REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MUDEFORD WOOD COMMUNITY TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MUDEFORD WOOD COMMUNITY TRUST |
MUDEFORD WOOD COMMUNITY TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 14 |
MUDEFORD WOOD COMMUNITY TRUST |
REFERENCE AND ADMINISTRATIVE DETAILS |
for the Year Ended 31 March 2023 |
TRUSTEES Elizabeth Sabey (Chairman) |
Paul Hilliard (Honorary Treasurer) |
Richard Ashdown |
Victoria Fuller |
Mike Scott-Johns |
Deborah Stephens |
Samuel Weeks |
COMPANY SECRETARY Paul Hilliard |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Terence L Smith & Co |
Chartered Accountants |
38a Station Road |
New Milton |
Hampshire |
BH25 6JX |
BANKERS | CAF Bank Ltd |
PO Box 289 |
West Malling |
Kent |
ME19 4TA |
MUDEFORD WOOD COMMUNITY TRUST (REGISTERED NUMBER: 07592707) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 March 2023 |
The Trustees, who are also Directors of the Trust for the purposes of the Companies Act, submit their Report and the Financial Statements for the year ended 31st March 2023. The financial statements comply with the Charities Act 2011, the Companies Act 2006, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2015. As a charitable company, the Trust is governed by a Memorandum and Articles of Association. |
OBJECTIVES AND ACTIVITIES |
Review of Activities and Future Developments |
The specific object of the Trust is explained within its Articles of Association and, in summary, is: to promote for the benefit of inhabitants of Mudeford Wood, Christchurch, Dorset (and the surrounding area) the provision of facilities by reason of their youth, age, infirmity or disability, financial hardship or, social or economic circumstances or for the public at large in the interests of social welfare and with the object of improving the life of the said inhabitants. In practice this will mean the provision of facilities offering diverse activities for the social, mental and physical wellbeing of the local community, regardless of age, ethnicity or culture. To help achieve this, the Trust engages with and encourages the local community to become involved in the planning of activities and the running of the facilities at Mudeford Wood Community Centre. |
The Trust's operations meet its public benefit expectations achieved with an enthusiastic set of volunteers running the Community Centre and its associated sporting and other recreational facilities. The Trust assumed responsibility for the Mudeford Wood Community Centre and adjacent all-weather pitch together with access rights to the adjacent field from Christchurch Borough Council within the terms of licence agreements on 1st April 2012 pending the enactment of a lease for the former two areas in November 2013. The Centre is a busy and thriving community based facility that offers a diverse range of activities together with the opportunity for individuals and societies to hire the all-weather pitch, rooms and halls for their members and others. In planning activities for the period the Trustees have considered the Charity Commission's guidance on public benefit and the needs of the local community. The Trust has confirmed its commitment for the Centre to be used for community purposes during a period of emergency and/or local crisis as an evacuation or temporary holding location. |
The Trust's approach to costs management together with efficient use of available resources means that the Centre remains a financially viable charitable based organisation. There continues to be a total reliance upon the support and work of many volunteers to enable the Centre to offer the range of activities demanded. The Board is forever grateful for the many hours that substantial numbers of people give freely. The campaign of fund raising and seeking grants continues at a relentless pace to identify funds that can enhance the Centre's facilities and offer. Trustees use the electronic booking system and financial accounting software to produce management reports and information that allows informed decisions to be made about marketing spare capacity and achieving best value for the investments made of time and money. Whilst the offer of facilities for hire has resumed during the period 2022/2023 following the Covid19 pandemic closures and restrictions, the unexpected costs rise during 2022 and 2023 has proved a new challenge for the Trust to cope with. |
There have been a number of in-year cost increases as a consequence of the rapidly rising rate of inflation and increases in gas and electricity costs. Further substantial cost increases are expected in the near future. Whilst the Trust is doing its best to: maintain prudent control of its finances to ensure that it remains financially secure; maintain financial reserves that will meet Charity Commission expectations; and, most importantly, seek to achieve a year-end outturn that will allow it to achieve its primary objective; the current financial environment is unpredictable and likely to result in an operational deficit brought into balance by the Trust's reserves. |
As in previous years, the Trust continues to face many challenges as people and circumstances change. The Trust remains in close contact and co-operates fully with the Local Authority and its published guidance for allowing outdoor and indoor activities. A new Centre Manager was appointed in July 2023 along with a part time Development Manager with a specific remit to explore grant funding and generate income from events. |
On behalf of the Trust, the Board is very grateful to the many individuals and organisations that have contributed either with their time or money (or both) in the last year. Every contribution has been much appreciated. |
