CHARITYREGISTRATION NUMBER 1173786 COMPANYREGISTRATIONNUMBER 10237866 AUDACIOUS FOUNDATION IINAUDITED FINANCIAL STATEMENTS FOR THE YEARENDED 31 MARCH 2024 Hackeryoung (hartered Accountsnts AUDACIOUS FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr SAK¢ir MT M J Foster Mr M Sts¢l¢ Secretary Mr D K ShaTpe Cbarlty number 1173786 Company number 10237866 Reglstered offl¢e Unit 6 Trinity Way Manchester M3 7BB Independellt examiller M Mealing Bsc FCCA UHY H￿ker Young 6 Broadfield C4)urt Broadfield Way Sheffield S8 OXF Bankers Lloyds Bank p Market Str¢¢t Manchester Ml IPW Soll¢ttor8 Geldards Number One Prid¢ P Prid¢ Park Derby DE24 8QR AUDACIOUS FOUNDATION CONTENTS Statement of financial activities Balawe sheet Note810 the financial statements 7-17 AUDACIOUS FOUNDATION TRUSTEESI REPORT (INCLUDING DIRECTORSI REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and fitiancial ststements for the year ended 31 Maffh 2024. The financial statements have been prepar¢d in a¢cordance with the accounting poli¢i¢8 set out in note I to the financial stat¢m¢nts and comply with the tharity's Monorandum and Articles of Associatio￿ th¢ Companie8 Act 2006 and "Accounting and Reporting by Charities: Statcment of Recornmmd¢d Practice applicable to ch8rities preparing their accounts in accordAnce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019).. ObJertive8 and activiti Objective In accordance with the Governing Documen( Ibe chArAtable objects of Audacious Foundation are: l. To relieve the dwitable of n¢eds of people who ar¢ in ned by r¢a8on of their Yout￿ age. ill healt disability, financial hardship, social or economic circumthexs, in such ways as the tn￿tee$ SI￿1￿ from tim¢ to tim¢ tbink fil ]￿lUdItig (but nol by way of limitation) through th¢ proYi8ion of advice, informatioffj education and training, services, Mediatio￿ cOW￿ellIng and support. 2. To advanc¢ ￿UCation through th¢ Provision of m¢ntoTh to go into s￿￿0] and h¢lp ¢bildren WAth their studi¢s and providing En8li$h l¢ssons to r¢fug¢¢$ and asylum s¢¢kers. 3. The relief of povety by the provision of support and assistance to homeless people. 4. The advancement of education, the Telief of povety, hardship, sickness and distreBs of children between 8- 1 I livin8 in greater Manchester by the provisAon of a d]ildrell's' bome. 5. To furdLer such chaTitable purpo8es (charitable under English law) a8 the tTh￿tee$ 8ee fit from time to Audacious Foundation 8hall be non.paty in politics and non-sectarAan in religion and Shall owate an equal opporturrities po]icy. In preparing this Teport we have cornplied with the duty in section 4 of thc Charities Act 2006 to have due regard to public benefit guidance published by tbe UK Clwity CommissioL We bave sought to dellMl￿trate that the ¢￿￿lty pnlvides identifiable benefits which relate directly to its aims as Statsl in its Govttning Docum¢nt and which outw¢igb 8ny pot¢ntial d¢triment or hrn. Furtber, th¢ benefits are publi¢ly available to all and are not in any way r¢stiicted to those abl¢ to pay. Any private benefits to Tn]stees of the charity are incidental. Audacious Foundation created to serve the Communiti￿ of Greatsr Manchester, addressing issues of disadv*. hardship and povety. Thc vision of Audacious Foundation is to sc¢ communities transfornicd and individuab thrive in every se&8on of life. W￿killg with people of all ages who face disadvantsg¢. hardship. povcty or exclusio￿ the mission of the Foundation is to build better future8 and positively infiuence the ￿ of a stronger society. To acbieve this the Foundation i8 coll]mitt¢d to P￿vid]ng practi¢aL relational