Docusign Envelope ID.. 89E3E59F-B55D489D-BD92-B164A9D45900 Registered number.. 08415662 THE SCREWFIX FOUNDATION IA cornpany limited by guarantee) Charity number 1151375 AUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2024
Docusign Envelope ID.. 89E3E59F.B55D_489D_BD92_B164A9D45900 THE SCREWFIX FOUNDATION INDEX TO THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 General Informatio Trustee's Report Independent Auditor's Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Summary of Cash Flows 15 Notes to the Accounts 16-19
Docusign Envelope ID.. 89E3E59F-B55D-489D-BD92-B164A9D459DO THE SCREWFIX FOUNDATION COMPANY INFORMATION Trustee5 J Mewett E 8ell N Boyd K Comber Cwelsh K Jackson P Barr L Taylor Treasurer L Taylor Registered Offlce Trade House Mead Avenue Houndstone Business Park Yeovil Somerset 8A22 8RT Registered Charity No. 1151375 Company Number 08415662 Audttor Mi15ted Langdon LLP Motivo House Alvington Yeovil BA20 2FG Banker5 HSBC Bank PIC Regional Service Centre PO Box 125 2 Floor 62-76 Park Street London SEI 9DZ
Docusign Envelope ID.. 89E3E59F-B55D489D-BD92-B164A9D459DQ THÉ SCREWFIX FOUNDATION TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENOED 31 JANUARY 2024 The Trustees present their annual report together with the audited financial statements of the charity for the year ended 31 January 2024 which are also prepared to meet the requirements for a Directors, Report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211. RELATIONSHIP WITH SCREWFIX DIRECT L5MITED The Board of Screwfix Direct Limited I"Screwfix"I have agreed to match pound-for-pound I"Pound Match") all fundraising activities of Screwfix staff on behalf of The Screwfix Foundation I'the Foundation l. During this financial period the total donation from Screwfix was £222,10912023 £119,893). Additional donation5 were made in the year from one off fundraising activities through the annual Screwfix Live event, which included a Gala fundraising night to celebrate the Ioyear anniversary, a5 well a5 a donation of the profits from the sale of Screwfix Christmas jumpers in December 2023. The additional donations were £303,087 for the Screwfix Live Gala and £101,363 for the donation from the sale of Christmas Jumper5. As well as making monetary donations, Screwfix donates employees, time. The value of this time is not prattical to value, and so has not been included as either income or an expense. Screwfix has chosen the Foundation as its charity partner. Screwfix raises funds through the sale of certain products from which it h35 agreed to donate certain proceeds to the Foundation and other fundraising activities from Screwfix's employees and members of the public. 08JECTIVES AND ACTIVITIES The Foundation's aim5 are to help those in need acr055 the UK by rea50n of financial hardship, sickness, disability or other disadvantage or distress in particular (but without limitation) by helping repair, maintain, improve or construct homes, community facilities and other building5 for the benefit of such persons. The activitie5 of the charity will directly and indirectly benefit the public and the community through the improvement of homes and community facilities creating erbhanced environments. We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous twelve month5. The review look5 at the success of each key activity and the benefits they have brought to those group5 of people we are Set up to help. The review also helps u5 ensure our aims, objectives and activities remain focused on our stated purposes. In the consideration of projects to support, and planning of activities to raise funds, the Trustees have given careful consideration to the Charity Commission's guidance on public benefit, including the guidance 'Public Benefit.. Running a Charity IPB21'. In addition to the support provided to Macmillan Cancer Support, a national charity, the Trustees invite various charities which operate in the community where Screwfix is located to apply for funding in support of their own projects. All request5 for grants are formally vetted and rated against a strict scoring criteria to ensure all supporting projects meet the Foundation's aims and objectives.
