SANIBEL FOUNDATION FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st March 2024
Company Number: 07037120 Charity Registered Number: 1133652
Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM1 2SW
SANIBEL FOUNDATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st March 2024
| Contents | Page |
|---|---|
| References and Administrative Details | 1 |
| Report of the Trustees | 2-4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8-11 |
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST MARCH 2024
SANIBEL FOUNDATION
==> picture [521 x 52] intentionally omitted <==
| Trustees Ms G Glover |
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|---|---|
| Mr A C Ross | |
| Mr J Cooke | |
| Company secretary and Chief Mr P A Hingston |
|
Executive |
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| Registered office Lily House 11 The Shrubberies |
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| George Lane | |
South Woodford |
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| London | |
| E18 1BD | |
| Company number 07037120 |
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| Charity number 1133652 |
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| Independent examiner Miriam Hickson |
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| Jacob Cavenagh & Skeet | |
5 Robin Hood Lane |
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| Sutton | |
| Surrey | |
SM1 2SW |
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| Solicitors BDB Pitmans LLP |
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| One Bartholomew Close | |
| London | |
| EC1A 7BL | |
| Bank Virgin Money |
|
154 – 158 Kensington High Street |
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| London | |
| W8 7RL |
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
SANIBEL FOUNDATION
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, have pleasure in presenting their report and the accounts for the year ended 31st March 2024, which have been prepared in accordance with the Charities Act 2011, and the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).
OBJECTIVES AND ACTIVITIES
Significant activities
During the year the charity continued to focus on grant-making activities to support boxing clubs looking to increase their activity and impact. Such clubs were required to be well-established, affiliated with England Boxing and able to demonstrate local community support through successful fundraising.
By year end, the charity had awarded £65,616 to three thriving clubs.
Didcot Boxing Academy. The club was originally based in a small warehouse outside of Didcot. The club’s owner had been raising funds for a purpose-built gym in central Didcot, located close to transport, amenities and with access to sufficient parking. Much of the building work had been completed thanks to impressive fundraising efforts by the club and as a result of local tradespeople offering their services on a voluntary basis. Nevertheless, at the time of Sanibel’s involvement it had become clear that there was a significant financial shortfall for materials and equipment to complete the work. Additionally, the club had been served notice on its warehouse space.
With Sanibel’s financial and professional help, the club successfully negotiated more favourable lease terms for the new premises, fully completing the build and equipping the gym with state of the art equipment by August 2023.
Demand to join the new gym was strong from inception thanks to the club’s growing reputation for excellence, its large social media presence, strong relationship with local secondary schools and highly visible central location. At year end, membership had increased by approximately 40% to 200 members, with the number of coaches growing to a total to nine.
It is anticipated that the club will now enjoy a secure future both as a boxing gym and as a valuable community hub offering alternative educational provision. As a sign of its ambition, the club ended the year with plans to fundraise for the purchase of a minibus to meet the increased travelling requirements for the growing membership.
Cullompton Amateur Boxing Club. The club has been based in North Devon since 2018. In an area largely bereft of community or sporting facilities, the club has benefited from its proximity to the M5 motorway to offer a welcoming space both for boxers and for those with an interest in personal fitness. With six coaches offering 15 sessions a week, the club needed to remodel its warehouse space in order to meet growing demand. Additionally, the significant travelling distances faced by a club in a rural area made the need for a minibus especially pressing. With Sanibel augmenting community fundraising, the club was able to complete the acquisition of a minibus and make a number of structural changes to its premises.
High Wycombe Warriors Boxing Club. The club has been affiliated with England Boxing since 2007 and operates from a former furniture factory just outside of town. It offers training facilities to three classes, each operating three times a week. In total some 100 people are engaged with the club at any given time. Over the years the club had accumulated a reserve fund to purchase a minibus but despite significant fundraising activity had fallen slightly short of its goal. With Sanibel’s help the club was able to purchase a quality minibus better suited to the challenging local terrain.
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SANIBEL FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 (continued)
Public benefit
We have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
FINANCIAL REVIEW
Financial position
The charity continued to benefit from a reliable income stream, this year of £37,028 from investments managed by Sarasin & Partners LLP, a specialist investment manager for charities. Another volatile year in the financial markets ended with a capital gain of £97,252. The charity therefore remains in a strong financial position to pursue its charitable objects.
Reserves policy
The charity’s intention remains to expend reserves in order to fund appropriate individuals and charities engaged in activities consistent with the charity’s existing and future objects.
Total funds at the year-end were £1,336,056.
