REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MAYDAY TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MAYDAY TRUST |
MAYDAY TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Report of the Trustees | 1 | to | 10 |
Report of the Independent Auditors | 11 | to | 14 |
Statement of Financial Activities | 15 |
Balance Sheet | 16 |
Cash Flow Statement | 17 |
Notes to the Cash Flow Statement | 18 |
Notes to the Financial Statements | 19 | to | 31 |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
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 2024. 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 |
Summary of the year |
"A New Chapter for Mayday Trust" |
The beginning of this year saw us review our organisational health and spend time considering our future plans for Mayday. Set against the backdrop of an ever-challenging external funding environment we began exploring merger options, concluding that merging with Platfform, a leading mental health and social change charity based in Wales would create the strongest legacy for Mayday. On the 6th of October 2023, Mayday became a subsidiary of Platfform. The decision to merge was also driven by the clear alignment of both organisations' visions, missions, and purposes and provides us with a natural progression of an already strong partnership. Mayday and Platfform have collaborated successfully for over four years as the founding members of the New System Alliance and together, have developed numerous innovative approaches and projects. |
Importantly, by combining our experience, resources and learning, we will strengthen our ability to positively impact people's lives and change public service systems for the better. |
Our activity during 2023/24 |
New System Alliance |
In June 2023, Mayday launched the Strengths-based Membership Network which creates communities of practice for organisations across the UK offering strengths-based coaching. The Strengths-based Network Hub provides members a forum to share ideas and learning, interactive materials and regular updates. We developed and marketed a new membership model with two payment tiers, with bolt-on training offers that members can purchase at a discounted price. We produced a comprehensive practice guide which will become an ongoing collaborative practice guide and learning library coproduced with members. |
We onboarded five organisations and 30 individuals (18 of whom are in coaching roles and 12 of whom are in managerial/senior leadership roles). Current members include partners in Wales (Platfform & The Wallich), Scotland (Right There & Four Square) and England (999 Club & Julian Support). There is a pipeline of new members. |
NSA Learning Network Events |
We continued to hold free-to-access online learning events throughout the year. We reached over 720 people across 8 separate NSA events. These events have generated many follow-up conversations and opportunities to further advance our training and influence how other organisations work with people, communities and their workforce. |
Organisations represented at events: Homeless Link, Changing Lives, Ministry of Justice, Keyring, Horton Housing, Local Authority/Councils, Crisis, NHS, My Doorstep, Womens Aid, The Wallich, Llamau, Local Authority/Councils, Choir With No Name, Shelter Cymru, Photographers, Designers, Ministry of Justice, Youth Charities, Homeless Link, Churches, Foyer Federation, Local Authorities, NHS, My Doorstep, Keyring, Mencap, The Brick, Homeless Link, Pobl, Horton Housing, De Paul Charity, Lloyds Bank Foundation, Caritas, Mind, Universities, Tempo Time Credits. |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
Topics included: |
-Housing First: a strengths-based perspective. April 2023 (135 attendees) |
Key themes: Choice of housing - a home is more than a house, community connection, inequality and segregation (labels), holistic support and intersectionality, self-advocacy, person-centred support, relationships and trust - commitment long term, strengths-based approaches. |
-Empowerment Through the Arts with Anthony Luvera. May 2023 (49 attendees) |
Key themes: Co-production and trusted relationships, self-advocacy and sharing stories, power and agency, relational vs transactional interactions with services, community ownership, community inclusion, local accessibility of services. |
-A mental health evolution: what is it, and how can we achieve it together? With Platfform. June 2023 (65 attendees) |
Key themes: Strengths-based, person-centred support, building relationships and trust, Listening and learning as we understand how to navigate complexity, people shape systems, trauma-informed work, Adverse community experiences, community disconnection, poverty. |
-The Relationships Project discusses Relationship-centred Practice. July 2023 (59 attendees) |
Key themes: Relational vs transactional interactions with services, building trust in relationships, brokering/bridging relationships (PTS coaches connecting people to their communities based on strengths and interests, not labels and deficits), community (re)connection, complexity in people's lives and systems, listening to learn not to fix, professionals discomfort with change/less control, trauma-informed training, relationships with funders and commissioners and measuring impact. |
-The power challenge: An advantaged Thinking approach to youth involvement with the Foyer Federation. September 2023 (49 attendees) |