Docusign Envelope ID.. 89E3E59F-B55D-489D-BD92-8164A90459DO THE SCREWFIX FOUNDATION TRUSTEE'S ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 JANUARY 2024 FUNDRAISING The Foundation has two main methods of fundraising, these being ongoing fundraising and one-off events. The ongoing methods I'Pennies' and the Screwfix's payday lottery) occur year-round, with one off or seasonal events taking place in limited timeframes. The Foundation usually run5 two raffles a year for the general public, and a monthly payroll lottery for the employees of Screwfix Direct Limited. The Foundation is licenced by the Gambling Commission to perform these activities and is assistèd by an external lottery provider with the monthly payday lotteries. The Foundation did not receive any complaints about fundraising during the year. The Foundation ensures that fundraising efforts are not unreasonably intrusive to the public by limiting the methods by which these funds are raised. Fundraising generally does not occur outside of Screwfix p remises (including the digital shopfront) with larger Scale sponsored events taking place only during Foundation Week or other predetermined land limited) timeframes. The exception to this is the Screwfix Live Gala night which was a one off fundraising activity in the year to celebrate the 10 year anniversary. This took place in September at the S¢rewfix Live venue in Farnborough. With the exception of donations from Screwfix Oirect Limited lincluding but not limited to the Pound Match donations) the Foundation's fundraising focuses on achieving a high volume of smaller donations. Even parts of the Foundation's income that is received as single large donations or grants are derived from tranches of numerous Small donations, like the 'Pennies' income. ACHIEVEMENTS AND PERFORMANCE During the period ended 31 january 2024 we have supported 40512023 3761 local charities and not for profit organisations across the UK, granting a total of £1,715,59912023 £1,676,5511. Local donations were made to charities in the following areas of the U K. Average grant Imeanl made to local Charities was £4,23612022 E4,4581. 2024 2023 Donation made Value of donations Donation made Value of donations (%} 85.7 {%} 87.8 England Scotla nd Wales N. Ireland 84.8 87.8 In addition to the support provided to local charities, the Foundation donated a total of £180,000 to Macmillan Cancer Support12023 £150,000) in support of their cornmunity build projects.
Docusign Envelope ID.. 89E3E59F-B55D489D-BD92-B164A9D45gDO THE SCREWFIX FOUNDATION TRUSTEE'S ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 JANUARY 2024 STRATEGIC REPORT FINANCIAL REVIEW Funds are raised through a variety of means from Screwfix trade counters fundraising activities, head office departmental activities, individual staff fundraising and custorners donating their 'Pennies' on web orders. The profit from sales of power banks was all donated to the Foundation. The 'payday lottery" in which Screwfix staff participate in a work lottery gives 50% of proceeds to the Foundation and the other SO% goes to the prize pot after fees have been deducted. A one off donation was also made in the year for the profit from the sales of Screwfix Christmas Jumpers. In addition to the above, the board of Screwfix have continued to support the pound rnatch of all fundraising activities of Screwfix staff on behalf of the Foundation. The Trustees are pleased to announee the Foundation raised funds of £2,179,773. The fundraising has increased this year due to the two one off fundraising activities Iscrewfix Live Gala and Screwfix Christmas Jumpers) which raised fund5 of £404,450. Two very successful raffles have raised a total of £580,99612023 £625,374). The amount raised via Pennies has decreased. Customer5 donated £644,18512023 £810,182) in thi5 way. Total Pennies income after fees was £612,00412023 £769,673). As a result, the Trustees were able to grant donations of £1,89S,59912022 £1,826,5511 to various project5 in support of the Foundation's objectives. Amounts raised via all methods is expected to remain stable. All planned fundraising event5 are expected to take place in the year. Direct expenditure incurred in collecting the funds raised was E12,83512023 £17,962), being administration fees charged by lust Giving and other outside parties. The Trustees are holding a reserve of £5.000 to ensure any one off or unforeseen tosts can be settled. The Foundation has made a net surplus for the year of £262,67112023 deficit of £100.5741. STRUCTURE GOVERNANCE AND MANAGEMENT The Screwfix Foundation 15 a company limited by guarantee Iregistered company number 084156621 and registered as a charity (number 11513751. The charity 15 governed by its Mernorandum and Articles of Association. In the event of the company being wound up, member5 are required to contribute an arnount not exceeding £10. The Board of Trustees meet at least four times a year and have responsibility for finance. donations granted and the future strategy of the Foundation. All expenditure 15 approved by the Board. The directors of the company are also charity Trustees for the purposes of charity law and under the company's Article5 are known as member5. The body of Trustees may appoint further people to be Trustees during the year as they see fit. All Trustees give their tirne voluntarily and receive no monetary benefits from the charity. All Trustees are given relevant training.
