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2023-12-31-accounts

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 DECEMBER 2023

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 8
Independent Examiner's Report 9
Statement of Financial Activities 11
Balance Sheet 12 - 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 34

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees J Leonard, Chair
Lord Addington
N L M Blair
M Whitfield, Treasurer
J P Clougherty
F Stockely
B E Nicholson
J A Cameron (resigned 13 June 2023)
O Itoje
G D Hilton (resigned 5 September 2023)
A Paul (resigned 7 March 2023)
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
Accountants
Randall & Payne LLP
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

Page 1

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2023 to 31 December 2023. 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 (FRS102) (effective 1 January 2019).

Since the Charity 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 undertaken to 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 children and young adults who grow up in vulnerable and marginalised communities around the world. We favour small scale organisations with a positive track record. They are often under-resourced and a grant from Atlas would make a meaningful difference.

We work with our partners in three primary ways:

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 networks, introductions to other sympathetic supporters and networking. 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.

Page 2

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

d. Main activities undertaken to further the Charity'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 £1,340,619 to 43 projects in 19 countries, directly supporting over 192,000 children. Grants range from a few hundred pounds to £55,000, and a capital project of £171,314. Most grants awarded are in the region of £20,000 per year, paid in quarterly instalments.

The trustees have had regard to the CC/CCNI's guidance on public benefit.

Achievements and performance

a. Key performance indicators

In this eighth operating year, Atlas’s cumulative income reached £5,164,185. Between 1st January 2023 and 31st December 2023, the Atlas Foundation raised £721,643 (2021/22 £928,527) and donated £259,388 (2021/22 £445,012) to projects. Atlas holds restricted funds for partnership projects and Atlas regions, at the end of the year the amount held in restricted funds totalled £887,088 (2021/22 £890,503) Atlas has designated funds of £107,592 to projects for 2024. The running costs of the charity were £690,670.

Atlas ended the year with a surplus of £32,341.

Page 3

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Review of activities

Fundraising summary for 2023:

In 2023 we continued to work with families, clubs and groups to raise their own funds to support eligible rugby projects. We had 10 of such funds which were active during the period (2021/22:18), 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 51% (2021/22: 34%) of the income for the year at a total of £350,981 (2021/22: £312,999).

Atlas has established regions in Asia, Ireland, France, South Africa, and the USA. During the year the regions raised £2,079 (2021/22 £25,552). 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 2023 Atlas supported 14 projects, totalling £185,200.

Atlas trustee John Clougherty visited a project in Malawi.

Page 4

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

Administration:

In May 2023 Atlas recruited a new General Manager on a self-employed basis to assist with the charity's operations. Chairman, Jason Leonard, also took a lot of the responsibilities delegated previously to the CEO, such as donor engagement. The General Manager, Finance Manager, 4 days a week work placement student and the trustees keep the charity going to deliver its objectives. Atlas also employs a second placement student to work mainly with one of Atlas’ partnership funds, the Matt Ratana Rugby Foundation. A contractor works part time in South Africa. Atlas also benefits from voluntary management and administration, volunteer led cycling and golf events, its overseas entities, its trustees and The Winchester group.

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: Neil Blewitt, Ben Watford and the volunteers of The Winchester group for their fundraising efforts and Bank of England Rugby for their donation of second-hand Rugby kit. The charity has received donated goods that cannot be valued reliably due to their composition, e.g., prizes which contain excursions with named guests and second-hand rugby kit. Thus, donated goods of this nature have not been recognised in the SOFA.

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 £12,286 in this account. The bulk of our cash is spread across several bank accounts, the majority of which are savings accounts. No more than £85,000 is invested in each account and no account is held by the same bank, thus all of Atlas’s funds are protected by the FCA. Atlas will keep six months working capital in its reserves, currently valued at £74,000.

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.

Page 5

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

b. Reserves policy

The Atlas Foundation is a charity with no endowment, needing to raise new voluntary income from events and donations each year. In 2022 the trustees approved a new funding approach, opting to commit to funding projects on a long-term basis, which meant grants are committed before funds have been raised. The trustees reversed this approach in June 2023, opting to go back to raising funds before designating them to projects. This was a result of declining unrestricted income. Because of the changes made to Atlas’ granting policy, some projects have had to wait longer for their funding, but it has meant that Atlas is now in a more stable position to continue into the future.

