Registered number: 09233473 Charity number: 1161179
THE ATLAS FOUNDATION
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 - 2 |
| Trustees' Report | 3 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 34 |
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021
Trustees
J Leonard, Chair P A G Rendall J A Probyn Lord Addington N L M Blair M Whitfield, Treasurer J P Clougherty F Stockely B E Nicholson J A Cameron O Itoje G D Hilton (appointed 1 September 2020)
Company registered number
09233473
Charity registered number
1161179
Registered office
Chargrove House Shurdington Road Cheltenham Gloucestershire GL51 4GA
Principal operating office
16 Waterside Ross-on-wye Herefordshire HR9 5LN
Chairman
J Leonard
Page 1
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
Independent Examiners
Randall & Payne LLP Chargrove House Shurdington Road Cheltenham Gloucestershire GL51 4GA
Page 2
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021
The Trustees present their annual report together with the financial statements of the Company for the 1 September 2020 to 31 August 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity’s objective is to grant fund organisations throughout the world, with a particular focus on those that support children in vulnerable communities and that use rugby union to carry out their charitable purpose; and to assist such organisations with management and advice to help them apply their resources more efficiently.
b. Activities for achieve objectives
Atlas raises money from events, and through donations of money, goods and services from companies, clubs, and individuals to distribute to charitable projects. Through a global network of Rugby Champions, Atlas then identifies and assesses potential projects, and once grant funded, monitors, and reports on project performance to improve the lives of some of the poorest people on earth.
c. Grant-making policies
Our grant making policy is to identify grassroots projects that use rugby to improve the lives and prospects for disadvantaged children and adults. We favour small scale organisations with a positive track record, but are under-resourced, and offer grants that make a meaningful difference over several years, usually three, to provide stability and a chance to consolidate and improve. We rarely grant more than 25% of an organisation’s turnover, not wishing to create dependency. We back up our financial support with donations of management expertise, marketing and promotion through the Atlas and Front Row Club networks and introductions to other sympathetic supporters. Through our financial support projects can leverage additional matched funding, and through our additional support, projects become better known which helps bring new donors to them, and some of Atlas’s existing supporters continue to support personally after Atlas’s funding has finished.
d. Main activities undertaken to further the Company's purposes for the public benefit
Atlas provides public benefit by supporting projects that contribute to a reduction in human suffering or an increase in life opportunities through the values of rugby union. It supports youth and adult development through grassroots projects that include coaching, education, medical and feeding programmes; and it supports whole communities by funding the building of educational and sports facilities. At the year-end Atlas had confirmed alltime funding of £868,928 to 43 projects in 17 countries, directly supporting over 75,000 children. Grants range from a few hundred pounds to £55,000, and a capital project of £117,000. Most grants awarded grants are in the region of £15,000 to £30,000 and are spread over 3 years.
The trustees have had regard to the CC/CCNI's guidance on public benefit.
Page 3
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
Achievements and performance
a. Key performance indicators
In this seventh operating year, Atlas’s cumulative income reached £3,557,514. Between 1st September 2020 and 31st August 2021, the Atlas Foundation raised £743,821 (2019/20 £999,605) and pledged £132,490 (2019/20 £159,920) to charitable activities.
Atlas holds restricted funds for partnership projects and Atlas regions, at the end of the year the amount held in restricted funds totalled £848,293.
The running costs of the charity remained tight at £107,360, representing 16% of income. Atlas ended the year with a surplus of £72,092
b. Review of activities
Fundraising: In 2020/21 many of Atlas’ fundraising events remained cancelled or postponed due to Covid-19. Jason Leonard’s annual dinner, where Atlas is the beneficiary, could not go ahead. This had a large impact on the amount of funds which were available to grant to charitable activities. As a result, Atlas did not make as many grants as it usually would have. In April Atlas held its first virtual fundraiser, raising £45,062 towards its second DigiBus which will be deployed in South Africa. Atlas were also successful in obtaining corporate sponsorship from Cognizant for the DigiBus project. By summer, Atlas was able to resume in person fundraising events and held its annual golf day raising a net profit of £11,294.