MUDEFORD WOOD COMMUNITY TRUST (REGISTERED NUMBER: 07592707) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 March 2023 |
OBJECTIVES AND ACTIVITIES |
Volunteers/Fundraising |
The Trust is supported by the volunteer activities of its Trustees in roles beyond their Governance responsibilities, together with a wider network of volunteers who provide help in many ways. Prior to the Covid pandemic, there was an expectation that around 80 volunteers would engage with the Trust in some way with around 30 involved in activities on a regular basis. Since re-opening there has been a reliance upon around just 22 Trustees and other volunteers with recruitment of new volunteers and Trustees proving difficult as expectations change from offering community service to a desire to just "pay and play" with the work to keep the Centre going undertaken by "someone else". The Trust is extremely grateful to those people who have returned. The Trust's Fund Raising continues to be focused towards both grant and sponsorship applications for specific projects together plus a desire to restore its community-based Fund Raising events that will help grow its unrestricted reserves. |
FINANCIAL REVIEW |
Financial Result |
The reported net expenditure for 2022/2023 of £2,745 reflects the current challenging financial environment, balanced against the return of a solid base of regular users and groups. The Trust benefits from its computerised systems that allow precise budgeting and financial planning that have proved invaluable during this period. Much of the systems and processes have been digitalised removing the need for paper records. The Trust has ensured that data back-up is secure with records also held remotely from the Centre as a part of the Trust's Disaster Recovery Plan. The Trust takes active steps to ensure that data is managed in accordance with current Data Protection legislation and is registered with the Information Commissioner. The Trust is registered with PRS/PPL and holds a Music Licence on behalf of the Centre and its hirers. Taking account of the reserve funds established, and as recorded within Note 1 to the Accounts, the Trust had free cash of around £80k at 1st April 2023. The Trust remains mindful of the competitive environment for securing grant funds with Trustees undertaking regular financial reviews at their meetings to ensure that the wide range of activities available at the Community Centre operate at least at balance or ideally at a sensible surplus to maintain future financial independence and viability. |
There was one member of staff - a Centre Co-ordinator - employed directly upon MWCT's payroll during this accounting period. This member of staff joined the Trust's employment in July 2021. Other services were delivered against consultancy or other contracts and paid following receipt of invoices. In all cases contracts and payments were agreed in advance by the Board of Trustees before delivery commenced. No members of Staff were eligible or registered for the work-place pension following the departure of the previous Centre Co-ordinator in March 2021. The Trust is registered for VAT. |
The Trust has been grateful for the good working relationships developed with and support from its unitary local authority - the Bournemouth, Poole and Christchurch Council. |
Reserves |
The Trustees regularly review the reserves of the Trust. The Trustees review the level required each financial year taking account of both increased costs and an unpredictable fund-raising environment. The operational reserve has increased to £86,000 and represents reserves that are around 12 months of minimum operating costs. Careful management of overhead costs and spend results in the Trustees being able to confirm that level of reserves as being able to provide an adequate financial cushion. Prudent costs management will aim to ensure that the necessary reserves position will be maintained during 2023/2024 and subsequent financial periods with further reviews occurring as may be required. |
MUDEFORD WOOD COMMUNITY TRUST (REGISTERED NUMBER: 07592707) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governance and internal control |
The Trust, which is a registered Charity, is limited by guarantee and does not have a share capital. The liability of each Member under guarantee (who are also the Trustees/Directors) does not exceed the sum of £10. It is governed by a Memorandum and Articles of Association. The Trustees receive no remuneration for their services. The Trustees who served during the year are as shown on page 1. |
The Board of Trustees has met face-to-face as required by its Articles of Association and by other means as may be required. The Board is supported by Trustee-led Working Groups that have more detailed responsibility for the following matters: Operations, Premises Maintenance and Development; Marketing and Communications; Volunteer Management; and, Finance and Governance. The role and composition of the Working Groups is reviewed each year. The Board undertakes regular reviews to ensure that it remains an effective Body that achieves an appropriate balance between operational and strategic involvement. It follows Charity Commission guidance in this matter. |
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include: |
- A Business Plan and an annual Budget approved by the Trustees; |
- Management accounts which show variance from budget and re-forecast anticipated results for the year, which are reviewed by the Trustees; and |
- Delegation of authority and reasonable segregation of duties. |
Risk management |
