Trustees’ Annual Report for the period
From 01/04/2020 Period start date To 31/ 03/ 2021 Period end date Charity name: The KONA FOUNDATION
Charity registration number: 1157502
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | 1. Develop young peoples skills, capacities and<br>capabilities.<br>2. Advancing education of young people<br>3. Relieving young peoples unemployment inthe UK and Europe 4. Providingrecreational events locally |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
In general KONA and the volunteers are helping the local community with local and international volunteers. Activities include beach cleaning, “Green man”, tree planting, community gardening, … Whether this or any cultural event KONA does on regular basis was not was possible in the first year of the pandemic. No international volunteers have been hosted from April onwards! 5 local volunteers have been cultivating the garden and gave the produce and harvest to local people! Very little other activities have beenpossible thisyear! |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | - |
| Additional information (optional) You may choose to include further statements |
where relevant about: | |
| SORP reference | ||
| Policy on grant making | Para 1.38 | The main resource of our funds are from European projects (ERASMUS+ and ESC ZENTRUM). Due to COVID and the closures of activities we only could realise one single project (instead of 10 projects – as normally almost we would have monthly residentials) from European sending partner. |
| Para 1.38 | - |
| Policy on social investment including program related investment |
||
|---|---|---|
| Contribution made by volunteers |
Para 1.38 | Volunteers are the most important asset of our organisation. They have been helping out on many occasions, e. g. preparing for the benefit of the community like cultural evenings, beach cleanings and other community activities. This year especially our local volunteers maintained the garden, planted, harvested some veggies and distributed the produce in the local community. |
| Other |
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | In the indicated timescale there was a very limited contribution to local activities compared to usual years. The work within the community by the local volunteers was very positive and successful. |
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | - |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | - |
| Investment performance against objectives |
Para 1.41 | - |
| Other | - |
Financial Review
| Review of the charity’s financial position at the end of the period |
Para 1.21 | Even in the crisis we could maintain our stable financial status! No mayor spendings, but a COVID grant was provided. |
|---|---|---|
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | - |
| Amount of reserves held | Para 1.22 | - |
| Reasons for holding zero reserves |
Para 1.22 | - |
| Details of fund materially in deficit |
Para 1.24 | - |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | - |
Additional information (optional) You may choose to include further statements where relevant about:
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | • EuropeanEuropean grants (ERASMUS+ and European Solidarity Corps)funds disturbed through the partners (applicants) • This year also COVID-crisis-fund |
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | - |
| A description of the principal risks facing the charity |
Para 1.46 | None In general communication within the board, the directors and the volunteers kept fluent, physical appearances and meetings have been limited on certain time periods of the crisis as SAFETY FIRST! |
| Other | - |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Memorandum + Articles of Association |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | CIO |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustee meeting and vote One of the mayor aims is to attract more trustee’s for the charity |
| Additional information (optional) You may choose to include further statements |
Additional information (optional) You may choose to include further statements |
where relevant about: |
|---|---|---|
| Policies and procedures adopted for the induction and training of trustees |
Para 1.51 | • Charity Commission guidelines • ERASMUS+ Programme guide • Handbook for projects and events |
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | • Board • Director • Volunteers • The Rückenwind Network • Expression of interest within the ESC-programme |
| Relationship with any related parties |
Para 1.51 | - |
| Other | - |
