BREATHE EASY FOUNDATION UNAUDITED ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 Charity Registration No. 1159386
BREATHE EASY FOUNDATION CONTENTS Page Trustees, Annual Report statement of Financial Activities Balance Sheet Notes to the Financial Statements
BREATHE EASY FOUNDATION TRUSTEES'ANNUAL REPORT FOR THE YEAR ENDED 31ST AUGUST 2024 Our sincere thanks to our Patron Dame Lorna and her husband Dr Muirhead, to all donors who have made it possible for us to buy so many Nebulizers to donate. our families, Soroptimists International Liverpool and our church congregation for their prayers. FINANCIAL REVIEW Total income for the year was £3,393 {2023: £5,425). Total expenditure for the yearwas £2,099 {2023: £3,509), leaving a surplusforthe year of £1,294 {2023: surplus £1,916) At 31st August 2024 the Charitable Incorporated Organisation's reserves stood at £16,542 (2023: £15,248) of which £nil (2023.. £nil) represented restricted funds. RISK MANAGEMENT The main risks to which the Charitable Incorporated Organisation is exposed to as identified by the Trustees have been considered and systems have been established to mitigate those risks. RESERVES POLICY It is the policy of the Charitable Incorporated Organisation to maintain unrestricted funds, which are free reserves at a level to cover three months, running costs should no further funding be received. As at the end of the financial year the unrestricted funds totalled £16,542. The Charitable Incorporated Organisation requires £525 for three months, running costs. The balance of unrestricted reserves is to contribute towards medication and luggage charges on the airplane for the visits to Nigeria. PLANS FOR THE FUTURE The trustees as volunteers will continue to support the activities of the organisation and its smooth running, also to raise funds to buy essential equipment for asthma. We are planning a fund raising to promote and protect the physical and mental health of suffers of asthma and allergies in Nigeria and UK STRUCTURE, GOVERNANCE AND MANAGEMENT Breathe Easy Foundation is a registered Charitable Incorporated Organisation (CIO), number 1159386 formed on 27th November 2014, under the terms of the Constitution dated 20th July 2014. The Board of Trustees shall consist of not less than three members and no more than 12 members. All the members of the Board of Trustees shall retire after three years except for the first Trustees, who will retire after three or fours years as per the Constitution.
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BREATHE EASY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2024 Notes Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income and Endowments from: Donations and legacies 3,393 3,393 5,425 Total income 3,393 3,393 5,425 Expenditur8 on: Charitable activities 2,099 2,099 3,509 Total expenditure 2,099 2,099 3,509 Net income, net movement in funds 1,294 1,294 1,916 Total funds brought forward 15,248 15,248 13,332 Total funds carried forward 16,542 16,542 15,248 The notes on pages 7 to 12 form part of these accounts, All the above amounts relate to continuing aclivities of the Charitable Incorporated Organi8ation
BREA THE EASY Fouiaf)ATIOM trBLA>1CESHr AS AY si47 hUGUSI 2¢24 314 Augul ZD2d C iinwn¢ OFgoIJ a)h Ihl bJiATr £inil 41 hiL r,d 17,67¥. 17,6?5 1b.?13 lJrn¢ In rs IirnpJii.TrS rallwg (?.Q83) I&) Not ¢iirront n85•1• 1 6,542 15,248 Tol41 •s5fy19 los• ¢urrtn11 ioblllfjl•s 16.$42 15,218 Fundfr; Uryé%tjlYY hii*lJ Rtlolrt.IcrfJ Ivtras. 1S,248 15,248 14 Appr•v•d Iiy T•10•• on . l Aii•wusi,"fiusl¢e
BREATHE EASY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 1. Accounting Policies Basis of Accounting The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2019) effective 1st January 2019 2nd Charities Act2011. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charitable Incorporated Organisation has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going concern At tha time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate reserves to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the charitable Incorporated Organisation's free reserves available for the Trustees to apply in accordance with the charitable objects. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund. Fixed Assets Capital expenditure is stated in the balance sheet at cost less accumulated depreciation. Depreciation is provided to write off the cost of each asset over its expected useful life. Income recognition All income is recognised once the Charitable Incorporated Organisation has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income re1vable can be measured reliably. Donations and legacies comprise of donations which are recognised in the accounts when reived, with the exception of known legacies which are accounted for when their receipt is certain. Expenditure recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charitable Incorporated Organisation to that expenditure, it is probable that settlement will be required. and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities.
