## **Michael Streete Foundation**
## **COMPANY REGISTRATION No: 09583007 CHARITY REGISTRATION No: 1163636**
**ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025**
1
## **MICHAEL STREETE FOUNDATION ANNUAL REPORT AND UNAUDITED ACCOUNTS CONTENTS**
||**Page**|
|---|---|
|Legal and Administrative information|3|
|Trustees' report|4-6|
|Statement of financial Activities|7|
|Statement of financial position|8|
|Notes to the accounts|9-27|
|Independent Examiner's Report|28-29|
2
**MICHAEL STREETE FOUNDATION CHARITY INFORMATION FOR THE YEAR ENDED 31 MAY 2025**
**Trustees at 31 May 2025** Melisa Jacob-Hayles Yasmin Golding Lyndsey McDonald Clarissa Ferrara **Charity Number** 1163636 (England and Wales) **Company Number** 09583007 (England and Wales) **Date of Registration** 18 September 2015 **Start of Financial Period** 1[st] June 2024 **End of Financial Period** 31[st] May 2025 **Legal Status** Charitable company **Registered Office** 3 Gunnery Terrace, Cornwallis Road, London, SE18 6SW **Primary Bankers** NatWest Bank
_**Governing Document**_
_**Memorandum and Articles of Association originally incorporated on 9 April 2015, and subsequently amended by Special Resolutions registered at Companies House on 15 July 2015 and 14 September 2015.**_
## _**Charitable Objects**_
_**To promote and protect the health of individuals affected by sickle cell disease for the public benefit, primarily within the Royal Borough of Greenwich and surrounding areas, but not exclusively, by: a) collaborating with charities, educational institutions, medical research teams, companies, and other organisations; b) securing sponsorship in exchange for awareness and publicity, and supporting research teams both within the United Kingdom and internationally; c) providing training and education to raise awareness of sickle cell disease across all age groups, particularly among children and young adults, through lectures, courses, and workshops; d) advancing awareness of sickle cell disease through partnerships with charities, research bodies, companies, and organisations, including sponsorship arrangements and collaborative support initiatives; e) supporting individuals, families, and groups in developing skills, confidence, and career opportunities; f) promoting awareness of sickle cell anaemia within the education sector; g) establishing mentoring programmes in schools and organisations to enhance personal development, confidence, and achievement among young people and adults; h) acting as a recognised advisory service and first point of contact for individuals affected by sickle cell disease; i) awarding prizes and scholarships to participants within mentoring programmes to encourage personal growth and achievement; and j) organising and hosting events and services to raise funds and increase awareness of sickle cell anaemia and the Michael Streete Foundation.**_
3
**MICHAEL STREETE FOUNDATION TRUSTEES ANNUAL REPORT FOR YEAR ENDED 31 MAY 2025**
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended **31 May 2025** .
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Company No.:** 09583007 **Charity No.:** 1163636
**Registered Office:**
3 Gunnery Terrace Cornwallis Road London SE18 6SW
## **Directors and Trustees**
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Trustees served during the year:
- Melisa Jacob-Hayles
- Yasmin Golding
- Lyndsey McDonald
- Clarissa Ferrara
## **Directors:**
- Norma Streete
- Melisa Jacob-Hayles
**Company Secretary:**
- Melisa Jacob-Hayles
## **Accountants**
AMZ Accountancy Ltd East London E17 4LF
## **OBJECTIVES AND ACTIVITIES**
To support disadvantaged and vulnerable young lives, primarily those with discernible medical conditions, for the public benefit principally but not exclusively in the local government area of the Royal Borough of Greenwich and other surrounding areas.
4
**MICHAEL STREETE FOUNDATION TRUSTEES ANNUAL REPORT FOR YEAR ENDED 31 MAY 2025**
The Trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is controlled by its governing document and constitutes a company limited by guarantee as defined by the Companies Act 2006.
The Trustees are responsible for keeping proper accounting records that 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. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **FINANCIAL REVIEW AND FUTURE OUTLOOK**
During the year ended 31 May 2025, MSFDN continued to operate through a blended income model, combining grant funding, project-based activity, and the early stages of contracted training delivery. This reflects the organisation’s strategic transition from a primarily grant-supported model towards a more diversified and sustainable income structure.
Income during the year was largely derived from established funding partners for Education income streams. These funding sources enabled MSFDN to continue delivering high-impact programmes for underserved young people, while further developing its delivery infrastructure. Historically, grant funding has been used to build reach, test and refine delivery models, and establish strong engagement with communities facing systemic barriers.
During this financial year, MSFDN progressed into the next phase of its development, marked by the implementation of its apprenticeship training provision and the mobilisation of structured programme delivery. Income is recognised in line with Charities SORP principles, with receipts broadly aligning to cash timing due to the nature of the funding streams. The year-end cash position reflects the timing of receipts and payments, with a significant proportion of income recognised through receivables at year end. This is consistent with the organisation’s transition into contracted delivery models.
The net deficit in the year reflects a planned and strategic investment into programme delivery, infrastructure, and capability building to support the organisation’s transition into contracted income delivery. This includes the mobilisation of apprenticeship provision and preparation for large-scale government-funded programmes. This investment positions the organisation for sustainable future growth and increased income generation.
