REGISTERED CHARITY NUMBER: 1174600
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 30 June 2023
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
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 16 |
| Detailed Statement of Financial Activities | 17 |
THE EIGHT FOUNDATION
Report of the Trustees for the Year Ended 30 June 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2023.
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 30 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 presents 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: Cowes Sailability Charity
We were able to provide them a grant of £2,000 to fund opportunities for 150 people with disabilities to enjoy exhilarating boat trips in 2023. Those who benefitted from this funding include over 40 people affected by the debilitating condition multiple sclerosis.
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THE EIGHT FOUNDATION
Report of the Trustees for the Year Ended 30 June 2023
ACHIEVEMENT AND PERFORMANCE
Samuel
We were able to award Samuel with a grant to cover the costs of new off road wheels for his wheelchair to enable Samuel to enjoy trips out pain free, allowing him to gain confidence and independence.
Sophie Legacy Charity
We were able to provide them with an ongoing monthly grant of £500 to support the work they do providing vital support to children and families in hospital but in particular to cover the costs of the essential emergency parent packs.
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, we have also introduced a new social media policy to protect those who we support. 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 - Easy Fundraising
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 2023 the Foundation raised income of £154,548 and incurred total expenses of £155,430, as detailed on page 11 and 12 of the report. At 30 June 2023 the Foundation has reserves of £23,546.
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THE EIGHT FOUNDATION
Report of the Trustees for the Year Ended 30 June 2023
FINANCIAL REVIEW
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.
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
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THE EIGHT FOUNDATION
Report of the Trustees for the Year Ended 30 June 2023
Principal address
1460 Parkway Solent Business Park Whiteley Hampshire PO15 7AF
Trustees
I Riggs S Shepherd-Riggs S Jennings (resigned 6.4.23) N Clegg (appointed 30.9.23) S Brown (appointed 30.9.23)
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 22nd April 2024 .........................and signed on its behalf by:
............... ...................................... I Riggs - Trustee
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Independent Examiner's Report to the Trustees 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 2023.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
Date: .............................................
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THE EIGHT FOUNDATION
Statement of Financial Activities for the Year Ended 30 June 2023
| INCOME AND ENDOWMENTS Notes FROM Donations and legacies 2 Other trading activities 3 Total EXPENDITURE ON Raising funds 4 Charitable activities Grants given 5 Donated items Support costs Other Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.6.23 Unrestricted fund £ 63,786 90,762 154,548 4,938 48,759 - 13,455 88,278 155,430 (882) 24,428 23,546 |
30.6.22 Total funds £ 46,284 62,695 |
|---|---|---|
| 108,979 | ||
| 5,101 59,423 766 9,007 66,398 |
||
| 140,695 | ||
| (31,716) 56,144 24,428 |
The notes form part of these financial statements
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THE EIGHT FOUNDATION
Balance Sheet 30 June 2023
| FIXED ASSETS Notes 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 Unrestricted funds 12 TOTAL FUNDS |
30.6.23 Unrestricted fund £ 1,034 11,485 13,904 25,389 (2,877) 22,512 23,546 23,546 23,546 23,546 |
30.6.22 Total funds £ 1,216 18,123 8,722 |
|---|---|---|
| 26,845 (3,633) 23,212 |
||
| 24,428 | ||
| 24,428 | ||
| 24,428 | ||
| 24,428 |
The financial statements were approved by the Board of Trustees and authorised for issue on....................................................and were signed on its behalf by:
............................................. I Riggs - Trustee
The notes form part of these financial statements
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THE EIGHT FOUNDATION
Cash Flow Statement for the Year Ended 30 June 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating 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 |
30.6.23 £ 5,182 5,182 5,182 8,722 13,904 |
30.6.22 £ (43,801 ) (43,801 ) (43,801) 52,523 |
|---|---|---|
| 8,722 |
The notes form part of these financial statements
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THE EIGHT FOUNDATION
Notes to the Cash Flow Statement for the Year Ended 30
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operations |
30.6.23 £ (882) 182 6,638 (756 ) 5,182 |
30.6.22 £ (31,716) 215 (15,273) 2,973 |
| (43,801 ) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank and in hand Total |
At 1.7.22 £ Cash flow £ At 30.6.23 £ 8,722 5,182 13,904 8,722 5,182 13,904 8,722 5,182 13,904 |
At 1.7.22 £ Cash flow £ At 30.6.23 £ 8,722 5,182 13,904 8,722 5,182 13,904 8,722 5,182 13,904 |
|---|---|---|
| 13,904 | ||
| 13,904 |
The notes form part of these financial statements
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THE EIGHT FOUNDATION
Notes to the Financial Statements for the Year Ended 30
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.