In 2020/21 we continued to work with families and clubs to raise their own funds to support eligible rugby projects. We had 20 of such funds (2019/20 26), each working on appropriate rugby programmes and supported by our administration and charitable registration. As Atlas’s fundraising covers our admin costs, 100% of private donations and personal and club funds (less online payment fees) are passed straight through to projects. The continuation of these funds brought in 60% of the income for the year at a total of £398,770.
Atlas has established regions in Asia, Ireland, France, South Africa, and the USA. During the year the regions raised £68,137. The funds are held in restricted reserves as the funds will be used for charitable projects decided by the board members of each region.
Charitable grants: In 2020/21 we pledged support to 18 projects totalling £132,490, 10 of which were small grants of up to £500 as Covid relief to small grassroots projects. One project was a capital project budgeted at £93,488 – this is for the 2nd Atlas DigiBus, which will be deployed in South Africa in the following financial year. The DigiBus is a mobile digital classroom, it can travel from school to school providing much needed state of the art IT learning facilities. Due to Covid no overseas projects were able to be visited this year.
Unfortunately, due to Covid, most projects that Atlas supports were unable to provide their programmes for some time. Funds were carried forward by the projects for when they were able to get back up and running again.
c. Gifts in kind
The trustees are extremely grateful to the following donors and volunteers for their generosity in this year which has considerably reduced our running costs and improved our charitable provision to children around the world: Calum Barclay, Les Cusworth, Chris North, Neil Blewitt, and A-Digital Solutions. Of the donated goods and services £19,179 has been recognised in the SOFA as this can be reliably measured. However, the charity has also received other donated goods that cannot be valued reliably due to their composition, e.g., prizes which contain excursions with named guests. Thus, donated goods of this nature have not been recognised in the SOFA.
Page 4
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
Achievements and performance (continued)
d. Investment policy and performance
In 2018 Atlas opened an investment account with the CCLA before deciding to remove most of its capital and keep it in cash due to concerns about a re-balance of the economy. The CCLA was selected for its ethical stance, previous performance, and ability to access the capital within a week. There remains a small amount of £11,610 in this account, with the bulk of our reserves in cash across several bank accounts. We hold in these reserves the designated funds pledged to projects but not yet released. Atlas will keep six months working capital and future payments contracted for fundraising venue deposits and event management fees in its reserves.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Principal Funding
Each year Atlas runs staple events which include:
• JL Annual Charity Dinner for which the charity is a beneficiary (postponed due to Covid-19) • Annual Trek with high-net-worth donors (postponed due to Covid-19) There was no financial effect of these significant events as they did not take place during the year. Through private partnerships, £398,770 was raised. Atlas Regions raised £68,137.
c. Principal risks and uncertainties
To safeguard Atlas from risk and uncertainty, the charity maintains a risk register which includes mitigation for failure of major events, and failure of banks holding the charity’s cash. By maintaining a risk register, this enables the board to assess risk exposure and mitigate through the appropriate allocation of resources.
d. Reserves policy
The Atlas Foundation is a charity with no endowment, needing to raise new voluntary income from events and donations each year. To manage its risk, the Trustees have a policy of only making grant commitments once all funds for that grant has been raised. Thus, a multiple year programme or a capital project that may be subject to delays, require the funds to be held in our reserves as designated funds, often for some time.
We also raise money for specific projects, 100% of which is restricted for that charitable purpose. These funds are legally restricted and are held in our reserves.
We hold £30,000 for any auction liabilities for the JL Fundraising Dinner. Our administrative costs are small, at £107,360 (2020: £95,146) and we hold £40,000 in our reserves to cover these operating costs should our income substantially decline. The remaining unrestricted reserves of £58,057 are charitable free reserves. Total restricted reserves: £848,293 Total designated reserves: £30,000
Page 5
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 16 March 2015 and as a UK registered charity, number 1161179.