A key strategic focus for MSFDN is the diversification of income streams to support long-term sustainability. Alongside grant funding, the organisation is actively expanding its contracted income through governmentfunded programmes, employer-led training, partnerships, and service-based activity. This reduces reliance on any single income source and strengthens financial resilience, enabling MSFDN to operate effectively across both grant-funded and commissioned delivery environments.
5
## **MICHAEL STREETE FOUNDATION TRUSTEES ANNUAL REPORT FOR YEAR ENDED 31 MAY 2025**
Post year-end, MSFDN secured significant contracted income through Skills Bootcamp delivery funded by the Greater London Authority. This represents a pivotal step towards predictable, performance-based revenue and reflects growing confidence from public sector partners in the organisation’s delivery capability.
The organisation remains committed to strengthening its financial systems, governance, and reporting processes to support growth. Ongoing development of operational infrastructure and financial oversight ensures that MSFDN is well-positioned to scale its impact while maintaining accountability and transparency. Overall, the financial position reflects a stable foundation, a clear trajectory of growth, and a strategic shift towards a more sustainable, diversified, and scalable operating model.
## **RESERVES POLICY**
The Trustees have considered the level of reserves required to support the charity’s ongoing activities and future commitments. The charity holds both restricted and unrestricted funds, with unrestricted reserves available to support general operations.
The Trustees consider the current level of reserves to be adequate and appropriate, providing financial stability and sufficient working capital to manage cash flow, respond to funding fluctuations, and support the continued delivery and development of charitable activities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
## **Melisa Jacob-Hayles**
Chair Trustee
Approved by the trustees on: 31 March 2026
6
**----- Start of picture text -----**
MICHAEL STREETE FOUNDATION Charity No 1163636
Company No 09583007
Annual accounts for the period
Period end
Period start date 01/06/2024 To date 31/05/2025
**----- End of picture text -----**
## **Section A Statement of financial activities (including summary income and expenditure account)**
|**and expenditure account)**|||
|---|---|---|
|Guidance Note
S01
S02
S03
S04
S05
S06
S07
**Expenditure (Notes 6)**
**Expenditure on:**
S08
S09
S10
S11
S12
S13
Tax payable
S14
S15
Net gains/(losses) on
investments
S16
S17
**Extraordinary items**
S18
S19
S20
Other gains/(losses)
S21
S22
**_Reconciliation of_**
**_funds:_**
S23
S24
**_Total funds carried forward_**
**_Total_**
**Net income/(expenditure) after tax**
**before investment gains/(losses)**
**Net income/(expenditure)**
**Transfers between funds**
Total funds brought forward
Gains and losses on revaluation of fixed assets for the
charity’s own use
Charitable activities
Employee Costs
**_Net movement in funds_**
**Other recognised** **gains/(losses):**
**Net income/(expenditure) before tax for**
**the reporting period**
Raising funds
Administrative & Professional costs
**_Total_**
**Recommended categories by activity**
**Income (Note 3)**
**Income and endowments from:**
Donations and legacies
Investments
Grants
Other trading activities
Separate material item of income
Other|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**£**
**£**
**£**
F01
F02
F03
47,022
-
-
-
48,732
-
-
-
-
-
-
-
-
-
-
564
-
-|
**Total funds**
**Prior year**
**funds**
**£**
**£**
F04
F05
**47,022**
58,590
**48,732**
135,976
**-**
-
**-**
-
**-**
-
**564**
3,345|
||**47,586**
**48,732**
-|**96,318**
197,911|
||3,939
-
-
-
10,800
-
24,201
-
-
81,745
25,000
-|**3,939**
10,878
**10,800**
-
**24,201**
109,453
**106,745**
29,129|
||**109,885**
**35,800**
**-**|**145,685**
149,460|
||||
||62,299
-
12,932
-|49,367
-
48,451|
||-
-
-|-
-|
||62,299
-
12,932
-|49,367
-
48,451|
||-
-
-|-
-|
||**62,299**
**-**
**12,932**
**-**|**49,367**
**-**
48,451|
||-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-
-|
||**62,299**
**-**
**12,932**
**-**|**49,367**
**-**
48,451|
||198,953
-
-|**198,953**
150,502|
||**136,654**
**12,932**
**-**|**149,586**
198,953|
7
**MICHAEL STREETE FOUNDATION**
## **Annual accounts for the period**
**Charity No 1163636 Company 09583007 Period start date:01/06/2024 To period end date:31/05/2025**
## **Section B Balance sheet**
|**Unrestricted**
**funds**
**£**
**Fixed assets**
F01
**Intangible assets (Note 15)**
B01
-
**Tangible assets (Note 14)**
B02
19,143
**Heritage assets (Note 16)**
B03
-
**Investments (Note 17)**
B04
-
**_Total fixed assets_**
B05
19,143
**Current assets**
**Stocks (Note 18)**
B06
4,500
**Debtors (Note 19)**
B07
124,400
**Investments (Note 17.4)**
B08
-
**Cash at bank and in hand (Note 24)**
B09
2,143
**_Total current assets_**
B10
**131,043**
**Creditors: amounts falling due within**
**one year (Note 20)**
B11
13,533
**_Net current assets/(liabilities)_**
B12
**117,510**
**_Total assets less current liabilities_**
B13
**136,653**
**Creditors: amounts falling due after one**
**year (Note 20)**
B14
-
**Provisions for liabilities**
B15
-
**_Total net assets or liabilities_**
B16
**136,653**
**Funds of the Charity**
**Endowment funds (Note 27)**
B17
