REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MINDS AT WORK MOVEMENT LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
MINDS AT WORK MOVEMENT LTD |
MINDS AT WORK MOVEMENT LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 11 |
MINDS AT WORK MOVEMENT LTD (REGISTERED NUMBER: 11366118) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The aims and objectives of the charity are to inspire and equip individuals to enhance mental wellbeing in the workplace. |
Public benefit |
The trustees have given due consideration to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 and is a public benefit entity. |
ACHIEVEMENT AND PERFORMANCE |
The charity continued to hold events and provide resources to support members. The charity maintained its programme to support workers with additional caring responsibilities. As a result of its activities, the charity continued to grow both its community and its income. |
FINANCIAL REVIEW |
Financial position |
During the year charitable activities grew to £95,114 (2022: £63,355). Donations increased to £111,382 (2022: £73,970) which resulted in an excess of income over expenditure of £9,896 (2022: £3,943). |
Principal funding sources |
The charity's funding source is donations from UK companies. |
Reserves policy |
The charity intends to implement a policy of having four months of expenses retained in reserves going forward. The charity has met this policy as at 31st March 2023. |
Going concern |
The trustees believe that there are no material uncertainties about the charity's ability to continue for the foreseeable future. |
FUTURE PLANS |
The current management are reviewing their personal commitments, and therefore the future of the charity is uncertain. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The organisation was a not for profit company limited by guarantee incorporated on 16th May 2018 and registered as a charity on 11th October 2019. The company's Memorandum of Association dated 16th May 2018 establishes the objects and power of the company and it is governed under its Articles of Association. |
The company changed its status from a not for profit organisation to a charity on 11th October 2019. |
Recruitment and appointment of new trustees |
The charity has created an approved role profile for new trustees. It has also identified key skills gaps that need to be filled. Applicants will be interviewed by at least two members of the board. |
MINDS AT WORK MOVEMENT LTD (REGISTERED NUMBER: 11366118) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Induction and training of new trustees |
As part of induction a new trustee will receive a detailed briefing by the Chair on the charity's purpose, vision, strategy and financial position. In addition, a new trustee will be required to complete specific training on the role and responsibilities of a trustee in line with guidance provided by the Charities Commission. All new trustees are required to sign the charity code of conduct and familiarize themselves with all the charity's approved policies. |
Related parties |
Details of the related party transactions are disclosed within Note 8 (Related Party Disclosures). |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
D J Rawlinson |
Rawlinson Pryde & Partners |
Chartered Certified Accountants |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
MINDS AT WORK MOVEMENT LTD |
Independent examiner's report to the trustees of Minds at Work Movement Ltd ('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. |
D J Rawlinson |
Rawlinson Pryde & Partners |
Chartered Certified Accountants |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
3 October 2023 |
MINDS AT WORK MOVEMENT LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MARCH 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 33,396 |
MINDS AT WORK MOVEMENT LTD (REGISTERED NUMBER: 11366118) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 6 |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME | 7 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 33,396 |
TOTAL FUNDS | 33,396 |
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. |
MINDS AT WORK MOVEMENT LTD (REGISTERED NUMBER: 11366118) |
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 |
MINDS AT WORK MOVEMENT LTD |
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 2015)', as amended by Update Bulletin 1 published on 2 February 2016, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The Trustees believe that there are no material uncertainties about the charity's ability to continue for the foreseeable future. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Investment income is recognised on a straight-line basis over the relevant term at the interest rate applicable. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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. |
Creditors |
Short term creditors are measured at transaction price, less any impairment. |
Provisions |
Provisions are recognised when the charity has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
MINDS AT WORK MOVEMENT LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Impairment of non-financial assets |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a fair value there the impairment loss is a fair value decrease. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. |
2. | INDEPENDENT EXAMINERS' REMUNERATION |
31.3.23 | 31.3.22 |
£ | £ |
Independent examination | 1,410 | 1,260 |
3. | 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. |
Trustees' expenses |
During the year the following expenses were paid to trustees, which were not for reimbursing a trustee who is acting as an agent for the charity: |
Ms R Baillache was reimbursed £nil (2022: £91) after paying expenses on behalf of the charity. |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Trustees |
MINDS AT WORK MOVEMENT LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 33,396 |
6. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Work-in-progress |
7. | ACCRUALS AND DEFERRED INCOME |
31.3.23 | 31.3.22 |
£ | £ |
Accruals and deferred income | 5,416 | 6,929 |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 33,396 | 9,896 | 43,292 |
TOTAL FUNDS | 9,896 | 43,292 |
MINDS AT WORK MOVEMENT LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 111,382 | (101,486 | ) | 9,896 |
TOTAL FUNDS | ( |
) | 9,896 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 29,453 | 3,943 | 33,396 |
TOTAL FUNDS | 29,453 | 3,943 | 33,396 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 73,970 | (70,027 | ) | 3,943 |
TOTAL FUNDS | 73,970 | (70,027 | ) | 3,943 |
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 | 29,453 | 13,839 | 43,292 |
TOTAL FUNDS | 29,453 | 13,839 | 43,292 |
MINDS AT WORK MOVEMENT LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | 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 | 185,352 | (171,513 | ) | 13,839 |
TOTAL FUNDS | 185,352 | (171,513 | ) | 13,839 |
9. | RELATED PARTY DISCLOSURES |
10. | COMPANY LIMITED BY GUARANTEE |
The company is limited by guarantee, as a consequence the members' liability is limited to £10. There were 3 members as at 31 March 2022 (2021: 3). |