Company number: 06553113 Charity number: 1126392 THE POINT FOUNDATION IA company limited by guarantee) Unaudited financial statements Year ended S April 2023
THE POINT FOUNDATION {A ¢oThp4ny limitrd by guArAnttt) INDEX Company InfomAtion Report of tbe Tru$ttes Independent Examiner's Report Statemtnt of Financial Activitie$ B#lAnce Sheel Notes to the FinAncial Statements io
THE POINT FOUNDATION (A compAny litnited by guar4nteel COMPANY INFORMATION PATRON s]Y Gunnell OBE Patron TRUSTEES Charles L Trace TimRRKerr Adrian L Hammond ChwTman Secrelary Treasurer SECRETARY Tim R R Kerr REGISTERED OFFICE Ashlei8h House Sands Lane Small Dole West Sussex BN5 9YL COMPANY NUMBER 06553113 CHARITY NUMBER 1126392 INDEPENDENT EXAMINER David Hoose. FCA Mazars LLP First Floor 2 Chamberl8in Square BimiinBham B3 3AX BAIYKERS Nationa] Westminster Bank pl 149 Preston Road Brighton BNI 6AS SOLicrroRS Griffith Smith LLP 32 Keymer Road Has50ck$ BN6 8AL
THE POINT FOUNDATIOIY (A c&mpAny limited by guarantee) REPORT OF THE TRUSTEES For the year ended 5 April 2023 The Trusitts present their report and the financial statements for the year ended 5 April 2023. The financial statements comply with the Charities Act 2011. the Companie5 Act 2006. the Metnorandum and Articles of Ass(Kiation, and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (October 2019 Edition). CoD8titutio The Point Foundation 15 constituted as a company limited by guarantee and a registered charity governed by its memorandum and articles of association. The organisation was incorporated on the 2 April 2008 and becam¢ a regi$tered charity on 22 October 2008. Obje¢ts of the Charity The Charity's Focus and statement is"Ll, Life & Learn" At the beginning of the Charity, the Tnjstees decided to concentrate only on a select number of proje¢is where we ¢ould focus our energies into making a real ditTeren¢¢. Fifteen years on. our strategy continues wth Around 5,000 vulnerable and special needs children directly benefitinu from our support oveT this time period through our funding and our guidancq primarily throu¥h education but also with equipment. hyyiene, medica]. food and clothing supplies. In late 2021 we started the pro¢ess of buildin14 on i)ur leya¢y through the Mwogo PTojects in Rwanda. funding infrastructure projects for the vocational trainin centr< eco village and fanning pro8rammes there. The financial year 2022123 wa5 a better year for us. as our income and donations improved 5i8nificantly over 2021122. Dtse to Prudent planning, we were able to not only continue to support our existing projects financially, includin our contributions to the monthly salaries of all those involved in our work in Rwanda, but w¢ also start¢d on a significant building programme ai MwoBo Vocational Training Centre with a new Teapigs sponsored student house. new ¢ulinary kitchens and refectory and the start of two new ¢18ssri)om5 lo house ourtailorin¥ and hairdressin students. We a150 instailed an ¢le¢tri¢ity supply by buildin8 our 1.5km pylon line wnnection to the nearest electricity sub-station. DurinB 2022123. we have worked ¢lose]y with the followin8 8ev¢n institutions. Ubumwe Commurtity Centre (UCC) (providin8 specialist disfibility-bed suppon) House of Children Sch(xil Mwo80 vocation Training Centre Imwogo vrc) La Gerniaine School KÉgeyo School Izere Community Centre for Cerebral Pftlsy children Jessie's Place {day Centre for severely disabled) ond Jessie's Cfroperative We have concluded our univer5iry pro8ramme, 5UPPOrting ex-Noel OrphanY4Be Students with secondary %h4)ol edu¢4tion (Includin fees and transport) and those attending university {fees. accommodation. books, food and tran5POrt. a5 well as sraduation cost5). OveT th¢ years. this pro8ramme has funded 145 student5 as they completed university courses. No more $tudent pla¢es ore ¢u]rently plned. In 2017 we were pr¢sented with an awArd for"Outstandin8 and Siynificant Contribution to Rwandan Education" Also, in March 2019 we were presented with an award for"Si8nificant Contribution to the Gr0h of University of Tourism & Busines5. Btsth awards were made by the University of Tourism & Business, Ki8ali. Rwanda at their waduation ¢eremoni¢$. Our latest project. Mwogo vrc. based near Bugesera. is located in one of the pwre5t and deprived areas of Rwanda and provide5 local young people. with litnited employment gpportunities. Vocational training in beauty and tailoring. In 2023 we plan to add rtew courses in ITlcomputer training to those currently offered. namely. carpentry and brickwork. We fomially opened the Mwo¥o centre in March 2019 with 45 students (eight of whom were disabled), supported by two teachers and six suppon staty and made a onewoff donation at that time of USS60,000 to renovate the buildings. Today, there are five teachers and eight support staff and, so far. about 3(Kl young people have. in one way or another. benefited from the ts7iAing 8lV•).
