CHARITY REGISTRATION NUMBER: 1178269 The Tasso Foundation (formerly operating as The Madison Foundation) Unaudited Financial Ststements 31 May 2024 JACKSON NICHOLAS ASSIE LIMITED Chartered Certified AOUntantS Suite 7, Meridian House 62 Station Road Chingford London E4 7BA
The Tasso Foundation (formerly operating as The Madison Foundation) Flnancial Statements Year ended 31 May 2024 Page Trustees, annual report Independent examinerfs report to the trustees Statement of financial activities Statement of financial position Statement of sh flows Notes to the financial statements 10
The Tasso Foundation (formerly operating as The Madison Foundation) Trustees. Annual Report Year ended 31 May 2024 The Iruslees psent their reFx)rt and the unaudiied financial statements of the charity forthe year ended 31 May 2024. Reference and admlnlstratlve detalls Reglstered charlty name Th8 Tasso Foundalion Ifom)erty operating as The Madison Foundation) Charfty reglstratlon number 1178269 Prfncipal office 12 Devonshire Mews Wesl London W1G 6QE The tNstees R Campsie K Amold N Campsie S Arnold P Amold L Amold Resigned 15ts12023 Independent examiner Jackson Nicholas Assie Limited Suite 7, Meftdian House 62 Station Road Chin9ford London E4 7BA Jack¥on NicholtLfAYsie LimitedCknrieredCertifiedAccounlants
The Tasso Foundation (formerly operating as The Madison Foundation) Trustees. Annual Report Year ended 31 May 2024 Oblectlves The object of the charity is lo promote social inclusion by preventing people from beeoming soaally exduded and assisting those who aTr socially excluded lo reintegrate into society. In July 2022, the Charity Commission approved changes to the charity's ot4'ecls, widening the scope of persons the charity may seek lo assist from the United Kingdom only previously, lo the United Kingdom and European Union going forward. Purposes and alms There are a large number of wonderful charities who pursu8 aims consistent with our oty"ecL Rather than seeking lo duplicate what any of those charib.es do, we have determined that the most effiaenl way to pursue our aims is to make grants to charities whose activities support our aims. Ensurfng work dellvers the alms To ensure that our grants serve our own charity's objectives. we review applications forfunding to assess whether an applicant's purpose and objectives are consistent with our own. For larger donations this assessment will indude one or several meetings beeen 8 representative of the Tasso Foundation ITTF'I and a senior represenlats.ve of the charity we are conlemplaling funding. Prior to July 2022. TTF only made donations to charities which were themselves regulated charities in England and Wdles. As part of the widening of the geographic scope of the eharty to inelude the European Union in July 2022. the Charity Commission approved that Ihe trustees might thereafter approve donab.ons to organisattons which are not forynally charities. The Trustees are alert lo Ihe higher degree of risk were they lo do so and will und8rtake additional due diligence prior lo making any such donation, in consideration of those risks. The Trustees have regard lo the Charity Commission's guidance on Public Benefft when assessing applications for funding. Dellvery of publ1¢ benefit Numerous public benefits arise from pventIng the occurrence of Soaal exclusion and assisting persons experiencing soaal exdusion lo reinl8gr8le into society. These ben9fits can include 8 reduced reliancè on public services. improved skills and employ8bilily and in some instances a reduced tendency toward ¢riminal behaviour. The benefits of reduced soual exclusion lo the individual concerned manifold in terns of health and wellbeing. 11 Is often dtfficult lo appraise the exact impact a charity has in tems of pU1C bwefil, as the results of charitable inlervenlions can b& hard to qU8nlify. In assessing applicats.ons f(x grants, the Tnjslees review any quantified demonstration of impact. where avalabl&. Where such evidence is not available, the Trustees rely on more anecdotal infonnation and their own extensive experience of charitable work to judge the likely efficacy of the applicant's work. Jackson Nichol Assie Limiiedcharlered CerlifiedAcLounlants
