## **Ignota Foundation**
(A company limited by guarantee)
## **Annual report and financial statements**
For the year ended 31 December 2023
Charity Registration Number: 1165304 Company Registration Number: 09832028
**Ignota Foundation**
## **Contents**
||Page|
|---|---|
|Reference and administrative information|1|
|Trustees’ report|2 - 4|
|Independent examiner’s report|5|
|Statement of financial activities|6|
|Statement of financial position|7|
|Notes to the financial statements|8 - 11|
**Ignota Foundation**
## **Reference and administrative information**
For the year ended 31 December 2023
## **Trustees**
G Bennett (Chairman) H Blain B Youard
## **Company registered number**
09832028
## **Charity registration number**
## **Registered office**
1165304 10 Queen Street Place London United Kingdom EC4R 1BE
## **Independent examiner**
Buzzacott LLP 130 Wood Street London EC2V 6DL
1
**Ignota Foundation**
## **Trustees’ report**
For the year ended 31 December 2023
The trustees (who are also the directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Ignota Foundation (’the charity’) for the year ended 31 December 2023.
## **Trustees**
The trustees who served during the year were:
G Bennett H Blain B Youard
## **Small companies exemption**
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
The charity is constituted under a Memorandum of Association dated 19 October 2015. It is registered as a charity and the registered charity number is 1165304.
The charity is limited by guarantee and does not have share capital. All trustees are members of the charity and guarantee to contribute £1 in the event of winding up.
## **Organisational structure and decision making**
In accordance with the Articles of Association, the charity shall always have at least 3 trustees, trustees are appointed or reappointed by ordinary resolution. Any decisions of the trustees are made either by majority or unanimous vote at trustees’ meetings.
## **OBJECTIVES AND ACTIVITIES**
## **Policies and objectives**
The principal objective of the charity is the advancement of education for the public benefit, in particular but not without limitation, by the provision of financial resources towards payment of university fees for children and young people who have insufficient means.
In order to further these objectives the charity may:
- provide and assist in the provision of money, materials or other help;
- borrow or raise and secure the payment of money for any purpose including for the purposes of investment or of raising funds;
- set aside funds for special purposes or as reserves against future expenditure;
- raise funds by way of subscription, donation, or otherwise;
- undertake and execute charitable trusts;
- pay out of the funds of the charity the costs of forming and registering the charity;
- establish and support or aid in the establishment and support of any other organisations and subscribe, lend, or guarantee money or property for charitable purposes
2
**Ignota Foundation**
## **Trustees’ report (continued)**
For the year ended 31 December 2023
## **Public benefit**
In setting the charitable objective and planning future activities, the trustees have considered the Charity Commission’s guidance on public benefit.
## **Going concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## **ACHIEVEMENTS AND PERFORMANCE**
- 90% of Ignota’s funds raised through donations and direct sponsorship from the founders has gone towards student scholarships with just 10% applied towards administrative and legal fees. Since 2014, Ignota has funded scholarships for 18 students to attend university across England. Nearly two-thirds of our scholars are women.
- To date, three graduates have achieved a First-Class degree with Honours.
- Two students graduated this year and we are on target to have another one graduate next year. All students are achieving high grades and are on target to complete.
- Our goal for the next decade is to send an additional 50 students to university, and we presently have full funding to ensure that 15 of these scholarships are guaranteed.
## **FINANCIAL REVIEW**
## **Results for the year**
A summary of the period’s results can be found on page 6 of this report and accounts. The net outgoing resources for the period was £16,185 (2022: £39,746). At year-end unrestricted funds stood at £281,261 (2022: £177,446).
## **Reserves policy**
It is the policy of the charity to maintain unrestricted funds, which are the free reserves, at a level that is sufficient to cover management and administration and support costs and allows the charity to be managed efficiently. The charity is operated as a grant giving charity, and the trustees’ policy is to seek to distribute the income arising in each financial year. The trustees also have power to utilise capital insofar as they shall think fit. The remaining surplus is used in pursuance of the educational objectives of the charity.
The balance held as unrestricted funds at 31 December 2023 was £281,261 (2022: £177,446). The current level of reserves is considered by the trustees to be sufficient to cover the future objectives of the charity.
3
**Ignota Foundation**
## **Trustees’ report (continued)**
For the year ended 31 December 2023
## **Trustees' responsibilities statement**
The trustees (who are also the directors of Ignota Foundation for the purposes of company law) are responsible for preparing the Trustees' report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the trustees and signed on their behalf by:
**…………………………**
**Mr G Bennett Chairman**
Date:
4
## **Independent examiner’s report to the trustees of Ignota Foundation**
For the year ended 31 December 2023
I report to the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s financial statements 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 matters have come to my attention in connection with my examination giving me cause to believe:
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of “Accounting and Reporting by Charities: 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) (effective 1 January 2015).”
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.