Key themes: Strengths-based approaches, building power and agency, co-production, person-centred support, limitations of funding and measuring impact on services. |
-Systems Convening: what’s it all about? October 2023 (246 attendees) |
Key themes: Relational approaches, measuring impact and outcomes and fear of losing funding, learning from doing/learning together, modelling good practice, building and strengthening community connection - systems change momentum, systems change can be lonely/isolating, power. |
-Team up for good: a celebration of strengths-based work. November 2023 (97 attendees) |
Key themes: Person-led, strengths-based approaches, sustainable impact, cost-benefit/cost savings, deficit approaches, power, relational approaches, co-production, measuring outcomes, partnership, cultural shift, accountability and power, solutions focus, diversity, social connection, lived experience, funding, creative/different approaches and cross-sector working, community buy-in. |
-Strengths-Based Learning Programme session: Reflective Practice. March 2024 (19 attendees) |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
Key themes: Learning together, growth and development, diversity of ideas, a chance to process and reflect on improving practice, frustration, exhaustion and hopelessness in systems, reassurance and connection (not alone), barriers from other staff not on board, challenges of trauma-informed practice, disconnection from wider organisation, trust/distrust, burn out, friction with leadership and funders, breakdown in communication. |
Other resources, events and social media: |
Over the past 12 months, we delivered 9 online seminars as part of our ‘Conversations that Challenge’ series, with 50 people on average attending each event. Seminars covered topics including relationship-centred practice, as well as intersectional experiences of homelessness for women and people with learning disabilities. Each event attracted individuals working across a wide variety of different sectors (e.g. homelessness, substance misuse, gender-based violence) and created discussion and new relationships between guests via break-out rooms. |
In the last 12 months, we have posted 9 Disruption Diary blogs. The goal of the Disruption Diary is to platform guest writers, as well as members of the New System Alliance team, creating a space for discussion around system change. |
The New System Alliance audience receives a monthly newsletter as well as 15 ‘supplementary’ newsletters in the last 12 months, which are sent to promote events or deliver time-sensitive updates or surveys which do not fit in the main monthly bulletin. Emails sent to our subscribers in the last 12 months have a 37% open rate, which is a 10% increase from open rates in the previous 12 months. |
The New System Alliance Twitter account also passed 1,000 followers, with 1,121 individuals currently following our work. |
We also launched the Strengths-based Directory, a resource that aims to: |
- | Inspire through sharing what’s possible within our public service system, despite its flaws |
- | Connect innovators and practitioners of work that aligns with the New System Alliance values |
- | Inform and support commissioners to make more informed and structured decisions |
There are currently over 25 organisations listed on the Directory and the web page received over 300 views in the first week of its launch. |
Our Work with People - the PTS Response |
Since establishing the PTS Response, Mayday has supported over 1,660 individuals going through tough times and facing inequalities, through our one-to-one PTS Coaching model and approach. |
In July 2023 Mayday publicly launched the Strengths-based Area Strategy (formerly known as the Beacon Area model) following its work with Haringey Council, and the North Central London Integrated Care Board (ICB) as part of the Health Inclusion program of the ICB’s Live Well Strategy. The strategy aimed to combine the PTS Response, the systems-influencing role, and work with strategic leaders, to create whole-area change – including commissioning practice. The strategy was presented to a range of audiences including the NHS England National Inequalities Improvement Forum and the Department of Health and Social Care’s Health Inequalities Directorate. This work led to shifts in commissioning through two place-based pilot contracts, funded by Haringey and the City of London. |
Strengths-based working - place-based delivery |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
-Haringey: Mayday continued supporting individuals classed as experiencing severe and multiple disadvantages - alongside the practitioners working with them - to overcome barriers to access and engagement with relevant professionals and community services. Through a System Convenor role, Mayday explored how working holistically and systemically across the different parts of the system helps reduce the fragmented nature of services in meeting people’s complex needs - ultimately improving outcomes for people and reducing demand on the system. |
-City of London: Mayday commenced working with the City of London, in collaboration with Groundswell, to develop a co-production and system change pilot. Mayday employed a Community and Participation Partner to bring different parts of the local homelessness and health systems together to listen to the voice of lived experience facilitated by Groundswell’s Peer Coordinator. We are jointly collaborating on taking system learning and lived experience voices to create change and improve people’s experiences of the homelessness pathway. The project launched on October 23 and since then we have carried out stakeholder mapping and engagement as well as recruited for and established an Advisory Panel and Co-production Champion groups. So far we have: |
