Company No. 08804485 Reglstered Charlty No. 1163489 ISLE OF WIGHT FOUNDATION STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
ISLE OF WIGHT FOUNDATION CONTENTS Pago Leg81 and adminislralive infomialion Trustees. report Independent examiner's rew)rt statenI of financial activriies Balan sheet Notes to the accounts 8-13
ISLE OF WIGHT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Robert Gillespie Ilsland Roads Services Ltd} John Sunderland (Ringway Island Roads Ltd> Arnaud Judet (VINCI Highways UK Lldl Emma Scoll (Meridiam Infraslruclure Manager8 S.a.r.l.I Company Secretary Robert Peacock Supervisor Samantha O'Rourke Charlty Number 1163489 Company Numb•r 08804485 Charfty Contact Address & Rggistered Offlce clo Fulcrum Group 105 Piccadilly London W1J 7NJ Bankers Sanlander UK plc 2 Triton Square Regent's Place London NW13AN Independent Examinèr Moore (South) LLP 9 Sl Johns Place Newport Isleofwht P030 1LH Goyornlng Instrument Memorandum and Articles ofAsscttation daled 6 Dember 2013
ISLE OF WIGHT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REPORT The Trustees ol Isb of Wight Foundation Ilhe 'Foundalion'} present their report and accounts for the year ended 31 Drnbel 2023. The accounts have been prepared in accordance with the accounting pol¢cies set out in note 1 to the accounts and compty with the Foundation's Memorandum and Articles of ASslation. the Pfovisions available to small companies (Section 41912} of the Companies Act 2006) and the Slalemenl of Recommended Practice: Accounting and Rewtting by Charities. (FRS 102) (applable January 20161. Constitution The Foundation was incorporated on 6 December 2013. as a company limited by guarantee. 8fKt registered as charity with the Charity Commission in England and Wales. The Foundation is govemed by Mernrandum, and also a sel of bye-laws setting out how it is to be governgd. In the event of an insolvent winding up ils member organisations are liable to contribute a sum not exceeding £10. ObJe¢tlves of the charity The objeclwes of the charity are.. li> support social inclusion- lil) support a$$ lo employment.. lili) support activities and piojecls that will be supportive for achieving public benefft aim5 followed by the Foundation.. liv} support organi5ations that offer training and guidance, helping indwiduals with no qualifications into the working world" Iv) promote solidarity within the community.. (vi} help nOy-founded or developing slructufes aimed at enabling those shut out ofthe job market lo (reladapt to the working wld. while also receiving the training and socio-professional support they need,. (viil support inrtiatNes aimed at improving access to means of Ifansport, thus helping people to access the job market". (Mi)I support initiatives aimed at promoling cttizenship. CO1ctIve responsibility and provlding young people with the framework for Imng in society- (ixl promote structures sel up to help people in situations of exclusion to regain SelF-confence arKI become rewuainted with normal lrfe. (x) encourage organisations which facilitate a¢s$ to housiw for the most underpr[leged individuals so as to enable them to return to a stable situation,. an(1 (xil support other types of projects aiming at combating all fomis of exclusion. Trustees Robert Gillespie (Island Ro$ Selvices Ltd) John Sundertand (Ringway ISnd Roads Lldl Arnaud Jydel IVINCI Highways UK Ltd) Emma Scott (Mer•Jiam Infra81rlU1e Managers S.a.r.l.) The Trustees are also the dlrectors of the charitable company for company law purpo88S.