aDd iDfiuential pmjects that are designed to address I￿21 issues, demon8trat¢ U8ef•¢¢ntred Service and deliver Measu￿le outwm¢s that champion the core values of the organisatio The trustees have p￿d regard to guidance issued by the Charity Cottunission in thiding what activities the ¢lwity should undertake. AUDACIOUS FOtJNDATION TRUSTEESI REPORT (ThCLUDING DIRECTORSI REPORD (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perforniance tn the reporting year 2023124, Audacious Foundation delivered the following a¢tiviti¢8: . Education: School of Language, Re-work schane, MiDi-Heroes parent support group . Supwt: AudaciouB Cares Homelessness.. A-Teatns, Audacious Home Housing Project • Poverty: The Big Give, The Loullge, conllnunity cafe . Healthcare: Stop Holiday Hunger, Healthy Schools Pro . Refvg¢¢s: Lovc Ukraine The results for the year ended 31 March 2024 show a surplus for the year of £19,967 (2023: £15,441). Incoming resources for the period were £236.665 (2023: £232,205) and r¢souT¢¢S exp¢nd¢d were £216,698 (2023: £216,764). Fund balances at 31 March 2024 were £116,063 (2023: £96,096) of which £8,501 (2023: £11,442) were restricted and £107,562 (2023: £84,654) We￿ UDrestricte(L All of the unrestricted reserves were freely available. It is the poli¢y of th¢ ¢ompany that unr¢slri¢ted fimds which have not been designated for a specific use should be maintsined at a lev¢1 ¢quivalent to b¢lw¢¢n thr¢e- and six-month8' exp¢nditurc. The trustees consider that Teseryes at tbis level will ensure thaL in the event of a 8ignificaTLt drop in income, they will be able ¢0 continue the Company's current activities wbilst consideration is given to ways in which additional fimds may be raised The trustees are continuing to address the reserve levels and are working to incre both ill¢on￿ alld net profit in the future. The trustees have assessed the ll￿jOr risks to which th¢ ¢harAty 18 ¢XPO%(t and 8r¢ satisfied that systems aT¢ in place to mitigate exposu￿ to the major risks. Plang for the future W¢ hav¢ many exciting plans, to fi￿er advan¢¢ our clMritabl¢ obie¢tive8; with a team of people looking at addressing the needs of our wmmunity and making a difference in peopl¢'s Jives. Our aim is to ¢ontinu¢ to &liver well on all the current projects as m¢ntion¢d abov¢ and se¢ long t¢rni sustainability for them. whilst also expanding our level of reach so that many more pwle can be hel AUDACIOUS FOtJNDATION TRUSTEES, REPORT (INCLUDING DIRECTORSI REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structhry governance Rnd management The ¢knity 15 a company? in￿￿0[at￿ on 17 Jua¢ 2016, whith is limited by guaTantee and was registered as a charity on 12 July 2017. The trustees. who are also the directors for the PU￿ of company law. and who served during the year and up to thc date of si8nature of the financial statements were: MrSAK¢ir Mr M J Foster Mr M St¢el¢ When a new tn￿te¢ is required the appoint￿ tru8ts¢8 d¢¢ide who 18 Suitable and ask them rfthey are prepar￿ to become a tnJ8t¢¢. If so, th¢y are giv¢n a d0cw￿t outlining the roles and T¢sponsibilities of a trustee and asked to accept in writing. Upon T￿¢1pt of this l¢tt¢r a r¢ply is sent to them confirn)thg their appointinent. None of the trustees has any beneficial interest in the company. All of the tsustses are of the company and guarantee to contribute £1 in the event of a winding up. The Tru8tses meet four times a year and are responsibl¢ for th¢ app0in1JJ￿t of staff and Setting the financial budgets, which are at the start of each year and budget holders can authorisc expenditure within their budget allowan¢e. Any expenditwe whi¢h will eXc￿d budget must go to a trustee for approval. B￿Cts ar¢ wiew¢d and r¢vi8¢d on a TegulaT basis. Th¢ tn￿￿, rt was approved by the Board of TnLqtees. tee Datsd. 