The Tasso Foundation (formerly operating as The Madison Foundation) Trustees, Annual Report Year ended 31 May 2024 Flnanclal revlew Th• prinopal fvnding source for the charity is our Trustees. We expect this lo remain the ease going forward and have no plans for 8 wide fundraising campaign. W8 are, however, receptive lo individual approaehes from individuals and organis81ions which sh8re our aims. As 0131 May 2024, TTF had reserves of £251,080 {2023'. £276,023}, all of which were unrestricted. TTF has no liabilities. Reserve¥ pollcy Our funds ar8 held in cash. The charity has nogligible operating costs and all labour including that of mysdl 8nd my fell¢)w Trustees is provided on a volun18ry basis. This allow$ us lo direct essentially 815 our Incorne directly lo front-line charitable purpose$. Our reserves policy is lo have ai all limes a minimum of six months oper8ting costs. As our operating co$t$ are and arg expe¢tod lo remain negligiL)le, this reserves p¢li¢y 15 mool in practice. Structure. governance and management TTF is a Charitable Incorporaled Organis81ion. governed according lo ils Conslilulion. The original Trustees were selected by our Trustee Nick Campsie, in his capacity 88 the founder of TTF. Our previous Trustee. Raymond Campsi•, stood down from his role Ihl8 year. We thank Raymond for his support over several years. Lilian Amold and l join8d TTF a$ Tnjslges in Aprll 2023. Al that lime, l 8S8umed the role of Chair Irom Nick Campsie, who remains 8 Truste8. In case new Trustees are required In the fuluro, those new Trustees will be reCrted by the incumb•ni Trustee$, using the incumbent TNStees' extensive connecllons wrthin, and experience of, Ihe ¢han18ble $8Ctor in the UK. Plan$ lor the future During the finaneial y¢ar we made donations lolalling £25.59512023.. £40.5wI to a rango of charities assisting p8ople 8xpenen¢ing a wide rang6 of disadvantagos in¢ludirvJ h8ving a criminal record, suffering from crime. limited educational opportunities or a physical or other disability. We have been impressod by the volume and range of funding 8ppIic81ions we have received. which has vindicated the Trusleo's decision to form the Charity 8nd focus on these ar88s of disadvantage. Jackson Nichol Assle Limiied CharieredCeriifiedAccounlants
The Tasso Foundation (formerly operating as The Madison Foundation) Trustees, Annual Report Year ended 31 May 2024 Trustees Respon$lbllltles the Injslees are responslble for prepar5ng the Trustees Annual ReFX)rt and the financial slalemenls in accordance with applicable law and regulations and in a¢cordanc8 with Unrted Kingdom G8n8rally Ac¢epted Accounting Practice., charity law requires the directors must not approve the finanaal stslemenls unless they arg $81isfied that they give a true and fair view of th8 $18te of affairs of the charity and of the surplus or aefieit profil or loss of the charity for that period: in prepanng the financsal slalemenls th¢ Iruslees are required lo., select suitable accounting polia88 and then apply Ihern consistently.. make judgements and a¢¢ounling estsmates that are reasonable and pnjdenl., Slate whether 8ppIic8ble accounting standards have beon followed, subject lo any materi81 departures disclosed and explained in the financial slalemenls," and prepare the financial slalemenls on Iho going concem basis unless rt is inapprow'ale lo prosume that the ¢h8rily will conbnue in business. lal Ibl Icl Idl th• IN$te69 8re responsibl8 for keoping adequate accounting records that are suffiaent to show and explain the company's transactions and disclose with reasonable accuracy al any lime the financi81 position of tho charity and that enable them to ensure that the finanaal Slalemenis comply wilh the Charities Act., the tnJsle8s are responsibl8 for $8fegu8rding the assets of the charity and hence for tskj'ng reasonable steps for the prevenllon 8nd dèieclion of fraud and other irregularib'es". and where 8pproprial$, the trusleas are responsible for the maintenance and inl¢grily of the Corporate and financial information induded on the charity's web$il8. Each of the porsons who 8r6 trustees at th8 time when the report is approved, Ihe following applies,. lal so far as each Iruslee is aware, there is no relevant infomatson linlomialicn needed by the company's independent examiners in ¢onnection with preparing their r8p)rtl of whith the comp8ny's ind8penOanl examiners a unaware,, and Ibl e8ch trustee has taken 811 the steps that he ought lo have taken as a trustee in orderlo make himself aware of any relevant audit informats'on and lo establish that the comp8ny's indepeThlent examiners are aware ol that infom)ation. Jaek¥oK NicholA.$$ie LimiiedCharleredCerlifiedAccounlants