Reference and Administrative details
| Charity name | The Kona Foundation |
|---|---|
| Other name the charity uses | KONA |
| Registered charity number | 1157502 |
| Charity’s principal address | The Manse Garrett Street Cawsand PL10 1PD Torpoint, Cornwall |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Doreen Westlake | ||||
| Jerome Leopold | ||||
| Leo Kaserer | ||||
– Corporate trustees names of the directors at the date the report was approved
Director name Sarah Hill
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year | |
|---|---|---|
| - | ||
Funds held as custodian trustees on behalf of others
Description of the assets - held in this capacity Name and objects of the - charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for - safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
| Type of adviser Name Address |
Type of adviser Name Address |
Type of adviser Name Address |
|---|---|---|
| Name of chief executive or names of senior staff members (Optional information) | ||
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
| Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date |
||
|---|---|---|
| Leo Kaserer | ||
Chair |
||
| 21stof December 2021 | ||
| 21stof December 2021 |
Compary rngistratson number. CE002121 Charity registralbn number. 11B7502 The Kona Foundation (A ts)mpany Ilmitsd by shgre eapltsll Annual Report and Financlal Statements for the Year Ended 31 March 2021
Contsnts Reference arNI AdministratNe Detsils Statement of Tnsst8es' Responslbiliti85 Accounlants. ReFLIrt Independanl Examinerf¥ Report Independent Examlnerfs Rèport statemont of Fln8ndal Athltias Balance Sheet Notes to the Financial Slaternents 8t019
Reference and Admini8trativo Detslls Mr Loo Kasergr Ms DorBen Wesll8ke Garrett Street Cawsand Cornwall PL10 1PD Princlpal Offlcfr The charity is incorporated in United Ksngd(Mn. Company Reglstration NuMr CE002121 Ch•rfty Roglstratlon Number 1157502 Ac¢ountant8 Carey Accountancy Ltd HigheT Treyone Polbalhic Comwall PL11 3HE
ststement of Trustses, Responsibllitles The tTUStees (who are also the direclors of The Kona Foundation for the puooses of company law) are responsible for prepanng the finanal statements in accordance with the Untby Kingdom Accounting Stsndards (United Iqngdorn Generalty Accepted Accounting Practice) and appl(ble law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the tnJ51ees must not apprDve the finawal ststements unless they are satisfied that they gNe a true and fair view of the stale of affairs of the ¢haritsble company and of rts incoming resources and application of resources. including its income and expenditure, lor that perKxI. In preparing these financkql stslements. the trustees are required to.. select surtable accounting policies and apply them consislenlly.. observe the method6 and prinuples in the Charities SORP., make judgements and estsmates that are reasonab and prudent. state whether applitxble UK Accounb"ng Standard5 hav8 been followed, subjfjd to any mrfal departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless rt is inappropriate to presume that the charrtable company wll continue in business. The trustees are responsible for keeping adequate a¢nng ordS that are sufficlent to show and explain the eharitable companys transactions and disclose reasonable aecuracy 8t any tr'me the financ1 posiuon of the chantable cornpany and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company anJ hence f¢r tsking reasonable $tep5 for the preventlon and detection of fraud and other irregularities. Approved by the trustses of the charity on 17 June 2021 and Sign on ils behaK by.. Mr Leo Kaserer Trustee
Chartorod Ac¢ountsnts' Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of The Kona Foundation for the Year Ended 31 March 2021 In order lo assist you to fuffil your dub"e5 under the Companies Act 20, we have prepared for your approval the accounts of The Kona Foundalv)n for the year ended 31 March 20213$ set out on pages 8 to 19 from the wmpany's accounting records and f inforrnats.on and explanations you have given us. As a practi51ng member firm ol the charte Institute of Management Accountants ICIMAI, we are subject lo ethical and other profession81 which https../A.c1magJobS{.coM1PROFESsIONAL1Hbcs. requirements are detsiled at This report is made solely to the Trustees of The Kona Foundation. Our work has been undertaken solely to prepare for your approval the 8¢counis of The Ktsna Foundation and stsle those matters that we have agreed to stsle to th$ Trustees of The Kona Foundation. To the fulsest extent pemirtted by law, we do not