The Trustees actively review the major risks, which the Trust faces on a regular basis. Recognising its size and scope, the Trust has developed appropriate systems to monitor and control these risks and to mitigate any impact they may have on the Trust's future. All activities are risk assessed and the Trust engages with its Insurers to ensure that adequate assessment has been completed and appropriate cover is in place. |
Approved by the Board of Trustees/Directors on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
MUDEFORD WOOD COMMUNITY TRUST |
Independent examiner's report to the trustees of Mudeford Wood Community Trust ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also 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 your charity's accounts as 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 |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | 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 |
4. | 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. |
Terence L Smith |
Terence L Smith & Co |
Chartered Accountants |
38a Station Road |
New Milton |
Hampshire |
BH25 6JX |
14 November 2023 |
MUDEFORD WOOD COMMUNITY TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Other trading activities | 3 |
Investment income | 4 |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Charitable Activities | 95,155 | 10,359 | 105,514 | 90,757 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 460,083 |
MUDEFORD WOOD COMMUNITY TRUST (REGISTERED NUMBER: 07592707) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 304,705 |
Restricted funds | 155,378 |
TOTAL FUNDS | 460,083 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
MUDEFORD WOOD COMMUNITY TRUST (REGISTERED NUMBER: 07592707) |
BALANCE SHEET - continued |
31 March 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
MUDEFORD WOOD COMMUNITY TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
Grants and donations are accounted for as they are received. All other income including income tax recoverable on gift-aid donations is recognised in the Statement of Financial Activities (SOFA) once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Leasing |
Rentals paid under operating leases are charged to the SOFA on a straight line basis over the term of the lease. |
Tangible fixed assets |
These are capitalised if they can be used for more than one year and cost at least £500. |
Leasehold land & buildings are depreciated over the period of the lease, being 20 whole years from March 2018, and fixtures and fittings over 4 years; once they are put into operational use. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
There are two funds held, namely the Restricted Income Fund and the General Purposes Fund. |
The Restricted Income Fund comprises of £145,019 (2022 £155,378) for the Centre's phase 2 development. |
The General Purposes Fund of £312,319 (2022 £304,705) includes £100,000 for the all weather pitch, £20,510 toward several capital projects within the 5 year strategic plan, £21,250 for emergency capital maintenance, £86,000 strategic reserve as per Charity Commission guidelines and £80,000 free cash. |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
Grants |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
Other grants | - | 18,818 |
MUDEFORD WOOD COMMUNITY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
2. | DONATIONS AND LEGACIES - continued |
2023 | 2022 |
£ | £ |
Job Retention Scheme | - | - |
Local restrictions support grant | - | 16,000 |
Other grants | - | 2,818 |
- | 18,818 |
3. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Other Income | 273 | 101 |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Interest Received |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
7. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
18,383 | 6,639 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Administration |
MUDEFORD WOOD COMMUNITY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Charitable Activities | 80,398 | 10,359 | 90,757 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 287,348 | 165,737 |
TOTAL FUNDS CARRIED FORWARD | 304,705 | 155,378 | 460,083 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
MUDEFORD WOOD COMMUNITY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 4,125 | 2,030 |
Accrued expenses |
12. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 304,705 | 7,614 | 312,319 |
Restricted funds |
Restricted funds | 155,378 | (10,359 | ) | 145,019 |
TOTAL FUNDS | (2,745 | ) | 457,338 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 102,769 | (95,155 | ) | 7,614 |
Restricted funds |
Restricted funds | - | (10,359 | ) | (10,359 | ) |
TOTAL FUNDS | ( |
) | (2,745 | ) |
MUDEFORD WOOD COMMUNITY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
12. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 287,348 | 17,357 | 304,705 |
Restricted funds |
Restricted funds | 165,737 | (10,359 | ) | 155,378 |
TOTAL FUNDS | 453,085 | 6,998 | 460,083 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 97,771 | (80,414 | ) | 17,357 |
Restricted funds |
Restricted funds | - | (10,359 | ) | (10,359 | ) |
TOTAL FUNDS | 97,771 | (90,773 | ) | 6,998 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 287,348 | 24,971 | 312,319 |
Restricted funds |
Restricted funds | 165,737 | (20,718 | ) | 145,019 |
TOTAL FUNDS | 453,085 | 4,253 | 457,338 |
MUDEFORD WOOD COMMUNITY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
12. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 200,540 | (175,569 | ) | 24,971 |
Restricted funds |
Restricted funds | - | (20,718 | ) | (20,718 | ) |
TOTAL FUNDS | 200,540 | (196,287 | ) | 4,253 |
13. | RELATED PARTY DISCLOSURES |