**REGISTERED CHARITY NUMBER: 1174600**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2022**
**for**
## **THE EIGHT FOUNDATION**
Pembroke Briggs Chartered Accountants 1a The Quadrant Courtyard Quadrant Way Weybridge Surrey KT13 8DR
**THE EIGHT FOUNDATION**
**Contents of the Financial Statements for the Year Ended 30 June 2022**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Statement of Trustees' Responsibilities**|5|
|**Independent Examiner's Report**|6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Cash Flow Statement**|9|
|**Notes to the Cash Flow Statement**|10|
|**Notes to the Financial Statements**|11 to 17|
|**Detailed Statement of Financial Activities**|
18|
**THE EIGHT FOUNDATION**
**Report of the Trustees for the Year Ended 30 June 2022**
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2022.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The trustees have carefully considered the Public Benefit Guidance issued by the Charity Commission and we are satisfied that the charity meets these requirements both in its objects and by furtherance of those objectives in the day to day undertaking of its charitable activities.
## **Significant activities**
The trustees follow with the interest the activities and progress of those organisations which have been provided with funding by the charity. During the year under review the trustees received around 28 applications for grants from UK registered charities and individuals.
The trustees were satisfied in all cases that the grants made provided a suitable public benefit in accordance with the objects of the charity.
The charity's objectives are to make grants for charitable purposes to other charities and individuals. These wide ranging objectives enable the charity to make grants to a similarly wide range or recipient charitable organisations throughout the UK. The grants made by the trustees are generally unrestricted as the trustees are particularly aware that for many charities meeting their basic core costs presenets a significant challenge.
During the year under review grants were made to charities concerned with mental health, education, sport, health, poverty and food banks and others generally vulnerable in society.
The charity's costs are modest, comprising general administration and accountancy services.
## **Grant Making**
The charity receives applications for funding from other charities and individuals which are discussed at the meetings of trustees. The trustees agree the amount of income available for distribution and on the individual amounts of grants to be paid to successful applicant organisations.
## **ACHIEVEMENT AND PERFORMANCE**
As per our objectives to support small local charities and individuals we were able to grant:
## **Ickle Pickles Charity**
We were able to provide them a grant of £5000 to fund a brand-new emergency transfer cot for the Neonatal Intensive unit at Southampton Hospital.
Page 1
**THE EIGHT FOUNDATION**
## **Report of the Trustees for the Year Ended 30 June 2022**
## **ACHIEVEMENT AND PERFORMANCE**
## **Simon**
We were able to award Simon with a grant to cover the costs of a new laptop with specialised technology to allow Simon to regain his independence and get back to work following a tragic accident at home leaving him paralysed from the neck down.
## **Peter**
We were able to provide Peter with a grant for £2,600 to install a new stair lift in his home to allow him free independence at home without having to rely on others to move freely around the house.
## **GDPR**
In order to comply with the new General Data Protection Regulation (GDPR) we started to revise our general privacy policy, and create a new privacy policy to cover the personal information of subscribers. Both of these policies are available on our website.
## **Fundraising**
We have had huge success with donations and grants from:
- Staff of Eight Wealth Management via payroll monthly giving
- Fundraising matching
- Collection boxes
- Auctions/Raffles
- Online virtual events
- Fundraising events
- Donations
- Amazon Smile
In pursuit of securing future income the Foundation are looking to develop relationships with cooperation's for sponsorship and to act as patrons.
We will continue to host an annual fundraising ball and Golf Day.
We will continue to review our policies and procedures to support the successful operation of the Foundations activities.
## **FINANCIAL REVIEW**
## **Financial position**
During the period to 30 June 2022 the Foundation raised income of £108,980 and incurred total expenses of £140,694, as detailed on page 12 of the report. At 30 June 2022 the Foundation has reserves of £24,428.
## **Risk Policy**
The charity's trustees have given consideration to the major risks to which the charity is exposed and have satisfied themselves that systems and procedures have been established in order to manage these risks. The trustees keep risk levels and controls under review on a bi-annual basis.
Page 2
**THE EIGHT FOUNDATION**
**Report of the Trustees for the Year Ended 30 June 2022**
## **FINANCIAL REVIEW**
## **Reserves policy**
The trustees have approved a reserve policy to ensure that the charity has, at all times, adequate reserves to meet its liabilities to comply with legislative and accounting requirements. The policy also requires that the trustees can identify and make provisions for future expenditure needs for the proper and continued running of operations. This also includes the initial costs of any planned fundraising activities. The trustees anticipate that £10,000 is sufficient for meeting these objectives.
The objective of the charity is to issue grants so that the reserves should not exceed the equivalent of the charity's projected income for the following two years.
## **FUTURE PLANS**
The Trustees will continue to hold quarterly meetings to discuss grant applications, review the income and expenditure of the Foundation and the management of the charity generally. In addition, they will review the investment income available for making future grants in accordance with the Foundations objectives.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The Foundation is a registered charity, number 1174600, governed by the trust deed dated 4th July 2017. The foundation was established in July 2017 with a mission to support local charities through grants who need donations in order to survive, and to provide services within their local community.