accept or assume responsibility to anyone other than The Kona Foundation and its Trustees as a body for our work oi for this report. It is your duty lo ensure Ihal The Kona Foundation has kept adequate accounting record5 and to prepare ststutory accounts that give a true and fair view of the assets, liabilities. financial position and results of The Kona Foundalion. You eonsider that The Kona Foundation is exempl from the stAlulory audit requirement for the Yr. We have not been instwcted to cary out an audit or a review of the accounts of The Kona Foundation. For this reason, we have not verified the accumcy or complelene5s of the accounting records or infomiation and explanation$ you have given to us and we do not, therefore, express any opinion on the statutory accounts. Carey Ac£ountancy Ltd HigherTreyone Polbathic Cornwall PL11 3HE 17 June 2021
Independent ExaMineS Report to the trustees of The Kona Foundation I report on the a¢xounts of the charity for the year ended 31 March 2021 which are set out on pagas 6 to 19. Re8wGtive rgsponslblliti of truite•s and examlngr The trustees (who are also the ¢Jireclors of the company for the purpose5 of company lawl are sponsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144121 of thè Chanbes Act 2011 Ilhe 2011 Acll and that an Independent examination is needed. Having satisfied myBelf that the charity is not subla¢t to audit under company law and 1$ eligible for independent examinab'on, is rny responsibli lty to.. examine the accounts under Section 145 of the 2011 Act", to follow the Pedre5 laid down in the general Directior45 given by the Charity Commisslon under section 145{5llbl of the 2011 Act.. and to stste whether particular mattets have come lo my attention. B081$ of Indèpendent examinees report My examinatton was carried out in accordance wth the generdl Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a omparison of the accounts presented with those Tecord5. It also includes consideration of any unusual items or disclosures in the xcounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the eyidence that would be required in an audit and con5equendy no opinion given as lo whether the accounts present a 'true and fair view and the report is limited lo those matter5 sel out in the ststement below. Independent examlnerfs statemont In connedion with my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the requirements.. io keep accounting record5 in accordance w(fh section 386 of the Companies Act 2006,. and to prepare accounts which accord with the accounting recor(Is, comply with the accounting requirements of section 398 of the Companies Act 2006 and wlh the methods and principle5 Of the staternenl DI Recommended Practice." Accounting and Reporting by Charities have not been rnet.. or 12) to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Carey Accountancy Ltd CIMA 17 June 2021
Independent Examinarfs Raport to the trustees of The Kona Foundatlon I raport to the eharity trustees on my examination of the accounts of the chanty for the year ended 31 March 2021 which are set oui on pages 6 to 19. Re8PKtlye pOnSibl1)t186 01 trust•8* and axamln•r As the charity's tnJstees of The Kona Foundation land also its directors for the purposes of company lawl you are responsible for the preparation ol the accounts In accordance with tho requirements of the Companies Act 20061'the 2006 Acl'l Having sats'glied mysem that the accounts of The Kona FOundatn are not requirfjd lo be audited under Part 16 of the 2006 Act and 8re eligible for independent 8xaminatson, I report in TespeGt of my examination of your charty's accounts as carri out under tiOn 145 of the Charib'es Act 2011 I'the 2011 Act). In carrying out my examination I have followed th8 Dlrections given by the Charity Commission under section 14515llbl of Ihe 2011 A¢t Indopond•nt •xJmlngrfs statement I have completed my ex8minalion. I conflmi that no matter8 have come lo my attention in conne¢tton with the examinab.on giving me Gause lo believe.. 1. accounting ree£Jrds wero not kept in res1 of The Kona Foundation a5 requipd by section 386 of th8 2006 Act, or 2. the accounts do not accord wth those records.. or 3. the accounts do not comply with the aGcountsng requlrements of secb'on 396 of the 2008 Act other than any requirement that the accounts give a 'lrue and fair view whlch 18 nol a matter considered as part ol an independent examination,. or 4. the accounts have not been prepared In accordance wllh the melhods and prfnciples of the Slalemenl ol Recommended Practice for accounting and reporting by Charits'es lapplic4ble to charities preparing their accounts in accordance with the Flnancial Reporkn'ng Standard applicable in th8 UK and Ropublic of Iroland IFRS 10211. I have no concems and have come across no other marters in conno¢tion with the examinallon lo whlch attention should be drawn in this report In order to enable a proper understanding ol the accounts to be reached. Coroy Ltd CIMA 17 June 2021
