GIVINGFORCE FOUNDATION
(Limited by Guarantee)
Charity No: 1177839 Company No: 10845504
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2022
GIVINGFORCE FOUNDATION (Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 - 3 |
| Independent Examiners' Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 11 |
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Trustees Report
The charity trustees present their Annual Report together with the Unaudited Financial Statements for the year ended 30 November 2022. This report is also a directors' report under s234 of the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Company registration number: 10845504 (England and Wales) Charity registration number: 1177839 (England and Wales) Registered Office: C/O Moore Kingston Smith 6th Floor, Charlotte Building 17 Gresse Street, London W1T 1QL
Charity Trustees and Members of the Board
The charity trustees who served during the year were as follows:-
David Bond Ejaz Rashid Nasr Alam
Reference in this report and in the financial statements to "the trustees" are reference to the charity trustees, who for company law purposes are the directors of the charitable company.
Secretary
Nasim Rashid
Accountants and Independent Examiners
Moore Kingston Smith LLP The Shipping Building The Old Vinyl Factory Blyth Road Hayes UB3 1HA
AIMS AND OBJECTIVES OF THE CHARITY
The Charity is governed by its Articles of Association adopted on 30 June 2017.
The charity aims, for the public benefit to promote the efficiency and effectiveness of charities and the effective use of charitable resources in particular but not exclusively by the provision of a payroll giving service and the promotion of charitable giving and volunteering.
The charity also aims to advance such charitable purposes as the trustees see fit from time to time by the provision of donations and other financial assistance.
Page 1
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Trustees Report
BOARD OF TRUSTEES
The Charity may by ordinary resolution appoint a person who is willing to act as a trustee either to fill a vacancy or as an additional trustee. The maximum and minimum number of trustees shall be determined by the Charity, but unless and until so fixed there shall be no maximum number and the minimum number of trustees shall be two.
New trustees will be given individual training on the workings of the Charity as and when they are appointed.
ACHIEVEMENTS AND PERFORMANCE
The Charity facilitated the distribution of over £3,698,772 of donations to 2,280 charities as a result of the Workplace Giving Schemes it supports.
The Charity recorded £88,435 (2021: £38,331 in income and generated a surplus of £28,857 (2021: deficit of £30,506)
RESERVES POLICY
The charity's reserves policy is to enable the charity to continue its start up phase without further fund raising. The policy will continue to be reviewed over the coming years.
PLANS FOR THE FUTURE
The trustees intend to continue to grow the Charity as more employers sign up to Workplace Giving Schemes.
PUBLIC BENEFIT
The trustees have read and are mindful of the public benefit statements issued by the Charity Commission and refer to the guidance when considering activities. The trustees consider that the public benefit requirement is amply met by virtue of the wide range of causes enabled by the Charity's activity.
GOVERNING DOCUMENT
The Charity is a charitable company limited by guarantee, incorporated on 30 June 2017 and registered as a charity on 6 April 2018. The company was established under a Memorandum of Association which established the objectives and powers of the charity and company and is governed under its Articles of Association.
PRINCIPAL RISKS AND UNCERTAINTIES FACING THE CHARITY
The following risks have been considered by the trustees:
The charity receives financial and administration support from GivingForce Limited to enable it to continue its activities. The directors of GivingForce Limited have confirmed their intention to continue to support the charity for the foreseeable future.
The trustees regularly review the other risks faced by the charity and believe that there is a satisfactory mitigation of any significant risks.
Page 2
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Trustees Report
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the income, expenditure and financial activities of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies then apply them consistently;
-
observe the methods and principles in the Charities 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 Companies Act 2006. 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.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
On behalf of the Board of Trustees
Nasim Rashid Secretary
Date: 26/8/2023
Page 3
Independent Examiners' Report to the Members of GivingForce Foundation
I report on the accounts of GivingForce Foundation for the year ended 30 November 2022, which comprise the Statement of Financial Activities, Balance Sheet and related notes.