Docusign Envelope ID.. 89E3E59F-855D-489D-BD92-B164A9D459DO THE SCREWFIX FOUNDATION TRUSTEE'S ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 JANUARY 2024 RISK MANAGEMENT It is the opinion of the Trustees that the charity's policies, procedures and controls are adequate to mitigate financial and reputation loss through error or fraud and to maintain the viability of the charity. RESERVES POLICY The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. They have established a policy whereby the unrestricted funds of the charity should be at least £5,000 to ensure any one off or unforeseen costs can be settled. During thè year the Foundation has not received any restricted income. Total reserves balance at 31 January 2024 amounted to £817,23612023.. £554,565) all relate entirely to unrestricted funds and are significantly in exces5 of the target set. PLANS FOR FUTURE PERIODS The charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangement5 and the Trustees will continue to promote the charity so that donations in the future can be secured. GOING CONCERN The Trustees have reviewed financial information for the next twelve months. Following this review, the Trustees consider there to be little impact on the charit(s ability to act as a going concern. AUDITOR Insofar as the Trustee are aware.. There is no relevarLt audit information of which the charitable company's auditor is unaware,. and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. REFERENCE AND ADMINISTRATION The Trustees, who served throughout the year and subsequently, except as noted, were as follow5: J Mewett E Bell L Ha5elhurst (resigned 14 July 20231 C Welsh K jackson P Barr L Taylor N Boyd
Docusign Envelope ID.. 89E3E59F-B55D489D-BD92-B164A9D459DO THE SCREWFIX FOUNDATION TRUSTEE'S ANNUAL REPORT Icontlnuedl FOR THE YEAR ENDED 31 JANUARY 2024 TRUSTEES, RESPONSIBILITIES Company law requires the Trustees to prepare financial statements for each financial year which give a trLte and fair view of the state of the affairs of the charitable company 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 Trustees should follow best practice and.. Select suitable accounting policies and apply them consistently- Observe the methods and principles in the Charities SORP,. Make judgement5 and estimates that are reasonable and prudent,. State whether applicable accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement5,' Prepare the financial statements on the going concern basis unless 5t 15 not appropriate to assume that the company will continue on that ba515. The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accurary, at any time, the financial position of the Charity and enable them to ensure that the financial statements comply with both the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the rnaintenance and integrity of the corporate and financial information included on the charitable company's web51te. Legislation in the United Kingdorn governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Thi5 re ort was a roved b the Trustee5 on the 24 09 24 and si ned on its behalf b Do¢uSigned by.. 2C9DFCD7F01349C J Mewett Trustee
Do¢uSign Env&lope ID.. 89E3E59F-B55D489D-BD92-B164A9D459DO THE SCREWFIX FOUNDATION TO THE TRUSTEES OF THE SCREWFIX FOUNDATION INDEPENDENT AUDITOR'S REPORT ON THE FINANCIALSTATEMENT5 OPINION We have audited the financial statements of The Screwfix Foundation for the year ended 31 January 2024, which comprise the Statement of Financial Activities incorporating Sncome and Expenditure Account, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Gellerally Accepted Accounting Practitel. In our opinion the financial 5tatements= Give a true and fair view of the state of the Charitable Company's affairs as at 31 January 2024 and of it5 incoming resources and application of resources for the year,. and then ended,. Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and Have been prepared in accordance with the requirement5 Of the Charities Act 2011. BASIS FOR OPINI We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees, use of the going concern ba5$5 of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on charit(s ability to continue as a going concern for a period of at least 12 month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant section5 of this report.
