Charity registration number 1121202 (England and Wales) Company registration number 06376108
RIGHT NOW FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
RIGHT NOW FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees S Botting A Warland J Thadchanamoorthy Secretary J Thadchanamoorthy Charity number (England and Wales) 1121202 Company number 06376108 Registered office 106 Petherton Road London N5 2RT Independent examiner Tom Wilcox Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH
RIGHT NOW FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 10 |
RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The below outlines the charities objectives and commitments. The charity has awarded all its current funds and is finalising a funding strategy to support future funding raising. The charity will recommence donations once new funds have been raised.
Charitable objectives and activities
The charity’s principal activity is to support other charities through the payment of donations and grants. The objects of the charity are:
i. The relief and prevention of poverty and financial hardship;
ii. The advancement of education by providing and assisting in the provision of facilities for education, training or retraining for those in need by reason of poverty, sickness, infirmity, age, youth or disability; and
iii. The relief of sickness and preservation of health among people in need by reason of poverty, sickness, infirmity, age, youth or disability.
The directors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. Whilst the directors are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.
Potential recipients of grants are identified by the directors individually in areas where it is perceived that public benefit will be achieved.
Grant making policy
The directors pay grants to organisations in line with the charitable objectives set out above. The Foundation does not seek unsolicited grant applications.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Achievements and performance
Significant activities and achievements against objectives
Our core aim is to deliver life-changing services to children in danger. We have defined danger broadly, to allow for children to be supported on a case-by-case basis, rather than having a set and limiting frame of reference.
We believe it is essential to ensure that we operate in a manner which is culturally appropriate. We have determined that the most appropriate manner in which to achieve this is to deliver care through local NGO partners. Our local partners are Shelter Trust in Chennai and Brighter Future in Vizianagaram.
We are presently only active in India.
We have grown from the bottom up and we understand that it is important to tailor projects to real needs in villages and communities, taking into consideration the variables in play from place to place.
No awards were made in the year.
Fundraising
Having completed the award of all current funds, the charity is completing a strategic review around future funding. Once completed and new funds raised, the charity will focus once again on key awards and grants
Financial review
Results for the year
Total income for the year ended 30 September 2024 was £0 (2023 - £220).
Total expenditure amounted to £660 (2023 - £57,422), of which £0 (2023 - £55,986) related to the charitable activities of the Foundation and £660 (2023 - £1,436) related to governance costs.
The resultant net assets at 30 September 2024 were £690 (2023 - £1,350), represented in total by unrestricted funds.
Reserves policy
The charity generally makes grants which are not normally ongoing commitments. The directors’ policy is to make grants in accordance with the aims and objectives of the Foundation when funds become available for distribution and appropriate causes arise.
The directors consider that the level of free reserves at 30 September 2024 of £690 is adequate for the charity’s current and future requirements, when considering future anticipated donations.
FUTURE PLANS
Once new funds have been raised, the Foundation will recommence funding the core activities and aims, with the specific intention of remaining committed to the HIV+ children we have undertaken to support until they are eighteen.
Major risks
Risk management
The directors believe that by monitoring reserve levels and ensuring that controls exist over key financial systems, and by examining from time to time the operational risks faced by the Foundation and its grant giving, they have established effective systems to mitigate the major risks to which the Foundation is exposed.
Structure, governance and management
Constitution
The Right Now Foundation is a company limited by guarantee (Registration number 06376108) and a registered charity (Registration number 1121202).
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RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
S Botting
A Warland
J Thadchanamoorthy
Recruitment and appointment of trustees
The Articles of Association require a minimum of three directors. One third of the directors must retire at each AGM, those longest in office retiring first. A retiring director is eligible for re-election for consecutive years not exceeding in total nine years from the date of his or her original appointment.
The policies and procedures for the induction and training of directors will be reviewed in the coming year. Decisions on donations and grants payable are taken by all directors.
Organisational structure
Structure and management reporting
The directors are ultimately responsible for the policies, activities and assets of the charity. The directors meet at least once a year to review the developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary, the directors seek advice and support from the charity’s professional advisers, including the bankers and accountants. The day-to-day management of the charity’s activities and implementation of policies is overseen by the directors. They ensure that appropriate grant decisions are processed and presented for consideration; administer payments and keep the books and records of the charity. The Foundation does not employ any members of staff.
Key management personnel
The directors consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The directors receive no remuneration in connection with their duties as directors.
The trustees' report was approved by the Board of Trustees.
.............................. J Thadchanamoorthy Director
Date: ..25[th] June 2025......................................
