RFA BEAUTY FOUNDATION
REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
CHARITY REGISTRATION NUMBER 1167975
RFA BEAUTY FOUNDATION Financial Statements
FOR YEAR ENDED 30 June 2024
| Contents | Page |
|---|---|
| Charity Information | 1 |
| Trustees Report | 2 – 3 |
| Statement of Trustees’ Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes on Financial Statement | 8 - 9 |
RFA BEAUTY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION FOR YEAR ENDED 30 June 2024
The Members of the Board of Trustees who served from 1 April 2021 to the date the Financial Statements were signed were as follows: -
TRUSTEES
Mr. John Olusanya Ojo Reverend Stella King MS Precious King
Chair/Trustee Trustee Trustee
REGISTERED OFFICE
76 Abbots Road Stoke on Trent ST2 8DY
ACCOUNTANTS
Yelu & Company Limited 27, Broadmead Road Northolt Middlesex UB5 6FD
BANKERS
HSBC 9 Wellesley Road Croydon CR9 2AA
Charity Registration Number 1167975
RFA BEAUTY FOUNDATION TRUSTEES’ REPORT FOR YEAR ENDED 30 June 2024
The principal activities of the charity are to provide the means to relieve the vulnerable females with everyday living essentials, self-care packs, courses and training on employment.
Our Aims and Objectives
Purposes and Aims
The charity’s purposes as set out in the objects contained in the company’s memorandum of association are:
For the public benefit to advance the development and education of the homeless adults in such ways as the Directors think fit, including:
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(a) We support vulnerable females with everyday living essentials, self-care packs, courses and training on employment.
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(b) Develop lifelong essential skills to improve self-esteem, within mainstream society.
Structure, Governance and Management
Governing Document
We are a registered charity in the United Kingdom. The RFA Beauty Foundation was established in United Kingdom in 2015.
The overall control of the charity is the responsibility of the Board of Trustees who are governed by the adopted Constitution. Trustees are appointed and can be reappointed annually at the annual general meetings held in December annually.
Recruitment and Appointment of Management Committee
The members of the Management Committee of the company are also charity Trustees for the purposes of charity law and under the company’s Articles are known as members of the Trustees Board. Under the requirements of the memorandum and Articles of Association, the members of the Trustees Board of members of the public shall not be required to retire by rotation.
All members of the management committee give their time voluntarily and receive no benefits from the charity. Any expenses reimbursed are disclosed in the notes.
Induction and Training of new Trustees
Most Trustees and Management Committee members are familiar with the practical work of the outreach services and are encouraged to take training to support their role. New Management Committee members are invited and encouraged to attend induction sessions to familiarise themselves with the charity and the context within which it operates.
Organisational Structure
The Management Committee meets quarterly where a quarterly performance report is presented and discussed; this assists the committee in making the appropriate strategic decisions.
RFA BEAUTY FOUNDATION TRUSTEES’ REPORT FOR YEAR ENDED 30 June 2024 Continue
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures and risk assessments are in place to ensure compliance with the health and safety of staff.
Related Parties
Insofar as it is complementary to the charity’s objectives, the charity is guided by both national and local policy.
The RFA Beauty Foundation was established in United Kingdom and it is registered charity with the Charity Commission.
The overall control of the charity is the responsibility of the Board of Trustees who are governed by its adopted constitution.
Review of Activities and Future Development
RFA Beauty Foundation have worked to increase the social connections and we support vulnerable females with everyday living essentials, self-care packs, courses and employment opportunities.
Charitable activities
The ‘RFA Beauty Foundation for will continue to undertake outreach programme that connects with service users for direct service delivery in the community, so as to create a more inclusive society.
RFA BEAUTY FOUNDATION TRUSTEES’ REPORT FOR YEAR ENDED 30 June 2024
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102)
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STATEMENT OF DISCLOSURE OF INFORMATION TO THE INDEPENDENT EXAMINER'S
We, the trustees of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:
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there is no relevant financial information of which the company’s independent examiners are unaware; and
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we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant examination information and to establish that the company’s independent examiners are aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.