……………………………… Simon Wax, ACA
## **for and on behalf of Buzzacott LLP**
Chartered Accountants 130 Wood Street London EC2V 6DL
Date: 25 September 2024
5
**Ignota Foundation**
## **Statement of financial activities**
For the year ended 31 December 2023
|**Notes**
**Income from:**
Donations
**4**
**Total income**
**Expenditure on:**
Charitable activities
**5**
**Total expenditure**
**Net (expenditure)/income**
**Net movement in funds for the year**
Total funds brought forward
**Total funds carried forward**|**2023**
**Unrestricted**
**Funds**
**£**
**120,000**
**120,000**
**16,185**
**16,185**
**103,815**
**103,815**
**177,446**
**281,261**|**2023**
**Total**
**Funds**
**£**
**120,000**
**120,000**
**16,185**
**16,185**
**103,815**
**103,815**
**177,446**
**281,261**|2022
Unrestricted
Funds
£
-|
|---|---|---|---|
||||-|
||||39,746|
||||39,746|
|||||
||||(39,746)|
||||(39,746)
217,192
177,446|
All recognised gains and losses are included in the above statement of financial activities.
All of the charity’s activities derived from continuing operations during the above financial period.
The notes on pages 8 to 11 form part of these financial statements.
6
**Ignota Foundation - Company Registration Number: 09832028**
## **Statement of financial position**
For the year ended 31 December 2023
|**Notes**
**Current assets**
Cash at bank and in hand
**10**
**Creditors**: amounts falling due
within one year
**11**
**Net current assets**
**Total net assets**
**Charity Funds**
Unrestricted funds
**13**
**Total Funds**|**2023**
**£**
**298,511**|**2023**
**£**
**281,261**
**281,261**
**281,261**
**281,261**|2022
£
197,556
197,556
(20,110)|2022
£
177,446|
|---|---|---|---|---|
||**298,511**
**(17,250)**||||
||||||
||||||
||||||
|||||177,446|
|||||177,446
177,446|
The trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at 31 December 2023 and of its income and expenditure for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charity.
The financial statements have been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with FRS102.
The financial statements were approved by the trustees and signed on their behalf by:
…………………………..
## **Mr G Bennett Chairman**
Date:
The notes on page 8 to 11 form part of these financial statements.
7
**Ignota Foundation**
## **Notes to the financial statements**
For the year ended 31 December 2023
## **1. General information**
The charity is a private company limited by guarantee and incorporated in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Its registered office and principal place of business is 10 Queen Street Place, London, EC4R 1BE. The company registration number is 09832028 and the charity number is 1165304.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (Charities SORP FRS102), ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS102’) Section 1A, the Charities Act 2011 and the Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## **2.2 Fund Accounting**
The general fund is an unrestricted fund which is available for the charity at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **2.3 Income**
Income is recognised in the period in which the charity is entitled to receipt, the receipt is probable and the amount can be measured with reasonable certainty.
## **2.4 Expenditure**
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.
Support costs are those incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
8
**Ignota Foundation**
## **Notes to the financial statements (continued)**
For the year ended 31 December 2023
## **2.5 Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **2.6 Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **2.7 Liabilities and provision**
Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## **2.8 Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **3. Employees**
The average monthly number of employees, including the directors, during the year was 3 (2022: 3).
## **4. Donations**
|Donations received
Gift aid received|**Unrestricted**
**Funds**
**2023**
**£**
**-**
**120,000**
**120,000**|Unrestricted
Funds
2022
£
-
-
-|
|---|---|---|
9
**Ignota Foundation**
## **Notes to the financial statements (continued)**
For the year ended 31 December 2023
## **5. Charitable activities**
|Grants (note 6)
Support costs (note 7)
Governance costs (note 8)|**2023**
**£**
2022
£
**-**
27,750
**11,745**
7,916
**4,440**
4,080
**16,185**
39,746|
|---|---|
## **6. Grants**
The charity makes grants to individuals in accordance with its grant making policy set out in the trustees’ report.
The grants payable during the year were for the following purposes:
|University tuition fees paid|**2023**
**Number**
**-**
**-**|**2023**
**Value**
**£**
**-**
**-**|2022
Number
2
2|2022
Value
£
27,750
27,750|
|---|---|---|---|---|
**7. Support costs**
|Accountancy fees
Professional fees
Other support costs
**8.**
**Governance costs**
Independent examination fees|**2023**
**£**
**5.880**
**4,572**
**1,293**|2022
£
4,260
2,680
976
7,916|
|---|---|---|
||**11,745**
**2023**
**£**
**4,440**||
|||2022
£
4,080
4,080|
||**4,440**||
## **9. Trustees’ remuneration**
No trustees received any remuneration in respect of their services as a trustee during the period ended 31 December 2023 (2022: £nil).
10
**Ignota Foundation**
## **Notes to the financial statements (continued)**
For the year ended 31 December 2023
## **10. Analysis of cash at bank and in hand**
|Cash at bank and in hand
**Total cash at bank and in hand**|**2023**
**£**
2022
£
**298,511**
197,556|
|---|---|
||**298,511**
197,556|
## **11. Creditors: amounts falling due within one year**
|Accruals
Trade creditors
Other creditors|**2023**
**£**
2022
£
**11,820**
10,860
**5,430**
-
**-**
9,250|
|---|---|
||**17,250**
20,110|
All creditors related to unrestricted funds.
## **12. Contingent liability**
During the year, the charity agreed to pay tuition fees for 1 student in future estimated to be £9,250 (2022: £9,250). This is dependent on the students making satisfactory progress on their respective course. Should this condition not be met, the fees will not be payable by the charity.
## **13. Statement of funds**
|**Unrestricted funds**
General funds|**Brought**
**Forward**
**£**
177,446|**Income**
**£**
120,000|**Expenditure**
**£**
(16,185)|**Carried**
**Forward**
**£**
**281,261**|
|---|---|---|---|---|
11