Charity number: 1090985 OSTRO FAYRE SHARE FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
OSTRO FAYRE SHARE FOUNDATION CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-17
OSTRO FAYRE SHARE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees M S Ostro OBE K Ostro L Simon H Maher Charity registered number 1090985 Principal office The Sevens 77 Charlotte Street London W1T4PW Accountants 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 2023 The Trustees present their annual report together with the financial statements of the Ostro Fayre Share Foundation for the year 1 January 2023 to 31 December 2023. Objectives and activities a. Policies and objectives The charitys 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 perforniance a. Review of activities The Truslees consider the financial position of the charity to be satisfactory. During the year, the charity received £825,906 from donations, investments, other income and govemment grants and spent £903,351 on various specific projects and charitable donations. Reserves at the end of the year amounted to £929.438. b. Fundraising activities and Income generation It is the policy of the charity to maintain unreslricted funds at a level which the Trustees consider sufficient to support existing programmes and commitments. c. Investment policy and performance The Charivs principal funding is from investments and charttable donations and its investment portfolio is structured to yield annual income and capiL91 gains. Financial review a. Golng 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 lo meet its future obligalions. Page 2
OSTRO FAYRE SHARE FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and management 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 govemed 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 totsl number of Trustees shall at no time exed 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 decision4naking policies The charity is organised so that the Trustees meet to manage the charitys affairs. The Trust Deed authorises the Trustees to make and hold investrnents using the funds of the charity at their discretion. d. Flnanclal rlsk management The Truslees 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 retums 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 2023 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: select suitsble accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concem 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 wilh the Charities Acl 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 hen 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 15 October 2024 and signed on their behalf by.. M S Ostro OBE (Trustee) Page 4
OSTRO FAYRE SHARE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Report to the Trustees of Ostro Fayre Share Foundation {'the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 ACV). I report in respect of my examination of the Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145{5>(b) of the 2011 Act. Independent Examinerfs Statement Since the Charitvs gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Association of Charted Certified Accountants. which is one of the listed bodies. Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements conceming 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 fairf wew 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 accounts to be reached. This report is made solely to the Chariws Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitys Truslees those matters l am required to state to them in an Independent Examine¢s Report and for no other purpose. To the fullest extent permitted by law, I do not aCpt or assume responsibility to anyone other than the Charity and the Charitys Trustees as a body. for my work or for this report. Page 5
OSTRO FAYRE SHARE FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Signed: Dated: 15 October 2024 Sean Brennan FCCA Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD Page 6
OSTRO FAYRE SHARE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Investments Other income 325,000 32,656 18,750 449.500 774,500 32,6S6 18,750 1.285,410 28.013 Total Income 376,406 449,500 825,906 1.313,423 Expenditure on: Charitable activities 453,851 449,500 903,351 1.295,791 Total expenditure 453,851 449,500 903,351 1,295,791 Net {losses)Igains on investments (76,825) (76,825) 53,981 Net movement In funds (154,270) {154,270) 71,613 Reconciliation of funds: Total funds brought forward Net movement in funds 1,083,708 (154,270) 1,083,708 {154,270) 1,012,095 71,613 Total funds carried forward 929,438 929,438 1.083,708 The Statement of Financial Activities includes all gains and losses reo)gnised in the year. The notes on pages 9 to 17 form part of these financial statements. Page 7
OSTRO FAYRE SHARE FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Investments 870,817 932,501 870,817 932,501 Current assets Debtors 12 168,185 161,433 368,250 198,114 Cash at bank and in hand Current liabilities 329,618 566.364 Creditors: amounts falling due within one year 13 (270,997) (415,157) Net current assets 58.621 151,207 Total net assets 929,438 1.083,708 Charity funds Restricted funds Unrestricted funds 929.438 1.083.708 Total funds 929,438 1,083,708 The financial statements were approved and authorised for issue by the Trustees on 15 October 2024 and signed on their behalf by: M S Ostro OBE Trustee The notes on pages 9 to 17 fonn part of these financial statements. Page 8
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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. 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 1021 (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 ststements 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 definttion 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 9