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.

Our administrative costs for the year averaged at £10,240 per month, we aim to hold £74,000 in our reserves to cover these operating costs should our income substantially decline. The remaining unrestricted reserves of £16,080 are charitable free reserves.

Total restricted reserves: £887,088 Total designated reserves: £107,592

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. Principal funding

Each year Atlas runs staple events which include the Annual Trek with high-net-worth donors.

There was no financial effect of this significant event during the year as the planned trek was cancelled due to low uptake and has been rearranged for 2024.

Atlas received £66,951 in relation to the Jason Leonard Annual Dinner 2022 for which Atlas was the main beneficiary. A donation from the 2023 event is expected in 2024.

Through private partnerships, £350,981 was raised. Atlas Regions raised £2,079.

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 Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Page 6

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

c. Organisational structure and decision-making

Operational decisions with a financial impact below £2,000 are delegated to the General Manger by the Board, above this spending must be countersigned by the Chairman or Treasurer. The General Manager can make one-off grants of up-to £2,000, all other grant making decisions must be approved by a majority of the Trustees, where this is an even number, the Chairman has the casting vote. Trustees meet quarterly to review the polices, strategy and finances of the charity. The General Manager and Chairman meet once every 2 months to review the operation and financial position of the charity. Decisions regarding the investment of funds into accounts are delegated by the board to the Finance Manager.

d. 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.

e. Pay policy for key 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.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Approved by order of the members of the board of Trustees and signed on their behalf by:

J Leonard (Apr 16, 2024 13:28 GMT+1)

Jason Leonard Chairman

Date: 04/16/2024

Page 8

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent Examiner's Report to the Trustees of The Atlas Foundation ('the Charity')

I report to the charity Trustees on my examination of the accounts of The Atlas Foundationfor the year ended 31 December 2023.

Responsibilities and Basis of Report

As the Trustees of the Charity (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 Charity 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 Charity'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

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:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

This report is made solely to the Charity'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 Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: R Moore (Apr 15, 2024 07:39 GMT+1)R Moore

Dated: 04/15/2024

Ryan Moore Independent Examiner Randall & Payne LLP Chargrove House Shurdington Road Cheltenham Gloucestershire GL51 4GA

CA

Page 9

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income before net
gains/(losses) on investments
Net gains/(losses) on investments
Net income
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
2023
£
395,050
-
-
395,050
391,277
391,277
3,773
-
3,773
2,812
6,585
890,503
6,585
897,088		 Unrestricted
funds
2023
£
7,840
273,927
44,826
326,593
299,393
299,393
27,200
1,368
28,568
(2,812)
25,756
87,916
25,756
113,672		 Total
funds
2023
£
402,890
273,927
44,826
721,643
690,670
690,670
30,973
1,368
32,341
-
32,341
978,419
32,341
1,010,760		 Total
funds
2022
£
674,035
243,421
11,071
928,527
925,766
925,766
2,761
(691)
2,070
-
2,070
976,349
2,070
978,419

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 34 form part of these financial statements.

Page 11

THE ATLAS FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 09233473

BALANCE SHEET AS AT 31 DECEMBER 2023

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
69,258
12,286
955,476
1,037,813
(27,257)		 2023
£
204
204
1,010,556
1,010,760
1,010,760
1,010,760
897,088
113,672
1,010,760		 793
16,532
10,918
993,266
1,021,509
(44,902)		 2022
£
1,812
1,812
976,607
978,419
978,419
978,419
890,503
87,916
978,419

The Charity 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.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Page 12

THE ATLAS FOUNDATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 09233473

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

J Leonard (Apr 16, 2024 13:28 GMT+1)

J Leonard - Chairman

M Whitfield - Treasurer

Date: 04/16/2024 Date: 04/07/2024

The notes on pages 15 to 34 form part of these financial statements.

Page 13

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Losses from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash provided by/(used in) 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		 2023
£
(37,790)
-
-
-
-
(37,790)
993,266
955,476		 2022
£
24,124
722
(2,298)
(1,576)
-
22,548
970,718
993,266

The notes on pages 15 to 34 form part of these financial statements

Page 14

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

The Atlas Foundation is a private company limited by guarantee incorporated in England & Wales under Company number 09233473 and Charity number 1161179. 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK (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

The Trustees consider the Charity is a going concern and the financial statements have been prepared on this basis.

