CHARITY REGISTRATION NUMBER: 1162735
Best Choice Unaudited Financial Statements
30 June 2022
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Best Choice
Financial Statements
Year ended 30 June 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Best Choice
Trustees' Annual Report
Year ended 30 June 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2022.
Reference and administrative details
Registered charity name Best Choice Charity registration number 1162735 Principal office 410 Lower Broughton Road Salford M7 2GD The trustees P Rosenfield I Gross D Moskovitz Independent examiner Mr Howard Schwalbe ACA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Best Choice is a Charitable Incorporated Organisation registered on 20th July 2015 and is a registered charity, number 1162735.
Recruitment and appointment of new trustees would be in line with the trust deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day-to-day affairs are undertaken by the trustees on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
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Best Choice
Trustees' Annual Report (continued)
Year ended 30 June 2022
Objectives and activities
The Charity's objects are:
The relief of financial hardship of people in the Greater Manchester area by making grants of money, or providing, paying for items, services or facilities.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity is funded by donations. The charity gives out grants in line with the above objects.
Grants made during the year to institutions are as detailed in the accounts.
The application of the funds by way of grants to either institutions or individuals and is almost always to individuals.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Achievements and performance
The Charity received £39,855 of donations in the period and spent £37,255 in furthering the charity's objects.
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Best Choice
Trustees' Annual Report (continued)
Year ended 30 June 2022
Financial review
The trustees are delighted to have made contributions to the community as a result of this income and hope to be able to do so for many years to come.
Coronavirus
The charity has not been materially affected by the Coronavirus.
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve.
The free reserves, being the net current assets of the charity stand at £3,724 all of which are unrestricted.
True and fair override
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charities governing document, The Charities Act 2011 and the relevant version of the 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).
The trustees' annual report was approved on 24 April 2023 and signed on behalf of the board of trustees by:
P Rosenfield
Trustee
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Best Choice
Independent Examiner's Report to the Trustees of Best Choice
Year ended 30 June 2022
I report to the trustees on my examination of the financial statements of Best Choice ('the charity') for the year ended 30 June 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr Howard Schwalbe ACA
Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
24 April 2023
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Best Choice
Statement of Financial Activities
Year ended 30 June 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 39,855 | 39,855 | 39,717 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 39,855 | 39,855 | 39,717 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 37,255 | 37,255 | 39,163 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 37,255 | 37,255 | 39,163 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income and net movement in funds | 2,600 | 2,600 | 554 | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,124 | 1,124 | 570 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total funds carried forward | 3,724 | 3,724 | 1,124 | |
| ============================ | ============================ | ============================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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Statement of Financial Position
30 June 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Debtors | 12 | 5,000 | 5,000 |
| Cash at bank and in hand | 1,884 | 524 | |
| ----------------------- | ----------------------- | ||
| 6,884 | 5,524 | ||
| Creditors: amounts falling due within one year | 13 | 3,160 | 4,400 |
| ----------------------- | ----------------------- | ||
| Net current assets | 3,724 | 1,124 | |
| ----------------------- | ----------------------- | ||
| Total assets less current liabilities | 3,724 | 1,124 | |
| ----------------------- | ----------------------- | ||
| Net assets | 3,724 | 1,124 | |
| ======================= | ======================= | ||
| Funds of the charity | |||
| Unrestricted funds | 3,724 | 1,124 | |
| ----------------------- | ----------------------- | ||
| Total charity funds | 14 | 3,724 | 1,124 |
| ======================= | ======================= |
These financial statements were approved by the board of trustees and authorised for issue on 24 April 2023, and are signed on behalf of the board by:
P Rosenfield Trustee
The notes on pages 7 to 11 form part of these financial statements.
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Best Choice
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 410 Lower Broughton Road, Salford, M7 2GD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amount reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Notes to the Financial Statements (continued)
Year ended 30 June 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
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Best Choice
Notes to the Financial Statements (continued)
Year ended 30 June 2022
3. Accounting policies (continued)
Financial instruments (continued)
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 39,855 | 39,855 | 39,717 | 39,717 |
| ============================ | ============================ | ============================ | ============================ |
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Charitable Activities | 35,431 | 35,431 | 38,291 | 38,291 |
| Support costs | 1,824 | 1,824 | 872 | 872 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 37,255 | 37,255 | 39,163 | 39,163 | |
| ============================ | ============================ | ============================ | ============================ |
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Notes to the Financial Statements (continued)
Year ended 30 June 2022
6. Expenditure on charitable activities by activity type
| Grant funding | Support |
Total funds | Total fund | ||
|---|---|---|---|---|---|
| of activities | costs |
2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Charitable Activities | 35,431 | 1,164 |
36,595 | 38,562 | |
| Governance costs | – | 660 |
660 | 601 | |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| 35,431 | 1,824 |
37,255 | 39,163 | ||
| ============================ | ======================= | ============================ | ============================ | ||
| 7. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | Total 2022 | Total 2021 | |||
| £ | £ | £ | |||
| General office | 1,164 | 1,164 | 271 | ||
| Governance costs | 660 | 660 | 600 | ||
| ----------------------- | ----------------------- | -------------- | |||
| 1,824 | 1,824 | 871 | |||
| ======================= | ======================= | ============== | |||
| 8. | Analysis of grants | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Grants to individuals | |||||
| Grants to individuals | 35,431 | 38,291 | |||
| ---------------------------- | ---------------------------- | ||||
| Total grants | 35,431 | 38,291 | |||
| ============================ | ============================ | ||||
| 9. | Independent examination fees | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable to the independent | examiner for: | ||||
| Independent examination of the financial statements | 660 | 600 | |||
| ============== | ============== |
10. Staff costs
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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Best Choice
Notes to the Financial Statements (continued)
Year ended 30 June 2022
| 12. | Debtors | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Other debtors | 5,000 | 5,000 | |||
| ======================= | ======================= | ||||
| 13. | Creditors: amounts falling due within | one year | |||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Accruals and deferred income | 660 | 1,200 | |||
| Other creditors | 2,500 | 3,200 | |||
| ----------------------- | ----------------------- | ||||
| 3,160 | 4,400 | ||||
| ======================= | ======================= | ||||
| 14. | Analysis of charitable funds | ||||
| Unrestricted funds | |||||
| At 01 | At 30 | ||||
| Jul 2021 | Income | Expenditure | Jun 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 1,124 | 39,855 | (37,255) | 3,724 |
|
| ======================= | ============================ | ============================ | ======================= | ||
| At 01 | At 30 | ||||
| Jul 2020 | Income | Expenditure | Jun 2021 | ||
| £ | £ | £ | £ | ||
| General funds | 570 | 39,717 | (39,163) | 1,124 |
|
| ============== | ============================ | ============================ | ======================= | ||
| 15. | Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2022 | ||||
| £ | £ | ||||
| Current assets | 6,884 | 6,884 | |||
| Creditors less than 1 year | (3,160) | (3,160) |
|||
| ----------------------- | ----------------------- | ||||
| Net assets | 3,724 | 3,724 | |||
| ======================= | ======================= | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2021 | ||||
| £ | £ | ||||
| Current assets | 5,524 | 5,524 | |||
| Creditors less than 1 year | (4,400) | (4,400) |
|||
| ----------------------- | ----------------------- | ||||
| Net assets | 1,124 | 1,124 | |||
| ======================= | ======================= |
16. Taxation
Best Choice is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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