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Company Limited by Guarantee |
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Company Limited by Guarantee |
Financial Statements |
Pages |
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Trustees' annual report (incorporating the director's report) |
1 to 5 |
Independent auditor's report to the trustees of mw (rh) foundation |
6 to 10 |
Statement of financial activities (including income and expenditure account) |
11 |
Statement of financial position |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 to 22 |
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Company Limited by Guarantee |
Trustees' Annual Report (Incorporating the Director's Report) |
Registered charity name |
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Charity registration number |
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Company registration number |
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Principal office and registered |
2nd Floor - Parkgates |
office |
Bury New Road |
Prestwich |
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Manchester |
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M25 0TL |
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Auditor |
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Accountants & statutory auditor |
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2nd Floor - Parkgates |
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Bury New Road |
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Prestwich |
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Manchester |
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M25 0TL |
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Bankers |
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Manchester Cheetham Hill |
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Cheetham Hill |
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M8 |
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Trustee |
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Company Limited by Guarantee |
Independent Auditor's Report to the Trustees of Mw (Rh) Foundation |
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(Senior Statutory Auditor) |
For and on behalf of |
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Accountants & statutory auditor |
2nd Floor - Parkgates |
Bury New Road |
Prestwich |
Manchester |
M25 0TL |
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Company Limited by Guarantee |
Statement of Financial Activities |
(including income and expenditure account) |
2023 |
2022 |
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Unrestricted funds |
Total funds |
Total funds |
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Note |
£ |
£ |
£ |
Donations and legacies |
5 |
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Investment income |
6 |
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Total income |
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Investment management costs |
7 |
1,034,307 |
1,034,307 |
734,005 |
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Expenditure on charitable activities |
8,9 |
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Total expenditure |
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Net Gains/(losses) on revaluation of investment property |
12 |
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------------ |
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Net income and net movement in funds |
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Total funds brought forward |
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Total funds carried forward |
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Company Limited by Guarantee |
Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Investments |
16 |
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Debtors |
18 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
19 |
(
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(
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--------- |
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Net current assets |
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(
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
(
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(
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Net assets |
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Unrestricted funds |
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Total charity funds |
22 |
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Trustee |
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Company Limited by Guarantee |
Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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Net income |
348,138 |
1,776,627 |
Adjustments for: |
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Net Gains/(losses) on revaluation of investment property |
(439,950) |
(3,416,864) |
Dividends, interest and rents from investments |
(1,120,375) |
(918,019) |
Other interest receivable and similar income |
(
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(
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Accrued (income)/expenses |
(
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Changes in: |
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Trade and other debtors |
(
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(
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Trade and other creditors |
(
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------------ |
------------ |
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Cash generated from operations |
(
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(
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Interest received |
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------------ |
------------ |
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Net cash used in operating activities |
(
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(
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------------ |
------------ |
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Dividends, interest and rents from investments |
1,120,375 |
918,019 |
Proceeds from sale of subsidiaries |
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(
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Purchases of other investments |
– |
(
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Proceeds from sale of other investments |
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------------ |
------------ |
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Net cash from investing activities |
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------------ |
------------ |
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Proceeds from borrowings |
(
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(
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------------ |
------------ |
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Net cash used in financing activities |
(
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(
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------------ |
------------ |
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
178,948 |
283,520 |
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Cash and cash equivalents at end of year |
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Company Limited by Guarantee |
Notes to the Financial Statements |
Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Donations |
372,213 |
372,213 |
334,905 |
334,905 |
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--------- |
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Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Income from investment properties |
1,120,375 |
1,120,375 |
918,019 |
918,019 |
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Bank interest receivable |
158 |
158 |
35 |
35 |
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Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Rent collection |
23,261 |
23,261 |
27,069 |
27,069 |
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Property repairs and maintenance charges |
479,367 |
479,367 |
359,794 |
359,794 |
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Other investment management costs |
10,268 |
10,268 |
35,642 |
35,642 |
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Interest payable |
319,962 |
319,962 |
173,366 |
173,366 |