ISLE OF WIGHT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (Contlnuedl structurè. governance and management The Foundation is comprised of four members who represent related parties of the investor5. sub-contractors and the project c(Nnpany of Island Roads Services Ud, a 25 year PFI scheme responsible for the maintenance and operation of the Isle ol Wight road networff. The member5 are VINCI Hi9hways UK Ltd, Meridiam Infrastructure Managers S.a.r.l.. Ringway Island Roads Ltd and Island Roads Services Ltd. A Trustee is appointed to the Foundation from each member 01garbisalion. At incorporation the Trustees approved a sel of bye-laws which deterniine the objectives of tha company and h¢)w it will be operated 8nd managed. As per the bye-laws. Robert Gillespie {an employee of Vinci Highways UK Lldl was appointed as Chairman and Samantha O'Rourke (an employee of Ringway Island Roads Ltd) was appointed as Foundation Supervisoi. Durtng the year the Foundation invites applications for grants via advertisement8 in the local media. The Foundatv)n Superwsor aryanges an evaluation commitiee. including independenl extelnal specialists, lo revi8w all grant appliCatn5. All applications Ihal meet the objectives of the Foundati¢)n are reviewed by the committee and re¢ommendalKJns made lo the Trustees. The Trustees will meet lo review the evalualK)n committee recommendalKJns. Once approved the Foundation Supervisor will adwse the successfijl applicants, arrange partnership agreements lo be documented and signed. obtain aulh0ri5alion from the Chaian for payment and f¢)rnard the approved documents lo Fulcrum Inftastructuve Management Ltd. who will arrange payment to the successful applicants. Trustees are appointed by the founding organisations ofthe Foundation. Trustee training and induction is provided. Flnanclal revlew The Foundation has operated wth the donations received from the founding entities and has made grant payments totallirvJ £86.128 {2022.. £92,212) lo the local community. After meèting governance and independent examination costs. the deficit of £9.569 {2022.. £4,308) was deducted Irom gener81 re5eNes. Fundlng comes from the member organisation dOnati(S in lirE wrth an agreement. Publlc bene In selling our objeclFves and planning our annual activf(ies the Trustee5 have given careful consideration to the Charity Commission's general guidance on public benefit. Reserves policy The Foundation is supported by 11$ founding members and has minim81 adminislralrve costs, and currently no financial commitments. The Trustees therefore have no immediate need to build up any reserves and can budget lo maximise the use of funds for the Isle of Wight community- Risk management The Twstees have evaluated and considered the impa¢l of identifk?ble risks that the FourKlation fa and have policies in place to mitigate these.
ISLE OF WIGFrr FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (Contlnued) Trustees, r8spon$ibilities The Trustees are required to prepare financial slalements for each financial period which gtve a true and fair view of the slate of the affairs of the trnst as al the end of the accounting period and of the surplu5 or deficit of the trust for that peiiod. In preparing these financial statements. the Trustees are required lo.. Select suitable accounting wlicies and apply them consistently., Make judgemenls and estimate5 that are reasonable and prudent., Slate whether applicable accounting slanijards have been followed. subject to any material (lepartures disclosed and explained in the financial slalem&nts', Prepare the financial statements on a going concem basis. The Trustees are fesponsible for keeping proper accounting rewrds whh disclose wth reasonable accuracy at any time the financial position of the Ifust. They are also responsible for safegu2rding the assets of the trust and hence for taking reasonable steps for the preventK)n and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf.. Robert Gillespie. TTLtee Dated 29.08.2024