The board of trustees is composed of individuals with a broad range of expertise considered appropriate to the charity's current requirements. When the recruitment or appointment of new trustees is required and in respect of subsequent induction and training, the Guidelines and Statements of Recommended Practice as set out by the Charity Commission will be followed.
It is set that at every trustee meeting the charity are to at all times have a minimum of two trustees present.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1174600
## **Principal address**
1460 Parkway Solent Business Park Whiteley Hampshire PO15 7AF
Page 3
**THE EIGHT FOUNDATION**
## **Report of the Trustees for the Year Ended 30 June 2022**
**Trustees** I Riggs S Shepherd-Riggs S Jennings
## **Independent Examiner**
Pembroke Briggs Chartered Accountants 1a The Quadrant Courtyard Quadrant Way Weybridge Surrey KT13 8DR
Approved by order of the board of trustees on 25 April 2023 and signed on its behalf by:
I Riggs - Trustee
Page 4
**THE EIGHT FOUNDATION**
**Statement of Trustees' Responsibilities for the Year Ended 30 June 2022**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which 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 those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.
Page 5
**Independent Examiner's Report to the Trustees of The Eight Foundation**
## **Independent examiner's report to the trustees of The Eight Foundation**
I report to the charity trustees on my examination of the accounts of The Eight Foundation (the Trust) for the year ended 30 June 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
I have no concerns 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.
S Briggs ACA
Pembroke Briggs Chartered Accountants 1a The Quadrant Courtyard Quadrant Way Weybridge Surrey KT13 8DR
25 April 2023
Page 6
**THE EIGHT FOUNDATION**
## **Statement of Financial Activities for the Year Ended 30 June 2022**
|Notes
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
2
Other trading activities
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Grants given
Donated items
Support costs
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|30.6.22
Unrestricted
fund
£
46,284
62,695
108,979
5,101
59,423
766
9,007
66,398
140,695
(31,716)
56,144
24,428|30.6.21
Total
funds
£
51,491
1,829
53,320
6,543
3,113
27,091
4,750
5,039
46,536
6,784
49,360
56,144|
|---|---|---|
The notes form part of these financial statements
Page 7
**THE EIGHT FOUNDATION**
## **Balance Sheet 30 June 2022**
|Notes
**FIXED ASSETS**
Tangible assets
9
**CURRENT ASSETS**
Debtors
10
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year 11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|30.6.22
Unrestricted
fund
£
1,216
18,123
8,722
26,845
(3,633)
23,212
24,428
24,428
24,428
24,428|30.6.21
Total
funds
£
1,431
2,850
52,523
55,373
(660)
54,713
56,144
56,144
56,144
56,144|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 April 2023 and were signed on its behalf by:
I Riggs - Trustee
The notes form part of these financial statements
Page 8
**THE EIGHT FOUNDATION**
## **Cash Flow Statement for the Year Ended 30 June 2022**
|Notes
**Cash flows from operating activities**
Cash generated from operations 1
Net cash (used in)/provided by operating
activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash provided by/(used in) investing
activities
**Change in cash and cash**
**equivalents in the reporting**
**period**
**Cash and cash equivalents at**
**the beginning of the reporting**
**period**
**Cash and cash equivalents at**
**the end of the reporting period**|30.6.22
£
(43,801)
(43,801)
-
-
(43,801)
52,523
8,722|30.6.21
£
24,030
24,030
(1,135)
(1,135)
22,895
29,628
52,523|
|---|---|---|
The notes form part of these financial statements
Page 9
**THE EIGHT FOUNDATION**
## **Notes to the Cash Flow Statement for the Year Ended 30 June 2022**
|**1.**|**RECONCILIATION OF NET (EXPENDITURE)/INCOME TO**|**RECONCILIATION OF NET (EXPENDITURE)/INCOME TO**|**NET CASH**|**FLOW**|
|---|---|---|---|---|
||**FROM OPERATING ACTIVITIES**||||
||||30.6.22|
30.6.21|
||||£|£|
||**Net (expenditure)/income for the reporting period**||||
||**(as per the Statement of Financial Activities)**||(31,716)|6,784|
||**Adjustments for:**||||
||Depreciation charges||215|252|
||(Increase)/decrease in debtors||(15,273)|16,994|
||Increase in creditors||2,973|-|
||**Net cash (used in)/provided by operations**||(43,801)|24,030|
|**2.**|**ANALYSIS OF CHANGES IN NET FUNDS**||||
|||At 1.7.21|Cash flow|At 30.6.22|
|||£|£|£|
||**Net cash**||||
||Cash at bank and in hand|52,523|(43,801)|8,722|
|||52,523|(43,801)|8,722|
||**Total**|52,523|(43,801)|8,722|
The notes form part of these financial statements
Page 10
**THE EIGHT FOUNDATION**
**Notes to the Financial Statements for the Year Ended 30 June 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 11
continued...