Docusign Envelope ID.. 89E3E59F-B55D489D-BD92-B164A9D459DO THE SCREWFIX FOUNDATION TO THE TRUSTEES OF THE SCREWFIX FOUNDATION INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS Icontinuedl OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial statements arid our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, IA doing so, consider whether the other information is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. MAThERS ON WHICH WE ARE RE UIRED TO REPORT BY EXCEPTION We have nothirtg to report in respect of the following matters where the Charities fAccount5 and Reports) Regulations 2008 requires us to report to you if, in our opinion.. The information given in the Trustees, report is inconsistent in any material respect with the financial statements; Sufficient accounting records have not been kept,. The financial statements are not in agreement with the accounting records and returns,. or We have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES A5 explained more fully in the Statement of Trustees, Responsibilities set out on page 8, the Trustee5 are responsible for the preparation of the f inancial statements and for being satisfied that they give a true and fair view. and for such internal control a5 the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial 5tatementS, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the Trustees either intend to liquidate the Charity or to cease operation5, or have no realistic alternative but to do so. io
Docusign Envèlopo ID.. 89E3E59F-B55D-489D-BD92-B164A9D45900 THE SCRÉWFIX FOUNDATION TO THE TRUSTEES OF THE SCREWFIX FOUNDATION INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS Icontinuedl AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under the Chorities Act 2011, 5.144 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi5Statement when it exists. Misstatement5 can arise from f raud or error and are considered material if, individually or in the aggregate, they Could reasonably be expected to influence the economic decision5 of user5 taken on the basis of these f1nancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In identifying and assessing risks of material mi55tatement in respect of irregL¢larities, including fraud, the audit engagement team= Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is Complying with the legal and regulatory framework,. Inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instance5 of fraud,- Discussed matters about nor¢-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. However, it IS the primary responsibility of management, with the oversight of those charged with governan¢e, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulation5 and for the prevention and detection of fraud. A further description of our respon5ibilitie5 for the audit of the financial statement5 15 located on the Financial Reporting Council's webslte at.. http'.l/www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. li
THE SCREWFIX FOUNDATION TO THE TRUSTEES OF THE SCREWFIX FOUNDATION INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS Icontinuedl USE OF OUR REPORT This report is made solely to the charitable company's Tru51ees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those Matters we are required lo state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Tru5tee5 as a body, for our audit work, for thi5 report, or for the opinions we have formed. LLP LL-c)Li . LLtr. Mi15ted Langdon LLP, Statutory Auditor Motlvo House Alvington Yeovil Somerset BA20 2FG Milsted Langdon LLP is eliglble for appointment a5 auditor of the Chariiy by virtue of it5 eligibility for appoinrment as auditof of J company under section 1212 of the Companies Act 2006 12
Do¢uSign Envelope ID.. 89E3E59F-855D-489D-8092-B164A90459DO THE SCREWFIX FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Incorporating and Income and Expenditure Accounts) FOR THE YEAR ENDED 31 JANUARY 2024 2024 2024 2023 Unrestricted Total Fund 2023 Note5 Unrestricted Total Fund INCOME Donations & legacies TOTAL INCOME 2,179,773 2,179,773 1,756,158 1,756,158 2,179.773 2,179,773 1,756,158 1,756,158 EXPENDITURE Costs of raising funds 12,835 12,835 17,962 17,962 Expenditure on charitable activities TOTAL EXPENDITURE 1,904,267 1,904,267 1,838,770 1,838,770 1,917,102 1,917,102 1,856,732 1,856,732 NET EXPENDITURE NET INCOME AND NET MOVEMENT IN FUNDS FOR THE YEAR 262,671 262,671 1100,5741 1100,5741 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 554,565 554,565 655,139 655,139 TOTAL FUNDS CARRIED FORWARD 12 817,236 817,236 554,565 554,565 There were no recognised gain5 and losses other than those included in the statement of financial activities. All incoming resources and resource5 expended derive from continuing activities. The notes on pages 16 to 19 form part of these financial statements. 13
