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2021-06-30-accounts

THE 7 C'S FOUNDATION Accounts- 30 June 2021

THE 7 C’S FOUNDATION

Charity number: 1158771

Accounts – 30 June 2021

INDEX

THE 7 C’S FOUNDATION

REPORT OF THE TRUSTEES for the year ended 30 June 2021

The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 30 June 2021.

The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and complies with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland published in October 2019.

Reference and Administration Details

The charity’s name is The 7 C’s Foundation.

Charity Registration Number: 1158771 Registered Address: C/O 22b High Street Witney Oxfordshire OX28 6RB

Trustees

The Trustees and officers who served during the year and since the year end were as follows:

Jon Berry Simon Walker Christina Hopkinson Michael Berry

Objects and Activities

The main objects of the charity are:

Our Vision

To spread the 7C’s throughout the world. The 7C’s are life skills:

  1. Creativity

  2. Communication

  3. Confidence

  4. Co-ordination

  5. Co-operation

  6. Commitment

  7. Constructive Critical Thinking

Our Mission Statement

We will enable as many people as possible of all ages to develop the 7C’s through our development programme.

THE 7 C’S FOUNDATION

REPORT OF THE TRUSTEES for the year ended 30 June 2021 ( Continued)

Achievements and Performance

Following a challenging period for the charity brought about by the pandemic and the disassociation with the trading company (MuzoAkademy Limited), the charity has made some significant changes to its operations, though not its purpose.

The charity will no longer derive funds from membership or the activities of a trading company. All monies will be acquired through grant applications and fund raising.

The services of the charity will be free.

The charity will establish projects and pay qualified individuals or organisations to facilitate them.

The charity continues with its aim to advance the art of music and the arts by extending provision of (predominantly, but not exclusively) musical activities to all and any age groups that would benefit. We believe in music for all, but make special effort to engage those who are underprivileged, excluded or vulnerable.

The charity also remains committed to providing spaces for people to meet, learn, create and perform and support this work through the Save the Rock Barn fund.

After a review of the challenges experienced for public performances and face to face teaching during the pandemic, the charity has adjusted its goal of opening a physical community arts venue in Witney town centre. Instead, grants are being provided to give access to existing spaces for freelance tutors and learners; to provide digital recording and streaming technology to allow artists to share their performances regardless of any need for social distancing or unforeseen disruptions; and to support community venues, fayres, fetes and festivals to put on live music events.

Furthermore, the charity has successfully piloted a music engagement curriculum, Superstar People, and is actively seeking grant funding to extend this provision.

The charity is confident it can continue to make a positive contribution to the West Oxfordshire community for the foreseeable future.

Financial Review

The total income for the year was £615 and total expenditure on charitable activities amounted to £17,951.

Reserves Policy

The trustees have examined the charity’s requirements for reserves taking account of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 4-5 months of expenditure. The trustees consider that this should be in the region of £5,000 in general funds. The reserves are needed to meet the working capital requirement of the charity and the trustees are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. Unrestricted funds stand at £14,392 which is above the required level.

THE 7 C’S FOUNDATION

REPORT OF THE TRUSTEES for the year ended 30 June 2021 ( Continued)

Structure, Governance and Management

Governing Document

The 7 C’s Foundation is a Charitable Incorporated Organisation which registered with The Charity Commission on 3 October 2014 under number 1158771.

The Trustees are listed on page 1. The selection of trustees is designed to supplement the existing skills and expertise of the board and is governed by an informal skills assessment. Appointment of trustees is made in accordance with the articles of association. Trustees are trained in their duties informally and inducted by their fellow board in the duties and responsibilities of a trustee.

Approved by the trustees on 21st September 2021 and signed on its behalf by:

M Berry

……………………………………………..

Trustee

Witney, Oxfordshire

THE 7 C’S FOUNDATION

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of The 7 C’s Foundation for the year ended 30th June 2021.

Responsibilities and Basis of Report

As the charity’s trustees 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 charity’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 charity 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.

A P Williams FCCA CTA A J Carter & Co Chartered Accountants

22b High Street Witney Oxon OX28 6RB

1st October 2021

THE 7 C’S FOUNDATION

Statement of Financial Activities

(including an income and expenditure account) for the year ended 30 June 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Interest
Total incoming resources
Expenditure on:
Charitable activities
6
Trading activities
Total expenditure
Net income/(expenditure) and net
movement in funds for the year
Transfer between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
Total
Funds
Funds
Funds
2021
£
£
£
611
-
611
-
-
-
-
-
-
4
-
4
615
-
615
14,271
3,680
17,951
-
-
-
14,271
3,680
17,951
(13,656)
(3,680)
(17,336)
-
-
-
(13,656)
(3,680)
(17,336)
28,048
10,790
38,838
£14,392
£7,110
£21,502		 Total
Funds
2020
£
31,288
56,297
18,934
7
106,526
80,011
4,688
84,699
21,827
-
21,827
17,011
£38,838

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The notes on pages 6 to 10 form part of these financial statements

THE 7 C’S FOUNDATION

BALANCE SHEET as at 30 June 2021

Note
Fixed assets
Tangible assets
11
Total fixed assets
Current assets
Debtors
12
Investments
13
Cash at bank and in hand
Total current assets
Liabilities
Creditors falling due within one year
14
Net current assets
Total assets less current liabilities
Creditors:falling due after more than 1 year
Provisions for liabilities
Total net assets
15
The funds of the Charity
Restricted income funds
16
Unrestricted income funds
16
Revaluation reserve
Total unrestricted funds
Total charity funds		 2021
£
-
-
-
-
22,672
22,672
1,170
21,502
21,502
-
£21,502
7,110
14,392
-
14,392
£21,502		 2020
£
338
338
4,442
1
35,227
39,670
1,170
38,500
38,838
-
£38,838
10,790
28,048
-
28,048
£38,838

These accounts were approved by the Trustees and authorised for issue on: 21st September 2021 and are signed on their behalf by:

M Berry ………………………………………………… Trustee

The notes on pages 6 to 10 form part of these financial statements

THE 7 C’S FOUNDATION

NOTES TO THE ACCOUNTS

for the year ended 30 June 2021

1. Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of Preparation

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.