Respective Responsibilities of Trustees and Examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In accordance with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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• to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met: or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date:
The Shipping Building The Old Vinyl Factory Blyth Road Hayes, UB3 1HA
Vijay Tanna For and on behalf of Moore Kingston Smith LLP
Page 4
GIVINGFORCE FOUNDATION
(Limited by Guarantee)
Statement of Financial Activities for the year ended 30 November 2022
| Note Income and endowments from: 2 Other activities Total Income Expenditure on: Charitable activities 3 Management and administration 5 Bank interest on loans Total Expenditure Net income/(expenditure) for the year Transfer between funds Net movement in funds Fund balances brought forward Fund balances carried forward 14 |
Unrestricted Funds £ 88,435 88,435 58,252 541 58,793 29,642 - 29,642 7,335 - 22,307 |
Restricted Funds £ - - 785 - 785 (785) - 785 - 785 - |
Total 2022 88,435 88,435 785 58,252 541 59,578 28,857 - 28,857 6,550 - 22,307 |
Total 2021 38,331 |
|---|---|---|---|---|
| 38,331 | ||||
| - 68,837 |
||||
| 68,837 | ||||
| (30,506) - |
||||
| (30,506) 23,956 |
||||
| (6,550) |
-
All transactions are derived from continuing activities.
-
There are no gains or losses for the year other than those recognised in the Statement of • Financial Activities.
Page 5
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Balance Sheet As at 30 November 2022
| Note CURRENT ASSETS Debtors 10 Cash at bank and in hand CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS CREDITORS Amounts falling due after more than one year 12 NET ASSETS Funds 14 Restricted Unrestricted Total Funds |
£ £ 25,667 374,087 399,754 (365,197) 34,557 (12,250) 22,307 - 22,307 22,307 2022 |
£ £ 25,667 374,087 399,754 (365,197) 34,557 (12,250) 22,307 - 22,307 22,307 2022 |
£ £ 9,136 359,172 368,308 (361,358) 6,950 (13,500) (6,550) 785 (7,335) (6,550) 2021 as restated |
£ £ 9,136 359,172 368,308 (361,358) 6,950 (13,500) (6,550) 785 (7,335) (6,550) 2021 as restated |
|---|---|---|---|---|
| 22,307 | (6,550) | |||
| - 22,307 |
785 (7,335) |
|||
| 22,307 | (6,550) |
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved and authorised for issue by the Board of Trustees on and signed on their behalf by:
......................................................
Ejaz Rashid Member of the Board of Trustees
Company Registration Number: 10845504 (England and Wales)
Page 6
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 November 2022
1 Accounting Policies
a) Accounting Convention
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company are a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The accounts have been prepared under the historical cost convention.
b) Going concern
These financial statements are prepared on the going concern basis. The trustees have assessed the charity’s ability to continue as a going concern and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The charity has made a surplus for the year of £28,857, net asset of £22,307 and cash balance of £374,087. The trustees evaluated the impact on the charity. In particular the trustees have considered the charity’s forecasts and projections, and believe that the charity will be able to continue its activities and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
c) Income
The charity acts as an agent co-ordinating the raising and distributing of donations from employees and employers to charities. The donations processed on behalf of individuals and employers are not recognised in the Statement of financial Activities.
All fee and donations income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Administrative fees are recognised on an accruals basis.
d) Expenditure
Expenditure is accounted for on an accruals basis and is inclusive of VAT.
Charitable activities includes donations payable which are charged in the year when the offer is conveyed to the recipient, except where the offer is subject to conditions, such grants being recognised as expenditure when the conditions are fulfilled.
Governance costs are those associated with the constitutional and statutory requirements of running a Charity.
e) Financial instruments
Cash and cash equivalents include cash in hand and deposits held at call with banks.
Page 7
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 November 2022
1 Accounting Policies (continued)
Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price.
f) Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements, nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
2 Income
| Other activities Administrative fees |
Unrestricted Funds £ 88,435 88,435 |
Restricted Funds £ - - |
Total 2022 £ 88,435 88,435 |
Total 2021 £ 38,331 |
|---|---|---|---|---|
| 38,331 |
3 Expenditure on charitable activities
Resources expended have been allocated on a basis consistent with the use of resources.
| Charitable activities Donations 4 Management and administration 5 |
Unrestricted Funds £ 58,252 58,252 |
Restricted Funds £ 785 - 785 |
Total 2022 £ 785 58,252 59,037 |
Total 2021 £ - 68,837 |
|---|---|---|---|---|
| 68,837 |
4 Donations
The charity provided donations to a number of institutions in furtherance of its charitable objectives. These donations were made to 2,280 (2021: 557) different institutions selected by the providers of the restricted funds.