BREATHE EASY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions. as specified by the donor. Expenditure on charitable activities relates to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the Charitable Incorparated Organisation. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity. Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the trans8Ction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or canlled. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs.
BREATHE EASY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. All expenditure is accounted for on an accrual's basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and govemance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Cost of charitable activities relates to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charity. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity Taxation Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The Charitable Incorporated Organisation benefits from various exemptions from taxation afforded by tax legislation and are not liable to corporation tax on income or gains falling within those exemptions. The Charitable Incorporated Organisation is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 2. Income and endowments from: Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Donations and legacies Donations 3.393 3,393 5,425 3. Expendituye on Charitable activities Direct Support & Charitabla Governance Expenditure Costs Total 2024 Total 2023 To promote and protect the physical and mental health of suffers of asthma and allergies in Nigeria and UK. 2.099 2,099 3.509
BREATHE EASY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 analysed as follows: 2024 2023 Direct Charitable Expenditure.. Trips and activities 1,311 2,349 1.311 2,349 Support and governance costs.. Travel expenses Refreshments Booklets Gifts stationery and postage Uniforms Accountancy fees 87 43 300 135 45 225 30 565 518 788 1,160 Total expenditure on Charitabl8 activities 2,099 3,509 All of the above expenditure relates to unrestricted funding. b. Staff Costs There were no employees during the year ended 31$1 August 2024 (2023.. none), The Trustees are not remunerated for their services. 4. Tangible fixed assets There were no tangible fixed assets held during or as at the year ended 31st August 2024 (2023- £nil). 5. Debtors There were no debtors as at 31sI August 2024 <2023: none). 6. Creditors.. amounts falling due within one year 2024 2023 Accruals 1,083 965 io-
BREATHE EASY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 7. Analysis of net assets between Funds 2024 Tangible fixed assets Net current assets Total Unrestricted Funds General Fund 16,542 16,542 Restricted Funds Totals 16,542 16,542 2023 Tangible fixed assets Net current assets Total Unrestricted Funds General Fund 15,248 15,248 R6Stricted Funds Totals 15,248 15,248 8. Unrestricted funds Movements in the Year Income Expenditure Reserves at beginning of Year Reserves at End of Year 2024 General Fund 15,248 3,393 {2,099) 16,542 Movements in the Year Income Expenditure Reserves at beginning of Year Reserves at End of Year 2023 General Fund 13,332 5,425 (3,509) 15,248 General Fund is used to finance the Charitable Incorporated Organisation's general activities and core costs as outlined in the Trustees, Report. 9. Restricted funds There were no restricted funds received during the year or held as at the year ended 31st August 2024 {2023: none).
BREATHE EASY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 10. Guarantees and Other Financial Commitments There are no financial commitments under non-cancellable operating leases (2023" none). 11. Related Parties There were no material related party transactions during this or the previous year which require disclosure. 12-
BREATHE EASY FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AUGUST 2024 (This page does not form part of the statutory financial statements) 2024 2023 INCOME Donations 3,393 5,425 Total Income 3,393 5,425 EXPENDITURE Charitable activities Refreshments Trips and activities Stationery and postage Booklets Travel and transport costs Uniforms Gifts Accountancy fees 45 1,311 225 43 2,349 300 87 30 135 565 518 Total expenditure on charitable actlvltles 2,099 3,509 Net income in the year 1,294 1,916 13