- | Met with 9 Public Health colleagues |
- | Had engagement from 9 services and visited 4 accommodation providers |
- | Met with 12 residents to promote involvement in the project |
- | Held training sessions for Advisory Panel members to support their engagement |
- | Engaged 8 Champions covering 7 different organisations |
- | Held Advisory Panel meetings, focussing on co-produced values, shared expectations and ways of being with each other - building trusting relationships to support and sustain safe engagement |
- | Set up Coproduction meetings agreeing on how to take the work forward and what the group needs to be successful |
- | Attended a Homelessness Forum facilitated by the City of London as a kick-off event to engage with services and think about what coproduction means for them |
Our work with organisations - training and consultancy offer |
Mayday finalised and launched our full suite of whole-organisation change programs which include System Reflect (a CPD standard one-day course designed to introduce strengths-based practices), Wisdoms (a Mayday-developed listening methodology that empowers service users’ voices to lead and be embedded into organisational direction and strategy), Strategic Advice (in-depth analysis of organisational operations and tailored guidance on how to embed strengths-based working meaningfully across all levels of an organisation), and the PTS Training Programme (a bespoke CPD accredited 10 session training program that explores elements of the PTS Response and ways to incorporate this into practice). We have delivered strengths-based consultancy to a range of organisations, with positive feedback received. Caritas Westminster described it as "an invaluable opportunity to gain a deeper understanding of the individuals and projects within our network", and the System Reflect session described by The Whitechapel Centre as "informative and helpful to be led by people who have worked in the industry and as such, understand the nature of the job with real-world examples". |
London event: creating connections to make change happen |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
Mayday (and Platfform) hosted an in-person event in Westminster in February 2024, providing a fantastic opportunity for practitioners and organisations working in strengths-based, relational, and person-led ways to come together, cement relationships with people, share ideas and develop new partnerships. We had a guest speaker, Darren McGarvey, who was promoting his upcoming BBC2 documentary about public services, inequality and how things can be done differently to better meet people’s needs. The event had 122 attendees from a range of organisations including: Royal Holloway, University of London, Partisan, Plan International UK, Members of Parliament, Groundswell, Homeless Health London Programme, Imperial College London, Diocese of Westminster, Hackney Council, BIG South London, Kidscape, On the Record, Association for Real Change, Homeless Link and others. The event provided a great platform for bringing a range of people together from a variety of sectors – both to understand how we can overcome shared challenges, but also to celebrate how far we have come through our collective system change work despite challenging circumstances politically and economically. A range of conversations have followed this event including opportunities to provide training and consultancy around strengths-based ways of working within organisations internally as well as how we can collaborate at a policy, campaigns and influence level. This includes ongoing conversations with Southwark Council and Groundswell. |
Continuing to create influence |
We continued to build relationships with organisations, attending and speaking at conferences such as National Children’s and Adult Services conference and Poverty and Mental Health: The Critical Connection, Maudsley Charity and BBC Children in Need conference along with supporting events arranged by Shelter UK, Fulfilling Lives and Department for Health and Social Care (DHSC) |
During the year Mayday made the following publications: |
- | ‘Place-based working: a trauma-informed approach’ published via the New System Alliance partnership in 2023 |
- | ‘System Convening: what you told us’, published via the New System Alliance partnership in 2023 |
- | How we lost sight of the point of public services and what to do about it, published in collaboration with think tank New Local in their inaugural paper New Thinking series |
Funding Partnerships |
We are grateful for support from NLCF, Haringey Borough Council, Lankelly Chase Foundation, the Oak Foundation, the Police and Crime Commissioner for Northamptonshire, and the City of London. |
Financial Review of the Year |
Mayday’s income for the year ended 31st March 2024 was £848k. This is up on our prior year income (2023: £780k). |
Our expenditure for the year was £1,042k (2023: £1,208k). |
The deficit for the year was £193k (2023: £427k). |
Structure, governance and management |
Governing Document |