ISLE OF WIGHT FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ISLE OF WIGHT FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2023 I rerM)rt to the ch8rty trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 6 to 13. This report is made solely to the charty's Trustees, as a body, in accordance with Chapter 3 of Part 8 ofthe Charities Act 2011. My examination has been undertaken so that I mtghl slate to the charity's Trustees those matters l am iequired to state lo them in an independonl examinerfs report and for no other Purpose. To the fullest extent pemiitted by law, I do not accepl or assume responsibility toanyone other than the chafity and the charrty's Trustees as a tx)(ty, for my examination. for this reporL or for the opinions I have formed. Responslbllltles and basis of report As the charty trustees ofthe company {and also its directors forthe purposes of compary law) you are responsible forthe preparation of the accounts in accordan¢fj with the requirements of the Companies Act 20061.the 2006 AcV}. Having satisfied myseif that the accounts of the company are not required to be audited under Part 16 of the 21X Aet and are digible for independent examination, I report irb respect of my examination of your company's accounts as carrted out under SlI0n 145 of the Charities Act 2011 {'Ihe 2C111 Act'}. In carrying Out my examination I have followed the DirectnS gnien by the Charity Commission under section 1451511bl of the 2011 Act. Independent examinerfs statement I have completed my examinalion. I confirm that no matlers have come to my attention in connection with the eXaMinatn giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as iequired by section 386 of the 2006 Act., or 2. the accounts do not accord with those records., or 3. the accounts do not compty with the accounting requirements of section 3 ofthg 2006 Act otherthan any requirement that the accounts give a 'true and fair eV/ which is not a maller 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 Recommend praCte for accounting and reporting by charities applicable to charities preparing their accounts in accordancewilh the Financial Reporting Standard applicable in tho UK and Republic of IreLHnd IFRS 1021. I have no cOnmS and have come across no other matters in connection with Ihe ex8mination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Kevin R Cooper BA FCA DChA For and on behalf of Moore (South) LLP Chartered Accountants 9 St John's Place Newport Isle of Wight P030 1 LH
ISLE OF WIGHT FOUNDATION STATEMEbrr OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Total Total Unrestrfcted Unrestricted Funds Funds 2023 2022 As Re5Lèd Notes INCOME AND ENDOWMENTS FROM: Grants and donations 93,500 94,000 RefuThJed grants from prior years 11,360 TOTAL INCOME 93,500 105.360 EXPENDITURE ON: Charitable activitieg TOTAL EXPENDITURE 1103,569) {109.668) NET (EXPENDITURE)IINCOME AND MOVEMENT IN FUNDS {9,569) {4,308) FUND RECONCIUATION Total funds bght forward 9.063 13,371 Total {derlt> I funds carried fotward {506) The resub for the year derive from continuing activities. and there are no gains or losses othef than those shown above. No cparatNe SOFA has been presented as, like this year. there were M restricted, designated or endowment fuThJs. The notes on pages 8 to 13 form an integral part of these counts.
ISLE OF WIGHT FOUNDATION BALANCE SHEET AT 31 DECEMBER 2023 2023 2022 Notes CURRENT ASSETS Cash in bank and in hand 2,813 12,224 Creditots.. amounts falling duo within ong yoar Accruals Nel current Iliabililies) l assets TOTAL NET ILIA81LITIESI I ASSETS 9,(63 INCOME FUNDS Unreslricled income (deficit) I funds 15C61 9.063 Forthe year ending 31 Decemb8r 2023 the Company was entitled to exemption from audil under section 477 of the Compan8 Act 2006 relatillg to small companies. The membgrs havo not lequid the company to obtain an audit in accordance wilh seCtn 476 of the Companies Act 20(6. The directors acknowledge their respon5ibililies for comptying with the requirements of the Act with respect lo accounting recofds and for th8 preparation of accounts. These accounts have been prep8red in accordance with the provisions applicable to companies subject to the Small companies, regime. Approved by the Board of Trustees and signed on ils behalf by.. Robert Gillespie {Chair of Trustees) Dated: 29.08.2024 Company Reglstratlon Number: 08804485 The noteg on pages 8 10 13 fomi an integral part of these accounts.
