Charity Registration No. 1077448
BOSPHORUS FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
BOSPHORUS FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees N Bali E Telvi A Beale Charity number 1077448 Principal address 3rd Floor 201 Haverstock Hill London NW3 4QG Independent examiner Joel Courts c/o HW Fisher LLP 11-15 William Road London NW1 3ER United Kingdom Bankers Lloyds Bank 25 Gresham Street London EC2V 7HN
BOSPHORUS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the accounts | 5 - 7 |
BOSPHORUS FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report and financial statements for the year ended 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “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 from 1 January 2019).
Public benefit
The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
Objectives and activities
The Foundation's objectives are the continued support of charities and organisations, which promote the education of children and provide relief for those suffering from sickness and distress.
During the year, the Foundation made grants to various charities and institutions which promote the education of children and provide relief for those suffering from sickness and distress. Of these grants, a significant portion was directed to institutions with relevant projects in Istanbul, Turkey.
Achievements and performance
Donations of £164,884 (2021: £50,875) were received during the year and the Foundation paid grants to various charitable bodies of £68,200 (2021: £57,781).
Financial review
Net incoming resources for the year were £95,305 (2021, net outgoing resources were £6,924). Unrestricted funds carried forward at the year end amount to £96,916 (2021: £1,611).
The Foundation does not have any regular expenditure as all administration is provided free of charge by others. It is the Foundation's policy only to make donations out of available unrestricted funds.
Risk factors
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The Bosphorus Foundation was established by a Declaration of Trust on 2 September 1999 and was registered as a charity (number 1077448) on 17 September 1999. On 20 November 2009, the charity changed its name to Bosphorus Foundation.
The Trustees who served during the year and up to the date of signature of the financial statements were:
N Bali
E Telvi
A Beale
Should the need arise for the appointment of new trustees, the Foundation would seek nominations from the Foundation's principal benefactor - Ronly Limited.
The management of the Foundation is performed by the Trustees free of charge.
The Trustees' report was approved by the Board of Trustees.
..............................Ashley Beale
A Beale
Trustee 31 Jul 2023 Dated: .........................
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BOSPHORUS FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BOSPHORUS FOUNDATION
I report to the Trustees on my examination of the financial statements of Bosphorus Foundation (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
HW Fisher LLP
HW Fisher LLP
Acre House 11-15 William Road London NW1 3ER United Kingdom
01 Aug 2023 Dated: .........................
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BOSPHORUS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2022 | 2021 | |||||
| Notes | £ | £ | ||||
| Income from: | ||||||
| Donations | 3 | 164,884 | 50,875 | |||
| Expenditure on: | ||||||
| Charitable activities | 4 | 68,200 | 57,581 | |||
| Net incoming/(outgoing) resources | 96,684 | (6,706) | ||||
| Other recognised gains/(losses) | ||||||
| Other gains or | (losses) | 8 | (1,379) | (218) | ||
| Net movement in funds | 95,305 | (6,924) | ||||
| Fund balances | at | 1 January 2022 | 1,611 | 8,535 | ||
| Fund balances at 31 December 2022 | 96,916 | 1,611 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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BOSPHORUS FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Notes | £ | £ | £ | £ |
| Current assets | ||||
| Cash at bank and in hand | 96,916 | 1,611 | ||
| Total assets less current liabilities | 96,916 | 1,611 | ||
| Income funds | ||||
| Unrestricted funds | 96,916 | 1,611 | ||
| 96,916 | 1,611 | |||
| 31 Jul 2023 | ||||
| The accounts were approved by the Trustees on ......................... | ||||
| .............................. Ashley Beale |
||||
| A Beale | ||||
| Trustee |
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BOSPHORUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
Bosphorus Foundation is a registered charity (number: 1077448) established on 17th September 1999. The registered office is 3rd Floor, 201 Haverstock Hill, London, NW3 4QG.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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 from 1 January 2019). The charity is a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Resources expended
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. All expenses, including support costs and governance costs, are allocated to the one charitable activity in the statement of financial activities.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant.
Provisions for grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Irrecoverable VAT is charged against the expenditure heading for which it is incurred.
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BOSPHORUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents includes deposits held at call with banks.
1.7 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The trustees are satisfied that there are no significant estimates or judgements in the financial statements.
3 Donations
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 164,884 | 50,875 |
All donations in the current and prior year were unrestricted.
4 Charitable activities
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Grant funding of activities (see note | 5) | 68,200 | 57,581 |
The expenditure on charitable activities in the current and prior year was unrestricted.
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BOSPHORUS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5 Grants payable
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants to institutions: | ||
| Grants to institutions not disclosed | 46,435 | 51,381 |
| Other grants below £2,000 | 21,765 | 6,200 |
| 68,200 | 57,581 |
All of the grants were payable to institutions.
The charity has taken an exemption from the requirement to disclose the details of certain institutional grants on the grounds that doing so could seriously prejudice the furtherance of the charity's objectives.
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity nor were they reimbursed any expenses during the year.
7 Employees
There were no employees during the current or prior year.
8 Other gains or losses
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Foreign exchange gains/(losses) | (1,379) | (218) |
9 Related party transactions
Ronly Limited provide administrative services to the charity. These services are immaterial in value for the purposes of inclusion in the accounts.
Two trustees of the charity served as directors of Ronly Limited. Donations of £164,876 (2021: £50,875) were received from Ronly Limited during the year.
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