COMPANY REGISTRATION NUMBER: 10241524 CHARifi REGISTRATION NUMBER. 1168803 Hundo Foundation Ltd Company Limited by Guarantee Unaudited Financial Statements 30 June 2024 BURGESS HODGSON LLP Chartered accountants Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Hundo Foundation Ltd Company Limited by Guarantee Financial Ststements Year ended 30 June 2024 Page Directors, annual report (incorporating the directorfs report) Independent examiner's report to the directors Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
Page 1 Hundo Foundation Ltd Company Limited by Guarantee Directors, Annual Report (Incorporating the Directorfs Report) Year ended 30 June 2024 The directors, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charty for the year ended 30 June 2024. Reference and administrative details Registered charity name Hundo Foundation Ltd Charity registration nurnber 1168803 Company registration number 10241524 Princtpal office and registered Camburgh House office 27 New Dover Road Canterbury Kent CT13DN England The directors E M O'CalEaghan P E H Collins L J Howell Independent examiner Colin Reid Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Page 2 Hundo Foundation Ltd Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) f¢ontinued) Year ended 30 June 2024 Structure¥ governance and management The charity is a company limited by guarantee and is governed by the Articles of Association set up on 20 June 2016. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Miss E M O'callaghan OBE Mr P E Collins Mr L J Howell Trustees shall be appointed by the Board by resolution of the trustees. The trustees may from time to time at their discretion determine any criteria for appointment as a trustee. None of the trustees (or any persons connected with them) received any remuneration during the year. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the ever¢t of a winding up. The Board of Trustees is ultimately responsible for the decision making of the charity and also its day to day operations. There were no employees during the year. There were no employees whose annual remuneration was £60,000 or more. Obje¢tives and activities The charity's objectives are to advance the education and relieve the povety, financial hardship and unemployment of young people, in particular (but without limitation) by developing their skills, education, capacities and capabilities to enable them to participate in society as mature and responsible individuals and by providing them with mentoring, advice and guidance. The policies adopted in furtherance of these objectives are to make grants to organisations, to provide services, to sponsor or or undertake research and to act as an umbrella or resource body and investment into high performing youth employment programmes that help meet our core mission and are in acwrdance with our Articles. Our Mission Ending systemic and struGtural youth unemployment. How we Measu success By the number of young people our funding supports to find, gain and stay in work.
Page 3 Hundo Foundation Ltd Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (continued) Year ended 30 June 2024 (continuedj What we do: Summary of main activities Research and development about the effects of covid-19 on young people furthest from the labour market and how to bridge the increasing gap beeen education and employment for this age group. Development of a fundraising strategy that aligns with our objects (as above) to develop a programme that enables free access for significantly disadvantaged young people (16-24) to online skills based learning programmes that enable them to transttion more successfully into work with focus on digital and green skills development as a priority area. Public Benefit Statement During the Covid-19 pandemic, 16-24 year olds lost their jobs at 3-5x the rate of every Dther age group. There is unprecedented growing demand for digltal skills leaving young people from significantly disadvantaged backgrounds as in an increasingly tech-enabled work environment, they are at even higher risk of being left behind. Volunteers The Foundation is run by volunteers who do not receive remuneration for this work. Achievements and perfonnance New charity name to align with our target beneficiary group. Development of a new donor programme for companies and individuals to support our target beneficiary group.
Page 4 Hundo Foundation Ltd Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (¢ontinuedJ Year ended 30 June 2024 Financial review The decision to make a modest investment with unrestricted funds into a Social Impact Company building a tech solution to the issue of youth unemployment was made on the basis that significantly more young people could be supported into employment in the near-term, while providing the potential for a good future return to the Foundation. This was considered to be a more effective use of the funds that were available rather than them remaining unused. The charty continues its operations with income from grants and donations of £30,816 {2023.' £87,084). Expenditure on charitable activities amounted to £79,355 (2023: £18,037). Included in charttable expendtture are grants totalling £76,400 {2023: £2,250). For the current year the charitys primary focus is on the development of our original bursary programme. At the year end. the charity had reserve5 of £73,99012023.. £122,529). It is the policy of the charty that unrestricted funds which have not been designated for a spectfic use should be maintained at a level equivalent to three month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. At the time of approving the financial statements, the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going wncern basis of accounting in preparing the financial statements. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitied to the small companies exemption. The directors, annual report was approved on .............................. and signed on behalf of the board of trustees by- Esther OCallaghaA (Apr 29, 2025 1£.. 3 GMT*£l E M O'callaghan Director
Page 5 Hundo Foundation Ltd Company Limited by Guarantee Independent Examiner's Report to the Directors of Hundo Foundation Ltd Year ended 30 June 2024 I report to the directors on my examination of the financial statements of Hundo Foundation Ltd ('the chartty) for the year ended 30 June 2024. Responsibilities and basis of report As the directors of the Gompany (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 20061'the 2006 Act,). Having satisfied myself that the accounts of the 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 the charty's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 AcY>- In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)Ib) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me Cause to believe.. accounting records were not kept in respect of the charty 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 accounts 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 the Statement of Recommended Practice for 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 IFRS 102). I have no concems 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. Colin Reid Independent Examiner Camburgh House 27 New Dover Road Canterbury Kent CT13DN
Page 6 Hundo Foundation Ltd Company Limited by Guarantse ststement of Financial Activities (including income and expenditure account) Year ended 30 June 2024 2024 Unrestricted funds Total fun(ts Total funds 2023 Note Income and endowments Donations and legacies Total income 30,816 30,816 30,816 30,816 87,084 87,084 Expenditure Expenditure on charitable activities Total expenditure 79,355 79,355 79,355 79,355 18,037 18,037 Net (expenditure)lincome and net movement in funds (48,539) (48,539) 69,047 Reconciliation of funds Total funds brought forward Total funds carried forward 122,529 73,990 122,529 73,990 53,482 122,529 The statement of financial activtties includes all gains and losses recognised in the year. All income and expendtture derive from continuing acttvtties. The notes on pages 8 to 13 fom part of these financial statements.
