PROJECT ARK FOUNDATION Accourirs FOR THE YEAR ENDED 30 APRIL 2024 Charity number. 1172774
PROJEcf ARK FOUNDATION INDEX TO ACCOUNTS FOR THE YEAR ENDED 30 APIUL 2024 PAGE Referentr and administrative infonnation Trust* Rer4Jt Statement of Trustees, Responsibllltles Statement of Finala1 Actlvltles Balan SIE Nctes to the acrounts 7-10
PROJEcf ARK FOUNDATION REFERENCE AND ADMINisfRATIVE INFORMATION FOR THE YEAR ENDED 30 APIUL 2024 Trustees M Tamburino M Rizzi C Zambetta Registered Office Floor, 33 Newman street WIT IPY LoTrJon Charity number 1172774 Buslness Address 12nd Flcor, 33 Newman street WIT IPY LoThJon Bankers Metro Bank PLC One Southampkni Row London WC18 SHA SGS & CO Acc(yJntsnts & Business CDnsultsnts Ltd 72 Spiffire road Scwjtham CV47 IAA
PROJEcf ARK FOUNDATION TRusfEES' REPORT FOR THE YEAR ENDED 30 APIUL 2024 The TrIeeS present U*ir report and finandal statemerts for the year ended 30 April 2024 as requlred by iJ)arlty regulatior6 aThJ legislation. Structrrfy Governance and Management charity is a Charitable IrKOrpJra1 Organisation governed by ts Constituti dated 27 April 2017. The trust5 wh) served duriNJ the year aTrJ up to the date of signature of the financial statements we. M Tamburi M Rizzi C zamLtta None of the Trustees have any beneficial interest in the charity. All the Trustees are members cl the charity and guarantee to contriLxrte £1 in the evert of a winding up. The methods adorted for the recruitnnt and apw)intmert of new trustees The bvstees are appjinted by the exlstlng trustees. The policies and procedures adopted for the Inducti(m and training oltn On recrultrnen¢ all tsu5tees are ised wlth the Charity Commlsslon d(KunEnt CC3 The Essentlal Trustee (nv)st recent urKlate: May 2018) and new trustees are required to slgn that ty have read arKi underth it. The organisational strurture of the charity and how declsions are made The Trusvs rk, day-tTrdayi during thls pertJ was organised and led by Truths. Flnancial Risk Managemert Obje¢bves and Policies The Trust have assessed the mai)r risks to whlch the tharity is exSed and are Satisfi that wems are in Pla to mibgate exposure to the major risks. tharity objectives and activities in 2023124 The charitys objectives are to presen and protect emlangered species around the )r1d through making grants to any other insbtutions within objects of the charity. AJI pro15 for grants are generated intemally a1 the trustees regrt that extemal applioitions for funding will not be considered. The trustees have paid due regard to guidan issued by Charity commiss in deading what activitses the tharity strK)uld undertake. Finanaal review DUrir the year the charity raised funds c( £0 and expeNJed £0. The reserves defiat to carry forward is £2,916. ReseNes Policy It is the policy of the charity that unrestdcted funds whith have not been designated for a specific use should be maintalned at a level equivalent to betsveen and slx-rTr)nth's eXpeThJ1bJ. The Trustees consider that reserves at this level wlll ensure that, in the event of a signifKant drcfs In fundingi they will bs able to contlnue the charitys ojrrent activities while conslderation is given to ways In whlch additional fuThJs nY be raised. This level of reserves has not yet been met. Ht?tser, the Trust are w01ng towards meeong this tsrget.
PROJEcf ARK F<KINDATION TRusfEES' RepoRT FOR THE YEAR ENDED 30 APRIL 2024 The trnSts confirins that the accounts comply with cunEnt statutory requirements and those of the charlty's tnjst deed. 14.03. 25 Approved by the Tristees on ...............................and signed by: C Zambe Date:
PROJEcf ARK FOUNDATION STATEMENT OF TRusfEES RESPONSIBILTfIES The tharity tru#ees are responsible for prepadng a trust, annual report and fina131 statements In accordan with applicable law and United ngdorn AccountiThJ Standards (United Kirodom C*nernlty ACpted Accounting Prdctice). The law applicable to charities in England and Wales requires the charity trustees to prepa financial statements ft)r each year whKh give a trije arKJ fair view of the slate of affairs of charity and of the incorniro and appli(3tion of resrs, of the charity for that pericd. In preparing the finala1 siatements, IJu&ees are required to: select suitable accountlng pollcles and then apply them cor6LstenUy' observe methc(is and prilpleS in the Charities Statement of RecommerKied Practice ('SORP"); make Judgments a1 estimates that are reasonable and prudent; state whether appllcable accounting stsndards and statements of re(mended practice have been followed, subject to any material departures dilOSed aMI explained in ts financial statements; and prepare the firkinaal StateEnts on the goirwJ c(Ktrrn basis unless It is inappropriate to pre9Jme that the charity will Luntinue in operBtion. The tnJstee5 are responsible for keeping proper accountiThJ rec£MS that dith with reasonable accuracy at any time the finanaal pogbon of the charity to enable them to ersure that the financial statements comply with Charities hLt 2011, the appliG7ble Charities (ACc(nts a1 RerKAts) Regulations, a1 the provisions of the Trust deed. Try are also responsible for safeguarding the assets of the charity ar iaking reasonable steps ft)r the prevention arKi detsction of frdud and other iffegularities. The trustees are resp)nslble for the Maintenan and Integrity of tharity and flnancial information Inded on tharity's webslte In accordan with legislatlon In the United Kingdom wvernlng the preparntion aThJ disseminatlon of finala1 statements.