-
**Restricted income funds (Note 27)**
B18
**Unrestricted funds**
B19
136,653
**Revaluation reserve**
B20
**Fair value reserve**
B21
**_Total funds_**
B22
**136,653**
Guidance note|**Unrestricted**
**funds**
**£**
**Fixed assets**
F01
**Intangible assets (Note 15)**
B01
-
**Tangible assets (Note 14)**
B02
19,143
**Heritage assets (Note 16)**
B03
-
**Investments (Note 17)**
B04
-
**_Total fixed assets_**
B05
19,143
**Current assets**
**Stocks (Note 18)**
B06
4,500
**Debtors (Note 19)**
B07
124,400
**Investments (Note 17.4)**
B08
-
**Cash at bank and in hand (Note 24)**
B09
2,143
**_Total current assets_**
B10
**131,043**
**Creditors: amounts falling due within**
**one year (Note 20)**
B11
13,533
**_Net current assets/(liabilities)_**
B12
**117,510**
**_Total assets less current liabilities_**
B13
**136,653**
**Creditors: amounts falling due after one**
**year (Note 20)**
B14
-
**Provisions for liabilities**
B15
-
**_Total net assets or liabilities_**
B16
**136,653**
**Funds of the Charity**
**Endowment funds (Note 27)**
B17
-
**Restricted income funds (Note 27)**
B18
**Unrestricted funds**
B19
136,653
**Revaluation reserve**
B20
**Fair value reserve**
B21
**_Total funds_**
B22
**136,653**
Guidance note|
**Restricted**
**income**
**funds**
**£**
F02
-
-
-
-|**Endowment**
**funds**
**£**
F03
-
-
-
-|
**Total this**
**year**
**Total last**
**year**
**£**
**£**
F04
F05
**-**
-
**19,143**
8,324
**-**
-
**-**
-|
|---|---|---|---|---|
||19,143|-|-|**19,143**
8,324|
||4,500
124,400
-
2,143|-
-
-
12,932|-
-
-
-|**4,500**
4,500
**124,400**
124,400
**-**
-
**15,075**
77,198|
||**131,043**|**12,932**|**-**|**143,975**
206,098|
||13,533|-|-|**13,533**
15,469|
||**117,510**|**12,932**|**-**|**130,442**
190,629|
||||||
||**136,653**|**12,932**|**-**|**149,585**
198,953|
||-
-|-
-|-
-|-
-
-
-|
||**136,653**|**12,932**|**-**|**149,585**
198,953|
||-
136,653|12,932|-|**-**
-
**12,932**
-
**136,653**
-
**-**|
||**136,653**|**12,932**|**-**|**149,585**
198,953|
_**The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.**_
_**The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to**_
_**These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.**_
|Signature of director authenticating accounts being sent to Companies House
Signed by one or two trustees/directors on behalf of all the trustees/directors|**M. Jacob-Hayles**
**31/03/2026**
**M. Jacob-Hayles**
Signature
Date 31/03/2026
Print Name
Date of approval
dd/mm/yyyy|
|---|---|
8
## **Section C Notes to the accounts**
## Note 1 **Basis of preparation**
_**This section should be completed by all charities** ._
## **1.1 Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities • and with* preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 • and with* the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)
- and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.*
✅
* -Tick as appropriate
## **1.2 Going concern**
_**If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:**_
An explanation as to those factors that support _**The trustees have reviewed the charity’s financial position and**_ the conclusion that the charity is a going _**future income streams and are satisfied that the charity has**_ concern; _**adequate resources to continue operating for the foreseeable future; accordingly, the accounts have been prepared on a going concern basis.**_ Disclosure of any uncertainties that make the _**The trustees have considered potential risks and uncertainties**_ going concern assumption doubtful; _**and have identified no material uncertainties that would cast significant doubt on the charity’s ability to continue as a going concern.**_ Where accounts are not prepared on a going _**Not applicable**_ concern basis, please disclose this fact together with the basis on which the trustees prepared the accounts and the reason why the charity is not regarded as a going concern.
## **1.3 Change of accounting policy**
The accounts present a true and fair view and no changes have been made to the accounting policies adopted in note { }.
Yes* `✓` * -Tick as appropriate No* _**Please disclose: (i) the nature of the change in accounting policy;**_ Not Applicable _**(ii) the reasons why applying the new accounting policy provides more reliable and more relevant information;**_ Not Applicable _**and**_
9
_**(iii) the amount of the adjustment for each line affected in the current period, each prior period presented and the aggregate amount of the adjustment relating to**_ Not Applicable _**periods before those presented, 3.44 FRS102 SORP.**_
## **1.4 Changes to accounting estimates**
**----- Start of picture text -----**
No changes to accounting estimates have occurred in the reporting period (3.46 FRS102 SORP).
Yes*
* -Tick as appropriate
No*
**----- End of picture text -----**
_**Please disclose:**_
**----- Start of picture text -----**
(i) the nature of any changes; Not Applicable
(ii) the effect of the change on income and expense or
Not Applicable
assets and liabilities for the current period; and
(iii) where practicable, the effect of the change in one or
more future periods.
Not Applicable
**----- End of picture text -----**
## **1.5 Material prior year errors**
**----- Start of picture text -----**
No material prior year error have been identified in the reporting period (3.47 FRS102 SORP).