Commitments
The Trustees have not entered into any legally or morally binding charitable commitments or guarantees which might require separate disclosure.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
FUTURE PLANS
The charity will continue to seek to assist established England Boxing affiliated clubs that are seeking to raise substantial capital amounts and are supported by a track record of successful fundraising from their local community. Additionally, the charity will begin to consider awarding smaller grants for equipment to clubs that meet the same criteria.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
Sanibel Foundation is a company limited by guarantee (no. 07037120) incorporated in England and Wales on 9th October 2009 and a registered charity (no.1133652). Its governing document is the Memorandum and Articles of Association. The Memorandum and Articles of Association were last updated on 8 December 2021.
The Charity’s objects are i) to promote and protect well-being and positive mental health through the provision of psychological therapy, psycho-educational programmes, coaching and assistance to access employment, education and training. ii) The promotion of community participation in healthy recreation in particular by the provision of facilities and coaching for boxing.
Organisational structure
The company is managed by the Board of Trustees, elected under terms of the Articles of Association. Trustees are required to hold significant experience in a professional field and to demonstrate sympathy and commitment to the company’s activities.
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SANIBEL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 (continued Organlsatlonal structure (continued) In addition to meeting the above requirements, new Trustees meet with the Chief Executive to familiarize themselves with the activities of the company before shadowing Board meetings. Subsequent election is by unanimous vote at a properly convened meeting. The Board meets at least four times a year. The daily operation, clinical. and financial activities of the charity are delegat8d to the Chief Executive who attends all Board meetings. The Trustees and the Chief Executive are Key Management Personnel. Rlsk management The Trustees have assessed the major risks to which the company is exposed, in partiCLtlar those related to the operations and finances of the company. The Trustees are satisfied that systems are in place to mitigate the company's exposure to these major risks. Appropriate controls are in place to provide reasonable assurance against fraud and error. Responslbllltles of the Trustees The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for the period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently,. observe the methods and winciples in the Charities SORP,, make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitsble company will continue its operations. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and which enable it to ensure that the financial statements comply with the Companies Act 2006. It is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the Board of Trustees on 4 June 2024 and signed on its behalf by: Glov•r - Trustee
INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES OF SANIBEL FOUNDATION thecom I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responslbllltles and basls of report As the charrty's trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charites Act 2011 (Yhe 2011 Act,). In carrying out my examination I have followed the directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'tru8 and fair view, which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and the 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 accounts to be reached. Miriam Hickson FCA CTA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM12SW Date:
SANIBEL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure account) FOR THE YEAR ENDED 31ST MARCH 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| Note |
£ | £ | |
| Income from: | |||
| Donations and legacies | - | - | |
| Investments | 37,028 | 37,246 | |
| Other income | - | - | |
| Total income | 37,028 | 37,246 | |
| Expenditure on: | |||
| Charitable activities | 130,454 | 105,525 | |
| Total expenditure | 4 | 130,454 | 105,525 |
| Net gain/(loss) on investments | 7 | 97,252 | (84,206) |
| Net income/(expenditure) for the year | 5 |
3,826 | (152,485) |
| Transfers between funds | - | - | |
| Net movement in funds | 3,826 | (152,485) | |
| Total funds brought forward | 1,332,230 | 1,484,715 | |
| Total funds carried forward | 1,336,056 | 1,332,230 |
All recognised gains and losses are reflected through the Statement of Financial Activities and no separate Statement of Total Recognised Gains or Losses is presented. There were no discontinued or acquired activities during the current or preceding year.
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SANIBEL FOUNDATION BALANCE SHEET AT 31ST MARCH 2024 Company Number.. 07037120 2024 2023 Note Flxed assets Tangible fixed assets Investments 1225 384 1,225,384 1,322,636 Curront assets Debtors Cash at bank 159 159 108 973 109,132 15,701 crltOrS.. Amounts falling due within one year 281 Not current ass•ts 10 Not ass•ts Funds Unrestricted (Including revaluation reserve of £397,793 (2023: £300,541) 133805 1332 230 For the year ending 31 March 202¥the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the roquirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved bythe Trustees on 4 June 2024 and sned in its behalf by: MS G Glover Trustee
SANIBEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1 ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of preparation
The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.
Sanibel Foundation is a company limited by guarantee and has no share capital. Its registered office is Lily House 11 The Shrubberies, George Lane, South Woodford, London. E18 1BD. The company is a registered charity. Sanibel Foundation meets the definition of a public benefit entity under FRS 102.
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 £.
- (b) Income
Voluntary income and donations (including legacies) are accounted for once the charity has entitlement to the income, it is probable the income will be received and the amount of income receivable can be reliably measured. The income from fundraising is shown gross, with the associated costs included in fundraising costs. Where material assets are donated to the company for its use, these are capitalised at the estimated market value at the date of the gift and included under income. Assets given for distribution by the charity are received as income when distributed and stated in the accounts at the directors’ estimated market value at the time of receipt.