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RIGHT NOW FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RIGHT NOW FOUNDATION
I report to the trustees on my examination of the financial statements of Right Now Foundation (the charity) for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Tom Wilcox
Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH Date: ............................25 June 2025
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RIGHT NOW FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2024 | 2023 | |||||
| Notes | £ | £ | ||||
| Income from: | ||||||
| Investments | 3 | - | 220 | |||
| Total income | - | 220 | ||||
| Expenditure on: | ||||||
| Charitable activities | 4 | 660 | 57,421 | |||
| Total expenditure | 660 | 57,421 | ||||
| Net expenditure and movement in funds | (660) (57,201) |
|||||
| Reconciliation of funds: | ||||||
| Fund balances at 1 October 2023 | 1,350 | 58,551 | ||||
| Fund balances at 30 September 2024 | 690 | 1,350 |
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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RIGHT NOW FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 1,350 | 2,670 | |||
| Creditors: amounts falling due within | 10 | ||||
| one year | (660) | (1,320) | |||
| Net current assets | 690 | 1,350 | |||
| The funds of the charity | |||||
| Unrestricted funds | 11 | 690 | 1,350 | ||
| 690 | 1,350 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 25[th] June 2025....................
..............................
J Thadchanamoorthy Director
Company registration number 06376108 (England and Wales)
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
Charity information
Right Now Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 106 Petherton Road, London, N5 2RT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
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 financial statements 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.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
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.
1.5 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 are allocated on the portion of the asset’s use.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3 Income from investments
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Interest receivable | - | 220 | |||
| 4 | Expenditure on charitable activities | ||||
| Total | Total | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Direct costs | |||||
| Society For Health Education, Leadership Training, Environmental Research And | |||||
| Development Trust | - | 35,182 | |||
| Brighter Future Development | - | 20,803 | |||
| - | 55,985 | ||||
| Share of support and governance costs (see note 5) | |||||
| Governance | 660 | 1,436 | |||
| 660 | 57,421 | ||||
| Analysis by fund | |||||
| Unrestricted funds | 660 | 57,421 | |||
| 5 | Support costs allocated to activities | ||||
| Total | Total | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Governance | 660 | 1,436 | |||
| 6 | Net movement in funds | 2024 | 2023 | ||
| £ | £ | ||||
| The net movement in funds is stated after charging/(crediting): | |||||
| Fees payable for the independent examination of the charity's financial | |||||
| statements | 660 | 1,436 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
8 Employees
There were no staff employed by the charity during the year ended 2023 (2022: Nil).
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 660 | 1,320 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 October | At 1 October | Incoming | Incoming | Resources |
Resources |
At 30 | ||
|---|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | September | |||||
| 2024 | ||||||||
| £ | £ | £ | £ | |||||
| General funds | 1,350 | - | (660) 690 |
|||||
| Previous year: | At 1 October | Incoming | Resources |
At 30 | ||||
| 2022 | resources | expended | September | |||||
| 2023 | ||||||||
| £ | £ | £ | £ | |||||
| General funds | 58,551 | 220 | (57,421) 1,350 |
12 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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Charity registration number 1121202 (England and Wales) Company registration number 06376108
RIGHT NOW FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
RIGHT NOW FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees S Botting A Warland J Thadchanamoorthy Secretary J Thadchanamoorthy Charity number (England and Wales) 1121202 Company number 06376108 Registered office 106 Petherton Road London N5 2RT Independent examiner Tom Wilcox Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH
RIGHT NOW FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 10 |
RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The below outlines the charities objectives and commitments. The charity has awarded all its current funds and is finalising a funding strategy to support future funding raising. The charity will recommence donations once new funds have been raised.
Charitable objectives and activities
The charity’s principal activity is to support other charities through the payment of donations and grants. The objects of the charity are:
i. The relief and prevention of poverty and financial hardship;
ii. The advancement of education by providing and assisting in the provision of facilities for education, training or retraining for those in need by reason of poverty, sickness, infirmity, age, youth or disability; and
iii. The relief of sickness and preservation of health among people in need by reason of poverty, sickness, infirmity, age, youth or disability.
The directors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. Whilst the directors are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.
Potential recipients of grants are identified by the directors individually in areas where it is perceived that public benefit will be achieved.
Grant making policy
The directors pay grants to organisations in line with the charitable objectives set out above. The Foundation does not seek unsolicited grant applications.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Achievements and performance
Significant activities and achievements against objectives
Our core aim is to deliver life-changing services to children in danger. We have defined danger broadly, to allow for children to be supported on a case-by-case basis, rather than having a set and limiting frame of reference.