19 December 2024 Hackeryoung (hartwedAccoLmtsnts 6 Broadfield Court Broadfield Way Sheffield S8 OXF INDEPENDENT EXAMINERIS REPORT TO THE TRUSTEES OFAUDACIOUS FOUM)ATION 1 Teport to th¢ truste¢8 on my eXamI￿tion of th¢ financial 8tat¢ments of Audacious Foundation (the charity) for the year ended 31 March 2024. Ruponslbfjlldes and bath of report As the trustees of the Ch￿lty (and also its directors for the pu￿oseS of company law) you are responsible for the prepa￿lon of the fAnancial Statements in accordance with the reqUireM￿ts of the CompaDi¢s Act 2006 (the 21)06Act). Having satisfied myself that the financial statements of th¢ charity are not r¢quir¢d to b¢ audited under Part 16 of the 2006 Act and are eligible for ind¢p¢nd¢nt exami￿tio￿ I report in r¢spKt of my examI￿On of the cbarAty's fmancial statements carried out under section 145 of the CharAties A¢t 2011 (the 2011 Act). In cawing out my examinatÉon I have followed all the applicable Directions given by the Cbarity Commi88lOD under section 145(5Xb) of the 2011 Act. Independent examiller'8 8tatement I have completed my examination. I fA)nfirni that no matter8 have come to my attention in connection wlth th¢ exami￿tion giving m¢ ¢aus¢ to beli¢Y¢ that in any material respect: accounting records were not kept in respect of the ¢harity as r¢qwTed by 8¢¢tion 386 of the 2006 Act" or the fjnancial statements do not accord with those records. or 3 the fmancial ststements do not comply with the a￿￿till8 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 ¢on8idered as part of an independent eMrnillati￿ or th¢ financial statements have not beffl prepared in accordance with the methods and priD¢ipl¢s of th¢ Stat¢matt of R¢commended Practice for accounting and reporting by Clwities applicable to chaTiti&8 preparing their a¢¢ounts in 8￿rdance with the Financial Re￿rtIng Standard appticable in the UK and Republic of Ireland (FRS 102). I have no ¢on¢erns and have come across no other Matte￿ in connection with the eXaMi￿tiOn to which attention Should be drawn in tbi5 Teport in order to enable a proper understanding of the financial ststements to b¢ rwhe M Meallng Bsc FCCA UHY Hadter Young Chartered Accountants Dated: 19 De¢ember 2024 AUDACIOUS FOUNDATION STATEMENT OF FINANCIALACTIVITIES INCLUDING ll¥COME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Tot 2024 Total 2023 No Ineome And endoivments from. Donations and gifts Ch￿itable activities Investments 156,969 40,997 676 11,704 26.319 183288 114,359 63,675 87 2.926 2,758 48,400 117,117 112,075 87 2,926 676 11.704 Total Income 210,346 26,319 236,665 181,047 51.158 232,205 ndlture on: Raising funds 216 216 216 216 Chatitable activitie8 195,906 20J76 216,482 168,741 47,807 216,548 ended 196,122 20,576 216,698 168,957 47,807 216.764 Net In¢omlng resourcu before 14224 5,743 19,967 11090 3,351 15.441 8,684 (8.684) 3.625 (3,625) Net Ineomel(expendlture) for the y¢arl Net movenwnt In funds 22,908 (1941) 19.967 15.715 (274) 15,441 Fund balances at I ApTAI 2023 84,654 11,442 68,939 11,716 80,655 Fund bal•nces at 31 March 2024 107,562 8,501 116,063 84,654 11.442 96,096 The StateM￿t of finan¢ial adivitses in¢lud¢8 all gains and1088e8 re¢ogDised in the year. The statemcnt of financial activiti¢s also complies with the requirements for an income and cxpendilure acmt ulld¢r the Companies Act 2006. AtJDACIOUS FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note% Current