At the period end, the Charity has total reserves of £1,010,760 and cash at bank of £955,476. The Charity actively works on fundraising ideas which is the main basis of income and maintains strong support from the community.

Page 15

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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:

  1. Entitlement - arises when a particular resource is receivable or the Charity's right becomes legally enforceable;

  2. Probable - when it is more likely than not that the incoming resources will be received, and;

  3. 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 reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

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 Charity 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 investment income is recognised at the time the investment income is receivable.

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 asset’s use.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the company appointed to charitable activites.

Page 16

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.4 Expenditure (continued)

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 Charity; 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 17

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 Charity 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 Charity 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 Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity 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 Charity 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 Charity 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 18

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Donations
Grants
Total 2022
4.
Income from charitable activities
Fundraising events
Total 2022
5.
Investment income
Bank interest
Total 2022		 Restricted
funds
2023

£
385,050
10,000
395,050
508,156

 Unrestricted
funds
2023
£
7,840
-
7,840
165,879
Unrestricted
funds
2023
£
273,927
243,421
Unrestricted
funds
2023
£
44,826
11,071		 Total
funds
2023
£
392,890
10,000
402,890
674,035
Total
funds
2023
£
273,927
243,421
Total
funds
2023
£
44,826
11,071		 Total
funds
2022
£
671,535
2,500
674,035
Total
funds
2022
£
243,421
Total
funds
2022
£
11,071

Page 19

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure on charitable activities

Summary by fund type

Fundraising events
Donations
Total 2022		 Restricted
funds
2023
£
391,226
51
391,277
552,658		 Unrestricted
funds
2023
£
39,948
259,445
299,393
373,109		 Total
2023
£
431,174
259,496
690,670
925,767		 Total
2022
£
675,453
250,314
925,767

7. Analysis of expenditure by activities

Fundraising events
Donations
Total 2022		 Activities
undertaken
directly
2023
£
294,105
259,496
553,601
731,873		 Support
costs
2023
£
137,069
-
137,069
193,894		 Total
funds
2023
£
431,174
259,496
690,670
925,767		 Total
funds
2022
£
675,453
250,314
925,767

Page 20

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Events expenditure
Bank charges
Legal and professional
Donations
Governance costs
Project monitoring
Total 2022		 Fundraising
events
2023
£
281,782
268
12,055
-
-
-
294,105
481,559		 Donations
2023
£
-
-
-
259,441
55
-
259,496
250,314		 Total
funds
2023
£
281,782
268
12,055
259,441
55
-
553,601
731,873		 Total
funds
2022
£
438,936
15,587
27,036
238,228
524
11,562
731,873

Page 21

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Fundraising
events
2023
£
Staff costs
56,268
Depreciation
1,608
Insurance
466
Postage and stationery
258
Bank charges
2,216
Advertising
1,605
Legal and professional
25,700
Accountancy
3,060
Travel and subsistence
27,532
Donations
7,840
Sundry expenses
-
IT & software
8,131
Loss on disposal of fixed assets
-
Overseas transfer fee
122
Rent
2,263
137,069
Total 2022
193,894
8.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
Fees payable to the Charity's independent examiner in respect of:
Accounts preparation		 Total
funds
2023
£
56,268
1,608
466
258
2,216
1,605
25,700
3,060
27,532
7,840
-
8,131
-
122
2,263
137,069
193,894
2023
£
907
1,695		 Total
funds
2022
£
135,567
1,608
664
2,542
3,120
1,455
9,937
3,091
14,941
8,525
202
9,210
722
168
2,142
193,894
2022
£
907
1,695

Page 22

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
55,066
645
557
56,268		 2022
£
131,225
2,623
1,719
135,567

The average number of persons employed by the Charity during the year was as follows:

2023 2022
No. No.
Employees 3 2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £100,001 - £110,000 - 1

The key management personnel of the charity comprise the trustees, the General Manager and the Finance Manager. The total remuneration of key management personnel during the year was £27,524 (2022: £118,685).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, expenses totalling £24,797 were reimbursed or paid directly to 2 Trustees (2022 - £4,965 to 1 Trustee) for attendance at meetings and fundraising events.