PROJEcf ARK FOUNDATION srATEMEKf OF FINANCIAL AcrivrrIES FOR THE YEAR ENDED 30 APRIL 2024 Year Ended 2024 Period Ended 2023 Unrestrlcted Funds Income and endowments: Dorkltions and legacles Expendlture on: arltable artivities: Support costs Net expenditurel Net movement in funds (o) (o) Reconciliation of funds Funts blf at l May 2023 (2,416) (2,416) Funds clf at 30 April 2024 (2,416) {2,416) The siaten*nt of flnanclal attivitEs Inde$ all galns and losse5 recojnlsed In the year. All of activities of the charlty are classed as contlnulng. notes set on pages 8 to 10 form part of these accounts.
PROJECT ARK FOUNDATION BALANCE SHE AS AT 30 APIUL 2024 2024 2023 Current assets: Cash at bank and In hand 34 34 Creditots: Amounts falling due within one year Other creditor5 and accruals (2,450) (2,450) Net current assets (2,416) (2,416) Income funds Unrestritted furK15 (2,416) (2,416) Total funds (2,416) (2,416) 14.03.25 The accounts were approved by the board of Trustees on ...................... Czam
PROJECT ARK FOUNDATION NOTES TO THE Accoijiifs FOR THE YEAR ENDED 30 APRIL 2024 ACCoUNG POLICIES The financial statements have ppared In accordance with Accountlng and Reporbng by Char¢ties: Statement of Recommended Practice appficable to thaiities preparing thelr accounts in accordan with the Finanoal Reportlng Stsndard appll(able in the UK and Republlc of Ireland (FRS 102) and applicable reguladons. The finanaal statements have been prepared to give a Ifue and fair, view and have departed from the Charlties (Accounts and Reports) Regulations 2008 only to the extent requlred to provide a and falr view,. This departure has involved following Accounting and Reportlng by Charitles preparing their accounts In accordan with the Financial Repclng Standard appIlble In the UK and Republlc of Ireland (FRS102) rather than the Accounting and Reportlng by Charities: Statement of Recommended Prnctice effective from l April 2005 which has slnce beer¢ wIttK1rawn. Project Afft Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilltles are Inltlally recognlsed at historical cost or transaction value unless otherwise ststed in the relevant amjnting pollry notes. The followlng are the accounting pollcjes which have been applied in dealing with matsrial items: _ It Is the opinion of the Trustees that the use of the golng concem basis of accoun9 is appropriats because: there are no materlal uncertainties relan9 to events ¢y condIOnS that may cast signlflcant doubt about the ablllty of the tharity to conttnue as a going concem: there Is reasonable expectstion that the charity has adequate resource5 to continue In operational ex1en for the foreseeable future. nds Unrestricted income funds comprise those funds whith the trustees are fe to use for any purpose in fvrtherdnce of the tharitable objectives unless the funds have been designated for other purposes. Income Is recognised the charlty has entiement to the income, there ts gjfflclent certainty or recelpt and so it is probaLle that the income wlll be received, and the amount of income refvable can measured rellably. Tumover Is measured at fair value of the consideration recelved for serViS provlded in the normal course of business. Uabilities are re¢ognlsed as expendittjre as soon as there is a legal constrLKtive obligation commlthng the charfty to that expendlture, It Is probable that settlement will be requlred, and the amount of the obllgatlon can be measured reliabty. l expenditure 15 accounted for on an accruals basls. All expenses, includlng support Costs and governan costs, are allocated or apwboned to the applicable expendlture headings in the siatsment of financial aciithes. For more Inforn)a0n on this alloc*ion refer to the note betow. Irrecoverable VAT is tharged agalnst the expenditure headlng for whith it was Inojrred. nd Support costs have been differentiated betsveen govemantt costs aThJ other sUPPOrt CO$ Governan costs comprise all wsts involvlng the public accountablllty of the charity and Its o)mpliance with regulatlon and good prti. Govemance costs and SUPkXTrrt Costs relating to (harltable acbvities have Ln apportioned approprlately. The allocation of support and g0Veman costs is analysed in the notes. The expendibjre on charitable actsvities Indudes grants made, govemance costs and an apkN)ftonment of 5UPPOrt Costs as shown in the notes.
