REGISTERED CHARITY NUMBER: 328151
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
Orcom Civvals Limited
Accountants
50 Seymour Street
London
W1H 7JG
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
|
Page |
Report of the Trustees |
1 to 3 |
Independent Examiner's Report |
4 |
Statement of Financial Activities |
5 |
Balance Sheet |
6 |
Notes to the Financial Statements |
7 to 11 |
Detailed Statement of Financial Activities |
12 |
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
TheTrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended 31
March2024.ThetrusteeshaveadoptedtheCharitiesSORP(FRS102)"AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102) (effective 1 January 2019)".
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is to advance the education of handicapped and disabled young persons in arts.
Thisisachievedthroughawardingfundstoparentsorotherindividualresponsiblefora physically
disabledchildoranorganisationwhichrequiresfinancialassistancetofurthertheartistic development
of disabled children.
ThetrusteeshavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on
publicbenefitwhenreviewingtheaimsandobjectivesofTheMFPAFundfortheTraining of
Handicapped Children in the Arts and in planning its future activities.
Donation making policy
Thetrusteeshavereviewedthepolicywithregardtodonationsmade,asitwasfeltthatdueto the
increasing amount held within the accounts, the parameters of support needed to be extended.
Thetrusteeswill,infuture,considerrepeatannualdonationstothesameapplicants,wherethey are
continuinglessonsortraining.TheTrusteeswillalsoincreasetheamountfundedtoeachgroup or
individual to £20,000.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
TheTrustFunds"UniqueArtAwards"whichwascompletedagainin2023.Itisacompetitionto find
youngdisabledartistsacrosstheUKandrecognisetheirhardwork.In2024therewereagain,two age
groups7-15and16-21,theawardswerefor2DArt,3Dsculpture,photography,performanceand digital
art.Itwasagainagreatsuccess,whichculminatedinagalapresentationeveningonZoomin October.
Thirtyfinalistattendedthateveningwheretheyreceivedtheirawards,ourthreetrusteeswere the
main guests of honour who spoke to inspire the winners and present the awards ,
ThetrustfundisstillworkingwithacharitycalledFlatSpaces,acharitabletrustwhichenables people
withseveredisabilitiestogoonholidaywith'AccessAssured'.TheMFPATrusteesarefundingsome art
andmusictherapyworkshopsforyoungindividualsandorganisationsatFlatSpacein Hampshire.
OtherorganisationsreceivingfinancialhelpfromMFPATrustFundalsoincludeTreloarTrust, Anjali,
National Theater, Teabag Charity to name a few.
FINANCIAL REVIEW
Review of activities and results
FinancialresultsfortheyeararesetoutintheStatementofFinancialActivitiesonpage5and the
position at the end of the year is shown in the balance sheet on page 6.
Duringtheyear,therewasasurplusof£301,082(2023:£239,930).Thesurplusishigherthan the
previousyearbecauseofaincreaseindonationsandlegaciesreceived.Thecharitableexpenditure for
year amounted to £66,442 (2023: £85,520).
The year end cash balance was £1,976,302 (2023: £1,995,880).
Page 1
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Reserves policy
At31March2024,thetrusthadunrestrictedreservesof£2,293,856(2023:£1,992,774).The Trustees
aimtomaintainsufficientfreereservestoenablethecharitytocontinueitsworkatthecurrent level
and, if possible, to increase it.
FUTURE PLANS
TheTrusteesareactivelyinvestigatingwaystoinvest50-75%ofitscapitalin2024-2025.Thiswould be
usedspecificallytoinvestinrentableproperty.In2023theTrustpurchasedashopandthreeflats in
Bexhill-on-Seainwhichtrystarereceivingrentalincome.TheTrusteeswillbelookingatthe possibility
of employing a part time fund raiser to raise funds for specific future projects.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TheMFPAFundfortheTrainingofHandicappedChildrenintheArtsisconstitutedunderatrust deed
dated 7 October 1988 and is a registered charity. It's charity number is 328151.
Recruitment and appointment of new trustees
Theboardhavethepowertorecruitnewtrustees.Thenewtrusteescanonlybeappointedifthey have
agreed to become a member of the charity and their names have been entered in the register.
Organisational structure
Thetrusteeswhohaveservedduringtheyeararementionedbelow.Trusteesareappointedby the
boardoftrusteesandserveforfiveyearsafterwhichperiodtheymayputthemselvesforward for
re-appointment.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
328151
Principal address
9 Inverness Place
London
W2 3JG
Trustees
T Yendell
K Jansz
I Parker
Independent Examiner
Aamir Kazi
Orcom Civvals Limited
Accountants
50 Seymour Street
London
W1H 7JG
Page 2
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Approved by order of the board of trustees on 19 June 2024 and signed on its behalf by:
T Yendell - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
Independent examiner's report to the trustees of THE MFPA FUND FOR THE TRAINING OF DISABLED CHILDREN IN THE ARTS
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTHEMFPAFUNDFOR THE
TRAINING OF DISABLED CHILDREN IN THE ARTS (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccounts in
accordance with the requirements of the Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145ofthe Act
andincarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbythe Charity
Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Sinceyourcharity'sgrossincomeexceeded£250,000yourexaminermustbea memberofa listedbody. I
canconfirmthatIamqualifiedtoundertaketheexaminationbecauseIama memberoftheInstitute of
Chartered Accountants in England and Wales, which is one of the listed bodies.
