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← Asecondchance Ltd

2024-03-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024

ASECONDCHANCE LIMITED

(A COMPANY LIMITED BY GUARANTEE)

CHARITY REGISTRATION NO: 1131446 COMPANY REGISTRATION NO: 06794506

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF

Page 1

LEGAL AND ADMINISTRATIVE DETAILS

Company Registration Number: 06794506
Charity Registration Number: 1131446
Chairman of the Board of Directors: Charles Maloba
Directors: Charles Maloba
Epha Crofts
Colin Crofts
Charles Echessa
Margaret Bwakali
Executive Director:
 Amos Army
Registered Office and Operational
Address:
 1Sa Southgate House
88 Town Square
Basildon
Essex
SS14 1BN
Website: www.asc-uk.org
Principal Bankers: NatWest
Basildon Branch
29 East Walk
Basildon Essex
SS14 IHD

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CHAIRMAN'S STATEMENT The year ending March 2024 vns a revealing period to vthat else Asecondchance can provide in kind for the betternient of the lives of the marginalised families we have supported since the charl￿5 inception in 2009. Apart from monetisation of every attivity. it was time to note that vthat the funds do is more important than the funding in itself. Where us the resources diretted to fundraising in the UK were reduced significantly. building the capacities of the staff of our main partner. Child Opportunity Trust (COT), was very central and indeed rev￿rding. Activities continued largely because of the funding from local resources within Keny& We are pleased that the support we have provided consistently to COT has contributed significantly to her track record to the extent that her profile stands tall amongst the other local organisations in the Western region of Kenya where activities are concentrated. continued challenging and the determination of the Trustees and well-wishers provided technical support and self-contribution. As we thought of how we could support COT to Stand on its own. the challenge w3s worsened by the passing on of its chairman and founding member presenting a new challenge of providing support to the transition. We are glad our Adviser stepped in to provide guidance, encourage staff and ensure all operations are managed approprlately to avert uncertainties that befall local organisations when the founder passes on. With voluntary time inclusion. the income recorded for the year was £120.288 compared to £154,839 representing a degree of 22% from the income rdi5ed in the previous financial year. During this period. Asecondchance largely covered operations costs using volunteers and support from Trustees and well- wishers. However, compared to the last financial year. voluntary support reduced significantly, Projects that facilitated women and girls to addre55 sanitation. hygiene and economic empowerment continued to take a central stage as stated in our mission. With support from old trusts and foundations, we continued to implement social protettion and livelihood interventions reaching marginalised families and young people, particularly teenage mothers and young women. These projects, cumulatively, have benefited over 65,000 mar8inallsed families in the region. We are grnteful for the grants we received from all the trusts, foundatlons and indFviduals who supported us in fulfilling our promises to marginalised communlties in Kenya. We are proud of the voluntary contribution of our Trustees. For another complete year, Asecondchance managed operations without hired personnel whlch is a huge contribution and demonstration that a good course can be achieved as long as there is a willingness to sacrifice. Lastly, we hope we shall continue receiving support to deliver our promises to marginalised women, girls and their families. The solution for our current challenglng world calls for the participation of the youth. gender equity and advice from the old. We look forward to a successful year, despite the challenging economic realities. Charles E (frustee) Date as 12 2014 Page3of9

DIRECTORS’ REPORT

The charity presents its annual report for the year ending 31[st] March 2024.

STRUCTURE, GOVERNANCE & MANAGEMENT

GOVERNING INSTRUMENT

The charity was established under a Memorandum of Association established in January 2009 and s registered as a charity as well. The objects and powers of the charity and company are governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £10

OBJECTS AND ACTIVITIES

Asecondchance aims to achieve lasting change in the lives of children and their families living in poverty in developing countries, through processes that are participatory and inclusive of the marginalised groups and communities. AC has one strategic goal and five strategic objectives.

Strategic Goal

To improve the quality of life for marginalised women and children by promoting their right to survival, health, and development.

Strategic Objectives

To focus on issues affecting women and girls, we reviewed our strategic objectives building on the lessons learned over the years and our comparative advantage in terms of existing capacities amongst the trustees and volunteers.

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ACHIEVEMENTS & PERFORMANCE

AC’s support of various projects in Kenya, through COT, continued in line with our current strategic direction. Our partner’s collaboration with the county governments continued to strengthened with increased recognition from government departments.

