Charity registration number: 1154244
The Arah Foundation
Annual Report and Financial Statements for the Year Ended 31 March 2024
The Arah Foundation
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 15 |
The Arah Foundation
Reference and Administrative Details
Trustees Mrs A Arah Mr W J Arah Charity Registration Number 1154244 Principal Office c/o Mcfarlanes LLP 10 Norwich Street London ED4A 1BD Independent Examiner Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 5AD
Page 1
The Arah Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024.
Objectives and activities
Objects and aims
The Trust's objectives are the provision of funds for general charitable purposes, education, training, arts and culture, human rights and religious and racial harmony. The Trust operates in England & Wales, St Vincent and Grenadines and Turkey.
The aims of the Trust are to provide funds for the following:
-
General charitable purposes
-
Education and training
-
Arts and culture
-
Human rights
-
Religious and racial harmony
The Trust seeks to aid established charities in these areas by general grants seeking to support the full range of fields that the charity is involved in.
The Trust is open to more targeted grants but these will only be made following discussion by the Trustees.
The Trust is unwilling to account for more than 10% of the funding of a charity but may do so in exceptional cases following a decision by the Trustees.
By making grants to the chosen charities the Trust is furthering its aims and objectives. Being able to continue to support the chosen charities is how the success is measured.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
During the year, the Trust made donations totalling £299,400 to a variety of charities and foundations in order to further the mentioned objectives. The trustees therefore consider that they have achieved the charitable objectives during the year and have available funds to continue meeting these objectives in the foreseeable future.
Grant funding the charities has allowed existing charities to continue and expand their areas of support/activity.
Grant making to other organisations is the only significant charitable activity undertaken during the period.
Page 2
The Arah Foundation
Trustees' Report (continued)
Financial review
The Trust's work is entirely reliant on voluntary income.
The Fund received a substantial donation during the 2018 financial year. This funding will allow the Trust to continue and expand its support of related charities.
Policy on reserves
The trustees will ensure that sufficient reserves are maintained to continue the work of the Trust for the foreseeable future.
As at the 31 March 2024 the charity held £12,627,103 in unrestricted funds. £11,000,000 was invested into gilts in order to achieve a return on the funds held. As at 31 March 2024, the investment held was worth £11,319,452. The level of grants made each year is variable and as such, the funds in place are deemed adequate to allow the Trust to continue and give grants as they see fit.
Plans for future periods
Aims and key objectives for future periods
The trustees will continue to invite applications from individuals and organisations for funds to further benefit the causes that the Trust was set up to benefit.
The Trust will seek support from its trustees where required in the future.
Structure, governance and management
Recruitment and appointment of trustees
The Trustees review from time to time any names bought forward for their consideration of those who have a skill or qualification that will benefit the Trust.
If there is a unanimous wish that they be appointed, the role is discussed with the nominee and if relevant, this is made at the next possible meeting of the trustees followed by appropriate induction procedures.
Organisational structure
The Trust has no employees and none are envisaged.
All decisions are made by the Trustees.
The Trust only makes grants to established charities.
Proposed grants are discussed by the Trustees. If the sum considered is below £20,000 then grants can be made on recommendation without further research or contact. For sums above this figure and when the Charity is not a household name (eg Save the Children) then Executives / Representatives of the charity under consideration are contacted, relevant materials requested and meetings held.
During the current year and for the foreseeable future, the trustees are involved in the key management of the Trust and therefore no remuneration is paid to these individuals.
Page 3
The Arah Foundation
Trustees' Report (continued)
Relationships with related parties
Trustees
The Trust's only related parties are the trustees.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements 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 statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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 maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
10.01.2025
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
Mrs A Arah
......................................... Mrs A Arah Trustee
Page 4
The Arah Foundation
Independent Examiner's Report to the trustees of The Arah Foundation
I report to the trustees on my examination of the accounts of The Arah Foundation for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of The Arah Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The Arah Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of The Arah Foundation as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
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.
...................................... Robyn Gifford-England ACA Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 5AD
10.01.2025
Date:.............................
Page 5
The Arah Foundation
Statement of Financial Activities for the Year Ended 31 March 2024
| Note Income and Endowments from: Donations and legacies Investment income 3 Total income Expenditure on: Charitable activities 4 Total expenditure Gains/losses on investment assets Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ - 61,818 61,818 (312,653) (312,653) 328,186 77,351 77,351 12,549,752 12,627,103 |
Total 2024 £ - 61,818 61,818 (312,653) (312,653) 328,186 77,351 77,351 12,549,752 12,627,103 |
Total 2023 £ 744 62,886 |
|---|---|---|---|
| 63,630 | |||
| (131,514) | |||
| (131,514) (3,309) |
|||
| (71,193) | |||
| (71,193) 12,620,943 |
|||
| 12,549,750 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 14.