Yes*
* -Tick as appropriate
No*
Please disclose:
(i) the nature of the prior period error; Not Applicable
(ii) for each prior period presented in the accounts, the
amount of the correction for each account line item
affected; and
Not Applicable
(iii) the amount of the correction at the beginning of the
earliest prior period presented in the accounts.
Not Applicable
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10
## **Section C Notes to the accounts (cont)**
## **Note 2 Accounting policies**
**----- Start of picture text -----**
This standard list of accounting policies has been applied by the charity except for those deleted. Where a
different or additional policy has been adopted then this is detailed in the box below.
**----- End of picture text -----**
**----- Start of picture text -----**
2.1 RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING
PRACTICE
Please provide a description
of the nature of each change Not Applicable
in accounting policy
Reconciliation of funds per previous GAAP to funds determined under FRS 102
Start of End of
period period
£ £
Fund balances as previously
stated
Adjustments:
Fund balance as restated
Reconciliation of net income/(net expenditure) per previous GAAP to net income/(net expenditure) under FRS
102
End of
£
Net income/(expenditure) as previously
stated
Adjustments:
Previous period net income/(expenditure)
as restated
**----- End of picture text -----**
11
**Section C Notes to the accounts (cont)**
|**Recognition of income**
Donated services and facilities that are consumed immediately are recognised as income
with an equivalent amount recognised as an expense under the appropriate heading in
the SOFA.
**Volunteer help**
The value of any voluntary help received is not included in the accounts but is described
in the trustees’ annual report.
**Donated services and**
**facilities**
**Support costs**
This is only included in the SoFA once the charity has provided the related goods or
services or met the performance related conditions.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
the fair value of those gifts at the time of their receipt and they are recognised on receipt.
In the reporting period in which the stocks are distributed, they are recognised as an
expense at the carrying amount of the stocks at distribution.
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
Donated goods are measured at fair value (the amount for which the asset could be
exchanged) unless impractical to do so.
**Income from interest,**
The charity has incurred expenditure on support costs.
**Contractual income and**
**performance related**
**grants**
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
**Offsetting**
**Grants and donations**
**Note 2 Accounting policies**
**Government grants**
The charity has received government grants in the reporting period
**Legacies**
**Tax reclaims on**
**donations and gifts**
Legacies are included in the SOFA when receipt is probable, that is, when there has been
grant of probate, the executors have established that there are sufficient assets in the
estate and any conditions attached to the legacy are either within the control of the charity
or have been met.
**2.2 INCOME**
**Donated goods**
In the case of performance related grants, income must only be recognised to the extent
that the charity has provided the specified goods or services as entitlement to the grant
only occurs when the performance related conditions are met (5.16 FRS 102 SORP).
Gift Aid receivable is included in income when there is a valid declaration from the donor.
Any Gift Aid amount recovered on a donation is considered to be part of that gift and is
treated as an addition to the same fund as the initial donation unless the donor or the
terms of the appeal have specified otherwise.
There has been no offsetting of assets and liabilities, or income and expenses, unless
required or permitted by the FRS 102 SORP or FRS 102.
Donated services and facilities are included in the SOFA when received at the value of
the gift to the charity provided the value of the gift can be measured reliably.
This is included in the accounts when receipt is probable and the amount receivable can
These are included in the Statement of Financial Activities (SoFA) when:
the charity becomes entitled to the resources;
it is more likely than not that the trustees will receive the resources;
the monetary value can be measured with sufficient reliability.
Grants and donations are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS102 SORP).|Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*|
|---|---|
12
|**Grants with performance**
**conditions**
**2.4 ASSETS**
This includes any realised or unrealised gains or losses on the sale of investments and
any gain or loss resulting from revaluing investments to market value at the end of the
year.
Support costs include central functions and have been allocated to activity cost
categories on a basis consistent with the use of resources, eg allocating property costs
by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Support costs have been allocated between governance costs and other support.
Governance costs comprise all costs involving public accountability of the charity and its
compliance with regulation and good practice.
The charity has creditors which are measured at settlement amounts less any trade
discounts
These are capitalised if they can be used for more than one year, and cost at least
Fixed asset investments in quoted shares, traded bonds and similar investments are
valued at initially at cost and subsequently at fair value (their market value) at the year
end. The same treatment is applied to unlisted investments unless fair value cannot be
measured reliably in which case it is measured at cost less impairment.
Where there are no conditions attaching to the grant that enables the donor charity to
realistically avoid the commitment, a liability for the full funding obligation must be
recognised.
**Governance and support**
**costs**
**Creditors**
**Redundancy cost**
The charity made no redundancy payments during the reporting period.
Insurance claims are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other
income in the SoFA.
**Settlement of insurance**
**claims**
Where the charity gives a grant with conditions for its payment being a specific level of
service or output to be provided, such grants are only recognised in the SoFA once the
recipient of the grant has provided the specified service or output.
**Income from membership**
**subscriptions**
**,**
**royalties and dividends**
**Heritage assets**
**Investment gains and**
**losses**
**Investments**
Investments held for resale or pending their sale and cash and cash equivalents with a
f
1
They are valued at cost.
**Deferred income**
No material item of deferred income has been included in the accounts.