The Tasso Foundation (formerly operating as The Madison Foundation) Trustees. Annual Report Year ended 31 May 2024 The trustees, annual repcft was apFYoved 18 July 2024 and signed on behalf of the board of Iruslees by.. N Campsie Tnjstee P Amold Truste8 Jackson Nichol Assie LimliedcknrledCerlifledAceUUlats
The Tasso Foundation (formerly operating as The Madison Foundation) Independent Examinerfs Report to the Trustees of The Tasso Foundation (formerly operating as The Madison Foundation) Year ended 31 May 2024 l 10 the trustees or¢ my examination of th8 financial slalem6nls of The Tasso Foundation Iformody operating as The Madison Foundation) I'lhe charity'l for the year ended 31 May 2024. Responslbllltle8 and bas18 of report As the Injslees of the chanty, you are responsible for the preparation of the financial slalemenis In accordance with the reqL*irements of the Charities Act 20111'the Act'l. I report in respect of my 8xamlnalion of th8 chanty's financial $tslements carried out under section 145 of the 2011 Act and in ¢arrying out my examination I have followed all the applicable Directs"ons given by the Charity Commission under section 14515llbl of the Act. Independent ex•mlnerfs statement I have compl818d my examination. I confirm that no material mallers have come to my allenllon in connection with the 8xaminab.on giving me ¢aus8 to believe that in any material r¢spe¢l'. accounting records were not kopl in respect of the Gharity as required by section 130 of the Act., or the financial statements do not accord wllh those records,. or the financial statements do not comply wfth the appllcable requirements concerning the fomi and conlenl of accounts sel out in the Charities IA¢counls and R8portsl Regulats'ons 2008 other than any requirement that the accounts give a 'lrue and fairf view which is not a matter considered as part of an indèpendent 8xaminalion. I h8ve no concems 8nd have como across no other matters in connection with the examination lo which attenlion should be drawn in thls report lo enable a prop8r understanding of the accounts to be reached. John Assie FCCA Independent ExAminer Jacksojj Nicholas Assie Limited ChArtered Certifjed Accountants Suite 7, Meridian House 62 Station Road Ching>ford London E4 7BA Date 19 July 2024 Jackson NIcholAssIe Limiled Chariered CeriifiedAccoulllanls
The Tasso Foundation (formerly operating as The Madison Foundation) Statement of Financial Activities Year ended 31 May 2024 2024 Unrestricted funds Total funds Total funds 2023 Not• Income and end0ents Donalions and legacie$ Investment income Other income 333 1,519 333 1,519 41XJ Total Income 1.852 1,852 Expendlture Expenditure on Charitab aclivits'es Total expendlture 126,795} 126.7951 126,795} 126.7951 141,6701 141,6701 Net expendlture and net movement In funds {24,9431 {24.9431 141,086) Reconclliatlon of fund$ Total funds brought forward Total funds carried fobward 276,023 276,023 317,1CKJ 251.080 251.080 276,023 The statement of financial activslies indudes all gnS and losses recognised in the year. All income and experKliture derive trom continuing activities. The notes on pages 10 to 14 form part of these flnanclal statements. Jackson Nicholaw AsJie Limiledchariered CenifiedAecouniap
The Tasso Foundation (formerly operating as The Madison Foundation) ststement of Financial Position 31 May 2024 2024 2023 Current assets C8sh at bank and in haNJ 251,080 276.233 Credltorn: amounts falllng due within one year Net current assets 13 12101 276.023 251,080 Total assets less curnt Ilablllties 251,080 276,OZ3 Funds of the charlty Unrestn'ded funds Total charlty fvnds 251,080 276,023 14 251.080 276.023 These financial stalemenls were approved by the board of trustees and aUthised for issue on 18 July 2024, and are signed on behalf of the l)oard by.. The notes on pages 10 to 14 forni part of Ihese financlal stalemen P Amold Trustee rus J¢ickson NIcholAsSie Limiiedcharlered CertifiedA¢cowifants
The Tasso Foundation (formerly operating as The Madison Foundation) Statement of Cash Flows Year ended 31 May 2024 2024 2023 Cash flovts from operating artlvltles Net expenditure {24.943) 141,O&S) Adjustments for Other interest receivable and similar InMe 11,5191 Changes in.. Trade and other creditors (210) 126,672) 210 Cash generated from operations 140.B76) Interest received 1.519 (25.153) Nel cash used in operating activities (40,87 Net decrease In cash and cash equlvalents Cash and cash equivalents al beglnnlng of year Cash and cash equivalents at end of year {25,153) 276,233 {40.8761 317,1Cg 251,080 276.233 Jackyon NicholASsie Limiled CknieredCerlifiedAccoihtants