Page 23

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Tangible fixed assets

Cost or valuation
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
12.
Stocks
Stock - Trophies
13.
Debtors
Due within one year
Trade debtors
Other debtors		 2023
£
793		 Computer
equipment
£
4,824
4,824
3,012
1,608
4,620
204
1,812
2022
£
793
2023
£
47,856
21,402		 2022
£
16,070
462
69,258 16,532

Page 24

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Current asset investments

2023 2022
£ £
Listed investments 12,286 10,918

The market value of the listed investments at 31 December 2023 was £12,286 (2022:£10,918).

The value of the investments at cost is £1,000 (2022:£1,000).

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals and deferred income		 2023
£
24,200
455
2,602
27,257		 2022
£
29,305
1,026
14,571
44,902

16. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 967,762 1,004,184

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 DECEMBER 2023

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		 Balance at 1
January
2023
£
-
76,997
10,919
87,916
87,916
7,245
35,172
494,792
186,596
49,567		 Income
£
-
326,593
-
326,593
326,593
3,580
-
1,320
21,640
37,854		 Expenditure
£
-
(299,393)
-
(299,393)
(299,393)
(6,123)
-
(25,923)
(85,541)
(8,180)		 Transfers
in/out
£
107,592
(110,404)
-
(110,404)
(2,812)
-
-
6,500
-
-		 Gains/
(Losses)
£
-
-
1,368
1,368
1,368
-
-
-
-
-		 Balance at
31
December
2023
£
107,592
(6,207)
12,287
6,080
113,672
4,702
35,172
476,689
122,695
79,241

Page 26

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds (continued)

Statement of funds - current year (continued)

Israel co-
existence
programme
(was Israel All
Schools)
Love of the
Game
(previously
Vascular Repair
& Regeneration
in Rugby)
Township
Atlas USA
The Winchester
Tonga
Emergency
Appeal
Gold for Good
Mark Philip
Wiliams Project
The Philip
William Project
SKRUM
Silver Hippos
Fund
Other restricted
funds
Grants
Total of funds		 Balance at 1
January
2023
£
12,718
11,595
2,682
1,693
9,976
4,204
1,502
1,072
1,743
-
34,147
35,799
-
890,503
978,419		 Income
£
17,658
14,379
8,645
403
225,012
-
-
-
-
15,000
-
39,559
10,000
395,050
721,643		 Expenditure
£
(25,250)
(25,357)
(8)
-
(170,930)
-
-
-
-
-
-
(43,965)
-
(391,277)
(690,670)		 Transfers
in/out
£
3,282
-
-
-
-
-
-
-
-
-
-
(6,970)
-
2,812
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,368		 Balance at
31
December
2023
£
8,408
617
11,319
2,096
64,058
4,204
1,502
1,072
1,743
15,000
34,147
24,423
10,000
897,088
1,010,760

Page 27

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
Matt Ratana
Foundation
Richmond
Heavies
Foundation
Fund		 Balance at
1 September
2021
£
30,000
86,446
11,610
98,056
128,056
5,238
34,230
497,405
123,287
49,647		 Income
£
16,595
395,251
-
395,251
411,846
9,687
2,288
15,287
136,050
52,231		 Expenditure
£
(58,197)
(306,386)
-
(306,386)
(364,583)
(7,680)
(1,346)
(17,900)
(72,741)
(52,311)		 Transfers
in/out
£
11,602
(98,314)
-
(98,314)
(86,712)
-
-
-
-
-		 Gains/
(Losses)
£
-
-
(691)
(691)
(691)
-
-
-
-
-		 Balance at
31
December
2022
£
-
76,997
10,919
87,916
87,916
7,245
35,172
494,792
186,596
49,567

Page 28

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds (continued)

Statement of funds - prior year (continued)

Israel co-
existence
programme
(was Israel All
Schools)
Love of the
Game
(previously
Vascular Repair
& Regeneration
in Rugby)
Township
Atlas USA
The Winchester
Tonga
Emergency
Appeal
Gold for Good
Mark Philip
Wiliams Project
The Philip
William Project
Silver Hippos
Fund
Other restricted
funds
Total of funds		 Balance at
1 September
2021
£
2,650
10,461
911
18,511
-
-
3,256
1,701
3,386
44,543
53,067
848,293
976,349		 Income
£
26,068
86,804
-
9,808
127,800
4,260
508
44
-
16,623
20,698
508,156
920,002		 Expenditure
£
(16,000)
(85,670)
-
(8,115)
(117,824)
(56)
-
-
-
(28,269)
(144,746)
(552,658)
(917,241)		 Transfers
in/out
£
-
-
1,771
(18,511)
-
-
(2,262)
(673)
(1,643)
1,250
106,780
86,712
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
(691)		 Balance at
31
December
2022
£
12,718
11,595
2,682
1,693
9,976
4,204
1,502
1,072
1,743
34,147
35,799
890,503
978,419

Page 29

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds (continued)

Ed Cooper Fund - Humanitarian support for disadvantaged young rugby players in Tanzania.