Docusign Envelope ID.. 89E3E59F.855D_4890.BD92_8164A9045900 THE SCREWFIX FOUNDATION CHARITABLE COMPANY 08415662 BALANCE SHE FOR THE YEAR ENDED 31 JANUARY 2024 Notes 2024 2023 CURRENT ASSETS Debtor5 487,586 182,759 344,076 447,780 831,662 630,539 114.4261 175,9741 Cash at 8ank and in Hand Creditors.. amounts falling due within one year NET ASSETS 817,236 554,565 TOTAL FUNDS Unrestricted funds 717,236 loo,000 817,236 554,565 Oesignated funds 12 554,565 The notes on pages 16 to 19 form part of these financial statements For the financial year ending 31 January 2024 the charitable 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 director5 acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of atcounts. These accounts have been prepared in accordance with the provision5 applicable to companies subject to the small companies, regime. These accounts were approved by DO¢5(1•d by.. J Mewett Trustee Date 21110124 DDcuSiyn•4 by.. L Taylor Treasurer Date 21110124 14
Docusign Envelope ID.. 89E3E59F-B55D489D-BD92-B164A90459DO THE SCREWFIX FOUNDATION SUMMARY OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 Total Funds Total Funds 2024 2023 Note Net cash generated in operating activities li 1103,7041 83,266 Change in cash and cash equivalents in the year 1103,7041 83,266 Cash and cash equivalent brought forward Cash and cash equivalents carried forward 447,780 344,076 364,514 447,780 15
Docusign Envelope ID.. 89E3E59F-B55D-4890-BD92-8164A9D459DO THE SCREWFIX FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 I ACCOUNTING POLICIES Basis of Pre aration The financial statement5 have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the 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 IFRS 1021 (Charities SORP IFRS 10211, and the Companies Act 2006. Assets and Liabilities are initially recognised at historical cost or transaction values unless otherwise stated in the relevant accounting policy notes. The charity meets the definition of a publi¢ benefit entity under FRS 102. Fund Unre5trirted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitv. Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Goin Concern The Trustees consider that there are no material uncertainties about the charity's ability to continue as going concern nor any significant areas of uncertainty that affect the carrying value of the assets held by the charitv. The Trustees have reviewed financial information for the next twelve months. Following this review, the Trustee5 consider there to be little impact on the charity's ability to act as a going concern. Income All income is included in the statement of financial activitie5 when the charity is entitled to it, and there is sufficient certainty that receipt of the income is considered probable, and the income and the amount can be quantified with reasonable accuracy. Incoming donations are generally accounted for in the period in which they are received. Donated services and facilities are included at the value to the charity where this can be quantified. The value of the services provided by volunteers has not been included in these occounts. Donations due from Screwfix and the 'Pennies' 0rgani5ation are recogni5ed in the period the donation is received by the recipient organisation who collect donations on behalf of the Foundation, as long as the amount to be received can be quantified with reasonable accuracy. Re50urce5 Ex ended Expenditure is recogni5ed on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of expenditure to which it relates= Charitable expenditure comprise5 those costs incurred by the Charity in delivery of its activities and Services for its beneficiaries. It includes both costs that can be allocated direetly to such activities arbd those costs of an indirect nature necessary to 5UPPOrt them. Governance costs include those costs associated with meeting the constitutional and statutory requirement5 of the charity and include audit fee5 and costs linked to the strategic management of the charity. These cost5 have been included in expenditure on charitable activities. Costs of raising funds comprise the costs associated with attracting voluntary income for the charity. 16