**Provisions for liabilities**
A liability is measured on recognition at its historical cost and then subsequently
measured at the best estimate of the amount required to settle the obligation at the
reporting date
**Basic financial**
**instruments**
**Intangible fixed assets**
Membership subscriptions which gives a member the right to buy services or other
benefits are recognised as income earned from the provision of goods and services as
income from charitable activities.
Membership subscriptions received in the nature of a gift are recognised in Donations
and Legacies.
**2.3 EXPENDITURE AND LIABILITIES**
The charity accounts for basic financial instruments on initial recognition as per paragraph
10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19,
FRS102 SORP.
**Tangible fixed assets for**
**use by charity**
**Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or
constructive obligation committing the charity to pay out resources and the amount of the
obligation can be measured with reasonable certainty.
**Grants payable without**
**performance conditions**
The depreciation rates and methods used are disclosed in note 14.
p
p
be measured reliably.
They are valued at cost.
They are valued at cost.
The charity has intangible fixed assets, that is, non-monetary assets that do not have
physical substance but are identifiable and are controlled by the charity through custody
or legal rights. The amortisation rates and methods used are disclosed in note 15.
The charity has heritage assets, that is, non-monetary assets with historic, artistic,
scientific, technological, geophysical or environmental qualities that are held and
maintained principally for their contribution to knowledge and culture. The depreciation
rates and methods used as disclosed in note 16.|
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*
Yes*
No*
N/a*|
|---|---|
13
**----- Start of picture text -----**
maturity date of less than 1 year are treated as current asset investments
Stocks held for sale as part of non-charitable trade are measured at the lower or cost or Yes* No* N/a*
net realisable value.
Goods or services provided as part of a charitable activity are measured at net realisable Yes* No* N/a*
value based on the service potential provided by items of stock.
Work in progress is valued at cost less any foreseeable loss that is likely to occur on the Yes* No* N/a*
contract.
Debtors (including trade debtors and loans receivable) are measured on initial recognition
at settlement amount after any trade discounts or amount advanced by the charity. Yes* No* N/a*
Subsequently, they are measured at the cash or other consideration expected to be
received.
The charity has investments which it holds for resale or pending their sale and cash and
Yes* No* N/a*
cash equivalents with a maturity date less than one year. These include cash on deposit
and cash equivalents with a maturity of loss than one year held for investment purposes
rather than to meet short-term cash commitments as they fall due.
Yes* No* N/a*
They are valued at fair value except where they qualify as basic financial instruments.
Not Applicable
**----- End of picture text -----**
**Stocks and work in** Stocks held for sale as part of non-charitable trade are measured at the lower or cost or **progress** net realisable value.
## **Debtors**
The charity has investments which it holds for resale or pending their sale and cash and **Current asset** cash equivalents with a maturity date less than one year. These include cash on deposit **investments** and cash equivalents with a maturity of loss than one year held for investment purposes rather than to meet short-term cash commitments as they fall due.
**POLICIES ADOPTED ADDITIONAL TO OR DIFFERENT FROM THOSE ABOVE**
14
**Section C Notes to the accounts (cont)**
## **Note 3 Income**
**----- Start of picture text -----**
Restricted
Unrestricted income Endowment
Analysis of income funds funds funds Total funds Prior year
£ £
Donations Donations and gifts 47,022 - - 47,022 58,590
and legacies: Gift Aid - - - - -
Legacies - - - - -
General grants provided by government/other
charities - 48,732 - 48,732 135,976
Membership subscriptions and sponsorships
which are in substance donations
- - - -
Donated goods, facilities and services - - - - -
Other - - - -
Total 47,022 48,732 - 95,754 194,566
Income from Interest income - - - - -
investments: Dividend income - - - - -
Rental and leasing income - - - - -
Other - - - - -
Total - - - - -
Separate - - - - -
material item - - - - -
of income - - - - -
- - - - -
Total - - - - -
Other: Conversion of endowment funds into income
- - - - -
Gain on disposal of a tangible fixed asset held
for charity's own use - - - - -
Gain on disposal of a programme related
investment - - - - -
Royalties from the exploitation of intellectual
property rights - - - - -
Other 564 - - 564 3,345
Total 564 - - 564 3,345
TOTAL INCOME 47,586 48,732 - 96,318 197,911
Other information:
All income in the prior year was unrestricted except for:
(please provide description and amounts)
N/A
Where any endowment fund is converted into income in the
reporting period, please give the reason for the conversion.
N/A
Where any endowment fund is converted into income in the
prior period, please give the reason for the conversion.