- (c) Investment Income
This, and any associated tax credits, is included in the financial statements when receivable.
(d) Charitable activities
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities.
The majority of costs are directly attributable to specific activities. Staff costs are allocated on the basis of time spent by staff on each activity. Office costs, including governance costs, are charged directly to the activity when incurred.
(e) Restricted funds
These are funds which are restricted when given by the donor as to the purpose for which they can be used. The Trustees are obliged to follow the donor’s wishes or return the monies to the donor if they are unable to do so.
Unrestricted funds
Unrestricted funds are given free of restriction by the donor and are to be used by the Trustees in accordance with the objects of the charity generally.
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SANIBEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)
(f) Investments
Those quoted on a recognised stock exchange are at market value and other investments are included at Trustees’ best estimate of market value. All gains or losses are taken to the Statement of Financial Activities and included in net income for the year.
(g) Debtors
-
Other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
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(h) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
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(i) Creditors and provisions
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Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
(j) Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
(k) Grants payable
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one or multi year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.
(l) Tangible fixed assets
- Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment 33% on cost
3 TRUSTEES’ REMUNERATION AND BENEFITS
No remuneration was paid to Trustees, and no expenses were reimbursed.
There were no other related party transactions .
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SANIBEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)
| 4 EXPENDITURE Direct Charitable activities Grants to institutions (Note 12) Staff costs Premises costs Other costs Governance costs Accountancy and tax work fees Independent examination fees Total expenditure 5 NET INCOME/(EXPENDITURE) This is stated after charging: Independent Examiner’s remuneration 6 TANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 DEPRECIATION Cost at 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 7 INVESTMENTS Sarasin Investment Portfolio Market value brought forward Market value of disposals Change in cash funds Net unrealised (loss)/gain on revaluation Market value carried forward Historic cost carried forward |
Unrestricted Total Total Funds Funds Funds 2024 2024 2023 £ £ £ 65,616 65,616 40,000 59,774 59,774 60,587 1,507 1,507 1,569 1,211 1,211 1,204 128,108 128,108 103,360 1,023 1,023 905 1,323 1,323 1,260 2,364 2,364 2,165 130,454 130,454 105,525 2024 2023 £ £ 1,323 1,260 Computer Equipment £ 14,209 14,209 - - 2024 2023 £ £ 1,225,384 1,409,594 - (105,947) 13 3 97,239 (78,267) 1,322,636 1,225,384 924,843 924,843 |
Unrestricted Total Total Funds Funds Funds 2024 2024 2023 £ £ £ 65,616 65,616 40,000 59,774 59,774 60,587 1,507 1,507 1,569 1,211 1,211 1,204 128,108 128,108 103,360 1,023 1,023 905 1,323 1,323 1,260 2,364 2,364 2,165 130,454 130,454 105,525 2024 2023 £ £ 1,323 1,260 Computer Equipment £ 14,209 14,209 - - 2024 2023 £ £ 1,225,384 1,409,594 - (105,947) 13 3 97,239 (78,267) 1,322,636 1,225,384 924,843 924,843 |
|---|---|---|
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SANIBEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)
| 8 DEBTORS Prepayments 9 CREDITORS: Amounts falling due within one year Trade Creditors Other Creditors Accruals 10 STAFF COSTS Wages and salaries Social security costs Pension Other staff costs |
2024 £ 159 2024 £ - - 2,281 2,281 2024 £ - - 58,396 1,378 59,774 |
2023 £ 159 2023 £ - 144 2,142 2,286 2023 £ 18,144 - 40,396 1,747 60,287 |
|---|---|---|
No employee earned over £60,000 in the year, nor in the previous financial year. The average number of persons employed by the charity during the year was 1 (2023 – 1).
The total employee benefits of the key management personnel of the charity were £58,396 (2023: £58,540).
11 TAXATION
The company is exempt from corporation tax on its charitable activities.
12 GRANTS MADE
During the year grants were made to following institutions for the promotion of community participation in healthy recreation, in particular by the provision of facilities and coaching for boxing:
| Institution Didcot Boxing Academy – 10 grants High Wycombe Warriors Boxing Club – 3 grants Cullompton Amateur Boxing Club – 5 grants Anderson Amateur Boxing Club – 1 grant Leigh Park Amateur Boxing Club – 1 grant Bridgnorth Boxing Academy – 1 grant |
2024 £ 42,439 6,760 16,417 - - - 65,616 |
2023 £ - - - 15,000 15,000 10,000 40,000 |
|---|---|---|
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