Social Protection remained AC’s main focus. Achievements in its seveth year of implementation, the “Breaking the cycle of vulnerability and strengthening social protection for adolescent/teenage mothers, women, young people and their families” project in Kakamega county continued implementing projects that are scaling up because of the impact the past beneficiaries have shared or demonstrated in their families and communities.

1) Education

Essential education package for girls (stationery, school uniform, bag etc.)

Education package for 850 children in schools

School-going children, particularly girls, have a challenge of uniforms. Over 550 packages of uniforms were delivered alongside sanitary pads. By collaborating with school management committees, stationery, uniforms, and bags were _ \e te PS ee), delivered to identified children in schools in the * ; = j a project area. The demand for uniforms is mS et‘ ‘hfi. } 44 -Riot.Loeweyy AS» <> J extremely high among girls. COT’s vocational training production unit has continued to supply uniforms so support to skills training for teenage SeyealA ) —. ——S=—— ; 47 . mothers is a major input to education in the \ LS = Project Area. The only cost involved is the ee ; a| ° “es : a i ‘ ‘ purchase of training materials.

Girl before and after receiving uniform

In addition to girls, 300 boys from marginalised families received uniforms. This simple action has continued to enhance gender quality in schools and boys feel someone out there also cares for them. Schools identified the children that needed support and based on the information shared, various school uniform materials were purchased in different colours, and uniforms were prepared. The different colours also help as training aids for vocational Skills trainees.

As a special response to children living with disabilities, uniforms were distributed to both boys and girls as a priority and this will continue because it is not easy to find such children listed. It is also the practice of COT to recognize and encourage such children by visiting their homes and assessing the capacity of the parents to engage in other programmes particularly income-generating initiatives. On receiving the uniform in late January 2024, Juliet noted,

“ Receiving a new uniform from school came as a dream to me. Although I do not walk or run to spoil my uniform, I am not considered when the teacher lists those children without good uniforms. I have never known why but when

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the officer came to me and asked why my dress was small and bleached, I did not know what to tell but just smiled and said it was fine. I was surprised when my mother told me the next day that officers from COT visited and discussed a lot of things about my education. I was nervous because I did not think of them going home to talk to my mother. On the day of receiving uniforms at school, on a Friday, all the children who had been listed received their uniforms and they were told to wash them over the weekend and come in new uniforms on Monday. The children were happy, but I remained silent and even the teacher did not seem to notice me. When I reached home that afternoon, I saw a COT vehicle and was scared because I did not what they had discussed with my mother. To my shock, they brought me two pairs of uniforms and they wanted me to receive them from home so that I go to school in a new uniform. I was happy and promised to work hard”

Health

Production of sanitary pads has continued since last financial year. It is one of the products that has positively profiled COT work. Women in the community have recognised the importance of accessing sanitary towels within and at an affordable price .

Under this project, COT has continued to provide care and support to children living with HIV. By this support, the stigma has drastically reduced and the community attitude towards testing and using control measures in the spread and management of HIV AIDS has changed positively.

Economic Empowerment

Under this project, we support the implementation of better economic livelihood and income opportunities of young women smallholder farmers.

COT implemented planned activities which included awareness and education to reach young women smallholder farmers. Training on the production of targeted root crops for value addition such as sweet potatoes, and groundnuts. Coordinating young women smallholder farmers to access information from specialised agricultural institutions for seed and crop management skills. During the implementation, young

Young Farmers on their plots of (L) Sweet potatoes (R) Groundnuts

women were trained as climate-smart advocates on the production of sweet potatoes, groundnuts and value addition. The trained farmers acquired skills and confidence to train other young women farmers thus growing their reach.

The Ministry of Agriculture agreed to train farmers on planting sweet potatoes, groundnuts and value addition as well as on agronomy practise, varieties, weed control, disease control, harvesting and storage.

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The kitchen gardens are planted in plots, old bags of fertilizers, used cement bags, sacks and on small plots. Demonstration on planting sweet potatoes was held to equip the young women smallholder farmers with knowledge on production. Processing of peanut butter from groundnuts was also demonstrated to increase income for the young women farmers.

These strategies were to prepare young women for leading roles in value-addition processes in products that women produce without causing a danger to land ownership.