We believe it is essential to ensure that we operate in a manner which is culturally appropriate. We have determined that the most appropriate manner in which to achieve this is to deliver care through local NGO partners. Our local partners are Shelter Trust in Chennai and Brighter Future in Vizianagaram.
We are presently only active in India.
We have grown from the bottom up and we understand that it is important to tailor projects to real needs in villages and communities, taking into consideration the variables in play from place to place.
No awards were made in the year.
Fundraising
Having completed the award of all current funds, the charity is completing a strategic review around future funding. Once completed and new funds raised, the charity will focus once again on key awards and grants
Financial review
Results for the year
Total income for the year ended 30 September 2024 was £0 (2023 - £220).
Total expenditure amounted to £660 (2023 - £57,422), of which £0 (2023 - £55,986) related to the charitable activities of the Foundation and £660 (2023 - £1,436) related to governance costs.
The resultant net assets at 30 September 2024 were £690 (2023 - £1,350), represented in total by unrestricted funds.
Reserves policy
The charity generally makes grants which are not normally ongoing commitments. The directors’ policy is to make grants in accordance with the aims and objectives of the Foundation when funds become available for distribution and appropriate causes arise.
The directors consider that the level of free reserves at 30 September 2024 of £690 is adequate for the charity’s current and future requirements, when considering future anticipated donations.
FUTURE PLANS
Once new funds have been raised, the Foundation will recommence funding the core activities and aims, with the specific intention of remaining committed to the HIV+ children we have undertaken to support until they are eighteen.
Major risks
Risk management
The directors believe that by monitoring reserve levels and ensuring that controls exist over key financial systems, and by examining from time to time the operational risks faced by the Foundation and its grant giving, they have established effective systems to mitigate the major risks to which the Foundation is exposed.
Structure, governance and management
Constitution
The Right Now Foundation is a company limited by guarantee (Registration number 06376108) and a registered charity (Registration number 1121202).
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RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
S Botting
A Warland
J Thadchanamoorthy
Recruitment and appointment of trustees
The Articles of Association require a minimum of three directors. One third of the directors must retire at each AGM, those longest in office retiring first. A retiring director is eligible for re-election for consecutive years not exceeding in total nine years from the date of his or her original appointment.
The policies and procedures for the induction and training of directors will be reviewed in the coming year. Decisions on donations and grants payable are taken by all directors.
Organisational structure
Structure and management reporting
The directors are ultimately responsible for the policies, activities and assets of the charity. The directors meet at least once a year to review the developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary, the directors seek advice and support from the charity’s professional advisers, including the bankers and accountants. The day-to-day management of the charity’s activities and implementation of policies is overseen by the directors. They ensure that appropriate grant decisions are processed and presented for consideration; administer payments and keep the books and records of the charity. The Foundation does not employ any members of staff.
Key management personnel
The directors consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The directors receive no remuneration in connection with their duties as directors.
The trustees' report was approved by the Board of Trustees.
.............................. J Thadchanamoorthy Director
Date: ..25[th] June 2025......................................
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RIGHT NOW FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RIGHT NOW FOUNDATION
I report to the trustees on my examination of the financial statements of Right Now Foundation (the charity) for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Tom Wilcox
Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH Date: ............................25 June 2025
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RIGHT NOW FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2024 | 2023 | |||||
| Notes | £ | £ | ||||
| Income from: | ||||||
| Investments | 3 | - | 220 | |||
| Total income | - | 220 | ||||
| Expenditure on: | ||||||
| Charitable activities | 4 | 660 | 57,421 | |||
| Total expenditure | 660 | 57,421 | ||||
| Net expenditure and movement in funds | (660) (57,201) |
|||||
| Reconciliation of funds: | ||||||
| Fund balances at 1 October 2023 | 1,350 | 58,551 | ||||
| Fund balances at 30 September 2024 | 690 | 1,350 |
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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RIGHT NOW FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 1,350 | 2,670 | |||
| Creditors: amounts falling due within | 10 | ||||
| one year | (660) | (1,320) | |||
| Net current assets | 690 | 1,350 | |||
| The funds of the charity | |||||
| Unrestricted funds | 11 | 690 | 1,350 | ||
| 690 | 1,350 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 25[th] June 2025....................
..............................
J Thadchanamoorthy Director
Company registration number 06376108 (England and Wales)
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
Charity information
Right Now Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 106 Petherton Road, London, N5 2RT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
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 financial statements 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.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
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.