Statsment of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Ststsment of Totsl Recognised Gains and Losses) Unrestrfcted funds Totsl 2021 Nots Incom• and Endowmènts from: Donations and legacies Other income 29.073 500 29,073 500 29,573 Totsl Income 29.573 Expendlture on: Raising funds Charitable activtt 18,5411 10.030 18.541) 10,030 18.571 Total expendrture Net income 18.571 11,002 11,002 Nel movement in fvnds 11.002 11,002 Recon¢iliatlon of fvnds Total fijnds brought forward Totral funds carried forward 10.619 10.619 21,621 Total 2020 16 21,621 UDlYStrieted funds Nots In¢omo and Endowments from: Donatsons and legacies 95,919 95,919 95,919 95.919 Totsl income Expenditure on: Charitable activ"e9 98.513 98,513 98.513 Total expenditure Net expendrture Nel movement in funds Reconelllatlon ol lund$ Total funds brought forward Totsl funds carried forward 98,513 2.594 2.594 IZ,5941 12,5941 13.213 13,213 16 10,619 10.619 l of the charity's aclivltses derive from continuing operations during the above tsvo periods. The funds breakdown for 2020 is shown in note 16. The notes on pages 8 to 19 form an integral part of these financial statements. Page 6
{Registratlon number: CE002121) Balance Sheet ag at 31 March 2021 2021 2020 Flxod as8•ts Tangible assets Cunent as8¢ts Cash al bank and in hand 12 1,274 13 19,921 11,990 Credltor8: Amounts falllng due withln ono yoar Net current assets 14 1.144 18,777 9,345 10.619 Net assets 21.621 Funds of the charity: Unfestrtthd Income fvnds Unrestricted thjnds 21,621 10,619 Totsl tund8 16 21.621 10,619 For the financial year ending 31 March 2021 the charfty Sfds entiugj to exemption from audr( under section 477 91 the Companies Act 2006 relating to small companies. Directors. responsibil"thes'. The members have not required the charity to oblain an audrt of its accounts for the year in question in accordance with secb.on 476,. and The directors acknowledge thelr responsibilities for complying with the requirements of th8 Act w((h spect to accountsng records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable lo companles subject to the Small companies regime. The financial stslements on pages 6 to 19 were approved by the trustees, and aulh0ri5ed for issue on 17 June 2021 and signed on their behalf by". Mr Leo Kaserer Trustee The notes on pages 8 to 19 fomi an Integral part of these ftnancial statements. Pa9e 7
Note3 to the Financlal Statoments for the Year Ended 31 March 2021 1 Chaflty statuB The charity is limited by shate capttal, incorForated in United Kngdom. The address of 51s Te9lslered office is. Garrett Street Cawsand Comw315 PL10 1PD These financial statements wefe authorised for Issue by the trustses on 17 June 2021. 2 Accountlng pollcies Summary ol slgnfflcant aOUntIng policles and kay accounting 88tim•tes The principal accountyng policies applied in the pparatIOn of these financi81 statements S set oul below. These policies have been consistently applied to all the years presented, Unl otherwise ststed. Statement of ¢ompllance The financol statements have b2en ppared in accordance with Accounting and Reporting by Charities.. ststement of Recommended PractTce applicable to Chare9 preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151- ICh8rittes SORP IFRS 10211. the Financial Reporting Standard applicab in the UK and RepubliG of IrBland IFRS 1021. They olso wmply wth the Companies Act 2006 and Charth"es Act 2011. Basls of prgparation The Kona Foundabon meets the defin'on ol a public benefit entity under FRS 102. Assets and liabilities are inib.ally recognised at historical cost or transaction value unless otherwise stated in the relevant accountng policy notes. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to contsnue as going concern nor any significant aaS of uncertainty that affect the cafrying value of asset5 held by the chari Exgmption fmm prèpartng a cash flow ststoment The charity opted to earty adopt Bulleb"n 1 published on 2 February 2016 and have therefore not included a cash flow ststement in these financi81 statements. Income and andowmgnts I Income is CogniSed once the charity has entiuement to the income, it is probable that the income will be received and the amount of the income receNable can be measured reliably. P8ge 8
