Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Company No. 8820015
Charity No. 1156127
Fuse Foundation
(A Charitable Company Limited by Guarantee)
Financial Statements
For the year ended 30 June 2024
Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
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: 734D32DA-B7B5-43A4-818E-2B8779A599E7
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 |
| Bruzel House | |
| 2 Fitzalan Road | |
| Wales CF24 OEB |
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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
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 2024. 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 2023 to 30 June 2024 with comparatives relating to 1 July 2021 to 30 June 2023. At the end of the year, Fuse Foundation (the Charity) had an unrestricted surplus of £55,645 (2023 - £87,759) and a restricted surplus of £20,000 (2023 - £20,000)
Income for the period was £105,873 (2023 - £109,212).
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.
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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
1E6A0109FF664DD... 18/04/2025 Stephen Paul Dineen Trustee Date
3 Bound Lane Hayling Island Hampshire PO11 9HU
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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
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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:
24/04/2025
Stephen Paul Dineen
Date
Trustee
3 Bound Lane Hayling Island Hampshire PO11 9HU
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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 2024, 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;
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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
-
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 Chartered Accountants Tom Carolan & Co. 33 Austin Friars Street, Mullingar Co. Westmeath, Ireland
Date: 24 April 2025
N91 NR52
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Fuse Foundation
Statement of Financial Activities for the year ended 30 June 2024
----- Start of picture text -----
Unrestricted Restricted
Funds Funds Total Total
2024 2024 2024 2023
Notes £ £ £ £
Incoming Resources
Donations 2 103,773 - 103,773 109,212
Other 3 - - - -
-
Total Incoming Resources 103,773 103,773 109,212
Resources Expended
Charitable Activities 137,987 - 137,987 91,999
-
Total Resources Expended 137,987 137,987 91,999
Operating (Deficit) / Surplus 4 (34,214) - (34,214) 17,213
Income from investing - Interest income 2,100 - 2,100 -
Net (Outgoing)/ Incoming Resources (32,114) - (32,114) 17,213
transferred to retained funds
Total Funds Brought forward 87,759 20,000 107,759 90,546
Total Funds Carried forward 55,645 20,000 75,645 107,759
----- 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.
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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Fuse Foundation
Statement of retained earnings for the year
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
-
Result for the year (32,114) (32,114) 17,213
Retained earnings at the beginning of the year 87,759 20,000 107,759 90,546
Retained earnings at the end of the year £55,645 £20,000 £75,645 £107,759
----- End of picture text -----
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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Fuse Foundation
Balance Sheet at 30 June 2024
| Notes Fixed Assets 6 |
2024 2023 £ £ 3,481 5,279 |
|---|---|
| Current Assets Debtors 7 Cash at bank and in hand |
20,812 - 62,866 112,242 |
| Less: Current Liabilities Creditors Amounts falling due within one year 8 |
83,678 112,242 11,514 9,762 |
| Net Current Assets | 75,645 102,480 |
| Net Assets | £75,645 £107,759 |
| Capital & Reserves Restricted fund Income & Expenditure account 11 |
20,000 20,000 75,645 87,759 |
| £75,645 £107,759 |
For the financial year ended 30 June 2024 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: 24/04/2025
……………………………………….. ………………………………………..
Stephen Paul Dineen
Silvia Monni
Company Registration No. 8820015
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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2024
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 Island, 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 principal 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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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2024
(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.
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Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2024
(Continued)
1.10 Basic Financial Assets
Basic Financial Assets, which include receivables and cash and bank balances, are initially 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 |
2024 £ 17,400 86,373 - 1,000 |
2023 £ 15,898 93,314 - 1,000 |
|---|---|---|
5 Taxation
The Company, as a registered charity, is exempt from taxation. There is, therefore, no liability to corporation tax.
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Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2024
----- Start of picture text -----
(Continued)
2024
6 Fixed Assets £
Cost at 1 July 2023 7,919
Additions at cost 1,262
At 30 June 2024 9,181
Depreciation
At 1 July 2023 2,640
Charge for the year 3,060
At 30 June 2024 5,700
Net book value 30 June 2024 3,481
Net book value 30 June 2023 5,279
2024 2023
7 Debtors £ £
Amounts receivable 20,812 -
£20,812 -
8 Creditors: Amounts falling due within one year
Trade creditors 3,196 4,512
Accruals 4,250 5,250
Due to director 4,068 -
£11,514 £9,762
----- End of picture text -----
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 Funds 11 Movement in funds £ Balance 1 July 2022 70,546 Surplus/(Deficit) for the year 17,213 Balance 1 July 2023 87,759 Surplus/(Deficit) for the year (32,114) Funds at 30 June 2024 £55,645 |
Restricted Funds £ 20,000 - 20,000 - £20,000 |
Total 2024 £ 90,546 17,213 107,759 (32,114) £75,645 |
|---|---|---|
There were no gains or losses during the year other than those recognised in the Income and expenditure account.
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Fuse Foundation
Notes to the Financial Statements for the year ended 30 June 2024
(Continued)
12 Transactions with Related Parties
The Charity had transactions with connected parties as follows;
| Due to D Dineen (Trustee) related party | Balance 2024 £ 4,068 |
Movement in year £ 4,068 |
Balance 2023 £ - |
Maximum in year £ - |
|---|---|---|---|---|
No remuneration was paid to any of the Trustees (2023 - 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.
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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Fuse Foundation
The following page is for information only and it does not for a part of the Statutory Financial Statements
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Docusign Envelope ID: 734D32DA-B7B5-43A4-818E-2B8779A599E7
Fuse Foundation
Detailed Income and Expenditure Account for the year ended 30 June 2024
----- Start of picture text -----
2024 2023
Income £ £ £ £
Royalties 86,373 90,414
-
Donations Received:Payroll Giving 15,898
Content Creation:You Tube 17,400 2,900
103,773 109,212
Expenditure
Video Content Development:Animation 23,622 18,634
Video Content Development:Scriptwriting - 750
Video Content Development:Translation 10,074 13,989
Accountancy Fees 4,000 6,766
Legal & professional 9,938 2,170
Travel 3,010 2,045
Staff welfare - 60
Stationery 444 5,344
Marketing 2,096 14,000
Telephone 435 329
Website development 6,400 -
Computer costs 547 853
Bank Service Charges 101 85
Penalties 150 750
Community Development 72,026 21,710
Depreciation 3,060 2,640
Entertainment 369 -
Subscriptions 1,715 1,874
137,987 91,999
Surplus/(Deficit) of income over expenditure (£34,214) £17,213
----- End of picture text -----
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