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.3 Expenditure Expenditure is recognised On 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 totsl 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 Govemment 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 Ststement of Financial Activities as the related expenditure is incurred. 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capttalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are inrtially recognised at cost. After recognilion, under the cost model, tangible fixed assets are measured at cost less accumulated deprecialion 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 lo allocate the cost of tangible fixed assets less their residual value over their eslimated useful lives, as below. Depreciation is provided on the following basis- Plant and machinery 25 % straight line basis Page 10
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 Balan Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impainnent. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Ststement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impainnent. 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 accountlng General funds are unrestricted funds which are available for use at the discrets.on of the Trustees in furlherance 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 witt) 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 ststements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations 325.000 325,000 449,500 399,924 885,486 Grants 449,500 Total 2023 325.000 449,500 774,500 1.285,410 Total 2022 399,924 885,486 1,285,410 Page11
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 £240,000 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 Ostro Fayre Share Foundation. Investment income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Income from listed investments 16,080 16,576 16,080 16,576 12.550 15,463 Investment income Total 2023 32,656 32,656 28,013 Total 2022 28,013 28,013 Other income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Rental income 18,750 18.750 Page 12
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted Restricted funds funds 2023 2023 Total 2023 Total 2022 Expenditure on goveman Medical 12.745 12,366 12,745 12,366 10.204 12,237 Provision of Offi space in The Sevens and provision of staff Educational 346,258 4,336 45.449 346,258 4,336 45,449 329,419 12,677 17.430 1,555 360 Religious and inter-faith Entrepreneurial Giving scheme Children welfare 4.276 3,000 4,276 3,000 449,500 Wildlife Strenghtening Faith Institutions (SFI) Community Champions Peer NeOrk Jubilee Walk 449,500 606,104 236,041 62,523 7,241 25,421 25,421 Total 2023 453,851 449,500 903,351 1,295,791 Total 2022 410,305 885,486 1,295,791 Provision of Offi space in The Sevens and provision of staff includes £240,000 in repect of office space and £50,000 in repect of provision of staff. Page 13
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Grant funding of activities 2023 Premises and other costs 2023 Total funds 2023 Total funds 2022 Expenditure on goveman Medical 12,745 12,745 12,366 10,204 12,237 12.366 Provision of Offi space in The Sevens and provision of staff Educational 290.000 4.336 45,449 56,258 346,258 4,336 45,449 329.419 12,677 17,430 1,555 360 Religious and inter-faith Entrpreneurial Giving scheme Children welfare Wildlife Strengthening Faith Institutions (SFI) Community Champions Peer Network Jubilee Walk 4,276 3.000 449,500 4,276 3,000 449,500 606,104 236,041 62.523 7,241 25,421 25,421 808.927 94,424 903,351 1.295,791 Total 2022 1,261,645 34,146 1,295,791 Analysis of support costs Total funds 2023 Total funds 2022 Staff costs Premises and other costs Governan costs 25,422 56,257 12,745 26,423 (2,481) 10,204 94,424 34,146 Page 14
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examinerfs remuneration 2023 2022 Fees payable to the Charitys auditor for the audiuindpendent examination of the Charitvs annual accounts 3,960 5,760 Fees payable to the Charitys independent examiner in respect of. All other services not included above 8,334 4,320 Staff costs 2023 2022 Wages and salaries Social security costs Operating costs of defined benefit pension schemes 24,878 185 23.237 2,747 439 359 25,422 26,423 The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Project activities No employee received remuneration amounting to more than £60.000 in either year. 10. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 Dember 2023, no Trustee expenses have been incurred (2022 - £NIL). Page 15
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Fixed asset investments Investments in Other fixed subsidiary Listed asset companies investments investments Totsl Cost or valuation At 1 January 2023 Additions 410.376 522,124 16,576 (1,182) 31,920 932,501 16,576 (1,183) (77,077) Disposals Revaluations (1) (108,997) At 31 December 2023 301,379 569,438 870,817 All the fixed asset investments are held in the UK. The company had an investment of £1 in its wholly owned subsidiary, Fayre Share Trading Limited. As at 31 December 2023. the investment has been fully written off as the subsidiary was dissolved. 12. Debtors 2023 2022 Other debtors Prepayments and accrued income 1,634 166,551 30,273 337.977 168,185 368,250 13. Creditors: Amounts falling due within one year 2023 2022 Trade creditors Other creditors 10,000 19,081 241,916 10.417 404,740 Accruals and deferred income 270,997 415,157 Page 16
OSTRO FAYRE SHARE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balance at 1 January 2023 Income Expenditure General funds Restricted funds 1.083.708 376,406 449,500 {453.851) (449,500) (76,825) 929,438 1,083,708 825.906 {903,351) (76,825) 929,438 Summary of funds - prior year Balan at 31 December 2022 Balan al 1 January 2022 Gainsl (Losses} Income Expenditure General funds 1,012,095 189,287 885,486 {171,655) {885,486) 53,981 1,083,708 Restricted funds 1.012,095 1.074,773 (1,057,141) 53,981 1.083,708 15. Pension commitments The Company operates a defined contributions pension scheme. The assets of Ihe 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 £359 (2022 - £439). 16. Controlling party The Charity is controlled by the Trustees. Page 17
WORKIRO SIGNATURE CERTIFICATE Document Name Ostro Fayre Share Foundation - Final Accounts 31.12.2023.pd Creator Lisa Murray (lisam@sopherco.com) 15 October 2024 10:20:01 UTC Date Identifier a0013152-69124f1 d-baOe-71666fad33bf Signers maurice@ostro.com E-mail maurice@ostro.com 15 October 2024 10:49:31 UTC Signed IP address 80.42.157.26