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Aamir Kazi
The Institute of Chartered Accountants in England and Wales
Orcom Civvals Limited
Accountants
50 Seymour Street
London
W1H 7JG
19 June 2024
Page 4
THE MFPA FUND FOR THE TRAINING OF DISABLED CHILDREN IN THE ARTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
Resources expended
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2024
2023
Unrestricted
Total
fund
funds
£
£
323,428
321,517
44,096
4,033
367,524
325,550
9,616
4,647
56,826
80,973
66,442
85,620
301,082
239,930
1,992,774
1,752,844
2,293,856
1,992,774 |
|
|
The notes form part of these financial statements
Page 5
THE MFPA FUND FOR THE TRAINING OF DISABLED CHILDREN IN THE ARTS
BALANCE SHEET 31 MARCH 2024
Notes
FIXED ASSETS
Tangible assets
6
Investment property
7
CURRENT ASSETS
Debtors
8
Cash at bank
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
TOTAL FUNDS |
2024
2023
Unrestricted
Total
fund
funds
£
£
298
397
326,233
-
326,531
397
1,250
-
1,976,302
1,995,880
1,977,552
1,995,880
(10,227)
(3,503)
1,967,325
1,992,377
2,293,856
1,992,774
2,293,856
1,992,774
2,293,856
1,992,774
2,293,856
1,992,774 |
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
19 June 2024 and were signed on its behalf by:
K Jansz - Trustee
T Yendell - Trustee
The notes form part of these financial statements
Page 6
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1. LEGAL FORM OF THE ENTITY
TheMFPAFundfortheTrainingofHandicappedChildrenintheArtsisacharityregistered in
EnglandandWales.Itsregisterednumberandregisteredofficeaddresscanbefoundin the
report of the trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichis a publicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
(FRS 102) (effective 1 January 2019)'.
The presentation currency of the financial statement is Pound Sterling (£).
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhas entitlement
tothefunds,itisprobablethattheincomewillbereceivedandtheamountcanbe measured
reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethata transferofeconomicbenefits will
berequiredin settlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings they
have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
Equipment- 25% on reducing balance
Investment property
Investmentpropertyisshownatmostrecentvaluation.Anyaggregatesurplusordeficit arising
from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretion of
the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotesto the
financial statements.
continued...
Page 7
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. INVESTMENT INCOME
Rents received
Investment income
4.
RAISING FUNDS
Investment management costs
Support costs |
2024
£
13,568
30,528
44,096
2024
£
9,616 |
2023
£
-
4,033 |
|
|
4,033 |
|
|
2023
£
4,647 |
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024nor for
the year ended 31 March 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended
31 March 2023.
6. TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS |
|
|
Equipment |
|
£ |
COST |
|
At 1 April 2023 and 31 March 2024 |
20,876 |
DEPRECIATION |
|
At 1 April 2023 |
20,479 |
Charge for year |
99 |
At 31 March 2024 |
20,578 |
NET BOOK VALUE |
|
At 31 March 2024 |
298 |
At 31 March 2023 |
397 |
continued...
Page 8
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
7.
INVESTMENT PROPERTY
FAIR VALUE
Additions
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
At 1/4/23
£
Unrestricted funds
General fund
1,992,774
TOTAL FUNDS
1,992,774
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
367,524
TOTAL FUNDS
367,524 |
|
2024
£
1,250
2024
£
10,227
Net
movement
in funds
£
301,082
301,082
Resources
expended
£
(66,442)
(66,442) |
£
326,233
326,233
326,233
-
2023
£
-
2023
£
3,503
At
31/3/24
£
2,293,856
2,293,856
Movement
in funds
£
301,082
301,082 |
|
|
|
|
|
|
|
|
continued...
Page 9
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1/4/22
£
1,752,844
1,752,844 |
Net
movement
in funds
£
239,930
239,930 |
At
31/3/23
£
1,992,774 |
|
|
|
1,992,774 |
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
325,550
TOTAL FUNDS
325,550
A current year 12 months and prior year 12 months combined position is a
At 1/4/22
£
Unrestricted funds
General fund
1,752,844
TOTAL FUNDS
1,752,844 |
Incoming
resources
£
Unrestricted funds
General fund
325,550
TOTAL FUNDS
325,550
A current year 12 months and prior year 12 months combined position is a
At 1/4/22
£
Unrestricted funds
General fund
1,752,844
TOTAL FUNDS
1,752,844 |
Resources
expended
£
(85,620)
(85,620)
s follows:
Net
movement
in funds
£
541,012
541,012 |
Movement
in funds
£
239,930
239,930
At
31/3/24
£
2,293,856
2,293,856 |
|
|
|
|
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
693,074
693,074 |
Resources
Movement
expended
in funds
£
£
(152,062)
541,012
(152,062)
541,012 |
|
|
|
continued...
Page 10
THE MFPA FUND FOR THE TRAINING OF
DISABLED CHILDREN IN THE ARTS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 11
THE MFPA FUND FOR THE TRAINING OF DISABLED CHILDREN IN THE ARTS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations and legacies
Investment income
Rents received
Investment income
Total incoming resources
EXPENDITURE
Charitable activities
Awards to charitable organisations
Awards to children
Art awards
Support costs
Management
Rental expenses
Advertising and promotions
Accountancy
Independent examination
Depreciation
Finance
Bank charges
Total resources expended
Net income |
2024
£
323,428
13,568
30,528
44,096
367,524
49,395
6,020
1,063
56,478
5,665
-
2,504
1,348
99
9,616
348
66,442
301,082 |
2023
£
321,517
-
4,033 |
|
|
4,033 |
|
|
325,550
56,669
11,023
12,991 |
|
|
80,683
-
1,044
2,278
1,226
99 |
|
|
4,647
290 |
|
|
85,620 |
|
|
239,930 |
This page does not form part of the statutory financial statements
Page 12