**THE EIGHT FOUNDATION**
## **Notes to the Financial Statements - continued for the Year Ended 30 June 2022**
|**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events
**4.**
**RAISING FUNDS**
**Raising donations and legacies**
Sundries
Donations
Gifts
**Other trading activities**
Purchases
Aggregate amounts|30.6.22
£
46,284
30.6.22
£
62,695
30.6.22
£
73
368
4,072
4,513
30.6.22
£
588
5,101|30.6.21
£
51,491
30.6.21
£
1,829
30.6.21
£
-
315
6,228
6,543
30.6.21
£
-
6,543|
|---|---|---|
Page 12
continued...
**THE EIGHT FOUNDATION**
## **Notes to the Financial Statements - continued for the Year Ended 30 June 2022**
## **5. CHARITABLE ACTIVITIES COSTS**
|Grants given
Donated items
Support costs|Direct
Costs
£
59,423
766
-
60,189|Support
costs (see
note 6)
£
-
-
9,007
9,007|Totals
£
59,423
766
9,007|
|---|---|---|---|
||||69,196|
## **6. SUPPORT COSTS**
|Support costs|Other
£
9,007|
|---|---|
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
## **Trustees' expenses**
No trustees expenses have been incurred.
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|
|---|---|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|51,491|
|Other trading activities|1,829|
|**Total**|53,320|
|**EXPENDITURE ON**||
|Raising funds|6,543|
|**Charitable activities**||
|Grants given|3,113|
|Donated items|27,091|
|Support costs|4,750|
Page 13
continued...
**THE EIGHT FOUNDATION**
## **Notes to the Financial Statements - continued for the Year Ended 30 June 2022**
|**8.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**||
|---|---|---|
||**continued**||
|||Unrestricted|
|||fund|
|||£|
||Other|5,039|
||**Total**|46,536|
||**NET INCOME**|6,784|
||**RECONCILIATION OF FUNDS**||
||Total funds brought forward|49,360|
||**TOTAL FUNDS CARRIED**||
||**FORWARD**|56,144|
|**9.**|**TANGIBLE FIXED ASSETS**||
|||Fixtures|
|||and|
|||fittings|
|||£|
||**COST**||
||At 1 July 2021 and 30 June 2022|1,780|
||**DEPRECIATION**||
||At 1 July 2021|349|
||Charge for year|215|
||At 30 June 2022|564|
||**NET BOOK VALUE**||
||At 30 June 2022|1,216|
||At 30 June 2021|1,431|
Page 14
continued...
**THE EIGHT FOUNDATION**
## **Notes to the Financial Statements - continued for the Year Ended 30 June 2022**
|**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
30.6.22
£
Trade debtors
1,200
Prepayments and accrued income
16,923
18,123
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
30.6.22
£
Other creditors
3,633
**12.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.7.21
in funds
£
£
**Unrestricted funds**
General fund
56,144
(31,716)
**TOTAL FUNDS**
56,144
(31,716)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
108,979
(140,695)
**TOTAL FUNDS**
108,979
(140,695)||30.6.21
£
-
2,850
2,850
30.6.21
£
660
At
30.6.22
£
24,428
24,428
Movement
in funds
£
(31,716)
(31,716)|
|---|---|---|
||||
Page 15
continued...
**THE EIGHT FOUNDATION**
**Notes to the Financial Statements - continued for the Year Ended 30 June 2022**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|||Net|||
|---|---|---|---|---|
|||movement||At|
|At 1.7.20||in funds||30.6.21|
|£||£||£|
|**Unrestricted funds**|||||
|General fund
49,360||6,784||56,144|
|**TOTAL FUNDS**
49,360||6,784||56,144|
|Comparative net movement in funds, included in the above are as follows:|||||
|Incoming||Resources|Movement||
|resources||expended||in funds|
|£||£||£|
|**Unrestricted funds**|||||
|General fund
53,320||(46,536)||6,784|
|**TOTAL FUNDS**
53,320||(46,536)||6,784|
|A current year 12 months and prior year 12 months combined position is as||||follows:|
|||Net|||
|||movement||At|
|At 1.7.20||in funds||30.6.22|
|£||£||£|
|**Unrestricted funds**|||||
|General fund
49,360||(24,932)||24,428|
|**TOTAL FUNDS**
49,360||(24,932)||24,428|
Page 16
continued...
**THE EIGHT FOUNDATION**
**Notes to the Financial Statements - continued for the Year Ended 30 June 2022**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
162,299
162,299|Resources
expended
£
(187,231)
(187,231)|Movement
in funds
£
(24,932)
(24,932)|
|---|---|---|---|
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 June 2022.
Page 17
**THE EIGHT FOUNDATION**
## **Detailed Statement of Financial Activities for the Year Ended 30 June 2022**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Fundraising events
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Sundries
Donations
Gifts
**Other trading activities**
Purchases
**Charitable activities**
Grants given
Donated items
**Other**
Staging events
**Support costs**
**Other**
Support costs
Total resources expended
**Net (expenditure)/income**|30.6.22
£
46,284
62,695
108,979
73
368
4,072
4,513
588
59,423
766
60,189
66,398
9,007
140,695
(31,716)|30.6.21
£
51,491
1,829
53,320
-
315
6,228
6,543
-
3,113
27,091
30,204
5,039
4,750
46,536
6,784|
|---|---|---|
This page does not form part of the statutory financial statements
Page 18