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COMPANY REGISTRATION NUMBER: 05316013
CHARITY REGISTRATION NUMBER: 1111217
THE MOORINGS TRUST
Company Limited by Guarantee
Unaudited Financial Statements
16 December 2023
THE MOORINGS TRUST
Company Limited by Guarantee
Financial Statements
Year ended 16 December 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10
THE MOORINGS TRUST
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 16 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 16 December 2023 .
Reference and administrative details
Registered charity name
THE MOORINGS TRUST
Charity registration number
1111217
Company registration number
05316013
Principal office and registered
15 Pump Street
office
Blackburn
BB2 1PG
The trustees
Mr M Ashcroft
Ms K Green
Mr G McHugh
Company secretary
Mrs P Cooper
Independent examiner
Marsden & Co
Oswaldtwistle Mills Business Centre
Clifton Mill
Pickup Street
Oswaldtwistle
BB5 0EY
Structure, governance and management
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 17th December 2004 and registered as a charity on 7th September 2005. The company was established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, the members are required to contribute an amount not exceeding £ 1.
Recruitment and appointment of trustees
The directors of the company are also charity trustees for the purposes of charity law.
In accordance with the memorandum and articles of association the trustees are elected to serve for a period of three years when they (the trustees) must either stand for re-election or resign.
The current trustees are well versed in the aims and objectives of the charity and are active on a voluntary basis within the charity's operations. Together with the manager and the company secretary (a registered community pharmacist) they work together to achieve a positive outcome for the charity's clients.
Trustee induction and training
Apart from overseeing the day to day running of the charity, the trustees play an active role in the care and support of the organisation's clients, together with the manager and company secretary. This voluntary role is the subject of ongoing training by a professional training officer, who gives her services without charge to the charity.
Future additional or replacement trustees will receive suitable induction and ongoing training along the same lines with particular attention being paid to:-
i) The obligations of directors and trustees.
ii) The historic, current and ongoing financial position of the charity. iii) The memorandum and articles of the charity company and the implications of the governing document.
Risk management
The organisation has prepared, or has had prepared, policy documents relating to all relevant risks associated with the charity's activities both internally and externally and all concerned are fully aware of their individual and collective responsibilities thereof.
A risk register has been created and is updated as necessary every six months, or more often if an obvious need arises.
Additionally, a further register is kept for specific statutory health and safety requirements such as "Testing of gas appliances", "Portable electrical appliances", "Electrical installation testing and the regulatory reform (fire safety) order 2005" etc.
Finance is monitored daily and consequently the charity is not exposed to any significant risks in this area.
Organisational structure
All the aims and objectives of the charity's governing document are fully met. The housing element of the service is organised and administered by the manager together with one part time worker and two volunteers. The care and support element of the service is undertaken by the trustees and the company secretary, as is a minimal "outreach" service for a short period after the client leaves the charity's residential care to live in the community.
Related parties
The charity works closely with various agencies and authorities, including:
The probation service
Various other "homeless" agencies
The local borough council
Drug and alcohol abuse centres (community drug teams)
Total confidentiality is maintained and the charity is registered with the information controller under the Data Protection Act.
The charity also has an ongoing policy regarding CRB checks of staff and volunteers.
Objectives and activities
The principal activities and objects of the charity are:
i) Benefit the public by providing accommodation, food and clothing to homeless people
over the age of eighteen.
ii) Provide care, support and supervision to the residents of the charity's hostel.
Provide help in managing finance and in making benefit claims. Provide a healthy
living diet to the residents and encourage a healthy living lifestyle generally. Monitor medication by the charity's own voluntary community pharmacist. Provide counselling and advice and teach basic living skills where appropriate. Provide social welfare and recreation.
iii) Where appropriate, provide help to obtain and live in self contained accommodation
within the community.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Homeless people over the age of eighteen are provided with accommodation, food etc within the charity's hostel. A total of seventeen are housed.
Care, support and supervision
Care, support and supervision is provided by the manager, the trustees and the company secretary (a registered community pharmacist). The manager is a paid employee of the charity, but all others involved give their services on a voluntary basis. No expenses of any sort are claimed or paid. The company secretary also provides the equipment necessary to record the care, support and supervision element of the charity's service totally free of charge.
The primary objective of the charity is to provide a home for homeless people, where they are welcomed and looked after (albeit on a variable temporary basis). Where appropraite, health and/or addiction problems are addressed by signposting the resident towards the various appropriate specialist agencies.
Eventually, the residents move on, with an acceptable number moving in to self contained accommodation, sometimes with a job also.
In virtually every case, a resident leaves the charity's hostel in considerably "better shape" mentally and physically than when they arrived.
Outreach service
The charity operates a minimal follow up service to those leaving, and advice and help is always available either in person or by telephone.
Financial review
Funds to carry out the service are limited, but by carefully monitoring cashflow the charity has, in its seventeenth year, worked well within budgets.
Principal funding sources
The local council provide the funding for accommodation by way of housing benefit. The care, support and supervision element of the charity's service is funded by the trustees and the company secretary.
Reserves policy
Discussions have taken place regarding a financial reserves policy, and the view of the trustees is that a deposit account in the charity's name should be opened with our bank, and a regular monthly sum should be paid in to that account inorder to build up a cash reserve. The amount to be transferred each month to the reserve account and the date of commencement will be determined at a future meeting of the trustees.