Left- Potato value added products, Right- Demonstration for peanut butter processing

After training on value addition on potatoes, one of the participants, Jane, had this to say,

“I have never thought beyond selling boiled potatoes to students in our village school. I have always believed that potatoes are to be cooked and eaten from home. With this training, I have woken up. I will only sell few potatoes to children at school. I will concentrate and ensure that I supply enough potatoes for crips production. That will increase my income and there will be no wastage. This is the best thing that this project has brought us. If we can make money when seated at home, peace in our homes will improve. I am now going to increase the land under potatoes. I will not bother my husband for support, but I will convince him to have a shop to sell potato crisps. I am very happy with this project.”

Financial Review

The key financial statements to be read in conjunction with this financial review are statements of Financial Activities on page 10, the balance Sheet on page 11 and notes on pages 12 to 15.

Total incoming resources in cash were £35,566, previous year £59,002. The philanthropic contribution from trustees and friends of AC was significant and has been considered under technical and administrative support to the charity and partners. This silent contribution is the motivation for AC’s growth and has continued to play a major role. Voluntary service by the Executive Director created the much-needed hours to manage operations, including adherence to statutory requirements and filing of returns thus minimising administrative costs.

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1st April 2023
opening
balances
£		 Net movement
during the year
£		 Loss in market
value of
investments
£		 31st March 2024
Closing
balances
£
Unrestricted funds -798 2,352 1,554
Restricted funds 13,826 -10,578 3,248
Total 13,028 -8,226 4,802

The total foreign currency remitted directly to fund projects was £25,000 representing 70 % of the total cash income received by 31[st] March 2024. The activities covered by UK office include field/support visits to partners. In addition, contribution in kind estimated at £68,835 was spent on charitable activities, compared to £95,837 the previous year, as direct professional contribution by trustees, management, and well-wishers.

In summary, of the £112,628 expenditure incurred in the year, over 99% was on charitable activities thus keeping our vision of spending over 95% on charitable activities. The efficient utilisation of volunteer students played a major role in this success.

Risk Review

The directors continue to keep a risk register and have identified major risks to the charity. The most severe risk to Asecondchance is that it continues to depend on directors for management and voluntary services for operations. To mitigate these risks, Asecondchance embarked on an ambitious plan to prepare for institutional grants by collecting data, preparing concept notes and contributing to institutional capacity building of its partners.

With such information together with reviewed policies, Asecondchance will approach institutional funders with proposals that include institutional development and personnel costs. In addition, funding trusts and foundations will be convinced to understand that their long-term strategy on contributing to Asecondchance will be realised when the development of Asecondchance as a charity is considered.

Statement of Directors’ Responsibilities

Charity law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year.

In preparing, those financial statements the directors are required to:

The directors are responsible for keeping proper accounting records, which disclose, with reasonable accuracy at any time, the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 1985 to 2006. They are also responsible for safeguarding the

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assets of the Charity and hence for tsking reasonable steps for the prevention and detrction of fraud or other irregularities. Members of the Management Committee Members of the management committee. who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page l. In accordance with company law. as company's directors, we certify thaL' the financial statements give a true and fair view of the State of the charity's affairs as at 31 st March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities. the financial statements have been prepared in accordance with the Companies Att 1985 to 2006 and; the information given in the Trustees, Annual Report is consistent with the financial sratemenrs. As directors of the company. we have tsken all the steps that we ought to have taken to make ourselves aware of any relevant financial information that we need to in the year. Approved by the Trustees on . signed as authorised on their beha￿ by: Charles Echessa (frusteej Page9of9

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

I report to the Trustees on my examination of the financial statements of ASecondChance for the year ended 31st March 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 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act 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 2022 (the Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2022 Act.

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:

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.

Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF Date: 6th December 2024

10

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2024

Incorporating Income & Expenditure Account
Notes
INCOMING RESOURCES
Donations & Legacies
3a
Charitable Activities
3b
TOTAL INCOMING RESOURCES
Costs of Charitable Activities
4
NET INCOMING/(OUTGOING) RESOURCES
Balances Brought Forward
BALANCES CARRIED FORWARD
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
RESOURCES EXPENDED
TOTAL RESOURCES EXPENDED
TRANSFERS BETWEEN FUNDS		 Unrestricted
Restricted
Total
Total
Funds
Funds
2023/24
2022/23
£
£
£
£
68,835
-
68,835
95,837
4,549
31,018
35,567
59,002
73,384
31,018
104,402
154,839
71,033
41,596
112,628
155,077
71,033
41,596
112,628
155,077
2,352
(10,578)
(8,226)
(238)
-
-
-
-
2,352
(10,578)
(8,226)
(238)
(798)
13,826
13,028
13,266
1,554
3,248
4,802
13,028

All of the Charity's operations are classed as continuing operations.

