**Registered Charity No: 1157488** ## **THE OUTSET FOUNDATION** **REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **31 DECEMBER 2022** **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 OLITSET FOUNDATION TRUSTEES, REPORT For the year ended 31 December 2022 Thg Trustees present their r&port togetherwth theffna￿18E statements for year ended 31 DeCem￿r 2022. The financial statements havB be¢n piepaied in accordan￿ wilh the accounting policies set out on pagè 6 and comply WEth the requirements of the foundation deed, the Slaletnenl of Rocornrnended Pract1￿ Accounting for Charilies ISORP FRS 1021 and the Charities Act 2011. structure, Governance and Management The Foundation 18 governèd by the Foundation Deed dated 12 September2013. It 58 reg18lere(I wllh the Charity Commission and ils registration number is 1157488. Obje￿iveS and a¢tlvltleJ The objects state that the Trustees shall pay or ap¥y the income of the foundation in Such a manner as they sh811 in Ih8ir 8bsolute diserelion think fil to or for the benefit of any charilabla object or purpose with the power to resort to the capital of the loundadon for any such purpose. The Foundallon 8￿kS lo rais¢ lunds from a variety of sources and commissic>n proje¢is that provlde support to P60ple and small businesses from underprivlleged and socially excluded backgrounds or living in depr¢ved areas. in order lo develop entrepreneurlal skllls to hdp thern create and grow $rn811 busIn￿Se$, In lum Cfealing more local ltsb opportunities. Liké tha pravious year, 2022 wa5 very challenging for ¢harttle$, bu$lnesses, and Indlviduals allke as s rèsult of the soci818nd economic iTnpact of Covid-19 and exacerbated by the di5fUPtSon caused by the onset of the war In Ukraine. The Foundation conllnued ils support lor prolects to enable IndNiduals to increase Ihtir enlerprlse 8kllls and knowladga 8nd to find a way out of dlsadvanlage through trnlerprise, as well as becomTng mora resilient in the lace of the crlsi8. Womgn ond minority elhnK indivi*Juals have suffered disproportlonately from the epidemic, and we are pleased that in open-tO*all sorvices w8 have supported, women arg over 50Q/• of the ¢lienl group {¢ompar¢d lo ~25% nalionallyl, and BaME are 8120% Icompaiad lo 5% nalionallyl. Th& F￿ndatIon also conllnued 115 SUPPOrt during the year for a project dedlcaled to helplng dlsadvantag¥d women and earfy.stag8 femal*-owne¢y bus5ness8s, wh￿h suc¢e88fully further ext0nd￿ to Junè 2023. There Is much uncertalnly aboul the Eharèd Pras￿rIty Fund,, the govemment'5 repla¢em&nl for European funding, wlh somg pllol Programmes being announced al the end of Ihl$ ygor. W• hope that 2023 wlll provl¢Jo larity of funding priorilles and slrueturè5 SO thatwe candetermine the best strategy lo conllnue wllh ourmi3slon. Tru8ts08 The TruBle8s have legal re6ponsitslily for the Foundatlon, The Tru$lge$ for the perlod onded 311t Dec8mb•r 2022 were.. Rodnéy Baker-Bates lchalmianl Timothy Mich881 Jongs Prlnclpal Addre6S The Outsel Foundation, Unit 17A, E-Spa¢e North, 181 Wisboch Road, Littleport Ely, Carnbs. CB6 1 RA This TQPOrtwas approved by the board on I f&1 91 i3 and slgned on its tehall by.. s. Rodney BakeT-Bates Chairman **THE OUTSET FOUNDATION** 3 ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE OUTSET FOUNDATION For the year ended 31 December 2022** I have examined, without carrying out an audit, the financial statements for the year ended 31 December 2022 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 2022** ## **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**|**2022**
**£**
256,036
-
256,036
1,014
508,500
509,514
(253,478)
(253,478)
342,011
88,533|**2021**
**£**
309,319
-| |---|---|---| |||309,319
964
40,600| |||41,564
267,755| |||267,755
74,256| |||342,011| THE OUTSET FOUNDATION BALANCE SHE A$ al 31 December 2022 2022 2021 CURRENT AS$Ers Other debtors Cash at bank and In hand 98,8(K) 89,332 342,812 CURRENT UABILITIES Ae¢ru 799 801 TOTAL NET ASSETS 342.011 INCOME FUNDS Unreslr¢cted funds 88,533 The finenclal $181emenl$ werè 8pprov8d by the Board on191cil L3and slgned on its behall by.. Rodney Baker.Bales Trustee **THE OUTSET FOUNDATION** 6 **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022** ## **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|**2022**
**£**
1008
6
1014|**2021**
**£**
960
4| |---|---|---| |||964| **THE OUTSET FOUNDATION** 7 ## **NOTES TO THE FINANCIAL STATEMENTS** **For the year ended 31 December 2022** |**3.**
**GRANTS PAYABLE**
Funds distributed|**2022**
**£**
508,500
508,500|**2021**
**£**
40,600| |---|---|---| |||40,600| ## **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.