Plans for future periods
At the moment there are no plans to change or expand the charity's activities, rather to consolidate, but at future trustees meetings plans for the future will be discussed.
The trustees' annual report and the strategic report were approved on 15 May 2024 and signed on behalf of the board of trustees by:
Mr G McHugh
Trustee
THE MOORINGS TRUST
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of THE MOORINGS TRUST
Year ended 16 December 2023
I report to the trustees on my examination of the financial statements of THE MOORINGS TRUST ('the charity') for the year ended 16 December 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
Marsden & Co Independent Examiner
Oswaldtwistle Mills Business Centre Clifton Mill Pickup Street Oswaldtwistle BB5 0EY
15 May 2024
THE MOORINGS TRUST
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 16 December 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Charitable activities
5
255,236
255,236
236,731
---------
---------
---------
Total income
255,236
255,236
236,731
---------
---------
---------
Expenditure
Expenditure on charitable activities
6,7
264,139
264,139
236,486
---------
---------
---------
Total expenditure
264,139
264,139
236,486
---------
---------
---------
---------
---------
---------
Net (expenditure)/income and net movement in funds
( 8,903)
( 8,903)
245
---------
---------
---------
Reconciliation of funds
Total funds brought forward
95,185
95,185
94,940
---------
---------
---------
Total funds carried forward
86,282
86,282
95,185
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
THE MOORINGS TRUST
Company Limited by Guarantee
Statement of Financial Position
16 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible fixed assets
12
26,866
30,174
Current assets
Cash at bank and in hand
65,641
70,769
Creditors: amounts falling due within one year
13
6,225
5,758
--------
--------
Net current assets
59,416
65,011
--------
--------
Total assets less current liabilities
86,282
95,185
--------
--------
Net assets
86,282
95,185
--------
--------
Funds of the charity
Unrestricted funds
86,282
95,185
--------
--------
Total charity funds
14
86,282
95,185
--------
--------
For the year ending 16 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 15 May 2024 , and are signed on behalf of the board by:
Mr G McHugh
Trustee
THE MOORINGS TRUST
Company Limited by Guarantee
Statement of Cash Flows
Year ended 16 December 2023
2023
2022
£
£
Cash flows from operating activities
Net (expenditure)/income
(8,903)
245
Adjustments for:
Depreciation of tangible fixed assets
10,282
8,887
Accrued expenses
606
481
Changes in:
Trade and other creditors
( 139)
( 498)
--------
-------
Cash generated from operations
1,846
9,115
-------
-------
Net cash from operating activities
1,846
9,115
-------
-------
Cash flows from investing activities
Purchase of tangible assets
( 6,974)
( 17,545)
-------
--------
Net cash used in investing activities
( 6,974)
( 17,545)
-------
--------
Net decrease in cash and cash equivalents
( 5,128)
( 8,430)
Cash and cash equivalents at beginning of year
70,769
79,199
--------
--------
Cash and cash equivalents at end of year
65,641
70,769
--------
--------
THE MOORINGS TRUST
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 16 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 15 Pump Street, Blackburn, BB2 1PG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The Liability of the members is limited by guarantee.
5. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Other income from charitable activity
255,236
255,236
236,731
236,731
---------
---------
---------
---------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Activity type 1
264,139
264,139
236,486
236,486
---------
---------
---------
---------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2023
Total fund 2022
£
£
£
Activity type 1
264,139
264,139
236,486
---------
---------
---------
8. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
10,282
8,887
--------
-------
9. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,200
1,200
-------
-------
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
113,261
107,667
---------
---------
The average head count of employees during the year was 1 (2022: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff - management
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2022 - none).
12. Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 17 December 2022
9,338
35,101
44,439
Additions
1,085
5,889
6,974
--------
--------
--------
At 16 December 2023
10,423
40,990
51,413
--------
--------
--------
Depreciation
At 17 December 2022
3,542
10,723
14,265
Charge for the year
2,084
8,198
10,282
--------
--------
--------
At 16 December 2023
5,626
18,921
24,547
--------
--------
--------
Carrying amount
At 16 December 2023
4,797
22,069
26,866
--------
--------
--------
At 16 December 2022
5,796
24,378
30,174
--------
--------
--------
13. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
781
920
Accruals and deferred income
5,444
4,838
-------
-------
6,225
5,758
-------
-------
14. Analysis of charitable funds
Unrestricted funds
At 17 December 2022
Income
Expenditure
At 16 December 2023
£
£
£
£
General funds
95,185
255,236
(264,139)
86,282
--------
---------
---------
--------
At 17 December 2021
Income
Expenditure
At 16 December 2022
£
£
£
£
General funds
94,940
236,731
(236,486)
95,185
--------
---------
---------
--------
15. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
26,866
26,866
Current assets
65,641
65,641
Creditors less than 1 year
(6,225)
(6,225)
--------
--------
Net assets
86,282
86,282
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
30,174
30,174
Current assets
70,769
70,769
Creditors less than 1 year
(5,758)
(5,758)
--------
--------
Net assets
95,185
95,185
--------
--------
16. Analysis of changes in net debt
At 17 Dec 2022
Cash flows
At 16 Dec 2023
£
£
£
Cash at bank and in hand
70,769
(5,128)
65,641
--------
-------
--------