Charity number: 1090985
OSTRO FAYRE SHARE FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
OSTRO FAYRE SHARE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Auditors' Report on the Financial Statements | 6 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 - 20 |
OSTRO FAYRE SHARE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
M S Ostro OBE
K Ostro L Simon
H Maher
Charity registered number
1090985
Principal office
The Sevens 77 Charlotte Street London W1T 4PW
Independent auditors
Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
Page 1
OSTRO FAYRE SHARE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the audited financial statements of the Ostro Fayre Share Foundation for the year 1 January 2022 to 31 December 2022.
Objectives and activities
a. Policies and objectives
The charity’s objectives are to make funds available for donation to worthy causes and to develop and deliver effective and impactful charitable initiatives. This is done by seeking income from investments and donations.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Review of activities
The Trustees consider the financial position of the charity to be satisfactory. During the year, the charity received £1,313,423 from donations, investments and government grants and spent £1,295,791 on various specific projects and charitable donations. Reserves at the end of the year amounted to £1,083,708.
b. Fundraising activities and income generation
It is the policy of the charity to maintain unrestricted funds at a level which the Trustees consider sufficient to support existing programmes and commitments.
c. Investment policy and performance
The Charity's principal funding is from investments and charitable donations and its investment portfolio is structured to yield annual income and capital gains.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees consider the assets of the charity sufficient to meet its future obligations.
Page 2
OSTRO FAYRE SHARE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Structure, governance and management
a. Constitution
Ostro Fayre Share Foundation is a registered charity, number 1090985, and is constituted under a Trust deed executed on 16 October 2000. It commenced its activities in July 2002.
The Ostro Fayre Share Foundation is a charitable foundation promoting philanthropy, collaboration, interfaith relations and conflict resolution. There have been no changes in the objectives since the last annual report.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Appointment of Trustees is governed by the declaration of Trust of the charity. The Board of Trustees is authorised to appoint by resolution new Trustees, whether by way of replacement or addition, but so that the total number of Trustees shall at no time exceed five. Training needs are assessed according to each Trustee's needs. The Trustees are officers of the organisation and are responsible for the day to day activities of the charity.
c. Organisational structure and decision-making policies
The charity is organised so that the Trustees meet to manage the charity's affairs.
The Trust Deed authorises the Trustees to make and hold investments using the funds of the charity at their discretion.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Charity intends to continue making funds available for donation to worthy causes and to develop and deliver effective and impactful charitable initiatives. With this in mind, the Trustees are managing the investment portfolio to maximise returns on the funds invested until those funds are required for their charitable use.
Page 3
OSTRO FAYRE SHARE FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 12 September 2023 and signed on their behalf by:
M S Ostro OBE (Trustee)
Page 4
OSTRO FAYRE SHARE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF OSTRO FAYRE SHARE FOUNDATION
Opinion
We have audited the financial statements of Ostro Fayre Share Foundation (the 'Charity') for the year ended 31 December 2022, which comprise the Balance Sheet and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charity's affairs as at 31 December 2022 and of its result for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006; and
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 Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
Conclusions relating 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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 5
OSTRO FAYRE SHARE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF OSTRO FAYRE SHARE FOUNDATION (CONTINUED)
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 Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion 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 Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees' Report 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 Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page 6
OSTRO FAYRE SHARE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF OSTRO FAYRE SHARE FOUNDATION (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement set out on page , the Trustees 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 Charity'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 Charity or to cease operations, or have no realistic alternative but to do so.
Auditors' 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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
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understanding the design of the Company’s remuneration policies.
Page 7
OSTRO FAYRE SHARE FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE OF OSTRO FAYRE SHARE FOUNDATION (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' Report.
Use of our report
This report is made solely to the Charity'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 Charity'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 Charity and the Charity's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Sean Brennan FCCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP
Chartered Accountants Statutory Auditors
5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
12 September 2023
Page 8
OSTRO FAYRE SHARE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 399,924 28,013 427,937 410,305 410,305 53,981 71,613 1,012,095 71,613 1,083,708 |
Restricted funds 2022 £ 885,486 - 885,486 885,486 885,486 - - - - - |
Total funds 2022 £ 1,285,410 28,013 1,313,423 1,295,791 1,295,791 53,981 71,613 1,012,095 71,613 1,083,708 |
Total funds 2021 £ 1,821,881 24,680 |
|---|---|---|---|---|
| 1,846,561 | ||||
| 1,848,487 | ||||
| 1,848,487 | ||||
| 77,611 | ||||
| 75,685 | ||||
| 936,410 75,685 |
||||
| 1,012,095 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 20 form part of these financial statements.