Page 7 Hundo Foundation Ltd Company Limited by Guarantee Statement of Financial Position 30 June 2024 2024 2023 Note Fixed assets Investments 12 46,695 46,695 Current assets Debtors Cash at bank and in hand 13 25,600 2,101 77,089 27,701 77,089 Creditors: amounts falling due within one year Net current assets 14 406 1,255 75,834 27,295 73,990 73,990 Total assets less current liabilities 122,529 122,529 Net assets Funds of the charity Unrestricted funds 73,990 73,990 122,529 122,529 Totsl charity funds 15 For the year ending 30 June 2024 the charty was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance wtth section 476-, The directors a¢knoedge their responsibilities for complying wtth 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. These financial ststements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by: Eslket Dcaua Esther OCallaiThan (Apr 29, 2025 1 3 GMT+21 E M O'callaghan Director The notes on pages 8 to 13 fomi part of these financial statements.
Page 8 Hundo Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2024 General information The charity is a public benefit entity and a private company limrted by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT13DN, England. Statement of compliance These financial statements have been prepared in compliance wrth FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's abilty to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors for particular fLrture project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes= restricted income funds or endowment funds.
Page 9 Hundo Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefrts associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derNed from the cost to the donor or the estimated resale value. Donated facilitie5 and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. inrne from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case tt may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classrfied under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activtties, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activtties that further its charitable aims for the benefrt of tts beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charttable activrf(ies. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories refiecting the use of the resource. Direct costs attributsble to a single activity are allocated directly to that activty. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reltably measured, assets are measured at Cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Page 10 Hundo Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (contirjued) Year ended 30 June 2024 Accounting policies (continued) Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions weived from the investrnent are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for Possible reversal at each reporting date. Financial instruments Financial liabiltties and equty instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable Dr payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profrt and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequentty, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Limited by guarantee Every member of the Company undertakes to contribute to the assets of the Company in the event of st being wound up, up to a maximum of £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Fund5 2024 Funds 2023 Donations Donations 30,816 30,816 87,084 87,084
Page 11 Hundo Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Charitable activities Support costs 76,400 2,955 79.355 76,400 2,955 79,355 2,250 15,787 18,037 2,250 15,787 18,037 Expenditure on charitsble actlvltles by activity type Activities undertaken directly Support costs Totsl funds 2024 Total fund 2023 Charitsble activities Governance costs 76,400 1,205 1,750 2,955 77,605 1,750 79,355 16,387 1,650 18,037 76,400 Analysis of support costs Analysis of support costs activty 1 Total 2024 Total 2023 Human resources Governance costs 1,205 1,750 1,205 1,750 14,137 1,650 2,955 2,955 15.787 Independent &xamination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 1,750 1,650 10. Staff costs The average head count of employees during the year was Nil (2023: Nil). No employee received employee benefrts of more than £60,000 during the year {2023: Nil). 11. Trustee remuneration and expenses None of the trustees (or any persons connected with them) received any remuneration or reimbursements for expenses during the year (2023: £Nil).
Page 12 Hundo Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 12. Investments Other investments Cost or valuation At 1 July 2023 Additions 46,695 At 30 June 2024 46,695 Impairment At 1 Juty 2023 and 30 June 2024 Carrying amount At 30 June 2024 46,695 46,695 At 30 June 2023 All investments shown above are held at valuation. The investment represents the cost of a 2.0 /0 holding in the ordinary shares of Hundo Limited, an unquoted company in which the trustees E M O'callaghan and P E Collins have a financial interest. In the opinion of the trustees the value of this investment is not less than its cost. 13. Debtors 2024 2023 Other debtors 25,600 14. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income (1,344) 1,750 406 (395) 1,650 1,255 15. Analysis of charitable funds Unrestricted funds At Income Expendtture 30 June 2024 At 1 July 2023 General funds 122,529 30,816 (79,355) 73,990 At Income Expenditure 30 June 2023 At 1 July 2022 General funds 53,482 87,084 (18,037) 122,529
Page 13 Hundo Foundation Ltd Company Limited by Guarantee Notes to the Financial Statements (conlinugd) Year ended 30 June 2024 16. Anatysis of net assets between funds Unrestricted Totsl Funds Funds 2024 Investments Current assets Creditors less than 1 year Net assets 46,695 27,701 (406) 73,990 46,695 27,701 (406) 73,990 Unrestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 46,695 77,089 (1,255) 122,529 46,695 77,089 (1,255) 122,529 17. Related parties During the year, funds of £76,400 were donated to Hundo Ltd, a company which has 2 directors in common. At the year end, there is a balance of £25,600 included within prepayments that relates to grants due to Hundo Ltd.