Its principal object is to provide grant funding or otherwise assist organisations that use rugby union as a focus for carrying out its charitable purpose.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
c. Policies adopted for the induction and training of Trustees
Under the constitution, the charity shall elect from its membership a Board of Directors, known as the Board of Trustees of a minimum of 2 directors with no maximum level. New Trustees are provided with copies of the constitution, meeting minutes and the Charities Commission guidance on 'The essential trustee: what you need to know, what you need to do' upon induction.
d. Pay policy for senior staff
The management pay policy is to pay more than the living wage for staff posts, to benchmark pay for equivalent posts locally and nationally and to maintain staff wages in line with inflation.
e. Organisational structure and decision making
Operational decisions with a financial impact below £3,000 are delegated to the CEO by the Board, above this spending must be countersigned by the Chairman. All grant making decisions of whatever size must be approved by a majority of the Trustees, where this is an even number the Chairman has the casting vote. Trustees meet three times a year to review the polices, strategy and finances of the charity, the CEO and Chairman meet once a month to review the operation and financial position of the charity.
Approved by order of the members of the board of Trustees on 18 January 2022 and signed on their behalf by:
Jason Leonard (Jan 27, 2022 10:01 GMT)
Jason Leonard Chairman
Page 6
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021
Independent Examiner's Report to the Trustees of The Atlas Foundation ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
Responsibilities and Basis of Report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the Company's gross income exceeded £25,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants Scotland, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Page 7
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Dated: 18 January 2022
Ryan Moore Independent Examiner
CA
Randall & Payne LLP Chargrove House Shurdington Road Cheltenham Gloucestershire GL51 4GA
Page 8
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021
| Note Income from: Donations and legacies 3 Fundraising activities 4 Investments 5 Total income Expenditure on: Fundraising activities 6 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net income/(expenditure) Transfers between funds 17 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ 604,027 - - 604,027 438,291 438,291 165,736 - 165,736 58,757 224,493 623,800 224,493 848,293 |
Unrestricted funds 2021 £ - 135,955 3,839 139,794 236,322 236,322 (96,528) 2,006 (94,522) (57,879) (152,401) 280,457 (152,401) 128,056 |
Total funds 2021 £ 604,027 135,955 3,839 743,821 674,613 674,613 69,208 2,006 71,214 878 72,092 904,257 72,092 976,349 |
Total funds 2020 £ 631,195 363,941 4,469 |
|---|---|---|---|---|
| 999,605 | ||||
| 682,932 | ||||
| 682,932 | ||||
| 316,673 522 |
||||
| 317,195 - |
||||
| 317,195 | ||||
| 587,062 317,195 |
||||
| 904,257 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 34 form part of these financial statements.
Page 9
THE ATLAS FOUNDATION
(A Company Limited by Guarantee) REGISTERED NUMBER: 09233473
BALANCE SHEET AS AT 31 AUGUST 2021
| Note Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
793 10,512 11,610 970,718 993,633 (19,127) |
2021 £ 1,844 1,844 974,506 976,350 976,350 976,350 848,293 128,057 976,350 |
793 15,438 9,604 886,988 912,823 (9,448) |
2020 £ 882 |
|---|---|---|---|---|
| 882 903,375 |
||||
| 904,257 | ||||
| 904,257 | ||||
| 904,257 | ||||
| 623,800 280,457 |
||||
| 904,257 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 10
THE ATLAS FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 09233473
BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2021
The financial statements were approved and authorised for issue by the Trustees on 18 January 2022 and signed on their behalf by:
Jason Leonard (Jan 27, 2022 10:01 GMT)
Jason Leonard Michael Whitfield Chairman Treasurer
The notes on pages 13 to 34 form part of these financial statements.
