Company registration number 04853665 Charity registration number 1100200
FUND THEIR FUTURE Company limited by guarantee
Directors’ report and financial statements
For the year ended 31 August 2020
FUND THEIR FUTURE Company limited by guarantee
Company information
Directors
Secretary
Company number
Registered Office
Accountants
J M Heilens AJ Robb
A J Robb
04853665
86 Shirehampton Road Stoke Bishop Bristol BS9 2DR
ARA (Bristol) Ltd T/A Adams Root & Associates Chartered Certified Accountants 86 Shirehampton Road Stoke Bishop Bristol BS9 2DR
FLryD THEIR FLTI":RE Company limited by guardnlee c.ontents PAge DirecloTS' Report Accountants, Report Statement of Financial Adivities Balance Sheet Notes to the Finaneial Statements 6-10
FUND THEIR FUTURE Company limited by guarantee
Directors’ Report for the year ended 31 August 2020
2020.The directors present their report and the financial statements for the year ended 31 August
Principal activity
The principal activity ofthe comparty is as a charitable organisation to promote relief ofpoverty by the provision of financial and other support to individuals and organisations having difficulty in obtaining credit.
Directors
The directors who served during the year are as stated below:
JM Hellens A J Robb
The report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
This report was approved by the Board on 2 March 2021 and signed on its behalf by
-AJ Robb Director
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FUND THEIR FUTURE Company limited by guarantee
Accountants’ report on the unaudited financial statements to the directors of FUND THEIR FUTURE
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2020 set out on pages 3 to 10 and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled these unaudited financial statements, in order to assist you to fulfil your statutory responsibilities, from the accounting records and information supplied to us.
We report in respect of our examination of the Trust’s accounts carried out under section 145 of the Charities Act 2011 (the 2011 Act) and in carrying out our examination, we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination which gives us cause to believe that in, any material respect:
-
¢ the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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.
We have no concéms and havecome across no other matters in connection with the examinatief to which attention Should be drawn in this report in order to enable a proper understanding of th€)accounts to be reached.
| ARA (Bristol) Ltd T/A Adams Root & Associates Chartered Certifi countants
86 Shirehampton Road Stoke Bishop Bristol BS9 2D
2 March 2021 Page 2
FUND THEIR FUTURE Company limited by guarantee
Statement of Financial Activities (Including Income and Expenditure Account) For the year ended 31 August 2020
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||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total Funds|Total|Funds|
|Funds|Funds|2020|2019|
|Note|£|£|£|£|
|Incoming|resources|
|Income|resources|from|
|generated|funds|
|Voluntary income|2|99,999|-|99,999|22,500|
|Investment income|3|3,769|-|3,769|5,393|
|Total incoming resources|103,768|-|103,768|27,893|
|Resources|expended|
|Chanitable activities|4|127,562|-|127,562|59,260|
|Governance costs|5|1,633|-|1,633|1,455|
|Interest paid|6|5,000|-|5,000|5,000|
|Total resources expensed|134,195|-|134,195|65,715|
|Net (Deficit)/Income|before transfers|(30,427)|-|(30,427)|(37,822)|
|Gross|transfers between|funds|-|-|-|-|
|Net movement|in funds|(30,427)|-|(30,427)|(37,822)|
|Reconciliation|of funds|
|Total funds brought forward|386,542|-|386,542|424,364|
|Total funds carried forward|356,115|-|356,115|386,542|
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The notes on pages 6 to 10 form an integral part of these financial statements
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FUND THEIR FUTURE Company limited by guarantee
BALANCE SHEET
As at 31 August 2020
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|---|---|---|---|
|Note|2020|2019|
|£|£|£|
|Fixed Assets|
|Investments|8|102,521|162,521|
|Current|Assets|
|Cash at Bank|293,219|298,903|
|Debtors|9|63,039|27,715|
|356,258|326,618|
|Creditors:|Amounts|falling|
|due within one year|10|2,664|(2,597)|
|Net current assets|353,594|324,071|
|Total assets less current liabilities|456,115|486,542|
|Creditors: Amounts|falling|
|due after more than one year|1]|100,000|100,000|
|Net assets|356,115|386,542|
|The|funds of the|charity:|
|Unrestricted funds|in surplus|356,115|386,542|
|Restricted|funds|
|-|-|
|Total charity funds|356,115|386,542|
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The directors’ statements required by Sections 475(2) and (3) are shown on the following page which forms part of this Balance Sheet.
The notes on pages 6 to 10 form an integral part of these financial statements
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FUND THEIR FUTURE Company limited by guarantee
BALANCE SHEET (continued)
Directors’ statements required by Sections 475(2) and (3) For the year ended 31 August 2020
For the year ended 31 August 2020 the company 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 accounts for the year in question in accordance with Section 476; and
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¢ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared tn accordance with the provisions applicable to companies subject to the small companies’ regime and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
These accounts were approved by the directors on 2 March 2021 and are signed on their behalf by:
A J Robb Director
Registration number: 04853665
The notes on pages 6 to 10 form an integral part of these financial statements
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FUND THEIR FUTURE Company limited by guarantee
Notes to the Financial Statements For the year ended 31 August 2020
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Charities SORP, FRS 102 that applies the Financial Reporting ActStandard2006. applicable in the UK and Republic of Ireland (FRS 102) and the Companies
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objects of the charity, Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Recognition of income
Grant and donations
- These are included in the Statement of Financial Activities (SoFA) when: e the charity becomes entitled to the resources; ¢ itis more likely than not that the trustees will receive the resources, and e the monetary value can be measured with sufficient reliability.
