Company No. 8820015
Charity No. 1156127
Fuse Foundation
(A Charitable Company Limited by Guarantee)
Financial Statements
For the year ended 30 June 2021
Fuse Foundation
(A Charitable company limited by guarantee)
| Contents Company Information Trustees' Report Statement of Trustees' Responsibilities Independent Examiner's Report Statement of Financial Activities Statement of retained earnings Balance Sheet Notes to the Accounts |
Page |
|---|---|
| 1 2 4 5 6 7 8 9 |
For the information of management only
14
Detailed Income and Expenditure Account
Fuse Foundation
(A Charitable company limited by guarantee)
Company Information
Trustees Stephen Paul Dineen Silvia Monni Mark Dineen (Resigned 29 June 2022) Registered Office 3 Bound Lane Hayling Island Hampshire PO11 9HU Company Number 8820015 Registered Charity Number 1156127 Reporting Accountants Tom Carolan & Co Chartered Accountants 33 Austin Friars Street Mullingar Co. Westmeath Ireland N91 NR52 Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ
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Fuse Foundation
(A Charitable company limited by guarantee)
Report of the Trustees
The Committee of Management presents its report and the financial statements of the company for the year 30 June 2021. This report combines the Trustees' annual report for the purposes of Section 45 of the Charities Act and the directors' report for the purposes of the Companies Act 2006. Fuse Foundation is a charitable company, incorporated in England and Wales and limited by guarantee. Its affairs are governed by its memorandum and articles of association and the liability of each member is limited.
Objects of the Charity
Our Charity's purpose, as set out in the objects contained in the Charity's Memorandum of Association,is to advance education throughout the world, in particular but not limited to the education of adults, children and young people through distance learning and information technologies, online resources, social media, new media, and other such ways as the trustees may determine from time to time, at their absolute discretion.
Financial Review
The accounting period is from 1 July 2020 to 30 June 2021 with comparatives relating to 1 July 2019 to 30 June 2020. At the end of the year, Fuse Foundation (the Charity) had an unrestricted surplus of £75,523 (2020 - deficit £18,929). Income for the period was £204,176 (2020 - £406,372). The income came mainly from donations from a related party.
In their assessment regarding the use of the going concern assumption, the Trustees have considered events or conditions that might change the ability of the Charity to continue operating as a going concern. The trustees have made this assessment for a period of at least 12 months from the date of approval of the financial statements.
As a result, the Trustees have concluded that there is reasonable expectation that that there is a reasonable expectation that the On this basis, the Charity continues to adopt the going concern basis in preparing its financial statements.
The Trustees are satisfied that the company faces no abnormal uncertainties or risks in the foreseeable future as it is solely involved in the day to day running of creative, cultural and educational services.
Directors
The Trustees (who are also Directors for the purposes of company law) who served during the year are as set out below:
Stephen Paul Dineen Silvia Monni
Mark Dineen (Resigned 29 June 2022)
Risk Review
The Trustees continuously review the risks which the Charitable Company faces and are implementing systems where possible to minimise those risks. The reviewing process will continue throughout the forthcoming year.
Page 2
Fuse Foundation
Report of the Trustees
(Continued)
Independent Examiner
Tom Carolan B.Comm., F.C.A., has indicated his willingness to continue in office as Independent Reporting
Accountant in accordance with the Companies Act 2006.
Basis of Preparation
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the trustees
Stephen Paul Dineen
Trustee Date 3 Bound Lane Hayling Island Hampshire PO11 9HU
Page 3
Fuse Foundation
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law applicable to Charities in England and Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:
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Select suitable accounting policies and apply them consistently
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Make judgments and estimates that are reasonable and prudent
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and,
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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 which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Statement of disclosure to the Independent Examiner
So far as the trustees are aware, there is no relevant accounting information of which our company's reporting accountant is unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant accounting information and to establish that the company's reporting accountant is aware of that information.