Page 11
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible assets Net cash (used in)/provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 13 to 34 form part of these financial statements |
2021 £ 85,353 (1,623) (1,623) - 83,730 886,988 970,718 |
2020 £ 353,486 |
|---|---|---|
| - | ||
| - | ||
| - | ||
| 353,486 533,502 |
||
| 886,988 | ||
Page 12
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. General information
The Atlas Foundation is a private company limited by guarantee incorporated in England & Wales. The registered office is Chargrove House, Shurdington Road, Cheltenham, Gloucestershire, GL51 4GA.
Company status
The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Atlas Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
There are no material uncertainties that may cast significant doubt about the Charity's ability to continue as a going concern.
Page 13
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.3 Income
All incoming resources are included in full in the Statement of Financial Activities as soon as the following three factors can be met:
-
Entitlement - arises when a particular resource is receivable or the Charity's right becomes legally enforceable;
-
Probable - when it is more likely than not that the incoming resources will be received, and;
-
Measurement - when the monetary value of the incoming resources can be measured with sufficient reliability and the costs incurred for the transaction can be measured reliabl y.
In the previous financial years the Atlas Foundation entered into a commercial partnership with an event management company in respect of a fundraising event. During the event, fundraising activities were carried out for the benefit of the Atlas Foundation. The Atlas Foundation recognises income generated from these fundraising activities on a gross basis, in accordance with the requirements of the Charities SORP. Other income generated from these events (i.e. ticket sales) are not recognised by Atlas under the principles of entitlement described above. The Atlas Foundation recognises costs associated with this other income in accordance with the commercial partnership agreement. There was no income of this nature in the financial year ended 31 August 2021.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donation item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the assets use.
Page 14
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.4 Expenditure (continued)
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company appointed to charitable activites.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Investments
Current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities incorporating Income and Expenditure account.
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and 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.
Page 15
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 16
THE ATLAS FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
3. Income from donations and legacies
| Donations Grants Donations Grants |
Restricted funds 2021 Unrestricted funds 2021 £ £ 604,027 - - - 604,027 - Restricted funds 2020 Unrestricted funds 2020 £ £ 498,820 105,375 - 27,000 498,820 132,375 |
Total funds 2021 £ 604,027 - |
|---|---|---|
| 604,027 | ||
| Total funds 2020 £ 604,195 27,000 |
||
| 631,195 |
4. Income from charitable activities
| Unrestricted funds 2021 £ Fundraising events - JL Fundraising Dinner (8,584) Fundraising events - Other 144,539 135,955 |
Total funds 2021 £ (8,584) 144,539 |
|---|---|
| 135,955 |
Page 17
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
4. Income from charitable activities (continued)
| Fundraising events - JL Fundraising Dinner Fundraising events - Other |
Unrestricted funds 2020 £ 301,556 62,385 363,941 |
Total funds 2020 £ 301,556 62,385 |
|---|---|---|
| 363,941 |
5. Investment income
| Unrestricted funds 2021 £ Bank interest 3,839 Unrestricted funds 2020 £ Bank interest 4,469 |
Total funds 2021 £ 3,839 |
|---|---|
| Total funds 2020 £ 4,469 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Fundraising events Donations |
Restricted funds 2021 Unrestricted funds 2021 £ £ 436,291 28,483 2,000 207,839 438,291 236,322 |
Total funds 2021 £ 464,774 209,839 |
|---|---|---|
| 674,613 |
Page 18
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
6. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Fundraising events Donations |
Restricted funds 2020 £ 146,903 - 146,903 |
Unrestricted funds 2020 £ 167,043 368,986 536,029 |