N/A
Within the income items above the following items are
material: (please disclose the nature, amount and any prior
year amounts)
N/A
This year: Where sums originally denominated in foreign
currency have been included in income, explain the basis on
which those sums have been translated into sterling (or the
currency in which the accounts are drawn up). N/A
Last year: Where sums originally denominated in foreign
currency have been included in income, explain the basis on
which those sums have been translated into sterling (or the
currency in which the accounts are drawn up). N/A
**----- End of picture text -----**
15
## **Section C Notes to the accounts (cont)**
## **Note 6 Expenditure**
**----- Start of picture text -----**
This year Last year
Restricted Restricted
Unrestricted income Endowment Unrestricted income Endowment
Analysis funds funds funds Total funds funds funds funds Total funds
Expenditure on raising funds: £ £
Incurred seeking donations 3,939 - - 3,939 10,878 - - 10,878
Incurred seeking legacies - - - - - - - -
Incurred seeking grants - - - - - - - -
Total expenditure on raising funds 3,939 - - 3,939 10,878 - - 10,878
Expenditure on charitable activities:
Charitable Activities
- 10,800 - 10,800 - - - -
Total expenditure on charitable activities - 10,800 - 10,800 - - - -
Separate material item of expense
- - - - - - - -
Total - - - - - - - -
Other
Accountancy fees 2,188 - - 2,188 - - - -
Bank charges 145 - - 145 8,461 - - 8,461
Consultancy fees 7,358 25,000 - 32,358 6,808 - - 6,808
Depreciation 4,667 - - 4,667 - -
Equipment expensed 3,511 - - 3,511 - -
Subcontractor costs 9,470 - - 9,470 - - - -
General insurance - - - - 1,500 - - 1,500
Other legal and professional 216 - - 216 - - - -
Rent 1,072 - - 1,072 - - - -
Repairs and maintenance 177 - - 177 - -
Research & development Costs 3,330 - - 3,330 - -
Software 1,699 - - 1,699 - - - -
Staff entertainment - - - - 135 - - 135
Staff training & welfare 3,210 - - 3,210 - - - -
Stationery and printing 249 - - 249 339 - - 339
Subscriptions 6,740 - - 6,740 9,751 9,751
Sundry 2,647 - - 2,647 2,270 2,270
Telephone and internet 4,505 - - 4,505 - - - -
Travelling 30,560 - - 30,560 - - - -
Wages and salaries 24,201 - - 24,201 109,318 - - 109,318
Total other expenditure 105,945 25,000 - 130,945 138,582 - - 138,582
TOTAL EXPENDITURE 109,884 35,800 - 145,684 149,460 - - 149,460
**----- End of picture text -----**
16
## **Section C Notes to the accounts**
## **Note 10 Details of certain types of expenditure**
## **Note 10.1 Fees for examination of the accounts**
_**Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box(es).**_
|**Tax advisory fees**
**Other fees (for example: financial advice, consultancy, accountancy services) paid**
**to the independent examiner**
**Independent examiner’s fees**
**Assurance services other than independent examination**|**This year**
**Last year**
**£**
**£**
300 -
- -
- -
400 -
|
|---|---|
17
## **Section C Notes to the accounts (cont)**
## **Note 11 Paid employees**
_**Please complete this note if the charity has any employees (transactions with Trustees dealt with in Note 28)**_
## **11.1 Staff Costs**
|**king for the**
**a related party**
**ding employer**
**an £60,000**
**Total staff costs**
**king for the**
**a related party**|**This year**
**Last year**
**£**
**£**
24,711 109,318
- -
- -|
|---|---|
||24,711 109,318|
||N/A
**There were no employees receiving benefits during the**
**reporting period exceeding £60,000.**
N/A|
**Salaries and wages Social security costs Pension costs (defined contribution scheme) Other employee benefits**
**This year:**
**Please provide details of expenditure on staff working for the charity whose contracts are with and are paid by a related party Last year:**
**Please provide details of expenditure on staff working for the charity whose contracts are with and are paid by a related party No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000**
|**Fundraising**
**Charitable Activities**
**Governance**
**Other**
**Total**
**Please provide the total amount paid to key management**
**11.2 Average head count in the year**
**The parts of the charity in which the**
**employees work**|**This year**
**Last year**
**£**
**£**
- -
**This year**
**Last year**
**Number**
**Number**
- -
- -
- -
2 -|
|---|---|
||2 -|
18
## **Section C Notes to the accounts (cont)**
**Note 14 Tangible fixed assets** _**Please complete this note if the charity has any tangible fixed assets**_
## **14.1 Cost or valuation**
**----- Start of picture text -----**
Land & buildings Plant, machinery and Computer & Office Fixtures & Fittings Total
motor vehicles Equipments
£ £ £ £ £
At the beginning of - - 12,130 1,772 13,902
the year
Additions - - 15,088 398 15,486
Revaluations - - - - -
Disposals - - - - -
Transfers * - - - - -
At end of the year - - 27,218 2,170 29,388
14.2 Depreciation and impairments
**Basis SL or RB (Straight SL or RB SL RB Total
Line or Reducing
Balance)
** Rate 20% 15%
At beginning of the - - 5,308 270 5,578
year
Disposals - - - - -