Notes to the Financial Slatsments for tho Year Ended 31 March 2021 Eyndlthre All expend"rture 15 recrynised once there is a legal or constructNe obligation lo that expenditure, it 1$ probable settlement Is requiTEd and the amount can be Measur reliably. All costs ar8 a51¢xated to the applicable expenditure heading that 8ggTegate similar s))sts to that category. Whero costs cannot be directy attributed lo particular headings they have been alloc*led on a basis consi51enl the use of resources, th central staff costs allocated on the basis of tlme spen( and depreciab'on charges allorAted on the wrbon of the asseys use. Other support costs are a51ocated based on the spread of staff costs. Ralsing fvnds These are costs incurred in attracting voluntary income. the managem8nt of investments and those incurred in trading aclNibes that raise fvnds. Charitabl8 actlvltles Charttable expenditure comprises those costs incurred by the charity in the delivery of its activitses and servi5 for Its beneficiaries. It includes both costs can be allocated directly to such acts"vities and those costs of an indirect nature necessary to support them. Grnnt provisions Provisions for grants are made when the intention tr) make a grant has been communicated lo the recipient but there is uncertainty about either the liming of the grant or the amount of grant payable. Support costs Support Costs Include central functions and have been allocated lo actwity cost categories on a basis consistent wlh the use ol resources. for example, allocating property costs by floor area5, or per ¢apita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attribut2ble to the charity's compliance wth con51ilutional and statutory requirements, including audit. strategic management and truslees's meetings and reimbursed expenses. Taxation The charity )nSered to pass tests set out in Paragraph 1 Schedule 6 of the Finan Act 2010 and therefore Tt meets the (Sefiniti"on of a charitsble company lor UK corporab.on lax purpose5. Accoruingiy, Ihr cnanty la pornlully ¢x¢fflpt from taJ(0tign in r•tspo¢t of or capitthl oJin4 reeoivad wrthin categories covered by Chapter 3 Part 11 of the Corporation Tax A¢1 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to Gh&ritable purpose5. Tanglble fixgd assots Individual fixed assets ¢osting £0.00 or more are initialty recoTded at Cost. less any subsequent ¥cumulated depreciation and subsequent accumulated impairment lossos. Page 9
Notss to the Financial Ststem•nts for the Yoar Ended 31 March 2021 D•pr•clatlon and amortbsatlon DepreGialion is provKled on tsngible fixed assets so as lo write off the cost or valualion. less any ests'mated residuBI value. over their expected useful economic life as followE. Cash and cash •qulv•l•nts Cash and cash equwalents comprise cash on hand and call deposits. and other short-term hlghly liquid Investrnents that are readily convertsble to a known amount of cash and are sublecl to an insignthcanl Tisk of change in value. Trnde crgdltorn Trade creditors 8re obligaon$ to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classifd as current liabilities il the charity does not have an uneondilional righ( al the end ol the reporting period. lo defer Settlement of the creditor for al least Nvelve months after the reporbng dale. If there is an unconditional Tight lo deler settlement for al least months after the reporting dale. they are presented as non-currenl liabillties. Trade credit015 are OgniSed Initially at the transaGtlon price and subsequentty measured al amortised cost using the effective inleresl method. 8orrowlngi Inleresl-bearing borrowings are initr'ally feGorded al falr value, net of tr3n8action costs. Inler8$t-bearing t)Drrowing5 a subsequéntly carried al amortised cosL with th¢ difference betsveen the proceeds. nel of transaction costs, and the amount due on redemption being recognised as a ch8rge to the Staloment of Financial A¢livilies over the periixl of the relevant borrowing. Inleresl expènse is recogni5ed on tha ba$ls ol the effective Inleresl method and is Included In inlorest payable and similar char98s. orrowlngs are classffied as Currènt liabilities unlass the charity has an unconditional right lo defgr settlefflent of the liability for at lea51 months after the reports'ng dale. Page 10