PROJECT ARK FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APIUL 2024 ACCOUNTING POLICEES (Continued) g) Unrestricted funds which have not been designated for a s)fiC Le should be maintsined at a level u1valent to betrleerb three and six months expenditure. The Trustees consider that reserves at this level will ensure thaL in the event of a sgnificant drop in fvnding. they will be able to continue the charity's cuent athvities while consideration is given to ways in which additional funds may be raised. in Cash at bank and in hand indude5 cash and short term highly liquid investsnents with o thort maturity of three montts or less from the date of acquigtson. visions Creditors and provlsion5 are recogntsed where the tharity has a present obl¢gation lftg from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obllgation can be measured or estlmated reliabty. Creditors and provisions are normally reCOgned at transactlon value. They a sUbsequenY measured at amoTtised cost uslng the effective intsrest method, except where the effect of discountlng would be immatedal. tn SLKh cases Creditors are stated at the transadon value. Financial instruments are dassifled and accounted for, accordlng to the substsnce of the contractsjal arrangement s financial assets or financial liabilities. The tharity onty has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialEy rognised at transaction value. Tlw a subsequentty Mead at anrtised cost Using the effective interest Tnethod, expt where the effett of dIOUnting would be immaterial, in which case they are statuj at cost {less impairment where apwowiate). k) 'LKI ments an In the application of the charity'5 accountiThJ policie5, the Trustees are required to make fjudgments. estimate5 and )sumptions a)ut the carrying arwunt of assets arKI liabilities that are not readily apparent from other SOurs. The estimates and aOCiated assumptions are based on historthl experience and other faCt(S that are considered to k relevanL Actual results may differ from these estimate& The estlmates and undertying assumpoons are reviewed on an ongoing basis. Revi90ns to accounting esbmates are recognised In the period in which the estlmate is revised where the revison affects only that rICkl, or in the perithj of the revislon and fLrture periods where the revision affKts both current and futu perlods.
PROJECT ARK FOUNDATION NOTES TO THE Accoufffs FOR THE YEAR ENDED 30 APRIL 2024 2. Donations and legaue$ 2024 2023 Donations arKI gl 3. Analysls of tharitable expendlture Costs direcuy allocated to activltles Charitable Total 2024 Total 2023 Share of support Costs (see note 4) Share of governance costs (see Note 4) 4. Support costs Support Govemance Total 2024 Totsl 2023 Legal & profe001 Consultsncy The Flnanaal administradon costs have been allocated to legal and professlonal costs and include cOUntsncY fees £0 (2024: NII). 5. Trustees None of the Trustees (or any persons connected with them) received any remuneradon or benefits from the charlty during the year {2024.' Nil). 6. Employees There were no emFdoyees durlng the year (2024: NII). 7. Prlor Year Statement of Financial Actlvltles Unrestrlcted Funds Totsl 2023 INCOME Investment income Donations EXPENDmiRE Cost of charitable attivities.. other tharitable expendiknre Net movement in funds {0) (o) 8. Credltors: Amounts Falllng Due Within One Year 2024 2023 Accruals 10) 500 9. Unre$trlcted fund Balan at l May 2023 Excessl(defiat) of income over general expenditure for the year Transfer of designated funds (2,416) (o) (2,916) {0) Balance at 30 April 2024 (2,416) This fund represents the surplus unrestrlcted accumulated income of the Trust
PROJECT ARK FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024 10. Financial Categorlsatlon Categorisation of financial instruments: 2024 2023 Fironcial assets that are debt instruments meagjred at amortised cost FinancTal liabilities Measu 4t amortised cost 2,416 2,416 11. Taxatlon Project Ark Foundation is a charity and therefore is not liable to income tax or corpor7tion tsx on Income derwed from its dritsbIe acbvitles, as It falls within the various exempb'ons available to reglstered charities. 12. Related Party Transactions Th were no dith5able related party trdnsattions duriTvJ eittEr period. 13. Ultlmate controlling party There is no ultlmate controlling party.