Depreciation - - 4,382 285 4,667
Impairment - - - - -
Transfers* - - - - -
At end of the year - - 9,690 555 10,245
14.3 Net book value
Net book value at the - - 6,822 1,502 8,324
beginning of the year
Net book value at the - - 17,528 1,615 19,143
end of the year
**----- End of picture text -----**
19
## **Section C Notes to the accounts (cont)**
## **Note 18 Stocks**
## _**Please complete this note if the charity holds any stock items**_
## **18.1 Please state the carrying amount of stock and work in progress analysed between activities.**
|**18.1 Please state the carrying amount of stock and work in progress analysed between**
**activities.**|**unt of stock and work in progress analysed between**|**unt of stock and work in progress analysed between**|
|---|---|---|
|**For**
**distribution**
**For resale**
**For**
**distribution**
**For resale**
**£**
**£**
**£**
**£**
**£**
**Charitable activities:**
**_Opening_**
4,500 - - - -
**_Added in period_**
- - - - -
**_Expensed in period_**
- - - - -
**_Impaired_**
- - - - -
**_Closing_**
**4,500**
**- - - -**
**Total this year**
4,500 - - - -
**_Total previous year_**
4,500 - - - -
**18.2 Please specify the carrying amount of**
**any stocks pledged as security for liabilities**
**Last year**
**£**
**£**
**This year**
**Stock**
**Donated goods**
**Work in**
**progress**|**For**
**distribution**
**For resale**
**For**
**distribution**
**For resale**
**£**
**£**
**£**
**£**
**£**
4,500 - - - -
- - - - -
- - - - -
- - - - -
**4,500**
**- - - -**
**Stock**
**Donated goods**
**Work in**
**progress**||
||4,500|- - - -|
|||- - - -
**Last year**
**£**
**£**
**This year**|
20
## **Section C Notes to the accounts (cont)**
## **Note 19 Debtors and prepayments**
_**Please complete this note if the charity has any debtors or prepayments.**_
## **19.1 Analysis of debtors**
|**19.1 Analysis of debtors**||
|---|---|
|**Total**
**Trade debtors**
**Prepayments and accrued income**
**Other debtors**|**This year**
**Last year**
**£**
**£**
124,400 124,400
-
-
-
-|
||124,400 124,400|
**The debtor balance of £124,400 remains unchanged from the prior year and primarily represents amounts due under contracted funding agreements. The treatment is consistent with the prior year’s accounts and with the accruals basis of accounting adopted by the charity.**
## _**Complete 19.2 where a material debtor is recoverable more than a year after the reporting date.**_
## **19.2 Disclosure of debtors recoverable in more than 1 year (included in debtors above)**
|**19.2 Disclosure of debtors recoverable in more than 1 year (included in**|**debtors above)**|
|---|---|
|**Total**
**Trade debtors**
**Prepayments and accrued income**
**Other debtors**|**This year**
**Last year**
**£**
**£**
-
-
-
-
-
-|
||-
-|
21
## **Section C Notes to the accounts (cont)**
## **Note 20 Creditors and accruals**
_**Please complete this note if the charity has any creditors or accruals.**_
## **20.1 Analysis of creditors**
|**20.1 Analysis of creditors**||
|---|---|
|
**Accruals for Grants Payable**
**Bank loans and overdrafts**
**Trade creditors**
**Payments received on account for contracts**
**or performance-related grants**
**Accruals and deferred income**
**Taxation and social security**
**Other creditors**
**Total**|**This year**
**Last year**
**This year**
**Last year**
**£**
**£**
**£**
**£**
- - -
-
- - -
-
10,344 13,107 -
-
- - -
-
1,666 766 -
-
- 74 -
-
1,522 1,522 -
-
**Amounts falling due**
**within one year**
**Amounts falling due after**
**more than one year**|
||13,532 15,469 -
-|
## **Note 24 Cash at bank and in hand**
|**Note 24 Cash at bank and in hand**||
|---|---|
|**Other**
**Short term deposits**
**Cash at bank and on hand**
**Total**
**Short term cash investments (less than 3 months maturity date)**|**This year**
**Last year**
**£**
**£**
-
-
-
-
15,075 77,198
-
-|
||15,075
77,198|
22
## **Section C Notes to the accounts (cont)**
## **Note 27 Charity funds**
## **27.1 Details of material funds held and movements during the CURRENT reporting period**
_**Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds' (which should include revaluation reserve and fair value reserve, if applicable). The 'Total funds' figure below should reconcile to 'Total funds' in the balance sheet.**_
_*** Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds**_
**----- Start of picture text -----**
Fund Fund
balances balances
Type PE, EE Purpose and Restrictions brought Gains and carried
R or UR *
forward Income Expenditure Transfers losses forward
Fund names £ £ £ £ £ £
Donations and Other UR Donations and Other 198,953 47,586 - 109,885 - - 136,654
Grants R Grants - 48,732 - 35,800 - - 12,932
Other funds (balancing
figure) N/a N/a - - - - - -
Total Funds as per balance sheet 198,953 96,318 - 145,685 - - 149,586
Yes* No*
Fund balances carried forward include assets and liabilities denominated in a foreign currency
If yes, please state the basis on which the assets and/or liabilities have been translated into
sterling (or the currency in which the accounts are drawn up).