Page 9
OSTRO FAYRE SHARE FOUNDATION
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
368,250 198,114 566,364 (415,157) |
2022 £ 932,501 151,207 1,083,708 - 1,083,708 1,083,708 |
230,752 693,341 924,093 (775,811) |
2021 £ 863,813 148,282 |
|---|---|---|---|---|
| 1,012,095 | ||||
| - 1,012,095 |
||||
| 1,012,095 |
The financial statements were approved and authorised for issue by the Trustees on 12 September 2023 and signed on their behalf by:
M S Ostro OBE
(Trustee)
The notes on pages 11 to 20 form part of these financial statements.
Page 10
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. General information
Ostro Fayre Share Foundation is a registered charity, number 1090985, and with its registered office address at 77-79 Charlotte Street, London, W1T 4PW.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Ostro Fayre Share Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 11
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, as below.
Depreciation is provided on the following basis:
- Plant and machinery 25% straight line basis
Page 12
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. Accounting policies (continued)
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.7 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Grants Total 2022 Total 2021 |
Unrestricted funds 2022 £ 399,924 - 399,924 175,750 |
Restricted funds 2022 £ - 885,486 885,486 1,646,131 |
Total funds 2022 £ 399,924 885,486 1,285,410 1,821,881 |
Total funds 2021 £ 175,750 1,646,131 |
|---|---|---|---|---|
| 1,821,881 | ||||
Page 13
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3. Income from donations and legacies (continued)
Restricted funds relates to grants and donations received by the Foundation for specific, ongoing projects.
Included in Donations is a gift in kind with a value of £281,900 in respect of office space, from a family Trust, where one of the beneficiaries is also a Trustee of the Ostro Fayre Share Foundation.
Also included in Donations is a gift in kind with a value of £50,000 in respect of provision of staff, from a Company where the director is also a Trustee of OstroFayre Share Foundation.
4. Investment income
| Income from listed investments Investment income Total 2022 Total 2021 |
Unrestricted funds 2022 £ 12,550 15,463 28,013 24,680 |
Total funds 2022 £ 12,550 15,463 28,013 24,680 |
Total funds 2021 £ 11,178 13,502 |
|---|---|---|---|
| 24,680 | |||
Page 14
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. Analysis of expenditure on charitable activities
Summary by fund type
| Medical Educational Religious and inter-faith Entrepreneurial Giving scheme Children welfare Jubilee Walk Business Action Council Strenghtening Faith Institutions (SFI) Community Champions Peer Network Provision of office space in The Sevens and provision of staff Expenditure on governance Total 2021 |
Unrestricted funds 2022 £ 12,237 12,677 17,430 1,555 360 - - - - 26,423 329,419 10,204 410,305 202,356 |
Restricted funds 2022 £ - - - - - 7,241 - 606,104 236,041 36,100 - - 885,486 1,646,131 |
Total 2022 £ 12,237 12,677 17,430 1,555 360 7,241 - 606,104 236,041 62,523 329,419 10,204 1,295,791 1,848,487 |
Total 2021 £ 2,100 15,292 22,750 4,644 1,980 - 53,786 694,380 913,960 37,792 93,250 8,553 |
|---|---|---|---|---|
| 1,848,487 | ||||
Provision of office space in The Sevens and provision of staff includes £281,900 in repect of office space and £50,000 in repect of provision of staff.