Having formed in 1976, in 1979 Mayday Trust was established as a registered charity and in 1994 became a company limited by guarantee, having no share capital. |
The charitable company was established under a Memorandum of Association, which was last amended on 9th October 2023 and which established its objects and powers, and it is governed under its Articles of Association. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1. |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
Objects |
Mayday works with people going through the toughest of times - homelessness, leaving care, coming out of prison, fleeing violence. |
We believe that tough times should be a brief transition in someone’s life, not a life choice or a life sentence. |
The charitable company’s objectives are to: |
- | Carry on for the benefit of the community the business of providing houses, hostels, supported housing or any other housing and associated amenities, services or assistance for vulnerable adults and other residents in the United Kingdom (the "area of benefit") who are homeless or in need, suffering hardship or distress or who have suffered a legal restriction on their liberty, on terms appropriate to their means. |
- | Provide within the area of benefit, support, advice and counseling for those who are suffering from, or who may have suffered from alcohol, drug or substance misuse upon terms appropriate to their means. |
- - | Promote any other charitable purpose and in particular the relief of povertyProvide within the area of benefit, for the elderly or other vulnerable persons with a disability (including mental and learning or associated disabilities) in need of accommodation specially designed or adapted to meet the disabilities and requirements of such persons and to provide associated amenities, advice or assistance. |
Public Benefit |
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. Further details on the activities undertaken by Mayday during the year are given above in the section Activities, Achievements and Performance. |
Legal and Policy Context |
Mayday Trust is governed by the Charity Commission rules, the Companies Act and the regulatory frameworks of service commissioners. The Charity has no statutory obligation to provide services, but some of the services provided are covered by legislation and other statutory regulations, including Children’s Acts, which apply to all service provision for young people and children. |
Recruitment and Appointment of Trustees |
The recruitment and appointment of Trustees were governed by the Principal Rules, which provide a summary and operational guide for interpreting and implementing the Memorandum and Articles of Association. Directors were appointed for an initial period of three years, commencing on the date of their appointment and may apply for re-election to serve a second period of three years. After serving for a second period, the Director may offer him or herself for re-election for a further three years. Second and third terms require Board Approval. Since becoming a subsidiary of Platfform, the Trustees are appointed by Platfform as sole member |
The Board of Trustees must comprise between three and twelve members. |
The Board of Trustees meets at least quarterly, and Trustees focus on governance and strategy, significant new business, risk and financial issues. |
Organisational Structure |
During the year the day-to-day management of the organisation was delegated to the Chief Executive, and altered upon merger with Platfform. |
Pay Policy for Senior Staff |
The Board of Trustees and the Executive Leadership Team (post-merger Platfform leadership team) are the key management personnel of the charity in charge of directing and controlling, running and operating Mayday. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 7 to the accounts. |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
The pay of the senior staff is reviewed annually. Given the nature of the charity, the Trustees benchmark against pay levels in other charities of a similar size and operation. |
Going Concern |
The financial statements have been prepared on a going concern basis. |
Mayday became a subsidiary of Platfform on 6th October 2023. Mayday’s activities in the main transferred over to Platfform for Change on the 1st April 2024, however several projects will continue without loss of service in Mayday until completion. |
The intention of the Trustees of Mayday is to transfer the surplus assets of Mayday over to Platfform for Change. |
Once the remaining projects undertaken by Mayday are completed satisfactorily, the charitable company will have its remaining assets transferred to Platfform for Change and be formally closed down. Platfform for Change has confirmed support to Mayday to meet its day to day obligations and obligations as a result of these ongoing projects until completion. |
Therefore, the trustees believe it is appropriate to prepare the accounts on a going concern basis. |
Reserves Policy |
In determining the level of reserves required trustees have given due consideration to guidance issued by the Charity Commission and have considered the key risks to which Mayday Trust is exposed. |
Trustees have set a reserves target of £170k to enable Mayday Trust to manage short-term losses of grant or contract income and provide sufficient time to plan and implement required changes to activities, as well as to ensure we maintain an appropriate level of working capital to enable us to meet commitments as they fall due. |