asgets Debtors Cash at bank and in hand 13 69,918 56,855 66,049 38,806 126.773 104,855 Creditor8: xmounts falling due withill one year 14 (10.710) (8,759) Net current assets 116,063 96,096 Ineome fund8 R¢stri¢t¢d funds UnrestTiCt&l fimds 15 8501 107,562 11,442 84,654 116.063 The I￿￿llY is entitled to the ¢xemption from the audit requirernfflt colltailled in Bection 477 of the compani￿ Art 2006, for the year ended 31 March 2024. The ¢thTectors a¢knowlcdg¢ their r¢sponsibi]ities for CODwlying with the requirements of the Companies Act 2006 with respect to a¢counting records and the pryarati￿ of fjnancial statcmcnts. Tr members bav¢ not required the company to obtain an audit of its financial statements for th¢ y¢ar in qu¢stion in aC￿rdanCe with section 476. These financial Statements have been prepared in a¢corkn with the provi8i0DS applicable to ￿MpanI subject to the small companies regime. The financial ents were approved by th¢ Trustee8 on 19 Dcc¢llth¢r 2024 A Keir stee Company registration number 10237866 AUDACIOUS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 Ac¢ounthig pollcles Charlty Informadon Auda¢ious Foundation is a private company limitsd by guarantee incorporated ill England and Wal￿. The registered offi¢¢ is Unit 6, D¢va C¢ntr¢, Trinity Wayg Manchester, M3 7BB. 1.1 Accounting conventlon The fJnan¢ial statem¢nts hav¢ been prepared in a¢cordan¢e with the charity's Memorandum and Articles of Associatio￿ the Companies Act 2006 and "A¢counting and Rep￿tillg by Charities.. Ststement of ReconllDended Practice applicable to charitie8 prepari￿ their ac¢ounts in accordance with the Financial Reporting Standard appli¢abl¢ in th¢ UK and R¢public of tr¢land (FRS 102) (effective l January 2019).. The charAty 18 a Public Benefit Entity Bs defmed by FRS 102. The ¢lwity Iw taken advantage of the pmvisions in the SORP for ¢haTiti¢s applying FRS 102 Update BulleAAn I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional cuw of the charity. Monetary amounts in these financial Statern￿ ar¢ round¢d to the near¢8t £. The financial statements have been pryared under the historical ¢o$t ¢onv¢ntioTh The prAncipal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statementy the trust¢es have a reasonable expectation that th¢ charity has adequate resources to continu¢ in op¢rational ¢xist¢n¢¢ for tb¢ foTese¢able futLre. Thus the trnstses rA)ntinue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are availabk for use at the discretion of the tsustees in fllrth￿e of their charitable obj¢ctiv¢s. Restricted funds are subject to specific conditions by donor8 &8 to how they may be used. The purposes and uses of the restricted funds are set out in th¢ notes to the fllwi¢ial 8tatcm¢nts. 1.4 Income Income is recognised when the ¢lwity is legally entitl¢d to it after any perfornwLce ¢onditions have been m¢ th¢ an￿Unts Gan b¢ measured reliably, and it is probable that Incon￿ will be receiv Cash dol￿tionS are recognised on receipL Otber donations are recognised once the oharity has been notified of the donatio￿ unless perfornwice conditions require d¢f¢rral of th¢ amounL Jncome tsx r¢wvernble in relation to donations received under Gift Aid or deeds of covenant is T¢¢ognised at the time of the donation. l%gacies are TecogDised on Teceipt or oth¢rwis¢ if the ¢haTAty has becn notificd of an impendin8 dis1n￿tio￿ the amount is kllown, and receipt is expects& If the amount is not know￿ the legacy tre8t¢d as a Contingent asset. AUDACIOUS FOIJNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTllYUED) FOR THE YEAR ENDED 31 MARCH 2024 AecoDnthig polides (Continued) Grnits are recogni8ed in full in the Statement of Financial Activities in the year in which they are receivable. 