Notes to the Financial Statements for the Y8ar Ended 31 March 2021 Forelgn gxchango Tr8nsaetsons in foreign curren¢ie¥ are e0rded at the r4ts of exchange at the date of the transaction. Monetary assets and liabilities denominated in foretran CurrencS at tha balanco sheet dale are report at the rates of exchange prevailing at that dale. The results of oversea5 operation$ are translatsd at the average rates of exchange during the riod and their balance sheets at the rates ruling at the ba18nce sheet date. Exchange drfferences arising on tran51atson of the opening nel a8sels and results of overseas operations are reportod in other comprehensive ineAime and accumulated in equity (attributed to non-controlling interests as appropriatsl. other exchange dlfferen¢es aTe rocognised in the Statement of Financlal AclNitie5 in the period in which they arise except for. 1) exchange drflerencé5 On tran8a¢tions entered into lo hedge certain foreign currency risks (see èbovel.. 21 exchange differences arising on gains or10gse8 on non-monetary tsm8 whiGh are recognised in other comprehenslve income,. and 31 In the ease of the con601idated ftnanclal 5ts1ements. exchange dffler8nce$ on monetary Items receivable from or payable to a forewn operab'on for whlch settlement Is neither planned nor likety lo occur {IheTefore forming part of the nel Investment In the forelgn operation), which are re¢o9nised in other comprehensive Income and reported under equity. Fund Structure Unrestrcled income funds are general fvnds that are avaiLable for u¥e al the tnjslees's discretion in furtherance of the objeelives of the charity. Flnanclal Initruments Cl8ssMlcatlon Financial assets Bnd financlal liabiliti88 are iecognlsed when the charity be¢omes a paty tc th8 ¢ontractual provIsan$ of the instrument. Financial liabiltyes and equty instruments afe cla551fied according lo the 5ubstsnce of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the chanty after deducb.ng all of 115 Ilabililias. Page11
Notss to the Financial Statements for the Year Endgd 31 March 2021 Recognition and measurnment l financial assets and liabilibes are inibalty measured at transaction price lincludlng transaction ¢05ts), except for those financial assets classified as at fair vaSue through profit or loss, which are inib'alty measured at fair value {whh is nomially the transaction price excluding transaction costsl. unless the arrangemenl constitutes a financing transaction. 11 an arrangement constitutes a finanryng transaction, the financi41 asset or financk41 liabilty is measured at the present value of the future payments discounled at a market rale ol intere51 for a similar debt instrumonl. Financial assets and liabilitie5 are onty offset in the statemenl of financial posibon when. and only when there exisfs a legally enforceable right to set off the recognised amoun15 and the charity intends ether to 5etUe on a net basis. or to reali5e the asset and ¥etVe the liability simultaneousty. Financial assets are dere¢ogni5ed when and onty when a} thp contractual rohts to the cash flows from the financ1 855et expire or are settled. bl the charity transfers to another paty substanallY all of the risks and reward5 of ownership of the financial asse[ or c} the charity, despite having retained some. bLrt not all. significant risks and rewards of ownership. has transferred control of Ihe asset to 8ntslheT party. Financial liabilitias are deOgniSed only when tre obligation specffjied in the contract is discharged, cancelled or expires. Page 12
Notes to the Financial Statements for the Year Ended 31 March 2021 DobtlnstrUmts Debt instruments fjCh m68t the followng ¢xindrtion$ are subsequendy measured at amorti5ed cost using the effective Inte51 method. la} The contractual rebjm lo the holder is lil a fix8d amounL lill a positive rd rat8 or a positive variablo rate., or liiil a cornbinatson of a p)srtwe or a negative fixed rats and a positive variabl8 rate. Ib) The contra¢t may provide for repayments of the prinupBI or th8 retufn to the holder (but not both) to b8 linked lo a single felevanl observable index of general pric8 inflation of the GurToncy in whi¢h the debt instrument 1$ denominated, prov such links are not leveraged. Icl The contract may provide for a delern)inable variation ol the retum lo the holder during th8 lile of the instrument, provided that li} the new rate satisfits condition 181 and the variab'on is not contingent on future events olner than111 a change ol a conlra¢lual variable rale,'121 to protect the holder against credit deterioration ol the issuer. 