TRE POINT FOUNDATION (A compny limited by guar8litee) REPORT OF THE TRUSTEES For the yt&r ended S April 2023 Objects of the Charity (CODtiDued) The Mwogo farniing area and animals have been moved from rented land to the ba¢k of the MWOBO ¢entre and a wide mix of vegeiables and fruits are being grown. In addition, a cow barn has been built to house the herd of cows. Veuetables and fruit grown are used in our culinary kitchens to feed Stsjdents and our cow herd provides milk. The annual cost of running this proje¢t now amounts to about £45.000. In 202Z123. we have taken on a third intake of $tud¢nts at Mwogo vrc wilh the pTrvious two intake5 now moving Qui to work in vari$ eoperatiVeS For these fonner 5wdent5. we have helped fund the pur¢ha5e of sewing machines and h&irdressing equipment to assist them in gettin8 Started in their own ¢o-operlY¢S in th¢ i)utside world. With both Rwanda and South Aftica suffeting from food Short0¢$ and financial hardship. we continued to help a number of known individual$ and f&mili¢$ in Rwanda by paying for food parce15. medicines and clothin8 for them For our other six projects. we have continued to fund school fee5. tran5POrt. uniforms shoes and milk and provide lunch for 95 special needs children ai House of Children In addition, we have paid for one-oty purchases such water tanks. library and school books, sewing m8¢hine$, braille machine5 and other essential item5. Stru¢ture* Governance and Management The Point Foundation is a company limited by guarantee and a re8i5tered charity in England and Wale5. Sally Gunnell, OBE. continues as the Point Foundation'5 Patron and takes an active interest in all the work the Charity is doing. Duriny the past financial year. the m2na8ement team, who fomi the Key Management Personnel of The Point Foundation. has included the Chairnian {Found¢r), the Company Sretary and the Treasurer. The Admini5tratorlMarketing sUPPOrt manager. who provides all our siKia] networkinB. medii. n¢w$letters. web$ite update$ and oommuni¢ation to ourfundraising supporters. is now the direct liaison offJ¢er, working ¢losely with our projeots mana¥¢r in Rwanda. The manasement team communicates weekly but, due to differin8 locations of members of the team. now only meets formally up to twice a year for Board Meetin85 to discuss ongoing projKts, future strategy. grant making considerations and fvndraisin8 activitie5. However, the team continues to meet inforn)ally between Board meetings io discuss specitic projects. Over the years Board member5 have visited one or more of the Charity's variou5 project5 to check on progress and to ensure the fund5 allocated to each project have been coffectly spent and accounted. All Trustees give their time freely and no trustee remuneration was paid in the year ended S April 2023. Details of Trustees expense$ 2nd relAted transactions are di$¢los¢d in note 7 to the accounts. Achievements #nd ptrformance Duriny the year ended 5 April 2023, we continued to rwse much-needed funds. which were focused on our seven agreed projects, as detailed earlier. Our fundraising 15 f(Kused exclusively on corporate funding. This ha5 been a successful move and meant we were able to raise the monthly funds needed to fulfil our needs. Fundraisin8 h&s beert achieved pftmarily throuBh two ¢lo5e partnership5 Wlth Caffe Piaego Coffee Company, own¢d by Hdlmark V¢ndinB Ltd, who buy their ¢off¢¢ and tea loclY to our projrfts in Rwanda, artd 8]so with Teapiss, who buy their tea from Pfilnda Tea Company, a8ain based just l O minutes from th¢ h¢art of our projects. We continue our media activities on the internet through Facebook and In5ta8fdm, which are updatod weekly. This 15 extremely important as it keeps the staff of the organisations mentioned above fully up to date. Some of our 2nt¢mational donors pay their donations direct to the projerts in Rwanda. due to high bank charges and p(x)r ¢x¢han8e rates, their funds paid directly to UCC for infra5tTUCture prO1t$, local suppliers providing food, medication and livin8 items. and The Point Foundation simply manages the process. Our Projects Manager, Viateur Uwambajimana. continues to work hard and deliver the management needed to support our work Viateur is responsible for managing all our projects on the ground and he keeps in touch daily by email and by weekly Skype ¢a115 He is 50 4 highly qualified physiotherapist- ideal for helpins People wth Disabilities (PWD'S) and ¢hildTen with ¢erebrai palsy.
