my generation trustees report and financial statements 2007

8/9/2019 My Generation Trustees Report and Financial Statements 2007

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Registered number:&Vt63fCharity number: 1114167

MY GENERATIONTRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2007

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Registered number: 5721636

MY GENERAT IONTRUSTEES' REPORT AND FINANCIAL STATEMENTS

FO R THE PERIOD ENDED 31 MARCH 2007


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MY GENERATION(A company limited by guarantee)

CONTENTS

Company informationTrustees' annual reportIndependent auditors' reportStatement of financial activitiesBalance sheetNotes to the financial statements

Page1

2-3

4-5

67

8-10


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MY GENERAT ION(A company limited by guarantee)

COMPANY INFORMATION

DIRECTORS AND TRUSTEES L Gunn (appointed 27/02/06)C J Niren (appointed 23/03/06)K Norman (appo in ted 27/02/06)QA Nominees L imited ( res igned 24/02/06)QA Regist rars Limited ( resigned 24/02/06)

SECRETARY C J Niren

COMPANY NUMBER 5721636

CHARITY NUMBER 1114167

REGISTERED OFFICE Brook Point1412 High RoadLondonN20 9BH

AUDITORS

BANKERS

Ashings L imitedChartered Accountants andRegistered AuditorsBarbican House26-34 Old StreetLondonEC1V 9QQ

Clydesdale Bank10 Fleet StreetLondonEC4M 7RB

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MY GENERATION(A company l imited by guarantee)

TRUSTEES 'REPORTFOR THE PER IOD ENDED 3 1 MARCH 2007

The trustees present their f irst report and the audited f inancial statements fo r the period ended 3 1 March2007.CHARITABLE OBJECTIVES AND REV IEW OF ACTIVITIESThe principal objectives of the charity are to promote general charitable purposes fo r the benefit of localcommunities in London and to p rov ide reli ef from financial hardship and social and/or economicdisadvantage and to advance the educa tion of its residents of all ages; and in particular to provideopportunities fo r the aforementioned residents to participate fully in the li fe of their community in wayswhich address and alleviate social and economic disadvantage.LEGAL AND ADMINISTRATIVE DETA ILSThe charity's name is My Generation and is governed by the company's Articles of Association and is acompany l imi ted b y guaran tee. The company and chari ty reg is tration numbers can be found on page 1 .The trustees of the charity are appointed at the annual general meeting and one th ir d of the trustees shallretire b y rotation, but are eligible fo r re-appointment.GOVERNANCE AND INTERNAL CONTROLThe trustees have recognised the need fo r adequate systems of internal control which wil l ensure thatincom ing and outgoing funds are accurately recorded. With this in mind, they have delegatedresponsibility for these funct ions to personnel with a sound knowledge of charity accounting. Controls inplace ar e constantly being reviewed to ensure that the highest slandards are maintained.The Trustees consider that any reserves of the charity that are sur plus to its immediate needs will bedistributed in line with the Centre's charitable objectives.ORGANISATIONThe charity is ru n by the trustees and a small body of ded ica ted salar ied pe rsonnel , but as is the casewith most char iti es , i t d epends on the free services of volunteers to support its mission. At present therear e more than 11 active volunteers who , in addit ion to administrative functions, answer the manycallsand e-mails received daily f rom interested part ies worldwide. Their invaluable support saves the charityan estimated 202,640 per annum in salaries.I n common w ith many charities, My Generation relies substantially on donations to fund its activfies. Ita lso uses revenues from the sale of books and other educational materials to contr ibute towards itsadministrative costs, allowing as much of the individual donations as possible to be used for directprogrammes.My Generation is committed to teach ing peop le how to become more sharing, caring, tolerant, andproactive human beings. These principles allow people to fee l more fulfilled and to lead more successfullives.

TRUSTEES

The trustees who ser ve d during the period were:L Gunn (appo in ted 27/02/06)K Norman (appointed 27/02/06)C J Niren (appointed 23/03 /06)