Approved by the Trustees and signed on their behalf:
Stephen Paul Dineen
Date
Trustee 3 Bound Lane Hayling Island Hampshire PO11 9HU
Page 4
Independent examiner's report to the Trustees of
Fuse Foundation
I report on the financial statements of the Charity for the year ended 30 June 2021, which are set on pages 6 to 12.
Respective responsibilities of trustees and examiner
The Charity's Trustees (who are also the directors of Fuse Foundation for the purposes of Company Law) are responsible for preparing the Trustees' Annual Report and the accounts in accordance with applicable law. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an Independent examination is needed. The Charity's gross income exceeded £25,000 and I am qualified to undertake the examination being a member of the Institute of Chartered Accountants in Ireland. Having satisfied myself that the Company is not subject to audit under company law and is eligible for independent examination, It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiners' report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records and comply with Section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities.
have not been met, or.
(2) to which, in my opinion attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tom Carolan, B.Comm., F.C.A., for Tom Carolan & Co.
Date: 28 August 2022
Chartered Accountants
33 Austin Friars Street, Mullingar Co. Westmeath, Ireland
N91 NR52
Page 5
Fuse Foundation
Statement of Financial Activities for the year ended 30 June 2021
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Unrestricted Restricted
Funds Funds Total Total
2021 2021 2021 2020
Notes £ £ £ £
Incoming Resources
Donations 2 194,421 - 194,421 401,665
Other 3 9,755 - 9,755 4,707
-
Total Incoming Resources 204,176 204,176 406,372
Resources Expended
Charitable Activities 112,724 - 112,724 146,423
- - -
Cost of Raising Funds
Finance Costs - - - 60
-
Total Resources Expended 112,724 112,724 146,483
Net (Outgoing)/ Incoming Resources 4 £91,452 - 91,452 £259,889
transferred to retained funds
Total Funds Brought forward (18,929) 20,000 1,071 (258,818)
Total Funds Carried forward 72,523 20,000 92,523 1,071
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All of the above relate to continuing activities.
There are no recognised gains or losses other than as shown above for both years.
The accompanying notes form part of these financial statements.
Page 6
Fuse Foundation
Statement of retained earnings for the year
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Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
-
Result for the year 91,452 91,452 1,071
Retained earnings at the beginning of the year (18,929) 20,000 1,071 (258,818)
Retained earnings at the end of the year £72,523 £20,000 £92,523 (£257,747)
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Page 7
Fuse Foundation
Balance Sheet at 30 June 2021
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2021 2020
Notes £ £
Current Assets
Debtors 6 97,425 -
Cash at bank and in hand 14 5,571
97,439 5,571
Less: Current Liabilities
Creditors
Amounts falling due within one year 7 4,916 4,500
Net Current Assets 92,523 1,071
Net Assets £92,523 £1,071
Capital & Reserves
Income & Expenditure account 10 £92,523 £1,071
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For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board and authorised for issue on August 2022
………………………………………..
Stephen Paul Dineen Company Registration No. 8820015
………………………………………..
Silvia Monni
Page 8
Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2021
1 Accounting Policies
Charity Information
Fuse Foundation is a Charitable company limited by guarantee incorporated and registered in England and Wales. The registered office is 1 - 5 Curtain Road, London, EC2A 3LT.
1.1 Basis of Preparation
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1. The Charitable Company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.
The Charity constitutes a public benefit entity as defined by 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 pound.
The prinicipal accounting policies, which are applied consistently, are set out below.
1.2 Going Concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charitable company's forecasts and projections and have taken account of pressures on income. The going concern assumption is based on the charitable company obtaining external funding in the next 12 months. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3 Status
The company is limited by guarantee and does not have share capital. The member of the company is Fusion Virtual School Limited. In the event of the company being wound up, the liability in respect of guarantee is limited to £1.
The company is a registered charity, number 1156127.
1.4 Incoming Resources
All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.
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Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2021
(Continued)
Income is deferred when the donor attaches conditions outside the Charity's own control or specifies that the resources are to be used in a future accounting period.
1.5 Resources Expended
Expenditure is included in the Statement of Financial Activities on an accurate basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit will be s required in settlement and the amount of the obligation can be measured reliably.
