Registered Charity No: 1157488
THE OUTSET FOUNDATION
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE OUTSET FOUNDATION
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GENERAL INFORMATION
Date of Foundation Deed: 12 September 2013
Trustees: Rodney Baker- Bates (Chairman) Timothy Michael Jones
Objects of Foundation: The Outset Foundation was formed to provide support to people from underprivileged and socially excluded backgrounds to develop entrepreneurial skills and help them back into employment.
Note: The summary set out above is intended merely as an aide-memoire. For any other matters requiring detailed consideration reference should be made to the foundation.
Independent Examiner:
David Anderson
Moore Northem Home Counties Ltd Nicholas House River Front Enfield Middlesex EN1 3FG
Bankers: Triodos Bank Deanery Road Bristol BS1 5AS
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THE OUTSET FOUNDATION
TRUSTEES’ REPORT For the year ended 31 December 2020
The Trustees present their report together with the financial statements for the year ended 31 December 2020. The financial statements have becn prepared in accordance vath the accounting patiacs scl out on page 6 and comply with the requirements of the foundaton deed, the Statement of Recommended Practice Accountng for Charties (SORP FRS 102) and the Chanties Act 2011.
Structure, Governance and Management
The Foundation is gaverned by the Foundation Dced dated 12 September 2013. it is registered with the Charity Commission and its registration number is 1157488.
Objectives and activities
The objects state that the Trustees shall pay or apply the income of the foundaton in such a manner as they shail in their absolute discretion think fit to or for the benefit of any charitable object or purpose with the power to resort to the capital of the foundation for any such purpase
The Foundation seeks !o raise funds from a variety of sources and comrnission projects that provide suppor to ptopie and small businesses from underpnvileged and socially excluded backgrounds or living in deprived areas, in order ta develop entrepreneurial skills to help them create and grow small businesses, in tum cresting more local job opportunities
2020 was an incredibly challenging year for charities, businesses and individuals alike as a result of the devastating soca! and economic mpact of Covid-19. The Foundation continued its suppor for projects to cnablc mdividuals to mnercasc ther cnletprise skills and knowledge and to find a way out of disadvantage through enterprise, as well as becaming more resilient in the face of the cnsrs. Women and minority ethnic individuals have suffered disproportonately from the epidemic, and we are pleased that m the open-to-all services we have supported, women are over 50% of the client group (compared to ~25% nationally), and BaMF are at 20% (compared to 5% nationally). The Foundation also contnucd tts support for a project dedicated to helping disadvantaged women
An independent economic evaluation carried out duting this year of a larger body of non-profit work, within which are projects the Foundation has supported, concluded that there hus been a social, economic and financial return of £10.30 far every pound invested
Trustees
The Trustees have legal responsibility for the Foundation. The Trustees for the period ended 31“ December 2020 vere’
Rodney Baker-Bates (Chainnan)
Timothy Michsel Jones
Principal Address
The Outset Foundation,
Unit 17A, E-Space North, 181 Wisbech Road, Littleport, tly, Cambs. CBG 1RA
This report was approved by the board on 3!/oF|2/1 and signed on its behalf by: fave,66a sf Rodney Baxer-Bates Chairman
THE OUTSET FOUNDATION
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE OUTSET FOUNDATION For the year ended 31 December 2020
| have examined, without carrying out an audit, the financial statements for the year ended 31 December 2020 set out on pages 4 to 7.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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.
| 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.
Nicholas House River Front Enfield Middlesex EN1 3FG
DAVID ANDERSON FCA MOORE NORTHERN HOME COUNTIES LIMITED CHARTERED ACCOUNTANTS
a
THE OUTSET FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2020
Income and endowments from
| Income and endowments from | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Income from Charitable activities | ||
| VoluntaryIncome: | ||
| Donations, Legaciesand SimilarResources (Gross) | 245,434 | 1,742 |
| Other Income: Tax reclaims | : | - |
| Total Incomeandendowments | 245,434 | 1,742 |
| Expenditureon Charitable activities | ||
| Expenditure on Charitable activities | 4,367 | 1,362 |
| Otherexpenditure | 190,000 | 243,750 |
| Total Resources Expended | 191,367 | 245,112 |
| NetIncoming Resources | 54,067 | (243,370) |
| NetMovementin Funds | 54,067 | (243,370) |
| Total Funds BroughtForward | 20,189 | 263,559 |
| TotalFundsCarriedForward | 74,256 | 20,189 |
THE OUTSET FOUNDATION
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BALANCE SHEET As at 31 December 2020
| 2020 | 2020 | 2019 | |
|---|---|---|---|
| £ | £ | ||
| CURRENT ASSETS | |||
| Othe: debtors | - | = | |
| Cash at bank and in hand | 75.057 | 20,589 | |
| 75,057 | 20.589 | ||
| CURRENT LIABILITIES | |||
| Accrual | — | 80t | _00 |
| TOTALNET ASSETS | 74,256 | 20.189 | |
| INCOMEFUNDS | |||
| Unrestrictedfunds | 74,256 | 20.189 |
The financial statements were approved by the Board on 3iJoss and signed on its behalf by: CpaveyEge Spl———| Rodney Baker-Bates Trustee
THE OUTSET FOUNDATION
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020
- ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared under the historical cost convention. They are prepared in accordance with applicable accounting standards, the Statement of Recommended Practice Accounting for Charities (SORP FRS 102) and the Charities Act 2011.
Incoming Resources
These are included in the Statement of Financial Activities (SoFA) when:
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1.1. the charity becomes entitled to the resources the trustees consider the receipt of the resources is probable, the monetary value can be measured with sufficient reliability
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1.2 Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross on the SoFA
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1.3 Grants and donations are only included in the SoFA when the charity has unconditional entitlements to the resources
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1.4 Incoming resources for tax reclaims are included in the SoFA at the same time as the gift to which they relate.
Resources Expended
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1.5 Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources
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1.6 There were no costs incurred during the period covered by the accounts for preparation, independent examination, trustees meetings or legal advice on governance and constitutional matters.
Tax reclaims
Incoming resources from tax claims are included on the statement of financial activities in the same period as the gift to which they relate.
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2. GOVERNANCE COSTS 2020 2019
£ £
Accountancy fees 1,360 1,360
Bank charges a a 2
1,367 1,362
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THE OUTSET FOUNDATION
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NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020
3. GRANTS PAYABLE
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Funds | distributed | 190,000 | 243,750 |
| 190,000 | 243,750 |
4. FUND ACCOUNTING
Funds held by the charity are:
Unrestricted funds- these are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.