Company Registration No. 10900540 (England and Wales)
MORE IN COMMON
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
MORE IN COMMON
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MORE IN COMMON
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,301
4,076
Current assets
Debtors
5
38,000
Cash at bank and in hand
4,022
212,865
42,022
212,865
Creditors: amounts falling due within one year
6
(58,063)
(28,658)
Net current (liabilities)/assets
(16,041)
184,207
Total assets less current liabilities
(13,740)
188,283
Reserves
Total reserves
7
(13,740)
188,283
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 December 2021 and are signed on its behalf by:
T Dixon
Director
Company Registration No. 10900540
MORE IN COMMON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
More in Common is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
North House, 198 High Street, Tonbridge, Kent, TN9 1BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared on the basis that the company is a public benefit entity.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
More In Common is a multinational organisation with separate legal entities in the UK, USA, France, and Germany. More In Common is overseen by a Board which serves as a ‘Global Board’, which is legally the Board of the UK Company Limited by Guarantee but has oversight of all More In Common entities (through signed MOUs between the different entities). More In Common global reserves sit within the More In Common, Inc (US) entity and are transferred to More In Common UK as needed.
In January 2021, a
donation of £146,739 ($200,000) was received from More in Common, Inc
(US)
to support More in Common UK for expenses incurred during the year
ending on
31 December 2020.
That should be taken into account when considering the final year-end position for the year 2020.
1.3
Income and expenditure
Income consists of grants receivable, and these are all considered to be non-exchange transactions. G
rants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. Where a grant is received and the performance indicators are yet to be met, this is recognised as a liability.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Straight line
MORE IN COMMON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
5
7
MORE IN COMMON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 and 31 December 2020
7,098
Depreciation and impairment
At 1 January 2020
3,022
Depreciation charged in the year
1,775
At 31 December 2020
4,797
Carrying amount
At 31 December 2020
2,301
At 31 December 2019
4,076
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
38,000
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
24,284
Other creditors
33,779
28,658
58,063
28,658
MORE IN COMMON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
7
Reserves
Brought forward
Income
Expenditure
Carried forward
General income reserves
188,283
882,944
(1,084,967)
(13,740)
Restricted income reserves
Unbound
-
25,000
(25,000)
-
Total restricted income reserves
-
25,000
(25,000)
-
Total income reserves
188,283
907,944
(1,109,967)
(13,740)
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Amy Healey FCA CTA DChA and the auditor was Lindeyer Francis Ferguson Limited.