I an 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, specifically in the continent of Asia, set up in loving memory of Anita and her two children.

Kolkata Street Kids Fund (formerly Pettipher Family Fund) - To support the Khelo Rugby Winter Camp in Kolkata.

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. Provision is also to supply defibrillators to rugby clubs across the UK.

Matt Ratana Foundation - To support the design and delivery of initiatives that support community and school's rugby both nationally and internationally supporting local training, exchange experiences and invest in improving equipment and facilities accross clubs in the UK, New Zealand and South Africa.

Silver Hippos Fund - To support Atlas programmes overseas.

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.

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 DECEMBER 2023

18. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Designated
funds - - - 107,592 - 107,592
General funds 87,916 326,593 (299,393) (110,404) 1,368 6,080
Restricted
funds 890,503 395,050 (391,277) 2,812 - 897,088
978,419 721,643 (690,670) - 1,368 1,010,760
Summary of funds - prior year
Balance at
Balance at 31
1 September Transfers Gains/ December
2021 Income Expenditure in/out (Losses) 2022
£ £ £ £ £ £
Designated
funds 30,000 16,595 (58,197) 11,602 - -
General funds 98,056 395,251 (306,386) (98,314) (691) 87,916
Restricted
funds 848,293 508,156 (552,658) 86,712 - 890,503
976,349 920,002 (917,241) - (691) 978,419

Page 31

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Restricted
funds
2023
Unrestricted
funds
2023
£
£
Tangible fixed assets
-
204
Current assets
897,088
140,725
Creditors due within one year
-
(27,257)
Total
897,088
113,672
Analysis of net assets between funds - prior year
Restricted
funds
2022
Unrestricted
funds
2022
£
£
Tangible fixed assets
-
1,812
Current assets
890,503
131,006
Creditors due within one year
-
(44,902)
Total
890,503
87,916
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income for the year (as per Statement of Financial Activities)
32,341
Adjustments for:
Depreciation charges
1,608
(Gain)/Loss on investments
(1,368)
Increase in debtors
(52,514)
Increase/(decrease) in creditors
(17,446)
Net cash provided by/(used in) operating activities
(37,379)		 Total
funds
2023
£
204
1,037,813
(27,257)
1,010,760
Total
funds
2022
£
1,812
1,021,509
(44,902)
978,419
2022
£
2,070
1,608
691
(6,020)
25,775
24,124

Page 32

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 2023
£
955,476
955,476		 2022
£
993,266
993,266

22. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1
January
2023
£
993,266
10,918
1,004,184		 Cash flows
£
(37,790)
1,368
(36,422)		 At 31
December
2023
£
955,476
12,286
967,762

Page 33

THE ATLAS FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. 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.

Jason Leonard is a Senior Advisor at Besso Group Ltd. During the period Besso Group Ltd purchased two 4 ball rounds of golf at the Annual Golf Day amounting to £1,690 (2022: £1,590). Jason Leonard is a director of FunBus Entertainment Limited. During the period FunBus Entertainment Ltd donated £66,951 as a result of The Atlas Foundation being the charity beneficiary of Jason Leonard’s annual charity dinner in 2022 and £6,400 towards an Atlas fundraising dinner at the House of Lords. There is a nil balance outstanding at the period end.

Trustee Neil Blair is also a Trustee of The Jigsaw Network CIO. The Jigsaw Network CIO donated £5,125 (2022: £9,000) towards the Rugby Israel coexistence programme. Neil Blair is an LLP designated member of The Blair Partnership LLP, during the year The Blair Partnership donated the use of their board room for 3 board meetings.

Trustee Michael Whitfield donated unrestricted funds of £5,000 in 2023 (2022: £20,350). He also donated £nil (2022: £200) to the Nicholson Memorial Fund. He donated £nil to KRDA (2022: £204). Michael Whitfield purchased an auction item at the 2023 golf day for £1,300.