continued...
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THE EIGHT FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
| 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 |
30.6.23 £ 63,786 30.6.23 £ 90,762 30.6.23 £ - 1,715 270 1,985 30.6.23 £ 2,953 4,938 |
30.6.22 £ 46,284 |
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 |
|||
| 5,101 |
continued...
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THE EIGHT FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
5. CHARITABLE ACTIVITIES COSTS
| Grants given Support costs SUPPORT COSTS Support costs |
Direct Costs £ 48,759 - 48,759 |
Support costs (see note 6) £ - 13,455 13,455 |
Totals £ 48,759 13,455 |
|---|---|---|---|
| 62,214 | |||
| Other £ 13,455 |
6. SUPPORT COSTS
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
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Total EXPENDITURE ON Raising funds Charitable activities Grants given Donated items Support costs Other |
Unrestricted fund £ 46,284 62,695 108,979 5,101 59,423 766 9,007 66,398 |
|---|---|
continued...
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THE EIGHT FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. TANGIBLE FIXED ASSETS COST At 1 July 2022 and 30 June 2023 DEPRECIATION At 1 July 2022 Charge for year At 30 June 2023 NET BOOK VALUE At 30 June 2023 At 30 June 2022 |
Unrestricted fund £ 140,695 (31,716) 56,144 24,428 Fixtures and fittings £ 1,780 564 182 746 1,034 1,216 |
|---|---|
continued...
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THE EIGHT FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
30.6.23 £ 6,439 233 4,813 11,485 30.6.23 £ 2,877 |
30.6.22 £ 1,200 - 16,923 |
|---|---|---|
| 18,123 | ||
| 30.6.22 £ 3,633 |
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 12. MOVEMENT IN FUNDS Unrestricted funds At 1.7.22 £ General fund 24,428 TOTAL FUNDS 24,428 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 154,548 TOTAL FUNDS 154,548 |
Net movement in funds £ (882) (882 ) Resources expended £ (155,430) (155,430 ) |
At 30.6.23 £ 23,546 |
|
|---|---|---|---|
| 23,546 | |||
| Movement in funds £ (882) (882 ) |
|||
continued...
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THE EIGHT FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.7.21 £ in funds £ 56,144 (31,716) 56,144 (31,716 ) |
At 30.6.22 £ 24,428 |
|---|---|---|
| 24,428 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 108,979 108,979 |
Resources expended £ (140,695) (140,695 ) |
Movement in funds £ (31,716) (31,716 ) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.7.21 in funds £ £ 56,144 (32,598) 56,144 (32,598 ) |
At 30.6.23 £ 23,546 |
|---|---|---|
| 23,546 |
continued...
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THE EIGHT FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 30 June 2023
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 £ 263,527 263,527 |
Resources expended £ (296,125) (296,125 ) |
Movement in funds £ (32,598) (32,598 ) |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2023.
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THE EIGHT FOUNDATION
Detailed Statement of Financial Activities for the Year Ended 30 June
| 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 |
30.6.23 £ 63,786 90,762 154,548 - 1,715 270 1,985 2,953 48,759 - 48,759 88,278 13,455 155,430 (882 ) |
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 ) |
This page does not form part of the statutory financial statements
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