N/A
**----- End of picture text -----**
23
## **Section C Notes to the accounts (cont)**
## **Note 28 Transactions with trustees and related parties**
_**If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.**_
## **28.1 Trustee remuneration and benefits**
## **This year**
**None of the trustees have been paid any remuneration or received any other benefits from an employment TRUE with their charity or a related entity (True or False)**
_**In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.**_
|**_If a third party has been reimbursed for providing one or more_**
**_trustees, state the nature of the payment and amount of the_**
**_reimbursement._**
**_State the number of trustees to whom retirement benefits are_**
**_accruing under a defined contribution pension scheme._**
**_Please give details of why remuneration or other employment_**
**_benefits were paid._**
**_Where an ex gratia payment has been made to a trustee, provide_**
**_an explanation of the nature of the payment._**
**Name of trustee**
**Legal authority (eg**
**order, governing**
**document)**|**Remuneration**
**Pension**
**contribution**
**Redundancy**
**(including**
**loss of**
**office)/ex**
**gratia**
**Other**
**TOTAL**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
**-**
-
-
-
-
**-**
-
-
-
-
**-**
-
-
-
-
**-**
**Not Applicable**
**Not Applicable**
**Not Applicable**
**Not Applicable**
**Amounts paid or benefit value**|
|---|---|
24
## **Last year**
**None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (True or False)**
**----- Start of picture text -----**
TRUE
**----- End of picture text -----**
_**In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.**_
|**_Where an ex gratia payment has been made to a trustee, provide_**
**_an explanation of the nature of the payment._**
**_If a third party has been reimbursed for providing one or more_**
**_trustees, state the nature of the payment and amount of the_**
**_reimbursement._**
**_State the number of trustees to whom retirement benefits are_**
**_accruing under a defined contribution pension scheme._**
**_Please give details of why remuneration or other employment_**
**_benefits were paid._**
**Name of trustee**
**Legal authority (eg**
**order, governing**
**document)**|**Remuneration**
**Pension**
**contribution**
**Redundancy**
**(including**
**loss of**
**office)/ex**
**gratia**
**Other**
**TOTAL**
**£**
**£**
**£**
**£**
-
-
-
-
**-**
-
-
-
-
**-**
**Not Applicable**
**Not Applicable**
**Not Applicable**
**Amounts paid or benefit value**
**Not Applicable**|
|---|---|
## **28.2 Trustees' expenses**
_**If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".**_
|**_there are no transactions to report, please enter “True” in the box below. If there are transactions to report,_**|**_are transactions to report,_**|**_please enter "False"._**|
|---|---|---|
|-
**TOTAL**
-
**Accommodation**
-
**Other (please specify):**
-
**Travel**
-
**Subsistence**
-
**No trustee expenses have been incurred (True or False)**
**Type of expenses reimbursed**
**This year**
**£**|-
-
-
-
-
**This year**
**£**|-
-
-
-
-
**_TRUE_**
**Last year**
**£**|
|||
-|
**Please provide the number of trustees reimbursed for expenses or who had expenses paid by the charity**
25
## **28.3 Transaction(s) with related parties**
_**Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.**_
## **This year**
**----- Start of picture text -----**
There have been related party transactions in the reporting period (True or False) TRUE
Amounts
written off
Name of the trustee Relationship to Description of the Balance at Provision for bad debts
Amount during
or related party charity transaction(s) period end at period end
reporting
period
Service provider;
Kareen Streete is Provision of
PSC of charitable administrative and
Streete Limited
company and and operational services
director of Streete to the charity
Ltd £25,000 - - -
- - - -
**----- End of picture text -----**
_**In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.**_
The charity engaged Streete Limited to provide administrative and operational services. Payments were made on a commercial, arm’s length basis in accordance with the services provided. Services were invoiced periodically, and payment was made upon receipt of the invoice. There is no additional security or other consideration beyond the agreed invoice amounts. Any formal agreement is in the process of being documented as part of the charity’s wider operational infrastructure.
_**For any related party, please provide details of any guarantees given or received.**_
No guarantees have been given or received in relation to the transactions with Streete Limited.
## **Last year**
|**Last year**|**Last year**|**Last year**||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**There have been no related party transactions**|||**in the reporting period**||**(True or**|**False)**||||||**_TRUE_**||
|||||||||||||||
||||||||||||||**Amounts**|
|**Name of the trustee**
**or related party**|**Relationship to**
**charity**||**Description of the**
**transaction(s)**||**Amount**||**Balance at**
**period end**|||**Provision for bad debts**
**at period end**|||**written off**
**during**
**reporting**|
||||||||||||||**period**|
||||||**£**|||**£**||**£**|||**£**|
|||||||-|
||-|
||-|-
|
|||||||-|
||-|
||-|-
|
|||||||-|
||-|
||-|-
|
|||||||-|
||-|
||-|-
|
_**In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.**_
_**For any related party, please provide details of any guarantees given or received.**_
N/A N/A
26
## **Section C Notes to the accounts (cont)**
## **Note 29 Additional Disclosures**
**The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts. If there is insufficient room here, please add a separate sheet.**
N/A
27
# **Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
Charity Name
**Report to the** Charity Name **trustees/directors/ members of MICHAEL STREETE FOUNDATION**
**On accounts for the year** 31 May 2025 **ended Charity no.:** 1163636 Company no.: **09583007**
**Set out on pages**
(remember to include the page numbers of additional sheets)
I report to the charity trustees on my examination of the accounts of the Company for the year ended **31/05/2025** . **Responsibilities and** As the charity’s trustees of the Company (who are also the directors of the **basis of report** company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as 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 material matters have|
||come to my attention (other than that disclosed below *) which gives me|
||cause to believe that:|
||• accounting records were not kept in accordance with section 386 of the|
||Companies Act 2006; or|
||• the accounts do not accord with such records; or|
||• the accounts do not comply with relevant accounting requirements under|
||section 396 of the Companies Act 2006 other than any requirement that the|
||accounts give a ‘true and fair’ view which is not a matter considered as part|
||of an independent examination; or|
||•the accounts have not been prepared in accordance with the Charities|
||SORP (FRS102).|
28
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.
**Signed: Date:** 31/03/2026 MAQSOOD YOUSUF , MAAT **Name:** DIRECTOR AMZ ACCOUNTANCY LTD **Relevant professional** AAT **qualification(s) or body (if any): Address:** East London, England, E17 4LF
## **Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
No **Give here brief details of any items that the examiner wishes to disclose** .
29