Total funds 2020 £ 313,946 368,986 |
|---|---|---|---|
| 682,932 |
7. Analysis of expenditure by activities
| Fundraising events Donations Fundraising events Donations |
Activities undertaken directly 2021 £ 360,597 209,838 570,435 Activities undertaken directly 2020 £ 158,871 368,986 527,857 |
Support costs 2021 £ 104,178 - 104,178 Support costs 2020 £ 155,075 - 155,075 |
Total funds 2021 £ 464,775 209,838 |
|---|---|---|---|
| 674,613 | |||
| Total funds 2020 £ 313,946 368,986 |
|||
| 682,932 |
Page 19
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Events expenditure Bank charges Legal and professional Charitable grants paid Events expenditure Bank charges Legal and professional Charitable grants paid Governance Project monitoring & evaluation |
Fundraising events 2021 £ 314,987 7,214 38,395 - 360,596 Fundraising events 2020 £ 142,397 4,821 11,653 - - - 158,871 |
Charitable activities 2021 £ - - - 209,839 209,839 Charitable activities 2020 £ - - - 354,352 1,345 13,289 368,986 |
Total funds 2021 £ 314,987 7,214 38,395 209,839 |
|---|---|---|---|
| 570,435 | |||
| Total funds 2020 £ 142,397 4,821 11,653 354,352 1,345 13,289 |
|||
| 527,857 |
Page 20
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Depreciation Rewards Postage and stationary Bank charges Advertising Consultancy Accountancy Travel, subsistence and other operating costs Donated goods & services Insurance IT & software Overseas transfer fee |
Fundraising events & charitable activities 2021 £ 45,528 662 (878) 691 1,664 110 10,582 3,670 16,558 17,179 793 7,389 230 104,178 |
Total funds 2021 £ 45,528 662 (878) 691 1,664 110 10,582 3,670 16,558 17,179 793 7,389 230 104,178 |
|---|---|---|
Page 21
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
7. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Staff costs Depreciation Postage and stationary Bank charges Advertising Consultancy Accountancy Travel, subsistence and other operating costs Donated goods & services Insurance Bookkeeping IT & software Intern |
Fundraising events & charitable activities 2020 £ 58,467 662 1,273 1,651 15,512 366 3,827 21,266 18,049 3,889 4,810 11,778 13,525 155,075 |
Total funds 2020 £ 58,467 662 1,273 1,651 15,512 366 3,827 21,266 18,049 3,889 4,810 11,778 13,525 |
|---|---|---|
| 155,075 |
During the year ended 31 August 2021, the company incurred governance costs totalling £9,783 (2020: £29,757).
£19,179 (2020: £18,049) included within support costs is in respect of donated goods and services.
| 8. | Independent examiner's remuneration | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Fees payable to the Company's independent examiner for the independent | |||
| examination of the Company's annual accounts 907 |
907 | ||
| Fees payable to the Company's Independent Examiner in respect of: | |||
| Preparation of the financial statements | 1,695 | 1,695 |
Page 22
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 41,048 3,750 729 45,527 |
2020 £ 35,412 19,112 3,944 |
|---|---|---|
| 58,468 |
Termination Payments
During the year a total of £25,000 less PAYE, (2020: £nil) was paid in relation to a staff redundancy. These costs are reported directly in the statement of financial activities as incurred. No balance remained payable as at year end.
The average number of persons employed by the Company during the year was as follows:
| 2021 | 2020 |
|---|---|
| No. | No. |
| 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel remuneration and benefits totalled £45,527 (2020: £59,513) during the year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 August 2021, no Trustee expenses have been incurred (2020 - £NIL).
11. Tangible fixed assets
| Cost or valuation At 1 September 2020 Additions At 31 August 2021 |
Computer equipment £ 1,985 1,623 |
|---|---|
| 3,608 |
Page 23
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
11. Tangible fixed assets (continued)
| Depreciation At 1 September 2020 Charge for the year At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 12. Stocks Stock - Trophies 13. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income 14. Current asset investments Listed investments |
2021 £ 793 2021 £ 10,512 - - 10,512 2021 £ 11,610 |
Computer equipment £ 1,103 662 |
|---|---|---|
| 1,765 | ||
| 1,843 | ||
| 882 | ||
| 2020 £ 793 2020 £ 6,582 2,103 6,753 15,438 2020 £ 9,604 |
Page 24
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
14. Current asset investments (continued)
Listed Investments
The market value of the listed investments at 31 August 2021 was £11,610 (2020: £9,604).