THE POINT FOUNDATION (A tomp#ny limited by guArantet) REPORT OF THE TRUSTEES For the ye¥r ended 5 April 2023 Disgbility Programm¢ Our partnership with UCC in Giseyni la specialist disability rKntre) started in 2013 and they continue to proTride support and care to hundreds of loc people with special needs. The Point Foundation is now their second highest donor supportjll8 this very worthy cause. UCC are our Non-yovernmental Organisat2on (NGO) partner with legal status in Rwanda and have overa]I responsibility for the Mwo80 project. Due to their Severe lack of fun(bn8, we continue to support Izere CommunÉty C¢ntr¢, based outsid¢ Kigali. Thig small centre concentrates on supporting local special needs children. This year we continued to fund an outreach programme providing physiotherapy for children. who have severe cerebrai pa15y and who are unable to get to the Centre. and we have added more equipment to the play8ri¥Jnd area. We also contribute to four teachers, Shr1eS. Jessie's Place isthe centre where the PWD'S, living in the Homes41ife proyratnme. ea¢h day for therapy and play. Jessie's Place has now moved to incorporat¢ it5 work with Inshuti Women's C04>perative and we contirtue to support them with oneryoff funding. which thi5 year included purchasing pi85 for their fartn proje¢t, Individual Support Durin8 2022123 we continued supportin8 a few ex-Noel Orphana8e children who are now young adults. Where they have not been able to get jobs and. as a consequenee. are SLJfterin¥ from Itck of shelter and food, or where they have severe 5pecia] needs, we have supported them with a small monihly allowance of beiween £50 and £100, dependant on their rnedical nttds. This has been a life saver in particular for Gracie (an albino with severe skin disease). Kevine {5ever¢ disability), Rifiki (mental). Moween {disability) and Gasigwa {HlV). We also supported a family of five children whose father had died and whose mother had walked out, Support included prov15ion of food, 5helteT and medica] supplies. Trusttt and Volunteer visits The Chairn)an and the Administration manager visited Rwanda in November 2022 and May 2023. Although we keep in touch re8ularly by email and Skype. by visltin8 the project5 OUT5elve5 we Cart ensure ¢h4t our funding is being used as it should be. and that every penny Sent to Rwanda is used corre¢tly. Publle Beneflt The TNstees have refred to the Buidance contained in the Charity Commi55ion's genera] guidance on publi¢ benefit when reviewing the Charity'5 aims and obje¢tives, as well as in planning its activities. Our activitie5 currerttly ¢arried out for the publi¢ benefit are detailed earlier in the Report of the Trustees but in 8ener tem15 our objectives are centred on the word5 "1.iv¢., I,Ife (* l£arn" In this context the Charity looks to relieve poverty, sicknes5 and distress. as well as advance the education of vulnerable people, in particular but not exclusively. in Africa, by makin8 ¥rants of money for providing OT payiny for items. services and facilities in order to achieve our objectives. Du¢ io the exceptional CiTcumstance5 affecting countries around the world as a result of the COVtD-19 pandemic, the management team deterniined. in March 2020, to Teview and expand the Charity'5 &im5 and objectives. and these expanded aims and objectives were agreed by the Charity Commission in June 2020. Finan¢ig1 review The PointFoundation's work is entirely dependent on donations coming in from the public, both individuals and companies Donations received are immediately depasited in our bank current account as the monies are usudly used fairly quickly on current projects. Thus far. in view of the limited size of donations received. it ha5 not been our aim to invest monies into anythirtg other than short-tern) interest-bearing invesknents. However, this is an area that will be kept under review by the Trustees. Durin8 the year ended 5 April 2023. we raised £27,922 of unrestricted donations. In addition. we raised £128.006 of donations with a restriction on their use. We spent £125,649 on the projects detailed above. includinB £108.459 of restricted use funds. After interest receivable of £128 and other ¢05ts relating to GoveTnance amounting to £24,816, we had the am(iunl of £105,705 available at 5 April 2023 to be carried forward into our 2023124 development pro8fdmme. of which £53.255 represents unrestricted funds and £52.450 represents restricted funds.