The notes form part of these financial statements, found on pages 10 to 19

11

ASECONDCHANCE LTD (COMPANY LIMrrED BY GUARAKfEE) BALANCE SHEET AS AT 31 MARCH 2024 Unr£stricted Restricted Fund Fund Total Total 31-MaTr24 31-Mar-23 Flxed Assets Tangible Assets Notes Current Assets Debtors & Prepayments Cash at bank and in hand 2,964 1,787 4,751 13,119 Totsl Current A¥ets 751 Credltors: amounts falling due within one year NET CURRENT AssErs 1,410 1,410 1,200 1,554 1,787 3,341 11,919 TOTAL ASSEfs less current liablllties 1,554 3,248 4,802 13.028 Credltor4: amounts falling due in more ¢)ne year io NET ASSErs FUNDS OF TME CHARITY General Funds Restricted funds 1,554 1,554 3,248 (798) 13,826 3,248 TOTAL FUNDS Dlrerttsrfs r8$ponslbllltles'. For the Year ended 31rt March 2024. The Directors are satisfied the charitable company was entitled to exemption from the requirement to obtain an audit under $￿tIOn 477 of the Companles Act 2006 relatlng to small companies. The members have not requlred the company to obtaln an aud￿ for the year In questlon In accordance wlth sectlon 476 of the Companle5 Act. However, In accordance wlth sectlon 145 of the Charltles Act 2022, the accounts have been examined by an Independent Examlner whose report appears after the Notes to the Ananclal Statements. The Dlrector(s) acknowledge their responsibility for comptying w￿h the requirements of the Companies Act 2006 with respect to accounting records and the preparatlon of accounts. The accounts have been prepared in accordance wilh the provisions in Part 15 of the Companles Act 2006 appli¢able to companies subject to the small companies reglme and In accordance wlth FRS102 SORP. The d Irectors acknowledge their responsibllity for ensurlng that the company keeps proper accountlng records which comply with sections 386 of the Act 2006 and fv preparing financial statements which give a true and falr vlew of the state of affairs of the company as at the end of the financial year and of its profft and ioss for the financial year in accordance wfth the requlrement of sectlons 394 and 395 and whlch otherwlse comply with the requlrements ￿the Companie5 Act 2006 rekitlng to accwnt5, $0 far as applicable to the company. Approved by the Directors on the... Slgned on thelr behalf by Dirertor....-... Ec(Eg£ Company Regbtratton Number '. Prlnt Name: 06794506 12

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

Basis of preparation:

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2022.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Recognition of Incoming Resources

These are included in the Statement of Financial Activities (SOFA) when:

Incoming Resources with Related expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA.

Grants and Donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Tax Reclaims on Donations and Gifts

Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.

Taxation

The charity is exempt from tax on its charitable activities.

Legal Status of the Charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Gifts in Kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.

Volunteer Help

The value of any voluntary help received is not included in the accounts and is described in the Directors' annual report if applicable.

Donated Services and Facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

Investment Income

This is included in the accounts when receivable.

Investment Gains and Losses

This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

This page does not form part of the statutory financial statements

13

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

1. ACCOUNTING POLICIES (continued)

Expenditure and Liabilities

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.

Grants with Performance Conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

Grants Payable without Performance Conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.

Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.

Pensions

Pension contributions are charged to the Statement of Financial Activities as they become payable.

Fund Accounting

Funds held by the charity are either:

1. Unrestricted funds

These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.

2. Restricted funds

These are funds that can only be used for particular restricted purposes within the objects of the charity.

3. Designated funds

These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Fixed Assets

Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation Expense

Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:

Unrestricted

25%

There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.