Page 8
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 November 2022
| 5 Management and administration Staff costs 9 Construction industry costs Subscriptions Insurance Bank charges Printing, postage and stationery (Profit)/Loss on foreign exchange Sundry Governance costs: Legal and professional fees Independent examination |
Unrestricted Funds £ 30,987 - 1,641 793 12,216 2,983 (252) 27 6,857 58,252 |
Restricted Funds £ - - - - - - - |
Total 2022 £ 30,987 - 1,641 793 12,216 2,983 (252) 27 - 6,857 - 58,252 |
Total 2021 £ 26,589 20 13,700 136 5,784 373 269 62 - 19,864 - |
|---|---|---|---|---|
| 68,837 |
6 Trustees remuneration and related party transactions
None of the trustees received any remuneration or reimbursed expenses.
7 Taxation
As a charity, GivingForce Foundation is exempt from United Kingdom Corporation Tax under the Corporation Tax Act 2010 and may recover income tax deducted from its investment income.
8 Key management personnel
The key management personnel were the trustees of the charity.
9 Staff Costs
| Staff Costs | ||
|---|---|---|
| Details of paid employees for the year were as follows: Gross wages and salaries Social security costs Pension costs |
2022 £ 28,667 1,460 860 30,987 |
2021 £ 25,875 - 714 |
| 26,589 |
The average number of persons employed by the charity during the year was 1 (2021: 1). There were no employees that received employee benefits above £60,000.
| 10 Debtors Trade debtors Prepayments and accrued income |
2022 £ 4,704 20,963 25,667 |
2021 £ 3,490 5,646 |
|---|---|---|
| 9,136 |
Page 9
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 November 2022
11 Creditors: Amount falling due within one year
| Unrestricted funds Trade creditors Bank loan Other taxation and social security Accruals |
2022 £ 359,068 - 1,500 1,629 3,000 365,197 |
2021 as restated £ 356,982 136 1,500 700 2,040 |
|---|---|---|
| 361,358 |
| 12 Creditors: Amount falling due after more than one year Bank loan |
2022 £ 12,250 12,250 |
2021 as restated £ 13,500 |
|---|---|---|
| 13,500 |
The bank loan is payable by instalments over 6 years at a rate of interest of 2.5% per annum.
13 Share capital
The charity is limited by guarantee and therefore does not have a share capital. The liability of the members is limited to the sum of £10 per member.
14 Funds
| Funds Restricted Unrestricted general Net funds |
2022 £ - 22,307 22,307 |
2021 £ 785 (7,335) |
|---|---|---|
| 6,550 - |
Restricted funds consist of donations received with specific instructions as to where the funds should be spent.
| Unrestricted General Restricted |
Current assets £ 399,754 - 399,754 |
Current liabilities £ (365,197) - (365,197) |
Non-current liabilities £ (12,250) - (12,250) |
Total £ 22,307 - |
|---|---|---|---|---|
| 22,307 |
Page 10
GIVINGFORCE FOUNDATION (Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 November 2022
15 Prior period adjustment
Changes to the balance sheet
| Changes to the balance sheet | |||
|---|---|---|---|
| Year ended 30 November | 2022 | ||
| As | Adjustment | As restated | |
| previously | at 30 | ||
| reported | November | ||
| 2022 | |||
| £ | £ | £ | |
| Creditors due within one year | |||
| Bank loan | 12,500 | (11,000) | 1,500 |
| Creditors due after more than one year | |||
| Bank loan | 2,500 | 11,000 | 13,500 |
The prior year was restated to correct the split of the bank loan between current and non current creditors. There was no effect on overall net assets.
Changes to the profit and loss account
| Year ended 30 November | Year ended 30 November | 2022 | |
|---|---|---|---|
| As | Adjustment | As restated | |
| previously | at 30 | ||
| reported | November | ||
| 2022 | |||
| Net movements in funds | 28,857 | - | 28,857 |
Page 11