THE POINT FOUNDATION (A comp4ny limited by guarantee) REPORT OF THE TRUSTEES For the year ended S April 2023 Plany for Future Periods The Point Foundation continues to raise funds, both here in the UK and overseas, principally through our corporate p8rtner5. in order to continue to support our current projects. We will ¢ontinue contributing to the running costs, teacher salaries and otherad hoc costs for House of Children School. tzere Community Centreartd Mwogo VTC. In addition. we aim to continue supporting & few named individuals wilh mgnthly support. We have no plans to fund any addition81 infrastn]¢tui¢ projects in th¢ future. however w¢ have been di5¢US5inB with a new USA based partner donor, how we can support ihem in the buildin8 of a new classroom block at Mwogo VTC. Contning a cotnputer training room and library. If these plans Succeed. funds would be transfeed direct from the USA to the UCC ID Rwanda to mana8e this project. Our Trustees have dedicated 16 years to the development and support of project5 in Rwanda but, bearing in mind thai the Trustees are either at or coming up to retirement age, the Board have been considering the future of The Point Foundation. We remain committed to Rwanda and seein8 our projects ¢ontinue to flourish However. we have found it diffjcult to put a succession plan together here in UK. so our fu5 is now to look to hand over the full managetnent to our Rwanda partners {UCCl sometime in ¢h¢ next 2 to 3 years. We do not foresee any issues with our funding for the next 12 month5 and this, together with our existing reserves. would allow a 24-monih schedule of payment$ to keep the projects fully gUPPOrted, even if funding dried up durin 2024. Risk And Reserves Pollcy The TTusiees have a risk management $trateBy in pla¢e ¢omprising'. Submitting annual budgets with monthly updates to ensure project5 are fully planned and paid for A half yearly review ofthe risks the Charity may fAce The establishment of systems and procedures to mitigate a8ainst those risks identified in the review The implementation of procedure$ designed io prev¢ni any potential impact on the Charity should those risks materiAlise Follow5ng best pr4¢¢i¢e and 8uidan¢e from the Charity Commission In 2016. the Trustees agreed to maintain the amount of £15,000 in a contingency re5eTve account so that there would always be at least this amount available for continB¢ncie5, should the need arise. Theamount maintained in this contingency reserve account is reviewed on a regular basis and on 22 July 2022 the Trustees agreed to increase the reserve account to £30.000. Truste The Trustee$ of the Chfiritable Company are lis dir¢¢iors for the putyo$e of ¢ornpany law. Current trusiees have the power to appoint new ttustees. The Trustees, who have served since 6 April 2022 to the date of this report, were as follows.. C L Trace TRRK¢ A L Hammond No Trustee had Any interest in the Company by virtue thai the Company is limited by guarantee and does not have a share ¢apital. The Company has pur¢ha$ed Indemnity Insurance for th¢ Tru$tees of £250,00012022. £250,000) at & ¢ost of £332 (2022. £315).