Docusign Envelope ID.. 89E3E59F-B55D-489D-BD92-B164A9D459DO THE SCREWFIX FOUNDATION NOTES TO THE FINANCIAL STATEMENTS Itontlnued) FOR THE YEAR ENDED 31 JANUARY 2024 Financial Instruments The charity only holds basic financial instruments as defined in FR5 102. The financial asset5 and financial liabilities of the charity and their rneasurement basis are as follows,. Financial a55ets- trade and other debtors are basic financial instruments and are debt instrument5 measured at amortised cost. Prepayments are not financial instruments Cash at bank is classif led as a basic financial instrument and 15 measured at face value. Financial liabilities - trade creditors, accruals and other creditors are f inancial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. INCOME AND DONATIONS 2024 2023 Pennies Raffle Donations from Kingfisher PLC Screwfix Pound match Store fundraising Payday1ottery Just Giving Other Screwflx Live Gala Head Office Fundraising Managers Conference Christmas lumpers 612,004 580,996 88,117 222,109 164,506 38,657 47,273 641 303,087 11,516 9,504 101,363 2,179,773 769,673 625,374 75,000 119,893 100,007 36,497 19,717 9,997 1,756,158 EXPENDITURE ON CHARITA8LE ACTIVITIES 2024 2023 Donations - lo¢al Donations - national Governance costs Insurance costs 1,715,599 180,000 8,668 1,676,S51 150,000 11,376 843 1,838,770 1,904,267 COST OF RAISNG FUNDS 2024 2023 Gambling commi55ion Payday lottery fee5 Other direct cost5 1,877 10,752 206 1,677 9,391 6,894 17,962 12.835 17
Docusign Envelope ID.. 89E3E59F-B55D-489D-8D92-8164A9D459DO THE SCREWFIX FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JANUARY 2024 GOVERNANCE COSTS 2024 2023 Audit fee 8,668 11,376 8,668 11,376 DEBTORS.. AMOUNTS DUE WITHIN ONE YEAR 2024 2023 Amounts owed from Screwfix Accrued donations 392,271 95,315 487,586 114,649 68,110 182,759 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Committed donation grants Audit Fee Accruals 23,846 43,608 6,926 7,500 8,520 75,974 14,426 8 RELATED PARTY TRANSACTIONS No remuneration has been made to or on behalf of the Trustees12023- £nill, neither are they reimbursed expenses during the year12023'. £nill. No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year12023.. £nill. A number of Trustees are also directors of Screwfix Direct Limited. Details of the relationship and transaction5 Wlth Screwfix can be found on pages 4 and 5 of the Trustees report. At the year end donations of E392,27112023 £114,649) were due from Screwfix Direct Limited. A donation was received during the year of £88,117 from Kingfisher PLC, the ultimate holding cornpany of Screwfix Direct Limited. The overhead c05t of the Foundation Manager is funded by Screwfix Direct Limited. 9 SHARE CAPITAL The compony is limited by guarantee and does not have share capital. The liability of the guarantors. who are the Trustees. is limited to £10 per guarantor. 10 TAXATION As a charity, The Screwfix Foundation is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or 5256 of the taxation of Chargeable Gain5 Act 1992, to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. 18
THE SCREWFIX FOUNDATlOht NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 JANUARY 2024 11 NET MOVEMENT IN FUNDS 2024 2023 Net movement in fund5 Decreasellincreasel in debtors IDecreasel/increase in creditor5 262,671 1304,8271 161,5481 1103,7041 1100.574 166,555 17,285 83,266 12 FUNDS Balance at 31 January 20Z4 Balance at I February 2023 Incoming resources Resources expended Transfers Unrestricted funds Designated funds viy Total funds 554,565 2,179,773 11,917,102} iioo,0001 717,236 loo,000 loo.000 817,236 554.565 2,179.773 11,917,102) Balance at 31 January 2023 Balance at I February 2022 Intoming resources Resources expended Transfers Unrestricted funds Total funds 655,139 655,139 1.756,158 1.756,158 11,856,732) 11,856.7321 554.565 554,565 viy The Trustees have agreed to support 'Volunteer It Yourself Iviyi, a charity 5UPPOrting young people gain trade ski115 whilst volunteering to renovate community and charity spaces. 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 2023 Current asset5 Current liabilities Total net assets 831,662 114,4261 817,236 630.539 175,9741 554,565 19