131 change5 in levies applied by 8 central bank or aiising from changes In relevonl taxab.on or law.. or Iiil the new rats is a market late of inteost and satisfies condition la). Idl There is no Contracal provision that could, by its tamis, re$ull in the hold8T losln9 tho prinGlpal amount or any interest attributsble lo the current period or prior periods. {el Contractual provisK)ns that perrnll the issuer lo prepay a debt instrumenl or pemiit the holder to put it back to the issuor before malority are not contingent on future events, other than to protect the holder against the credit deterration of the issuer or a change in control of the issuer, or lo protect the holder or issuer against changes in levies applied by 8 central bank or arising from changes in relevant taxation or Law. {f) Contractual provisions may Perm the extenslon of th¢ term of the debt inslrumenl, provided that the return lo the holder and any other contractual provi$lons applicable during the extended term Satisfy the ¢ondition$ of para9raphs lal lo Icl. Debt instruments that are classified as payab58 or receivable wiihin one year on initial recognition and which meet the above conditions are rneasured al the undiscounled amount of the cash or other consideration expected lo be paid or received. nel of impairmenL With the exception ol some hedging Ingtruments, other debt instnjmenls not meeting these condRlons are measured al fair value through profil or loss. Commitments to makè and r8ceive loan$ which meet the conditions rnentned 8bove ore measured ot InVtMents Investments in non-convertible prefarence shares and non-puttable ordinary or preference shares Iwhere shares are publlcly traded or their fair value is relBbly measurable) arg measurert al fair value through profit or loss. Where fair value cannot be measured reliably. investments aTe rneasured at cost less Impairment. Investments In subsidiBries and associates are measured at cost less impairment For investments in subsidiailes acquired for consider8lon including the i$gue of shares qualifying for merger relief, c051 Is measured by reference to the nominal value of the shareg Issued plvs fair value of other consideration. Any premium 18 ignored. Page 13
Nots8 to the Flnanclal Statements for the Year Ended 31 March 2021 Derlvauvo flnanclal Instruments Tha chanty uses derivative financial instruments to reduc8 exposure to foreign exchange nsk and interest rale movements. The charity doe5 not hokl or issue derivab've financial in5tNments for speculatwa purposes. Darivatr"ve5 are inib'ally recognised al fair valu8 at the dats a derivative contract B entered into and are $ubseqventW remgasured lo th8ir lair value al each reporting éale. The resulting 9ain or loss is recognised in statement of financial activthes immediately unless the deriv8tsve is designafrd end effective as a hedging instrument, in which event the b'ming of the recognition in statement of financial aclmties depends on the nature of the hedge relationship. Falr value mwurnm•nt The best evidence of fair value is a quoted price for an idenb.cal asset In an actlve market. When quoted prices are unavailable, the price of a recent Iransacts'on for an identical as5el provid8s evidence of fair value as long as there has not been a significant change in economic cir¢umsl8nces or a significant lapse of time since the transaction took placè. 11 the market is not active and recent transactions of an identical asset on their own are not a good estimate of laiT value, the fair value 18 estimated by using a valuaon tschnique. 3 Incomè from donatlons *nd10gacle• Unr••trl¢tsd fvnd8 G•n•ral Total lund8 Regular giving and capital donations Total for 2021 29.073 29.073 29.073 29,073 Tgtal for 2020 gS,919 4 Other Incomé Total funds S Expendlturn on ralslng fund¥ al Costs of tradlng •¢tlYltle8 Page 14
Notè8 to the Financlal Stalements for the Year Endod 31 March 2021 Unrestrlct•d fund8 Gengral T¢)t•l funds Nots Costs ofgoods sold Total for 2021 7.737 7,737 7,737 7.737 bl Invg8lment management CO818 Unrestrfct•d funds Gèn¢rJl Total funds Nots Alocated support costs Total for 2021 804 804 804 804 Totsl costs 6 Expendlturè on charitable aetivitl¢s Unrestricted funds General Total funds Note Governan¢e costs 10,030 10,030 Totsl for 2020 98,513 98,513 Total expgnditurg In addition to the expenditure anatysed above, there are also govemance costs of £10.030 12020 £49,917) which relate directly to charitable activities. See note 7 for fvrther details. Page 1S
Notos to the Financial Statemonts for the Year Ended 31 March 2021 7 Analy51• of g¢vernanee and support CO8t8 Govemanc• colts Unrn8trlcled funds G•n•ro1 Total funds Stsff costs Other statf wsts Legal fees Other governance costs Total for 2021 280 1,080 8.670 280 1.080 8,670 10.030 10,030 Total for 2020 49,917 49,917 8 N•t Ineomlngloutgolng Mource• Nel incominglloulgoingl resources lor Ihg year include.. 2021 2020 Depreciation of fixed assets 628 g Tru•tM¥ romun•ratlon 4nd exp•n¥•8 10 Stsff colts The aggregate payroll wsts wer• as follows. 2021 2020 Stsff costs durlng the yoar w•r•: other staff costs 280 12.908 No ornployee rtLeNed emoluments of more than £80,000 during the ye8r. Pa98 16