THE POiNT FOUNDATION (A company limited by gu*rantee) REPORT OF THE TRUSTEES For tht year ended S April 2023 StatemeDt of Trusteej Responsibilities Th¢ Trustees are responsible for preparing the Trustees Report and the financial statetnents in accordAnee with applicable law and re8ulation5. Company law requires the Trust¢¢4 who 8re Directors for the purpose of company law. to prepare financial Statements for each financial year. Under that law. the Trusiees have elected to prepare the financial statements in accordance wth United Kingdom Generally Aepted Accountin8 Practice {United KInd0M Accounting StRndards and applicable law}. Under company law the Tnjstees musi not approve the financial staiements unless they are satisfi¢d thAt they give a true and fair view of the stste of affairs of the Charity and of the surplus or defJ¢kt of the Charity for that period. In preparing th¢$e financid statements, the TNsiees are rquired to.. Select suitable accounting policies and then apply them con5iStently'. Make judBments and accounting estimates that ar¢ reasonobl¢ And prudent: State whether applicable UK Accountin¥ Standards hY4ve been followed, subje¢t to any materia] departures disclosed and explained in the financial gt4tements' Prepare the financi ststements on the 80in8 concern basis unless it is inappropriaie to presume ihF4t the company will continue in business. The Tru5tee5 are r¢spon5ibl¢ foi keepin adequate accounting records that are suificient to show 2nd explain the Charity's transactsons and disclose with reasonable accuracy at any time the financial position of the Company and enable th¢m to ertsU that the finLn¢ial stOtem¢nt$ ¢omply Wlth the Companies Act 2006. They are also responsible for safeuuarding th¢ 43$ets of ihe Chority and hen¢e for takinB reasonable steps for the prevention and detection of fraud and other iffeyularitse5. This report hES been prepaTed in accordance with the provisions oppli¢8ble io companies subject to the small companies, regime. Approved by the BoArd of Directory ort 2023 and signed on their behalf by: CHARLFS L TRACE ChxirmAn
David Hoose (Jul 20, 2023 13:09 GMT+1)
Jul 20, 2023
THE POINT FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL AcfivITIES (incorporatlDg incomt And expenditure account) For the yeAr ended 5 April 2023 Unrestricted Reytricttd fllnds rllnds Total fund5 2023 Unrestricted runds Restricted funds Total fuDds 2022 Notes Ir4COME FROM: Donauons Investments 27.922 128 128.006 155.928 128 16.855 110.825 127,680 28,050 128,006 156,056 16.856 110.825 127,681 EXPENDITURE ON: Charitable a¢iivitie$ 42,006 108.459 150,465 33.840 99.590 133.430 To 42,006 108,459 150,465 33.840 99.590 133,430 NET(EXPKIYDITUREy INCOME (13.956) 19.547 5,591 (16,9841 11.235 (5,7491 TOTAL FUNDS BROUGHT TrORWARD 67.211 32,903 1110,114 84.193 21.668 105,863 TOTAL FUNDS CARRIED FORWARD 53,255 52.450 105,705 67,211 32.903 100,114 The Statement of Financi A¢tivities includes all gains and losses recognised in the year. All in¢ome and expendibjre are derived from continuing aclivitie$. The note5 on pa8e5 10 to 13 fom part of thes¢ financial ststement5.
THE POINT FOUNDATION {A company limited by guarantee) BALANCE SHEET As at 5 April 2023 Company Number: 6553113 2023 2022 Notes CURREIYT ASSETS Cash at bank and in hand 109.461 101.890 109,461 101,890 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (3,756) (1.776) NET CURRENT ASSETS 105,70S 100,114 NET ASSETS 105,705 100,114 REPRESENTED BY: Unrestricted fund$ General fund8 Designated Restricted fund8 52.211 15,000 32,903 30,000 SZ,450 105,705 100.114 The notes on pa8e$ 10 ¢0 13 forn) part of these financial siatements. The Directors consider that the company is entitled to exempiion from the requirernent to have an auditund¢r th¢ provision5 of section 477 of the Companie5 Act 2006 {"the Act") and member5 have not required the ¢ompany to obtain in audit for the year in question in accordance with section 476 of the Act. Th¢ Directors