The 7 C’s Foundation meets the definition of a public benefit entity under FRS102.

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

d) Income Recognition Policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.

Interest Receivable

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

THE 7 C’S FOUNDATION

NOTES TO THE ACCOUNTS

for the year ended 30 June 2021 (continued)

h) Tangible Fixed Assets

Individual fixed assets are recorded at cost and are depreciated over their estimated useful economic lives on the straight line basis as follows:

Asset Annual Category Rate Equipment 15% straight line Computer equipment 25% straight line

Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

j) Creditors and Provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. Legal Status of the Charity

The 7 C’s Foundation is a Charitable Incorporated Organisation which registered with The Charity Commission on 3 October 2014 under number 1158771.

3. Income from donations

Gifts and donations 2021
£
611
£611		 2020
£
31,288
£31,288

Of the £611 received in 2021 (2020: £31,288) £nil was restricted funds (2020: £nil) and £611 (2020: £31,288) unrestricted funds.

4. Charitable activities

Schools programme
Events
Memberships
Other income		 2021
£
-
-
-
-
£-		 2020
£
13,273
304
42,527
193
£56,297

Of the £nil received in 2021 (2020: £56,297) £nil was restricted funds (2020: £nil) and £nil (2020: £56,297) unrestricted funds.

THE 7 C’S FOUNDATION

NOTES TO THE ACCOUNTS

for the year ended 30 June 2021 (continued)

5. Other trading activities

Shop sales Unrestricted
2021
£
-
£-		 Unrestricted
2020
£
18,934
£18,934

6. Analysis of expenditure on charitable activities

Schools programme
Refunded donations and membership fees
Administration
Impairment of investment in subsidiary company
Loan to subsidiary company written off
Disposal of assets
Governance costs
Total
Net income/(expenditure) for the year
This is stated after charging:
Independent examiner's fee
Depreciation
Analysis of staff costs and trustee remuneration
Salaries and wages
Pension costs		 Unrestricted
Restricted
£
£
1,585
3,680
910
-
2,405
-
1
-
4,442
-
338
-
4,590
-		 2021
Total
£

5,265

910

2,405

1

4,442

338
4,590
£17,951
2021
£
1,170
-
2021
£
-
-
£-		 2020
Total
£
78,841
-
-
-
-
-
1,170
£80,011
£14,271
£3,680
and expenses 2020
£
1,170
301
2020
£
-
-
£-

7. Net income/(expenditure) for the year

8. Analysis of staff costs and trustee remuneration and expenses

No employees had emoluments in excess of £60,000 (2020: Nil).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £Nil) neither were they reimbursed expenses during the year (2020: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £Nil).

9. Staff numbers

The average monthly number of employees during the year was as follows:

2021 2020
Number Number
0 0

THE 7 C’S FOUNDATION

NOTES TO THE ACCOUNTS

for the year ended 30 June 2021 (continued)

10. Corporation tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11. Tangible fixed assets

Cost:
As at 1 July 2020
Additions
Disposals
As at 30 June 2021
Depreciation:
As at 1 July 2020
Charge for year
On disposals
As at 30 June 2021
Net book value:
As at 30 June 2021
As at 30 June 2020
12.Debtors
Other debtors
13.Investments
Investments		 Equipment
£
1,826
-
1,826		 Computer
Equipment
£
372
-
372
-
367
-
367
-
£-
£5
2021
£
-
£-
2021
£
-
£-		 Total
£
2,198
-
2,198
- -
1,493
-
1,493		 1,860
-
1,860
- -
£- £-
£333 £338
2020
£
4,442
£4,442
2020
£
1
£1

As noted in the Trustees Report, the charity has now disassociated from the trading subsidiary company which is in the process of being struck off. The value of shares held has therefore been impaired.

THE 7 C’S FOUNDATION

NOTES TO THE ACCOUNTS

for the year ended 30 June 2021 (continued)

14. Creditors: amounts falling due within one year

Accruals
Analysis of net assets between funds
Tangible fixed assets
Cash at bank and in hand
Other net current assets/(liabilities)
Creditors of more than one year
Total		 2021
£
1,170
£1,170
General
Designated Restricted
Fund
Funds
Funds
£
£
£
-
-
-
15,562
-
7,110
(1,170)
-
-
-
-		 2020
£
1,170
£1,170
Total
£
-
22,672
(1,170)
-
£14,392
£-
£7,110		 £21,502

15. Analysis of net assets between funds

16. Analysis of charitable funds

Analysis of movements in restricted funds

Round Table
ICE
Barn 2
Total		 Balance
Incoming
Resources
Funds
01.07.2020
resources
expended
Transfers
30.06.2021
£
£
£
£
£
600
-
(40)
-
560
190
-
(4)
-
186
10,000
-
(3,636)
-
6,364
£10,790
£-
£(3,680)
£-
£7,110

Analysis of movements in unrestricted funds

General fund
Total
General fund		 Balance
Incoming
Resources
Funds
01.07.2020
resources
expended
Transfers
30.06.2021
£
£
£
£
£
28,048
615
(14,271)
-
14,392
£28,048
£615£(14,271)
£-
£14,392
The 'free reserves' after allowing for all designated funds.