As at 31 March 2024, Mayday currently holds free reserves of (£52,333). The trustees have agreed to sell Mayday-owned properties which will enable Mayday to meet its reserves target. Mayday’s parent charity is also offering its financial support. |
Total reserves amounted to £1,652k, of which £298k are restricted and £1,354k are unrestricted. Of the unrestricted funds, £1,354k reflects our fixed asset fund and this is in the process of being realized as explained above. Further information is provided in note 13 of the accounts. |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
Risk Management |
Trustees have responsibility for the management of the risks identified by the charity and are assisted by the CEO & Senior Management Team to mitigate these. A full risk audit is conducted as part of the annual review of the Business Plan objectives. Routine risks are identified, assessed and managed through rigorous controls on an ongoing basis. |
Trustees are satisfied that the major risks identified have been mitigated where necessary. It is recognised that systems cannot eliminate all risks but only provide assurance that the identified risks have been managed. |
The principal risks to Mayday and the established mitigating actions, are: |
- | Pressure on public service budgets, lack of tendering/business development capacity limiting access to income and growth. Mitigated by: |
- | A new income generation plan and strategy, with diversified income sources and new fundraising and marketing capacity. |
- | Development of clearer communications and support offers. |
- | Working safely and consistently well with people going through tough times. Mitigated by: |
- | Robust safeguarding policy and procedure as part of a comprehensive pack of policy and practice guidance and learning materials. |
- | Values-led recruitment, induction and support for coaches and the team, including communities of practice, external supervision and management support. |
- | Partnerships with the local community, local authorities, statutory bodies and other providers to assist in providing person-led support and removing system barriers so people can take more control of their lives. |
- | Inability to collect sufficient, statistically viable data to confirm the effectiveness of our work. Mitigated by: |
- | Central collection of data sets by the Head of Impact. |
- | Memorandums of Understanding across PTS Partners on the importance of providing regular data provision. |
- | Data and impact training for PTS coaches and organisations. |
- | Owning housing used by another organisation for supported housing, which exposes the charity to the financial risks of void loss, arrears and repairs to the property. Distraction from the core mission of the organisation by demanding significant capacity to manage the accommodation. Mitigated by: |
- | Withdrawing from or disposing of owned supported accommodation |
Events after the reporting period |
Mayday Trust became a subsidiary of Platfform, a leading mental health and social change charity based in Wales (registered charity no 1000889), on 9th October 2023. It is intended that Mayday will be merging into Platfform in due course. The decision to merge represents the clear alignment of both organisations’ visions, missions and purposes. The work of Mayday is currently continuing within the Mayday Trust charitable company. |
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 |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
Registered Charity number |
Registered office |
Trustees |
The Board of Trustees who served during the year and up to the date of this report were as follows: |
R Anderson |
Ewan Hilton Appointed 20th October 2023 |
Debbie Green Appointed 20th October 2023 |
S Brown Resigned 1st January 2023 |
V Bowen Resigned 20th October 2023 |
J Chambers Resigned 20th October 2023 |
A Hudson Resigned 20th October 2023 |
H Khan Resigned 20th October 2023 |
W Man Resigned 30th June 2023 |
J McEver Resigned 20th October 2023 |
J Mollring Resigned 20th October 2023 |
D Paskins Resigned 20th October 2023 |
M Purewal Resigned 20th October 2023 |
Auditors |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Mayday Trust 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. |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
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. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYDAY TRUST |
Opinion |
We have audited the financial statements of Mayday Trust (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Material uncertainty related to going concern |
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
We draw attention to note 1 in the financial statements, which indicates that Mayday Trust will eventually have its assets transferred across to parent charity (Platfform for Change) and although the timing may be uncertain, Mayday Trust is expected to be formally closed once this transfer is complete. |
As stated in note 1, these events or conditions indicate that while some material uncertainty exists that may cast significant doubt on Mayday's ability to continue as a going concern, the parent charity (Platfform for Change) have committed to support Mayday Trust through the formal close down process. Our opinion is not modified in respect of this matter. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYDAY TRUST |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYDAY TRUST |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that insufficient and appropriate to provide a basis for our opinion. |