acknowledge their responsibilities for ensuring that the company keeps accountin record5 which ¢omply with section 386 of the Aci and for preparin8 financi statements which wve a true and fair view of the state of affairs of the ¢ompany as at 5 April 2023 and of its income and expenditure for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which othenvise comply with the requirentS of th¢ Cornp8ni¢5 Act 2006 relating to the financial Statements as so far as applicable to the company. These financial statement5 have bttn prepared in accordance the Speci provision5 relating to ¢ompanies $ubje¢t to the small companies, rewme within Part I S of the Companies Act 2006. Approved by th¢ Trustees on lo and 5i8ned on their behalf by.. 2023 CHARLES L TRACE ADRIAN L HAMMOND Board of Directors
THE POINT FOUNDATION (A cornp8My limited by guxrantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 5 April 2023 ACC01Tr4TING POLICIES Basis of a¢¢ounting The financsaj 5w¢m¢rtts aw p]rpared uttd¢r th¢ histOriC41 cost conver5tion and in accoJthn¢¢ wjth the StstsmLnt of R¢¢otnm¢rtd¢d Practice ISORPI, applicable to charities pparIng th¢Jr accourtts In a¢cord tvith the Financial Reportin8 Standard applicablc in th¢ UK and R¢pllblic of Ir¢latKi IFRS 1021 IOctotKr 2019 Lditsonl - IChattiJ¢$ SORP IFRS 10211, th¢ Fillancl R¢pofling Srandard applicabl¢ the UK 2nd Republic of Ireland IFRS 1021 and the Compw)ies Act 2(Kl6. Thc Point Foundation meets the definition of a publiG iKn¢fit ¢llUlv wJd¢r FRS 102. Thc accounlin¥ poli¢ie4 whicb hav¢ bccn appli¢d consntI, ar¢ set out below.. Income [J)ra¢ is Y¢¢o8nis¢d WI the Chan'ry ha8 r¢c¢ivoJ or 15 entitled to the donation5 when probAbl¢. In¢om¢ is prin¢ipa]ly derived from th¢ Unitol Kgdth. Expenditu Ewnditur¥ is rccOgnid ot) an accruals basi8 Costs of Rwsin8 Funds r¢prent dircct costs incurrcd. itlcluding trttv¢I, Aeeommcrfknion omd communication cos that r¢lwc to the fiJndrw5ing activitlC8 of th¢ CA>nipany. Charitabl¢ A¢bfvity r¢pr¢s¢nts amounts spenton th¢ Company's charitablc PTOjCCts. GtsvbmAnc4' Costs arc th¢ ¢osts Incurr in rel0 w administerin8 the Charity. arld compljing with its and ry)n5tiwilon obligations. Financial irtstrumtrbts Th¢ Chan'ty. only h&8 fi[wJci a58ets and fitwJcl liabiliti¢S of A kind qualify as basi¢ fin4n¢iui instrumcnts. B&si¢ financi insmJm¢nts ar¢ initially rccoYnid at trdnsaction vaiuc and sub5cqucnUv m¢asur¢d a¢ th¥ir $Lttl¥mcnt yU¢ with the ex¢¥'Oioll of bank loans, which arc $ubscqucntly mCk8UTcd at amortisLd c05t U51n8 th¥ eff¥¢tiv¥ int¢r¢sr methoj. Furkds Unreslrlci¥dfvuFrd% - thcsc con bc u5¢d at the digcr¢tion of th¢ Tw$tco$ in fiJrtherarLCO of thc Charity's obj¢¢rs. RLiYin6iedFuThl¥ these tEprescnt 8rants and d¢)nation$ that weTC 8Lv¢n for srKcific Services and projeets und¢rtak¢n by th¢ Charity. D¢.¥lgntsiÉdlfund.i- these are moni¢s ¢amithcd bv thc Tru5t¢cs for 8p¢¢ifi¢ ptDj¢¢ts in fvrth¢ranv of the Charity s objccts. Thc baJancc5 at thc ban¢¢ St¢1 dat¢ r¢pr¢s¢nt amounts 5ti11 to bc utiliscd. Company $tat115 Thc Point Foutth'on is Acompan}' limited by yuaranTrc not having a Sha capi. giS(ered in FAJ81and and Watc4 number 065.53113. Th¢ liabilih. of the members is limitcd by thc Memornidum of A$SlaOn. Foreign currenty translAtion Tran5athiorts denomincd in forei8n currencies aTC trdn51ad into 5t¢rfin8 ai the exehan8e ratc Nling at the datr of the tran8actiOll5 or at an avcrag¢ iatc for the ricA if thc rdtcs do not fluctuate si¥nifi¢attil) MonLiary' $Ll1S and liabililic8 arc tran$latcd at thc exchange rne rulin8 at thc balanc¢ she¢1 d¢. All gUIlg exchw tate differEnrK5 aT¢ JnElud¢d itt th¢ n¢t outgoing rcsOUrS. Going ¢oncern Thc Charih. cp¢ratrs &s a ¥oin8 concern and the Tnjrttts arc of thc th It will corttirtue to do so for thc forL'sLeable futur¢. After ¢ortsid¢rin8 any fi]ty]re wt¢ntial impact of thc Tru5t¢C5 wnbnued ¢ommibnent to our Rwanda pmjccts and folloising stress t¢5t analvsi4 and other rele.0t nsks. the (tircctors arc of thc view. that the a]r $uffi¢i¢ni reserves to s¢cur¢ the itnm¢d13t¢ fv[U of the Chartt). for the ncxt 12 to lil months aryj on that basis Chan"ty is a80in8 concem. Statement of t&sh flows exemption A sMent0fca8h tlows noi been produceda5 the cliaritabl¢ wmpanyis within the charity andCompanYthshOld5. judentS in applying crountillg polities Ind key $ources of estimation uncertainty The chatitsbl¢ ¢ompan}' mak¢$ estim$ and assumptions eonccrrung the future. Th¢ estima*s and assumptions hav¢ tto mat¢Tiai imparf on the cÉrryth¥ amounts of L8scts and liabilities w'ithin th¢ accounts. io
