Charity registration number 1156961
EDSTART FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
EDSTART FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 8 |
EDSTART FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity's objects are to raise self esteem, knowledge and experience through the power of education and to provide sports to excel growth, encourage participation and social interaction.
Each year the trustees review the objectives and activities of the charity to ensure they continue to reflect the charity's aims and to provide a public benefit. The trustees are more than satisfied that they do.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The results for the year ended 31 March 2022 are set out in the Statement of Financial Activities on page 4. The trustees consider the performance of the charity to be satisfactory.
Financial review
The trustees confirm that the charity's assets are available and adequate to fulfil its obligations as they fall due.
Principal funding sources
The majority of the trust income is from the local community.
Reserves Policy
It is the policy of the charity to maximise unrestricted funds, which are free reserves of the charity, to ensure sufficient funds are available to cover the charitable and administration costs for the foreseeable future. Free reserves at the year end were £7,723 (2021: £7,421).
Risk management policy
The trustees have examined the operational and business risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for the future
The trustees aim for the charity to continue meeting its aims and objectives in future periods.
Structure, governance and management
The charity was established by a charitable trust deed.
| The Trustees who served during the year and up to the date of signature of the financial statements were: | The Trustees who served during the year and up to the date of signature of the financial statements were: |
|---|---|
| Mr P Irwin | (Resigned 3 November 2021) |
| Mr J Whitehead | |
| Mr J Lowe | |
| Mr C Irwin | (Appointed 30 November 2021) |
| Mr M Holleran | (Appointed 30 November 2021) |
| Mr A Burns | (Appointed 30 November 2021) |
| Mrs N Ollerhead | (Appointed 30 November 2021) |
| Miss L Colclough | (Appointed 30 November 2021) |
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EDSTART FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
No trustees have any interest in the charity.
Recruitment and appointment of trustees
The first trustees will serve until they resign. Subsequent trustees are appointed by the board and are appointed for a term of three years.
Organisation structure
The Edstart Foundation is governed by a Board of Trustees, which meets at such times as circumstances require and covers all matters relating to policy and management. There are currently seven trustees.
The Trustees' report was approved by the Board of Trustees.
Mr J Lowe
Trustee Dated: 10 October 2022
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EDSTART FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF EDSTART FOUNDATION
I report to the Trustees on my examination of the financial statements of Edstart Foundation for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable 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 financial statements to be reached.
Philip A Riding Barlow Andrews LLP Chartered Accountants Carlyle House, 78 Chorley New Road, Bolton
Dated: 10 October 2022
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EDSTART FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
Unrestricted Unrestricted funds funds 2022 2021 Notes £ £ |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Income from: | ||
| Donations and legacies 3 |
52,932 | 28,900 |
| Expenditure on: | ||
| Charitable activities 4 |
52,630 | 21,802 |
| Net income for the year/ | ||
| Net movement in funds | 302 | 7,098 |
| Fund balances at 1 April 2021 Fund balances at 31 March 2022 |
||
| 7,421 | 323 | |
| 7,723 | 7,421 | |
| The statement of financial activities includes all gains and losses recognised in the year. |
All income and expenditure derive from continuing activities.
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EDSTART FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Current assets |
2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| 7,723 | 7,723 7,723 7,723 |
7,421 | ||
| Cash at bank and in hand | ||||
| Net current assets | 7,421 | |||
| Income funds | ||||
| Unrestricted funds | 7,421 | |||
| 7,421 |
The financial statements were approved by the Trustees on 10 October 2022
Mr J Lowe Trustee
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EDSTART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Edstart Foundation is a trust established by a charitable trust deed. The principle place of business is 5 Gerald Road, Salford.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin
1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the funds have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
1.5 Expenditure
Resources expended are recognised on an accruals basis.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an indirect nature necessary to support them.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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EDSTART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Unrestricted funds funds 2022 2021 £ £ |
Unrestricted Unrestricted funds funds 2022 2021 £ £ |
Unrestricted Unrestricted funds funds 2022 2021 £ £ |
Unrestricted Unrestricted funds funds 2022 2021 £ £ |
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Donations and gifts | 52,932 | 28,900 | |
| Donations and gifts | |||
| Other | 52,932 | 28,900 | |
| 52,932 | 28,900 | ||
| Charitable activities | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Rent | 52,534 | 21,583 | |
| Accounts fee | - | 150 | |
| Bank charges | 96 | 69 | |
| 52,630 | 21,802 |
4 Charitable activities
5 Trustees
None of the Trustees (or any persons connected with them) received any remuneration, benefits or expenses from the charity during the year.
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EDSTART FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
6 Employees
There were no employees during the year (2021: 0).
7 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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