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TRUSTEES ' REPORTFOR THE PERIOD ENDED 31 MARCH 2007

STATEMENT OF TRUSTEES ' RESPONSIBILITIESCompany law requi res the t rustees to prepare financial statements for each financial per iod wh ich give atrue and fair view of affairs of the state of the company and of the profit or loss of the company for tha tperiod. In preparing those f inancial statements, the trustees are required to:- select suitable accounting polic ies and then apply them consistently;- make judgements and estimates that are reasonable and prudent;- state whether applicable account ing standards have been followed , subject to any materialdepartures disclosed and explained in th e financial statements;- p repare the financial statements on the going concern basis unless it is inappropriate to presume

that the company wi ll continue in business.The trustees are responsib le for keeping proper account ing records wh ich d isc lose with reasonableaccuracy at any time the f inancial position of the company and to enable them to ensure that the f inancialstatements comply with the Companies Act 1985, the char i ty 's Articles of Associatim and the Statementof Recommended Pract ice relating to chari ties . They are also responsible fo r safeguard ing the assets ofthe company and hence fo r taking reasonable steps fo r the p revention and detection of fraud and otherirregularities.PROVISION OF INFORMATION TO AUDITORSSo far as each of the trustees is aware at the time the report is approved: there is no relevant audit information of which the company's auditors are unaware, and th e trustees have taken all steps that th ey ou gh t to have taken to mak e themselves aw are of anyrelevant audit information and to establish that the auditors are aware of that information.

AUDITORSAshings Limited will be proposed for reappointment in accordance with section 385 of the Companies Act1985.

The report of the trustees has been prepa red in accordance w i th the special p rov isions o f Part VI I of theCompan ies Ac t 1985 re la ting to smal l companies.This reportw~pproved by t he boa rd on 15 February 2008 and signed on its behalf.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY GENERATION

We have audited the f inancial s ta tements o f My Generation for th e p er iod end ed 31 March 2007 set ou t onpages 6 to 10. These f inancial statements have been prepared in accordance wi th the accounting pol ic ies setout therein and th e requi rements o f the Financial Reporting Standard for Smaller Enti ties (ef fect ive January2007).This report is made solely to the company's members, as a body, in accordance with Section 23 5 of theCompanies Act 1985. Our audit work has been undertaken so that we might s ta te to t he company' s membersthose matters we ar e r equi red to s ta te to them in an Auditors' report and for no other purpose. To th e fullestextent permitted by law, we do not accept or assume responsibility to anyone other than the company and th ecompany's members as a body, fo r ou r audi t wor k, f or this repor t, or for the opinions we have formed.RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORSThe trustees' responsibilit ies fo r preparing the f inancial statements in accordance w i th app li cable law andUnited Kingdom Accounting Standards (United Kingdom Genera lly Accepted Accounting Practice) are set ou tin the Statement of trustees' responsibilities.Our responsibility is to audit the financial statements in accordance with relevant legal and regulatoryrequirements and Internat ional Standards on Auditing (UK and Ireland).We report to you our op in ion as to whether the f inancial statements give a true and fair view and ar e properlyprepared in accordance with the Compan ies Ac t 1985. We also rep ort to you whether in our opinion theinformation given in the t rustees' report is consistent with the f inancial statements.In addit ion we report to you i f , i n ou r opinion , the company has not kept proper accounting records, if we havenot received all the information and explanations we require fo r ou r audi t, or if information specified by lawregarding trustees' remuneration and other transactions is not disc losed.We read th e trustees' report and consider the implications for our report if we b ecome aware of any apparentmisstatements within it .BASIS OF AUDIT OPINIONWe conducted our audit in accordance with International Standards on Audit ing (UK and Ireland) issued by th eAuditing Practices Board. An audi t inc ludes examination, on a test basis, of evidence relevant to the amountsand disclosures in th e f inancial statements. It also includes an assessment of the signi f icant estimates andjudgments made by the trustees in the preparation of th e financial statements, and o f whe the r the accountingpolicies are appropr iate to the company's circumstances, consistently applied and adequately disclosed.We planned and pe rf ormed our aud i t so as to obtain all the information and explanations which we considerednecessary in order to p rov id e us with sufficient evi dence to give reasonable assurance that the financialstatements are free from material misstatement, whether caused by fraud or other irregularity or error. Informing our opinion we also evaluated the overa ll adequacy o f th e presentation of information in the financialstatements.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY GENERATIONOPINIONIn ou r opinion: the financial statements give a true and fair view, in accordance w i th Uni ted K in gdom GenerallyAccepted Accounting Practice applicab le to Smaller Entities, of t he s ta te of the company's affairs as at31 Mar ch 2007 and of its surplus for t he pe riod then ended; the financial statements have been proper ly p repared in accordance with the Companies Act 1985; and

the information given in the trustees' report is consistent with th e f inancial statements.

