Crossroads Manchester Ltd Charity Accounts

Crossroads Manchester Ltd Charity Accounts

CROSSROADS MANCHESTER LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12312543
CHARITY REGISTRATION NUMBER: 1187972
Crossroads Manchester Ltd
Company Limited by Guarantee
Unaudited Financial Statements
30 November 2022
Crossroads Manchester Ltd
Company Limited by Guarantee
Financial Statements
Year ended 30 November 2022
Pages
Trustees' annual report (incorporating the director's report)
1 to 3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6 to 12
Crossroads Manchester Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 November 2022
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 November 2022 .
Reference and administrative details
Registered charity name
Crossroads Manchester Ltd
Charity registration number
1187972
Company registration number
12312543
Principal office and registered
27 George Street North
office
Salford
M7 4PL
The trustees
M Brand
M Orgel
(Resigned 15 June 2022)
P Corn
(Resigned 15 June 2022)
I Weinstein
A Litwin
(Resigned 24 February 2023)
S J Fogal
(Appointed 15 June 2022)
S Wahrhaftig
(Appointed 16 June 2022)
Accountants
Haffner Hoff Ltd
Accountants
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
The charity is constituted by a Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 13 November 2019 as a company and the company number is 12312543 . It was registered as a charity on 14 February 2020 with a charity number 1187972 .
The charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Objectives and activities
The objectives of the charity are;
To act as a resource for young people up to the age of 25 by providing advice and assistance and organising programmes of creative, physical and other leisure activities as a means of: advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals for the public benefit
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions, organisations and individuals who accord with the objects of the charity.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the year, the charity received £24,927 in donations and paid out £22,979 in furtherance of its objectives.
There was an overall net income and net movement in funds for the year amounting to £1,948 all of which relates to the unrestricted fund.
Financial review
Reserves Policy
As at 30 November 2022 the charity held unrestricted free reserves of £120.
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the fund is an acceptable level of reserves.
The trustees' annual report and the strategic report were approved on 29 August 2023 and signed on behalf of the board of trustees by:
I Weinstein
Trustee
Crossroads Manchester Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 November 2022
2022
2021
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
24,927
24,927
19,459
Charitable activities
6
–
–
1,365
--------
--------
--------
Total income
24,927
24,927
20,824
--------
--------
--------
Expenditure
Expenditure on raising funds:
Costs of other trading activities
7
2,850
2,850
–
Expenditure on charitable activities
8,9
20,129
20,129
29,106
--------
--------
--------
Total expenditure
22,979
22,979
29,106
--------
--------
--------
--------
--------
--------
Net income/(expenditure) and net movement in funds
1,948
1,948
( 8,282)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
( 630)
( 630)
7,652
--------
--------
--------
Total funds carried forward
1,318
1,318
( 630)
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Crossroads Manchester Ltd
Company Limited by Guarantee
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
Fixed assets
Tangible fixed assets
15
1,198
1,532
Current assets
Debtors
16
7,500
630
Cash at bank and in hand
1,750
5,498
-------
-------
9,250
6,128
Creditors: amounts falling due within one year
17
9,130
8,290
-------
-------
Net current assets
120
( 2,162)
-------
-------
Total assets less current liabilities
1,318
( 630)
-------
----
Net assets
1,318
( 630)
-------
----
Funds of the charity
Unrestricted funds
1,318
( 630)
-------
----
Total charity funds
18
1,318
( 630)
-------
----
For the year ending 30 November 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:
I Weinstein
Trustee
Crossroads Manchester Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 27 George Street North, Salford, M7 4PL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee, in case of winding up the liability of the members is limited to £1.
5. Donations and legacies
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Donations
Donations
24,927
24,927
17,459
17,459
Grants
Grants receivable
–
–
2,000
2,000
--------
--------
--------
--------
24,927
24,927
19,459
19,459
--------
--------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Other income from charitable activities
–
–
1,365
1,365
----
----
-------
-------
7. Costs of other trading activities
Unrestricted Funds
Total Funds 2022
Unrestricted Funds
Total Funds 2021
£
£
£
£
Advertising
2,850
2,850
–
–
-------
-------
----
----
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Charitable Activities
18,198
–
18,198
Support costs
1,931
–
1,931
--------
----
--------
20,129
–
20,129
--------
----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2021
£
£
£
Charitable Activities
23,507
4,718
28,225
Support costs
881
–
881
--------
-------
--------
24,388
4,718
29,106
--------
-------
--------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2022
Total fund 2021
£
£
£
£
£
Charitable Activities
17,698
500
1,092
19,290
28,225
Governance costs
–
–
839
839
881
--------
----
-------
--------
--------
17,698
500
1,931
20,129
29,106
--------
----
-------
--------
--------
10. Analysis of support costs
Analysis of support costs activity 1
Total 2022
Total 2021
£
£
£
General office
1,092
1,092
–
Governance costs
839
839
881
-------
-------
----
1,931
1,931
881
-------
-------
----
11. Analysis of grants
2022
2021
£
£
Grants to institutions
Yeshiva Imrei Yosef
–
1,910
Grants under £1,000
500
313
----
-------
500
2,223
----
-------
Total grants
500
2,223
----
-------
12. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2022
2021
£
£
Depreciation of tangible fixed assets
334
429
----
----
13. Staff costs
Nil
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2021 and 30 November 2022
1,536
732
2,268
-------
----
-------
Depreciation
At 1 December 2021
553
183
736
Charge for the year
197
137
334
-------
----
-------
At 30 November 2022
750
320
1,070
-------
----
-------
Carrying amount
At 30 November 2022
786
412
1,198
-------
----
-------
At 30 November 2021
983
549
1,532
-------
----
-------
16. Debtors
2022
2021
£
£
Other debtors
7,500
630
-------
----
17. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
1,680
840
Other creditors
7,450
7,450
-------
-------
9,130
8,290
-------
-------
18. Analysis of charitable funds
Unrestricted funds
At 1 December 2021
Income
Expenditure
At 30 November 2022
£
£
£
£
Unrestricted fund - general funds
(630)
24,927
(22,979)
1,318
----
--------
--------
-------
At 1 December 2020
Income
Expenditure
At 30 November 2021
£
£
£
£
Unrestricted fund - general funds
2,934
20,824
(24,388)
(630)
-------
--------
--------
----
19. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
1,198
1,198
Current assets
9,250
9,250
Creditors less than 1 year
(9,130)
(9,130)
-------
-------
Net assets
1,318
1,318
-------
-------
Unrestricted Funds
Total Funds 2021
£
£
Tangible fixed assets
1,532
1,532
Current assets
6,128
6,128
Creditors less than 1 year
(8,290)
(8,290)
-------
-------
Net assets
(630)
(630)
-------
-------
20. Related parties
Mr S Wahrhaftig became a trustee of Crossroads Manchester Ltd in June 2022. Included in Other Creditors is £6,800 outstanding to Mr Wahrhaftig for an interest free loan made in previous periods, there were no repayments made during the year.
21. Taxation
Crossroads Manchester Ltd is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.