**Registered Charity No: 1157488** ## **THE OUTSET FOUNDATION** **REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **31 DECEMBER 2021** **THE OUTSET FOUNDATION** 1 ## **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: Daniel Garfield Moore Northern Home Counties Ltd Nicholas House River Front Enfield Middlesex EN1 3FG Bankers: Triodos Bank Deanery Road Bristol BS1 5AS THE OUTSET FOUNDATION TRUSTEES, REPORT For the year ended 31 December 2021 The Trustees present their report together wlh the financial slalements for the year ended 31 December 2021. The financial ststemenls have been prepared in accordance wf(h the accounting poI￿leS sel out on page 6 and comply wlh the requirements ofthe foundation deed, the Statement of Re¢ommended Practice Accounting for Charities ISORP FRS 1021 and the Charities Act 2011. structur9, Govornance and Management The Foundation is govemed by the Foundation Deed dated 12 Soplembgr 2013. 11 is registered wth the Charity Commission and its registration number is 1157488. Oblectlvgs and actlvltl6s The objects slate that the Trustees shall pay or apply the income of the foundation in such a manner as they shall in their absolute discretion think fil lo or for the benefit of any charitable object or purpose wth the power lo resort to the caiytal of the foundation for any such purpose. The Foun(Jalion seeks lo raise funds from a variety of Sources and commission prqecls that provide support to people and small businesses from underprivileged and socially exduded baCkgr¢￿ndS or living in deprived areas, in order to develop entrepreneurial skills to help them create anol grow small bjsinesses, in tum creating more local job opportunllbes. Like the previous year, 2021 was very challenging for charities, businesses and individuals alike as a result of the social and eeonomie impact of Covi¢>19. The Foundation continued ils support for projects to enable individuals lo increase their enterprise skills and knowledge and lo find a way out of disadvantage through enterprise, as well as becoming more resilient in the f￿8 of the crisis. Women and minorty ethnic Individuals have suffered disproF)Ortionalely from the epidemic. and we are pleased that in the Open-t￿all services we have supported, women are over 50tsA of the client group Icompared lo -25tsA nationally), and BaME are al 20% {compared to 50kn nats'onaltyl. The Foundation also continued its support during the year for 2 project dedicated to helping disadvantaged women arKJ early stage female-owned businesses. There is much uncertainly about the 'Shared PrOS￿rity Fund,. the government's re￿a¢ement fof European funding, wi£h some pilot progiammes being announced al the end of this year. We hope that 2022 will provKI8 clarity of funding priorllies anL¥ structures so that we can determine the L*st strategy to continuewilh ourmission. Trustees The Trustees have legal responSi￿'1ty for the Foundation. The Trustees for the period ended 31" December 2021 were". Rodney Baker-Bales Ichairmanl Timothy Michael Jones Principal Address The Outset Foundatyon, Untt 17A, E-space North, 181 Wisbech Road, LittleFQrt, Ely, Cambs. CB6 1 RA This report was approved by the board c and signed on ils tehalf by.. Rodney Baker-Bates Chalrman **THE OUTSET FOUNDATION** 3 ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE OUTSET FOUNDATION For the year ended 31 December 2021** I have examined, without carrying out an audit, the financial statements for the year ended 31 December 2021 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’). I 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 I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. 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 accounts to be reached. Nicholas House River Front Enfield Middlesex EN1 3FG **DANIEL GARFIELD FCA MOORE NORTHERN HOME COUNTIES LIMITED CHARTERED ACCOUNTANTS** **THE OUTSET FOUNDATION** 4 ## **STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2021** ## **Income and endowments from** |**Income from Charitable activities**
Voluntary Income:
Donations, Legacies and Similar Resources (Gross)
Other Income: Tax reclaims
**Total Income and endowments**
**Expenditure on Charitable activities**
Expenditure on Charitable activities
Other expenditure
**Total Resources Expended**
**Net Incoming Resources**
**Net Movement in Funds**
**Total Funds Brought Forward**
**Total Funds Carried Forward**|**2021**
**£**
309,319
-
309,319
964
40,600
41,564
267,755
267,755
74,256
342,011|**2020**
**£**
245,434
-| |---|---|---| |||245,434
1,367
190,000| |||191,367
54,067| |||54,067
20,189| |||74,256| THE OUTSET FOUNDATION BALANCE SHEET As at 31 Decembgr 2021 2021 2020 CURRENT ASSErs Other debtors Cash at bank and in 17and 98,800 244 012 75.057 342,812 75,057 CURRENT LIABIL￿lEs Accrual 801 TOTAL NET ASSETS 342,011 74,2 INCOME FUNDS Unrestricted funds 74,256 The financial statements wwe approved by the Board on and signed on ils beha￿ by.. Rodney Baker-Bates Trustee **THE OUTSET FOUNDATION** 6 **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021** ## **1. 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: - 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 - 1.2 Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross on the SoFA - 1.3 Grants and donations are only included in the SoFA when the charity has unconditional entitlements to the resources - 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** - 1.5 Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources - 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. ## **2. GOVERNANCE COSTS** |Accountancy fees
Bank charges|**2021**
**£**
960
4
964|**2020**
**£**
1,360
7| |---|---|---| |||1,367| **THE OUTSET FOUNDATION** 7 ## **NOTES TO THE FINANCIAL STATEMENTS** **For the year ended 31 December 2021** |**3.**
**GRANTS PAYABLE**
Funds distributed|**2021**
**£**
40,600
40,600|**2020**
**£**
190,000| |---|---|---| |||190,000| ## **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.