**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.
Page 1
**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.
Page 2
**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
Page 3
**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
Page 4
**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:
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
Date: .............................................
Page 5
**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
Page 6
**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
Page 7
**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
Page 8
**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
Page 9
**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...
Page 10
**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...
Page 11
**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...
Page 12
**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...
Page 13
**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...
Page 14
**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...
Page 15
**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.
Page 16
**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
Page 17