Reglst•red Charlty Ntr. 1157488 THE OUTSET FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE OUTSET FOUNDATION GENERAL INFORfAATION Date of Foundation Deed.. 12 Septemljer 2013 Tn￿te8s. Rodney Baker- Bales {Chaimian} Timothy Mlchael Jon$$ Objects of Foundation-. The Outset Foundation was formed lo provide support lo peoplo from underprivileged and socially e￿luded backgrounds lo develop enlrepreneurf81 Skills and help them back into employment. The summary set out above is intended merely as an ald&m6moir8. For any Other matter¥ requlring detslled considerallon reference should be made to the foundation. Note.. Independent Examlner.. Danlel Garfiold Moore Northem Home Counltes Ltd Nlcholas Hou8 River Front Enfield Middle5ex EN13FG Bank8rs'. Trlodo$ 8ank Deanery Road Bd$lol BS15AS THE OUTSET FOUNDATION TRUSTEES. REPORT For the year ended 31 December 2023 The Trustees present their report together w¢lh the financial stslements forlhe year ended 31 December 2023 The financial statements ha￿ been prepared in accordance with the accounlinu policies sel out on page 6 and comply with the requirements oflhe foundation deed, the Statement of Recommended Practi¢8 Attounling for Charitie5 ISORP FRS 102} and the Charities Act 2011. Strurture, Governance and Management The Foundation is governed by the Foundation Deed dated 12 September 2013. 11 Is registered wth lh& Charity Commlssion and its regSstratlDn number Is 1157488. Objectlves and activities The obj@cts stale that the Trustees shall pay or apply the income of the found81ion in such a manner as they shall in their 8bsolule discretion think fft lo or for th& benefit of any charilable object or purpose with the power lo resort to the capital of th& founrjatlon for any such purpose. The Foundation seek$ lo raise funds from a variety of sources and commission projects that provlde support to people and small busloe55es from L￿derprivIleged and sociaNy excluded backgrounds or Ilving In deprived areas. in order lo develop anlrepreneurial skills lo help them create and grow small businesses, In lum creating more local job opportunities. Like the p￿vIOuS year. 2023 was very challenglng for eharilies, buslnesses. and individuals allk8 88 # Te5uII of the soclal and economi¢ impact of Covld-19 and exacerbated by Ihe disruption caused by the onset of the war in Ukraine. The Foundation continued 118 SUPPOrt for proj&cls lo enable individuals to increas& their enlerpriye skills and kn￿edge and to lind a way out of disadvanlagè.through enlerprfse. as well as b&coming more resilient in the face of the crisis. Women and rninority elhnlc Individuals have suffered di5proportionalely Irom the epidemic, and w8 arè pleased that in the open.tt>all services we have supported. women ar6 over 50% of the client group (compared to-25% nationally). and BaME are al 20% {comp8red lo 5910 natlonallyl. In addftlon, dl European ctrfunded projects stopped dellvering In June thi8 year, 8nd finan¢lng of support Is Iranslllonlng lo the UK'S Shared Piosperrty Fund. procured largely al district leval rather than at LEP level as previously. This is a m8lor transition, and so lai we have s88n very tew PToj&cls dedicated lo our larggt audience. Howovor, The Foundation wnlinued It8 SUPPOrt durfng the year loi a project dedicated to helping di8sdvanlaged women and earty-slage female•owned buslnes9è5, whi¢h was succpssfully coM￿ete￿ at the 9nd ol June. over-dellvering on every single oulpLrt. 11 also.d@livered a fantaslSc loolkk full of practical resources for any intermediary organisatlon saeking lo Improve the qu81ty of Sls $ervice lo women. and for female entrèpreneurs themselves. We hop& th812024 will provlde clarity of funding pricrStles and structures 80 that Wg can determinè th& b&31 slralegy lo continu8 wllh our mlssion. Trustees Th& Trustees have legal responsibility for the Foundation. The Trustees for thg perlod ended 3141 D$￿Moer 2023 were.. Rodney Bakw-Bate$ {Chairmanl Tlmolhy Michael Jones Prlncipal Address The Outset Foundation, Unil 26A, E-Spo¢e North, 181 Wsbgch Road, Littleport, Ely, C8mbs. CB6 1RA and slgned on its behalf by.. R¢xlney 8aker-B8tes Chairnian THE OUTSET FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRVSTEES OF THE OUTSET FOUNDATION Forthè ear ended 31 December 2023 I have examined. without caryiro