Charity registration number: 1168241
The Sharp Foundation
Annual Report and Financial Statements for the Year Ended 31 October 2025
Contents
Reference and Administrative Details .............................................................................................. 1 Trustees’ Report ................................................................................................................................... 2 Statement of Financial Activities ....................................................................................................... 4 Balance Sheet ........................................................................................................................................ 5 Notes to the Financial Statements ...................................................................................................... 6
The Sharp Foundation
Reference and Administrative Details
Trustees
The trustees of The Sharp Foundation present the annual report of the Charity for the year ended 31 October 2025.
The trustees serving during the year and subsequent to year end were as follows:
Hon. Richard Sharp Miss Caroline Sharp
Principal Office:
Finchley Park Emmet Hill Lane Laddingford Kent ME18 6BG
Charity Registration Number:
1168241
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The Sharp Foundation
Trustees’ Report
The trustees of The Sharp Foundation present the annual report together with the financial statements of the Charity for the year to 31 October 2025.
Structure, governance and management
Nature of governing document
The Charity was established in July 2016. The standard constitution of a charitable incorporated organisation whose only voting members are its Charity trustees has been used as the Charity’s governing document.
Recruitment and appointment of trustees
Each Charity trustee must be a natural person. No individual may be appointed if they are under the age of 16 years. At least one of the trustees must be over the age of 18 years old.
Induction and training of trustees
There is no specific training required to be a trustee of the Charity.
Major risks and management of those risks
The major risk of the Charity has been identified as making donations to institutions or individuals already known personally to the trustees. This is managed by requiring both trustees to agree to any donations made.
Objectives, strategies and activities
General
To advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
Achievements and performance
A significant amount of donations were made during the year to a wide variety of charitable organisations and individuals. The trustees therefore felt satisfied that the charitable purposes were met during the year.
During the year the Charity received £12,205 (2024: £187,500) in donations, gift aid reclaims and interest. Expenditure during the year totalled £140,243 (2024: £119,683).
Reserves as at the year end totalled £852,660 (2024: £980,698) which remained positive and the trustees will continue to carry forward reserves until such time that donations are made in the future.
Grant-making policies
Grants are made at the trustees’ discretion on an ad-hoc basis.
Public benefit
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.
Financial review
Policy on reserves
Reserves shall be carried forward until such time that the trustees agree to make charitable donations.
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The Sharp Foundation
Trustees’ Report continued…
Investment policy and objectives
The trustees agreed that all reserves should be held as cash in the near future to allow future donations to be made easily.
Aims and key objectives for future periods
To continue to abide by the general charitable purposes.
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including 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;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting 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; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.
The trustees are responsible for keeping sufficient 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 Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Board and signed on its behalf by:
…………………………………….. Richard Sharp Trustee
Date:………………………………. 2 April 2026
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The Sharp Foundation
Statement of Financial Activities for the Year Ended 31 October 2025
(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income from Donations 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net income Net movement in funds Reconciliation of: Total funds brought forward Total funds carried forward 10 |
Total 2025 Unrestricted funds £ Total 2024 Unrestricted funds £ - 187,500 12,205 - |
|---|---|
| 12,205 187,500 |
|
| 140,243 119,683 |
|
| 140,243 119,683 |
|
| (128,038) 67,817 |
|
| (128,038) 67,817 |
|
| 980,698 912,881 |
|
| 852,660 980,698 |
All of the Charity’s income & expenditure derive from continuing operations during the above two periods.
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The Sharp Foundation
(Registration number: 1168241)
Balance Sheet as at 31 October 2025
| Note Current assets Debtors 8 Cash at bank Creditors: Amounts falling due within one year 9 Net assets/(liabilities) Funds of the Charity Unrestricted income funds 10 Total funds |
Total 2025 £ Total 2024 £ 140,000 37,500 712,660 944,758 |
|---|---|
| - 1,560 |
|
| 852,660 980,698 |
|
| 852,660 980,698 |
|
| 852,660 980,698 |
The financial statements were approved by the trustees, and authorised for issue on …………… and 2 April 2026 signed on their behalf by:
……………………………. Richard Sharp Trustee
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The Sharp Foundation
Notes to the Financial Statements for the Year Ended 31 October 2025
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (2nd Edition, effective January 2019) (“Charities SORP”), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: 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) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.”
The Sharp Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Donations
Voluntary income including donations, gifts and grants that provide core funding or are recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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The Sharp Foundation
Notes to the Financial Statements for the Year Ended 31 October 2025
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’ meetings and reimbursed expenses.
Financial instruments
The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Charity does not have anything other than basic financial instruments.
Debtors
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise case on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Creditors are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date, they are presented as non-current liabilities.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund accounting
Unrestricted income funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the Charity. The Charity holds only unrestricted income funds.
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The Sharp Foundation
Notes to the Financial Statements for the Year Ended 31 October 2025
2 Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The trustees consider that there are no significant areas of judgements or estimates.
3 Employee numbers
The number of employees during the year was 0 (2024: 0).
4 Income from donations
| Grants and donations Gift aid reclaimed |
Unrestricted funds £ Total 2025 £ Total 2024 £ - - 150,000 - - 37,500 |
|---|---|
| - - 187,500 |
5 Income from investments
| Bank interest receivable | Unrestricted funds £ Total 2025 £ Total 2024 £ 12,205 12,205 - |
|---|---|
| 12,205 12,205 - |
6 Expenditure on Charitable Activities
| Grants made to institutions (see note 6.1) Governance costs (see note 6.2) Total |
Unrestricted funds 2025 £ Total 2024 £ 140,243 118,123 - 1,560 |
|---|---|
| 140,243 119,683 |
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The Sharp Foundation
Notes to the Financial Statements for the Year Ended 31 October 2025
6.1 Grants made to institutions
| 6.1 Grants made to institutions |
|
|---|---|
| One Million Mentors, UpRising Leadership Royal National Theatre The National Gallery Breakthrough T1D Design Museum Happy Doggo Total |
Grants made to institutions £ 110,000 11,443 8,200 5,000 4,600 1,000 |
| 140,243 |
6.2 Analysis of governance and support costs
| Independent examination fee Total |
Support costs £ Governance costs £ Total 2025 £ Total 2024 £ - - - 1,560 |
|---|---|
| - - - 1,560 |
7 Trustees’ remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the Charity during the current year or the previous year.
No trustees have received any reimbursed expenses or any other benefits from the Charity during the current year or the previous year.
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The Sharp Foundation
Notes to the Financial Statements for the Year Ended 31 October 2025
| 8 Debtors Gift aid receivable Loan 9 Creditors: amounts falling due within one year Accruals 10 Funds Balance at 1 November 2024 £ Incoming resources £ Unrestricted funds General unrestricted funds 980,698 12,205 Total funds 980,698 12,205 |
8 Debtors Gift aid receivable Loan 9 Creditors: amounts falling due within one year Accruals 10 Funds Balance at 1 November 2024 £ Incoming resources £ Unrestricted funds General unrestricted funds 980,698 12,205 Total funds 980,698 12,205 |
2025 £ 2024 £ - 37,500 140,000 - |
|---|---|---|
| 140,000 37,500 |
||
| 2025 £ 2024 £ - 1,560 |
||
| - 1,560 |
||
Resources expended £ Balance at 31 October 2025 £ 140,243 852,660 140,243 852,660 |
||
| 980,698 12,205 |
The specific purposes for which the funds are to be applied are as follows:
Unrestricted funds: these funds are provided by donors for support of the Charity, without restriction on how funds should be deployed.
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