The Huracan Foundation
The Huracan Foundation
Report and Financial Statements for Year Ended 31st October 2022
1
The Huracan Foundation
The Huracan Foundation
Report and Financial Statements for the year ended 31 October 2022
| Contents | Page |
|---|---|
| Legal and administrative information | 3 |
| Trustees’ report | 4 |
| Independent examiner’s report to the Trustees | 6 |
| Statement of receipts and payments | 7 |
| Statement of balances | 8 |
| Notes to the financial statements | 9 |
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The Huracan Foundation
Legal and administrative information
Trustees
Ian Milligan
Francis Wathen
Dr Hayley Barton
Cormac van der Hoeven (resigned April 2022)
Simon Burgess (resigned April 2022
Henry May
Roberto Agostini (resigned December 2021)
Andy Smith
Administrative Address
68a Kingswood Road
London
SW2 4JJ
Bank
RBS
6 St Andrew Square
Edinburgh
EH2 2YB
Registered Charity Number
1170153
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The Huracan Foundation
Trustees’ Report
The trustees have the pleasure of presenting their annual report and financial statements for the year ended 31 October 2022.
Objectives
The charitable objectives of the Huracan Foundation are as follows:
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The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life.
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Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
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Financial support for international charitable organisations to deliver projects using football as a tool for motivation and learning.
Meeting the objectives
The charity raised funds through a combination of 3[rd] party grant applications and its own internal fundraising (events, monthly donors). Every year the charity runs a thorough application process to select its project leaders, who will deliver football projects that comply with the charity’s stated objectives. The trust supplies financial support and training to the project leaders, and monitors their progress through formal half year presentations to the Trustees and informal check ins with the Charity’s part time members of staff.
Trustees
The trustees, all of whom served during the year unless otherwise specified, have been disclosed on page 2
Structure, governance and management
The constitution of the Charitable Incorporated Organisation was dated 28 February 2016, and the CIO was registered as a CIO on 14 November 2016.
The Huracan Foundation is run by a group of trustees who meet around once a month to coordinate the activities of the CIO. The trustees have a wide range of experience that enable Huracan to execute its objectives, including project management, teaching, financial management and impact measurement. This also complies with the CIO’s constitution, which stipulates Trustees appointed must have the skills, knowledge and experience to enable its effective administration.
Achievements and performance
In FY 2022, Huracan supported 8 project leaders. 4 of these were first year leaders based in India and Uganda (3x); the other 4 were second year leaders based in Mexico, UK and Uganda (2x) whose projects had been Covid - impacted the previous year. This increase in support is reflected in the significantly higher levels of project expenditure in FY 2022.
The project leaders supported 1,418 children in total through it's projects, with a 45% and 55% mix of girls and boys. A total of 1,065 training sessions, 265 football matches and 277 non - football sessions were delivered with 105 volunteers engaged.
Financial Overview
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The Huracan Foundation
The financial statements submitted here for 2022 show the gross income of the trust to be £33,010, with annual expenditure totalling £50,927.
The Trustees elected to support a higher number of projects this year owing to the substantial reserves built in the previous financial year (£53,988).
Reserves Policy
Due to the annual fluctuations in income, it is part of Huracan’s policy to retain a significant balance at year end to ensure that project can be supported even when donations, events and grant income is lower than expected. At the financial year end Huracan held a balance of £36,070, which will allow the Foundation to continue delivering against it’s objectives in FY23.
Trustee’s responsibilities
The trustees are responsible for producing the annual report and financial statements in accordance with applicable Law and United Kingdom generally accepted accounting practice. Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity, and its results for the year. In preparing these accounts, the trustees are required to select appropriate accounting policies and apply them consistently and make judgements that are reasonable and prudent.
The trustees do not hold any funds or act as custodians of funds for other charities.
Approved by the Trustees on 31 August 2023 and signed by:
Ian Milligan, Trustee and Chairman
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The Huracan Foundation
Independent examiner’s report to the Trustees
I report on the financial statements of the charity for the year ended 31 October 2022 which are set out on pages 7 to 8.
Respective responsibilities of trustees and examiner
As the charity’s Trustees you are responsible for the preparation of the financial statements; you consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed.
It is my responsibility to examine the financial statements under section 145 of the Act and, and to state, on the basis of procedures specified in the General Directions given by the Charities Commissioners under section 145 (b) of the 2011 Act, whether particular matters have come to my attention.
Basis of independent examiners’ report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners and regulation 11 of the Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.
It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiners’ statement
In connection with my examination, no matter has come to my attention:
1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act, section 44 (1)(a) of the 2005 Act and regulation 4 of the Regulations; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act, section 44 (1)(b) of the 2005 Act and regulation 8 of the Regulations
have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Freddie Light, ACA
Chartered Accountant
XX August 2023
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The Huracan Foundation
Statement of receipts and payments
Year to 31 October 2022
| ear to 31 October 2022 | ||||
|---|---|---|---|---|
| Unrestricted Funds |
Restricted Funds |
Year Ended 31 October 2022 |
Year Ended 31 October 2021 |
|
| Income | ||||
| Donations | 14,239 | 18,000 | 32,239 | 64,377 |
| Merchandising | 772 | - | 772 | 178 |
| Total incoming | ||||
| resources | 15,011 | 18,000 | 33,011 | 64,554 |
| Expenditure | ||||
| Projects | (5,101) | (23,613) | (28,714) | (4,387) |
| Expenses | (22,213) | (22,213) | (12,249) | |
| Total resources | ||||
| expended | (27,314) | (23,613) | (50,927) | (16,636) |
| Net Movement in | ||||
| Funds | ||||
| Funds at the start of | ||||
| the year | 48,375 | 5,613 | 53,988 | 6,070 |
| Funds at the end of the | ||||
| year | 36,072 | - | 36,072 | 53,988 |
The notes on page 9 form part of these financial statements. All activities are continuing. There are no gains or losses other than those recognised through the statement of receipts and payments set out above.
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The Huracan Foundation
Statement of balances
Year ended 31 October 2022
| Current Assets Bank balances and cash Total current assets Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Represented by: Restricted funds Unrestricted funds Total funds |
Year Ended 31 October 2022 Year Ended 31 October 2021 36,072 53,988 36,072 53,988 - - 36,072 53,988 |
|---|---|
| 36,072 53,988 - 5,613 36,072 16,238 |
|
| 36,072 21,851 |
Approved by the Trustees on 31 August 2023 and signed by:
Francis Wathen, Trustee and Treasurer
&
Ian Milligan, Trustee & Chairman
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The Huracan Foundation
Notes to the financial statements
Principal accounting policies
- a) Accounting conversion and basis of preparation
These accounts have been prepared under the historical cost convention, and in accordance with applicable accounting standards. The CIO has adopted as far as practicable the updated Statement of Recommended Practice for charities issued in 2005 and the Charities Act.
The financial statements of the Huracan Foundation for the year ended 31 October 2021 comprise the statement of receipts and payments and the statement of balances.
b) Incoming resources and resources expended
These accounts have been prepared on a receipt and payment basis and reflect all incoming resources and resources expended over the CIO’s financial year.
- c) Restricted funds
Restricted funds can only be used for restricted purposes within the objectives of the CIO. Restrictions arise when specified by the donor or when funds are raised for a particular purpose.
- d) Unrestricted funds
Unrestricted funds are those funds which can be used in accordance with the charitable objectives of the Trust at the discretion of the Trustees.
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