Year Ended 31 March 2024
16. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2023 £ 56,798 422,893 (37,491) (13,096) 429,104 |
Restricted funds 2023 £ 169,648 - - - 169,648 |
Total funds 2023 £ 226,446 422,893 (37,491) (13,096) |
|---|---|---|---|
| 598,752 |
17. Pension commitments
The company operates a defined contribution scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. There were £584 payable to the fund at the balance sheet date (2023 - £Nil) .
18. Operating lease commitments
At 31 March 2024 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years |
2024 £ 3,281 2,424 5,705 |
2023 £ 8,081 5,705 |
|---|---|---|
| 13,786 |
19. Related party transactions
The company engaged in transactions with related parties, as noted below. Each of these transactions were at open market value or on terms equivalent to those that prevail in arm's length transactions.
The company charged rent of £4,321 (2023 - £4,075) to Fernleigh Consulting, a firm where Peter Cox, a trustee of Maidstone Community Support Centre is a consultant. At 31 March 2024 Fernleigh Consulting was owed £1,906 (2023 - £2,375) by the company, as a result of payments in advance.
Page 18