Tax reclaims on donations and gifts Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Income from interest, royalties and dividends This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure, All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Tt includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them,
Grants paid are payments made to third parties in the furtherance of the charitable objectives.
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FUND THEIR FUTURE Company limited by guarantee
Notes to the Financial Statements (continued) For the year ended 31 August 2020
1 Accounting policies (continued)
Governance costs
Governance costs include costs of the preparation of the Statutory accounts and ancillary costs relating to the operation of the company/charity.
Investments
Fixed asset investments are valued initially at cost and subsequently at fair value at year end, unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
Basic financial instruments
Charities measure basic financial assets or basic financial liabilities on initial recognition at the amount receivable or payable including any related transaction costs. However, if initially measured at fair value, transaction costs are not included in the measurement of financial assets or liabilities; instead, the transaction costs are treated as an expense. If extended credit is offered, the accountin g treatment depends on those extended credit terms. The subsequent measurement of financial assets and financial liabilities depends on their nature and settlement dates.
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FUND THEIR FUTURE Company limited by guarantee
Notes to the Financial Statements (continued) For the year ended 31 August 2020
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|---|---|---|---|---|---|
|2|Voluntary income|
|Unrestricted|Restricted|Total Funds|Total Funds|
|Funds|Funds|2020|2019|
|£|£|£|£|
|Personal donations|99,999|-|99,999|-|
|Gift Aid|tax|-|-|-|22,500|
|99,999|-|99,999|22,500|
|3|Investment Income|2020|2019|
|£|£|
|Dividend on|investment|
|Interest|-|1,267|
|Interest|on|BondGift Aid|450|1,800|
|Interest|-|74|
|Interest|on Loan|1,876|654|
|on Bank|account|1,443|1,598|
|3,769|5,393|
|4|Charitable|Activities|
|Grants to other charities|77,832|20,000|
|Activities undertaken|directly|49,730|39,260|
|127,562|59,260|
|5|Governance|Costs|
|Accountancy|1,374|1,318|
|Bank charges|
|Travel|-|69|
|and subsistence|164|-|
|Subscription|60|-|
|Sundry expenses|35|13|
|Advertising|costs|
|-|55|
|1,633|1,455|
|6|Interest Paid|5,000|5,000|
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FUND THEIR FUTURE Company limited by guarantee
Notes to the Financial Statements (continued) For the year ended 31 August 2020
7 Taxation
The company is a registered charity and is, therefore, exempt from taxation.
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|---|---|---|---|
|8|Fixed|Asset|Investments|
|Unlisted|
|Investments|Total|
|Cost|£|£|
|AdditionAs at 31 August 2019|162,521|162,521|
|Bond repayment received|(60,000)|(60,000)|
|As at 3]|August 2020|102,521|102,521|
|Net Book|Values|
|As at 31|August 2020|102,521|102,521|
|As at 31|August 2019|162,521|162,521|
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|---|---|---|---|---|---|---|---|---|---|---|---|
|£102,521|is invested ina company providing micro-finance to business and individuals|
|in|Third|World|Countries|and|usually|paying|regular|dividends,|no|dividend|was|
|received in the current year due to the Covid|19 pandemic.|A prior £60,000 investment|
|in|a|local|community|organisation bond|paying|interest|at 3% was|repaid|during|the|
|year.|In|the|opinion|of the|Directors/Trustees|both|investments|are|believed|to have|
|maintained their|value.|
|9|Debtors|2020|2019|
|£|£|
|Loan|63,039|27,715|
|Amounts due after more than one year included above|50,911|19,994|
|10|Creditors:|Amounts|falling due within one year|
|2020|2019|
|£|£|
|Accruals|2,664|2,587|
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FUND THEIR FUTURE Company limited by guarantee
Notes to the Financial Statements (continued) For the year ended 31 August 2020
il Creditors: Amounts falling due after more than one year
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|---|---|---|---|
|2020|2019|
|£|£|
|Loan|100,000|100,600|
|Loans repayable|in five years or more|100,000|{00,000|
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The loan is repayable after 5 years with interest charged at 5% per annum
12 Related Parties
A J Robb, a Director of the company and a Trustee, owns 50% and is a Director of the company that has lent the charity £100,000.
Controlling entity
The charity is controlled by the Trustees who are all directors of the company.
13 Contingent Liabilities
The company has a contingent liability in respect of a guarantee for a facility provided by its bankers HSBC, to the South Pacific Development, a Micro Finance institution, which ceased in November 2019.
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