Notes to tho Financial Slatements for the Year Ended 31 March 2021 11 Taxatlon The charity 15 a regislere(I charity and is therefore exempt frr¥n t8xalion. 12 Tanglbl• fix•d a•••ts Furnltur• and qulpment Totsl Al 1 April 2020 Additions 4,113 1,082 4,173 1,082 At 31 March 2021 5,195 5,195 Dopr•clatlon Al 1 April 2020 Charge for the year At 31 March 2021 1,548 1,548 803 2,351 2.351 Not book v•lue At 31 Ma 2021 2.844 At 31 Mar¢h 2020 2,585 2,56S 13 Ca•h •nd ca8h •qulva19nts 2021 2020 Cash on hand Cash al bank 183 19.758 2,499 9,491 19,921 11,990 14 Crodltorn: amounts falllng due wlthln one yoar 2021 2020 Trade creditors Other creditors Accruals 1,080 1,200 1,144 2.645 Page 17
Note8 to the Flnancial Statsments for the Year Ended 31 March 2021 16 Sharo capltal 16 Funds 8alan¢8 at 1 Aprfl 2020 Incoming rosourcos R•8ources pxpgnded Balance 8t 31 March 2021 Unrutrlctgd funds General 10.619 29.573 18,571 21,621 B•lanc• at 1 Aprll 2019 Incomlng re8ourcg5 Rosourc•8 expondod 8•lan¢o at 31 March 2020 Unm1rfct fund• General 13,213 95,919 98,513 10.619 17 An•ly¥l$ of net a88•ts b•tw•en funds Unr88trlcted funds G?noMI Total fund8 at 31 March 2021 Tangible fixed assets Current assets Current liabilitses 2.844 19,921 1,144 19,921 1.144 Total nel asset$ 21,621 21,621 Unrestrlctsd funds G&neral Total fund• at 31 March 2020 T•n9ibl• fix•d ••••*• 1,?74 11,990 12,645 10,619 1.274 11,990 2,645 Current assets Current liabilities Total nel asset8 10,619 18 An4lyslB of net fund• Page 18
Not08 to the Financlal Statements for the Year Ended 31 March 2021 At 1 Aprfl 2020 Finan¢lng cajh IIow8 At 31 Mar¢h 2021 Cash at bank and in hand 11.990 11.990 Ngt debt 11,990 11,990 At 1 Apill 2019 At 31 M•Kh 2020 Nel debt Page 19
Independent Examinerfs Report to the trustees of The Kona Foundatlon I report to the group trustees on my examination of CCIlIdated accounts of The Kona Foundation and its subsidiary undertakings for the year ended 31 March 2020 which are set out on pages to . Respectlva r88ponslbllltle8 of trustees and examiner As the trustees of the group you are spOn&ble for the preparation of the consolidated accounts of The Kona Foundation in accordance with the requirements of the Companies Act 2006 {'the 2006 Act'i. Having satisfied myself that the accounts of The Kona Foundation are not required to be audited under Part 16 of the 20CE Act and are eligib for independent examination. I report in respect of my examination of the consolidated accounts as carried out under secb.on 145 of the Charities Act 2011 I'the 2011 Ad'}. In ¢arry7ng out my examination I have followgj the Directions givgn by thg Charity Commissiofi under section 14515llbl of the 2011 ACL An independent eXaminan does n( inv(th gathering all the evkYen(¥ that would be required in an aud1( and consequenty d¢Jes not Cover all the matters that an auditor cx>nsiders in giving their opinion on the accounts. The planning and condud of an audit goes beyond the limited assuran that an independent examination can provide. ConSequenY l express no opinion as to whether the consolidated accounts present a 'true and fairf view and my report is limited to those specific matters sel out in the independent examinerf5 StaternenL Independent •xaminerfs statement I have completed my examination. I confim that no matters have come to my attention in connection wlth the examination gNing me cause to believe.. . accuunting Tecords were not kept in respect of The Kona Foundation as requirad by seth'on 386 of the 2CK6 Act,. or 2. the aecounts th not accord with those records. 3. the accounts do not comply with the afxounting requirements of£ection 396 of the 2006 Act other than any requirement that the aeeounts give a 'tnJe and fair vievl which 15 not a matter ¢x)nsidered a$ part of an independent examinKJn; or 4. the accounts have not been prepared in aco)rdan with the methods and principles of the Statement of Recommended Prath"ce for accounting and reFK)rting by charitie5 lapplicable to charities preparing their accounts in accordance wtth the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS 102}1. I have no concems and have come across rko Other matters in connection with the examinab.on lo which attention should be drawn in this in Order to enable a proper undeTStanding of the accounts lo be reached. Carey Acc£•unlancy Ltd CIMA 31 March 2020