The Tasso Foundation (formerly operating as The Madison Foundation) Notes to the Financial Ststements Year ended 31 May 2024 General Infomiatlon The charity is a public benefit ents'ty and a registered Charity in England and Wales and is 8 Charilable Incorpooled Ofganisalion. The address of the prinapal office is 12 Devonshire Mews Wesl. London, W1G 6QE. Statement of compliance The financial statements have been prepared in accordan with the Slalemenl of Recommended Practice." Accounting and Rewrting by Charities preparing their accounts in acwrd8nce with the Financial Reporting Standard applic2ble in the UK and Republic of Ireland (FRS1021 issued in October 2019 and the financial reporting s18ndard applicable in the United Kingdom and Republic of IrelaThJ {FRS1021 and the Ch2rilies Act 2011, the Companies Act 20C6 and UK Genwally Accepted Practice a$ il applies from 1 January 2019. Accountlng pollcles Basls of preparatlon The financial slalements have been prepared on the historical cost basis. The financial statements are prepared in steding, which is the functional Cufrency of the entity. Golng con¢em There are no material uncertainties about the charity's abilty to continue. Judgements and key sOUe$ of ¢stim•tion uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumpb'ons th81 affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of firture events that are believed to be reasonable under the circumstances. There have not t)een any judgements (apart from those Involving estr"mationsl that management has m&#e in the process of applying the entity's accounting policies and that have the most signrficant effect on the amounts recognised in the financial slalements. Fund accountlng Unre51ricted funds are availat6 for us$ al the discretion of the INstees to further any of the chanty's purposes. Designated funds ar8 unrestricted funds aamiafked by the trustees for future project or commitment. Reslricled funds are subjected to reslricts'ons on th8irexp8nditur8 dedarsd by the donor orthrou the lemis of an appeal and fall into one of h¥0 sub-dasses-. reslneled income fvnds or endowment fijnds. Jackyon NicholagAsJie Limiled CharieredCeriifiedAccowilants io
The Tasso Foundation (formerly operating as The Madison Foundation) Notes to the Financlal Ststements (Continu Year ended 31 May 2024 Accounttng pollcles {contlnu• Incomlng resources All incoming resources are included in the stsiemenl of financial actimlies when enlillemenl has passed to the charity.. it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income-. income from donations or grants is Trcognised when there is eviden of entitlement to the gift, receipt is probable, and ils amount can be meaSUd lably. legacy income 15 recognised when rec8ipt is probable, and entilement is established. income from donated goods is measured al the fair value of the gcods unless triis is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated fac41itres and services are reCJnised in the accounts when received if the value can be reliably measured. No amounts are induded for the ¢onlribulion of general volunteers. income from contracts for the supply of services is reeognised wilh the delivery of the conlracte(Y service. This is classrfied as unrestricted funds unless there is a contractual requirement for il to be spent on a paCUlar purpose and retumed rf unspen( in which case it may be regarded as restricted. Resources expended ExFendilure is recognised on an accruals basis as a liability is incJJrred. Expenditu indud8s any VAT which cannot be fully recovered, and is dassified uTrJer headings of the slalemnt of financ481 activities to whith il relates.. expenditure on raising funds indudes the costs of all fvndraising aGtiviti8s. events. rn- charitable trading acts'wlies, and thg sale of donated goods. expenditure on charitable activrties indud8s all costs Incued by a charity in undertaktng activities that further ils ch8ri18ble aims for the benefit of ils b8ficIans$, including those support costs costs relats'ng lo the govemance of th& chanty apw1ioned lo ¢harilabl8 gclivi11oS. otherexpendilure includes 811 expenditure that is neither reialed to raising fundsforthe charity nor part of ils expenditure on chantablo actitIes. All costs are allocated to expendrture categories rgllecling the use of the resource. Direct costs attrtb¢Jlabl8 lo a siryle activity are allated directly lo that actity- Shared costs are aFpc*b"oned beeen the 8Ctivilies they eLJnlribule to on a reasonable, justffiable and consisleDI b851S. Jackson NicholaFAssie LimiiedCharieredCerTrfiedAccovniants li