The notes on pages 8 to 15 form an integral part of these financial statements. Page 6
The Arah Foundation
(Registration number: 1154244) Balance Sheet as at 31 March 2024
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand 12 Creditors: Amounts falling due within one year 13 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 14 |
2024 £ 11,319,452 19,246 1,289,604 1,308,850 (1,199) 1,307,651 12,627,103 12,627,103 12,627,103 |
2023 £ 10,996,583 4,804 1,549,564 |
|---|---|---|
| 1,554,368 (1,201) |
||
| 1,553,167 | ||
| 12,549,750 | ||
| 12,549,750 | ||
| 12,549,750 |
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on ....................10.01.2025 and signed on their behalf by:
Mrs A Arah
......................................... Mrs A Arah Trustee
The notes on pages 8 to 15 form an integral part of these financial statements. Page 7
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Arah Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Page 8
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 9
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Financial instruments
Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Recognition and measurement
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from donations and legacies
Total 2024 £ -
Page 10
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
| Donations and legacies; Donations from individuals 3 Investment income Interest receivable and similar income; Interest receivable on bank deposits Other income from fixed asset investments Interest receivable and similar income; Interest receivable on bank deposits Other income from fixed asset investments 4 Expenditure on charitable activities Note Grant funding of activities Governance costs Note Grant funding of activities Governance costs |
Unrestricted funds General £ 744 744 Unrestricted funds General £ 17,889 43,929 61,818 Unrestricted funds General £ 43,410 19,476 62,886 Unrestricted funds General £ 299,400 13,253 312,653 Unrestricted funds General £ 130,290 1,224 131,514 |
Total 2023 £ 744 |
|---|---|---|
| 744 | ||
| Total 2024 £ 17,889 43,929 |
||
| 61,818 | ||
| Total 2023 £ 43,410 19,476 |
||
| 62,886 | ||
| Total 2024 £ 299,400 13,253 |
||
| 312,653 | ||
| Total 2023 £ 130,290 1,224 |
||
| 131,514 |
Page 11
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
5 Analysis of governance and support costs
Governance costs
| Audit fees Other fees paid to auditors Independent examiner fees Examination of the financial statements Other fees paid to examiners Other governance costs Independent examiner fees Examination of the financial statements Other fees paid to examiners Other governance costs |
Unrestricted funds General £ (40) 440 848 12,005 13,253 Unrestricted funds General £ 400 684 140 1,224 |
Total 2024 £ (40) 440 848 12,005 |
|---|---|---|
| 13,253 | ||
| Total 2023 £ 400 684 140 |
||
| 1,224 |
6 Grant-making
Analysis of grants
The trust has opted to use the disclosure exemption which therefore means that an analysis of grant recipients is not required.
| recipients is not required. | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Grants to institutions | Activity | £ | £ |
| All grants to institutions | Grant making | 299,400 | 130,290 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 12
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
8 Independent examiner's remuneration
| 8 Independent examiner's remuneration |
||
|---|---|---|
| Examination of the financial statements Other fees to examiners All other services |
2024 £ 440 848 |
2023 £ 400 |
| 684 |
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Fixed asset investments
Other investments
| Cost or Valuation At 1 April 2023 Revaluation Movement in cash balance held At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Listed investments £ 10,996,583 328,186 (5,317) 11,319,452 11,319,452 10,996,583 |
Total £ 10,996,583 328,186 (5,317) |
|---|---|---|
| 11,319,452 | ||
| 11,319,452 | ||
| 10,996,583 |
Page 13
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
| 11 Debtors Accrued income 12 Cash and cash equivalents Cash at bank 13 Creditors: amounts falling due within one year Accruals 14 Funds Balance at 1 April 2023 £ Incoming resources £ Unrestricted funds General 12,549,752 61,818 Balance at 1 April 2022 £ Incoming resources £ Unrestricted funds General 12,620,943 63,630 15 Analysis of net assets between funds Fixed asset investments Current assets Current liabilities Total net assets |
2024 £ 2023 £ 19,246 4,804 2024 £ 2023 £ 1,289,604 1,549,564 2024 £ 2023 £ 1,199 1,201 Resources expended £ Other recognised gains/(losses) £ Balance at 31 March 2024 £ (312,653) 328,186 12,627,103 Resources expended £ Other recognised gains/(losses) £ Balance at 31 March 2023 £ (131,514) (3,309) 12,549,750 Unrestricted funds Total funds at 31 March General £ 2024 £ 11,319,452 11,319,452 1,308,850 1,308,850 (1,199) (1,199) 12,627,103 12,627,103 |
2023 £ 4,804 |
|
|---|---|---|---|
| 2023 £ 1,549,564 |
|||
| 2023 £ 1,201 |
|||
| Balance at 31 March 2024 £ 12,627,103 |
|||
| Balance at 31 March 2023 £ 12,549,750 |
|||
| 12,627,103 |
Page 14
The Arah Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
| Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 10,996,583 1,554,368 (1,201) 12,549,750 |
Total funds at 31 March 2023 £ 10,996,583 1,554,368 (1,201) |
|---|---|---|
| 12,549,750 |
16 Related party transactions
During the year the charity made the following related party transactions:
Trustees
During the year, £Nil was donated to the charity by the trustees (2023: £744 was donated to the charity by the trustees). At the balance sheet date the amount due to/from Trustees was £Nil (2023 - £Nil).
Page 15