THE POINT FOUNDATION (A COpAnY limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For tbe yexr ended 5 April 2023 EXPENDrruRE ON CHARrrABLE ACTIVITIES 2023 2022 Aclivilies direcil RwAnda South Africa Ukraine ake 101,199 3a62 93,811 5,024 3,684 104,561 102,519 Travel and accommodation ¢o$ts of Truste¢$ managin8 projects in Africa Staff ¢osts (Note 4) Computer. printin& ststionery and other otTice costs FOrein ¢xchAn8e diff¢rert¢e$ Insurance 10,902 7,260 4,731 (2,137) 332 5,779 4,158 {557) 21,088 24,816 21,216 Total 150,465 133,430 GOVERNANCE COSTS 2023 2022 Independent Examiner's fee5 Offi¢e and adminisir&bon fees (Note 7) 1,776 23,040 1,776 19,440 24,816 21,216 STAFF COSTS 2023 2022 Remuneration to lo¢al project manager in Rwanda 7260 5.779 2023 Number 2022 Number PrOJt5 No staff had remuneration above £60.000 in the ¢urr¢nt year (2022.. None).
THE POINT FOUNDATtON {A eompAny limited by guarAJltee) NOTES TO THE FINAf4CIAL STATEMENTS For the year ended 5 April 2023 NET INCOME 2023 2022 Net income is stated after chargin8'. Independent Examiner's fee5 1.776 1.776 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 AccTuals 3,756 1,776 RELA TED AND ASSOCIATED PARTY TRANSACTIONS No emoluments were payable to the Trustees in respttt of services to the Charity. The amount of expertses reimbursed to TTUStees. representing travel and accommodation costs incurred by them when on trips to Africa to manage project5 on behalf of the Company, amounted to £10.902 (2022". £Nil). The Company purch&5ed Indemnity Insurance of £250,000 {2022.. £250.0001 for the Trustees at a cosi of £332 12022.. £315) Due io the Chaimian's increasing workload in controlling all the Charity's activitie& it was agreed at ? meetirt8 of the TNstees held on 19 January 2012 that a company partially owned by the Chairman would be engaged to provide various office and administration services to the Charity on an ongoing basis at the monthly fee of £l.000 plus VAT. The Charity notified the Charity Commission in 2012 and received their agreement to thi5 orrangement. The level of this fee was reviewed by the Trustees on 23 September 2021 and an increase in the monthly fee to £1,600 per month plu5 V AT was 88r¢ed, backdated io I September 2021. The fees charged durin8 the year ended 5 April 2023 were £19,200 (2022.. £14,400) plus VAT. and the aMInt of £1.920 was owed at 5 April 2023 (2022.. £Nil) 12
THE POINT FOUNDATION (A COmPaDy liEnited by guarAntee) NOTES TO THE FINANCIAL STATEMENTS For the year eThded S April 2023 FUNDS Ats April 2022 At5 April 2023 Income Expenditure Transfer Unrestrlci¢dfuhds': 52,211 28.050 (38.644) {18,362) 23J55 South Africa {3,362} 3.362 Designated contingency reserve fund5 15,000 15,000 30.000 67,211 28,050 (42.006) $3,255 Restrictsdfunds.. Rwanda 32,903 128.006 (108.459) S2,450 Total funds 100,114 156,056 (150.465) 105,705 The ¢ountrie5 presented he ¢ombine a number of different projects. The Restricted funds Tepre%nt amounts received from donors to a$8iSt the Chgrity in fundin8 the WOTk on projects in specific locations, The RestJi¢ted fund$ are held in cash. ANALYSIS OF NET ASSETS BETWEEN FUNDS Gtner•l rund$ Designated runds Restricted funds TotAI rundg Fund bAlart¢es At S Aprll 2023 are repre8ented by: CUent aS5etS Creditors.. amounts f]ing due within one year 27.011 (3,756) 30,000 52,450 109,461 13.756) Total net assets At S April 2023 23255 30,000 52,450 105,705 13