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REGISTERED COMPANY NUMBER: 09583007 (England and Wales)
REGISTERED CHARITY NUMBER: 1163636














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

MICHAEL STREETE FOUNDATION

MICHAEL STREETE FOUNDATION






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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 12

MICHAEL STREETE FOUNDATION (REGISTERED NUMBER: 09583007)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MAY 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 May 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
Public benefit
To support disadvantaged and vulnerable young lives, primarily those with discernible medical conditions for the public benefit principally but not exclusively in the local government area of the Royal Borough of Greenwich and other surrounding areas.
The member confirms that she has complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

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.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09583007 (England and Wales)

Registered Charity number
1163636

Registered office
8 Twisleton Court
Priory Hill
Dartford
Kent
DA1 2EN

Trustees
Ms M Jacob-Hayles Director
Ms L Mcdonald Director
Ms N Streete Director

Company Secretary
Ms M Jacob-Hayles

Independent Examiner
Blue Rocket Accounting
Accountants and Tax Advisers
8 Twisleton Court
Priory Hill
Dartford
Kent
DA1 2EN

Approved by order of the board of trustees on 19 February 2024 and signed on its behalf by:






MICHAEL STREETE FOUNDATION (REGISTERED NUMBER: 09583007)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MAY 2023

Ms M Jacob-Hayles - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
MICHAEL STREETE FOUNDATION

Independent examiner's report to the trustees of Michael Streete Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 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.








Michele Calabrese

Blue Rocket Accounting
Accountants and Tax Advisers
8 Twisleton Court
Priory Hill
Dartford
Kent
DA1 2EN

Date: February 2024

MICHAEL STREETE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MAY 2023

31.5.23 31.5.22
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 119,190 60,400 179,590 175,984

EXPENDITURE ON
Raising funds 2,363 - 2,363 5,590

Charitable activities
Direct charitable activities 59,597 - 59,597 152,612

Other 2,322 - 2,322 1,694
Total 64,282 - 64,282 159,896

NET INCOME 54,908 60,400 115,308 16,088


RECONCILIATION OF FUNDS
Total funds brought forward 35,194 - 35,194 19,106

TOTAL FUNDS CARRIED FORWARD 90,102 60,400 150,502 35,194

MICHAEL STREETE FOUNDATION (REGISTERED NUMBER: 09583007)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Unrestricted Restricted Total Total
funds fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 6,894 - 6,894 6,343

CURRENT ASSETS
Stocks 7 4,500 - 4,500 4,500
Debtors 8 64,000 60,400 124,400 -
Cash at bank 30,000 - 30,000 31,960
98,500 60,400 158,900 36,460

CREDITORS
Amounts falling due within one year 9 (15,292 ) - (15,292 ) (7,609 )

NET CURRENT ASSETS 83,208 60,400 143,608 28,851

TOTAL ASSETS LESS CURRENT LIABILITIES 90,102 60,400 150,502 35,194

NET ASSETS 90,102 60,400 150,502 35,194
FUNDS 11
Unrestricted funds 90,102 35,194
Restricted funds 60,400 -
TOTAL FUNDS 150,502 35,194

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.


MICHAEL STREETE FOUNDATION (REGISTERED NUMBER: 09583007)

BALANCE SHEET - continued
31 MAY 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 19 February 2024 and were signed on its behalf by:





M Jacob-Hayles - Trustee

MICHAEL STREETE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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
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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Fixtures and fittings - 15% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


MICHAEL STREETE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.5.23 31.5.22
£    £   
Depreciation - owned assets 2,238 1,512

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.


4. STAFF COSTS

The average monthly number of employees during the year was as follows:

31.5.23 31.5.22
Supporting Staffs 9 25

No employees received emoluments in excess of £60,000.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 175,984

EXPENDITURE ON
Raising funds 5,590

Charitable activities
Direct charitable activities 152,612

Other 1,694
Total 159,896

NET INCOME 16,088


RECONCILIATION OF FUNDS
Total funds brought forward 19,106


MICHAEL STREETE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£   
TOTAL FUNDS CARRIED FORWARD 35,194

6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022 78 9,605 9,683
Additions 1,694 1,095 2,789
At 31 May 2023 1,772 10,700 12,472
DEPRECIATION
At 1 June 2022 44 3,296 3,340
Charge for year 226 2,012 2,238
At 31 May 2023 270 5,308 5,578
NET BOOK VALUE
At 31 May 2023 1,502 5,392 6,894
At 31 May 2022 34 6,309 6,343

7. STOCKS
31.5.23 31.5.22
£    £   
Stocks 4,500 4,500

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 115,400 -
Prepayments and accrued income 9,000 -
124,400 -


MICHAEL STREETE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts (see note 10) - 24
Trade creditors 7,834 875
Social security and other taxes 74 205
Other creditors 5,096 4,986
Net Wages payable 1,522 895
Accruals and deferred income 766 624
15,292 7,609

10. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due within one year on demand:
Bank overdrafts - 24

11. MOVEMENT IN FUNDS
Net
movement At
At 1.6.22 in funds 31.5.23
£    £    £   
Unrestricted funds
General fund 35,194 45,908 81,102
Services income - 9,000 9,000
35,194 54,908 90,102
Restricted funds
private foundations - 60,400 60,400

TOTAL FUNDS 35,194 115,308 150,502

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 110,190 (64,282 ) 45,908
Services income 9,000 - 9,000
119,190 (64,282 ) 54,908
Restricted funds
private foundations 60,400 - 60,400

TOTAL FUNDS 179,590 (64,282 ) 115,308


MICHAEL STREETE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.6.21 in funds 31.5.22
£    £    £   
Unrestricted funds
General fund 19,106 16,088 35,194

TOTAL FUNDS 19,106 16,088 35,194

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 175,984 (159,896 ) 16,088

TOTAL FUNDS 175,984 (159,896 ) 16,088

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.6.21 in funds 31.5.23
£    £    £   
Unrestricted funds
General fund 19,106 61,996 81,102
Services income - 9,000 9,000
19,106 70,996 90,102
Restricted funds
private foundations - 60,400 60,400

TOTAL FUNDS 19,106 131,396 150,502

MICHAEL STREETE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. 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 286,174 (224,178 ) 61,996
Services income 9,000 - 9,000
295,174 (224,178 ) 70,996
Restricted funds
private foundations 60,400 - 60,400

TOTAL FUNDS 355,574 (224,178 ) 131,396

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 May 2023.