This report was approved for issue by the Trustees on 26[th] December 2024 and signed on its behalf by:
John~Olusanja
Mr. John Olusanya Ojo Trustee/Chair
RFA BEAUTY FOUNDATION TRUSTEES’ REPORT FOR YEAR ENDED 30 June 2024
Independent Examiner's Report on the Accounts
Opinion
We have reviewed the financial statements of RFA Beauty Foundation (the ‘charitable company’) for the year ended 30 June 2024 which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies in note 1. The financial reporting framework that has been applied in their preparation is 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).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 30 June 2024, and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our review in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our examination of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you were:
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the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Yelu & Company Limited 27, Broadmead Road Northolt Middlesex UB5 6FD
RFA BEAUTY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR YEAR ENDED 30 June 2024
| Notes Income and endowments from: Grants 2 Donations Received Gift Aid Claim / Returns Total income and endowments 2 Expenditure on: Raising funds Charitable activities Administrative activities Total expenditure: 3 Net income / (expenditure) Net movement in funds Total funds brought forward Total funds carried forward 4 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 £ £ £ £ 10,000- - 10,000 10,000 - - - - - - - - |
|---|---|
| 10,000 - 10,000 10,000 |
|
| 220 - 220 215 4,450 - 4,450 6,050 1,894 - 1,894 2,950 |
|
| 7,044 - 7,044 9,215 |
|
| 2,956 - 2,956 785 |
|
| 2,956 - 2,956 785 891 - 891 6 |
|
| 3,847 - 3,847 891 |
All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The notes to the financial statements on pages 8 to 9 form an important part of the report.
RFA BEAUTY FOUNDATION
BALANCE SHEET AS AT 30 June 2024
| Notes Fixed assets Tangible fixed assets Current assets Stocks Cash at bank and in hand 5 Creditors Amounts falling due within one year 6 Net current assets Total Net Assets Unrestricted funds 7 Restricted funds Total Funds |
2024 £ - 3072 2 2,175 897 1,222 3,847 3,847 |
2023 £ - |
|---|---|---|
| 7 | ||
| 7 | ||
| 2,140 | ||
| (2,133) | ||
| (2,133) | ||
| (2,133) - |
||
| 897 |
For the year ended 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but the Trustees’ have elected to have an audit under the Charities Act 2011.
Trustees’ responsibilities:
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The members have not required the charity to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Trustees on 25/03/2024 and signed on their behalf, by:
Precious King
Precious King Chair of the Trustee
RFA BEAUTY FOUNDATION NOTES TO THE FINANCIAL STATEMENT
30 June 2024
1. ACCOUNTING POLICIES
Basis of preparation of accounts
The accounts are prepared under the historical cost convention as modified by the inclusion of investments at market value and include the results of the Charity’s operations which are described in the Trustees’ Report and all of which are continuing.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2005, the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities), and the Charities Act 2011
Funds structure
The Charity has a single permanent fund which is wholly unrestricted. The terms of the trust deed allow the income to be accumulated and the capital to be spent if the Trustees so determine.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in the furtherance of the charitable objects. Unrestricted funds include.
Designated funds where the Trustees, at their discretion, wish to create a fund for a specific purpose.
Incoming resources
All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Resources expended.
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity.
RFA BEAUTY FOUNDATION NOTES TO THE FINANCIAL STATEMENT 3O JUNE 2022
| 2) Donations & similar income Donations Received Gift Aid Claims/Return Investment Income : Total incoming resources 3 a) Cost of generating funds Printing and Advertising Others Sub- Total 3 b) Cost of activities in furtherance of charity's objects Project Direct Deliverables (goods) Venue Hire Sub- Total 3 c) Administrative Expenditures Wages and Coordinators stipend Sub- Total |
2024 £ 10,000 - - - 1,700 500 2,200 5,450 1,600 6,050 3,100 3,210 |
2023 £ - - - |
|---|---|---|
| - | ||
| 1,999 496 |
||
| 4,295 | ||
| 1,999 496 |
||
| 2,950 | ||
| 2,950 | ||
| 2,950 |
| 4) FUNDS | **Unrestricted ** | Restricted | Total | Total |
|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| At 1 July2023 | 891 | - | 891 | 891 |
| Surplus/(deficit)for theyear | 2,956 | - | 2,956 | 6 |
| Transfer of funds | - | - | - | - |
| At 30 June 2024 | 3,847 | - | 3,847 | 897 |
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects.
| 6)Creditors | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Amounts falling due within one year | 2,140 | 5,362 |
This represents the contracted services to be delivered but not paid for due to the timing of grant receipts.