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14

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

2. TANGIBLE FIXED ASSETS

Additions
At 31 March 2024
Net Book Value
At 31 March 2024
At 1 April 2023
At 1 April 2023
Disposals Gain/ (Loss)
At 31 March 2024
Accumulated Depreciation
At 1 April 2023
Charge for the Year
Cost		 Unrestricted
Restricted
2023/24
£
£
£
-
3,967
3,967
-
719
719
-
-
-
-
4,686
4,686
-
2,858
2,858
-
367
367
-
3,225
3,225
-
1,461
1,461
-
1,109
1,109

The annual commitments under non-cancelling operating leases and capital commitments are as follows:

31st March 2024 : None 31st March 2023 : None

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15

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

3. INCOMING RESOURCES

3. INCOMING RESOURCES
Note
b) Incoming from Charitable Activities
Grants
a) Incoming resources from
Value of Volunteer time		 Unrestricted
Restricted
Total
Total
Funds
Funds
2023/24
2022/23
£
£
£
£
68,835
-
68,835
95,837
68,835
-
68,835
95,837
4,549
31,018
35,567
59,002
4,549
31,018
35,567
59,002

This page does not form part of the statutory financial statements

16

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

4. RESOURCES EXPENDED

Note
Governance costs:-
Independent Examiner Fee
Sundries
Office rent & council tax
Stationery & printing
Partner support visits
Subcriptions
Telephone & Internet
Bank charges
Depreciation
Value of Volunteer Time
a) Charitable Activities
Grants to partners
Personnel costs
Other expenses
Travel
Office utilities		 Unrestricted
Restricted
Total
Total
Funds
Funds
2023/24
2022/23
£
£
£
£
-
25,000
25,000
45,265
-
299
299
192
378
-
378
169
-
1,559
1,559
3,649
-
53
53
-
-
6,542
6,542
6,227
-
-
-
190
-
4,561
4,561
-
410
-
410
173
-
3,184
3,184
1,783
-
31
31
22
-
367
367
370
68,835
-
68,835
95,837
-
-
-
-
1,410
-
1,410
1,200
71,033
41,596
112,628
155,077

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17

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

5. RESTRICTED FUNDS

CURRENT FINANCIAL YEAR

Balance Gains & Balance
01-Apr-23 Income Expenditure (Losses) Transfer 31-Mar-24
£ £ £ £ £
Restricted Funds 13,826 31,018 (41,596) - - 3,248
13,826 31,018 (41,596) - - 3,248
PREVIOUS FINANCIAL YEAR
Balance Gains & Balance
01-Apr-22 Income Expenditure (Losses) Transfer 31-Mar-23
£ £ £ £ £
Restricted Funds 12,864 59,002 (58,040) - - 13,826
12,864 59,002 (58,040) - - 13,826

The Restricted Funds are wholly represented by the Charity's cash reserves and are to be expended as specified above.

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18

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024

6. INVESTMENTS

The Charity held no investment assets during this or the previous financial period.

7. CASH AT BANK AND IN HAND

7. CASH AT BANK AND IN HAND
Natwest current account 1
Natwest current account 2		 Unrestricted
Restricted
Total
Total
Funds
Funds
31-Mar-24
31-Mar-23
£
£
£
£
2,964
1,301
4,265
12,663
-
486
486
456
2,964
1,787
4,751
13,119

8. DEBTORS AND PREPAYMENTS

The Charity held no Debtors during this or the previous financial period.

9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR

Independent Examiner's Fee Unrestricted
Restricted
Total
Total
Funds
Funds
31-Mar-24
31-Mar-23
£
£
£
£
1,410
-
1,410
1,200
1,410
-
1,410
1,200

This page does not form part of the statutory financial statements

19

ASECONDCHANCE LTD (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024

10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

The Charity held no long term liabilities during this or the previous financial period.

11. STAFF COSTS AND NUMBERS

The Charity employed no members of staff during this or the previous financial period.

12. DIRECTORS AND OTHER RELATED PARTIES

No material payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the charity and a director or any person connected with them. (2022/23- None)

13. RECONCILATION OF MOVEMENT ON CAPITAL AND RESERVES

The Company is Limited by Guarantee (0679450) and it is a charity registered with the Charity Commission (1131446).

It does not have a Share capital and has no income subject to Corporation Tax.

Profit / Deficit for the financial year
Other Recognised Gains
Balance Brought Forward
Closing Funds at 31-Mar-24		 2023/24
£
(8,226)
-
(8,226)
13,028
4,802		 2022/23
£
(238)
-
(238)
13,266
13,028

14. RISK ASSESSMENT

The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

15. RESERVES POLICY

The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily.

16. PUBLIC BENEFIT

The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors' report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

This page does not form part of the statutory financial statements

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