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION AND BASIS OFACCOUNTING a) Accounting policles Thelsle of Wight FourKlation is a company limited by guarantee, regisleied in England and Wales. In the event of the Foundation being wound up, the liabilty in iespect of the guar8nlee is limited to £10 per member of the charity. The address of the registered office is gwen on page 1 of these financial statements. The objects of the Foundation are disclosed in the Trustees. Rep1 on pages 2 to 4. Thè Foundation conslitules a Publ benefr( entity as defined by FRS 102. The financial statements have been piepared in accordance with AuntIng and Reporting by Charities.. Slalemenl of R0MMended Practice appl¢cable to charities preparing their accounts in accordan with the Financial Rewrting Standard applicable in the United Kingdom (FRS 102). the Charities Act 2011, Companies Act 2006, and UK Generally Accepted Aecountlng Practice. The financi81 statements are prepared on a 90illg concern basis under the historical cost convention. The financial statements are prepared in stevling which is the funclional currency of Ihe charity and rounded to the neaiesl £1. The si9nffjnt acccyJnling policies applied in the preparation ofthese financial statements are sel out below. These policies have been consistentty applied to 811 years presented unless olherw5e staled. b} Fund accountlng Unreslricted income (or generall funds are available for use at the discretion of the Trustees in fuitherance of the objectives of the F¢)undation. Designated funds are funds which have been sel aside at the discretion of the Trustees to help finance SPlf1¢ projects. All incoming funds and resources expended are relle¢led in the slalement of financaal actrvilies. with no netting off. c) Incomg r8cognltlon pollcles All incoming reSoUrS are induded in the statement of financial activities when the charity is enlilled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied lo particular categoFies of income: Voluntary income is received by way of donations, legacies and gifts and is included in full in the statement of financial activi(ies when the charity has control over the income. any condilions placed are met, the receipt is probable. and that it can be measured reliably. Grants. where enlillement is not conditional on the delivery of a specific performance by the charity. are rec4)onised when the charily be¢off$ unconditN)nally entitled to the grant and as the charity earns the riyhl lo income through delivery of seNices. tk)nated Se6$ and facilities (gifts in kind) are included al Ihevalue to the charity onty where this can be quantified. The value of services provided by Fulcrum Infrastructure Management Ltd has not been induded in these accounts. The prior year Income and expendiluie has been restated lo include donated gifts in kind of £14.000. This has no impact on the net nTh)vemenl in funds. Investment income is included when received.
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 d) Resources expended Expenditure is reeognised on an accruals basis as the tiability is incurred. All costs are shown in full and no netting off with income occurs. Expendit4Jre includes any VAT which cannot be recovered and is reported as part of the expendilufe lo which il relates-. Costs of generating funds cnpriSe the costs assttiated with attracting donations and other voluntary income. Charttable expenditure compiises those costs incuried by the charity in the delivery of its activities 8nd See3 for ils beneficiaries. 11 irbcludes Eolh costs that can be allocated directly lo such activities and those of an indirect nature rtecessary lo supp¢)rt them. Govemance costs include those costs associated with meeting the constilulional and stalulory r8quiremenls of the charty and include audit fees and costs linked to the strategic management of the enlty. All costs are allated between the expenditure categories oflhe statement offinancial activities on a basisdesigned to reflect Ihe use of the resource. Costs relaling to a paFticulai activity are allocated directly, others ar8 apportioned on an appropriate basis. Salaries are alkjcated by teviewing lime spent by each employee on the activities and attributing cost accordingly. e) Allo¢ati¢)n of support cost8 and governance Support costs are those funcltons that assist the work of the charity. bul do not direetty undertake charitable actwities. Costs are alkjcated to charitable activities on the basis that this is the main activty, and there are minimal costs attributable to fundraising. Governance in¢ludes independent examination and any costs in connection with running the Trustees, and this is also altocated lo the main aclivty as shown in note 4. fj Grants payable These are lrtcluded in the accounts when a commifmenl has been made and there are no conditN)n5 to be met relating to thg grant whith remain in wnlrol of the charity. g} Oebto Trade and other debtors are recognised at the settlement amount due. h) Creditors and pr¢)vl$lons Creditors and provisions are recognised where the charty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount can be measured liablY. 11 Flnanclal assets and Ilabllltles The Isle of Wight Foundation only has financial assets and liabilities of a kind that qualify as basic finanoal inslrumenls. Basic financial instruments are initially recognised at transa¢tion value and subsequently measur al their settlement value. l) Taxat]on No cory)OTalion tsx has been provided in these accounts because the income of the charty is within the exemption granted by Section 505 of the InCCr and Corporalion Taxes Act 1988 to the extent that Ihvae funds are applied lo charrtable objects.