Trustee John Clougherty donated unrestricted funds of £750 (2022: £5,620), £1,000 (2022: £204) to KRDA, and £5,000 as a pledge for the Big Give Christmas Challenge, raising funds for SKRUM. During the year John Clougherty was Head of Wholesale at Fidelity International, Fidelity donated the use of a meeting room for the Atlas AGM and 1 board meeting, employees of Fidelity raised funds for Atlas totalling £4,280. Fidelity matched donations made by employees to the amount of £3,829.67.

Trustee Ben Nicholson donated £nil (2022: £3,000) to the Nicholson Memorial Fund, £500 to the Big Give Christmas Challenge raising funds for SKRUM, and £3,000 (2022: £3,520) to unrestricted funds.

Trustee Lord Addington donated 3 tours of the House of Lords with afternoon tea. Thanks to Lord Addington The Atlas Foundation was also able to use the office space in Millbank House on the parliamentary estate to hold staff meetings and interviews for our Intern placement, and hold 2 fundraising dinners within the House of Lords.

The following trustees resigned during the year, during their active trusteeship the following transactions occurred:

Trustee James Cameron donated £3,000 (2022: £3,980) of unrestricted funds.

Trustee Giles Hilton donated £75.50 (2022: £100) to unrestricted funds. Giles Hilton is Chairman for Canterbury Rugby Club, Canterbury Rugby Charity donated £1,000 from the sale of a 2022 squad signed Lions shirt, which was supplied by Atlas, at auction. Giles Hilton is Head of Customer Relations at Shepherd Neame Brewery, during the period Shepherd Neame purchased a 4 ball at the Atlas 2023 golf day totalling £845 and donated some beer.

Trustee Ann Paul donated £61.20 (2022: £326) to the Atlas All Schools Fund and £132.60 (2022: £997) to unrestricted funds.

The general manager, Peter Scott, donated £10 to the Big Give Christmas Challenge raising funds for SKRUM, and purchased one ticket for our weekly lottery at £1 per week.

The finance manager, Sally Hoddell, donated £nil (2022: £19) to unrestricted funds.

Page 34

Atlas Financial Statements For Signature

Final Audit Report

2024-04-16

Created: 2024-04-07 By: Ryszard Szarszewski (admin@randall-payne.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAsH5wIpso5kqsDjNm-B4H4w_cWUsgXpgH

"Atlas Financial Statements For Signature" History

Document created by Ryszard Szarszewski (admin@randall-payne.co.uk)

2024-04-07 - 15:49:10 GMT- IP address: 82.33.214.66

Document emailed to M Whitfield (michael@thepinkrhino.com) for signature

2024-04-07 - 15:49:15 GMT

Document emailed to R Moore (ryan.moore@randall-payne.co.uk) for signature 2024-04-07 - 15:49:16 GMT

Email viewed by R Moore (ryan.moore@randall-payne.co.uk)

2024-04-07 - 15:50:55 GMT- IP address: 82.132.212.22

Email viewed by M Whitfield (michael@thepinkrhino.com)

2024-04-07 - 16:48:20 GMT- IP address: 92.236.117.141

Document e-signed by M Whitfield (michael@thepinkrhino.com)

Signature Date: 2024-04-07 - 16:49:05 GMT - Time Source: server- IP address: 92.236.117.141

Email viewed by J Leonard (jason@theatlascharity.org)

2024-04-07 - 19:45:52 GMT- IP address: 104.28.38.185

Email viewed by J Leonard (jason@theatlascharity.org)

2024-04-14 - 16:50:32 GMT- IP address: 104.28.40.140

Email viewed by R Moore (ryan.moore@randall-payne.co.uk) 2024-04-15 - 06:38:40 GMT- IP address: 82.132.213.114

Document e-signed by R Moore (ryan.moore@randall-payne.co.uk)

Signature Date: 2024-04-15 - 06:39:15 GMT - Time Source: server- IP address: 82.132.213.114

Document e-signed by J Leonard (jason@theatlascharity.org)

Signature Date: 2024-04-16 - 12:28:16 GMT - Time Source: server- IP address: 148.252.133.232

Agreement completed.

2024-04-16 - 12:28:16 GMT