We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to: |
- | identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- | discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. |
- | obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation. |
Audit response to risks identified |
In addition to the above, our procedures to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |
- | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |
- | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYDAY TRUST |
- | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
And Statutory Auditors |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
MAYDAY TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 3 |
Other income |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 16 | 34,951 | (34,951 | ) | - | - |
Net movement in funds | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,846,636 |
MAYDAY TRUST (REGISTERED NUMBER: 02911222) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 16 |
Unrestricted funds | 1,428,118 |
Restricted funds | 418,518 |
TOTAL FUNDS | 1,846,636 |
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 |
MAYDAY TRUST |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (319,275 | ) | (142,679 | ) |
Net cash used in operating activities | (319,275 | ) | (142,679 | ) |
Cash flows from investing activities |
Sale of tangible fixed assets | 172,491 | - |
Sale of fixed asset investments | - | 453,842 |
Net cash provided by investing activities | 172,491 | 453,842 |
Change in cash and cash equivalents in the reporting period |
(146,784 |
) |
311,163 |
Cash and cash equivalents at the beginning of the reporting period |
563,122 |
251,959 |
Cash and cash equivalents at the end of the reporting period |
416,338 |
563,122 |
MAYDAY TRUST |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(193,933 |
) |
(427,265 |
) |
Adjustments for: |
Depreciation charges | 10,785 | 12,614 |
Profit on disposal of fixed assets | (7,491 | ) | - |
Impairment of tangible fixed assets | - | 100,000 |
Reclassify asset as held for sale | 1,200,000 | - |
Increase in stocks | (1,200,000 | ) | - |
(Increase)/decrease in debtors | (291,519 | ) | 291,589 |
Increase/(decrease) in creditors | 162,883 | (119,617 | ) |
Net cash used in operations | (319,275 | ) | (142,679 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 563,122 | (146,784 | ) | 416,338 |
563,122 | (146,784 | ) | 416,338 |
Total | 563,122 | (146,784 | ) | 416,338 |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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, with the exception of investments which are included at market value. |
The Company is Limited by Guarantee and does not have share capital. Each member's liability is limited to a maximum of £1. |
As at 31st March 2024 there was only one member of the Charitable Company, the Charity Platfform for Change. |
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. |
No amount is included in the financial statements for volunteer time, in line with the Charity SORP. |
Voluntary income by way of grants, donations and gifts are included in full in the Statement of Financial Activities when receivable and when amounts are known with certainty and are measurable. Grants where entitlement is not conditional on the delivery of a specific performance by the charitable company, are recognised when it becomes unconditionally entitled to the grant. |
Incoming resources from grants and contracts, where related to performance and specific deliverables are accounted for as the charitable company earns the right to consideration by its performance. where income is received in advance of performance it is treated as deferred income and included within creditors. |
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. |
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 charitable company is a charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. The charity is exempt from corporation tax on its charitable activities. |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
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. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Freehold property is not depreciated as the high residual value renders depreciation immaterial. |
Depreciation is provided on all other tangible fixed assets, at 25% on a straight line basis in order to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. |
Assets purchased which are under £2,500 are expensed to the Statement of Financial Activities. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. |
Recognition of liabilities |
Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measures at present value. |
Provisions |
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
Employee benefits & redundancy costs |
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in for that service. |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expenses as they become payable. |
Redundancy costs arising from periodic reviews of staff levels are charged to the Statement of Financial Activities in the year in which an irreversible decision had been made on the redundancy process.. |
VAT |
The charity is subject to VAT on a partial exemption basis. Irrecoverable VAT is included within the relevant costs in the Statement of Financial Activities. |
Going concern |
The financial statements have been prepared on a going concern basis. |