Expenditure is analysed between the Direct and Support costs based on the nature of the expense.
Governance costs comprise of the cost of running the charity, including external accountancy, Trustees' legal advise and constitutional and statutory compliance costs. These have been included in Support costs.
1.6 Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or raised by the charity for specific restricted purposes.
1.7 Foreign Currency
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated to sterling at the exchange rate on the date of transaction. Exchange gains and losses are recognised in the Statement of Financial Assets.
1.8 Critical Accounting Estimates and Areas of Judgement
In view of the trustees in applying the accounting policies adopted, no judgements were required that a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
1.9 Cash Flow Statement
The charity has taken the exemption available in paragraph 7.1B of FRS102 and has not prepared a cashflow statement.
Page 10
Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2021
(Continued)
1.10 Basic Financial Assets
Basic Financial Assets, which include receivables and cash and bank balances, are intially measured
at the amount receivable and subsequently adjusted for any impairment or other change in consideration expected to be received on settlement.
1.11 Basic Financial Liabilities
Basic financial liabilities, including trade payables, are initially measured at the amount payable and subsequently adjusted for any change inconsideration expected to be paid in settlement.
1.12 Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
1.13 Pensions
The entity operates a defined contribution plan for its employees. These contributions are recognised
as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet.
| 2 Income from Charitable donations Income from Charitable donations 3 Income from Charitable Activities Platform creation, video content and consultancy services 4 Operating results Stated after charging; Foreign exchange (gains)/losses Independent examiners' remuneration |
2021 £ 194,421 9,755 - 800 |
2020 £ 401,665 - 99 3,750 |
|---|---|---|
During the year, no trustee received any remuneration (2020 - £nil)
During the year, no trustee received any benefits in kind (2020 - £nil) During the year, no trustee received any reimbursement of expenses (2020 £nil)
5 Taxation
The Company, as a registered charity, is exempt from taxation. There is, therefore, no liability to corporation tax.
Page 11
Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2021
----- Start of picture text -----
(Continued)
2021 2020
£ £
6 Debtors
Due from related parties 97,425 -
-
£97,425
7 Creditors: Amounts falling due within one year
Accruals 4,916 4,500
£4,916 £4,500
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8 Ordinary Share Capital
The company is limited by guarantee and does not have a share capital.
9 Capital commitments
There were no firm capital commitments at the balance sheet date.
| Unrestricted Restricted Funds Funds 10 Movement in funds £ £ Balance 1 July 2020 (18,929) 20,000 Surplus/(Deficit) for the year 91,452 4 Funds at 30 June 2021 £72,523 £20,004 |
Total 2021 £ 1,071 91,452 £92,523 |
Total 2020 £ (258,818) 259,889 £1,071 |
|---|---|---|
There were no gains or losses during the year other than those recognised in the Income and
Expenditure Account. There are no restricted funds.
11 Transactions with Related Parties
No remuneration was paid to any of the Trustees (2020 - nil) during the year.
12 Control
The company is under the control of the Trustees / Directors.
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Fuse Foundation
The following page is for information only and it does not for a part of the Statutory Financial Statements
Page 13
Fuse Foundation
Detailed Income and Expenditure Account for the year ended 30 June 2021
----- Start of picture text -----
2021 2020
Income £ £ £ £
Content Creation:You Tube 9,755 -
Donations Received:Donations 3,600 -
Donations Received:Payroll Giving 190,773 401,665
Donations Received:Peoples Fundraising 48 -
Other income - advertising - 4,707
204,176 406,372
Expenditure
-
Video Content Development:Animation 29,100
Video Content Development:Content Support 700 -
-
Video Content Development:Scriptwriting 12,670
-
Wages and salaries 131,312
Accountancy Fees 3,250 4,500
Bank Service Charges 78 -
-
Community Development 9,900
-
Consultancy 4,539
-
Travel & Meetings 2,805
Events - 3,230
Insurance Expense 667 -
-
Product Management 56,333
Stationery 26 -
Miscellaneous - 37
112,724 146,423
Surplus of income over expenditure £91,452 £259,949
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