The Tasso Foundation (formerly operating as The Madison Foundation) Notes to the Financial Statements (conlinue4lJ Year ended 31 May 2024 Accountlng pollcles (¢oniinuwQ Flnanclal Instruments A finanoal asset or a finanaal liability is recognised only when the entity beccneS a paty lo the contractual provisions of the inslrumenl. Basic financial instruments a initially recognised al the amount receivablè or payable induding any related Ir8nsaclion costs, unless the arrangement constitutes a financing transaction, where it is recognised at kne present value of the fulure payments discounted at a market rate of interest for a similar debt inslrumenl. Current assets and cJJrrent liabilities are subsequently measured at the cash or otherconsideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Donations and lega¢les unStriCted Total Funds Unrestricted Totd FuThJs Funds 2024 Funds 2023 Donatlons Donations 333 333 Investment Income Unrestricted Total Funds Unrestricted Totd FuThJ$ Funds 2024 Funds 20r3 Bank interest feceivable 1,519 1.519 other Income Unre$lricted Total Funds Unrestricted Totsl Furvjs Funds 2024 Funds 2023 Other income 400 4¢X) Expendlture on charltable actlv5tles by fund type Unrestricted Total Fund$ Unr95tricted Total Funds Funds 2024 Fund$ 2023 To promote soaal inclusion within UTrited ngdoM Support costs 25,595 1,200 25,595 1.200 26,795 40,5C 1,170 41,670 40,500 1,170 26,795 41.670 Jackfon NicholofAssie LimiledChapiepedCerlifiedAecounlants 12
The Tasso Foundation (formerly operating as The Madison Foundation) Notes to the Financial Statements (conllnu•4 Year ended 31 May 2024 Expendlture on charltable actlvltles by actlvlty type Acts'vilies undertaken d1cl1Y Support Tolal funds costs 2024 Total fund 20YJ To promote soc4al inclusion within United Kingdom Governance costs 25.595 25.595 1.200 40,5ty) 1.170 1,200 1.200 25,595 26,795 41,670 Analysi$ of support costs Corporation Tax Filing Fee Accounts Fees Total 2024 Total 2023 Governance costs 210 1,200 1.170 10. Independent examlnatlon fees 2024 21723 Fees payable to the independent examiner for.. Independent examination of the finanaal $18tements 11. Stsff costs The tol81 staff costs and employee benefits for the reporting period are analysed as fdl(Ms.' There were no staff costs or employee benefits for the reporting year12023'. Nil). The average heay count of employees during the year was Nil12023.' Nil). No employee received employe8 benefits of more than £60,OC(J during the year {2023." Nill. 12. Trustee remuneratlon Ind expenses no remuneration or other benefits from employment with the charity or a rel8led entrty were receivod by the Iruslees., or no trustee pr other person related to Ihe Charity had any personal interest in any conlra¢t or transaction entered by the charity during the year. no trustee expenses have b88n incurred Joekson NicholafAssie Limiied ChariepYdCerlifiedAccouAiants 13
The Tasso Foundation (formerly operating as The Madison Foundation) Notes to the Financial Ststements (contin Year ended 31 May 2024 13. Credltors: amounts falllng due wlthin one year 2024 2023 Other creditors 210 14. Analysls of charltable fund$ Unrestricted funds Al 1 June 2023 At Income Expenditure 31 May 2024 General funds 276,023 1,852 126,7951 251,0 At 1 June 2022 Al Income Expenditure 31 May 2023 General funds 317.109 (41,670) 276,023 15. Analysls of net assets between funds unrestn.cled Total Funds Funds 2024 Current assets Creditors les$ than 1 year 251,080 251,0 Net assets 251,080 251,0 Unrestricted Tota FuThJs Funds 2023 Current assets Creditors less than 1 year Net assets 276.233 12101 276.023 276,233 1210) 276,023 16. Analysls of changes In net debt At At 1 Jun 23 Cash flows 31 May 2024 276.233 {25,153) 251,080 Cash al bank and in hand 17. Related partl¢s There are no related party transactions that have occurred during the yew. Jackson Nicholay Asjie LimiiedChapieredCeriifiedAccoun¢anls 14