The value of the investments at cost is £1,000 (2020: £1,000).
15. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2021 £ 13,676 2,652 - 2,799 19,127 2021 £ 982,328 |
2020 £ 4,053 2,605 187 2,603 |
|---|---|---|
| 9,448 | ||
| 2020 £ 896,592 |
16. Financial instruments
Financial assets measured at fair value through income and expenditure comprise of bank and cash and current asset investments.
Page 25
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Designated Funds - all funds General funds General Funds - all funds Investment fund Total Unrestricted funds Restricted funds Ed Cooper Fund Ian Williams Foundation Fund Nicholson Memorial Fund Matt Ratana Foundation Richmond Heavies Foundation Fund Silver Hippos Fund Sutton & Epsom Rugby Club Israel All Schools |
Balance at 1 September 2020 £ 107,365 163,488 9,604 173,092 280,457 4,520 33,066 445,000 - 40,740 33,156 - 3,550 |
Income £ 35,719 104,076 - 104,076 139,795 1,909 25,946 178,317 14,893 60,991 34,345 17,412 26,832 |
Expenditure £ (70,437) (165,885) - (165,885) (236,322) (15,600) (606) (8,270) (107,761) (65,293) (3,316) - (723) |
Transfers in/out £ (42,647) (15,232) - (15,232) (57,879) 14,409 (24,176) (117,642) 216,155 13,209 (19,642) (17,412) (27,009) |
Gains/ (Losses) £ - - 2,006 2,006 2,006 - - - - - - - - |
Balance at 31 August 2021 £ 30,000 |
|---|---|---|---|---|---|---|
| 86,447 11,610 |
||||||
| 98,057 | ||||||
| 128,057 | ||||||
| 5,238 34,230 497,405 123,287 49,647 44,543 - 2,650 |
Page 26
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. Statement of funds (continued)
Statement of funds - current year (continued)
| Love of the Game (previously Vascular Repair & Regeneration in Rugby) Other restricted funds Total of funds |
Balance at 1 September 2020 £ 18,088 45,680 623,800 904,257 |
Income £ 23,718 219,664 604,027 743,822 |
Expenditure £ (28,346) (208,376) (438,291) (674,613) |
Transfers in/out £ (3,042) 23,907 58,757 878 |
Gains/ (Losses) £ - - - 2,006 |
Balance at 31 August 2021 £ 10,418 80,875 |
|---|---|---|---|---|---|---|
| 848,293 | ||||||
| 976,350 |
Page 27
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Designated Funds - all funds General funds General Funds - all funds Investment fund Total Unrestricted funds Restricted funds Ed Cooper Fund Ian Williams Foundation Fund Nicholson Memorial Fund Richmond Heavies Foundation Fund Silver Hippos Fund Sutton & Epsom Rugby Club Israel All Schools |
Balance at 1 September 2019 £ 69,829 294,286 9,082 303,368 373,197 9,898 28,114 89,581 15,508 14,358 3,042 1,897 |
Income £ 261,941 238,844 - 238,844 - 912 5,521 328,230 33,122 24,269 125 13,051 |
Expenditure £ (224,405) (311,624) - (311,624) (536,029) (6,251) (592) (30,227) (7,909) (5,549) (3,167) (12,620) |
Transfers in/out £ - (58,018) - (58,018) (58,018) (39) 23 57,416 19 78 - 1,222 |
Gains/ (Losses) £ - - 522 522 522 - - - - - - - |
Balance at 31 August 2020 £ 107,365 |
|---|---|---|---|---|---|---|
| 163,488 9,604 |
||||||
| 173,092 | ||||||
| 280,457 | ||||||
| 4,520 33,066 445,000 40,740 33,156 - 3,550 |
Page 28
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. Statement of funds (continued)
Statement of funds - prior year (continued)
| Love of the Game (previously Vascular Repair & Regeneration in Rugby) CEO Fund Atlas Foundation Americas Other (to be allocated) Other restricted funds Total of funds |
Balance at 1 September 2019 £ 17,802 4,636 16,118 - 12,911 213,865 587,062 |
Income £ 286 - - 8,090 85,214 498,820 498,820 |
Expenditure £ - (4,636) (16,118) (8,090) (51,744) (146,903) (682,932) |
Transfers in/out £ - - - - (701) 58,018 - |
Gains/ (Losses) £ - - - - - - 522 |
Balance at 31 August 2020 £ 18,088 - - - 45,680 |
|---|---|---|---|---|---|---|
| 623,800 | ||||||
| 904,257 |
Page 29
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
17. Statement of funds (continued)
Ed Cooper Fund - Humanitarian support for disadvantaged young rugby players in areas of interest to Ed Cooper, primarily but not exclusively in South Africa.