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2Q23 k) Judggmgnt and key sources of uncertalnty There are no major judgements or assumpttons relating to estimates that are required to be discbsed in the preparatKJn of these financial slalements. l) Golng concern The financial statements have been prepared on a going conceTn basis as the Trustees believe that no material UnrtaInlieS exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial stalemenls. The budgeted income and expenditure is sufficient with the level of feserves for the Foundation to be able to continue as a going COnrn. GRANTS AND DONATIONS 2023 Total 2022 Total As R8statgd Island Roads Services Ltd Ringway Island Roads Ltd Gifts in Kind 60,000 20,000 60,000 20,000 000 93,500 94.000 DIRECT CHARITABLE EXPENDITURE 2023 Total 2022 Total As Restated Grant funding of activitles Tolal grants paid to organisations Supwrt costs (see note Sl 86.128 92.212 103.C69 109,668 Of the total paid to organisations Tolal number Highest value Average value 16.000 9,570 16,000 10,246 There were no grants made lo individuals in the year (2022- None). 10
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 4. Grants were pald to the following ¢harftlgs In tho year to 31 December 2023: 2023 Total Ve¢tis Radio.. running the 4PS training programme for young people 3,000 Ability Dogs 4 Young People: training centre CCTV security system and IT upgrade 3,174 MNDA Isle ofwight.. social inclusion for people with Motor Neurone Disease and their families 5.cilo Wesl Wigm Men in Sheds: carpentry equipment upgrade 8.035 Isle of Wight Youth Trusl: The Travelling Safe spa for young people to attend sessions 8,752 W&ssex Cancer TfusI.' patient transport for Isle of wht residents lo Southampton General and Queen Alexandra hospiials 13,167 OSEL Enterprises l The Way Fowdrd Programme- replrnent minib 14.000 Care in the Garden: delNery van lor splinlerwood products 15.000 The Phoenix Project.. new ¢onseN8tcry 16,000 Total grants for 2023
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 4. Contlnuad Grants worfj pald to the followlng char5tles In the year to 310ècèmber 2022: 2022 Total Ability Dogs 4 Young People. Grant lor a ful accessible kitchen area for trainers and service users and the purchase and installation of blinds to help regulate the temperalure of the charity's training cenlte. 8.500 BIKJhstone Lawn Tennis Club. Grant towards the resurfacing of the club's two tennis courts. 15.000 Care in the Garden. Grant fora new kiln for the manufacturiThJ ofceramic and concrete garden products. Isorropia Foundation. Grant for a ngw minibus lo exiend the charity's feach across the ssland and support those who are SiallY isolated. People Maller (Isle of Wight}. Grant for the Isle of Wight Learning Disability support Cenlrewhich provides island residents- Main young people-wsth specralisttraining and the opportunty lo gain qualifications. Ryde Sea Cadets. Granl for the modemisation and refuTbishrnenl of the unit's toilet facilities lo improve accessibility and create much needed storage al the group's headquarters. Seagrove Pavillon Trust. Grant to pu(chase the equipment to run walking football sessions for people of all ages. Swim the Wight. To purchase a new vehicle to transport safety equipment to sea swimming sessions. 15,850 16,000 7,588 4.435 5.759 16.000 Vectis Radto. Grant for the 4P$ Training School which uses the medium of radio to help davelop young people's confidence and communication skills. 3,080 Total grants for 2022 92,212 12
ISLE OF WIGHT FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT AND GOVERNANCE COSTS 2023 Total 2022 Total Adminislralion time (gifted in ki1> Independent examination and accounting fees- gov8rnance Advertising cost8 Bank charges Other costs 13,500 1,764 1.555 14.000 1.680 1,481 117 289 16.941 17.456 Tho administration and accounling work of the FoundalhJn has been provided by the founding Partners through Ringway Island Roads and the Fulcrum group. There were no staff members employed ty the Foundation earning over £60.000 In the current OT priorfinancial year. TRUSTEES EXPENSES AND RELATED PARTY TRANSACTIONS During IheyearTruslees expenses reimbursed were £nJ12022= £nil). No payments have been made on beha of the Trustaes {2022= £nill. There were no related party transactions in the year. MOVEMENT OF FUNDS 2023 2022 Unrestrlcted Unrestricted Total Total AS Rgstated Balance at 1 January 2023 Income Expenditure 9.063 93.500 13.371 105,360 Balanee at 31 December 2023 15C61 9,063 CONTROLLING PARTY The Foundation is under the control of the Trustee5. 13