DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 **Company No. 8820015** **Charity No. 1156127** ## **Fuse Foundation** **(A Charitable Company Limited by Guarantee)** ## **Financial Statements** **For the year ended 30 June 2023** DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **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 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **(A Charitable company limited by guarantee)** ## **Company Information** Trustees Stephen Paul Dineen Silvia Monni 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 ANNA The Steward Building 12 Steward Street London E1 6FQ Page 1 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **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 2023. 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 2022 to 30 June 2023 with comparatives relating to 1 July 2021 to 30 June 2022. At the end of the year, Fuse Foundation (the Charity) had an unrestricted surplus of £87,759 (2022 - £70,545) and a restricted surplus of £20,000 (2022 - £20,000) Income for the period was £109,212 (2022 - £190,676). 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 ## **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 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **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 25/04/2024 **Stephen Paul Dineen** Trustee **Date** 3 Bound Lane Hayling Island Hampshire PO11 9HU Page 3 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **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: - Select suitable accounting policies and apply them consistently - Make judgments and estimates that are reasonable and prudent - 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, - 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** 25/04/2024 ## **Date** Trustee 3 Bound Lane Hayling Island Hampshire PO11 9HU Page 4 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **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 2023, 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: - examine the accounts under section 145 of the 2011 Act; - 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 - 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: - (1) which gives me reasonable cause to believe that in any material respect the requirements - 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. Chartered Accountants 33 Austin Friars Street, Mullingar Co. Westmeath, Ireland Date: 25 April 2024 N91 NR52 Page 5 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Statement of Financial Activities for the year ended 30 June 2023** **----- Start of picture text -----**
Unrestricted Restricted
Funds Funds Total Total
2023 2023 2023 2022
Notes £ £ £ £
Incoming Resources
Donations 2 15,898 - 109,212 190,676
Other 3 93,314 - - -
-
Total Incoming Resources 109,212 109,212 190,676
Resources Expended
Charitable Activities 91,999 - 91,999 192,654
-
Total Resources Expended 91,999 91,999 192,654
Net (Outgoing)/ Incoming Resources 4 17,213 - 17,213 (1,978)
transferred to retained funds
Total Funds Brought forward 70,546 20,000 90,546 92,523
Total Funds Carried forward 87,759 20,000 107,759 90,545
**----- End of picture text -----**
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 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Statement of retained earnings for the year** **----- Start of picture text -----**
Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
-
Result for the year 17,213 17,213 (1,978)
Retained earnings at the beginning of the year 70,546 20,000 90,546 92,523
Retained earnings at the end of the year £87,759 £20,000 £107,759 £90,545
**----- End of picture text -----**
Page 7 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Balance Sheet at 30 June 2023** **----- Start of picture text -----**
2023 2022
Notes £ £
Fixed Assets 6 5,279 -
Current Assets
Debtors 7 - 97,145
Cash at bank and in hand 112,242 -
112,242 97,145
Less: Current Liabilities
Creditors
Amounts falling due within one year 8 9,762 6,600
Net Current Assets 102,480 90,545
Net Assets £107,759 £90,545
Capital & Reserves
Restricted fund 20,000 20,000
Income & Expenditure account 11 87,759 70,546
£107,759 £90,545
**----- End of picture text -----**
For the financial year ended 30 June 2023 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 25th April 2024 ……………………………………….. ……………………………………….. **Stephen Paul Dineen Silvia Monni Company Registration No. 8820015** Page 8 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Notes to the Financial Statements for the year ended 30 June 2023** ## **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 3 Bound Lane, Hayling Islamnd, Hampshire, PO11 9HU. ## **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 purpose 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. Page 9 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Notes to the Financial Statements for the year ended 30 June 2023** ## (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 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Notes to the Financial Statements for the year ended 30 June 2023** (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 does not operate a workplace pension scheme. |**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|**2023**
£
15,898
93,314
-
1,000|**2022**
£
194,421
9,755
-
1,000| |---|---|---| ## **5 Taxation** The Company, as a registered charity, is exempt from taxation. There is, therefore, no liability to corporation tax. |**6 Fixed Assets**
Equipment at cost - additions during the year
Depreciation for the year and at 30 June 2023
Net book value 30 June 2023|**2023**
£
7,919
(2,640)
5,279| |---|---| Page 11 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Notes to the Financial Statements for the year ended 30 June 2023** **----- Start of picture text -----**
(Continued)
2023 2022
7 Debtors £ £
-
Due from related parties 97,145
-
£97,145
8 Creditors: Amounts falling due within one year
Trade creditors 4,512 -
Accruals 5,250 6,600
£9,762 £6,600
9 Ordinary Share Capital
The company is limited by guarantee and does not have a share capital.
10 Capital commitments
There were no firm capital commitments at the balance sheet date. Unrestricted Restricted Total
Funds Funds 2023
11 Movement in funds £ £ £
Balance 1 July 2021 72,524 20,000 92,524
-
Surplus/(Deficit) for the year (1,978) (1,978)
Balance 1 July 2022 70,546 20,000 90,546
-
Surplus/(Deficit) for the year 17,213 17,213
Funds at 30 June 2023 £87,759 £20,000 £107,759
**----- End of picture text -----**
There were no gains or losses during the year other than those recognised in the Income and expenditure acount. ## **12 Transactions with Related Parties** The Charity had transactions with connected parties as follows; |Due from related party|Balance Movement in
2023
year
£
£
-
(97,145)|Balance
2022
£
97,145|Maximum in
year
£
97,145| |---|---|---|---| No remuneration was paid to any of the Trustees (2022 - nil) during the year. ## **13 Control** The company is under the control of the Trustees / Directors. ## **14 Post balance sheet events** There have been no significant events affecting the Charity since the year end. Page 12 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 **Fuse Foundation** **The following page is for information only and it does not for a part of the Statutory Financial Statements** Page 13 DocuSign Envelope ID: A256B402-868C-4DE3-8A44-B97364496AC9 ## **Fuse Foundation** ## **Detailed Income and Expenditure Account for the year ended 30 June 2023** **----- Start of picture text -----**
2023 2022
Income £ £ £ £
-
Royalties 90,414
Donations Received:Payroll Giving 15,898 190,676
Content Creation:You Tube 2,900 -
109,212 190,676
Expenditure
Video Content Development:Animation 18,634 171,915
Video Content Development:Scriptwriting 750 11,830
Video Content Development:Translation 13,989 404
Accountancy Fees 6,766 3,350
-
Legal & professional 2,170
Travel 2,045 -
Staff welfare 60 -
-
Stationery 5,344
-
Marketing 14,000
Telephone 329 -
Computer costs 853 -
Bank Service Charges 85 160
Penalties 750 -
Community Development 21,710 1,250
-
Depreciation 2,640
-
Product Management 3,745
-
Subscriptions 1,874
91,999 192,654
Surplus/(Deficit) of income over expenditure £17,213 (£1,978)
**----- End of picture text -----**
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