REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
NEW MEANING FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
NEW MEANING FOUNDATION |
NEW MEANING FOUNDATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 | to | 17 |
NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 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 30 September 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 Charity's objects are building modular homes for ex-homeless residents and training ex-homeless and others from a background of hardship, in construction and functional skills. |
Significant activities |
During the year the charity constructed 2 SPACE homes for Emmaus Suffolk, and installed these in Ipswich. These were funded with additional grants for training from Hopestead, part of the Flagship Group/ Cambridgeshire Community Foundation and Hopestead funded a project for ex homeless complete supervised paid work experience. This year the work focussed on developing positive prospects to cement their engagement as trainee technicians. Five staff now on the payroll of NMF as a result. |
Peripatetic work experience and study programmes were completed by 20 additional needs learners (functional skills and employability programme over 10 months.) |
The construction team has also completed 2 high quality, high specification "Mojo Space" Garden Rooms - 60 year minimum lifespan; 12 year warranty; one in Girton (6m x 4m) now being used as a psychotherapist studio - including an innovative dry toilet; one in Cockayne Hatley being used as a "mancave" for study, modelling and work projects. |
Construction projects are assessed against budgeted costs and productivity targets. Learners work experience days are included in these projects. Providing Patient (paid) employment to trainees enables their progress as tradespersons to be assessed live on projects, ultimately resulting in progression to (external) contractor or self-employed work. |
Additional needs training is measured against funders specific project criteria and for state funded EHCP learners against individual learning plans - monitored and evaluated by Local Authority officers. |
HACT social ROI measurements are also reported as an annual measure of Impact. |
Public benefit |
The trustees have complied with the duty in S4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission on public benefit.. |
FINANCIAL REVIEW |
Financial position |
The financial statements for the year ended 30 September 2023 show a small surplus which is encouraging, and the trustees consider the overall result to be satisfactory. |
Reserves policy |
The trustees seek to hold 6 months of unrestricted reserves. In practice, limited grant funding has made it very difficult to build up reserves, and the charity relies on up front project funding to manage its cashflow. Despite the low reserves figure,cash remains at a healthy level. Reserves as at 30 September 2023 stood at £58,925. |
NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FUTURE PLANS |
The charity now operates a peripatetic learners scheme covering Cambridgeshire to North Hertfordshire and Bedfordshire. They are focusing on the NMF programme "Pro Active Work Skills, Functional Skills and Foundations for Future." Level Entry 3, Level 1 diploma and Level 2 certificate multi trade construction qualifications are running. |
The plan remains to build and operate a community enterprise cafe- a new site is being searched for and collaboration discussed with a potential new partner in North Cambridge. This will provide further on the job training, and patient employment in the kitchen, front of house, and customer service/food delivery. The charity is seeking a new factory location with the assistance of Cambridge City Council, Great er Cambridge Social Impact Fund, Joint authority. It is aiming to double capacity of SPACE microhomes up to a potential of 54 per annum. |
Opportunities to provide homes for ex-homeless residents are declining as the government support schemes that emerged during Covid are wound down. Other channels such as recreational buildings, holiday lodges, refurbishments, sales of quality joinery products are mitigating. Availability of professional staff willing to work in a small, stretched team that offers unique support to disadvantaged young people is a possible negative factor. |
Investment in staff and ongoing pipeline products for modular homes will enable ongoing reinvestment in staff and trainees. |
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 company registered as a charity with the charity commission on 26 July 2020. |
Recruitment and appointment of new trustees |
Trustees are recruited via advertising, contacts, and through the networks of existing trustees. |
Risk management |
Risks for construction projects include rising materials costs, weather effects or inaccurate quotes. Also staff leaving can be considered to provide a risk to the organisation. |
Changes in legislative requirements for Additional Needs provision require ongoing training and safeguarding improvement measures across the organisation. With EHCP learners many have specific requirements such as provision of 1 or 2 chaperones; behaviour management strategies, etc. There can be a risk to peers if these approaches are not understood, coached and updated as necessary. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Trustees |
Independent Examiner |
Staffords |
Chartered Accountants |
Unit 1, Cambridge House |
Camboro Business Park |
Oakington Road, Girton |
CAMBRIDGE |
Cambridgeshire |
CB3 0QH |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of New Meaning Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
NEW MEANING FOUNDATION |
Independent examiner's report to the trustees of New Meaning Foundation ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 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 |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 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. |
Matthew Pettifer FCA |
The Institute of Chartered Accountants in England and Wales |
Staffords |
Chartered Accountants |
Unit 1, Cambridge House |
Camboro Business Park |
Oakington Road, Girton |
CAMBRIDGE |
Cambridgeshire |
CB3 0QH |
Date: ............................................. |
NEW MEANING FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities | 4 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 25,288 |
NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) |
FUNDS | 18 |
Unrestricted funds | 15,797 |
Restricted funds | 9,491 |
TOTAL FUNDS | 25,288 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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. |
NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374) |
BALANCE SHEET - continued |
30 SEPTEMBER 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 |
NEW MEANING FOUNDATION |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 58,658 | 28,028 |
Interest paid | (321 | ) | (400 | ) |
Net cash provided by operating activities | 58,337 | 27,628 |
Cash flows from financing activities |
Loan repayments in year | (3,300 | ) | (2,688 | ) |
Net cash used in financing activities | (3,300 | ) | (2,688 | ) |
Change in cash and cash equivalents in the reporting period |
55,037 |
24,940 |
Cash and cash equivalents at the beginning of the reporting period |
99,434 |
74,494 |
Cash and cash equivalents at the end of the reporting period |
154,471 |
99,434 |
NEW MEANING FOUNDATION |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2023 | 2022 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
33,637 |
(56,965 |
) |
Adjustments for: |
Depreciation charges | 9,491 | 9,782 |
Interest paid | 321 | 400 |
Decrease in debtors | 4,204 | 34,829 |
Increase in creditors | 11,005 | 39,982 |
Net cash provided by operations | 58,658 | 28,028 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/10/22 | Cash flow | At 30/9/23 |
£ | £ | £ |
Net cash |
Cash at bank | 99,434 | 55,037 | 154,471 |
99,434 | 55,037 | 154,471 |
Debt |
Debts falling due within 1 year | (3,400 | ) | - | (3,400 | ) |
Debts falling due after 1 year | (10,912 | ) | 3,300 | (7,612 | ) |
(14,312 | ) | 3,300 | (11,012 | ) |
Total | 85,122 | 58,337 | 143,459 |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | LEGAL FORM |
The charity is a registered charity registered in England and Wales, and a company limited by guarantee having no share capital incorporated in England and Wales. |
Its registered office is Unit 1, Cambridge House, Camboro Business Park, Girton, Cambs, CB3 0QH. |
2. | 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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Computer equipment | - |
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. |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
3. | DONATIONS AND LEGACIES |
2023 | 2022 |
£ | £ |
Donations |
4. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Primary purpose trading | General | 558,272 | 355,200 |
Grants | General | 3,600 | 39,596 |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
Job Retention Scheme Grants | - | 193 |
EHCP | - | 5,270 |
B&Q Foundation | - | 8,000 |
Kickstart Grants | - | 26,133 |
John Anthorpe Charity | 3,600 | - |
3,600 | 39,596 |
5. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
Direct | (see note | costs (see |
Costs | 6) | note 7) | Totals |
£ | £ | £ | £ |
General | 536,705 | 2,441 | 13,777 | 552,923 |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | GRANTS PAYABLE |
2023 | 2022 |
£ | £ |
General | 2,441 | 888 |
7. | SUPPORT COSTS |
Governance |
costs |
£ |
General | 13,777 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
2023 | 2022 |
£ | £ |
Trustees' salaries |
Trustees' social security |
John Evans, a trustee was remunerated in accordance with the articles of the charity. This was in respect of services supplied for both project management and working as the full time CEO of the charity. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022. |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
10. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
233,718 | 141,713 |
The staff costs relating to Key Management Personnel were £50,862 (2022: £46,430). |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Operations |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 15,436 | 66,817 |
TOTAL FUNDS CARRIED FORWARD | 15,797 | 9,491 | 25,288 |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
12. | INDEPENDENT EXAMINER'S REMUNERATION |
The independent examiner received remuneration during the year of £2,140 (2022:£1,586). |
13. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2022 and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 17) |
17. | LOANS |
Loans comprise a bounce back loan of £11,012 (2022:£14,312) from HSBC Bank PLC. |
18. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1/10/22 | in funds | 30/9/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 15,797 | 43,128 | 58,925 |
Restricted funds |
GCP Grant Fund | 9,491 | (9,491 | ) | - |
TOTAL FUNDS | 33,637 | 58,925 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 586,560 | (543,432 | ) | 43,128 |
Restricted funds |
GCP Grant Fund | - | (9,491 | ) | (9,491 | ) |
TOTAL FUNDS | ( |
) | 33,637 |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
18. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
At | movement | At |
1/10/21 | in funds | 30/9/22 |
£ | £ | £ |
Unrestricted funds |
General fund | 15,436 | 361 | 15,797 |
Restricted funds |
GCP Grant Fund | 66,817 | (57,326 | ) | 9,491 |
TOTAL FUNDS | 82,253 | (56,965 | ) | 25,288 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 415,049 | (414,688 | ) | 361 |
Restricted funds |
GCP Grant Fund | - | (57,326 | ) | (57,326 | ) |
TOTAL FUNDS | 415,049 | (472,014 | ) | (56,965 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1/10/21 | in funds | 30/9/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 15,436 | 43,489 | 58,925 |
Restricted funds |
GCP Grant Fund | 66,817 | (66,817 | ) | - |
TOTAL FUNDS | 82,253 | (23,328 | ) | 58,925 |
NEW MEANING FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
18. | 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 | 1,001,609 | (958,120 | ) | 43,489 |
Restricted funds |
GCP Grant Fund | - | (66,817 | ) | (66,817 | ) |
TOTAL FUNDS | 1,001,609 | (1,024,937 | ) | (23,328 | ) |
Purposes of Restricted Funds |
GCP Fund |
Grant funding from Cambridgeshire County Council towards training of people in basic construction skills, and qualifications in English, Maths, ICT and Employability up to level 2, and the set up of a dedicated training and construction centre in the Greater Cambridge area. |
19. | RELATED PARTY DISCLOSURES |
New Meaning Training Limited |
A company with directors in common |
2023 | 2022 |
£ | £ |
Amount due to related party at the balance sheet date | 70,977 | 30,618 |
Mojo Foundation |
A charity with trustees in common |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 45,093 | 45,093 |
These amounts are disclosed in Other Debtors and Other Creditors as appropriate. |
The loan to the Mojo Foundation was made by the directors in the knowledge that it may never be recovered due to the perilous economic situation in the Gambia, but are confident that the funds will be used for charitable purposes. |