Mayday became a subsidiary of Platfform on 6th October 2023. Mayday’s activities in the main transferred over to Platfform for Change on the 1st April 2024, however several projects will continue without loss of service in Mayday until completion. |
The intention of the Trustees of Mayday is to transfer the surplus assets of Mayday over to Platfform for Change. Once the remaining projects undertaken by Mayday are completed satisfactorily, the charitable company will have its remaining assets transferred to Platfform for Change and be formally closed down. |
Platfform for Change has confirmed support to Mayday to meet its day to day obligations and obligations as a result of these ongoing projects until completion. |
Therefore, the trustees believe it is appropriate to prepare the accounts on a going concern basis. |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
Legacies |
During the year, the charity kindly received a generous legacy of £20,000 from the estate of the late Barbara Britton. |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Charitable | Total |
Activities | activities |
£ | £ |
Direct delivery contracts and grants | 128,531 | 163,849 |
System influencing | 605,697 | 494,964 |
Sector support | 30,169 | 57,453 |
Property income | 50,000 | 54,550 |
Other income | 840 | - |
Membership income | 3,080 | - |
818,317 | 770,816 |
4. | RAISING FUNDS |
Raising donations and legacies |
2024 | 2023 |
£ | £ |
Staff costs |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
Charitable Activities | 1,041,526 | 1,335 | 1,042,861 |
6. | SUPPORT COSTS |
Finance |
£ |
Charitable Activities | 1,335 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Surplus on disposal of fixed assets | ( |
) |
Auditors' remuneration | 9,000 | 8,430 |
Property impairment | - | 100,000 |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
During the year, there was expenditure amounting to £203 incurred by the trustees. |
The costs related to travel and subsistence and were incurred as part of the charity's activities. |
9. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
638,809 | 773,440 |
The total amount of employee benefits received by the Key Management Personnel is £138,501 (2023: £289,267). The Charity considers its key management personnel to comprise the following staff in FY24: CEO, Deputy CEO & Finance Director & Director of Development, Impact & Income. There were additional Key Management Personnel roles in FY23, including Director of PTS & Director of Change alongside some crossover of posts due to staff changes. |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Income generation | - | 1 |
Support | 1 | 3 |
Operations | 13 | 16 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
2024 | 2023 |
£60,001 - £70,000 |
£70,001 - £80,000 |
1 | 2 |
Pension payments in respect of the above employees were £2,048 (2023: £6,689). |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | EX GRATIA PAYMENTS |
During the year redundancy/settlement payments were made to former staff totalling £45,691. |
Post year end a further ex-gratia payment of £2,500 was made. |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 1,655,501 | 618,400 |
TOTAL FUNDS CARRIED FORWARD | 1,428,118 | 418,518 | 1,846,636 |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
Reclassification | (1,200,000 | ) | - | (1,200,000 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Properties held for sale | 1,200,000 | - |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Prepayments and accrued income |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Social security and other taxes |
Deferred income |
Accrued expenses |
16. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,428,118 | (108,971 | ) | 34,951 | 1,354,098 |
Restricted funds |
nlcf - Moving to a People Led System | 338,539 | (39,934 | ) | - | 298,605 |
Transitions Pilot | 70,637 | (35,686 | ) | (34,951 | ) | - |
Oak Foundation | 5,717 | (5,717 | ) | - | - |
Health Inequalities Haringey | 2,518 | (2,518 | ) | - | - |
Amazon | 1,107 | (1,107 | ) | - | - |
(84,962 | ) | ( |
) |
TOTAL FUNDS | (193,933 | ) | 1,652,703 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 243,231 | (352,202 | ) | (108,971 | ) |
Restricted funds |
nlcf - Moving to a People Led System | 428,220 | (468,154 | ) | (39,934 | ) |
Transitions Pilot | - | (35,686 | ) | (35,686 | ) |
Oak Foundation | 97,548 | (103,265 | ) | (5,717 | ) |
Health Inequalities Haringey | 44,955 | (47,473 | ) | (2,518 | ) |
Amazon | - | (1,107 | ) | (1,107 | ) |
NLCF | 34,974 | (34,974 | ) | - |
( |
) | (84,962 | ) |
TOTAL FUNDS | ( |
) | (193,933 | ) |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 105,061 | (227,383 | ) | 174,655 | 52,333 |
Dilapidation fund - Designated | 62,041 | - | (62,041 | ) | - |
Tangible fixed asset fund | 1,488,399 | - | (112,614 | ) | 1,375,785 |
1,655,501 | (227,383 | ) | - | 1,428,118 |
Restricted funds |
nlcf - Moving to a People Led System | 332,184 | 6,355 | - | 338,539 |
Transitions Pilot | 171,590 | (100,953 | ) | - | 70,637 |
Oak Foundation | 59,034 | (53,317 | ) | - | 5,717 |
Yound Persons PTS | 37,191 | (37,191 | ) | - | - |
Health Inequalities Haringey | 12,750 | (10,232 | ) | - | 2,518 |
Wellbeing grants | 346 | (346 | ) | - | - |
Amazon | 1,894 | (787 | ) | - | 1,107 |
Small support grants | 411 | (411 | ) | - | - |
Lankelly Wellbeing Pilot | 3,000 | (3,000 | ) | - | - |
618,400 | (199,882 | ) | - | 418,518 |