ASHINGS LIMITEDChartered AccountantsFirst Floor, Barbican House26-34 Old StreetLondonEC1 V 9QQ

Date:15 February 2008

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MY GENERATION(A company l imited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIESFOR THE PERIOD ENDED 31MARCH 2007

Unrestric ted Restric ted TotalNotes Funds Funds Funds Incoming ResourcesGif ts and Donations 35,110 - 35,110

Total Incoming Resources 35,110 - 35,110Resources ExpendedDirect Charitable expenditure 2 5,740 - 5,740Management and administration of the char i ty 2 10,904 - 1,904Fund ra is ing and publ ic i ty costs 2 5,780 - 5,780Financial expenses 3,150 - 3,150

Total Funds Expended

Net Incoming Resources for the periodOther Recognised Gains an d LossesNet Movement in fundsFund Balances brought forward

Fund Balances carried forward

25,574 - 25,574

3 9,536 9,536

9,536 - 9,536

9,536 - 9,536

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MY GENERAT ION(A company limited by guarantee)

BALANCE SHEETAS AT 31 MARCH 20072007Note

CURRENT ASSETSDebtors 4 1,000Cash at bank and in hand 20,768

21 ,768CREDITORS: amounts falling due within one year 5 (12,232)NET CURRENT ASSETSTOTAL ASSETS LESS CURRENT LIABILITIES

9.536am

Unrestricted funds 9.536Total Funds 9.536

The financial statements have been prepared in accordance with the spec ia l p rovisions of Part VI I of theCompanies Act 1985 re la ting to small companies and in accordance with the Financial Reporting Standard forSmaller Entities (effective January 2007).The financial s ta tements were approved and authorised for issue by th e boa rd and were signed on its behalfon 15 February 2008.

C NirenTrusteeThe notes on pages 8 to 10 form part of these financial statements.

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MY GENERATION(A company limited by guarantee)Notes to the financial statements

1 . ACCOUNT ING POL IC IES1.1 BAS IS OF PREPARATION OF FINANCIAL STATEMENTSThe financial statements have been prepared under the historical cost convention and inaccordance with the Financial Reporting Standard for Smaller Entities (effective January 2007).1 .2 INCOMING RESOURCESA ll incoming resources are included in the s ta tement of f inancial acti v it ies when the charity isenti tled to t he income and the amount can be quantified with reasonable accuracy.

1 .3 RESOURCES EXPENDEDExpenditure is recognised on an acc rual basis as a liability i s incurred. Expenditure includes anyVAT wh ic h cannot b e recovered, and i s repo rt e d as part o f the expenditure to which it relates:

Direct Charitable Expenditure comprises those costs incurred by the charity in the delive ryof i t s activities and services.

Management and administration costs include those costs associated with the day to dayrunning of the charity Fund raising and publicity costs comprise the costs associated with attracting voluntaryincome. Financial expenses comprise those costs associated with meeting the constitutional andstatutory requirements of the charity and include the audit fees.

2. RESOURCES EXPENDED

Direct charitable expenditure

Charitable donationsChildren's eventsFootball club facil i ties hireJob club trainingJob club expensesBoys outward bound courseActivities with clientsWestway comm. Transpor tChi ld protection policy and project folders

period ended31 March

200760

834600

1 , 8 7 13309333153764 2 1

5,740

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MY GENERATION(A company limited by guarantee)Notes to the financial statements

2. RESOURCES EXPENDED (Continued)

Management and administration of the charity

S t a f f s a l a r i e sStaff national insuranceHotels, travel and subsistenceResearchConsultancyPrinting and stationeryTelephone and fa xTrade subscriptionsLegal and professional

period ended31 March

2007

7,94016980827

11868213570

955

10,904

Fundraising and publicity costsAdvert ising and promotionFundraising expenses

7655,0155,780

3. NET INCOMING RESOURCES FOR THE PERIODThis stated charg ing:

Auditors' remuneration

During the period, no t rustee received any emoluments.

4. DEBTORS

period ended3 1 March2007

588

2007

Other debtors ~=t00aPage 9


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5. CREDITORS:AMOUNTS FALL ING DUE WITHIN ONE YEAR2007

Trade cred itors 2,480Social security and other taxes 427Other creditors 9,325

6. COMPANY STATUSThe company is a pr ivate company l im i ted by guarantee and consequent ly does no t have share cap i ta l.Each of the members is liable to contr ibu te an amount no t exceed ing 10 towards the assets of thecompany in the event o f l iquidation.

7. RELATED PARTY TRANSACTIONSDuring the period the company paid Niren Blake, a company in wh ich Cha rles Niren a trustee isinterested, 1,387 for accountancy services.During the period Laetit ia Gunn paid 7,162 on beha lf o f th e company. Th is amoun t was ou tstand ing a tthe year-end.

8. CONTROLL ING PARTYThe trustees do not consider th e company to be under the control of any one person or ent ity.

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my generation trustees report and financial statements 2007

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