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Insurance |
155,650 |
155,650 |
86,654 |
86,654 |
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Legal & Professional |
45,799 |
45,799 |
51,480 |
51,480 |
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------------ |
------------ |
--------- |
--------- |
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1,034,307 |
1,034,307 |
734,005 |
734,005 |
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------------ |
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Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Charitable grants |
316,921 |
316,921 |
429,178 |
429,178 |
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Support costs |
13,355 |
13,355 |
21,581 |
21,581 |
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Grant funding of activities |
Support costs |
Total funds 2023 |
Total fund 2022 |
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£ |
£ |
£ |
£ |
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Charitable grants |
316,921 |
235 |
317,156 |
429,619 |
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Governance costs |
– |
13,120 |
13,120 |
21,140 |
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-------- |
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-------- |
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Analysis of support costs |
Total 2023 |
Total 2022 |
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£ |
£ |
£ |
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General office |
235 |
235 |
441 |
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Governance costs |
13,120 |
13,120 |
21,140 |
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-------- |
-------- |
-------- |
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13,355 |
13,355 |
21,581 |
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-------- |
-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Community Grants |
66,725 |
266,841 |
Relief Of Poverty Grants |
158,984 |
43,460 |
Educational Grants |
47,577 |
85,450 |
Religious Grants |
39,662 |
13,680 |
Grants under £1,000 |
3,973 |
19,747 |
--------- |
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Total grants |
316,921 |
429,178 |
--------- |
--------- |
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Unrestricted Funds |
Total Funds 2023 |
Unrestricted Funds |
Total Funds 2022 |
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£ |
£ |
£ |
£ |
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Gains/(losses) on revaluation of investment property |
213,700 |
213,700 |
1,738,217 |
1,738,217 |
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Gains/(losses) on investments in associates |
6,275 |
6,275 |
(29,785) |
(29,785) |
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--------- |
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--------- |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------- |
------- |
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Other non-audit services |
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------- |
------- |
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Investment properties |
Other investments |
Total |
|
£ |
£ |
£ |
|
Cost or valuation |
|||
At 1 December 2022 |
11,943,797 |
542,056 |
12,485,853 |
Additions |
– |
– |
– |
Disposals |
(1,791,000) |
– |
(1,791,000) |
Fair value movements |
213,700 |
6,275 |
219,975 |
------------- |
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At 30 November 2023 |
10,366,497 |
548,331 |
10,914,828 |
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Impairment |
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At 1 December 2022 and 30 November 2023 |
– |
– |
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Carrying amount |
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At 30 November 2023 |
10,366,497 |
548,331 |
10,914,828 |
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At 30 November 2022 |
11,943,797 |
542,056 |
12,485,853 |
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Registered office |
Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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5 Parkhill |
Ordinary |
100 |
Bury Old Road |
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Prestwich |
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M25 0FX |
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Other significant holdings |
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Hilary Holdings Limited |
2nd Floor - Parkgates |
Ordinary |
25 |
Bury New Road |
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Prestwich |
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M25 0TL |
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Wisewear Universal Holdings Limited |
2nd Floor - Parkgates |
Ordinary |
25 |
Bury New Road |
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Prestwich |
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M25 0TL |
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Capital and reserves |
Profit/(loss) for the year |
|||
2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Subsidiary undertakings |
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|
10,557 |
14,413 |
(
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5,901 |
Other significant holdings |
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Hilary Holdings Limited |
115,610 |
112,479 |
3,131 |
(15,818) |
Wisewear Universal Holdings Limited |
432,721 |
429,577 |
3,144 |
(13,967) |
--------- |
--------- |
------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
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Other debtors |
|
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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
|
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Trade creditors |
|
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Accruals and deferred income |
|
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Social security and other taxes |
|
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Other creditors |
– |
(
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--------- |
--------- |
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--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Other creditors |
|
|
------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Amount deferred in year |
– |
21,432 |
---- |
-------- |
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At 1 December 2022 |
Income |
Expenditure |
Gains and losses |
At 30 November 2023 |
|
£ |
£ |
£ |
£ |
£ |
|
General funds |
7,319,658 |
1,492,746 |
(1,364,583) |
219,975 |
7,667,796 |
------------ |
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At 1 December 2021 |
Income |
Expenditure |
Gains and losses |
At 30 November 2022 |
|
£ |
£ |
£ |
£ |
£ |
|
General funds |
5,543,031 |
1,252,959 |
(1,184,764) |
1,708,432 |
7,319,658 |
------------ |
------------ |
------------ |
------------ |
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Unrestricted Funds |
Total Funds 2023 |
||
£ |
£ |
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Investments |
10,914,828 |
10,914,828 |
|
Current assets |
439,540 |
439,540 |
|
Creditors less than 1 year |
(190,158) |
(190,158) |
|
Creditors greater than 1 year |
(3,496,414) |
(3,496,414) |
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------------- |
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Net assets |
7,667,796 |
7,667,796 |
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------------- |
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Unrestricted Funds |
Total Funds 2022 |
||
£ |
£ |
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Investments |
12,485,854 |
12,485,854 |
|
Current assets |
220,589 |
220,589 |
|
Creditors less than 1 year |
(296,829) |
(296,829) |
|
Creditors greater than 1 year |
(5,089,956) |
(5,089,956) |
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Net assets |
7,319,658 |
7,319,658 |
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At 1 Dec 2022 |
Cash flows |
At 30 Nov 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
173,152 |
|
Debt due within one year |
(180,000) |
50,000 |
(130,000) |
Debt due after one year |
(4,616,063) |
1,258,662 |
(3,357,401) |
------------ |
------------ |
------------ |
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(
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(
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Company Limited by Guarantee |
Notes to the Financial Statements (continued) |