1.5 Expendlture ExpcnditUTC 15 recoglliscd onc¢ th￿¢ is a Icgal or COD5tructive obligation to trall5f￿ economic benefit to a third paty. it is probable that a transfer of economi¢ benefits will be required in scttlemenL and the amount of the ob]igation can be measured reliabty. EX￿nditUre is classified by activity. The costs of each activity are made up of the total of d1￿ct costs and sbared costs. including support costs involved in Undert￿ each activity. Direct costs attrj￿utab]c to a single activity are allocated directly to that activity. Shared costs which contribute to morc than one activity and costs which are not att￿￿lltable to a single activity are apportioned betsveen those activitie8 on a basis consistent with the use of resource5. Central staff costs are allocated on the basis of time spenL and depreciation charges are allocated on tbe portion of the asset's use. Resow¢e8 expended are recognised ID the period in wbich they are inCu￿¢d and includ¢ irr¢coveTable VAT. Resources expended are allocated to l￿dIng5 All tbe statement of financial activities b&8ed on the actual purpose of the expellditure. No apportionme￿ have taken place. Gov¢rnan¢¢ costs repr¢s¢nt costs of managing and adminiskng the ¢lJaritable company as a gta vehicle. 1.6 Cash and cash equlvalents Cash and cash equivalents includ¢ cash in han4 deposits held at call with banks, other short-terni liquid inveslments with orA8inal maturities of three months or 1¢88, and bank ov¢rdrafts. Bank Ove￿ are shown within born)wings in current liabilities. 1.7 Th￿ndal Instruments The charlty has el¢¢ted to apply the provisioJJ8 of Section 11 'Ba8i¢ Financial Instnllnents, and Section 12 '0ther Financial In8tniments Issu￿, of FRS 102 to all of its fllwicial in8trum¢nts. Financial ins1n￿ents are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offseL with the net amounts present￿ in the fiuancial statemen when there is a legally ¢nforc¢abl¢ right to s¢t off thc Tccogniscd amounts and 18 an intention to settle on a net basis or to realise the asset and settte the liability simultaneously. aslc Ilnanclal assots Basic fmancial assets, which include debtors and (*sh and bank balanc￿, are initially measured at transaction price including transaction costs and are subsequently carried at atnortis¢d cost using the effective interest method unless the arrangement constitutes a financing transaction. Whe￿ the transaction is measured at th¢ pr¢$ent valu¢ of the firtur¢ re￿Ipts dis¢ount¢d at 8 mark¢t Tate of ititeresL Financial assets classified as receivable witbin one year are not amortis AUDACIOUS FOUNDATION NOTES TO THE FINANCIAL STATEmE￿s (CONTINUED) FOR THE YEAR EI¥DED 31 MARCH 2024 Accounting policie8 (Conthued) ImpaIrn￿nt of flnanclal assets Financial assets, other than those held at fair value through income and expenditur4 ar¢ ass¢ssed for indicators of impairnient at each reporting dats. Financial assets are in￿a]red where there is obj¢ctiv¢ ¢videnc¢ thal a8 a result of one or more events that ocCu￿d after the initial re¢ogDition of the financial asse¢ the estimated fvture cash flows have been affected. If an asset is iMp￿re1 th¢ impairnKnt loss is the diff¢renc¢ between the carrying amount and the present value of the estimated cash flows discounted at the asset's oriwl effective intere8t rate. The Impairrt￿ntl088 1$ recognis¢d in net in¢omd(¢xp¢nditur¢) for th¢ y¢ar. tf there 18 a de¢￿ase in the impairn]ent Ioss arising from an event occurring after the in)pairnMIt was reco￿lS¢