TOTAL FUNDS | 2,273,901 | (427,265 | ) | - | 1,846,636 |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 285,873 | (513,256 | ) | (227,383 | ) |
Restricted funds |
nlcf - Moving to a People Led System | 434,964 | (428,609 | ) | 6,355 |
Transitions Pilot | - | (100,953 | ) | (100,953 | ) |
Oak Foundation | - | (53,317 | ) | (53,317 | ) |
Yound Persons PTS | - | (37,191 | ) | (37,191 | ) |
Health Inequalities Haringey | 60,000 | (70,232 | ) | (10,232 | ) |
Wellbeing grants | - | (346 | ) | (346 | ) |
Amazon | - | (787 | ) | (787 | ) |
Small support grants | - | (411 | ) | (411 | ) |
Lankelly Wellbeing Pilot | - | (3,000 | ) | (3,000 | ) |
494,964 | (694,846 | ) | (199,882 | ) |
TOTAL FUNDS | 780,837 | (1,208,102 | ) | (427,265 | ) |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 105,061 | (336,354 | ) | 209,606 | (21,687 | ) |
Dilapidation fund - Designated | 62,041 | - | (62,041 | ) | - |
Tangible fixed asset fund | 1,488,399 | - | (112,614 | ) | 1,375,785 |
1,655,501 | (336,354 | ) | 34,951 | 1,354,098 |
Restricted funds |
nlcf - Moving to a People Led System | 332,184 | (33,579 | ) | - | 298,605 |
Transitions Pilot | 171,590 | (136,639 | ) | (34,951 | ) | - |
Oak Foundation | 59,034 | (59,034 | ) | - | - |
Yound Persons PTS | 37,191 | (37,191 | ) | - | - |
Health Inequalities Haringey | 12,750 | (12,750 | ) | - | - |
Wellbeing grants | 346 | (346 | ) | - | - |
Amazon | 1,894 | (1,894 | ) | - | - |
Small support grants | 411 | (411 | ) | - | - |
Lankelly Wellbeing Pilot | 3,000 | (3,000 | ) | - | - |
618,400 | (284,844 | ) | (34,951 | ) | 298,605 |
TOTAL FUNDS | 2,273,901 | (621,198 | ) | - | 1,652,703 |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | 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 | 529,104 | (865,458 | ) | (336,354 | ) |
Restricted funds |
nlcf - Moving to a People Led System | 863,184 | (896,763 | ) | (33,579 | ) |
Transitions Pilot | - | (136,639 | ) | (136,639 | ) |
Oak Foundation | 97,548 | (156,582 | ) | (59,034 | ) |
Yound Persons PTS | - | (37,191 | ) | (37,191 | ) |
Health Inequalities Haringey | 104,955 | (117,705 | ) | (12,750 | ) |
Wellbeing grants | - | (346 | ) | (346 | ) |
Amazon | - | (1,894 | ) | (1,894 | ) |
Small support grants | - | (411 | ) | (411 | ) |
Lankelly Wellbeing Pilot | - | (3,000 | ) | (3,000 | ) |
NLCF | 34,974 | (34,974 | ) | - |
1,100,661 | (1,385,505 | ) | (284,844 | ) |
TOTAL FUNDS | 1,629,765 | (2,250,963 | ) | (621,198 | ) |
The unrestricted funds of the Charity includes the above designated funds which have been set aside out of unrestricted funds by the Trustees for a specific purpose: |
Fixed Asset Fund |
The purpose of this fund is to recognise the value of operational assets which are not freely convertible into cash. |
Restricted funds consist of donations and grants made to Mayday Trust for the following purposes: |
NLCF - Moving to a People Led System |
A five year, UK wide, National Lottery Community Fund Grant to support the modelling of a whole new system for people who would otherwise become trapped in one or more homelessness, mental health, criminal justice or substance use services or pathways. |
Transitions Pilot |
Core funding from Lankelly Chase Foundation to support the Alliance work and to trial a new commissioning model. |
Oak Foundation |
Grant for the development of the PTS in London and the South East. |
Young Persons PTS |
MAYDAY TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | MOVEMENT IN FUNDS - continued |
Grants from Paul Hamlyn Foundation and Rayne Foundation toward the salary and costs of a PTS coach to deliver young person led, transitional and strength based response for young people experiencing tough transitions including homelessness and leaving care or offending institutions. |
Health Inequalities Haringey |
Funding from North Central London CCG to influence systems in order to reduce health inequalities. |
Wellbeing Grants |
Unsolicited grant from the Lankelly Foundation and Tudor Trust to be used to support staff wellbeing after difficulties of working during the Covid-19 pandemic. |
Small Support Grants |
A range of grants supporting individual people who we are working with. |
Amazon |
Funding to support people we work with in Northampton |
Transfers between funds |
During the year the Transitions Pilot project came to an end, the project goals were sufficiently met and the funder has confirmed so. Any underspend on this project has been transferred to unrestricted funds for use on the Charity's charitable objects. |
17. | CONTINGENT LIABILITIES |
The charity is currently involved in a legal dispute relating to an employment tribunal claim. The charities legal advisors have advised that the outcome of this dispute is uncertain and at this stage, it is not possible to reliably estimate the potential financial impact, if any. |
Accordingly, no provision has been made in the financial statements for this matter. |
18. | RELATED PARTY DISCLOSURES |
Transactions with Trustees are detailed in note 4 and there were no other transactions during the year. |
On 6th October 2023 the Charity 'merged' with Platfform for Change, the amounts owed by Platfform for Change to Mayday Trust at year end were £60,926 held in accruals for amounts owed on the Lottery Project and £44,599 held in Intercompany balances for amounts paid on behalf of Mayday Trust (reimbursed post year end). Mayday Trust works with Platfform for Change on the Lottery Community Fund UK-wide project and during FY24 paid across amounts totalling £101,232. |