Page 15
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6. Analysis of expenditure by activities
| Medical Educational Religious and inter-faith Entrepreneurial Giving scheme Children welfare Jubilee Walk Business Action Council Strenghtening Faith Institutions (SFI) Community Champions Peer Network Provision of office space in The Sevens and provision of staff Expenditure on governance Total 2021 |
Grant funding of activities 2022 £ 12,237 12,677 17,430 1,555 360 7,241 - 606,104 236,041 36,100 331,900 - 1,261,645 1,770,707 |
Premises and other costs 2022 £ - - - - - - - - - 26,423 (2,481) 10,204 34,146 77,780 |
Total funds 2022 £ 12,237 12,677 17,430 1,555 360 7,241 - 606,104 236,041 62,523 329,419 10,204 1,295,791 1,848,487 |
Total funds 2021 £ 2,100 15,292 22,750 4,644 1,980 - 53,786 694,380 913,960 37,792 93,250 8,553 |
|---|---|---|---|---|
| 1,848,487 | ||||
Analysis of support costs
| Staff costs Premises and other costs Governance costs |
Total funds 2022 £ 26,423 (2,481) 10,204 34,146 |
Total funds 2021 £ 56,298 12,929 8,553 |
|---|---|---|
| 77,780 |
Page 16
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. Auditors' remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit/indpendent examination | ||
| of the Charity's annual accounts | 5,760 | 4,800 |
| Fees payable to the Charity's auditor in respect of: | ||
| All non-audit services not included above | 4,320 | 3,600 |
8. Staff costs
| Wages and salaries Social security costs Operating costs of defined benefit pension schemes |
2022 £ 23,237 2,747 439 26,423 |
2021 £ 50,860 3,115 2,323 |
|---|---|---|
| 56,298 |
The average number of persons employed by the Charity during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Project activities | 1 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 17
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10. Fixed asset investments
| Cost or valuation At 1 January 2022 Additions Disposals Revaluations At 31 December 2022 |
Investments in subsidiary companies £ 1 - - - 1 |
Listed investments £ 296,517 - - 113,859 410,377 |
Other fixed asset investments £ 567,294 15,462 (600) (60,034) 522,123 |
Total £ 863,812 15,462 (600) 53,825 |
|---|---|---|---|---|
| 932,501 |
All the fixed asset investments are held in the UK.
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Registered office or principal | Principal activity | |
|---|---|---|---|---|
| number | place of business | |||
| Fayre Share | Trading Limited | 06480820 | The Sevens, 77 Charlotte Street, | Retail sale |
| London, United Kingdom, W1T | ||||
| 4PW | ||||
| Class of | Holding | |||
| shares | ||||
| Ordinary | 100% |
The financial results of the subsidiary for the period ended 30 June 2023 were:
| Name | Expenditure | Profit/(Loss) | Net assets |
|---|---|---|---|
| £ | / Surplus/ | £ | |
| (Deficit) for | |||
| the year | |||
| £ | |||
| Fayre Share Trading Limited | 28,152 | 28,152 | 1 |
Page 18
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11. Debtors
| Other debtors Prepayments and accrued income |
2022 £ 30,273 337,977 368,250 |
2021 £ 55,279 175,473 |
|---|---|---|
| 230,752 |
12. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2022 £ - - 10,416 404,741 415,157 |
2021 £ 4,800 5 21,081 749,925 |
|---|---|---|
| 775,811 |
Page 19
OSTRO FAYRE SHARE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 January 2022 £ 1,012,095 - 1,012,095 Balance at 1 January 2021 £ 936,410 - 936,410 |
Income £ 189,287 885,486 1,074,773 Income £ 200,430 1,646,131 1,846,561 |
Expenditure £ (171,655) (885,486) (1,057,141) Expenditure £ (202,356) (1,646,131) (1,848,487) |
Gains/ (Losses) £ 53,981 - 53,981 Gains/ (Losses) £ 77,611 - 77,611 |
Balance at 31 December 2022 £ 1,083,708 - |
|---|---|---|---|---|---|
| 1,083,708 | |||||
| Balance at 31 December 2021 £ 1,012,095 - |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
|||||
| 1,012,095 |
14. Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £nil (2021 - £2,323).
15. Controlling party
The Charity is controlled by the Trustees.
Page 20
SIGNATURE CERTIFICATE
Document
Name Ostro Fayre Share Foundation - Final Accounts 31.12.2022 rev Creator Lisa Murray (lisam@sopherco.com) Date 04 October 2023 15:14:24 UTC Identifier a5854404-dac4-44cb-a5e7-4b1d51337c40
Signers
maurice@ostro.com
E-mail maurice@ostro.com Signed 04 October 2023 17:26:59 UTC IP address 92.16.173.67