1.5 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 are allocated on the portion of the asset’s use.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3 Income from investments
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Interest receivable | - | 220 | |||
| 4 | Expenditure on charitable activities | ||||
| Total | Total | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Direct costs | |||||
| Society For Health Education, Leadership Training, Environmental Research And | |||||
| Development Trust | - | 35,182 | |||
| Brighter Future Development | - | 20,803 | |||
| - | 55,985 | ||||
| Share of support and governance costs (see note 5) | |||||
| Governance | 660 | 1,436 | |||
| 660 | 57,421 | ||||
| Analysis by fund | |||||
| Unrestricted funds | 660 | 57,421 | |||
| 5 | Support costs allocated to activities | ||||
| Total | Total | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Governance | 660 | 1,436 | |||
| 6 | Net movement in funds | 2024 | 2023 | ||
| £ | £ | ||||
| The net movement in funds is stated after charging/(crediting): | |||||
| Fees payable for the independent examination of the charity's financial | |||||
| statements | 660 | 1,436 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
8 Employees
There were no staff employed by the charity during the year ended 2023 (2022: Nil).
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 660 | 1,320 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 October | At 1 October | Incoming | Incoming | Resources |
Resources |
At 30 | ||
|---|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | September | |||||
| 2024 | ||||||||
| £ | £ | £ | £ | |||||
| General funds | 1,350 | - | (660) 690 |
|||||
| Previous year: | At 1 October | Incoming | Resources |
At 30 | ||||
| 2022 | resources | expended | September | |||||
| 2023 | ||||||||
| £ | £ | £ | £ | |||||
| General funds | 58,551 | 220 | (57,421) 1,350 |
12 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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Charity registration number 1121202 (England and Wales) Company registration number 06376108
RIGHT NOW FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
RIGHT NOW FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees S Botting A Warland J Thadchanamoorthy Secretary J Thadchanamoorthy Charity number (England and Wales) 1121202 Company number 06376108 Registered office 106 Petherton Road London N5 2RT Independent examiner Tom Wilcox Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH
RIGHT NOW FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 10 |
RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The below outlines the charities objectives and commitments. The charity has awarded all its current funds and is finalising a funding strategy to support future funding raising. The charity will recommence donations once new funds have been raised.
Charitable objectives and activities
The charity’s principal activity is to support other charities through the payment of donations and grants. The objects of the charity are:
i. The relief and prevention of poverty and financial hardship;
ii. The advancement of education by providing and assisting in the provision of facilities for education, training or retraining for those in need by reason of poverty, sickness, infirmity, age, youth or disability; and
iii. The relief of sickness and preservation of health among people in need by reason of poverty, sickness, infirmity, age, youth or disability.
The directors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year. Whilst the directors are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.
Potential recipients of grants are identified by the directors individually in areas where it is perceived that public benefit will be achieved.
Grant making policy
The directors pay grants to organisations in line with the charitable objectives set out above. The Foundation does not seek unsolicited grant applications.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Achievements and performance
Significant activities and achievements against objectives
Our core aim is to deliver life-changing services to children in danger. We have defined danger broadly, to allow for children to be supported on a case-by-case basis, rather than having a set and limiting frame of reference.
We believe it is essential to ensure that we operate in a manner which is culturally appropriate. We have determined that the most appropriate manner in which to achieve this is to deliver care through local NGO partners. Our local partners are Shelter Trust in Chennai and Brighter Future in Vizianagaram.
We are presently only active in India.
We have grown from the bottom up and we understand that it is important to tailor projects to real needs in villages and communities, taking into consideration the variables in play from place to place.
No awards were made in the year.
Fundraising
Having completed the award of all current funds, the charity is completing a strategic review around future funding. Once completed and new funds raised, the charity will focus once again on key awards and grants
Financial review
Results for the year
Total income for the year ended 30 September 2024 was £0 (2023 - £220).
Total expenditure amounted to £660 (2023 - £57,422), of which £0 (2023 - £55,986) related to the charitable activities of the Foundation and £660 (2023 - £1,436) related to governance costs.
The resultant net assets at 30 September 2024 were £690 (2023 - £1,350), represented in total by unrestricted funds.
Reserves policy
The charity generally makes grants which are not normally ongoing commitments. The directors’ policy is to make grants in accordance with the aims and objectives of the Foundation when funds become available for distribution and appropriate causes arise.
The directors consider that the level of free reserves at 30 September 2024 of £690 is adequate for the charity’s current and future requirements, when considering future anticipated donations.
FUTURE PLANS
Once new funds have been raised, the Foundation will recommence funding the core activities and aims, with the specific intention of remaining committed to the HIV+ children we have undertaken to support until they are eighteen.