out an au(tit, the ffnanctal Statemen15 forth8 year ended 31 December 2023 88t out c￿ pages 4 to 7. Responslblliuos and bas1$ of roport As the ¢harity trustees of the Trust you are responsibl& for the preparalon of th6 accolmts in accordance vAth the requirements of the Charities Act 2011 Ilhe Act.). I report In respect of my examlnallon of the Trust's accounts carried out under secdon 145 of tha 2011 Act and In carylng out my ex8mination I have followed all the applicable Dlreclions given by the Charity Commission under 8eGtlon 14515)Ib) of th&Act Indtpendgnt examlnee$ 8tatsm•nt I have comrAelod my examlnallon. l confirm that no malerl81 matte[6 have come lo my attgnlion Sn connecllon th tho examlnallon glvlng me cause lo belleve that In ary malèrlal respect.. 1. accountlng records were not kept In respect of the Trust as requlred by $artlon 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the account8 do not comply wlth the applicable requlrements concemlng thè fom and content of a¢¢ounls set out in the Charltles (Accounts and Reports) Regulatlons 2008 olhgr th8n any requlremenl that the 8ccount8 glve a Irue and falr vlewwhich 18 not a matter considered 88 part of an inde￿ndent examlnalion. I have no ¢on¢ern8 8nd have comeacross no oth8rrnatters In conneGllon with the &xamlnatlon lowhlch attentkin Should be drawn In thls report In order lo enable a proper under8landlng of the atcounts lo be re8ch8d. Ni¢hg18s House River Front Enfield Middlosex EN13FG DANIEL GARFIELD FCA MOORE NORTHERN HOME COUNnES LIMITED ARTER THE OUT8Ef FOUNDAT]ON STATEMENT OF FINANCIAL ACTIVITIES Forthe ear ended 31 December 2023 Income and endowments from 2023 2022 Incomo from Charitable activltlvs Voluntsry Income: Donatlons, Leg8cies and Slmlar Resources (Gross) Other Income.. Tax r8clalm$ 120.000 256,036 Total Income and •ndowments 120,000 256,036 Expondlture on Charftable actlvitles Expenditure on Chari18ble acti￿tIeS Other expenditure 1,361 205 000 1.014 Total Resour¢gs Exponded Not Incomlng Re8oyr¢os Nèt Movemgnt In Funds (88,361) 1253,478) Totsl Funds Brought Forward 342011 Total Fund8 Carrfad Forlvard 2.172 THE OUTSET FOUNDATION BALANCE SHEET As at 31 December 2023 2023 2022 CURRENT AssErs Cash al benk and in hand 3.250 89.332 CURRENT LIABILITIES Accrugl 1.078 TOTAL NEf ASSErs 88,533 INCOME FUNDS Unrestricted funds The finanaal $lalemenls were approved by the Board on 8nd slgned ors Its beham by. Rodney B8ker-Bales Tru$ts• THE OUTSET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 ACCOUNTING POLICIES Basls of Accountlng These accounts have bèen prepared under the hlslorfcal cost convention. They are prepared In ac￿rdanCe with applicable accounting standards, thè Statement of Recc>mmende(I Practice Ac¢ounting for Charlli¢s {SORP FRS 1021 and the Chwities AGt 2011. Incomlng Resourc95 Ttsse are included In the Statement of Financlal Actlvltlès {SoFAI when.. 1.1 the eharily Ixc¢ynes entitled lo the resources th8 Iruslees Consider the recelpt of the resouros is probable, thè monetary value Gan be measured with gurriclent rellability 1.2 Where Incoming resources have related exFendilure, the incomlng resources and relatgd expenditure are rèported gross on the SOFA 1.3 Grants and donations are only InGIL¢ded In the SOFA when the ch8rlty has uncondklonal entitlements lo the resoU￿e$ 1.4 In¢omlng re8¢urce8 for tax reclaims are Indudgd In the SOFA at the 88me limo as the gift lo which they r81ale. Resouros Expgnded 1.5 Llabllllles are recognl8ed as soon a8 Ihérg is alegal or ¢on$lru¢llv8 obl￿allOn commllllng the charfty to pay out resource8 1.8 Therg were no cost8 incurred durlng the pertod cover6d by the accounts for preparation. independent examlnallon, tru8tee8 meetings or legal adviGo on governance and conslltullonai mallers. Tax reclalms Incoming re8ourG95 from lax claims are Included on the statsmenl of financi81 a¢tiviti8s In the sarne perlod a¥ the gift lo whleh they relate. GOVERNANCE COSTS 2023 2022 Accountancy fees Eank charges 1,380 1,008 1,361 1.014 THE OLrrsET FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022 GRANTS PAYABLE 2023 2022 Fund$ dislTibuled 205 000 205,000 508,500 FUND ACCOUNTING F￿d& held by the ¢harfty are: Unresliict8d funds- thase are funds Ih8t can be used in accordance wllh the charitable 81 the discretion of the Tru81ees.