Ian Williams’s fund – Provision to support the vision of SEE (screen, encourage, enable) in order to safeguard the heart of sport.
Nicholson Memorial Fund – Provision to further Atlas’ objectives, set up in loving memory of Anita and her two children.
Kolkata Street Kids Fund (formerly Pettipher Family Fund) - to support Atlas programmes overseas.
Richmond Heavies – Provision to help protect all at the Richmond Rugby Club as well as being able to help those immediately impacted by a serious illness or bereavement.
Silver Hippos Fund - to support Atlas programmes overseas.
Sutton & Epsom Rugby Club - General charitable purposes consistent with Atlas’s objects.
All Schools Funds – Provisions of coaching, kit equipment and other resources required to deliver the Atlas All Schools programme to school children.
ATLAS USA – Provision to support Atlas USA, who exists to alleviate the suffering of the poorest and most deprived children in the US, South America, and the developing world through the power of rugby.
Love of the Game (previously Vascular Repair and regeneration in rugby) – Provision to support a study to look for ways to treat vascular damage.
CEO Funding - Provision for the CEO post.
Other restricted funds - immaterial restricted funds whose purpose is to further the objectives of The Atlas Foundation.
Transfers within the restricted funds are in relation to additional bank charges incurred and also additional required income to support the funds expenditure.
Designated funds are unrestricted reserves designated by the trustees for a specific use.
Page 30
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
18. Summary of funds
Summary of funds - current year
| Balance at 1 | Balance at | |||||
|---|---|---|---|---|---|---|
| September | Transfers | Gains/ | 31 August | |||
| 2020 | Income | Expenditure | in/out | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Designated | ||||||
| funds | 107,365 | 35,719 | (70,437) | (42,647) | - | 30,000 |
| General funds | 173,092 | 104,076 | (165,885) | (15,232) | 2,006 | 98,057 |
| Restricted funds | 623,800 | 604,027 | (438,291) | 58,757 | - | 848,293 |
| 904,257 | 743,822 | (674,613) | 878 | 2,006 | 976,350 | |
| Summary of funds - prior year | ||||||
| Balance at | Balance at | |||||
| 1 September | Transfers | Gains/ | 31 August | |||
| 2019 | Income | Expenditure | in/out | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Designated | ||||||
| funds | 69,829 | 261,941 | (224,405) | - | - | 107,365 |
| General funds | 303,368 | 238,844 | (311,624) | (58,018) | 522 | 173,092 |
| Restricted funds | 213,865 | 498,820 | (146,903) | 58,018 | - | 623,800 |
| 587,062 | 999,605 | (682,932) | - | 522 | 904,257 | |
| Analysis of net | assets between funds | |||||
| Analysis of net | assets between funds - current year | |||||
| Restricted | Unrestricted | Total | ||||
| funds | funds | funds | ||||
| 2021 | 2021 | 2021 | ||||
| £ | £ | £ | ||||
| Tangible fixed assets | - | 1,844 | 1,844 | |||
| Current assets | 848,293 | 145,339 | 993,632 | |||
| Creditors due within one year | - | (19,127) | (19,127) | |||
| Other Assets | - | 1 | (1) | |||
| Total | 848,293 | 128,057 | 976,350 | |||
19. Analysis of net assets between funds Analysis of net assets between funds - current year
Page 31
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
19. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Restricted funds 2020 Unrestricted funds 2020 £ £ Tangible fixed assets - 882 Current assets 623,800 289,023 Creditors due within one year - (9,448) Total 623,800 280,457 20. Reconciliation of net movement in funds to net cash flow from operating activities 2021 £ Net income for the year (as per Statement of Financial Activities) 71,214 Adjustments for: Depreciation charges 662 (Gains)/losses on investments (2,006) Decrease in debtors 4,927 Increase in creditors 9,678 Net cash provided by operating activities 84,475 21. Analysis of cash and cash equivalents 2021 £ Cash in hand 970,718 Total cash and cash equivalents 970,718 |
Total funds 2020 £ 882 912,823 (9,448) 904,257 2020 £ 317,195 662 (522) 35,485 666 353,486 2020 £ 886,988 886,988 |
|---|---|
Page 32
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
22. Analysis of changes in net debt
| Cash at bank and in hand Liquid investments |
At 1 September 2020 £ 886,988 9,604 896,592 |
Cash flows £ 85,353 - 85,353 |
Fixed asset purchases £ (1,623) - (1,623) |
Changes in market value and exchange rate movements At 31 August 2021 £ £ - 970,718 2,006 11,610 2,006 982,328 |
Changes in market value and exchange rate movements At 31 August 2021 £ £ - 970,718 2,006 11,610 2,006 982,328 |
|---|---|---|---|---|---|
| 982,328 |
23. Contingent liabilities
During the year the charity sold various auction lots at fundraising events, the value of historical unfulfilled auction prizes was:
2017 JL Fundraising Dinner: £1,270 2018 JL Fundraising Dinner: £2,225
The Foundation is awaiting confirmation of any contingent liability arising in relation to the 2019 JL Fundraising Dinner from the event partner. The Trustees have performed their own assessment of the potential liability and have agreed to hold £30,000 in reserves for all outstanding auction liabilities.
Unfulfilled auction lots may arise due to scheduling conflicts, unforeseen circumstance etc. Should these auction lots remain unfulfilled the charity may be obligated to refund such purchases.
Page 33
THE ATLAS FOUNDATION (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
24. Related party transactions
Related party transactions during the period were largely donations from our trustee's who we thank for their continued support in their capacity as both donors and trustees.
The Kolkata Street Kids Fund (formerly Pettipher Family Fund) received personal charitable donations from Sally Pettipher CEO during the period totalling £600 (2020: £750). Sally Pettipher also donated £150 to projects in Argentina. Nil balances outstanding at the year end.
Jason Leonard is a Senior Advisor at Besso Group Ltd. During the year Besso Group Ltd. purchased two 4 ball round of golf at the Annual Golf Day amounting to £750 (2020: £1,500). Nil balance outstanding at the year end.
Trustee Neil Blair kindly donated £500 to the DigiBus porject in 2021 (2020: nil). Nil balance outstanding at year end.
Trustee Michael Whitfield donated unrestricted funds of £4,698 in 2021 (2020: nil) and donated the purchase of the Front Row Club Website value £13,014 (gift in kind). He also donated £710 (2020: nil) to the DigiBus project and £510 (2020 : nil) to the Nicholson Memorial Fund.
Trustee John Clougherty donated unrestricted funds of £500 (2020: nil) and £610 (2020: nil) to the DigiBus Project.
Trustee James Cameron donated £765 (2020: nil) of unrestricted funds and £3,672 (2020: nil) to The Love of the Game fund and £4,000 (2020: nil) to the DigiBus Project.
Trustee Ben Nicholson donated £102 (2020: nil) to the Nicholson Memorial Fund.
Page 34