Major risks
Risk management
The directors believe that by monitoring reserve levels and ensuring that controls exist over key financial systems, and by examining from time to time the operational risks faced by the Foundation and its grant giving, they have established effective systems to mitigate the major risks to which the Foundation is exposed.
Structure, governance and management
Constitution
The Right Now Foundation is a company limited by guarantee (Registration number 06376108) and a registered charity (Registration number 1121202).
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RIGHT NOW FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
S Botting
A Warland
J Thadchanamoorthy
Recruitment and appointment of trustees
The Articles of Association require a minimum of three directors. One third of the directors must retire at each AGM, those longest in office retiring first. A retiring director is eligible for re-election for consecutive years not exceeding in total nine years from the date of his or her original appointment.
The policies and procedures for the induction and training of directors will be reviewed in the coming year. Decisions on donations and grants payable are taken by all directors.
Organisational structure
Structure and management reporting
The directors are ultimately responsible for the policies, activities and assets of the charity. The directors meet at least once a year to review the developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary, the directors seek advice and support from the charity’s professional advisers, including the bankers and accountants. The day-to-day management of the charity’s activities and implementation of policies is overseen by the directors. They ensure that appropriate grant decisions are processed and presented for consideration; administer payments and keep the books and records of the charity. The Foundation does not employ any members of staff.
Key management personnel
The directors consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The directors receive no remuneration in connection with their duties as directors.
The trustees' report was approved by the Board of Trustees.
.............................. J Thadchanamoorthy Director
Date: ..25[th] June 2025......................................
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RIGHT NOW FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RIGHT NOW FOUNDATION
I report to the trustees on my examination of the financial statements of Right Now Foundation (the charity) for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Tom Wilcox
Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH Date: ............................25 June 2025
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RIGHT NOW FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2024 | 2023 | |||||
| Notes | £ | £ | ||||
| Income from: | ||||||
| Investments | 3 | - | 220 | |||
| Total income | - | 220 | ||||
| Expenditure on: | ||||||
| Charitable activities | 4 | 660 | 57,421 | |||
| Total expenditure | 660 | 57,421 | ||||
| Net expenditure and movement in funds | (660) (57,201) |
|||||
| Reconciliation of funds: | ||||||
| Fund balances at 1 October 2023 | 1,350 | 58,551 | ||||
| Fund balances at 30 September 2024 | 690 | 1,350 |
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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RIGHT NOW FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 1,350 | 2,670 | |||
| Creditors: amounts falling due within | 10 | ||||
| one year | (660) | (1,320) | |||
| Net current assets | 690 | 1,350 | |||
| The funds of the charity | |||||
| Unrestricted funds | 11 | 690 | 1,350 | ||
| 690 | 1,350 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 25[th] June 2025....................
..............................
J Thadchanamoorthy Director
Company registration number 06376108 (England and Wales)
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
Charity information
Right Now Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 106 Petherton Road, London, N5 2RT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
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 financial statements 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.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
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.
1.5 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 are allocated on the portion of the asset’s use.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3 Income from investments
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Interest receivable | - | 220 | |||
| 4 | Expenditure on charitable activities | ||||
| Total | Total | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Direct costs | |||||
| Society For Health Education, Leadership Training, Environmental Research And | |||||
| Development Trust | - | 35,182 | |||
| Brighter Future Development | - | 20,803 | |||
| - | 55,985 | ||||
| Share of support and governance costs (see note 5) | |||||
| Governance | 660 | 1,436 | |||
| 660 | 57,421 | ||||
| Analysis by fund | |||||
| Unrestricted funds | 660 | 57,421 | |||
| 5 | Support costs allocated to activities | ||||
| Total | Total | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Governance | 660 | 1,436 | |||
| 6 | Net movement in funds | 2024 | 2023 | ||
| £ | £ | ||||
| The net movement in funds is stated after charging/(crediting): | |||||
| Fees payable for the independent examination of the charity's financial | |||||
| statements | 660 | 1,436 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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RIGHT NOW FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
8 Employees
There were no staff employed by the charity during the year ended 2023 (2022: Nil).
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
10 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 660 | 1,320 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 October | At 1 October | Incoming | Incoming | Resources |
Resources |
At 30 | ||
|---|---|---|---|---|---|---|---|---|
| 2023 | resources | expended | September | |||||
| 2024 | ||||||||
| £ | £ | £ | £ | |||||
| General funds | 1,350 | - | (660) 690 |
|||||
| Previous year: | At 1 October | Incoming | Resources |
At 30 | ||||
| 2022 | resources | expended | September | |||||
| 2023 | ||||||||
| £ | £ | £ | £ | |||||
| General funds | 58,551 | 220 | (57,421) 1,350 |
12 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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